# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001410368-25-010164
**Filing Date:** 2025-9
**Character Count:** 101109
**Document Hash:** b36ec294d40065de3c845bcad618f2b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010164.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001410368-25-010164

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09729
- **FILM NUMBER:** 251338638

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

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

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

## Series and Classes Contracts Data

### iShares Fallen Angels USD Bond ETF (Series ID: S000054186)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000170247 | iShares Fallen Angels USD Bond ETF | FALN            |

## Nport-Ex

Schedule of Investments (unaudited)

July 31, 2025

**iShares® Fallen Angels USD Bond ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** |
| Bombardier Inc., 7.45%, 05/01/34<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; $17034 | $18473952 |
| Spirit AeroSystems Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/15/26 | &nbsp;&nbsp;&nbsp; 5000 | 4926414 |
| &nbsp;&nbsp;&nbsp; 4.60%, 06/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 23506 | 23127552 |
|  |  | 46527918 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust, Series A, <br> 3.10%, 04/07/30<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 5584 | 5205716 |
| **Apparel — 3.2%** | **Apparel — 3.2%** | **Apparel — 3.2%** |
| Under Armour Inc., 3.25%, 06/15/26 | &nbsp;&nbsp;&nbsp; 5000 | 4917757 |
| VF Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 04/23/27 | &nbsp;&nbsp;&nbsp; 16293 | 15556862 |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/23/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 25054 | 21221338 |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/15/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 9288 | 8589580 |
| &nbsp;&nbsp;&nbsp; 6.45%, 11/01/37 | &nbsp;&nbsp;&nbsp; 9654 | 8649467 |
|  |  | 58935004 |
| **Auto Manufacturers — 3.0%** | **Auto Manufacturers — 3.0%** | **Auto Manufacturers — 3.0%** |
| Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 1.85%, 09/16/26<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5775 | 5539896 |
| &nbsp;&nbsp;&nbsp; 2.45%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2881 | 2603663 |
| &nbsp;&nbsp;&nbsp; 2.75%, 03/09/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4180 | 3871424 |
| &nbsp;&nbsp;&nbsp; 5.30%, 09/13/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2675 | 2654763 |
| &nbsp;&nbsp;&nbsp; 5.55%, 09/13/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2210 | 2155118 |
| &nbsp;&nbsp;&nbsp; 6.95%, 09/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1600 | 1623222 |
| &nbsp;&nbsp;&nbsp; 7.05%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4800 | 4941600 |
| Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 09/17/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 16484 | 16057371 |
| &nbsp;&nbsp;&nbsp; 4.81%, 09/17/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 16600 | 15242385 |
|  |  | 54689442 |
| **Auto Parts & Equipment — 1.2%** | **Auto Parts & Equipment — 1.2%** | **Auto Parts & Equipment — 1.2%** |
| &nbsp;&nbsp;&nbsp; Aptiv PLC/Aptiv Global Financing DAC, 6.88%, <br> 12/15/54, (5-year CMT + 3.385%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; 16675 | 16779469 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The), 7.00%, <br> 03/15/28<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 5067 | 5234571 |
|  |  | 22014040 |
| **Banks — 2.2%** | **Banks — 2.2%** | **Banks — 2.2%** |
| &nbsp;&nbsp;&nbsp; Banc of California, 3.25%, 05/01/31, (3-mo. CME <br> Term SOFR + 2.520%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 1500 | 1342029 |
| Dresdner Funding Trust I, 8.15%, 06/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 32504 | 35809524 |
| &nbsp;&nbsp;&nbsp; Valley National Bancorp., 3.00%, 06/15/31, (3-mo. <br> CME Term SOFR + 2.360%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; 3000 | 2684568 |
|  |  | 39836121 |
| **Chemicals — 8.0%** | **Chemicals — 8.0%** | **Chemicals — 8.0%** |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 1.40%, 08/05/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 3100 | 2987019 |
| &nbsp;&nbsp;&nbsp; 6.67%, 07/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 11373 | 11667780 |
| &nbsp;&nbsp;&nbsp; 6.83%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5870 | 6094970 |
| &nbsp;&nbsp;&nbsp; 6.85%, 11/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 7838 | 8164555 |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 8075 | 8359719 |
| &nbsp;&nbsp;&nbsp; 7.05%, 11/15/30 | &nbsp;&nbsp;&nbsp; 7925 | 8249482 |
| &nbsp;&nbsp;&nbsp; 7.20%, 11/15/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 8075 | 8426831 |
| HB Fuller Co., 4.00%, 02/15/27 | &nbsp;&nbsp;&nbsp; 9906 | 9724382 |
| Huntsman International LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 12400 | 10429197 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/29 | &nbsp;&nbsp;&nbsp; 10775 | 10244115 |
| &nbsp;&nbsp;&nbsp; 5.70%, 10/15/34<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 9975 | 9189471 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/15/29 | &nbsp;&nbsp;&nbsp; $22587 | $22188877 |
| &nbsp;&nbsp;&nbsp; 5.65%, 12/01/44<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 11321 | 8834707 |
| OCI NV, 6.70%, 03/16/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 19421 | 21520962 |
|  |  | 146082067 |
| **Commercial Services — 1.3%** | **Commercial Services — 1.3%** | **Commercial Services — 1.3%** |
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., 3.88%, <br> 11/15/27<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 24005 | 23402817 |
| **Computers — 2.5%** | **Computers — 2.5%** | **Computers — 2.5%** |
| Crane NXT Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/15/48<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 12240 | 7193216 |
| &nbsp;&nbsp;&nbsp; 6.55%, 11/15/36<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5654 | 5926775 |
| Seagate Data Storage Technology Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 4.09%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 14129 | 13522447 |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7875 | 6942600 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 13878 | 13053007 |
|  |  | 46638045 |
| **Cosmetics & Personal Care — 1.8%** | **Cosmetics & Personal Care — 1.8%** | **Cosmetics & Personal Care — 1.8%** |
| Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 24713 | 24068028 |
| &nbsp;&nbsp;&nbsp; 4.90%, 12/15/44 | &nbsp;&nbsp;&nbsp; 11766 | 9423436 |
|  |  | 33491464 |
| **Diversified Financial Services — 1.3%** | **Diversified Financial Services — 1.3%** | **Diversified Financial Services — 1.3%** |
| &nbsp;&nbsp;&nbsp; Brightsphere Investment Group Inc., 4.80%, <br> 07/27/26<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 5000 | 4950099 |
| Navient Corp., 5.63%, 08/01/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 20054 | 18045813 |
|  |  | 22995912 |
| **Electric — 0.5%** | **Electric — 0.5%** | **Electric — 0.5%** |
| TransAlta Corp., 6.50%, 03/15/40<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 10165 | 9853276 |
| **Energy - Alternate Sources — 0.9%** | **Energy - Alternate Sources — 0.9%** | **Energy - Alternate Sources — 0.9%** |
| Topaz Solar Farms LLC, 5.75%, 09/30/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 16700 | 16394144 |
| **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** |
| Fluor Corp., 4.25%, 09/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 19394 | 19095180 |
| **Entertainment — 3.2%** | **Entertainment — 3.2%** | **Entertainment — 3.2%** |
| Resorts World Las Vegas LLC/RWLV Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/16/29<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 33790 | 30026472 |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/06/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 11901 | 9852365 |
| Warnermedia Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.76%, 03/15/27 | &nbsp;&nbsp;&nbsp; 3000 | 2940054 |
| &nbsp;&nbsp;&nbsp; 4.28%, 03/15/32 | &nbsp;&nbsp;&nbsp; 10993 | 8890055 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/42 | &nbsp;&nbsp;&nbsp; 10250 | 6851762 |
|  |  | 58560708 |
| **Environmental Control — 1.9%** | **Environmental Control — 1.9%** | **Environmental Control — 1.9%** |
| GFL Environmental Inc., 6.75%, 01/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 33335 | 34597728 |
| **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** |
| Safeway Inc., 7.25%, 02/01/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 8789 | 9429354 |
| **Health Care - Services — 2.4%** | **Health Care - Services — 2.4%** | **Health Care - Services — 2.4%** |
| Tenet Healthcare Corp., 6.88%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 12073 | 12854458 |
| Toledo Hospital (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.98%, 11/15/45<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 8727 | 7126288 |
| &nbsp;&nbsp;&nbsp; 6.02%, 11/15/48<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 13588 | 12446064 |
| &nbsp;&nbsp;&nbsp; Series B, 5.33%, 11/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 10850 | 10867022 |
|  |  | 43293832 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Fallen Angels USD Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Holding Companies - Diversified — 0.9%** | **Holding Companies - Diversified — 0.9%** | **Holding Companies - Diversified — 0.9%** |
| Prospect Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.36%, 11/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $9000 | $8637135 |
| &nbsp;&nbsp;&nbsp; 3.44%, 10/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 9000 | 8124763 |
|  |  | 16761898 |
| **Home Furnishings — 3.0%** | **Home Furnishings — 3.0%** | **Home Furnishings — 3.0%** |
| Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5845 | 4892910 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/46<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 9850 | 7391556 |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/15/50<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 12075 | 9004343 |
| &nbsp;&nbsp;&nbsp; 4.70%, 05/14/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5925 | 5425844 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/26/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 13565 | 13249620 |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/01/43<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4925 | 4148841 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5825 | 5535127 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/34<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5875 | 5611480 |
|  |  | 55259721 |
| **Housewares — 1.8%** | **Housewares — 1.8%** | **Housewares — 1.8%** |
| Newell Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/01/36<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 14095 | 13455177 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/01/46<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 23264 | 19947513 |
|  |  | 33402690 |
| **Insurance — 3.7%** | **Insurance — 3.7%** | **Insurance — 3.7%** |
| Constellation Insurance Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 8556 | 8224622 |
| &nbsp;&nbsp;&nbsp; 6.80%, 01/24/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 13935 | 13730486 |
| Genworth Holdings Inc., 6.50%, 06/15/34<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 8248 | 8234952 |
| Liberty Mutual Group Inc., 7.80%, 03/07/87<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 14901 | 17435654 |
| Provident Financing Trust I, 7.41%, 03/15/38<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6831 | 7299856 |
| &nbsp;&nbsp;&nbsp; Wilton RE Ltd., 6.00%, (5-year CMT + <br> 5.266%)<sup>(a)(b)(c)(e)</sup><br>| &nbsp;&nbsp;&nbsp; 12850 | 12818479 |
