| Schedule of Investments (unaudited) | iShares® BB Rated Corporate Bond ETF |
| July 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Corporate Bonds & Notes | ||||||||
| Advertising — 0.4% | ||||||||
| Lamar Media Corp. | ||||||||
| 3.63%, 01/15/31 | $ | 325 | $ | 288,779 | ||||
| 3.75%, 02/15/28(a) | 345 | 324,950 | ||||||
| 4.00%, 02/15/30 | 238 | 219,519 | ||||||
| 4.88%, 01/15/29(a) | 250 | 242,688 | ||||||
| Outfront Media Capital LLC/Outfront Media Capital Corp., 7.38%, 02/15/31(b) | 290 | 303,773 | ||||||
| 1,379,709 | ||||||||
| Aerospace & Defense — 1.8% | ||||||||
| AAR Escrow Issuer LLC, 6.75%, 03/15/29(b) | 305 | 311,767 | ||||||
| Moog Inc., 4.25%, 12/15/27(b) | 325 | 311,092 | ||||||
| Spirit AeroSystems Inc. | ||||||||
| 3.85%, 06/15/26 | 175 | 167,957 | ||||||
| 9.38%, 11/30/29(b) | 450 | 487,036 | ||||||
| TransDigm Inc. | ||||||||
| 6.38%, 03/01/29(b) | 1,499 | 1,526,882 | ||||||
| 6.63%, 03/01/32(b) | 1,185 | 1,212,050 | ||||||
| 6.75%, 08/15/28(b) | 1,125 | 1,146,625 | ||||||
| 6.88%, 12/15/30(b) | 788 | 810,349 | ||||||
| 7.13%, 12/01/31(b) | 550 | 570,838 | ||||||
| 6,544,596 | ||||||||
| Agriculture — 0.3% | ||||||||
| Darling Ingredients Inc. | ||||||||
| 5.25%, 04/15/27(b) | 262 | 257,695 | ||||||
| 6.00%, 06/15/30(b) | 490 | 486,205 | ||||||
| Vector Group Ltd., 5.75%, 02/01/29(b) | 505 | 484,452 | ||||||
| 1,228,352 | ||||||||
| Airlines — 1.9% | ||||||||
| Air Canada, 3.88%, 08/15/26(b) | 665 | 639,622 | ||||||
| Allegiant Travel Co., 7.25%, 08/15/27(a)(b) | 300 | 279,802 | ||||||
| American Airlines Inc. | ||||||||
| 7.25%, 02/15/28(a)(b) | 387 | 386,671 | ||||||
| 8.50%, 05/15/29(b) | 540 | 555,936 | ||||||
| American Airlines Inc./AAdvantage Loyalty IP Ltd. | ||||||||
| 5.50%, 04/20/26(b) | 1,181 | 1,173,341 | ||||||
| 5.75%, 04/20/29(b) | 1,571 | 1,534,931 | ||||||
| Delta Air Lines Inc. | ||||||||
| 3.75%, 10/28/29(a) | 233 | 216,124 | ||||||
| 4.38%, 04/19/28(a) | 75 | 72,526 | ||||||
| United Airlines Inc. | ||||||||
| 4.38%, 04/15/26(b) | 1,120 | 1,091,986 | ||||||
| 4.63%, 04/15/29(b) | 1,050 | 992,290 | ||||||
| 6,943,229 | ||||||||
| Apparel — 0.3% | ||||||||
| Kontoor Brands Inc., 4.13%, 11/15/29(b) | 240 | 220,603 | ||||||
| Levi Strauss & Co., 3.50%, 03/01/31(b) | 315 | 274,563 | ||||||
| Under Armour Inc., 3.25%, 06/15/26 | 285 | 271,646 | ||||||
| William Carter Co. (The), 5.63%, 03/15/27(b) | 290 | 286,858 | ||||||
| 1,053,670 | ||||||||
| Auto Manufacturers — 0.6% | ||||||||
| Allison Transmission Inc. | ||||||||
| 3.75%, 01/30/31(a)(b) | 575 | 511,775 | ||||||
| 4.75%, 10/01/27(b) | 125 | 122,007 | ||||||
| 5.88%, 06/01/29(b) | 290 | 289,941 | ||||||
| Jaguar Land Rover Automotive PLC | ||||||||
| 4.50%, 10/01/27(b) | 290 | 277,099 | ||||||
| 5.50%, 07/15/29(b) | 235 | 229,825 | ||||||
| 5.88%, 01/15/28(b) | 320 | 316,843 | ||||||
| Security | Par (000) | Value | ||||||
| Auto Manufacturers (continued) | ||||||||
| 7.75%, 10/15/25(b) | $ | 390 | $ | 390,432 | ||||
| 2,137,922 | ||||||||
| Auto Parts & Equipment — 1.0% | ||||||||
| Adient Global Holdings Ltd., 7.00%, 04/15/28(b) | 275 | 281,090 | ||||||
| Dana Inc. | ||||||||
| 4.25%, 09/01/30 | 234 | 206,638 | ||||||
| 4.50%, 02/15/32(a) | 190 | 166,007 | ||||||
| 5.38%, 11/15/27(a) | 237 | 232,905 | ||||||
| 5.63%, 06/15/28 | 130 | 126,693 | ||||||
| IHO Verwaltungs GmbH | ||||||||
| 4.75%, 09/15/26, | ||||||||
| (4.75% Cash and 5.50% PIK)(b)(c) | 180 | 175,508 | ||||||
| 6.00%, 05/15/27, | ||||||||
| (6.00% Cash and 6.75% PIK)(b)(c) | 290 | 287,690 | ||||||
| 6.38%, 05/15/29, | ||||||||
| (6.38% Cash and 7.13% PIK)(b)(c) | 265 | 265,260 | ||||||
| Phinia Inc., 6.75%, 04/15/29(b) | 305 | 311,103 | ||||||
| ZF North America Capital Inc. | ||||||||
| 6.75%, 04/23/30(b) | 460 | 468,592 | ||||||
| 6.88%, 04/14/28(b) | 345 | 353,615 | ||||||
| 6.88%, 04/23/32(b) | 320 | 330,850 | ||||||
| 7.13%, 04/14/30(b) | 255 | 264,699 | ||||||
| 3,470,650 | ||||||||
| Banks — 1.5% | ||||||||
| Banc of California, 3.25%, 05/01/31, (3-mo. SOFR + 2.520%)(d) | 205 | 190,142 | ||||||
| Dresdner Funding Trust I, 8.15%, 06/30/31(b) | 515 | 563,213 | ||||||
| Intesa Sanpaolo SpA | ||||||||
| 4.20%, 06/01/32, (1-year CMT + 2.600%)(b)(d) | 430 | 372,290 | ||||||
| 4.95%, 06/01/42, (1-year CMT + 2.750%)(b)(d) | 405 | 313,972 | ||||||
| 5.71%, 01/15/26(b) | 880 | 879,067 | ||||||
| Popular Inc., 7.25%, 03/13/28 | 240 | 250,353 | ||||||
| Standard Chartered PLC, 7.01%, (3-mo. LIBOR US + 1.460%)(b)(d)(e) | 405 | 411,815 | ||||||
| Texas Capital Bancshares Inc., 4.00%, 05/06/31, (5-year CMT + 3.150%)(d) | 230 | 213,199 | ||||||
| UniCredit SpA | ||||||||
| 5.46%, 06/30/35, (5-year CMT + 4.750%)(b)(d) | 800 | 767,984 | ||||||
| 5.86%, 06/19/32, | ||||||||
| (5-year USD ICE Swap + 3.703%)(b)(d) | 440 | 436,368 | ||||||
| 7.30%, 04/02/34, | ||||||||
| (5-year USD ICE Swap + 4.914%)(b)(d) | 665 | 690,522 | ||||||
| Valley National Bancorp., 3.00%, 06/15/31, (3-mo. SOFR + 2.360%)(d) | 160 | 127,230 | ||||||
| Western Alliance Bancorp, 3.00%, 06/15/31, (3-mo. SOFR + 2.250%)(a)(d) | 345 | 308,786 | ||||||
| 5,524,941 | ||||||||
| Building Materials — 2.6% | ||||||||
| Boise Cascade Co., 4.88%, 07/01/30(b) | 225 | 211,729 | ||||||
| Builders FirstSource Inc. | ||||||||
| 4.25%, 02/01/32(b) | 705 | 630,073 | ||||||
| 5.00%, 03/01/30(b) | 345 | 330,087 | ||||||
| 6.38%, 06/15/32(a)(b) | 388 | 393,507 | ||||||
| 6.38%, 03/01/34(a)(b) | 465 | 468,993 | ||||||
| EMRLD Borrower LP/Emerald Co-Issuer Inc. | ||||||||
| 6.63%, 12/15/30(b) | 1,477 | 1,504,728 | ||||||
| 6.75%, 07/15/31(a)(b) | 300 | 305,932 | ||||||
| James Hardie International Finance DAC, 5.00%, 01/15/28(b) | 125 | 120,512 | ||||||
| Knife River Corp., 7.75%, 05/01/31(b) | 228 | 239,219 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® BB Rated Corporate Bond ETF |
| July 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Building Materials (continued) | ||||||||
| Louisiana-Pacific Corp., 3.63%, 03/15/29(b) | $ | 205 | $ | 189,732 | ||||
| Masterbrand Inc., 7.00%, 07/15/32(a)(b) | 335 | 344,181 | ||||||
| Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC, 6.75%, 04/01/32(b) | 410 | 415,985 | ||||||
| Smyrna Ready Mix Concrete LLC | ||||||||
| 6.00%, 11/01/28(b) | 605 | 599,316 | ||||||
| 8.88%, 11/15/31(b) | 505 | 544,215 | ||||||
| Standard Industries Inc./NJ | ||||||||
| 3.38%, 01/15/31(b) | 629 | 538,094 | ||||||
| 4.38%, 07/15/30(b) | 780 | 710,580 | ||||||
| 4.75%, 01/15/28(b) | 540 | 517,350 | ||||||
| 5.00%, 02/15/27(b) | 499 | 488,240 | ||||||
| Summit Materials LLC/Summit Materials Finance Corp. | ||||||||
| 5.25%, 01/15/29(b) | 415 | 405,707 | ||||||
| 6.50%, 03/15/27(b) | 160 | 160,200 | ||||||
| 7.25%, 01/15/31(b) | 380 | 396,235 | ||||||
| 9,514,615 | ||||||||
| Chemicals — 2.1% | ||||||||
| Ashland Inc. | ||||||||
| 3.38%, 09/01/31(b) | 210 | 180,959 | ||||||
| 6.88%, 05/15/43(a) | 153 | 157,847 | ||||||
| Avient Corp., 7.13%, 08/01/30(a)(b) | 435 | 446,638 | ||||||
| Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31(b) | 300 | 314,621 | ||||||
| Axalta Coating Systems LLC, 3.38%, 02/15/29(b) | 370 | 336,803 | ||||||
| Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27(b) | 300 | 293,684 | ||||||
| Element Solutions Inc., 3.88%, 09/01/28(b) | 435 | 402,952 | ||||||
| HB Fuller Co. | ||||||||
| 4.00%, 02/15/27 | 175 | 169,137 | ||||||
| 4.25%, 10/15/28(a) | 150 | 140,069 | ||||||
| INEOS Finance PLC | ||||||||
| 6.75%, 05/15/28(b) | 265 | 266,080 | ||||||
| 7.50%, 04/15/29(b) | 405 | 412,261 | ||||||
| INEOS Quattro Finance 2 PLC, 9.63%, 03/15/29(b) | 250 | 267,972 | ||||||
| Ingevity Corp., 3.88%, 11/01/28(a)(b) | 335 | 306,724 | ||||||
| Methanex Corp. | ||||||||
| 5.13%, 10/15/27 | 380 | 369,994 | ||||||
| 5.25%, 12/15/29 | 380 | 369,818 | ||||||
| 5.65%, 12/01/44 | 160 | 139,666 | ||||||
| Minerals Technologies Inc., 5.00%, 07/01/28(b) | 230 | 221,122 | ||||||
| NOVA Chemicals Corp. | ||||||||
| 4.25%, 05/15/29(a)(b) | 291 | 263,248 | ||||||
| 5.25%, 06/01/27(b) | 640 | 624,573 | ||||||
| 8.50%, 11/15/28(b) | 235 | 249,412 | ||||||
| 9.00%, 02/15/30(b) | 327 | 345,698 | ||||||
| Nufarm Australia Ltd./Nufarm Americas Inc., 5.00%, 01/27/30(a)(b) | 205 | 188,568 | ||||||
| Olin Corp. | ||||||||
| 5.00%, 02/01/30(a) | 263 | 250,589 | ||||||
| 5.13%, 09/15/27 | 295 | 287,952 | ||||||
| 5.63%, 08/01/29(a) | 383 | 378,182 | ||||||
| SNF Group SACA | ||||||||
| 3.13%, 03/15/27(b) | 205 | 189,577 | ||||||
| 3.38%, 03/15/30(b) | 205 | 176,387 | ||||||
| 7,750,533 | ||||||||
| Coal — 0.1% | ||||||||
