| Schedule of Investments (unaudited) | iShares® iBonds® 2026 Term High Yield and Income ETF |
| July 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Corporate Bonds & Notes | ||||||||
| Advertising — 0.4% | ||||||||
| Summer BC Bidco B LLC, 5.50%, 10/31/26(a) | $ | 1,580 | $ | 1,552,329 | ||||
| Aerospace & Defense — 0.7% | ||||||||
| F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26(a) | 1,905 | 1,906,268 | ||||||
| Spirit AeroSystems Inc., 3.85%, 06/15/26 | 1,184 | 1,136,664 | ||||||
| 3,042,932 | ||||||||
| Agriculture — 0.7% | ||||||||
| Turning Point Brands Inc., 5.63%, 02/15/26(a) | 916 | 904,171 | ||||||
| Vector Group Ltd., 10.50%, 11/01/26(a)(b) | 2,099 | 2,120,896 | ||||||
| 3,025,067 | ||||||||
| Airlines — 5.4% | ||||||||
| Air Canada, 3.88%, 08/15/26(a) | 4,713 | 4,532,915 | ||||||
| Air Canada Pass Through Trust, Series 2020-1, Class C, 10.50%, 07/15/26(a)(b) | 1,226 | 1,325,531 | ||||||
| American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26(a) | 8,064 | 8,007,804 | ||||||
| Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 11.00%, 04/15/29(a)(b) | 3,101 | 2,952,565 | ||||||
| United Airlines Inc., 4.38%, 04/15/26(a) | 7,698 | 7,504,175 | ||||||
| 24,322,990 | ||||||||
| Apparel — 1.3% | ||||||||
| Hanesbrands Inc., 4.88%, 05/15/26(a)(b) | 3,538 | 3,466,479 | ||||||
| Under Armour Inc., 3.25%, 06/15/26 | 2,295 | 2,192,406 | ||||||
| 5,658,885 | ||||||||
| Auto Parts & Equipment — 2.7% | ||||||||
| Adient Global Holdings Ltd., 4.88%, 08/15/26(a)(b) | 3,125 | 3,066,133 | ||||||
| Clarios Global LP/Clarios U.S. Finance Co., 6.25%, 05/15/26(a)(b) | 3,475 | 3,474,255 | ||||||
| Goodyear Tire & Rubber Co. (The), 5.00%, 05/31/26(b) | 3,534 | 3,487,861 | ||||||
| IHO Verwaltungs GmbH, 4.75%, 09/15/26, (4.75% Cash and 5.50% PIK)(a)(c) | 1,945 | 1,896,784 | ||||||
| 11,925,033 | ||||||||
| Banks — 1.7% | ||||||||
| Freedom Mortgage Corp., 7.63%, 05/01/26(a) | 1,969 | 1,970,712 | ||||||
| Intesa Sanpaolo SpA, 5.71%, 01/15/26(a)(b) | 5,842 | 5,841,192 | ||||||
| 7,811,904 | ||||||||
| Chemicals — 1.7% | ||||||||
| GPD Companies Inc., 10.13%, 04/01/26(a)(b) | 1,953 | 1,821,243 | ||||||
| Mativ Holdings Inc., 6.88%, 10/01/26(a)(b) | 1,273 | 1,271,829 | ||||||
| Rayonier AM Products Inc., 7.63%, 01/15/26(a) | 1,791 | 1,703,691 | ||||||
| SCIL IV LLC/SCIL USA Holdings LLC, Class-H, 5.38%, 11/01/26(a) | 2,990 | 2,918,406 | ||||||
| 7,715,169 | ||||||||
| Commercial Services — 5.1% | ||||||||
| Albion Financing 1 SARL/Aggreko Holdings Inc., 6.13%, 10/15/26(a) | 2,165 | 2,139,939 | ||||||
| Block Inc., 2.75%, 06/01/26(b) | 3,927 | 3,736,617 | ||||||
| Cimpress PLC, 7.00%, 06/15/26 | 2,065 | 2,062,909 | ||||||
| Graham Holdings Co., 5.75%, 06/01/26(a) | 1,570 | 1,563,430 | ||||||
| Hertz Corp. (The), 4.63%, 12/01/26(a)(b) | 1,972 | 1,488,530 | ||||||
| Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer Inc., 5.00%, 02/01/26(a) | 1,470 | 1,462,575 | ||||||
| Prime Security Services Borrower LLC/Prime Finance Inc., 5.75%, 04/15/26(a) | 5,366 | 5,359,433 | ||||||