|  |  | 67744049 |
| **Iron & Steel — 0.9%** | **Iron & Steel — 0.9%** | **Iron & Steel — 0.9%** |
| Cleveland-Cliffs Inc., 6.25%, 10/01/40 | &nbsp;&nbsp;&nbsp; 7938 | 6397023 |
| U.S. Steel Corp., 6.65%, 06/01/37<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 9523 | 9967699 |
|  |  | 16364722 |
| **Leisure Time — 0.4%** | **Leisure Time — 0.4%** | **Leisure Time — 0.4%** |
| Carnival Corp., 6.65%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6709 | 6911320 |
| **Lodging — 0.7%** | **Lodging — 0.7%** | **Lodging — 0.7%** |
| Travel & Leisure Co., 6.00%, 04/01/27 | &nbsp;&nbsp;&nbsp; 13520 | 13618602 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| Belo Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 8116 | 8366063 |
| &nbsp;&nbsp;&nbsp; 7.75%, 06/01/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6716 | 6955723 |
| &nbsp;&nbsp;&nbsp; Discovery Communications LLC, 6.35%, <br> 06/01/40<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1950 | 1307788 |
| Liberty Interactive LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 02/01/30 | &nbsp;&nbsp;&nbsp; 15316 | 2061799 |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 8707 | 1217691 |
|  |  | 19909064 |
| **Mining — 1.2%** | **Mining — 1.2%** | **Mining — 1.2%** |
| Alcoa Nederland Holding BV |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 16402 | 15624471 |
| &nbsp;&nbsp;&nbsp; 6.13%, 05/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 7167 | 7187389 |
|  |  | 22811860 |
| **Office & Business Equipment — 0.6%** | **Office & Business Equipment — 0.6%** | **Office & Business Equipment — 0.6%** |
| Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 8287 | 4146430 |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/15/39<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 12070 | 6103896 |
|  |  | 10250326 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Office Furnishings — 0.8%** | **Office Furnishings — 0.8%** | **Office Furnishings — 0.8%** |
| Steelcase Inc., 5.13%, 01/18/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $15123 | $14920654 |
| **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** |
| Global Marine Inc., 7.00%, 06/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 8825 | 8220448 |
| Murphy Oil Corp., 5.88%, 12/01/42 | &nbsp;&nbsp;&nbsp; 12281 | 10028184 |
| Transocean Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.80%, 03/15/38<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 20339 | 15254857 |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 13332 | 11512763 |
| &nbsp;&nbsp;&nbsp; 9.35%, 12/15/41 | &nbsp;&nbsp;&nbsp; 6368 | 5338242 |
|  |  | 50354494 |
| **Packaging & Containers — 1.5%** | **Packaging & Containers — 1.5%** | **Packaging & Containers — 1.5%** |
| Crown Cork & Seal Co. Inc., 7.38%, 12/15/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 11260 | 11600809 |
| Sealed Air Corp., 6.88%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 14985 | 16000639 |
|  |  | 27601448 |
| **Pipelines — 5.9%** | **Pipelines — 5.9%** | **Pipelines — 5.9%** |
| Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 12/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 17923 | 17623941 |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/01/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 12866 | 12554894 |
| &nbsp;&nbsp;&nbsp; 5.60%, 10/15/44<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 10852 | 9231449 |
| &nbsp;&nbsp;&nbsp; 5.85%, 11/15/43 | &nbsp;&nbsp;&nbsp; 12712 | 11306524 |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2846 | 2881322 |
| Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11485 | 11079096 |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 17805 | 17438348 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/40<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 17693 | 17848387 |
| &nbsp;&nbsp;&nbsp; 7.50%, 07/15/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8075 | 8268500 |
|  |  | 108232461 |
| **Real Estate Investment Trusts — 9.4%** | **Real Estate Investment Trusts — 9.4%** | **Real Estate Investment Trusts — 9.4%** |
| Brandywine Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 11/15/27 | &nbsp;&nbsp;&nbsp; 14497 | 13977836 |
| &nbsp;&nbsp;&nbsp; 4.55%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 11801 | 11088357 |
| &nbsp;&nbsp;&nbsp; 8.30%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 11550 | 12295292 |
| Diversified Healthcare Trust, 4.75%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 16849 | 15616187 |
| Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 13571 | 10863275 |
| &nbsp;&nbsp;&nbsp; 3.95%, 11/01/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 13482 | 12752724 |
| &nbsp;&nbsp;&nbsp; 4.65%, 04/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 16987 | 14808651 |
| &nbsp;&nbsp;&nbsp; 5.95%, 02/15/28 | &nbsp;&nbsp;&nbsp; 11761 | 11265745 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 11395 | 10625685 |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 11494 | 9800417 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 12398 | 12191193 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 11468 | 11189874 |
| &nbsp;&nbsp;&nbsp; 4.95%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 12218 | 10768912 |
| Vornado Realty LP |  |  |
| &nbsp;&nbsp;&nbsp; 2.15%, 06/01/26 | &nbsp;&nbsp;&nbsp; 5000 | 4860258 |
| &nbsp;&nbsp;&nbsp; 3.40%, 06/01/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 12248 | 10772293 |
|  |  | 172876699 |
| **Retail — 14.3%** | **Retail — 14.3%** | **Retail — 14.3%** |
| Advance Auto Parts Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 10/01/27 | &nbsp;&nbsp;&nbsp; 11500 | 10590073 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 11850 | 10119549 |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 16932 | 15345141 |
| &nbsp;&nbsp;&nbsp; 5.95%, 03/09/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 9957 | 10003311 |
| Bath & Body Works Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/01/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 9443 | 9702319 |
| &nbsp;&nbsp;&nbsp; 7.60%, 07/15/37 | &nbsp;&nbsp;&nbsp; 7110 | 7250092 |
| Kohl's Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 17028 | 12294578 |
| &nbsp;&nbsp;&nbsp; 5.55%, 07/17/45<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 14478 | 8136554 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Fallen Angels USD Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 02/15/43<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $8454 | $5591382 |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/15/34<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 12532 | 10145471 |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/15/42 | &nbsp;&nbsp;&nbsp; 8627 | 6084135 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/15/37<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6988 | 5820213 |
| &nbsp;&nbsp;&nbsp; 6.70%, 07/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5662 | 4876059 |
| Nordstrom Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 8842 | 8636066 |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/01/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 10740 | 9444682 |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/01/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 12593 | 11473441 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/44<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 24539 | 16623843 |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 7502 | 7695631 |
| QVC Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 08/15/34<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 12249 | 5297441 |
| &nbsp;&nbsp;&nbsp; 5.95%, 03/15/43<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 9102 | 3827525 |
| Walgreen Co., 4.40%, 09/15/42 | &nbsp;&nbsp;&nbsp; 4507 | 4110452 |
| Walgreens Boots Alliance Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 04/15/30 | &nbsp;&nbsp;&nbsp; 7630 | 7385448 |
| &nbsp;&nbsp;&nbsp; 3.45%, 06/01/26 | &nbsp;&nbsp;&nbsp; 17750 | 17572620 |
| &nbsp;&nbsp;&nbsp; 4.10%, 04/15/50<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 14145 | 12164700 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/18/34<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4116 | 4072926 |
| &nbsp;&nbsp;&nbsp; 4.65%, 06/01/46<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4063 | 3901876 |
| &nbsp;&nbsp;&nbsp; 4.80%, 11/18/44 | &nbsp;&nbsp;&nbsp; 14389 | 14103069 |
| Yum! Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 11/01/43<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 9129 | 8625318 |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/15/37 | &nbsp;&nbsp;&nbsp; 10754 | 11561583 |
|  |  | 262455498 |
| **Telecommunications — 11.2%** | **Telecommunications — 11.2%** | **Telecommunications — 11.2%** |
| Embarq Corp., 8.00%, 06/01/36<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 41031 | 19661388 |
| Frontier Florida LLC, Series E, 6.86%, 02/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 9855 | 10270141 |
| Frontier North Inc., Series G, 6.73%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6936 | 7141135 |
| Lumen Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Series P, 7.60%, 09/15/39 | &nbsp;&nbsp;&nbsp; 12032 | 10258445 |
| &nbsp;&nbsp;&nbsp; Series U, 7.65%, 03/15/42<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 9792 | 8133816 |
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., 5.25%, 03/15/82, <br> (5-year CMT + 3.590%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; 24598 | 24306314 |
| Telecom Italia Capital SA |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/30/34<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 12994 | 12897018 |
| &nbsp;&nbsp;&nbsp; 6.38%, 11/15/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 13058 | 13527248 |
| &nbsp;&nbsp;&nbsp; 7.20%, 07/18/36 | &nbsp;&nbsp;&nbsp; 13023 | 13697936 |
| &nbsp;&nbsp;&nbsp; 7.72%, 06/04/38 | &nbsp;&nbsp;&nbsp; 13722 | 14800757 |
| U.S. Cellular Corp., 6.70%, 12/15/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 16517 | 17302365 |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC, 7.00%, 04/04/79, (5-year <br> USD Swap + 4.873%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; 51221 | 53616483 |
|  |  | 205613046 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation — 0.6%** | **Transportation — 0.6%** | **Transportation — 0.6%** |
| XPO CNW Inc., 6.70%, 05/01/34<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $10117 | $10578623 |
| **Total Corporate Bonds & Notes — 98.4%** <br>**(Cost: $1,896,562,716)** | **Total Corporate Bonds & Notes — 98.4%** <br>**(Cost: $1,896,562,716)** | 1806709943 |
|  | *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| Office Properties Income Trust, NVS | &nbsp;&nbsp;&nbsp; 87228 | 20935 |
| **Total Common Stocks — 0.0%** <br>**(Cost $0)** | **Total Common Stocks — 0.0%** <br>**(Cost $0)** | 20935 |
| **Total Long-Term Investments — 98.4%** <br>**(Cost: $1,896,562,716)** | **Total Long-Term Investments — 98.4%** <br>**(Cost: $1,896,562,716)** | 1806730878 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 16.6%** | **Money Market Funds — 16.6%** | **Money Market Funds — 16.6%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp;&nbsp; 298988587 | 299108183 |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(f)(g)</sup><br>| &nbsp;&nbsp;&nbsp; 6350000 | 6350000 |
| **Total Short-Term Securities — 16.6%** <br>**(Cost: $305,347,617)** | **Total Short-Term Securities — 16.6%** <br>**(Cost: $305,347,617)** | 305458183 |
| **Total Investments — 115.0%** <br>**(Cost: $2,201,910,333)** | **Total Investments — 115.0%** <br>**(Cost: $2,201,910,333)** | 2112189061 |
| **Liabilities in Excess of Other Assets — (15.0)%** | **Liabilities in Excess of Other Assets — (15.0)%** | (275849969)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1836339092 |