| Alliance Resource Operating Partners LP/Alliance | ||||||||
| Resource Finance Corp., 8.63%, 06/15/29(b) | 250 | 262,830 | ||||||
| Security | Par (000) | Value | ||||||
| Coal (continued) | ||||||||
| SunCoke Energy Inc., 4.88%, 06/30/29(b) | $ | 227 | $ | 207,603 | ||||
| 470,433 | ||||||||
| Commercial Services — 4.5% | ||||||||
| ADT Security Corp. (The) | ||||||||
| 4.13%, 08/01/29(a)(b) | 460 | 429,134 | ||||||
| 4.88%, 07/15/32(b) | 401 | 372,813 | ||||||
| Adtalem Global Education Inc., 5.50%, 03/01/28(b) | 250 | 242,955 | ||||||
| Albion Financing 1 SARL/Aggreko Holdings Inc., 6.13%, 10/15/26(b) | 270 | 266,737 | ||||||
| AMN Healthcare Inc. | ||||||||
| 4.00%, 04/15/29(a)(b) | 209 | 191,397 | ||||||
| 4.63%, 10/01/27(b) | 246 | 236,312 | ||||||
| APX Group Inc., 6.75%, 02/15/27(b) | 225 | 224,739 | ||||||
| Block Inc. | ||||||||
| 2.75%, 06/01/26 | 535 | 508,872 | ||||||
| 3.50%, 06/01/31 | 570 | 494,419 | ||||||
| 6.50%, 05/15/32(b) | 1,050 | 1,067,012 | ||||||
| Boost Newco Borrower LLC, 7.50%, 01/15/31(b) | 1,145 | 1,205,998 | ||||||
| Brink's Co. (The) | ||||||||
| 4.63%, 10/15/27(b) | 280 | 271,440 | ||||||
| 6.50%, 06/15/29(b) | 250 | 254,769 | ||||||
| 6.75%, 06/15/32(b) | 235 | 239,555 | ||||||
| CoreCivic Inc., 8.25%, 04/15/29(a) | 290 | 305,214 | ||||||
| GEO Group Inc. (The), 8.63%, 04/15/29 | 380 | 395,660 | ||||||
| Graham Holdings Co., 5.75%, 06/01/26(b) | 240 | 238,617 | ||||||
| Grand Canyon University, 5.13%, 10/01/28 | 235 | 215,219 | ||||||
| Herc Holdings Inc. | ||||||||
| 5.50%, 07/15/27(b) | 666 | 660,503 | ||||||
| 6.63%, 06/15/29(b) | 445 | 454,351 | ||||||
| Hertz Corp. (The), 12.63%, 07/15/29(b) | 405 | 430,704 | ||||||
| Korn Ferry, 4.63%, 12/15/27(b) | 265 | 255,393 | ||||||
| Port of Newcastle Investments Financing Pty Ltd., 5.90%, 11/24/31(b) | 20 | 18,704 | ||||||
| Prime Security Services Borrower LLC/Prime | ||||||||
| Finance Inc. | ||||||||
| 3.38%, 08/31/27(b) | 485 | 452,590 | ||||||
| 5.75%, 04/15/26(b) | 689 | 688,464 | ||||||
| Service Corp. International/U.S. | ||||||||
| 3.38%, 08/15/30(a) | 515 | 455,665 | ||||||
| 4.00%, 05/15/31 | 415 | 373,898 | ||||||
| 4.63%, 12/15/27 | 325 | 315,957 | ||||||
| 5.13%, 06/01/29(a) | 434 | 425,328 | ||||||
| Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26(b) | 270 | 263,504 | ||||||
| TriNet Group Inc. | ||||||||
| 3.50%, 03/01/29(b) | 215 | 194,819 | ||||||
| 7.13%, 08/15/31(b) | 230 | 236,780 | ||||||
| United Rentals North America Inc. | ||||||||
| 3.75%, 01/15/32 | 440 | 388,408 | ||||||
| 3.88%, 11/15/27 | 398 | 379,603 | ||||||
| 3.88%, 02/15/31 | 560 | 506,105 | ||||||
| 4.00%, 07/15/30 | 428 | 391,471 | ||||||
| 4.88%, 01/15/28 | 845 | 826,426 | ||||||
| 5.25%, 01/15/30(a) | 458 | 448,042 | ||||||
| 5.50%, 05/15/27 | 255 | 254,023 | ||||||
| 6.13%, 03/15/34(b) | 630 | 632,970 | ||||||
| 16,214,570 | ||||||||
| Computers — 1.4% | ||||||||
| ASGN Inc., 4.63%, 05/15/28(b) | 295 | 282,665 | ||||||
| Crane NXT Co., 4.20%, 03/15/48 | 200 | 141,831 | ||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® BB Rated Corporate Bond ETF |
| July 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Computers (continued) | ||||||||
| Crowdstrike Holdings Inc., 3.00%, 02/15/29 | $ | 455 | $ | 408,316 | ||||
| Insight Enterprises Inc., 6.63%, 05/15/32(b) | 286 | 294,227 | ||||||
| KBR Inc., 4.75%, 09/30/28(b) | 125 | 118,881 | ||||||
| NCR Atleos Corp., 9.50%, 04/01/29(a)(b) | 745 | 813,854 | ||||||
| Seagate HDD Cayman | ||||||||
| 4.09%, 06/01/29 | 245 | 230,584 | ||||||
| 4.13%, 01/15/31 | 150 | 135,998 | ||||||
| 4.88%, 06/01/27(a) | 299 | 294,741 | ||||||
| 5.75%, 12/01/34 | 263 | 257,133 | ||||||
| 8.25%, 12/15/29(a) | 220 | 237,090 | ||||||
| 8.50%, 07/15/31(a) | 229 | 248,644 | ||||||
| 9.63%, 12/01/32(a) | 440 | 503,990 | ||||||
| Western Digital Corp., 4.75%, 02/15/26 | 1,211 | 1,189,959 | ||||||
| 5,157,913 | ||||||||
| Cosmetics & Personal Care — 0.8% | ||||||||
| Coty Inc., 5.00%, 04/15/26(b) | 400 | 395,674 | ||||||
| Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC | ||||||||
| 4.75%, 01/15/29(b) | 203 | 194,231 | ||||||
| 6.63%, 07/15/30(a)(b) | 429 | 440,512 | ||||||
| Edgewell Personal Care Co. | ||||||||
| 4.13%, 04/01/29(b) | 300 | 279,160 | ||||||
| 5.50%, 06/01/28(b) | 405 | 397,015 | ||||||
| Perrigo Finance Unlimited Co. | ||||||||
| 4.38%, 03/15/26 | 220 | 215,039 | ||||||
| 4.90%, 06/15/30 | 385 | 363,398 | ||||||
| 4.90%, 12/15/44 | 175 | 142,453 | ||||||
| Prestige Brands Inc. | ||||||||
| 3.75%, 04/01/31(b) | 315 | 277,704 | ||||||
| 5.13%, 01/15/28(b) | 245 | 239,531 | ||||||
| 2,944,717 | ||||||||
| Distribution & Wholesale — 0.3% | ||||||||
| American Builders & Contractors Supply Co. Inc., | ||||||||
| 4.00%, 01/15/28(b) | 420 | 396,656 | ||||||
| Resideo Funding Inc. | ||||||||
| 4.00%, 09/01/29(a)(b) | 180 | 164,065 | ||||||
| 6.50%, 07/15/32(b) | 325 | 324,983 | ||||||
| Ritchie Bros Holdings Inc., 6.75%, 03/15/28(b) | 340 | 347,147 | ||||||
| 1,232,851 | ||||||||
| Diversified Financial Services — 6.2% | ||||||||
| Ally Financial Inc. | ||||||||
| 5.75%, 11/20/25(a) | 620 | 622,197 | ||||||
| 6.70%, 02/14/33(a) | 271 | 278,556 | ||||||
| Bread Financial Holdings Inc., 9.75%, 03/15/29(b) | 465 | 498,560 | ||||||
| Brightsphere Investment Group Inc., 4.80%, 07/27/26(a) | 145 | 140,517 | ||||||
| Burford Capital Global Finance LLC | ||||||||
| 6.25%, 04/15/28(b) | 240 | 234,655 | ||||||
| 6.88%, 04/15/30(b) | 210 | 207,140 | ||||||
| 9.25%, 07/01/31(b) | 390 | 415,573 | ||||||
| Credit Acceptance Corp. | ||||||||
| 6.63%, 03/15/26 | 239 | 239,159 | ||||||
| 9.25%, 12/15/28(b) | 325 | 346,823 | ||||||
| Encore Capital Group Inc. | ||||||||
| 8.50%, 05/15/30(b) | 270 | 280,086 | ||||||
| 9.25%, 04/01/29(b) | 235 | 247,619 | ||||||
| GGAM Finance Ltd. | ||||||||
| 6.88%, 04/15/29(b) | 235 | 240,272 | ||||||
| 8.00%, 02/15/27(b) | 340 | 351,534 | ||||||
| 8.00%, 06/15/28(a)(b) | 223 | 236,012 | ||||||
| Security | Par (000) | Value | ||||||
| Diversified Financial Services (continued) | ||||||||
| 7.75%, 05/15/26(b) | $ | 225 | $ | 230,397 | ||||
| goeasy Ltd. | ||||||||
| 4.38%, 05/01/26(b) | 184 | 178,620 | ||||||
| 7.63%, 07/01/29(b) | 249 | 254,690 | ||||||
| 9.25%, 12/01/28(b) | 353 | 378,566 | ||||||
| Jane Street Group/JSG Finance Inc. | ||||||||
| 4.50%, 11/15/29(a)(b) | 370 | 350,254 | ||||||
| 7.13%, 04/30/31(b) | 780 | 809,079 | ||||||
| Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28(b) | 420 | 390,082 | ||||||
| Jefferson Capital Holdings LLC | ||||||||
| 6.00%, 08/15/26(b) | 175 | 173,756 | ||||||
| 9.50%, 02/15/29(b) | 245 | 257,051 | ||||||
| Macquarie Airfinance Holdings Ltd. | ||||||||
| 6.40%, 03/26/29(b) | 270 | 277,101 | ||||||
| 6.50%, 03/26/31(b) | 305 | 316,528 | ||||||
| 8.13%, 03/30/29(a)(b) | 305 | 322,697 | ||||||
| 8.38%, 05/01/28(b) | 290 | 307,069 | ||||||
| Midcap Financial Issuer Trust | ||||||||
| 5.63%, 01/15/30(b) | 230 | 206,593 | ||||||
| 6.50%, 05/01/28(b) | 575 | 555,375 | ||||||
| Nationstar Mortgage Holdings Inc., 5.00%, 02/01/26(b) | 245 | 240,914 | ||||||
| Navient Corp. | ||||||||
| 4.88%, 03/15/28 | 296 | 276,276 | ||||||
| 5.00%, 03/15/27(a) | 405 | 391,571 | ||||||
| 5.50%, 03/15/29 | 375 | 348,735 | ||||||
| 5.63%, 08/01/33(a) | 320 | 266,513 | ||||||
| 6.75%, 06/15/26 | 282 | 285,015 | ||||||
| 9.38%, 07/25/30 | 275 | 292,982 | ||||||
| 11.50%, 03/15/31 | 275 | 304,770 | ||||||
| OneMain Finance Corp. | ||||||||
| 3.50%, 01/15/27(a) | 438 | 413,919 | ||||||
| 3.88%, 09/15/28 | 370 | 338,002 | ||||||
| 4.00%, 09/15/30 | 466 | 407,915 | ||||||
| 5.38%, 11/15/29 | 435 | 418,024 | ||||||
| 6.63%, 01/15/28 | 415 | 420,516 | ||||||
| 7.13%, 03/15/26 | 853 | 867,598 | ||||||
| 7.50%, 05/15/31 | 430 | 442,157 | ||||||
| 7.88%, 03/15/30 | 275 | 286,733 | ||||||
| 9.00%, 01/15/29 | 485 | 514,237 | ||||||
| PennyMac Financial Services Inc. | ||||||||
| 4.25%, 02/15/29(b) | 260 | 241,031 | ||||||
| 5.38%, 10/15/25(b) | 375 | 372,755 | ||||||
| 5.75%, 09/15/31(a)(b) | 300 | 286,596 | ||||||
| 7.13%, 11/15/30(b) | 335 | 337,566 | ||||||
| 7.88%, 12/15/29(b) | 450 | 471,053 | ||||||
| PRA Group Inc. | ||||||||
| 5.00%, 10/01/29(a)(b) | 187 | 165,268 | ||||||
| 7.38%, 09/01/25(b) | 165 | 164,861 | ||||||
| 8.38%, 02/01/28(b) | 210 | 212,612 | ||||||
| 8.88%, 01/31/30(b) | 220 | 223,877 | ||||||
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. | ||||||||
| 2.88%, 10/15/26(b) | 665 | 628,350 | ||||||
| 3.63%, 03/01/29(b) | 450 | 413,099 | ||||||
| 3.88%, 03/01/31(b) | 720 | 640,460 | ||||||