| Security | Par (000) | Value | ||||||
| Commercial Services (continued) | ||||||||
| Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26(a) | $ | 1,773 | $ | 1,731,283 | ||||
| WASH Multifamily Acquisition Inc., 5.75%, 04/15/26(a)(b) | 3,341 | 3,290,792 | ||||||
| 22,835,508 | ||||||||
| Computers — 3.0% | ||||||||
| Vericast Corp., 11.00%, | 4,408 | 4,385,861 | ||||||
| Western Digital Corp., 4.75%, 02/15/26 | 9,042 | 8,895,103 | ||||||
| 13,280,964 | ||||||||
| Cosmetics & Personal Care — 1.1% | ||||||||
| Coty Inc., 5.00%, 04/15/26(a) | 2,551 | 2,523,788 | ||||||
| Perrigo Finance Unlimited Co., 4.38%, 03/15/26 | 2,650 | 2,589,627 | ||||||
| 5,113,415 | ||||||||
| Distribution & Wholesale — 0.0% | ||||||||
| Wesco Aircraft Holdings Inc., 9.00%, 11/15/26(a)(d)(e) | 75 | 30,608 | ||||||
| Diversified Financial Services — 5.8% | ||||||||
| Brightsphere Investment Group Inc., 4.80%, 07/27/26(b) | 1,051 | 1,020,461 | ||||||
| Credit Acceptance Corp., 6.63%, 03/15/26(b) | 1,480 | 1,480,611 | ||||||
| GGAM Finance Ltd., 7.75%, 05/15/26(a) | 1,577 | 1,614,740 | ||||||
| goeasy Ltd., 4.38%, 05/01/26(a)(b) | 1,264 | 1,226,803 | ||||||
| Jefferson Capital Holdings LLC, 6.00%, 08/15/26(a) | 1,194 | 1,184,158 | ||||||
| LFS Topco LLC, 5.88%, 10/15/26(a)(b) | 1,124 | 1,043,641 | ||||||
| Nationstar Mortgage Holdings Inc., 5.00%, 02/01/26(a) | 1,967 | 1,934,771 | ||||||
| Navient Corp., 6.75%, 06/15/26(b) | 1,894 | 1,914,878 | ||||||
| OneMain Finance Corp., 7.13%, 03/15/26 | 6,260 | 6,369,584 | ||||||
| PHH Mortgage Corp., 7.88%, 03/15/26(a) | 1,164 | 1,145,237 | ||||||
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 2.88%, 10/15/26(a) | 4,519 | 4,268,909 | ||||||
| SLM Corp., 3.13%, 11/02/26(b) | 1,895 | 1,794,388 | ||||||
| World Acceptance Corp., 7.00%, 11/01/26(a) | 1,072 | 1,031,844 | ||||||
| 26,030,025 | ||||||||
| Electric — 2.0% | ||||||||
| Calpine Corp., 5.25%, 06/01/26(a) | 1,650 | 1,636,730 | ||||||
| NextEra Energy Operating Partners LP, 3.88%, 10/15/26(a)(b) | 1,946 | 1,867,233 | ||||||
| Terraform Global Operating LP, 6.13%, 03/01/26(a) | 1,397 | 1,393,001 | ||||||
| Vistra Operations Co. LLC, 5.50%, 09/01/26(a) | 3,879 | 3,847,691 | ||||||
| 8,744,655 | ||||||||
| Energy - Alternate Sources — 0.3% | ||||||||
| Sunnova Energy Corp., 5.88%, 09/01/26(a)(b) | 1,595 | 1,320,321 | ||||||
| Engineering & Construction — 0.5% | ||||||||
| Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, 02/01/26(a) | 1,472 | 1,467,982 | ||||||
| INNOVATE Corp., 8.50%, 02/01/26(a) | 1,169 | 894,550 | ||||||
| 2,362,532 | ||||||||
| Entertainment — 2.9% | ||||||||
| CCM Merger Inc., 6.38%, 05/01/26(a)(b) | 977 | 975,807 | ||||||
| Empire Resorts Inc., 7.75%, 11/01/26(a) | 1,120 | 1,080,440 | ||||||
| International Game Technology PLC, 4.13%, 04/15/26(a) | 2,945 | 2,885,588 | ||||||
| Live Nation Entertainment Inc., 5.63%, 03/15/26(a) | 1,094 | 1,084,206 | ||||||
| Merlin Entertainments Ltd., 5.75%, 06/15/26(a) | 1,540 | 1,525,443 | ||||||
| Mohegan Tribal Gaming Authority, 8.00%, 02/01/26(a) | 4,592 | 4,297,943 | ||||||
| Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26(a)(b) | 1,380 | 1,345,905 | ||||||
| 13,195,332 | ||||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® iBonds® 2026 Term High Yield and Income ETF |
| July 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Environmental Control — 0.8% | ||||||||
| GFL Environmental Inc., 5.13%, 12/15/26(a) | $ | 1,804 | $ | 1,787,842 | ||||
| Waste Pro USA Inc., 5.50%, 02/15/26(a) | 1,965 | 1,950,277 | ||||||
| 3,738,119 | ||||||||
| Food — 1.4% | ||||||||
| Albertsons Companies Inc./Safeway Inc./New | ||||||||
| Albertsons LP/Albertsons LLC | ||||||||
| 3.25%, 03/15/26(a) | 2,946 | 2,848,356 | ||||||
| 7.50%, 03/15/26(a) | 2,161 | 2,190,529 | ||||||
| Sigma Holdco BV, 7.88%, 05/15/26(a) | 1,007 | 996,218 | ||||||
| 6,035,103 | ||||||||
| Forest Products & Paper — 0.2% | ||||||||
| Mercer International Inc., 5.50%, 01/15/26 | 1,120 | 1,090,011 | ||||||
| Gas — 0.6% | ||||||||
| AmeriGas Partners LP/AmeriGas Finance Corp., 5.88%, 08/20/26 | 2,657 | 2,616,178 | ||||||
| Health Care - Services — 2.0% | ||||||||
| IQVIA Inc., 5.00%, 10/15/26(a) | 4,125 | 4,065,808 | ||||||
| Select Medical Corp., 6.25%, 08/15/26(a)(b) | 4,807 | 4,843,163 | ||||||
| 8,908,971 | ||||||||
| Holding Companies - Diversified — 1.1% | ||||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 05/15/26 | 4,906 | 4,891,943 | ||||||
| Home Builders — 0.3% | ||||||||
| Forestar Group Inc., 3.85%, 05/15/26(a) | 1,448 | 1,399,293 | ||||||
| Housewares — 1.9% | ||||||||
| Newell Brands Inc., 5.70%, 04/01/26 | 7,697 | 7,681,648 | ||||||
| Scotts Miracle-Gro Co. (The), 5.25%, 12/15/26 | 917 | 906,336 | ||||||
| 8,587,984 | ||||||||
| Internet — 1.6% | ||||||||
| Cogent Communications Group Inc., 3.50%, 05/01/26(a)(b) | 1,944 | 1,869,494 | ||||||
| Uber Technologies Inc., 8.00%, 11/01/26(a) | 5,407 | 5,434,269 | ||||||
| 7,303,763 | ||||||||
| Iron & Steel — 0.5% | ||||||||
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 07/15/26(a) | 2,269 | 2,039,016 | ||||||
| Leisure Time — 5.0% | ||||||||
| Carnival Corp., 7.63%, 03/01/26(a) | 5,326 | 5,375,451 | ||||||
| Life Time Inc. | ||||||||
| 5.75%, 01/15/26(a)(b) | 3,632 | 3,617,802 | ||||||
| 8.00%, 04/15/26(a) | 1,700 | 1,724,055 | ||||||
| NCL Corp. Ltd., 5.88%, 03/15/26(a) | 5,608 | 5,581,853 | ||||||
| Royal Caribbean Cruises Ltd. | ||||||||
| 4.25%, 07/01/26(a)(b) | 2,391 | 2,328,191 | ||||||
| 5.50%, 08/31/26(a) | 3,934 | 3,916,362 | ||||||
| 22,543,714 | ||||||||
| Lodging — 3.2% | ||||||||
| Genting New York LLC/GENNY Capital Inc., 3.30%, 02/15/26(a) | 1,950 | 1,875,768 | ||||||
| Melco Resorts Finance Ltd., 5.25%, 04/26/26(f) | 1,970 | 1,907,440 | ||||||
| MGM China Holdings Ltd., 5.88%, 05/15/26(a)(b) | 2,915 | 2,886,241 | ||||||
| MGM Resorts International, 4.63%, 09/01/26(b) | 1,448 | 1,418,948 | ||||||
| Travel & Leisure Co., 6.63%, 07/31/26(a) | 2,471 | 2,494,812 | ||||||
| Wynn Macau Ltd., 5.50%, 01/15/26(a) | 3,930 | 3,861,962 | ||||||
| 14,445,171 | ||||||||
| Security | Par (000) | Value | ||||||