---

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

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

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

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

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

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

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

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

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

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Fallen Angels USD Bond ETF**

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $341593881 | $—<br> $(42386814 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(17331)<br>| $(81553)<br>| $299108183 | 298988587 | $1601486 <br><sup>(b)</sup><br>| $— |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp;&nbsp; 12240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> (5890000 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6350000 | 6350000 | &nbsp;&nbsp;&nbsp;&nbsp; 665669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | $(17331) | $(81553) | $305458183 |  | $2267155 | $— |

---

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

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

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

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1806709943 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1806709943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 20935 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 305458183 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 305458183 |
|  | &nbsp;&nbsp; $305458183 | &nbsp;&nbsp; $1806730878 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2112189061 |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| CMT | Constant Maturity Treasury |
| NVS | Non-Voting Shares |
| SOFR | Secured Overnight Financing Rate |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** iShares Trust

- **b. Investment Company Act file number:** 811-09729

- **c. CIK number of Registrant:** 0001100663

- **d. LEI of Registrant:** 5493000860OXIC4B5K91

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 400 Howard Street

  - **City:** San Francisco

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94105

  - **Telephone number:** 800-474-2737

**Item A.2. Information about the Series.**

- **a. Name of Series:** iShares Fallen Angels USD Bond ETF

- **b. EDGAR series identifier (if any):** S000054186

- **c. LEI of Series:** 549300TGAA9LRLT3ZX42

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2456405729.41

**Total Liabilities:** $620019701.09

**Net Assets:** $1836386028.32

**Cash Not Reported:** $6726.63

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 2.48000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 54754.10000000 | **5-Year:** 379728.18000000 | **10-Year:** 284888.92000000 | **30-Year:** 220835.98000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000170247 | 1.57%                | 2.60%                | 0.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2516945.64             | $19772402.95                               |
| Month 2  | $-306674.36              | $35363600.96                               |
| Month 3  | $-1262815.86             | $-1225888.21                               |