| 4.00%, 10/15/33(a)(b) | 437 | 375,855 | ||||||
| SLM Corp. | ||||||||
| 3.13%, 11/02/26 | 284 | 268,754 | ||||||
| 4.20%, 10/29/25 | 290 | 284,701 | ||||||
| StoneX Group Inc., 7.88%, 03/01/31(b) | 310 | 322,708 | ||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® BB Rated Corporate Bond ETF |
| July 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Diversified Financial Services (continued) | ||||||||
| Synchrony Financial, 7.25%, 02/02/33 | $ | 405 | $ | 414,217 | ||||
| United Wholesale Mortgage LLC | ||||||||
| 5.50%, 11/15/25(b) | 320 | 317,611 | ||||||
| 5.50%, 04/15/29(a)(b) | 380 | 366,382 | ||||||
| 5.75%, 06/15/27(b) | 195 | 192,079 | ||||||
| 22,562,273 | ||||||||
| Electric — 4.4% | ||||||||
| AES Corp. (The), 7.60%, 01/15/55, (5-year CMT + 3.201%)(d) | 520 | 529,142 | ||||||
| Algonquin Power & Utilities Corp., 4.75%, 01/18/82, (5-year CMT + 3.249%)(d) | 415 | 379,369 | ||||||
| Atlantica Sustainable Infrastructure PLC, 4.13%, 06/15/28(b) | 270 | 267,160 | ||||||
| Calpine Corp. | ||||||||
| 3.75%, 03/01/31(b) | 524 | 464,745 | ||||||
| 4.50%, 02/15/28(b) | 721 | 690,680 | ||||||
| 5.25%, 06/01/26(b) | 233 | 231,281 | ||||||
| Clearway Energy Operating LLC | ||||||||
| 3.75%, 02/15/31(b) | 500 | 442,839 | ||||||
| 3.75%, 01/15/32(a)(b) | 196 | 170,918 | ||||||
| 4.75%, 03/15/28(b) | 390 | 374,378 | ||||||
| DPL Inc., 4.35%, 04/15/29 | 233 | 218,796 | ||||||
| Edison International | ||||||||
| 7.88%, 06/15/54, (5-year CMT + 3.658%)(d) | 275 | 287,843 | ||||||
| 8.13%, 06/15/53, (5-year CMT + 3.864%)(d) | 259 | 271,338 | ||||||
| Electricite de France SA, 9.13%, (5-year CMT + 5.411%)(b)(d)(e) | 815 | 902,965 | ||||||
| Emera Inc., Series 16-A, 6.75%, 06/15/76, (3-mo. LIBOR US + 5.440%)(d) | 649 | 645,594 | ||||||
| EUSHI Finance Inc., 7.63%, 12/15/54, (5-year CMT + 3.136%)(a)(b)(d) | 270 | 275,086 | ||||||
| Leeward Renewable Energy Operations LLC, 4.25%, 07/01/29(b) | 210 | 191,083 | ||||||
| NextEra Energy Operating Partners LP | ||||||||
| 3.88%, 10/15/26(a)(b) | 280 | 268,703 | ||||||
| 4.50%, 09/15/27(a)(b) | 305 | 292,052 | ||||||
| 7.25%, 01/15/29(a)(b) | 330 | 342,781 | ||||||
| NRG Energy Inc. | ||||||||
| 3.38%, 02/15/29(b) | 245 | 220,501 | ||||||
| 3.63%, 02/15/31(a)(b) | 565 | 494,378 | ||||||
| 3.88%, 02/15/32(b) | 282 | 246,281 | ||||||
| 5.25%, 06/15/29(a)(b) | 435 | 422,977 | ||||||
| 5.75%, 01/15/28(a) | 345 | 342,862 | ||||||
| 6.63%, 01/15/27 | 232 | 231,834 | ||||||
| Pattern Energy Operations LP/Pattern Energy Operations Inc., 4.50%, 08/15/28(b) | 363 | 342,555 | ||||||
| PG&E Corp. | ||||||||
| 5.00%, 07/01/28 | 550 | 536,474 | ||||||
| 5.25%, 07/01/30(a) | 567 | 547,889 | ||||||
| Talen Energy Supply LLC, 8.63%, 06/01/30(b) | 589 | 634,723 | ||||||
| Terraform Global Operating LP, 6.13%, 03/01/26(b) | 190 | 189,467 | ||||||
| TransAlta Corp. | ||||||||
| 6.50%, 03/15/40 | 165 | 167,057 | ||||||
| 7.75%, 11/15/29 | 230 | 241,305 | ||||||
| Vistra Operations Co. LLC | ||||||||
| 4.38%, 05/01/29(b) | 700 | 660,534 | ||||||
| 5.00%, 07/31/27(b) | 805 | 788,208 | ||||||
| 5.50%, 09/01/26(b) | 590 | 584,662 | ||||||
| 5.63%, 02/15/27(b) | 635 | 630,122 | ||||||
| 6.88%, 04/15/32(b) | 585 | 602,095 | ||||||
| Security | Par (000) | Value | ||||||
| Electric (continued) | ||||||||
| 7.75%, 10/15/31(b) | $ | 740 | $ | 781,999 | ||||
| 15,912,676 | ||||||||
| Electrical Components & Equipment — 0.6% | ||||||||
| EnerSys | ||||||||
| 4.38%, 12/15/27(b) | 181 | 173,724 | ||||||
| 6.63%, 01/15/32(a)(b) | 150 | 152,695 | ||||||
| WESCO Distribution Inc. | ||||||||
| 6.38%, 03/15/29(b) | 518 | 524,700 | ||||||
| 6.63%, 03/15/32(a)(b) | 425 | 432,939 | ||||||
| 7.25%, 06/15/28(b) | 805 | 824,917 | ||||||
| 2,108,975 | ||||||||
| Electronics — 1.0% | ||||||||
| Atkore Inc., 4.25%, 06/01/31(b) | 250 | 223,474 | ||||||
| Coherent Corp., 5.00%, 12/15/29(a)(b) | 530 | 505,566 | ||||||
| Imola Merger Corp., 4.75%, 05/15/29(b) | 1,020 | 960,007 | ||||||
| Sensata Technologies BV | ||||||||
| 4.00%, 04/15/29(b) | 555 | 514,306 | ||||||
| 5.88%, 09/01/30(b) | 280 | 276,346 | ||||||
| Sensata Technologies Inc. | ||||||||
| 3.75%, 02/15/31(a)(b) | 408 | 360,360 | ||||||
| 4.38%, 02/15/30(b) | 279 | 259,247 | ||||||
| 6.63%, 07/15/32(b) | 235 | 238,069 | ||||||
| TTM Technologies Inc., 4.00%, 03/01/29(a)(b) | 310 | 287,840 | ||||||
| 3,625,215 | ||||||||
| Energy - Alternate Sources — 0.3% | ||||||||
| TerraForm Power Operating LLC | ||||||||
| 4.75%, 01/15/30(b) | 420 | 389,955 | ||||||
| 5.00%, 01/31/28(b) | 345 | 332,465 | ||||||
| Topaz Solar Farms LLC, 5.75%, 09/30/39(b) | 316 | 307,512 | ||||||
| 1,029,932 | ||||||||
| Engineering & Construction — 0.6% | ||||||||
| AECOM, 5.13%, 03/15/27(a) | 585 | 577,977 | ||||||
| Arcosa Inc., 4.38%, 04/15/29(b) | 240 | 226,216 | ||||||
| Dycom Industries Inc., 4.50%, 04/15/29(a)(b) | 285 | 269,270 | ||||||
| Fluor Corp., 4.25%, 09/15/28(a) | 345 | 331,737 | ||||||
| TopBuild Corp. | ||||||||
| 3.63%, 03/15/29(a)(b) | 185 | 170,300 | ||||||
| 4.13%, 02/15/32(a)(b) | 305 | 274,746 | ||||||
| Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28(b) | 250 | 238,007 | ||||||
| 2,088,253 | ||||||||
| Entertainment — 2.2% | ||||||||
| Caesars Entertainment Inc. | ||||||||
| 6.50%, 02/15/32(b) | 813 | 823,729 | ||||||
| 7.00%, 02/15/30(b) | 1,110 | 1,145,048 | ||||||
| International Game Technology PLC | ||||||||
| 4.13%, 04/15/26(b) | 410 | 401,989 | ||||||
| 5.25%, 01/15/29(b) | 380 | 372,594 | ||||||
| 6.25%, 01/15/27(b) | 395 | 398,750 | ||||||
| Live Nation Entertainment Inc. | ||||||||
| 3.75%, 01/15/28(b) | 310 | 291,474 | ||||||
| 6.50%, 05/15/27(b) | 620 | 627,390 | ||||||
| Raptor Acquisition Corp./Raptor Co-Issuer LLC, | ||||||||
| 4.88%, 11/01/26(b) | 173 | 168,722 | ||||||
| Resorts World Las Vegas LLC/RWLV Capital Inc. | ||||||||
| 4.63%, 04/16/29(a)(b) | 475 | 431,257 | ||||||
| 4.63%, 04/06/31(b) | 200 | 175,204 | ||||||
| 8.45%, 07/27/30(b) | 220 | 234,476 | ||||||
| Six Flags Entertainment Corp./Six Flags Theme Parks Inc., 6.63%, 05/01/32(b) | 500 | 513,418 | ||||||
4
| Schedule of Investments (unaudited) (continued) | iShares® BB Rated Corporate Bond ETF |
| July 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Entertainment (continued) | ||||||||
| Speedway Motorsports LLC/Speedway Funding II Inc., 4.88%, 11/01/27(b) | $ | 200 | $ | 192,574 | ||||
| Vail Resorts Inc., 6.50%, 05/15/32(a)(b) | 305 | 311,821 | ||||||
| WMG Acquisition Corp. | ||||||||
| 3.00%, 02/15/31(a)(b) | 483 | 416,441 | ||||||
| 3.75%, 12/01/29(a)(b) | 235 | 213,481 | ||||||
| 3.88%, 07/15/30(b) | 305 | 274,931 | ||||||
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | ||||||||
| 5.13%, 10/01/29(b) | 300 | 288,787 | ||||||
| 7.13%, 02/15/31(b) | 555 | 578,566 | ||||||
| 7,860,652 | ||||||||
| Environmental Control — 0.7% | ||||||||
| Clean Harbors Inc. | ||||||||
| 4.88%, 07/15/27(b) | 235 | 230,007 | ||||||
| 5.13%, 07/15/29(b) | 170 | 164,537 | ||||||
| 6.38%, 02/01/31(a)(b) | 315 | 318,567 | ||||||
| GFL Environmental Inc. | ||||||||
| 3.50%, 09/01/28(a)(b) | 440 | 409,021 | ||||||
| 3.75%, 08/01/25(b) | 405 | 400,426 | ||||||
| 5.13%, 12/15/26(b) | 265 | 262,576 | ||||||
| 6.75%, 01/15/31(b) | 550 | 565,573 | ||||||
| Stericycle Inc., 3.88%, 01/15/29(b) | 301 | 286,176 | ||||||
| 2,636,883 | ||||||||
| Food — 2.6% | ||||||||
| Albertsons Companies Inc./Safeway Inc./New | ||||||||
| Albertsons LP/Albertsons LLC | ||||||||
| 3.25%, 03/15/26(b) | 450 | 435,078 | ||||||
| 3.50%, 03/15/29(b) | 675 | 614,958 | ||||||
| 4.63%, 01/15/27(b) | 670 | 653,219 | ||||||
| 4.88%, 02/15/30(a)(b) | 485 | 463,374 | ||||||
| 5.88%, 02/15/28(b) | 440 | 436,265 | ||||||
| 6.50%, 02/15/28(a)(b) | 431 | 437,234 | ||||||
| 7.50%, 03/15/26(b) | 275 | 278,575 | ||||||
| Ingles Markets Inc., 4.00%, 06/15/31(b) | 208 | 184,011 | ||||||
| Lamb Weston Holdings Inc. | ||||||||
| 4.13%, 01/31/30(a)(b) | 580 | 529,477 | ||||||
| 4.38%, 01/31/32(a)(b) | 380 | 342,510 | ||||||
| 4.88%, 05/15/28(a)(b) | 301 | 291,623 | ||||||
| Performance Food Group Inc. | ||||||||
| 4.25%, 08/01/29(b) | 455 | 421,412 | ||||||
| 5.50%, 10/15/27(b) | 525 | 517,992 | ||||||
| Pilgrim's Pride Corp. | ||||||||
| 3.50%, 03/01/32 | 395 | 342,398 | ||||||
| 4.25%, 04/15/31 | 505 | 468,557 | ||||||
| 6.25%, 07/01/33 | 540 | 559,184 | ||||||
| 6.88%, 05/15/34 | 295 | 318,822 | ||||||
| Post Holdings Inc., 6.25%, 02/15/32(a)(b) | 525 | 531,661 | ||||||
| Safeway Inc., 7.25%, 02/01/31 | 150 | 159,914 | ||||||
| U.S. Foods Inc. | ||||||||
| 4.63%, 06/01/30(a)(b) | 300 | 281,217 | ||||||
