iShares

®

LifePath

®

Target

Date

2025

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

1

Schedule

of

Investments

Security

Shares

Value

a

Investment

Companies

(a)

Domestic

Equity

 — 

27

.1

%

iShares

Core

U.S.

REIT

ETF

.................

783

$

39,181

iShares

Russell

1000

ETF

...................

2,460

678,911

iShares

Russell

2000

ETF

(b)

..................

80

15,672

733,764

a

Domestic

Fixed

Income

 — 

58

.0

%

iShares

0-5

Year

TIPS

Bond

ETF

..............

2,213

219,486

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

................................

1,189

58,023

iShares

10-20

Year

Treasury

Bond

ETF

..........

1,964

194,593

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

................................

3,366

170,959

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

................................

2,213

111,181

iShares

MBS

ETF

........................

4,255

380,993

iShares

U.S.

Treasury

Bond

ETF

..............

19,460

431,136

1,566,371

a

International

Equity

 — 

14

.8

%

iShares

Core

MSCI

Emerging

Markets

ETF

.......

2,060

106,399

iShares

Core

MSCI

International

Developed

Markets

ETF

................................

4,070

264,224

Security

Shares

Value

a

International

Equity — 14.8%

(continued)

iShares

Global

Infrastructure

ETF

..............

644

$

30,468

401,091

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

2,534,001

)

..................................

2,701,226

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.7

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(a)

(c)

(d)

......................

16,111

16,116

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

(a)

(c)

............................

1,952

1,952

a

Total

Short-Term

Securities — 0.7%

(Cost:

$

18,068

)

....................................

18,068

Total

Investments

—

100.6%

(Cost:

$

2,552,069

)

..................................

2,719,294

Liabilities

in

Excess

of

Other

Assets

—

(

0

.6

)

%

...............

(

16,093

)

Net

Assets

—

100.0%

.................................

$

2,703,201

(a)

Affiliate

of

the

Fund.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

April

30,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

10/17/23

(a)

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/24

  Shares

Held

at

04/30/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

—

$

16,118

(b)

$

—

$

(

2

)

$

—

$

16,116

16,111

$

11

(c)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

—

1,952

(b)

—

—

—

1,952

1,952

125

—

iShares

0-5

Year

TIPS

Bond

ETF

.

—

225,471

(

11,421

)

279

5,157

219,486

2,213

1,624

—

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

.........

—

70,794

(

18,807

)

2,478

3,558

58,023

1,189

1,686

—

iShares

10-20

Year

Treasury

Bond

ETF

—

223,023

(

40,048

)

4,846

6,772

194,593

1,964

4,339

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

.........

—

167,989

—

—

2,970

170,959

3,366

2,759

—

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

.........

—

107,477

—

—

3,704

111,181

2,213

2,061

—

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

iShares

®

LifePath

®

Target

Date

2025

ETF

2

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

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.

There

may

not

be

a

secondary

market,

and/or

there

are

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. 

Affiliates

(continued)

Affiliated

Issuer

Value

at

10/17/23

(a)

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/24

  Shares

Held

at

04/30/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

iShares

Core

MSCI

Emerging

Markets

ETF

.........

$

—

$

106,008

$

(

8,255

)

$

418

$

8,228

$

106,399

2,060

$

2,099

$

—

iShares

Core

MSCI

International

Developed

Markets

ETF

.........

—

260,400

(

26,973

)

3,356

27,441

264,224

4,070

3,878

—

iShares

Core

U.S.

REIT

ETF

.....

—

39,350

(

2,063

)

251

1,643

39,181

783

640

—

iShares

Global

Infrastructure

ETF

—

30,546

(

3,152

)

278

2,796

30,468

644

634

—

iShares

MBS

ETF

.

—

370,859

—

—

10,134

380,993

4,255

6,846

—

iShares

Russell

1000

ETF

.........

—

640,939

(

59,981

)

8,709

89,244

678,911

2,460

4,865

—

iShares

Russell

2000

ETF

.........

—

22,566

(

9,958

)

1,386

1,678

15,672

80

143

—

iShares

U.S.

Treasury

Bond

ETF

.....

—

427,236

—

—

3,900

431,136

19,460

5,764

—

$

21,999

$

167,225

$

2,719,294

$

37,474

$

—

(a)

Commencement

of

operations.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

.....................................

$

2,701,226

$

—

$

—

$

2,701,226

Short-Term

Securities

Money

Market

Funds

......................................

18,068

—

—

18,068

$

2,719,294

$

—

$

—

$

2,719,294

iShares

®

LifePath

®

Target

Date

2025

ETF

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2024

3

Schedule

of

Investments

Portfolio

Abbreviation

REIT

Real

Estate

Investment

Trust

TIPS

Treasury

Inflation

Protected

Security