### Schedule of Portfolio Investments

| Name                                           | Title                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Liberty Interactive LLC                        | Liberty Interactive LLC                               | CUSIP: 530715AJ0<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |  15316000 | PA      | $2061799.03   | 0.11%             | 2030-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                         | Lumen Technologies Inc                                | CUSIP: 156700AT3<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |   9792000 | PA      | $8133816.36   | 0.44%             | 2042-03-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: —       |
| Safeway Inc                                    | Safeway Inc                                           | CUSIP: 786514BA6<br>LEI: 549300NKZ6VCN5P3K723 | Long             | DBT              | CORP              | US        |   8789000 | PA      | $9429354.15   | 0.51%             | 2031-02-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| VORNADO REALTY LP                              | Vornado Realty LP                                     | CUSIP: 929043AL1<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              |  | US        |  12248000 | PA      | $10772292.86  | 0.59%             | 2031-06-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: —       |
| NISSAN MOTOR ACCEPTANCE                        | Nissan Motor Acceptance Co LLC                        | CUSIP: 65480CAH8<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   2210000 | PA      | $2155118.16   | 0.12%             | 2029-09-13      | Fixed         | 5.55%                 | No            |                  2 | On Loan: —       |
| SERVICE PROPERTIES TRUST                       | Service Properties Trust                              | CUSIP: 44106MAW2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |  11468000 | PA      | $11189873.48  | 0.61%             | 2027-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: —       |
| Nordstrom Inc                                  | Nordstrom Inc                                         | CUSIP: 655664AR1<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |  24539000 | PA      | $16623843.47  | 0.91%             | 2044-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| EMBARQ CORP                                    | Embarq LLC                                            | CUSIP: 29078EAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  40881000 | PA      | $19589510.47  | 1.07%             | 2036-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| HUDSON PACIFIC PROPERTIE                       | Hudson Pacific Properties LP                          | CUSIP: 44409MAA4<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              |  | US        |  13482000 | PA      | $12752723.84  | 0.69%             | 2027-11-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: —       |
| MACY'S RETAIL HLDGS LLC                        | Macy's Retail Holdings LLC                            | CUSIP: 55617LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5662000 | PA      | $4876059.37   | 0.27%             | 2034-07-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: —       |
| US CELLULAR CORP                               | United States Cellular Corp                           | CUSIP: 911684AD0<br>LEI: 549300B164AZXESI6E03 | Long             | DBT              | CORP              | US        |  16517000 | PA      | $17302364.52  | 0.94%             | 2033-12-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: —       |
| WHIRLPOOL CORP                                 | Whirlpool Corp                                        | CUSIP: 963320BC9<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |   5875000 | PA      | $5611479.75   | 0.31%             | 2034-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| Yum! Brands Inc                                | Yum! Brands Inc                                       | CUSIP: 988498AD3<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |  10754000 | PA      | $11561582.92  | 0.63%             | 2037-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PROSPECT CAPITAL CORP                          | Prospect Capital Corp                                 | CUSIP: 74348TAW2<br>LEI: 549300FSD8T39P5Q0O47 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8124763.59   | 0.44%             | 2028-10-15      | Fixed         | 3.44%                 | No            |                  2 | On Loan: —       |
| XEROX CORPORATION                              | Xerox Corp                                            | CUSIP: 984121CL5<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |   8287000 | PA      | $4146429.95   | 0.23%             | 2035-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: —       |
| VF CORP                                        | VF Corp                                               | CUSIP: 918204BC1<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |  25054000 | PA      | $21221337.79  | 1.16%             | 2030-04-23      | Fixed         | 2.95%                 | No            |                  2 | On Loan: —       |
| VF CORP                                        | VF Corp                                               | CUSIP: 918204AT5<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |   9654000 | PA      | $8649466.64   | 0.47%             | 2037-11-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE                       | Walgreens Boots Alliance Inc                          | CUSIP: 931427AQ1<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |  17750000 | PA      | $17572620.17  | 0.96%             | 2026-06-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Methanex Corp                                  | Methanex Corp                                         | CUSIP: 59151KAJ7<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |  11321000 | PA      | $8834707.34   | 0.48%             | 2044-12-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: —       |
| WALGREENS BOOTS ALLIANCE                       | Walgreens Boots Alliance Inc                          | CUSIP: 931427AC2<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |  14389000 | PA      | $14103069.27  | 0.77%             | 2044-11-18      | Fixed         | 4.80%                 | No            |                  2 | On Loan: —       |
| ADVANCE AUTO PARTS                             | Advance Auto Parts Inc                                | CUSIP: 00751YAF3<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |  11500000 | PA      | $10590073.31  | 0.58%             | 2027-10-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                       | Celanese US Holdings LLC                              | CUSIP: 15089QAW4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   7838000 | PA      | $8164554.52   | 0.44%             | 2028-11-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: —       |
| WALGREENS BOOTS ALLIANCE                       | Walgreens Boots Alliance Inc                          | CUSIP: 931427AB4<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |   4116000 | PA      | $4072926.43   | 0.22%             | 2034-11-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| UNITED AIR 2016-2 A PTT                        | United Airlines 2016-2 Class A Pass Through Trust     | CUSIP: 90932DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5583919 | PA      | $5205715.45   | 0.28%             | 2028-10-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: —       |
| KOHL'S CORPORATION                             | Kohl's Corp                                           | CUSIP: 500255AX2<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |  17028000 | PA      | $12294577.50  | 0.67%             | 2031-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: —       |
| QVC Inc                                        | QVC Inc                                               | CUSIP: 747262AM5<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |   9102000 | PA      | $3827524.98   | 0.21%             | 2043-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: —       |
| Bath & Body Works Inc                          | Bath & Body Works Inc                                 | CUSIP: 532716AK3<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   9443000 | PA      | $9702319.04   | 0.53%             | 2033-03-01      | Fixed         | 6.95%                 | No            |                  2 | On Loan: —       |
| WALGREENS BOOTS ALLIANCE                       | Walgreens Boots Alliance Inc                          | CUSIP: 931427AR9<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |   4063000 | PA      | $3901876.37   | 0.21%             | 2046-06-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: —       |
| ROCKIES EXPRESS PIPELINE                       | Rockies Express Pipeline LLC                          | CUSIP: 77340RAD9<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |   8075000 | PA      | $8268500.18   | 0.45%             | 2038-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Belo Corp                                      | Belo Corp                                             | CUSIP: 080555AE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6716000 | PA      | $6955722.65   | 0.38%             | 2027-06-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: —       |
| Sealed Air Corp                                | Sealed Air Corp                                       | CUSIP: 81211KAK6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |  14985000 | PA      | $16000638.49  | 0.87%             | 2033-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| MACY'S RETAIL HLDGS LLC                        | Macy's Retail Holdings LLC                            | CUSIP: 55616XAG2<br>LEI: 549300JMONK27O4SQQ19 | Long             | DBT              | CORP              | US        |   8627000 | PA      | $6084135.16   | 0.33%             | 2042-01-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Steelcase Inc                                  | Steelcase Inc                                         | CUSIP: 858155AE4<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | DBT              | CORP              | US        |  15123000 | PA      | $14920653.66  | 0.81%             | 2029-01-18      | Fixed         | 5.13%                 | No            |                  2 | On Loan: —       |