| 4.75%, 02/15/29(b) | 500 | 478,771 | ||||||
| 6.88%, 09/15/28(b) | 300 | 308,397 | ||||||
| 7.25%, 01/15/32(b) | 300 | 313,741 | ||||||
| 9,368,390 | ||||||||
| Health Care - Products — 1.5% | ||||||||
| Avantor Funding Inc. | ||||||||
| 3.88%, 11/01/29(b) | 499 | 459,797 | ||||||
| 4.63%, 07/15/28(b) | 795 | 765,433 | ||||||
| Security | Par (000) | Value | ||||||
| Health Care - Products (continued) | ||||||||
| Hologic Inc. | ||||||||
| 3.25%, 02/15/29(b) | $ | 475 | $ | 433,050 | ||||
| 4.63%, 02/01/28(b) | 210 | 203,302 | ||||||
| Medline Borrower LP, 3.88%, 04/01/29(b) | 2,520 | 2,351,701 | ||||||
| Medline Borrower LP/Medline Co-Issuer Inc., 6.25%, 04/01/29(b) | 695 | 709,136 | ||||||
| Teleflex Inc. | ||||||||
| 4.25%, 06/01/28(b) | 292 | 277,375 | ||||||
| 4.63%, 11/15/27 | 278 | 270,358 | ||||||
| 5,470,152 | ||||||||
| Health Care - Services — 2.8% | ||||||||
| Charles River Laboratories International Inc. | ||||||||
| 3.75%, 03/15/29(a)(b) | 275 | 254,397 | ||||||
| 4.00%, 03/15/31(a)(b) | 310 | 281,674 | ||||||
| 4.25%, 05/01/28(b) | 313 | 298,133 | ||||||
| Encompass Health Corp. | ||||||||
| 4.50%, 02/01/28 | 425 | 410,883 | ||||||
| 4.63%, 04/01/31 | 225 | 209,610 | ||||||
| 4.75%, 02/01/30 | 425 | 405,143 | ||||||
| Fortrea Holdings Inc., 7.50%, 07/01/30(a)(b) | 303 | 307,343 | ||||||
| IQVIA Inc. | ||||||||
| 5.00%, 10/15/26(b) | 550 | 541,916 | ||||||
| 5.00%, 05/15/27(b) | 720 | 706,725 | ||||||
| 6.50%, 05/15/30(b) | 240 | 246,941 | ||||||
| Molina Healthcare Inc. | ||||||||
| 3.88%, 11/15/30(b) | 373 | 337,319 | ||||||
| 3.88%, 05/15/32(b) | 430 | 379,197 | ||||||
| 4.38%, 06/15/28(b) | 460 | 437,903 | ||||||
| Pediatrix Medical Group Inc., 5.38%, 02/15/30(a)(b) | 230 | 208,917 | ||||||
| Tenet Healthcare Corp. | ||||||||
| 4.25%, 06/01/29 | 795 | 750,025 | ||||||
| 4.38%, 01/15/30 | 815 | 764,531 | ||||||
| 4.63%, 06/15/28(a) | 365 | 351,748 | ||||||
| 5.13%, 11/01/27 | 885 | 869,255 | ||||||
| 6.13%, 06/15/30 | 1,063 | 1,066,999 | ||||||
| 6.75%, 05/15/31(a) | 682 | 700,786 | ||||||
| Toledo Hospital (The) | ||||||||
| 4.98%, 11/15/45 | 90 | 67,855 | ||||||
| 6.02%, 11/15/48 | 275 | 242,696 | ||||||
| Series B, 5.33%, 11/15/28 | 164 | 158,393 | ||||||
| 9,998,389 | ||||||||
| Holding Companies - Diversified — 1.0% | ||||||||
| Benteler International AG, Class A, 10.50%, 05/15/28(b) | 340 | 361,589 | ||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
| 4.38%, 02/01/29 | 380 | 330,679 | ||||||
| 5.25%, 05/15/27 | 774 | 742,336 | ||||||
| 6.25%, 05/15/26 | 678 | 675,819 | ||||||
| 9.00%, 06/15/30(b) | 405 | 410,261 | ||||||
| 9.75%, 01/15/29(b) | 355 | 373,837 | ||||||
| Stena International SA | ||||||||
| 7.25%, 01/15/31(b) | 405 | 414,302 | ||||||
| 7.63%, 02/15/31(b) | 240 | 246,785 | ||||||
| 3,555,608 | ||||||||
| Home Builders — 1.5% | ||||||||
| Century Communities Inc. | ||||||||
| 3.88%, 08/15/29(b) | 248 | 226,114 | ||||||
| 6.75%, 06/01/27 | 290 | 291,658 | ||||||
| Forestar Group Inc. | ||||||||
| 3.85%, 05/15/26(b) | 214 | 206,927 | ||||||
5
| Schedule of Investments (unaudited) (continued) | iShares® BB Rated Corporate Bond ETF |
| July 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Home Builders (continued) | ||||||||
| 5.00%, 03/01/28(b) | $ | 180 | $ | 173,279 | ||||
| Installed Building Products Inc., 5.75%, 02/01/28(b) | 155 | 152,821 | ||||||
| KB Home | ||||||||
| 4.00%, 06/15/31(a) | 207 | 186,745 | ||||||
| 4.80%, 11/15/29 | 168 | 160,912 | ||||||
| 6.88%, 06/15/27(a) | 175 | 180,544 | ||||||
| 7.25%, 07/15/30(a) | 189 | 196,099 | ||||||
| LGI Homes Inc. | ||||||||
| 4.00%, 07/15/29(b) | 160 | 143,243 | ||||||
| 8.75%, 12/15/28(b) | 251 | 266,675 | ||||||
| M/I Homes Inc. | ||||||||
| 3.95%, 02/15/30 | 195 | 177,318 | ||||||
| 4.95%, 02/01/28 | 225 | 219,617 | ||||||
| Mattamy Group Corp. | ||||||||
| 4.63%, 03/01/30(b) | 335 | 313,700 | ||||||
| 5.25%, 12/15/27(b) | 265 | 259,145 | ||||||
| Shea Homes LP/Shea Homes Funding Corp. | ||||||||
| 4.75%, 02/15/28 | 280 | 268,236 | ||||||
| 4.75%, 04/01/29 | 170 | 161,167 | ||||||
| STL Holding Co. LLC, 8.75%, 02/15/29(b) | 113 | 117,645 | ||||||
| Taylor Morrison Communities Inc. | ||||||||
| 5.13%, 08/01/30(b) | 295 | 287,632 | ||||||
| 5.75%, 01/15/28(b) | 270 | 270,295 | ||||||
| 5.88%, 06/15/27(b) | 220 | 220,897 | ||||||
| Thor Industries Inc., 4.00%, 10/15/29(b) | 310 | 279,342 | ||||||
| Tri Pointe Homes Inc. | ||||||||
| 5.25%, 06/01/27 | 187 | 185,531 | ||||||
| 5.70%, 06/15/28 | 190 | 189,493 | ||||||
| Winnebago Industries Inc., 6.25%, 07/15/28(b) | 200 | 198,271 | ||||||
| 5,333,306 | ||||||||
| Home Furnishings — 0.2% | ||||||||
| Tempur Sealy International Inc. | ||||||||
| 3.88%, 10/15/31(b) | 435 | 374,415 | ||||||
| 4.00%, 04/15/29(a)(b) | 415 | 379,063 | ||||||
| 753,478 | ||||||||
| Hotels, Restaurants & Leisure — 0.2% | ||||||||
| 1011778 BC ULC/New Red Finance Inc., 6.13%, 06/15/29(b) | 620 | 626,331 | ||||||
| Household Products & Wares — 0.2% | ||||||||
| ACCO Brands Corp., 4.25%, 03/15/29(a)(b) | 310 | 282,231 | ||||||
| Central Garden & Pet Co. | ||||||||
| 4.13%, 10/15/30(a) | 296 | 267,447 | ||||||
| 4.13%, 04/30/31(b) | 121 | 107,507 | ||||||
| 5.13%, 02/01/28(a) | 179 | 174,544 | ||||||
| 831,729 | ||||||||
| Housewares — 0.6% | ||||||||
| Newell Brands Inc. | ||||||||
| 5.70%, 04/01/26 | 1,143 | 1,140,269 | ||||||
| 6.38%, 09/15/27(a) | 295 | 294,665 | ||||||
| 6.63%, 09/15/29(a) | 300 | 300,984 | ||||||
| 6.88%, 04/01/36(a) | 225 | 215,456 | ||||||
| 7.00%, 04/01/46 | 340 | 298,639 | ||||||
| 2,250,013 | ||||||||
| Insurance — 0.7% | ||||||||
| Assurant Inc., 7.00%, 03/27/48, (3-mo. LIBOR US + 4.135%)(d) | 220 | 223,741 | ||||||
| Constellation Insurance Inc. | ||||||||
| 6.63%, 05/01/31(a)(b) | 155 | 151,881 | ||||||
| 6.80%, 01/24/30(b) | 245 | 242,862 | ||||||
| Security | Par (000) | Value | ||||||
| Insurance (continued) | ||||||||
| Genworth Holdings Inc., 6.50%, 06/15/34 | $ | 135 | $ | 129,970 | ||||
| Global Atlantic Fin Co. | ||||||||
| 4.70%, 10/15/51, (5-year CMT + 3.796%)(b)(d) | 430 | 403,367 | ||||||
| 7.95%, 10/15/54, (5-year CMT + 3.608%)(a)(b)(d) | 342 | 347,075 | ||||||
| Liberty Mutual Group Inc. | ||||||||
| 4.13%, 12/15/51, (5-year CMT + 3.315%)(b)(d) | 305 | 285,475 | ||||||
| 4.30%, 02/01/61(a)(b) | 435 | 273,698 | ||||||
| 7.80%, 03/07/87(a)(b) | 250 | 268,108 | ||||||
| Ryan Specialty LLC, 4.38%, 02/01/30(b) | 225 | 211,805 | ||||||
| 2,537,982 | ||||||||
| Internet — 2.0% | ||||||||
| Cogent Communications Group Inc., 3.50%, 05/01/26(b) | 290 | 278,609 | ||||||
| Gen Digital Inc. | ||||||||
| 6.75%, 09/30/27(b) | 480 | 488,220 | ||||||
| 7.13%, 09/30/30(a)(b) | 355 | 367,002 | ||||||
| Go Daddy Operating Co. LLC/GD Finance Co. Inc. | ||||||||
| 3.50%, 03/01/29(b) | 465 | 422,790 | ||||||
| 5.25%, 12/01/27(b) | 350 | 344,570 | ||||||
| Match Group Holdings II LLC | ||||||||
| 3.63%, 10/01/31(a)(b) | 275 | 237,167 | ||||||
| 4.13%, 08/01/30(a)(b) | 291 | 261,455 | ||||||
| 4.63%, 06/01/28(b) | 255 | 243,256 | ||||||
| 5.00%, 12/15/27(b) | 266 | 258,675 | ||||||
| 5.63%, 02/15/29(a)(b) | 210 | 204,395 | ||||||
| Rakuten Group Inc. | ||||||||
| 9.75%, 04/15/29(b) | 1,035 | 1,095,715 | ||||||
| 11.25%, 02/15/27(b) | 960 | 1,037,242 | ||||||
| Uber Technologies Inc. | ||||||||
| 4.50%, 08/15/29(a)(b) | 725 | 698,836 | ||||||
| 6.25%, 01/15/28(b) | 268 | 270,365 | ||||||
| 7.50%, 09/15/27(b) | 650 | 662,233 | ||||||
| Ziff Davis Inc., 4.63%, 10/15/30(a)(b) | 250 | 225,496 | ||||||
| 7,096,026 | ||||||||
| Iron & Steel — 1.3% | ||||||||
| Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b) | 430 | 430,870 | ||||||
| Carpenter Technology Corp. | ||||||||
| 6.38%, 07/15/28 | 237 | 238,368 | ||||||
| 7.63%, 03/15/30 | 170 | 177,355 | ||||||
| Cleveland-Cliffs Inc. | ||||||||
| 4.63%, 03/01/29(a)(b) | 230 | 217,925 | ||||||
| 4.88%, 03/01/31(a)(b) | 185 | 168,847 | ||||||
| 5.88%, 06/01/27 | 310 | 309,589 | ||||||
| 6.75%, 04/15/30(b) | 445 | 448,024 | ||||||
| 7.00%, 03/15/32(a)(b) | 375 | 376,355 | ||||||
| Commercial Metals Co. | ||||||||
| 3.88%, 02/15/31 | 190 | 170,687 | ||||||
| 4.13%, 01/15/30 | 185 | 171,296 | ||||||
| 4.38%, 03/15/32 | 165 | 150,758 | ||||||
| Mineral Resources Ltd. | ||||||||
| 8.00%, 11/01/27(b) | 225 | 230,928 | ||||||
| 8.13%, 05/01/27(b) | 400 | 405,364 | ||||||
| 8.50%, 05/01/30(b) | 335 | 349,772 | ||||||
| 9.25%, 10/01/28(b) | 580 | 616,809 | ||||||
| U.S. Steel Corp. | ||||||||
| 6.65%, 06/01/37(a) | 147 | 150,283 | ||||||
| 6.88%, 03/01/29(a) | 151 | 151,923 | ||||||