| Machinery — 0.3% | ||||||||
| Manitowoc Co. Inc. (The), 9.00%, 04/01/26(a) | $ | 1,130 | $ | 1,131,547 | ||||
| Manufacturing — 1.7% | ||||||||
| Enpro Inc., 5.75%, 10/15/26 | 1,380 | 1,380,925 | ||||||
| FXI Holdings Inc. | ||||||||
| 12.25%, 11/15/26(a)(b) | 1,849 | 1,841,635 | ||||||
| 12.25%, 11/15/26(a)(b) | 2,994 | 2,979,948 | ||||||
| Hillenbrand Inc., 5.00%, 09/15/26 | 1,472 | 1,454,112 | ||||||
| 7,656,620 | ||||||||
| Media — 6.4% | ||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp., | ||||||||
| 5.50%, 05/01/26(a) | 2,850 | 2,834,259 | ||||||
| DISH DBS Corp. | ||||||||
| 5.25%, 12/01/26(a) | 9,478 | 7,883,223 | ||||||
| 7.75%, 07/01/26 | 6,895 | 4,432,355 | ||||||
| Gannett Holdings LLC, 6.00%, 11/01/26(a) | 1,027 | 998,678 | ||||||
| iHeartCommunications Inc., 6.38%, 05/01/26 | 2,720 | 2,307,555 | ||||||
| Radiate Holdco LLC/Radiate Finance Inc., 4.50%, 09/15/26(a) | 3,161 | 2,530,734 | ||||||
| Sirius XM Radio Inc., 3.13%, 09/01/26(a) | 3,935 | 3,743,916 | ||||||
| TEGNA Inc., 4.75%, 03/15/26(a) | 2,075 | 2,044,199 | ||||||
| Townsquare Media Inc., 6.88%, 02/01/26(a)(b) | 1,933 | 1,906,056 | ||||||
| 28,680,975 | ||||||||
| Mining — 1.5% | ||||||||
| Constellium SE, 5.88%, 02/15/26(a) | 900 | 898,914 | ||||||
| Hudbay Minerals Inc., 4.50%, 04/01/26(f) | 2,181 | 2,134,524 | ||||||
| JW Aluminum Continuous Cast Co., 10.25%, 06/01/26(a) | 1,064 | 1,065,258 | ||||||
| Novelis Corp., 3.25%, 11/15/26(a) | 2,944 | 2,802,508 | ||||||
| 6,901,204 | ||||||||
| Oil & Gas — 7.5% | ||||||||
| Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(a) | 2,944 | 2,984,878 | ||||||
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/26(a) | 2,361 | 2,363,725 | ||||||
| Berry Petroleum Co. LLC, 7.00%, 02/15/26(a) | 1,504 | 1,488,596 | ||||||
| California Resources Corp., 7.13%, 02/01/26(a)(b) | 2,181 | 2,185,978 | ||||||
| Chesapeake Energy Corp., 5.50%, 02/01/26(a) | 1,962 | 1,951,827 | ||||||
| Chord Energy Corp., 6.38%, 06/01/26(a) | 1,568 | 1,575,329 | ||||||
| Civitas Resources Inc., 5.00%, 10/15/26(a) | 1,468 | 1,438,045 | ||||||
| Gulfport Energy Corp., 8.00%, 05/17/26(b) | 2,127 | 2,156,687 | ||||||
| Harbour Energy PLC, 5.50%, 10/15/26(a) | 1,900 | 1,873,645 | ||||||
| Ithaca Energy North Sea PLC, 9.00%, 07/15/26(a) | 2,435 | 2,467,493 | ||||||
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(a) | 1,569 | 1,565,732 | ||||||
| Moss Creek Resources Holdings Inc., 7.50%, 01/15/26(a)(b) | 2,673 | 2,673,856 | ||||||
| Nabors Industries Ltd., 7.25%, 01/15/26(a)(b) | 1,975 | 2,010,807 | ||||||
| Permian Resources Operating LLC | ||||||||
| 5.38%, 01/15/26(a) | 1,072 | 1,068,538 | ||||||
| 7.75%, 02/15/26(a) | 1,180 | 1,195,936 | ||||||
| SM Energy Co., 6.75%, 09/15/26 | 1,653 | 1,653,652 | ||||||
| Strathcona Resources Ltd., 6.88%, 08/01/26(a)(b) | 1,905 | 1,918,732 | ||||||
| W&T Offshore Inc., 11.75%, 02/01/26(a)(b) | 1,025 | 1,051,459 | ||||||
| 33,624,915 | ||||||||
| Oil & Gas Services — 0.6% | ||||||||
| Solaris Midstream Holdings LLC, 7.63%, 04/01/26(a)(b) | 1,569 | 1,581,289 | ||||||
| Welltec International ApS, 8.25%, 10/15/26(a) | 1,127 | 1,153,816 | ||||||
| 2,735,105 | ||||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® iBonds® 2026 Term High Yield and Income ETF |
| July 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Packaging & Containers — 4.2% | ||||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 4.13%, 08/15/26(a) | $ | 4,280 | $ | 3,626,134 | ||||
| Ball Corp., 4.88%, 03/15/26(b) | 965 | 951,722 | ||||||
| Berry Global Inc., 4.50%, 02/15/26(a)(b) | 1,185 | 1,158,600 | ||||||
| Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 | 1,470 | 1,422,778 | ||||||
| Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26(b) | 3,437 | 3,389,711 | ||||||
| Crown Cork & Seal Co. Inc., 7.38%, 12/15/26 | 1,371 | 1,426,397 | ||||||
| LABL Inc., 6.75%, 07/15/26(a) | 2,753 | 2,739,219 | ||||||
| Trivium Packaging Finance BV, 5.50%, 08/15/26(a) | 4,125 | 4,040,330 | ||||||
| 18,754,891 | ||||||||
| Pipelines — 3.8% | ||||||||
| Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/26(a) | 1,077 | 1,075,981 | ||||||
| Buckeye Partners LP, 3.95%, 12/01/26 | 2,359 | 2,275,841 | ||||||
| EQM Midstream Partners LP, 4.13%, 12/01/26(b) | 1,897 | 1,852,107 | ||||||
| Hess Midstream Operations LP, 5.63%, 02/15/26(a)(b) | 3,123 | 3,107,604 | ||||||
| New Fortress Energy Inc., 6.50%, 09/30/26(a)(b) | 5,857 | 5,443,403 | ||||||
| NuStar Logistics LP, 6.00%, 06/01/26 | 1,905 | 1,909,617 | ||||||
| TransMontaigne Partners LP/TLP Finance Corp., 6.13%, 02/15/26 | 1,179 | 1,165,833 | ||||||
| 16,830,386 | ||||||||
| Real Estate Investment Trusts — 3.7% | ||||||||
| Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 5.75%, 05/15/26(a)(b) | 3,848 | 3,807,567 | ||||||
| Diversified Healthcare Trust,0.00%, 01/15/26(a)(g) | 3,696 | 3,265,003 | ||||||
| MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 08/01/26(b) | 1,967 | 1,766,959 | ||||||
| RLJ Lodging Trust LP, 3.75%, 07/01/26(a)(b) | 1,938 | 1,849,421 | ||||||
| Service Properties Trust | ||||||||
| 4.75%, 10/01/26(b) | 1,765 | 1,691,493 | ||||||
| 5.25%, 02/15/26 | 1,364 | 1,342,171 | ||||||
| Starwood Property Trust Inc., 3.63%, 07/15/26(a) | 1,574 | 1,498,904 | ||||||
| Vornado Realty LP, 2.15%, 06/01/26(b) | 1,572 | 1,475,265 | ||||||
| 16,696,783 | ||||||||
| Retail — 5.7% | ||||||||
| Advance Auto Parts Inc., 5.90%, 03/09/26(b) | 1,095 | 1,096,396 | ||||||
| Beacon Roofing Supply Inc., 4.50%, 11/15/26(a) | 1,094 | 1,061,997 | ||||||
| CEC Entertainment LLC, 6.75%, 05/01/26(a) | 2,471 | 2,469,756 | ||||||
| Ferrellgas LP/Ferrellgas Finance Corp., 5.38%, 04/01/26(a)(b) | 2,340 | 2,349,350 | ||||||
| Guitar Center Inc., 8.50%, 01/15/26(a) | 1,984 | 1,767,380 | ||||||
| LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26(a) | 3,227 | 3,238,123 | ||||||
| NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26(a) | 4,322 | 4,341,081 | ||||||
| Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26(a) | 2,852 | 2,809,783 | ||||||
| Walgreens Boots Alliance Inc., 3.45%, 06/01/26 | 5,484 | 5,219,890 | ||||||
| White Cap Parent LLC, 8.25%, 03/15/26, (9.00% PIK)(a)(b)(c) | 1,085 | 1,086,392 | ||||||
| 25,440,148 | ||||||||
| Security | Par (000) | Value | ||||||
| Software — 1.5% | ||||||||
| ACI Worldwide Inc., 5.75%, 08/15/26(a) | $ | 1,569 | $ | 1,566,107 | ||||
| Camelot Finance SA, 4.50%, 11/01/26(a) | 2,653 | 2,590,777 | ||||||
| Consensus Cloud Solutions Inc., 6.00%, 10/15/26(a)(b) | 1,027 | 1,006,813 | ||||||
| Fair Isaac Corp., 5.25%, 05/15/26(a)(b) | 1,577 | 1,569,836 | ||||||
| 6,733,533 | ||||||||
| Telecommunications — 4.0% | ||||||||
| CommScope Inc., 6.00%, 03/01/26(a) | 5,482 | 5,155,371 | ||||||
| Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26(a) | 7,965 | 7,832,437 | ||||||
| Hughes Satellite Systems Corp., 5.25%, 08/01/26(b) | 2,937 | 2,239,817 | ||||||
| Iliad Holding SASU, 6.50%, 10/15/26(a) | 2,750 | 2,756,761 | ||||||
| 17,984,386 | ||||||||
| Trucking & Leasing — 0.5% | ||||||||
| NAC Aviation 29 DAC, 4.75%, 06/30/26(b) | 2,390 | 2,278,798 | ||||||
| Total Long-Term Investments — 95.3% | ||||||||
| (Cost: $425,013,649) | 427,016,226 | |||||||
| Share | ||||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 13.9% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 5.45%(h)(i)(j) | 50,498,592 | 50,518,791 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(h)(i) | 11,860,000 | 11,860,000 | ||||||
| Total Short-Term Securities — 13.9% | ||||||||
| (Cost: $62,371,384) | 62,378,791 | |||||||
| Total Investments — 109.2% | ||||||||
| (Cost: $487,385,033) | 489,395,017 | |||||||
| Liabilities in Excess of Other Assets — (9.2)% | (41,266,607 | ) | ||||||
| Net Assets — 100.0% | $ | 448,128,410 | ||||||
| (a) | 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. |
| (b) | All or a portion of this security is on loan. |
| (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) | Issuer filed for bankruptcy and/or is in default. |
| (e) | Non-income producing security. |
| (f) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (g) | Zero-coupon bond. |
| (h) | Affiliate of the Fund. |
| (i) | Annualized 7-day yield as of period end. |
| (j) | 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® iBonds® 2026 Term High Yield and Income 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 | $ | 21,440,767 | $ | 29,081,925 | (a) | $ | — | $ | (6,130 | ) | $ | 2,229 | $ | 50,518,791 | 50,498,592 | $ | 212,067 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 1,130,000 | 10,730,000 | (a) | — | — | — | 11,860,000 | 11,860,000 | 339,871 | — | ||||||||||||||||||||||||||
| $ | (6,130 | ) | $ | 2,229 | $ | 62,378,791 | $ | 551,938 | $ | — | ||||||||||||||||||||||||||
| (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 | $ | — | $ | 427,016,226 | $ | — | $ | 427,016,226 | ||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 62,378,791 | — | — | 62,378,791 | ||||||||||||
| $ | 62,378,791 | $ | 427,016,226 | $ | — | $ | 489,395,017 | |||||||||
Portfolio Abbreviation
| PIK | Payment-in-kind |
| REIT | Real Estate Investment Trust |
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