| SEAGATE DATA STOR                              | Seagate Data Storage Technology Pte Ltd               | CUSIP: 81180LAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |  14129000 | PA      | $13522447.12  | 0.74%             | 2029-06-01      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| OFFICE PROP INCOME TRUST                       | OFFICE PROP INCOME TRUST                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87228 | NS      | $20934.72     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                        | Nissan Motor Acceptance Co LLC                        | CUSIP: 65480CAD7<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   2881000 | PA      | $2603662.61   | 0.14%             | 2028-09-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| KOHL'S CORPORATION                             | Kohl's Corp                                           | CUSIP: 500255AV6<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |  14478000 | PA      | $8136553.48   | 0.44%             | 2045-07-17      | Fixed         | 5.55%                 | No            |                  2 | On Loan: —       |
| ROCKIES EXPRESS PIPELINE                       | Rockies Express Pipeline LLC                          | CUSIP: 77340RAT4<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |  11485000 | PA      | $11079095.75  | 0.60%             | 2030-05-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L                       | Huntsman International LLC                            | CUSIP: 44701QBF8<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |   9600000 | PA      | $8074216.70   | 0.44%             | 2031-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: —       |
| Newell Brands Inc                              | Newell Brands Inc                                     | CUSIP: 651229AX4<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |  14095000 | PA      | $13455177.35  | 0.73%             | 2036-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| HUNTSMAN INTERNATIONAL L                       | Huntsman International LLC                            | CUSIP: 44701QBG6<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |   6475000 | PA      | $5965095.11   | 0.32%             | 2034-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: —       |
| Bath & Body Works Inc                          | Bath & Body Works Inc                                 | CUSIP: 532716AN7<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   7110000 | PA      | $7250091.53   | 0.39%             | 2037-07-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                | Nissan Motor Co Ltd                                   | CUSIP: 654744AD3<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |  16600000 | PA      | $15242384.94  | 0.83%             | 2030-09-17      | Fixed         | 4.81%                 | No            |                  2 | On Loan: —       |
| CELANESE US HOLDINGS LLC                       | Celanese US Holdings LLC                              | CUSIP: 15089QAN4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   5870000 | PA      | $6094969.69   | 0.33%             | 2029-07-15      | Fixed         | 6.83%                 | No            |                  2 | On Loan: —       |
| Buckeye Partners LP                            | Buckeye Partners LP                                   | CUSIP: 118230AQ4<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |  17923000 | PA      | $17623941.12  | 0.96%             | 2026-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: —       |
| Liberty Mutual Group Inc                       | Liberty Mutual Group Inc                              | CUSIP: 53079EAN4<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |  14401000 | PA      | $16850604.34  | 0.92%             | 2037-03-15      | Fixed         | 7.80%                 | No            |                  2 | On Loan: —       |
| CRANE NXT CO                                   | Crane NXT Co                                          | CUSIP: 224399AP0<br>LEI: 549300EXNPSXEWUD3N21 | Long             | DBT              | CORP              | US        |   5654000 | PA      | $5926774.46   | 0.32%             | 2036-11-15      | Fixed         | 6.55%                 | No            |                  2 | On Loan: —       |
| Crown Cork & Seal Co Inc                       | Crown Cork & Seal Co Inc                              | CUSIP: 228255AH8<br>LEI: 7HLDMDH0ZXNUH6PT7Z42 | Long             | DBT              | CORP              | US        |  11260000 | PA      | $11600809.35  | 0.63%             | 2026-12-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| Genworth Holdings Inc                          | Genworth Holdings Inc                                 | CUSIP: 37247DAB2<br>LEI: PXDECZED7L8SRUP41R09 | Long             | DBT              | CORP              | US        |   8248000 | PA      | $8234951.91   | 0.45%             | 2034-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| NISSAN MOTOR ACCEPTANCE                        | Nissan Motor Acceptance Co LLC                        | CUSIP: 65480CAE5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1623221.46   | 0.09%             | 2026-09-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| VALLEY NATIONAL BANCORP                        | Valley National Bancorp                               | CUSIP: 919794AE7<br>LEI: 549300ET52S1UBIB9762 | Long             | DBT              | CORP              | US        |   3900000 | PA      | $3489938.17   | 0.19%             | 2031-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: —       |
| BRANDYWINE OPER PARTNERS                       | Brandywine Operating Partnership LP                   | CUSIP: 105340AR4<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              |  | US        |  11550000 | PA      | $12295292.05  | 0.67%             | 2028-03-15      | Fixed         | 8.30%                 | No            |                  2 | On Loan: —       |
| TELECOM ITALIA CAPITAL                         | Telecom Italia Capital SA                             | CUSIP: 87927VAF5<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |  13058000 | PA      | $13527247.98  | 0.74%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| RESORTS WORLD/RWLV CAP                         | Resorts World Las Vegas LLC / RWLV Capital Inc        | CUSIP: 76120HAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11901000 | PA      | $9852365.19   | 0.54%             | 2031-04-06      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| SERVICE PROPERTIES TRUST                       | Service Properties Trust                              | CUSIP: 44106MAY8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |  11494000 | PA      | $9800416.80   | 0.53%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| XEROX CORPORATION                              | Xerox Corp                                            | CUSIP: 984121CB7<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |  12070000 | PA      | $6103895.92   | 0.33%             | 2039-12-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| ADVANCE AUTO PARTS                             | Advance Auto Parts Inc                                | CUSIP: 00751YAE6<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |  16432000 | PA      | $14892000.68  | 0.81%             | 2030-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: —       |
| ROCKIES EXPRESS PIPELINE                       | Rockies Express Pipeline LLC                          | CUSIP: 77340RAR8<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |  17805000 | PA      | $17438347.69  | 0.95%             | 2029-07-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: —       |
| BlackRock Funds III                            | BlackRock Cash Funds: Institutional, SL Agency Shares | CUSIP: 066922519<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        | 309069645 | NS      | $309193272.88 | 16.84%            |  |  |  | No            |                  1 | On Loan: No      |
| UNITED RENTALS NORTH AM                        | United Rentals North America Inc                      | CUSIP: 911365BM5<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |  24005000 | PA      | $23402817.05  | 1.27%             | 2027-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| TELECOM ITALIA CAPITAL                         | Telecom Italia Capital SA                             | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |  13722000 | PA      | $14800757.09  | 0.81%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| PROSPECT CAPITAL CORP                          | Prospect Capital Corp                                 | CUSIP: 74348TAV4<br>LEI: 549300FSD8T39P5Q0O47 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8637134.76   | 0.47%             | 2026-11-15      | Fixed         | 3.36%                 | No            |                  2 | On Loan: —       |
| CARNIVAL CORP                                  | Carnival Corp                                         | CUSIP: 143658AH5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   6709000 | PA      | $6911320.16   | 0.38%             | 2028-01-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: —       |
| NORDSTROM INC                                  | Nordstrom Inc                                         | CUSIP: 655664AY6<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |  10740000 | PA      | $9444682.43   | 0.51%             | 2031-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| PROVIDENT FINANCING TR I                       | Provident Financing Trust I                           | CUSIP: 743863AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6831000 | PA      | $7299855.93   | 0.40%             | 2038-03-15      | Fixed         | 7.41%                 | No            |                  2 | On Loan: —       |
| Fluor Corp                                     | Fluor Corp                                            | CUSIP: 343412AF9<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | DBT              | CORP              | US        |  19394000 | PA      | $19095180.35  | 1.04%             | 2028-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| BRANDYWINE OPER PARTNERS                       | Brandywine Operating Partnership LP                   | CUSIP: 105340AP8<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              |  | US        |  11801000 | PA      | $11088357.20  | 0.60%             | 2029-10-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: —       |