| 4,765,153 | ||||||||
6
| Schedule of Investments (unaudited) (continued) | iShares® BB Rated Corporate Bond ETF |
| July 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Leisure Time — 2.4% | ||||||||
| Acushnet Co., 7.38%, 10/15/28(b) | $ | 200 | $ | 208,542 | ||||
| Amer Sports Co., 6.75%, 02/16/31(a)(b) | 365 | 363,065 | ||||||
| Carnival Corp. | ||||||||
| 4.00%, 08/01/28(b) | 1,252 | 1,184,590 | ||||||
| 7.00%, 08/15/29(b) | 295 | 307,699 | ||||||
| Life Time Inc., 5.75%, 01/15/26(b) | 507 | 505,070 | ||||||
| NCL Corp. Ltd. | ||||||||
| 8.13%, 01/15/29(b) | 435 | 462,442 | ||||||
| 8.38%, 02/01/28(b) | 220 | 231,782 | ||||||
| Royal Caribbean Cruises Ltd. | ||||||||
| 3.70%, 03/15/28 | 295 | 277,995 | ||||||
| 4.25%, 07/01/26(b) | 385 | 374,970 | ||||||
| 5.38%, 07/15/27(a)(b) | 575 | 571,626 | ||||||
| 5.50%, 08/31/26(b) | 466 | 463,900 | ||||||
| 5.50%, 04/01/28(b) | 835 | 831,825 | ||||||
| 6.00%, 02/01/33(b) | 365 | 367,392 | ||||||
| 6.25%, 03/15/32(a)(b) | 675 | 688,362 | ||||||
| 7.25%, 01/15/30(b) | 430 | 450,677 | ||||||
| 7.50%, 10/15/27 | 180 | 190,323 | ||||||
| 9.25%, 01/15/29(b) | 525 | 561,176 | ||||||
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b) | 234 | 230,898 | ||||||
| Vista Outdoor Inc., 4.50%, 03/15/29(b) | 225 | 223,850 | ||||||
| VOC Escrow Ltd., 5.00%, 02/15/28(b) | 378 | 368,842 | ||||||
| 8,865,026 | ||||||||
| Lodging — 2.3% | ||||||||
| Boyd Gaming Corp. | ||||||||
| 4.75%, 12/01/27 | 595 | 578,259 | ||||||
| 4.75%, 06/15/31(b) | 490 | 451,354 | ||||||
| Genting New York LLC/GENNY Capital Inc., 3.30%, 02/15/26(b) | 270 | 260,008 | ||||||
| Hilton Domestic Operating Co. Inc. | ||||||||
| 3.63%, 02/15/32(b) | 770 | 674,400 | ||||||
| 3.75%, 05/01/29(b) | 440 | 407,924 | ||||||
| 4.00%, 05/01/31(b) | 589 | 533,496 | ||||||
| 4.88%, 01/15/30 | 533 | 515,332 | ||||||
| 5.75%, 05/01/28(b) | 265 | 264,721 | ||||||
| 5.88%, 04/01/29(b) | 300 | 302,331 | ||||||
| 6.13%, 04/01/32(b) | 235 | 237,384 | ||||||
| Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 6.63%, 01/15/32(b) | 465 | 469,558 | ||||||
| Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 | 355 | 350,302 | ||||||
| MGM Resorts International | ||||||||
| 4.63%, 09/01/26 | 230 | 225,502 | ||||||
| 4.75%, 10/15/28(a) | 365 | 350,885 | ||||||
| 5.50%, 04/15/27 | 345 | 342,447 | ||||||
| 6.50%, 04/15/32(a) | 417 | 418,410 | ||||||
| Travel & Leisure Co. | ||||||||
| 4.50%, 12/01/29(a)(b) | 350 | 325,312 | ||||||
| 4.63%, 03/01/30(b) | 194 | 178,287 | ||||||
| 6.00%, 04/01/27 | 230 | 230,746 | ||||||
| 6.60%, 10/01/25 | 210 | 211,768 | ||||||
| 6.63%, 07/31/26(b) | 363 | 366,350 | ||||||
| Wyndham Hotels & Resorts Inc., 4.38%, 08/15/28(b) | 320 | 301,933 | ||||||
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(a)(b) | 485 | 475,194 | ||||||
| 8,471,903 | ||||||||
| Security | Par (000) | Value | ||||||
| Machinery — 0.7% | ||||||||
| BWX Technologies Inc. | ||||||||
| 4.13%, 06/30/28(b) | $ | 248 | $ | 235,963 | ||||
| 4.13%, 04/15/29(a)(b) | 216 | 203,681 | ||||||
| Chart Industries Inc., 7.50%, 01/01/30(b) | 715 | 743,816 | ||||||
| Esab Corp., 6.25%, 04/15/29(b) | 430 | 436,078 | ||||||
| Mueller Water Products Inc., 4.00%, 06/15/29(b) | 285 | 265,931 | ||||||
| Terex Corp., 5.00%, 05/15/29(a)(b) | 360 | 345,972 | ||||||
| Vertiv Group Corp., 4.13%, 11/15/28(b) | 405 | 383,711 | ||||||
| 2,615,152 | ||||||||
| Manufacturing — 0.4% | ||||||||
| Amsted Industries Inc. | ||||||||
| 4.63%, 05/15/30(b) | 235 | 216,540 | ||||||
| 5.63%, 07/01/27(b) | 255 | 250,900 | ||||||
| Hillenbrand Inc. | ||||||||
| 3.75%, 03/01/31 | 205 | 179,767 | ||||||
| 5.00%, 09/15/26 | 216 | 213,227 | ||||||
| 6.25%, 02/15/29(a) | 270 | 273,351 | ||||||
| Trinity Industries Inc., 7.75%, 07/15/28(b) | 325 | 339,152 | ||||||
| 1,472,937 | ||||||||
| Media — 6.5% | ||||||||
| AMC Networks Inc., 10.25%, 01/15/29(a)(b) | 475 | 469,376 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
| 4.25%, 02/01/31(b) | 909 | 773,430 | ||||||
| 4.25%, 01/15/34(a)(b) | 550 | 434,494 | ||||||
| 4.50%, 08/15/30(b) | 802 | 702,185 | ||||||
| 4.50%, 05/01/32 | 860 | 720,058 | ||||||
| 4.50%, 06/01/33(b) | 520 | 427,181 | ||||||
| 4.75%, 03/01/30(b) | 907 | 811,995 | ||||||
| 4.75%, 02/01/32(b) | 355 | 303,597 | ||||||
| 5.00%, 02/01/28(b) | 747 | 711,160 | ||||||
| 5.13%, 05/01/27(b) | 980 | 951,839 | ||||||
| 5.38%, 06/01/29(b) | 451 | 421,622 | ||||||
| 5.50%, 05/01/26(b) | 269 | 267,562 | ||||||
| 6.38%, 09/01/29(b) | 472 | 459,570 | ||||||
| 7.38%, 03/01/31(b) | 350 | 353,437 | ||||||
| Directv Financing LLC, 8.88%, 02/01/30(b) | 430 | 430,604 | ||||||
| Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27(b) | 1,941 | 1,869,089 | ||||||
| Gannett Holdings LLC, 6.00%, 11/01/26(a)(b) | 155 | 150,557 | ||||||
| Gray Television Inc., 10.50%, 07/15/29(a)(b) | 680 | 709,585 | ||||||
| LCPR Senior Secured Financing DAC | ||||||||
| 5.13%, 07/15/29(b) | 470 | 391,064 | ||||||
| 6.75%, 10/15/27(b) | 540 | 503,249 | ||||||
| News Corp. | ||||||||
| 3.88%, 05/15/29(b) | 546 | 505,496 | ||||||
| 5.13%, 02/15/32(a)(b) | 265 | 251,746 | ||||||
| Nexstar Media Inc. | ||||||||
| 4.75%, 11/01/28(a)(b) | 465 | 427,834 | ||||||
| 5.63%, 07/15/27(b) | 877 | 850,571 | ||||||
| Paramount Global | ||||||||
| 6.25%, 02/28/57, (3-mo. LIBOR US + 3.899%)(d) | 355 | 310,056 | ||||||
| 6.38%, 03/30/62, (5-year CMT + 3.999%)(a)(d) | 545 | 500,378 | ||||||
| Scripps Escrow II Inc., 3.88%, 01/15/29(a)(b) | 285 | 185,410 | ||||||
| Sirius XM Radio Inc. | ||||||||
| 3.13%, 09/01/26(a)(b) | 555 | 527,284 | ||||||
| 3.88%, 09/01/31(a)(b) | 815 | 680,811 | ||||||
| 4.00%, 07/15/28(b) | 1,110 | 1,018,706 | ||||||
| 4.13%, 07/01/30(a)(b) | 840 | 730,107 | ||||||
| 5.00%, 08/01/27(b) | 850 | 822,488 | ||||||
| 5.50%, 07/01/29(b) | 605 | 578,311 | ||||||
7
| Schedule of Investments (unaudited) (continued) | iShares® BB Rated Corporate Bond ETF |
| July 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Media (continued) | ||||||||
| Sunrise FinCo I BV, 4.88%, 07/15/31(b) | $ | 602 | $ | 547,688 | ||||
| TEGNA Inc. | ||||||||
| 4.63%, 03/15/28 | 530 | 486,242 | ||||||
| 4.75%, 03/15/26(b) | 308 | 303,264 | ||||||
| 5.00%, 09/15/29(a) | 599 | 546,612 | ||||||
| Virgin Media Secured Finance PLC | ||||||||
| 4.50%, 08/15/30(b) | 505 | 437,914 | ||||||
| 5.50%, 05/15/29(b) | 745 | 693,857 | ||||||
| VZ Secured Financing BV, 5.00%, 01/15/32(b) | 760 | 665,974 | ||||||
| Ziggo BV, 4.88%, 01/15/30(b) | 570 | 518,924 | ||||||
| 23,451,327 | ||||||||
| Metal Fabricate & Hardware — 0.3% | ||||||||
| Advanced Drainage Systems Inc. | ||||||||
| 5.00%, 09/30/27(b) | 210 | 205,665 | ||||||
| 6.38%, 06/15/30(b) | 300 | 302,009 | ||||||
| Vallourec SACA, 7.50%, 04/15/32(b) | 425 | 444,665 | ||||||
| 952,339 | ||||||||
| Mining — 1.6% | ||||||||
| Alcoa Nederland Holding BV | ||||||||
| 4.13%, 03/31/29(b) | 315 | 294,227 | ||||||
| 5.50%, 12/15/27(a)(b) | 450 | 443,716 | ||||||
| 6.13%, 05/15/28(b) | 210 | 210,331 | ||||||
| 7.13%, 03/15/31(b) | 355 | 366,439 | ||||||
| Arsenal AIC Parent LLC, 8.00%, 10/01/30(b) | 361 | 384,085 | ||||||
| Constellium SE | ||||||||
| 3.75%, 04/15/29(b) | 280 | 255,510 | ||||||
| 5.63%, 06/15/28(b) | 90 | 88,483 | ||||||
| 5.88%, 02/15/26(b) | 150 | 149,828 | ||||||
| FMG Resources August 2006 Pty. Ltd. | ||||||||
| 4.38%, 04/01/31(b) | 790 | 714,048 | ||||||
| 4.50%, 09/15/27(b) | 380 | 364,471 | ||||||
| FMG Resources August Pty. Ltd. | ||||||||
| 5.88%, 04/15/30(b) | 385 | 379,399 | ||||||
| 6.13%, 04/15/32(a)(b) | 435 | 430,596 | ||||||
| Novelis Corp. | ||||||||
| 3.25%, 11/15/26(b) | 445 | 423,368 | ||||||
| 3.88%, 08/15/31(b) | 399 | 350,515 | ||||||
| 4.75%, 01/30/30(b) | 845 | 798,414 | ||||||
| Perenti Finance Pty Ltd., 7.50%, 04/26/29(b) | 200 | 205,146 | ||||||
| 5,858,576 | ||||||||
| Office & Business Equipment — 0.3% | ||||||||
| Xerox Holdings Corp. | ||||||||
| 5.00%, 08/15/25(b) | 197 | 193,585 | ||||||
| 5.50%, 08/15/28(b) | 420 | 356,335 | ||||||
| 8.88%, 11/30/29(b) | 275 | 255,479 | ||||||
| Zebra Technologies Corp., 6.50%, 06/01/32(b) | 292 | 300,034 | ||||||
| 1,105,433 | ||||||||
| Office Furnishings — 0.1% | ||||||||
| Steelcase Inc., 5.13%, 01/18/29 | 244 | 235,404 | ||||||
| Oil & Gas — 6.8% | ||||||||
| Antero Resources Corp. | ||||||||
| 5.38%, 03/01/30(b) | 362 | 353,846 | ||||||
| 7.63%, 02/01/29(b) | 193 | 199,348 | ||||||
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, 06/30/29(a)(b) | 250 | 245,199 | ||||||
| Baytex Energy Corp. | ||||||||
| 7.38%, 03/15/32(a)(b) | 328 | 334,958 | ||||||
| 8.50%, 04/30/30(b) | 340 | 358,878 | ||||||
| Security | Par (000) | Value | ||||||
| Oil & Gas (continued) | ||||||||
| Chesapeake Energy Corp. | ||||||||
| 5.50%, 02/01/26(b) | $ | 255 | $ | 253,543 | ||||
| 5.88%, 02/01/29(b) | 280 | 278,270 | ||||||
| 6.75%, 04/15/29(b) | 485 | 490,029 | ||||||
| Chord Energy Corp., 6.38%, 06/01/26(b) | 130 | 130,594 | ||||||
| Civitas Resources Inc. | ||||||||
| 5.00%, 10/15/26(b) | 197 | 192,676 | ||||||
| 8.38%, 07/01/28(b) | 794 | 833,630 | ||||||
| 8.63%, 11/01/30(b) | 485 | 523,852 | ||||||
| 8.75%, 07/01/31(b) | 755 | 811,910 | ||||||
| CNX Resources Corp. | ||||||||
| 6.00%, 01/15/29(b) | 250 | 247,465 | ||||||
| 7.25%, 03/01/32(b) | 240 | 247,934 | ||||||
| 7.38%, 01/15/31(a)(b) | 295 | 304,560 | ||||||
| Crescent Energy Finance LLC | ||||||||
| 7.38%, 01/15/33(b) | 370 | 375,097 | ||||||
| 7.63%, 04/01/32(b) | 398 | 408,174 | ||||||
| 9.25%, 02/15/28(b) | 537 | 566,901 | ||||||
| CrownRock LP/CrownRock Finance Inc. | ||||||||
| 5.00%, 05/01/29(b) | 160 | 160,664 | ||||||
| 5.63%, 10/15/25(b) | 525 | 524,329 | ||||||
| Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28(b) | 442 | 446,137 | ||||||
| Energean PLC, 6.50%, 04/30/27(b) | 230 | 226,274 | ||||||
| Harbour Energy PLC, 5.50%, 10/15/26(b) | 220 | 217,196 | ||||||
| Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||
| 5.75%, 02/01/29(b) | 240 | 235,978 | ||||||
| 6.00%, 04/15/30(b) | 280 | 273,942 | ||||||
| 6.00%, 02/01/31(b) | 330 | 320,271 | ||||||
| 6.25%, 11/01/28(b) | 360 | 359,908 | ||||||
| 6.25%, 04/15/32(b) | 294 | 285,981 | ||||||
| 6.88%, 05/15/34(b) | 277 | 275,574 | ||||||
| 8.38%, 11/01/33(b) | 325 | 351,561 | ||||||
| Matador Resources Co. | ||||||||
| 6.50%, 04/15/32(b) | 493 | 495,522 | ||||||
| 6.88%, 04/15/28(b) | 260 | 265,134 | ||||||
| MEG Energy Corp. | ||||||||
| 5.88%, 02/01/29(b) | 375 | 370,327 | ||||||
| 7.13%, 02/01/27(a)(b) | 53 | 53,691 | ||||||
| Murphy Oil Corp. | ||||||||
| 5.88%, 12/01/27 | 180 | 179,936 | ||||||
| 5.88%, 12/01/42(a) | 180 | 164,906 | ||||||
| 6.38%, 07/15/28 | 189 | 190,250 | ||||||
| Noble Finance II LLC, 8.00%, 04/15/30(b) | 346 | 363,359 | ||||||
| Parkland Corp. | ||||||||
| 4.50%, 10/01/29(b) | 425 | 396,843 | ||||||
| 4.63%, 05/01/30(b) | 415 | 385,835 | ||||||
| 5.88%, 07/15/27(b) | 275 | 274,070 | ||||||
| PBF Holding Co. LLC/PBF Finance Corp. | ||||||||
| 6.00%, 02/15/28 | 485 | 475,748 | ||||||
| 7.88%, 09/15/30(b) | 185 | 191,603 | ||||||
| Permian Resources Operating LLC | ||||||||
| 5.38%, 01/15/26(b) | 175 | 174,694 | ||||||
| 5.88%, 07/01/29(b) | 305 | 303,156 | ||||||
| 6.25%, 02/01/33(b) | 365 | 367,746 | ||||||
| 7.00%, 01/15/32(a)(b) | 570 | 590,169 | ||||||
| 7.75%, 02/15/26(b) | 150 | 151,865 | ||||||
| 8.00%, 04/15/27(b) | 220 | 227,083 | ||||||
| 9.88%, 07/15/31(b) | 265 | 295,263 | ||||||
| Range Resources Corp. | ||||||||
| 4.75%, 02/15/30(a)(b) | 280 | 265,215 | ||||||
8
| Schedule of Investments (unaudited) (continued) | iShares® BB Rated Corporate Bond ETF |
| July 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Oil & Gas (continued) | ||||||||
| 8.25%, 01/15/29 | $ | 325 | $ | 337,586 | ||||
| Seadrill Finance Ltd., 8.38%, 08/01/30(b) | 335 | 353,099 | ||||||
| SM Energy Co. | ||||||||
| 6.50%, 07/15/28 | 260 | 259,385 | ||||||
| 6.63%, 01/15/27 | 260 | 260,302 | ||||||
| 6.75%, 09/15/26 | 245 | 245,264 | ||||||
| 6.75%, 08/01/29(b) | 295 | 296,956 | ||||||
| 7.00%, 08/01/32(b) | 245 | 247,656 | ||||||
| Southwestern Energy Co. | ||||||||
| 4.75%, 02/01/32 | 634 | 592,467 | ||||||
| 5.38%, 02/01/29 | 380 | 372,150 | ||||||
| 5.38%, 03/15/30 | 650 | 634,540 | ||||||
| 8.38%, 09/15/28 | 165 | 170,398 | ||||||
| Sunoco LP | ||||||||
| 7.00%, 05/01/29(b) | 440 | 452,875 | ||||||
| 7.25%, 05/01/32(b) | 351 | 364,883 | ||||||
| Sunoco LP/Sunoco Finance Corp. | ||||||||
| 4.50%, 05/15/29(a) | 460 | 434,698 | ||||||
| 4.50%, 04/30/30 | 438 | 408,693 | ||||||
| 5.88%, 03/15/28 | 245 | 244,061 | ||||||
| 6.00%, 04/15/27 | 360 | 359,268 | ||||||
| 7.00%, 09/15/28(b) | 303 | 311,667 | ||||||
| Valaris Ltd., 8.38%, 04/30/30(b) | 631 | 660,697 | ||||||
| Viper Energy Inc. | ||||||||
| 5.38%, 11/01/27(b) | 225 | 221,417 | ||||||
| 7.38%, 11/01/31(a)(b) | 213 | 223,531 | ||||||
| 24,468,687 | ||||||||
| Oil & Gas Services — 0.3% | ||||||||
| Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 04/01/28(b) | 465 | 463,881 | ||||||
| Enerflex Ltd., 9.00%, 10/15/27(b) | 325 | 335,126 | ||||||
| Helix Energy Solutions Group Inc., 9.75%, 03/01/29(b) | 195 | 208,360 | ||||||
| Oceaneering International Inc., 6.00%, 02/01/28 | 170 | 169,288 | ||||||
| 1,176,655 | ||||||||
| Packaging & Containers — 2.0% | ||||||||
| Ball Corp. | ||||||||
| 2.88%, 08/15/30 | 652 | 560,062 | ||||||
| 3.13%, 09/15/31(a) | 460 | 392,666 | ||||||
| 6.00%, 06/15/29 | 560 | 565,448 | ||||||
| 6.88%, 03/15/28 | 315 | 323,882 | ||||||
| Berry Global Inc. | ||||||||
| 4.50%, 02/15/26(a)(b) | 175 | 170,927 | ||||||
| 5.63%, 07/15/27(b) | 275 | 272,188 | ||||||
| Cascades Inc./Cascades USA Inc., 5.38%, 01/15/28(a)(b) | 250 | 242,377 | ||||||
| Crown Americas LLC, 5.25%, 04/01/30(a) | 300 | 293,815 | ||||||
| Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 | 213 | 205,940 | ||||||
| Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 | 420 | 413,576 | ||||||
| Crown Cork & Seal Co. Inc., 7.38%, 12/15/26 | 225 | 234,458 | ||||||
| Graphic Packaging International LLC | ||||||||
| 3.50%, 03/15/28(b) | 260 | 242,560 | ||||||
| 3.50%, 03/01/29(b) | 220 | 200,033 | ||||||
| 3.75%, 02/01/30(a)(b) | 245 | 222,384 | ||||||
| 4.75%, 07/15/27(a)(b) | 170 | 166,754 | ||||||
| 6.38%, 07/15/32(a)(b) | 250 | 252,853 | ||||||
| OI European Group BV, 4.75%, 02/15/30(b) | 205 | 188,538 | ||||||
| Sealed Air Corp. | ||||||||
| 4.00%, 12/01/27(b) | 280 | 265,541 | ||||||
| Security | Par (000) | Value | ||||||
| Packaging & Containers (continued) | ||||||||
| 5.00%, 04/15/29(a)(b) | $ | 255 | $ | 246,283 | ||||
| 6.50%, 07/15/32(b) | 175 | 177,384 | ||||||
| 6.88%, 07/15/33(b) | 240 | 252,533 | ||||||
| Sealed Air Corp./Sealed Air Corp. U.S. | ||||||||
| 6.13%, 02/01/28(a)(b) | 445 | 448,076 | ||||||
| 7.25%, 02/15/31(b) | 185 | 192,604 | ||||||
| Silgan Holdings Inc., 4.13%, 02/01/28(a) | 350 | 333,402 | ||||||
| TriMas Corp., 4.13%, 04/15/29(b) | 215 | 198,532 | ||||||
| 7,062,816 | ||||||||
| Pharmaceuticals — 0.8% | ||||||||
| 180 Medical Inc., 3.88%, 10/15/29(b) | 270 | 244,766 | ||||||
| HLF Financing SARL LLC/Herbalife International Inc., 12.25%, 04/15/29(b) | 400 | 400,911 | ||||||
| Jazz Securities DAC, 4.38%, 01/15/29(a)(b) | 865 | 812,372 | ||||||
| Organon & Co./Organon Foreign Debt Co-Issuer BV | ||||||||
| 4.13%, 04/30/28(b) | 1,120 | 1,052,262 | ||||||
| 6.75%, 05/15/34(b) | 270 | 272,418 | ||||||
| 2,782,729 | ||||||||
| Pipelines — 7.4% | ||||||||
| Antero Midstream Partners LP/Antero Midstream Finance Corp. | ||||||||
| 5.38%, 06/15/29(b) | 435 | 425,345 | ||||||
| 5.75%, 03/01/27(b) | 385 | 384,062 | ||||||
| 5.75%, 01/15/28(b) | 392 | 389,364 | ||||||
| 6.63%, 02/01/32(b) | 285 | 290,765 | ||||||
| Buckeye Partners LP | ||||||||
| 3.95%, 12/01/26 | 330 | 318,055 | ||||||
| 4.13%, 12/01/27 | 156 | 146,655 | ||||||
| 4.50%, 03/01/28(b) | 300 | 286,151 | ||||||
| 5.60%, 10/15/44 | 160 | 132,627 | ||||||
| 5.85%, 11/15/43 | 230 | 204,095 | ||||||
| 6.88%, 07/01/29(b) | 320 | 325,092 | ||||||
| CNX Midstream Partners LP, 4.75%, 04/15/30(b) | 255 | 233,670 | ||||||
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(b) | 851 | 816,226 | ||||||
| DT Midstream Inc. | ||||||||
| 4.13%, 06/15/29(b) | 585 | 546,864 | ||||||
| 4.38%, 06/15/31(b) | 570 | 525,522 | ||||||
| Energy Transfer LP | ||||||||
| 7.13%, 10/01/54, (5-year CMT + 2.829%)(d) | 225 | 225,768 | ||||||
| 8.00%, 05/15/54, (5-year CMT + 4.020%)(d) | 371 | 394,966 | ||||||
| EQM Midstream Partners LP | ||||||||
| 4.13%, 12/01/26 | 285 | 278,229 | ||||||
| 4.50%, 01/15/29(b) | 475 | 455,144 | ||||||
| 4.75%, 01/15/31(b) | 631 | 595,785 | ||||||
| 5.50%, 07/15/28 | 505 | 502,492 | ||||||
| 6.38%, 04/01/29(b) | 315 | 321,560 | ||||||
| 6.50%, 07/01/27(b) | 480 | 489,146 | ||||||
| 6.50%, 07/15/48 | 310 | 314,675 | ||||||
| 7.50%, 06/01/27(b) | 275 | 282,525 | ||||||
| 7.50%, 06/01/30(b) | 165 | 178,074 | ||||||
| Harvest Midstream I LP | ||||||||
| 7.50%, 09/01/28(b) | 475 | 486,091 | ||||||
| 7.50%, 05/15/32(b) | 275 | 282,939 | ||||||
| Hess Midstream Operations LP | ||||||||
| 4.25%, 02/15/30(b) | 442 | 410,227 | ||||||
| 5.13%, 06/15/28(b) | 359 | 349,470 | ||||||