| ALCOA NEDERLAND HOLDING                        | Alcoa Nederland Holding BV                            | CUSIP: 013822AG6<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |  16402000 | PA      | $15624471.39  | 0.85%             | 2029-03-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| SERVICE PROPERTIES TRUST                       | Service Properties Trust                              | CUSIP: 44106MBA9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |  12398000 | PA      | $12191193.05  | 0.66%             | 2026-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| GOODYEAR TIRE & RUBBER                         | Goodyear Tire & Rubber Co/The                         | CUSIP: 382550AD3<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   5067000 | PA      | $5234571.31   | 0.29%             | 2028-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| TRAVEL + LEISURE CO                            | Travel + Leisure Co                                   | CUSIP: 98310WAN8<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |  13520000 | PA      | $13618601.63  | 0.74%             | 2027-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Navient Corp                                   | Navient Corp                                          | CUSIP: 78442FAZ1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |  20054000 | PA      | $18045813.70  | 0.98%             | 2033-08-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: —       |
| ROCKIES EXPRESS PIPELINE                       | Rockies Express Pipeline LLC                          | CUSIP: 77340RAM9<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |  17693000 | PA      | $17848387.00  | 0.97%             | 2040-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                | Nissan Motor Co Ltd                                   | CUSIP: 654744AC5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |  16484000 | PA      | $16057371.00  | 0.87%             | 2027-09-17      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE                       | Walgreens Boots Alliance Inc                          | CUSIP: 931427AT5<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |  14145000 | PA      | $12164700.00  | 0.66%             | 2050-04-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: —       |
| ADVANCE AUTO PARTS                             | Advance Auto Parts Inc                                | CUSIP: 00751YAG1<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |  11850000 | PA      | $10119548.65  | 0.55%             | 2032-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: —       |
| CELANESE US HOLDINGS LLC                       | Celanese US Holdings LLC                              | CUSIP: 15089QAY0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   8075000 | PA      | $8426831.14   | 0.46%             | 2033-11-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: —       |
| NORDSTROM INC                                  | Nordstrom Inc                                         | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |  12593000 | PA      | $11473441.25  | 0.62%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| WARNERMEDIA HOLDINGS INC                       | Warnermedia Holdings Inc                              | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2525953.77   | 0.14%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| RESORTS WORLD/RWLV CAP                         | Resorts World Las Vegas LLC / RWLV Capital Inc        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  33790000 | PA      | $30026471.83  | 1.64%             | 2029-04-16      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| CONSTELLATION INSURC INC                       | Constellation Insurance Inc                           | CUSIP: 67740QAH9<br>LEI: 549300K609B872PZT291 | Long             | DBT              | CORP              | US        |  13935000 | PA      | $13730486.18  | 0.75%             | 2030-01-24      | Fixed         | 6.80%                 | No            |                  2 | On Loan: —       |
| Transocean Inc                                 | Transocean Inc                                        | CUSIP: 893830AZ2<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |   6368000 | PA      | $5338242.44   | 0.29%             | 2041-12-15      | Fixed         | 9.35%                 | No            |                  2 | On Loan: No      |
| FRONTIER FLORIDA LLC                           | Frontier Florida LLC                                  | CUSIP: 362333AH9<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |   9855000 | PA      | $10270141.19  | 0.56%             | 2028-02-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: —       |
| Nordstrom Inc                                  | Nordstrom Inc                                         | CUSIP: 655664AS9<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |   8842000 | PA      | $8636065.49   | 0.47%             | 2027-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| Under Armour Inc                               | Under Armour Inc                                      | CUSIP: 904311AA5<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4917757.30   | 0.27%             | 2026-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                                 | Whirlpool Corp                                        | CUSIP: 963320AZ9<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |   5925000 | PA      | $5425844.41   | 0.30%             | 2032-05-14      | Fixed         | 4.70%                 | No            |                  2 | On Loan: —       |
| Bombardier Inc                                 | Bombardier Inc                                        | CUSIP: 097751AL5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |  17034000 | PA      | $18473951.47  | 1.01%             | 2034-05-01      | Fixed         | 7.45%                 | No            |                  2 | On Loan: —       |
| Global Marine Inc                              | Global Marine Inc                                     | CUSIP: 379352AL1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8825000 | PA      | $8220448.23   | 0.45%             | 2028-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| XPO CNW Inc                                    | XPO CNW Inc                                           | CUSIP: 12612WAB0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |  10117000 | PA      | $10578622.83  | 0.58%             | 2034-05-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: —       |
| Tenet Healthcare Corp                          | Tenet Healthcare Corp                                 | CUSIP: 88033GAV2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  12073000 | PA      | $12854458.37  | 0.70%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| GFL ENVIRONMENTAL INC                          | GFL Environmental Inc                                 | CUSIP: 36168QAQ7<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |  33335000 | PA      | $34597727.80  | 1.88%             | 2031-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Liberty Interactive LLC                        | Liberty Interactive LLC                               | CUSIP: 530715AD3<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |   8707000 | PA      | $1217690.84   | 0.07%             | 2029-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| WARNERMEDIA HOLDINGS INC                       | Warnermedia Holdings Inc                              | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |  10250000 | PA      | $6851762.15   | 0.37%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| DRESDNER FNDG TRUST I                          | Dresdner Funding Trust I                              | CUSIP: 26156FAA1<br>LEI: 549300ZEO4BKB37E3J03 | Long             | DBT              | CORP              | US        |  32504000 | PA      | $35809524.51  | 1.95%             | 2031-06-30      | Fixed         | 8.15%                 | No            |                  2 | On Loan: —       |
| CELANESE US HOLDINGS LLC                       | Celanese US Holdings LLC                              | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |  11373000 | PA      | $11667780.09  | 0.64%             | 2027-07-15      | Fixed         | 6.67%                 | No            |                  2 | On Loan: —       |
| BRANDYWINE OPER PARTNERS                       | Brandywine Operating Partnership LP                   | CUSIP: 105340AQ6<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              |  | US        |  14497000 | PA      | $13977836.05  | 0.76%             | 2027-11-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| TOLEDO HOSPITAL/THE                            | Toledo Hospital/The                                   | CUSIP: 889184AA5<br>LEI: 5493009DCR7NWV6K4T34 | Long             | DBT              | CORP              | US        |   8727000 | PA      | $7126287.64   | 0.39%             | 2045-11-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: —       |
| TELECOM ITALIA CAPITAL                         | Telecom Italia Capital SA                             | CUSIP: 87927VAR9<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |  13023000 | PA      | $13697935.73  | 0.75%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp                                 | Whirlpool Corp                                        | CUSIP: 963320AV8<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |   9850000 | PA      | $7391555.64   | 0.40%             | 2046-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| NISSAN MOTOR ACCEPTANCE                        | Nissan Motor Acceptance Co LLC                        | CUSIP: 65480CAG0<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   2675000 | PA      | $2654763.38   | 0.14%             | 2027-09-13      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIE                       | Hudson Pacific Properties LP                          | CUSIP: 44409MAB2<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              | CORP              | US        |  16987000 | PA      | $14808650.82  | 0.81%             | 2029-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: —       |
| Transocean Inc                                 | Transocean Inc                                        | CUSIP: 893830AT6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |  20339000 | PA      | $15254856.71  | 0.83%             | 2038-03-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: —       |
| Buckeye Partners LP                            | Buckeye Partners LP                                   | CUSIP: 118230AP6<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |  10852000 | PA      | $9231449.14   | 0.50%             | 2044-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: —       |
| VF CORP                                        | VF Corp                                               | CUSIP: 918204BB3<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |  16293000 | PA      | $15556862.22  | 0.85%             | 2027-04-23      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Belo Corp                                      | Belo Corp                                             | CUSIP: 080555AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8116000 | PA      | $8366063.54   | 0.46%             | 2027-09-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| SEAGATE DATA STOR                              | Seagate Data Storage Technology Pte Ltd               | CUSIP: 81180LAS4<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |  13878000 | PA      | $13053007.16  | 0.71%             | 2034-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L                       | Huntsman International LLC                            | CUSIP: 44701QBE1<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |  10775000 | PA      | $10244115.43  | 0.56%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                       | Rogers Communications Inc                             | CUSIP: 775109BS9<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |  24598000 | PA      | $24306313.96  | 1.32%             | 2082-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc                           | Cleveland-Cliffs Inc                                  | CUSIP: 18683KAC5<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   7938000 | PA      | $6397023.21   | 0.35%             | 2040-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                        | Nissan Motor Acceptance Co LLC                        | CUSIP: 654740BT5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   4180000 | PA      | $3871424.04   | 0.21%             | 2028-03-09      | Fixed         | 2.75%                 | No            |                  2 | On Loan: —       |
| TOPAZ SOLAR FARMS LLC                          | Topaz Solar Farms LLC                                 | CUSIP: 89054XAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16699574 | PA      | $16394144.30  | 0.89%             | 2039-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| NISSAN MOTOR ACCEPTANCE                        | Nissan Motor Acceptance Co LLC                        | CUSIP: 65480CAC9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   5775000 | PA      | $5539896.29   | 0.30%             | 2026-09-16      | Fixed         | 1.85%                 | No            |                  2 | On Loan: —       |
| HUDSON PACIFIC PROPERTIE                       | Hudson Pacific Properties LP                          | CUSIP: 44409MAC0<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              |  | US        |  13571000 | PA      | $10863275.40  | 0.59%             | 2030-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: —       |
| WARNERMEDIA HOLDINGS INC                       | Warnermedia Holdings Inc                              | CUSIP: 55903VBC6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   7198000 | PA      | $5731114.76   | 0.31%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Murphy Oil Corp                                | Murphy Oil Corp                                       | CUSIP: 626717AG7<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |  12281000 | PA      | $10028184.41  | 0.55%             | 2042-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FRONTIER NORTH INC                             | Frontier North Inc                                    | CUSIP: 362337AK3<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |   6936000 | PA      | $7141135.46   | 0.39%             | 2028-02-15      | Fixed         | 6.73%                 | No            |                  2 | On Loan: —       |
| MACY'S RETAIL HLDGS LLC                        | Macy's Retail Holdings LLC                            | CUSIP: 55616XAM9<br>LEI: 549300JMONK27O4SQQ19 | Long             | DBT              | CORP              | US        |  12532000 | PA      | $10145470.71  | 0.55%             | 2034-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| HUDSON PACIFIC PROPERTIE                       | Hudson Pacific Properties LP                          | CUSIP: 44409MAD8<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              |  | US        |  11761000 | PA      | $11265744.76  | 0.61%             | 2028-02-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY LP                              | Vornado Realty LP                                     | CUSIP: 929043AK3<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              |  | US        |   8950000 | PA      | $8699862.18   | 0.47%             | 2026-06-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| VF CORP                                        | VF Corp                                               | CUSIP: 918204AR9<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |   9288000 | PA      | $8589580.30   | 0.47%             | 2033-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| Yum! Brands Inc                                | Yum! Brands Inc                                       | CUSIP: 988498AK7<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |   9129000 | PA      | $8625318.01   | 0.47%             | 2043-11-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: —       |
| ADVANCE AUTO PARTS                             | Advance Auto Parts Inc                                | CUSIP: 00751YAJ5<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |   9957000 | PA      | $10003311.20  | 0.54%             | 2028-03-09      | Fixed         | 5.95%                 | No            |                  2 | On Loan: —       |
| DIVERSIFIED HEALTHCARE T                       | Diversified Healthcare Trust                          | CUSIP: 81721MAM1<br>LEI: N/A                  | Long             | DBT              |  | US        |  16849000 | PA      | $15616187.31  | 0.85%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| Newell Brands Inc                              | Newell Brands Inc                                     | CUSIP: 651229AY2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |  23264000 | PA      | $19947513.01  | 1.09%             | 2046-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| Buckeye Partners LP                            | Buckeye Partners LP                                   | CUSIP: 118230AR2<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |  12866000 | PA      | $12554893.56  | 0.68%             | 2027-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| CRANE NXT CO                                   | Crane NXT Co                                          | CUSIP: 224399AT2<br>LEI: 549300EXNPSXEWUD3N21 | Long             | DBT              | CORP              | US        |  12040000 | PA      | $7075679.96   | 0.39%             | 2048-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: —       |
| United States Steel Corp                       | United States Steel Corp                              | CUSIP: 912909AD0<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | DBT              | CORP              | US        |   9523000 | PA      | $9967699.05   | 0.54%             | 2037-06-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: —       |
| Spirit AeroSystems Inc                         | Spirit AeroSystems Inc                                | CUSIP: 85205TAK6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |  23506000 | PA      | $23127552.22  | 1.26%             | 2028-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: —       |
| H.B. FULLER CO                                 | HB Fuller Co                                          | CUSIP: 359694AB2<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |   9906000 | PA      | $9724382.41   | 0.53%             | 2027-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Toledo Hospital/The                            | Toledo Hospital/The                                   | CUSIP: 889184AE7<br>LEI: 5493009DCR7NWV6K4T34 | Long             | DBT              | CORP              | US        |  13588000 | PA      | $12446063.94  | 0.68%             | 2048-11-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: —       |
| BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES | BlackRock Cash Funds: Treasury, SL Agency Shares      | CUSIP: 066922477<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |   6350000 | NS      | $6350000.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICE PROPERTIES TRUST                       | Service Properties Trust                              | CUSIP: 44106MBB7<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |  12218000 | PA      | $10768911.97  | 0.59%             | 2029-10-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: —       |
| TransAlta Corp                                 | TransAlta Corp                                        | CUSIP: 89346DAE7<br>LEI: GJZNVO2UY6DNFNIYH321 | Long             | DBT              | CORP              | CA        |  10165000 | PA      | $9853275.94   | 0.54%             | 2040-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| Whirlpool Corp                                 | Whirlpool Corp                                        | CUSIP: 963320AW6<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |  13565000 | PA      | $13249620.13  | 0.72%             | 2029-02-26      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| PERRIGO FINANCE UNLIMITD                       | Perrigo Finance Unlimited Co                          | CUSIP: 714295AA0<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |  11766000 | PA      | $9423435.76   | 0.51%             | 2044-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                            | Buckeye Partners LP                                   | CUSIP: 118230AM3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |  12712000 | PA      | $11306524.29  | 0.62%             | 2043-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                        | Nissan Motor Acceptance Co LLC                        | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   4800000 | PA      | $4941599.66   | 0.27%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| QVC Inc                                        | QVC Inc                                               | CUSIP: 747262AW3<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |  12249000 | PA      | $5297440.54   | 0.29%             | 2034-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: —       |