| 5.50%, 10/15/30(b) | 210 | 204,010 | ||||||
| 5.63%, 02/15/26(b) | 223 | 221,770 | ||||||
| 6.50%, 06/01/29(b) | 300 | 305,857 | ||||||
9
| Schedule of Investments (unaudited) (continued) | iShares® BB Rated Corporate Bond ETF |
| July 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Pipelines (continued) | ||||||||
| Kinetik Holdings LP | ||||||||
| 5.88%, 06/15/30(b) | $ | 430 | $ | 425,652 | ||||
| 6.63%, 12/15/28(a)(b) | 485 | 494,562 | ||||||
| New Fortress Energy Inc. | ||||||||
| 6.50%, 09/30/26(a)(b) | 710 | 660,190 | ||||||
| 6.75%, 09/15/25(b) | 510 | 501,385 | ||||||
| 8.75%, 03/15/29(a)(b) | 410 | 371,771 | ||||||
| Northriver Midstream Finance LP, 6.75%, 07/15/32(b) | 285 | 286,607 | ||||||
| NuStar Logistics LP | ||||||||
| 5.63%, 04/28/27 | 345 | 343,722 | ||||||
| 5.75%, 10/01/25(a) | 352 | 352,044 | ||||||
| 6.00%, 06/01/26 | 269 | 269,281 | ||||||
| 6.38%, 10/01/30 | 350 | 357,203 | ||||||
| Rockies Express Pipeline LLC | ||||||||
| 4.80%, 05/15/30(b) | 220 | 205,545 | ||||||
| 4.95%, 07/15/29(b) | 305 | 291,690 | ||||||
| 6.88%, 04/15/40(b) | 270 | 265,565 | ||||||
| 7.50%, 07/15/38(b) | 130 | 136,230 | ||||||
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | ||||||||
| 5.50%, 01/15/28(b) | 409 | 394,624 | ||||||
| 6.00%, 03/01/27(b) | 270 | 268,056 | ||||||
| 6.00%, 12/31/30(b) | 408 | 386,610 | ||||||
| 6.00%, 09/01/31(b) | 260 | 245,081 | ||||||
| 7.38%, 02/15/29(b) | 435 | 440,706 | ||||||
| Venture Global Calcasieu Pass LLC | ||||||||
| 3.88%, 11/01/33(a)(b) | 625 | 542,042 | ||||||
| 6.25%, 01/15/30(b) | 565 | 580,256 | ||||||
| 3.88%, 08/15/29(b) | 741 | 685,114 | ||||||
| 4.13%, 08/15/31(b) | 705 | 640,880 | ||||||
| Venture Global LNG Inc. | ||||||||
| 7.00%, 01/15/30(b) | 710 | 717,415 | ||||||
| 8.13%, 06/01/28(b) | 1,242 | 1,293,465 | ||||||
| 8.38%, 06/01/31(b) | 1,280 | 1,345,111 | ||||||
| 9.50%, 02/01/29(b) | 1,655 | 1,841,170 | ||||||
| 9.88%, 02/01/32(a)(b) | 1,048 | 1,163,371 | ||||||
| 26,828,569 | ||||||||
| Real Estate — 0.6% | ||||||||
| Cushman & Wakefield U.S. Borrower LLC | ||||||||
| 6.75%, 05/15/28(a)(b) | 320 | 320,637 | ||||||
| 8.88%, 09/01/31(a)(b) | 245 | 263,510 | ||||||
| Greystar Real Estate Partners LLC, 7.75%, 09/01/30(a)(b) | 250 | 265,096 | ||||||
| Howard Hughes Corp. (The) | ||||||||
| 4.13%, 02/01/29(b) | 348 | 319,309 | ||||||
| 4.38%, 02/01/31(b) | 355 | 317,294 | ||||||
| 5.38%, 08/01/28(b) | 407 | 394,685 | ||||||
| Newmark Group Inc., 7.50%, 01/12/29 | 375 | 393,695 | ||||||
| 2,274,226 | ||||||||
| Real Estate Investment Trusts — 3.8% | ||||||||
| Blackstone Mortgage Trust Inc., 3.75%, 01/15/27(b) | 189 | 173,489 | ||||||
| Brandywine Operating Partnership LP | ||||||||
| 3.95%, 11/15/27 | 268 | 247,481 | ||||||
| 4.55%, 10/01/29(a) | 220 | 197,779 | ||||||
| 8.05%, 03/15/28(a) | 160 | 168,274 | ||||||
| 8.88%, 04/12/29(a) | 225 | 238,997 | ||||||
| CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28(b) | 245 | 228,912 | ||||||
| Global Net Lease Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(a)(b) | 300 | 271,512 | ||||||
| Security | Par (000) | Value | ||||||
| Real Estate Investment Trusts (continued) | ||||||||
| Hudson Pacific Properties LP | ||||||||
| 3.25%, 01/15/30(a) | $ | 220 | $ | 167,535 | ||||
| 3.95%, 11/01/27(a) | 150 | 131,851 | ||||||
| 4.65%, 04/01/29(a) | 270 | 227,727 | ||||||
| 5.95%, 02/15/28(a) | 208 | 187,636 | ||||||
| Iron Mountain Inc. | ||||||||
| 4.50%, 02/15/31(a)(b) | 550 | 505,520 | ||||||
| 4.88%, 09/15/27(b) | 585 | 571,226 | ||||||
| 4.88%, 09/15/29(b) | 597 | 570,405 | ||||||
| 5.00%, 07/15/28(b) | 290 | 281,125 | ||||||
| 5.25%, 03/15/28(b) | 405 | 396,805 | ||||||
| 5.25%, 07/15/30(b) | 740 | 712,184 | ||||||
| 5.63%, 07/15/32(b) | 342 | 329,810 | ||||||
| 7.00%, 02/15/29(b) | 440 | 452,072 | ||||||
| Iron Mountain Information Management Services Inc., 5.00%, 07/15/32(b) | 410 | 382,944 | ||||||
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | ||||||||
| 4.25%, 02/01/27(a)(b) | 295 | 285,457 | ||||||
| 4.75%, 06/15/29(b) | 270 | 256,615 | ||||||
| 5.25%, 10/01/25(b) | 185 | 184,110 | ||||||
| 7.00%, 07/15/31(b) | 290 | 296,812 | ||||||
| Necessity Retail REIT Inc./American Finance Operating Partner LP (The), 4.50%, 09/30/28(b) | 270 | 245,823 | ||||||
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | ||||||||
| 4.88%, 05/15/29(a)(b) | 393 | 371,348 | ||||||
| 5.88%, 10/01/28(b) | 400 | 396,000 | ||||||
| 7.00%, 02/01/30(b) | 305 | 310,480 | ||||||
| RHP Hotel Properties LP/RHP Finance Corp. | ||||||||
| 4.50%, 02/15/29(b) | 320 | 303,161 | ||||||
| 4.75%, 10/15/27(a) | 415 | 402,892 | ||||||
| 6.50%, 04/01/32(b) | 502 | 507,671 | ||||||
| 7.25%, 07/15/28(b) | 250 | 258,130 | ||||||
| RLJ Lodging Trust LP | ||||||||
| 3.75%, 07/01/26(b) | 285 | 272,066 | ||||||
| 4.00%, 09/15/29(b) | 290 | 258,781 | ||||||
| SBA Communications Corp. | ||||||||
| 3.13%, 02/01/29(a) | 799 | 723,381 | ||||||
| 3.88%, 02/15/27 | 885 | 852,076 | ||||||
| Standard Industries Inc./NJ, 6.50%, 08/15/32(b) | 115 | 115,209 | ||||||
| Starwood Property Trust Inc. | ||||||||
| 3.63%, 07/15/26(a)(b) | 210 | 200,096 | ||||||
| 4.38%, 01/15/27(a)(b) | 280 | 268,864 | ||||||
| 7.25%, 04/01/29(a)(b) | 315 | 323,961 | ||||||
| Vornado Realty LP | ||||||||
| 2.15%, 06/01/26 | 230 | 215,855 | ||||||
| 3.40%, 06/01/31 | 195 | 158,893 | ||||||
| 13,650,965 | ||||||||
| Retail — 5.4% | ||||||||
| 1011778 BC ULC/New Red Finance Inc. | ||||||||
| 3.50%, 02/15/29(a)(b) | 455 | 416,980 | ||||||
| 3.88%, 01/15/28(b) | 855 | 803,886 | ||||||
| Academy Ltd., 6.00%, 11/15/27(b) | 265 | 262,350 | ||||||
| Advance Auto Parts Inc. | ||||||||
| 1.75%, 10/01/27 | 185 | 164,205 | ||||||
| 3.50%, 03/15/32(a) | 195 | 169,272 | ||||||
| 3.90%, 04/15/30(a) | 270 | 249,037 | ||||||
| 5.90%, 03/09/26 | 175 | 175,456 | ||||||
| 5.95%, 03/09/28 | 153 | 154,121 | ||||||
10
| Schedule of Investments (unaudited) (continued) | iShares® BB Rated Corporate Bond ETF |
| July 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Retail (continued) | ||||||||
| Asbury Automotive Group Inc. | ||||||||
| 4.50%, 03/01/28(a) | $ | 245 | $ | 234,313 | ||||
| 4.63%, 11/15/29(a)(b) | 315 | 294,341 | ||||||
| 4.75%, 03/01/30 | 270 | 253,711 | ||||||
| 5.00%, 02/15/32(a)(b) | 360 | 331,751 | ||||||
| Bath & Body Works Inc. | ||||||||
| 5.25%, 02/01/28 | 230 | 225,380 | ||||||
| 6.63%, 10/01/30(b) | 460 | 464,369 | ||||||
| 6.69%, 01/15/27(a) | 157 | 159,593 | ||||||
| 6.75%, 07/01/36 | 308 | 308,324 | ||||||
| 6.88%, 11/01/35 | 435 | 440,727 | ||||||
| 7.50%, 06/15/29(a) | 285 | 293,222 | ||||||
| Beacon Roofing Supply Inc. | ||||||||
| 4.50%, 11/15/26(b) | 177 | 171,800 | ||||||
| 6.50%, 08/01/30(b) | 280 | 286,314 | ||||||
| FirstCash Inc. | ||||||||
| 4.63%, 09/01/28(b) | 290 | 277,066 | ||||||
| 5.63%, 01/01/30(b) | 315 | 305,964 | ||||||
| 6.88%, 03/01/32(b) | 285 | 288,239 | ||||||
| Foot Locker Inc., 4.00%, 10/01/29(a)(b) | 245 | 209,706 | ||||||
| Gap Inc. (The) | ||||||||
| 3.63%, 10/01/29(b) | 435 | 380,231 | ||||||
| 3.88%, 10/01/31(a)(b) | 426 | 357,840 | ||||||
| Group 1 Automotive Inc. | ||||||||
| 4.00%, 08/15/28(b) | 440 | 410,174 | ||||||
| 6.38%, 01/15/30(b) | 135 | 136,160 | ||||||
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27(b) | 430 | 420,806 | ||||||
| Kohl's Corp. | ||||||||
| 4.63%, 05/01/31(a) | 290 | 235,403 | ||||||
| 5.55%, 07/17/45(a) | 230 | 150,650 | ||||||
| Lithia Motors Inc. | ||||||||
| 3.88%, 06/01/29(a)(b) | 385 | 349,651 | ||||||
| 4.38%, 01/15/31(b) | 295 | 264,783 | ||||||
| 4.63%, 12/15/27(b) | 190 | 182,781 | ||||||
| Macy's Retail Holdings LLC | ||||||||
| 4.30%, 02/15/43 | 110 | 79,048 | ||||||
| 4.50%, 12/15/34(a) | 195 | 165,564 | ||||||
| 5.13%, 01/15/42 | 149 | 120,773 | ||||||
| 5.88%, 04/01/29(a)(b) | 275 | 268,594 | ||||||
| 5.88%, 03/15/30(a)(b) | 215 | 206,363 | ||||||
| 6.13%, 03/15/32(a)(b) | 230 | 219,507 | ||||||
| Marks & Spencer PLC, 7.13%, 12/01/37(b) | 165 | 177,887 | ||||||
| Murphy Oil USA Inc. | ||||||||
| 3.75%, 02/15/31(b) | 313 | 277,931 | ||||||
| 4.75%, 09/15/29 | 262 | 250,648 | ||||||
| 5.63%, 05/01/27 | 148 | 146,527 | ||||||
| Nordstrom Inc. | ||||||||
| 4.00%, 03/15/27 | 190 | 181,827 | ||||||
| 4.25%, 08/01/31(a) | 246 | 218,934 | ||||||
| 4.38%, 04/01/30 | 265 | 240,937 | ||||||
| 5.00%, 01/15/44 | 525 | 420,118 | ||||||
| 6.95%, 03/15/28(a) | 155 | 158,100 | ||||||
| Penske Automotive Group Inc. | ||||||||
| 3.50%, 09/01/25 | 310 | 302,453 | ||||||
| 3.75%, 06/15/29 | 300 | 274,055 | ||||||
| PetSmart Inc./PetSmart Finance Corp., 4.75%, 02/15/28(b) | 645 | 605,999 | ||||||
| Sally Holdings LLC/Sally Capital Inc., 6.75%, 03/01/32(a) | 321 | 319,864 | ||||||
| Security | Par (000) | Value | ||||||
| Retail (continued) | ||||||||
| Sonic Automotive Inc. | ||||||||
| 4.63%, 11/15/29(a)(b) | $ | 387 | $ | 353,744 | ||||
| 4.88%, 11/15/31(a)(b) | 281 | 250,945 | ||||||
| Superior Plus LP/Superior General Partner Inc., 4.50%, 03/15/29(b) | 375 | 348,500 | ||||||
| Vivo Energy Investments BV, 5.13%, 09/24/27(b) | 200 | 190,100 | ||||||
| Walgreens Boots Alliance Inc. | ||||||||
| 3.20%, 04/15/30 | 290 | 239,129 | ||||||
| 3.45%, 06/01/26 | 725 | 690,807 | ||||||
| 4.10%, 04/15/50(a) | 350 | 229,914 | ||||||
| 4.50%, 11/18/34(a) | 175 | 139,156 | ||||||
| 4.65%, 06/01/46 | 165 | 111,973 | ||||||
| 4.80%, 11/18/44(a) | 360 | 269,915 | ||||||
| Yum! Brands Inc. | ||||||||
| 3.63%, 03/15/31(a) | 609 | 543,207 | ||||||
| 4.63%, 01/31/32 | 554 | 516,648 | ||||||
| 4.75%, 01/15/30(a)(b) | 353 | 340,181 | ||||||
| 5.35%, 11/01/43 | 160 | 152,777 | ||||||
| 5.38%, 04/01/32 | 550 | 532,884 | ||||||
| 6.88%, 11/15/37 | 195 | 213,676 | ||||||
| 19,587,291 | ||||||||
| Semiconductors — 0.7% | ||||||||
| Amkor Technology Inc., 6.63%, 09/15/27(b) | 325 | 325,755 | ||||||
| Entegris Inc. | ||||||||
| 3.63%, 05/01/29(b) | 198 | 179,596 | ||||||
| 4.38%, 04/15/28(b) | 245 | 232,586 | ||||||
| 4.75%, 04/15/29(b) | 835 | 805,607 | ||||||
| 5.95%, 06/15/30(a)(b) | 470 | 468,904 | ||||||
| ON Semiconductor Corp., 3.88%, 09/01/28(b) | 420 | 392,323 | ||||||
| Synaptics Inc., 4.00%, 06/15/29(a)(b) | 240 | 219,869 | ||||||
| 2,624,640 | ||||||||
| Software — 1.3% | ||||||||
| Camelot Finance SA, 4.50%, 11/01/26(b) | 385 | 375,327 | ||||||
| Clarivate Science Holdings Corp., 3.88%, 07/01/28(b) | 531 | 498,068 | ||||||
| Elastic NV, 4.13%, 07/15/29(b) | 230 | 211,903 | ||||||
| Fair Isaac Corp. | ||||||||
| 4.00%, 06/15/28(b) | 512 | 481,735 | ||||||
| 5.25%, 05/15/26(b) | 180 | 179,021 | ||||||
| Open Text Corp. | ||||||||
| 3.88%, 02/15/28(a)(b) | 407 | 379,939 | ||||||
| 3.88%, 12/01/29(b) | 460 | 417,557 | ||||||
| Open Text Holdings Inc. | ||||||||
| 4.13%, 02/15/30(b) | 532 | 485,235 | ||||||
| 4.13%, 12/01/31(a)(b) | 283 | 251,946 | ||||||
| PTC Inc., 4.00%, 02/15/28(b) | 300 | 284,137 | ||||||
| RingCentral Inc., 8.50%, 08/15/30(a)(b) | 233 | 244,803 | ||||||
| ROBLOX Corp., 3.88%, 05/01/30(b) | 575 | 515,245 | ||||||
| Twilio Inc. | ||||||||
| 3.63%, 03/15/29 | 270 | 244,923 | ||||||
| 3.88%, 03/15/31(a) | 295 | 264,900 | ||||||
| 4,834,739 | ||||||||
| Telecommunications — 3.3% | ||||||||
| British Telecommunications PLC | ||||||||
| 4.25%, 11/23/81, (5-year CMT + 2.985%)(b)(d) | 290 | 275,194 | ||||||
| 4.88%, 11/23/81, (5-year CMT + 3.493%)(b)(d) | 285 | 256,247 | ||||||
| Ciena Corp., 4.00%, 01/31/30(b) | 214 | 196,506 | ||||||
| Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26(b) | 980 | 963,363 | ||||||
| Intelsat Jackson Holdings SA, 6.50%, 03/15/30(b) | 1,628 | 1,548,754 | ||||||
11
| Schedule of Investments (unaudited) (continued) | iShares® BB Rated Corporate Bond ETF |
| July 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Telecommunications (continued) | ||||||||
| Millicom International Cellular SA | ||||||||
| 4.50%, 04/27/31(a)(b) | $ | 390 | $ | 342,590 | ||||
| 5.13%, 01/15/28(b) | 239 | 230,437 | ||||||
| 6.25%, 03/25/29(a)(b) | 302 | 294,858 | ||||||
| 7.38%, 04/02/32(b) | 260 | 260,997 | ||||||
| Optics Bidco SpA | ||||||||
| Series 2033, 6.38%, 11/15/33(b) | 300 | 294,150 | ||||||
| Series 2034, 6.00%, 09/30/34(b) | 300 | 283,500 | ||||||
| Series 2036, 7.20%, 07/18/36(b) | 200 | 204,306 | ||||||
| Series 2038, 7.72%, 06/04/38(b) | 300 | 321,246 | ||||||
| Rogers Communications Inc., 5.25%, 03/15/82, (5-year CMT + 3.590%)(b)(d) | 435 | 421,083 | ||||||
| Telecom Italia Capital SA | ||||||||
| 6.00%, 09/30/34(a) | 300 | 282,376 | ||||||
| 6.38%, 11/15/33(a) | 270 | 263,109 | ||||||
| 7.72%, 06/04/38 | 300 | 304,874 | ||||||
| U.S. Cellular Corp., 6.70%, 12/15/33 | 270 | 289,116 | ||||||
| ViaSat Inc., 5.63%, 04/15/27(b) | 330 | 310,158 | ||||||
| Viavi Solutions Inc., 3.75%, 10/01/29(b) | 225 | 195,128 | ||||||
| Vmed O2 U.K. Financing I PLC | ||||||||
| 4.25%, 01/31/31(b) | 740 | 626,551 | ||||||
| 4.75%, 07/15/31(b) | 710 | 609,560 | ||||||
| 7.75%, 04/15/32(b) | 300 | 299,851 | ||||||
| Vodafone Group PLC | ||||||||
| 3.25%, 06/04/81, (5-year CMT + 2.447%)(d) | 185 | 174,403 | ||||||
| 4.13%, 06/04/81, (5-year CMT + 2.767%)(a)(d) | 540 | 475,299 | ||||||
| 5.13%, 06/04/81, (5-year CMT + 3.073%)(d) | 520 | 390,706 | ||||||
| 7.00%, 04/04/79, (5-year USD Swap + 4.873%)(d) | 1,133 | 1,172,916 | ||||||
| Zegona Finance PLC, 8.63%, 07/15/29(b) | 475 | 484,559 | ||||||
| 11,771,837 | ||||||||
| Transportation — 0.7% | ||||||||
| Cargo Aircraft Management Inc., 4.75%, 02/01/28(a)(b) | 345 | 324,380 | ||||||
| Danaos Corp., 8.50%, 03/01/28(b) | 120 | 123,523 | ||||||
| First Student Bidco Inc./First Transit Parent Inc., 4.00%, 07/31/29(b) | 335 | 305,556 | ||||||
| Genesee & Wyoming Inc., 6.25%, 04/15/32(a)(b) | 415 | 419,949 | ||||||
| Rand Parent LLC, 8.50%, 02/15/30(a)(b) | 470 | 464,768 | ||||||
| RXO Inc., 7.50%, 11/15/27(b) | 230 | 236,325 | ||||||
| XPO CNW Inc., 6.70%, 05/01/34 | 113 | 118,722 | ||||||
| XPO Inc. | ||||||||
| 7.13%, 06/01/31(a)(b) | 267 | 275,401 | ||||||
| 7.13%, 02/01/32(b) | 301 | 311,300 | ||||||
| 2,579,924 | ||||||||
| Security | Par (000) | Value | ||||||
| Trucking & Leasing — 0.4% | ||||||||
| Fortress Transportation and Infrastructure | ||||||||
| Investors LLC | ||||||||
| 7.00%, 05/01/31(a)(b) | $ | 310 | $ | 319,615 | ||||
| 7.00%, 06/15/32(a)(b) | 445 | 458,937 | ||||||
| 7.88%, 12/01/30(b) | 300 | 318,002 | ||||||
| 5.50%, 05/01/28(b) | 532 | 521,575 | ||||||
| 1,618,129 | ||||||||
| Total Long-Term Investments — 98.3% | ||||||||
| (Cost: $351,212,613) | . | 356,269,421 | ||||||
| Shares | ||||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 17.0% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 5.45%(f)(g)(h) | 60,588,620 | 60,612,856 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(f)(g) | 1,230,000 | 1,230,000 | ||||||
| Total Short-Term Securities — 17.0% | ||||||||
| (Cost: $61,821,892) | 61,842,856 | |||||||
| Total Investments — 115.3% | ||||||||
| (Cost: $413,034,505) | 418,112,277 | |||||||
| Liabilities in Excess of Other Assets — (15.3)% | (55,582,766 | ) | ||||||
| Net Assets—100.0% | $ | 362,529,511 | ||||||
| (a) | All or a portion of this security is on loan. |
| (b) | 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. |
| (c) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (d) | 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. |
| (e) | Perpetual security with no stated maturity date. |
| (f) | Affiliate of the Fund. |
| (g) | Annualized 7-day yield as of period end. |
| (h) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
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| Schedule of Investments (unaudited) (continued) | iShares® BB Rated Corporate Bond ETF |
| July 31, 2024 |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 10/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 07/31/24 | Shares Held at 07/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 43,738,963 | $ | 16,877,845 | (a) | $ | — | $ | (5,036 | ) | $ | 1,084 | $ | 60,612,856 | 60,588,620 | $ | 147,739 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 1,370,000 | — | (140,000 | )(a) | — | — | 1,230,000 | 1,230,000 | 51,324 | — | ||||||||||||||||||||||||||
| $ | (5,036 | ) | $ | 1,084 | $ | 61,842,856 | $ | 199,063 | $ | — | ||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
| (b) | 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. |
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 each 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.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets | ||||||||||||||||
| Investments | ||||||||||||||||
| Long-Term Investments | ||||||||||||||||
| Corporate Bonds & Notes | $ | — | $ | 356,269,421 | $ | — | $ | 356,269,421 | ||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 61,842,856 | — | — | 61,842,856 | ||||||||||||
| $ | 61,842,856 | $ | 356,269,421 | $ | — | $ | 418,112,277 | |||||||||
| Portfolio Abbreviation | |
| CMT | Constant Maturity Treasury |
| LIBOR | London Interbank Offered Rate |
| PIK | Payment-in-kind |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
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