| PERRIGO FINANCE UNLIMITE                       | Perrigo Finance Unlimited Co                          | CUSIP: 71429MAC9<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |  24713000 | PA      | $24068028.26  | 1.31%             | 2030-06-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: —       |
| MACY'S RETAIL HLDGS LLC                        | Macy's Retail Holdings LLC                            | CUSIP: 314275AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6988000 | PA      | $5820212.89   | 0.32%             | 2037-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| CELANESE US HOLDINGS LLC                       | Celanese US Holdings LLC                              | CUSIP: 15089QAP9<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   8075000 | PA      | $8359719.09   | 0.46%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| METHANEX CORP                                  | Methanex Corp                                         | CUSIP: 59151KAL2<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |  22587000 | PA      | $22188876.57  | 1.21%             | 2029-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Spirit AeroSystems Inc                         | Spirit AeroSystems Inc                                | CUSIP: 85205TAG5<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4926413.95   | 0.27%             | 2026-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: —       |
| SEAGATE DATA STORAGE TECHNOLOG                 | SEAGATE DATA STOR                                     | CUSIP: 81180LAN5<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   7875000 | PA      | $6942600.00   | 0.38%             | 2031-01-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ALCOA NEDERLAND HOLDING                        | Alcoa Nederland Holding BV                            | CUSIP: 013822AC5<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |   7167000 | PA      | $7187389.04   | 0.39%             | 2028-05-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| BUCKEYE PARTNERS                               | Buckeye Partners LP                                   | CUSIP: 118230AC5<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |   2846000 | PA      | $2881321.76   | 0.16%             | 2033-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| BANC OF CALIFORNIA                             | Banc of California                                    | CUSIP: 69506YSC4<br>LEI: 549300A7DTSCJLJ33451 | Long             | SN               | CORP              | US        |   1900000 | PA      | $1699903.38   | 0.09%             | 2031-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                             | Vodafone Group PLC                                    | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |  51221000 | PA      | $53616483.24  | 2.92%             | 2079-04-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| ACADIAN ASSET MANAGEMENT                       | Acadian Asset Management Inc                          | CUSIP: 10948WAA1<br>LEI: 5493004FTLQNQTBOP608 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4950098.70   | 0.27%             | 2026-07-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: —       |
| OCI NV                                         | OCI NV                                                | CUSIP: 67116NAA7<br>LEI: 549300NCMRGIBJYUOE57 | Long             | DBT              | CORP              | NL        |  19421000 | PA      | $21520962.43  | 1.17%             | 2033-03-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                                 | Whirlpool Corp                                        | CUSIP: 963320AX4<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |  12075000 | PA      | $9004342.71   | 0.49%             | 2050-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: —       |
| WALGREEN CO                                    | Walgreen Co                                           | CUSIP: 931422AK5<br>LEI: E1OI0SEUGJMPPTKRDD35 | Long             | DBT              | CORP              | US        |   4507000 | PA      | $4110452.28   | 0.22%             | 2042-09-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: —       |
| APTIV SWISS HOLDINGS LTD                       | Aptiv Swiss Holdings Ltd                              | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |  16675000 | PA      | $16779469.04  | 0.91%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| CELANESE US HOLDINGS LLC                       | Celanese US Holdings LLC                              | CUSIP: 15089QAK0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $2987018.67   | 0.16%             | 2026-08-05      | Fixed         | 1.40%                 | No            |                  2 | On Loan: —       |
| WILTON RE LTD                                  | Wilton RE Ltd                                         | CUSIP: 97263CAA9<br>LEI: 5493004VQ9VSL29MT373 | Long             | DBT              | CORP              | CA        |  12850000 | PA      | $12818479.08  | 0.70%             | 2030-10-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| Toledo Hospital/The                            | Toledo Hospital/The                                   | CUSIP: 889184AC1<br>LEI: 5493009DCR7NWV6K4T34 | Long             | DBT              | CORP              | US        |  10850000 | PA      | $10867021.70  | 0.59%             | 2028-11-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: —       |
| DISCOVERY COMMUNICATIONS                       | Discovery Communications LLC                          | CUSIP: 25470DAD1<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |    200000 | PA      | $134132.12    | 0.01%             | 2040-06-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: —       |
| SERVICE PROPERTIES TRUST                       | Service Properties Trust                              | CUSIP: 44106MAX0<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |  11395000 | PA      | $10625684.69  | 0.58%             | 2028-01-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: —       |
| WARNERMEDIA HOLDINGS INC                       | Warnermedia Holdings Inc                              | CUSIP: 55903VBL6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2940053.76   | 0.16%             | 2027-03-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                         | Lumen Technologies Inc                                | CUSIP: 156700AM8<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |  12032000 | PA      | $10258444.46  | 0.56%             | 2039-09-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Transocean Inc                                 | Transocean Inc                                        | CUSIP: 893830AF6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |  13332000 | PA      | $11512762.61  | 0.63%             | 2031-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| CONSTELLATION INSURC INC                       | Constellation Insurance Inc                           | CUSIP: 67740QAG1<br>LEI: 549300K609B872PZT291 | Long             | DBT              | CORP              | US        |   8556000 | PA      | $8224622.18   | 0.45%             | 2031-05-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| Nordstrom Inc                                  | Nordstrom Inc                                         | CUSIP: 655664AH3<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |   7502000 | PA      | $7695630.82   | 0.42%             | 2028-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: —       |
| MACY'S RETAIL HLDGS LLC                        | Macy's Retail Holdings LLC                            | CUSIP: 55616XAJ6<br>LEI: 549300JMONK27O4SQQ19 | Long             | DBT              | CORP              | US        |   8454000 | PA      | $5591381.93   | 0.30%             | 2043-02-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: —       |
| WHIRLPOOL CORP                                 | Whirlpool Corp                                        | CUSIP: 963320AY2<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |   5845000 | PA      | $4892910.11   | 0.27%             | 2031-05-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: —       |
| WALGREENS BOOTS ALLIANCE                       | Walgreens Boots Alliance Inc                          | CUSIP: 931427AS7<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |   7630000 | PA      | $7385447.97   | 0.40%             | 2030-04-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                       | Celanese US Holdings LLC                              | CUSIP: 15089QAX2<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   7925000 | PA      | $8249482.39   | 0.45%             | 2030-11-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                         | Telecom Italia Capital SA                             | CUSIP: 87927VAM0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |  12994000 | PA      | $12897017.98  | 0.70%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| WHIRLPOOL CORP                                 | Whirlpool Corp                                        | CUSIP: 963320BA3<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |   5825000 | PA      | $5535126.56   | 0.30%             | 2033-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| Whirlpool Corp                                 | Whirlpool Corp                                        | CUSIP: 96332HCG2<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |   4925000 | PA      | $4148841.28   | 0.23%             | 2043-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: —       |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** iShares Trust

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer