UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09729

Name of Fund:  iShares Trust

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

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

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: 02/28/2025

Date of reporting period: 08/31/2024

Item 1 – Reports to Stockholders

(a)  The Reports to Shareholders are attached herewith.

iShares 0-3 Month Treasury Bond ETF

SGOV | NYSE Arca

Semi-Annual Shareholder Report — August 31, 2024

This semi-annual shareholder report contains important information about iShares 0-3 Month Treasury Bond ETF (the “Fund”) for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares 0-3 Month Treasury Bond ETF	$4	0.08%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.74%	5.50%	2.42%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.68	5.43	2.41
ICE BofA US Broad Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.85	7.35	(1.15)
ICE® 0-3 Month US Treasury Securities Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.13	4.31	1.89

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$24,701,232,310
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-%

The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.

The inception date of the Fund was May 26, 2020. The first day of secondary market trading was May 28, 2020.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE^® 0-3 month US Treasury Securities Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023. 

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of August 31, 2024) 

Maturity allocation

Ten largest holdings

Maturity

Percent of TotaI InvestmentsFootnote Reference(a)

0-1 Year........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

100.0%

Security	Percent of Total InvestmentsFootnote Reference(a)
U.S. Treasury Bills, 5.30%, 09/17/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.2%
U.S. Treasury Bills, 5.21%, 10/29/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.0
U.S. Treasury Bills, 5.31%, 09/03/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.0
U.S. Treasury Bills, 5.27%, 10/01/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.8
U.S. Treasury Bills, 5.30%, 09/24/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.2
U.S. Treasury Bills, 5.17%, 10/22/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.0
U.S. Treasury Bills, 5.21%, 10/15/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
U.S. Treasury Bills, 5.12%, 11/21/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
U.S. Treasury Bills, 5.27%, 10/03/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.2
U.S. Treasury Bills, 5.31%, 09/12/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information

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

The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

© 2024 BlackRock, Inc or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares 0-3 Month Treasury Bond ETF

Semi-Annual Shareholder Report — August 31, 2024

SGOV-08/24-SAR

iShares 1-3 Year Treasury Bond ETF

SHY | NASDAQ

Semi-Annual Shareholder Report — August 31, 2024

This semi-annual shareholder report contains important information about iShares 1-3 Year Treasury Bond ETF (the “Fund”) for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares 1-3 Year Treasury Bond ETF	$8	0.15%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.28%	5.73%	1.17%	1.19%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.27	5.70	1.17	1.19
ICE BofA US Broad Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.85	7.35	(0.08)	1.67
ICE® U.S. Treasury 1-3 Year Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.35	5.88	1.29	1.32

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$23,732,751,406
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	118
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27%

The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.

The performance of the ICE^® U.S. Treasury 1-3 Year Bond Index in this report reflects the performance of the Barclays U.S. 1-3 Year Treasury Bond Index through March 31, 2016 and, beginning on April 1, 2016, the performance of the ICE^® U.S. Treasury 1-3 Year Bond Index.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE^® U.S. Treasury 1-3 Year Bond Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023. 

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of August 31, 2024) 

Maturity allocation

Ten largest holdings

Maturity	Percent of TotaI InvestmentsFootnote Reference(a)
0-1 Year........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9%
1-2 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	54.6
2-3 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	44.5

Security	Percent of Total InvestmentsFootnote Reference(a)
U.S. Treasury Notes, 4.00%, 02/15/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9%
U.S. Treasury Notes, 4.50%, 11/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
U.S. Treasury Notes, 4.00%, 12/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
U.S. Treasury Notes, 3.88%, 01/15/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
U.S. Treasury Notes, 0.75%, 05/31/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5
U.S. Treasury Notes, 4.63%, 02/28/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4
U.S. Treasury Notes, 4.00%, 01/15/27........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4
U.S. Treasury Notes, 4.25%, 03/15/27........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
U.S. Treasury Notes, 2.25%, 11/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
U.S. Treasury Notes, 4.50%, 05/15/27........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information

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

The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

© 2024 BlackRock, Inc or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares 1-3 Year Treasury Bond ETF

Semi-Annual Shareholder Report — August 31, 2024

SHY-08/24-SAR

iShares 3-7 Year Treasury Bond ETF

IEI | NASDAQ

Semi-Annual Shareholder Report — August 31, 2024

This semi-annual shareholder report contains important information about iShares 3-7 Year Treasury Bond ETF (the “Fund”) for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares 3-7 Year Treasury Bond ETF	$8	0.15%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.36%	6.48%	0.16%	1.34%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.31	6.45	0.15	1.34
ICE BofA US Broad Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.85	7.35	(0.08)	1.67
ICE® U.S. Treasury 3-7 Year Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.43	6.61	0.29	1.46

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$14,954,384,272
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	90
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19%

The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.

The performance of the ICE^® U.S. Treasury 3-7 Year Bond Index in this report reflects the performance of the Barclays U.S. 3-7 Year Treasury Bond Index through March 31, 2016 and, beginning on April 1, 2016, the performance of the ICE^® U.S. Treasury 3-7 Year Bond Index.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE^® U.S. Treasury 3-7 Year Bond Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023. 

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of August 31, 2024) 

Maturity allocation

Ten largest holdings

Maturity	Percent of TotaI InvestmentsFootnote Reference(a)
2-3 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4%
3-4 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.0
4-5 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	32.3
5-6 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.3
6-7 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.0

Security	Percent of Total InvestmentsFootnote Reference(a)
U.S. Treasury Notes, 2.63%, 02/15/29........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0%
U.S. Treasury Notes, 4.38%, 11/30/30........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
U.S. Treasury Notes, 1.38%, 10/31/28........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
U.S. Treasury Notes, 1.25%, 09/30/28........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
U.S. Treasury Notes, 1.00%, 07/31/28........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1
U.S. Treasury Notes, 2.88%, 08/15/28........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1
U.S. Treasury Notes, 2.38%, 05/15/29........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
U.S. Treasury Notes, 3.13%, 11/15/28........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
U.S. Treasury Notes, 2.75%, 02/15/28........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5
U.S. Treasury Notes, 4.13%, 08/31/30........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information

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

The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

© 2024 BlackRock, Inc or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares 3-7 Year Treasury Bond ETF

Semi-Annual Shareholder Report — August 31, 2024

IEI-08/24-SAR

iShares 7-10 Year Treasury Bond ETF

IEF | NASDAQ

Semi-Annual Shareholder Report — August 31, 2024

This semi-annual shareholder report contains important information about iShares 7-10 Year Treasury Bond ETF (the “Fund”) for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares 7-10 Year Treasury Bond ETF	$8	0.15%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.95%	5.96%	(1.30)%	1.17%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.85	5.88	(1.32)	1.17
ICE BofA US Broad Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.85	7.35	(0.08)	1.67
ICE® U.S. Treasury 7-10 Year Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.02	6.08	(1.18)	1.28

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$31,852,528,535
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	34%

The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.

The performance of the ICE^® U.S. Treasury 7-10 Year Bond Index in this report reflects the performance of the Barclays U.S. 7-10 Year Treasury Bond Index through March 31, 2016 and, beginning on April 1, 2016, the performance of the ICE^® U.S. Treasury 7-10 Year Bond Index.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE^® U.S. Treasury 7-10 Year Bond Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023. 

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of August 31, 2024) 

Maturity allocation

Ten largest holdings

Maturity	Percent of TotaI InvestmentsFootnote Reference(a)
5-6 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0%Footnote Reference(b)
6-7 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
7-8 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.1
8-9 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	32.9
9-10 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	35.9

Security	Percent of Total InvestmentsFootnote Reference(a)
U.S. Treasury Notes, 4.00%, 02/15/34........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.5%
U.S. Treasury Notes, 4.50%, 11/15/33........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.4
U.S. Treasury Notes, 4.38%, 05/15/34........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.5
U.S. Treasury Notes, 3.88%, 08/15/33........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.1
U.S. Treasury Notes, 1.88%, 02/15/32........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.6
U.S. Treasury Notes, 3.38%, 05/15/33........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
U.S. Treasury Notes, 3.50%, 02/15/33........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.0
U.S. Treasury Notes, 2.88%, 05/15/32........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.0
U.S. Treasury Notes, 1.38%, 11/15/31........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.7
U.S. Treasury Notes, 4.13%, 11/15/32........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.2

Footnote	Description
Footnote(a)	Excludes money market funds.
Footnote(b)	Rounds to less than 0.1%.

Additional information

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

The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

© 2024 BlackRock, Inc or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares 7-10 Year Treasury Bond ETF

Semi-Annual Shareholder Report — August 31, 2024

IEF-08/24-SAR

iShares 10-20 Year Treasury Bond ETF

TLH | NYSE Arca

Semi-Annual Shareholder Report — August 31, 2024

This semi-annual shareholder report contains important information about iShares 10-20 Year Treasury Bond ETF (the “Fund”) for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares 10-20 Year Treasury Bond ETF	$8	0.15%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.45%	5.98%	(4.15)%	0.33%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.40	5.97	(4.16)	0.33
ICE BofA US Broad Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.85	7.35	(0.08)	1.67
ICE® U.S. Treasury 10-20 Year Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.51	6.07	(4.14)	0.38

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$8,223,011,793
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	57
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18%

The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.

The performance of the ICE^® U.S. Treasury 10-20 Year Bond Index in this report reflects the performance of the Barclays U.S. 10-20 Year Treasury Bond Index through June 30, 2016 and, beginning on July 1, 2016, the performance of the ICE^® U.S. Treasury 10-20 Year Bond Index.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE^® U.S. Treasury 10-20 Year Bond Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023. 

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of August 31, 2024) 

Maturity allocation

Ten largest holdings

Maturity	Percent of TotaI InvestmentsFootnote Reference(a)
4-5 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7%
5-6 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
7-8 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
11-12 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
12-13 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
13-14 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
14-15 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
15-16 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.9
16-17 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.6
17-18 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.5
18-19 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.6
19-20 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.8

Security	Percent of Total InvestmentsFootnote Reference(a)
U.S. Treasury Bonds, 2.25%, 05/15/41........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.6%
U.S. Treasury Bonds, 2.00%, 11/15/41........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.9
U.S. Treasury Bonds, 4.75%, 11/15/43........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.7
U.S. Treasury Bonds, 4.50%, 02/15/44........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
U.S. Treasury Bonds, 1.88%, 02/15/41........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
U.S. Treasury Bonds, 1.75%, 08/15/41........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
U.S. Treasury Bonds, 2.75%, 08/15/42........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
U.S. Treasury Bonds, 1.38%, 11/15/40........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
U.S. Treasury Bonds, 3.88%, 02/15/43........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
U.S. Treasury Bonds, 4.38%, 08/15/43........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information

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

The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

© 2024 BlackRock, Inc or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares 10-20 Year Treasury Bond ETF

Semi-Annual Shareholder Report — August 31, 2024

TLH-08/24-SAR

iShares 20+ Year Treasury Bond ETF

TLT | NASDAQ

Semi-Annual Shareholder Report — August 31, 2024

This semi-annual shareholder report contains important information about iShares 20+ Year Treasury Bond ETF (the “Fund”) for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares 20+ Year Treasury Bond ETF	$8	0.15%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.71%	3.94%	(5.86)%	0.39%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.51	3.80	(5.90)	0.36
ICE BofA US Broad Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.85	7.35	(0.08)	1.67
ICE® U.S. Treasury 20+ Year Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.78	4.08	(5.78)	0.47

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$61,842,331,512
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	47
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11%

The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.

The performance of the ICE^® U.S. Treasury 20+ Year Bond Index in this report reflects the performance of the Barclays U.S. 20+ Year Treasury Bond Index through March 31, 2016 and, beginning on April 1, 2016, the performance of the ICE^® U.S. Treasury 20+ Year Bond Index.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE^® U.S. Treasury 20+ Year Bond Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023. 

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of August 31, 2024) 

Maturity allocation

Ten largest holdings

Maturity	Percent of TotaI InvestmentsFootnote Reference(a)
15-20 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6%
20-25 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	33.6
25-30 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	62.8

Security	Percent of Total InvestmentsFootnote Reference(a)
U.S. Treasury Bonds, 1.88%, 02/15/51........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.1%
U.S. Treasury Bonds, 2.00%, 08/15/51........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.7
U.S. Treasury Bonds, 1.63%, 11/15/50........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.7
U.S. Treasury Bonds, 1.88%, 11/15/51........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
U.S. Treasury Bonds, 4.13%, 08/15/53........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7
U.S. Treasury Bonds, 3.00%, 02/15/48........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
U.S. Treasury Bonds, 4.75%, 11/15/53........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
U.S. Treasury Bonds, 4.25%, 02/15/54........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
U.S. Treasury Bonds, 3.63%, 05/15/53........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
U.S. Treasury Bonds, 2.50%, 02/15/46........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information

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

The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

© 2024 BlackRock, Inc or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares 20+ Year Treasury Bond ETF

Semi-Annual Shareholder Report — August 31, 2024

TLT-08/24-SAR

iShares 25+ Year Treasury STRIPS Bond ETF

GOVZ | Cboe BZX

Semi-Annual Shareholder Report — August 31, 2024

This semi-annual shareholder report contains important information about iShares 25+ Year Treasury STRIPS Bond ETF (the “Fund”) for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares 25+ Year Treasury STRIPS Bond ETF	$5	0.10%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.50%	0.74%	(15.40)%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.46	0.66	(15.36)
ICE BofA US Broad Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.85	7.35	(1.71)
ICE®BofA® Long US Treasury Principal STRIPS Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.51	0.87	(15.59)

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$365,754,150
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12%

The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.

The inception date of the Fund was September 22, 2020. The first day of secondary market trading was September 24, 2020.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE^® BofA^® Long US Treasury Principal STRIPS Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023. 

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of August 31, 2024) 

Maturity allocation

Ten largest holdings

Maturity	Percent of TotaI InvestmentsFootnote Reference(a)
20-25 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6%
25-30 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	94.4

Security	Percent of Total InvestmentsFootnote Reference(a)
U.S. Treasury Bonds Principal STRIPS
0.00%, 02/15/51........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.9%
0.00%, 11/15/50........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.9
0.00%, 02/15/52........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.8
0.00%, 08/15/51........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.6
0.00%, 08/15/50........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.5
0.00%, 08/15/49........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
0.00%, 11/15/51........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
0.00%, 02/15/54........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
0.00%, 11/15/53........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
0.00%, 05/15/54........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information

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

The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

© 2024 BlackRock, Inc or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares 25+ Year Treasury STRIPS Bond ETF

Semi-Annual Shareholder Report — August 31, 2024

GOVZ-08/24-SAR

iShares Short Treasury Bond ETF

SHV | NASDAQ

Semi-Annual Shareholder Report — August 31, 2024

This semi-annual shareholder report contains important information about iShares Short Treasury Bond ETF (the “Fund”) for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Short Treasury Bond ETF	$8	0.15%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.71%	5.44%	2.15%	1.52%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.65	5.38	2.14	1.52
ICE BofA US Broad Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.85	7.35	(0.08)	1.67
ICE® Short US Treasury Securities Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.40	4.81	2.02	1.53

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$19,119,417,987
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	41
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	34%

The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.

The performance of the ICE^® Short US Treasury Securities Index in this report reflects the performance of the Barclays U.S. Short Treasury Bond Index through June 30, 2016 and, beginning on July 1, 2016, the performance of the ICE^® Short US Treasury Securities Index.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE^® Short US Treasury Securities Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.  

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of August 31, 2024) 

Portfolio composition

Ten largest holdings

Investment Type

Percent of Total InvestmentsFootnote Reference(a)

U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

100.0%

Security	Percent of Total InvestmentsFootnote Reference(a)
U.S. Treasury Bills, 5.33%, 10/03/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.0%
U.S. Treasury Bills, 5.24%, 01/02/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
U.S. Treasury Bills, 4.87%, 01/23/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
U.S. Treasury Bills, 5.00%, 10/29/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
U.S. Treasury Bills, 5.37%, 10/31/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
U.S. Treasury Bills, 5.30%, 09/17/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
U.S. Treasury Bills, 2.83%, 10/01/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
U.S. Treasury Bills, 5.22%, 11/14/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
U.S. Treasury Bills, 5.27%, 10/24/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
U.S. Treasury Bills, 4.91%, 02/13/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information

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

The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

© 2024 BlackRock, Inc or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Short Treasury Bond ETF

Semi-Annual Shareholder Report — August 31, 2024

SHV-08/24-SAR

iShares California Muni Bond ETF

CMF | NYSE Arca

Semi-Annual Shareholder Report — August 31, 2024

This semi-annual shareholder report contains important information about iShares California Muni Bond ETF (the “Fund”) for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares California Muni Bond ETF	$4	0.08%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.21%	5.28%	0.62%	2.02%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.00	5.30	0.58	1.99
ICE AMT-Free US National Municipal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.49	5.55	1.03	2.25
ICE AMT-Free California Municipal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.31	5.38	0.84	2.25

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,189,088,109
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,227
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10%

The Fund has added the ICE AMT-Free US National Municipal Index in response to new regulatory requirements.

The performance of the ICE AMT-Free California Municipal Index in this report reflects the performance of the S&P California AMT-Free Municipal Bond Index™ through September 14, 2021 and, beginning on September 15, 2021, the performance of the ICE AMT-Free California Municipal Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of August 31, 2024) 

Credit quality allocation

Ten largest holdings

S&P Credit RatingFootnote Reference*	Percent of Total InvestmentsFootnote Reference(a)
AAA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.3%
AA+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.7
AA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.4
AA-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	36.3
A+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6
A-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
BBB+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Not Rated........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.4

Security	Percent of TotaI InvestmentsFootnote Reference(a)
California Educational Facilities Authority, Series U-6, RB, 5.00%, 05/01/45........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8%
Los Angeles Unified School District, Series 2024A, GO, 5.00%, 07/01/33........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
Los Angeles Unified School District, Series 2024A, GO, 5.00%, 07/01/34........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
State of California, GO, 5.00%, 09/01/41........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Bay Area Toll Authority, Series 2023A, RB, VRDN, 3.85%, 09/03/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
State of California, GO, 5.00%, 09/01/39........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
State of California, GO, 5.00%, 11/01/32........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Foothill-Eastern Transportation Corridor Agency, Series 2021A, RB, 4.00%, 01/15/46........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
State of California, GO, 5.00%, 10/01/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Metropolitan Water District of Southern California, Series 2020A, RB, 5.00%, 10/01/49........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5

Footnote	Description
Footnote*	Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(a)	Excludes money market funds.

Additional information

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

The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

© 2024 BlackRock, Inc or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares California Muni Bond ETF

Semi-Annual Shareholder Report — August 31, 2024

CMF-08/24-SAR

iShares National Muni Bond ETF

MUB | NYSE Arca

Semi-Annual Shareholder Report — August 31, 2024

This semi-annual shareholder report contains important information about iShares National Muni Bond ETF (the “Fund”) for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares National Muni Bond ETF	$3	0.05%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.37%	5.44%	0.97%	2.18%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.22	5.10	0.93	2.14
ICE AMT-Free US National Municipal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.49	5.55	1.04	2.36

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$38,703,191,521
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5,777
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13%

The performance of the ICE AMT-Free US National Municipal Index in this report reflects the performance of the S&P National AMT-Free Municipal Bond Index™ through September 14, 2021 and, beginning on September 15, 2021, the performance of the ICE AMT-Free US National Municipal Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of August 31, 2024) 

Credit quality allocation

Ten largest states

S&P Credit RatingFootnote Reference*	Percent of Total InvestmentsFootnote Reference(a)
AAA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.8%
AA+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.4
AA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.9
AA-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.5
A+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4
A-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
BBB+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
BBB........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
BB+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
Not Rated........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.3

State	Percent of TotaI InvestmentsFootnote Reference(a)
New York ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.0%
California ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.3
Texas ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.7
New Jersey ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
Massachusetts ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Illinois ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
Washington ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Pennsylvania ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1
Maryland ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Georgia ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5

Footnote	Description
Footnote*	Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(a)	Excludes money market funds.
Footnote(b)	Rounds to less than 0.1%.

Additional information

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

The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

© 2024 BlackRock, Inc or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares National Muni Bond ETF

Semi-Annual Shareholder Report — August 31, 2024

MUB-08/24-SAR

iShares New York Muni Bond ETF

NYF | NYSE Arca

Semi-Annual Shareholder Report — August 31, 2024

This semi-annual shareholder report contains important information about iShares New York Muni Bond ETF (the “Fund”) for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares New York Muni Bond ETF	$13	0.25%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.41%	5.55%	0.80%	2.05%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.23	5.57	0.76	2.05
ICE AMT-Free US National Municipal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.49	5.55	1.03	2.25
ICE AMT-Free New York Plus Municipal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.56	5.68	0.96	2.25

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$749,250,057
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	640
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8%

The Fund has added the ICE AMT-Free US National Municipal Index in response to new regulatory requirements.

The performance of the ICE AMT-Free New York Plus Municipal Index in this report reflects the performance of the S&P New York AMT-Free Municipal Bond Index™ through September 14, 2021 and, beginning on September 15, 2021, the performance of the ICE AMT-Free New York Plus Municipal Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of August 31, 2024) 

Credit quality allocation

Ten largest holdings

S&P Credit RatingFootnote Reference*	Percent of Total InvestmentsFootnote Reference(a)
AAA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.9%
AA+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.7
AA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.3
AA-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.1
A+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
A-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
BBB+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Not Rated........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.6

Security	Percent of TotaI InvestmentsFootnote Reference(a)
Utility Debt Securitization Authority, Series 2023TE-1, RB, 5.00%, 12/15/41........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9%
New York State Urban Development Corp., Series 2017A, RB, 5.00%, 03/15/29........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
New York City Transitional Finance Authority Future Tax Secured, Series 2023A-1, RB, 5.25%, 08/01/42........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
New York State Dormitory Authority, Series 2020A, RB, 5.00%, 07/01/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
New York City Transitional Finance Authority, Series 2024G-1, RB, 5.00%, 05/01/43........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
New York State Dormitory Authority, Series 2024A, RB, 5.50%, 07/01/54........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
Long Island Power Authority, Series 2017, RB, 5.00%, 09/01/42........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Monroe County Industrial Development Corp., Series 2018, RB, 5.00%, 05/01/34........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
City of New York, Series 2023A, Sub-Series A-4, GO, VRDN, 3.80%, 09/03/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
New York State Environmental Facilities Corp., Series 2024A, RB, 5.00%, 06/15/47........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6

Footnote	Description
Footnote*	Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(a)	Excludes money market funds.

Additional information

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

The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

© 2024 BlackRock, Inc or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares New York Muni Bond ETF

Semi-Annual Shareholder Report — August 31, 2024

NYF-08/24-SAR

iShares Short-Term National Muni Bond ETF

SUB | NYSE Arca

Semi-Annual Shareholder Report — August 31, 2024

This semi-annual shareholder report contains important information about iShares Short-Term National Muni Bond ETF (the “Fund”) for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Short-Term National Muni Bond ETF	$4	0.07%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.81%	4.05%	1.10%	1.11%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.76	4.01	1.07	1.09
ICE AMT-Free US National Municipal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.49	5.55	1.03	2.25
ICE® Short Maturity AMT-Free US National Municipal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.90	4.21	1.20	1.31

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$8,668,251,905
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2,360
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16%

The Fund has added the ICE AMT-Free US National Municipal Index in response to new regulatory requirements.

The performance of the ICE^® Short Maturity AMT-Free US National Municipal Index in this report reflects the performance of the S&P Short Term National AMT-Free Municipal Bond Index™ through September 14, 2021 and, beginning on September 15, 2021, the performance of the ICE^® Short Maturity AMT-Free US National Municipal Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of August 31, 2024) 

Credit quality allocation

Ten largest states

S&P Credit RatingFootnote Reference*	Percent of Total InvestmentsFootnote Reference(a)
AAA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	35.7%
AA+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.8
AA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.0
AA-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.8
A+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
A-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
BBB+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
BBB........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
Not Rated........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.8

State	Percent of TotaI InvestmentsFootnote Reference(a)
New York ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.3%
California ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.2
Texas ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
Massachusetts ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.2
Washington ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Maryland ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
New Jersey ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Illinois ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5
Minnesota ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5
Virginia ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4

Footnote	Description
Footnote*	Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(a)	Excludes money market funds.
Footnote(b)	Rounds to less than 0.1%.

Additional information

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

The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

© 2024 BlackRock, Inc or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Short-Term National Muni Bond ETF

Semi-Annual Shareholder Report — August 31, 2024

SUB-08/24-SAR

iShares Agency Bond ETF

AGZ | NYSE Arca

Semi-Annual Shareholder Report — August 31, 2024

This semi-annual shareholder report contains important information about iShares Agency Bond ETF (the “Fund”) for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Agency Bond ETF	$10	0.20%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.62%	6.30%	0.83%	1.66%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.64	6.23	0.86	1.68
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.99	7.92	0.34	1.93
Bloomberg U.S. Agency Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.68	6.42	0.70	1.65

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$701,806,337
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	141
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13%

The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of August 31, 2024) 

Portfolio composition

Maturity allocation

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	95.4%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4

Maturity	Percent of TotaI InvestmentsFootnote Reference(a)
0-1 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.6%
1-5 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	65.3
5-10 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.3
10-15 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
15-20 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
More than 20 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information

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

The Fund is not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

© 2024 BlackRock, Inc or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Agency Bond ETF

Semi-Annual Shareholder Report — August 31, 2024

AGZ-08/24-SAR

iShares BBB Rated Corporate Bond ETF

LQDB | NYSE Arca

Semi-Annual Shareholder Report — August 31, 2024

This semi-annual shareholder report contains important information about iShares BBB Rated Corporate Bond ETF (the “Fund”) for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares BBB Rated Corporate Bond ETF	$8	0.15%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.14%	9.52%	(0.54)%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.25	9.67	(0.47)
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.99	7.92	(0.98)
iBoxx USD Liquid Investment Grade BBB 0+ Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.22	9.67	(0.40)

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$34,880,017
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	921
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5%

The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.

The inception date of the Fund was May 18, 2021. The first day of secondary market trading was May 20, 2021.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of August 31, 2024) 

Credit quality allocation

Maturity allocation

S&P Credit RatingFootnote Reference*	Percent of Total InvestmentsFootnote Reference(a)
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8%
A-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
BBB+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	29.2
BBB........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	47.8
BBB-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.5
BB+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Not Rated........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4

Maturity	Percent of TotaI InvestmentsFootnote Reference(a)
0-1 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.9%
1-5 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	33.0
5-10 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	30.7
10-15 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
15-20 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
More than 20 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.0

Footnote	Description
Footnote*	Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(a)	Excludes money market funds.

Additional information

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited or Markit Indices Limited and its affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares BBB Rated Corporate Bond ETF

Semi-Annual Shareholder Report — August 31, 2024

LQDB-08/24-SAR

iShares ESG Advanced Investment Grade Corporate Bond ETF

ELQD | NYSE Arca

Semi-Annual Shareholder Report — August 31, 2024

This semi-annual shareholder report contains important information about iShares ESG Advanced Investment Grade Corporate Bond ETF (the “Fund”) for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares ESG Advanced Investment Grade Corporate Bond ETF	$9	0.18%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.42%	9.31%	(3.07)%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.52	9.42	(2.97)
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.99	7.92	(1.72)
iBoxx MSCI ESG Advanced USD Liquid Investment Grade Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.55	9.54	(2.86)

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$12,503,476
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	577
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9%

The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.

The inception date of the Fund was November 8, 2021. The first day of secondary market trading was November 10, 2021.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of August 31, 2024) 

Credit quality allocation

Maturity allocation

Moody's Credit RatingFootnote Reference*	Percent of Total InvestmentsFootnote Reference(a)
Aaa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5%
Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	46.8
Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	43.0
Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Not Rated........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)

Maturity	Percent of TotaI InvestmentsFootnote Reference(a)
1-5 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.2%
5-10 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	36.0
10-15 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
15-20 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.0
More than 20 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.6

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

Additional information

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited or Markit Indices Limited and its affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares ESG Advanced Investment Grade Corporate Bond ETF

Semi-Annual Shareholder Report — August 31, 2024

ELQD-08/24-SAR

(b)  Not Applicable

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

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

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

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

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

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

              (a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

AUGUST

31,

2024

2024

Semi-Annual

Financial

Statements

(Unaudited)

iShares

Trust

iShares

0-3

Month

Treasury

Bond

ETF

|

SGOV

|

NYSE

Arca

iShares

1-3

Year

Treasury

Bond

ETF

|

SHY

|

NASDAQ

iShares

3-7

Year

Treasury

Bond

ETF

|

IEI

|

NASDAQ

iShares

7-10

Year

Treasury

Bond

ETF

|

IEF

|

NASDAQ

iShares

10-20

Year

Treasury

Bond

ETF

|

TLH

|

NYSE

Arca

iShares

20+

Year

Treasury

Bond

ETF

|

TLT

|

NASDAQ

iShares

25+

Year

Treasury

STRIPS

Bond

ETF

|

GOVZ

|

Cboe

BZX

iShares

Short

Treasury

Bond

ETF

|

SHV

|

NASDAQ

Table

of

Contents

Page

2

Schedule

of

Investments

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

3

Statements

of

Assets

and

Liabilities

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

15

Statements

of

Operations

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

17

Statements

of

Changes

in

Net

Assets

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

19

Financial

Highlights

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

23

Notes

to

Financial

Statements

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

31

Additional

Information

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

39

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

40

Glossary

of

Terms

Used

in

this

Report

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

49

Schedule

of

Investments

(unaudited)

August

31,

2024

iShares

®

0-3

Month

Treasury

Bond

ETF

Schedule

of

Investments

3

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

August

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

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.

See

notes

to

financial

statements.

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

0.6%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.25

%

(a)

(b)

(c)

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

140,292,228

$

140,292,228

Total

Money

Market

Funds

—

0

.6

%

(Cost:

$

140,292,228

)

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

140,292,228

Par

(000)

Pa

r

(

000)

U.S.

Treasury

Obligations

—

112.2%

U.S.

Treasury

Bills

(d)

5.31

%

,

09/03/24

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

USD

3,051,743

3,051,742,800

5.31

%

,

09/05/24

(e)

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

1,132,294

1,131,965,335

5.30

%

,

09/10/24

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

467,007

466,533,159

5.31

%

,

09/12/24

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

1,318,272

1,316,551,655

5.30

%

,

09/17/24

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

3,673,118

3,665,636,856

5.31

%

,

09/19/24

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

53,938

53,812,624

5.30

%

,

09/24/24

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

1,998,256

1,992,209,197

5.27

%

,

10/01/24

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

3,009,239

2,997,123,496

5.27

%

,

10/03/24

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

1,453,683

1,447,449,936

5.23

%

,

10/08/24

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

511,682

509,132,075

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

5.18

%

,

10/10/24

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

USD

1,133,130

$

1,127,149,449

5.21

%

,

10/15/24

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

1,508,923

1,499,927,597

5.17

%

,

10/22/24

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

1,975,026

1,961,269,373

5.21

%

,

10/29/24

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

3,100,000

3,075,406,677

5.21

%

,

10/31/24

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

1,038,106

1,029,634,764

5.14

%

,

11/07/24

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

412,967

409,222,781

5.14

%

,

11/14/24

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

505,253

500,205,523

5.12

%

,

11/21/24

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

1,495,425

1,479,049,678

Total

U.S.

Treasury

Obligations

—

112

.2

%

(Cost:

$

27,705,827,261

)

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

27,714,022,975

Total

Short-Term

Securities

—

112.8%

(Cost:

$

27,846,119,489

)

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

27,854,315,203

Total

Investments

—

112

.8

%

(Cost:

$

27,846,119,489

)

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

27,854,315,203

Liabilities

in

Excess

of

Other

Assets

—

(

12.8

)

%

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

(

3,153,082,893

)

Net

Assets

—

100.0%

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

$

24,701,232,310

(a)

Affiliate

of

the

Fund.

(b)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(e)

All

or

a

portion

of

this

security

is

on

loan.

Affiliated

Issuer

Value

at

02/29/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/24

Shares

Held

at

08/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

$

27,220,000

$

113,072,228

(a)

$

—

$

—

$

—

$

140,292,228

140,292,228

$

6,248,943

(b)

$

—

—

—

(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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Money

Market

Funds

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

$

140,292,228

$

—

$

—

$

140,292,228

U.S.

Treasury

Obligations

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

—

27,714,022,975

—

27,714,022,975

$

140,292,228

$

27,714,022,975

$

—

$

27,854,315,203

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

August

31,

2024

iShares

®

1-3

Year

Treasury

Bond

ETF

4

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

August

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

,

6.75

%

,

08/15/26

.....

USD

23,920

$

25,241,101

U.S.

Treasury

Notes

0.63

%

,

10/15/24

-

03/31/27

...........

362,321

339,483,770

2.25

%

,

10/31/24

-

08/15/27

...........

1,053,068

1,020,354,758

4.38

%

,

10/31/24

-

07/15/27

...........

1,367,104

1,381,202,414

0.75

%

,

11/15/24

-

08/31/26

...........

1,627,747

1,538,543,079

1.50

%

,

11/30/24

-

01/31/27

...........

635,258

604,165,115

1.00

%

,

12/15/24

(a)

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

3,136

3,101,672

1.13

%

,

01/15/25

(a)

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

6,542

6,453,650

2.50

%

,

01/31/25

-

03/31/27

...........

279,417

271,323,522

4.13

%

,

01/31/25

-

02/15/27

...........

634,107

636,926,347

2.00

%

,

02/15/25

(a)

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

3,209

3,168,054

1.13

%

,

02/28/25

-

02/28/27

...........

408,907

385,444,900

2.75

%

,

02/28/25

-

07/31/27

...........

498,999

485,440,929

4.63

%

,

02/28/25

-

06/15/27

...........

2,211,754

2,239,697,696

1.75

%

,

03/15/25

-

12/31/26

...........

147,851

141,005,117

0.50

%

,

03/31/25

-

08/31/27

...........

895,560

817,356,506

2.63

%

,

03/31/25

-

05/31/27

...........

394,139

382,194,352

3.88

%

,

03/31/25

-

01/15/26

...........

780,689

777,652,951

2.88

%

,

04/30/25

-

07/31/25

...........

29,712

29,337,582

2.13

%

,

05/15/25

-

05/31/26

...........

169,470

164,258,009

0.25

%

,

05/31/25

-

10/31/25

...........

298,642

285,526,557

4.25

%

,

05/31/25

-

03/15/27

...........

1,036,195

1,041,365,797

3.00

%

,

07/15/25

-

10/31/25

...........

404,660

398,954,463

2.00

%

,

08/15/25

-

11/15/26

...........

341,398

328,070,768

5.00

%

,

08/31/25

-

09/30/25

...........

295,412

297,389,841

3.50

%

,

09/15/25

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

216

213,705

4.50

%

,

11/15/25

-

05/15/27

...........

2,259,329

2,279,469,992

4.88

%

,

11/30/25

-

05/31/26

...........

349,691

353,298,700

4.00

%

,

12/15/25

-

01/15/27

...........

2,555,354

2,552,768,833

3.75

%

,

04/15/26

-

08/15/27

...........

971,363

968,307,871

1.63

%

,

05/15/26

-

11/30/26

...........

697,612

666,972,775

3.63

%

,

05/15/26

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

397,447

394,808,004

0.88

%

,

06/30/26

-

09/30/26

...........

594,298

560,026,839

1.88

%

,

06/30/26

-

02/28/27

...........

575,524

551,545,454

1.38

%

,

08/31/26

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

152,374

144,963,909

1.25

%

,

11/30/26

-

12/31/26

...........

745,311

703,123,106

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

3.25

%

,

06/30/27

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

USD

242,724

$

239,159,385

0.38

%

,

07/31/27

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

192,161

174,183,437

3.13

%

,

08/31/27

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

270,000

264,916,407

Total

Long-Term

Investments

—

98

.9

%

(Cost:

$

23,306,581,112

)

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

23,457,417,367

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

0.3%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.25

%

(b)

(c)

(d)

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

78,126,892

78,126,892

Total

Short-Term

Securities

—

0

.3

%

(Cost:

$

78,126,892

)

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

78,126,892

Total

Investments

Before

Investments

Sold

Short

—

99

.2

%

(Cost:

$

23,384,708,004

)

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

23,535,544,259

Investments

Sold

Short

U.S.

Treasury

Obligations

U.S.

Treasury

Notes

,

3.13

%

,

08/15/25

......

(

518

)

(

512,195

)

Total

Investments

Sold

Short

—

(0.0)

%

(Proceeds:

$

(

512,244

)

)

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

(

512,195

)

Total

Investments

Net

of

Investments

Sold

Short

—

99

.2

%

(Cost:

$

23,384,195,760

)

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

23,535,032,064

Other

Assets

Less

Liabilities

—

0.8

%

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

197,719,342

Net

Assets

—

100.0%

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

$

23,732,751,406

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Affiliate

of

the

Fund.

(c)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(d)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

02/29/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/24

Shares

Held

at

08/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

$

468,836,072

$

—

$

(

390,709,180

)

(a)

$

—

$

—

$

78,126,892

78,126,892

$

1,767,966

(b)

$

—

—

—

(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.

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

1-3

Year

Treasury

Bond

ETF

Schedule

of

Investments

5

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

U.S.

Treasury

Obligations

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

$

—

$

23,457,417,367

$

—

$

23,457,417,367

Short-Term

Securities

Money

Market

Funds

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

78,126,892

—

—

78,126,892

Liabilities

Investment

Sold

Short

U.S.

Treasury

Obligations

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

—

(

512,195

)

—

(

512,195

)

$

78,126,892

$

23,456,905,172

$

—

$

23,535,032,064

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

August

31,

2024

iShares

®

3-7

Year

Treasury

Bond

ETF

6

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

August

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

,

5.50

%

,

08/15/28

.....

USD

14,465

$

15,436,867

U.S.

Treasury

Bonds

STRIPS

,

0.00

%

,

02/15/29

(a)

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

38,450

32,467,118

U.S.

Treasury

Notes

2.25

%

,

02/15/27

-

11/15/27

...........

154,473

147,423,105

1.88

%

,

02/28/27

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

554

528,716

0.63

%

,

03/31/27

-

08/15/30

...........

750,883

645,251,830

2.50

%

,

03/31/27

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

579

560,231

0.50

%

,

04/30/27

-

10/31/27

...........

215,095

194,674,786

2.75

%

,

04/30/27

-

02/15/28

...........

424,245

410,272,332

2.38

%

,

05/15/27

-

05/15/29

...........

539,722

508,265,781

2.63

%

,

05/31/27

-

07/31/29

...........

695,151

662,849,939

3.25

%

,

06/30/27

-

06/30/29

...........

89,535

87,732,510

3.13

%

,

08/31/27

-

08/31/29

...........

624,226

608,242,807

4.13

%

,

09/30/27

-

07/31/31

...........

1,023,125

1,039,296,296

3.88

%

,

12/31/27

-

12/31/29

...........

656,815

659,999,745

0.75

%

,

01/31/28

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

174,935

158,124,840

1.13

%

,

02/29/28

-

02/15/31

...........

793,952

701,489,182

4.00

%

,

02/29/28

-

01/31/31

...........

1,202,226

1,214,645,863

1.25

%

,

03/31/28

-

08/15/31

...........

1,583,749

1,422,400,828

3.50

%

,

04/30/28

-

04/30/30

...........

436,757

431,357,391

2.88

%

,

05/15/28

-

04/30/29

...........

785,680

760,328,785

1.00

%

,

07/31/28

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

511,369

460,291,667

4.38

%

,

08/31/28

-

11/30/30

...........

756,055

778,035,627

1.38

%

,

10/31/28

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

587,360

533,809,285

4.88

%

,

10/31/28

-

10/31/30

...........

346,584

363,955,907

1.50

%

,

11/30/28

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

52,503

47,894,631

3.75

%

,

12/31/28

-

08/31/31

...........

937,363

935,624,153

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

1.75

%

,

01/31/29

-

11/15/29

...........

USD

117,134

$

106,299,830

4.25

%

,

02/28/29

-

06/30/31

...........

510,067

522,280,356

4.63

%

,

04/30/29

-

05/31/31

...........

549,729

573,279,083

4.50

%

,

05/31/29

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

183,869

189,937,596

3.63

%

,

08/31/29

-

03/31/30

...........

239,001

237,343,454

1.63

%

,

05/15/31

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

348,787

304,017,091

Total

Long-Term

Investments

—

98

.6

%

(Cost:

$

14,914,580,661

)

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

14,754,117,632

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

0.7%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.25

%

(b)

(c)

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

100,236,010

100,236,010

Total

Short-Term

Securities

—

0

.7

%

(Cost:

$

100,236,010

)

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

100,236,010

Total

Investments

—

99

.3

%

(Cost:

$

15,014,816,671

)

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

14,854,353,642

Other

Assets

Less

Liabilities

—

0.7

%

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

100,030,630

Net

Assets

—

100.0%

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

$

14,954,384,272

(a)

Zero-coupon

bond.

(b)

Affiliate

of

the

Fund.

(c)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

02/29/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/24

Shares

Held

at

08/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

$

188,906,078

$

—

$

(

88,670,068

)

(a)

$

—

$

—

$

100,236,010

100,236,010

$

1,365,620

(b)

$

—

—

—

(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.

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

3-7

Year

Treasury

Bond

ETF

Schedule

of

Investments

7

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

U.S.

Treasury

Obligations

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

$

—

$

14,754,117,632

$

—

$

14,754,117,632

Short-Term

Securities

Money

Market

Funds

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

100,236,010

—

—

100,236,010

$

100,236,010

$

14,754,117,632

$

—

$

14,854,353,642

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

August

31,

2024

iShares

®

7-10

Year

Treasury

Bond

ETF

8

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

August

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

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.

See

notes

to

financial

statements.

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Notes

0.63

%

,

08/15/30

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

USD

401

$

333,979

4.13

%

,

03/31/31

-

11/15/32

...........

2,280,758

2,323,430,182

1.63

%

,

05/15/31

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

240,180

209,350,295

4.63

%

,

05/31/31

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

18,873

19,772,312

4.25

%

,

06/30/31

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

14,382

14,759,733

1.25

%

,

08/15/31

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

1,190,296

1,004,777,035

1.38

%

,

11/15/31

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

2,857,474

2,419,253,813

1.88

%

,

02/15/32

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

3,113,683

2,720,093,746

2.88

%

,

05/15/32

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

2,689,443

2,516,099,633

2.75

%

,

08/15/32

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

963,097

890,676,623

3.50

%

,

02/15/33

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

2,599,000

2,528,340,077

3.38

%

,

05/15/33

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

2,802,424

2,696,675,787

3.88

%

,

08/15/33

-

08/15/34

...........

4,304,156

4,292,633,199

4.50

%

,

11/15/33

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

3,128,828

3,270,969,163

4.00

%

,

02/15/34

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

3,618,061

3,640,673,982

4.38

%

,

05/15/34

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

2,899,921

3,005,043,447

Total

Long-Term

Investments

—

99

.0

%

(Cost:

$

31,614,917,736

)

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

31,552,883,006

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

1.0%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.25

%

(a)

(b)

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

302,924,460

$

302,924,460

Total

Short-Term

Securities

—

1

.0

%

(Cost:

$

302,924,460

)

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

302,924,460

Total

Investments

—

100

.0

%

(Cost:

$

31,917,842,196

)

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

31,855,807,466

Liabilities

in

Excess

of

Other

Assets

—

(

0.0

)

%

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

(

3,278,931

)

Net

Assets

—

100.0%

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

$

31,852,528,535

(a)

Affiliate

of

the

Fund.

(b)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

02/29/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/24

Shares

Held

at

08/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

$

204,610,000

$

98,314,460

(a)

$

—

$

—

$

—

$

302,924,460

302,924,460

$

2,617,807

(b)

$

—

—

—

(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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

U.S.

Treasury

Obligations

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

$

—

$

31,552,883,006

$

—

$

31,552,883,006

Short-Term

Securities

Money

Market

Funds

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

302,924,460

—

—

302,924,460

$

302,924,460

$

31,552,883,006

$

—

$

31,855,807,466

Schedule

of

Investments

(unaudited)

August

31,

2024

iShares

®

10-20

Year

Treasury

Bond

ETF

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

August

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

4.50

%

,

02/15/36

-

02/15/44

...........

USD

565,959

$

583,679,684

4.75

%

,

02/15/37

-

11/15/43

...........

466,590

495,320,370

5.00

%

,

05/15/37

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

42,751

47,205,117

4.38

%

,

02/15/38

-

08/15/43

...........

450,425

458,486,843

3.50

%

,

02/15/39

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

53,008

49,910,722

4.25

%

,

05/15/39

-

11/15/40

...........

63,482

64,748,979

4.63

%

,

02/15/40

-

05/15/44

...........

207,841

218,474,316

1.13

%

,

05/15/40

-

08/15/40

...........

658,684

423,705,615

3.88

%

,

08/15/40

-

05/15/43

...........

775,091

734,854,445

1.38

%

,

11/15/40

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

599,708

398,290,709

1.88

%

,

02/15/41

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

634,655

456,406,334

2.25

%

,

05/15/41

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

704,626

535,598,184

1.75

%

,

08/15/41

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

632,983

439,997,365

3.75

%

,

08/15/41

-

11/15/43

...........

133,527

123,513,685

2.00

%

,

11/15/41

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

668,819

482,725,409

3.13

%

,

11/15/41

-

08/15/44

...........

259,793

220,408,397

2.38

%

,

02/15/42

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

306,306

234,012,694

3.00

%

,

05/15/42

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

1,735

1,459,770

3.25

%

,

05/15/42

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

99,168

86,408,128

2.75

%

,

08/15/42

-

11/15/42

...........

570,353

459,959,773

3.38

%

,

08/15/42

-

05/15/44

...........

473,038

417,007,635

4.00

%

,

11/15/42

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

313,371

302,354,147

2.88

%

,

05/15/43

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

259,156

210,857,662

3.63

%

,

08/15/43

-

02/15/44

...........

334,525

303,886,618

4.13

%

,

08/15/44

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

120,610

117,688,977

U.S.

Treasury

Bonds

Principal

STRIPS

(a)

0.00

%

,

11/15/40

-

02/15/41

...........

168,253

83,727,084

0.00

%

,

05/15/41

(b)

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

3,455

1,697,144

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

U.S.

Treasury

Notes

2.88

%

,

04/30/29

-

05/15/32

...........

USD

17,709

$

16,571,145

3.13

%

,

08/31/29

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

55,960

54,364,266

0.63

%

,

08/15/30

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

5,516

4,596,713

1.38

%

,

11/15/31

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

93,062

78,790,408

1.88

%

,

02/15/32

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

2,572

2,246,971

2.75

%

,

08/15/32

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

4,449

4,114,641

Total

Long-Term

Investments

—

98

.6

%

(Cost:

$

8,226,776,915

)

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

8,113,069,950

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

1.3%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.25

%

(c)

(d)

(e)

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

105,335,607

105,335,607

Total

Short-Term

Securities

—

1

.3

%

(Cost:

$

105,335,607

)

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

105,335,607

Total

Investments

—

99

.9

%

(Cost:

$

8,332,112,522

)

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

8,218,405,557

Other

Assets

Less

Liabilities

—

0.1

%

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

4,606,236

Net

Assets

—

100.0%

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

$

8,223,011,793

(a)

Zero-coupon

bond.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(e)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

02/29/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/24

Shares

Held

at

08/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

$

147,527,500

$

—

$

(

42,191,893

)

(a)

$

—

$

—

$

105,335,607

105,335,607

$

1,849,240

(b)

$

—

—

—

(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.

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

10-20

Year

Treasury

Bond

ETF

10

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

U.S.

Treasury

Obligations

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

$

—

$

8,113,069,950

$

—

$

8,113,069,950

Short-Term

Securities

Money

Market

Funds

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

105,335,607

—

—

105,335,607

$

105,335,607

$

8,113,069,950

$

—

$

8,218,405,557

Schedule

of

Investments

(unaudited)

August

31,

2024

iShares

®

20+

Year

Treasury

Bond

ETF

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

August

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

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.

See

notes

to

financial

statements.

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

2.75

%

,

11/15/42

-

11/15/47

...........

USD

1,747,297

$

1,336,867,385

4.00

%

,

11/15/42

-

11/15/52

...........

2,229,544

2,139,667,013

3.13

%

,

02/15/43

-

05/15/48

...........

4,579,156

3,790,524,051

2.88

%

,

05/15/43

-

05/15/52

...........

4,256,673

3,354,108,112

3.63

%

,

08/15/43

-

05/15/53

...........

4,560,292

4,093,755,628

3.75

%

,

11/15/43

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

88,678

82,002,532

4.50

%

,

02/15/44

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

419

429,885

3.38

%

,

05/15/44

-

11/15/48

...........

2,200,463

1,875,218,806

3.00

%

,

11/15/44

-

08/15/52

...........

10,170,614

8,123,648,200

2.50

%

,

02/15/45

-

05/15/46

...........

5,788,667

4,296,306,476

2.25

%

,

08/15/49

-

02/15/52

...........

2,744,618

1,859,878,118

2.38

%

,

11/15/49

-

05/15/51

...........

583,409

406,454,276

2.00

%

,

02/15/50

-

08/15/51

...........

9,921,787

6,312,217,106

1.25

%

,

05/15/50

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

903,035

474,410,846

1.38

%

,

08/15/50

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

2,890,580

1,565,429,569

1.63

%

,

11/15/50

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

5,973,017

3,453,850,200

1.88

%

,

02/15/51

-

11/15/51

...........

12,350,914

7,600,161,464

4.13

%

,

08/15/53

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

2,898,583

2,846,385,672

4.75

%

,

11/15/53

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

2,459,324

2,679,126,082

4.25

%

,

02/15/54

-

08/15/54

...........

3,100,901

3,114,419,843

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

4.63

%

,

05/15/54

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

USD

1,538,577

$

1,644,353,634

Total

Long-Term

Investments

—

98

.7

%

(Cost:

$

65,303,938,123

)

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

61,049,214,898

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

1.6%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.25

%

(a)

(b)

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

960,405,411

960,405,411

Total

Short-Term

Securities

—

1

.6

%

(Cost:

$

960,405,411

)

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

960,405,411

Total

Investments

—

100

.3

%

(Cost:

$

66,264,343,534

)

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

62,009,620,309

Liabilities

in

Excess

of

Other

Assets

—

(

0.3

)

%

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

(

167,288,797

)

Net

Assets

—

100.0%

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

$

61,842,331,512

(a)

Affiliate

of

the

Fund.

(b)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

02/29/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/24

Shares

Held

at

08/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

$

810,710,000

$

149,695,411

(a)

$

—

$

—

$

—

$

960,405,411

960,405,411

$

11,138,544

(b)

$

—

—

—

(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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

U.S.

Treasury

Obligations

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

$

—

$

61,049,214,898

$

—

$

61,049,214,898

Short-Term

Securities

Money

Market

Funds

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

960,405,411

—

—

960,405,411

$

960,405,411

$

61,049,214,898

$

—

$

62,009,620,309

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

August

31,

2024

iShares

®

25+

Year

Treasury

STRIPS

Bond

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

August

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

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.

See

notes

to

financial

statements.

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

Principal

STRIPS

0.00

%

,

08/15/49

-

05/15/54

(a)

..........

USD

1,149,231

$

364,451,016

U.S.

Treasury

Bonds

STRIPS

,

0.00

%

,

05/15/52

(a)

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

1

304

Total

Long-Term

Investments

—

99

.7

%

(Cost:

$

380,297,561

)

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

364,451,320

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

0.0%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.25

%

(b)

(c)

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

179,792

$

179,792

Total

Short-Term

Securities

—

0

.0

%

(Cost:

$

179,792

)

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

179,792

Total

Investments

—

99

.7

%

(Cost:

$

380,477,353

)

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

364,631,112

Other

Assets

Less

Liabilities

—

0.3

%

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

1,123,038

Net

Assets

—

100.0%

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

$

365,754,150

(a)

Zero-coupon

bond.

(b)

Affiliate

of

the

Fund.

(c)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

02/29/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/24

Shares

Held

at

08/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

$

20,000

$

159,792

(a)

$

—

$

—

$

—

$

179,792

179,792

$

6,029

(b)

$

—

—

—

(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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

U.S.

Treasury

Obligations

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

$

—

$

364,451,320

$

—

$

364,451,320

Short-Term

Securities

Money

Market

Funds

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

179,792

—

—

179,792

$

179,792

$

364,451,320

$

—

$

364,631,112

Schedule

of

Investments

(unaudited)

August

31,

2024

iShares

®

Short

Treasury

Bond

ETF

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

August

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

4.5%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.25

%

(a)

(b)

(c)

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

857,623,629

$

857,623,629

Total

Money

Market

Funds

—

4

.5

%

(Cost:

$

857,623,629

)

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

857,623,629

Par

(000)

Pa

r

(

000)

U.S.

Treasury

Obligations

—

102.7%

U.S.

Treasury

Bills

(d)

5.32

%

,

09/03/24

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

USD

602,889

602,889,300

5.36

%

,

09/05/24

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

582,797

582,627,689

5.30

%

,

09/10/24

(e)

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

198,358

198,156,969

5.25

%

,

09/12/24

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

626,157

625,339,765

5.30

%

,

09/17/24

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

777,434

775,850,515

5.30

%

,

09/24/24

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

399,646

398,436,855

5.30

%

,

09/26/24

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

39,989

39,856,033

2.83

%

,

10/01/24

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

749,238

746,221,889

5.33

%

,

10/03/24

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

1,243,464

1,238,133,046

5.26

%

,

10/10/24

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

548,440

545,545,332

5.31

%

,

10/15/24

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

599,170

595,597,549

5.26

%

,

10/17/24

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

346,660

344,501,272

5.29

%

,

10/22/24

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

429,929

426,934,632

5.27

%

,

10/24/24

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

696,508

691,464,216

5.00

%

,

10/29/24

(e)

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

891,892

884,815,830

5.37

%

,

10/31/24

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

867,486

860,406,575

5.28

%

,

11/12/24

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

198,438

196,512,798

5.22

%

,

11/14/24

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

705,749

698,698,171

5.21

%

,

11/21/24

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

444,628

439,759,199

5.20

%

,

11/26/24

(e)

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

397,608

392,991,855

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

5.09

%

,

11/29/24

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

USD

532,522

$

526,126,364

5.28

%

,

12/05/24

(e)

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

250,029

246,867,081

5.29

%

,

12/12/24

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

651,913

643,139,537

5.06

%

,

12/17/24

(e)

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

150,870

148,703,641

5.00

%

,

12/24/24

(e)

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

150,905

148,601,406

4.82

%

,

12/26/24

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

511,387

503,516,754

5.02

%

,

12/31/24

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

200,000

196,773,778

5.24

%

,

01/02/25

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

994,710

978,728,880

5.20

%

,

01/09/25

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

395,030

388,352,020

4.97

%

,

01/16/25

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

300,091

294,745,531

4.87

%

,

01/23/25

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

916,873

899,730,724

4.89

%

,

01/30/25

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

200,974

197,036,815

4.91

%

,

02/13/25

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

701,256

686,300,644

4.92

%

,

02/20/25

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

474,827

464,288,187

4.80

%

,

02/27/25

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

450,052

439,679,710

5.05

%

,

03/20/25

(e)

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

25,528

24,916,062

5.15

%

,

04/17/25

(e)

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

614,449

597,533,925

5.13

%

,

05/15/25

(e)

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

405,522

393,061,938

5.00

%

,

07/10/25

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

158,016

152,194,126

4.45

%

,

08/07/25

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

450,390

432,515,976

Total

U.S.

Treasury

Obligations

—

102

.7

%

(Cost:

$

19,634,787,796

)

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

19,647,552,589

Total

Short-Term

Securities

—

107.2%

(Cost:

$

20,492,411,425

)

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

20,505,176,218

Total

Investments

—

107

.2

%

(Cost:

$

20,492,411,425

)

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

20,505,176,218

Liabilities

in

Excess

of

Other

Assets

—

(

7.2

)

%

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

(

1,385,758,231

)

Net

Assets

—

100.0%

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

$

19,119,417,987

(a)

Affiliate

of

the

Fund.

(b)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(e)

All

or

a

portion

of

this

security

is

on

loan.

Affiliated

Issuer

Value

at

02/29/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/24

Shares

Held

at

08/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

$

1,530,557,500

$

—

$

(

672,933,871

)

(a)

$

—

$

—

$

857,623,629

857,623,629

$

6,911,238

(b)

$

—

—

—

(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.

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short

Treasury

Bond

ETF

14

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Money

Market

Funds

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

$

857,623,629

$

—

$

—

$

857,623,629

U.S.

Treasury

Obligations

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

—

19,647,552,589

—

19,647,552,589

$

857,623,629

$

19,647,552,589

$

—

$

20,505,176,218

Statements

of

Assets

and

Liabilities

(unaudited)

August

31,

2024

15

Statements

of

Assets

and

Liabilities

See

notes

to

financial

statements.

iShares

0-3

Month

Treasury

Bond

ETF

iShares

1-3

Year

Treasury

Bond

ETF

iShares

3-7

Year

Treasury

Bond

ETF

iShares

7-10

Year

Treasury

Bond

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

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

$

27,714,022,975‌

$

23,457,417,367‌

$

14,754,117,632‌

$

31,552,883,006‌

Investments,

at

value

—

affiliated

(c)

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

140,292,228‌

78,126,892‌

100,236,010‌

302,924,460‌

Receivables:

–‌

–‌

–‌

–‌

Investment

s

sold

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

—‌

1,225,815,660‌

475,440,566‌

888,305,927‌

Securities

lending

income

—

affiliated

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

66,928‌

1,726‌

—‌

—‌

Capital

shares

sold

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

—‌

—‌

—‌

922,224‌

Dividends

—

affiliated

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

1,258,924‌

273,664‌

404,051‌

773,620‌

Interest

—

unaffiliated

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

685‌

189,699,664‌

118,524,359‌

196,709,282‌

Total

a

ssets

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

27,855,641,740‌

24,951,334,973‌

15,448,722,618‌

32,942,518,519‌

LIABILITIES

Investments

sold

short,

at

value

(d)

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

—‌

512,195‌

—‌

—‌

Due

to

broker

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

—‌

198,019‌

—‌

—‌

Collateral

on

securities

loaned

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

17,340,000‌

9,373,669‌

—‌

—‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

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

3,075,406,677‌

1,205,187,015‌

492,452,305‌

1,086,057,810‌

Capital

shares

redeemed

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

59,802,644‌

223,056‌

—‌

—‌

Investment

advisory

fees

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

1,860,109‌

3,089,613‌

1,886,041‌

3,932,174‌

Total

li

abilities

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

3,154,409,430‌

1,218,583,567‌

494,338,346‌

1,089,989,984‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

NET

ASSETS

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

$

24,701,232,310‌

$

23,732,751,406‌

$

14,954,384,272‌

$

31,852,528,535‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

$

24,584,138,959‌

$

24,574,746,776‌

$

15,935,242,510‌

$

35,846,872,164‌

Accumulated

earnings

(loss)

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

117,093,351‌

(

841,995,370‌

)

(

980,858,238‌

)

(

3,994,343,629‌

)

NET

ASSETS

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

$

24,701,232,310‌

$

23,732,751,406‌

$

14,954,384,272‌

$

31,852,528,535‌

NET

ASSET

VALUE

Shares

outstanding

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

245,150,000‌

286,700,000‌

126,000,000‌

328,100,000‌

Net

asset

value

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

$

100.76‌

$

82.78‌

$

118.69‌

$

97.08‌

Shares

authorized

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

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

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

None

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

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

$

27,705,827,261‌

$

23,306,581,112‌

$

14,914,580,661‌

$

31,614,917,736‌

(b)

  Securities

loaned,

at

value

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

$

16,995,070‌

$

9,175,396‌

$

—‌

$

—‌

(c)

  Investments,

at

cost

—

affiliated

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

$

140,292,228‌

$

78,126,892‌

$

100,236,010‌

$

302,924,460‌

(d)

  Proceeds

received

from

short

sales

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

$

—‌

$

512,244‌

$

—‌

$

—‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

August

31,

2024

2024

iShares

Semi-Annual

Financial

Statements

16

See

notes

to

financial

statements.

iShares

10-20

Year

Treasury

Bond

ETF

iShares

20+

Year

Treasury

Bond

ETF

iShares

25+

Year

Treasury

STRIPS

Bond

ETF

iShares

Short

Treasury

Bond

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

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

$

8,113,069,950‌

$

61,049,214,898‌

$

364,451,320‌

$

19,647,552,589‌

Investments,

at

value

—

affiliated

(c)

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

105,335,607‌

960,405,411‌

179,792‌

857,623,629‌

Cash

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

870,033‌

—‌

—‌

—‌

Receivables:

–‌

–‌

–‌

–‌

Investment

s

sold

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

167,526,881‌

114,216,380‌

1,149,166‌

—‌

Securities

lending

income

—

affiliated

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

361‌

306‌

—‌

480,983‌

Capital

shares

sold

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

—‌

1,503,129‌

2,408‌

4,091,607‌

Dividends

—

affiliated

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

341,491‌

3,229,693‌

1,516‌

440,933‌

Interest

—

unaffiliated

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

45,250,318‌

330,157,863‌

—‌

—‌

Total

a

ssets

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

8,432,394,641‌

62,458,727,680‌

365,784,202‌

20,510,189,741‌

LIABILITIES

Bank

overdraft

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

—‌

207,855‌

—‌

—‌

Collateral

on

securities

loaned

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

1,537,500‌

—‌

—‌

784,377,500‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

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

206,782,302‌

603,964,072‌

—‌

594,976,333‌

Capital

shares

redeemed

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

—‌

4,509,387‌

1,204‌

9,001,536‌

Investment

advisory

fees

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

1,063,046‌

7,714,854‌

28,848‌

2,416,385‌

Total

li

abilities

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

209,382,848‌

616,396,168‌

30,052‌

1,390,771,754‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

NET

ASSETS

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

$

8,223,011,793‌

$

61,842,331,512‌

$

365,754,150‌

$

19,119,417,987‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

$

9,408,069,165‌

$

73,478,989,825‌

$

460,537,985‌

$

19,070,586,928‌

Accumulated

earnings

(loss)

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

(

1,185,057,372‌

)

(

11,636,658,313‌

)

(

94,783,835‌

)

48,831,059‌

NET

ASSETS

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

$

8,223,011,793‌

$

61,842,331,512‌

$

365,754,150‌

$

19,119,417,987‌

NET

ASSET

VALUE

Shares

outstanding

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

76,600,000‌

640,400,000‌

31,650,000‌

172,860,000‌

Net

asset

value

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

$

107.35‌

$

96.57‌

$

11.56‌

$

110.61‌

Shares

authorized

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

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

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

None

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

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

$

8,226,776,915‌

$

65,303,938,123‌

$

380,297,561‌

$

19,634,787,796‌

(b)

  Securities

loaned,

at

value

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

$

1,473,855‌

$

—‌

$

—‌

$

768,645,122‌

(c)

  Investments,

at

cost

—

affiliated

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

$

105,335,607‌

$

960,405,411‌

$

179,792‌

$

857,623,629‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

August

31,

2024

17

Statements

of

Operations

iShares

0-3

Month

Treasury

Bond

ETF

iShares

1-3

Year

Treasury

Bond

ETF

iShares

3-7

Year

Treasury

Bond

ETF

iShares

7-10

Year

Treasury

Bond

ETF

INVESTMENT

INCOME

–

–

–

–

Dividends

—

affiliated

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

$

5,999,325‌

$

1,664,012‌

$

1,355,762‌

$

2,169,962‌

Interest

—

unaffiliated

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

580,405,416‌

499,244,723‌

227,666,482‌

544,653,894‌

Securities

lending

income

—

affiliated

—

net

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

249,618‌

103,954‌

9,858‌

447,845‌

Total

investment

income

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

586,654,359‌

501,012,689‌

229,032,102‌

547,271,701‌

EXPENSES

Investment

advisory

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

11,839,463‌

18,508,110‌

10,358,937‌

21,942,202‌

Commitment

costs

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

19,242‌

—‌

—‌

—‌

Total

e

xpenses

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

11,858,705‌

18,508,110‌

10,358,937‌

21,942,202‌

Less:

–‌

–‌

–‌

–‌

Investment

advisory

fees

waived

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

(

3,447,220‌

)

—‌

—‌

—‌

Total

ex

penses

after

fees

waived

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

8,411,485‌

18,508,110‌

10,358,937‌

21,942,202‌

Net

investment

income

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

578,242,874‌

482,504,579‌

218,673,165‌

525,329,499‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

10,155,724‌

$

305,593,231‌

$

387,467,581‌

$

900,247,193‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

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

$

—‌

$

(

92,950,543‌

)

$

(

92,935,229‌

)

$

(

832,448,645‌

)

In-kind

redemptions

—

unaffiliated

(a)

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

33,532‌

6,486,067‌

17,300,361‌

67,582,122‌

Payment

by

affiliate

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

—‌

—‌

13,552‌

—‌

33,532‌

(86,464,476‌)

(75,621,316‌)

(764,866,523‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

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

10,122,193‌

392,057,658‌

463,088,897‌

1,665,113,717‌

Short

sales

—

unaffiliated

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

—‌

49‌

—‌

—‌

10,122,193‌

392,057,707‌

463,088,897‌

1,665,113,717‌

Net

realized

and

unrealized

gain

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

10,155,725‌

305,593,231‌

387,467,581‌

900,247,194‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

588,398,599‌

$

788,097,810‌

$

606,140,746‌

$

1,425,576,693‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

August

31,

2024

2024

iShares

Semi-Annual

Financial

Statements

18

iShares

10-20

Year

Treasury

Bond

ETF

iShares

20+

Year

Treasury

Bond

ETF

iShares

25+

Year

Treasury

STRIPS

Bond

ETF

iShares

Short

Treasury

Bond

ETF

INVESTMENT

INCOME

–

–

–

–

Dividends

—

affiliated

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

$

1,614,169‌

$

11,136,088‌

$

5,948‌

$

4,083,133‌

Interest

—

unaffiliated

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

166,079,768‌

1,071,559,573‌

5,553,848‌

491,633,672‌

Securities

lending

income

—

affiliated

—

net

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

235,071‌

2,456‌

81‌

2,828,105‌

Total

investment

income

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

167,929,008‌

1,082,698,117‌

5,559,877‌

498,544,910‌

EXPENSES

Investment

advisory

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

5,940,147‌

38,908,970‌

190,991‌

14,182,299‌

Commitment

costs

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

—‌

—‌

—‌

19,242‌

Interest

expense

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

—‌

—‌

817‌

—‌

Total

e

xpenses

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

5,940,147‌

38,908,970‌

191,808‌

14,201,541‌

Less:

–‌

–‌

–‌

–‌

Investment

advisory

fees

waived

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

—‌

—‌

(

64,582‌

)

(

69,664‌

)

Total

ex

penses

after

fees

waived

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

5,940,147‌

38,908,970‌

127,226‌

14,131,877‌

Net

investment

income

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

161,988,861‌

1,043,789,147‌

5,432,651‌

484,413,033‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

260,572,346‌

$

1,581,950,828‌

$

12,614,967‌

$

17,544,190‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

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

$

(

173,375,907‌

)

$

(

2,134,357,418‌

)

$

(

18,031,376‌

)

$

1,398,968‌

In-kind

redemptions

—

unaffiliated

(a)

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

22,244,761‌

382,314,554‌

6,017,827‌

527,579‌

(151,131,146‌)

(1,752,042,864‌)

(12,013,549‌)

1,926,547‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

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

411,703,492‌

3,333,993,691‌

24,628,515‌

15,617,643‌

Net

realized

and

unrealized

gain

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

260,572,346‌

1,581,950,827‌

12,614,966‌

17,544,190‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

422,561,207‌

$

2,625,739,974‌

$

18,047,617‌

$

501,957,223‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

19

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

0-3

Month

Treasury

Bond

ETF

iShares

1-3

Year

Treasury

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

578,242,874‌

$

728,033,727‌

$

482,504,579‌

$

851,308,319‌

Net

realized

gain

(loss)

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

33,532‌

225,124‌

(

86,464,476‌

)

(

468,968,368‌

)

Net

change

in

unrealized

appreciation

(depreciation)

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

10,122,193‌

(

1,973,749‌

)

392,057,707‌

667,550,333‌

Net

increase

in

net

assets

resulting

from

operations

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

588,398,599‌

726,285,102‌

788,097,810‌

1,049,890,284‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(544,681,984‌)

(b)

(675,659,011‌)

(475,146,711‌)

(b)

(829,122,279‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

6,136,457,943‌

10,347,503,962‌

(2,137,499,895‌)

(1,003,021,375‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

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

6,180,174,558‌

10,398,130,053‌

(

1,824,548,796‌

)

(

782,253,370‌

)

Beginning

of

period

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

18,521,057,752‌

8,122,927,699‌

25,557,300,202‌

26,339,553,572‌

End

of

period

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

$

24,701,232,310‌

$

18,521,057,752‌

$

23,732,751,406‌

$

25,557,300,202‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Statements

of

Changes

in

Net

Assets

(continued)

2024

iShares

Semi-Annual

Financial

Statements

20

See

notes

to

financial

statements.

iShares

3-7

Year

Treasury

Bond

ETF

iShares

7-10

Year

Treasury

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

218,673,165‌

$

334,099,086‌

$

525,329,499‌

$

855,368,820‌

Net

realized

loss

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

(

75,621,316‌

)

(

453,468,810‌

)

(

764,866,523‌

)

(

1,383,200,291‌

)

Net

change

in

unrealized

appreciation

(depreciation)

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

463,088,897‌

523,381,542‌

1,665,113,717‌

731,353,030‌

Net

increase

in

net

assets

resulting

from

operations

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

606,140,746‌

404,011,818‌

1,425,576,693‌

203,521,559‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(210,314,799‌)

(b)

(322,555,021‌)

(503,891,409‌)

(b)

(829,462,599‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

in

net

assets

derived

from

capital

share

transactions

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

1,183,675,299‌

1,285,662,391‌

3,065,888,161‌

5,509,125,703‌

NET

ASSETS

Total

increase

in

net

assets

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

1,579,501,246‌

1,367,119,188‌

3,987,573,445‌

4,883,184,663‌

Beginning

of

period

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

13,374,883,026‌

12,007,763,838‌

27,864,955,090‌

22,981,770,427‌

End

of

period

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

$

14,954,384,272‌

$

13,374,883,026‌

$

31,852,528,535‌

$

27,864,955,090‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Statements

of

Changes

in

Net

Assets

(continued)

21

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

10-20

Year

Treasury

Bond

ETF

iShares

20+

Year

Treasury

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

161,988,861‌

$

302,105,982‌

$

1,043,789,147‌

$

1,505,673,994‌

Net

realized

loss

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

(

151,131,146‌

)

(

134,357,949‌

)

(

1,752,042,864‌

)

(

2,600,577,020‌

)

Net

change

in

unrealized

appreciation

(depreciation)

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

411,703,492‌

(

165,080,386‌

)

3,333,993,691‌

(

269,922,256‌

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

422,561,207‌

2,667,647‌

2,625,739,974‌

(1,364,825,282‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(158,970,909‌)

(b)

(299,913,515‌)

(999,962,238‌)

(b)

(1,423,935,830‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

209,144,893‌

(230,401,103‌)

10,453,361,286‌

22,187,012,620‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

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

472,735,191‌

(

527,646,971‌

)

12,079,139,022‌

19,398,251,508‌

Beginning

of

period

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

7,750,276,602‌

8,277,923,573‌

49,763,192,490‌

30,364,940,982‌

End

of

period

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

$

8,223,011,793‌

$

7,750,276,602‌

$

61,842,331,512‌

$

49,763,192,490‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Statements

of

Changes

in

Net

Assets

(continued)

2024

iShares

Semi-Annual

Financial

Statements

22

See

notes

to

financial

statements.

iShares

25+

Year

Treasury

STRIPS

Bond

ETF

iShares

Short

Treasury

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

5,432,651‌

$

5,832,713‌

$

484,413,033‌

$

1,008,345,606‌

Net

realized

gain

(loss)

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

(

12,013,549‌

)

(

61,158,044‌

)

1,926,547‌

1,940,355‌

Net

change

in

unrealized

appreciation

(depreciation)

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

24,628,515‌

41,485,165‌

15,617,643‌

31,585,558‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

18,047,617‌

(13,840,166‌)

501,957,223‌

1,041,871,519‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(4,950,127‌)

(b)

(6,043,087‌)

(475,253,623‌)

(b)

(995,877,471‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

110,988,599‌

(20,427,364‌)

1,110,200,588‌

(5,806,139,037‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

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

124,086,089‌

(

40,310,617‌

)

1,136,904,188‌

(

5,760,144,989‌

)

Beginning

of

period

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

241,668,061‌

281,978,678‌

17,982,513,799‌

23,742,658,788‌

End

of

period

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

$

365,754,150‌

$

241,668,061‌

$

19,119,417,987‌

$

17,982,513,799‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

23

Financial

Highlights

iShares

0-3

Month

Treasury

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Year

Ended

02/28/23

Year

Ended

02/28/22

Period

from

05/26/20

(a)

to

02/28/21

Net

asset

value,

beginning

of

period

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

$

100.66

‌

$

100.41

‌

$

100.02

‌

$

100.01

‌

$

100.01

‌

Net

investment

income

(b)

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

2

.68

‌

5

.26

‌

2

.81

‌

0

.04

‌

0

.05

‌

Net

realized

and

unrealized

gain

(loss)

(c)

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

0.04

‌

(0.06

)

(0.57

)

0.00

‌

0.00

(d)

Net

increase

from

investment

operations

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

2.72

‌

5.20

‌

2.24

‌

0.04

‌

0.05

‌

Distributions

from

net

investment

income

(e)

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

(2.62

)

(f)

(4.95

)

(1.85

)

(0.03

)

(0.05

)

Net

asset

value,

end

of

period

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

$

100.76

‌

$

100.66

‌

$

100.41

‌

$

100.02

‌

$

100.01

‌

Total

Return

(g)

—

—

—

—

—

Based

on

net

asset

value

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

2.74

%

(h)

5.32

%

2.25

%

0.04

%

0.05

%

(h)

Ratios

to

Average

Net

Assets

(i)

Total

expen

ses

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

0.11

%

(j)

0.12

%

0.12

%

0.12

%

0.12

%

(j)

Total

expenses

after

fees

waived

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

0.08

%

(j)

0.06

%

0.04

%

0.03

%

0.03

%

(j)

Net

investment

income

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

5.29

%

(j)

5.24

%

2.81

%

0.04

%

0.07

%

(j)

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

24,701,232

‌

$

18,521,058

‌

$

8,122,928

‌

$

1,865,428

‌

$

735,108

‌

Portfolio

turnover

rate

(k)

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

0

%

0

%

(l)

0

%

0

%

326

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Rounds

to

less

than

$0.01.

(e)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(f)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(g)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(h)

Not

annualized.

(i)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(j)

Annualized.

(k)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

(l)

Portfolio

turnover

rate

presented

in

the

previously

issued

financial

statements

for

the

year-ended

02/29/24

of

584%

has

been

revised

to

remove

the

impact

from

short-term

securities

included

in

error,

which

the

fund

determined

was

immaterial

to

the

previously

issued

financial

statements.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Semi-Annual

Financial

Statements

24

iShares

1-3

Year

Treasury

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Year

Ended

02/28/23

Year

Ended

02/28/22

Year

Ended

02/28/21

Year

Ended

02/29/20

Net

asset

value,

beginning

of

period

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

$

81.70

‌

$

80.97

‌

$

84.55

‌

$

86.30

‌

$

85.70

‌

$

83.73

‌

Net

investment

income

(a)

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

1

.61

‌

2

.60

‌

1

.38

‌

0

.20

‌

0

.62

‌

1

.73

‌

Net

realized

and

unrealized

gain

(loss)

(b)

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

1.05

‌

0.67

‌

(3.77

)

(1.73

)

0.69

‌

2.02

‌

Net

increase

(decrease)

from

investment

operations

.......

2.66

‌

3.27

‌

(2.39

)

(1.53

)

1.31

‌

3.75

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

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

(

1

.58

)

(d)

(

2

.54

)

(

1

.19

)

(

0

.19

)

(

0

.71

)

(

1

.78

)

From

net

realized

gain

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

—

‌

—

‌

—

‌

(

0

.03

)

—

‌

—

‌

Total

distributions

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

(1.58

)

(2.54

)

(1.19

)

(0.22

)

(0.71

)

(1.78

)

Net

asset

value,

end

of

period

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

$

82.78

‌

$

81.70

‌

$

80.97

‌

$

84.55

‌

$

86.30

‌

$

85.70

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

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

3.28

%

(f)

4.11

%

(2.84

)%

(1.77

)%

1.52

%

4.53

%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

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

0.15

%

(h)

0.15

%

0.15

%

0.15

%

0.15

%

0.15

%

Net

investment

income

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

3.91

%

(h)

3.20

%

1.69

%

0.24

%

0.71

%

2.05

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

23,732,751

‌

$

25,557,300

‌

$

26,339,554

‌

$

21,433,224

‌

$

19,572,396

‌

$

17,465,741

‌

Portfolio

turnover

rate

(i)

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

27

%

55

%

73

%

148

%

79

%

56

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

25

Financial

Highlights

iShares

3-7

Year

Treasury

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Year

Ended

02/28/23

Year

Ended

02/28/22

Year

Ended

02/28/21

Year

Ended

02/29/20

Net

asset

value,

beginning

of

period

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

$

115.50

‌

$

114.47

‌

$

126.06

‌

$

131.00

‌

$

130.24

‌

$

121.54

‌

Net

investment

income

(a)

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

1

.85

‌

2

.98

‌

1

.84

‌

0

.94

‌

1

.29

‌

2

.44

‌

Net

realized

and

unrealized

gain

(loss)

(b)

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

3.13

‌

0.92

‌

(11.75

)

(4.94

)

0.85

‌

8.76

‌

Net

increase

(decrease)

from

investment

operations

.......

4.98

‌

3.90

‌

(9.91

)

(4.00

)

2.14

‌

11.20

‌

Distributions

from

net

investment

income

(c)

...........

(1.79

)

(d)

(2.87

)

(1.68

)

(0.94

)

(1.38

)

(2.50

)

Net

asset

value,

end

of

period

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

$

118.69

‌

$

115.50

‌

$

114.47

‌

$

126.06

‌

$

131.00

‌

$

130.24

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

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

4.36

%

(f)

(g)

3.44

%

(7.90

)%

(3.07

)%

1.63

%

9.31

%

Ratios

to

Average

Net

Assets

(h)

Total

expen

ses

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

0.15

%

(i)

0.15

%

0.15

%

0.15

%

0.15

%

0.15

%

Net

investment

income

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

3.17

%

(i)

2.58

%

1.57

%

0.72

%

0.97

%

1.95

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

14,954,384

‌

$

13,374,883

‌

$

12,007,764

‌

$

10,475,559

‌

$

11,227,126

‌

$

9,923,985

‌

Portfolio

turnover

rate

(j)

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

19

%

45

%

36

%

62

%

49

%

38

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Semi-Annual

Financial

Statements

26

iShares

7-10

Year

Treasury

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Year

Ended

02/28/23

Year

Ended

02/28/22

Year

Ended

02/28/21

Year

Ended

02/29/20

Net

asset

value,

beginning

of

period

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

$

94.14

‌

$

95.72

‌

$

111.99

‌

$

115.71

‌

$

117.31

‌

$

104.16

‌

Net

investment

income

(a)

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

1

.70

‌

2

.92

‌

2

.15

‌

1

.08

‌

1

.15

‌

2

.19

‌

Net

realized

and

unrealized

gain

(loss)

(b)

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

2.89

‌

(1.67

)

(16.44

)

(3.81

)

(1.53

)

13.19

‌

Net

increase

(decrease)

from

investment

operations

.......

4.59

‌

1.25

‌

(14.29

)

(2.73

)

(0.38

)

15.38

‌

Distributions

from

net

investment

income

(c)

...........

(1.65

)

(d)

(2.83

)

(1.98

)

(0.99

)

(1.22

)

(2.23

)

Net

asset

value,

end

of

period

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

$

97.08

‌

$

94.14

‌

$

95.72

‌

$

111.99

‌

$

115.71

‌

$

117.31

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

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

4.95

%

(f)

1.32

%

(12.83

)%

(2.38

)%

(0.37

)%

14.94

%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

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

0.15

%

(h)

0.15

%

0.15

%

0.15

%

0.15

%

0.15

%

Net

investment

income

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

3.59

%

(h)

3.06

%

2.15

%

0.94

%

0.95

%

1.98

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

31,852,529

‌

$

27,864,955

‌

$

22,981,770

‌

$

17,413,750

‌

$

14,209,563

‌

$

21,480,308

‌

Portfolio

turnover

rate

(i)

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

34

%

48

%

53

%

114

%

76

%

57

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

27

Financial

Highlights

iShares

10-20

Year

Treasury

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Year

Ended

02/28/23

Year

Ended

02/28/22

Year

Ended

02/28/21

Year

Ended

02/29/20

Net

asset

value,

beginning

of

period

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

$

103.89

‌

$

109.21

‌

$

141.79

‌

$

146.54

‌

$

158.70

‌

$

132.80

‌

Net

investment

income

(a)

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

2

.14

‌

4

.17

‌

3

.70

‌

2

.41

‌

2

.04

‌

3

.18

‌

Net

realized

and

unrealized

gain

(loss)

(b)

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

3.42

‌

(5.32

)

(33.13

)

(4.91

)

(10.08

)

26.01

‌

Net

increase

(decrease)

from

investment

operations

......

5.56

‌

(1.15

)

(29.43

)

(2.50

)

(8.04

)

29.19

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

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

(

2

.10

)

(d)

(

4

.17

)

(

3

.15

)

(

2

.25

)

(

2

.80

)

(

3

.29

)

From

net

realized

gain

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

—

‌

—

‌

—

‌

—

‌

(

1

.32

)

—

‌

Total

distributions

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

(2.10

)

(4.17

)

(3.15

)

(2.25

)

(4.12

)

(3.29

)

Net

asset

value,

end

of

period

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

$

107.35

‌

$

103.89

‌

$

109.21

‌

$

141.79

‌

$

146.54

‌

$

158.70

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

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

5.45

%

(f)

(1.05

)%

(20.90

)%

(1.74

)%

(5.38

)%

22.28

%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

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

0.15

%

(h)

0.15

%

0.15

%

0.15

%

0.15

%

0.15

%

Net

investment

income

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

4.09

%

(h)

3.93

%

3.23

%

1.65

%

1.25

%

2.21

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

8,223,012

‌

$

7,750,277

‌

$

8,277,924

‌

$

2,325,430

‌

$

1,186,936

‌

$

1,095,034

‌

Portfolio

turnover

rate

(i)

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

18

%

26

%

56

%

114

%

214

%

63

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Semi-Annual

Financial

Statements

28

iShares

20+

Year

Treasury

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Year

Ended

02/28/23

Year

Ended

02/28/22

Year

Ended

02/28/21

Year

Ended

02/29/20

Net

asset

value,

beginning

of

period

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

$

94.07

‌

$

101.52

‌

$

139.87

‌

$

143.12

‌

$

155.13

‌

$

119.95

‌

Net

investment

income

(a)

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

1

.89

‌

3

.54

‌

2

.98

‌

2

.25

‌

2

.24

‌

3

.09

‌

Net

realized

and

unrealized

gain

(loss)

(b)

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

2.44

‌

(7.61

)

(38.60

)

(3.26

)

(11.95

)

35.13

‌

Net

increase

(decrease)

from

investment

operations

......

4.33

‌

(4.07

)

(35.62

)

(1.01

)

(9.71

)

38.22

‌

Distributions

from

net

investment

income

(c)

..........

(1.83

)

(d)

(3.38

)

(2.73

)

(2.24

)

(2.30

)

(3.04

)

Net

asset

value,

end

of

period

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

$

96.57

‌

$

94.07

‌

$

101.52

‌

$

139.87

‌

$

143.12

‌

$

155.13

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

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

4.71

%

(f)

(4.06

)%

(25.64

)%

(0.72

)%

(6.43

)%

32.29

%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

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

0.15

%

(h)

0.15

%

0.15

%

0.15

%

0.15

%

0.15

%

Net

investment

income

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

4.02

%

(h)

3.68

%

2.72

%

1.56

%

1.39

%

2.27

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

61,842,332

‌

$

49,763,192

‌

$

30,364,941

‌

$

16,113,367

‌

$

14,783,961

‌

$

21,237,057

‌

Portfolio

turnover

rate

(i)

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

11

%

23

%

22

%

43

%

65

%

25

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

29

Financial

Highlights

iShares

25+

Year

Treasury

STRIPS

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Year

Ended

02/28/23

Year

Ended

02/28/22

Period

from

09/22/20

(a)

to

02/28/21

Net

asset

value,

beginning

of

period

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

$

11.29

‌

$

13.08

‌

$

20.52

‌

$

20.61

‌

$

25.06

‌

Net

investment

income

(b)

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

0

.24

‌

0

.47

‌

0

.47

‌

0

.45

‌

0

.17

‌

Net

realized

and

unrealized

gain

(loss)

(c)

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

0.26

‌

(1.79

)

(7.44

)

(0.14

)

(4.50

)

Net

increase

(decrease)

from

investment

operations

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

0.50

‌

(1.32

)

(6.97

)

0.31

‌

(4.33

)

Distributions

from

net

investment

income

(d)

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

(0.23

)

(e)

(0.47

)

(0.47

)

(0.40

)

(0.12

)

Net

asset

value,

end

of

period

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

$

11.56

‌

$

11.29

‌

$

13.08

‌

$

20.52

‌

$

20.61

‌

Total

Return

(f)

—

—

—

—

—

Based

on

net

asset

value

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

4.50

%

(g)

(10.27

)%

(34.23

)%

1.44

%

(17.33

)%

(g)

Ratios

to

Average

Net

Assets

(h)

Total

expen

ses

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

0.15

%

(i)

0.15

%

0.15

%

0.15

%

0.15

%

(i)

Total

expenses

after

fees

waived

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

0.10

%

(i)

0.08

%

0.04

%

0.04

%

0.07

%

(i)

Net

investment

income

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

4.27

%

(i)

3.97

%

3.17

%

2.10

%

1.71

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

365,754

‌

$

241,668

‌

$

281,979

‌

$

324,196

‌

$

28,853

‌

Portfolio

turnover

rate

(j)

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

12

%

22

%

50

%

40

%

36

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Semi-Annual

Financial

Statements

30

iShares

Short

Treasury

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Year

Ended

02/28/23

Year

Ended

02/28/22

Year

Ended

02/28/21

Year

Ended

02/29/20

Net

asset

value,

beginning

of

period

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

$

110.48

‌

$

110.22

‌

$

110.29

‌

$

110.52

‌

$

110.68

‌

$

110.52

‌

Net

investment

income

(loss)

(a)

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

2

.85

‌

5

.40

‌

2

.32

‌

(

0

.07

)

0

.40

‌

2

.28

‌

Net

realized

and

unrealized

gain

(loss)

(b)

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

0.10

‌

0.18

‌

(0.50

)

(0.16

)

0.10

‌

0.25

‌

Net

increase

(decrease)

from

investment

operations

........

2.95

‌

5.58

‌

1.82

‌

(0.23

)

0.50

‌

2.53

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

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

(

2

.82

)

(d)

(

5

.32

)

(

1

.89

)

—

‌

(

0

.50

)

(

2

.37

)

From

net

realized

gain

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

—

‌

—

‌

—

‌

—

‌

(

0

.16

)

—

‌

Total

distributions

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

(2.82

)

(5.32

)

(1.89

)

—

‌

(0.66

)

(2.37

)

Net

asset

value,

end

of

period

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

$

110.61

‌

$

110.48

‌

$

110.22

‌

$

110.29

‌

$

110.52

‌

$

110.68

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

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

2.71

%

(f)

5.19

%

1.66

%

(0.19

)%

0.45

%

2.31

%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

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

0.15

%

(h)

0.15

%

0.15

%

0.15

%

0.15

%

0.15

%

Total

expenses

after

fees

waived

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

0.15

%

(h)

0.15

%

0.14

%

0.15

%

0.15

%

0.15

%

Net

investment

income

(loss)

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

5.12

%

(h)

4.90

%

2.10

%

(0.06

)%

0.36

%

2.06

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

19,119,418

‌

$

17,982,514

‌

$

23,742,659

‌

$

15,779,285

‌

$

16,193,171

‌

$

20,276,511

‌

Portfolio

turnover

rate

(i)

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

34

%

62

%

107

%

86

%

115

%

42

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

31

Notes

to

Financial

Statements

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

 Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis. 

Bank

Overdraft:

Certain

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

 (the

“Board”)

of each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser, as

the

valuation

designee

for

each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s policies

and

procedures as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities:

Fixed-income

investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services. Pricing

services

generally

value

fixed

income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data,

credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless BFA

determines

such

method

does

not

represent

fair

value.

iShares

ETF

Diversification

Classification

0-3

Month

Treasury

Bond

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

Diversified

1-3

Year

Treasury

Bond

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

Diversified

3-7

Year

Treasury

Bond

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

Diversified

7-10

Year

Treasury

Bond

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

Diversified

10-20

Year

Treasury

Bond

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

Diversified

20+

Year

Treasury

Bond

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

Diversified

25+

Year

Treasury

STRIPS

Bond

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

Diversified

Short

Treasury

Bond

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

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

2024

iShares

Semi-Annual

Financial

Statements

32

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index. 

Fair

Value

Hierarchy:

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

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Stripped

Bonds:

A

stripped

bond

is

a

bond

that

has

had

its

coupon

payments

and

principal

repayment

stripped

into

two

separate

components

then

selling

the

separate

parts

as

a

zero-coupon

bond

and

an

interest

paying

coupon

bond.

Once

stripped,

each

component

trades

as

a

separate

security.

Stripped

bonds

have

a

greater

sensitivity

to

changes

in

interest

rates

than

similar

maturity

debt

obligations

which

provide

for

regular

interest

payments.

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments.

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency. 

Notes

to

Financial

Statements

(unaudited)

(continued)

33

Notes

to

Financial

Statements

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(

i

)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to each of

the

following Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of each

Fund

as

follows:

Effective

June

28,

2024,

for

its

investment

advisory

services

to

the

iShares

0-3

Month

Treasury

Bond

ETF,

BFA

is

entitled

to

an

annual

investment

advisory

fee

of

0.09%,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on

the

average

daily

net

assets

of

the

Fund.

Prior

to

June

28,

2024,

BFA

was

entitled

to

an

annual

investment

advisory

fee

of

0.12%,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on

the

average

daily

net

assets

of

the

Fund.

Expense

Waivers:

A

fund

may

incur

its

pro

rata

share

of

fees

and

expenses

attributable

to

its

investments

in

other

investment

companies

(“acquired

fund

fees

and

expenses”).

The

total

of

the

investment

advisory

fee

and

acquired

fund

fees

and

expenses,

if

any,

is

a

fund’s

total

annual

operating

expenses.

Total

expenses

as

shown

in

the

Statements

of

Operations

does

not

include

acquired

fund

fees

and

expenses.

For

the

iShares

25+

Year

Treasury

STRIPS

Bond

ETF,

BFA

has

contractually

agreed

to

waive

a

portion

of

its

management

fee

so

that

the

Fund’s

total

annual

fund

operating

expenses

after

the

fee

waiver

will

not

exceed

0.10%

through

February

28,

2029.

For

the

iShares

Short

Treasury

Bond

ETF,

BFA

has

contractually

agreed

to

waive

a

portion

of

its

investment

advisory

fee

for

the

Fund

through

June

30,

2026

in

an

amount

equal

to

the

acquired

fund

fees

and

expenses,

if

any,

attributable

to

investments

by

the

Fund

in

other

registered

investment

companies

advised

by

BFA

or

its

affiliates.

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

0-3

Month

Treasury

Bond

BofA

Securities,

Inc.

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

$

16,995,070‌

$

(16,995,070‌)

$

–‌

$

–‌

m

1-3

Year

Treasury

Bond

J.P.

Morgan

Securities

LLC

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

$

9,175,396‌

$

(9,175,396‌)

$

–‌

$

–‌

m

10-20

Year

Treasury

Bond

Barclays

Capital,

Inc.

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

$

982,570‌

$

(982,570‌)

$

–‌

$

–‌

Citigroup

Global

Markets,

Inc.

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

491,285‌

(491,285‌)

–‌

–‌

$

1,473,855‌

$

(1,473,855‌)

$

–‌

$

–‌

Short

Treasury

Bond

BMO

Capital

Markets

Corp.

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

$

91,589,488‌

$

(91,589,488‌)

$

–‌

$

–‌

Citigroup

Global

Markets,

Inc.

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

145,870,650‌

(145,870,650‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

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

24,231,825‌

(24,231,825‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

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

290,854,581‌

(290,854,581‌)

–‌

–‌

Mitsubishi

UFJ

Securities

Holdings

Co.,

Ltd.

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

2,965,170‌

(2,965,170‌)

–‌

–‌

Morgan

Stanley

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

137,761,735‌

(137,761,735‌)

–‌

–‌

Nomura

Securities

International,

Inc.

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

3,968,264‌

(3,968,264‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

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

33,965,456‌

(33,965,456‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

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

37,437,953‌

(37,437,953‌)

–‌

–‌

$

768,645,122‌

$

(768,645,122‌)

$

–‌

$

–‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Fund’s

Statements

of

Assets

and

Liabilities.

iShares

ETF

Investment

Advisory

Fees

0-3

Month

Treasury

Bond

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

0.09‌

%

1-3

Year

Treasury

Bond

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

0.15‌

3-7

Year

Treasury

Bond

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

0.15‌

7-10

Year

Treasury

Bond

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

0.15‌

10-20

Year

Treasury

Bond

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

0.15‌

20+

Year

Treasury

Bond

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

0.15‌

25+

Year

Treasury

STRIPS

Bond

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

0.15‌

Short

Treasury

Bond

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

0.15‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2024

iShares

Semi-Annual

Financial

Statements

34

These

amounts are

included

in

investment

advisory

fees

waived

in

the

Statements

of

Operations.

For

the

six

months ended August

31,

2024,

the

amounts

waived

in

investment

advisory

fees

pursuant

to

this

arrangement

were

as

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The Funds

do

not

pay

BRIL

for

ETF

Services.

Prior

to May

6,

2024,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company. 

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

redemption

fee,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

of

the

value

redeemed,

if

such

fee

is

determined

to

be

in

the

best

interests

of

such

money

market

fund. 

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

85%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the six

months ended

August

31,

2024,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

During

the

six

months

ended

 August

31,

2024, 3-7

Year

Treasury

Bond

received

a

reimbursement

of

$13,552

from

an

affiliate,

which

is

included

in

payment

by

affiliate

in

the

Statements

of

Operations,

related

to

an

operating

error,

event. 

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

iShares

ETF

Amounts

Waived

0-3

Month

Treasury

Bond

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

$

3,447,220‌

25+

Year

Treasury

STRIPS

Bond

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

64,083‌

Short

Treasury

Bond

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

69,483‌

iShares

ETF

Amounts

0-3

Month

Treasury

Bond

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

$

88,895‌

1-3

Year

Treasury

Bond

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

36,355‌

3-7

Year

Treasury

Bond

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

3,243‌

7-10

Year

Treasury

Bond

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

128,867‌

10-20

Year

Treasury

Bond

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

56,402‌

20+

Year

Treasury

Bond

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

1,037‌

25+

Year

Treasury

STRIPS

Bond

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

35‌

Short

Treasury

Bond

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

840,132‌

Notes

to

Financial

Statements

(unaudited)

(continued)

35

Notes

to

Financial

Statements

6.

Purchases

and

Sales

For

the six

months ended

August

31,

2024,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

August

31,

2024,

in-kind

transactions

were

as

follows:

7.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

August

31,

2024,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

As

of

February

29,

2024,

the

Funds

had

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

through

the

indicated

expiration

dates

as

follows:

As

of

August

31,

2024,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

U.S.

Government

Securities

iShares

ETF

Purchases

Sales

1-3

Year

Treasury

Bond

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

$

6,612,953,408‌

$

6,751,371,784‌

3-7

Year

Treasury

Bond

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

2,626,032,245‌

2,692,720,867‌

7-10

Year

Treasury

Bond

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

9,821,362,307‌

9,915,323,950‌

10-20

Year

Treasury

Bond

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

1,394,875,229‌

1,403,294,055‌

20+

Year

Treasury

Bond

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

5,423,782,469‌

5,572,653,573‌

25+

Year

Treasury

STRIPS

Bond

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

29,588,703‌

34,995,963‌

Short

Treasury

Bond

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

2,104,118,966‌

1,074,983,103‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

0-3

Month

Treasury

Bond

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

$

290,826,737‌

$

—‌

1-3

Year

Treasury

Bond

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

3,685,227,784‌

5,796,874,195‌

3-7

Year

Treasury

Bond

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

2,480,946,687‌

1,309,653,179‌

7-10

Year

Treasury

Bond

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

9,649,181,095‌

6,623,773,909‌

10-20

Year

Treasury

Bond

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

1,138,767,702‌

932,346,374‌

20+

Year

Treasury

Bond

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

35,764,538,081‌

25,496,977,086‌

25+

Year

Treasury

STRIPS

Bond

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

215,298,935‌

104,336,285‌

Short

Treasury

Bond

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

96,211,356‌

165,803,435‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

0-3

Month

Treasury

Bond

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

$

(221,144‌)

1-3

Year

Treasury

Bond

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

(987,179,677‌)

3-7

Year

Treasury

Bond

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

(783,635,164‌)

7-10

Year

Treasury

Bond

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

(3,175,828,313‌)

10-20

Year

Treasury

Bond

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

(938,207,745‌)

20+

Year

Treasury

Bond

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

(5,817,636,963‌)

25+

Year

Treasury

STRIPS

Bond

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

(68,022,849‌)

Short

Treasury

Bond

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

(48,260,472‌)

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

0-3

Month

Treasury

Bond

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

$

27,846,119,489‌

$

8,195,714‌

$

–‌

$

8,195,714‌

1-3

Year

Treasury

Bond

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

23,386,831,162‌

172,660,391‌

(23,947,245‌)

148,713,146‌

3-7

Year

Treasury

Bond

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

15,016,450,261‌

134,070,351‌

(296,166,970‌)

(162,096,619‌)

7-10

Year

Treasury

Bond

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

32,004,860,000‌

209,984,030‌

(359,036,564‌)

(149,052,534‌)

10-20

Year

Treasury

Bond

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

8,342,204,702‌

65,947,552‌

(189,746,697‌)

(123,799,145‌)

20+

Year

Treasury

Bond

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

66,277,786,403‌

188,096,395‌

(4,456,262,489‌)

(4,268,166,094‌)

25+

Year

Treasury

STRIPS

Bond

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

380,578,276‌

2,353,506‌

(18,300,670‌)

(15,947,164‌)

Short

Treasury

Bond

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

20,492,411,425‌

13,061,173‌

(296,380‌)

12,764,793‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2024

iShares

Semi-Annual

Financial

Statements

36

8.

Line

of

Credit

The iShares

0-3

Month

Treasury

Bond

ETF

and

iShares

Short

Treasury

Bond

ETF,

along

with

certain

other

iShares

funds

(“Participating

Funds”),

are

parties

to

a

$800

million

credit

agreement

(“Syndicated

Credit

Agreement”)

with

a

group

of

lenders,

which

expires

on

October 16,

2024.

The

line

of

credit

may

be

used

for

temporary

or

emergency

purposes,

including

redemptions,

settlement

of

trades

and

rebalancing

of

portfolio

holdings

in

certain

target

markets.

The

Funds

may

borrow

up

to

the

aggregate

commitment

amount

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

Syndicated

Credit

Agreement.

The

Syndicated

Credit

Agreement

has

the

following

terms:

a

commitment

fee

of

0.15%

per

annum

on

the

unused

portion

of

the

credit

agreement

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Daily

Simple

Secured

Overnight

Financing

Rate

(“SOFR”)

plus

0.10%

and

1.00%

per

annum

or

(b)

the

U.S.

Federal

Funds

rate plus

1.00%

per

annum

on

amounts

borrowed.

The

commitment

fee

is

generally

allocated

to

each

Participating

Fund

based

on

the

lesser

of

a

Participating

Fund’s

relative

exposure

to

certain

target

markets

or

a

Participating

Fund’s

maximum

borrowing

amount

as

set

forth

by

the

terms

of

the

Syndicated

Credit

Agreement.

During

the

six

months,

ended

August

31,

2024,

the

Funds

did

not

borrow

under

the

Syndicated

Credit

Agreement.

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Fund

is

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

discretionary

liquidity

fees

under

certain

circumstances.

Market

Risk:

Each

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

each

Fund

to

reinvest

in

lower

yielding

securities.

Each

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

each

Fund’s

portfolio

will

decline

if

each

Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

each

Fund

portfolio’s

current

earnings

rate.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

The

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the Funds

invest. 

The

Funds

invest

a

significant

portion

of

their

assets

in

fixed-income

securities

and/or

use

derivatives

tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may

affect

the

value

and/or

liquidity

of

such

investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

during

a

period

of

historically

low

interest

rates.

The

Federal

Reserve

has

raised

the

federal

funds

rate

as

part

of

its

efforts

to

address

inflation.

Changing

interest

rates

may

have

unpredictable

effects

on

markets,

may

result

in

heightened

market

volatility,

and

could

negatively

impact

the

Funds'

performance.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

Notes

to

Financial

Statements

(unaudited)

(continued)

37

Notes

to

Financial

Statements

10.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars. Authorized

Participants purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

To

the

extent

applicable,

to

facilitate

the

timely

settlement

of

orders

for

Funds

using

a

clearing

facility

outside

of

the

continuous

net

settlement

process,

the

Funds,

at their

sole

discretion,

may

permit

an

Authorized

Participant

to

post

cash

as

collateral

in

anticipation

of

the

delivery

of

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

as

further

described

in

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

is

subject

to

a

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

In

the

event

that

the

Authorized

Participant

fails

to

deliver

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

to

the

terms

of

the

Control

Agreement

in

order

to

purchase

the

applicable

Deposit

Securities

or

Fund

Securities.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

Six

Months

Ended

08/31/24

Year

Ended

02/29/24

iShares

ETF

Shares

Amount

Shares

Amount

0-3

Month

Treasury

Bond

Shares

sold

88,400,000‌

$

8,879,346,083‌

144,100,000‌

$

14,464,440,829‌

Shares

redeemed

(27,250,000‌)

(2,742,888,140‌)

(41,000,000‌)

(4,116,936,867‌)

61,150,000‌

$

6,136,457,943‌

103,100,000‌

$

10,347,503,962‌

1-3

Year

Treasury

Bond

Shares

sold

46,100,000‌

$

3,768,813,798‌

152,500,000‌

$

12,423,738,873‌

Shares

redeemed

(72,200,000‌)

(5,906,313,693‌)

(165,000,000‌)

(13,426,760,248‌)

(26,100,000‌)

$

(2,137,499,895‌)

(12,500,000‌)

$

(1,003,021,375‌)

3-7

Year

Treasury

Bond

Shares

sold

21,600,000‌

$

2,508,101,899‌

66,500,000‌

$

7,677,570,565‌

Shares

redeemed

(11,400,000‌)

(1,324,426,600‌)

(55,600,000‌)

(6,391,908,174‌)

10,200,000‌

$

1,183,675,299‌

10,900,000‌

$

1,285,662,391‌

7-10

Year

Treasury

Bond

Shares

sold

103,200,000‌

$

9,753,899,280‌

265,100,000‌

$

25,475,616,835‌

Shares

redeemed

(71,100,000‌)

(6,688,011,119‌)

(209,200,000‌)

(19,966,491,132‌)

32,100,000‌

$

3,065,888,161‌

55,900,000‌

$

5,509,125,703‌

10-20

Year

Treasury

Bond

Shares

sold

11,100,000‌

$

1,157,663,205‌

37,600,000‌

$

3,896,931,646‌

Shares

redeemed

(9,100,000‌)

(948,518,312‌)

(38,800,000‌)

(4,127,332,749‌)

2,000,000‌

$

209,144,893‌

(1,200,000‌)

$

(230,401,103‌)

20+

Year

Treasury

Bond

Shares

sold

389,800,000‌

$

36,384,675,133‌

639,700,000‌

$

61,064,609,023‌

Shares

redeemed

(278,400,000‌)

(25,931,313,847‌)

(409,800,000‌)

(38,877,596,403‌)

111,400,000‌

$

10,453,361,286‌

229,900,000‌

$

22,187,012,620‌

25+

Year

Treasury

STRIPS

Bond

Shares

sold

19,600,000‌

$

215,432,287‌

18,000,000‌

$

202,814,117‌

Shares

redeemed

(9,350,000‌)

(104,443,688‌)

(18,150,000‌)

(223,241,481‌)

10,250,000‌

$

110,988,599‌

(150,000‌)

$

(20,427,364‌)

Short

Treasury

Bond

Shares

sold

35,440,000‌

$

3,907,324,940‌

60,750,000‌

$

6,693,451,949‌

Shares

redeemed

(25,350,000‌)

(2,797,124,352‌)

(113,400,000‌)

(12,499,590,986‌)

10,090,000‌

$

1,110,200,588‌

(52,650,000‌)

$

(5,806,139,037‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2024

iShares

Semi-Annual

Financial

Statements

38

11.

Subsequent

Events

Management’s

evaluation

of

the

impact

of

all

subsequent

events

on

the

Funds'

financial

statements

was

completed

through

the

date

the

financial

statements

were

available

to

be

issued

and

the

following

items

were

noted:

Effective

October

16,

2024,

the

Syndicated

Credit

Agreement

to

which

the

Participating

Funds

are

party

was

amended

to

extend

the

maturity

date

to

October

15,

2025

under

the

same

terms.

Additional

Information

39

Additional

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

•  

Go

to

icsdelivery.com

.

• 

 If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Because

BFA

has

agreed

in

the

Investment

Advisory

Agreements

to

cover

all

operating

expenses

of

the

Funds,

subject

to

certain

exclusions

as

provided

for

therein,

BFA

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Funds

from

BFA's

investment

advisory

fees.

Availability

of

Portfolio

Holdings

Information

A

description

of

the

Trust's

policies

and

procedures

with

respect

to

the

disclosure

of

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets,

when

available, at

iShares.com

.

Board

Review

and

Approval

of

Investment

Advisory

Contract

2024

BlackRock

Semi-Annual

Financial

Statements

40

iShares

0-3

Month

Treasury

Bond

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

held

on

May

6,

2024

and

May

17,

2024,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

to

and

in

preparation

for

the

meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

4-5,

2024,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2023,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

relevant

factors

and

information

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

6,

2024

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

41

Board

Review

and

Approval

of

Investment

Advisory

Contract

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

any

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

during

the

June

4-5,

2024

meeting,

the

Board

approved

a

permanent

reduction

to

the

advisory

fee

rate

charged

to

the

Fund.

In

addition,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

42

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

1-3

Year

Treasury

Bond

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

held

on

May

6,

2024

and

May

17,

2024,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

to

and

in

preparation

for

the

meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

4-5,

2024,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

higher

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

The

Board

also

noted

the

tradability,

liquidity

and

developed

capital

markets

ecosystem

associated

with

the

Fund

that

differentiates

it

from

other

ETFs

in

the

marketplace.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2023,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

relevant

factors

and

information

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

6,

2024

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

43

Board

Review

and

Approval

of

Investment

Advisory

Contract

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

44

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

3-7

Year

Treasury

Bond

ETF,

iShares

7-10

Year

Treasury

Bond

ETF,

iShares

10-20

Year

Treasury

Bond

ETF,

iShares

20+

Year

Treasury

Bond

ETF,

iShares

25+

Year

Treasury

Strips

Bond

ETF

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

held

on

May

6,

2024

and

May

17,

2024,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

to

and

in

preparation

for

the

meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

4-5,

2024,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2023,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

relevant

factors

and

information

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

6,

2024

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

45

Board

Review

and

Approval

of

Investment

Advisory

Contract

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

46

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

Short

Treasury

Bond

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

held

on

May

6,

2024

and

May

17,

2024,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

to

and

in

preparation

for

the

meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

4-5,

2024,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

higher

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2023,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

relevant

factors

and

information

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

47

Board

Review

and

Approval

of

Investment

Advisory

Contract

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

6,

2024

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

48

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Glossary

of

Terms

Used

in

this

Report

49

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviation

STRIPS

Separate

Trading

of

Registered

Interest

&

Principal

of

Securities

Currency

Abbreviation

USD

United

States

Dollar

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by 

ICE

Data

Indices,

LLC

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2024

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

AUGUST

31,

2024

2024

Semi-Annual

Financial

Statements

(Unaudited)

iShares

Trust

iShares

California

Muni

Bond

ETF

|

CMF

|

NYSE

Arca

iShares

National

Muni

Bond

ETF

|

MUB

|

NYSE

Arca

iShares

New

York

Muni

Bond

ETF

|

NYF

|

NYSE

Arca

iShares

Short-Term

National

Muni

Bond

ETF

|

SUB

|

NYSE

Arca

Table

of

Contents

Page

2

Schedules

of

Investments

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

3

Statements

of

Assets

and

Liabilities

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

99

Statements

of

Operations

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

100

Statements

of

Changes

in

Net

Assets

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

101

Financial

Highlights

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

103

Notes

to

Financial

Statements

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

107

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

113

Additional

Information

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

115

Glossary

of

Terms

Used

in

this

Report

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

116

Schedule

of

Investments

(unaudited)

August

31,

2024

iShares

®

California

Muni

Bond

ETF

Schedule

of

Investments

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Municipal

Bonds

California

—

100.0%

Acalanes

Union

High

School

District,

Series

2010A,

GO,

6.35%, 08/01/39

.........

USD

200

$

230,680

Alameda

Corridor

Transportation

Authority

Series

1999A

,

RB

,

0.00

%

,

10/01/32

(

NPFGC

)

(a)

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

745

574,550

Series

2016B

,

RB

,

4.00

%

,

10/01/35

(

AGM

)

255

256,080

Series

2016B

,

RB

,

5.00

%

,

10/01/35

.....

2,000

2,047,659

Series

2016B

,

RB

,

5.00

%

,

10/01/36

(

AGM

)

600

620,198

Series

2016B

,

RB

,

5.00

%

,

10/01/36

.....

2,000

2,047,373

Series

2022A

,

RB

,

0.00

%

,

10/01/47

(a)

....

1,630

966,051

Series

2022A

,

RB

,

0.00

%

,

10/01/48

(a)

....

665

392,211

Series

2022A

,

RB

,

0.00

%

,

10/01/49

(a)

....

665

390,691

Series

2022A

,

RB

,

0.00

%

,

10/01/50

(a)

....

2,195

1,283,211

Series

2022A

,

RB

,

0.00

%

,

10/01/51

(

AGM

)

(a)

1,000

575,706

Series

A

,

RB

,

0.00

%

,

10/01/51

(

AGM

)

(a)

...

1,000

283,603

Series

2022C

,

RB

,

5.00

%

,

10/01/52

(

AGM

)

285

306,926

Series

C

,

RB

,

0.00

%

,

10/01/53

(

AGM

)

(a)

..

5,000

1,232,253

Alameda

County

Transportation

Commission

Series

2022

,

RB

,

5.00

%

,

03/01/40

......

4,215

4,786,603

Series

2022

,

RB

,

5.00

%

,

03/01/41

......

1,860

2,097,842

Series

2022

,

RB

,

5.00

%

,

03/01/45

......

2,000

2,223,958

Alhambra

Unified

School

District,

Series

B,

GO,

0.00%, 08/01/39

(AGM)

(a)

...........

5,100

2,980,450

Allan

Hancock

Joint

Community

College

District,

Series

2012C,

GO,

0.00%, 08/01/47

(a)

....

1,295

960,640

Alvord

Unified

School

District,

Series

2011B,

GO,

0.00%, 08/01/43

(AGM)

(a)

........

2,500

1,118,693

Anaheim

Housing

&

Public

Improvements

Authority,

Series

2020A,

RB,

5.00%, 10/01/50

200

202,813

Anaheim

Union

High

School

District,

Series

2018,

GO,

4.00%, 08/01/42

..........

4,060

4,075,150

Bay

Area

Toll

Authority

Series

2017S-7

,

RB

,

5.00

%

,

04/01/28

....

1,945

2,124,007

Series

2017S-7

,

RB

,

4.00

%

,

04/01/29

....

500

513,718

Series

2023F-1

,

RB

,

5.00

%

,

04/01/29

....

3,000

3,347,752

Series

2017S-7

,

RB

,

4.00

%

,

04/01/33

....

1,695

1,724,966

Series

2017S-7

,

RB

,

4.00

%

,

04/01/34

....

3,500

3,556,579

Series

2017S-7

,

RB

,

4.00

%

,

04/01/38

....

400

405,041

Series

2017S-7

,

RB

,

4.00

%

,

04/01/42

....

8,035

8,061,735

Series

2024F-2

,

RB

,

5.00

%

,

04/01/42

....

4,000

4,461,618

Series

2017B

,

RB

,

VRDN

2.85

%

,

04/01/25

(b)

710

709,090

Series

2017A

,

RB

,

VRDN

2.95

%

,

04/01/26

(b)

705

702,987

Series

2017S-7

,

RB

,

4.00

%

,

04/01/47

....

2,500

2,477,558

Series

H

,

RB

,

VRDN

2.13

%

,

04/01/25

(b)

...

1,200

1,193,522

Series

2019S-8

,

RB

,

3.00

%

,

04/01/54

....

5,085

3,995,143

Series

2023F-1

,

RB

,

5.00

%

,

04/01/54

....

5,000

5,486,414

Series

2023F-1

,

RB

,

5.25

%

,

04/01/54

....

8,000

8,955,545

Series

2014S-6

,

RB

,

5.00

%

,

10/01/54

....

2,980

2,984,705

Series

2023A

,

RB

,

VRDN

(

Barclays

Bank

plc

LOC

),

3.85

%

,

09/03/24

(b)

...........

20,000

20,000,000

Series

2019S-8

,

RB

,

5.00

%

,

04/01/56

....

2,000

2,257,890

Series

2017F-1

,

RB

,

5.00

%

,

04/01/56

....

1,405

1,500,090

Series

2024G

,

RB

,

VRDN

(

Bank

of

America

NA

LOC

),

2.14

%

,

09/05/24

(b)

........

14,400

14,400,000

Beverly

Hills

Unified

School

District

(a)

Series

2009

,

GO

,

0.00

%

,

08/01/27

......

11,500

10,632,807

Series

2009

,

GO

,

0.00

%

,

08/01/29

......

2,195

1,919,848

Series

2009

,

GO

,

0.00

%

,

08/01/33

......

2,515

1,917,530

California

Educational

Facilities

Authority

Series

V-1

,

RB

,

5.00

%

,

05/01/29

.......

500

560,875

Series

T-1

,

RB

,

5.00

%

,

03/15/39

.......

4,950

6,103,036

Series

U-1

,

RB

,

5.25

%

,

04/01/40

.......

4,650

5,912,381

Series

U-3

,

RB

,

5.00

%

,

06/01/43

.......

2,090

2,590,202

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2015

,

RB

,

5.00

%

,

04/01/45

......

USD

500

$

504,184

Series

U-6

,

RB

,

5.00

%

,

05/01/45

.......

20,280

25,159,613

Series

2015

,

RB

,

5.00

%

,

09/01/45

......

5,000

5,128,998

Series

U-7

,

RB

,

5.00

%

,

06/01/46

.......

2,650

3,291,785

Series

V-1

,

RB

,

5.00

%

,

05/01/49

.......

7,260

9,000,064

Series

2016

,

RB

,

5.00

%

,

10/01/49

......

250

259,982

Series

2018A

,

RB

,

5.00

%

,

10/01/53

.....

2,120

2,197,065

California

Infrastructure

&

Economic

Development

Bank

Series

2017

,

RB

,

5.00

%

,

10/01/24

......

890

891,479

Series

2003A

,

RB

,

5.00

%

,

07/01/25

(

FGIC

)

300

306,277

Series

2018

,

RB

,

5.00

%

,

10/01/26

......

215

226,871

Series

2016

,

RB

,

5.00

%

,

10/01/26

......

3,550

3,696,606

Series

2018

,

RB

,

5.00

%

,

10/01/27

......

505

546,313

Series

2023

,

RB

,

5.00

%

,

10/01/28

......

1,000

1,107,285

Series

2018

,

RB

,

5.00

%

,

10/01/28

......

545

596,137

Series

2003A

,

RB

,

5.00

%

,

07/01/29

(

FGIC

)

810

874,005

Series

2003A

,

RB

,

5.00

%

,

07/01/33

(

AMBAC

)

1,410

1,533,790

Series

2003A

,

RB

,

5.00

%

,

07/01/36

(

AMBAC

)

740

804,968

Series

2016A

,

RB

,

5.00

%

,

10/01/41

.....

700

736,995

Series

2017

,

RB

,

5.00

%

,

05/15/42

......

1,000

1,054,292

Series

2018

,

RB

,

5.00

%

,

10/01/43

......

2,000

2,098,270

Series

2019

,

RB

,

5.00

%

,

08/01/44

......

1,510

1,612,735

Series

2016A

,

RB

,

4.00

%

,

10/01/45

.....

500

516,349

Series

2023

,

RB

,

4.00

%

,

10/01/45

......

5,000

5,090,389

Series

2024

,

RB

,

4.00

%

,

10/01/47

......

1,775

1,779,816

Series

2022A

,

RB

,

5.00

%

,

10/01/47

.....

1,175

1,313,496

Series

2018

,

RB

,

5.00

%

,

10/01/48

......

125

130,310

Series

2019

,

RB

,

5.00

%

,

08/01/49

......

3,125

3,309,052

Series

2022A

,

RB

,

5.00

%

,

10/01/52

.....

8,000

8,868,554

California

Municipal

Finance

Authority

Series

2017A

,

RB

,

5.00

%

,

06/01/42

.....

500

516,667

Series

2017

,

RB

,

5.00

%

,

01/01/48

......

1,000

1,085,783

California

School

Facilities

Financing

Authority,

Series

2009A,

RB,

0.00%, 08/01/49

(AGM)

(a)

2,100

615,988

California

State

Public

Works

Board

Series

2021A

,

RB

,

5.00

%

,

02/01/25

.....

5,005

5,049,981

Series

F

,

RB

,

5.00

%

,

05/01/25

.........

300

304,557

Series

D

,

RB

,

5.00

%

,

06/01/25

.........

350

356,062

Series

2022A

,

RB

,

5.00

%

,

08/01/25

.....

6,680

6,827,034

Series

2014A

,

RB

,

5.00

%

,

09/01/25

.....

3,100

3,107,400

Series

2021A

,

RB

,

5.00

%

,

02/01/26

.....

3,340

3,456,397

Series

2014A

,

RB

,

5.00

%

,

09/01/26

.....

2,620

2,625,531

Series

2021A

,

RB

,

5.00

%

,

02/01/27

.....

7,000

7,402,043

Series

B

,

RB

,

5.00

%

,

10/01/27

.........

395

424,053

Series

2023D

,

RB

,

5.00

%

,

11/01/27

.....

4,510

4,849,138

Series

2019C

,

RB

,

5.00

%

,

11/01/27

.....

1,140

1,225,724

Series

F

,

RB

,

5.00

%

,

05/01/28

.........

350

354,685

Series

2022B

,

RB

,

5.00

%

,

06/01/28

.....

2,000

2,176,230

Series

2022A

,

RB

,

5.00

%

,

08/01/28

.....

1,000

1,091,876

Series

2014A

,

RB

,

5.00

%

,

09/01/28

.....

1,265

1,267,266

Series

2014A

,

RB

,

5.00

%

,

09/01/29

.....

2,205

2,208,949

Series

B

,

RB

,

5.00

%

,

10/01/29

.........

250

266,437

Series

2019C

,

RB

,

5.00

%

,

11/01/29

.....

1,530

1,710,654

Series

2023C

,

RB

,

5.00

%

,

09/01/30

.....

2,735

3,090,040

Series

2020D

,

RB

,

5.00

%

,

11/01/30

.....

1,405

1,591,117

Series

2023C

,

RB

,

5.00

%

,

09/01/31

.....

4,875

5,576,314

Series

2014A

,

RB

,

5.00

%

,

09/01/32

.....

1,000

1,002,327

Series

2019C

,

RB

,

5.00

%

,

11/01/32

.....

1,010

1,112,138

Series

2023C

,

RB

,

5.00

%

,

09/01/34

.....

5,000

5,825,876

Series

2014A

,

RB

,

5.00

%

,

09/01/34

.....

1,000

1,002,289

Series

2016C

,

RB

,

5.00

%

,

11/01/34

.....

1,575

1,631,374

Series

2023D

,

RB

,

5.00

%

,

11/01/36

.....

5,000

5,770,097

Series

2014B

,

RB

,

5.00

%

,

10/01/39

.....

2,000

2,002,429

Series

2021C

,

RB

,

5.00

%

,

11/01/40

.....

1,000

1,112,401

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

California

Muni

Bond

ETF

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2021D

,

RB

,

4.00

%

,

11/01/41

.....

USD

2,510

$

2,554,388

Series

2024A

,

RB

,

5.00

%

,

04/01/42

.....

2,795

3,168,614

Series

2021C

,

RB

,

5.00

%

,

11/01/46

.....

3,100

3,387,262

Series

2023D

,

RB

,

4.63

%

,

11/01/48

.....

13,760

14,436,691

Series

2024A

,

RB

,

5.00

%

,

04/01/49

.....

2,000

2,220,593

California

State

University

Series

2014A

,

RB

,

5.00

%

,

11/01/26

.....

400

401,290

Series

2017A

,

RB

,

5.00

%

,

11/01/26

.....

370

391,550

Series

2016A

,

RB

,

5.00

%

,

11/01/27

.....

1,385

1,443,185

Series

2014A

,

RB

,

5.00

%

,

11/01/27

.....

400

401,290

Series

2014A

,

RB

,

5.00

%

,

11/01/28

.....

3,370

3,380,871

Series

2014A

,

RB

,

5.00

%

,

11/01/29

.....

1,425

1,429,597

Series

2016A

,

RB

,

5.00

%

,

11/01/29

.....

1,070

1,112,751

Series

2014A

,

RB

,

5.00

%

,

11/01/30

.....

505

506,629

Series

2017A

,

RB

,

5.00

%

,

11/01/30

.....

520

550,024

Series

2017A

,

RB

,

5.00

%

,

11/01/31

.....

500

527,588

Series

2015A

,

RB

,

5.00

%

,

11/01/31

.....

2,500

2,560,898

Series

2014A

,

RB

,

5.00

%

,

11/01/32

.....

2,000

2,006,451

Series

2016A

,

RB

,

5.00

%

,

11/01/32

.....

1,500

1,551,587

Series

2014A

,

RB

,

5.00

%

,

11/01/33

.....

1,500

1,504,839

Series

2017A

,

RB

,

5.00

%

,

11/01/33

.....

1,325

1,396,683

Series

2015A

,

RB

,

5.00

%

,

11/01/33

.....

500

511,546

Series

2016A

,

RB

,

4.00

%

,

11/01/35

.....

3,000

3,030,518

Series

2015A

,

RB

,

5.00

%

,

11/01/35

.....

2,780

2,840,974

Series

2017A

,

RB

,

5.00

%

,

11/01/35

.....

450

473,806

Series

2017A

,

RB

,

5.00

%

,

11/01/36

.....

485

509,951

Series

2016A

,

RB

,

4.00

%

,

11/01/37

.....

2,455

2,467,392

Series

2016A

,

RB

,

4.00

%

,

11/01/38

.....

2,540

2,545,908

Series

2015A

,

RB

,

5.00

%

,

11/01/38

.....

415

423,655

Series

2014A

,

RB

,

5.00

%

,

11/01/39

.....

500

501,613

Series

2019A

,

RB

,

5.00

%

,

11/01/39

.....

1,515

1,650,767

Series

2016A

,

RB

,

5.00

%

,

11/01/41

.....

650

668,147

Series

2024A

,

RB

,

5.00

%

,

11/01/42

.....

5,070

5,843,234

Series

2015A

,

RB

,

4.00

%

,

11/01/43

.....

200

200,061

Series

2015A

,

RB

,

5.00

%

,

11/01/43

.....

1,665

1,693,487

Series

2024A

,

RB

,

5.00

%

,

11/01/43

.....

4,800

5,507,387

Series

2014A

,

RB

,

5.00

%

,

11/01/44

.....

13,290

13,332,870

Series

2020C

,

RB

,

4.00

%

,

11/01/45

.....

4,470

4,481,929

Series

2016A

,

RB

,

4.00

%

,

11/01/45

.....

985

979,625

Series

2016A

,

RB

,

5.00

%

,

11/01/45

.....

760

778,164

Series

2015A

,

RB

,

5.00

%

,

11/01/47

.....

1,300

1,318,869

Series

2018A

,

RB

,

5.00

%

,

11/01/48

.....

5,550

5,864,576

Series

2023A

,

RB

,

5.25

%

,

11/01/48

.....

3,745

4,264,325

California

Statewide

Communities

Development

Authority,

Series

2016,

RB,

5.00%, 05/15/40

250

253,871

Campbell

Union

High

School

District,

Series

B,

GO,

4.00%, 08/01/38

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

2,000

2,059,974

Cerritos

Community

College

District

Series

2012D

,

GO

,

0.00

%

,

08/01/26

(a)

....

545

516,789

Series

2014A

,

GO

,

5.00

%

,

08/01/39

.....

2,790

2,792,553

Series

2019C

,

GO

,

3.00

%

,

08/01/44

.....

250

212,696

Series

2014A

,

GO

,

4.00

%

,

08/01/44

.....

250

248,015

Chabot-Las

Positas

Community

College

District

Series

C

,

GO

,

5.00

%

,

08/01/27

........

500

537,515

Series

2016

,

GO

,

4.00

%

,

08/01/33

......

1,000

1,014,337

Series

2016

,

GO

,

4.00

%

,

08/01/34

......

1,000

1,013,085

Series

2017A

,

GO

,

4.00

%

,

08/01/42

.....

1,290

1,284,697

Series

2017A

,

GO

,

4.00

%

,

08/01/47

.....

3,000

2,959,936

Series

C

,

GO

,

5.25

%

,

08/01/48

........

2,725

3,089,642

Chaffey

Community

College

District,

Series

A,

GO,

3.00%, 06/01/33

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

1,800

1,772,493

Chaffey

Joint

Union

High

School

District

Series

B

,

GO

,

4.00

%

,

08/01/44

........

500

499,421

Series

G

,

GO

,

5.25

%

,

08/01/52

........

1,500

1,660,770

Security

Par

(000)

Par

(000)

Value

California

(continued)

Chino

Basin

Regional

Financing

Authority,

Series

2020B,

RB,

4.00%, 11/01/25

.........

USD

3,790

$

3,846,293

Chino

Valley

Unified

School

District

Series

2020B

,

GO

,

4.00

%

,

08/01/45

.....

2,500

2,525,786

Series

2022C

,

GO

,

4.00

%

,

08/01/55

.....

2,000

1,986,781

Series

2020B

,

GO

,

5.00

%

,

08/01/55

.....

4,000

4,265,500

Citrus

Community

College

District,

Series

2024B,

GO,

5.00%, 08/01/49

.........

1,000

1,121,376

City

&

County

of

San

Francisco

Series

2020R-1

,

GO

,

5.00

%

,

06/15/25

...

2,815

2,871,753

Series

2021R-1

,

GO

,

5.00

%

,

06/15/26

...

1,000

1,048,250

Series

2022R-1

,

GO

,

5.00

%

,

06/15/26

...

500

524,125

Series

2022R-1

,

GO

,

5.00

%

,

06/15/27

...

500

537,288

Series

2022R-1

,

GO

,

5.00

%

,

06/15/28

...

3,500

3,852,122

Series

2020R-1

,

GO

,

5.00

%

,

06/15/31

...

1,500

1,621,887

Series

2024-R1

,

GO

,

5.00

%

,

06/15/32

...

3,000

3,536,668

Series

2024-R1

,

GO

,

5.00

%

,

06/15/34

...

10,000

12,117,165

Series

2024R-1

,

GO

,

5.00

%

,

06/15/35

...

1,880

2,267,490

City

of

Glendale,

Series

2024-2,

RB,

5.00%, 02/01/54

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

2,000

2,195,316

City

of

Long

Beach

Series

2019A

,

RB

,

5.00

%

,

05/15/44

.....

2,000

2,137,009

Series

C

,

RB

,

5.00

%

,

05/15/47

.........

1,500

1,546,734

City

of

Los

Angeles

Series

2024

,

RB

,

5.00

%

,

06/26/25

......

4,400

4,484,158

Series

2023A

,

RB

,

5.00

%

,

02/01/37

.....

1,000

1,168,074

Series

2023A

,

RB

,

5.00

%

,

02/01/38

.....

1,000

1,162,389

City

of

Los

Angeles

Department

of

Airports

Series

2019C

,

RB

,

5.00

%

,

05/15/25

.....

500

508,309

Series

2020B

,

RB

,

5.00

%

,

05/15/25

.....

1,135

1,154,239

Series

2020A

,

RB

,

5.00

%

,

05/15/26

.....

1,000

1,043,997

Series

2020A

,

RB

,

5.00

%

,

05/15/28

.....

280

306,748

Series

2020A

,

RB

,

5.00

%

,

05/15/32

.....

1,070

1,198,267

Series

2020B

,

RB

,

5.00

%

,

05/15/32

.....

1,000

1,132,305

Series

2021B

,

RB

,

5.00

%

,

05/15/35

.....

2,105

2,401,974

Series

2020A

,

RB

,

5.00

%

,

05/15/36

.....

5,330

5,905,291

Series

C

,

RB

,

5.00

%

,

05/15/38

.........

1,750

1,770,671

Series

2020A

,

RB

,

5.00

%

,

05/15/39

.....

6,430

7,038,688

Series

2020A

,

RB

,

5.00

%

,

05/15/40

.....

1,425

1,554,272

Series

B

,

RB

,

5.00

%

,

05/15/42

.........

2,000

2,085,244

Series

2019E

,

RB,

AMT

,

5.00

%

,

05/15/44

.

2,500

2,657,358

Series

2021B

,

RB

,

5.00

%

,

05/15/45

.....

2,205

2,417,148

Series

2018E

,

RB

,

5.00

%

,

05/15/48

.....

1,020

1,082,241

Series

2021B

,

RB

,

5.00

%

,

05/15/48

.....

475

517,299

City

of

Los

Angeles

Wastewater

System

Series

2022C

,

RB

,

5.00

%

,

06/01/26

.....

3,815

3,997,645

Series

2018B

,

RB

,

5.00

%

,

06/01/27

.....

3,860

4,146,784

Series

2022C

,

RB

,

5.00

%

,

06/01/29

.....

1,000

1,122,259

Series

2022C

,

RB

,

5.00

%

,

06/01/30

.....

1,000

1,139,731

Series

A

,

RB

,

5.00

%

,

06/01/30

.........

1,305

1,389,903

Series

2022C

,

RB

,

5.00

%

,

06/01/32

.....

2,500

2,925,961

Series

2013A

,

RB

,

5.00

%

,

06/01/35

.....

2,450

2,451,916

Series

A

,

RB

,

4.00

%

,

06/01/42

.........

500

501,625

Series

2018A

,

RB

,

5.00

%

,

06/01/43

.....

1,000

1,053,652

Series

A

,

RB

,

5.00

%

,

06/01/43

.........

2,435

2,435,695

Series

C

,

RB

,

5.00

%

,

06/01/45

.........

915

924,491

Series

2022A

,

RB

,

5.00

%

,

06/01/47

.....

5,275

5,807,194

Series

A

,

RB

,

5.25

%

,

06/01/47

.........

1,000

1,046,078

Series

2022A

,

RB

,

4.00

%

,

06/01/52

.....

1,420

1,400,424

City

of

Riverside

Series

2019A

,

RB

,

5.00

%

,

10/01/36

.....

1,025

1,112,123

Series

2015A

,

RB

,

5.00

%

,

08/01/40

.....

500

507,595

Series

2019A

,

RB

,

5.00

%

,

10/01/48

.....

3,695

3,922,496

City

of

Sacramento,

Series

2018A,

RB,

5.00%, 06/01/43

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

1,000

1,040,735

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

California

Muni

Bond

ETF

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

City

of

San

Francisco

Series

2015A

,

RB

,

5.00

%

,

11/01/25

.....

USD

1,700

$

1,729,317

Series

A

,

RB

,

5.00

%

,

11/01/25

.........

455

468,659

Series

A

,

RB

,

5.00

%

,

11/01/29

.........

1,405

1,472,048

Series

A

,

RB

,

4.00

%

,

11/01/30

.........

1,055

1,081,540

Series

2023C

,

RB

,

5.00

%

,

11/01/31

.....

1,000

1,165,709

Series

2015A

,

RB

,

5.00

%

,

11/01/32

.....

1,000

1,013,758

Series

A

,

RB

,

5.00

%

,

11/01/32

.........

370

385,219

Series

2023C

,

RB

,

5.00

%

,

11/01/32

.....

1,000

1,181,250

Series

A

,

RB

,

5.00

%

,

11/01/33

.........

1,835

1,906,069

Series

D

,

RB

,

5.00

%

,

11/01/33

.........

1,000

1,063,875

Series

A

,

RB

,

5.00

%

,

11/01/34

.........

1,740

1,802,243

Series

2023C

,

RB

,

5.00

%

,

11/01/35

.....

1,440

1,707,657

Series

A

,

RB

,

4.00

%

,

11/01/36

.........

2,500

2,525,180

Series

A

,

RB

,

4.00

%

,

11/01/39

.........

1,000

1,002,360

Series

2023C

,

RB

,

5.00

%

,

11/01/39

.....

1,000

1,160,748

Series

2017A

,

RB

,

5.00

%

,

11/01/42

.....

4,325

4,338,597

Series

2023AB

,

RB

,

5.00

%

,

11/01/43

....

3,550

4,022,995

Series

2020B

,

RB

,

5.00

%

,

11/01/50

.....

3,600

3,742,837

City

of

San

Jose

Series

2019C

,

GO

,

5.00

%

,

09/01/28

.....

370

408,601

Series

2021A

,

GO

,

5.00

%

,

09/01/39

.....

3,150

3,540,689

Series

2021A

,

GO

,

5.00

%

,

09/01/42

.....

2,175

2,415,422

Series

2019A-1

,

GO

,

5.00

%

,

09/01/45

....

2,650

2,822,493

Series

2021A

,

GO

,

5.00

%

,

09/01/45

.....

7,035

7,726,797

Series

2019A-1

,

GO

,

5.00

%

,

09/01/47

....

2,000

2,126,975

City

of

Santa

Rosa,

Series

2002B,

RB,

0.00%, 09/01/32

(AMBAC)

(a)

..........

5,000

3,889,423

Clovis

Unified

School

District

Series

D

,

GO

,

4.00

%

,

08/01/40

........

250

252,159

Coast

Community

College

District

Series

2006B

,

GO

,

0.00

%

,

08/01/27

(

AGM

)

(a)

320

295,106

Series

2006B

,

GO

,

0.00

%

,

08/01/28

(

AGM

)

(a)

2,050

1,837,532

Series

2015

,

GO

,

5.00

%

,

08/01/29

......

4,905

5,020,157

Series

2006B

,

GO

,

0.00

%

,

08/01/30

(

AGM

)

(a)

2,985

2,515,237

Series

2015

,

GO

,

5.00

%

,

08/01/31

......

2,335

2,389,820

Series

2015

,

GO

,

0.00

%

,

08/01/34

(a)

.....

500

330,608

Series

2017D

,

GO

,

5.00

%

,

08/01/36

.....

1,500

1,613,813

Series

2019F

,

GO

,

3.00

%

,

08/01/39

.....

2,520

2,305,348

Series

2017D

,

GO

,

4.00

%

,

08/01/42

.....

10,230

10,226,821

Series

2019F

,

GO

,

0.00

%

,

08/01/43

(a)

....

1,000

456,411

Contra

Costa

Community

College

District,

Series

2014A,

GO,

4.00%, 08/01/39

.........

1,250

1,249,973

Contra

Costa

Water

District,

Series

W,

RB,

5.00%, 10/01/51

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

5,775

6,307,114

Corona-Norco

Unified

School

District

Series

A

,

GO

,

5.00

%

,

08/01/40

........

1,500

1,532,410

Series

B

,

GO

,

4.00

%

,

08/01/43

........

3,725

3,751,943

County

of

Los

Angeles,

Series

2024,

RB,

5.00%, 06/30/25

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

9,020

9,196,294

County

of

Riverside,

Series

2024,

RB,

5.00%, 06/30/25

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

6,500

6,624,343

County

of

Sacramento

Airport

System

Series

2018B

,

RB

,

5.00

%

,

07/01/38

.....

1,000

1,067,971

Series

A

,

RB

,

5.00

%

,

07/01/41

.........

1,000

1,024,610

Series

B

,

RB

,

5.00

%

,

07/01/41

.........

800

816,700

County

of

Santa

Clara

Series

2022D

,

GO

,

5.00

%

,

08/01/34

.....

5,890

6,919,879

Series

2017C

,

GO

,

4.00

%

,

08/01/38

.....

750

758,080

Desert

Community

College

District

Series

2016

,

GO

,

5.00

%

,

08/01/37

......

1,000

1,037,050

Series

2017

,

GO

,

4.00

%

,

08/01/39

......

500

502,815

Desert

Sands

Unified

School

District,

Series

2019,

GO,

4.00%, 08/01/44

..........

1,000

1,004,386

Security

Par

(000)

Par

(000)

Value

California

(continued)

Dublin

Unified

School

District,

Series

B,

GO,

4.25%, 08/01/53

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

USD

5,000

$

5,059,814

East

Bay

Municipal

Utility

District

Water

System

Series

2014B

,

RB

,

5.00

%

,

06/01/25

.....

325

331,027

Series

2015A

,

RB

,

5.00

%

,

06/01/27

.....

1,005

1,022,514

Series

2015A

,

RB

,

5.00

%

,

06/01/28

.....

250

254,183

Series

2024B

,

RB

,

5.00

%

,

06/01/28

.....

1,000

1,098,477

Series

2017B

,

RB

,

5.00

%

,

06/01/29

.....

2,200

2,351,136

Series

2015A

,

RB

,

5.00

%

,

06/01/29

.....

300

304,775

Series

2024B

,

RB

,

5.00

%

,

06/01/30

.....

1,000

1,141,583

Series

2024B

,

RB

,

5.00

%

,

06/01/33

.....

2,000

2,388,019

Series

2017B

,

RB

,

5.00

%

,

06/01/33

.....

1,000

1,060,838

Series

2017B

,

RB

,

5.00

%

,

06/01/34

.....

430

455,885

Series

2024B

,

RB

,

5.00

%

,

06/01/34

.....

2,000

2,386,989

Series

2015A

,

RB

,

5.00

%

,

06/01/35

.....

540

547,499

Series

2022A

,

RB

,

5.00

%

,

06/01/37

.....

2,000

2,320,903

Series

2017A

,

RB

,

5.00

%

,

06/01/42

.....

5,460

5,717,781

Series

2017A

,

RB

,

4.00

%

,

06/01/45

.....

1,000

996,502

Series

2017A

,

RB

,

5.00

%

,

06/01/45

.....

2,000

2,087,225

Series

2024A

,

RB

,

5.00

%

,

06/01/54

.....

3,215

3,568,853

East

Side

Union

High

School

District

Series

2024B

,

GO

,

5.00

%

,

08/01/30

(

AGM

)

3,500

3,989,474

Series

2024B

,

GO

,

5.00

%

,

08/01/34

(

AGM

)

4,000

4,803,606

Eastern

Municipal

Water

District,

Series

2018A,

RB,

VRDN

(Bank

of

America

NA

SBPA),

3.75%, 09/03/24

(b)

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

9,005

9,005,000

Eastern

Municipal

Water

District

Financing

Authority

Series

2020A

,

RB

,

5.00

%

,

07/01/36

.....

3,000

3,378,884

Series

2020A

,

RB

,

4.00

%

,

07/01/38

.....

2,310

2,394,022

Series

2017D

,

RB

,

5.00

%

,

07/01/47

.....

1,000

1,043,447

El

Camino

Community

College

District

Fountation

(The)

Series

2012C

,

GO

,

0.00

%

,

08/01/29

(a)

....

2,110

1,851,774

Series

2012C

,

GO

,

0.00

%

,

08/01/32

(a)

....

700

558,276

Series

2012C

,

GO

,

0.00

%

,

08/01/33

(a)

....

125

96,483

Series

2012C

,

GO

,

0.00

%

,

08/01/34

(a)

....

3,050

2,267,652

Series

2016A

,

GO

,

4.00

%

,

08/01/45

.....

500

492,803

El

Monte

Union

High

School

District,

Series

B,

GO,

4.00%, 06/01/46

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

4,100

4,064,593

Elk

Grove

Unified

School

District

Series

2021

,

GO

,

2.00

%

,

08/01/34

......

2,515

2,099,285

Series

2019

,

GO

,

4.00

%

,

08/01/46

......

2,855

2,837,139

Series

2017

,

GO

,

4.00

%

,

08/01/46

......

5,950

5,912,776

Escondido

Union

High

School

District

(a)

Series

2009

,

GO

,

0.00

%

,

08/01/37

(

AGC

)

.

190

122,092

Series

2011C

,

GO

,

0.00

%

,

08/01/46

.....

985

377,866

Series

2011C

,

GO

,

0.00

%

,

08/01/51

.....

1,155

360,707

Foothill-De

Anza

Community

College

District

Series

2003B

,

GO

,

0.00

%

,

08/01/34

(

NPFGC-IBC,

FGIC

)

(a)

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

2,000

1,495,723

Series

A

,

GO

,

0.00

%

,

08/01/36

(

AMBAC

)

(a)

1,950

1,339,706

Series

2021A

,

GO

,

3.00

%

,

08/01/40

.....

5,160

4,705,661

Series

2016

,

GO

,

4.00

%

,

08/01/40

......

4,285

4,288,022

Foothill-Eastern

Transportation

Corridor

Agency

Series

1995A

,

RB

,

0.00

%

,

01/01/25

(a)

....

880

871,677

Series

1995A

,

RB

,

0.00

%

,

01/01/26

(a)

....

1,165

1,125,852

Series

1995A

,

RB

,

0.00

%

,

01/01/28

(a)

....

440

404,309

Series

1995A

,

RB

,

0.00

%

,

01/01/29

(a)

....

500

447,524

Series

1995A

,

RB

,

0.00

%

,

01/01/30

(

AGC-

ICC,

AGM-CR

)

(a)

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

320

278,779

Series

2015A

,

RB

,

0.00

%

,

01/15/33

(a)

....

750

552,440

Series

2015A

,

RB

,

0.00

%

,

01/15/34

(

AGM

)

(a)

5,500

4,034,611

Series

2015A

,

RB

,

0.00

%

,

01/15/35

(

AGM

)

(a)

300

211,758

Series

2013A

,

RB

,

0.00

%

,

01/15/36

(

AGM

)

(a)

12,490

8,439,088

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

California

Muni

Bond

ETF

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2013A

,

RB

,

0.00

%

,

01/15/37

(

AGM

)

(a)

USD

3,000

$

1,935,714

Series

2021A

,

RB

,

4.00

%

,

01/15/46

.....

19,000

18,465,927

Series

2013B-1

,

RB

,

3.95

%

,

01/15/53

....

1,200

1,115,942

Fremont

Union

High

School

District

Series

2021A

,

GO

,

3.00

%

,

08/01/40

.....

4,000

3,640,828

Series

2015

,

GO

,

4.00

%

,

08/01/40

......

1,950

1,949,980

Series

A

,

GO

,

5.00

%

,

08/01/44

........

1,000

1,046,088

Glendale

Community

College

District,

Series

B,

GO,

4.00%, 08/01/50

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

8,085

7,985,834

Glendale

Unified

School

District,

Series

2015B,

GO,

4.00%, 09/01/41

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

350

355,679

Grossmont-Cuyamaca

Community

College

District

Series

2008C

,

GO

,

0.00

%

,

08/01/30

(

AGC

)

(a)

2,000

1,683,288

Series

2018B

,

GO

,

4.00

%

,

08/01/47

.....

1,000

991,053

Hayward

Area

Recreation

&

Park

District,

Series

A,

GO,

4.00%, 08/01/46

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

1,000

994,235

Hayward

Unified

School

District,

Series

2019A,

GO,

4.00%, 08/01/48

(BAM)

..........

1,000

996,530

Hillsborough

City

School

District

(a)

Series

B

,

GO

,

0.00

%

,

09/01/30

........

4,995

4,219,334

Series

B

,

GO

,

0.00

%

,

09/01/31

........

5,075

4,170,041

Imperial

Irrigation

District

Electric

System,

Series

2016B-1,

RB,

5.00%, 11/01/46

........

500

514,394

Irvine

Facilities

Financing

Authority

Series

2023A

,

RB

,

5.25

%

,

05/01/48

.....

1,000

1,022,203

Series

2023A

,

RB

,

4.25

%

,

05/01/53

.....

1,000

1,001,624

Irvine

Ranch

Water

District

Water

Service

Corp.

Series

2009B

,

VRDN

(

Bank

of

America

NA

LOC

),

3.40

%

,

09/03/24

(b)

...........

2,250

2,250,000

Series

2016

,

5.25

%

,

02/01/46

.........

1,000

1,030,741

Lodi

Unified

School

District,

Series

2020,

GO,

3.00%, 08/01/43

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

5,465

4,674,039

Long

Beach

Community

College

District

Series

2019C

,

GO

,

4.00

%

,

08/01/45

.....

400

396,461

Series

2012B

,

GO

,

0.00

%

,

08/01/49

(a)

....

250

181,999

Series

2019C

,

GO

,

4.00

%

,

08/01/49

.....

300

294,615

Long

Beach

Unified

School

District

Series

A

,

GO

,

5.00

%

,

08/01/25

........

3,200

3,272,311

Series

D-1

,

GO

,

0.00

%

,

08/01/33

(a)

......

1,750

1,212,850

Series

D-1

,

GO

,

0.00

%

,

08/01/37

(a)

......

5,290

3,029,307

Series

D-1

,

GO

,

0.00

%

,

08/01/39

(a)

......

200

102,776

Series

C

,

GO

,

5.00

%

,

08/01/43

........

3,000

3,412,702

Series

G

,

GO

,

5.00

%

,

08/01/44

........

1,015

1,148,801

Series

B

,

GO

,

4.00

%

,

08/01/45

........

500

492,803

Series

G

,

GO

,

4.00

%

,

08/01/45

........

1,380

1,391,158

Series

C

,

GO

,

5.00

%

,

08/01/45

........

3,265

3,678,339

Series

F

,

GO

,

3.00

%

,

08/01/47

.........

1,605

1,331,748

Series

C

,

GO

,

4.00

%

,

08/01/47

........

3,500

3,500,067

Series

B

,

GO

,

3.00

%

,

08/01/48

........

3,150

2,584,404

Series

C

,

GO

,

4.00

%

,

08/01/48

........

3,910

3,910,457

Series

B

,

GO

,

3.00

%

,

08/01/50

........

7,320

5,881,466

Series

C

,

GO

,

4.00

%

,

08/01/53

........

2,085

2,064,451

Los

Angeles

Community

College

District

Series

2015C

,

GO

,

5.00

%

,

08/01/25

.....

345

353,142

Series

A-1

,

GO

,

5.00

%

,

08/01/25

.......

4,420

4,524,318

Series

2015C

,

GO

,

5.00

%

,

06/01/26

.....

2,395

2,505,878

Series

A-1

,

GO

,

5.00

%

,

08/01/27

.......

1,800

1,940,972

Series

D

,

GO

,

5.00

%

,

08/01/27

........

10,000

10,783,180

Series

D

,

GO

,

5.00

%

,

08/01/28

........

3,625

4,003,006

Series

D

,

GO

,

5.00

%

,

08/01/29

........

2,085

2,354,780

Series

K

,

GO

,

4.00

%

,

08/01/36

........

2,435

2,466,186

Series

2016

,

GO

,

4.00

%

,

08/01/37

......

1,915

1,934,795

Series

K

,

GO

,

4.00

%

,

08/01/37

........

4,325

4,369,706

Series

K

,

GO

,

4.00

%

,

08/01/38

........

1,460

1,470,184

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2024

,

GO

,

5.00

%

,

08/01/38

......

USD

3,500

$

4,175,976

Series

K

,

GO

,

3.00

%

,

08/01/39

........

855

791,495

Series

J

,

GO

,

4.00

%

,

08/01/41

.........

3,445

3,475,207

Los

Angeles

County

Facilities

2,

Inc.,

Series

2024A,

RB,

5.25%, 06/01/49

.........

5,000

5,656,415

Los

Angeles

County

Facilities,

Inc.

Series

2018A

,

RB

,

5.00

%

,

12/01/43

.....

1,000

1,058,854

Series

2018A

,

RB

,

4.00

%

,

12/01/48

.....

500

495,078

Los

Angeles

County

Metropolitan

Transportation

Authority

Sales

Tax

Series

2020A

,

RB

,

5.00

%

,

06/01/25

.....

4,280

4,359,372

Series

2016A

,

RB

,

5.00

%

,

06/01/26

.....

450

470,124

Series

2020A

,

RB

,

5.00

%

,

06/01/27

.....

460

493,413

Series

2021A

,

RB

,

5.00

%

,

06/01/28

.....

1,040

1,143,989

Series

2020A

,

RB

,

5.00

%

,

06/01/28

.....

200

219,679

Series

2017A

,

RB

,

5.00

%

,

07/01/28

.....

270

288,774

Series

2021A

,

RB

,

5.00

%

,

06/01/30

.....

2,450

2,796,878

Series

2020A

,

RB

,

5.00

%

,

06/01/30

.....

1,500

1,707,869

Series

2023A

,

RB

,

5.00

%

,

07/01/30

.....

2,000

2,286,300

Series

2020A

,

RB

,

5.00

%

,

06/01/31

.....

5,680

6,414,948

Series

2020A

,

RB

,

5.00

%

,

06/01/32

.....

2,500

2,822,412

Series

2023A

,

RB

,

5.00

%

,

07/01/32

.....

2,000

2,356,202

Series

2021A

,

RB

,

5.00

%

,

06/01/33

.....

2,020

2,332,006

Series

2020A

,

RB

,

5.00

%

,

06/01/33

.....

3,020

3,401,968

Series

2023A

,

RB

,

5.00

%

,

07/01/33

.....

500

597,714

Series

2020A

,

RB

,

5.00

%

,

06/01/34

.....

4,095

4,346,869

Series

2019B

,

RB

,

5.00

%

,

07/01/34

.....

3,065

3,319,439

Series

2023A

,

RB

,

5.00

%

,

07/01/34

.....

2,000

2,388,007

Series

2019B

,

RB

,

5.00

%

,

07/01/35

.....

2,285

2,470,463

Series

2020A

,

RB

,

4.00

%

,

06/01/37

.....

1,250

1,303,880

Series

2017A

,

RB

,

5.00

%

,

07/01/37

.....

1,000

1,055,968

Series

2017A

,

RB

,

5.00

%

,

07/01/38

.....

1,390

1,464,342

Series

2021A

,

RB

,

5.00

%

,

07/01/39

.....

1,500

1,693,083

Series

2017A

,

RB

,

5.00

%

,

07/01/39

.....

2,890

3,037,004

Series

2017A

,

RB

,

5.00

%

,

07/01/40

.....

2,175

2,280,962

Series

2017A

,

RB

,

5.00

%

,

07/01/42

.....

2,400

2,508,283

Series

2021A

,

RB

,

5.00

%

,

07/01/43

.....

10,120

11,215,012

Series

2019A

,

RB

,

5.00

%

,

07/01/44

.....

3,770

3,990,193

Series

2021A

,

RB

,

5.00

%

,

07/01/45

.....

1,075

1,184,068

Los

Angeles

County

Public

Works

Financing

Authority

Series

2024H

,

RB

,

5.00

%

,

12/01/34

(c)

....

1,000

1,207,073

Series

2024H

,

RB

,

5.00

%

,

12/01/37

(c)

....

3,000

3,554,238

Series

2015A

,

RB

,

5.00

%

,

12/01/39

.....

500

501,995

Series

2024H

,

RB

,

5.00

%

,

12/01/39

(c)

....

1,500

1,755,317

Series

2016D

,

RB

,

4.00

%

,

12/01/40

.....

2,260

2,259,915

Series

2019E-1

,

RB

,

5.00

%

,

12/01/44

....

1,000

1,067,290

Series

2016D

,

RB

,

5.00

%

,

12/01/45

.....

535

543,131

Series

2021F

,

RB

,

4.00

%

,

12/01/46

.....

2,000

2,009,696

Series

2024H

,

RB

,

4.00

%

,

12/01/53

(c)

....

1,000

993,055

Series

2024H

,

RB

,

5.25

%

,

12/01/53

(c)

....

4,970

5,595,116

Los

Angeles

County

Sanitation

Districts

Financing

Authority

Series

2015A

,

RB

,

5.00

%

,

10/01/34

.....

500

509,819

Series

2016A

,

RB

,

4.00

%

,

10/01/42

.....

5,010

4,995,260

Los

Angeles

Department

of

Water

&

Power

Series

2022E

,

RB

,

5.00

%

,

07/01/25

.....

3,590

3,665,368

Series

2014C

,

RB

,

5.00

%

,

07/01/25

.....

3,560

3,563,787

Series

2018B

,

RB

,

5.00

%

,

07/01/25

.....

1,495

1,523,244

Series

2014C

,

RB

,

5.00

%

,

07/01/26

.....

1,360

1,361,447

Series

2021C

,

RB

,

5.00

%

,

07/01/26

.....

815

852,660

Series

2020A

,

RB

,

5.00

%

,

07/01/26

.....

3,645

3,821,327

Series

2018B

,

RB

,

5.00

%

,

07/01/26

.....

2,270

2,374,892

Series

2022E

,

RB

,

5.00

%

,

07/01/28

.....

2,485

2,731,875

Series

2015A

,

RB

,

5.00

%

,

07/01/28

.....

1,325

1,334,303

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

California

Muni

Bond

ETF

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2018A

,

RB

,

5.00

%

,

07/01/28

.....

USD

1,175

$

1,277,047

Series

2015A

,

RB

,

5.00

%

,

07/01/30

.....

1,000

1,006,790

Series

2019D

,

RB

,

5.00

%

,

07/01/32

.....

1,000

1,102,266

Series

2019B

,

RB

,

5.00

%

,

07/01/32

.....

1,760

1,922,414

Series

2015A

,

RB

,

5.00

%

,

07/01/32

.....

855

860,580

Series

2017B

,

RB

,

5.00

%

,

07/01/32

.....

1,960

2,052,191

Series

2001B-3

,

RB

,

VRDN

(

Barclays

Bank

plc

SBPA

),

3.65

%

,

09/03/24

(b)

.......

9,200

9,200,000

Series

2015A

,

RB

,

5.00

%

,

07/01/34

.....

625

628,976

Series

2002A,

Sub-Series

A-7

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

),

3.65

%

,

09/03/24

(b)

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

7,000

7,000,000

Series

2002A,

Sub-Series

A-3

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

),

3.65

%

,

09/03/24

(b)

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

380

380,000

Series

2014D

,

RB

,

5.00

%

,

07/01/35

.....

775

775,825

Series

2024B

,

RB

,

5.00

%

,

07/01/37

.....

4,000

4,723,038

Series

2019D

,

RB

,

5.00

%

,

07/01/37

.....

3,865

4,214,286

Series

2014D

,

RB

,

5.00

%

,

07/01/39

.....

2,530

2,532,692

Series

2020B

,

RB

,

5.00

%

,

07/01/39

.....

4,600

5,111,407

Series

2022C

,

RB

,

5.00

%

,

07/01/40

.....

2,000

2,252,939

Series

2020B

,

RB

,

5.00

%

,

07/01/40

.....

1,500

1,654,218

Series

2022C

,

RB

,

5.00

%

,

07/01/41

.....

2,000

2,235,243

Series

2017A

,

RB

,

5.00

%

,

07/01/42

.....

695

720,489

Series

2016B

,

RB

,

5.00

%

,

07/01/42

.....

2,230

2,276,503

Series

2022C

,

RB

,

5.00

%

,

07/01/42

.....

8,185

9,102,326

Series

2024A

,

RB

,

5.00

%

,

07/01/43

.....

4,450

5,044,486

Series

2022C

,

RB

,

5.00

%

,

07/01/43

.....

2,400

2,659,901

Series

2014D

,

RB

,

5.00

%

,

07/01/44

.....

425

425,452

Series

2024C

,

RB

,

5.00

%

,

07/01/44

.....

1,000

1,129,367

Series

2024A

,

RB

,

5.00

%

,

07/01/44

.....

3,615

4,082,660

Series

2024D

,

RB

,

5.00

%

,

07/01/45

.....

4,000

4,525,363

Series

2019A

,

RB

,

5.00

%

,

07/01/45

.....

1,510

1,602,343

Series

2021C

,

RB

,

5.00

%

,

07/01/45

.....

3,000

3,287,283

Series

2016A

,

RB

,

5.00

%

,

07/01/46

.....

1,000

1,018,404

Series

2024D

,

RB

,

5.00

%

,

07/01/47

.....

6,750

7,584,102

Series

2022B

,

RB

,

5.00

%

,

07/01/47

.....

6,000

6,610,271

Series

2017A

,

RB

,

5.00

%

,

07/01/47

.....

1,000

1,031,567

Series

2017C

,

RB

,

5.00

%

,

07/01/47

.....

1,000

1,038,025

Series

2019D

,

RB

,

5.00

%

,

07/01/49

.....

3,675

3,894,755

Series

2019C

,

RB

,

5.00

%

,

07/01/49

.....

2,455

2,601,802

Series

2022A

,

RB

,

5.00

%

,

07/01/51

.....

2,480

2,687,212

Series

2021C

,

RB

,

5.00

%

,

07/01/51

.....

2,575

2,790,150

Series

2022C

,

RB

,

5.00

%

,

07/01/52

.....

2,100

2,280,976

Series

2022B

,

RB

,

5.00

%

,

07/01/52

.....

1,000

1,091,272

Series

2024C

,

RB

,

5.00

%

,

07/01/54

.....

10,750

11,863,519

Los

Angeles

Department

of

Water

&

Power

Water

System

Series

2023A

,

RB

,

5.00

%

,

07/01/25

.....

2,000

2,041,988

Series

2020B

,

RB

,

4.00

%

,

07/01/27

.....

415

433,366

Series

2023A

,

RB

,

5.00

%

,

07/01/34

.....

1,100

1,309,376

Series

2016A

,

RB

,

5.00

%

,

07/01/35

.....

2,830

2,905,852

Series

2020C

,

RB

,

5.00

%

,

07/01/36

.....

2,500

2,805,163

Series

2016A

,

RB

,

5.00

%

,

07/01/38

.....

1,330

1,363,181

Series

2022B

,

RB

,

5.00

%

,

07/01/38

.....

2,500

2,857,566

Series

2022D

,

RB

,

5.00

%

,

07/01/40

.....

1,220

1,385,443

Series

2022C

,

RB

,

5.00

%

,

07/01/40

.....

4,130

4,690,066

Series

2017A

,

RB

,

5.00

%

,

07/01/41

.....

2,000

2,074,727

Series

2024B

,

RB

,

5.00

%

,

07/01/41

.....

3,200

3,691,988

Series

2022B

,

RB

,

5.00

%

,

07/01/42

.....

2,310

2,572,075

Series

2024B

,

RB

,

5.00

%

,

07/01/42

.....

2,000

2,292,877

Series

2018B

,

RB

,

5.00

%

,

07/01/43

.....

4,345

4,588,813

Series

2022C

,

RB

,

5.00

%

,

07/01/43

.....

2,650

2,958,021

Series

2017A

,

RB

,

5.00

%

,

07/01/44

.....

2,000

2,069,516

Series

2016B

,

RB

,

5.00

%

,

07/01/46

.....

250

254,666

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2016A

,

RB

,

5.00

%

,

07/01/46

.....

USD

5,000

$

5,093,322

Series

2021B

,

RB

,

5.00

%

,

07/01/46

.....

2,950

3,208,732

Series

2022D

,

RB

,

5.00

%

,

07/01/47

.....

6,330

6,982,952

Series

2018B

,

RB

,

5.00

%

,

07/01/48

.....

4,025

4,218,832

Series

2018A

,

RB

,

5.00

%

,

07/01/48

.....

1,000

1,042,231

Series

2022B

,

RB

,

4.00

%

,

07/01/49

.....

1,000

984,912

Series

2023A

,

RB

,

5.00

%

,

07/01/49

.....

1,000

1,109,246

Series

2020A

,

RB

,

5.00

%

,

07/01/50

.....

6,460

6,942,646

Series

2021B

,

RB

,

5.00

%

,

07/01/51

.....

2,600

2,806,111

Series

2022B

,

RB

,

5.00

%

,

07/01/52

.....

5,760

6,264,114

Series

2023A

,

RB

,

5.25

%

,

07/01/53

.....

1,000

1,123,944

Los

Angeles

Unified

School

District

Series

2021A

,

GO

,

5.00

%

,

07/01/25

.....

1,000

1,021,326

Series

2017A

,

GO

,

5.00

%

,

07/01/25

.....

2,050

2,093,718

Series

2019A

,

GO

,

5.00

%

,

07/01/25

.....

2,455

2,507,355

Series

2022QRR

,

GO

,

5.00

%

,

07/01/25

...

2,000

2,042,652

Series

2022QRR

,

GO

,

5.00

%

,

07/01/26

...

750

786,833

Series

2019A

,

GO

,

5.00

%

,

07/01/26

.....

2,500

2,622,776

Series

2020RYQ

,

GO

,

5.00

%

,

07/01/26

...

1,500

1,573,665

Series

2017A

,

GO

,

5.00

%

,

07/01/26

.....

3,625

3,803,025

Series

2017A

,

GO

,

5.00

%

,

07/01/27

.....

3,570

3,834,179

Series

2019A

,

GO

,

5.00

%

,

07/01/27

.....

1,170

1,256,580

Series

2021RYRR

,

GO

,

5.00

%

,

07/01/27

..

1,250

1,342,500

Series

2020C

,

GO

,

5.00

%

,

07/01/27

.....

1,070

1,149,180

Series

2023A

,

COP

,

5.00

%

,

10/01/27

....

1,000

1,076,414

Series

2023QRR

,

GO

,

5.00

%

,

07/01/28

...

2,865

3,149,626

Series

2020A

,

GO

,

5.00

%

,

07/01/28

.....

875

961,928

Series

2019A

,

GO

,

5.00

%

,

07/01/28

.....

3,945

4,336,920

Series

2020RYQ

,

GO

,

5.00

%

,

07/01/28

...

1,145

1,258,751

Series

2018B-1

,

GO

,

5.00

%

,

07/01/28

....

1,455

1,576,656

Series

2022QRR

,

GO

,

5.00

%

,

07/01/29

...

1,000

1,123,795

Series

2023QRR

,

GO

,

5.00

%

,

07/01/29

...

3,500

3,933,281

Series

2024A

,

GO

,

5.00

%

,

07/01/29

.....

3,180

3,573,667

Series

2016A

,

GO

,

5.00

%

,

07/01/29

.....

1,000

1,017,155

Series

2019A

,

GO

,

5.00

%

,

07/01/29

.....

1,850

2,079,020

Series

2016B

,

GO

,

5.00

%

,

07/01/30

.....

1,000

1,041,593

Series

2020C

,

GO

,

5.00

%

,

07/01/30

.....

1,225

1,399,491

Series

2018B-1

,

GO

,

5.00

%

,

07/01/30

....

505

542,101

Series

2021A

,

GO

,

5.00

%

,

07/01/30

.....

5

5,712

Series

2023A

,

COP

,

5.00

%

,

10/01/30

....

2,000

2,261,281

Series

2020C

,

GO

,

4.00

%

,

07/01/31

.....

1,000

1,069,385

Series

2018B-1

,

GO

,

5.00

%

,

07/01/31

....

500

535,039

Series

2019A

,

GO

,

5.00

%

,

07/01/31

.....

1,000

1,108,700

Series

2021A

,

GO

,

4.00

%

,

07/01/32

.....

440

470,915

Series

2019A

,

GO

,

5.00

%

,

07/01/32

.....

1,500

1,654,828

Series

2024A

,

GO

,

5.00

%

,

07/01/33

.....

17,500

20,855,817

Series

2020A

,

GO

,

5.00

%

,

07/01/33

.....

6,020

6,803,756

Series

2018B-1

,

GO

,

5.00

%

,

07/01/33

....

2,000

2,136,355

Series

2024A

,

GO

,

5.00

%

,

07/01/34

.....

16,820

20,308,295

Series

2022QRR

,

GO

,

5.00

%

,

07/01/36

...

1,000

1,165,590

Series

2020RYQ

,

GO

,

4.00

%

,

07/01/37

...

3,500

3,638,396

Series

2018B-1

,

GO

,

5.00

%

,

07/01/37

....

1,000

1,060,820

Series

2020C

,

GO

,

3.00

%

,

07/01/38

.....

1,000

923,053

Series

2020C

,

GO

,

4.00

%

,

07/01/39

.....

2,620

2,687,830

Series

2022QRR

,

GO

,

5.00

%

,

07/01/39

...

1,405

1,613,855

Series

2020RYQ

,

GO

,

4.00

%

,

07/01/40

...

3,010

3,076,637

Series

2016A

,

GO

,

5.00

%

,

07/01/40

.....

4,000

4,048,811

Series

2018B-1

,

GO

,

5.25

%

,

07/01/42

....

3,075

3,258,988

Series

2023QRR

,

GO

,

5.00

%

,

07/01/43

...

4,575

5,201,916

Series

2020RYQ

,

GO

,

4.00

%

,

07/01/44

...

3,000

3,027,064

Series

2022QRR

,

GO

,

5.25

%

,

07/01/47

...

750

848,559

Series

2023QRR

,

GO

,

5.25

%

,

07/01/48

...

10,000

11,408,107

Manhattan

Beach

Unified

School

District,

Series

2018A,

GO,

4.00%, 09/01/46

.........

5,000

4,960,378

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

California

Muni

Bond

ETF

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Marin

Community

College

District,

Series

B,

GO,

4.00%, 08/01/40

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

USD

2,400

$

2,497,433

Mendocino-Lake

Community

College

District

(a)

Series

B

,

GO

,

0.00

%

,

08/01/51

(

AGM

)

...

250

74,057

Series

B

,

GO

,

0.00

%

,

08/01/51

(

BAM

)

....

7,000

1,771,932

Menlo

Park

City

School

District,

Series

2010,

GO,

0.00%, 07/01/44

(a)

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

435

446,880

Mesa

Water

District,

Series

2020,

COP,

5.00%, 03/15/50

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

4,380

4,681,363

Metropolitan

Water

District

of

Southern

California

Series

2019A

,

RB

,

5.00

%

,

07/01/25

.....

125

127,531

Series

2017A

,

RB

,

2.50

%

,

07/01/26

.....

230

229,462

Series

2019A

,

RB

,

5.00

%

,

07/01/26

.....

1,060

1,109,527

Series

2019A

,

RB

,

5.00

%

,

07/01/27

.....

790

848,910

Series

2011C

,

RB

,

5.00

%

,

10/01/27

.....

980

1,061,085

Series

2022A

,

RB

,

5.00

%

,

10/01/27

.....

175

189,479

Series

2022A

,

RB

,

5.00

%

,

10/01/29

.....

2,000

2,266,419

Series

2016A

,

RB

,

5.00

%

,

07/01/30

.....

1,000

1,035,482

Series

2022A

,

RB

,

5.00

%

,

10/01/33

.....

1,000

1,186,201

Series

2019A

,

RB

,

5.00

%

,

07/01/34

.....

2,020

2,204,904

Series

2016B-2

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

3.65

%

,

09/03/24

(b)

..........

3,640

3,640,000

Series

2019A

,

RB

,

5.00

%

,

07/01/37

.....

1,000

1,086,409

Series

2019A

,

RB

,

5.00

%

,

07/01/38

.....

1,015

1,101,445

Series

2020C

,

RB

,

5.00

%

,

07/01/39

.....

355

395,111

Series

2021A

,

RB

,

5.00

%

,

10/01/39

.....

1,680

1,892,070

Series

2020C

,

RB

,

5.00

%

,

07/01/40

.....

3,490

3,868,841

Series

2015A

,

RB

,

5.00

%

,

07/01/40

.....

1,525

1,556,906

Series

2020A

,

RB

,

5.00

%

,

10/01/45

.....

1,000

1,075,188

Series

2023A

,

RB

,

5.00

%

,

04/01/48

.....

6,500

7,253,845

Series

2020A

,

RB

,

5.00

%

,

10/01/49

.....

15,915

17,018,568

Miracosta

Community

College

District,

Series

B,

GO,

4.00%, 08/01/45

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

3,000

3,034,528

Moreno

Valley

Unified

School

District,

Series

A,

GO,

5.00%, 08/01/44

(AGM)

.........

10,000

10,225,179

Mount

Diablo

Unified

School

District,

Series

2010A,

GO,

5.75%, 08/01/35

(AGM)

.....

400

409,645

Mount

San

Antonio

Community

College

District

Series

2013A

,

GO

,

5.87

%

,

08/01/28

.....

1,000

1,110,271

Series

2013A

,

GO

,

0.00

%

,

08/01/43

(a)

....

2,235

2,229,484

Mount

San

Jacinto

Community

College

District,

Series

B,

GO,

4.00%, 08/01/43

........

5,250

5,278,484

Mountain

View-Whisman

School

District,

Series

B,

GO,

4.00%, 09/01/42

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

250

258,339

Municipal

Improvement

Corp.

of

Los

Angeles

Series

2016B

,

RB

,

5.00

%

,

11/01/29

.....

1,340

1,404,615

Series

2016B

,

RB

,

5.00

%

,

11/01/30

.....

500

522,579

Series

2016B

,

RB

,

5.00

%

,

11/01/32

.....

1,055

1,098,729

Newport

Mesa

Unified

School

District

(a)

Series

2007

,

GO

,

0.00

%

,

08/01/31

(

NPFGC

)

5,135

4,199,846

Series

2011

,

GO

,

0.00

%

,

08/01/32

......

7,000

5,569,712

Series

2011

,

GO

,

0.00

%

,

08/01/34

......

3,715

2,748,624

Series

2011

,

GO

,

0.00

%

,

08/01/35

......

2,000

1,419,933

Series

2011

,

GO

,

0.00

%

,

08/01/36

......

2,625

1,780,346

Series

2011

,

GO

,

0.00

%

,

08/01/38

......

500

310,025

Series

2017

,

GO

,

0.00

%

,

08/01/44

......

1,000

427,754

Norman

Y

Mineta

San

Jose

International

Airport

SJC,

Series

2017B,

RB,

5.00%, 03/01/47

..

2,000

2,059,979

North

Orange

County

Community

College

District

Series

C

,

GO

,

4.00

%

,

08/01/43

........

2,100

2,151,964

Series

B

,

GO

,

4.00

%

,

08/01/44

........

6,500

6,581,332

Series

C

,

GO

,

4.00

%

,

08/01/44

........

2,625

2,668,148

Security

Par

(000)

Par

(000)

Value

California

(continued)

Northern

California

Sanitation

Agencies

Financing

Authority

Series

2020A

,

RB

,

5.00

%

,

12/01/27

.....

USD

750

$

814,747

Series

2021

,

RB

,

5.00

%

,

12/01/31

......

1,250

1,460,771

Series

2021

,

RB

,

5.00

%

,

12/01/33

......

1,270

1,474,019

Series

2024A

,

RB

,

5.00

%

,

12/01/35

.....

10,000

12,102,937

Series

2020A

,

RB

,

5.00

%

,

12/01/41

.....

2,520

2,769,610

Series

2014A

,

RB

,

5.00

%

,

12/01/44

.....

1,000

1,000,894

Series

2020A

,

RB

,

5.00

%

,

12/01/50

.....

4,105

4,430,095

Ohlone

Community

College

District,

Series

C,

GO,

4.00%, 08/01/45

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

1,250

1,225,122

Orange

County

Local

Transportation

Authority

Sales

Tax

Series

2019

,

RB

,

5.00

%

,

02/15/25

......

1,110

1,121,729

Series

2019

,

RB

,

5.00

%

,

02/15/30

......

500

555,760

Series

2019

,

RB

,

4.00

%

,

02/15/38

......

3,365

3,443,375

Series

2019

,

RB

,

5.00

%

,

02/15/41

......

1,500

1,607,271

Orange

County

Sanitation

District

Series

2021A

,

RB

,

5.00

%

,

02/01/26

.....

2,005

2,079,532

Series

2022A

,

COP

,

5.00

%

,

02/01/33

....

1,000

1,145,576

Orange

County

Water

District

Series

2019C

,

RB

,

5.00

%

,

08/15/25

.....

175

179,241

Series

2017A

,

RB

,

4.00

%

,

08/15/41

.....

2,755

2,774,032

Palomar

Community

College

District

Series

C

,

GO

,

4.00

%

,

08/01/40

........

250

253,483

Series

2017

,

GO

,

4.00

%

,

08/01/45

......

1,615

1,602,962

Series

D

,

GO

,

4.00

%

,

08/01/46

........

1,070

1,061,768

Peninsula

Corridor

Joint

Powers

Board

Measure

RR

Sales

Tax,

Series

2022A,

RB,

5.00%, 06/01/47

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

2,025

2,204,623

Placentia-Yorba

Linda

Unified

School

District

(a)

Series

D

,

GO

,

0.00

%

,

08/01/40

........

500

276,698

Series

D

,

GO

,

0.00

%

,

08/01/42

........

200

99,937

Series

D

,

GO

,

0.00

%

,

08/01/46

........

1,300

510,753

Port

of

Los

Angeles

Series

2019B

,

RB

,

5.00

%

,

08/01/26

.....

2,030

2,131,856

Series

2016C

,

RB

,

4.00

%

,

08/01/39

.....

1,000

1,002,042

Series

2014B

,

RB

,

5.00

%

,

08/01/44

.....

1,100

1,101,988

Poway

Unified

School

District

(a)

Series

A

,

GO

,

0.00

%

,

08/01/27

........

2,500

2,308,164

Series

A

,

GO

,

0.00

%

,

08/01/31

........

790

644,324

Series

A

,

GO

,

0.00

%

,

08/01/32

........

450

354,131

Series

B

,

GO

,

0.00

%

,

08/01/33

........

1,650

1,252,688

Series

B

,

GO

,

0.00

%

,

08/01/34

........

7,165

5,229,703

Series

B

,

GO

,

0.00

%

,

08/01/35

........

500

349,760

Series

B

,

GO

,

0.00

%

,

08/01/36

........

1,000

666,860

Series

B

,

GO

,

0.00

%

,

08/01/38

........

755

459,294

Series

B

,

GO

,

0.00

%

,

08/01/46

........

4,445

1,680,889

Rio

Hondo

Community

College

District

Series

2010C

,

GO

,

6.63

%

,

08/01/42

.....

1,210

1,562,296

Series

2010C

,

GO

,

6.85

%

,

08/01/42

.....

2,960

3,878,057

Riverside

Community

College

District,

Series

2019,

GO,

3.00%, 08/01/38

..........

2,040

1,856,375

Riverside

County

Public

Financing

Authority,

Series

2015,

RB,

5.25%, 11/01/45

......

500

516,382

Riverside

County

Transportation

Commission

Series

2021B-1

,

RB

,

4.00

%

,

06/01/37

....

2,384

2,440,910

Series

2021B-1

,

RB

,

4.00

%

,

06/01/38

....

2,965

3,024,003

Series

2021B-1

,

RB

,

4.00

%

,

06/01/40

....

1,100

1,110,681

Series

B

,

RB

,

0.00

%

,

06/01/41

(a)

.......

2,500

1,246,139

Series

2021B-1

,

RB

,

4.00

%

,

06/01/46

....

6,020

5,941,894

Series

2021B-1

,

RB

,

3.00

%

,

06/01/49

....

2,000

1,574,502

Riverside

County

Transportation

Commission

Sales

Tax

Series

2017B

,

RB

,

5.00

%

,

06/01/25

.....

420

427,883

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

California

Muni

Bond

ETF

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2017B

,

RB

,

5.00

%

,

06/01/29

.....

USD

1,500

$

1,616,629

Series

2017B

,

RB

,

5.00

%

,

06/01/30

.....

2,500

2,688,682

Series

2017B

,

RB

,

5.00

%

,

06/01/32

.....

310

332,493

Series

2017B

,

RB

,

5.00

%

,

06/01/37

.....

1,020

1,085,909

Series

2017B

,

RB

,

5.00

%

,

06/01/38

.....

1,520

1,613,555

Series

2017A

,

RB

,

5.00

%

,

06/01/39

.....

410

429,795

Series

2017B

,

RB

,

5.00

%

,

06/01/39

.....

1,000

1,056,648

Riverside

Unified

School

District,

Series

B,

GO,

4.00%, 08/01/42

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

1,000

1,003,732

Sacramento

Area

Flood

Control

Agency,

Series

2016A,

5.00%, 10/01/47

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

1,000

1,028,032

Sacramento

City

Financing

Authority,

Series

E,

RB,

5.25%, 12/01/30

(AMBAC)

........

650

732,586

Sacramento

City

Unified

School

District,

Series

2022A,

GO,

5.50%, 08/01/52

(BAM)

.....

2,000

2,193,822

Sacramento

Municipal

Utility

District

Series

2017E

,

RB

,

5.00

%

,

08/15/25

.....

805

824,585

Series

2022J

,

RB

,

5.00

%

,

08/15/25

.....

750

768,247

Series

2022J

,

RB

,

5.00

%

,

08/15/26

.....

265

278,287

Series

2021I

,

RB

,

5.00

%

,

08/15/27

......

1,000

1,077,824

Series

2019G

,

RB

,

5.00

%

,

08/15/30

.....

1,000

1,119,326

Series

2023C

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

3.60

%

,

09/03/24

(b)

..........

10,750

10,750,000

Series

2023K

,

RB

,

5.00

%

,

08/15/44

.....

1,785

2,018,255

Series

2019B

,

RB

,

VRDN

5.00

%

,

10/15/25

(b)

1,635

1,657,170

Series

2024M

,

RB

,

5.00

%

,

11/15/49

.....

2,500

2,811,074

Series

2020H

,

RB

,

5.00

%

,

08/15/50

.....

3,340

3,609,375

Series

2023K

,

RB

,

5.00

%

,

08/15/53

.....

2,000

2,219,361

Series

2024M

,

RB

,

5.00

%

,

11/15/54

.....

5,000

5,578,368

Sacramento

Transportation

Authority

Sales

Tax

Series

2023

,

RB

,

5.00

%

,

10/01/28

......

1,500

1,660,928

Series

2023

,

RB

,

5.00

%

,

10/01/29

......

2,000

2,263,337

Series

2023

,

RB

,

5.00

%

,

10/01/32

......

1,750

2,079,031

Series

2023

,

RB

,

5.00

%

,

10/01/33

......

8,265

9,966,849

Series

2023

,

RB

,

5.00

%

,

10/01/38

......

2,000

2,348,475

San

Bernardino

Community

College

District,

Series

2019A,

GO,

4.00%, 08/01/44

.....

500

523,200

San

Diego

Association

of

Governments,

Series

2019A,

RB,

5.00%, 11/15/26

.........

2,350

2,419,516

San

Diego

Association

of

Governments

South

Bay

Expressway,

Series

2017A,

RB,

5.00%, 07/01/42

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

3,000

3,115,031

San

Diego

Community

College

District

Series

2016

,

GO

,

5.00

%

,

08/01/27

......

555

582,394

Series

2016

,

GO

,

5.00

%

,

08/01/28

......

1,450

1,520,565

Series

2016

,

GO

,

5.00

%

,

08/01/30

......

650

681,562

Series

2016

,

GO

,

5.00

%

,

08/01/31

......

2,035

2,133,813

Series

2016

,

GO

,

4.00

%

,

08/01/32

......

500

514,993

Series

2016

,

GO

,

4.00

%

,

08/01/41

......

3,500

3,604,954

Series

2016

,

GO

,

5.00

%

,

08/01/41

......

6,250

6,553,479

San

Diego

County

Regional

Airport

Authority

Series

2019A

,

RB

,

5.00

%

,

07/01/35

.....

1,500

1,649,344

Series

2019A

,

RB

,

5.00

%

,

07/01/39

.....

2,000

2,172,049

Series

A

,

RB

,

5.00

%

,

07/01/42

.........

1,000

1,040,709

Series

2019A

,

RB

,

5.00

%

,

07/01/44

.....

400

427,362

Series

2021A

,

RB

,

4.00

%

,

07/01/46

.....

2,000

1,984,935

Series

2019A

,

RB

,

5.00

%

,

07/01/49

.....

1,400

1,481,980

Series

2021A

,

RB

,

5.00

%

,

07/01/51

.....

2,000

2,154,897

Series

2021A

,

RB

,

4.00

%

,

07/01/56

.....

1,000

971,048

Series

2021A

,

RB

,

5.00

%

,

07/01/56

.....

2,000

2,142,449

San

Diego

County

Regional

Transportation

Commission

Series

2023A

,

RB

,

5.00

%

,

04/01/28

.....

1,300

1,422,554

Series

2023A

,

RB

,

5.00

%

,

04/01/30

.....

1,375

1,565,343

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2023A

,

RB

,

5.00

%

,

04/01/35

.....

USD

1,500

$

1,776,526

Series

2016A

,

RB

,

5.00

%

,

04/01/41

.....

2,000

2,052,332

Series

2016A

,

RB

,

5.00

%

,

04/01/48

.....

2,115

2,165,308

Series

2021B

,

RB

,

5.00

%

,

04/01/48

.....

4,380

4,753,790

San

Diego

County

Water

Authority

Series

2021S-1

,

RB

,

5.00

%

,

05/01/28

....

4,730

5,157,946

Series

2021B

,

RB

,

4.00

%

,

05/01/38

.....

2,500

2,649,276

Series

2022A

,

RB

,

5.00

%

,

05/01/47

.....

2,000

2,227,253

Series

2022A

,

RB

,

5.00

%

,

05/01/52

.....

1,570

1,730,350

San

Diego

Public

Facilities

Financing

Authority

Series

2015

,

RB

,

5.00

%

,

05/15/25

......

1,000

1,017,051

Series

2016B

,

RB

,

5.00

%

,

08/01/25

.....

310

317,373

Series

2016B

,

RB

,

5.00

%

,

08/01/27

.....

1,535

1,608,959

Series

2016A

,

RB

,

5.00

%

,

05/15/29

.....

500

521,408

Series

2018A

,

RB

,

5.00

%

,

08/01/43

.....

500

528,720

Series

A

,

RB

,

5.00

%

,

10/15/44

.........

1,000

1,016,314

Series

2021A

,

RB

,

5.00

%

,

10/15/46

.....

1,000

1,077,875

Series

2023A

,

RB

,

5.25

%

,

08/01/48

.....

9,080

10,332,302

Series

2023A

,

RB

,

4.00

%

,

08/01/52

.....

1,730

1,705,130

Series

2024A

,

RB

,

5.00

%

,

05/15/54

.....

4,000

4,466,170

Series

2024A

,

RB

,

5.00

%

,

10/15/54

.....

2,500

2,768,209

San

Diego

Unified

School

District

Series

2015R-4

,

GO

,

5.00

%

,

07/01/27

...

350

356,576

Series

2015R-4

,

GO

,

5.00

%

,

07/01/28

...

180

183,372

Series

2022O-2

,

GO

,

5.00

%

,

07/01/29

...

4,000

4,491,285

Series

2016R-5

,

GO

,

5.00

%

,

07/01/29

...

960

1,003,309

Series

2010C

,

GO

,

0.00

%

,

07/01/30

(a)

....

1,840

1,569,191

Series

R-1

,

GO

,

0.00

%

,

07/01/31

(a)

......

1,820

1,487,927

Series

SR-1

,

GO

,

4.00

%

,

07/01/31

......

500

509,054

Series

2012E

,

GO

,

0.00

%

,

07/01/32

(a)

....

3,440

2,713,531

Series

SR-1

,

GO

,

4.00

%

,

07/01/32

......

220

223,409

Series

2010C

,

GO

,

0.00

%

,

07/01/35

(a)

....

300

213,287

Series

2010C

,

GO

,

0.00

%

,

07/01/36

(a)

....

3,240

2,200,959

Series

2020D-2

,

GO

,

3.00

%

,

07/01/37

...

2,400

2,224,460

Series

2010C

,

GO

,

0.00

%

,

07/01/38

(a)

....

1,930

1,198,266

Series

2010C

,

GO

,

0.00

%

,

07/01/39

(a)

....

1,100

649,410

Series

2020D-2

,

GO

,

3.00

%

,

07/01/39

...

1,030

929,991

Series

R-2

,

GO

,

0.00

%

,

07/01/40

(a)

......

800

824,653

Series

R-2

,

GO

,

0.00

%

,

07/01/41

(a)

......

450

458,495

Series

2024ZR-5A

,

GO

,

5.00

%

,

07/01/41

..

1,000

1,162,924

Series

2012E

,

GO

,

0.00

%

,

07/01/42

(a)

....

1,340

1,130,861

Series

2010C

,

GO

,

0.00

%

,

07/01/42

(a)

....

215

108,820

Series

2019L

,

GO

,

4.00

%

,

07/01/44

.....

2,015

2,032,094

Series

2010C

,

GO

,

0.00

%

,

07/01/45

(a)

....

2,780

1,209,617

Series

2024ZR-5A

,

GO

,

5.00

%

,

07/01/45

(d)

1,200

1,366,207

Series

2010C

,

GO

,

0.00

%

,

07/01/46

(a)

....

500

206,498

Series

2021N-2

,

GO

,

3.00

%

,

07/01/46

...

3,000

2,518,540

Series

2024ZR-5A

,

GO

,

5.00

%

,

07/01/46

(d)

1,500

1,699,723

Series

2012E

,

GO

,

0.00

%

,

07/01/47

(a)

....

3,025

2,540,992

Series

2010C

,

GO

,

0.00

%

,

07/01/47

(a)

....

1,880

1,196,658

Series

2017I

,

GO

,

4.00

%

,

07/01/47

......

4,000

4,000,049

Series

2024ZR-5A

,

GO

,

5.00

%

,

07/01/47

(d)

1,660

1,875,444

Series

2010C

,

GO

,

0.00

%

,

07/01/48

(a)

....

1,100

1,069,279

Series

2023N2

,

GO

,

5.00

%

,

07/01/48

....

1,000

1,113,874

Series

2023A-3

,

GO

,

5.00

%

,

07/01/48

....

13,000

14,480,359

Series

2012E

,

GO

,

0.00

%

,

07/01/49

(a)

....

4,000

1,421,648

Series

2019L

,

GO

,

4.00

%

,

07/01/49

.....

1,000

994,621

Series

2020M-2

,

GO

,

3.00

%

,

07/01/50

...

4,200

3,428,777

Series

2020D-2

,

GO

,

4.00

%

,

07/01/50

...

5,085

5,085,814

Series

2021E-2

,

GO

,

4.00

%

,

07/01/51

....

2,300

2,293,894

Series

2023G-3

,

GO

,

4.00

%

,

07/01/53

...

12,285

12,205,211

San

Dieguito

Union

High

School

District,

Series

B-2,

GO,

4.00%, 02/01/40

...........

200

199,995

San

Francisco

Bay

Area

Rapid

Transit

District

Series

2015D

,

GO

,

4.00

%

,

08/01/33

.....

2,250

2,255,748

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

California

Muni

Bond

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2020C-1

,

GO

,

4.00

%

,

08/01/35

...

USD

1,000

$

1,041,840

Series

2020C-1

,

GO

,

3.00

%

,

08/01/36

...

4,025

3,800,821

Series

2020C-1

,

GO

,

3.00

%

,

08/01/38

...

1,625

1,501,718

Series

A-1

,

GO

,

4.00

%

,

08/01/42

.......

1,000

1,001,295

Series

A-1

,

GO

,

5.00

%

,

08/01/47

.......

1,015

1,052,243

Series

2019B-1

,

GO

,

3.00

%

,

08/01/49

....

3,700

3,053,983

Series

2020C-1

,

GO

,

3.00

%

,

08/01/50

...

2,600

2,129,430

San

Francisco

Bay

Area

Rapid

Transit

District

Sales

Tax

Series

2019A

,

RB

,

4.00

%

,

07/01/37

.....

1,000

1,009,575

Series

2019A

,

RB

,

4.00

%

,

07/01/38

.....

2,000

2,015,354

Series

2019A

,

RB

,

3.00

%

,

07/01/44

.....

1,200

1,015,877

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

Series

2016D

,

RB

,

5.00

%

,

05/01/25

.....

250

253,929

Series

2016A

,

RB

,

5.00

%

,

05/01/26

.....

1,000

1,042,472

Series

2019D

,

RB

,

5.00

%

,

05/01/31

.....

1,230

1,363,940

Series

2021-2B

,

RB

,

5.00

%

,

05/01/32

....

350

401,919

Series

2021-2B

,

RB

,

5.00

%

,

05/01/34

....

2,200

2,515,740

Series

2020-2B

,

RB

,

4.00

%

,

05/01/37

....

4,000

4,184,165

Series

2024B

,

RB

,

5.00

%

,

05/01/42

.....

2,430

2,770,502

Series

2024B

,

RB

,

5.00

%

,

05/01/44

.....

1,500

1,695,024

Series

2016C

,

RB

,

5.00

%

,

05/01/46

.....

8,850

9,021,524

Series

2017B

,

RB

,

5.00

%

,

05/01/47

.....

1,500

1,552,391

Series

2018E

,

RB

,

5.00

%

,

05/01/48

.....

2,000

2,091,881

Series

2019B

,

RB

,

5.00

%

,

05/01/49

.....

3,000

3,171,424

Series

2024B

,

RB

,

5.00

%

,

05/01/49

.....

4,180

4,641,362

Series

2019-2F

,

RB

,

5.00

%

,

05/01/50

....

745

786,894

Series

2022-2B

,

RB

,

5.00

%

,

05/01/52

....

1,500

1,632,570

San

Francisco

City

&

County

Public

Utilities

Commission

Power,

Series

2021A,

RB,

4.00%, 11/01/51

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

2,090

2,062,237

San

Francisco

City

&

County

Public

Utilities

Commission

Wastewater

Series

2022B

,

RB

,

5.00

%

,

10/01/25

.....

2,280

2,343,495

Series

2016A

,

RB

,

5.00

%

,

10/01/27

.....

530

543,326

Series

2023A

,

RB

,

5.00

%

,

10/01/28

.....

3,195

3,534,870

Series

2023A

,

RB

,

5.00

%

,

10/01/30

.....

5,000

5,750,688

Series

2018A

,

RB

,

5.00

%

,

10/01/31

.....

1,400

1,516,685

Series

2013B

,

RB

,

4.00

%

,

10/01/42

.....

2,175

2,139,972

Series

2018A

,

RB

,

4.00

%

,

10/01/43

.....

1,000

1,002,439

Series

2018B

,

RB

,

5.00

%

,

10/01/43

.....

1,000

1,054,754

Series

2021A

,

RB

,

5.00

%

,

10/01/45

.....

7,485

8,190,685

Series

2021A

,

RB

,

4.00

%

,

10/01/47

.....

2,000

2,000,699

Series

2024C

,

RB

,

5.00

%

,

10/01/49

.....

8,000

8,919,982

Series

2024C

,

RB

,

5.00

%

,

10/01/54

.....

9,590

10,607,187

Series

2024D

,

RB

,

5.00

%

,

10/01/54

.....

2,000

2,212,135

San

Francisco

Community

College

District,

Series

B,

GO,

5.25%, 06/15/49

(BAM)

....

2,500

2,826,463

San

Francisco

County

Transportation

Authority

Sales

Tax

Series

2017

,

RB

,

4.00

%

,

02/01/25

......

2,270

2,281,702

Series

2017

,

RB

,

4.00

%

,

02/01/26

......

1,480

1,512,307

San

Francisco

Municipal

Transportation

Agency

Series

2017

,

RB

,

4.00

%

,

03/01/46

......

740

732,114

Series

2021C

,

RB

,

4.00

%

,

03/01/51

.....

2,400

2,375,713

San

Joaquin

County

Transportation

Authority

Measure

K

Sales

Tax,

Series

2017,

RB,

4.00%, 03/01/41

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

500

501,667

San

Joaquin

Hills

Transportation

Corridor

Agency

Series

1993

,

RB

,

0.00

%

,

01/01/26

(a)

.....

280

270,946

Series

1997A

,

RB

,

0.00

%

,

01/15/26

(

NPFGC

)

(a)

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

400

383,643

RB

,

0.00

%

,

01/01/28

(a)

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

750

689,163

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2021A

,

RB

,

5.00

%

,

01/15/31

.....

USD

1,500

$

1,672,742

Series

2021A

,

RB

,

5.00

%

,

01/15/33

.....

8,830

9,915,082

Series

2021A

,

RB

,

4.00

%

,

01/15/34

.....

3,107

3,272,305

Series

2014A

,

RB

,

5.00

%

,

01/15/34

.....

750

756,237

Series

2014A

,

RB

,

5.00

%

,

01/15/44

.....

8,000

8,066,526

Series

2014A

,

RB

,

5.00

%

,

01/15/50

.....

8,755

8,827,804

San

Jose

Evergreen

Community

College

District

Series

B

,

GO

,

3.00

%

,

09/01/40

........

1,250

1,125,417

Series

C

,

GO

,

4.00

%

,

09/01/40

........

2,500

2,500,000

San

Jose

Financing

Authority,

Series

2022B,

RB,

5.00%, 11/01/52

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

7,300

8,109,580

San

Jose

Unified

School

District

(a)

Series

C

,

GO

,

0.00

%

,

08/01/29

(

NPFGC

)

.

1,060

925,779

Series

C

,

GO

,

0.00

%

,

08/01/30

(

NPFGC

)

.

3,150

2,663,566

Series

C

,

GO

,

0.00

%

,

06/01/31

(

NPFGC

)

.

400

328,645

San

Juan

Unified

School

District

Series

2019N

,

GO

,

4.00

%

,

08/01/29

.....

5,000

5,121,910

Series

2022

,

GO

,

4.00

%

,

08/01/46

......

1,095

1,085,005

San

Marcos

Unified

School

District

(a)

Series

A

,

GO

,

0.00

%

,

08/01/28

........

655

587,114

Series

B

,

GO

,

0.00

%

,

08/01/38

........

565

341,814

Series

B

,

GO

,

0.00

%

,

08/01/47

........

500

189,458

Series

B

,

GO

,

0.00

%

,

08/01/51

........

1,500

469,686

San

Mateo

County

Community

College

District

Series

2006B

,

GO

,

0.00

%

,

09/01/26

(

NPFGC

)

(a)

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

1,550

1,470,797

Series

2006B

,

GO

,

0.00

%

,

09/01/30

(

NPFGC

)

(a)

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

4,500

3,812,454

Series

A

,

GO

,

0.00

%

,

09/01/30

(

NPFGC

)

(a)

2,000

1,694,424

Series

2006B

,

GO

,

0.00

%

,

09/01/32

(

NPFGC

)

(a)

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

5,020

3,970,088

Series

2006B

,

GO

,

0.00

%

,

09/01/35

(

NPFGC

)

(a)

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

3,380

2,380,867

Series

2015A

,

GO

,

5.00

%

,

09/01/45

.....

775

794,840

Series

2018B

,

GO

,

5.00

%

,

09/01/45

.....

4,475

4,748,354

San

Mateo

County

Transit

District

Sales

Tax,

Series

2020B,

RB,

VRDN

(Bank

of

America

NA

LOC),

3.75%, 09/03/24

(b)

.........

2,830

2,830,000

San

Mateo

Foster

City

Public

Financing

Authority

Series

2021B

,

RB

,

5.00

%

,

08/01/25

.....

6,415

6,559,452

Series

2019

,

RB

,

4.00

%

,

08/01/44

......

430

431,735

Series

2019

,

RB

,

5.00

%

,

08/01/49

......

3,000

3,201,946

San

Mateo

Foster

City

School

District,

Series

A,

GO,

0.00%, 08/01/42

(a)

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

2,235

2,419,549

San

Mateo

Union

High

School

District

(a)

Series

2011A

,

GO

,

0.00

%

,

09/01/33

.....

500

483,628

Series

2011A

,

GO

,

0.00

%

,

09/01/41

.....

1,915

2,029,302

Series

2011A

,

GO

,

0.00

%

,

07/01/51

.....

1,755

1,392,442

Santa

Barbara

Secondary

High

School

District,

Series

2011A,

GO,

0.00%, 08/01/40

(a)

....

555

298,372

Santa

Barbara

Unified

School

District

Series

A

,

GO

,

4.00

%

,

08/01/41

........

2,000

2,014,682

Series

B

,

GO

,

4.00

%

,

08/01/44

........

2,945

2,962,062

Santa

Clara

Unified

School

District,

Series

2019,

GO,

3.00%, 07/01/36

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

3,370

3,127,487

Santa

Clara

Valley

Transportation

Authority

Series

2023A

,

RB

,

5.00

%

,

04/01/27

.....

1,005

1,073,625

Series

2023A

,

RB

,

5.00

%

,

04/01/28

.....

1,000

1,094,272

Series

2015A

,

RB

,

5.00

%

,

04/01/34

.....

500

507,140

Series

2023A

,

RB

,

5.00

%

,

04/01/36

.....

1,000

1,178,569

Santa

Clara

Valley

Water

District

Series

A

,

RB

,

5.00

%

,

06/01/41

.........

2,825

2,885,516

Series

A

,

RB

,

5.00

%

,

06/01/46

.........

1,410

1,436,689

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

California

Muni

Bond

ETF

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Santa

Clara

Valley

Water

District

Safe

Clean

Water

Series

2022B

,

COP

,

5.00

%

,

12/01/26

....

USD

1,825

$

1,924,857

Series

2022A

,

RB

,

5.00

%

,

08/01/47

.....

1,000

1,105,132

Santa

Clarita

Community

College

District,

Series

2019,

GO,

3.00%, 08/01/49

..........

1,660

1,357,054

Santa

Monica

Community

College

District

Series

2018A

,

GO

,

4.00

%

,

08/01/39

.....

565

573,514

Series

2018A

,

GO

,

5.00

%

,

08/01/43

.....

4,590

4,881,322

Series

2022B

,

GO

,

5.00

%

,

08/01/45

.....

1,020

1,134,482

Series

2018A

,

GO

,

4.00

%

,

08/01/47

.....

4,485

4,444,874

Santa

Monica-Malibu

Unified

School

District

Series

B

,

GO

,

4.00

%

,

08/01/41

........

2,000

2,046,478

Series

A

,

GO

,

3.00

%

,

08/01/49

........

1,500

1,223,942

Series

B

,

GO

,

4.00

%

,

08/01/50

........

1,000

987,735

Sonoma

County

Junior

College

District,

Series

B,

GO,

3.00%, 08/01/41

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

1,500

1,313,789

South

San

Francisco

Unified

School

District,

Series

2016C,

GO,

4.00%, 09/01/37

.....

1,000

1,001,232

Southern

California

Public

Power

Authority

Series

2015C

,

RB

,

5.00

%

,

07/01/26

.....

1,070

1,078,553

Series

2023-1

,

RB

,

5.00

%

,

07/01/28

.....

2,610

2,865,269

Series

2023-1

,

RB

,

5.00

%

,

07/01/29

.....

4,000

4,487,396

Series

2023-1

,

RB

,

5.00

%

,

07/01/30

.....

3,000

3,411,569

Series

2024A

,

RB

,

5.00

%

,

07/01/34

.....

2,500

3,006,450

Series

2024A

,

RB

,

5.00

%

,

07/01/35

.....

2,500

3,038,198

Series

2020-3

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

),

3.95

%

,

09/03/24

(b)

.......

11,870

11,870,000

Series

2024-1

,

RB

,

5.00

%

,

07/01/46

.....

5,000

5,656,813

Series

2024-1

,

RB

,

5.00

%

,

07/01/49

.....

3,485

3,908,029

Series

2024-1

,

RB

,

5.00

%

,

07/01/53

.....

9,000

10,012,666

Southern

California

Water

Replenishment

District,

Series

2015,

RB,

5.00%, 08/01/41

.

1,000

1,016,125

Southwestern

Community

College

District

Series

C

,

GO

,

0.00

%

,

08/01/41

(a)

.......

650

340,624

Series

D

,

GO

,

5.00

%

,

08/01/44

........

500

511,031

Series

C

,

GO

,

0.00

%

,

08/01/46

(a)

.......

1,000

383,763

Series

A

,

GO

,

4.00

%

,

08/01/47

........

2,000

1,982,106

State

of

California

GO

,

5.00

%

,

09/01/24

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

2,990

2,990,000

Series

B

,

GO

,

5.00

%

,

09/01/24

........

1,000

1,000,000

Series

2017

,

GO

,

5.00

%

,

11/01/24

......

1,910

1,916,769

GO

,

5.00

%

,

02/01/25

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

5

5,007

GO

,

4.00

%

,

03/01/25

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

475

478,360

GO

,

5.00

%

,

03/01/25

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

250

252,989

GO

,

5.00

%

,

04/01/25

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

700

709,892

GO

,

5.00

%

,

08/01/25

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

5,170

5,281,442

Series

B

,

GO

,

5.00

%

,

09/01/25

........

1,015

1,039,312

GO

,

5.00

%

,

09/01/25

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

1,005

1,029,073

GO

,

5.00

%

,

10/01/25

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

17,690

18,121,675

Series

2017

,

GO

,

4.00

%

,

11/01/25

......

240

243,963

GO

,

5.00

%

,

12/01/25

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

4,485

4,619,685

GO

,

5.00

%

,

03/01/26

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

1,290

1,304,439

GO

,

5.00

%

,

04/01/26

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

7,675

7,958,967

Series

2016

,

GO

,

5.00

%

,

08/01/26

......

2,280

2,382,620

GO

,

5.00

%

,

08/01/26

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

9,720

10,115,544

Series

C

,

GO

,

5.00

%

,

09/01/26

........

3,500

3,575,502

GO

,

5.00

%

,

09/01/26

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

10,225

10,706,006

GO

,

5.00

%

,

10/01/26

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

13,340

13,979,562

Series

2017

,

GO

,

5.00

%

,

11/01/26

......

2,500

2,632,411

Series

2003

,

GO

,

5.00

%

,

02/01/27

(

AMBAC

)

200

211,583

GO

,

4.00

%

,

03/01/27

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

5,000

5,177,097

GO

,

5.00

%

,

03/01/27

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

1,400

1,415,609

GO

,

5.00

%

,

04/01/27

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

680

722,116

Series

C

,

GO

,

5.00

%

,

08/01/27

........

3,350

3,584,402

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2016

,

GO

,

5.00

%

,

08/01/27

......

USD

760

$

795,401

GO

,

5.00

%

,

08/01/27

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

1,120

1,156,015

GO

,

5.00

%

,

09/01/27

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

5,035

5,311,654

GO

,

4.00

%

,

10/01/27

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

1,740

1,816,318

GO

,

5.00

%

,

10/01/27

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

6,175

6,631,415

GO

,

5.00

%

,

11/01/27

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

9,600

10,327,953

Series

2017

,

GO

,

5.00

%

,

11/01/27

......

1,325

1,425,473

GO

,

5.00

%

,

12/01/27

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

2,595

2,796,757

GO

,

5.00

%

,

08/01/28

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

7,035

7,506,205

GO

,

4.00

%

,

09/01/28

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

1,450

1,483,718

GO

,

5.00

%

,

09/01/28

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

6,395

6,932,196

GO

,

5.00

%

,

10/01/28

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

15,070

16,522,816

GO

,

5.00

%

,

11/01/28

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

3,135

3,443,013

GO

,

5.00

%

,

12/01/28

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

4,040

4,444,401

GO

,

5.00

%

,

04/01/29

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

4,375

4,843,281

Series

2016

,

GO

,

5.00

%

,

08/01/29

......

1,920

2,001,443

GO

,

5.00

%

,

08/01/29

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

1,000

1,067,246

GO

,

5.00

%

,

09/01/29

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

3,245

3,388,537

GO

,

5.00

%

,

10/01/29

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

11,115

12,359,586

GO

,

5.00

%

,

11/01/29

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

1,500

1,678,653

GO

,

5.00

%

,

12/01/29

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

2,405

2,694,998

GO

,

5.00

%

,

03/01/30

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

170

190,878

GO

,

5.00

%

,

04/01/30

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

3,175

3,548,082

GO

,

5.00

%

,

08/01/30

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

1,545

1,663,599

Series

C

,

GO

,

5.00

%

,

08/01/30

........

100

106,328

GO

,

5.00

%

,

10/01/30

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

2,000

2,264,688

GO

,

5.00

%

,

11/01/30

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

9,275

10,514,914

Series

2017

,

GO

,

5.00

%

,

11/01/30

......

4,680

4,998,056

GO

,

5.00

%

,

03/01/31

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

4,000

4,148,103

GO

,

5.00

%

,

04/01/31

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

6,415

7,306,638

GO

,

5.25

%

,

08/01/31

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

1,680

1,714,111

GO

,

5.00

%

,

09/01/31

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

2,175

2,263,657

GO

,

5.00

%

,

10/01/31

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

2,825

2,830,696

GO

,

5.00

%

,

11/01/31

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

10,500

11,711,764

Series

2017

,

GO

,

5.00

%

,

11/01/31

......

3,000

3,190,710

GO

,

5.00

%

,

03/01/32

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

3,900

4,345,340

GO

,

5.00

%

,

04/01/32

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

10,405

11,925,329

GO

,

5.00

%

,

08/01/32

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

300

302,433

Series

2007

,

GO

,

5.25

%

,

08/01/32

(

AGM

)

.

1,825

2,118,923

GO

,

5.00

%

,

09/01/32

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

11,325

12,768,917

Series

2024

,

GO

,

5.00

%

,

09/01/32

......

5,000

5,796,229

GO

,

3.00

%

,

10/01/32

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

820

803,583

GO

,

5.00

%

,

10/01/32

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

3,745

4,095,802

GO

,

5.00

%

,

11/01/32

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

16,045

18,546,611

GO

,

5.00

%

,

12/01/32

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

775

801,660

GO

,

5.00

%

,

03/01/33

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

4,690

5,207,792

GO

,

5.00

%

,

04/01/33

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

2,590

2,954,335

GO

,

5.00

%

,

08/01/33

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

3,480

3,490,060

GO

,

4.00

%

,

09/01/33

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

3,560

3,613,678

GO

,

5.00

%

,

09/01/33

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

10,215

11,740,946

Series

2024

,

GO

,

5.00

%

,

09/01/33

......

3,045

3,566,917

GO

,

4.00

%

,

10/01/33

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

2,855

3,053,009

GO

,

5.00

%

,

10/01/33

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

5,305

5,658,437

GO

,

5.00

%

,

03/01/34

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

3,600

3,988,778

GO

,

4.00

%

,

09/01/34

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

5,865

6,343,848

GO

,

5.00

%

,

09/01/34

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

8,935

9,916,068

GO

,

3.00

%

,

10/01/34

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

1,900

1,820,267

GO

,

4.00

%

,

10/01/34

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

1,535

1,634,037

GO

,

5.00

%

,

10/01/34

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

13,230

15,342,900

GO

,

3.00

%

,

11/01/34

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

1,575

1,511,222

Series

2017

,

GO

,

4.00

%

,

11/01/34

......

3,300

3,367,798

GO

,

5.00

%

,

11/01/34

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

1,000

1,078,913

GO

,

5.00

%

,

12/01/34

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

1,780

1,992,757

GO

,

5.00

%

,

04/01/35

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

1,000

1,085,364

Series

2022

,

GO

,

5.00

%

,

04/01/35

......

1,365

1,555,707

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

California

Muni

Bond

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

GO

,

5.00

%

,

08/01/35

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

USD

3,485

$

3,578,598

Series

2024

,

GO

,

5.00

%

,

09/01/35

......

5,000

5,842,642

GO

,

5.00

%

,

09/01/35

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

4,085

4,233,051

GO

,

3.00

%

,

10/01/35

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

1,850

1,744,597

GO

,

4.00

%

,

10/01/35

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

1,735

1,836,946

GO

,

5.00

%

,

10/01/35

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

5,000

5,146,178

GO

,

4.00

%

,

03/01/36

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

7,150

7,438,975

GO

,

5.00

%

,

08/01/36

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

1,890

2,025,156

GO

,

4.00

%

,

09/01/36

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

4,000

4,031,860

GO

,

5.00

%

,

09/01/36

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

10,000

11,299,462

GO

,

3.00

%

,

10/01/36

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

8,000

7,450,790

GO

,

4.00

%

,

10/01/36

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

4,225

4,393,568

GO

,

5.00

%

,

10/01/36

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

6,055

6,947,128

GO

,

5.00

%

,

11/01/36

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

2,510

2,698,903

Series

2017

,

GO

,

5.00

%

,

11/01/36

......

3,290

3,462,617

GO

,

4.00

%

,

03/01/37

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

3,815

3,957,562

GO

,

5.00

%

,

08/01/37

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

2,125

2,273,566

GO

,

4.00

%

,

09/01/37

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

3,505

3,523,615

GO

,

5.00

%

,

09/01/37

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

8,000

9,218,288

Series

2019

,

GO

,

3.00

%

,

10/01/37

......

1,375

1,271,675

GO

,

5.00

%

,

10/01/37

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

3,100

3,106,251

GO

,

5.00

%

,

11/01/37

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

7,500

8,541,324

GO

,

5.00

%

,

08/01/38

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

2,250

2,320,631

GO

,

4.00

%

,

11/01/38

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

4,950

5,113,997

GO

,

5.00

%

,

09/01/39

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

16,625

18,979,231

GO

,

4.00

%

,

10/01/39

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

3,500

3,601,797

GO

,

5.00

%

,

10/01/39

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

2,250

2,390,243

GO

,

5.25

%

,

10/01/39

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

4,125

4,249,471

GO

,

4.00

%

,

11/01/39

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

2,500

2,574,192

GO

,

5.00

%

,

11/01/39

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

3,505

3,743,141

GO

,

4.00

%

,

03/01/40

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

2,000

2,045,700

GO

,

4.00

%

,

11/01/40

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

1,150

1,179,094

GO

,

5.00

%

,

09/01/41

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

18,000

20,148,614

GO

,

4.00

%

,

10/01/41

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

10,400

10,637,922

GO

,

5.00

%

,

10/01/41

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

2,425

2,673,568

Series

2022

,

GO

,

4.00

%

,

04/01/42

......

1,680

1,714,547

Series

2022

,

GO

,

5.00

%

,

04/01/42

......

1,515

1,684,663

GO

,

5.00

%

,

09/01/42

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

5,000

5,587,000

GO

,

5.00

%

,

10/01/42

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

14,515

16,270,778

GO

,

5.00

%

,

11/01/42

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

2,500

2,798,729

GO

,

4.00

%

,

09/01/43

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

7,320

7,452,360

GO

,

5.00

%

,

09/01/43

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

4,000

4,495,292

Series

2024

,

GO

,

5.00

%

,

09/01/43

......

10,000

11,296,685

GO

,

2.38

%

,

12/01/43

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

925

678,769

GO

,

5.00

%

,

09/01/44

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

1,000

1,128,858

GO

,

5.00

%

,

10/01/44

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

2,330

2,332,073

GO

,

4.00

%

,

11/01/44

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

975

956,351

GO

,

4.00

%

,

03/01/45

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

500

490,117

GO

,

5.00

%

,

04/01/45

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

3,145

3,343,677

GO

,

4.00

%

,

08/01/45

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

250

244,988

GO

,

5.00

%

,

08/01/45

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

3,400

3,457,760

GO

,

5.00

%

,

10/01/45

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

1,145

1,274,513

GO

,

3.00

%

,

03/01/46

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

1,000

832,744

GO

,

4.00

%

,

03/01/46

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

9,960

10,006,950

GO

,

5.00

%

,

08/01/46

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

6,500

6,686,562

GO

,

5.00

%

,

09/01/46

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

1,000

1,029,941

GO

,

5.00

%

,

12/01/46

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

2,000

2,166,420

GO

,

5.25

%

,

09/01/47

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

5,045

5,659,213

GO

,

5.00

%

,

10/01/47

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

3,850

3,940,680

Series

2017

,

GO

,

4.00

%

,

11/01/47

......

1,500

1,488,400

Series

2017

,

GO

,

5.00

%

,

11/01/47

......

800

832,865

GO

,

5.00

%

,

09/01/48

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

5,000

5,567,860

GO

,

4.00

%

,

04/01/49

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

1,000

1,000,868

GO

,

5.00

%

,

08/01/49

(c)

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

4,740

5,286,045

GO

,

3.00

%

,

03/01/50

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

505

410,248

Security

Par

(000)

Par

(000)

Value

California

(continued)

GO

,

4.00

%

,

10/01/50

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

USD

2,500

$

2,500,497

GO

,

3.00

%

,

11/01/50

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

1,500

1,215,394

GO

,

2.38

%

,

10/01/51

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

2,000

1,302,285

GO

,

3.00

%

,

04/01/52

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

2,000

1,613,087

GO

,

4.25

%

,

09/01/52

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

1,310

1,332,450

GO

,

5.25

%

,

09/01/53

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

7,000

7,859,502

GO

,

5.25

%

,

08/01/54

(c)

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

500

565,692

State

of

California

Department

of

Water

Resources

Series

AS

,

RB

,

5.00

%

,

12/01/24

........

300

301,673

Series

AW

,

RB

,

5.00

%

,

12/01/24

.......

500

502,788

Series

AZ

,

RB

,

5.00

%

,

12/01/24

........

475

477,649

Series

BA

,

RB

,

5.00

%

,

12/01/24

........

385

387,147

Series

AS

,

RB

,

5.00

%

,

12/01/25

........

2,315

2,329,252

Series

BB

,

RB

,

5.00

%

,

12/01/25

........

240

248,016

Series

BB

,

RB

,

5.00

%

,

12/01/26

........

1,900

2,013,743

Series

AS

,

RB

,

5.00

%

,

12/01/27

........

4,060

4,081,190

Series

BB

,

RB

,

5.00

%

,

12/01/28

........

2,015

2,238,661

Series

AW

,

RB

,

5.00

%

,

12/01/28

.......

1,040

1,095,304

Series

BD

,

RB

,

5.00

%

,

12/01/31

.......

2,555

2,958,377

Series

BA

,

RB

,

5.00

%

,

12/01/32

........

2,540

2,823,732

Series

AW

,

RB

,

5.00

%

,

12/01/33

.......

1,050

1,110,884

Series

BB

,

RB

,

5.00

%

,

12/01/33

........

2,045

2,335,737

Series

BA

,

RB

,

5.00

%

,

12/01/33

........

1,500

1,664,311

Series

BD

,

RB

,

4.00

%

,

12/01/34

.......

2,005

2,160,215

Series

BD

,

RB

,

4.00

%

,

12/01/35

.......

3,000

3,210,055

Series

AW

,

RB

,

4.00

%

,

12/01/35

.......

1,000

1,019,090

Series

BA

,

RB

,

5.00

%

,

12/01/35

........

580

652,271

Sunnyvale

School

District,

Series

2015,

GO,

4.00%, 09/01/42

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

500

500,022

Ukiah

Unified

School

District,

Series

2006,

GO,

0.00%, 08/01/28

(NPFGC)

(a)

..........

1,000

897,395

University

of

California

Series

2018O

,

RB

,

4.00

%

,

05/15/25

.....

5,490

5,546,776

Series

2017AY

,

RB

,

5.00

%

,

05/15/25

....

1,300

1,322,491

Series

2022S

,

RB

,

5.00

%

,

05/15/26

.....

1,000

1,043,315

Series

2021BH

,

RB

,

5.00

%

,

05/15/26

....

1,190

1,243,373

Series

2024BX

,

RB

,

5.00

%

,

05/15/26

....

1,000

1,044,851

Series

2015AO

,

RB

,

5.00

%

,

05/15/27

....

3,155

3,204,356

Series

2015I

,

RB

,

5.00

%

,

05/15/27

......

745

756,550

Series

2024BS

,

RB

,

5.00

%

,

05/15/28

....

2,000

2,193,805

Series

2023BN

,

RB

,

5.00

%

,

05/15/28

....

1,000

1,096,903

Series

2015AO

,

RB

,

5.00

%

,

05/15/28

....

5,400

5,481,079

Series

2015I

,

RB

,

5.00

%

,

05/15/28

......

350

355,206

Series

2018O

,

RB

,

4.00

%

,

05/15/29

.....

500

523,873

Series

2022S

,

RB

,

5.00

%

,

05/15/29

.....

4,005

4,488,432

Series

2024BX

,

RB

,

5.00

%

,

05/15/29

....

835

936,583

Series

2015I

,

RB

,

5.00

%

,

05/15/29

......

205

208,035

Series

2022S

,

RB

,

5.00

%

,

05/15/30

.....

3,000

3,409,848

Series

2017AY

,

RB

,

5.00

%

,

05/15/31

....

1,000

1,061,752

Series

2015I

,

RB

,

5.00

%

,

05/15/31

......

5,290

5,363,519

Series

2015I

,

RB

,

5.00

%

,

05/15/32

......

540

547,166

Series

2015AO

,

RB

,

5.00

%

,

05/15/32

....

3,000

3,040,229

Series

2024BS

,

RB

,

5.00

%

,

05/15/32

....

3,000

3,495,306

Series

2017AY

,

RB

,

4.00

%

,

05/15/33

....

4,000

4,096,996

Series

2020BE

,

RB

,

5.00

%

,

05/15/33

....

2,000

2,245,393

Series

2023BN

,

RB

,

5.00

%

,

05/15/33

....

1,125

1,327,757

Series

2017M

,

RB

,

5.00

%

,

05/15/33

.....

1,000

1,056,124

Series

2024BW

,

RB

,

5.00

%

,

05/15/33

....

4,255

5,021,873

Series

2015I

,

RB

,

4.00

%

,

05/15/34

......

4,900

4,912,723

Series

2016AR

,

RB

,

5.00

%

,

05/15/34

....

1,005

1,039,640

Series

2024BS

,

RB

,

5.00

%

,

05/15/34

....

4,415

5,263,618

Series

2024BW

,

RB

,

5.00

%

,

05/15/35

....

7,500

8,873,483

Series

2017AV

,

RB

,

5.00

%

,

05/15/35

....

2,500

2,629,465

Series

2016K

,

RB

,

5.00

%

,

05/15/35

.....

500

516,704

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

California

Muni

Bond

ETF

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2023BQ

,

RB

,

5.00

%

,

05/15/35

....

USD

5,625

$

6,561,390

Series

2021Q

,

RB

,

4.00

%

,

05/15/36

.....

1,000

1,059,553

Series

2018AZ

,

RB

,

5.00

%

,

05/15/36

....

750

803,217

Series

2017AY

,

RB

,

5.00

%

,

05/15/36

....

2,135

2,241,463

Series

2017AV

,

RB

,

5.00

%

,

05/15/36

....

1,100

1,154,852

Series

2020BE

,

RB

,

4.00

%

,

05/15/37

....

1,000

1,038,745

Series

2024BS

,

RB

,

5.00

%

,

05/15/37

....

3,000

3,529,017

Series

2024BV

,

RB

,

5.00

%

,

05/15/37

....

2,500

2,940,847

Series

2017AY

,

RB

,

5.00

%

,

05/15/37

....

4,650

4,875,612

Series

2024BV

,

RB

,

5.00

%

,

05/15/38

....

2,500

2,932,857

Series

2020BE

,

RB

,

5.00

%

,

05/15/38

....

1,500

1,661,398

Series

2024BS

,

RB

,

5.00

%

,

05/15/38

....

3,000

3,519,428

Series

2021Q

,

RB

,

4.00

%

,

05/15/39

.....

2,500

2,595,900

Series

2024BV

,

RB

,

5.00

%

,

05/15/39

....

2,800

3,260,132

Series

2021Q

,

RB

,

4.00

%

,

05/15/40

.....

2,500

2,566,759

Series

2020BE

,

RB

,

4.00

%

,

05/15/40

....

665

682,928

Series

2015AO

,

RB

,

5.00

%

,

05/15/40

....

6,245

6,319,616

Series

2024BV

,

RB

,

5.00

%

,

05/15/40

....

6,615

7,660,898

Series

2023BN

,

RB

,

5.50

%

,

05/15/40

....

9,000

10,635,911

Series

2016AR

,

RB

,

5.00

%

,

05/15/41

....

970

998,015

Series

2024BV

,

RB

,

5.00

%

,

05/15/41

....

2,500

2,880,083

Series

2023BN

,

RB

,

5.00

%

,

05/15/41

....

4,000

4,553,640

Series

2024BS

,

RB

,

5.00

%

,

05/15/42

....

3,000

3,442,511

Series

2022S

,

RB

,

5.00

%

,

05/15/42

.....

1,720

1,925,116

Series

2024BV

,

RB

,

5.00

%

,

05/15/42

....

3,500

4,016,263

Series

2023BN

,

RB

,

5.00

%

,

05/15/42

....

7,910

8,972,441

Series

2017AV

,

RB

,

5.00

%

,

05/15/42

....

2,405

2,498,492

Series

2017AV

,

RB

,

5.25

%

,

05/15/42

....

5,000

5,232,883

Series

2018AZ

,

RB

,

5.00

%

,

05/15/43

....

5,630

5,948,035

Series

2024BV

,

RB

,

5.00

%

,

05/15/43

....

4,000

4,566,724

Series

2023BN

,

RB

,

5.00

%

,

05/15/44

....

2,630

2,956,831

Series

2021BH

,

RB

,

4.00

%

,

05/15/46

....

1,000

1,010,739

Series

2016K

,

RB

,

4.00

%

,

05/15/46

.....

3,000

2,965,956

Series

2021Q

,

RB

,

5.00

%

,

05/15/46

.....

3,000

3,273,143

Series

2020BE

,

RB

,

4.00

%

,

05/15/47

....

10,250

10,335,729

Series

2017M

,

RB

,

4.00

%

,

05/15/47

.....

250

247,618

Series

2017M

,

RB

,

5.00

%

,

05/15/47

.....

1,165

1,204,046

Series

2023BP-2

,

RB

,

VRDN

3.45

%

,

09/03/24

(b)

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

950

950,000

Series

2013AL-1

,

RB

,

VRDN

3.45

%

,

09/03/24

(b)

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

1,150

1,150,000

Series

2013AL-3

,

RB

,

VRDN

3.65

%

,

09/03/24

(b)

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

3,000

3,000,000

Series

2018AZ

,

RB

,

5.00

%

,

05/15/48

....

12,250

12,851,757

Series

2019BB

,

RB

,

5.00

%

,

05/15/49

....

1,500

1,596,523

Series

2017AV

,

RB

,

5.00

%

,

05/15/49

....

1,500

1,549,700

Series

2021Q

,

RB

,

3.00

%

,

05/15/51

.....

7,000

5,707,130

Series

2021BH

,

RB

,

4.00

%

,

05/15/51

....

2,020

2,024,060

Series

2022BK

,

RB

,

5.00

%

,

05/15/52

....

6,000

6,531,450

Series

2017M

,

RB

,

5.00

%

,

05/15/52

.....

250

257,886

Series

2024BW

,

RB

,

5.00

%

,

05/15/54

....

3,000

3,308,210

Series

2018O

,

RB

,

5.00

%

,

05/15/58

.....

1,000

1,044,252

Series

2018AZ

,

RB

,

5.25

%

,

05/15/58

....

500

526,763

Series

2018O

,

RB

,

5.50

%

,

05/15/58

.....

500

530,693

Upper

Santa

Clara

Valley

Joint

Powers

Authority

Series

2020A

,

RB

,

4.00

%

,

08/01/45

.....

1,100

1,093,336

Series

2020A

,

RB

,

4.00

%

,

08/01/50

.....

3,000

2,973,074

Ventura

Unified

School

District,

Series

2022A,

GO,

4.00%, 08/01/52

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

4,430

4,337,395

Walnut

Valley

Unified

School

District,

Series

C,

GO,

4.00%, 08/01/51

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

2,000

1,978,208

West

Valley-Mission

Community

College

District,

Series

2015B,

GO,

4.00%, 08/01/40

.....

250

250,126

Westminster

School

District,

Series

2013A,

GO,

0.00%, 08/01/52

(BAM)

(a)

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

6,380

4,554,706

Security

Par

(000)

Par

(000)

Value

California

(continued)

William

S

Hart

Union

High

School

District

(a)

Series

A

,

GO

,

0.00

%

,

08/01/33

........

USD

990

$

751,509

Series

B

,

GO

,

0.00

%

,

08/01/34

(

AGM

)

...

1,250

914,965

3,187,620,588

Total

Long-Term

Investments

—

100

.0

%

(Cost:

$

3,196,952,501

)

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

3,187,620,588

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

0.0%

BlackRock

Liquidity

MuniCash

Funds:

Institutional

Shares

,

2.77

%

(e)

(f)

.........

387,627

387,666

Total

Short-Term

Securities

—

0

.0

%

(Cost:

$

387,666

)

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

387,666

Total

Investments

—

100

.0

%

(Cost:

$

3,197,340,167

)

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

3,188,008,254

Other

Assets

Less

Liabilities

—

0.0

%

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

1,079,855

Net

Assets

—

100.0%

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

$

3,189,088,109

(a)

Zero-coupon

bond.

(b)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(c)

When-issued

security.

(d)

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.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

California

Muni

Bond

ETF

14

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

August

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

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.

See

notes

to

financial

statements.

Affiliated

Issuer

Value

at

02/29/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/24

Shares

Held

at

08/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

MuniCash

Funds:

Institutional

Shares

$

837,046

$

—

$

(

449,380

)

(a)

$

—

$

—

$

387,666

387,627

$

4,978

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Municipal

Bonds

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

$

—

$

3,187,620,588

$

—

$

3,187,620,588

Short-Term

Securities

Money

Market

Funds

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

387,666

—

—

387,666

$

387,666

$

3,187,620,588

$

—

$

3,188,008,254

Schedule

of

Investments

(unaudited)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Municipal

Bonds

Alabama

—

0.6%

Alabama

Federal

Aid

Highway

Finance

Authority

Series

B

,

RB

,

5.00

%

,

09/01/24

.........

USD

3,980

$

3,980,000

Series

B

,

RB

,

5.00

%

,

09/01/26

.........

2,780

2,909,981

Series

2015

,

RB

,

5.00

%

,

09/01/27

......

6,710

6,710,000

Series

2015

,

RB

,

5.00

%

,

09/01/28

......

13,500

13,500,000

Series

2015

,

RB

,

5.00

%

,

09/01/30

......

2,525

2,525,000

Series

2015

,

RB

,

4.00

%

,

09/01/31

......

20,970

20,970,000

Series

2015

,

RB

,

4.00

%

,

09/01/33

......

57,315

57,315,000

Series

2016A

,

RB

,

5.00

%

,

09/01/35

.....

23,575

24,653,834

Series

2016A

,

RB

,

5.00

%

,

09/01/36

.....

8,750

9,150,416

Series

A

,

RB

,

4.00

%

,

06/01/37

.........

5,290

5,510,171

Series

A

,

RB

,

5.00

%

,

06/01/37

.........

5,000

5,351,377

Alabama

Public

School

&

College

Authority

Series

2014B

,

RB

,

5.00

%

,

01/01/26

.....

6,135

6,153,933

Series

2020A

,

RB

,

5.00

%

,

11/01/27

.....

7,850

8,449,122

Series

2020A

,

RB

,

5.00

%

,

11/01/32

.....

5,000

5,634,729

Series

2020A

,

RB

,

5.00

%

,

11/01/33

.....

4,300

4,832,153

Series

2020A

,

RB

,

4.00

%

,

11/01/36

.....

7,275

7,439,109

Series

2020A

,

RB

,

4.00

%

,

11/01/38

.....

1,605

1,630,558

Series

2020A

,

RB

,

5.00

%

,

11/01/39

.....

11,305

12,441,313

Series

2020A

,

RB

,

4.00

%

,

11/01/40

.....

4,865

4,883,866

Auburn

University

Series

2016A

,

RB

,

4.00

%

,

06/01/41

.....

3,375

3,337,302

Series

2018A

,

RB

,

5.00

%

,

06/01/48

.....

11,875

12,362,769

County

of

Jefferson

Series

2024

,

RB

,

5.25

%

,

10/01/43

......

8,750

9,597,843

Series

2024

,

RB

,

5.25

%

,

10/01/44

......

9,000

9,837,111

Series

2024

,

RB

,

5.25

%

,

10/01/45

......

7,750

8,443,587

Series

2024

,

RB

,

5.25

%

,

10/01/49

......

28,350

30,614,127

Series

2024

,

RB

,

5.50

%

,

10/01/53

......

7,000

7,645,359

State

of

Alabama,

Series

2016C,

GO,

5.00%, 08/01/27

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

1,405

1,466,304

287,344,964

Alaska

—

0.0%

City

of

Anchorage,

Series

2014A,

RB,

4.00%, 12/01/44

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

2,000

2,004,586

Arizona

—

0.8%

Arizona

Board

of

Regents

Series

2016B

,

RB

,

5.00

%

,

07/01/42

.....

2,900

2,974,887

Series

2024A

,

RB

,

5.00

%

,

07/01/43

.....

3,410

3,836,053

Series

2016B

,

RB

,

5.00

%

,

07/01/47

.....

1,500

1,533,389

Series

2024A

,

RB

,

5.00

%

,

07/01/50

.....

8,000

8,819,879

Series

2024A

,

RB

,

5.00

%

,

07/01/54

.....

13,265

14,533,367

Series

2024

,

RB

,

5.00

%

,

08/01/54

......

7,280

7,905,967

Arizona

Water

Infrastructure

Finance

Authority

Series

2014A

,

RB

,

5.00

%

,

10/01/25

.....

1,000

1,001,777

Series

2014A

,

RB

,

5.00

%

,

10/01/26

.....

7,890

7,902,289

City

of

Mesa

Utility

System,

Series

2016,

RB,

4.00%, 07/01/32

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

1,500

1,520,069

City

of

Phoenix

Series

2014

,

GO

,

4.00

%

,

07/01/25

......

1,205

1,206,022

Series

2016

,

GO

,

5.00

%

,

07/01/25

......

3,800

3,870,335

City

of

Phoenix

Civic

Improvement

Corp.

Series

2014B

,

RB

,

5.00

%

,

07/01/26

.....

1,500

1,502,425

Series

2014B

,

RB

,

5.00

%

,

07/01/27

.....

4,025

4,030,384

Series

2014B

,

RB

,

4.00

%

,

07/01/28

.....

16,100

16,104,162

Series

2017D

,

RB

,

5.00

%

,

07/01/35

.....

4,200

4,393,269

Series

2015A

,

RB

,

5.00

%

,

07/01/37

.....

2,000

2,029,075

Series

2016

,

RB

,

5.00

%

,

07/01/38

......

2,000

2,062,338

Series

2016

,

RB

,

5.00

%

,

07/01/39

......

2,215

2,280,857

Series

2023

,

RB

,

5.00

%

,

07/01/39

......

4,000

4,559,533

Series

2021A

,

RB

,

4.00

%

,

07/01/40

.....

1,610

1,653,606

Security

Par

(000)

Par

(000)

Value

Arizona

(continued)

Series

2015A

,

RB

,

5.00

%

,

07/01/41

.....

USD

2,000

$

2,024,974

Series

2019A

,

RB

,

4.00

%

,

07/01/44

.....

4,800

4,678,646

Series

2019A

,

RB

,

5.00

%

,

07/01/44

.....

1,500

1,590,958

Series

2020A

,

RB

,

5.00

%

,

07/01/44

.....

12,205

13,015,622

Series

2015A

,

RB

,

5.00

%

,

07/01/45

.....

2,000

2,014,029

Series

2019A

,

RB

,

5.00

%

,

07/01/45

.....

2,000

2,092,250

Series

2023

,

RB

,

5.25

%

,

07/01/47

......

4,830

5,407,916

Series

2019A

,

RB

,

5.00

%

,

07/01/49

.....

5,000

5,261,126

Gilbert

Water

Resource

Municipal

Property

Corp.

Series

2022

,

RB

,

5.00

%

,

07/15/32

......

4,650

5,395,827

Series

2022

,

RB

,

5.00

%

,

07/15/33

......

3,000

3,461,740

Salt

River

Project

Agricultural

Improvement

&

Power

District

Series

2021A

,

RB

,

5.00

%

,

01/01/25

.....

2,255

2,269,947

Series

2016A

,

RB

,

5.00

%

,

01/01/26

.....

3,295

3,398,269

Series

2016A

,

RB

,

5.00

%

,

01/01/27

.....

2,090

2,207,743

Series

2017A

,

RB

,

5.00

%

,

01/01/27

.....

2,030

2,144,362

Series

2016A

,

RB

,

5.00

%

,

01/01/28

.....

2,650

2,793,263

Series

2017A

,

RB

,

5.00

%

,

01/01/28

.....

1,645

1,777,126

Series

2021A

,

RB

,

5.00

%

,

01/01/29

.....

6,250

6,889,623

Series

2022A

,

RB

,

5.00

%

,

01/01/31

.....

15,000

17,072,433

Series

2017A

,

RB

,

5.00

%

,

01/01/31

.....

3,650

3,903,683

Series

2017A

,

RB

,

5.00

%

,

01/01/32

.....

5,415

5,773,307

Series

2022A

,

RB

,

5.00

%

,

01/01/32

.....

32,020

36,898,503

Series

2016A

,

RB

,

5.00

%

,

01/01/34

.....

10,000

10,489,702

Series

2015A

,

RB

,

5.00

%

,

12/01/34

.....

2,500

2,537,704

Series

2017A

,

RB

,

5.00

%

,

01/01/37

.....

1,955

2,065,032

Series

2016A

,

RB

,

4.00

%

,

01/01/38

.....

2,000

2,012,309

Series

2016A

,

RB

,

5.00

%

,

01/01/38

.....

5,100

5,307,596

Series

2017A

,

RB

,

5.00

%

,

01/01/38

.....

1,555

1,641,469

Series

2019A

,

RB

,

4.00

%

,

01/01/39

.....

4,990

5,090,373

Series

2017A

,

RB

,

5.00

%

,

01/01/39

.....

8,000

8,425,517

Series

2020A

,

RB

,

5.00

%

,

01/01/45

.....

4,750

5,077,423

Series

2015A

,

RB

,

5.00

%

,

12/01/45

.....

6,000

6,097,475

Series

2019A

,

RB

,

5.00

%

,

01/01/47

.....

10,500

11,145,454

Series

2023A

,

RB

,

5.00

%

,

01/01/50

.....

29,485

32,047,995

Series

2023B

,

RB

,

5.25

%

,

01/01/53

.....

15,040

16,729,615

State

of

Arizona,

Series

2019A,

COP,

5.00%, 10/01/28

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

3,085

3,395,324

State

of

Arizona

Lottery,

Series

2019,

RB,

5.00%, 07/01/25

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

1,500

1,528,276

337,382,294

Arkansas

—

0.0%

State

of

Arkansas,

Series

2014,

GO,

5.00%, 04/01/26

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

1,815

1,818,327

California

—

20.7%

Acalanes

Union

High

School

District,

Series

2010A,

GO,

6.35%, 08/01/39

.........

3,000

3,460,203

Alameda

Corridor

Transportation

Authority

Series

2016B

,

RB

,

5.00

%

,

10/01/34

.....

2,000

2,050,228

Series

2016B

,

RB

,

5.00

%

,

10/01/36

(

AGM

)

1,000

1,033,664

Series

2016B

,

RB

,

5.00

%

,

10/01/36

.....

2,785

2,850,966

Series

2016B

,

RB

,

5.00

%

,

10/01/37

.....

4,950

5,070,091

Series

2022A

,

RB

,

0.00

%

,

10/01/47

(a)

....

1,500

889,004

Series

2022A

,

RB

,

0.00

%

,

10/01/48

(a)

....

1,335

787,372

Series

2022A

,

RB

,

0.00

%

,

10/01/49

(a)

....

1,335

784,320

Series

2022A

,

RB

,

0.00

%

,

10/01/50

(a)

....

1,430

835,987

Series

2022A

,

RB

,

0.00

%

,

10/01/51

(

AGM

)

(a)

2,500

1,439,265

Series

2022C

,

RB

,

5.00

%

,

10/01/52

(

AGM

)

715

770,006

Alameda

County

Transportation

Commission,

Series

2022,

RB,

5.00%, 03/01/45

......

6,955

7,733,815

Alameda

Unified

School

District-Alameda

County,

Series

C,

GO,

3.00%, 08/01/42

...

11,425

9,907,712

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Allan

Hancock

Joint

Community

College

District

(a)

Series

2012C

,

GO

,

0.00

%

,

08/01/44

.....

USD

7,500

$

5,535,661

Series

2012C

,

GO

,

0.00

%

,

08/01/47

.....

6,000

4,450,841

Alvord

Unified

School

District

(a)

Series

2011B

,

GO

,

0.00

%

,

08/01/36

(

AGM

)

2,000

1,238,207

Series

2011B

,

GO

,

0.00

%

,

08/01/43

(

AGM

)

6,415

2,870,566

Anaheim

Public

Financing

Authority,

Series

1997C,

RB,

0.00%, 09/01/32

(AGM)

(a)

....

3,040

2,385,335

Antelope

Valley

Community

College

District,

Series

B,

GO,

4.00%, 08/01/45

........

7,035

7,081,608

Bay

Area

Toll

Authority

Series

2017S-7

,

RB

,

5.00

%

,

04/01/28

....

1,605

1,752,715

Series

2017S-7

,

RB

,

4.00

%

,

04/01/29

....

6,530

6,709,153

Series

2017S-7

,

RB

,

4.00

%

,

04/01/33

....

1,800

1,831,822

Series

2017S-7

,

RB

,

4.00

%

,

04/01/37

....

14,205

14,396,005

Series

2017S-7

,

RB

,

4.00

%

,

04/01/38

....

22,620

22,905,082

Series

2024F-2

,

RB

,

5.00

%

,

04/01/41

....

2,500

2,801,540

Series

2017S-7

,

RB

,

4.00

%

,

04/01/42

....

4,500

4,514,973

Series

2024F-2

,

RB

,

5.00

%

,

04/01/43

....

3,000

3,327,681

Series

2019S-H

,

RB

,

5.00

%

,

04/01/44

....

2,000

2,234,504

Series

2024F-2

,

RB

,

5.00

%

,

04/01/44

....

1,000

1,104,881

Series

2024F-2

,

RB

,

5.00

%

,

04/01/45

....

1,000

1,100,693

Series

2017B

,

RB

,

VRDN

2.85

%

,

04/01/25

(b)

3,760

3,755,182

Series

2017A

,

RB

,

VRDN

2.95

%

,

04/01/26

(b)

935

932,330

Series

2017S-7

,

RB

,

4.00

%

,

04/01/47

....

26,445

26,207,603

Series

2019S-H

,

RB

,

5.00

%

,

04/01/49

....

2,000

2,234,504

Series

H

,

RB

,

VRDN

2.13

%

,

04/01/25

(b)

...

2,000

1,989,203

Series

2023F-1

,

RB

,

5.00

%

,

04/01/54

....

35,000

38,404,898

Series

2023F-1

,

RB

,

5.25

%

,

04/01/54

....

15,850

17,743,173

Series

2014S-6

,

RB

,

5.00

%

,

10/01/54

....

7,395

7,406,674

Series

2023A

,

RB

,

VRDN

(

Barclays

Bank

plc

LOC

),

3.85

%

,

09/03/24

(b)

...........

30,975

30,975,000

Series

2017F-1

,

RB

,

4.00

%

,

04/01/56

....

2,600

2,555,272

Series

2024G

,

RB

,

VRDN

(

Bank

of

America

NA

LOC

),

2.14

%

,

09/05/24

(b)

........

3,000

3,000,000

Series

2024H

,

RB

,

VRDN

(

Bank

of

America

NA

LOC

),

3.85

%

,

09/03/24

(b)

........

34,200

34,200,000

Series

2024E

,

RB

,

VRDN

(

Bank

of

America

NA

LOC

),

3.85

%

,

09/03/24

(b)

........

31,600

31,600,000

Beverly

Hills

Unified

School

District,

Series

2009,

GO,

0.00%, 08/01/33

(a)

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

1,000

762,437

California

Educational

Facilities

Authority

Series

U-2

,

RB

,

5.00

%

,

10/01/32

.......

5,000

5,940,088

Series

T-1

,

RB

,

5.00

%

,

03/15/39

.......

1,025

1,263,760

Series

U-1

,

RB

,

5.25

%

,

04/01/40

.......

21,000

26,701,074

Series

2015

,

RB

,

5.00

%

,

04/01/45

......

1,000

1,008,369

Series

U-7

,

RB

,

5.00

%

,

06/01/46

.......

12,745

15,831,621

Series

V-1

,

RB

,

5.00

%

,

05/01/49

.......

15,000

18,595,173

Series

2016

,

RB

,

5.00

%

,

10/01/49

......

500

519,964

Series

V-2

,

RB

,

5.00

%

,

04/01/51

.......

5,000

6,195,164

California

Infrastructure

&

Economic

Development

Bank

Series

2018

,

RB

,

5.00

%

,

10/01/26

......

1,345

1,419,263

Series

2023

,

RB

,

5.00

%

,

10/01/28

......

2,655

2,939,842

Series

2003A

,

RB

,

5.00

%

,

07/01/33

(

AMBAC

)

2,000

2,175,588

Series

2003A

,

RB

,

5.00

%

,

07/01/36

(

AMBAC

)

500

543,897

Series

2017

,

RB

,

5.00

%

,

10/01/36

......

5,050

5,295,351

Series

2003A

,

RB

,

5.13

%

,

07/01/37

(

AMBAC

)

5,710

5,998,010

Series

2023

,

RB

,

4.00

%

,

10/01/41

......

14,620

15,303,855

Series

2016A

,

RB

,

5.00

%

,

10/01/41

.....

1,010

1,063,379

Series

2017

,

RB

,

5.00

%

,

05/15/42

......

1,500

1,581,438

Series

2018

,

RB

,

5.00

%

,

10/01/43

......

3,620

3,797,869

Series

2019

,

RB

,

5.00

%

,

08/01/44

......

3,835

4,095,920

Series

2016A

,

RB

,

4.00

%

,

10/01/45

.....

1,500

1,549,047

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2023

,

RB

,

4.00

%

,

10/01/45

......

USD

10,000

$

10,180,778

Series

2023

,

RB

,

4.00

%

,

10/01/46

......

33,860

34,215,913

Series

2024

,

RB

,

4.00

%

,

10/01/47

......

5,000

5,013,566

Series

2019

,

RB

,

5.00

%

,

08/01/49

......

4,375

4,632,673

Series

2022A

,

RB

,

5.00

%

,

10/01/52

.....

7,550

8,369,698

California

Municipal

Finance

Authority

Series

2017A

,

RB

,

5.00

%

,

06/01/42

.....

2,110

2,180,333

Series

2017

,

RB

,

5.00

%

,

01/01/48

......

1,000

1,085,783

California

School

Facilities

Financing

Authority,

Series

2009A,

RB,

0.00%, 08/01/49

(AGM)

(a)

4,490

1,317,041

California

State

Public

Works

Board

Series

2022D

,

RB

,

5.00

%

,

05/01/25

.....

3,500

3,553,160

Series

B

,

RB

,

5.00

%

,

10/01/25

.........

1,980

2,032,553

Series

F

,

RB

,

5.00

%

,

05/01/26

.........

3,250

3,304,446

Series

2022C

,

RB

,

5.00

%

,

08/01/26

.....

3,000

3,142,477

Series

2014A

,

RB

,

5.00

%

,

09/01/27

.....

2,175

2,178,895

Series

2014A

,

RB

,

5.00

%

,

09/01/28

.....

2,600

2,604,657

Series

2021A

,

RB

,

5.00

%

,

02/01/29

.....

3,005

3,312,988

Series

2023C

,

RB

,

5.00

%

,

09/01/29

.....

10,000

11,151,303

Series

2023D

,

RB

,

5.00

%

,

11/01/29

.....

3,725

4,164,829

Series

2022C

,

RB

,

5.00

%

,

08/01/30

.....

1,785

2,014,327

Series

2023C

,

RB

,

5.00

%

,

09/01/30

.....

9,000

10,168,322

Series

2023D

,

RB

,

5.00

%

,

11/01/30

.....

7,380

8,357,611

Series

2016D

,

RB

,

4.00

%

,

04/01/31

.....

10,305

10,443,118

Series

D

,

RB

,

3.00

%

,

09/01/31

.........

3,055

2,991,751

Series

2023D

,

RB

,

5.00

%

,

11/01/31

.....

6,375

7,308,026

Series

2014A

,

RB

,

5.00

%

,

09/01/32

.....

1,540

1,543,584

Series

2019C

,

RB

,

5.00

%

,

11/01/32

.....

9,220

10,152,393

Series

2023C

,

RB

,

5.00

%

,

09/01/33

.....

22,560

26,387,757

Series

2016C

,

RB

,

5.00

%

,

11/01/33

.....

4,230

4,386,732

Series

2021C

,

RB

,

5.00

%

,

11/01/33

.....

2,000

2,275,364

Series

2023C

,

RB

,

5.00

%

,

09/01/34

.....

8,220

9,577,741

Series

2016C

,

RB

,

5.00

%

,

11/01/34

.....

1,000

1,035,793

Series

2021C

,

RB

,

4.00

%

,

11/01/36

.....

1,000

1,049,565

Series

2023D

,

RB

,

5.00

%

,

11/01/36

.....

10,965

12,653,823

Series

2022C

,

RB

,

4.00

%

,

08/01/37

.....

7,045

7,370,519

Series

2023B

,

RB

,

5.00

%

,

12/01/37

.....

5,800

6,600,593

Series

2014A

,

RB

,

5.00

%

,

09/01/39

.....

17,245

17,279,980

Series

2014B

,

RB

,

5.00

%

,

10/01/39

.....

2,750

2,753,340

Series

2021B

,

RB

,

4.00

%

,

05/01/41

.....

3,670

3,730,896

Series

2021C

,

RB

,

4.00

%

,

11/01/41

.....

1,520

1,546,881

Series

2024A

,

RB

,

5.00

%

,

04/01/42

.....

13,000

14,737,740

Series

2024A

,

RB

,

5.00

%

,

04/01/43

.....

2,000

2,257,725

Series

2024A

,

RB

,

5.00

%

,

04/01/44

.....

3,250

3,654,849

Series

2024A

,

RB

,

5.00

%

,

04/01/45

.....

4,750

5,327,897

Series

2021B

,

RB

,

4.00

%

,

05/01/46

.....

10,865

10,925,328

Series

2024A

,

RB

,

5.00

%

,

04/01/49

.....

27,945

31,027,233

California

State

University

Series

2015A

,

RB

,

5.00

%

,

11/01/24

.....

3,005

3,014,567

Series

2017A

,

RB

,

5.00

%

,

11/01/24

.....

1,010

1,013,199

Series

2014A

,

RB

,

5.00

%

,

11/01/28

.....

6,000

6,019,354

Series

2014A

,

RB

,

5.00

%

,

11/01/29

.....

4,535

4,549,629

Series

2015A

,

RB

,

5.00

%

,

11/01/30

.....

3,000

3,077,086

Series

2017A

,

RB

,

5.00

%

,

11/01/31

.....

1,545

1,630,246

Series

2016A

,

RB

,

5.00

%

,

11/01/31

.....

500

517,757

Series

2016A

,

RB

,

5.00

%

,

11/01/32

.....

2,000

2,068,782

Series

2014A

,

RB

,

5.00

%

,

11/01/32

.....

160

160,516

Series

2014A

,

RB

,

5.00

%

,

11/01/33

.....

2,500

2,508,064

Series

2015A

,

RB

,

5.00

%

,

11/01/33

.....

1,500

1,534,638

Series

2015A

,

RB

,

4.00

%

,

11/01/34

.....

2,000

2,012,338

Series

2016A

,

RB

,

4.00

%

,

11/01/34

.....

1,000

1,013,778

Series

2014A

,

RB

,

5.00

%

,

11/01/34

.....

2,950

2,959,516

Series

2016A

,

RB

,

4.00

%

,

11/01/35

.....

21,340

21,557,081

Series

2015A

,

RB

,

5.00

%

,

11/01/35

.....

3,000

3,065,799

Series

2017A

,

RB

,

5.00

%

,

11/01/36

.....

1,960

2,060,834

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2016A

,

RB

,

4.00

%

,

11/01/37

.....

USD

3,625

$

3,643,298

Series

2016A

,

RB

,

4.00

%

,

11/01/38

.....

13,215

13,245,737

Series

2015A

,

RB

,

5.00

%

,

11/01/38

.....

3,150

3,215,695

Series

2020C

,

RB

,

3.00

%

,

11/01/39

.....

7,100

6,532,550

Series

2014A

,

RB

,

5.00

%

,

11/01/39

.....

900

902,903

Series

2016A

,

RB

,

5.00

%

,

11/01/41

.....

1,005

1,033,059

Series

2017A

,

RB

,

5.00

%

,

11/01/42

.....

8,450

8,842,084

Series

2015A

,

RB

,

5.00

%

,

11/01/43

.....

1,500

1,525,664

Series

2018A

,

RB

,

5.00

%

,

11/01/43

.....

3,000

3,191,786

Series

2014A

,

RB

,

5.00

%

,

11/01/44

.....

700

702,258

Series

2019A

,

RB

,

5.00

%

,

11/01/44

.....

2,000

2,139,732

Series

2020C

,

RB

,

4.00

%

,

11/01/45

.....

19,940

19,993,212

Series

2016A

,

RB

,

4.00

%

,

11/01/45

.....

8,300

8,254,704

Series

2016A

,

RB

,

5.00

%

,

11/01/45

.....

8,100

8,293,593

Series

2017A

,

RB

,

5.00

%

,

11/01/47

.....

18,900

19,679,326

Series

2018A

,

RB

,

5.00

%

,

11/01/48

.....

10,875

11,491,399

Series

2023A

,

RB

,

5.25

%

,

11/01/48

.....

1,840

2,095,156

Series

2019A

,

RB

,

5.00

%

,

11/01/49

.....

2,150

2,287,329

Series

2020C

,

RB

,

3.00

%

,

11/01/51

.....

4,000

3,220,288

California

Statewide

Communities

Development

Authority,

Series

2017,

RB,

5.00%, 05/15/42

500

510,437

Campbell

Union

High

School

District,

Series

B,

GO,

4.00%, 08/01/38

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

1,000

1,029,987

Campbell

Union

School

District,

Series

2011C,

GO,

0.00%, 08/01/36

(a)

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

2,215

1,490,002

Cerritos

Community

College

District

Series

2014A

,

GO

,

5.00

%

,

08/01/39

.....

6,065

6,070,549

Series

2014A

,

GO

,

4.00

%

,

08/01/44

.....

1,750

1,736,108

Chabot-Las

Positas

Community

College

District

Series

2016

,

GO

,

4.00

%

,

08/01/33

......

2,000

2,028,674

Series

2016

,

GO

,

4.00

%

,

08/01/34

......

2,845

2,882,227

Series

2016

,

GO

,

4.00

%

,

08/01/35

......

25,875

26,133,722

Series

2017A

,

GO

,

4.00

%

,

08/01/42

.....

5,000

4,979,445

Series

C

,

GO

,

5.25

%

,

08/01/48

........

4,600

5,215,543

Chaffey

Community

College

District,

Series

A,

GO,

5.00%, 06/01/48

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

2,300

2,420,367

Chaffey

Joint

Union

High

School

District

Series

B

,

GO

,

4.00

%

,

08/01/44

........

2,000

1,997,683

Series

C

,

GO

,

4.00

%

,

08/01/47

........

10,000

10,004,231

Series

G

,

GO

,

5.25

%

,

08/01/52

........

20,895

23,134,530

Chino

Valley

Unified

School

District,

Series

2024D,

GO,

5.00%, 08/01/55

.........

11,565

12,815,284

City

&

County

of

San

Francisco

Series

2022R-1

,

GO

,

5.00

%

,

06/15/28

...

5,500

6,053,335

Series

2022R-1

,

GO

,

5.00

%

,

06/15/29

...

1,000

1,125,720

Series

2022R-1

,

GO

,

5.00

%

,

06/15/30

...

1,250

1,431,517

Series

2022R-1

,

GO

,

5.00

%

,

06/15/31

...

750

871,983

Series

2022R-1

,

GO

,

5.00

%

,

06/15/32

...

500

589,445

Series

2024-R1

,

GO

,

5.00

%

,

06/15/32

...

3,820

4,503,357

Series

2024R-1

,

GO

,

5.00

%

,

06/15/35

...

12,205

14,720,595

City

of

Glendale,

Series

2024-2,

RB,

5.00%, 02/01/54

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

8,000

8,781,262

City

of

Long

Beach

Series

C

,

RB

,

5.00

%

,

05/15/47

.........

1,000

1,031,156

Series

2019A

,

RB

,

5.00

%

,

05/15/49

.....

4,190

4,461,155

City

of

Los

Angeles

Department

of

Airports

Series

2020B

,

RB

,

5.00

%

,

05/15/25

.....

2,035

2,069,494

Series

2020B

,

RB

,

5.00

%

,

05/15/29

.....

2,000

2,235,087

Series

2020A

,

RB

,

5.00

%

,

05/15/30

.....

4,020

4,528,812

Series

2020A

,

RB

,

5.00

%

,

05/15/31

.....

1,500

1,684,725

Series

2020B

,

RB

,

5.00

%

,

05/15/32

.....

2,000

2,264,611

Series

2020A

,

RB

,

5.00

%

,

05/15/35

.....

1,500

1,667,460

Series

2020A

,

RB

,

5.00

%

,

05/15/36

.....

1,505

1,667,441

Series

C

,

RB

,

5.00

%

,

05/15/38

.........

3,100

3,136,617

Series

2020A

,

RB

,

5.00

%

,

05/15/38

.....

2,175

2,391,445

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2020B

,

RB

,

4.00

%

,

05/15/39

.....

USD

5,000

$

5,159,739

Series

2020A

,

RB

,

5.00

%

,

05/15/39

.....

1,450

1,587,263

Series

2020B

,

RB

,

4.00

%

,

05/15/40

.....

3,900

4,008,595

Series

2020A

,

RB

,

5.00

%

,

05/15/40

.....

1,000

1,090,717

Series

B

,

RB

,

5.00

%

,

05/15/42

.........

4,390

4,577,111

Series

2019E

,

RB,

AMT

,

5.00

%

,

05/15/44

.

2,000

2,125,887

Series

2020D

,

RB

,

5.00

%

,

05/15/44

.....

2,920

3,179,258

Series

2021B

,

RB

,

5.00

%

,

05/15/45

.....

7,000

7,673,485

Series

2018E

,

RB

,

5.00

%

,

05/15/48

.....

1,500

1,591,531

City

of

Los

Angeles

Wastewater

System

Series

2013A

,

RB

,

5.00

%

,

06/01/26

.....

1,000

1,002,813

Series

2022C

,

RB

,

5.00

%

,

06/01/29

.....

2,405

2,699,033

Series

2022C

,

RB

,

5.00

%

,

06/01/30

.....

7,000

7,978,117

Series

2022C

,

RB

,

5.00

%

,

06/01/32

.....

8,020

9,386,482

Series

2013A

,

RB

,

5.00

%

,

06/01/34

.....

1,000

1,000,888

Series

2018A

,

RB

,

5.00

%

,

06/01/43

.....

1,500

1,580,478

Series

A

,

RB

,

5.00

%

,

06/01/43

.........

12,695

12,698,623

Series

A

,

RB

,

5.00

%

,

06/01/44

.........

4,630

4,679,324

Series

C

,

RB

,

5.00

%

,

06/01/45

.........

1,000

1,010,373

Series

2022A

,

RB

,

5.00

%

,

06/01/47

.....

3,500

3,853,115

Series

A

,

RB

,

5.25

%

,

06/01/47

.........

1,500

1,569,116

City

of

Riverside

Series

2015A

,

RB

,

5.00

%

,

08/01/40

.....

1,690

1,715,672

Series

2022A

,

RB

,

5.00

%

,

10/01/47

.....

6,890

7,618,921

Series

2019A

,

RB

,

5.00

%

,

10/01/48

.....

6,895

7,319,515

Series

2022A

,

RB

,

5.00

%

,

10/01/52

.....

8,800

9,618,506

City

of

San

Francisco

Series

A

,

RB

,

5.00

%

,

11/01/27

.........

4,575

4,814,390

Series

A

,

RB

,

5.00

%

,

11/01/29

.........

3,000

3,143,163

Series

2015A

,

RB

,

5.00

%

,

11/01/31

.....

2,000

2,028,440

Series

2015A

,

RB

,

5.00

%

,

11/01/32

.....

2,025

2,052,861

Series

A

,

RB

,

5.00

%

,

11/01/33

.........

2,000

2,077,459

Series

2023C

,

RB

,

5.00

%

,

11/01/33

.....

3,000

3,583,323

Series

A

,

RB

,

5.00

%

,

11/01/34

.........

1,040

1,077,203

Series

2023C

,

RB

,

5.00

%

,

11/01/34

.....

3,000

3,572,704

Series

D

,

RB

,

5.00

%

,

11/01/34

.........

2,000

2,119,081

Series

2023C

,

RB

,

5.00

%

,

11/01/35

.....

3,000

3,557,618

Series

2023C

,

RB

,

5.00

%

,

11/01/36

.....

3,000

3,537,929

Series

2015A

,

RB

,

5.00

%

,

11/01/36

.....

1,255

1,270,201

Series

A

,

RB

,

4.00

%

,

11/01/39

.........

23,695

23,750,925

Series

2020C

,

RB

,

4.00

%

,

11/01/50

.....

4,000

3,955,362

Series

2020B

,

RB

,

5.00

%

,

11/01/50

.....

3,500

3,638,870

Series

2020A

,

RB

,

5.00

%

,

11/01/50

.....

9,345

10,036,195

Series

2023AB

,

RB

,

5.25

%

,

11/01/52

....

6,265

7,045,362

City

of

San

Jose

Series

2021A

,

GO

,

5.00

%

,

09/01/41

.....

1,500

1,671,436

Series

2021A

,

GO

,

5.00

%

,

09/01/42

.....

3,900

4,331,102

Series

2021A

,

GO

,

5.00

%

,

09/01/44

.....

4,015

4,427,946

Series

2019A-1

,

GO

,

5.00

%

,

09/01/45

....

13,000

13,846,193

Series

2021A

,

GO

,

5.00

%

,

09/01/46

.....

7,385

8,079,703

Series

2019A-1

,

GO

,

5.00

%

,

09/01/47

....

3,615

3,844,507

City

of

Santa

Rosa,

Series

2002B,

RB,

0.00%, 09/01/32

(AMBAC)

(a)

..........

10,880

8,463,386

Clovis

Unified

School

District

Series

D

,

GO

,

4.00

%

,

08/01/40

........

1,000

1,008,448

Coast

Community

College

District

Series

2006B

,

GO

,

0.00

%

,

08/01/27

(

AGM

)

(a)

6,475

5,971,281

Series

2006B

,

GO

,

0.00

%

,

08/01/28

(

AGM

)

(a)

7,075

6,341,728

Series

2015

,

GO

,

5.00

%

,

08/01/29

......

2,000

2,046,955

Series

2015

,

GO

,

0.00

%

,

08/01/34

(a)

.....

2,000

1,322,433

Series

2019F

,

GO

,

0.00

%

,

08/01/41

(a)

....

1,000

506,029

Series

2019F

,

GO

,

0.00

%

,

08/01/42

(a)

....

1,000

480,750

Series

2017D

,

GO

,

4.00

%

,

08/01/42

.....

2,000

1,999,378

Contra

Costa

Community

College

District,

Series

2014A,

GO,

4.00%, 08/01/39

.........

29,830

29,829,347

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Contra

Costa

Water

District,

Series

W,

RB,

5.00%, 10/01/51

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

USD

3,200

$

3,494,851

County

of

Los

Angeles,

Series

2024,

RB,

5.00%, 06/30/25

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

18,040

18,392,588

County

of

Riverside,

Series

2024,

RB,

5.00%, 06/30/25

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

13,000

13,248,686

County

of

Sacramento

Airport

System,

Series

A,

RB,

5.00%, 07/01/41

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

3,500

3,586,136

County

of

Santa

Clara

Series

2022D

,

GO

,

5.00

%

,

08/01/34

.....

4,000

4,699,409

Series

2017C

,

GO

,

4.00

%

,

08/01/37

.....

11,305

11,474,159

Series

2017C

,

GO

,

4.00

%

,

08/01/38

.....

3,015

3,047,480

Desert

Community

College

District,

Series

2017,

GO,

4.00%, 08/01/39

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

8,000

8,045,034

Dublin

Unified

School

District

Series

B

,

GO

,

4.00

%

,

08/01/42

........

3,040

3,129,436

Series

B

,

GO

,

4.13

%

,

08/01/49

........

2,710

2,725,867

Series

B

,

GO

,

4.25

%

,

08/01/53

........

5,000

5,059,814

East

Bay

Municipal

Utility

District

Water

System

Series

2015A

,

RB

,

5.00

%

,

06/01/27

.....

4,120

4,191,800

Series

2017B

,

RB

,

5.00

%

,

06/01/31

.....

2,000

2,126,247

Series

2015A

,

RB

,

4.00

%

,

06/01/34

.....

14,315

14,351,327

Series

2017B

,

RB

,

5.00

%

,

06/01/34

.....

3,085

3,270,711

Series

2022B-2

,

RB

,

5.00

%

,

06/01/34

....

3,035

3,672,838

Series

2022A

,

RB

,

5.00

%

,

06/01/35

.....

17,000

19,889,694

Series

2015A

,

RB

,

5.00

%

,

06/01/36

.....

1,925

1,950,506

Series

2017B

,

RB

,

5.00

%

,

06/01/36

.....

2,105

2,224,202

Series

2022A

,

RB

,

5.00

%

,

06/01/36

.....

12,000

13,970,083

Series

2022B-1

,

RB

,

5.00

%

,

06/01/36

....

1,180

1,373,725

Series

2022A

,

RB

,

5.00

%

,

06/01/37

.....

10,000

11,604,514

Series

2017A

,

RB

,

5.00

%

,

06/01/42

.....

11,705

12,257,623

Series

2017A

,

RB

,

5.00

%

,

06/01/45

.....

7,240

7,555,755

Series

2019A

,

RB

,

5.00

%

,

06/01/49

.....

4,750

5,050,514

Series

2024A

,

RB

,

5.00

%

,

06/01/49

.....

5,000

5,586,351

Eastern

Municipal

Water

District

(b)

Series

2024A

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

),

3.60

%

,

09/03/24

........

17,670

17,670,000

Series

2018A

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

),

3.75

%

,

09/03/24

........

24,600

24,600,000

Eastern

Municipal

Water

District

Financing

Authority

Series

2020A

,

RB

,

4.00

%

,

07/01/38

.....

7,125

7,384,160

Series

2017D

,

RB

,

5.00

%

,

07/01/47

.....

1,500

1,565,171

El

Camino

Community

College

District

Fountation

(The)

Series

2012C

,

GO

,

0.00

%

,

08/01/29

(a)

....

6,000

5,265,707

Series

2012C

,

GO

,

0.00

%

,

08/01/31

(a)

....

1,000

822,356

Series

2012C

,

GO

,

0.00

%

,

08/01/32

(a)

....

200

159,507

Series

2012C

,

GO

,

0.00

%

,

08/01/33

(a)

....

1,000

771,867

Series

2012C

,

GO

,

0.00

%

,

08/01/34

(a)

....

12,415

9,230,458

Series

2016A

,

GO

,

4.00

%

,

08/01/41

.....

6,985

6,985,591

Series

2016A

,

GO

,

4.00

%

,

08/01/45

.....

2,000

1,971,210

El

Dorado

Irrigation

District,

Series

2020A,

COP,

4.00%, 03/01/45

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

5,000

5,006,626

Elk

Grove

Unified

School

District

Series

2021

,

GO

,

2.00

%

,

08/01/34

......

3,000

2,504,117

Series

2021

,

GO

,

2.00

%

,

08/01/35

......

5,930

4,849,526

Series

2017

,

GO

,

4.00

%

,

08/01/46

......

2,640

2,623,484

Series

2019

,

GO

,

4.00

%

,

08/01/46

......

3,000

2,981,232

Escondido

Union

High

School

District

(a)

Series

2011C

,

GO

,

0.00

%

,

08/01/46

.....

1,905

730,798

Series

2011C

,

GO

,

0.00

%

,

08/01/51

.....

2,850

890,056

Foothill-De

Anza

Community

College

District

Series

B

,

GO

,

0.00

%

,

08/01/33

(

AMBAC

)

(a)

3,805

2,952,472

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2003B

,

GO

,

0.00

%

,

08/01/34

(

NPFGC-IBC,

FGIC

)

(a)

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

USD

14,840

$

11,098,265

Series

A

,

GO

,

0.00

%

,

08/01/34

(

AMBAC

)

(a)

2,500

1,869,654

Series

A

,

GO

,

0.00

%

,

08/01/36

(

AMBAC

)

(a)

6,300

4,328,281

Series

2016

,

GO

,

4.00

%

,

08/01/40

......

4,000

4,002,821

Foothill-Eastern

Transportation

Corridor

Agency

Series

1995A

,

RB

,

0.00

%

,

01/01/25

(a)

....

200

198,108

Series

1995A

,

RB

,

0.00

%

,

01/01/26

(a)

....

1,500

1,449,595

Series

1995A

,

RB

,

0.00

%

,

01/01/28

(a)

....

4,450

4,089,033

Series

1995A

,

RB

,

0.00

%

,

01/01/30

(a)

....

1,000

871,185

Series

2013A

,

RB

,

5.40

%

,

01/15/30

(

AGM

)

10,000

11,286,823

Series

2015A

,

RB

,

0.00

%

,

01/15/34

(

AGM

)

(a)

12,500

9,169,571

Series

2015A

,

RB

,

0.00

%

,

01/15/35

(

AGM

)

(a)

1,700

1,199,960

Series

2013A

,

RB

,

0.00

%

,

01/15/36

(

AGM

)

(a)

7,010

4,736,430

Series

2013A

,

RB

,

0.00

%

,

01/15/37

(

AGM

)

(a)

1,000

645,238

Series

2021A

,

RB

,

4.00

%

,

01/15/46

.....

44,700

43,443,523

Series

2013B-1

,

RB

,

3.95

%

,

01/15/53

....

1,800

1,673,912

Fremont

Union

High

School

District

Series

2021A

,

GO

,

3.00

%

,

08/01/40

.....

3,825

3,481,542

Series

2015

,

GO

,

4.00

%

,

08/01/40

......

2,000

1,999,980

Series

2015

,

GO

,

4.00

%

,

08/01/44

......

15,000

14,884,771

Series

2019A

,

GO

,

4.00

%

,

08/01/46

.....

2,660

2,644,665

Series

2023

,

GO

,

4.00

%

,

08/01/48

......

9,000

8,979,621

Gilroy

Unified

School

District,

Series

2017,

GO,

4.00%, 08/01/46

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

5,000

4,968,719

Glendale

Unified

School

District,

Series

2015B,

GO,

4.00%, 09/01/41

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

1,650

1,676,773

Grossmont-Cuyamaca

Community

College

District,

Series

2008C,

GO,

0.00%, 08/01/30

(AGC)

(a)

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

8,800

7,406,469

Hayward

Area

Recreation

&

Park

District,

Series

A,

GO,

4.00%, 08/01/46

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

8,950

8,898,401

Hayward

Unified

School

District,

Series

2019A,

GO,

5.00%, 08/01/44

(BAM)

..........

2,300

2,422,242

Irvine

Ranch

Water

District

Water

Service

Corp.

Series

2016

,

5.25

%

,

02/01/41

.........

10,360

10,726,964

Series

2016

,

COP

,

5.00

%

,

03/01/41

.....

6,000

6,187,520

Series

2009B

,

VRDN

(

Bank

of

America

NA

LOC

),

3.40

%

,

09/03/24

(b)

...........

12,715

12,715,000

Lodi

Unified

School

District,

Series

2020,

GO,

3.00%, 08/01/43

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

7,500

6,414,509

Long

Beach

Community

College

District

Series

2008A

,

GO

,

0.00

%

,

06/01/29

(

AGM

)

(a)

5,420

4,756,199

Series

2016B

,

GO

,

4.00

%

,

08/01/41

.....

3,590

3,594,234

Series

2012B

,

GO

,

0.00

%

,

08/01/49

(a)

....

2,000

1,455,988

Series

2019C

,

GO

,

4.00

%

,

08/01/49

.....

10,675

10,483,387

Long

Beach

Unified

School

District

Series

A

,

GO

,

5.00

%

,

08/01/35

........

3,000

3,118,027

Series

F

,

GO

,

4.00

%

,

08/01/36

.........

4,195

4,345,437

Series

D-1

,

GO

,

0.00

%

,

08/01/37

(a)

......

11,000

6,299,127

Series

B

,

GO

,

3.00

%

,

08/01/37

........

2,420

2,289,445

Series

A

,

GO

,

4.00

%

,

08/01/38

........

10,300

10,328,311

Series

D-1

,

GO

,

0.00

%

,

08/01/39

(a)

......

800

411,105

Series

B

,

GO

,

3.00

%

,

08/01/41

........

4,650

4,117,924

Series

C

,

GO

,

5.00

%

,

08/01/43

........

5,345

6,080,297

Series

F

,

GO

,

3.00

%

,

08/01/47

.........

25,525

21,179,361

Series

C

,

GO

,

4.00

%

,

08/01/47

........

5,855

5,855,112

Series

B

,

GO

,

3.00

%

,

08/01/48

........

5,000

4,102,229

Series

C

,

GO

,

4.00

%

,

08/01/48

........

11,845

11,846,385

Series

B

,

GO

,

3.00

%

,

08/01/50

........

6,000

4,820,873

Los

Angeles

Community

College

District

Series

2015C

,

GO

,

5.00

%

,

06/01/26

.....

1,125

1,177,083

Series

D

,

GO

,

5.00

%

,

08/01/29

........

12,915

14,586,083

Series

D

,

GO

,

5.00

%

,

08/01/30

........

9,285

10,678,391

Series

K

,

GO

,

4.00

%

,

08/01/35

........

1,750

1,777,839

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

L

,

GO

,

5.00

%

,

08/01/36

........

USD

2,030

$

2,362,913

Series

2016

,

GO

,

4.00

%

,

08/01/37

......

8,815

8,906,118

Series

J

,

GO

,

4.00

%

,

08/01/37

.........

2,500

2,542,265

Series

K

,

GO

,

4.00

%

,

08/01/37

........

14,250

14,397,298

Series

L

,

GO

,

5.00

%

,

08/01/37

........

1,005

1,166,560

Series

K

,

GO

,

4.00

%

,

08/01/38

........

27,685

27,878,119

Series

K

,

GO

,

3.00

%

,

08/01/39

........

2,145

1,985,681

Series

K

,

GO

,

4.00

%

,

08/01/39

........

7,500

7,535,093

Series

J

,

GO

,

4.00

%

,

08/01/41

.........

5,000

5,043,841

Los

Angeles

County

Facilities

2,

Inc.,

Series

2024A,

RB,

5.25%, 06/01/49

.........

14,090

15,939,776

Los

Angeles

County

Facilities,

Inc.

Series

2018A

,

RB

,

5.00

%

,

12/01/43

.....

1,000

1,058,854

Series

2018A

,

RB

,

4.00

%

,

12/01/48

.....

2,305

2,282,311

Los

Angeles

County

Metropolitan

Transportation

Authority

Sales

Tax

Series

2021A

,

RB

,

5.00

%

,

06/01/28

.....

5,000

5,499,946

Series

2021A

,

RB

,

5.00

%

,

06/01/30

.....

3,755

4,286,643

Series

2016A

,

RB

,

5.00

%

,

06/01/31

.....

2,055

2,127,787

Series

2020A

,

RB

,

5.00

%

,

06/01/31

.....

4,000

4,517,569

Series

2023A

,

RB

,

5.00

%

,

07/01/31

.....

2,000

2,321,432

Series

2021A

,

RB

,

5.00

%

,

06/01/32

.....

3,250

3,761,007

Series

2016A

,

RB

,

5.00

%

,

06/01/32

.....

1,500

1,552,999

Series

2020A

,

RB

,

5.00

%

,

06/01/32

.....

2,785

3,144,167

Series

2020A

,

RB

,

5.00

%

,

06/01/33

.....

6,585

7,257,205

Series

2021A

,

RB

,

5.00

%

,

06/01/33

.....

2,000

2,308,917

Series

2016A

,

RB

,

5.00

%

,

06/01/34

.....

5,225

5,402,873

Series

2021A

,

RB

,

5.00

%

,

07/01/34

.....

4,000

4,615,409

Series

2020A

,

RB

,

4.00

%

,

06/01/35

.....

3,800

4,005,189

Series

2020A

,

RB

,

5.00

%

,

06/01/35

.....

1,500

1,684,096

Series

2021A

,

RB

,

4.00

%

,

06/01/36

.....

2,000

2,151,421

Series

2020A

,

RB

,

5.00

%

,

06/01/36

.....

8,080

9,034,623

Series

2016A

,

RB

,

5.00

%

,

06/01/36

.....

4,400

4,542,102

Series

2021A

,

RB

,

4.00

%

,

06/01/37

.....

6,980

7,480,000

Series

2020A

,

RB

,

5.00

%

,

06/01/37

.....

4,800

5,349,143

Series

2019A

,

RB

,

5.00

%

,

07/01/37

.....

2,000

2,152,407

Series

2021A

,

RB

,

4.00

%

,

06/01/38

.....

5,270

5,605,451

Series

2021A

,

RB

,

4.00

%

,

06/01/39

.....

8,115

8,554,320

Series

2019A

,

RB

,

5.00

%

,

07/01/39

.....

3,400

3,642,060

Series

2017A

,

RB

,

5.00

%

,

07/01/39

.....

10,000

10,508,663

Series

2017A

,

RB

,

5.00

%

,

07/01/40

.....

8,000

8,389,745

Series

2021A

,

RB

,

5.00

%

,

07/01/41

.....

4,835

5,400,763

Series

2017A

,

RB

,

5.00

%

,

07/01/42

.....

7,990

8,350,491

Series

2019A

,

RB

,

5.00

%

,

07/01/44

.....

4,000

4,233,627

Los

Angeles

County

Public

Works

Financing

Authority

Series

2024H

,

RB

,

5.00

%

,

12/01/37

(c)

....

5,165

6,119,214

Series

2024H

,

RB

,

5.00

%

,

12/01/38

(c)

....

3,865

4,550,910

Series

2016D

,

RB

,

4.00

%

,

12/01/40

.....

3,765

3,764,858

Series

2024H

,

RB

,

5.00

%

,

12/01/40

(c)

....

1,750

2,031,441

Series

2019E-1

,

RB

,

5.00

%

,

12/01/49

....

10,645

11,245,404

Series

2024H

,

RB

,

5.25

%

,

12/01/53

(c)

....

7,200

8,105,601

Los

Angeles

County

Sanitation

Districts

Financing

Authority,

Series

2016A,

RB,

4.00%, 10/01/42

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

13,500

13,460,280

Los

Angeles

Department

of

Water

&

Power

Series

2014C

,

RB

,

5.00

%

,

07/01/26

.....

955

956,016

Series

2014C

,

RB

,

5.00

%

,

07/01/27

.....

350

350,372

Series

2015A

,

RB

,

5.00

%

,

07/01/28

.....

2,000

2,014,042

Series

2022E

,

RB

,

5.00

%

,

07/01/28

.....

4,975

5,469,246

Series

2015A

,

RB

,

5.00

%

,

07/01/30

.....

1,615

1,625,966

Series

2019B

,

RB

,

5.00

%

,

07/01/31

.....

4,005

4,391,982

Series

2019B

,

RB

,

5.00

%

,

07/01/32

.....

1,755

1,916,952

Series

2023A

,

RB

,

5.00

%

,

07/01/32

.....

1,495

1,762,181

Series

2014D

,

RB

,

5.00

%

,

07/01/33

.....

240

240,255

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2015A

,

RB

,

5.00

%

,

07/01/33

.....

USD

1,000

$

1,006,461

Series

2002A,

Sub-Series

A-3

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

),

3.65

%

,

09/03/24

(b)

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

4,100

4,100,000

Series

2002A-1

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

),

3.65

%

,

09/03/24

(b)

.......

6,800

6,800,000

Series

2014D

,

RB

,

5.00

%

,

07/01/35

.....

1,495

1,496,591

Series

2022B

,

RB

,

5.00

%

,

07/01/35

.....

1,500

1,748,347

Series

2017B

,

RB

,

5.00

%

,

07/01/36

.....

2,000

2,085,530

Series

2022A

,

RB

,

5.00

%

,

07/01/37

.....

3,160

3,592,233

Series

2020B

,

RB

,

5.00

%

,

07/01/40

.....

12,440

13,718,983

Series

2022C

,

RB

,

5.00

%

,

07/01/40

.....

12,270

13,821,782

Series

2022A

,

RB

,

5.00

%

,

07/01/41

.....

1,000

1,110,430

Series

2022C

,

RB

,

5.00

%

,

07/01/42

.....

5,515

6,133,088

Series

2017C

,

RB

,

5.00

%

,

07/01/42

.....

2,000

2,088,397

Series

2017A

,

RB

,

5.00

%

,

07/01/42

.....

7,495

7,769,873

Series

2016B

,

RB

,

5.00

%

,

07/01/42

.....

1,095

1,117,835

Series

2024A

,

RB

,

5.00

%

,

07/01/43

.....

3,275

3,712,515

Series

2018D

,

RB

,

5.00

%

,

07/01/43

.....

1,725

1,821,796

Series

2022C

,

RB

,

5.00

%

,

07/01/43

.....

2,155

2,388,369

Series

2019D

,

RB

,

5.00

%

,

07/01/44

.....

13,000

13,923,416

Series

2024A

,

RB

,

5.00

%

,

07/01/44

.....

5,000

5,646,833

Series

2014D

,

RB

,

5.00

%

,

07/01/44

.....

8,005

8,013,517

Series

2021B

,

RB

,

5.00

%

,

07/01/46

.....

3,535

3,840,851

Series

2022A

,

RB

,

5.00

%

,

07/01/46

.....

3,880

4,239,259

Series

2016A

,

RB

,

5.00

%

,

07/01/46

.....

7,050

7,179,746

Series

2023F,

Sub-Series

F-2

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

3.75

%

,

09/03/24

(b)

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

42,265

42,265,000

Series

2022C

,

RB

,

5.00

%

,

07/01/47

.....

3,390

3,715,460

Series

2017C

,

RB

,

5.00

%

,

07/01/47

.....

15,115

15,689,754

Series

2023F-1

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

3.60

%

,

09/03/24

(b)

5,100

5,100,000

Series

2019C

,

RB

,

5.00

%

,

07/01/49

.....

1,250

1,324,747

Series

2019D

,

RB

,

5.00

%

,

07/01/49

.....

21,630

22,923,416

Series

2019A

,

RB

,

5.00

%

,

07/01/49

.....

14,500

15,289,976

Series

2019A

,

RB

,

5.25

%

,

07/01/49

.....

2,500

2,666,181

Series

2020B

,

RB

,

5.00

%

,

07/01/50

.....

4,230

4,541,431

Series

2021C

,

RB

,

5.00

%

,

07/01/51

.....

17,980

19,482,290

Series

2022A

,

RB

,

5.00

%

,

07/01/51

.....

1,635

1,771,610

Series

2024C

,

RB

,

5.00

%

,

07/01/54

.....

500

551,792

Los

Angeles

Department

of

Water

&

Power

Water

System

Series

2020B

,

RB

,

4.00

%

,

07/01/29

.....

2,000

2,147,175

Series

2020B

,

RB

,

4.00

%

,

07/01/30

.....

2,000

2,168,681

Series

2023A

,

RB

,

5.00

%

,

07/01/33

.....

5,000

5,971,887

Series

2016B

,

RB

,

5.00

%

,

07/01/34

.....

5,015

5,152,647

Series

2023A

,

RB

,

5.00

%

,

07/01/34

.....

5,000

5,951,710

Series

2020C

,

RB

,

5.00

%

,

07/01/36

.....

2,250

2,524,647

Series

2020C

,

RB

,

5.00

%

,

07/01/37

.....

3,050

3,414,367

Series

2018B

,

RB

,

5.00

%

,

07/01/37

.....

2,000

2,134,170

Series

2022B

,

RB

,

5.00

%

,

07/01/37

.....

7,000

8,030,755

Series

2022B

,

RB

,

5.00

%

,

07/01/38

.....

6,670

7,623,987

Series

2020C

,

RB

,

5.00

%

,

07/01/38

.....

1,000

1,116,085

Series

2020A

,

RB

,

5.00

%

,

07/01/40

.....

5,065

5,591,434

Series

2020C

,

RB

,

5.00

%

,

07/01/40

.....

5,250

5,795,662

Series

2024B

,

RB

,

5.00

%

,

07/01/41

.....

4,800

5,537,982

Series

2022C

,

RB

,

5.00

%

,

07/01/41

.....

4,610

5,191,670

Series

2020C

,

RB

,

5.00

%

,

07/01/41

.....

2,000

2,193,634

Series

2016A

,

RB

,

5.00

%

,

07/01/41

.....

2,000

2,041,977

Series

2020A

,

RB

,

5.00

%

,

07/01/41

.....

1,500

1,645,226

Series

2017A

,

RB

,

5.00

%

,

07/01/41

.....

2,000

2,074,727

Series

2024B

,

RB

,

5.00

%

,

07/01/42

.....

3,000

3,439,315

Series

2018B

,

RB

,

5.00

%

,

07/01/43

.....

2,500

2,640,284

Series

2017A

,

RB

,

5.00

%

,

07/01/44

.....

17,715

18,330,738

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2024B

,

RB

,

5.00

%

,

07/01/44

.....

USD

4,000

$

4,548,090

Series

2016B

,

RB

,

5.00

%

,

07/01/46

.....

1,525

1,553,463

Series

2016A

,

RB

,

5.00

%

,

07/01/46

.....

12,275

12,504,106

Series

2022B

,

RB

,

5.00

%

,

07/01/47

.....

20,030

21,980,137

Series

2018B

,

RB

,

5.00

%

,

07/01/48

.....

2,500

2,620,392

Series

2018A

,

RB

,

5.00

%

,

07/01/48

.....

9,745

10,156,544

Series

2021B

,

RB

,

5.00

%

,

07/01/49

.....

3,900

4,218,453

Series

2022C

,

RB

,

5.00

%

,

07/01/52

.....

2,345

2,562,371

Series

2022D

,

RB

,

5.00

%

,

07/01/52

.....

1,650

1,802,948

Los

Angeles

Unified

School

District

Series

2017A

,

GO

,

5.00

%

,

07/01/26

.....

2,210

2,318,534

Series

2016B

,

GO

,

5.00

%

,

07/01/27

.....

5,970

6,238,994

Series

2017A

,

GO

,

5.00

%

,

07/01/27

.....

1,460

1,568,040

Series

2019A

,

GO

,

5.00

%

,

07/01/27

.....

1,625

1,745,250

Series

2024A

,

GO

,

5.00

%

,

07/01/28

.....

2,460

2,704,391

Series

2019A

,

GO

,

5.00

%

,

07/01/28

.....

5,005

5,502,227

Series

2016B

,

GO

,

5.00

%

,

07/01/28

.....

1,155

1,206,493

Series

2022QRR

,

GO

,

5.00

%

,

07/01/28

...

2,505

2,753,862

Series

2021RYRR

,

GO

,

5.00

%

,

07/01/28

..

1,505

1,654,516

Series

2016A

,

GO

,

5.00

%

,

07/01/29

.....

4,000

4,068,619

Series

2019A

,

GO

,

5.00

%

,

07/01/29

.....

5,000

5,618,973

Series

2024A

,

GO

,

5.00

%

,

07/01/30

.....

7,000

7,997,091

Series

2016B

,

GO

,

3.00

%

,

07/01/31

.....

15,405

15,242,229

Series

2019A

,

GO

,

5.00

%

,

07/01/31

.....

3,045

3,375,990

Series

2022QRR

,

GO

,

5.00

%

,

07/01/31

...

1,410

1,636,408

Series

2018B-1

,

GO

,

5.00

%

,

07/01/31

....

1,000

1,070,077

Series

2021RYRR

,

GO

,

5.00

%

,

07/01/31

..

500

580,286

Series

2016B

,

GO

,

3.00

%

,

07/01/32

.....

7,820

7,687,779

Series

2020C

,

GO

,

4.00

%

,

07/01/32

.....

5,000

5,318,310

Series

2018B-1

,

GO

,

5.00

%

,

07/01/32

....

3,250

3,474,046

Series

2021RYRR

,

GO

,

5.00

%

,

07/01/32

..

2,920

3,400,795

Series

2024A

,

GO

,

5.00

%

,

07/01/32

.....

23,735

27,884,547

Series

2016A

,

GO

,

4.00

%

,

07/01/33

.....

1,000

1,003,648

Series

2020C

,

GO

,

4.00

%

,

07/01/33

.....

4,750

5,034,965

Series

2018B-1

,

GO

,

5.00

%

,

07/01/33

....

4,000

4,272,710

Series

2024A

,

GO

,

5.00

%

,

07/01/33

.....

7,500

8,938,207

Series

2021RYRR

,

GO

,

5.00

%

,

07/01/34

..

1,505

1,745,049

Series

2024A

,

GO

,

5.00

%

,

07/01/34

.....

3,610

4,358,677

Series

2021RYRR

,

GO

,

4.00

%

,

07/01/36

..

5,250

5,548,517

Series

2018B-1

,

GO

,

5.00

%

,

07/01/36

....

2,000

2,125,800

Series

2020C

,

GO

,

4.00

%

,

07/01/37

.....

12,990

13,503,647

Series

2021RYRR

,

GO

,

4.00

%

,

07/01/37

..

5,050

5,316,102

Series

2020RYQ

,

GO

,

4.00

%

,

07/01/37

...

1,830

1,902,361

Series

2023QRR

,

GO

,

5.00

%

,

07/01/37

...

4,000

4,715,839

Series

2021RYRR

,

GO

,

4.00

%

,

07/01/38

..

4,695

4,910,841

Series

2020C

,

GO

,

4.00

%

,

07/01/38

.....

5,500

5,681,762

Series

2020RYQ

,

GO

,

4.00

%

,

07/01/38

...

6,550

6,766,462

Series

2022QRR

,

GO

,

5.00

%

,

07/01/38

...

2,500

2,888,877

Series

2023QRR

,

GO

,

5.00

%

,

07/01/38

...

5,000

5,859,299

Series

2018B-1

,

GO

,

5.00

%

,

07/01/38

....

10,835

11,466,068

Series

2020RYQ

,

GO

,

4.00

%

,

07/01/39

...

1,030

1,056,666

Series

2020C

,

GO

,

4.00

%

,

07/01/39

.....

10,000

10,258,894

Series

2023QRR

,

GO

,

5.00

%

,

07/01/39

...

10,000

11,641,727

Series

2016A

,

GO

,

4.00

%

,

07/01/40

.....

1,045

1,044,968

Series

2020C

,

GO

,

4.00

%

,

07/01/40

.....

1,005

1,027,249

Series

2021RYRR

,

GO

,

4.00

%

,

07/01/40

..

3,250

3,349,491

Series

2016A

,

GO

,

5.00

%

,

07/01/40

.....

5,320

5,384,918

Series

2018B-1

,

GO

,

5.25

%

,

07/01/42

....

7,900

8,372,685

Series

2020C

,

GO

,

4.00

%

,

07/01/44

.....

4,500

4,540,597

Series

2020RYQ

,

GO

,

4.00

%

,

07/01/44

...

46,225

46,642,019

Series

2020C

,

GO

,

3.00

%

,

07/01/45

.....

10,000

8,430,168

Series

2021RYRR

,

GO

,

4.00

%

,

07/01/46

..

13,285

13,360,112

Series

2022QRR

,

GO

,

5.25

%

,

07/01/47

...

3,765

4,259,767

Los

Rios

Community

College

District,

Series

E,

GO,

3.00%, 08/01/25

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

2,000

2,010,474

Security

Par

(000)

Par

(000)

Value

California

(continued)

Mendocino-Lake

Community

College

District,

Series

B,

GO,

0.00%, 08/01/51

(AGM)

(a)

..

USD

750

$

222,169

Metropolitan

Water

District

of

Southern

California

Series

2019A

,

RB

,

5.00

%

,

07/01/26

.....

1,000

1,046,723

Series

2011C

,

RB

,

5.00

%

,

10/01/27

.....

1,000

1,082,740

Series

2015A

,

RB

,

5.00

%

,

07/01/28

.....

8,695

8,876,914

Series

2022A

,

RB

,

5.00

%

,

10/01/31

.....

2,425

2,842,561

Series

2019A

,

RB

,

5.00

%

,

07/01/34

.....

8,000

8,732,293

Series

2024B3

,

RB

,

VRDN

5.00

%

,

07/01/31

(b)

1,500

1,684,712

Series

2020C

,

RB

,

5.00

%

,

07/01/38

.....

10,730

11,995,171

Series

2020C

,

RB

,

5.00

%

,

07/01/39

.....

2,520

2,804,734

Series

2020C

,

RB

,

5.00

%

,

07/01/40

.....

12,000

13,302,604

Series

2020A

,

RB

,

5.00

%

,

10/01/45

.....

3,000

3,225,565

Series

2021A

,

RB

,

5.00

%

,

10/01/46

.....

6,000

6,593,735

Series

2020A

,

RB

,

5.00

%

,

10/01/49

.....

7,415

7,929,166

Series

2021A

,

RB

,

5.00

%

,

10/01/51

.....

12,000

13,030,169

Miracosta

Community

College

District,

Series

B,

GO,

4.00%, 08/01/45

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

17,405

17,605,318

Moreno

Valley

Unified

School

District,

Series

A,

GO,

5.00%, 08/01/44

(AGM)

.........

14,220

14,540,205

Morgan

Hill

Unified

School

District,

Series

B,

GO,

4.00%, 08/01/47

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

7,500

7,432,899

Mount

Diablo

Unified

School

District

Series

2022B

,

GO

,

4.00

%

,

08/01/35

.....

4,000

4,269,364

Series

2010A

,

GO

,

5.75

%

,

08/01/35

(

AGM

)

2,530

2,591,004

Mount

San

Antonio

Community

College

District

Series

2013A

,

GO

,

5.87

%

,

08/01/28

.....

1,000

1,110,271

Series

2013A

,

GO

,

0.00

%

,

08/01/43

(a)

....

12,830

12,798,338

Municipal

Improvement

Corp.

of

Los

Angeles

Series

2016B

,

RB

,

5.00

%

,

11/01/30

.....

2,000

2,090,318

Series

2016B

,

RB

,

4.00

%

,

11/01/34

.....

800

812,729

Series

2016B

,

RB

,

4.00

%

,

11/01/36

.....

11,040

11,151,195

Series

2020B

,

RB

,

5.00

%

,

11/01/38

.....

2,000

2,218,278

New

Haven

Unified

School

District,

Series

2020C,

GO,

3.00%, 08/01/49

.........

6,060

4,963,431

Newport

Mesa

Unified

School

District

(a)

Series

2011

,

GO

,

0.00

%

,

08/01/34

......

7,485

5,537,942

Series

2011

,

GO

,

0.00

%

,

08/01/35

......

13,000

9,229,567

Series

2011

,

GO

,

0.00

%

,

08/01/36

......

1,400

949,518

Series

2011

,

GO

,

0.00

%

,

08/01/38

......

3,500

2,170,174

Series

2017

,

GO

,

0.00

%

,

08/01/43

......

1,500

674,548

Series

2017

,

GO

,

0.00

%

,

08/01/44

......

1,125

481,223

Series

2017

,

GO

,

0.00

%

,

08/01/45

......

2,500

1,014,358

Norman

Y

Mineta

San

Jose

International

Airport

SJC,

Series

2017B,

RB,

5.00%, 03/01/47

..

1,000

1,029,989

North

Orange

County

Community

College

District,

Series

B,

GO,

4.00%, 08/01/44

...

9,325

9,441,680

Northern

California

Sanitation

Agencies

Financing

Authority

Series

2021

,

RB

,

5.00

%

,

12/01/27

......

1,000

1,086,329

Series

2021

,

RB

,

5.00

%

,

12/01/29

......

1,000

1,133,915

Series

2021

,

RB

,

5.00

%

,

12/01/30

......

400

460,312

Series

2021

,

RB

,

5.00

%

,

12/01/33

......

4,000

4,642,580

Series

2024A

,

RB

,

5.00

%

,

12/01/36

.....

15,000

18,034,586

Series

2024A

,

RB

,

5.00

%

,

12/01/37

.....

20,360

24,362,621

Series

2024A

,

RB

,

5.00

%

,

12/01/38

.....

4,000

4,764,729

Series

2024A

,

RB

,

5.00

%

,

12/01/39

.....

5,000

5,928,854

Series

2014A

,

RB

,

5.00

%

,

12/01/44

.....

2,000

2,001,788

Series

2020A

,

RB

,

5.00

%

,

12/01/45

.....

7,885

8,577,449

Series

2020A

,

RB

,

5.00

%

,

12/01/50

.....

12,525

13,516,915

Ohlone

Community

College

District,

Series

C,

GO,

4.00%, 08/01/41

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

5,000

4,973,231

Orange

County

Local

Transportation

Authority

Sales

Tax

Series

2019

,

RB

,

5.00

%

,

02/15/40

......

19,805

21,296,404

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2019

,

RB

,

5.00

%

,

02/15/41

......

USD

1,500

$

1,607,271

Palomar

Community

College

District

Series

C

,

GO

,

4.00

%

,

08/01/40

........

1,000

1,013,931

Series

C

,

GO

,

5.00

%

,

08/01/44

........

19,785

20,237,736

Series

2017

,

GO

,

4.00

%

,

08/01/45

......

1,900

1,885,837

Series

D

,

GO

,

5.25

%

,

08/01/45

........

1,000

1,047,942

Pasadena

Area

Community

College

District,

Series

2023A-1,

GO,

5.00%, 08/01/48

...

2,340

2,586,371

Placentia-Yorba

Linda

Unified

School

District

(a)

Series

D

,

GO

,

0.00

%

,

08/01/42

........

1,205

602,119

Series

D

,

GO

,

0.00

%

,

08/01/46

........

2,500

982,218

Pleasanton

Unified

School

District,

Series

2017,

GO,

4.00%, 08/01/42

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

8,590

8,622,054

Port

of

Los

Angeles,

Series

2014B,

RB,

5.00%, 08/01/44

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

2,430

2,434,392

Poway

Unified

School

District

(a)

Series

B

,

GO

,

0.00

%

,

08/01/33

........

1,000

759,205

Series

B

,

GO

,

0.00

%

,

08/01/34

........

4,630

3,379,418

Series

B

,

GO

,

0.00

%

,

08/01/36

........

13,250

8,835,892

Series

B

,

GO

,

0.00

%

,

08/01/41

........

1,500

777,791

Series

B

,

GO

,

0.00

%

,

08/01/46

........

9,615

3,635,939

Series

B

,

GO

,

0.00

%

,

08/01/51

........

1,250

372,936

Rio

Hondo

Community

College

District

Series

2010C

,

GO

,

6.63

%

,

08/01/42

.....

560

723,046

Series

2010C

,

GO

,

6.85

%

,

08/01/42

.....

7,500

9,826,158

Riverside

County

Public

Financing

Authority,

Series

2015,

RB,

5.25%, 11/01/45

......

1,000

1,032,763

Riverside

County

Transportation

Commission

Series

2021B-1

,

RB

,

4.00

%

,

06/01/37

....

5,092

5,213,555

Series

2021B-1

,

RB

,

4.00

%

,

06/01/38

....

2,125

2,167,287

Series

2021B-1

,

RB

,

4.00

%

,

06/01/39

....

8,860

8,987,166

Series

2021B-1

,

RB

,

4.00

%

,

06/01/40

....

10,370

10,470,693

Series

2021B-1

,

RB

,

4.00

%

,

06/01/46

....

18,940

18,694,263

Series

2021B-1

,

RB

,

3.00

%

,

06/01/49

....

2,000

1,574,502

Riverside

County

Transportation

Commission

Sales

Tax

Series

2017B

,

RB

,

5.00

%

,

06/01/29

.....

7,130

7,684,379

Series

2017B

,

RB

,

5.00

%

,

06/01/34

.....

15,975

17,103,428

Series

2017B

,

RB

,

5.00

%

,

06/01/35

.....

1,030

1,101,428

Series

2017B

,

RB

,

5.00

%

,

06/01/37

.....

2,555

2,720,096

Series

2017B

,

RB

,

5.00

%

,

06/01/39

.....

2,960

3,127,679

Sacramento

Area

Flood

Control

Agency,

Series

2016A,

5.00%, 10/01/41

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

2,000

2,069,642

Sacramento

City

Financing

Authority,

Series

E,

RB,

5.25%, 12/01/30

(AMBAC)

........

440

495,904

Sacramento

City

Unified

School

District,

Series

2024B,

GO,

4.00%, 08/01/54

(AGM)

.....

5,000

4,896,217

Sacramento

Municipal

Utility

District

Series

2022J

,

RB

,

5.00

%

,

08/15/26

.....

1,770

1,858,746

Series

2022J

,

RB

,

5.00

%

,

08/15/28

.....

1,630

1,798,220

Series

2024N-1

,

RB

,

5.00

%

,

11/15/36

....

10,000

11,939,976

Series

2019G

,

RB

,

5.00

%

,

08/15/39

.....

1,500

1,630,725

Series

2020H

,

RB

,

4.00

%

,

08/15/40

.....

2,500

2,560,360

Series

2019G

,

RB

,

5.00

%

,

08/15/40

.....

2,000

2,166,797

Series

2023C

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

3.60

%

,

09/03/24

(b)

..........

41,520

41,520,000

Series

2020H

,

RB

,

4.00

%

,

08/15/45

.....

15,575

15,686,400

Series

2023K

,

RB

,

5.00

%

,

08/15/48

.....

14,280

15,972,336

Series

2019B

,

RB

,

VRDN

5.00

%

,

10/15/25

(b)

2,500

2,533,899

Series

2023D

,

RB

,

VRDN

5.00

%

,

10/15/30

(b)

11,500

12,893,409

Series

2024M

,

RB

,

5.00

%

,

11/15/49

.....

17,070

19,194,012

Series

2020H

,

RB

,

5.00

%

,

08/15/50

.....

43,000

46,468,002

Series

2024M

,

RB

,

5.00

%

,

11/15/54

.....

15,015

16,751,839

Sacramento

Transportation

Authority

Sales

Tax,

Series

2023,

RB,

5.00%, 10/01/34

......

5,835

7,016,371

Security

Par

(000)

Par

(000)

Value

California

(continued)

San

Diego

Association

of

Governments,

Series

2019A,

RB,

5.00%, 11/15/25

.........

USD

6,025

$

6,048,557

San

Diego

Association

of

Governments

South

Bay

Expressway,

Series

2017A,

RB,

5.00%, 07/01/42

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

10,000

10,383,437

San

Diego

Community

College

District

Series

2016

,

GO

,

5.00

%

,

08/01/28

......

1,000

1,048,666

Series

2011

,

GO

,

0.00

%

,

08/01/35

(a)

.....

4,000

2,818,598

San

Diego

County

Regional

Airport

Authority

Series

2019A

,

RB

,

5.00

%

,

07/01/34

.....

4,850

5,353,376

Series

2019A

,

RB

,

5.00

%

,

07/01/36

.....

1,450

1,589,138

Series

2019A

,

RB

,

4.00

%

,

07/01/38

.....

2,120

2,170,242

Series

2019A

,

RB

,

5.00

%

,

07/01/44

.....

1,600

1,709,449

Series

2021A

,

RB

,

5.00

%

,

07/01/46

.....

5,000

5,432,139

Series

2019A

,

RB

,

5.00

%

,

07/01/49

.....

600

635,134

Series

2021A

,

RB

,

5.00

%

,

07/01/56

.....

5,000

5,356,124

San

Diego

County

Regional

Transportation

Commission

Series

2023A

,

RB

,

5.00

%

,

04/01/32

.....

2,000

2,347,738

Series

2023A

,

RB

,

5.00

%

,

04/01/34

.....

1,500

1,782,276

Series

2023A

,

RB

,

5.00

%

,

04/01/38

.....

1,000

1,168,864

Series

2016A

,

RB

,

5.00

%

,

04/01/41

.....

10,230

10,497,678

Series

2021B

,

RB

,

5.00

%

,

04/01/45

.....

4,300

4,692,658

Series

2016A

,

RB

,

5.00

%

,

04/01/48

.....

2,270

2,323,995

Series

2021B

,

RB

,

5.00

%

,

04/01/48

.....

8,140

8,834,669

San

Diego

County

Water

Authority

Series

2021B

,

RB

,

4.00

%

,

05/01/33

.....

3,500

3,785,616

Series

2021B

,

RB

,

4.00

%

,

05/01/35

.....

3,000

3,222,920

Series

2021B

,

RB

,

4.00

%

,

05/01/37

.....

3,515

3,749,638

Series

2021B

,

RB

,

4.00

%

,

05/01/38

.....

14,715

15,593,640

Series

2022A

,

RB

,

5.00

%

,

05/01/52

.....

8,250

9,092,605

San

Diego

Public

Facilities

Financing

Authority

Series

2016B

,

RB

,

5.00

%

,

08/01/28

.....

2,500

2,619,648

Series

2016A

,

RB

,

5.00

%

,

05/15/29

.....

2,505

2,612,256

Series

2020A

,

RB

,

4.00

%

,

08/01/36

.....

1,350

1,411,828

Series

2020A

,

RB

,

4.00

%

,

08/01/37

.....

2,250

2,334,442

Series

2018A

,

RB

,

5.00

%

,

08/01/43

.....

1,500

1,586,160

Series

A

,

RB

,

5.00

%

,

10/15/44

.........

1,810

1,839,529

Series

2020A

,

RB

,

4.00

%

,

08/01/45

.....

500

499,072

Series

2023A

,

RB

,

5.25

%

,

08/01/48

.....

3,290

3,743,753

Series

2023A

,

RB

,

4.00

%

,

08/01/52

.....

5,770

5,687,052

San

Diego

Unified

School

District

Series

2015R-4

,

GO

,

5.00

%

,

07/01/28

...

5,000

5,093,660

Series

G-1

,

GO

,

5.25

%

,

07/01/28

(

AGM

)

..

1,000

1,106,781

Series

2016R-5

,

GO

,

5.00

%

,

07/01/29

...

2,005

2,095,453

Series

R-1

,

GO

,

0.00

%

,

07/01/30

(a)

......

7,570

6,407,804

Series

2010C

,

GO

,

0.00

%

,

07/01/30

(a)

....

1,550

1,321,873

Series

R-1

,

GO

,

0.00

%

,

07/01/31

(a)

......

2,000

1,635,084

Series

2012E

,

GO

,

0.00

%

,

07/01/32

(a)

....

6,440

5,079,983

Series

SR-1

,

GO

,

4.00

%

,

07/01/32

......

1,000

1,015,496

Series

2010C

,

GO

,

0.00

%

,

07/01/35

(a)

....

2,380

1,692,076

Series

2010C

,

GO

,

0.00

%

,

07/01/36

(a)

....

17,465

11,864,118

Series

2010C

,

GO

,

0.00

%

,

07/01/37

(a)

....

700

455,456

Series

2010C

,

GO

,

0.00

%

,

07/01/38

(a)

....

3,000

1,862,590

Series

R-2

,

GO

,

0.00

%

,

07/01/40

(a)

......

13,475

13,890,250

Series

2012E

,

GO

,

0.00

%

,

07/01/42

(a)

....

5,850

4,936,967

Series

2010C

,

GO

,

0.00

%

,

07/01/43

(a)

....

4,140

1,994,780

Series

2010C

,

GO

,

0.00

%

,

07/01/44

(a)

....

2,165

991,873

Series

2010C

,

GO

,

0.00

%

,

07/01/45

(a)

....

4,590

1,997,174

Series

F

,

GO

,

4.00

%

,

07/01/45

.........

9,000

8,948,009

Series

2010C

,

GO

,

0.00

%

,

07/01/46

(a)

....

275

113,574

Series

2021N-2

,

GO

,

3.00

%

,

07/01/46

...

3,000

2,518,540

Series

2021N-2

,

GO

,

4.00

%

,

07/01/46

...

22,000

22,222,127

Series

2012E

,

GO

,

0.00

%

,

07/01/47

(a)

....

3,800

3,191,990

Series

2010C

,

GO

,

0.00

%

,

07/01/47

(a)

....

1,405

553,930

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2017I

,

GO

,

4.00

%

,

07/01/47

......

USD

19,400

$

19,400,239

Series

2010C

,

GO

,

0.00

%

,

07/01/48

(a)

....

3,250

3,159,233

Series

2023A-3

,

GO

,

5.00

%

,

07/01/48

....

5,000

5,569,369

Series

2012E

,

GO

,

0.00

%

,

07/01/49

(a)

....

7,640

2,715,347

Series

2019L

,

GO

,

4.00

%

,

07/01/49

.....

13,000

12,930,072

Series

2020M-2

,

GO

,

3.00

%

,

07/01/50

...

21,350

17,429,617

Series

2020M-2

,

GO

,

4.00

%

,

07/01/50

...

12,710

12,712,035

Series

2020D-2

,

GO

,

4.00

%

,

07/01/50

...

45,580

45,587,297

Series

2022F-2

,

GO

,

4.25

%

,

07/01/52

....

5,000

5,074,690

Series

2023A-3

,

GO

,

4.00

%

,

07/01/53

....

15,500

15,399,331

Series

2023G-3

,

GO

,

4.00

%

,

07/01/53

...

10,000

9,935,052

San

Dieguito

Union

High

School

District,

Series

B-2,

GO,

4.00%, 02/01/40

...........

800

799,980

San

Francisco

Bay

Area

Rapid

Transit

District

Series

2015D

,

GO

,

4.00

%

,

08/01/33

.....

2,885

2,892,371

Series

E

,

GO

,

4.00

%

,

08/01/37

........

8,420

8,517,562

Series

2020C-1

,

GO

,

3.00

%

,

08/01/38

...

5,000

4,620,671

Series

2022D-1

,

GO

,

5.00

%

,

08/01/39

...

1,250

1,429,690

Series

A-1

,

GO

,

4.00

%

,

08/01/42

.......

1,500

1,501,943

Series

2019B-1

,

GO

,

4.00

%

,

08/01/44

....

5,000

4,974,378

Series

2020C-1

,

GO

,

4.00

%

,

08/01/45

...

2,640

2,627,995

Series

A-1

,

GO

,

5.00

%

,

08/01/47

.......

3,000

3,110,079

Series

2022D-1

,

GO

,

5.25

%

,

08/01/47

...

1,250

1,427,644

Series

2020C-1

,

GO

,

3.00

%

,

08/01/50

...

8,500

6,961,599

San

Francisco

Bay

Area

Rapid

Transit

District

Sales

Tax

Series

2019A

,

RB

,

4.00

%

,

07/01/37

.....

3,075

3,104,444

Series

2019A

,

RB

,

4.00

%

,

07/01/38

.....

5,495

5,537,186

Series

2019A

,

RB

,

3.00

%

,

07/01/44

.....

1,800

1,523,816

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

Series

2021-2B

,

RB

,

5.00

%

,

05/01/32

....

3,150

3,617,268

Series

2021-2B

,

RB

,

5.00

%

,

05/01/35

....

3,000

3,421,412

Series

2024B

,

RB

,

5.00

%

,

05/01/41

.....

4,000

4,581,990

Series

2024B

,

RB

,

5.00

%

,

05/01/42

.....

3,000

3,420,372

Series

2024B

,

RB

,

5.00

%

,

05/01/44

.....

10,790

12,192,870

Series

2016C

,

RB

,

5.00

%

,

05/01/46

.....

4,265

4,347,661

Series

2017B

,

RB

,

5.00

%

,

05/01/47

.....

3,500

3,622,247

Series

2018E

,

RB

,

5.00

%

,

05/01/48

.....

2,500

2,614,851

Series

2019B

,

RB

,

5.00

%

,

05/01/49

.....

7,785

8,229,845

Series

2024B

,

RB

,

5.00

%

,

05/01/49

.....

4,180

4,641,362

Series

2019-2F

,

RB

,

5.00

%

,

05/01/50

....

22,605

23,876,167

Series

2022-2B

,

RB

,

5.00

%

,

05/01/52

....

12,240

13,321,769

San

Francisco

City

&

County

Public

Utilities

Commission

Power

Series

2023A

,

RB

,

5.00

%

,

11/01/48

.....

4,000

4,392,951

Series

2021A

,

RB

,

4.00

%

,

11/01/51

.....

18,000

17,760,895

Series

2023A

,

RB

,

5.00

%

,

11/01/53

.....

19,900

21,695,296

San

Francisco

City

&

County

Public

Utilities

Commission

Wastewater

Series

2023A

,

RB

,

5.00

%

,

10/01/35

.....

1,500

1,751,293

Series

2023A

,

RB

,

5.00

%

,

10/01/36

.....

1,000

1,161,433

Series

2023A

,

RB

,

5.00

%

,

10/01/37

.....

1,500

1,737,248

Series

2023B

,

RB

,

4.00

%

,

10/01/39

.....

1,350

1,419,535

Series

2013B

,

RB

,

4.00

%

,

10/01/42

.....

25,000

24,597,375

Series

2018A

,

RB

,

4.00

%

,

10/01/43

.....

1,330

1,333,244

Series

2021A

,

RB

,

5.00

%

,

10/01/45

.....

5,000

5,471,400

Series

2021A

,

RB

,

5.00

%

,

10/01/46

.....

5,000

5,458,372

Series

2021A

,

RB

,

4.00

%

,

10/01/47

.....

9,075

9,078,173

Series

2024C

,

RB

,

5.00

%

,

10/01/49

.....

4,000

4,459,991

Series

2021A

,

RB

,

4.00

%

,

10/01/50

.....

5,000

4,945,038

Series

2024C

,

RB

,

5.00

%

,

10/01/54

.....

8,410

9,302,028

San

Joaquin

County

Transportation

Authority

Measure

K

Sales

Tax,

Series

2017,

RB,

4.00%, 03/01/41

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

11,000

11,036,678

Security

Par

(000)

Par

(000)

Value

California

(continued)

San

Joaquin

Hills

Transportation

Corridor

Agency

Series

1993

,

RB

,

0.00

%

,

01/01/25

(a)

.....

USD

2,100

$

2,080,814

Series

1993

,

RB

,

0.00

%

,

01/01/27

(a)

.....

1,075

1,015,053

Series

2014A

,

RB

,

5.00

%

,

01/15/29

.....

1,000

1,008,316

Series

2021A

,

RB

,

5.00

%

,

01/15/32

.....

1,500

1,688,834

Series

2021A

,

RB

,

5.00

%

,

01/15/33

.....

3,415

3,834,655

Series

2021A

,

RB

,

4.00

%

,

01/15/34

.....

2,185

2,301,251

Series

2014A

,

RB

,

5.00

%

,

01/15/34

.....

2,680

2,702,286

Series

2014A

,

RB

,

5.00

%

,

01/15/44

.....

8,000

8,066,526

Series

2014A

,

RB

,

5.00

%

,

01/15/50

.....

13,275

13,385,391

San

Jose

Evergreen

Community

College

District

Series

C

,

GO

,

4.00

%

,

09/01/40

........

7,500

7,500,000

Series

C

,

GO

,

4.13

%

,

09/01/43

........

5,000

5,000,000

Series

C

,

GO

,

4.00

%

,

09/01/45

........

8,515

8,634,366

San

Jose

Unified

School

District

Series

C

,

GO

,

0.00

%

,

08/01/29

(

NPFGC

)

(a)

3,800

3,318,829

Series

C

,

GO

,

0.00

%

,

08/01/30

(

NPFGC

)

(a)

5,980

5,056,548

Series

2016

,

GO

,

5.00

%

,

08/01/32

......

9,000

9,179,815

Series

2018E

,

GO

,

4.00

%

,

08/01/42

.....

6,825

6,907,266

San

Juan

Unified

School

District,

Series

2022,

GO,

4.00%, 08/01/46

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

17,000

16,844,826

San

Marcos

Unified

School

District

(a)

Series

B

,

GO

,

0.00

%

,

08/01/47

........

1,700

644,158

Series

B

,

GO

,

0.00

%

,

08/01/51

........

1,500

469,686

San

Mateo

County

Community

College

District

Series

A

,

GO

,

0.00

%

,

09/01/30

(

NPFGC

)

(a)

6,690

5,667,848

Series

C

,

GO

,

0.00

%

,

09/01/30

(

NPFGC

)

(a)

4,295

3,638,776

Series

2006B

,

GO

,

0.00

%

,

09/01/32

(

NPFGC

)

(a)

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

6,565

5,191,957

Series

2006B

,

GO

,

0.00

%

,

09/01/34

(

NPFGC

)

(a)

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

21,075

15,481,035

Series

2006B

,

GO

,

0.00

%

,

09/01/35

(

NPFGC

)

(a)

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

11,500

8,100,584

Series

2015A

,

GO

,

5.00

%

,

09/01/45

.....

1,000

1,025,600

Series

2018B

,

GO

,

5.00

%

,

09/01/45

.....

44,150

46,846,890

San

Mateo

Foster

City

Public

Financing

Authority

Series

2019

,

RB

,

4.00

%

,

08/01/44

......

7,070

7,098,520

Series

2019

,

RB

,

5.00

%

,

08/01/49

......

3,700

3,949,067

San

Mateo

Foster

City

School

District,

Series

A,

GO,

0.00%, 08/01/42

(a)

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

5,500

5,954,147

San

Mateo

Union

High

School

District

(a)

Series

2011A

,

GO

,

0.00

%

,

09/01/33

.....

500

483,628

Series

2011A

,

GO

,

0.00

%

,

09/01/41

.....

3,765

3,989,724

Series

2011A

,

GO

,

0.00

%

,

07/01/51

.....

4,465

3,542,595

Santa

Barbara

Secondary

High

School

District,

Series

2011A,

GO,

0.00%, 08/01/36

(a)

....

2,500

1,581,392

Santa

Barbara

Unified

School

District

Series

A

,

GO

,

4.00

%

,

08/01/41

........

2,600

2,619,087

Series

B

,

GO

,

5.00

%

,

08/01/44

........

6,725

7,121,443

Santa

Clara

Unified

School

District,

Series

2019,

GO,

4.00%, 07/01/48

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

24,000

23,624,662

Santa

Clara

Valley

Transportation

Authority

Series

2023A

,

RB

,

5.00

%

,

04/01/30

.....

3,060

3,483,600

Series

2023A

,

RB

,

5.00

%

,

04/01/33

.....

5,000

5,955,878

Series

2023A

,

RB

,

5.00

%

,

04/01/35

.....

4,500

5,329,577

Santa

Clara

Valley

Water

District,

Series

A,

RB,

5.00%, 06/01/46

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

1,000

1,018,928

Santa

Clarita

Community

College

District,

Series

2016,

GO,

4.00%, 08/01/41

..........

6,850

6,858,079

Santa

Monica

Community

College

District

Series

2018A

,

GO

,

5.00

%

,

08/01/43

.....

7,500

7,976,016

Series

2022B

,

GO

,

5.00

%

,

08/01/45

.....

1,150

1,279,073

Series

2018A

,

GO

,

4.00

%

,

08/01/47

.....

21,580

21,386,928

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Santa

Monica-Malibu

Unified

School

District

Series

B

,

GO

,

4.00

%

,

08/01/50

........

USD

28,230

$

27,883,748

Sonoma

County

Junior

College

District,

Series

B,

GO,

3.00%, 08/01/41

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

7,000

6,131,015

South

San

Francisco

Unified

School

District

Series

2016C

,

GO

,

4.00

%

,

09/01/37

.....

4,000

4,004,930

Series

2023

,

GO

,

4.00

%

,

09/01/48

......

22,000

21,900,859

Series

2023

,

GO

,

4.00

%

,

09/01/52

......

10,975

10,814,267

Southern

California

Public

Power

Authority

Series

2015C

,

RB

,

5.00

%

,

07/01/26

.....

1,660

1,673,269

Series

2020-3

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

),

3.95

%

,

09/03/24

(b)

.......

39,335

39,335,000

Series

2024-1

,

RB

,

5.00

%

,

07/01/44

.....

6,300

7,191,583

Series

2024-1

,

RB

,

5.00

%

,

07/01/46

.....

5,600

6,335,631

Series

2024-1

,

RB

,

5.00

%

,

07/01/49

.....

9,535

10,692,412

Series

2024-1

,

RB

,

5.00

%

,

07/01/53

.....

31,685

35,250,149

Series

2023-1A

,

RB

,

5.25

%

,

07/01/53

....

13,675

15,391,967

Southwestern

Community

College

District

Series

D

,

GO

,

5.00

%

,

08/01/44

........

2,000

2,044,124

Series

C

,

GO

,

0.00

%

,

08/01/46

(a)

.......

1,920

736,826

State

of

California

GO

,

5.00

%

,

09/01/24

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

14,770

14,770,000

GO

,

5.00

%

,

10/01/24

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

11,605

11,624,375

GO

,

5.00

%

,

11/01/24

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

28,675

28,776,618

Series

2003

,

GO

,

5.50

%

,

02/01/25

......

250

252,940

Series

2016

,

GO

,

5.00

%

,

08/01/25

......

4,070

4,157,731

GO

,

5.00

%

,

08/01/25

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

8,420

8,601,498

GO

,

5.00

%

,

09/01/25

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

2,035

2,083,745

GO

,

5.00

%

,

10/01/25

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

13,705

14,009,119

Series

2017

,

GO

,

4.00

%

,

11/01/25

......

6,465

6,571,758

GO

,

5.00

%

,

11/01/25

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

5,510

5,664,239

GO

,

5.00

%

,

03/01/26

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

3,810

3,852,645

GO

,

5.00

%

,

04/01/26

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

7,875

8,166,366

GO

,

5.00

%

,

08/01/26

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

16,000

16,682,911

Series

C

,

GO

,

5.00

%

,

09/01/26

........

1,500

1,532,358

GO

,

5.00

%

,

09/01/26

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

3,510

3,675,118

GO

,

5.00

%

,

10/01/26

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

9,180

9,436,126

GO

,

5.00

%

,

11/01/26

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

2,280

2,400,759

GO

,

5.00

%

,

03/01/27

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

3,920

3,963,707

GO

,

5.00

%

,

04/01/27

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

3,385

3,594,650

GO

,

5.00

%

,

08/01/27

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

1,500

1,514,017

GO

,

5.00

%

,

09/01/27

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

6,210

6,512,025

GO

,

4.00

%

,

10/01/27

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

7,280

7,599,307

GO

,

5.00

%

,

10/01/27

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

5,885

6,174,748

GO

,

5.00

%

,

11/01/27

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

1,155

1,242,582

GO

,

5.00

%

,

12/01/27

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

3,665

3,949,947

GO

,

3.00

%

,

03/01/28

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

2,500

2,532,478

GO

,

5.00

%

,

04/01/28

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

6,525

7,080,202

GO

,

5.00

%

,

08/01/28

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

17,380

18,750,598

Series

2016

,

GO

,

5.00

%

,

08/01/28

......

4,325

4,511,999

GO

,

4.00

%

,

09/01/28

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

38,850

40,788,416

GO

,

5.00

%

,

09/01/28

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

20,775

22,555,983

GO

,

5.00

%

,

10/01/28

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

27,870

30,368,017

GO

,

5.00

%

,

11/01/28

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

37,845

41,563,260

Series

2017

,

GO

,

5.00

%

,

11/01/28

......

3,600

3,862,298

GO

,

5.00

%

,

03/01/29

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

1,000

1,105,225

GO

,

5.00

%

,

04/01/29

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

26,510

29,347,514

Series

2016

,

GO

,

5.00

%

,

08/01/29

......

5,015

5,227,728

Series

C

,

GO

,

5.00

%

,

08/01/29

........

26,175

27,935,164

GO

,

5.00

%

,

08/01/29

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

12,965

13,558,248

GO

,

4.00

%

,

09/01/29

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

5,225

5,577,803

GO

,

5.00

%

,

09/01/29

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

9,255

9,844,107

GO

,

5.00

%

,

10/01/29

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

50,450

54,953,780

GO

,

5.00

%

,

11/01/29

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

10,280

11,504,368

Series

2017

,

GO

,

5.00

%

,

11/01/29

......

6,270

6,723,850

Security

Par

(000)

Par

(000)

Value

California

(continued)

GO

,

5.00

%

,

03/01/30

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

USD

2,000

$

2,021,412

GO

,

5.00

%

,

04/01/30

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

25,150

28,273,321

Series

C

,

GO

,

5.00

%

,

08/01/30

........

1,035

1,100,497

GO

,

5.00

%

,

08/01/30

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

13,990

14,814,856

Series

2016

,

GO

,

5.00

%

,

08/01/30

......

4,525

4,711,183

GO

,

5.25

%

,

08/01/30

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

4,000

4,085,575

GO

,

5.00

%

,

09/01/30

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

1,000

1,042,796

GO

,

5.00

%

,

10/01/30

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

2,000

2,004,033

Series

2017

,

GO

,

5.00

%

,

11/01/30

......

8,840

9,440,773

GO

,

5.00

%

,

11/01/30

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

25,005

28,347,753

GO

,

5.00

%

,

03/01/31

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

6,195

6,924,516

GO

,

5.00

%

,

04/01/31

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

2,385

2,655,525

GO

,

4.00

%

,

08/01/31

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

5,000

5,088,645

GO

,

5.00

%

,

08/01/31

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

2,500

2,505,205

GO

,

4.00

%

,

09/01/31

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

1,010

1,028,583

GO

,

5.00

%

,

09/01/31

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

64,215

72,839,402

GO

,

5.00

%

,

10/01/31

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

2,540

2,545,121

GO

,

5.00

%

,

11/01/31

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

3,005

3,251,758

Series

2017

,

GO

,

5.00

%

,

11/01/31

......

7,000

7,444,989

GO

,

5.00

%

,

12/01/31

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

3,500

3,737,829

GO

,

5.00

%

,

03/01/32

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

2,500

2,785,474

GO

,

5.00

%

,

04/01/32

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

14,125

16,046,859

GO

,

4.00

%

,

08/01/32

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

2,000

2,032,840

GO

,

5.00

%

,

08/01/32

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

12,580

12,888,878

Series

B

,

GO

,

5.00

%

,

08/01/32

........

5,000

5,285,637

GO

,

5.25

%

,

08/01/32

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

3,525

3,595,612

GO

,

4.00

%

,

09/01/32

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

3,000

3,051,172

GO

,

5.00

%

,

09/01/32

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

25,785

27,983,185

Series

C

,

GO

,

5.00

%

,

09/01/32

........

4,225

4,307,236

GO

,

5.00

%

,

10/01/32

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

23,720

26,723,362

GO

,

5.00

%

,

11/01/32

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

18,815

21,002,300

GO

,

5.00

%

,

12/01/32

...............

2,100

2,172,240

GO

,

5.00

%

,

03/01/33

...............

5,555

5,916,461

GO

,

5.00

%

,

04/01/33

...............

12,190

13,350,972

GO

,

5.00

%

,

08/01/33

...............

7,460

7,540,398

GO

,

4.00

%

,

09/01/33

...............

4,035

4,095,840

GO

,

5.00

%

,

09/01/33

...............

18,285

21,419,071

Series

2024

,

GO

,

5.00

%

,

09/01/33

......

20,000

23,428,024

GO

,

5.00

%

,

10/01/33

...............

2,820

2,825,686

Series

2017

,

GO

,

4.00

%

,

11/01/33

......

20,630

21,109,546

GO

,

5.00

%

,

03/01/34

...............

14,240

15,777,835

GO

,

5.00

%

,

09/01/34

...............

35,685

39,205,961

GO

,

3.00

%

,

10/01/34

...............

6,805

6,519,429

GO

,

4.00

%

,

10/01/34

...............

6,255

6,562,020

GO

,

5.00

%

,

10/01/34

...............

13,000

15,076,167

Series

2017

,

GO

,

4.00

%

,

11/01/34

......

3,915

3,995,432

GO

,

5.00

%

,

11/01/34

...............

4,035

4,353,415

GO

,

5.00

%

,

12/01/34

...............

8,120

8,859,767

GO

,

5.00

%

,

03/01/35

...............

36,960

40,824,597

Series

2022

,

GO

,

5.00

%

,

04/01/35

......

2,955

3,367,850

Series

C

,

GO

,

5.00

%

,

08/01/35

........

6,415

6,742,968

GO

,

5.00

%

,

08/01/35

...............

8,050

8,247,780

GO

,

4.00

%

,

09/01/35

...............

26,730

27,030,702

Series

2024

,

GO

,

5.00

%

,

09/01/35

......

3,900

4,557,261

GO

,

5.00

%

,

09/01/35

...............

1,500

1,554,364

GO

,

3.00

%

,

10/01/35

...............

3,000

2,829,077

GO

,

5.00

%

,

10/01/35

...............

12,910

13,564,839

Series

2017

,

GO

,

4.00

%

,

11/01/35

......

7,440

7,580,252

GO

,

5.00

%

,

11/01/35

...............

8,000

8,910,215

GO

,

4.00

%

,

03/01/36

...............

12,350

12,849,139

GO

,

5.00

%

,

03/01/36

...............

4,845

5,334,506

GO

,

5.00

%

,

04/01/36

...............

2,880

3,119,609

GO

,

5.00

%

,

08/01/36

...............

6,235

6,440,588

Series

C

,

GO

,

5.00

%

,

08/01/36

........

2,215

2,323,293

GO

,

4.00

%

,

09/01/36

...............

13,560

13,668,007

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

GO

,

5.00

%

,

09/01/36

...............

USD

24,080

$

27,321,243

GO

,

3.00

%

,

10/01/36

...............

5,795

5,397,166

GO

,

4.00

%

,

10/01/36

...............

6,945

7,273,860

GO

,

5.00

%

,

10/01/36

...............

42,700

48,991,307

Series

2017

,

GO

,

4.00

%

,

11/01/36

......

8,000

8,121,067

GO

,

5.00

%

,

11/01/36

...............

13,440

14,787,678

Series

2017

,

GO

,

5.00

%

,

11/01/36

......

2,000

2,104,934

GO

,

5.00

%

,

12/01/36

...............

2,000

2,221,074

GO

,

5.00

%

,

08/01/37

...............

2,625

2,808,523

GO

,

5.00

%

,

09/01/37

...............

20,000

23,045,720

Series

2019

,

GO

,

3.00

%

,

10/01/37

......

6,385

5,905,195

GO

,

3.75

%

,

10/01/37

...............

15,830

15,830,301

GO

,

4.00

%

,

10/01/37

...............

3,300

3,441,988

GO

,

5.00

%

,

10/01/37

...............

4,000

4,249,573

GO

,

4.00

%

,

11/01/37

...............

1,530

1,588,897

GO

,

5.00

%

,

11/01/37

...............

22,500

25,297,008

GO

,

4.00

%

,

03/01/38

...............

11,960

12,347,913

GO

,

5.00

%

,

04/01/38

...............

1,000

1,080,260

GO

,

5.00

%

,

08/01/38

...............

6,500

6,704,046

GO

,

4.00

%

,

11/01/38

...............

21,060

21,757,733

GO

,

5.00

%

,

10/01/39

...............

6,730

7,211,251

GO

,

5.25

%

,

10/01/39

...............

19,795

20,392,308

GO

,

4.00

%

,

11/01/39

...............

5,000

5,148,385

GO

,

5.00

%

,

09/01/41

...............

13,095

14,679,168

GO

,

4.00

%

,

10/01/41

...............

6,705

6,858,391

GO

,

4.00

%

,

11/01/41

...............

8,750

8,604,599

Series

2022

,

GO

,

4.00

%

,

04/01/42

......

21,240

21,676,769

Series

2022

,

GO

,

5.00

%

,

04/01/42

......

6,455

6,874,221

GO

,

4.00

%

,

09/01/42

...............

7,545

7,707,675

GO

,

5.00

%

,

10/01/42

...............

5,000

5,345,969

GO

,

5.00

%

,

11/01/42

...............

10,000

11,194,915

GO

,

4.00

%

,

09/01/43

...............

4,250

4,326,848

Series

2024

,

GO

,

5.00

%

,

09/01/43

......

10,000

11,296,685

GO

,

5.00

%

,

09/01/43

...............

33,180

37,288,444

GO

,

2.25

%

,

11/01/43

...............

5,000

3,596,342

GO

,

2.38

%

,

12/01/43

...............

3,075

2,256,449

GO

,

4.00

%

,

10/01/44

...............

11,655

11,750,440

GO

,

5.00

%

,

10/01/44

...............

8,265

8,272,353

GO

,

4.00

%

,

11/01/44

...............

1,500

1,471,309

GO

,

4.00

%

,

03/01/45

...............

6,500

6,371,526

GO

,

4.00

%

,

08/01/45

...............

1,750

1,714,918

GO

,

5.00

%

,

09/01/45

...............

16,275

16,774,908

GO

,

5.00

%

,

10/01/45

...............

5,280

5,877,232

GO

,

5.25

%

,

10/01/45

...............

17,105

19,422,688

GO

,

4.00

%

,

11/01/45

...............

10,350

10,140,802

GO

,

4.00

%

,

03/01/46

...............

12,805

12,865,361

GO

,

5.00

%

,

08/01/46

...............

5,000

5,143,509

GO

,

5.00

%

,

09/01/46

...............

3,495

3,599,645

GO

,

5.25

%

,

09/01/47

...............

11,000

12,339,215

GO

,

5.00

%

,

10/01/47

...............

5,075

5,194,532

Series

2017

,

GO

,

4.00

%

,

11/01/47

......

15,750

15,628,202

Series

2017

,

GO

,

5.00

%

,

11/01/47

......

4,310

4,487,060

GO

,

5.00

%

,

09/01/48

...............

15,345

17,087,764

GO

,

4.00

%

,

04/01/49

...............

7,000

7,006,079

GO

,

5.00

%

,

08/01/49

(c)

..............

1,665

1,856,807

GO

,

3.00

%

,

10/01/49

...............

1,000

815,328

GO

,

5.00

%

,

10/01/49

...............

1,955

2,080,349

GO

,

4.00

%

,

03/01/50

...............

1,915

1,915,288

GO

,

5.25

%

,

10/01/50

...............

5,000

5,613,121

GO

,

3.00

%

,

11/01/50

...............

10,860

8,799,454

GO

,

4.00

%

,

11/01/50

...............

6,575

6,380,496

GO

,

4.25

%

,

09/01/52

...............

2,190

2,227,531

GO

,

5.00

%

,

09/01/52

...............

13,500

14,736,782

GO

,

5.25

%

,

09/01/53

...............

32,560

36,557,912

GO

,

5.25

%

,

08/01/54

(c)

..............

1,500

1,697,077

Security

Par

(000)

Par

(000)

Value

California

(continued)

GO

,

5.50

%

,

08/01/54

(c)

..............

USD

1,500

$

1,734,754

State

of

California

Department

of

Water

Resources

Series

AS

,

RB

,

5.00

%

,

12/01/24

........

10

10,052

Series

AS

,

RB

,

5.00

%

,

12/01/26

........

15,480

15,560,795

Series

AS

,

RB

,

5.00

%

,

12/01/27

........

1,060

1,065,532

Series

AX

,

RB

,

5.00

%

,

12/01/27

........

1,000

1,085,746

Series

AS

,

RB

,

5.00

%

,

12/01/28

........

1,065

1,070,559

Series

BB

,

RB

,

5.00

%

,

12/01/28

........

2,000

2,221,996

Series

AW

,

RB

,

5.00

%

,

12/01/30

.......

4,000

4,194,518

Series

BB

,

RB

,

5.00

%

,

12/01/30

........

2,000

2,301,823

Series

BD

,

RB

,

5.00

%

,

12/01/30

.......

4,075

4,689,965

Series

BD

,

RB

,

4.00

%

,

12/01/34

.......

5,000

5,387,069

Series

BB

,

RB

,

5.00

%

,

12/01/34

........

8,940

10,188,503

Series

BA

,

RB

,

5.00

%

,

12/01/34

........

6,790

7,504,792

Series

BB

,

RB

,

5.00

%

,

12/01/35

........

9,075

10,316,450

Ukiah

Unified

School

District,

Series

2006,

GO,

0.00%, 08/01/28

(NPFGC)

(a)

..........

3,750

3,365,232

University

of

California

Series

2015AO

,

RB

,

5.00

%

,

05/15/27

....

5,000

5,078,219

Series

2018AZ

,

RB

,

4.00

%

,

05/15/28

....

1,020

1,073,921

Series

2024BS

,

RB

,

5.00

%

,

05/15/30

....

5,000

5,688,789

Series

2017AY

,

RB

,

5.00

%

,

05/15/30

....

465

495,164

Series

2017AY

,

RB

,

5.00

%

,

05/15/31

....

3,000

3,185,256

Series

2017AV

,

RB

,

5.00

%

,

05/15/31

....

10,060

10,681,225

Series

2023BN

,

RB

,

5.00

%

,

05/15/32

....

5,000

5,825,510

Series

2022BK

,

RB

,

5.00

%

,

05/15/32

....

4,265

4,969,160

Series

2015AO

,

RB

,

5.00

%

,

05/15/32

....

8,615

8,730,525

Series

2015I

,

RB

,

5.00

%

,

05/15/32

......

3,070

3,110,740

Series

2017AY

,

RB

,

4.00

%

,

05/15/33

....

4,530

4,639,848

Series

2020BE

,

RB

,

5.00

%

,

05/15/33

....

1,000

1,122,696

Series

2020BE

,

RB

,

5.00

%

,

05/15/34

....

1,500

1,678,508

Series

2024BS

,

RB

,

5.00

%

,

05/15/34

....

15,000

17,883,186

Series

2017AY

,

RB

,

4.00

%

,

05/15/35

....

5,000

5,088,735

Series

2017AV

,

RB

,

5.00

%

,

05/15/35

....

2,660

2,797,751

Series

2024BW

,

RB

,

5.00

%

,

05/15/35

....

10,000

11,831,310

Series

2024BS

,

RB

,

5.00

%

,

05/15/35

....

5,000

5,915,655

Series

2015I

,

RB

,

4.00

%

,

05/15/36

......

1,000

1,001,198

Series

2021Q

,

RB

,

4.00

%

,

05/15/36

.....

1,610

1,705,881

Series

2020BE

,

RB

,

5.00

%

,

05/15/36

....

1,500

1,666,841

Series

2024BS

,

RB

,

5.00

%

,

05/15/36

....

10,000

11,791,950

Series

2017AY

,

RB

,

5.00

%

,

05/15/36

....

15,880

16,671,866

Series

2023BM

,

RB

,

5.00

%

,

05/15/36

....

7,200

8,373,041

Series

2024BV

,

RB

,

5.00

%

,

05/15/37

....

7,500

8,822,542

Series

2016AR

,

RB

,

5.00

%

,

05/15/37

....

11,340

11,701,083

Series

2023BM

,

RB

,

5.00

%

,

05/15/37

....

4,270

4,954,686

Series

2024BS

,

RB

,

5.00

%

,

05/15/37

....

10,000

11,763,390

Series

2017AY

,

RB

,

5.00

%

,

05/15/37

....

11,345

11,895,445

Series

2020BE

,

RB

,

5.00

%

,

05/15/38

....

1,000

1,107,598

Series

2024BV

,

RB

,

5.00

%

,

05/15/38

....

7,500

8,798,570

Series

2024BS

,

RB

,

5.00

%

,

05/15/38

....

6,000

7,038,856

Series

2021BH

,

RB

,

4.00

%

,

05/15/39

....

2,000

2,079,157

Series

2021Q

,

RB

,

4.00

%

,

05/15/39

.....

1,710

1,775,596

Series

2020BE

,

RB

,

5.00

%

,

05/15/39

....

5,820

6,415,391

Series

2024BS

,

RB

,

5.00

%

,

05/15/39

....

14,500

16,882,827

Series

2020BE

,

RB

,

4.00

%

,

05/15/40

....

10,070

10,341,478

Series

2024BS

,

RB

,

5.00

%

,

05/15/40

....

13,000

15,055,430

Series

2024BS

,

RB

,

5.00

%

,

05/15/41

....

7,000

8,064,233

Series

2016AR

,

RB

,

5.00

%

,

05/15/41

....

5,000

5,144,406

Series

2023BN

,

RB

,

5.00

%

,

05/15/41

....

36,840

41,939,024

Series

2020BE

,

RB

,

5.00

%

,

05/15/41

....

1,410

1,543,774

Series

2024BV

,

RB

,

5.00

%

,

05/15/42

....

3,695

4,240,027

Series

2024BS

,

RB

,

5.00

%

,

05/15/42

....

7,430

8,525,953

Series

2020BE

,

RB

,

5.00

%

,

05/15/42

....

6,000

6,552,789

Series

2023BN

,

RB

,

5.00

%

,

05/15/42

....

34,000

38,566,751

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2024BS

,

RB

,

5.00

%

,

05/15/43

....

USD

5,000

$

5,708,405

Series

2024BV

,

RB

,

5.00

%

,

05/15/43

....

2,020

2,306,196

Series

2016K

,

RB

,

4.00

%

,

05/15/46

.....

10,045

9,931,010

Series

2021BH

,

RB

,

4.00

%

,

05/15/46

....

5,500

5,559,064

Series

2016AR

,

RB

,

5.00

%

,

05/15/46

....

12,845

13,161,737

Series

2017M

,

RB

,

4.00

%

,

05/15/47

.....

4,580

4,536,353

Series

2020BE

,

RB

,

4.00

%

,

05/15/47

....

36,135

36,437,226

Series

2017M

,

RB

,

5.00

%

,

05/15/47

.....

14,075

14,546,742

Series

2017AV

,

RB

,

5.00

%

,

05/15/47

....

13,200

13,649,286

Series

2017AV

,

RB

,

5.25

%

,

05/15/47

....

1,170

1,218,804

Series

2013AL-1

,

RB

,

VRDN

3.45

%

,

09/03/24

(b)

...............

8,000

8,000,000

Series

2013AL-3

,

RB

,

VRDN

3.65

%

,

09/03/24

(b)

...............

8,000

8,000,000

Series

2013AL-2

,

RB

,

VRDN

3.85

%

,

09/03/24

(b)

...............

13,280

13,280,000

Series

2018AZ

,

RB

,

4.00

%

,

05/15/48

....

2,000

2,003,012

Series

2018AZ

,

RB

,

5.00

%

,

05/15/48

....

22,770

23,888,531

Series

2019BB

,

RB

,

5.00

%

,

05/15/49

....

5,000

5,321,744

Series

2017AV

,

RB

,

5.00

%

,

05/15/49

....

18,500

19,112,970

Series

2020BE

,

RB

,

4.00

%

,

05/15/50

....

11,000

11,047,022

Series

2021Q

,

RB

,

3.00

%

,

05/15/51

.....

5,000

4,076,522

Series

2021BH

,

RB

,

4.00

%

,

05/15/51

....

3,250

3,256,532

Series

2017M

,

RB

,

5.00

%

,

05/15/52

.....

9,250

9,541,779

Series

2022BK

,

RB

,

5.00

%

,

05/15/52

....

17,335

18,870,448

Series

2024BW

,

RB

,

5.00

%

,

05/15/54

....

4,000

4,410,946

Series

2018O

,

RB

,

5.00

%

,

05/15/58

.....

3,000

3,132,756

Series

2018AZ

,

RB

,

5.25

%

,

05/15/58

....

2,000

2,107,053

Series

2018O

,

RB

,

5.50

%

,

05/15/58

.....

2,000

2,122,771

Upper

Santa

Clara

Valley

Joint

Powers

Authority

Series

2020A

,

RB

,

4.00

%

,

08/01/45

.....

3,450

3,429,099

Series

2020A

,

RB

,

4.00

%

,

08/01/50

.....

8,435

8,359,292

Ventura

County

Community

College

District,

Series

2008C,

GO,

0.00%, 08/01/28

(a)

....

15,000

13,512,963

Walnut

Valley

Unified

School

District,

Series

C,

GO,

4.00%, 08/01/51

..............

3,000

2,967,312

West

Valley-Mission

Community

College

District,

Series

2015B,

GO,

4.00%, 08/01/40

.....

1,750

1,750,885

Westminster

School

District

(a)

Series

2013A

,

GO

,

0.00

%

,

08/01/48

(

BAM

)

8,345

5,977,856

Series

2013A

,

GO

,

0.00

%

,

08/01/52

(

BAM

)

15,000

10,708,556

William

S

Hart

Union

High

School

District,

Series

B,

GO,

0.00%, 08/01/34

(AGM)

(a)

.......

4,825

3,531,765

7,463,622,515

Colorado

—

1.5%

Board

of

Governors

of

Colorado

State

University

System

Series

2017C

,

RB

,

4.00

%

,

03/01/47

(

HERBIP

)

.....................

18,625

18,181,097

Series

E-1

,

RB

,

5.00

%

,

03/01/47

(

HERBIP

)

1,000

1,010,355

Series

2015A

,

RB

,

4.00

%

,

03/01/49

.....

4,000

3,864,118

Series

2015A

,

RB

,

4.13

%

,

03/01/55

.....

30,000

29,447,619

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

Series

2020B

,

RB

,

5.00

%

,

09/15/30

.....

1,920

2,184,065

Series

A

,

RB

,

4.00

%

,

09/15/42

.........

2,500

2,505,739

Series

2022A

,

RB

,

5.00

%

,

12/15/45

.....

5,770

6,354,395

Series

A

,

RB

,

5.00

%

,

09/15/47

.........

5,575

5,818,602

Series

2022A

,

RB

,

5.00

%

,

12/15/52

.....

25,285

27,510,242

Boulder

Valley

School

District

No.

Re-2

Boulder,

Series

2015,

GO,

5.00%, 12/01/39

(SAW)

.

22,710

23,017,169

City

&

County

of

Denver

Series

2020B

,

GO

,

5.00

%

,

08/01/26

.....

16,500

17,284,979

Series

2020B

,

GO

,

5.00

%

,

08/01/29

.....

11,010

12,289,517

Security

Par

(000)

Par

(000)

Value

Colorado

(continued)

Series

2020B

,

GO

,

5.00

%

,

08/01/30

.....

USD

19,375

$

21,976,458

Series

2023

,

COP

,

5.00

%

,

12/01/32

.....

2,320

2,686,823

Series

2022A

,

GO

,

5.00

%

,

08/01/38

.....

16,200

18,465,115

Series

2018A-1

,

RB

,

5.00

%

,

08/01/41

....

1,000

1,036,095

Series

2016A

,

RB

,

5.00

%

,

08/01/44

.....

9,500

9,737,890

Series

2016A

,

RB

,

4.00

%

,

08/01/46

.....

10,000

9,684,088

City

&

County

of

Denver

Airport

System

Series

2016A

,

RB

,

5.00

%

,

11/15/24

.....

1,135

1,139,361

Series

2022C

,

RB

,

5.00

%

,

11/15/25

.....

1,055

1,084,650

Series

2022C

,

RB

,

5.00

%

,

11/15/28

.....

525

576,085

Series

2023A

,

RB

,

5.00

%

,

11/15/29

.....

2,850

3,168,880

Series

B

,

RB

,

4.00

%

,

11/15/31

.........

2,310

2,310,427

Series

2023A

,

RB

,

5.00

%

,

11/15/33

.....

1,000

1,166,792

Series

2023A

,

RB

,

5.00

%

,

11/15/38

.....

750

854,902

Series

2023A

,

RB

,

5.00

%

,

11/15/39

.....

1,000

1,134,888

Series

2023A

,

RB

,

5.00

%

,

11/15/42

.....

2,000

2,230,100

Series

B

,

RB

,

5.00

%

,

11/15/43

.........

140

140,061

Series

2018B

,

RB

,

4.00

%

,

12/01/43

.....

5,000

4,882,034

Series

2022B

,

RB

,

5.00

%

,

11/15/47

.....

10,780

11,731,267

Series

2018B

,

RB

,

5.00

%

,

12/01/48

.....

7,515

7,812,169

Series

2022B

,

RB

,

5.25

%

,

11/15/53

.....

3,000

3,302,662

City

of

Aurora,

Series

2016,

RB,

5.00%, 08/01/46

.................

24,380

25,540,471

City

of

Colorado

Springs

Utilities

System

Series

2018A-1

,

RB

,

5.00

%

,

11/15/24

....

3,000

3,012,039

Series

2007A

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

2.93

%

,

09/05/24

(b)

..........

12,475

12,475,000

County

of

Adams,

Series

2015,

COP,

4.00%, 12/01/45

.................

700

682,430

Denver

City

&

County

School

District

No.

1

Series

2021B

,

GO

,

4.00

%

,

12/01/27

(

SAW

)

5,840

6,107,366

Series

2021B

,

GO

,

4.00

%

,

12/01/28

(

SAW

)

5,000

5,281,538

Series

2012B

,

GO

,

3.00

%

,

12/01/29

(

SAW

)

1,000

999,998

Series

2017

,

GO

,

5.00

%

,

12/01/37

(

SAW

)

.

2,035

2,120,455

Series

2017

,

GO

,

5.00

%

,

12/01/38

(

SAW

)

.

1,830

1,903,613

Series

2021

,

GO

,

5.00

%

,

12/01/39

(

SAW

)

.

4,520

4,952,778

Series

2022A

,

GO

,

5.00

%

,

12/01/42

(

SAW

)

3,205

3,527,903

Series

2022A

,

GO

,

5.00

%

,

12/01/45

(

SAW

)

2,565

2,795,892

E-470

Public

Highway

Authority

Series

B

,

RB

,

0.00

%

,

09/01/24

(

NPFGC

)

(a)

.

1,165

1,165,000

Series

2004A

,

RB

,

0.00

%

,

09/01/28

(

NPFGC

)

(a)

....................

12,900

11,369,267

Series

2000B

,

RB

,

0.00

%

,

09/01/29

(

NPFGC

)

(a)

....................

2,500

2,129,144

Series

2004A

,

RB

,

0.00

%

,

09/01/34

(

NPFGC

)

(a)

....................

22,000

15,212,971

Series

2010A

,

RB

,

0.00

%

,

09/01/35

(a)

....

1,000

667,791

Series

2010A

,

RB

,

0.00

%

,

09/01/40

(a)

....

2,745

1,417,614

Series

2020A

,

RB

,

5.00

%

,

09/01/40

.....

1,600

1,600,000

Series

2010A

,

RB

,

0.00

%

,

09/01/41

(a)

....

3,495

1,704,118

Regional

Transportation

District

Sales

Tax

Series

2013A

,

RB

,

5.00

%

,

11/01/27

.....

1,500

1,613,690

Series

2013A

,

RB

,

5.00

%

,

11/01/28

.....

1,670

1,831,925

Series

2021B

,

RB

,

5.00

%

,

11/01/28

.....

8,535

9,362,563

Series

2021B

,

RB

,

5.00

%

,

11/01/29

.....

5,000

5,587,539

Series

2023A

,

RB

,

5.00

%

,

11/01/31

.....

5,000

5,748,951

Series

2017B

,

RB

,

5.00

%

,

11/01/33

.....

1,655

1,762,198

Series

2023A

,

RB

,

5.00

%

,

11/01/37

.....

5,000

5,737,926

Series

2023A

,

RB

,

5.00

%

,

11/01/38

.....

2,000

2,282,320

Series

2021B

,

RB

,

4.00

%

,

11/01/39

.....

15,500

15,993,103

Series

2016A

,

RB

,

5.00

%

,

11/01/41

.....

2,765

2,852,579

Series

2016A

,

RB

,

5.00

%

,

11/01/46

.....

11,875

12,208,678

State

of

Colorado

Series

2022

,

COP

,

6.00

%

,

12/15/41

.....

10,000

11,889,845

Series

2018N

,

COP

,

4.00

%

,

03/15/43

....

3,500

3,481,553

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Colorado

(continued)

Series

2019O

,

COP

,

4.00

%

,

03/15/44

....

USD

1,985

$

1,968,350

University

of

Colorado

Series

2017A-2

,

RB

,

4.00

%

,

06/01/35

....

3,000

3,160,297

Series

2017A-2

,

RB

,

4.00

%

,

06/01/43

....

2,000

1,969,855

446,705,404

Connecticut

—

1.6%

Connecticut

State

Health

&

Educational

Facilities

Authority

Series

2017B-1

,

RB

,

5.00

%

,

07/01/29

....

5,000

5,591,471

Series

2015A

,

RB

,

5.00

%

,

07/01/35

.....

3,500

4,255,738

Series

2001V-1

,

RB

,

VRDN

3.50

%

,

09/03/24

(b)

...............

14,355

14,355,000

Series

2017C-1

,

RB

,

VRDN

5.00

%

,

02/01/28

(b)

...............

25,600

27,702,328

Series

2016A1

,

RB

,

VRDN

3.50

%

,

09/03/24

(b)

40,000

40,000,000

Series

2013A

,

RB

,

VRDN

3.75

%

,

09/03/24

(b)

54,700

54,700,000

Series

2017C-2

,

RB

,

VRDN

2.80

%

,

02/03/26

(b)

...............

7,600

7,594,091

Series

2024C-1

,

RB

,

VRDN

2.90

%

,

09/04/24

(b)

...............

30,000

30,000,000

State

of

Connecticut

Series

2022D

,

GO

,

5.00

%

,

09/15/24

.....

1,000

1,000,639

Series

2021A

,

GO

,

4.00

%

,

01/15/25

.....

3,500

3,514,519

Series

2018B

,

GO

,

5.00

%

,

04/15/25

.....

2,500

2,534,575

Series

2016B

,

GO

,

5.00

%

,

05/15/25

.....

1,935

1,965,781

Series

2023B

,

GO

,

5.00

%

,

08/01/25

.....

1,000

1,021,657

Series

2022D

,

GO

,

5.00

%

,

09/15/25

.....

1,000

1,024,907

Series

E

,

GO

,

5.00

%

,

10/15/25

........

3,140

3,224,893

Series

2022G

,

GO

,

5.00

%

,

11/15/25

.....

7,820

8,047,382

Series

2022A

,

GO

,

4.00

%

,

01/15/26

.....

1,500

1,529,772

Series

2016B

,

GO

,

5.00

%

,

05/15/26

.....

3,580

3,728,430

Series

2022D

,

GO

,

5.00

%

,

09/15/26

.....

7,535

7,902,628

Series

2018F

,

GO

,

5.00

%

,

09/15/26

.....

1,110

1,164,156

Series

2021A

,

GO

,

4.00

%

,

01/15/27

.....

3,000

3,098,292

Series

2022A

,

GO

,

4.00

%

,

01/15/27

.....

3,790

3,914,176

Series

2015B

,

GO

,

5.00

%

,

06/15/27

.....

2,300

2,338,884

Series

2021D

,

GO

,

5.00

%

,

07/15/27

.....

1,700

1,815,982

Series

2022D

,

GO

,

5.00

%

,

09/15/27

.....

660

707,644

Series

F

,

GO

,

5.00

%

,

11/15/27

.........

2,080

2,134,011

Series

2022A

,

GO

,

4.00

%

,

01/15/28

.....

1,250

1,306,776

Series

2020A

,

GO

,

5.00

%

,

01/15/28

.....

2,000

2,159,623

Series

2018C

,

GO

,

5.00

%

,

06/15/28

.....

1,010

1,100,142

Series

2015B

,

GO

,

5.00

%

,

06/15/28

.....

10,000

10,167,057

Series

2021D

,

GO

,

5.00

%

,

07/15/28

.....

2,735

2,984,255

Series

E

,

GO

,

5.00

%

,

10/15/28

........

5,000

5,230,544

Series

F

,

GO

,

5.00

%

,

11/15/28

.........

5,000

5,127,382

Series

2021A

,

GO

,

4.00

%

,

01/15/29

.....

5,000

5,278,114

Series

2020A

,

GO

,

5.00

%

,

01/15/29

.....

4,615

5,086,869

Series

2015B

,

GO

,

5.00

%

,

06/15/29

.....

10,000

10,160,001

Series

2018C

,

GO

,

5.00

%

,

06/15/29

.....

14,690

15,909,191

Series

2024A

,

GO

,

5.00

%

,

01/15/30

.....

5,000

5,612,842

Series

2024C

,

GO

,

5.00

%

,

03/01/30

.....

6,965

7,834,359

Series

2019A

,

GO

,

5.00

%

,

04/15/30

.....

1,365

1,507,474

Series

2022A

,

GO

,

4.00

%

,

01/15/31

.....

4,310

4,604,212

Series

2021A

,

GO

,

4.00

%

,

01/15/31

.....

1,565

1,671,831

Series

2020A

,

GO

,

5.00

%

,

01/15/31

.....

2,145

2,396,616

Series

2024A

,

GO

,

5.00

%

,

01/15/31

.....

5,000

5,690,139

Series

2023B

,

GO

,

5.00

%

,

08/01/31

.....

1,000

1,146,486

Series

2022D

,

GO

,

5.00

%

,

09/15/31

.....

635

729,206

Series

2022E

,

GO

,

5.00

%

,

11/15/31

.....

2,750

3,165,080

Series

F

,

GO

,

5.00

%

,

11/15/31

.........

4,945

5,049,061

Series

2021A

,

GO

,

3.00

%

,

01/15/32

.....

3,970

3,900,946

Series

2024A

,

GO

,

5.00

%

,

01/15/32

.....

5,000

5,760,394

Series

2015B

,

GO

,

5.00

%

,

06/15/32

.....

2,265

2,295,041

Security

Par

(000)

Par

(000)

Value

Connecticut

(continued)

Series

2023B

,

GO

,

5.00

%

,

08/01/32

.....

USD

1,000

$

1,160,117

Series

2024E

,

GO

,

5.00

%

,

09/01/32

.....

32,735

38,016,301

Series

F

,

GO

,

5.00

%

,

11/15/32

.........

2,000

2,039,767

Series

2021A

,

GO

,

3.00

%

,

01/15/33

.....

6,970

6,841,361

Series

2020A

,

GO

,

4.00

%

,

01/15/33

.....

3,000

3,141,406

Series

2022A

,

GO

,

4.00

%

,

01/15/33

.....

16,155

17,208,705

Series

A

,

GO

,

5.00

%

,

04/15/33

........

1,660

1,735,689

Series

2015B

,

GO

,

4.00

%

,

06/15/33

.....

27,000

27,115,090

Series

2023B

,

GO

,

5.00

%

,

08/01/33

.....

1,000

1,171,674

Series

2024E

,

GO

,

5.00

%

,

09/01/33

.....

15,745

18,466,878

Series

E

,

GO

,

5.00

%

,

10/15/33

........

4,170

4,308,803

Series

2021A

,

GO

,

3.00

%

,

01/15/34

.....

4,000

3,857,721

Series

2022A

,

GO

,

4.00

%

,

01/15/34

.....

1,500

1,587,603

Series

2019A

,

GO

,

5.00

%

,

04/15/34

.....

3,675

4,005,988

Series

A

,

GO

,

5.00

%

,

04/15/34

........

7,000

7,312,822

Series

F

,

GO

,

5.00

%

,

11/15/34

.........

2,000

2,036,529

Series

2022A

,

GO

,

4.00

%

,

01/15/35

.....

5,205

5,484,922

Series

2020A

,

GO

,

4.00

%

,

01/15/35

.....

5,500

5,710,406

Series

2019A

,

GO

,

5.00

%

,

04/15/35

.....

3,000

3,266,185

Series

A

,

GO

,

5.00

%

,

04/15/35

........

6,000

6,256,491

Series

2022F

,

GO

,

5.00

%

,

11/15/35

.....

1,640

1,887,537

Series

2021A

,

GO

,

3.00

%

,

01/15/36

.....

3,000

2,824,781

Series

2020A

,

GO

,

4.00

%

,

01/15/36

.....

4,000

4,130,608

Series

2022B

,

GO

,

4.00

%

,

01/15/36

.....

3,000

3,146,018

Series

2024A

,

GO

,

5.00

%

,

01/15/36

.....

3,150

3,672,237

Series

2019A

,

GO

,

5.00

%

,

04/15/36

.....

2,300

2,496,191

Series

2020A

,

GO

,

4.00

%

,

01/15/37

.....

2,000

2,053,909

Series

2022F

,

GO

,

5.00

%

,

11/15/37

.....

1,000

1,137,004

Series

2021A

,

GO

,

3.00

%

,

01/15/38

.....

5,000

4,579,839

Series

2022B

,

GO

,

4.00

%

,

01/15/38

.....

12,235

12,731,877

Series

2021A

,

GO

,

3.00

%

,

01/15/39

.....

1,000

895,326

Series

2020A

,

GO

,

3.00

%

,

01/15/39

.....

2,000

1,787,773

Series

2024B

,

GO

,

5.00

%

,

01/15/39

.....

3,000

3,429,165

Series

2022B

,

GO

,

3.00

%

,

01/15/40

.....

14,250

12,530,692

Series

2021A

,

GO

,

3.00

%

,

01/15/40

.....

5,000

4,396,734

Series

2021B

,

GO

,

3.00

%

,

06/01/40

.....

5,425

4,755,696

Series

2022F

,

GO

,

5.00

%

,

11/15/40

.....

1,950

2,179,416

Series

2024B

,

GO

,

4.00

%

,

01/15/41

.....

7,750

7,936,463

Series

2024B

,

GO

,

4.00

%

,

01/15/42

.....

8,110

8,265,941

Series

2024B

,

GO

,

4.00

%

,

01/15/43

.....

5,000

5,072,118

State

of

Connecticut

Clean

Water

Fund

-

State

Revolving

Fund

Series

A

,

RB

,

5.00

%

,

05/01/30

.........

1,590

1,685,637

Series

2019A

,

RB

,

5.00

%

,

02/01/36

.....

14,215

15,468,412

State

of

Connecticut

Special

Tax

Series

B

,

RB

,

5.00

%

,

09/01/24

.........

2,345

2,345,000

Series

2021A

,

RB

,

5.00

%

,

05/01/25

.....

880

893,081

Series

B

,

RB

,

5.00

%

,

09/01/25

.........

5,090

5,098,411

Series

A

,

RB

,

5.00

%

,

09/01/25

.........

5,000

5,008,262

Series

2018B

,

RB

,

5.00

%

,

10/01/25

.....

1,500

1,538,970

Series

2020A

,

RB

,

5.00

%

,

05/01/26

.....

3,000

3,120,983

Series

2023B

,

RB

,

5.00

%

,

07/01/26

.....

19,720

20,593,302

Series

A

,

RB

,

5.00

%

,

08/01/26

.........

1,000

1,020,910

Series

2018A

,

RB

,

5.00

%

,

01/01/27

.....

8,000

8,442,837

Series

A

,

RB

,

5.00

%

,

08/01/27

.........

5,050

5,149,550

Series

A

,

RB

,

5.00

%

,

09/01/27

.........

1,575

1,577,230

Series

2021D

,

RB

,

5.00

%

,

11/01/27

.....

4,520

4,859,419

Series

A

,

RB

,

5.00

%

,

08/01/28

.........

1,000

1,019,467

Series

A

,

RB

,

5.00

%

,

09/01/28

.........

1,000

1,001,341

Series

2021D

,

RB

,

5.00

%

,

11/01/28

.....

3,550

3,896,848

Series

A

,

RB

,

5.00

%

,

09/01/29

.........

4,000

4,166,013

Series

2020A

,

RB

,

5.00

%

,

05/01/30

.....

5,000

5,638,134

Series

2018B

,

RB

,

5.00

%

,

10/01/30

.....

1,000

1,082,030

Series

A

,

RB

,

5.00

%

,

09/01/31

.........

1,000

1,001,005

Series

2018B

,

RB

,

5.00

%

,

10/01/31

.....

14,605

15,762,144

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Connecticut

(continued)

Series

2021A

,

RB

,

5.00

%

,

05/01/32

.....

USD

5,775

$

6,564,709

Series

A

,

RB

,

5.00

%

,

08/01/32

.........

1,200

1,218,414

Series

A

,

RB

,

5.00

%

,

09/01/32

.........

7,640

7,646,809

Series

2020A

,

RB

,

5.00

%

,

05/01/33

.....

4,000

4,455,287

Series

A

,

RB

,

5.00

%

,

08/01/33

.........

1,000

1,014,870

Series

A

,

RB

,

5.00

%

,

09/01/33

.........

1,000

1,031,549

Series

2018B

,

RB

,

5.00

%

,

10/01/33

.....

5,020

5,401,486

Series

2018A

,

RB

,

5.00

%

,

01/01/34

.....

18,000

19,121,324

Series

2020A

,

RB

,

5.00

%

,

05/01/34

.....

5,000

5,548,221

Series

2021A

,

RB

,

5.00

%

,

05/01/34

.....

4,000

4,512,386

Series

A

,

RB

,

5.00

%

,

09/01/34

.........

9,500

9,789,148

Series

2020A

,

RB

,

5.00

%

,

05/01/35

.....

5,565

6,145,644

Series

2021A

,

RB

,

5.00

%

,

05/01/35

.....

3,250

3,655,872

Series

2018B

,

RB

,

5.00

%

,

10/01/35

.....

1,500

1,607,917

Series

2021A

,

RB

,

4.00

%

,

05/01/36

.....

1,245

1,292,631

Series

2020A

,

RB

,

4.00

%

,

05/01/36

.....

1,950

2,014,429

Series

2022A

,

RB

,

5.00

%

,

07/01/36

.....

3,950

4,529,074

Series

A

,

RB

,

4.00

%

,

09/01/36

.........

10,000

10,015,086

Series

2018A

,

RB

,

5.00

%

,

01/01/37

.....

2,000

2,112,047

Series

2021A

,

RB

,

4.00

%

,

05/01/37

.....

2,350

2,426,297

Series

2020A

,

RB

,

5.00

%

,

05/01/37

.....

3,485

3,825,069

Series

2020A

,

RB

,

5.00

%

,

05/01/38

.....

4,960

5,426,985

Series

2018B

,

RB

,

5.00

%

,

10/01/38

.....

1,500

1,592,254

Series

2020A

,

RB

,

4.00

%

,

05/01/39

(

BAM-

TCRS

)

.......................

7,750

7,959,856

Series

2020A

,

RB

,

4.00

%

,

05/01/39

.....

11,575

11,792,928

Series

2021A

,

RB

,

4.00

%

,

05/01/39

.....

3,500

3,570,215

Series

2021D

,

RB

,

4.00

%

,

11/01/39

.....

4,545

4,642,312

Series

2021A

,

RB

,

4.00

%

,

05/01/40

.....

5,000

5,057,946

Series

2021A

,

RB

,

5.00

%

,

05/01/41

.....

3,655

3,989,775

Series

2022A

,

RB

,

5.25

%

,

07/01/43

.....

2,500

2,817,553

862,521,459

Delaware

—

0.5%

Delaware

Transportation

Authority

Series

2020

,

RB

,

5.00

%

,

07/01/30

......

5,000

5,648,873

Series

2020

,

RB

,

5.00

%

,

09/01/33

......

1,250

1,396,955

Series

2022

,

RB

,

5.00

%

,

07/01/34

......

8,560

9,887,212

Series

2022

,

RB

,

5.00

%

,

07/01/36

......

2,250

2,578,992

Series

2015

,

RB

,

5.00

%

,

06/01/55

......

14,435

14,563,438

State

of

Delaware

Series

2017A

,

GO

,

5.00

%

,

01/01/26

.....

3,090

3,189,994

Series

2022

,

GO

,

5.00

%

,

03/01/26

......

3,855

3,995,841

Series

2017A

,

GO

,

5.00

%

,

01/01/27

.....

1,270

1,343,520

Series

2021

,

GO

,

5.00

%

,

02/01/27

......

2,470

2,618,153

Series

2020A

,

GO

,

5.00

%

,

01/01/28

.....

2,150

2,327,476

Series

2017A

,

GO

,

5.00

%

,

01/01/28

.....

2,025

2,192,158

Series

2019

,

GO

,

5.00

%

,

02/01/28

......

4,495

4,875,043

Series

2018A

,

GO

,

5.00

%

,

02/01/28

.....

2,215

2,402,274

Series

2022

,

GO

,

5.00

%

,

03/01/28

......

5,465

5,938,015

Series

2021

,

GO

,

5.00

%

,

02/01/29

......

2,000

2,214,306

Series

2022

,

GO

,

5.00

%

,

03/01/29

......

3,005

3,332,778

Series

2020A

,

GO

,

5.00

%

,

01/01/30

.....

2,240

2,522,423

Series

2023A

,

GO

,

5.00

%

,

05/01/30

.....

8,955

10,137,720

Series

2021

,

GO

,

5.00

%

,

02/01/31

......

2,630

3,011,428

Series

2022

,

GO

,

5.00

%

,

03/01/31

......

6,590

7,555,094

Series

2023A

,

GO

,

5.00

%

,

05/01/31

.....

17,035

19,576,182

Series

2021

,

GO

,

4.00

%

,

02/01/32

......

9,365

10,057,627

Series

2018A

,

GO

,

5.00

%

,

02/01/34

.....

5,000

5,323,157

Series

2018A

,

GO

,

5.00

%

,

02/01/35

.....

9,210

9,779,753

Series

2018A

,

GO

,

5.00

%

,

02/01/36

.....

6,745

7,150,207

Series

2018A

,

GO

,

5.00

%

,

02/01/37

.....

6,245

6,596,709

Series

2023A

,

GO

,

5.00

%

,

05/01/37

.....

2,690

3,129,400

Series

2018A

,

GO

,

5.00

%

,

02/01/38

.....

4,000

4,214,172

Series

2023A

,

GO

,

5.00

%

,

05/01/39

.....

8,000

9,199,381

Security

Par

(000)

Par

(000)

Value

Delaware

(continued)

Series

2023A

,

GO

,

4.00

%

,

05/01/40

.....

USD

13,420

$

14,031,159

Series

2023A

,

GO

,

4.00

%

,

05/01/42

.....

15,000

15,523,048

Series

2023A

,

GO

,

4.00

%

,

05/01/43

.....

4,655

4,803,244

University

of

Delaware

Series

2013C

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

3.80

%

,

09/03/24

(b)

..........

15,000

15,000,000

Series

2015

,

RB

,

5.00

%

,

11/01/45

......

12,625

12,800,548

228,916,280

District

of

Columbia

—

2.0%

District

of

Columbia

Series

2021E

,

GO

,

5.00

%

,

02/01/26

.....

15,580

16,113,913

Series

2015A

,

GO

,

5.00

%

,

06/01/26

.....

1,250

1,272,939

Series

2015B

,

GO

,

5.00

%

,

06/01/26

.....

2,000

2,036,703

Series

D

,

GO

,

5.00

%

,

06/01/26

........

4,000

4,170,110

Series

2017D

,

GO

,

5.00

%

,

06/01/27

.....

4,060

4,327,205

Series

2023B

,

GO

,

5.00

%

,

06/01/27

.....

2,500

2,664,535

Series

2019A

,

GO

,

5.00

%

,

10/15/27

.....

2,000

2,149,339

Series

2021E

,

GO

,

5.00

%

,

02/01/28

.....

1,495

1,616,298

Series

2019A

,

GO

,

5.00

%

,

10/15/28

.....

2,045

2,243,554

Series

2023B

,

GO

,

5.00

%

,

06/01/29

.....

5,010

5,561,053

Series

2019A

,

GO

,

5.00

%

,

10/15/29

.....

3,575

3,946,356

Series

2021D

,

GO

,

5.00

%

,

02/01/30

.....

2,200

2,467,712

Series

2023B

,

GO

,

5.00

%

,

06/01/30

.....

4,000

4,509,016

Series

2016A

,

GO

,

5.00

%

,

06/01/31

.....

9,250

9,561,120

Series

2017A

,

GO

,

5.00

%

,

06/01/32

.....

2,000

2,102,488

Series

2019A

,

GO

,

5.00

%

,

10/15/32

.....

13,490

14,763,911

Series

2021D

,

GO

,

5.00

%

,

02/01/33

.....

2,300

2,597,051

Series

2017A

,

GO

,

5.00

%

,

06/01/33

.....

1,900

1,994,486

Series

2019A

,

GO

,

5.00

%

,

10/15/33

.....

5,000

5,457,680

Series

2020

,

RB

,

5.00

%

,

12/01/33

......

6,000

6,525,148

Series

2023A

,

GO

,

5.00

%

,

01/01/34

.....

1,040

1,210,710

Series

2017A

,

GO

,

5.00

%

,

06/01/34

.....

2,500

2,622,744

Series

2020

,

RB

,

5.00

%

,

12/01/34

......

2,450

2,658,510

Series

2023A

,

GO

,

5.00

%

,

01/01/35

.....

500

580,388

Series

D

,

GO

,

5.00

%

,

06/01/35

........

2,150

2,239,558

Series

2023A

,

GO

,

5.00

%

,

01/01/36

.....

3,350

3,873,036

Series

2017D

,

GO

,

5.00

%

,

06/01/36

.....

2,650

2,769,350

Series

2023A

,

GO

,

5.00

%

,

01/01/37

.....

1,000

1,149,206

Series

2021E

,

GO

,

4.00

%

,

02/01/37

.....

1,835

1,919,878

Series

2017A

,

GO

,

4.00

%

,

06/01/37

.....

3,060

3,111,374

Series

2017A

,

GO

,

5.00

%

,

06/01/37

.....

3,720

3,879,683

Series

2019A

,

GO

,

5.00

%

,

10/15/37

.....

5,000

5,376,425

Series

2023A

,

GO

,

5.00

%

,

01/01/38

.....

1,000

1,143,850

Series

2019A

,

GO

,

5.00

%

,

10/15/40

.....

4,665

4,965,350

Series

2023A

,

GO

,

5.00

%

,

01/01/41

.....

1,000

1,118,462

Series

2021D

,

GO

,

5.00

%

,

02/01/41

.....

1,725

1,884,640

Series

2016A

,

GO

,

5.00

%

,

06/01/41

.....

15,570

15,968,047

Series

D

,

GO

,

5.00

%

,

06/01/41

........

7,805

8,056,352

Series

2023A

,

GO

,

5.00

%

,

01/01/42

.....

2,000

2,223,380

Series

2023A

,

GO

,

5.00

%

,

01/01/43

.....

13,000

14,403,788

Series

2018A

,

GO

,

5.00

%

,

06/01/43

.....

3,950

4,126,867

Series

2019A

,

GO

,

5.00

%

,

10/15/44

.....

29,090

30,749,643

Series

2021D

,

GO

,

4.00

%

,

02/01/46

.....

1,500

1,473,670

Series

2023A

,

GO

,

5.25

%

,

01/01/48

.....

17,790

19,826,724

District

of

Columbia

Income

Tax

Series

2020B

,

RB

,

5.00

%

,

10/01/25

.....

33,905

34,788,697

Series

2019C

,

RB

,

5.00

%

,

10/01/25

.....

1,210

1,241,537

Series

2019C

,

RB

,

5.00

%

,

10/01/26

.....

2,270

2,384,931

Series

2022C

,

RB

,

5.00

%

,

12/01/26

.....

3,585

3,781,044

Series

2019C

,

RB

,

5.00

%

,

10/01/27

.....

2,190

2,351,574

Series

2020B

,

RB

,

5.00

%

,

10/01/27

.....

11,885

12,761,853

Series

2022C

,

RB

,

5.00

%

,

12/01/27

.....

2,015

2,171,375

Series

2022C

,

RB

,

5.00

%

,

12/01/28

.....

2,750

3,024,784

Series

2019A

,

RB

,

5.00

%

,

03/01/29

.....

2,000

2,209,179

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

District

of

Columbia

(continued)

Series

2019C

,

RB

,

5.00

%

,

10/01/29

.....

USD

5,160

$

5,763,203

Series

2022C

,

RB

,

5.00

%

,

12/01/29

.....

7,000

7,838,883

Series

2022C

,

RB

,

5.00

%

,

12/01/30

.....

8,500

9,650,709

Series

2019A

,

RB

,

5.00

%

,

03/01/31

.....

2,500

2,763,317

Series

2020B

,

RB

,

5.00

%

,

10/01/31

.....

8,000

9,180,736

Series

2022C

,

RB

,

5.00

%

,

12/01/31

.....

15,590

17,930,694

Series

2019A

,

RB

,

5.00

%

,

03/01/32

.....

1,500

1,653,869

Series

2022C

,

RB

,

5.00

%

,

12/01/32

.....

5,125

5,970,906

Series

2019A

,

RB

,

5.00

%

,

03/01/33

.....

4,010

4,409,496

Series

2022A

,

RB

,

5.00

%

,

07/01/33

.....

2,075

2,401,400

Series

2023C

,

RB

,

5.00

%

,

10/01/33

.....

1,000

1,176,529

Series

2019A

,

RB

,

5.00

%

,

03/01/34

.....

7,040

7,713,914

Series

2019A

,

RB

,

5.00

%

,

03/01/35

.....

6,355

6,934,289

Series

2020A

,

RB

,

5.00

%

,

03/01/35

.....

1,065

1,177,268

Series

2022A

,

RB

,

5.00

%

,

07/01/35

.....

2,125

2,444,987

Series

2019A

,

RB

,

5.00

%

,

03/01/36

.....

2,000

2,174,944

Series

2024A

,

RB

,

5.00

%

,

10/01/36

.....

4,000

4,708,468

Series

2019A

,

RB

,

4.00

%

,

03/01/37

.....

2,000

2,056,002

Series

2024A

,

RB

,

5.00

%

,

10/01/37

.....

3,530

4,134,517

Series

2022C

,

RB

,

5.00

%

,

12/01/37

.....

5,000

5,711,095

Series

2020C

,

RB

,

4.00

%

,

05/01/38

.....

2,605

2,683,819

Series

2023A

,

RB

,

5.00

%

,

05/01/38

.....

3,000

3,439,678

Series

2023A

,

RB

,

5.00

%

,

05/01/39

.....

1,000

1,138,480

Series

2022A

,

RB

,

5.00

%

,

07/01/39

.....

3,420

3,846,376

Series

2019A

,

RB

,

4.00

%

,

03/01/40

.....

4,370

4,397,846

Series

2023A

,

RB

,

5.00

%

,

05/01/41

.....

11,865

13,292,695

Series

2023A

,

RB

,

5.00

%

,

05/01/42

.....

4,520

5,042,207

Series

2023A

,

RB

,

5.00

%

,

05/01/43

.....

13,750

15,289,564

Series

2019A

,

RB

,

4.00

%

,

03/01/44

.....

2,000

1,990,605

Series

2020C

,

RB

,

4.00

%

,

05/01/45

.....

2,210

2,197,042

Series

2022A

,

RB

,

5.50

%

,

07/01/47

.....

30,000

33,847,017

Series

2023A

,

RB

,

5.25

%

,

05/01/48

.....

4,870

5,437,163

District

of

Columbia

Water

&

Sewer

Authority

Series

A

,

RB

,

5.00

%

,

10/01/25

.........

2,120

2,175,255

Series

2024A

,

RB

,

5.00

%

,

10/01/33

.....

7,350

8,660,398

Series

2016A

,

RB

,

5.00

%

,

10/01/36

.....

8,520

8,754,639

Series

2024A

,

RB

,

5.00

%

,

10/01/36

.....

7,500

8,799,807

Series

2024A

,

RB

,

5.00

%

,

10/01/38

.....

12,000

13,947,154

Series

2024A

,

RB

,

5.00

%

,

10/01/40

.....

2,740

3,147,229

Series

2024A

,

RB

,

5.00

%

,

10/01/41

.....

4,000

4,566,012

Series

2024A

,

RB

,

5.00

%

,

10/01/42

.....

2,750

3,123,922

Series

2014C

,

RB

,

5.00

%

,

10/01/44

.....

12,060

12,077,509

Series

B

,

RB

,

5.25

%

,

10/01/44

.........

2,000

2,034,954

Series

2018A

,

RB

,

5.00

%

,

10/01/49

.....

23,715

24,595,939

Series

2018B

,

RB

,

5.00

%

,

10/01/49

.....

14,425

14,960,844

Series

A

,

RB

,

5.00

%

,

10/01/52

.........

3,000

3,069,872

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Series

2009B

,

RB

,

0.00

%

,

10/01/33

(

AGC

)

(a)

5,000

3,622,672

Series

2009B

,

RB

,

0.00

%

,

10/01/35

(

AGC

)

(a)

13,940

9,253,608

Series

2010A

,

RB

,

0.00

%

,

10/01/37

(a)

....

4,000

2,165,528

Series

2019B

,

RB

,

4.00

%

,

10/01/44

.....

5,250

5,069,462

Series

2019A

,

RB

,

5.00

%

,

10/01/44

.....

1,000

1,041,740

Series

2019B

,

RB

,

5.00

%

,

10/01/47

.....

1,000

1,034,914

Series

2019B

,

RB

,

4.00

%

,

10/01/49

.....

5,250

4,953,607

Series

2019B

,

RB

,

4.00

%

,

10/01/53

(

AGM

)

3,000

2,843,233

Series

2019B

,

RB

,

4.00

%

,

10/01/53

.....

5,000

4,662,949

Washington

Metropolitan

Area

Transit

Authority

Series

2021A

,

RB

,

5.00

%

,

07/15/25

.....

1,000

1,020,315

Series

2020A

,

RB

,

5.00

%

,

07/15/26

.....

3,360

3,509,553

Series

2021A

,

RB

,

5.00

%

,

07/15/27

.....

500

534,240

Series

2021A

,

RB

,

4.00

%

,

07/15/35

.....

1,500

1,575,140

Series

2023A

,

RB

,

5.00

%

,

07/15/35

.....

1,100

1,275,317

Series

2017B

,

RB

,

5.00

%

,

07/01/36

.....

1,700

1,773,762

Series

2020A

,

RB

,

5.00

%

,

07/15/36

.....

11,730

12,956,318

Security

Par

(000)

Par

(000)

Value

District

of

Columbia

(continued)

Series

2020A

,

RB

,

5.00

%

,

07/15/37

.....

USD

2,765

$

3,047,428

Series

2023A

,

RB

,

5.00

%

,

07/15/37

.....

1,000

1,147,517

Series

2020A

,

RB

,

5.00

%

,

07/15/38

.....

2,000

2,195,199

Series

2021A

,

RB

,

4.00

%

,

07/15/39

.....

4,000

4,107,724

Series

2020A

,

RB

,

4.00

%

,

07/15/40

.....

8,000

8,105,538

Series

2023A

,

RB

,

5.00

%

,

07/15/40

.....

1,500

1,686,274

Series

2023A

,

RB

,

5.00

%

,

07/15/42

.....

5,655

6,276,023

Series

2018

,

RB

,

5.00

%

,

07/01/43

......

5,000

5,154,950

Series

2021A

,

RB

,

3.00

%

,

07/15/43

.....

10,000

8,408,507

Series

2021A

,

RB

,

4.00

%

,

07/15/43

.....

16,820

16,704,386

Series

2023A

,

RB

,

5.00

%

,

07/15/43

.....

1,050

1,158,163

Series

2020A

,

RB

,

5.00

%

,

07/15/45

.....

2,000

2,128,423

Series

2023A

,

RB

,

5.00

%

,

07/15/45

.....

1,000

1,093,260

Series

2021A

,

RB

,

5.00

%

,

07/15/46

.....

2,250

2,409,214

Series

2023A

,

RB

,

5.00

%

,

07/15/48

.....

5,000

5,417,452

Series

2023A

,

RB

,

5.25

%

,

07/15/53

.....

12,000

13,150,978

Washington

Metropolitan

Area

Transit

Authority

Dedicated

Series

2024A

,

RB

,

5.00

%

,

07/15/54

.....

5,000

5,397,463

Series

2024A

,

RB

,

5.00

%

,

07/15/56

.....

7,500

8,064,541

Series

2024A

,

RB

,

5.25

%

,

07/15/59

.....

13,750

15,085,511

774,469,387

Florida

—

1.5%

Broward

County,

Series

2019A,

RB,

5.00%, 10/01/40

.................

5,290

5,680,203

Central

Florida

Expressway

Authority

Series

2016B

,

RB

,

5.00

%

,

07/01/26

.....

4,110

4,282,096

Series

2021

,

RB

,

5.00

%

,

07/01/26

(

AGM

)

.

510

531,913

Series

2021

,

RB

,

5.00

%

,

07/01/27

(

AGM

)

.

10,450

11,141,060

Series

2016B

,

RB

,

5.00

%

,

07/01/28

.....

3,505

3,632,896

Series

2021

,

RB

,

5.00

%

,

07/01/28

(

AGM

)

.

1,000

1,088,688

Series

2021

,

RB

,

5.00

%

,

07/01/30

(

AGM

)

.

1,000

1,128,044

Series

2016B

,

RB

,

4.00

%

,

07/01/31

.....

1,050

1,060,150

Series

2021

,

RB

,

5.00

%

,

07/01/32

(

AGM

)

.

725

825,386

Series

2016B

,

RB

,

5.00

%

,

07/01/34

.....

1,000

1,042,724

Series

2021

,

RB

,

4.00

%

,

07/01/35

(

AGM

)

.

500

523,130

Series

2024B

,

RB

,

5.00

%

,

07/01/35

(

AGC

)

10,000

11,605,966

Series

2021

,

RB

,

2.13

%

,

07/01/36

(

AGM

)

.

1,000

809,250

Series

2016B

,

RB

,

4.00

%

,

07/01/36

.....

2,000

2,006,507

Series

2021

,

RB

,

4.00

%

,

07/01/37

(

AGM

)

.

3,440

3,565,669

Series

2018

,

RB

,

5.00

%

,

07/01/37

......

2,025

2,148,472

Series

2021

,

RB

,

4.00

%

,

07/01/38

(

AGM

)

.

1,000

1,029,708

Series

2018

,

RB

,

5.00

%

,

07/01/38

......

3,325

3,511,887

Series

2017

,

RB

,

5.00

%

,

07/01/38

......

5,845

6,064,256

Series

2017

,

RB

,

5.00

%

,

07/01/39

......

1,250

1,295,268

Series

2018

,

RB

,

5.00

%

,

07/01/39

......

4,380

4,607,813

Series

2018

,

RB

,

5.00

%

,

07/01/40

......

3,000

3,140,786

Series

2017

,

RB

,

4.00

%

,

07/01/41

......

2,775

2,743,964

Series

2018

,

RB

,

5.00

%

,

07/01/43

......

2,000

2,083,113

Series

2019B

,

RB

,

5.00

%

,

07/01/44

.....

2,500

2,632,964

Series

2019B

,

RB

,

5.00

%

,

07/01/49

.....

2,500

2,625,161

Series

2024A

,

RB

,

5.00

%

,

07/01/54

(

AGC

)

4,000

4,323,668

City

of

Fort

Lauderdale,

Series

2023B,

RB,

5.50%, 09/01/53

.................

3,825

4,311,437

City

of

Gainesville

Utilities

System

Series

2017A

,

RB

,

5.00

%

,

10/01/37

.....

1,000

1,044,625

Series

2019A

,

RB

,

5.00

%

,

10/01/44

.....

1,500

1,570,899

City

of

Jacksonville

Series

2024

,

RB

,

5.00

%

,

10/01/49

......

3,000

3,279,195

Series

2024

,

RB

,

5.25

%

,

10/01/54

......

10,000

11,049,364

City

of

Tampa

Water

&

Wastewater

System

Series

2020A

,

RB

,

4.00

%

,

10/01/44

.....

1,000

1,000,725

Series

2020A

,

RB

,

5.00

%

,

10/01/50

.....

12,000

12,924,577

Series

2020A

,

RB

,

5.00

%

,

10/01/54

.....

4,205

4,508,104

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Florida

(continued)

County

of

Miami-Dade

Series

2020A

,

RB

,

5.00

%

,

10/01/31

.....

USD

2,000

$

2,226,071

Series

2016

,

RB

,

5.00

%

,

10/01/35

......

2,000

2,060,205

Series

2024B

,

RB

,

5.00

%

,

10/01/37

.....

3,750

4,325,580

Series

B

,

RB

,

5.00

%

,

10/01/37

.........

6,705

6,723,820

Series

2016A

,

GO

,

5.00

%

,

07/01/38

.....

2,000

2,063,718

Series

2016A

,

GO

,

4.00

%

,

07/01/39

.....

5,000

5,040,623

Series

2020A

,

RB

,

4.00

%

,

10/01/41

.....

4,950

4,905,161

Series

A

,

RB

,

5.00

%

,

10/01/41

.........

30,050

30,646,135

Series

2014A

,

GO

,

4.00

%

,

07/01/42

.....

2,000

1,993,932

Series

2015D

,

GO

,

5.00

%

,

07/01/45

.....

8,505

8,715,017

Series

2024A

,

RB

,

5.00

%

,

04/01/51

.....

2,980

3,211,137

Series

2021A

,

GO

,

5.00

%

,

07/01/51

.....

8,375

9,253,323

Series

2024A

,

RB

,

5.00

%

,

04/01/54

.....

16,705

17,925,354

County

of

Miami-Dade

Transit

System

Series

2019

,

RB

,

4.00

%

,

07/01/39

......

2,000

2,030,449

Series

2018

,

RB

,

5.00

%

,

07/01/43

......

2,000

2,086,734

Series

2022

,

RB

,

5.00

%

,

07/01/43

......

15,000

16,464,126

Series

2022

,

RB

,

5.00

%

,

07/01/46

......

5,780

6,287,817

Series

2018

,

RB

,

4.00

%

,

07/01/48

......

5,215

5,062,622

Series

2020A

,

RB

,

4.00

%

,

07/01/49

.....

3,500

3,359,979

Series

2020A

,

RB

,

4.00

%

,

07/01/50

.....

5,000

4,771,514

County

of

Miami-Dade

Water

&

Sewer

System

Series

2015

,

RB

,

5.00

%

,

10/01/24

......

4,140

4,145,857

Series

2015

,

RB

,

5.00

%

,

10/01/25

......

2,840

2,910,963

Series

2017B

,

RB

,

5.00

%

,

10/01/27

.....

1,010

1,082,654

Series

2017B

,

RB

,

4.00

%

,

10/01/35

.....

7,600

7,767,751

Series

2017B

,

RB

,

4.00

%

,

10/01/37

.....

6,500

6,628,365

Series

2017A

,

RB

,

4.00

%

,

10/01/38

.....

18,605

18,866,084

Series

2021

,

RB

,

4.00

%

,

10/01/39

......

1,000

1,015,671

Series

2021

,

RB

,

4.00

%

,

10/01/41

......

1,000

993,741

Series

2019B

,

RB

,

4.00

%

,

10/01/44

.....

2,345

2,309,385

Series

2017A

,

RB

,

4.00

%

,

10/01/44

.....

3,235

3,185,867

Series

2019B

,

RB

,

5.00

%

,

10/01/44

.....

2,000

2,091,722

Series

2021

,

RB

,

4.00

%

,

10/01/46

......

5,050

4,937,259

RB

,

4.00

%

,

10/01/48

...............

2,000

1,963,774

Series

2019B

,

RB

,

4.00

%

,

10/01/49

.....

7,000

6,766,900

Series

2024A

,

RB

,

5.00

%

,

10/01/49

.....

18,800

20,540,754

Series

2021

,

RB

,

4.00

%

,

10/01/51

......

2,000

1,920,725

Series

2024A

,

RB

,

5.25

%

,

10/01/54

.....

3,500

3,852,280

Florida

Department

of

Management

Services,

Series

2018A,

COP,

5.00%, 11/01/28

....

1,750

1,914,382

Florida

Municipal

Power

Agency

Series

2016A

,

RB

,

5.00

%

,

10/01/29

.....

5,360

5,577,096

Series

2016A

,

RB

,

5.00

%

,

10/01/30

.....

2,500

2,597,157

Series

2016A

,

RB

,

5.00

%

,

10/01/31

.....

830

861,407

Hillsborough

County

Aviation

Authority

Series

2015B

,

RB

,

5.00

%

,

10/01/40

.....

3,075

3,079,464

Series

2015A

,

RB

,

5.00

%

,

10/01/44

.....

1,000

1,000,331

Series

2015B

,

RB

,

5.00

%

,

10/01/44

.....

2,425

2,428,521

Series

2022B

,

RB

,

5.00

%

,

10/01/47

.....

2,000

2,155,419

Series

2018F

,

RB

,

5.00

%

,

10/01/48

.....

7,000

7,280,339

JEA

Water

&

Sewer

System

Series

2017A

,

RB

,

5.00

%

,

10/01/27

.....

4,070

4,356,537

Series

2008B

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

3.30

%

,

09/04/24

(b)

...

44,790

44,790,000

Series

2024A

,

RB

,

5.25

%

,

10/01/49

.....

19,835

21,888,404

Series

2024A

,

RB

,

5.50

%

,

10/01/54

.....

1,000

1,121,653

Miami

Beach

Redevelopment

Agency,

Series

A,

5.00%, 02/01/40

(AGM)

............

1,000

1,000,657

Miami-Dade

County

Educational

Facilities

Authority

Series

2015A

,

RB

,

5.00

%

,

04/01/40

.....

6,000

6,037,099

Series

2015A

,

RB

,

5.00

%

,

04/01/45

.....

4,000

4,020,205

Security

Par

(000)

Par

(000)

Value

Florida

(continued)

Miami-Dade

County

Expressway

Authority

Series

2014B

,

RB

,

5.00

%

,

07/01/26

.....

USD

1,020

$

1,023,867

Series

A

,

RB

,

5.00

%

,

07/01/35

(

AGM

)

....

975

975,842

Series

2014A

,

RB

,

5.00

%

,

07/01/39

.....

2,830

2,831,622

Series

A

,

RB

,

5.00

%

,

07/01/40

.........

2,105

2,106,222

Series

2014A

,

RB

,

5.00

%

,

07/01/44

.....

1,000

1,000,558

Mid-Bay

Bridge

Authority

Series

A

,

RB

,

5.00

%

,

10/01/35

.........

1,000

1,013,530

Series

A

,

RB

,

5.00

%

,

10/01/40

.........

3,000

3,025,106

Orange

County

Convention

Center

Series

2010

,

RB

,

5.00

%

,

10/01/24

......

1,285

1,286,870

Series

2016B

,

RB

,

4.00

%

,

10/01/36

.....

2,070

2,075,102

Orange

County

School

Board

Series

2024A

,

COP

,

5.00

%

,

08/01/33

....

6,500

7,537,521

Series

2016C

,

COP

,

5.00

%

,

08/01/34

....

2,500

2,618,042

Orlando

Utilities

Commission

Series

2013A

,

RB

,

5.00

%

,

10/01/25

.....

1,900

1,946,862

Series

2015B

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

3.09

%

,

09/04/24

(b)

..........

20,425

20,425,000

Series

2021A

,

RB

,

4.00

%

,

10/01/39

.....

4,685

4,783,113

Series

2021A

,

RB

,

4.00

%

,

10/01/40

.....

4,000

4,065,634

Palm

Beach

County

School

District

Series

2018C

,

COP

,

5.00

%

,

08/01/29

....

2,540

2,735,548

Series

2015D

,

COP

,

5.00

%

,

08/01/31

....

2,000

2,035,255

Series

2023A

,

COP

,

5.00

%

,

08/01/36

....

1,500

1,726,071

Series

2023A

,

COP

,

5.00

%

,

08/01/37

....

1,750

2,009,054

Series

2023A

,

COP

,

5.00

%

,

08/01/38

....

1,500

1,710,465

Series

2022B

,

COP

,

5.25

%

,

08/01/38

....

3,530

4,040,546

Series

2023A

,

COP

,

5.00

%

,

08/01/39

....

2,250

2,552,581

School

Board

of

Miami-Dade

County

(The)

Series

2015D

,

COP

,

5.00

%

,

02/01/27

....

2,000

2,046,392

Series

2015B

,

COP

,

5.00

%

,

05/01/27

....

2,500

2,529,741

Series

2014D

,

COP

,

5.00

%

,

11/01/27

....

3,300

3,310,092

Series

2012A

,

COP

,

4.00

%

,

08/01/29

....

1,000

1,000,897

Series

2015D

,

COP

,

5.00

%

,

02/01/30

....

2,000

2,045,558

Series

2015A

,

COP

,

5.00

%

,

05/01/30

....

1,000

1,011,633

School

District

of

Broward

County

Series

C

,

COP

,

5.00

%

,

07/01/26

........

2,025

2,109,422

Series

2019A

,

COP

,

5.00

%

,

07/01/27

....

1,750

1,863,262

Series

2020A

,

COP

,

5.00

%

,

07/01/32

....

2,000

2,216,615

Series

2020A

,

COP

,

5.00

%

,

07/01/34

....

2,000

2,207,656

South

Florida

Water

Management

District

Series

2015

,

COP

,

5.00

%

,

10/01/33

.....

1,000

1,027,350

Series

2015

,

COP

,

5.00

%

,

10/01/35

.....

5,000

5,132,087

State

of

Florida

Series

2024A

,

GO

,

5.00

%

,

06/01/28

.....

9,965

10,860,133

Series

2024A

,

GO

,

5.00

%

,

06/01/34

.....

5,030

5,981,933

Series

2017C

,

GO

,

4.00

%

,

06/01/36

.....

13,590

13,801,717

Series

2018A

,

GO

,

4.00

%

,

07/01/37

.....

3,725

3,811,346

Series

2018A

,

GO

,

4.00

%

,

07/01/38

.....

4,030

4,096,195

Series

2018A

,

GO

,

4.00

%

,

07/01/39

.....

4,195

4,257,000

Series

2018A

,

GO

,

4.00

%

,

07/01/40

.....

4,360

4,407,427

State

of

Florida

Department

of

Transportation

Turnpike

System

Series

2022C

,

RB

,

5.00

%

,

07/01/47

.....

6,395

6,949,425

Series

2018A

,

RB

,

4.00

%

,

07/01/48

.....

4,000

3,936,463

Series

2024B

,

RB

,

4.00

%

,

07/01/54

.....

15,000

14,581,060

State

of

Florida

Lottery,

Series

2016B,

RB,

5.00%, 07/01/25

.................

1,100

1,120,513

Tampa

Bay

Water,

Series

2022,

RB,

5.00%, 10/01/52

.................

5,000

5,364,438

Tampa-Hillsborough

County

Expressway

Authority

Series

2017B

,

RB

,

4.00

%

,

07/01/42

.....

12,725

12,349,794

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Florida

(continued)

Series

2017

,

RB

,

5.00

%

,

07/01/47

......

USD

6,210

$

6,355,046

662,959,014

Georgia

—

2.8%

City

of

Atlanta

Series

2015

,

RB

,

5.00

%

,

11/01/28

......

2,000

2,027,971

Series

2022A-1

,

GO

,

5.00

%

,

12/01/29

....

1,000

1,121,406

Series

2015

,

RB

,

5.00

%

,

11/01/31

......

1,755

1,776,693

Series

2015

,

RB

,

5.00

%

,

11/01/32

......

2,230

2,256,884

Series

2022A-1

,

GO

,

5.00

%

,

12/01/32

....

1,750

2,044,470

Series

2015

,

RB

,

5.00

%

,

11/01/33

......

11,680

11,861,696

Series

2015

,

RB

,

5.00

%

,

11/01/34

......

10,005

10,160,640

Series

2022A-1

,

GO

,

5.00

%

,

12/01/35

....

1,750

2,025,907

Series

2018C

,

RB

,

4.00

%

,

11/01/38

.....

8,000

8,032,983

Series

2022A-1

,

GO

,

5.00

%

,

12/01/38

....

2,500

2,852,111

Series

2015

,

RB

,

5.00

%

,

11/01/40

......

82,030

82,679,258

Series

2022A-1

,

GO

,

5.00

%

,

12/01/41

....

2,000

2,245,891

Series

2018B

,

RB

,

5.00

%

,

11/01/43

.....

4,780

4,977,869

Series

2018B

,

RB

,

5.00

%

,

11/01/47

.....

24,350

25,232,366

City

of

Atlanta

Airport

Passenger

Facility

Charge

Series

2019C

,

RB

,

5.00

%

,

07/01/36

.....

2,500

2,716,371

Series

2019C

,

RB

,

5.00

%

,

07/01/39

.....

2,500

2,691,790

Series

2023D

,

RB

,

5.00

%

,

07/01/44

.....

2,000

2,207,087

City

of

Atlanta

Department

of

Aviation

Series

2020A

,

RB

,

5.00

%

,

07/01/25

.....

1,735

1,767,052

Series

2020A

,

RB

,

5.00

%

,

07/01/26

.....

2,005

2,091,554

Series

2020A

,

RB

,

5.00

%

,

07/01/28

.....

2,000

2,178,219

Series

2020A

,

RB

,

5.00

%

,

07/01/29

.....

8,505

9,448,102

Series

2020A

,

RB

,

5.00

%

,

07/01/30

.....

2,000

2,257,362

Series

2023F

,

RB

,

5.00

%

,

07/01/33

.....

2,250

2,627,824

Series

2022A

,

RB

,

5.00

%

,

07/01/47

.....

1,445

1,567,526

Series

2023B-1

,

RB

,

5.00

%

,

07/01/48

....

1,000

1,091,056

Series

2019A

,

RB

,

4.00

%

,

07/01/49

.....

6,145

5,980,021

Series

2022A

,

RB

,

4.00

%

,

07/01/52

.....

3,010

2,889,822

Series

2023B-1

,

RB

,

5.00

%

,

07/01/53

....

4,000

4,317,889

County

of

DeKalb,

Series

2006B,

RB,

5.25%, 10/01/32

(AGM)

............

2,190

2,279,768

County

of

Fulton

Series

2013A

,

RB

,

4.00

%

,

01/01/34

.....

15,990

15,991,306

Series

2013A

,

RB

,

4.00

%

,

01/01/35

.....

6,885

6,885,344

Forsyth

County

Water

&

Sewerage

Authority,

Series

2019,

RB,

3.00%, 04/01/49

......

4,000

3,213,854

Georgia

Ports

Authority

Series

2022

,

RB

,

5.00

%

,

07/01/26

......

535

558,399

Series

2022

,

RB

,

5.00

%

,

07/01/27

......

905

967,148

Series

2022

,

RB

,

5.00

%

,

07/01/29

......

1,500

1,669,864

Series

2022

,

RB

,

5.00

%

,

07/01/31

......

1,015

1,160,276

Series

2022

,

RB

,

5.00

%

,

07/01/33

......

1,500

1,733,104

Series

2022

,

RB

,

5.00

%

,

07/01/35

......

1,000

1,148,945

Series

2022

,

RB

,

5.00

%

,

07/01/38

......

750

849,294

Series

2021

,

RB

,

4.00

%

,

07/01/39

......

1,000

1,023,415

Series

2021

,

RB

,

4.00

%

,

07/01/40

......

1,000

1,018,656

Series

2022

,

RB

,

5.00

%

,

07/01/41

......

2,250

2,499,598

Series

2021

,

RB

,

4.00

%

,

07/01/42

......

1,000

1,004,995

Series

2022

,

RB

,

5.00

%

,

07/01/42

......

5,865

6,489,976

Series

2021

,

RB

,

4.00

%

,

07/01/43

......

4,750

4,766,650

Series

2022

,

RB

,

4.00

%

,

07/01/47

......

3,125

3,092,265

Series

2022

,

RB

,

5.00

%

,

07/01/47

......

1,000

1,087,560

Series

2021

,

RB

,

4.00

%

,

07/01/51

......

1,750

1,700,557

Series

2022

,

RB

,

4.00

%

,

07/01/52

......

11,110

10,770,783

Series

2022

,

RB

,

5.25

%

,

07/01/52

......

6,750

7,418,244

Georgia

State

Road

&

Tollway

Authority

Series

2020

,

RB

,

5.00

%

,

06/01/26

......

1,325

1,380,244

Series

2020

,

RB

,

5.00

%

,

06/01/27

......

2,200

2,344,121

Series

2020

,

RB

,

5.00

%

,

06/01/29

......

2,910

3,232,680

Security

Par

(000)

Par

(000)

Value

Georgia

(continued)

Series

2020

,

RB

,

5.00

%

,

06/01/31

......

USD

2,500

$

2,808,716

Series

2020

,

RB

,

5.00

%

,

06/01/32

......

6,105

6,830,395

Series

2021A

,

RB

,

4.00

%

,

07/15/41

(

GTD

)

5,000

5,146,678

Series

2021A

,

RB

,

4.00

%

,

07/15/42

(

GTD

)

18,100

18,508,506

Series

2021A

,

RB

,

4.00

%

,

07/15/46

(

GTD

)

7,170

7,145,988

Gwinnett

County

School

District

Series

2022B

,

GO

,

5.00

%

,

08/01/25

.....

6,000

6,127,088

Series

2022B

,

GO

,

5.00

%

,

08/01/26

.....

25,010

26,154,233

Series

2015

,

GO

,

5.00

%

,

02/01/31

......

5,580

5,677,173

Series

2015

,

GO

,

5.00

%

,

02/01/34

......

4,995

5,075,963

Series

2021

,

GO

,

4.00

%

,

02/01/37

......

2,000

2,104,175

Series

2019

,

GO

,

5.00

%

,

02/01/38

......

17,010

18,404,291

Series

2019

,

GO

,

5.00

%

,

02/01/39

......

6,165

6,639,197

Series

2019

,

GO

,

5.00

%

,

02/01/40

......

11,710

12,571,529

Henry

County

School

District

Series

2021

,

GO

,

1.88

%

,

08/01/34

(

SAW

)

.

18,330

14,961,544

Series

2021

,

GO

,

1.88

%

,

08/01/35

(

SAW

)

.

18,880

15,069,512

Series

2021

,

GO

,

1.88

%

,

08/01/36

(

SAW

)

.

19,305

15,010,838

Metropolitan

Atlanta

Rapid

Transit

Authority

Series

2016B

,

RB

,

5.00

%

,

07/01/35

.....

7,750

8,102,352

Series

2024B

,

RB

,

5.00

%

,

07/01/36

.....

5,000

5,853,380

Series

2024A

,

RB

,

5.00

%

,

07/01/37

.....

5,000

5,828,721

Series

2021E-1

,

RB

,

3.00

%

,

07/01/39

....

2,500

2,252,142

Series

2017C

,

RB

,

3.25

%

,

07/01/39

.....

2,500

2,326,983

Series

2021E-1

,

RB

,

3.00

%

,

07/01/40

....

9,565

8,476,529

Series

2015B

,

RB

,

5.00

%

,

07/01/45

.....

1,745

1,779,902

Series

2024B

,

RB

,

5.00

%

,

07/01/45

.....

5,000

5,595,140

Series

2020A

,

RB

,

3.00

%

,

07/01/47

.....

2,850

2,309,804

Municipal

Electric

Authority

of

Georgia

Series

2016A

,

RB

,

5.00

%

,

01/01/28

.....

2,000

2,068,625

Series

2021A

,

RB

,

5.00

%

,

01/01/34

.....

1,575

1,761,626

Series

2019A

,

RB

,

4.00

%

,

01/01/44

(

AGM

)

2,000

1,979,540

Series

2019A

,

RB

,

5.00

%

,

01/01/44

.....

7,975

8,296,112

Series

2019A

,

RB

,

4.00

%

,

01/01/49

.....

1,750

1,672,948

Series

2019A

,

RB

,

5.00

%

,

01/01/49

.....

5,000

5,146,368

Series

2019A

,

RB

,

5.00

%

,

01/01/56

.....

3,000

3,072,846

Series

2015A

,

RB

,

5.00

%

,

07/01/60

.....

1,000

1,001,832

Series

2021A

,

RB

,

5.00

%

,

01/01/62

(

AGM

)

3,335

3,458,822

Series

2019A

,

RB

,

5.00

%

,

01/01/63

.....

1,500

1,532,705

Private

Colleges

&

Universities

Authority

Series

2020B

,

RB

,

5.00

%

,

09/01/25

.....

10,710

10,947,409

Series

2022A

,

RB

,

5.00

%

,

09/01/29

.....

1,505

1,677,555

Series

2020B

,

RB

,

5.00

%

,

09/01/30

.....

5,000

5,652,175

Series

2023B

,

RB

,

5.00

%

,

09/01/33

.....

29,360

34,520,049

Series

B

,

RB

,

4.00

%

,

10/01/38

.........

4,000

4,010,319

Series

2020B

,

RB

,

4.00

%

,

09/01/39

.....

1,500

1,538,965

Series

2013A

,

RB

,

5.00

%

,

10/01/43

.....

2,415

2,419,425

Series

A

,

RB

,

5.00

%

,

10/01/46

.........

6,525

6,721,968

Series

2019B

,

RB

,

5.00

%

,

09/01/48

.....

2,500

2,646,373

State

of

Georgia

Series

2016E

,

GO

,

5.00

%

,

12/01/24

.....

1,370

1,377,135

Series

2016F

,

GO

,

5.00

%

,

01/01/25

.....

2,410

2,427,300

Series

2014A-2

,

GO

,

5.00

%

,

02/01/25

....

2,000

2,003,425

Series

2019A

,

GO

,

5.00

%

,

07/01/25

.....

1,000

1,020,138

Series

2022A

,

GO

,

5.00

%

,

07/01/25

.....

1,890

1,928,061

Series

2016E

,

GO

,

5.00

%

,

12/01/25

.....

5,775

5,956,418

Series

2016A

,

GO

,

5.00

%

,

02/01/26

.....

10,685

11,056,022

Series

2021A

,

GO

,

5.00

%

,

07/01/26

.....

23,835

24,912,330

Series

2017C

,

GO

,

5.00

%

,

07/01/26

.....

2,000

2,090,399

Series

2022A

,

GO

,

5.00

%

,

07/01/26

.....

7,905

8,262,302

Series

2016E

,

GO

,

5.00

%

,

12/01/26

.....

16,530

17,442,993

Series

2016A

,

GO

,

5.00

%

,

02/01/27

.....

1,175

1,212,829

Series

2021A

,

GO

,

5.00

%

,

07/01/27

.....

14,890

15,927,021

Series

2023A

,

GO

,

5.00

%

,

07/01/27

.....

5,000

5,348,227

Series

2020A

,

GO

,

5.00

%

,

08/01/27

.....

7,665

8,214,718

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Georgia

(continued)

Series

2016E

,

GO

,

5.00

%

,

12/01/27

.....

USD

1,325

$

1,392,674

Series

2016F

,

GO

,

5.00

%

,

01/01/28

.....

2,805

2,956,733

Series

2022A

,

GO

,

5.00

%

,

07/01/28

.....

8,500

9,294,207

Series

2018A

,

GO

,

5.00

%

,

07/01/28

.....

5,165

5,647,597

Series

2020A

,

GO

,

5.00

%

,

08/01/28

.....

2,000

2,190,787

Series

2017C

,

GO

,

5.00

%

,

07/01/29

.....

5,500

5,858,880

Series

2018A

,

GO

,

5.00

%

,

07/01/29

.....

5,000

5,455,197

Series

2019A

,

GO

,

5.00

%

,

07/01/29

.....

1,500

1,674,509

Series

2020A

,

GO

,

5.00

%

,

08/01/29

.....

10,000

11,182,293

Series

2016A

,

GO

,

5.00

%

,

02/01/30

.....

1,030

1,059,933

Series

2017A-2

,

GO

,

5.00

%

,

02/01/30

....

11,420

12,042,103

Series

2023A

,

GO

,

5.00

%

,

07/01/30

.....

11,660

13,236,786

Series

2018A

,

GO

,

5.00

%

,

07/01/30

.....

6,775

7,350,173

Series

2019A

,

GO

,

5.00

%

,

07/01/31

.....

5,180

5,723,990

Series

2023A

,

GO

,

5.00

%

,

07/01/31

.....

5,720

6,590,398

Series

2022A

,

GO

,

5.00

%

,

07/01/31

.....

2,200

2,534,768

Series

2021A

,

GO

,

5.00

%

,

07/01/31

.....

1,570

1,808,903

Series

2020A

,

GO

,

5.00

%

,

08/01/31

.....

2,805

3,168,043

Series

2017A-2

,

GO

,

5.00

%

,

02/01/32

....

12,600

13,227,397

Series

2018A

,

GO

,

5.00

%

,

07/01/32

.....

22,925

24,727,322

Series

2021A

,

GO

,

5.00

%

,

07/01/32

.....

3,330

3,822,912

Series

2023C

,

GO

,

5.00

%

,

01/01/33

.....

8,545

10,045,911

Series

2017A-2

,

GO

,

5.00

%

,

02/01/33

....

10,015

10,503,684

Series

2021A

,

GO

,

4.00

%

,

07/01/34

.....

2,010

2,140,977

Series

2020A

,

GO

,

4.00

%

,

08/01/34

.....

1,720

1,818,016

Series

2023A

,

GO

,

5.00

%

,

07/01/35

.....

9,560

11,245,256

Series

2021A

,

GO

,

4.00

%

,

07/01/36

.....

30,000

31,716,951

Series

2023A

,

GO

,

5.00

%

,

07/01/36

.....

2,215

2,591,053

Series

2021A

,

GO

,

4.00

%

,

07/01/37

.....

11,810

12,414,894

Series

2023A

,

GO

,

5.00

%

,

07/01/37

.....

7,340

8,557,779

Series

2021A

,

GO

,

4.00

%

,

07/01/38

.....

7,500

7,851,608

Series

2023A

,

GO

,

5.00

%

,

07/01/38

.....

1,985

2,302,698

Series

2021A

,

GO

,

4.00

%

,

07/01/39

.....

1,055

1,098,774

Series

2022A

,

GO

,

4.00

%

,

07/01/40

.....

10,000

10,377,971

Series

2023A

,

GO

,

5.00

%

,

07/01/41

.....

11,210

12,739,958

Series

2022A

,

GO

,

4.00

%

,

07/01/42

.....

10,000

10,234,756

984,066,516

Hawaii

—

0.0%

City

&

County

Honolulu

Wastewater

System

Series

2018A

,

RB

,

4.00

%

,

07/01/38

.....

3,300

3,345,167

Series

A

,

RB

,

5.00

%

,

07/01/40

.........

1,000

1,018,851

Series

A

,

RB

,

5.00

%

,

07/01/45

.........

3,675

3,744,276

Series

2018A

,

RB

,

5.00

%

,

07/01/47

.....

4,220

4,375,971

Series

2022A

,

RB

,

5.00

%

,

07/01/47

.....

3,000

3,272,670

Series

2022A

,

RB

,

5.25

%

,

07/01/51

.....

2,500

2,778,467

City

&

County

of

Honolulu

Series

2020B

,

GO

,

5.00

%

,

03/01/25

.....

1,010

1,020,751

Series

2019A

,

GO

,

5.00

%

,

09/01/27

.....

1,170

1,254,201

Series

2020B

,

GO

,

5.00

%

,

03/01/28

.....

2,120

2,294,839

Series

2020D

,

GO

,

5.00

%

,

07/01/28

.....

3,055

3,329,806

Series

2022A

,

GO

,

5.00

%

,

11/01/28

.....

2,930

3,215,311

Series

2020B

,

GO

,

5.00

%

,

03/01/30

.....

1,500

1,680,864

Series

C

,

GO

,

5.00

%

,

10/01/30

........

5,000

5,649,412

Series

2020B

,

GO

,

5.00

%

,

03/01/31

.....

2,550

2,847,516

State

of

Hawaii

Series

EO

,

GO

,

5.00

%

,

08/01/25

.......

5,255

5,263,510

Series

2018FT

,

GO

,

5.00

%

,

01/01/26

....

3,410

3,519,897

Series

FK

,

GO

,

5.00

%

,

05/01/26

.......

1,400

1,456,692

Series

EO

,

GO

,

5.00

%

,

08/01/26

.......

2,280

2,283,750

Series

FH

,

GO

,

5.00

%

,

10/01/26

.......

3,975

4,168,741

Series

FH

,

GO

,

5.00

%

,

10/01/27

.......

4,725

4,952,508

Series

EZ

,

GO

,

5.00

%

,

10/01/27

.......

2,000

2,051,841

Series

2018FT

,

GO

,

5.00

%

,

01/01/28

....

1,000

1,079,515

Series

FH

,

GO

,

5.00

%

,

10/01/28

.......

3,450

3,613,974

Security

Par

(000)

Par

(000)

Value

Hawaii

(continued)

Series

EO

,

GO

,

5.00

%

,

08/01/29

.......

USD

720

$

721,120

Series

2018FT

,

GO

,

5.00

%

,

01/01/30

....

3,000

3,217,663

Series

EO

,

GO

,

5.00

%

,

08/01/30

.......

1,895

1,898,862

Series

2018FT

,

GO

,

5.00

%

,

01/01/31

....

3,005

3,205,962

Series

FN

,

GO

,

5.00

%

,

10/01/31

.......

1,000

1,065,938

Series

2019FW

,

GO

,

5.00

%

,

01/01/33

....

5,060

5,507,353

Series

2018FT

,

GO

,

5.00

%

,

01/01/33

....

2,000

2,127,995

Series

FK

,

GO

,

5.00

%

,

05/01/34

.......

2,310

2,440,212

Series

FG

,

GO

,

4.00

%

,

10/01/34

.......

7,755

7,894,271

Series

2019FW

,

GO

,

5.00

%

,

01/01/35

....

10,000

10,861,753

Series

FK

,

GO

,

4.00

%

,

05/01/36

.......

2,000

2,024,325

Series

FG

,

GO

,

4.00

%

,

10/01/36

.......

6,665

6,736,290

Series

2019FW

,

GO

,

5.00

%

,

01/01/37

....

2,000

2,166,025

State

of

Hawaii

Airports

System

Series

2020D

,

RB

,

4.00

%

,

07/01/35

.....

2,000

2,079,951

Series

2020D

,

RB

,

4.00

%

,

07/01/38

.....

2,000

2,047,790

122,214,040

Idaho

—

0.0%

Idaho

Housing

&

Finance

Association

Series

2015A

,

RB

,

5.00

%

,

07/15/26

.....

1,030

1,072,395

Series

2021A

,

RB

,

4.00

%

,

07/15/38

.....

2,150

2,177,777

3,250,172

Illinois

—

4.0%

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Series

2016

,

RB

,

5.75

%

,

04/01/34

......

1,670

1,757,393

Series

2016

,

RB

,

6.00

%

,

04/01/46

......

1,830

1,912,338

Chicago

Midway

International

Airport

Series

2023B

,

RB

,

5.00

%

,

01/01/34

(

BAM

)

1,900

2,185,105

Series

2023B

,

RB

,

5.00

%

,

01/01/35

(

BAM

)

7,000

8,016,042

Series

B

,

RB

,

5.00

%

,

01/01/46

.........

2,255

2,275,549

Chicago

O'Hare

International

Airport

Series

E

,

RB

,

5.00

%

,

01/01/27

.........

2,000

2,106,994

Series

B

,

RB

,

5.00

%

,

01/01/27

.........

2,500

2,514,830

Series

B

,

RB

,

5.00

%

,

01/01/28

.........

10,000

10,053,153

Series

B

,

RB

,

5.00

%

,

01/01/30

.........

6,120

6,151,990

Series

C

,

RB

,

5.00

%

,

01/01/31

.........

460

469,827

Series

B

,

RB

,

5.00

%

,

01/01/32

.........

15,075

15,146,489

Series

B

,

RB

,

5.00

%

,

01/01/33

.........

9,085

9,128,586

Series

D

,

RB

,

5.25

%

,

01/01/33

.........

9,000

9,412,450

Series

2020A

,

RB

,

5.00

%

,

01/01/34

.....

8,045

8,784,380

Series

C

,

RB

,

5.00

%

,

01/01/34

.........

1,300

1,324,620

Series

B

,

RB

,

5.00

%

,

01/01/34

.........

4,175

4,291,442

Series

D

,

RB

,

5.25

%

,

01/01/34

.........

5,000

5,225,227

Series

2020A

,

RB

,

4.00

%

,

01/01/35

.....

4,000

4,103,055

Series

B

,

RB

,

5.00

%

,

01/01/35

.........

9,000

9,324,266

Series

2020A

,

RB

,

5.00

%

,

01/01/35

.....

10,000

10,897,643

Series

B

,

RB

,

5.00

%

,

01/01/36

.........

14,110

14,598,780

Series

B

,

RB

,

5.00

%

,

01/01/37

.........

2,345

2,422,688

Series

B

,

RB

,

5.00

%

,

01/01/38

.........

3,025

3,121,735

Series

B

,

RB

,

5.00

%

,

01/01/39

.........

7,500

7,722,209

Series

2020A

,

RB

,

4.00

%

,

01/01/40

(

AGM

)

5,000

5,048,382

Series

2022D

,

RB

,

5.00

%

,

01/01/40

.....

15,045

16,525,717

Series

B

,

RB

,

5.00

%

,

01/01/41

.........

4,075

4,126,228

Series

2022D

,

RB

,

4.00

%

,

01/01/42

.....

2,000

1,969,361

Series

D

,

RB

,

5.25

%

,

01/01/42

.........

9,000

9,292,844

Series

2018B

,

RB

,

4.00

%

,

01/01/44

.....

7,000

6,771,810

Series

D

,

RB

,

5.00

%

,

01/01/46

.........

1,000

1,002,104

Series

D

,

RB

,

5.00

%

,

01/01/47

.........

8,380

8,552,878

Series

2018B

,

RB

,

5.00

%

,

01/01/48

.....

32,500

33,874,175

Series

2024B

,

RB

,

5.00

%

,

01/01/48

(c)

....

5,000

5,390,489

Series

D

,

RB

,

5.00

%

,

01/01/52

.........

23,915

24,341,333

Series

2018B

,

RB

,

4.00

%

,

01/01/53

(

AGM

)

9,450

9,160,555

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Illinois

(continued)

Series

2018B

,

RB

,

5.00

%

,

01/01/53

.....

USD

9,885

$

10,208,102

Chicago

Transit

Authority

Capital

Grant

Receipts,

Series

2021,

RB,

5.00%, 06/01/28

......

780

831,758

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Series

2014

,

RB

,

5.00

%

,

12/01/44

(

AGM

)

.

1,000

1,001,982

Series

2014

,

RB

,

5.25

%

,

12/01/49

......

2,500

2,503,953

City

of

Chicago

Series

2020A

,

GO

,

5.00

%

,

01/01/28

.....

5,000

5,269,260

Series

2020A

,

GO

,

5.00

%

,

01/01/29

.....

3,000

3,200,948

Series

2021A

,

GO

,

5.00

%

,

01/01/33

.....

10,000

10,812,748

Series

2021A

,

GO

,

4.00

%

,

01/01/35

.....

6,500

6,521,308

Series

2023A

,

GO

,

5.50

%

,

01/01/39

.....

2,850

3,141,293

Series

2024A

,

GO

,

5.00

%

,

01/01/43

.....

2,900

3,064,291

Series

2019A

,

GO

,

5.00

%

,

01/01/44

.....

2,500

2,571,412

Series

2024A

,

GO

,

5.00

%

,

01/01/44

.....

7,500

7,898,372

Series

2024A

,

GO

,

5.25

%

,

01/01/45

.....

24,200

25,845,051

Series

2019A

,

GO

,

5.50

%

,

01/01/49

.....

5,000

5,202,748

County

of

Cook

Series

2024

,

RB

,

5.00

%

,

11/15/42

......

2,500

2,740,913

Series

2024

,

RB

,

5.00

%

,

11/15/43

......

3,000

3,272,419

County

of

Will

Series

2016

,

GO

,

5.00

%

,

11/15/41

......

13,050

13,412,549

Series

2016

,

GO

,

5.00

%

,

11/15/45

......

18,000

18,500,067

Illinois

Finance

Authority

Series

2016

,

RB

,

4.00

%

,

01/01/25

......

3,310

3,321,974

Series

2020

,

RB

,

4.00

%

,

01/01/32

......

7,800

8,244,962

Series

2017

,

RB

,

5.00

%

,

07/01/32

......

1,585

1,655,853

Series

2021A

,

RB

,

5.00

%

,

10/01/32

.....

4,000

4,610,854

Series

2024B

,

RB

,

5.00

%

,

04/01/34

.....

26,490

30,992,137

Series

2024A

,

RB

,

5.00

%

,

04/01/34

.....

13,000

15,209,429

Series

2019

,

RB

,

5.00

%

,

07/01/34

......

2,575

2,790,705

Series

2020

,

RB

,

5.00

%

,

07/01/34

......

1,760

1,969,328

Series

2024B

,

RB

,

5.00

%

,

04/01/35

.....

7,640

8,893,209

Series

2020

,

RB

,

5.00

%

,

07/01/35

......

4,950

5,523,942

Series

2019

,

RB

,

5.25

%

,

07/01/35

......

3,000

3,280,617

Series

2024B

,

RB

,

5.00

%

,

04/01/36

.....

14,120

16,348,756

Series

2017

,

RB

,

5.00

%

,

07/01/36

......

6,030

6,272,287

Series

2020

,

RB

,

4.00

%

,

07/01/37

......

8,345

8,605,818

Series

2020

,

RB

,

4.00

%

,

07/01/38

......

8,050

8,297,319

Series

2014A

,

RB

,

4.00

%

,

10/01/38

.....

10,000

9,999,805

Series

2014A

,

RB

,

5.00

%

,

10/01/38

.....

2,000

2,002,745

Series

2024B

,

RB

,

5.25

%

,

04/01/39

.....

1,450

1,679,846

Series

2015A

,

RB

,

5.00

%

,

10/01/40

.....

2,000

2,027,409

Series

2018A

,

RB

,

5.00

%

,

10/01/48

.....

2,000

2,051,688

Illinois

State

Toll

Highway

Authority

Series

2019B

,

RB

,

5.00

%

,

01/01/25

.....

5,070

5,103,553

Series

2019B

,

RB

,

5.00

%

,

01/01/26

.....

2,635

2,720,270

Series

2019C

,

RB

,

5.00

%

,

01/01/26

.....

1,245

1,285,289

Series

2018A

,

RB

,

5.00

%

,

01/01/27

.....

4,000

4,221,734

Series

2019C

,

RB

,

5.00

%

,

01/01/27

.....

6,320

6,670,340

Series

2019B

,

RB

,

5.00

%

,

01/01/27

.....

2,130

2,248,074

Series

2019C

,

RB

,

5.00

%

,

01/01/28

.....

6,000

6,468,281

Series

2019C

,

RB

,

5.00

%

,

01/01/29

.....

11,065

12,121,942

Series

2019B

,

RB

,

5.00

%

,

01/01/29

.....

2,000

2,191,042

Series

2019C

,

RB

,

5.00

%

,

01/01/30

.....

3,000

3,340,927

Series

2018A

,

RB

,

5.00

%

,

01/01/30

.....

3,000

3,280,136

Series

2019C

,

RB

,

5.00

%

,

01/01/31

.....

2,000

2,221,405

Series

2018A

,

RB

,

5.00

%

,

01/01/31

.....

1,505

1,640,862

Series

2019B

,

RB

,

5.00

%

,

01/01/31

.....

1,505

1,671,607

Series

2016A

,

RB

,

4.00

%

,

12/01/31

.....

5,035

5,077,218

Series

2016A

,

RB

,

5.00

%

,

12/01/31

.....

2,080

2,127,827

Series

2016A

,

RB

,

5.00

%

,

12/01/32

.....

3,000

3,066,326

Series

2024A

,

RB

,

5.00

%

,

01/01/36

.....

30,000

35,009,883

Series

2014C

,

RB

,

5.00

%

,

01/01/36

.....

2,000

2,010,385

Security

Par

(000)

Par

(000)

Value

Illinois

(continued)

Series

2015B

,

RB

,

5.00

%

,

01/01/36

.....

USD

1,000

$

1,019,909

Series

2014C

,

RB

,

5.00

%

,

01/01/37

.....

35,000

35,174,828

Series

2015B

,

RB

,

5.00

%

,

01/01/37

.....

11,500

11,725,940

Series

2024A

,

RB

,

5.00

%

,

01/01/38

.....

7,105

8,175,665

Series

2024A

,

RB

,

5.00

%

,

01/01/39

.....

4,000

4,557,844

Series

2015B

,

RB

,

5.00

%

,

01/01/40

.....

9,645

9,810,124

Series

2015A

,

RB

,

5.00

%

,

01/01/40

.....

10,000

10,104,244

Series

2016B

,

RB

,

5.00

%

,

01/01/41

.....

7,435

7,600,617

Series

2021A

,

RB

,

5.00

%

,

01/01/41

.....

9,765

10,718,363

Series

2023A

,

RB

,

5.00

%

,

01/01/41

.....

4,250

4,778,564

Series

2021A

,

RB

,

4.00

%

,

01/01/42

.....

11,825

11,732,073

Series

2017A

,

RB

,

5.00

%

,

01/01/42

.....

28,500

29,642,628

Series

2023A

,

RB

,

5.00

%

,

01/01/42

.....

3,665

4,091,046

Series

2023A

,

RB

,

5.25

%

,

01/01/43

.....

1,235

1,391,362

Series

2019A

,

RB

,

4.00

%

,

01/01/44

.....

15,500

15,277,116

Series

2019A

,

RB

,

5.00

%

,

01/01/44

.....

8,400

8,866,329

Series

2020A

,

RB

,

5.00

%

,

01/01/45

.....

9,215

9,752,505

Series

2021A

,

RB

,

4.00

%

,

01/01/46

.....

20,185

19,653,271

Metropolitan

Pier

&

Exposition

Authority

Series

2010B-1

,

RB

,

0.00

%

,

06/15/26

(

AGM

)

(a)

......................

2,000

1,888,807

Series

2010B-1

,

RB

,

0.00

%

,

06/15/27

(

AGM

)

(a)

......................

1,000

913,040

Series

1998B

,

RB

,

5.50

%

,

06/15/29

(

NPFGC

)

50

50,988

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

Series

A

,

GO

,

5.00

%

,

12/01/28

........

3,180

3,332,437

Series

2007C

,

GO

,

5.25

%

,

12/01/32

.....

1,340

1,568,994

Series

2021B

,

GO

,

5.00

%

,

12/01/33

.....

5,000

5,678,209

Series

2007B

,

GO

,

5.25

%

,

12/01/34

.....

2,500

2,998,401

Series

2014A

,

GO

,

5.00

%

,

12/01/44

.....

25,165

25,280,183

Sales

Tax

Securitization

Corp.

Series

2020A

,

RB

,

5.00

%

,

01/01/25

.....

770

775,144

Series

2020A

,

RB

,

5.00

%

,

01/01/30

.....

2,500

2,758,310

Series

2021A

,

RB

,

5.00

%

,

01/01/30

.....

5,000

5,516,620

Series

2021A

,

RB

,

5.00

%

,

01/01/32

.....

5,000

5,635,759

Series

2020A

,

RB

,

5.00

%

,

01/01/37

(

BAM

)

1,000

1,078,510

Series

2020A

,

RB

,

4.00

%

,

01/01/40

(

BAM

)

1,000

1,009,616

State

of

Illinois

Series

2017D

,

GO

,

5.00

%

,

11/01/24

.....

37,890

37,989,249

Series

2016

,

GO

,

5.00

%

,

02/01/25

......

5,000

5,037,660

Series

2021A

,

GO

,

5.00

%

,

03/01/25

.....

2,170

2,190,278

Series

2017D

,

GO

,

5.00

%

,

11/01/25

.....

28,485

29,135,808

Series

2014

,

GO

,

5.00

%

,

02/01/26

......

2,400

2,403,157

Series

2016

,

GO

,

5.00

%

,

02/01/26

......

5,000

5,138,113

Series

2022B

,

GO

,

5.00

%

,

03/01/26

.....

6,190

6,370,760

Series

2018A

,

GO

,

5.00

%

,

10/01/26

.....

4,750

4,945,485

Series

2019A

,

GO

,

5.00

%

,

11/01/26

.....

5,000

5,213,958

Series

2017D

,

GO

,

5.00

%

,

11/01/26

.....

16,070

16,757,994

Series

2016

,

GO

,

5.00

%

,

02/01/27

......

12,000

12,567,518

Series

2021A

,

GO

,

5.00

%

,

03/01/27

.....

2,640

2,769,242

Series

2017D

,

GO

,

5.00

%

,

11/01/27

.....

36,705

39,002,906

Series

2021A

,

GO

,

5.00

%

,

12/01/27

.....

9,600

10,215,228

Series

2016

,

GO

,

5.00

%

,

02/01/28

......

4,500

4,715,937

Series

2022B

,

GO

,

5.00

%

,

03/01/28

.....

3,450

3,687,593

Series

2021A

,

GO

,

5.00

%

,

03/01/28

.....

1,425

1,523,136

Series

2014

,

GO

,

5.00

%

,

05/01/28

......

4,080

4,085,249

Series

2018B

,

GO

,

5.00

%

,

10/01/28

.....

2,000

2,159,312

Series

2017D

,

GO

,

5.00

%

,

11/01/28

.....

10,405

11,054,906

Series

2023B

,

GO

,

5.00

%

,

05/01/29

.....

5,000

5,447,532

Series

2014

,

GO

,

5.00

%

,

05/01/29

......

1,900

1,902,418

Series

2018B

,

GO

,

5.00

%

,

10/01/29

.....

4,100

4,421,025

Series

2022B

,

GO

,

5.00

%

,

10/01/29

.....

5,000

5,480,605

Series

2017C

,

GO

,

5.00

%

,

11/01/29

.....

19,505

20,681,959

Series

2022A

,

GO

,

5.00

%

,

03/01/30

.....

2,000

2,203,295

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Illinois

(continued)

Series

2022B

,

GO

,

5.00

%

,

03/01/30

.....

USD

4,000

$

4,406,590

Series

2024B

,

GO

,

5.00

%

,

05/01/30

.....

3,000

3,311,804

Series

2020

,

GO

,

5.50

%

,

05/01/30

......

2,000

2,182,888

Series

2018B

,

GO

,

5.00

%

,

10/01/30

.....

3,000

3,216,751

Series

2019B

,

GO

,

5.00

%

,

11/01/30

.....

2,000

2,186,042

Series

2021A

,

GO

,

5.00

%

,

03/01/31

.....

1,500

1,669,039

Series

2022B

,

GO

,

5.00

%

,

03/01/31

.....

3,000

3,338,078

Series

2024B

,

GO

,

5.00

%

,

05/01/31

.....

2,500

2,783,759

Series

2014

,

GO

,

5.00

%

,

05/01/31

......

1,500

1,501,726

Series

2017A

,

GO

,

5.00

%

,

12/01/31

.....

2,000

2,106,650

Series

2014

,

GO

,

5.25

%

,

02/01/32

......

7,650

7,660,706

Series

2022B

,

GO

,

5.00

%

,

10/01/32

.....

10,000

11,267,629

Series

2018B

,

GO

,

5.00

%

,

10/01/32

.....

2,000

2,127,427

Series

2019B

,

GO

,

5.00

%

,

11/01/32

.....

5,750

6,206,653

Series

2023B

,

GO

,

5.00

%

,

12/01/32

.....

10,000

11,281,894

Series

2017A

,

GO

,

5.00

%

,

12/01/32

.....

3,830

4,022,715

Series

2021A

,

GO

,

5.00

%

,

03/01/33

.....

8,275

9,133,117

Series

2022B

,

GO

,

5.00

%

,

03/01/33

.....

7,650

8,540,706

Series

2018A

,

GO

,

5.00

%

,

05/01/33

.....

9,480

10,004,076

Series

2023D

,

GO

,

5.00

%

,

07/01/33

.....

9,465

10,591,976

Series

2018A

,

GO

,

5.00

%

,

10/01/33

.....

1,240

1,313,376

Series

2017A

,

GO

,

4.00

%

,

12/01/33

.....

2,500

2,511,734

Series

2021B

,

GO

,

5.00

%

,

12/01/33

.....

6,000

6,667,226

Series

2014

,

GO

,

5.25

%

,

02/01/34

......

3,000

3,003,627

Series

2022B

,

GO

,

5.00

%

,

03/01/34

.....

5,000

5,556,759

Series

2023B

,

GO

,

5.00

%

,

05/01/34

.....

15,000

16,690,141

Series

2024B

,

GO

,

5.00

%

,

05/01/34

.....

2,000

2,275,148

Series

2017A

,

GO

,

5.00

%

,

12/01/34

.....

2,650

2,769,945

Series

2021A

,

GO

,

5.00

%

,

03/01/35

.....

1,500

1,645,576

Series

2024B

,

GO

,

5.00

%

,

05/01/35

.....

7,500

8,489,600

Series

2021A

,

GO

,

5.00

%

,

03/01/36

.....

3,000

3,279,586

Series

2024B

,

GO

,

5.00

%

,

05/01/36

.....

7,500

8,448,105

Series

2023B

,

GO

,

5.00

%

,

05/01/36

.....

2,900

3,200,292

Series

2014

,

GO

,

5.00

%

,

05/01/36

......

1,000

1,000,990

Series

2022A

,

GO

,

5.25

%

,

03/01/37

.....

1,665

1,855,743

Series

2023B

,

GO

,

5.00

%

,

05/01/37

.....

3,500

3,847,885

Series

2022B

,

GO

,

5.25

%

,

10/01/37

.....

5,000

5,598,485

Series

2021A

,

GO

,

4.00

%

,

03/01/38

.....

2,000

1,987,169

Series

2023B

,

GO

,

5.25

%

,

05/01/38

.....

2,000

2,222,842

Series

2020C

,

GO

,

4.00

%

,

10/01/38

.....

2,500

2,472,849

Series

2017A

,

GO

,

5.00

%

,

12/01/38

.....

3,740

3,874,155

Series

2014

,

GO

,

5.00

%

,

02/01/39

......

7,285

7,291,531

Series

2024B

,

GO

,

5.00

%

,

05/01/39

.....

3,000

3,330,356

Series

2014

,

GO

,

5.00

%

,

05/01/39

......

2,500

2,502,212

Series

2023B

,

GO

,

5.25

%

,

05/01/39

.....

2,500

2,767,331

Series

2020

,

GO

,

5.50

%

,

05/01/39

......

7,075

7,769,952

Series

2021B

,

GO

,

4.00

%

,

12/01/39

.....

2,000

1,964,958

Series

2023C

,

GO

,

5.00

%

,

12/01/39

.....

15,000

16,549,438

Series

2017A

,

GO

,

5.00

%

,

12/01/39

.....

2,000

2,067,809

Series

2024B

,

GO

,

5.00

%

,

05/01/40

.....

3,500

3,865,046

Series

2023B

,

GO

,

5.25

%

,

05/01/40

.....

3,190

3,515,905

Series

2020C

,

GO

,

4.00

%

,

10/01/40

.....

5,000

4,892,214

Series

2019C

,

GO

,

4.00

%

,

11/01/40

.....

18,000

17,598,150

Series

2023C

,

GO

,

5.00

%

,

12/01/40

.....

35,000

38,390,824

Series

2021A

,

GO

,

4.00

%

,

03/01/41

.....

4,750

4,640,778

Series

2024B

,

GO

,

5.00

%

,

05/01/41

.....

5,000

5,491,236

Series

2022A

,

GO

,

5.50

%

,

03/01/42

.....

3,000

3,338,063

Series

2018A

,

GO

,

5.00

%

,

05/01/42

.....

4,345

4,486,772

Series

2023B

,

GO

,

5.25

%

,

05/01/42

.....

4,000

4,370,821

Series

2024B

,

GO

,

5.25

%

,

05/01/45

.....

5,000

5,501,302

Series

2020

,

GO

,

5.75

%

,

05/01/45

......

3,125

3,426,165

Series

2021A

,

GO

,

5.00

%

,

03/01/46

.....

24,235

25,589,140

Series

2022C

,

GO

,

5.25

%

,

10/01/46

.....

5,000

5,410,580

Series

2022A

,

GO

,

5.50

%

,

03/01/47

.....

2,000

2,192,154

Series

2024B

,

GO

,

5.25

%

,

05/01/47

.....

11,000

12,027,975

Security

Par

(000)

Par

(000)

Value

Illinois

(continued)

Series

2023B

,

GO

,

5.50

%

,

05/01/47

.....

USD

10,550

$

11,577,696

Series

2022C

,

GO

,

5.25

%

,

10/01/47

.....

3,000

3,238,223

Series

2024B

,

GO

,

5.25

%

,

05/01/48

.....

5,650

6,160,454

Series

2024B

,

GO

,

5.25

%

,

05/01/49

.....

4,000

4,350,654

State

of

Illinois

Sales

Tax

Series

2013

,

RB

,

5.00

%

,

06/15/26

......

1,500

1,502,176

Series

2024A

,

RB

,

5.00

%

,

06/15/29

.....

23,900

25,779,596

Series

2024B

,

RB

,

5.00

%

,

06/15/35

.....

6,000

6,805,430

Series

2024C

,

RB

,

5.00

%

,

06/15/41

.....

9,080

9,989,237

1,605,551,031

Indiana

—

0.3%

City

of

Indianapolis

Department

of

Public

Utilities

Water

System

Series

2018A

,

RB

,

5.00

%

,

10/01/33

.....

4,185

4,489,226

Series

2018A

,

RB

,

5.00

%

,

10/01/35

.....

1,000

1,069,055

Series

2016B

,

RB

,

5.00

%

,

10/01/37

.....

14,010

14,443,028

Indiana

Finance

Authority

Series

2016C

,

RB

,

5.00

%

,

12/01/24

.....

5,070

5,094,527

Series

2015B

,

RB

,

5.00

%

,

02/01/25

.....

4,915

4,959,802

Series

2016C

,

RB

,

5.00

%

,

12/01/25

.....

7,890

8,123,117

Series

E

,

RB

,

5.00

%

,

02/01/27

.........

3,375

3,517,896

Series

2016C

,

RB

,

5.00

%

,

06/01/27

.....

7,435

7,818,141

Series

2017C

,

RB

,

5.00

%

,

02/01/29

.....

1,800

1,927,437

Series

2016C

,

RB

,

5.00

%

,

06/01/29

.....

3,120

3,470,242

Series

2021-1

,

RB

,

5.00

%

,

10/01/29

.....

1,000

1,114,775

Series

2022B

,

RB

,

5.00

%

,

02/01/31

.....

10,000

11,448,960

Series

2021B

,

RB

,

5.00

%

,

02/01/34

.....

3,000

3,385,927

Series

2021-1

,

RB

,

5.00

%

,

10/01/34

.....

2,605

2,951,698

Series

2015A

,

RB

,

5.25

%

,

02/01/35

.....

1,000

1,017,041

Series

D

,

RB

,

5.00

%

,

08/01/36

.........

8,935

9,334,698

Series

2019A

,

RB

,

5.00

%

,

02/01/37

.....

1,000

1,075,873

Series

2019A

,

RB

,

5.00

%

,

02/01/38

.....

3,310

3,552,120

Series

2021B

,

RB

,

4.00

%

,

02/01/39

.....

7,000

7,219,252

Series

2019A

,

RB

,

5.00

%

,

02/01/39

.....

7,755

8,294,356

Series

2021B

,

RB

,

4.00

%

,

02/01/40

.....

3,000

3,071,449

Series

2015A

,

RB

,

5.00

%

,

10/01/40

.....

10,000

10,011,345

Series

2021B

,

RB

,

5.00

%

,

02/01/41

.....

2,555

2,794,241

Series

2021-1

,

RB

,

3.00

%

,

10/01/41

.....

5,000

4,360,465

Series

2016A

,

RB

,

5.00

%

,

10/01/41

.....

2,000

2,064,253

Series

2024A

,

RB

,

5.00

%

,

02/01/42

.....

5,000

5,623,664

Series

2012A

,

RB

,

4.00

%

,

10/01/42

.....

2,500

2,500,030

Series

2024A

,

RB

,

5.00

%

,

02/01/43

.....

8,300

9,296,283

Series

2024A

,

RB

,

5.00

%

,

10/01/43

.....

1,440

1,604,954

Series

2014A

,

RB

,

4.25

%

,

10/01/44

.....

3,205

3,204,827

Series

2014A

,

RB

,

5.00

%

,

10/01/44

.....

1,000

1,001,372

Series

2016A

,

RB

,

5.00

%

,

10/01/46

.....

7,370

7,566,485

Series

2022B

,

RB

,

5.25

%

,

10/01/52

.....

7,490

8,028,398

Indiana

Municipal

Power

Agency

Series

2016A

,

RB

,

5.00

%

,

01/01/42

.....

18,345

18,783,433

Series

2017A

,

RB

,

5.00

%

,

01/01/42

.....

3,000

3,118,649

Indianapolis

Local

Public

Improvement

Bond

Bank

Series

2021A

,

RB

,

5.00

%

,

06/01/30

.....

8,000

8,890,704

Series

2019A

,

RB

,

5.00

%

,

02/01/49

.....

6,000

6,263,205

Series

2019A

,

RB

,

5.00

%

,

02/01/54

.....

9,950

10,372,087

212,863,015

Iowa

—

0.0%

City

of

West

Des

Moines,

Series

2021B,

GO,

2.00%, 06/01/36

.................

1,170

937,468

Iowa

Finance

Authority

Series

2017

,

RB

,

5.00

%

,

08/01/28

......

4,200

4,482,741

Series

2017

,

RB

,

5.00

%

,

08/01/30

......

2,000

2,119,047

Series

2017

,

RB

,

5.00

%

,

08/01/31

......

3,420

3,605,566

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Iowa

(continued)

Series

2023A

,

RB

,

5.00

%

,

08/01/35

.....

USD

5,500

$

6,415,556

Series

2020A

,

RB

,

5.00

%

,

08/01/38

.....

2,665

2,942,353

Series

2022A

,

RB

,

5.00

%

,

08/01/39

.....

5,000

5,648,232

Series

2023A

,

RB

,

5.00

%

,

08/01/40

.....

1,690

1,918,495

Series

2023A

,

RB

,

5.00

%

,

08/01/41

.....

3,800

4,286,449

Series

2017

,

RB

,

5.00

%

,

08/01/42

......

7,265

7,500,372

Series

2023A

,

RB

,

5.00

%

,

08/01/42

.....

4,000

4,485,727

Series

2022A

,

RB

,

5.00

%

,

08/01/47

.....

2,500

2,715,656

Series

2020A

,

RB

,

5.00

%

,

08/01/49

.....

1,525

1,624,696

Series

2022A

,

RB

,

5.00

%

,

08/01/52

.....

9,715

10,520,310

State

of

Iowa,

Series

2016A,

RB,

5.00%, 06/01/27

.................

1,000

1,039,250

60,241,918

Kansas

—

0.2%

Johnson

County

Unified

School

District

No.

512

Shawnee

Mission,

Series

2015A,

GO,

5.00%, 10/01/33

.................

5,000

5,127,449

Kansas

Development

Finance

Authority,

Series

2019SRF,

RB,

5.00%, 05/01/31

........

5,465

6,005,671

Seward

County

Unified

School

District

No.

480

Liberal

Series

2017B

,

GO

,

4.00

%

,

09/01/32

.....

3,895

3,944,748

Series

2017B

,

GO

,

4.00

%

,

09/01/33

.....

4,080

4,132,111

State

of

Kansas

Department

of

Transportation

Series

2015B

,

RB

,

5.00

%

,

09/01/26

.....

5,040

5,152,273

Series

2014A

,

RB

,

5.00

%

,

09/01/27

.....

2,040

2,040,000

Series

2015B

,

RB

,

5.00

%

,

09/01/27

.....

3,010

3,077,117

Series

2014A

,

RB

,

5.00

%

,

09/01/29

.....

1,000

1,000,000

Series

2015B

,

RB

,

5.00

%

,

09/01/29

.....

1,000

1,021,406

Series

2014A

,

RB

,

5.00

%

,

09/01/30

.....

1,100

1,100,000

Series

2015B

,

RB

,

5.00

%

,

09/01/30

.....

3,270

3,338,058

Series

2024A

,

RB

,

5.00

%

,

09/01/32

.....

14,080

16,327,381

Series

2015B

,

RB

,

5.00

%

,

09/01/33

.....

3,000

3,062,735

Series

2024A

,

RB

,

5.00

%

,

09/01/34

.....

15,000

17,787,061

Series

2015B

,

RB

,

5.00

%

,

09/01/35

.....

2,000

2,037,873

Series

2017A

,

RB

,

5.00

%

,

09/01/35

.....

3,380

3,541,404

Series

2024A

,

RB

,

5.00

%

,

09/01/35

.....

7,500

8,835,494

Wyandotte

County-Kansas

City

Unified

Government

Utility

System,

Series

2014A,

RB,

4.25%, 09/01/39

.................

9,285

9,193,049

96,723,830

Kentucky

—

0.1%

Kentucky

Asset

Liability

Commission,

Series

A,

RB,

5.00%, 09/01/26

..............

1,010

1,010,000

Kentucky

State

Property

&

Building

Commission,

RB,

5.00%, 05/01/27

..............

4,765

5,041,151

Kentucky

Turnpike

Authority,

Series

2024A,

RB,

5.00%, 07/01/30

.................

2,000

2,254,814

Louisville

and

Jefferson

County

Metropolitan

Sewer

District,

Series

2024A,

RB,

5.00%, 05/15/37

.................

25,500

29,805,843

Scott

County

School

District

Finance

Corp.,

Series

2022,

RB,

5.00%, 09/01/41

(BAM)

..

4,500

4,932,312

43,044,120

Louisiana

—

0.6%

City

of

New

Orleans,

Series

2024A,

GO,

5.00%, 12/01/53

.................

37,505

40,203,428

City

of

New

Orleans

Water

System,

Series

2014,

RB,

5.00%, 12/01/44

..............

1,000

1,004,577

East

Baton

Rouge

Sewerage

Commission

Series

2014B

,

RB

,

5.00

%

,

02/01/39

.....

2,000

2,017,197

Series

2019A

,

RB

,

4.00

%

,

02/01/45

.....

3,000

2,982,989

Security

Par

(000)

Par

(000)

Value

Louisiana

(continued)

New

Orleans

Aviation

Board,

Series

A,

RB,

5.00%, 01/01/48

.................

USD

8,355

$

8,513,028

State

of

Louisiana

Series

2016D

,

GO

,

5.00

%

,

09/01/24

.....

3,075

3,075,000

Series

2016B

,

GO

,

5.00

%

,

08/01/27

.....

3,265

3,400,087

Series

2016B

,

GO

,

5.00

%

,

08/01/28

.....

2,850

2,967,916

Series

2019A

,

GO

,

5.00

%

,

03/01/31

.....

10,870

11,853,260

Series

2021A

,

GO

,

5.00

%

,

03/01/32

.....

7,875

8,925,866

Series

2023

,

RB

,

5.00

%

,

09/01/34

......

5,000

5,838,370

Series

2024E

,

GO

,

5.00

%

,

09/01/34

(c)

....

9,000

10,636,612

Series

2019A

,

GO

,

5.00

%

,

03/01/35

.....

8,000

8,634,167

Series

2023A

,

GO

,

5.00

%

,

04/01/35

.....

4,165

4,814,216

Series

2022A

,

GO

,

4.00

%

,

04/01/39

.....

7,500

7,757,707

Series

2021A

,

GO

,

5.00

%

,

03/01/40

.....

5,000

5,487,012

Series

2022A

,

GO

,

4.00

%

,

04/01/40

.....

10,000

10,266,683

Series

2024A

,

GO

,

5.00

%

,

05/01/40

.....

18,565

21,157,483

Series

2022A

,

GO

,

4.00

%

,

04/01/41

.....

4,445

4,539,227

Series

2022A

,

GO

,

4.00

%

,

04/01/42

.....

15,065

15,194,182

Series

2024A

,

GO

,

4.00

%

,

05/01/42

.....

20,275

20,670,139

State

of

Louisiana

Gasoline

&

Fuels

Tax

Series

2022B

,

RB

,

4.00

%

,

05/01/39

.....

5,830

6,012,211

Series

A

,

RB

,

4.50

%

,

05/01/39

.........

1,000

1,011,315

Series

C

,

RB

,

5.00

%

,

05/01/40

.........

2,000

2,082,849

Series

A

,

RB

,

4.00

%

,

05/01/41

.........

10,000

10,080,654

Series

A

,

RB

,

5.00

%

,

05/01/41

.........

8,500

8,623,801

227,749,976

Maine

—

0.1%

Maine

Health

&

Higher

Educational

Facilities

Authority

(c)

Series

2024B

,

RB

,

5.00

%

,

10/01/38

.....

7,500

8,626,476

Series

2024B

,

RB

,

5.25

%

,

10/01/54

.....

11,500

12,727,150

Maine

Turnpike

Authority

Series

2020

,

RB

,

4.00

%

,

07/01/45

......

1,000

1,001,030

Series

2018

,

RB

,

5.00

%

,

07/01/47

......

1,000

1,041,439

Series

2020

,

RB

,

4.00

%

,

07/01/50

......

2,425

2,373,517

25,769,612

Maryland

—

2.2%

City

of

Baltimore

Series

2019A

,

RB

,

4.00

%

,

07/01/44

.....

6,500

6,513,727

Series

2017A

,

RB

,

5.00

%

,

07/01/46

.....

3,000

3,075,027

Series

2019A

,

RB

,

4.00

%

,

07/01/49

.....

2,000

1,942,748

County

of

Anne

Arundel

Series

2021

,

GO

,

5.00

%

,

10/01/25

......

2,225

2,282,992

Series

2021

,

GO

,

5.00

%

,

10/01/26

......

5,275

5,544,510

Series

2021

,

GO

,

5.00

%

,

04/01/28

......

6,575

7,148,071

Series

2021

,

GO

,

5.00

%

,

10/01/28

......

4,690

5,153,202

Series

2021

,

GO

,

3.00

%

,

10/01/39

......

8,520

7,679,889

Series

2021

,

GO

,

3.00

%

,

10/01/40

......

8,520

7,554,902

Series

2018

,

GO

,

5.00

%

,

10/01/47

......

2,000

2,072,634

Series

2022

,

GO

,

4.00

%

,

10/01/51

......

15,460

15,323,148

County

of

Baltimore

Series

2022

,

GO

,

5.00

%

,

03/01/25

......

5,435

5,499,953

Series

2019

,

GO

,

4.00

%

,

03/01/37

......

4,575

4,709,918

County

of

Frederick,

Series

2018A,

GO,

3.40%, 08/01/37

.................

7,000

6,881,314

County

of

Howard

Series

2017B

,

GO

,

5.00

%

,

02/15/27

.....

1,125

1,192,818

Series

2023A

,

GO

,

4.00

%

,

08/15/40

.....

5,015

5,192,622

County

of

Montgomery

Series

2014A

,

GO

,

5.00

%

,

11/01/24

.....

2,125

2,131,866

Series

2014B

,

GO

,

5.00

%

,

11/01/24

.....

2,535

2,543,191

Series

2017A

,

GO

,

5.00

%

,

11/01/24

.....

1,000

1,003,231

Series

2017C

,

GO

,

5.00

%

,

10/01/25

.....

6,870

7,051,281

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Maryland

(continued)

Series

2014B

,

GO

,

5.00

%

,

11/01/25

.....

USD

3,945

$

3,957,353

Series

2017C

,

GO

,

5.00

%

,

10/01/26

.....

5,250

5,518,233

Series

2017A

,

GO

,

5.00

%

,

11/01/26

.....

3,955

4,165,141

Series

2018A

,

GO

,

5.00

%

,

11/01/26

.....

5,780

6,087,109

Series

2019A

,

GO

,

5.00

%

,

11/01/26

.....

1,600

1,685,013

Series

2017C

,

GO

,

5.00

%

,

10/01/27

.....

1,500

1,613,539

Series

2020B

,

GO

,

4.00

%

,

11/01/28

.....

5,545

5,878,267

Series

2019A

,

GO

,

5.00

%

,

11/01/28

.....

2,500

2,752,685

Series

2014A

,

GO

,

5.00

%

,

11/01/28

.....

525

526,711

Series

2016A

,

GO

,

4.00

%

,

12/01/30

.....

10,000

10,008,021

Series

2021A

,

GO

,

5.00

%

,

08/01/31

.....

8,440

9,728,727

Series

2021A

,

GO

,

4.00

%

,

08/01/32

.....

2,445

2,616,396

Series

2016A

,

GO

,

4.00

%

,

12/01/33

.....

5,125

5,127,382

Series

2023A

,

GO

,

4.00

%

,

08/01/41

.....

14,000

14,319,803

Series

2023A

,

GO

,

4.00

%

,

08/01/42

.....

14,000

14,216,710

County

of

Prince

George's

Series

2018A

,

GO

,

5.00

%

,

07/15/25

.....

10,005

10,210,665

Series

2021A

,

GO

,

5.00

%

,

07/01/26

.....

3,490

3,645,691

Series

2017A

,

GO

,

5.00

%

,

09/15/26

.....

1,200

1,259,957

Series

2018A

,

GO

,

5.00

%

,

07/15/27

.....

1,530

1,637,941

Series

2021A

,

GO

,

5.00

%

,

07/01/28

.....

15,580

17,034,480

Series

2020A

,

GO

,

5.00

%

,

07/15/28

.....

3,235

3,539,956

Series

2018A

,

GO

,

5.00

%

,

07/15/28

.....

4,015

4,393,485

Series

2021A

,

GO

,

5.00

%

,

07/01/29

.....

12,150

13,556,421

Series

2018A

,

GO

,

5.00

%

,

07/15/29

.....

2,000

2,183,679

Series

2020B

,

GO

,

5.00

%

,

09/15/29

.....

1,000

1,120,224

Series

2023A

,

GO

,

5.00

%

,

08/01/30

.....

10,115

11,490,343

Series

2018A

,

GO

,

5.00

%

,

07/15/31

.....

11,000

11,871,828

Series

2023A

,

GO

,

5.00

%

,

08/01/31

.....

7,455

8,593,325

Series

2022A

,

GO

,

5.00

%

,

07/01/32

.....

15,785

18,427,734

Series

2023A

,

GO

,

5.00

%

,

08/01/32

.....

10,000

11,687,204

Series

2022A

,

GO

,

5.00

%

,

07/01/33

.....

9,200

10,687,318

Series

2023A

,

GO

,

5.00

%

,

08/01/34

.....

9,385

11,064,502

Series

2023A

,

GO

,

5.00

%

,

08/01/35

.....

8,055

9,447,768

Series

2024A

,

GO

,

5.00

%

,

08/01/44

.....

6,945

7,855,858

Maryland

Stadium

Authority,

Series

2016,

RB,

5.00%, 05/01/46

(ST

INTERCEPT)

.....

38,750

40,309,160

Maryland

State

Transportation

Authority

Series

2021A

,

RB

,

5.00

%

,

07/01/26

.....

8,535

8,916,094

Series

2024A

,

RB

,

5.00

%

,

07/01/34

.....

3,065

3,619,281

Series

2024A

,

RB

,

5.00

%

,

07/01/36

.....

4,200

4,902,760

Series

2024A

,

RB

,

5.00

%

,

07/01/38

.....

1,200

1,388,108

Series

2024A

,

RB

,

5.00

%

,

07/01/40

.....

4,000

4,549,085

Series

2024A

,

RB

,

5.00

%

,

07/01/42

.....

6,880

7,746,175

Series

2024A

,

RB

,

5.00

%

,

07/01/43

.....

3,250

3,637,612

Series

2020

,

RB

,

4.00

%

,

07/01/50

......

9,000

8,749,493

State

of

Maryland

Series

2021A

,

GO

,

5.00

%

,

03/01/25

.....

4,630

4,682,638

Series

2017

,

GO

,

5.00

%

,

03/15/25

......

6,790

6,873,397

Series

2016

,

GO

,

4.00

%

,

06/01/25

......

4,255

4,256,962

Series

2015B

,

GO

,

4.00

%

,

08/01/25

.....

3,970

4,021,549

Series

2017B

,

GO

,

5.00

%

,

08/01/25

.....

1,495

1,527,785

Series

2018A

,

GO

,

5.00

%

,

03/15/26

.....

6,085

6,315,033

Series

2020C-1

,

GO

,

3.00

%

,

08/01/26

...

6,500

6,537,302

Series

2018-2B

,

GO

,

5.00

%

,

08/01/26

....

4,905

5,137,114

Series

2021A

,

GO

,

5.00

%

,

03/01/27

.....

10,040

10,656,321

Series

2019-1

,

GO

,

5.00

%

,

03/15/27

.....

4,295

4,562,749

Series

2018A

,

GO

,

5.00

%

,

03/15/27

.....

1,355

1,439,470

Series

2015

,

GO

,

4.00

%

,

08/01/27

......

2,000

2,000,494

Series

2020-2B

,

GO

,

5.00

%

,

08/01/27

....

9,060

9,709,183

Series

2022-2C

,

GO

,

4.00

%

,

03/01/28

...

5,000

5,254,487

Series

2021A

,

GO

,

5.00

%

,

03/01/28

.....

8,800

9,553,078

Series

2019-1

,

GO

,

5.00

%

,

03/15/28

.....

4,775

5,187,960

Series

2020A-1

,

GO

,

5.00

%

,

03/15/28

....

1,195

1,298,348

Series

2017A

,

GO

,

5.00

%

,

08/01/28

.....

5,000

5,332,775

Security

Par

(000)

Par

(000)

Value

Maryland

(continued)

Series

2021A

,

GO

,

5.00

%

,

08/01/28

.....

USD

7,560

$

8,280,552

Series

2A

,

GO

,

5.00

%

,

08/01/28

.......

7,660

8,390,083

Series

2022-2C

,

GO

,

4.00

%

,

03/01/29

...

4,210

4,474,730

Series

2018A

,

GO

,

5.00

%

,

03/15/29

.....

2,025

2,195,753

Series

2017

,

GO

,

5.00

%

,

03/15/29

......

7,880

8,322,464

Series

2019-1

,

GO

,

5.00

%

,

03/15/29

.....

5,000

5,547,992

Series

2016

,

GO

,

4.00

%

,

06/01/29

......

6,130

6,131,313

Series

2022-2D

,

GO

,

4.00

%

,

08/01/29

...

4,500

4,807,246

Series

2015

,

GO

,

4.00

%

,

08/01/29

......

2,000

2,000,418

Series

2018-2

,

GO

,

5.00

%

,

08/01/29

.....

2,905

3,174,721

Series

2A

,

GO

,

5.00

%

,

08/01/29

.......

12,000

13,417,513

Series

2017

,

GO

,

4.00

%

,

03/15/30

......

5,000

5,129,325

Series

2020A-1

,

GO

,

5.00

%

,

03/15/30

....

1,185

1,338,321

Series

2022A

,

GO

,

5.00

%

,

06/01/30

.....

32,820

37,168,916

Series

2019-2A

,

GO

,

5.00

%

,

08/01/30

....

5,240

5,813,614

Series

2019-1

,

GO

,

5.00

%

,

03/15/31

.....

3,270

3,596,175

Series

2018A

,

GO

,

5.00

%

,

03/15/31

.....

3,000

3,220,527

Series

2019-2A

,

GO

,

5.00

%

,

08/01/31

....

5,570

6,162,493

Series

2018-2

,

GO

,

5.00

%

,

08/01/31

.....

1,500

1,620,036

Series

2021A

,

GO

,

5.00

%

,

08/01/31

.....

3,100

3,571,229

Series

2019-1

,

GO

,

5.00

%

,

03/15/32

.....

5,005

5,491,797

Series

2018-2

,

GO

,

4.00

%

,

08/01/32

.....

4,000

4,130,950

Series

2018A

,

GO

,

3.13

%

,

03/15/33

.....

4,800

4,739,592

Series

2019-1

,

GO

,

4.00

%

,

03/15/33

.....

1,200

1,250,743

Series

2023A

,

GO

,

5.00

%

,

03/15/33

.....

26,735

31,448,471

Series

2022A

,

GO

,

5.00

%

,

06/01/33

.....

6,065

7,032,736

Series

2020A

,

GO

,

5.00

%

,

08/01/34

.....

10,000

11,136,289

Series

2021A

,

GO

,

5.00

%

,

08/01/34

.....

7,000

7,978,266

Series

2022A

,

GO

,

5.00

%

,

06/01/35

.....

15,040

17,333,526

Series

2024-1A

,

GO

,

5.00

%

,

06/01/35

....

30,955

36,738,703

Series

2021A

,

GO

,

4.00

%

,

08/01/35

.....

5,000

5,295,699

Series

2020A

,

GO

,

5.00

%

,

08/01/35

.....

6,505

7,225,481

Series

2022A

,

GO

,

5.00

%

,

06/01/36

.....

8,965

10,282,617

Series

2021A

,

GO

,

4.00

%

,

08/01/36

.....

13,000

13,662,307

Series

2022A

,

GO

,

5.00

%

,

06/01/37

.....

1,880

2,149,434

Series

2023A

,

GO

,

5.00

%

,

03/15/38

.....

40,505

46,666,499

Series

2024-1A

,

GO

,

5.00

%

,

06/01/38

....

32,000

37,416,998

Series

2024-1A

,

GO

,

5.00

%

,

06/01/39

....

8,310

9,645,968

State

of

Maryland

Department

of

Transportation

Series

2017

,

RB

,

5.00

%

,

09/01/24

......

1,275

1,275,000

Series

2016

,

RB

,

5.00

%

,

11/01/24

......

4,505

4,518,614

Series

2016

,

RB

,

4.00

%

,

11/01/25

......

3,025

3,030,273

Series

2017

,

RB

,

5.00

%

,

09/01/26

......

10,960

11,491,102

Series

2021B

,

RB

,

5.00

%

,

12/01/26

.....

2,000

2,109,769

Series

2022B

,

RB

,

5.00

%

,

12/01/26

.....

1,570

1,656,169

Series

2017

,

RB

,

5.00

%

,

09/01/27

......

7,030

7,537,106

Series

2018

,

RB

,

5.00

%

,

10/01/27

......

5,030

5,278,251

Series

2021A

,

RB

,

5.00

%

,

10/01/27

.....

3,015

3,238,266

Series

2019

,

RB

,

5.00

%

,

10/01/27

......

1,175

1,262,011

Series

2020

,

RB

,

5.00

%

,

10/01/27

......

5,130

5,509,886

Series

2017

,

RB

,

5.00

%

,

09/01/28

......

3,060

3,267,235

Series

2019

,

RB

,

5.00

%

,

10/01/28

......

7,000

7,486,536

Series

2022B

,

RB

,

5.00

%

,

12/01/28

.....

1,125

1,238,315

Series

2018

,

RB

,

5.00

%

,

10/01/29

......

1,810

1,889,317

Series

2021A

,

RB

,

5.00

%

,

10/01/29

.....

10,000

11,178,580

Series

2017

,

RB

,

5.00

%

,

09/01/30

......

1,045

1,111,546

Series

2019

,

RB

,

3.00

%

,

10/01/34

......

4,180

3,990,865

Series

2020

,

RB

,

5.00

%

,

10/01/34

......

2,090

2,326,177

Washington

Suburban

Sanitary

Commission

Series

2021

,

RB

,

2.13

%

,

06/01/37

(

GTD

)

..

10,740

8,738,563

Series

2021

,

RB

,

2.13

%

,

06/01/38

(

GTD

)

..

10,970

8,750,768

Series

2024

,

RB

,

4.00

%

,

06/01/47

(

GTD

)

..

10,685

10,702,633

Series

2024

,

RB

,

4.00

%

,

06/01/48

(

GTD

)

..

3,200

3,200,915

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Maryland

(continued)

Series

2023

,

RB

,

4.00

%

,

06/01/49

(

GTD

)

..

USD

3,300

$

3,292,884

1,034,641,204

Massachusetts

—

4.9%

City

of

Boston

Series

2022A

,

GO

,

5.00

%

,

11/01/35

.....

4,565

5,367,962

Series

2023A

,

GO

,

5.00

%

,

11/01/35

.....

5,160

6,166,289

Series

2022A

,

GO

,

5.00

%

,

11/01/41

.....

13,170

14,997,349

Commonwealth

of

Massachusetts

Series

2021A

,

GO

,

5.00

%

,

09/01/24

.....

1,930

1,930,000

Series

2006B

,

GO

,

5.25

%

,

09/01/24

(

AGM

)

2,135

2,135,000

Series

2016H

,

GO

,

5.00

%

,

12/01/24

.....

1,245

1,251,515

Series

2019A

,

GO

,

5.00

%

,

01/01/25

.....

4,525

4,557,632

Series

2019C

,

GO

,

5.00

%

,

05/01/25

.....

2,500

2,538,485

Series

2017D

,

GO

,

5.00

%

,

07/01/25

.....

2,880

2,937,282

Series

2020B

,

GO

,

5.00

%

,

07/01/25

.....

2,500

2,549,724

Series

A

,

GO

,

5.00

%

,

07/01/25

........

1,380

1,407,448

Series

C

,

GO

,

5.00

%

,

08/01/25

........

1,425

1,456,770

Series

2006B

,

GO

,

5.25

%

,

09/01/25

(

AGM

)

1,080

1,109,699

Series

2016C

,

GO

,

5.00

%

,

10/01/25

.....

5,020

5,154,749

Series

E

,

GO

,

5.00

%

,

11/01/25

(

AMBAC

)

..

2,150

2,212,210

Series

2016C

,

GO

,

5.00

%

,

04/01/26

.....

5,230

5,435,968

Series

2019C

,

GO

,

5.00

%

,

05/01/26

.....

10,000

10,409,927

Series

2016A

,

GO

,

5.00

%

,

07/01/26

.....

1,070

1,118,363

Series

2017D

,

GO

,

5.00

%

,

07/01/26

.....

9,080

9,490,411

Series

A

,

GO

,

5.00

%

,

07/01/26

........

8,375

8,753,546

Series

C

,

GO

,

5.00

%

,

10/01/26

........

9,590

10,081,746

Series

2017E

,

GO

,

5.00

%

,

11/01/26

.....

2,180

2,296,250

Series

2016H

,

GO

,

5.00

%

,

12/01/26

.....

5,075

5,356,069

Series

2016B

,

GO

,

5.00

%

,

07/01/27

.....

1,105

1,181,855

Series

2017D

,

GO

,

5.00

%

,

07/01/27

.....

4,065

4,347,729

Series

2021A

,

GO

,

5.00

%

,

09/01/27

.....

5,000

5,368,488

Series

C

,

GO

,

5.00

%

,

10/01/27

........

1,250

1,344,573

Series

2017E

,

GO

,

5.00

%

,

11/01/27

.....

4,890

5,269,568

Series

2019E

,

GO

,

3.00

%

,

12/01/27

.....

1,905

1,920,065

Series

2024A

,

GO

,

5.00

%

,

01/01/28

.....

2,920

3,159,192

Series

2017D

,

GO

,

5.00

%

,

07/01/28

.....

2,600

2,843,617

Series

2016A

,

GO

,

5.00

%

,

07/01/28

.....

12,980

13,517,611

Series

2018B

,

GO

,

5.00

%

,

07/01/28

.....

5,000

5,468,493

Series

2021A

,

GO

,

5.00

%

,

09/01/28

.....

2,000

2,195,257

Series

2020A

,

GO

,

5.00

%

,

03/01/29

.....

5,005

5,546,669

Series

2023A

,

GO

,

5.00

%

,

05/01/29

.....

1,000

1,111,958

Series

2018B

,

GO

,

5.00

%

,

07/01/29

.....

3,500

3,904,964

Series

2020D

,

GO

,

5.00

%

,

07/01/30

.....

1,505

1,707,373

Series

2004A

,

GO

,

5.50

%

,

08/01/30

(

AMBAC

)

.....................

6,400

7,312,473

Series

2020E

,

GO

,

5.00

%

,

11/01/30

.....

1,600

1,824,328

Series

2020D

,

GO

,

5.00

%

,

07/01/31

.....

5,005

5,618,970

Series

2021C

,

GO

,

5.00

%

,

09/01/31

.....

5,000

5,752,557

Series

2022A

,

GO

,

5.00

%

,

10/01/31

.....

10,000

11,518,387

Series

2022D

,

GO

,

5.00

%

,

11/01/31

.....

13,370

15,417,769

Series

2020B

,

GO

,

4.00

%

,

03/01/32

.....

16,455

17,355,709

Series

2020B

,

GO

,

5.00

%

,

07/01/32

.....

8,280

9,266,625

Series

2020E

,

GO

,

5.00

%

,

11/01/32

.....

1,500

1,686,894

Series

2016B

,

GO

,

5.00

%

,

07/01/33

.....

2,080

2,151,643

Series

2019G

,

GO

,

5.00

%

,

09/01/33

.....

5,035

5,036,720

Series

2020E

,

GO

,

5.00

%

,

11/01/33

.....

2,000

2,245,228

Series

2024B

,

GO

,

5.00

%

,

11/01/33

.....

10,000

11,813,012

Series

2018A

,

GO

,

5.00

%

,

01/01/34

.....

2,500

2,655,198

Series

2024A

,

GO

,

5.00

%

,

01/01/34

.....

5,000

5,918,200

Series

2023B

,

GO

,

5.00

%

,

05/01/34

.....

5,000

5,854,872

Series

2023B

,

GO

,

5.00

%

,

05/01/35

.....

5,000

5,835,388

Series

2023B

,

GO

,

5.00

%

,

05/01/36

.....

1,025

1,189,320

Series

A

,

GO

,

5.00

%

,

07/01/36

........

2,500

2,534,984

Series

2016J

,

GO

,

5.00

%

,

12/01/36

.....

13,710

14,230,603

Security

Par

(000)

Par

(000)

Value

Massachusetts

(continued)

Series

2024A

,

GO

,

5.00

%

,

01/01/37

.....

USD

3,060

$

3,572,680

Series

2020D

,

GO

,

5.00

%

,

07/01/37

.....

6,025

6,633,309

Series

2018E

,

GO

,

5.00

%

,

09/01/37

.....

4,000

4,265,011

Series

2016J

,

GO

,

5.00

%

,

12/01/37

.....

8,845

9,171,570

Series

2018A

,

GO

,

5.00

%

,

01/01/38

.....

1,000

1,056,538

Series

2019A

,

GO

,

5.00

%

,

01/01/38

.....

5,000

5,372,502

Series

2024A

,

GO

,

5.00

%

,

03/01/38

.....

2,500

2,908,927

Series

2023A

,

GO

,

5.00

%

,

05/01/38

.....

800

919,940

Series

2020D

,

GO

,

5.00

%

,

07/01/38

.....

2,000

2,197,534

Series

2018E

,

GO

,

5.00

%

,

09/01/38

.....

16,500

17,577,057

Series

2017F

,

GO

,

5.00

%

,

11/01/38

.....

4,870

5,115,366

Series

2024B

,

GO

,

5.00

%

,

11/01/38

.....

3,295

3,826,997

Series

2018A

,

GO

,

5.00

%

,

01/01/39

.....

8,710

9,153,464

Series

2023B

,

GO

,

5.00

%

,

05/01/39

.....

1,000

1,141,817

Series

2015E

,

GO

,

4.00

%

,

09/01/39

.....

5,500

5,504,328

Series

2017F

,

GO

,

5.00

%

,

11/01/39

.....

12,150

12,720,638

Series

2022B

,

GO

,

4.00

%

,

02/01/40

.....

5,000

5,120,189

Series

2024A

,

GO

,

5.00

%

,

03/01/40

.....

10,000

11,466,610

Series

2018D

,

GO

,

4.00

%

,

05/01/40

.....

5,000

5,025,721

Series

2023A

,

GO

,

5.00

%

,

05/01/40

.....

1,000

1,135,441

Series

2020D

,

GO

,

5.00

%

,

07/01/40

.....

1,500

1,630,243

Series

2024A

,

GO

,

5.00

%

,

01/01/41

.....

2,000

2,275,472

Series

2017D

,

GO

,

4.00

%

,

02/01/41

.....

3,000

3,009,229

Series

2023C

,

GO

,

5.00

%

,

08/01/41

.....

5,000

5,662,235

Series

2024B

,

GO

,

5.00

%

,

11/01/41

.....

3,000

3,425,791

Series

2018A

,

GO

,

5.00

%

,

01/01/42

.....

3,795

3,963,161

Series

2024A

,

GO

,

5.00

%

,

03/01/42

.....

18,570

21,021,322

Series

A

,

GO

,

5.25

%

,

04/01/42

........

6,590

6,875,982

Series

2024B

,

GO

,

5.00

%

,

05/01/42

.....

3,000

3,401,776

Series

2016G

,

GO

,

4.00

%

,

09/01/42

.....

5,000

4,984,583

Series

2022E

,

GO

,

5.00

%

,

11/01/42

.....

4,985

5,562,505

Series

2017F

,

GO

,

5.00

%

,

11/01/42

.....

2,500

2,601,736

Series

2018A

,

GO

,

5.00

%

,

01/01/43

.....

2,000

2,085,110

Series

2017F

,

GO

,

5.00

%

,

11/01/43

.....

8,665

9,003,161

Series

2019C

,

GO

,

5.00

%

,

05/01/44

.....

2,000

2,117,431

Series

2023B

,

GO

,

5.00

%

,

05/01/44

.....

3,000

3,331,545

Series

2022E

,

GO

,

5.00

%

,

11/01/44

.....

25,000

27,568,970

Series

2024B

,

GO

,

5.00

%

,

05/01/45

.....

5,000

5,578,700

Series

2017F

,

GO

,

5.00

%

,

11/01/45

.....

10,825

11,217,015

Series

2022E

,

GO

,

5.00

%

,

11/01/45

.....

8,000

8,790,154

Series

2020E

,

GO

,

5.00

%

,

11/01/45

.....

7,330

7,882,848

Series

2016E

,

GO

,

4.00

%

,

04/01/46

.....

8,415

8,257,172

Series

2024B

,

GO

,

5.00

%

,

05/01/46

.....

10,000

11,114,423

Series

2023C

,

GO

,

5.00

%

,

10/01/46

.....

14,850

16,396,506

Series

2020C

,

GO

,

3.00

%

,

03/01/47

.....

3,500

2,877,684

Series

B

,

GO

,

5.00

%

,

04/01/47

........

5,000

5,139,710

Series

A

,

GO

,

5.00

%

,

04/01/47

........

6,015

6,183,071

Series

2024B

,

GO

,

5.00

%

,

05/01/47

.....

5,200

5,758,176

Series

2022E

,

GO

,

5.00

%

,

11/01/47

.....

10,000

10,923,018

Series

2018A

,

GO

,

5.00

%

,

01/01/48

.....

3,090

3,201,134

Series

2023A

,

GO

,

5.00

%

,

05/01/48

.....

36,195

39,578,016

Series

2021D

,

GO

,

5.00

%

,

09/01/48

.....

2,500

2,688,035

Series

2024A

,

GO

,

5.00

%

,

01/01/49

.....

26,295

28,851,132

Series

2019A

,

GO

,

5.00

%

,

01/01/49

.....

2,500

2,617,088

Series

2024B

,

GO

,

5.00

%

,

05/01/49

.....

9,800

10,780,990

Series

2023C

,

GO

,

5.00

%

,

10/01/49

.....

8,025

8,781,240

Series

2020C

,

GO

,

2.75

%

,

03/01/50

.....

3,500

2,664,967

Series

2020E

,

GO

,

5.00

%

,

11/01/50

.....

9,765

10,383,458

Series

2021D

,

GO

,

5.00

%

,

09/01/51

.....

30,000

32,088,579

Series

2022C

,

GO

,

5.00

%

,

10/01/52

.....

29,280

31,607,019

Series

2022E

,

GO

,

5.00

%

,

11/01/52

.....

65,020

70,231,574

Series

2023A

,

GO

,

5.00

%

,

05/01/53

.....

18,000

19,517,857

Series

2024B

,

GO

,

5.00

%

,

05/01/54

.....

46,705

50,943,722

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Massachusetts

(continued)

Commonwealth

of

Massachusetts

Federal

Highway

Grant

Anticipation

Note,

Series

2014A,

RB,

5.00%, 06/15/27

.........

USD

2,025

$

2,028,043

Commonwealth

of

Massachusetts

Transportation

Fund

Series

2015A

,

RB

,

5.00

%

,

06/01/40

.....

10,840

10,946,163

Series

2016A

,

RB

,

5.00

%

,

06/01/41

.....

9,135

9,343,588

Series

2017A

,

RB

,

5.00

%

,

06/01/42

.....

5,600

5,806,656

Series

2017A

,

RB

,

5.00

%

,

06/01/43

.....

11,730

12,217,309

Series

2014A

,

RB

,

5.00

%

,

06/01/44

.....

2,000

2,001,004

Series

2015A

,

RB

,

4.00

%

,

06/01/45

.....

2,500

2,433,707

Series

2017A

,

RB

,

5.00

%

,

06/01/47

.....

3,850

3,969,139

Series

2023B

,

RB

,

5.00

%

,

06/01/47

.....

6,250

6,886,452

Series

2023B

,

RB

,

5.00

%

,

06/01/48

.....

5,000

5,494,604

Series

2023B

,

RB

,

5.00

%

,

06/01/49

.....

19,050

20,893,059

Series

2023B

,

RB

,

5.00

%

,

06/01/50

.....

35,620

39,008,570

Series

2021A

,

RB

,

5.00

%

,

06/01/51

.....

5,000

5,316,061

Series

2023A

,

RB

,

5.00

%

,

06/01/53

.....

16,205

17,657,848

Massachusetts

Bay

Transportation

Authority,

Series

2000A,

Sub-Series

A-1,

RB,

VRDN

(TD

Bank

NA

LIQ),

2.80%, 09/04/24

(b)

.......

2,560

2,560,000

Massachusetts

Bay

Transportation

Authority

Assessment

Series

2022A-1

,

RB

,

5.00

%

,

07/01/36

....

1,885

2,155,089

Series

2022A-1

,

RB

,

5.00

%

,

07/01/38

....

4,485

5,079,115

Series

2022A-2

,

RB

,

5.00

%

,

07/01/52

....

5,320

5,735,182

Massachusetts

Bay

Transportation

Authority

Sales

Tax

Series

2005A

,

RB

,

5.00

%

,

07/01/25

.....

1,550

1,581,214

Series

2021A-1

,

RB

,

4.00

%

,

07/01/37

....

1,500

1,567,160

Series

2024A

,

RB

,

5.00

%

,

07/01/38

.....

7,000

8,130,741

Series

2024A

,

RB

,

5.00

%

,

07/01/43

.....

2,500

2,809,620

Series

2020B-1

,

RB

,

5.00

%

,

07/01/45

....

2,360

2,470,828

Series

2024A

,

RB

,

5.00

%

,

07/01/46

.....

3,500

3,883,430

Series

2024A

,

RB

,

5.00

%

,

07/01/48

.....

10,000

11,013,319

Series

2020B-1

,

RB

,

5.00

%

,

07/01/50

....

2,500

2,598,120

Series

2024A

,

RB

,

5.25

%

,

07/01/52

.....

30,395

33,991,431

Series

2024B

,

RB

,

5.25

%

,

07/01/54

.....

10,000

11,131,883

Massachusetts

Clean

Water

Trust

(The)

Series

2014

,

RB

,

5.00

%

,

08/01/26

......

2,050

2,147,794

Series

25B

,

RB

,

5.00

%

,

02/01/41

.......

600

680,783

Massachusetts

Department

of

Transportation,

Series

1997A,

RB,

0.00%, 01/01/28

(NPFGC)

(a)

....................

1,265

1,149,485

Massachusetts

Development

Finance

Agency

Series

2020A

,

RB

,

5.00

%

,

10/15/26

.....

5,195

5,470,059

Series

2016A

,

RB

,

5.00

%

,

07/15/28

.....

7,090

7,397,197

Series

2020A

,

RB

,

5.00

%

,

10/15/29

.....

5,005

5,615,112

Series

2020A

,

RB

,

5.00

%

,

10/15/30

.....

6,020

6,875,428

Series

2022B

,

RB

,

5.00

%

,

11/15/32

.....

8,500

10,023,374

Series

2024B

,

RB

,

5.00

%

,

02/15/34

.....

25,905

31,095,448

Series

2016A

,

RB

,

4.00

%

,

07/15/36

.....

1,290

1,306,356

Series

2016A

,

RB

,

5.00

%

,

07/15/36

.....

1,490

1,829,591

Series

2016A

,

RB

,

5.00

%

,

07/15/40

.....

8,000

9,708,505

Series

2015

,

RB

,

5.00

%

,

01/01/41

......

1,000

1,002,094

Series

2008U-6E-R

,

RB

,

VRDN

(

TD

Bank

NA

LOC

),

3.80

%

,

09/03/24

(b)

...........

18,000

18,000,000

Series

BB-1

,

RB

,

5.00

%

,

10/01/46

......

1,750

1,808,156

Series

2016A

,

RB

,

5.00

%

,

01/01/47

.....

1,500

1,513,646

Series

2020P

,

RB

,

5.00

%

,

07/01/50

.....

10,000

12,049,646

Massachusetts

Health

&

Educational

Facilities

Authority

Series

2001J-2

,

RB

,

VRDN

3.15

%

,

09/03/24

(b)

30,000

30,000,000

Series

2002K

,

RB

,

5.50

%

,

07/01/32

.....

1,715

2,061,457

Security

Par

(000)

Par

(000)

Value

Massachusetts

(continued)

Massachusetts

School

Building

Authority

Series

2015C

,

RB

,

4.00

%

,

08/15/32

.....

USD

26,555

$

26,685,736

Series

2016C

,

RB

,

4.00

%

,

11/15/35

.....

5,500

5,554,433

Series

2015C

,

RB

,

4.00

%

,

08/15/36

.....

1,000

1,000,286

Series

2015C

,

RB

,

5.00

%

,

08/15/37

.....

13,200

13,393,397

Series

D

,

RB

,

5.00

%

,

08/15/37

.........

18,000

18,263,723

Series

2016B

,

RB

,

5.00

%

,

11/15/39

.....

3,000

3,095,086

Series

2018A

,

RB

,

4.00

%

,

02/15/43

.....

4,000

3,984,799

Series

2015B

,

RB

,

4.00

%

,

01/15/45

.....

2,000

1,955,648

Series

2016B

,

RB

,

5.00

%

,

11/15/46

.....

17,385

17,790,084

Series

2018A

,

RB

,

5.25

%

,

02/15/48

.....

19,360

20,376,574

Series

2019A

,

RB

,

5.00

%

,

02/15/49

.....

14,340

14,864,972

Series

2020A

,

RB

,

5.00

%

,

08/15/50

.....

10,870

11,543,678

Massachusetts

Transportation

Trust

Fund

Metropolitan

Highway

System

Series

2019A

,

RB

,

5.00

%

,

01/01/26

.....

8,565

8,848,999

Series

2018A

,

RB

,

5.00

%

,

01/01/29

.....

3,985

4,402,805

Series

2019A

,

RB

,

5.00

%

,

01/01/31

.....

1,530

1,673,409

Series

2019A

,

RB

,

5.00

%

,

01/01/34

.....

4,500

4,876,677

Series

2022A-1

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

2.90

%

,

09/05/24

(b)

..........

25,800

25,800,000

Massachusetts

Water

Resources

Authority

Series

2020B

,

RB

,

5.00

%

,

08/01/25

.....

1,960

2,003,519

Series

B

,

RB

,

5.25

%

,

08/01/28

(

AGM

)

....

1,000

1,106,118

Series

B

,

RB

,

5.25

%

,

08/01/30

(

AGM

)

....

3,325

3,832,159

Series

B

,

RB

,

5.25

%

,

08/01/31

(

AGM

)

....

800

937,447

Series

2016C

,

RB

,

5.00

%

,

08/01/32

.....

11,485

12,027,284

Series

2016C

,

RB

,

5.00

%

,

08/01/34

.....

13,630

14,273,564

Series

2016C

,

RB

,

5.00

%

,

08/01/35

.....

15,375

16,100,957

Series

B

,

RB

,

5.25

%

,

08/01/36

(

AGM

)

....

5,000

6,208,171

Series

2018B

,

RB

,

5.00

%

,

08/01/43

.....

3,785

3,980,935

University

of

Massachusetts

Building

Authority

Series

1

,

RB

,

5.00

%

,

11/01/39

.........

6,750

6,763,174

Series

2015-1

,

RB

,

5.00

%

,

11/01/40

.....

25,110

25,494,796

Series

2017-1

,

RB

,

4.00

%

,

11/01/44

.....

2,145

2,145,515

Series

1

,

RB

,

5.00

%

,

11/01/44

.........

2,770

2,778,573

Series

2015-1

,

RB

,

4.00

%

,

11/01/45

.....

2,500

2,484,385

Series

2024-1

,

RB

,

5.00

%

,

11/01/50

.....

7,735

8,503,380

Series

2024-1

,

RB

,

5.00

%

,

11/01/51

.....

8,130

8,923,929

Series

2024-1

,

RB

,

5.00

%

,

11/01/54

.....

25,185

27,516,768

1,656,914,311

Michigan

—

0.7%

Great

Lakes

Water

Authority

Sewage

Disposal

System

Series

2018B

,

RB

,

5.00

%

,

07/01/28

.....

2,000

2,173,928

Series

B

,

RB

,

5.00

%

,

07/01/34

.........

2,000

2,064,233

Series

2023A

,

RB

,

5.00

%

,

07/01/37

.....

1,000

1,146,851

Series

2023A

,

RB

,

5.00

%

,

07/01/38

.....

1,000

1,141,710

Great

Lakes

Water

Authority

Water

Supply

System

Series

D

,

RB

,

5.00

%

,

07/01/30

.........

2,500

2,583,524

Series

2024A

,

RB

,

5.00

%

,

07/01/34

.....

5,500

6,433,767

Series

D

,

RB

,

5.00

%

,

07/01/36

.........

9,500

9,746,344

Series

A

,

RB

,

5.00

%

,

07/01/46

.........

3,000

3,062,872

Series

2022A

,

RB

,

5.25

%

,

07/01/47

.....

18,090

20,060,947

Series

2022A

,

RB

,

5.25

%

,

07/01/52

.....

5,000

5,421,124

Lansing

Board

of

Water

&

Light

Series

2019A

,

RB

,

5.00

%

,

07/01/44

.....

1,500

1,584,313

Series

2019A

,

RB

,

5.00

%

,

07/01/48

.....

16,300

17,140,320

Series

2024A

,

RB

,

5.00

%

,

07/01/54

.....

35,000

37,877,959

Michigan

Finance

Authority

Series

2016B

,

RB

,

5.00

%

,

10/01/27

.....

5,020

5,248,077

Series

2016B

,

RB

,

5.00

%

,

10/01/28

.....

7,995

8,368,154

Series

2015C

,

RB

,

5.00

%

,

07/01/34

.....

2,600

2,636,896

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Michigan

(continued)

Series

2018

,

RB

,

4.00

%

,

11/01/48

......

USD

2,000

$

1,911,708

Michigan

State

Building

Authority

Series

2015I

,

RB

,

5.00

%

,

04/15/28

......

3,000

3,066,208

Series

2023II

,

RB

,

5.00

%

,

10/15/29

.....

5,000

5,568,794

Series

2016I

,

RB

,

5.00

%

,

10/15/30

......

3,000

3,124,101

Series

2015I

,

RB

,

5.00

%

,

04/15/31

......

11,570

11,788,063

Series

2015I

,

RB

,

5.00

%

,

04/15/38

......

3,000

3,043,362

Series

2016I

,

RB

,

5.00

%

,

04/15/41

......

1,000

1,026,714

Series

2020I

,

RB

,

3.00

%

,

10/15/45

......

3,000

2,469,076

Series

2021I

,

RB

,

4.00

%

,

10/15/46

......

5,000

4,905,515

Series

2022I

,

RB

,

5.00

%

,

10/15/47

......

3,500

3,768,098

Series

2019I

,

RB

,

4.00

%

,

10/15/49

......

18,210

17,644,274

Series

2015I

,

RB

,

5.00

%

,

10/15/50

......

7,250

7,311,470

Series

2021I

,

RB

,

3.00

%

,

10/15/51

......

4,455

3,483,609

Series

2016I

,

RB

,

5.00

%

,

10/15/51

......

2,500

2,547,583

Series

2022I

,

RB

,

4.00

%

,

10/15/52

......

4,000

3,842,411

Series

2019I

,

RB

,

4.00

%

,

04/15/54

......

10,880

10,429,719

Series

2024II

,

RB

,

5.25

%

,

10/15/54

.....

7,500

8,306,213

Michigan

State

University

Series

2023A

,

RB

,

5.00

%

,

02/15/32

.....

6,750

7,786,855

Series

2019C

,

RB

,

4.00

%

,

02/15/44

.....

7,320

7,217,475

Series

2019B

,

RB

,

5.00

%

,

02/15/44

.....

6,005

6,320,028

Series

2019B

,

RB

,

5.00

%

,

02/15/48

.....

6,660

6,971,502

Series

2024A

,

RB

,

5.00

%

,

08/15/49

.....

9,975

10,904,616

Series

2024A

,

RB

,

5.25

%

,

08/15/54

.....

28,830

31,855,737

State

of

Michigan

Series

2016

,

RB

,

5.00

%

,

03/15/25

......

2,265

2,290,048

Series

2016

,

RB

,

5.00

%

,

03/15/26

......

6,320

6,542,466

Series

2016

,

RB

,

5.00

%

,

03/15/27

......

470

497,900

Series

2020A

,

GO

,

5.00

%

,

05/15/30

.....

1,105

1,245,723

Series

2020A

,

GO

,

5.00

%

,

05/15/33

.....

2,105

2,353,812

State

of

Michigan

Trunk

Line

Series

2021A

,

RB

,

5.00

%

,

11/15/25

.....

1,975

2,030,295

Series

2020B

,

RB

,

5.00

%

,

11/15/27

.....

1,245

1,341,720

Series

2020B

,

RB

,

5.00

%

,

11/15/28

.....

2,010

2,210,104

Series

2021A

,

RB

,

5.00

%

,

11/15/32

.....

1,000

1,141,508

Series

2023

,

RB

,

5.00

%

,

11/15/34

......

1,500

1,758,637

Series

2023

,

RB

,

5.00

%

,

11/15/36

......

1,000

1,161,053

Series

2020B

,

RB

,

4.00

%

,

11/15/37

.....

2,000

2,059,800

Series

2021A

,

RB

,

4.00

%

,

11/15/38

.....

2,000

2,053,265

Series

2023

,

RB

,

5.00

%

,

11/15/38

......

1,320

1,518,682

Series

2020B

,

RB

,

4.00

%

,

11/15/39

.....

2,000

2,035,397

Series

2021A

,

RB

,

4.00

%

,

11/15/39

.....

6,905

7,040,119

Series

2021A

,

RB

,

4.00

%

,

11/15/40

.....

10,000

10,128,911

Series

2023

,

RB

,

5.00

%

,

11/15/41

......

3,000

3,396,699

Series

2023

,

RB

,

5.00

%

,

11/15/43

......

3,000

3,357,478

Series

2021A

,

RB

,

4.00

%

,

11/15/44

.....

2,000

1,975,471

Series

2023

,

RB

,

5.50

%

,

11/15/44

......

3,000

3,459,556

Series

2020B

,

RB

,

4.00

%

,

11/15/45

.....

25,200

24,725,255

Series

2020B

,

RB

,

5.00

%

,

11/15/45

.....

22,820

24,558,891

Series

2023

,

RB

,

5.00

%

,

11/15/46

......

8,000

8,858,625

Series

2023

,

RB

,

5.25

%

,

11/15/49

......

1,050

1,174,151

University

of

Michigan

Series

2012-A

,

RB

,

VRDN

2.84

%

,

09/05/24

(b)

18,985

18,985,000

Series

2012B

,

RB

,

VRDN

3.65

%

,

09/03/24

(b)

6,500

6,500,000

Series

2017A

,

RB

,

5.00

%

,

04/01/42

.....

2,500

2,651,125

Series

2015

,

RB

,

5.00

%

,

04/01/46

......

9,320

9,662,716

Series

2017A

,

RB

,

5.00

%

,

04/01/47

.....

4,695

4,978,813

Series

2020A

,

RB

,

5.00

%

,

04/01/50

.....

4,675

4,984,744

Wayne

County

Airport

Authority,

Series

2021A,

RB,

5.00%, 12/01/46

..............

3,750

4,046,722

462,708,836

Security

Par

(000)

Par

(000)

Value

Minnesota

—

1.4%

County

of

Hennepin

Series

2016C

,

GO

,

5.00

%

,

12/01/25

.....

USD

5,100

$

5,248,502

Series

2023A

,

GO

,

5.00

%

,

12/01/28

.....

1,285

1,416,554

Series

2023A

,

GO

,

5.00

%

,

12/01/30

.....

3,615

4,119,553

Series

2023A

,

GO

,

5.00

%

,

12/01/31

.....

3,995

4,611,264

Series

2023A

,

GO

,

5.00

%

,

12/01/32

.....

3,910

4,570,416

Series

2023A

,

GO

,

5.00

%

,

12/01/33

.....

4,500

5,323,925

Series

2023A

,

GO

,

5.00

%

,

12/01/34

.....

2,980

3,501,524

Series

2023A

,

GO

,

5.00

%

,

12/01/35

.....

5,225

6,112,220

Series

2023A

,

GO

,

5.00

%

,

12/01/36

.....

5,490

6,388,215

Metropolitan

Council

Series

2021C

,

GO

,

5.00

%

,

12/01/27

.....

12,500

13,481,340

Series

2021C

,

GO

,

5.00

%

,

12/01/28

.....

2,500

2,753,820

Series

2021C

,

GO

,

5.00

%

,

12/01/29

.....

10,000

11,223,419

Minneapolis-St

Paul

Metropolitan

Airports

Commission

Series

A

,

RB

,

5.00

%

,

01/01/25

.........

1,300

1,308,813

Series

A

,

RB

,

5.00

%

,

01/01/26

.........

1,250

1,288,608

Series

2016C

,

RB

,

5.00

%

,

01/01/41

.....

1,500

1,546,622

Series

2016C

,

RB

,

5.00

%

,

01/01/46

.....

4,000

4,098,405

Series

2024A

,

RB

,

5.00

%

,

01/01/52

.....

7,500

8,033,087

Series

2024A

,

RB

,

4.00

%

,

01/01/54

.....

5,640

5,409,406

Minnesota

Public

Facilities

Authority

State

Revolving

Fund

Series

2023A

,

RB

,

5.00

%

,

03/01/28

.....

16,000

17,322,189

Series

2023B

,

RB

,

5.00

%

,

03/01/29

.....

10,000

11,049,432

Series

2016A

,

RB

,

5.00

%

,

03/01/34

.....

9,150

9,440,819

Series

2023A

,

RB

,

5.00

%

,

03/01/35

.....

13,575

15,788,738

State

of

Minnesota

Series

2017D

,

GO

,

5.00

%

,

10/01/24

.....

3,430

3,435,049

Series

2015D

,

GO

,

5.00

%

,

08/01/25

.....

1,140

1,164,792

Series

2016D

,

GO

,

5.00

%

,

08/01/25

.....

2,510

2,564,587

Series

2018A

,

GO

,

5.00

%

,

08/01/25

.....

3,000

3,065,234

Series

2021A

,

GO

,

5.00

%

,

09/01/25

.....

5,660

5,796,761

Series

2021B

,

GO

,

5.00

%

,

09/01/25

.....

3,000

3,072,488

Series

2022A

,

RB

,

5.00

%

,

03/01/26

.....

17,545

18,165,049

Series

2016D

,

GO

,

5.00

%

,

08/01/26

.....

4,385

4,589,991

Series

2017A

,

GO

,

5.00

%

,

10/01/26

.....

8,200

8,616,499

Series

2017D

,

GO

,

5.00

%

,

10/01/26

.....

3,080

3,236,441

Series

2016D

,

GO

,

5.00

%

,

08/01/27

.....

6,870

7,172,496

Series

2018A

,

GO

,

5.00

%

,

08/01/27

.....

6,360

6,813,049

Series

2023E

,

GO

,

5.00

%

,

08/01/27

.....

25,075

26,861,195

Series

2021A

,

GO

,

5.00

%

,

09/01/27

.....

5,655

6,069,506

Series

2019A

,

GO

,

5.00

%

,

08/01/28

.....

3,265

3,573,099

Series

2019A

,

GO

,

5.00

%

,

08/01/29

.....

10,000

11,169,377

Series

2021A

,

GO

,

5.00

%

,

09/01/29

.....

8,540

9,554,557

Series

2023D

,

GO

,

5.00

%

,

08/01/30

.....

22,560

25,608,657

Series

2019A

,

GO

,

5.00

%

,

08/01/30

.....

1,000

1,104,486

Series

2023E

,

GO

,

5.00

%

,

08/01/31

.....

9,420

10,836,360

Series

2021A

,

GO

,

5.00

%

,

09/01/31

.....

2,785

3,207,410

Series

2017A

,

GO

,

5.00

%

,

10/01/31

.....

5,000

5,325,566

Series

2023D

,

GO

,

5.00

%

,

08/01/32

.....

15,010

17,479,327

Series

2023E

,

GO

,

5.00

%

,

08/01/32

.....

6,955

8,099,182

Series

2021A

,

GO

,

4.00

%

,

09/01/34

.....

13,765

14,698,043

Series

2020A

,

GO

,

5.00

%

,

08/01/35

.....

6,000

6,725,654

Series

2019A

,

GO

,

5.00

%

,

08/01/35

.....

5,000

5,463,511

Series

2018A

,

GO

,

5.00

%

,

08/01/36

.....

4,430

4,751,832

Series

2021A

,

GO

,

4.00

%

,

09/01/36

.....

7,265

7,728,040

Series

2021A

,

GO

,

4.00

%

,

09/01/37

.....

10,540

11,151,282

Series

2020A

,

GO

,

5.00

%

,

08/01/38

.....

5,000

5,529,194

Series

2021A

,

GO

,

4.00

%

,

09/01/39

.....

2,000

2,089,137

Series

2023A

,

GO

,

5.00

%

,

08/01/40

.....

7,255

8,272,641

Series

2024A

,

GO

,

5.00

%

,

08/01/42

.....

12,755

14,555,181

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Minnesota

(continued)

Series

2023

,

COP

,

5.00

%

,

11/01/42

.....

USD

11,120

$

12,456,901

434,039,445

Mississippi

—

0.2%

State

of

Mississippi

Series

2015C

,

GO

,

5.00

%

,

10/01/26

.....

3,590

3,673,223

Series

2015C

,

GO

,

5.00

%

,

10/01/27

.....

3,440

3,525,833

Series

2017A

,

GO

,

5.00

%

,

10/01/27

.....

1,155

1,240,370

Series

2017A

,

GO

,

5.00

%

,

10/01/28

.....

1,650

1,764,444

Series

2015F

,

GO

,

5.00

%

,

11/01/28

.....

3,065

3,149,217

Series

2017A

,

GO

,

5.00

%

,

10/01/29

.....

6,500

6,929,131

Series

2017A

,

GO

,

5.00

%

,

10/01/31

.....

1,000

1,074,907

Series

2017A

,

GO

,

5.00

%

,

10/01/32

.....

1,355

1,456,499

Series

2015F

,

GO

,

5.00

%

,

11/01/32

.....

4,700

4,829,142

Series

2017A

,

GO

,

5.00

%

,

10/01/34

.....

14,060

15,113,194

Series

2016B

,

GO

,

5.00

%

,

12/01/34

.....

2,000

2,111,917

Series

2017A

,

GO

,

4.00

%

,

10/01/35

.....

5,000

5,079,048

Series

2021A

,

GO

,

4.00

%

,

06/01/36

.....

1,000

1,029,588

Series

2017A

,

GO

,

4.00

%

,

10/01/36

.....

4,145

4,198,752

Series

2021C

,

GO

,

5.00

%

,

10/01/36

.....

3,250

3,473,093

Series

2021A

,

GO

,

4.00

%

,

06/01/37

.....

4,160

4,272,372

Series

2019B

,

GO

,

4.00

%

,

10/01/39

.....

1,760

1,775,641

Series

2021C

,

GO

,

4.00

%

,

10/01/41

.....

2,205

2,208,929

West

Rankin

Utility

Authority,

Series

2018,

RB,

5.00%, 01/01/48

(AGM)

............

13,500

14,550,091

81,455,391

Missouri

—

0.6%

City

of

Kansas

City

Sanitary

Sewer

System,

Series

2018A,

RB,

4.00%, 01/01/42

.....

1,000

981,793

City

of

Springfield,

Series

2015,

RB,

4.00%, 08/01/31

.................

2,000

2,004,131

City

of

St.

Louis,

Series

2024A,

RB,

5.25%, 07/01/54

(AGM)

............

6,980

7,686,003

Metropolitan

St

Louis

Sewer

District

Series

2017A

,

RB

,

5.00

%

,

05/01/42

.....

2,000

2,057,811

Series

2015B

,

RB

,

5.00

%

,

05/01/45

.....

4,200

4,249,918

Series

2017A

,

RB

,

5.00

%

,

05/01/47

.....

3,775

3,869,437

Missouri

Highway

&

Transportation

Commission

Series

2023A

,

RB

,

5.00

%

,

05/01/25

.....

12,500

12,689,948

Series

2023A

,

RB

,

5.00

%

,

05/01/26

.....

12,505

13,011,377

Series

A

,

RB

,

5.00

%

,

05/01/26

.........

14,205

14,780,217

Series

2022A

,

RB

,

5.00

%

,

05/01/28

.....

15,000

16,300,565

Series

2022A

,

RB

,

5.00

%

,

05/01/29

.....

15,000

16,627,577

Series

2022A

,

RB

,

5.00

%

,

05/01/30

.....

15,025

16,930,609

Missouri

Joint

Municipal

Electric

Utility

Commission,

Series

2016A,

RB,

5.00%, 12/01/40

.................

9,460

9,660,612

Missouri

State

Board

of

Public

Buildings,

Series

2020B,

RB,

4.00%, 10/01/28

.........

5,000

5,264,041

126,114,039

Nebraska

—

0.5%

Nebraska

Public

Power

District

Series

2023A

,

RB

,

5.00

%

,

07/01/28

.....

3,270

3,522,070

Series

2021D

,

RB

,

4.00

%

,

01/01/44

.....

3,625

3,591,276

Omaha

Public

Power

District

Series

2019A

,

RB

,

5.00

%

,

02/01/30

.....

1,500

1,647,558

Series

2019A

,

RB

,

5.00

%

,

02/01/31

.....

3,650

3,992,693

Series

2023B

,

RB

,

5.00

%

,

02/01/34

.....

7,500

8,731,769

Series

2021A

,

RB

,

3.00

%

,

02/01/41

.....

1,000

884,501

Series

2017A

,

RB

,

5.00

%

,

02/01/42

.....

15,575

16,191,960

Series

2021B

,

RB

,

4.00

%

,

02/01/46

.....

3,000

2,989,588

Series

2021A

,

RB

,

5.00

%

,

02/01/46

.....

13,330

14,159,071

Series

2022A

,

RB

,

4.25

%

,

02/01/47

.....

2,500

2,522,531

Security

Par

(000)

Par

(000)

Value

Nebraska

(continued)

Series

2022A

,

RB

,

5.00

%

,

02/01/47

.....

USD

36,730

$

39,612,471

Series

2023B

,

RB

,

5.25

%

,

02/01/48

.....

13,560

15,006,129

Series

2021A

,

RB

,

4.00

%

,

02/01/51

.....

1,500

1,444,748

Series

2022A

,

RB

,

5.25

%

,

02/01/52

.....

21,635

23,598,190

Series

2023A

,

RB

,

5.25

%

,

02/01/53

.....

9,750

10,712,738

Series

2023B

,

RB

,

5.25

%

,

02/01/53

.....

5,000

5,493,712

Omaha

Public

Power

District

Nebraska

City

Station

Unit

2,

Series

2016A,

RB,

5.00%, 02/01/49

.................

9,815

10,042,521

University

of

Nebraska

Facilities

Corp.

(The)

Series

2021B

,

RB

,

5.00

%

,

07/15/51

.....

3,000

3,189,412

Series

2021A

,

RB

,

4.00

%

,

07/15/59

.....

3,500

3,382,859

170,715,797

Nevada

—

0.7%

Clark

County

School

District

Series

2015C

,

GO

,

5.00

%

,

06/15/25

.....

3,050

3,101,928

Series

2015C

,

GO

,

5.00

%

,

06/15/26

.....

4,715

4,845,663

Series

2018B

,

GO

,

5.00

%

,

06/15/26

.....

5,250

5,465,791

Series

2015C

,

GO

,

5.00

%

,

06/15/27

.....

6,700

6,877,938

Series

2015D

,

GO

,

5.00

%

,

06/15/28

.....

1,000

1,025,793

Series

2024A

,

GO

,

4.00

%

,

06/15/43

.....

5,010

4,956,390

Series

2024A

,

GO

,

4.00

%

,

06/15/44

.....

11,900

11,722,997

County

of

Clark

Series

2019E

,

RB

,

5.00

%

,

07/01/26

.....

2,000

2,083,420

Series

2016B

,

GO

,

5.00

%

,

11/01/27

.....

2,000

2,101,223

Series

2016B

,

GO

,

5.00

%

,

11/01/28

.....

5,000

5,236,914

Series

2017

,

GO

,

4.00

%

,

06/01/31

......

17,000

17,338,647

Series

2019E

,

RB

,

5.00

%

,

07/01/33

.....

2,000

2,177,901

Series

2017

,

GO

,

4.00

%

,

06/01/38

......

12,705

12,753,524

Series

2018

,

GO

,

4.00

%

,

07/01/44

......

7,135

7,082,464

County

of

Clark

Department

of

Aviation

Series

2019D

,

RB

,

5.00

%

,

07/01/25

.....

2,500

2,544,945

Series

2019A

,

RB

,

5.00

%

,

07/01/26

.....

1,205

1,255,261

Series

2019D

,

RB

,

5.00

%

,

07/01/26

.....

2,010

2,093,837

Series

2024A

,

RB

,

5.00

%

,

07/01/27

.....

10,000

10,655,972

Series

2024A

,

RB

,

5.00

%

,

07/01/28

.....

20,000

21,751,696

Series

2019D

,

RB

,

5.00

%

,

07/01/32

.....

2,500

2,726,473

Series

A-2

,

RB

,

5.00

%

,

07/01/40

.......

5,190

5,383,896

County

of

Washoe,

Series

2018,

RB,

5.00%, 02/01/42

.................

2,000

2,112,406

Las

Vegas

Valley

Water

District

Series

2021A

,

GO

,

5.00

%

,

06/01/26

.....

10,000

10,414,009

Series

2022C

,

GO

,

4.00

%

,

06/01/34

.....

5,085

5,385,636

Series

2016A

,

GO

,

5.00

%

,

06/01/34

.....

3,500

3,618,647

Series

2016A

,

GO

,

5.00

%

,

06/01/35

.....

2,000

2,066,073

Series

2015

,

GO

,

4.00

%

,

06/01/39

......

2,000

2,000,049

Series

2015

,

GO

,

5.00

%

,

06/01/39

......

5,775

5,793,934

Series

2016A

,

GO

,

5.00

%

,

06/01/41

.....

9,730

9,987,948

Series

2016A

,

GO

,

5.00

%

,

06/01/46

.....

4,000

4,088,987

Series

2023A

,

GO

,

5.00

%

,

06/01/49

.....

5,000

5,444,041

Series

2022A

,

GO

,

4.00

%

,

06/01/51

.....

10,000

9,657,713

State

of

Nevada

Series

2015D

,

GO

,

5.00

%

,

04/01/25

.....

3,270

3,312,454

Series

2015B

,

GO

,

5.00

%

,

11/01/26

.....

1,650

1,675,286

Series

2020A

,

GO

,

5.00

%

,

05/01/29

.....

3,055

3,390,218

Series

2023A

,

GO

,

5.00

%

,

05/01/41

.....

10,000

11,278,664

State

of

Nevada

Highway

Improvement

Series

2016

,

RB

,

5.00

%

,

12/01/25

......

1,450

1,493,744

Series

2016

,

RB

,

5.00

%

,

12/01/27

......

3,025

3,142,867

Series

2016

,

RB

,

5.00

%

,

12/01/28

......

6,800

7,063,777

Series

2024A

,

RB

,

5.00

%

,

12/01/40

.....

5,815

6,669,989

Series

2024A

,

RB

,

5.00

%

,

12/01/41

.....

2,110

2,407,515

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Nevada

(continued)

Washoe

County

School

District,

Series

2017C,

GO,

4.00%, 10/01/47

..............

USD

52,635

$

50,763,363

284,949,993

New

Hampshire

—

0.0%

State

of

New

Hampshire,

Series

2020D,

GO,

5.00%, 12/01/24

.................

1,055

1,060,260

New

Jersey

—

5.1%

County

of

Monmouth

Series

2021A

,

GO

,

5.00

%

,

01/15/31

.....

6,430

7,328,378

Series

2021A

,

GO

,

5.00

%

,

01/15/32

.....

5,160

5,900,780

Series

2021A

,

GO

,

5.00

%

,

01/15/34

.....

6,250

7,119,254

Series

2022ACDE

,

GO

,

5.00

%

,

01/15/35

..

3,265

3,798,870

Series

2022ACDE

,

GO

,

5.00

%

,

01/15/36

..

3,980

4,605,500

Garden

State

Preservation

Trust,

Series

2005A,

RB,

5.75%, 11/01/28

(AGM)

..........

1,500

1,585,851

New

Jersey

Economic

Development

Authority

Series

2005N-1

,

RB

,

5.50

%

,

09/01/24

(

AMBAC

)

.....................

1,455

1,455,000

Series

2023RRR

,

RB

,

5.00

%

,

03/01/25

...

4,425

4,473,452

Series

XX

,

RB

,

5.00

%

,

06/15/25

........

5,000

5,085,817

Series

2023RRR

,

RB

,

5.00

%

,

03/01/26

...

7,060

7,297,565

Series

XX

,

RB

,

5.00

%

,

06/15/26

........

15,000

15,285,695

Series

2005N-1

,

RB

,

5.50

%

,

09/01/26

(

AMBAC

)

.....................

1,000

1,054,127

Series

B

,

RB

,

5.00

%

,

11/01/26

.........

9,500

9,950,340

Series

2018FFF

,

RB

,

5.00

%

,

06/15/27

....

1,000

1,060,760

Series

A

,

RB

,

4.00

%

,

11/01/27

.........

1,255

1,303,526

Series

2023RRR

,

RB

,

5.00

%

,

03/01/28

...

4,000

4,314,545

Series

BBB

,

RB

,

5.50

%

,

06/15/30

.......

8,845

9,433,729

Series

WW

,

RB

,

5.25

%

,

06/15/31

.......

2,500

2,552,429

Series

2019MMM

,

RB

,

5.00

%

,

06/15/33

..

6,460

7,020,663

Series

2019MMM

,

RB

,

5.00

%

,

06/15/34

..

2,500

2,709,420

Series

2017A

,

RB

,

4.00

%

,

07/01/34

.....

3,540

3,465,858

Series

2020A

,

RB

,

5.00

%

,

11/01/34

.....

1,000

1,080,902

Series

2019MMM

,

RB

,

4.00

%

,

06/15/35

..

2,000

2,038,985

Series

2024SSS

,

RB

,

5.00

%

,

06/15/35

...

4,230

4,864,763

Series

AAA

,

RB

,

5.00

%

,

06/15/36

.......

1,000

1,055,532

Series

2018EEE

,

RB

,

5.00

%

,

06/15/36

...

2,640

2,911,378

Series

2022A

,

RB

,

5.00

%

,

11/01/36

.....

10,000

11,213,768

Series

2020A

,

RB

,

4.00

%

,

11/01/37

.....

2,000

2,024,465

Series

WW

,

RB

,

5.25

%

,

06/15/40

.......

1,000

1,020,971

Series

2020A

,

RB

,

5.00

%

,

11/01/40

.....

1,000

1,058,846

Series

AAA

,

RB

,

5.00

%

,

06/15/41

.......

1,515

1,599,130

Series

2018A

,

RB

,

5.00

%

,

06/15/42

.....

4,665

4,806,311

Series

2022A

,

RB

,

5.25

%

,

11/01/42

.....

2,700

2,986,053

Series

2017B

,

RB

,

5.00

%

,

06/15/43

.....

1,000

1,039,845

Series

2018EEE

,

RB

,

5.00

%

,

06/15/43

...

4,590

4,877,594

Series

2019LLL

,

RB

,

4.00

%

,

06/15/44

....

2,000

1,961,017

Series

2020A

,

RB

,

4.00

%

,

11/01/44

.....

750

732,965

Series

2020A

,

RB

,

5.00

%

,

11/01/44

.....

5,000

5,226,711

Series

2021QQQ

,

RB

,

4.00

%

,

06/15/46

...

12,175

11,865,044

Series

2018C

,

RB

,

5.00

%

,

06/15/47

.....

6,110

6,247,068

Series

2022A

,

RB

,

5.25

%

,

11/01/47

.....

10,000

10,861,033

Series

2018EEE

,

RB

,

4.63

%

,

06/15/48

...

10,000

10,135,576

Series

2018EEE

,

RB

,

5.00

%

,

06/15/48

...

6,000

6,175,639

Series

2019LLL

,

RB

,

5.00

%

,

06/15/49

....

5,000

5,187,442

Series

2021QQQ

,

RB

,

4.00

%

,

06/15/50

...

2,250

2,161,287

New

Jersey

Educational

Facilities

Authority

Series

2021C

,

RB

,

5.00

%

,

03/01/27

.....

7,025

7,463,742

Series

2022A

,

RB

,

5.00

%

,

03/01/27

.....

11,330

12,037,608

Series

2016A

,

RB

,

5.00

%

,

07/01/28

.....

5,115

5,334,028

Series

2017B

,

RB

,

5.00

%

,

07/01/29

.....

5,000

5,327,006

Series

2017I

,

RB

,

5.00

%

,

07/01/31

......

3,235

3,431,364

Security

Par

(000)

Par

(000)

Value

New

Jersey

(continued)

Series

2022A

,

RB

,

5.00

%

,

03/01/32

.....

USD

5,000

$

5,834,226

Series

2017B

,

RB

,

5.00

%

,

07/01/33

.....

9,400

9,941,626

Series

2024A-1

,

RB

,

5.00

%

,

03/01/36

....

15,000

17,711,264

Series

2024A-2

,

RB

,

5.00

%

,

03/01/41

....

4,455

5,110,427

Series

2024A-2

,

RB

,

5.00

%

,

03/01/43

....

57,985

65,928,771

Series

2024B

,

RB

,

5.25

%

,

03/01/54

.....

44,255

49,919,870

New

Jersey

Institute

of

Technology,

Series

2015A,

RB,

5.00%, 07/01/45

.........

2,500

2,526,176

New

Jersey

Transportation

Trust

Fund

Authority

Series

2006C

,

RB

,

0.00

%

,

12/15/24

(

AMBAC

)

(a)

....................

1,790

1,773,020

Series

2010D

,

RB

,

5.00

%

,

12/15/24

.....

2,830

2,845,768

Series

2018A

,

RB

,

5.00

%

,

12/15/24

.....

1,040

1,045,472

Series

2014AA

,

RB

,

5.00

%

,

06/15/25

....

1,000

1,001,190

Series

2004A

,

RB

,

5.75

%

,

06/15/25

(

NPFGC

)

12,600

12,882,972

Series

2006C

,

RB

,

0.00

%

,

12/15/25

(

AMBAC

)

(a)

....................

10,170

9,775,895

Series

2010A

,

RB

,

0.00

%

,

12/15/25

(a)

....

2,255

2,167,615

Series

2019A

,

RB

,

5.00

%

,

12/15/25

.....

5,725

5,887,769

Series

2023AA

,

RB

,

5.00

%

,

06/15/26

....

3,335

3,467,740

Series

2022AA

,

RB

,

5.00

%

,

06/15/26

....

8,650

8,993,709

Series

2019A

,

RB

,

5.00

%

,

12/15/26

.....

2,885

3,029,745

Series

2016A-1

,

RB

,

5.00

%

,

06/15/27

....

3,425

3,548,551

Series

2023AA

,

RB

,

5.00

%

,

06/15/27

....

2,965

3,145,024

Series

2006C

,

RB

,

0.00

%

,

12/15/27

(

NPFGC

)

(a)

....................

6,050

5,453,177

Series

2018A

,

RB

,

5.00

%

,

12/15/27

.....

10,230

10,955,272

Series

2019A

,

RB

,

5.00

%

,

12/15/27

.....

1,380

1,477,837

Series

2016A-1

,

RB

,

5.00

%

,

06/15/28

....

13,900

14,389,583

Series

2018A

,

RB

,

5.00

%

,

06/15/28

.....

1,000

1,035,045

Series

2010A

,

RB

,

0.00

%

,

12/15/28

(a)

....

3,655

3,187,831

Series

2006C

,

RB

,

0.00

%

,

12/15/28

(

AMBAC

)

(a)

....................

4,615

4,025,127

Series

2018A

,

RB

,

5.00

%

,

12/15/28

.....

6,050

6,595,461

Series

2019A

,

RB

,

5.00

%

,

12/15/28

.....

1,000

1,090,159

Series

2014BB-1

,

RB

,

5.00

%

,

06/15/29

...

7,000

7,624,027

Series

2016A-1

,

RB

,

5.00

%

,

06/15/29

....

1,870

1,932,837

Series

2018A

,

RB

,

5.00

%

,

06/15/29

.....

6,700

6,925,139

Series

2023AA

,

RB

,

5.00

%

,

06/15/29

....

6,510

7,155,108

Series

2010A

,

RB

,

0.00

%

,

12/15/29

(a)

....

3,290

2,771,571

Series

2016A-1

,

RB

,

5.00

%

,

06/15/30

....

1,000

1,031,048

Series

2018A

,

RB

,

5.00

%

,

06/15/30

.....

6,500

6,704,097

Series

2022AA

,

RB

,

5.00

%

,

06/15/30

....

7,000

7,799,980

Series

2014BB-1

,

RB

,

5.00

%

,

06/15/30

...

5,000

5,421,485

Series

2006C

,

RB

,

0.00

%

,

12/15/30

(

NPFGC

)

(a)

....................

7,330

5,952,051

Series

2010A

,

RB

,

0.00

%

,

12/15/30

(a)

....

3,000

2,436,037

Series

2018A

,

RB

,

5.00

%

,

12/15/30

.....

2,500

2,701,661

Series

2018A

,

RB

,

5.00

%

,

06/15/31

.....

5,830

6,000,274

Series

2010A

,

RB

,

0.00

%

,

12/15/31

(a)

....

8,225

6,420,085

Series

2006C

,

RB

,

0.00

%

,

12/15/31

(

NPFGC

)

(a)

....................

21,320

16,641,484

Series

2018A

,

RB

,

4.00

%

,

12/15/31

.....

9,660

9,925,084

Series

2021A

,

RB

,

5.00

%

,

06/15/32

.....

4,250

4,768,808

Series

2022AA

,

RB

,

5.00

%

,

06/15/32

....

6,960

7,921,040

Series

2022BB

,

RB

,

5.00

%

,

06/15/32

....

2,500

2,825,340

Series

2009D

,

RB

,

5.00

%

,

06/15/32

.....

18,390

18,468,203

Series

2014BB-1

,

RB

,

5.00

%

,

06/15/32

...

2,880

3,090,945

Series

2009A

,

RB

,

0.00

%

,

12/15/32

(a)

....

3,540

2,654,647

Series

2006C

,

RB

,

0.00

%

,

12/15/32

(

AGM

)

(a)

55,000

41,581,733

Series

2018A

,

RB

,

5.00

%

,

12/15/32

.....

8,275

8,861,325

Series

2019A

,

RB

,

5.00

%

,

12/15/32

.....

7,340

8,031,410

Series

2023BB

,

RB

,

5.00

%

,

06/15/33

....

2,500

2,868,160

Series

2021A

,

RB

,

5.00

%

,

06/15/33

.....

2,600

2,901,618

Series

2019BB

,

RB

,

5.00

%

,

06/15/33

....

4,000

4,274,234

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

Jersey

(continued)

Series

2022AA

,

RB

,

5.00

%

,

06/15/33

....

USD

11,430

$

12,929,205

Series

2022CC

,

RB

,

5.00

%

,

06/15/33

....

2,000

2,280,277

Series

2006C

,

RB

,

0.00

%

,

12/15/33

(

AGM

)

(a)

30,540

22,253,536

Series

2010A

,

RB

,

0.00

%

,

12/15/33

(a)

....

930

671,507

Series

2018A

,

RB

,

5.00

%

,

12/15/33

.....

12,045

12,855,207

Series

2021A

,

RB

,

4.00

%

,

06/15/34

.....

9,025

9,355,678

Series

2022CC

,

RB

,

5.00

%

,

06/15/34

....

1,875

2,128,992

Series

2022AA

,

RB

,

5.00

%

,

06/15/34

....

10,175

11,479,778

Series

2023BB

,

RB

,

5.00

%

,

06/15/34

....

4,000

4,598,521

Series

2014BB-2

,

RB

,

5.00

%

,

06/15/34

...

7,320

8,140,890

Series

2014BB-1

,

RB

,

5.00

%

,

06/15/34

...

2,500

2,665,243

Series

2010A

,

RB

,

0.00

%

,

12/15/34

(a)

....

15,000

10,382,493

Series

2009A

,

RB

,

0.00

%

,

12/15/34

(a)

....

1,055

730,235

Series

2018A

,

RB

,

5.00

%

,

12/15/34

.....

8,000

8,519,006

Series

2020AA

,

RB

,

4.00

%

,

06/15/35

....

2,655

2,733,605

Series

2023A

,

RB

,

5.00

%

,

06/15/35

.....

3,020

3,433,041

Series

2019BB

,

RB

,

5.00

%

,

06/15/35

....

8,960

9,529,912

Series

2022AA

,

RB

,

5.00

%

,

06/15/35

....

3,000

3,369,140

Series

2008A

,

RB

,

0.00

%

,

12/15/35

(a)

....

11,710

7,725,736

Series

2006C

,

RB

,

0.00

%

,

12/15/35

(

AMBAC

)

(a)

....................

3,990

2,632,424

Series

2018A

,

RB

,

5.00

%

,

12/15/35

.....

4,000

4,244,107

Series

2020AA

,

RB

,

4.00

%

,

06/15/36

....

1,750

1,788,147

Series

2021A

,

RB

,

4.00

%

,

06/15/36

.....

1,165

1,192,185

Series

2019BB

,

RB

,

4.00

%

,

06/15/36

....

6,200

6,322,461

Series

2020AA

,

RB

,

5.00

%

,

06/15/36

....

1,000

1,097,593

Series

2023A

,

RB

,

5.00

%

,

06/15/36

.....

3,500

3,959,333

Series

2010A

,

RB

,

0.00

%

,

12/15/36

(a)

....

25,555

16,019,356

Series

2008A

,

RB

,

0.00

%

,

12/15/36

(a)

....

3,750

2,350,718

Series

2018A

,

RB

,

5.00

%

,

12/15/36

.....

13,685

14,473,214

Series

2020AA

,

RB

,

4.00

%

,

06/15/37

....

2,490

2,533,738

Series

2019BB

,

RB

,

4.00

%

,

06/15/37

....

2,000

2,018,461

Series

2022AA

,

RB

,

5.00

%

,

06/15/37

....

3,000

3,344,471

Series

2023AA

,

RB

,

5.00

%

,

06/15/37

....

4,000

4,510,260

Series

2019AA

,

RB

,

5.00

%

,

06/15/37

....

1,250

1,320,173

Series

2023A

,

RB

,

5.00

%

,

06/15/37

.....

5,000

5,637,825

Series

2008A

,

RB

,

0.00

%

,

12/15/37

(a)

....

7,000

4,180,885

Series

2010A

,

RB

,

0.00

%

,

12/15/37

(a)

....

700

418,089

Series

2018A

,

RB

,

4.00

%

,

12/15/37

(

BAM

)

13,770

13,945,114

Series

2019BB

,

RB

,

4.00

%

,

06/15/38

....

15,340

15,440,489

Series

2020AA

,

RB

,

4.00

%

,

06/15/38

....

3,000

3,037,891

Series

2014AA

,

RB

,

5.00

%

,

06/15/38

....

3,100

3,102,629

Series

2020AA

,

RB

,

5.00

%

,

06/15/38

....

2,000

2,175,851

Series

2023AA

,

RB

,

5.00

%

,

06/15/38

....

3,700

4,151,598

Series

2023A

,

RB

,

5.00

%

,

06/15/38

.....

4,110

4,611,639

Series

2019AA

,

RB

,

5.00

%

,

06/15/38

....

3,025

3,185,228

Series

2009A

,

RB

,

0.00

%

,

12/15/38

(a)

....

3,620

2,058,102

Series

2008A

,

RB

,

0.00

%

,

12/15/38

(a)

....

865

490,409

Series

2018A

,

RB

,

4.25

%

,

12/15/38

.....

1,000

1,018,670

Series

2020AA

,

RB

,

4.00

%

,

06/15/39

....

7,750

7,806,466

Series

2023AA

,

RB

,

5.00

%

,

06/15/39

....

6,000

6,690,841

Series

2023BB

,

RB

,

5.00

%

,

06/15/39

....

4,000

4,482,870

Series

2009A

,

RB

,

0.00

%

,

12/15/39

(a)

....

33,700

18,272,669

Series

2019A

,

RB

,

4.00

%

,

12/15/39

.....

500

502,076

Series

2019A

,

RB

,

5.00

%

,

12/15/39

.....

1,000

1,068,683

Series

2020AA

,

RB

,

4.00

%

,

06/15/40

....

500

501,242

Series

2023A

,

RB

,

4.25

%

,

06/15/40

.....

10,000

10,292,142

Series

2020AA

,

RB

,

5.00

%

,

06/15/40

....

1,250

1,347,991

Series

2010A

,

RB

,

0.00

%

,

12/15/40

(a)

....

5,500

2,806,693

Series

2022BB

,

RB

,

4.00

%

,

06/15/41

....

5,500

5,478,386

Series

2022A

,

RB

,

4.00

%

,

06/15/41

.....

5,000

4,980,351

Series

2023BB

,

RB

,

5.00

%

,

06/15/41

....

14,700

16,270,735

Series

2015AA

,

RB

,

5.25

%

,

06/15/41

....

3,500

3,533,673

Series

2023BB

,

RB

,

5.00

%

,

06/15/42

....

5,000

5,505,146

Series

2022CC

,

RB

,

5.00

%

,

06/15/42

....

9,195

10,037,702

Security

Par

(000)

Par

(000)

Value

New

Jersey

(continued)

Series

2023A

,

RB

,

5.25

%

,

06/15/42

.....

USD

3,000

$

3,356,745

Series

2023BB

,

RB

,

5.00

%

,

06/15/43

....

4,500

4,926,850

Series

2019BB

,

RB

,

4.00

%

,

06/15/44

....

2,000

1,950,458

Series

2023AA

,

RB

,

4.25

%

,

06/15/44

....

4,295

4,330,851

Series

2022CC

,

RB

,

5.00

%

,

06/15/44

....

10,500

11,350,685

Series

2019BB

,

RB

,

5.00

%

,

06/15/44

....

11,275

11,684,939

Series

2014AA

,

RB

,

5.00

%

,

06/15/44

....

350

350,152

Series

2020AA

,

RB

,

4.00

%

,

06/15/45

....

10,000

9,725,086

Series

2015AA

,

RB

,

5.00

%

,

06/15/45

....

2,500

2,515,110

Series

2020AA

,

RB

,

5.00

%

,

06/15/45

....

9,315

9,854,407

Series

2019AA

,

RB

,

5.00

%

,

06/15/46

....

12,000

12,386,826

Series

2020AA

,

RB

,

3.00

%

,

06/15/50

....

9,000

7,041,438

Series

2020AA

,

RB

,

4.00

%

,

06/15/50

....

18,810

18,068,356

Series

2019BB

,

RB

,

4.00

%

,

06/15/50

....

7,640

7,338,768

Series

2019BB

,

RB

,

5.00

%

,

06/15/50

....

7,185

7,381,387

Series

2020AA

,

RB

,

5.00

%

,

06/15/50

....

4,100

4,308,314

Series

2023BB

,

RB

,

5.25

%

,

06/15/50

....

2,500

2,735,542

Series

2022CC

,

RB

,

5.50

%

,

06/15/50

....

3,250

3,585,121

New

Jersey

Turnpike

Authority

Series

2014C

,

RB

,

5.00

%

,

01/01/25

.....

5,125

5,160,100

Series

2017B

,

RB

,

5.00

%

,

01/01/28

.....

1,750

1,884,504

Series

2017B

,

RB

,

5.00

%

,

01/01/29

.....

1,290

1,384,018

Series

2017A

,

RB

,

5.00

%

,

01/01/29

.....

2,000

2,102,522

Series

2017B

,

RB

,

5.00

%

,

01/01/31

.....

4,500

4,797,993

Series

2017E

,

RB

,

5.00

%

,

01/01/31

.....

3,400

3,625,150

Series

2017A

,

RB

,

5.00

%

,

01/01/31

.....

3,700

3,872,084

Series

2017B

,

RB

,

5.00

%

,

01/01/32

.....

16,690

17,745,250

Series

2017E

,

RB

,

5.00

%

,

01/01/32

.....

10,255

10,903,388

Series

2017A

,

RB

,

5.00

%

,

01/01/33

.....

2,000

2,084,089

Series

2017B

,

RB

,

4.00

%

,

01/01/34

.....

1,000

1,023,784

Series

2017G

,

RB

,

4.00

%

,

01/01/34

.....

3,500

3,583,245

Series

2015E

,

RB

,

5.00

%

,

01/01/34

.....

2,000

2,010,041

Series

2017G

,

RB

,

5.00

%

,

01/01/35

.....

3,565

3,771,959

Series

2017G

,

RB

,

5.00

%

,

01/01/36

.....

2,380

2,511,646

Series

2017B

,

RB

,

5.00

%

,

01/01/40

.....

4,500

4,702,953

Series

2021A

,

RB

,

4.00

%

,

01/01/42

.....

19,530

19,649,233

Series

2017G

,

RB

,

4.00

%

,

01/01/43

.....

22,100

22,111,806

Series

2024C

,

RB

,

5.00

%

,

01/01/44

(c)

....

24,500

27,174,535

Series

2015E

,

RB

,

5.00

%

,

01/01/45

.....

17,345

17,432,077

Series

2024C

,

RB

,

5.00

%

,

01/01/45

(c)

....

23,675

26,213,265

Series

2022B

,

RB

,

5.00

%

,

01/01/46

.....

14,470

15,885,849

Series

2019A

,

RB

,

4.00

%

,

01/01/48

.....

27,300

26,821,914

Series

2022B

,

RB

,

4.50

%

,

01/01/48

.....

13,500

13,947,117

Series

2019A

,

RB

,

5.00

%

,

01/01/48

.....

18,085

18,952,020

Series

2022B

,

RB

,

5.25

%

,

01/01/52

.....

21,720

24,101,281

State

of

New

Jersey

Series

2020A

,

GO

,

5.00

%

,

06/01/25

.....

27,220

27,707,899

Series

2020A

,

GO

,

5.00

%

,

06/01/26

.....

14,785

15,414,337

GO

,

5.00

%

,

06/01/27

...............

2,885

2,933,371

Series

2020A

,

GO

,

5.00

%

,

06/01/27

.....

19,340

20,606,374

Series

2020A

,

GO

,

5.00

%

,

06/01/28

.....

46,740

50,847,502

Series

2020A

,

GO

,

5.00

%

,

06/01/29

.....

20,380

22,600,332

Series

2020A

,

GO

,

4.00

%

,

06/01/30

.....

25,185

26,940,208

Series

2020A

,

GO

,

4.00

%

,

06/01/31

.....

32,000

34,349,133

Series

2020A

,

GO

,

3.00

%

,

06/01/32

.....

5,050

4,974,216

Series

2020A

,

GO

,

4.00

%

,

06/01/32

.....

10,500

11,303,161

GO

,

5.00

%

,

06/01/32

...............

1,500

1,525,149

1,706,128,653

New

Mexico

—

0.3%

New

Mexico

Finance

Authority

Series

2021A

,

RB

,

5.00

%

,

06/15/25

.....

620

631,171

Series

2018A

,

RB

,

5.00

%

,

06/15/28

.....

5,005

5,450,201

Series

2021A

,

RB

,

5.00

%

,

06/15/28

.....

1,510

1,644,316

Series

2021A

,

RB

,

5.00

%

,

06/15/30

.....

1,500

1,691,233

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

Mexico

(continued)

State

of

New

Mexico

Series

2019

,

GO

,

5.00

%

,

03/01/25

......

USD

3,055

$

3,088,375

Series

2021

,

GO

,

5.00

%

,

03/01/26

......

1,500

1,554,578

Series

2021

,

GO

,

5.00

%

,

03/01/27

......

2,785

2,953,259

Series

2023

,

GO

,

5.00

%

,

03/01/27

......

20,090

21,303,763

Series

2021

,

GO

,

5.00

%

,

03/01/29

......

5,000

5,530,375

State

of

New

Mexico

Severance

Tax

Permanent

Fund

Series

2021A

,

RB

,

5.00

%

,

07/01/26

.....

2,500

2,611,627

Series

2022B

,

RB

,

5.00

%

,

07/01/30

.....

13,445

15,176,743

Series

2022A

,

RB

,

5.00

%

,

07/01/31

.....

13,540

15,489,913

77,125,554

New

York

—

21.7%

Battery

Park

City

Authority

Series

2023B

,

RB

,

5.00

%

,

11/01/29

.....

4,420

4,991,379

Series

2023B

,

RB

,

5.00

%

,

11/01/33

.....

3,500

4,194,123

Series

2019D-2

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

3.80

%

,

09/03/24

(b)

..........

4,050

4,050,000

Series

2023B

,

RB

,

5.00

%

,

11/01/38

.....

2,480

2,899,142

Series

2019B

,

RB

,

5.00

%

,

11/01/39

.....

840

916,872

Series

2019B

,

RB

,

5.00

%

,

11/01/40

.....

3,700

4,025,986

Series

2023A

,

RB

,

5.00

%

,

11/01/41

.....

2,000

2,289,986

Series

2023A

,

RB

,

5.00

%

,

11/01/43

.....

4,000

4,527,156

Series

2019A

,

RB

,

4.00

%

,

11/01/44

.....

5,915

5,878,756

Series

2023A

,

RB

,

5.00

%

,

11/01/44

.....

6,955

7,830,997

Series

2023A

,

RB

,

5.00

%

,

11/01/48

.....

1,350

1,495,569

Series

2019A

,

RB

,

5.00

%

,

11/01/49

.....

3,960

4,233,362

Series

2023A

,

RB

,

5.00

%

,

11/01/53

.....

66,000

72,475,847

City

of

New

York

Series

2018-1

,

GO

,

5.00

%

,

08/01/25

.....

6,480

6,620,731

Series

C

,

GO

,

5.00

%

,

08/01/25

........

4,055

4,143,065

Series

A

,

GO

,

5.00

%

,

08/01/25

........

1,680

1,716,486

Series

2019E

,

GO

,

5.00

%

,

08/01/25

.....

3,220

3,289,931

Series

2021A-1

,

GO

,

5.00

%

,

08/01/25

....

2,330

2,380,602

Series

2014J

,

GO

,

5.00

%

,

08/01/25

.....

2,170

2,173,459

Series

2023F-1

,

GO

,

5.00

%

,

08/01/25

....

1,080

1,103,455

Series

2023A-1

,

GO

,

5.00

%

,

09/01/25

....

3,210

3,287,457

Series

2011F-3

,

GO

,

5.00

%

,

12/01/25

....

2,280

2,348,974

Series

2021F-1

,

GO

,

5.00

%

,

03/01/26

....

1,870

1,938,228

Series

2018A

,

GO

,

5.00

%

,

08/01/26

.....

5,325

5,574,617

Series

2018C

,

GO

,

5.00

%

,

08/01/26

.....

1,035

1,083,517

Series

2022B-1

,

GO

,

5.00

%

,

08/01/26

....

24,055

25,182,612

Series

A

,

GO

,

5.00

%

,

08/01/26

........

1,850

1,888,797

Series

2008J-11

,

GO

,

5.00

%

,

08/01/26

...

1,075

1,125,392

Series

2008J-10

,

GO

,

5.00

%

,

08/01/26

...

4,470

4,679,538

Series

2021C

,

GO

,

5.00

%

,

08/01/26

.....

1,925

2,015,237

Series

A

,

GO

,

5.00

%

,

08/01/27

........

1,060

1,079,955

Series

2008J-5

,

GO

,

5.00

%

,

08/01/27

....

2,500

2,671,214

Series

2018C

,

GO

,

5.00

%

,

08/01/27

.....

1,740

1,859,165

Series

2015C

,

GO

,

5.00

%

,

08/01/27

.....

4,500

4,538,366

Series

2022B-1

,

GO

,

5.00

%

,

08/01/27

....

10,990

11,742,657

Series

2020C-1

,

GO

,

5.00

%

,

08/01/27

...

10,950

11,699,917

Series

2023F-1

,

GO

,

5.00

%

,

08/01/27

....

5,675

6,063,656

Series

2008C-4

,

GO

,

5.00

%

,

10/01/27

(

AGM

)

4,035

4,331,863

Series

2021A-1

,

GO

,

5.00

%

,

08/01/28

....

7,230

7,874,255

Series

2018A

,

GO

,

5.00

%

,

08/01/28

.....

2,000

2,127,660

Series

2020C-1

,

GO

,

5.00

%

,

08/01/28

...

3,000

3,267,326

Series

E

,

GO

,

5.00

%

,

08/01/28

........

1,900

1,970,094

Series

2023F-1

,

GO

,

5.00

%

,

08/01/28

....

1,875

2,042,079

Series

2014J

,

GO

,

5.00

%

,

08/01/28

.....

2,000

2,002,480

Series

A

,

GO

,

5.00

%

,

08/01/28

........

3,260

3,318,416

Series

C

,

GO

,

5.00

%

,

08/01/28

........

4,095

4,286,073

Series

2015C

,

GO

,

5.00

%

,

08/01/28

.....

5,165

5,206,911

Series

2023A-1

,

GO

,

5.00

%

,

09/01/28

....

5,550

6,054,705

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2021A-1

,

GO

,

5.00

%

,

08/01/29

....

USD

1,925

$

2,132,734

Series

C

,

GO

,

5.00

%

,

08/01/29

........

7,260

7,449,540

Series

2023F-1

,

GO

,

5.00

%

,

08/01/29

....

4,390

4,863,742

Series

2020C-1

,

GO

,

5.00

%

,

08/01/29

...

2,000

2,215,828

Series

2022B-1

,

GO

,

5.00

%

,

08/01/29

....

32,630

36,151,227

Series

2018C

,

GO

,

5.00

%

,

08/01/29

.....

4,005

4,292,714

Series

2023A-1

,

GO

,

5.00

%

,

09/01/29

....

5,940

6,591,182

Series

2021B-1

,

GO

,

5.00

%

,

11/01/29

....

5,015

5,578,643

Series

2017B-1

,

GO

,

5.00

%

,

12/01/29

....

1,005

1,045,919

Series

2014I-1

,

GO

,

5.00

%

,

03/01/30

....

1,000

1,000,628

Series

2020C-1

,

GO

,

5.00

%

,

08/01/30

...

6,750

7,616,790

Series

2022C

,

GO

,

5.00

%

,

08/01/30

.....

1,485

1,675,694

Series

2021A-1

,

GO

,

5.00

%

,

08/01/30

....

18,890

21,315,729

Series

2017A

,

GO

,

5.00

%

,

08/01/30

.....

1,660

1,716,546

Series

2021B-1

,

GO

,

5.00

%

,

11/01/30

....

9,950

11,267,418

Series

2008L-6

,

GO

,

5.00

%

,

04/01/31

....

2,170

2,367,200

Series

2021A-1

,

GO

,

5.00

%

,

08/01/31

....

11,150

12,459,526

Series

2015A

,

GO

,

5.00

%

,

08/01/31

.....

2,500

2,508,910

Series

2023G

,

GO

,

5.00

%

,

08/01/31

.....

2,975

3,401,127

Series

2023-1

,

GO

,

5.00

%

,

08/01/31

.....

5,030

5,750,478

Series

2020C-1

,

GO

,

5.00

%

,

08/01/31

...

1,500

1,676,169

Series

2023F-1

,

GO

,

5.00

%

,

08/01/31

....

4,000

4,572,944

Series

2020B-1

,

GO

,

5.00

%

,

10/01/31

....

1,175

1,290,859

Series

2008L-6

,

GO

,

5.00

%

,

04/01/32

....

5,250

5,709,504

Series

2021C

,

GO

,

5.00

%

,

08/01/32

.....

6,550

7,296,537

Series

2023G

,

GO

,

5.00

%

,

08/01/32

.....

2,975

3,433,527

Series

2022B-1

,

GO

,

5.00

%

,

08/01/32

....

3,725

4,299,122

Series

2023-1

,

GO

,

5.00

%

,

08/01/32

.....

5,000

5,770,633

Series

2023F-1

,

GO

,

5.00

%

,

08/01/32

....

8,000

9,233,013

Series

2022A-1

,

GO

,

5.00

%

,

08/01/32

....

5,000

5,657,107

Series

2021A-1

,

GO

,

5.00

%

,

08/01/32

....

1,000

1,113,975

Series

2014J

,

GO

,

5.00

%

,

08/01/32

.....

10,000

10,012,093

Series

2015A

,

GO

,

5.00

%

,

08/01/32

.....

1,000

1,003,564

Series

2019E

,

GO

,

5.00

%

,

08/01/32

.....

1,000

1,083,830

Series

2018C

,

GO

,

5.00

%

,

08/01/32

.....

2,435

2,588,614

Series

2020B-1

,

GO

,

5.00

%

,

10/01/32

....

1,000

1,095,253

Series

2018B-1

,

GO

,

5.25

%

,

10/01/32

....

10,440

11,095,384

Series

2023-1

,

GO

,

5.00

%

,

08/01/33

.....

5,000

5,820,675

Series

2020C-1

,

GO

,

5.00

%

,

08/01/33

...

15,635

17,378,032

Series

2023G

,

GO

,

5.00

%

,

08/01/33

.....

1,445

1,682,175

Series

2025A

,

GO

,

5.00

%

,

08/01/33

.....

5,000

5,820,675

Series

2021C

,

GO

,

5.00

%

,

08/01/33

.....

3,000

3,334,448

Series

2020B-1

,

GO

,

5.00

%

,

10/01/33

....

6,310

6,891,615

Series

2017B-1

,

GO

,

5.00

%

,

12/01/33

....

1,800

1,869,319

Series

2024C

,

GO

,

5.00

%

,

03/01/34

.....

5,000

5,853,400

Series

2008L-5

,

GO

,

5.00

%

,

04/01/34

....

2,000

2,243,978

Series

2018F-1

,

GO

,

5.00

%

,

04/01/34

....

1,000

1,063,295

Series

2006E-3

,

GO

,

VRDN

(

Bank

of

America

NA

LOC

),

2.87

%

,

09/05/24

(b)

........

4,470

4,470,000

Series

2022A-1

,

GO

,

4.00

%

,

08/01/34

....

9,845

10,268,593

Series

2018C

,

GO

,

4.00

%

,

08/01/34

.....

1,005

1,033,113

Series

2021A-1

,

GO

,

4.00

%

,

08/01/34

....

1,775

1,841,355

Series

2023F-1

,

GO

,

5.00

%

,

08/01/34

....

7,000

8,112,169

Series

2023-1

,

GO

,

5.00

%

,

08/01/34

.....

10,000

11,588,813

Series

2019E

,

GO

,

5.00

%

,

08/01/34

.....

1,000

1,079,530

Series

2023G

,

GO

,

5.00

%

,

08/01/34

.....

2,975

3,447,672

Series

2020B-1

,

GO

,

5.00

%

,

10/01/34

....

2,500

2,725,735

Series

2019D-1

,

GO

,

5.00

%

,

12/01/34

...

5,000

5,365,765

Series

2012A-3

,

GO

,

4.00

%

,

08/01/35

....

2,500

2,573,125

Series

C

,

GO

,

4.00

%

,

08/01/35

........

4,870

4,882,574

Series

2025A

,

GO

,

5.00

%

,

08/01/35

.....

6,135

7,181,048

Series

2023G

,

GO

,

5.00

%

,

08/01/35

.....

2,975

3,437,581

Series

2023-1

,

GO

,

5.00

%

,

08/01/35

.....

3,500

4,044,213

Series

2020B-1

,

GO

,

4.00

%

,

10/01/35

....

1,015

1,039,378

Series

2017B-1

,

GO

,

5.00

%

,

12/01/35

....

7,815

8,107,360

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2020D-1

,

GO

,

4.00

%

,

03/01/36

...

USD

2,700

$

2,761,089

Series

2006I-A

,

GO

,

4.00

%

,

04/01/36

....

4,950

5,070,725

Series

2006I-5

,

GO

,

5.00

%

,

04/01/36

....

3,840

4,440,548

Series

2015FF-1

,

GO

,

5.00

%

,

06/01/36

...

1,100

1,114,815

Series

2021C

,

GO

,

4.00

%

,

08/01/36

.....

1,000

1,022,337

Series

2017A

,

GO

,

4.00

%

,

08/01/36

.....

5,390

5,391,131

Series

2020C-1

,

GO

,

5.00

%

,

08/01/36

...

2,815

3,097,483

Series

2025A

,

GO

,

5.00

%

,

08/01/36

.....

5,000

5,792,746

Series

2023F-1

,

GO

,

5.00

%

,

08/01/36

....

2,500

2,861,673

Series

2020B-1

,

GO

,

5.00

%

,

10/01/36

....

14,240

15,434,417

Series

2020D-1

,

GO

,

5.00

%

,

03/01/37

...

2,500

2,731,303

Series

2018E-1

,

GO

,

5.00

%

,

03/01/37

....

2,500

2,643,181

Series

2018F-1

,

GO

,

5.00

%

,

04/01/37

....

17,890

18,935,230

Series

2020A-1

,

GO

,

4.00

%

,

08/01/37

....

2,500

2,537,958

Series

2023F-1

,

GO

,

5.00

%

,

08/01/37

....

1,500

1,711,753

Series

2025A

,

GO

,

5.00

%

,

08/01/37

.....

4,000

4,618,736

Series

2020B-1

,

GO

,

4.00

%

,

10/01/37

....

1,880

1,908,598

Series

2018B-1

,

GO

,

5.00

%

,

10/01/37

....

3,000

3,148,163

Series

2018E-1

,

GO

,

5.00

%

,

03/01/38

....

2,500

2,639,203

Series

2022A-1

,

GO

,

4.00

%

,

08/01/38

....

2,930

2,984,681

Series

2020A-1

,

GO

,

4.00

%

,

08/01/38

....

5,005

5,071,475

Series

2021C

,

GO

,

5.00

%

,

08/01/38

.....

8,670

9,474,332

Series

2023F-1

,

GO

,

5.00

%

,

08/01/38

....

1,250

1,416,878

Series

2017A

,

GO

,

5.00

%

,

08/01/38

.....

3,000

3,088,120

Series

2018B-1

,

GO

,

5.00

%

,

10/01/38

....

6,455

6,761,225

Series

2017B-1

,

GO

,

5.00

%

,

12/01/38

....

1,500

1,551,177

Series

2018E-1

,

GO

,

5.00

%

,

03/01/39

....

2,000

2,104,506

Series

2021F-1

,

GO

,

5.00

%

,

03/01/39

....

7,500

8,225,457

Series

2023E-1

,

GO

,

5.00

%

,

04/01/39

....

7,500

8,426,899

Series

2021C

,

GO

,

4.00

%

,

08/01/39

.....

1,525

1,544,089

Series

2022A-1

,

GO

,

4.00

%

,

08/01/39

....

8,000

8,115,038

Series

2023A-1

,

GO

,

5.00

%

,

09/01/39

....

2,000

2,232,539

Series

2018B-1

,

GO

,

5.00

%

,

10/01/39

....

5,680

5,934,615

Series

2014I-2

,

GO

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

4.00

%

,

09/03/24

(b)

...

32,050

32,050,000

Series

2020D-1

,

GO

,

5.00

%

,

03/01/40

...

3,000

3,229,427

Series

2022D-1

,

GO

,

4.25

%

,

05/01/40

...

2,500

2,567,424

Series

2022D-1

,

GO

,

5.25

%

,

05/01/40

...

3,500

3,925,895

Series

2022A-1

,

GO

,

4.00

%

,

08/01/40

....

2,000

2,015,623

Series

2021C

,

GO

,

4.00

%

,

08/01/40

.....

1,000

1,006,802

Series

2019D-1

,

GO

,

5.00

%

,

12/01/40

...

4,815

5,103,246

Series

2021F-1

,

GO

,

3.00

%

,

03/01/41

....

1,000

859,416

Series

2024C

,

GO

,

4.00

%

,

03/01/41

.....

5,700

5,714,854

Series

2020D-1

,

GO

,

4.00

%

,

03/01/41

...

2,000

2,003,248

Series

2018E-1

,

GO

,

4.00

%

,

03/01/41

....

2,600

2,591,666

Series

2022D-1

,

GO

,

5.25

%

,

05/01/41

...

9,300

10,393,719

Series

2021C

,

GO

,

4.00

%

,

08/01/41

.....

6,400

6,410,927

Series

2023A-1

,

GO

,

5.00

%

,

09/01/41

....

1,470

1,620,800

Series

2025,

Sub-Series

C-1

,

GO

,

5.00

%

,

09/01/41

(c)

...............

3,000

3,371,613

Series

2023A-1

,

GO

,

5.25

%

,

09/01/41

....

8,000

8,976,774

Series

2020B-1

,

GO

,

3.00

%

,

10/01/41

....

2,000

1,710,550

Series

2018B-1

,

GO

,

4.00

%

,

10/01/41

....

1,000

994,247

Series

2019D-1

,

GO

,

4.00

%

,

12/01/41

...

3,000

2,989,937

Series

2017B-1

,

GO

,

5.00

%

,

12/01/41

....

3,000

3,092,516

Series

2022D-1

,

GO

,

5.25

%

,

05/01/42

...

8,000

8,900,854

Series

2021C

,

GO

,

5.00

%

,

08/01/42

.....

3,225

3,463,895

Series

2023A-1

,

GO

,

5.25

%

,

09/01/42

....

2,000

2,233,798

Series

2019D-1

,

GO

,

4.00

%

,

12/01/42

...

5,000

4,956,843

Series

2019D-1

,

GO

,

5.00

%

,

12/01/42

...

4,020

4,243,189

Series

2024C

,

GO

,

5.00

%

,

03/01/43

.....

7,000

7,757,198

Series

2024D

,

GO

,

5.00

%

,

04/01/43

.....

5,000

5,544,694

Series

2022D-1

,

GO

,

5.25

%

,

05/01/43

...

8,500

9,418,073

Series

2023A-1

,

GO

,

5.25

%

,

09/01/43

....

5,500

6,116,648

Series

2018E-1

,

GO

,

5.00

%

,

03/01/44

....

41,965

43,777,779

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2024D

,

GO

,

5.00

%

,

04/01/44

.....

USD

3,000

$

3,309,113

Series

2015F-6

,

GO

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

4.00

%

,

09/03/24

(b)

33,775

33,775,000

Series

2016A-5

,

GO

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

4.00

%

,

09/03/24

(b)

20,000

20,000,000

Series

2020A-1

,

GO

,

4.00

%

,

08/01/44

....

9,000

8,864,249

Series

2025,

Sub-Series

C-1

,

GO

,

5.00

%

,

09/01/44

(c)

...............

4,000

4,426,388

Series

2019D-1

,

GO

,

5.00

%

,

12/01/44

...

13,695

14,403,311

Series

2024C

,

GO

,

5.00

%

,

03/01/45

.....

9,000

9,887,975

Series

2018F-1

,

GO

,

5.00

%

,

04/01/45

....

16,500

17,203,760

Series

2018F-1

,

GO

,

3.50

%

,

04/01/46

....

4,000

3,564,476

Series

2024D

,

GO

,

5.50

%

,

04/01/46

.....

5,000

5,713,739

Series

2022D-1

,

GO

,

5.50

%

,

05/01/46

...

5,300

5,925,576

Series

2018B-4

,

GO

,

VRDN

(

Barclays

Bank

plc

SBPA

),

3.90

%

,

09/03/24

(b)

.......

31,215

31,215,000

Series

2024A

,

GO

,

5.00

%

,

08/01/47

.....

3,615

3,925,287

Series

2025,

Sub-Series

C-1

,

GO

,

5.00

%

,

09/01/47

(c)

...............

6,000

6,565,750

Series

2024C

,

GO

,

5.25

%

,

03/01/48

.....

8,295

9,197,717

Series

2024C

,

GO

,

5.25

%

,

03/01/49

.....

10,000

11,065,068

Series

2022D-1

,

GO

,

4.50

%

,

05/01/49

...

3,625

3,720,022

Series

2023A,

Sub-Series

A-4

,

GO

,

VRDN

(

TD

Bank

NA

SBPA

),

3.80

%

,

09/03/24

(b)

15,495

15,495,000

Series

2021F-1

,

GO

,

5.00

%

,

03/01/50

....

18,575

19,695,972

Series

2022A-1

,

GO

,

3.00

%

,

08/01/50

....

1,650

1,278,630

Series

2022A-1

,

GO

,

4.00

%

,

08/01/50

....

3,315

3,232,416

Series

2025,

Sub-Series

C-1

,

GO

,

4.00

%

,

09/01/52

(c)

...............

2,500

2,426,839

Series

2024C

,

GO

,

5.25

%

,

03/01/53

.....

13,635

15,040,646

Series

2024D

,

GO

,

5.25

%

,

04/01/54

.....

35,180

38,804,054

County

of

Nassau,

Series

2023A,

GO,

4.00%, 04/01/53

.................

11,000

10,695,692

County

of

Westchester,

Series

2023A,

GO,

4.00%, 12/01/38

.................

8,460

8,946,613

Dutchess

County

Local

Development

Corp.,

Series

2017,

RB,

5.00%, 07/01/42

......

750

774,105

Hudson

Yards

Infrastructure

Corp.

Series

2017A

,

RB

,

5.00

%

,

02/15/26

.....

800

828,080

Series

2017A

,

RB

,

5.00

%

,

02/15/28

.....

1,035

1,095,555

Series

2017A

,

RB

,

5.00

%

,

02/15/31

.....

1,150

1,205,416

Series

2017A

,

RB

,

5.00

%

,

02/15/33

.....

5,000

5,229,167

Series

2017A

,

RB

,

5.00

%

,

02/15/34

.....

14,000

14,629,964

Series

2022A

,

RB

,

5.00

%

,

02/15/34

.....

5,000

5,752,001

Series

2017A

,

RB

,

5.00

%

,

02/15/35

.....

1,600

1,669,164

Series

2017A

,

RB

,

5.00

%

,

02/15/37

.....

2,350

2,446,719

Series

2017A

,

RB

,

5.00

%

,

02/15/38

.....

3,000

3,118,044

Series

2022A

,

RB

,

4.00

%

,

02/15/41

.....

7,905

8,036,476

Series

2017A

,

RB

,

5.00

%

,

02/15/42

.....

7,360

7,600,439

Series

2017A

,

RB

,

5.00

%

,

02/15/42

(

BAM-

TCRS

)

.......................

11,000

11,372,412

Series

2017A

,

RB

,

4.00

%

,

02/15/44

.....

17,640

17,457,414

Series

2017A

,

RB

,

4.00

%

,

02/15/47

(

AGM

)

23,030

22,545,161

Long

Island

Power

Authority

Series

2021

,

RB

,

1.00

%

,

09/01/25

......

7,000

6,760,975

Series

2023F

,

RB

,

5.00

%

,

09/01/29

.....

4,180

4,667,046

Series

2021A

,

RB

,

5.00

%

,

09/01/30

.....

9,000

10,204,551

Series

2021A

,

RB

,

4.00

%

,

09/01/32

.....

8,000

8,606,882

Series

2016B

,

RB

,

5.00

%

,

09/01/32

.....

3,000

3,115,975

Series

2023F

,

RB

,

5.00

%

,

09/01/33

.....

3,000

3,534,540

Series

2018

,

RB

,

5.00

%

,

09/01/33

......

1,000

1,075,524

Series

2019A

,

RB

,

4.00

%

,

09/01/34

.....

5,000

5,200,759

Series

2014A

,

RB

,

5.00

%

,

09/01/34

.....

4,610

4,627,854

Series

2016B

,

RB

,

5.00

%

,

09/01/36

.....

5,630

5,827,732

Series

2018

,

RB

,

5.00

%

,

09/01/38

......

15,750

16,712,012

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2014A

,

RB

,

4.00

%

,

09/01/39

(

AGM

)

USD

2,000

$

2,003,589

Series

2021A

,

RB

,

3.00

%

,

09/01/40

.....

3,150

2,764,628

Series

2021A

,

RB

,

4.00

%

,

09/01/41

.....

500

512,483

Series

2016B

,

RB

,

5.00

%

,

09/01/41

.....

500

514,922

Series

2017

,

RB

,

5.00

%

,

09/01/42

......

2,755

2,875,235

Series

2024A

,

RB

,

5.00

%

,

09/01/42

.....

5,530

6,287,759

Series

2014A

,

RB

,

5.00

%

,

09/01/44

.....

20,040

20,117,611

Series

2024A

,

RB

,

5.00

%

,

09/01/44

.....

4,000

4,495,968

Series

2015B

,

RB

,

5.00

%

,

09/01/45

.....

6,000

6,074,355

Series

2016B

,

RB

,

5.00

%

,

09/01/46

.....

6,640

6,814,931

Series

2017

,

RB

,

5.00

%

,

09/01/47

......

4,000

4,153,149

Series

2017

,

RB

,

5.00

%

,

09/01/47

(

BAM-

TCRS

)

.......................

23,350

24,277,635

Series

2024A

,

RB

,

5.00

%

,

09/01/49

.....

11,445

12,584,703

Series

2020B

,

RB

,

VRDN

0.85

%

,

09/01/25

(b)

2,500

2,432,219

Series

2021B

,

RB

,

VRDN

1.50

%

,

09/01/26

(b)

780

746,849

Series

2023E

,

RB

,

5.00

%

,

09/01/53

.....

1,175

1,277,420

Series

2024A

,

RB

,

5.00

%

,

09/01/54

.....

13,500

14,761,655

Metropolitan

Transportation

Authority

Series

2017C-1

,

RB

,

5.00

%

,

11/15/25

....

10,320

10,591,175

Series

2017B

,

RB

,

5.00

%

,

11/15/25

.....

2,000

2,052,553

Series

A-2

,

RB

,

5.00

%

,

11/15/25

.......

5,495

5,639,390

Series

2017B

,

RB

,

5.00

%

,

11/15/26

.....

3,000

3,142,860

Series

2017C-1

,

RB

,

5.00

%

,

11/15/26

....

12,250

12,833,344

Series

2015F

,

RB

,

5.00

%

,

11/15/26

......

1,150

1,177,798

Series

2017C-1

,

RB

,

5.00

%

,

11/15/27

....

6,265

6,688,195

Series

2016B

,

RB

,

5.00

%

,

11/15/27

.....

2,380

2,485,550

Series

A-2

,

RB

,

5.00

%

,

11/15/27

.......

3,000

3,133,046

Series

C-1

,

RB

,

5.00

%

,

11/15/27

.......

5,000

5,123,679

Series

2017B

,

RB

,

5.00

%

,

11/15/28

.....

3,310

3,595,485

Series

2017C-1

,

RB

,

5.00

%

,

11/15/28

....

3,215

3,461,134

Series

2018B

,

RB

,

5.00

%

,

11/15/28

.....

2,500

2,715,623

Series

2017C-2

,

RB

,

0.00

%

,

11/15/29

(a)

...

1,295

1,091,988

Series

2017C-1

,

RB

,

5.00

%

,

11/15/29

....

4,995

5,372,559

Series

2016D

,

RB

,

5.00

%

,

11/15/29

.....

1,075

1,122,601

Series

D-1

,

RB

,

5.00

%

,

11/15/29

.......

7,000

7,158,308

Series

2016A

,

RB

,

5.25

%

,

11/15/29

.....

4,940

5,188,254

Series

2012A

,

RB

,

0.00

%

,

11/15/30

(a)

....

9,645

7,884,792

Series

2017C-1

,

RB

,

5.00

%

,

11/15/30

....

4,885

5,239,299

Series

2016D

,

RB

,

5.00

%

,

11/15/30

.....

1,500

1,559,086

Series

2017C-1

,

RB

,

5.00

%

,

11/15/31

....

5,370

5,745,524

Series

2017C-1

,

RB

,

4.00

%

,

11/15/32

....

16,000

16,356,923

Series

2017D

,

RB

,

5.00

%

,

11/15/32

.....

3,000

3,204,074

Series

2017C-2

,

RB

,

0.00

%

,

11/15/33

(a)

...

1,040

741,853

Series

2017D

,

RB

,

5.00

%

,

11/15/33

.....

1,500

1,600,262

Series

B-2

,

RB

,

5.00

%

,

11/15/33

.......

6,940

7,321,149

Series

A-1

,

RB

,

5.00

%

,

11/15/33

.......

3,105

3,136,311

Series

2017C-1

,

RB

,

5.00

%

,

11/15/34

....

4,000

4,260,661

Series

2019D-1

,

RB

,

VRDN

5.00

%

,

11/15/24

(b)

...............

4,000

4,012,344

Series

2017C-1

,

RB

,

4.00

%

,

11/15/35

....

2,500

2,538,134

Series

B-1

,

RB

,

5.00

%

,

11/15/35

.......

1,000

1,053,051

Series

C-1

,

RB

,

5.00

%

,

11/15/35

.......

480

488,873

Series

2017D

,

RB

,

5.00

%

,

11/15/35

.....

535

569,040

Series

2016B

,

RB

,

4.00

%

,

11/15/36

.....

3,065

3,088,233

Series

2024A

,

RB

,

5.00

%

,

11/15/36

.....

9,800

11,121,613

Series

B-1

,

RB

,

5.00

%

,

11/15/36

.......

15,000

15,531,883

Series

2017C-1

,

RB

,

4.00

%

,

11/15/37

....

7,500

7,569,870

Series

2024A

,

RB

,

5.00

%

,

11/15/37

.....

8,010

9,038,401

Series

B-2

,

RB

,

5.00

%

,

11/15/37

.......

12,700

13,136,498

Series

2016B

,

RB

,

5.00

%

,

11/15/37

.....

2,180

2,245,263

Series

2017C-1

,

RB

,

4.00

%

,

11/15/38

....

6,495

6,536,889

Series

B-2

,

RB

,

5.00

%

,

11/15/38

.......

2,745

2,836,396

Series

2014D-1

,

RB

,

5.00

%

,

11/15/39

....

5,100

5,111,411

Series

2022A

,

RB

,

4.00

%

,

11/15/40

.....

5,000

5,049,056

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

A-1

,

RB

,

5.00

%

,

11/15/40

.......

USD

3,975

$

4,006,857

Series

2019C

,

RB

,

5.00

%

,

11/15/40

.....

4,500

4,773,060

Series

2015B

,

RB

,

5.00

%

,

11/15/40

.....

10,050

10,130,545

Series

2017D

,

RB

,

4.00

%

,

11/15/42

.....

2,000

1,971,534

Series

2020A-1

,

RB

,

4.00

%

,

11/15/42

(

AGM

)

2,500

2,500,297

Series

2021A-2

,

RB

,

4.00

%

,

11/15/42

....

10,000

9,895,598

Series

2017A

,

RB

,

5.00

%

,

11/15/42

.....

5,000

5,165,207

Series

2020D-1

,

RB

,

5.00

%

,

11/15/43

....

16,750

17,807,806

Series

2019C

,

RB

,

5.00

%

,

11/15/43

(

BAM

)

1,000

1,057,954

Series

2021A-1

,

RB

,

4.00

%

,

11/15/44

....

3,500

3,421,811

Series

2020D-1

,

RB

,

5.00

%

,

11/15/44

....

17,000

18,019,810

Series

2024A

,

RB

,

5.00

%

,

11/15/44

.....

12,320

13,404,769

Series

2014D-1

,

RB

,

5.25

%

,

11/15/44

....

3,030

3,038,270

Series

2015B

,

RB

,

4.00

%

,

11/15/45

.....

1,960

1,892,291

Series

2019C

,

RB

,

4.00

%

,

11/15/45

(

AGM

)

1,280

1,256,281

Series

2020E

,

RB

,

4.00

%

,

11/15/45

.....

10,905

10,600,755

Series

2020C-1

,

RB

,

4.75

%

,

11/15/45

....

8,500

8,713,704

Series

2024A

,

RB

,

5.00

%

,

11/15/45

.....

10,815

11,720,903

Series

2020D-1

,

RB

,

5.00

%

,

11/15/45

....

3,500

3,699,894

Series

2020B

,

RB

,

VRDN

(

Royal

Bank

of

Canada

LOC

),

3.95

%

,

09/03/24

(b)

.....

11,050

11,050,000

Series

2020A-1

,

RB

,

4.00

%

,

11/15/46

....

9,650

9,349,336

Series

2019C

,

RB

,

4.00

%

,

11/15/46

(

AGM

)

3,500

3,441,520

Series

2017D

,

RB

,

4.00

%

,

11/15/46

.....

7,000

6,762,297

Series

2022A

,

RB

,

5.00

%

,

11/15/46

.....

4,000

4,344,359

Series

B-1

,

RB

,

5.00

%

,

11/15/46

.......

1,895

1,940,751

Series

2019C

,

RB

,

4.00

%

,

11/15/47

(

AGM

)

3,500

3,425,679

Series

2021A-1

,

RB

,

4.00

%

,

11/15/47

....

5,000

4,827,223

Series

2024A

,

RB

,

5.00

%

,

11/15/47

.....

10,000

10,766,989

Series

2017A

,

RB

,

5.00

%

,

11/15/47

.....

4,770

4,902,961

Series

2019A-1

,

RB

,

VRDN

5.00

%

,

11/15/24

(b)

...............

8,500

8,526,256

Series

2024A

,

5.00

%

,

11/15/49

........

6,785

7,442,684

Series

2015E-3

,

RB

,

VRDN

(

Bank

of

America

NA

LOC

),

3.90

%

,

09/03/24

(b)

........

5,900

5,900,000

Series

2020D-3

,

RB

,

4.00

%

,

11/15/50

....

9,000

8,602,824

Series

2020C-1

,

RB

,

5.00

%

,

11/15/50

....

28,880

30,139,881

Series

A-1

,

RB

,

5.00

%

,

11/15/51

.......

1,500

1,538,649

Series

2020A-1

,

RB

,

4.00

%

,

11/15/52

....

1,035

983,893

Series

2019B

,

RB

,

5.00

%

,

11/15/52

.....

4,090

4,217,484

Series

2020C-1

,

RB

,

5.25

%

,

11/15/55

....

12,310

12,938,192

Series

C-1

,

RB

,

5.00

%

,

11/15/56

.......

4,370

4,428,061

Series

A-1

,

RB

,

5.25

%

,

11/15/56

.......

4,525

4,590,218

Series

B-1

,

RB

,

5.25

%

,

11/15/57

.......

1,000

1,039,382

Series

A-1

,

RB

,

5.25

%

,

11/15/57

.......

2,070

2,138,834

Monroe

County

Industrial

Development

Corp.

Series

2023A

,

RB

,

5.00

%

,

07/01/34

.....

3,000

3,544,050

Series

2020A

,

RB

,

4.00

%

,

07/01/50

.....

32,280

31,407,643

Series

2023A

,

RB

,

5.00

%

,

07/01/53

.....

6,750

7,355,684

MTA

Hudson

Rail

Yards

Trust

Obligations

Series

2016A

,

RB

,

5.00

%

,

11/15/51

.....

4,000

4,005,414

Series

2016A

,

RB

,

5.00

%

,

11/15/56

.....

10,000

10,012,472

Nassau

County

Interim

Finance

Authority

Series

2021A

,

RB

,

5.00

%

,

11/15/30

.....

2,500

2,866,048

Series

2021A

,

RB

,

5.00

%

,

11/15/31

.....

10,000

11,578,255

Series

2021A

,

RB

,

5.00

%

,

11/15/32

.....

5,015

5,783,073

Series

2021A

,

RB

,

5.00

%

,

11/15/33

.....

5,000

5,756,160

Series

2021A

,

RB

,

4.00

%

,

11/15/34

.....

2,210

2,403,145

Series

2021A

,

RB

,

5.00

%

,

11/15/34

.....

5,020

5,765,847

Series

2021A

,

RB

,

4.00

%

,

11/15/35

.....

945

1,018,811

Series

2021A

,

RB

,

5.00

%

,

11/15/35

.....

5,180

5,927,211

New

York

City

Industrial

Development

Agency,

Series

2020A,

RB,

4.00%, 03/01/45

(AGM)

1,600

1,562,922

New

York

City

Municipal

Water

Finance

Authority

Series

2020CC-2

,

RB

,

5.00

%

,

06/15/25

...

1,375

1,400,313

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2022CC-2

,

RB

,

5.00

%

,

06/15/26

...

USD

2,750

$

2,768,548

Series

2020DD-2

,

RB

,

5.00

%

,

06/15/27

...

5,375

5,528,888

Series

2015FF

,

RB

,

5.00

%

,

06/15/27

....

1,335

1,359,067

Series

2022EE

,

RB

,

5.00

%

,

06/15/28

....

3,520

3,850,146

Series

2020GG-2

,

RB

,

5.00

%

,

06/15/29

..

13,500

14,475,956

Series

2020DD-1

,

RB

,

5.00

%

,

06/15/30

...

2,000

2,266,217

Series

2020EE

,

RB

,

5.00

%

,

06/15/30

....

3,500

3,965,880

Series

2021DD

,

RB

,

5.00

%

,

06/15/31

....

4,280

4,918,603

Series

2015GG

,

RB

,

5.00

%

,

06/15/31

....

2,505

2,544,977

Series

2018EE

,

RB

,

5.00

%

,

06/15/32

....

7,880

8,079,451

Series

2016

,

RB

,

4.00

%

,

06/15/33

......

1,400

1,423,233

Series

2017EE

,

RB

,

5.00

%

,

06/15/33

....

3,945

4,154,598

Series

2019FF-2

,

RB

,

5.00

%

,

06/15/35

...

26,665

28,987,919

Series

2019FF-2

,

RB

,

4.00

%

,

06/15/36

...

6,315

6,472,968

Series

2024BB-2

,

RB

,

5.00

%

,

06/15/36

...

5,000

6,033,829

Series

2017EE

,

RB

,

5.00

%

,

06/15/36

....

2,000

2,098,107

Series

2017EE

,

RB

,

5.25

%

,

06/15/36

....

2,000

2,114,066

Series

2016

,

RB

,

4.00

%

,

06/15/37

......

11,855

11,994,244

Series

2019FF-2

,

RB

,

4.00

%

,

06/15/37

...

9,245

9,433,185

Series

2019DD-1

,

RB

,

5.00

%

,

06/15/37

...

2,720

2,904,346

Series

2015GG

,

RB

,

5.00

%

,

06/15/37

....

1,815

1,840,288

Series

2015HH

,

RB

,

5.00

%

,

06/15/37

....

9,860

9,997,378

Series

2018FF

,

RB

,

5.00

%

,

06/15/38

....

1,000

1,064,546

Series

2022EE

,

RB

,

4.00

%

,

06/15/39

....

2,000

2,049,317

Series

2015FF

,

RB

,

5.00

%

,

06/15/39

....

14,135

14,312,169

Series

2019EE-1

,

RB

,

5.00

%

,

06/15/39

...

5,000

5,375,564

Series

2015GG

,

RB

,

5.00

%

,

06/15/39

....

5,780

5,852,447

Series

2018FF

,

RB

,

5.00

%

,

06/15/39

....

5,750

6,097,036

Series

2022EE

,

RB

,

5.00

%

,

06/15/39

....

6,250

7,029,031

Series

2021AA-2

,

RB

,

3.00

%

,

06/15/40

...

8,470

7,623,912

Series

2019EE-2

,

RB

,

4.00

%

,

06/15/40

...

6,500

6,519,786

Series

2020AA

,

RB

,

4.00

%

,

06/15/40

....

7,295

7,319,330

Series

2018DD-2

,

RB

,

5.00

%

,

06/15/40

...

2,500

2,621,820

Series

2018FF

,

RB

,

5.00

%

,

06/15/40

....

7,935

8,382,202

Series

2019EE-2

,

RB

,

5.00

%

,

06/15/40

...

2,010

2,156,418

Series

2020AA

,

RB

,

5.00

%

,

06/15/40

....

2,480

2,676,915

Series

2018EE

,

RB

,

5.00

%

,

06/15/40

....

6,650

6,974,040

Series

2020FF

,

RB

,

4.00

%

,

06/15/41

....

1,000

1,004,671

Series

2020DD-3

,

RB

,

4.00

%

,

06/15/41

...

6,955

6,987,484

Series

2019FF-2

,

RB

,

4.00

%

,

06/15/41

...

4,590

4,594,125

Series

2020FF

,

RB

,

5.00

%

,

06/15/41

....

1,000

1,085,833

Series

2021BB-2

,

RB

,

4.00

%

,

06/15/42

...

12,505

12,525,234

Series

2021AA-2

,

RB

,

4.00

%

,

06/15/42

...

3,420

3,425,534

Series

2020CC-2

,

RB

,

4.00

%

,

06/15/42

...

11,000

10,996,920

Series

2020EE

,

RB

,

4.00

%

,

06/15/42

....

5,000

5,009,538

Series

2020DD-3

,

RB

,

4.00

%

,

06/15/42

...

4,500

4,508,584

Series

DD-1

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

3.80

%

,

09/03/24

(b)

...............

15,000

15,000,000

Series

2021AA-2

,

RB

,

4.00

%

,

06/15/43

...

10,000

10,012,808

Series

2022BB-1

,

RB

,

3.00

%

,

06/15/44

...

10,695

9,078,138

Series

2011FF-2

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

4.00

%

,

09/03/24

(b)

42,000

42,000,000

Series

2022BB-1

,

RB

,

4.00

%

,

06/15/45

...

5,450

5,450,673

Series

2022EE

,

RB

,

4.00

%

,

06/15/45

....

5,000

5,000,667

Series

2022EE

,

RB

,

5.00

%

,

06/15/45

....

28,895

31,042,597

Series

2013AA-2

,

RB

,

VRDN

(

Barclays

Bank

plc

SBPA

),

2.93

%

,

09/05/24

(b)

.......

20,500

20,500,000

Series

2017AA

,

RB

,

4.00

%

,

06/15/46

....

3,275

3,271,085

Series

BB-1

,

RB

,

4.00

%

,

06/15/46

......

5,000

4,979,621

Series

2023DD

,

RB

,

4.13

%

,

06/15/46

....

3,500

3,480,479

Series

CC-1

,

RB

,

5.00

%

,

06/15/46

......

14,800

15,190,992

Series

2023DD

,

RB

,

5.25

%

,

06/15/46

....

5,000

5,583,524

Series

2013BB

,

RB

,

4.00

%

,

06/15/47

....

18,165

17,661,410

Series

2023DD

,

RB

,

4.13

%

,

06/15/47

....

5,000

4,965,440

Series

2023AA-3

,

RB

,

5.00

%

,

06/15/47

...

2,595

2,824,051

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2017DD

,

RB

,

5.00

%

,

06/15/47

....

USD

19,590

$

20,234,184

Series

2024BB-2

,

RB

,

5.25

%

,

06/15/47

...

43,315

48,475,831

Series

2017DD

,

RB

,

5.25

%

,

06/15/47

....

7,735

8,048,695

Series

2016AA-1

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

),

3.90

%

,

09/03/24

(b)

.

8,025

8,025,000

Series

DD-1

,

RB

,

4.00

%

,

06/15/48

......

8,830

8,626,356

Series

DD-1

,

RB

,

5.00

%

,

06/15/48

......

40,855

42,407,988

Series

2018CC-1

,

RB

,

5.00

%

,

06/15/48

...

28,230

29,140,237

Series

2020GG-1

,

RB

,

5.00

%

,

06/15/48

..

18,695

19,852,181

Series

2022AA-1

,

RB

,

5.00

%

,

06/15/48

...

9,040

9,683,304

Series

2014AA-3

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

3.80

%

,

09/03/24

(b)

..........

30,000

30,000,000

Series

2020CC-1

,

RB

,

4.00

%

,

06/15/49

...

7,930

7,745,612

Series

2019DD-1

,

RB

,

4.00

%

,

06/15/49

...

3,860

3,764,406

Series

2019FF-1

,

RB

,

4.00

%

,

06/15/49

...

10,000

9,767,480

Series

2020BB-1

,

RB

,

4.00

%

,

06/15/49

...

12,000

11,720,976

Series

2020CC-1

,

RB

,

5.00

%

,

06/15/49

...

1,500

1,588,702

Series

2020BB-1

,

RB

,

5.00

%

,

06/15/49

...

31,975

33,865,842

Series

2019FF-1

,

RB

,

5.00

%

,

06/15/49

...

3,500

3,694,342

Series

2021BB-1

,

RB

,

3.00

%

,

06/15/50

...

8,780

6,942,537

Series

2015BB-4

,

RB

,

VRDN

(

Barclays

Bank

plc

SBPA

),

3.90

%

,

09/03/24

(b)

.......

6,070

6,070,000

Series

AA-1

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

4.00

%

,

09/03/24

(b)

...

4,630

4,630,000

Series

2020GG-1

,

RB

,

4.00

%

,

06/15/50

..

11,500

11,276,346

Series

2021AA-1

,

RB

,

4.00

%

,

06/15/50

...

15,500

15,198,553

Series

2020GG-1

,

RB

,

5.00

%

,

06/15/50

..

8,445

8,950,463

Series

BB

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

2.91

%

,

09/05/24

(b)

...............

19,225

19,225,000

Series

2021CC-1

,

RB

,

4.00

%

,

06/15/51

...

1,750

1,712,459

Series

2022AA-1

,

RB

,

4.00

%

,

06/15/51

...

8,250

8,073,023

Series

2021CC-1

,

RB

,

5.00

%

,

06/15/51

...

5,530

5,909,298

Series

2023CC

,

RB

,

VRDN

(

Barclays

Bank

plc

SBPA

),

3.90

%

,

09/03/24

(b)

.......

51,770

51,770,000

Series

2024CC-1

,

RB

,

5.25

%

,

06/15/54

...

21,275

23,710,715

Series

2024BB-1

,

RB

,

5.25

%

,

06/15/54

...

21,290

23,623,539

New

York

City

Transitional

Finance

Authority

Series

2013A-6

,

RB

,

5.00

%

,

08/01/27

....

2,420

2,592,619

Series

2024D-1

,

RB

,

5.00

%

,

11/01/29

....

8,075

9,039,591

Series

2025A,

Sub-Series

A-1

,

RB

,

5.00

%

,

11/01/31

................

20,000

22,852,856

Series

2024D-1

,

RB

,

5.00

%

,

11/01/33

....

8,000

9,344,534

Series

2024D-1

,

RB

,

5.00

%

,

11/01/34

....

10,000

11,724,026

Series

2024B

,

RB

,

5.00

%

,

05/01/35

.....

5,000

5,785,869

Series

2024D-1

,

RB

,

5.00

%

,

11/01/35

....

10,000

11,617,860

Series

2025B,

Sub-Series

B-1

,

RB

,

5.00

%

,

11/01/36

................

4,920

5,721,383

Series

2025A,

Sub-Series

A-1

,

RB

,

5.00

%

,

11/01/36

................

2,600

3,023,495

Series

2024D-1

,

RB

,

5.00

%

,

11/01/36

....

5,200

6,011,234

Series

2024D-1

,

RB

,

5.00

%

,

11/01/37

....

7,500

8,633,073

Series

2025A,

Sub-Series

A-1

,

RB

,

5.00

%

,

11/01/38

................

11,000

12,667,652

Series

2025B,

Sub-Series

B-1

,

RB

,

5.00

%

,

11/01/38

................

10,105

11,636,965

Series

2024B

,

RB

,

5.00

%

,

05/01/39

.....

1,500

1,700,336

Series

2024D-1

,

RB

,

5.00

%

,

11/01/39

....

5,850

6,667,595

Series

F-1

,

RB

,

4.00

%

,

02/01/40

.......

16,730

16,602,491

Series

2024B

,

RB

,

5.00

%

,

05/01/40

.....

2,500

2,825,775

Series

2024G-1

,

RB

,

5.00

%

,

05/01/43

....

4,000

4,463,998

Series

2024B

,

RB

,

5.00

%

,

05/01/43

.....

3,000

3,332,750

Series

2024B

,

RB

,

5.50

%

,

05/01/44

.....

2,000

2,297,804

Series

2024F-1

,

RB

,

5.00

%

,

02/01/45

....

8,045

8,881,489

Series

2024G-1

,

RB

,

5.00

%

,

05/01/45

....

11,000

12,168,913

Series

2024F-1

,

RB

,

5.00

%

,

02/01/47

....

30,090

32,899,425

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2024G-1

,

RB

,

5.00

%

,

05/01/47

....

USD

12,250

$

13,418,737

Series

2024B

,

RB

,

5.50

%

,

05/01/47

.....

2,500

2,836,492

Series

2024F-1

,

RB

,

5.00

%

,

02/01/48

....

9,575

10,447,604

Series

2024C

,

RB

,

5.25

%

,

05/01/48

.....

6,855

7,613,818

Series

2024G,

Sub-Series

G-1

,

RB

,

5.25

%

,

05/01/49

................

2,405

2,679,636

Series

2024G-1

,

RB

,

5.00

%

,

05/01/52

....

3,400

3,696,885

Series

2024B

,

RB

,

4.38

%

,

05/01/53

.....

25,000

25,381,678

New

York

City

Transitional

Finance

Authority

Building

Aid

Series

2019S-2A

,

RB

,

5.00

%

,

07/15/25

(

SAW

)

.......................

2,465

2,512,503

Series

2018S-4A

,

RB

,

5.00

%

,

07/15/25

(

SAW

)

.......................

1,850

1,888,866

Series

S-1

,

RB

,

5.00

%

,

07/15/29

(

SAW

)

..

3,000

3,175,903

Series

2015S-1

,

RB

,

5.00

%

,

07/15/31

(

SAW

)

11,050

11,134,687

Series

2019S-3A

,

RB

,

5.00

%

,

07/15/31

(

SAW

)

.......................

8,295

8,924,508

Series

2018S-4A

,

RB

,

5.00

%

,

07/15/31

(

SAW

)

.......................

2,500

2,689,725

Series

S-2

,

RB

,

5.00

%

,

07/15/31

(

SAW

)

..

2,025

2,133,551

Series

2016S-1

,

RB

,

5.00

%

,

07/15/32

(

SAW

)

5,000

5,123,109

Series

2022S-1A

,

RB

,

5.00

%

,

07/15/32

(

SAW

)

.......................

1,500

1,705,629

Series

2018S-4A

,

RB

,

5.00

%

,

07/15/32

(

SAW

)

.......................

2,750

2,950,019

Series

2022S-1A

,

RB

,

5.00

%

,

07/15/33

(

SAW

)

.......................

6,250

7,088,311

Series

2015S-2

,

RB

,

5.00

%

,

07/15/33

(

SAW

)

2,000

2,034,608

Series

2022S-1A

,

RB

,

4.00

%

,

07/15/34

(

SAW

)

.......................

1,000

1,052,722

Series

2015S-2

,

RB

,

5.00

%

,

07/15/34

(

SAW

)

7,500

7,627,842

Series

2019S-2A

,

RB

,

5.00

%

,

07/15/34

(

SAW

)

.......................

3,000

3,206,944

Series

2022S-1A

,

RB

,

4.00

%

,

07/15/35

(

SAW

)

.......................

16,175

16,904,973

Series

2015S-2

,

RB

,

5.00

%

,

07/15/35

(

SAW

)

1,500

1,524,922

Series

2015S-1

,

RB

,

5.00

%

,

07/15/35

(

SAW

)

1,500

1,510,558

Series

2019S-3A

,

RB

,

5.00

%

,

07/15/35

(

SAW

)

.......................

5,000

5,335,382

Series

2019S-2A

,

RB

,

5.00

%

,

07/15/35

(

SAW

)

.......................

3,000

3,201,229

Series

S-1

,

RB

,

5.00

%

,

07/15/35

(

SAW

)

..

8,425

8,833,833

Series

2019S-2A

,

RB

,

4.00

%

,

07/15/36

(

SAW

)

.......................

2,000

2,033,146

Series

2015S-1

,

RB

,

5.00

%

,

07/15/36

(

SAW

)

10,000

10,068,550

Series

2019S-3A

,

RB

,

5.00

%

,

07/15/36

(

SAW

)

.......................

5,000

5,319,241

Series

2015S-2

,

RB

,

5.00

%

,

07/15/36

(

SAW

)

1,500

1,524,276

Series

2018S-4A

,

RB

,

5.00

%

,

07/15/37

(

SAW

)

.......................

5,200

5,519,857

Series

2019S-3A

,

RB

,

5.00

%

,

07/15/37

(

SAW

)

.......................

1,000

1,061,511

Series

2022S-1A

,

RB

,

3.00

%

,

07/15/38

(

SAW

)

.......................

9,000

8,292,482

Series

2019S-3A

,

RB

,

4.00

%

,

07/15/38

(

SAW

)

.......................

2,500

2,528,395

Series

2015S-2

,

RB

,

5.00

%

,

07/15/40

(

SAW

)

6,240

6,330,796

Series

2015S-1

,

RB

,

5.00

%

,

07/15/40

(

SAW

)

1,730

1,740,652

Series

2015S-1

,

RB

,

5.00

%

,

07/15/43

(

SAW

)

2,170

2,182,167

Series

2018S-3

,

RB

,

5.00

%

,

07/15/43

(

SAW

)

6,250

6,555,478

Series

2016S-1

,

RB

,

5.00

%

,

07/15/43

(

SAW

)

9,900

10,071,869

Series

2019S-1

,

RB

,

5.00

%

,

07/15/43

(

SAW

)

10,710

11,233,466

Series

2020S-1

,

RB

,

3.00

%

,

07/15/49

(

SAW

)

1,375

1,081,678

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Series

2021F-1

,

RB

,

5.00

%

,

11/01/25

....

USD

17,475

$

17,950,194

Series

2023E-1

,

RB

,

5.00

%

,

11/01/25

....

14,775

15,176,774

Series

C

,

RB

,

5.00

%

,

11/01/25

.........

2,075

2,131,425

Series

2022A-1

,

RB

,

5.00

%

,

11/01/26

....

2,240

2,356,060

Series

C

,

RB

,

5.00

%

,

11/01/26

.........

4,355

4,580,643

Series

2014C

,

RB

,

5.00

%

,

11/01/26

.....

1,050

1,053,022

Series

2021F-1

,

RB

,

5.00

%

,

11/01/26

....

1,210

1,272,693

Series

2020B-1

,

RB

,

5.00

%

,

11/01/26

....

1,245

1,309,507

Series

2022B-1

,

RB

,

5.00

%

,

08/01/27

....

2,960

3,171,138

Series

2015B-1

,

RB

,

5.00

%

,

08/01/27

....

1,070

1,073,080

Series

2022A-1

,

RB

,

5.00

%

,

11/01/27

....

4,620

4,977,148

Series

2022D-1

,

RB

,

5.00

%

,

11/01/27

....

5,000

5,386,524

Series

2021A

,

RB

,

5.00

%

,

11/01/27

.....

3,920

4,223,035

Series

2015C

,

RB

,

5.00

%

,

11/01/27

.....

4,005

4,060,086

Series

2015B-1

,

RB

,

5.00

%

,

08/01/28

....

3,415

3,424,829

Series

2016A-1

,

RB

,

5.00

%

,

08/01/28

....

2,400

2,445,398

Series

2021A

,

RB

,

5.00

%

,

11/01/28

.....

3,000

3,304,340

Series

2023E-1

,

RB

,

5.00

%

,

11/01/28

....

12,010

13,228,376

Series

2021F-1

,

RB

,

5.00

%

,

11/01/28

....

19,530

21,511,256

Series

2018-1

,

RB

,

5.00

%

,

11/01/28

.....

6,000

6,384,924

Series

C

,

RB

,

5.00

%

,

11/01/28

.........

1,000

1,023,976

Series

2016A-1

,

RB

,

5.00

%

,

08/01/29

....

5,000

5,094,580

Series

2013A-6

,

RB

,

5.00

%

,

08/01/29

....

5,560

6,197,405

Series

2015A-1

,

RB

,

5.00

%

,

08/01/29

....

3,040

3,048,749

Series

2023E-1

,

RB

,

5.00

%

,

11/01/29

....

9,700

10,858,704

Series

2021A

,

RB

,

5.00

%

,

11/01/29

.....

7,715

8,636,588

Series

2022D-1

,

RB

,

5.00

%

,

11/01/29

....

6,860

7,679,454

Series

C

,

RB

,

5.00

%

,

11/01/29

.........

7,270

7,660,543

Series

2016E-1

,

RB

,

5.00

%

,

02/01/30

....

1,440

1,479,925

Series

2018B-1

,

RB

,

5.00

%

,

08/01/30

....

1,000

1,057,301

Series

2023B-1

,

RB

,

5.00

%

,

11/01/30

....

4,000

4,516,976

Series

2016E-1

,

RB

,

5.00

%

,

02/01/31

....

1,000

1,026,887

Series

2015E-1

,

RB

,

5.00

%

,

02/01/31

....

2,250

2,267,980

Series

2017F-1

,

RB

,

5.00

%

,

05/01/31

....

5,000

5,253,856

Series

2021C-1

,

RB

,

5.00

%

,

05/01/31

....

3,500

3,958,408

Series

2016A-1

,

RB

,

5.00

%

,

08/01/31

....

1,300

1,322,941

Series

B

,

RB

,

5.00

%

,

08/01/31

.........

3,500

3,625,872

Series

2017E-1

,

RB

,

5.00

%

,

02/01/32

....

3,100

3,238,640

Series

2017F-1

,

RB

,

5.00

%

,

05/01/32

....

3,250

3,410,439

Series

2017A-1

,

RB

,

5.00

%

,

05/01/32

....

3,380

3,483,496

Series

B

,

RB

,

5.00

%

,

08/01/32

.........

1,760

1,821,637

Series

2022D-1

,

RB

,

5.00

%

,

11/01/32

....

5,025

5,797,425

Series

2021A

,

RB

,

5.00

%

,

11/01/32

.....

3,035

3,416,809

Series

2015E-1

,

RB

,

5.00

%

,

02/01/33

....

1,710

1,723,383

Series

2017E-1

,

RB

,

5.00

%

,

02/01/33

....

1,000

1,043,733

Series

2018C-2

,

RB

,

5.00

%

,

05/01/33

....

13,990

14,922,485

Series

2018B-1

,

RB

,

5.00

%

,

08/01/33

....

1,000

1,053,368

Series

2018A-2

,

RB

,

5.00

%

,

08/01/33

....

3,570

3,760,525

Series

2021F-1

,

RB

,

5.00

%

,

11/01/33

....

2,500

2,824,042

Series

2022A-1

,

RB

,

5.00

%

,

11/01/33

....

3,000

3,415,196

Series

2021A

,

RB

,

5.00

%

,

11/01/33

.....

3,055

3,424,080

Series

2017E-1

,

RB

,

5.00

%

,

02/01/34

....

4,595

4,793,287

Series

2016E-1

,

RB

,

5.00

%

,

02/01/34

....

5,430

5,564,630

Series

2015E-1

,

RB

,

5.00

%

,

02/01/34

....

1,000

1,007,703

Series

2024A-1

,

RB

,

5.00

%

,

05/01/34

....

6,000

6,955,702

Series

2017A-1

,

RB

,

5.00

%

,

05/01/34

....

3,010

3,097,233

Series

2019A-1

,

RB

,

5.00

%

,

08/01/34

....

2,030

2,169,094

Series

2015B-1

,

RB

,

5.00

%

,

08/01/34

....

4,795

4,808,800

Series

2015A-1

,

RB

,

5.00

%

,

08/01/34

....

1,000

1,002,878

Series

B-1

,

RB

,

5.00

%

,

08/01/34

.......

1,000

1,068,519

Series

2019C-1

,

RB

,

5.00

%

,

11/01/34

....

4,000

4,322,157

Series

2022A-1

,

RB

,

5.00

%

,

11/01/34

....

5,335

6,044,023

Series

2020B-1

,

RB

,

5.00

%

,

11/01/34

....

1,000

1,089,591

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2015E-1

,

RB

,

5.00

%

,

02/01/35

....

USD

2,630

$

2,649,719

Series

2020A-2

,

RB

,

5.00

%

,

05/01/35

....

1,235

1,331,654

Series

2018B-1

,

RB

,

4.00

%

,

08/01/35

....

1,605

1,634,917

Series

2015B-1

,

RB

,

5.00

%

,

08/01/35

....

7,000

7,020,147

Series

2016A-1

,

RB

,

5.00

%

,

08/01/35

....

1,670

1,697,659

Series

B-1

,

RB

,

5.00

%

,

08/01/35

.......

3,000

3,197,583

Series

2018A-2

,

RB

,

5.00

%

,

08/01/35

....

2,165

2,275,194

Series

B-1

,

RB

,

5.00

%

,

11/01/35

.......

2,475

2,526,924

Series

2020B-1

,

RB

,

5.00

%

,

11/01/35

....

8,500

9,220,899

Series

2020C-1

,

RB

,

4.00

%

,

05/01/36

....

5,000

5,189,659

Series

2021C-1

,

RB

,

4.00

%

,

05/01/36

....

5,000

5,189,660

Series

2020A-2

,

RB

,

5.00

%

,

05/01/36

....

5,000

5,375,346

Series

2017F-1

,

RB

,

5.00

%

,

05/01/36

....

3,210

3,354,998

Series

B

,

RB

,

5.00

%

,

08/01/36

.........

9,000

9,281,354

Series

2013C-4

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

4.00

%

,

09/03/24

(b)

4,170

4,170,000

Series

2022A-1

,

RB

,

4.00

%

,

11/01/36

....

5,005

5,213,566

Series

2014B-1

,

RB

,

5.00

%

,

11/01/36

....

210

210,604

Series

2021A

,

RB

,

5.00

%

,

11/01/36

.....

16,345

18,057,582

Series

2016E-1

,

RB

,

5.00

%

,

02/01/37

....

5,135

5,251,599

Series

2017E-1

,

RB

,

5.00

%

,

02/01/37

....

2,685

2,791,365

Series

2017F-1

,

RB

,

4.00

%

,

05/01/37

....

6,935

7,015,733

Series

2020C-1

,

RB

,

4.00

%

,

05/01/37

....

4,750

4,904,494

Series

2021C-1

,

RB

,

5.00

%

,

05/01/37

....

11,385

12,558,256

Series

2020A-2

,

RB

,

5.00

%

,

05/01/37

....

2,500

2,684,031

Series

B

,

RB

,

4.00

%

,

08/01/37

.........

1,080

1,085,417

Series

2019A-1

,

RB

,

5.00

%

,

08/01/37

....

1,560

1,657,401

Series

2016A-1

,

RB

,

5.00

%

,

08/01/37

....

2,500

2,538,245

Series

B-1

,

RB

,

5.25

%

,

08/01/37

.......

3,000

3,220,322

Series

2021A

,

RB

,

3.00

%

,

11/01/37

.....

2,000

1,872,065

Series

2019C-1

,

RB

,

4.00

%

,

11/01/37

....

11,000

11,249,255

Series

2023D-1

,

RB

,

5.25

%

,

11/01/37

....

3,375

3,878,360

Series

2023B-1

,

RB

,

5.25

%

,

11/01/37

....

2,000

2,298,287

Series

2020C-1

,

RB

,

4.00

%

,

05/01/38

....

9,000

9,230,700

Series

2024A-1

,

RB

,

5.00

%

,

05/01/38

....

1,000

1,135,238

Series

2023A-1

,

RB

,

4.00

%

,

08/01/38

....

1,500

1,546,529

Series

2015A-1

,

RB

,

5.00

%

,

08/01/38

....

750

752,159

Series

B

,

RB

,

5.00

%

,

08/01/38

.........

9,000

9,267,864

Series

2021D-1

,

RB

,

4.00

%

,

11/01/38

....

11,875

12,153,495

Series

2019C-1

,

RB

,

4.00

%

,

11/01/38

....

1,000

1,016,905

Series

2023B-1

,

RB

,

5.25

%

,

11/01/38

....

1,000

1,144,878

Series

2021E-1

,

RB

,

4.00

%

,

02/01/39

....

3,000

3,054,683

Series

2022C-1

,

RB

,

4.00

%

,

02/01/39

....

2,960

3,021,300

Series

2020C-1

,

RB

,

4.00

%

,

05/01/39

....

3,285

3,341,648

Series

2024A-1

,

RB

,

5.00

%

,

05/01/39

....

2,005

2,260,140

Series

2020A-2

,

RB

,

5.00

%

,

05/01/39

....

3,385

3,611,906

Series

2017F-1

,

RB

,

5.00

%

,

05/01/39

....

11,400

11,863,265

Series

C-3

,

RB

,

5.00

%

,

05/01/39

.......

7,015

7,387,999

Series

2022B-1

,

RB

,

4.00

%

,

08/01/39

....

6,500

6,621,791

Series

2015B-1

,

RB

,

5.00

%

,

08/01/39

....

3,300

3,309,498

Series

2021A

,

RB

,

3.00

%

,

11/01/39

.....

2,000

1,817,995

Series

2019C-1

,

RB

,

4.00

%

,

11/01/39

....

10,135

10,257,123

Series

2021D-1

,

RB

,

4.00

%

,

11/01/39

....

4,000

4,067,950

Series

2023E-1

,

RB

,

5.00

%

,

11/01/39

....

16,135

18,188,213

Series

2021E-1

,

RB

,

4.00

%

,

02/01/40

....

2,500

2,529,901

Series

2022F-1

,

RB

,

5.00

%

,

02/01/40

....

1,350

1,495,931

Series

2017E-1

,

RB

,

5.00

%

,

02/01/40

....

7,500

7,761,806

Series

2016E-1

,

RB

,

5.00

%

,

02/01/40

....

4,150

4,239,048

Series

2021C-1

,

RB

,

4.00

%

,

05/01/40

....

5,000

5,054,976

Series

2020C-1

,

RB

,

4.00

%

,

05/01/40

....

1,000

1,010,995

Series

2024A-1

,

RB

,

5.00

%

,

05/01/40

....

2,000

2,248,337

Series

C-3

,

RB

,

5.00

%

,

05/01/40

.......

6,260

6,578,138

Series

2017A-1

,

RB

,

5.00

%

,

05/01/40

....

3,200

3,280,196

Series

2018A-3

,

RB

,

5.00

%

,

08/01/40

....

5,000

5,211,798

Series

2019C-1

,

RB

,

4.00

%

,

11/01/40

....

18,370

18,485,896

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2014B-1

,

RB

,

5.00

%

,

11/01/40

....

USD

40,140

$

40,255,527

Series

2022F-1

,

RB

,

5.00

%

,

02/01/41

....

3,665

4,040,965

Series

2015E-1

,

RB

,

5.00

%

,

02/01/41

....

15,650

15,741,673

Series

2020A-3

,

RB

,

4.00

%

,

05/01/41

....

25,880

25,979,009

Series

2021C-1

,

RB

,

4.00

%

,

05/01/41

....

2,000

2,013,120

Series

C-3

,

RB

,

5.00

%

,

05/01/41

.......

2,000

2,095,956

Series

2016

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

),

3.90

%

,

09/03/24

(b)

..........

1,600

1,600,000

Series

2019A-1

,

RB

,

4.00

%

,

08/01/41

....

2,000

2,004,419

Series

2018A-3

,

RB

,

5.00

%

,

08/01/41

....

5,000

5,200,945

Series

2020B-1

,

RB

,

4.00

%

,

11/01/41

....

1,000

1,004,321

Series

2022C-1

,

RB

,

4.00

%

,

02/01/42

....

4,230

4,247,138

Series

2021E-1

,

RB

,

4.00

%

,

02/01/42

....

5,000

5,017,837

Series

2020A-3

,

RB

,

4.00

%

,

05/01/42

....

10,795

10,803,189

Series

C-3

,

RB

,

4.00

%

,

05/01/42

.......

5,780

5,785,414

Series

2021C-1

,

RB

,

4.00

%

,

05/01/42

....

7,770

7,794,500

Series

2018B-1

,

RB

,

4.00

%

,

08/01/42

....

4,155

4,129,349

Series

2018A-3

,

RB

,

4.00

%

,

08/01/42

....

4,750

4,720,675

Series

2022B-1

,

RB

,

4.00

%

,

08/01/42

....

7,710

7,734,683

Series

2019A-1

,

RB

,

5.00

%

,

08/01/42

....

3,040

3,188,388

Series

2023A-1

,

RB

,

5.25

%

,

08/01/42

....

6,425

7,208,083

Series

2019C-1

,

RB

,

4.00

%

,

11/01/42

....

9,540

9,546,204

Series

2020B-1

,

RB

,

4.00

%

,

11/01/42

....

5,750

5,754,125

Series

2021E-1

,

RB

,

4.00

%

,

02/01/43

....

4,000

4,001,211

Series

2017E-1

,

RB

,

5.00

%

,

02/01/43

....

2,820

2,907,724

Series

2022F-1

,

RB

,

5.00

%

,

02/01/43

....

1,000

1,092,551

Series

2021C-1

,

RB

,

4.00

%

,

05/01/43

....

5,000

5,000,368

Series

C-3

,

RB

,

4.00

%

,

05/01/43

.......

5,000

4,986,050

Series

2020A-3

,

RB

,

4.00

%

,

05/01/43

....

2,955

2,935,245

Series

2021D-1

,

RB

,

4.00

%

,

11/01/43

....

13,000

13,002,191

Series

2017E-1

,

RB

,

4.00

%

,

02/01/44

....

2,195

2,161,194

Series

2017F-1

,

RB

,

4.00

%

,

05/01/44

....

1,000

982,266

Series

2020A-3

,

RB

,

4.00

%

,

05/01/44

....

11,000

10,863,293

Series

2015E-4

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

),

3.90

%

,

09/03/24

(b)

.......

35,410

35,410,000

Series

2015E-3

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

4.00

%

,

09/03/24

(b)

41,770

41,770,000

Series

2023F-1

,

RB

,

5.00

%

,

02/01/45

....

20,000

21,890,850

Series

2020C-1

,

RB

,

4.00

%

,

05/01/45

....

5,250

5,207,676

Series

2019A-4

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

4.00

%

,

09/03/24

(b)

53,285

53,285,000

Series

2022B-1

,

RB

,

4.00

%

,

08/01/45

....

18,165

17,996,020

Series

2022B-1

,

RB

,

5.00

%

,

08/01/45

....

16,000

17,279,304

Series

2018B-1

,

RB

,

5.00

%

,

08/01/45

....

3,500

3,622,191

Series

2023A-1

,

RB

,

5.00

%

,

08/01/45

....

3,140

3,421,642

Series

2020B-1

,

RB

,

4.00

%

,

11/01/45

....

31,680

31,061,847

Series

2023D-1

,

RB

,

5.50

%

,

11/01/45

....

7,650

8,656,705

Series

2021E-1

,

RB

,

4.00

%

,

02/01/46

....

30,580

30,261,677

Series

2022C-1

,

RB

,

4.00

%

,

02/01/47

....

26,305

26,005,412

Series

2020B-1

,

RB

,

4.00

%

,

11/01/47

....

4,000

3,920,266

Series

2021D-1

,

RB

,

4.00

%

,

11/01/47

....

8,725

8,625,874

Series

2023A-1

,

RB

,

4.00

%

,

08/01/48

....

14,595

14,409,149

Series

2022B-1

,

RB

,

4.00

%

,

08/01/48

....

1,750

1,727,716

Series

2023D-1

,

RB

,

5.25

%

,

11/01/48

....

17,985

19,790,359

Series

2021E-1

,

RB

,

4.00

%

,

02/01/49

....

1,000

981,860

Series

2021D-1

,

RB

,

3.00

%

,

11/01/50

....

3,675

2,876,385

Series

2021E-1

,

RB

,

3.00

%

,

02/01/51

....

2,000

1,556,356

Series

2022F-1

,

RB

,

4.00

%

,

02/01/51

....

5,425

5,292,139

Series

2023F-1

,

RB

,

4.00

%

,

02/01/51

....

7,245

7,067,566

Series

2022C-1

,

RB

,

5.00

%

,

02/01/51

....

10,000

10,706,143

Series

2024A-1

,

RB

,

4.00

%

,

05/01/53

....

3,000

2,914,003

New

York

Convention

Center

Development

Corp.

Series

2015

,

RB

,

5.00

%

,

11/15/40

......

1,500

1,516,651

Series

2015

,

RB

,

5.00

%

,

11/15/45

......

1,000

1,008,207

Series

A

,

RB

,

0.00

%

,

11/15/47

(a)

........

2,500

843,576

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

A

,

RB

,

0.00

%

,

11/15/55

(a)

........

USD

2,500

$

565,161

New

York

Power

Authority

Series

2022A

,

RB

,

5.00

%

,

11/15/28

(

AGM

)

1,000

1,102,383

Series

2022A

,

RB

,

5.00

%

,

11/15/32

(

AGM

)

1,000

1,152,583

Series

2022A

,

RB

,

4.00

%

,

11/15/37

(

AGM

)

500

524,465

Series

2022A

,

RB

,

4.00

%

,

11/15/41

(

AGM

)

2,000

2,042,891

Series

2020A

,

RB

,

4.00

%

,

11/15/45

.....

10,555

10,500,080

Series

2020A

,

RB

,

4.00

%

,

11/15/50

.....

32,950

32,281,362

Series

2022A

,

RB

,

4.00

%

,

11/15/52

(

AGM

)

12,825

12,580,337

Series

2020A

,

RB

,

4.00

%

,

11/15/55

.....

9,090

8,938,600

Series

2020A

,

RB

,

3.25

%

,

11/15/60

.....

1,000

773,976

Series

2020A

,

RB

,

4.00

%

,

11/15/60

.....

18,210

17,683,902

Series

2022A

,

RB

,

4.00

%

,

11/15/61

(

AGM

)

5,000

4,827,121

New

York

State

Dormitory

Authority

Series

2016D

,

RB

,

5.00

%

,

02/15/25

.....

1,525

1,539,855

Series

2017A

,

RB

,

5.00

%

,

02/15/25

.....

1,640

1,655,975

Series

2017B-1

,

RB

,

5.00

%

,

02/15/25

....

2,525

2,549,596

Series

2019D

,

RB

,

5.00

%

,

02/15/25

.....

1,245

1,257,128

Series

2015B

,

RB

,

5.00

%

,

02/15/25

.....

1,190

1,201,592

Series

2019A

,

RB

,

5.00

%

,

03/15/25

.....

1,000

1,011,794

Series

2015A

,

RB

,

5.00

%

,

03/15/25

.....

7,005

7,089,713

Series

2019D

,

RB

,

5.00

%

,

02/15/26

.....

5,020

5,197,089

Series

2016D

,

RB

,

5.00

%

,

02/15/26

.....

5,000

5,173,119

Series

2015A

,

RB

,

5.00

%

,

03/15/26

.....

4,030

4,077,531

Series

2005B

,

RB

,

5.50

%

,

03/15/26

(

AMBAC

)

1,105

1,154,524

Series

2015A

,

RB

,

5.00

%

,

03/15/27

.....

1,365

1,381,099

Series

2005B

,

RB

,

5.50

%

,

03/15/27

(

AMBAC

)

2,335

2,509,005

Series

1998A

,

RB

,

5.75

%

,

07/01/27

(

NPFGC

)

235

247,092

Series

2015B

,

RB

,

5.00

%

,

03/15/28

.....

2,000

2,041,678

Series

2015A

,

RB

,

5.00

%

,

03/15/28

.....

3,500

3,541,280

Series

2018A

,

RB

,

5.00

%

,

03/15/28

.....

5

5,423

Series

2005B

,

RB

,

5.50

%

,

03/15/28

(

AMBAC

)

6,505

7,169,853

Series

2024A

,

RB

,

5.00

%

,

07/01/28

.....

25,000

26,998,545

Series

2017B-2

,

RB

,

5.00

%

,

02/15/29

....

11,700

12,371,836

Series

2019D

,

RB

,

5.00

%

,

02/15/29

.....

9,705

10,728,171

Series

2019A

,

RB

,

5.00

%

,

03/15/29

.....

2,510

2,779,287

Series

2022A

,

RB

,

5.00

%

,

03/15/29

.....

5,000

5,536,428

Series

2020A

,

RB

,

5.00

%

,

03/15/29

.....

7,950

8,802,920

Series

2018E

,

RB

,

5.00

%

,

03/15/29

.....

5,200

5,631,507

Series

2017A

,

RB

,

5.00

%

,

02/15/30

.....

4,000

4,182,912

Series

2016A

,

RB

,

5.00

%

,

03/15/30

.....

5,910

6,148,540

Series

2022A

,

RB

,

5.00

%

,

03/15/30

.....

5,000

5,608,165

Series

2023A

,

RB

,

5.00

%

,

03/15/30

.....

17,535

19,667,833

Series

2020A

,

RB

,

5.00

%

,

03/15/30

.....

5,000

5,608,165

Series

2015A

,

RB

,

5.00

%

,

03/15/30

.....

2,700

2,729,638

Series

2021E

,

RB

,

5.00

%

,

03/15/30

.....

19,205

21,540,960

Series

2021A

,

RB

,

5.00

%

,

03/15/30

.....

9,965

11,177,072

Series

2019A

,

RB

,

5.00

%

,

10/01/30

(

SAW

)

1,000

1,057,380

Series

2017B-2

,

RB

,

5.00

%

,

02/15/31

....

2,000

2,107,106

Series

2015B

,

RB

,

5.00

%

,

02/15/31

.....

8,935

9,015,707

Series

2017A

,

RB

,

5.00

%

,

02/15/31

.....

5,000

5,221,646

Series

2023A

,

RB

,

5.00

%

,

03/15/31

.....

31,125

35,383,893

Series

2018A

,

RB

,

5.00

%

,

03/15/31

.....

3,265

3,490,029

Series

2024A

,

RB

,

5.00

%

,

03/15/31

.....

2,570

2,921,658

Series

2022A

,

RB

,

5.00

%

,

03/15/31

.....

10,000

11,368,319

Series

2019A

,

RB

,

5.00

%

,

03/15/31

.....

1,200

1,310,475

Series

2015B

,

RB

,

5.00

%

,

03/15/31

.....

1,800

1,833,959

Series

2015E

,

RB

,

5.00

%

,

03/15/31

.....

24,195

24,693,620

Series

2017A

,

RB

,

5.00

%

,

02/15/32

.....

7,050

7,354,647

Series

2017B-2

,

RB

,

5.00

%

,

02/15/32

....

1,200

1,262,654

Series

2015A

,

RB

,

4.00

%

,

03/15/32

.....

10,000

10,059,674

Series

2015B

,

RB

,

5.00

%

,

03/15/32

.....

3,130

3,188,410

Series

2020A

,

RB

,

5.00

%

,

03/15/32

.....

6,205

6,966,479

Series

2018A

,

RB

,

5.00

%

,

03/15/32

.....

4,815

5,173,943

Series

2015E

,

RB

,

5.00

%

,

03/15/32

.....

300

306,029

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2024A

,

RB

,

5.00

%

,

03/15/32

.....

USD

5,565

$

6,404,908

Series

2015B

,

RB

,

5.00

%

,

02/15/33

.....

5,000

5,043,590

Series

2017B-2

,

RB

,

5.00

%

,

02/15/33

....

2,000

2,102,055

Series

2019D

,

RB

,

5.00

%

,

02/15/33

.....

2,205

2,445,797

Series

2020A

,

RB

,

5.00

%

,

03/15/33

.....

12,500

13,997,365

Series

2021E

,

RB

,

5.00

%

,

03/15/33

.....

7,050

8,083,219

Series

2018C

,

RB

,

5.00

%

,

03/15/33

.....

10,950

11,653,821

Series

2015A

,

RB

,

5.00

%

,

03/15/33

.....

2,140

2,162,127

Series

2015B

,

RB

,

5.00

%

,

03/15/33

.....

4,840

4,929,330

Series

2023A

,

RB

,

5.00

%

,

03/15/33

.....

5,000

5,823,043

Series

2018A

,

RB

,

5.00

%

,

03/15/33

.....

6,715

6,984,682

Series

2017A

,

RB

,

5.00

%

,

03/15/33

.....

2,000

2,088,087

Series

2015E

,

RB

,

5.25

%

,

03/15/33

.....

2,305

2,356,665

Series

2023A-2

,

RB

,

5.00

%

,

09/15/33

....

14,690

17,136,477

Series

2014E

,

RB

,

4.00

%

,

02/15/34

.....

1,445

1,448,299

Series

2017B-2

,

RB

,

5.00

%

,

02/15/34

....

5,000

5,251,580

Series

2015B

,

RB

,

5.00

%

,

02/15/34

.....

6,120

6,172,536

Series

2019D

,

RB

,

5.00

%

,

02/15/34

.....

21,700

24,018,079

Series

2020A

,

RB

,

4.00

%

,

03/15/34

.....

15,620

16,289,145

Series

2015E

,

RB

,

5.00

%

,

03/15/34

.....

5,000

5,097,915

Series

2019A

,

RB

,

5.00

%

,

03/15/34

.....

2,040

2,211,101

Series

2017A

,

RB

,

5.00

%

,

03/15/34

.....

2,000

2,084,367

Series

2015B

,

RB

,

5.00

%

,

03/15/34

.....

4,635

4,719,598

Series

2023A

,

RB

,

5.00

%

,

03/15/34

.....

7,515

8,718,006

Series

2017A

,

RB

,

5.00

%

,

07/01/34

.....

3,000

3,153,707

Series

2015E

,

RB

,

3.25

%

,

03/15/35

.....

25,000

24,504,915

Series

2020A

,

RB

,

4.00

%

,

03/15/35

.....

5,000

5,190,632

Series

2021A

,

RB

,

5.00

%

,

03/15/35

.....

10,210

11,415,784

Series

2021E

,

RB

,

5.00

%

,

03/15/35

.....

14,000

15,919,750

Series

2015A

,

RB

,

5.00

%

,

03/15/35

.....

1,000

1,009,915

Series

2017A

,

RB

,

5.00

%

,

03/15/35

.....

5,000

5,204,152

Series

2018E

,

RB

,

5.00

%

,

03/15/35

.....

10,190

10,912,233

Series

2023A-1

,

RB

,

5.00

%

,

03/15/35

....

16,170

18,725,770

Series

2022A

,

RB

,

5.00

%

,

10/01/35

(

BAM

)

6,060

6,754,896

Series

2017B-2

,

RB

,

5.00

%

,

02/15/36

....

2,020

2,115,343

Series

2017A

,

RB

,

5.00

%

,

02/15/36

.....

1,500

1,574,588

Series

2018A

,

RB

,

5.00

%

,

03/15/36

.....

5,005

5,312,469

Series

2016A

,

RB

,

5.00

%

,

03/15/36

.....

10,500

10,869,099

Series

2021A

,

RB

,

5.00

%

,

03/15/36

.....

10,000

11,113,676

Series

2019A

,

RB

,

5.00

%

,

03/15/36

.....

7,000

7,543,381

Series

2017A

,

RB

,

4.00

%

,

07/01/36

.....

5,000

5,035,410

Series

2016A

,

RB

,

5.00

%

,

07/01/36

.....

1,275

1,323,040

Series

2019D

,

RB

,

4.00

%

,

02/15/37

.....

2,500

2,560,643

Series

2017B-2

,

RB

,

5.00

%

,

02/15/37

....

6,215

6,500,969

Series

2015B

,

RB

,

5.00

%

,

02/15/37

.....

2,855

2,877,594

Series

2020A

,

RB

,

4.00

%

,

03/15/37

.....

9,750

10,006,016

Series

2021E

,

RB

,

4.00

%

,

03/15/37

.....

11,000

11,399,372

Series

2019A

,

RB

,

5.00

%

,

03/15/37

.....

1,505

1,616,998

Series

2018A

,

RB

,

4.00

%

,

07/01/37

.....

14,710

14,899,115

Series

2024A

,

RB

,

5.00

%

,

10/01/37

(

AGM,

SAW

)

.......................

650

739,361

Series

2019D

,

RB

,

4.00

%

,

02/15/38

.....

2,000

2,041,448

Series

2017B

,

RB

,

5.00

%

,

02/15/38

.....

1,960

2,047,629

Series

2015B

,

RB

,

5.00

%

,

02/15/38

.....

1,000

1,007,687

Series

2018E

,

RB

,

5.00

%

,

03/15/38

.....

10,000

10,652,277

Series

2019A

,

RB

,

5.00

%

,

03/15/38

.....

12,500

13,392,895

Series

2024A

,

RB

,

5.00

%

,

10/01/38

(

AGM,

SAW

)

.......................

1,000

1,127,168

Series

2018B

,

RB

,

5.00

%

,

10/01/38

.....

10,700

11,393,879

Series

2019D

,

RB

,

4.00

%

,

02/15/39

.....

4,415

4,483,589

Series

2017B

,

RB

,

5.00

%

,

02/15/39

.....

3,000

3,155,422

Series

2021E

,

RB

,

4.00

%

,

03/15/39

.....

11,230

11,470,712

Series

2018C

,

RB

,

5.00

%

,

03/15/39

.....

1,500

1,580,517

Series

2019A

,

RB

,

5.00

%

,

03/15/39

.....

4,250

4,532,440

Series

2023A

,

RB

,

5.00

%

,

03/15/39

.....

1,115

1,253,613

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2023A-1

,

RB

,

5.00

%

,

03/15/39

....

USD

10,000

$

11,282,791

Series

2018A

,

RB

,

5.25

%

,

03/15/39

.....

6,100

6,544,444

Series

2016A

,

RB

,

4.00

%

,

07/01/39

.....

5,170

5,180,213

Series

2021A

,

RB

,

4.00

%

,

07/01/39

.....

4,750

4,824,199

Series

2017A

,

RB

,

5.00

%

,

07/01/39

.....

5,200

5,419,656

Series

2009A

,

RB

,

VRDN

3.20

%

,

09/04/24

(b)

50,465

50,465,000

Series

2024A

,

RB

,

5.00

%

,

10/01/39

(

AGM,

SAW

)

.......................

850

952,455

Series

2016A

,

RB

,

5.00

%

,

02/15/40

.....

3,000

3,097,320

Series

2022A

,

RB

,

4.00

%

,

03/15/40

.....

6,155

6,220,053

Series

2018E

,

RB

,

5.00

%

,

03/15/40

.....

4,000

4,233,580

Series

2021A

,

RB

,

4.00

%

,

07/01/40

.....

13,530

13,667,354

Series

2001-1

,

RB

,

5.50

%

,

07/01/40

(

AMBAC

)

.....................

530

629,345

Series

2016A

,

RB

,

5.00

%

,

02/15/41

.....

2,320

2,393,929

Series

2015B

,

RB

,

5.00

%

,

02/15/41

.....

3,040

3,060,509

Series

2020A

,

RB

,

3.00

%

,

03/15/41

.....

5,000

4,334,327

Series

2021E

,

RB

,

3.00

%

,

03/15/41

.....

10,250

8,966,952

Series

2021A

,

RB

,

4.00

%

,

03/15/41

.....

3,995

4,015,612

Series

2018E

,

RB

,

5.00

%

,

03/15/41

.....

5,000

5,279,024

Series

2022A

,

RB

,

5.00

%

,

03/15/41

.....

1,000

1,101,771

Series

2018A

,

RB

,

5.00

%

,

03/15/41

.....

3,500

3,673,723

Series

2024A

,

RB

,

5.00

%

,

03/15/41

.....

5,500

6,185,658

Series

2018A

,

RB

,

4.00

%

,

07/01/41

.....

1,000

1,005,557

Series

2016A

,

RB

,

4.00

%

,

07/01/41

.....

1,000

1,000,168

Series

2017B

,

RB

,

5.00

%

,

02/15/42

.....

1,000

1,038,144

Series

2015B

,

RB

,

5.00

%

,

02/15/42

.....

170

171,132

Series

2020A

,

RB

,

3.00

%

,

03/15/42

.....

4,900

4,203,833

Series

2021E

,

RB

,

4.00

%

,

03/15/42

.....

5,605

5,611,405

Series

2021A

,

RB

,

4.00

%

,

03/15/42

.....

13,515

13,528,629

Series

2018A

,

RB

,

5.00

%

,

03/15/42

.....

4,210

4,409,911

Series

2017A

,

RB

,

5.00

%

,

03/15/42

.....

1,500

1,546,934

Series

2019A

,

RB

,

5.00

%

,

07/01/42

.....

18,785

20,033,445

Series

2018A

,

RB

,

4.00

%

,

03/15/43

.....

5,000

4,961,976

Series

2021A

,

RB

,

4.00

%

,

03/15/43

.....

10,000

9,948,634

Series

2020A

,

RB

,

4.00

%

,

03/15/43

.....

5,000

4,968,051

Series

2017A

,

RB

,

5.00

%

,

03/15/43

.....

1,000

1,030,190

Series

2019A

,

RB

,

5.00

%

,

03/15/43

.....

2,525

2,659,289

Series

2024A

,

RB

,

5.00

%

,

03/15/43

.....

5,050

5,625,136

Series

2017B

,

RB

,

4.00

%

,

02/15/44

.....

1,425

1,406,480

Series

2021E

,

RB

,

4.00

%

,

03/15/44

.....

17,500

17,321,701

Series

2020A

,

RB

,

4.00

%

,

03/15/44

.....

5,000

4,952,669

Series

2018E

,

RB

,

5.00

%

,

03/15/44

.....

9,800

10,297,130

Series

2024A

,

RB

,

5.00

%

,

03/15/44

.....

2,520

2,798,535

Series

2018A

,

RB

,

5.00

%

,

03/15/44

.....

9,000

9,399,661

Series

2017A

,

RB

,

5.00

%

,

03/15/44

.....

10,000

10,289,863

Series

2021A

,

RB

,

5.00

%

,

03/15/44

.....

10,115

10,921,410

Series

2021E

,

RB

,

4.00

%

,

03/15/45

.....

5,000

4,943,888

Series

2024A

,

RB

,

5.00

%

,

03/15/45

.....

7,250

8,018,298

Series

2018A

,

RB

,

5.00

%

,

03/15/45

.....

6,300

6,570,425

Series

2019A

,

RB

,

5.00

%

,

03/15/45

.....

9,695

10,172,459

Series

2019A

,

RB

,

4.00

%

,

07/01/45

.....

10,000

9,904,270

Series

2015B

,

RB

,

5.00

%

,

07/01/45

.....

8,325

8,479,179

Series

2015A

,

RB

,

5.00

%

,

10/01/45

.....

3,500

4,264,872

Series

2020A

,

RB

,

4.00

%

,

03/15/46

.....

4,905

4,847,004

Series

2021E

,

RB

,

4.00

%

,

03/15/46

.....

11,000

10,877,040

Series

2019A

,

RB

,

5.00

%

,

03/15/46

.....

1,300

1,362,566

Series

2024A

,

RB

,

5.00

%

,

03/15/46

.....

13,510

14,896,241

Series

2021A

,

RB

,

4.00

%

,

07/01/46

.....

3,000

2,945,338

Series

A-2

,

RB

,

5.00

%

,

10/01/46

.......

3,000

3,461,230

Series

2019D

,

RB

,

4.00

%

,

02/15/47

.....

63,585

62,520,333

Series

2018A

,

RB

,

4.00

%

,

03/15/47

.....

6,500

6,379,532

Series

2024A

,

RB

,

4.00

%

,

03/15/47

.....

6,490

6,383,352

Series

2019A

,

RB

,

5.00

%

,

03/15/47

.....

4,780

5,002,052

Series

2022A

,

RB

,

4.00

%

,

07/01/47

.....

940

913,186

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

A

,

RB

,

5.00

%

,

10/01/47

.........

USD

2,500

$

3,045,548

Series

2018A

,

RB

,

4.00

%

,

03/15/48

.....

950

931,661

Series

2021E

,

RB

,

4.00

%

,

03/15/48

.....

7,570

7,446,273

Series

2018E

,

RB

,

5.00

%

,

03/15/48

.....

2,800

2,930,196

Series

2015A

,

RB

,

5.00

%

,

07/01/48

.....

8,990

9,089,922

Series

2018A

,

RB

,

5.00

%

,

07/01/48

.....

1,250

1,323,561

Series

2018A

,

RB

,

5.00

%

,

10/01/48

.....

5,500

6,695,904

Series

2019D

,

RB

,

3.00

%

,

02/15/49

.....

5,250

4,151,334

Series

2019D

,

RB

,

4.00

%

,

02/15/49

.....

3,550

3,482,318

Series

2020A

,

RB

,

3.00

%

,

03/15/49

.....

14,820

11,694,913

Series

2022A

,

RB

,

4.00

%

,

03/15/49

.....

6,280

6,177,301

Series

2024A

,

RB

,

5.00

%

,

03/15/49

.....

18,970

20,747,368

Series

2021A

,

RB

,

5.00

%

,

03/15/49

.....

5,645

6,025,368

Series

2019C

,

RB

,

4.00

%

,

07/01/49

.....

11,000

10,759,475

Series

2019A

,

RB

,

5.00

%

,

07/01/49

.....

27,825

29,434,823

Series

2024A

,

RB

,

5.00

%

,

03/15/50

.....

10,000

10,927,654

Series

2020A

,

RB

,

4.00

%

,

07/01/50

.....

1,500

1,509,763

Series

2020

,

RB

,

4.00

%

,

07/01/50

......

5,000

4,825,252

Series

2019B

,

RB

,

5.00

%

,

07/01/50

.....

17,920

18,833,859

Series

2020A

,

RB

,

5.00

%

,

07/01/50

.....

6,500

6,919,693

Series

2020A

,

RB

,

5.00

%

,

10/01/50

.....

1,000

1,221,015

Series

2021E

,

RB

,

3.00

%

,

03/15/51

.....

27,350

21,405,836

Series

2024A

,

RB

,

5.00

%

,

03/15/51

.....

22,000

24,022,064

Series

2021A

,

RB

,

5.00

%

,

07/01/51

.....

5,000

5,326,135

Series

2024A

,

RB

,

5.25

%

,

03/15/52

.....

9,485

10,523,636

Series

2020A

,

RB

,

5.00

%

,

07/01/53

.....

3,500

3,710,897

Series

2024A

,

RB

,

5.50

%

,

07/01/54

.....

37,525

42,930,146

Series

2024A

,

RB

,

5.00

%

,

03/15/55

.....

7,000

7,613,124

New

York

State

Environmental

Facilities

Corp.

Series

2016A

,

RB

,

5.00

%

,

06/15/31

.....

3,055

3,164,259

Series

2016A

,

RB

,

5.00

%

,

06/15/35

.....

4,945

5,113,997

Series

2024A

,

RB

,

5.00

%

,

06/15/38

.....

2,000

2,337,113

Series

2024A

,

RB

,

5.00

%

,

06/15/39

.....

2,000

2,316,957

Series

2015A

,

RB

,

5.00

%

,

06/15/40

.....

1,000

1,014,867

Series

2016A

,

RB

,

5.00

%

,

06/15/41

.....

2,050

2,109,969

Series

2024A

,

RB

,

5.00

%

,

06/15/42

.....

3,000

3,408,739

Series

2017A

,

RB

,

5.00

%

,

06/15/42

.....

2,140

2,225,802

Series

2017E

,

RB

,

5.00

%

,

06/15/42

.....

5,000

5,200,473

Series

2018B

,

RB

,

5.00

%

,

06/15/43

.....

10,000

10,484,043

Series

2016A

,

RB

,

4.00

%

,

06/15/46

.....

1,545

1,526,355

Series

2017A

,

RB

,

5.00

%

,

06/15/46

.....

16,825

17,405,629

Series

2022A

,

RB

,

4.00

%

,

06/15/47

.....

15,000

15,057,167

Series

2017E

,

RB

,

5.00

%

,

06/15/47

.....

19,095

19,729,590

Series

2024A

,

RB

,

5.00

%

,

06/15/47

.....

5,645

6,286,765

Series

2022B

,

RB

,

5.00

%

,

09/15/47

.....

5,000

5,480,963

Series

2018B

,

RB

,

5.00

%

,

06/15/48

.....

11,310

11,765,957

Series

2019B

,

RB

,

4.00

%

,

06/15/49

.....

2,500

2,484,808

Series

2024A

,

RB

,

5.00

%

,

06/15/49

.....

2,115

2,345,377

Series

2020B

,

RB

,

3.00

%

,

10/15/50

.....

8,725

6,975,520

New

York

State

Thruway

Authority

Series

2022A

,

RB

,

5.00

%

,

03/15/25

.....

12,490

12,639,970

Series

2021A-1

,

RB

,

5.00

%

,

03/15/26

....

5,000

5,186,717

Series

2021A-1

,

RB

,

5.00

%

,

03/15/27

....

39,000

41,380,763

Series

K

,

RB

,

5.00

%

,

01/01/28

.........

3,445

3,467,998

Series

2022A

,

RB

,

5.00

%

,

03/15/28

.....

5,005

5,407,672

Series

2022A

,

RB

,

5.00

%

,

03/15/30

.....

10,000

11,194,458

Series

K

,

RB

,

5.00

%

,

01/01/31

.........

4,000

4,023,146

Series

2022A

,

RB

,

5.00

%

,

03/15/31

.....

20,000

22,685,384

Series

K

,

RB

,

5.00

%

,

01/01/32

.........

5,365

5,395,869

Series

O

,

RB

,

5.00

%

,

01/01/33

........

6,315

7,215,528

Series

L

,

RB

,

5.00

%

,

01/01/33

.........

1,000

1,068,901

Series

L

,

RB

,

4.00

%

,

01/01/36

.........

1,000

1,023,787

Series

2019B

,

RB

,

5.00

%

,

01/01/36

.....

2,000

2,198,039

Series

2021A-1

,

RB

,

4.00

%

,

03/15/36

....

2,260

2,341,546

Series

2019B

,

RB

,

4.00

%

,

01/01/37

.....

1,750

1,792,488

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2019B

,

RB

,

4.00

%

,

01/01/38

.....

USD

5,500

$

5,604,698

Series

2019B

,

RB

,

4.00

%

,

01/01/39

.....

3,685

3,725,748

Series

2019B

,

RB

,

4.00

%

,

01/01/40

(

AGM

)

2,000

2,008,812

Series

2019B

,

RB

,

4.00

%

,

01/01/41

.....

2,000

1,997,112

Series

2016A

,

RB

,

5.00

%

,

01/01/41

.....

1,005

1,024,534

Series

2021A-1

,

RB

,

4.00

%

,

03/15/41

....

7,190

7,206,515

Series

N

,

RB

,

4.00

%

,

01/01/43

.........

5,660

5,586,031

Series

2022A

,

RB

,

4.00

%

,

03/15/44

.....

40,000

39,539,340

Series

N

,

RB

,

4.00

%

,

01/01/45

.........

4,060

3,990,308

Series

2019B

,

RB

,

4.00

%

,

01/01/45

.....

29,555

28,848,751

Series

2021A-1

,

RB

,

4.00

%

,

03/15/45

....

17,080

16,841,556

Series

2019B

,

RB

,

3.00

%

,

01/01/46

.....

2,500

2,013,490

Series

2016A

,

RB

,

5.00

%

,

01/01/46

.....

5,000

5,081,552

Series

2021A-1

,

RB

,

4.00

%

,

03/15/46

....

5,315

5,233,109

Series

N

,

RB

,

4.00

%

,

01/01/47

.........

4,000

3,920,417

Series

O

,

RB

,

4.00

%

,

01/01/48

........

5,845

5,733,472

Series

2022A

,

RB

,

5.00

%

,

03/15/48

.....

66,125

71,446,304

Series

N

,

RB

,

3.00

%

,

01/01/49

.........

3,000

2,347,484

Series

P

,

RB

,

5.00

%

,

01/01/49

.........

1,500

1,656,504

Series

2022A

,

RB

,

4.00

%

,

03/15/49

.....

6,570

6,422,776

Series

2019B

,

RB

,

4.00

%

,

01/01/50

(

AGM

)

2,500

2,457,977

Series

2019B

,

RB

,

4.00

%

,

01/01/50

.....

13,500

13,093,700

Series

2016A

,

RB

,

5.00

%

,

01/01/51

.....

5,000

5,070,521

Series

2022A

,

RB

,

4.00

%

,

03/15/51

.....

21,695

21,104,761

Series

2019B

,

RB

,

4.00

%

,

01/01/53

.....

8,250

7,940,750

Series

2022C

,

RB

,

5.00

%

,

03/15/53

.....

25,000

26,888,988

Series

P

,

RB

,

5.25

%

,

01/01/54

.........

2,450

2,748,992

Series

2022C

,

RB

,

5.00

%

,

03/15/54

.....

5,000

5,374,430

Series

2016A

,

RB

,

4.00

%

,

01/01/56

.....

1,000

947,949

Series

2016A

,

RB

,

5.25

%

,

01/01/56

.....

2,480

2,524,531

Series

2022C

,

RB

,

4.13

%

,

03/15/56

.....

8,000

7,847,862

New

York

State

Urban

Development

Corp.

Series

2020E

,

RB

,

5.00

%

,

03/15/25

.....

5,025

5,085,336

Series

2016A

,

RB

,

5.00

%

,

03/15/25

.....

1,550

1,568,611

Series

2016A

,

RB

,

5.00

%

,

03/15/26

.....

4,305

4,466,418

Series

2017A

,

RB

,

5.00

%

,

03/15/26

.....

4,510

4,678,418

Series

2020C

,

RB

,

5.00

%

,

03/15/27

.....

1,115

1,182,501

Series

2021A

,

RB

,

5.00

%

,

03/15/27

.....

10,000

10,628,189

Series

2022A

,

RB

,

5.00

%

,

09/15/27

.....

1,705

1,828,598

Series

2020E

,

RB

,

5.00

%

,

03/15/28

.....

3,000

3,250,865

Series

2022A

,

RB

,

5.00

%

,

09/15/28

.....

9,005

9,859,508

Series

2020C

,

RB

,

5.00

%

,

03/15/29

.....

8,000

8,840,205

Series

2017A

,

RB

,

5.00

%

,

03/15/30

.....

1,500

1,574,746

Series

2020C

,

RB

,

5.00

%

,

03/15/30

.....

14,980

16,826,682

Series

2017A

,

RB

,

5.00

%

,

03/15/31

.....

10,005

10,486,748

Series

2021A

,

RB

,

5.00

%

,

03/15/31

.....

1,750

1,992,827

Series

2016A

,

RB

,

5.00

%

,

03/15/31

.....

2,010

2,069,047

Series

2023B

,

RB

,

5.00

%

,

03/15/31

.....

1,000

1,138,758

Series

2020C

,

RB

,

5.00

%

,

03/15/32

.....

2,500

2,815,676

Series

2015A

,

RB

,

5.00

%

,

03/15/32

.....

3,175

3,237,176

Series

2017A

,

RB

,

5.00

%

,

03/15/33

.....

1,500

1,569,419

Series

2020C

,

RB

,

5.00

%

,

03/15/33

.....

8,000

8,986,627

Series

2020E

,

RB

,

4.00

%

,

03/15/34

.....

5,000

5,223,774

Series

2020C

,

RB

,

4.00

%

,

03/15/34

.....

2,500

2,621,088

Series

2017A-G

,

RB

,

5.00

%

,

03/15/34

...

15,000

15,684,846

Series

2023B

,

RB

,

5.00

%

,

03/15/34

.....

31,690

37,188,887

Series

2020E

,

RB

,

4.00

%

,

03/15/35

.....

2,510

2,612,649

Series

2019A

,

RB

,

5.00

%

,

03/15/35

.....

10,000

10,761,317

Series

2015A

,

RB

,

5.00

%

,

03/15/35

.....

6,525

6,649,436

Series

2017A-G

,

RB

,

5.00

%

,

03/15/35

...

2,400

2,506,315

Series

2023B

,

RB

,

5.00

%

,

03/15/35

.....

6,895

8,058,653

Series

2020E

,

RB

,

4.00

%

,

03/15/36

.....

3,500

3,623,007

Series

2020C

,

RB

,

5.00

%

,

03/15/36

.....

31,000

34,591,245

Series

2019A

,

RB

,

5.00

%

,

03/15/36

.....

3,465

3,719,992

Series

2021A

,

RB

,

4.00

%

,

03/15/37

.....

7,500

7,751,574

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2020C

,

RB

,

4.00

%

,

03/15/37

.....

USD

11,000

$

11,355,329

Series

2020A

,

RB

,

5.00

%

,

03/15/37

.....

13,385

14,851,197

Series

2020C

,

RB

,

4.00

%

,

03/15/39

.....

2,000

2,031,000

Series

2021A

,

RB

,

4.00

%

,

03/15/39

.....

3,435

3,495,803

Series

2020A

,

RB

,

4.00

%

,

03/15/39

.....

5,440

5,524,320

Series

2019A

,

RB

,

5.00

%

,

03/15/39

.....

2,000

2,160,481

Series

2020C

,

RB

,

3.00

%

,

03/15/40

.....

26,835

23,984,227

Series

2020E

,

RB

,

3.00

%

,

03/15/40

.....

4,500

4,021,950

Series

2020A

,

RB

,

4.00

%

,

03/15/40

.....

2,910

2,933,880

Series

2023A

,

RB

,

5.00

%

,

03/15/40

.....

10,000

11,337,874

Series

2019A

,

RB

,

5.00

%

,

03/15/40

.....

2,500

2,692,364

Series

2020E

,

RB

,

4.00

%

,

03/15/41

.....

19,500

19,597,256

Series

2019A

,

RB

,

5.00

%

,

03/15/41

.....

3,660

3,847,339

Series

2017C

,

RB

,

5.00

%

,

03/15/41

.....

2,640

2,755,784

Series

2019A

,

RB

,

4.00

%

,

03/15/42

.....

14,540

14,542,008

Series

2020C

,

RB

,

4.00

%

,

03/15/42

.....

8,025

8,047,680

Series

2017C

,

RB

,

5.00

%

,

03/15/42

.....

1,500

1,563,576

Series

2019A

,

RB

,

4.00

%

,

03/15/43

.....

1,000

994,975

Series

2019A

,

RB

,

4.00

%

,

03/15/44

.....

5,000

4,965,996

Series

2021A

,

RB

,

4.00

%

,

03/15/44

.....

25,475

25,317,294

Series

2020C

,

RB

,

5.00

%

,

03/15/44

.....

1,000

1,075,382

Series

2022A

,

RB

,

5.00

%

,

03/15/44

.....

13,750

15,083,782

Series

2021A

,

RB

,

4.00

%

,

03/15/45

.....

2,250

2,224,749

Series

2019A

,

RB

,

5.00

%

,

03/15/45

.....

2,300

2,400,828

Series

2019A

,

RB

,

4.00

%

,

03/15/46

.....

2,500

2,456,368

Series

2021A

,

RB

,

4.00

%

,

03/15/47

.....

16,500

16,194,196

Series

2017C

,

RB

,

4.00

%

,

03/15/47

.....

2,000

1,965,816

Series

2020C

,

RB

,

5.00

%

,

03/15/47

.....

16,850

17,968,554

Series

2020C

,

RB

,

3.00

%

,

03/15/48

.....

3,000

2,415,591

Series

2022A

,

RB

,

5.00

%

,

03/15/48

.....

13,260

14,346,137

Series

2020A

,

RB

,

4.00

%

,

03/15/49

.....

42,995

42,161,447

Series

2020C

,

RB

,

4.00

%

,

03/15/49

.....

6,900

6,755,794

Series

2022A

,

RB

,

5.00

%

,

03/15/49

.....

5,440

5,874,769

Series

2021A

,

RB

,

3.00

%

,

03/15/50

.....

7,730

6,168,425

Series

2020E

,

RB

,

3.00

%

,

03/15/50

.....

14,975

11,848,129

Series

2020C

,

RB

,

5.00

%

,

03/15/50

.....

10,950

11,625,051

Series

2022A

,

RB

,

5.00

%

,

03/15/50

.....

15,000

16,187,334

Series

2023A

,

RB

,

5.00

%

,

03/15/51

.....

4,000

4,349,745

Series

2023A

,

RB

,

5.00

%

,

03/15/52

.....

11,640

12,647,833

Series

2023A

,

RB

,

5.00

%

,

03/15/63

.....

10,620

11,431,086

Onondaga

County

Trust

for

Cultural

Resources

Series

2019

,

RB

,

5.00

%

,

12/01/43

......

1,000

1,064,865

Series

2019

,

RB

,

5.00

%

,

12/01/45

......

1,500

1,589,492

Series

2019

,

RB

,

4.00

%

,

12/01/49

......

2,500

2,443,307

Port

Authority

of

New

York

&

New

Jersey

Series

194

,

RB

,

5.00

%

,

10/15/24

.......

570

571,296

Series

189

,

RB

,

5.00

%

,

05/01/27

.......

1,205

1,222,290

Series

85

,

RB

,

5.38

%

,

03/01/28

........

1,330

1,396,909

Series

194

,

RB

,

5.00

%

,

10/15/28

.......

2,000

2,048,426

Series

243

,

RB

,

5.00

%

,

12/01/28

.......

1,165

1,286,901

Series

209

,

RB

,

5.00

%

,

07/15/29

.......

4,000

4,326,300

Series

243

,

RB

,

5.00

%

,

12/01/29

.......

3,000

3,376,949

Series

230

,

RB

,

4.00

%

,

12/01/30

.......

1,500

1,620,015

Series

243

,

RB

,

5.00

%

,

12/01/30

.......

5,135

5,862,253

Series

213

,

RB

,

5.00

%

,

09/01/31

.......

10,295

11,338,752

Series

230

,

RB

,

3.00

%

,

12/01/31

.......

5,000

5,041,353

Series

243

,

RB

,

5.00

%

,

12/01/31

.......

4,465

5,170,712

Series

209

,

RB

,

5.00

%

,

07/15/32

.......

3,080

3,301,693

Series

222

,

RB

,

5.00

%

,

07/15/32

.......

1,000

1,126,126

Series

194

,

RB

,

5.00

%

,

10/15/32

.......

1,400

1,431,721

Series

230

,

RB

,

3.00

%

,

12/01/32

.......

3,000

3,022,367

Series

213

,

RB

,

5.00

%

,

09/01/33

.......

1,505

1,648,668

Series

194

,

RB

,

5.00

%

,

10/15/33

.......

3,000

3,067,307

Series

213

,

RB

,

5.00

%

,

09/01/34

.......

5,000

5,463,440

Series

194

,

RB

,

5.00

%

,

10/15/34

.......

4,500

4,599,962

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

209

,

RB

,

5.00

%

,

07/15/35

.......

USD

1,000

$

1,066,701

Series

194

,

RB

,

5.00

%

,

10/15/35

.......

10,675

10,907,396

Series

243

,

RB

,

5.00

%

,

12/01/35

.......

1,500

1,765,760

Series

184

,

RB

,

5.00

%

,

09/01/36

.......

4,770

4,776,551

Series

213

,

RB

,

5.00

%

,

09/01/36

.......

3,100

3,366,030

Series

243

,

RB

,

5.00

%

,

12/01/36

.......

5,500

6,440,134

Series

243

,

RB

,

5.00

%

,

12/01/37

.......

2,875

3,354,294

Series

222

,

RB

,

4.00

%

,

07/15/38

.......

9,430

9,547,236

Series

243

,

RB

,

5.00

%

,

12/01/38

.......

4,250

4,893,452

Series

212

,

RB

,

4.00

%

,

09/01/39

.......

2,000

2,000,123

Series

184

,

RB

,

5.00

%

,

09/01/39

.......

1,915

1,917,586

Series

217

,

RB

,

4.00

%

,

11/01/39

.......

2,000

2,000,521

Series

243

,

RB

,

5.00

%

,

12/01/39

.......

1,950

2,227,482

Series

189

,

RB

,

5.00

%

,

05/01/40

.......

5,000

5,055,285

Series

224

,

RB

,

4.00

%

,

07/15/40

.......

3,850

3,879,020

Series

244

,

RB

,

5.00

%

,

07/15/40

.......

4,590

5,256,217

Series

224

,

RB

,

4.00

%

,

07/15/41

.......

8,270

8,298,338

Series

194

,

RB

,

5.00

%

,

10/15/41

.......

24,960

25,409,557

Series

198

,

RB

,

5.00

%

,

11/15/41

.......

9,475

9,765,932

Series

183

,

RB

,

4.00

%

,

12/15/41

.......

1,000

999,961

Series

205

,

RB

,

5.00

%

,

11/15/42

.......

2,655

2,772,455

Series

241

,

RB

,

5.00

%

,

07/15/43

.......

9,000

10,072,601

Series

217

,

RB

,

5.00

%

,

11/01/44

.......

3,500

3,725,593

Series

189

,

RB

,

5.00

%

,

05/01/45

.......

2,000

2,018,836

Series

194

,

RB

,

4.00

%

,

10/15/45

.......

1,000

1,000,455

Series

198

,

RB

,

5.00

%

,

11/15/46

.......

8,190

8,397,787

Series

200

,

RB

,

5.00

%

,

10/15/47

.......

2,365

2,435,571

Series

241

,

RB

,

5.00

%

,

07/15/48

.......

5,000

5,484,657

Series

211

,

RB

,

5.00

%

,

09/01/48

.......

8,835

9,208,923

Series

244

,

RB

,

5.00

%

,

07/15/49

.......

17,000

18,746,549

Series

216

,

RB

,

4.00

%

,

09/01/49

.......

14,060

14,050,169

Series

217

,

RB

,

4.00

%

,

11/01/49

.......

16,565

16,548,054

Series

224

,

RB

,

4.00

%

,

07/15/51

.......

7,670

7,590,293

Series

237

,

RB

,

5.00

%

,

01/15/52

.......

4,000

4,342,401

Series

230

,

RB

,

5.25

%

,

12/01/52

.......

2,500

2,757,046

Series

240

,

RB

,

5.00

%

,

07/15/53

.......

10,000

10,891,517

Series

244

,

RB

,

5.00

%

,

07/15/54

.......

28,900

31,693,257

Series

194

,

RB

,

5.25

%

,

10/15/55

.......

1,000

1,019,623

Series

198

,

RB

,

5.25

%

,

11/15/56

.......

9,500

9,778,528

Series

200

,

RB

,

5.00

%

,

04/15/57

.......

3,000

3,081,604

Series

205

,

RB

,

5.00

%

,

05/15/57

.......

2,000

2,068,833

Series

224

,

RB

,

4.00

%

,

07/15/61

.......

2,500

2,441,072

Series

93

,

RB

,

6.13

%

,

06/01/94

........

500

500,624

Sales

Tax

Asset

Receivable

Corp.

Series

2015A

,

RB

,

5.00

%

,

10/15/25

.....

2,000

2,004,150

Series

2015A

,

RB

,

5.00

%

,

10/15/26

.....

4,600

4,609,545

Series

2015A

,

RB

,

5.00

%

,

10/15/27

.....

5,030

5,040,438

Series

2015A

,

RB

,

5.00

%

,

10/15/28

.....

7,860

7,876,310

Series

2015A

,

RB

,

5.00

%

,

10/15/29

.....

5,685

5,696,797

Series

2015A

,

RB

,

5.00

%

,

10/15/30

.....

7,030

7,044,588

Suffolk

County

Water

Authority

Series

2015

,

RB

,

4.00

%

,

06/01/31

......

1,035

1,042,663

Series

2018A

,

RB

,

4.00

%

,

06/01/41

.....

3,000

3,015,946

Triborough

Bridge

&

Tunnel

Authority

Series

2022E-1

,

RB

,

5.00

%

,

11/15/27

....

5,190

5,560,872

Series

2022E-2B

,

RB

,

5.00

%

,

11/15/27

...

5,965

6,391,252

Series

2022B

,

RB

,

5.00

%

,

05/15/28

.....

20,335

22,119,150

Series

2023B

,

RB

,

5.00

%

,

11/15/28

.....

5,000

5,455,882

Series

2022B

,

RB

,

5.00

%

,

05/15/30

.....

9,055

10,175,627

Series

2013A

,

RB

,

0.00

%

,

11/15/30

(a)

....

10,800

8,802,121

Series

2018B

,

RB

,

5.00

%

,

11/15/30

.....

1,000

1,135,941

Series

2023B

,

RB

,

5.00

%

,

11/15/30

.....

5,000

5,639,785

Series

2013A

,

RB

,

0.00

%

,

11/15/31

(a)

....

2,000

1,567,102

Series

2023A

,

RB

,

5.00

%

,

11/15/31

.....

5,000

5,730,020

Series

2018B

,

RB

,

5.00

%

,

11/15/31

.....

1,000

1,146,004

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

B

,

RB

,

5.00

%

,

11/15/31

.........

USD

1,055

$

1,107,039

Series

2005B-4A

,

RB

,

VRDN

(

TD

Bank

NA

LOC

),

3.80

%

,

09/03/24

(b)

...........

23,275

23,275,000

Series

2012B

,

RB

,

0.00

%

,

11/15/32

(a)

....

4,745

3,572,245

Series

2013A

,

RB

,

0.00

%

,

11/15/32

(a)

....

1,800

1,355,119

Series

2022E-2B

,

RB

,

5.00

%

,

11/15/32

...

3,000

3,454,616

Series

2023A

,

RB

,

5.00

%

,

11/15/32

.....

3,000

3,476,653

Series

2003B-2

,

RB

,

VRDN

(

TD

Bank

NA

LOC

),

3.80

%

,

09/03/24

(b)

...........

3,000

3,000,000

Series

2021C-2

,

RB

,

3.00

%

,

05/15/33

....

1,000

1,005,502

Series

2023B

,

RB

,

5.00

%

,

11/15/33

.....

2,250

2,631,863

Series

2023C

,

RB

,

5.00

%

,

11/15/33

.....

5,000

5,851,560

Series

2023A

,

RB

,

5.00

%

,

11/15/34

.....

3,825

4,445,262

Series

2005B-3

,

RB

,

VRDN

(

Bank

of

America

NA

LOC

),

3.90

%

,

09/03/24

(b)

........

18,500

18,500,000

Series

2023A

,

RB

,

5.00

%

,

11/15/35

.....

3,445

3,984,278

Series

2023C

,

RB

,

5.00

%

,

11/15/35

.....

5,000

5,817,543

Series

B

,

RB

,

5.00

%

,

11/15/35

.........

2,000

2,086,703

Series

2018C

,

RB

,

5.00

%

,

11/15/35

.....

3,000

3,209,456

Series

2024C

,

RB

,

5.00

%

,

11/15/36

.....

30,000

35,126,556

Series

B

,

RB

,

5.00

%

,

11/15/36

.........

2,175

2,266,314

Series

B

,

RB

,

5.00

%

,

11/15/37

.........

2,010

2,091,945

Series

2024C

,

RB

,

5.00

%

,

11/15/37

.....

15,000

17,482,718

Series

B

,

RB

,

5.00

%

,

11/15/38

.........

1,360

1,413,838

Series

2021C-1A

,

RB

,

5.00

%

,

05/15/39

...

2,000

2,223,213

Series

2019C

,

RB

,

4.00

%

,

11/15/40

.....

6,000

6,010,038

Series

2023C

,

RB

,

5.25

%

,

11/15/40

.....

5,000

5,765,051

Series

2022A

,

RB

,

4.00

%

,

05/15/41

.....

1,000

1,002,208

Series

2005A

,

RB

,

VRDN

(

Barclays

Bank

plc

LOC

),

2.93

%

,

09/05/24

(b)

...........

11,550

11,550,000

Series

2023C

,

RB

,

5.00

%

,

11/15/41

.....

5,000

5,621,375

Series

2012A

,

RB

,

4.00

%

,

11/15/42

.....

3,065

3,043,603

Series

A

,

RB

,

5.00

%

,

11/15/42

.........

1,000

1,034,510

Series

2017C-2

,

RB

,

5.00

%

,

11/15/42

....

3,715

3,866,779

Series

2023C

,

RB

,

5.25

%

,

11/15/42

.....

7,750

8,825,392

Series

2023C

,

RB

,

5.00

%

,

11/15/43

.....

4,000

4,448,559

Series

2018A

,

RB

,

5.00

%

,

11/15/44

.....

13,420

13,995,743

Series

2021A-2

,

RB

,

VRDN

2.00

%

,

05/15/26

(b)

...............

7,050

6,732,409

Series

2024B-1

,

RB

,

5.00

%

,

05/15/45

....

2,500

2,768,693

Series

2019C

,

RB

,

3.00

%

,

11/15/45

.....

17,745

14,427,279

Series

2018A

,

RB

,

5.00

%

,

11/15/45

.....

4,100

4,274,375

Series

2021A-1

,

RB

,

4.00

%

,

05/15/46

....

4,935

4,882,927

Series

2021C-1A

,

RB

,

4.00

%

,

05/15/46

...

8,305

8,217,368

Series

2016A

,

RB

,

5.00

%

,

11/15/46

.....

7,900

8,078,314

Series

2022D-2

,

RB

,

4.50

%

,

05/15/47

....

7,000

7,178,837

Series

2024A

,

RB

,

5.00

%

,

05/15/47

.....

16,645

18,309,165

Series

2018A

,

RB

,

4.00

%

,

11/15/47

.....

3,000

2,949,357

Series

A

,

RB

,

5.00

%

,

11/15/47

.........

9,185

9,443,473

Series

2018A

,

RB

,

4.00

%

,

11/15/48

.....

6,000

5,898,715

Series

2024A

,

RB

,

5.00

%

,

05/15/49

.....

11,010

12,031,442

Series

2020A

,

RB

,

5.00

%

,

11/15/49

.....

7,500

7,960,909

Series

2019A

,

RB

,

5.00

%

,

11/15/49

.....

28,080

29,345,605

Series

2021B-2

,

RB

,

VRDN

5.00

%

,

05/15/26

(b)

...............

2,000

2,064,095

Series

2021C-3

,

RB

,

3.00

%

,

05/15/51

....

2,000

1,566,662

Series

2022A

,

RB

,

4.00

%

,

05/15/51

.....

6,800

6,676,883

Series

2024A

,

RB

,

5.00

%

,

05/15/51

.....

40,030

43,640,514

Series

2021C-1A

,

RB

,

5.00

%

,

05/15/51

...

420

449,031

Series

2021A-1

,

RB

,

5.00

%

,

05/15/51

....

45,800

48,772,965

Series

2021C-1B

,

RB

,

VRDN

5.00

%

,

05/15/26

(b)

...............

2,500

2,580,118

Series

2022C

,

RB

,

4.13

%

,

05/15/52

.....

5,000

4,939,017

Series

2022D-2

,

RB

,

4.50

%

,

05/15/52

....

7,465

7,613,601

Series

2022A

,

RB

,

5.00

%

,

05/15/52

.....

32,725

39,252,541

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2022C

,

RB

,

5.25

%

,

05/15/52

.....

USD

4,000

$

4,356,881

Series

2022D-2

,

RB

,

5.50

%

,

05/15/52

....

33,750

37,592,789

Series

2022A

,

RB

,

4.00

%

,

11/15/52

.....

3,000

2,913,052

Series

2024A

,

RB

,

5.00

%

,

05/15/54

.....

2,000

2,173,667

Series

2024B-1

,

RB

,

5.25

%

,

05/15/54

....

21,770

24,133,160

Series

2020A

,

RB

,

4.00

%

,

11/15/54

.....

2,805

2,716,475

Series

2020A

,

RB

,

5.00

%

,

11/15/54

.....

4,000

4,234,436

Series

2022A

,

RB

,

5.50

%

,

11/15/57

.....

3,000

3,332,864

Triborough

Bridge

&

Tunnel

Authority

Sales

Tax

Series

2023A

,

RB

,

5.00

%

,

05/15/42

.....

1,335

1,490,990

Series

2023A

,

RB

,

4.00

%

,

05/15/48

.....

4,000

3,932,513

Series

2023A

,

RB

,

5.00

%

,

05/15/48

.....

1,750

1,908,747

Series

2022A

,

RB

,

5.25

%

,

05/15/52

.....

3,000

3,298,162

Series

2023A

,

RB

,

4.13

%

,

05/15/53

.....

5,000

4,957,822

Series

2023A

,

RB

,

5.00

%

,

05/15/53

.....

4,175

4,521,948

Series

2024A-1

,

RB

,

4.00

%

,

05/15/54

....

5,500

5,376,161

Series

2024A-1

,

RB

,

5.00

%

,

05/15/54

....

9,535

10,395,121

Series

2023A

,

RB

,

4.25

%

,

05/15/58

.....

5,000

5,001,623

Series

2023A

,

RB

,

4.50

%

,

05/15/63

.....

10,000

10,168,929

Series

2023A

,

RB

,

5.50

%

,

05/15/63

.....

2,000

2,223,948

Utility

Debt

Securitization

Authority

Series

2016A

,

RB

,

5.00

%

,

06/15/28

.....

2,085

2,175,113

Series

2016A

,

RB

,

5.00

%

,

12/15/28

.....

8,515

8,883,017

Series

2023TE-1

,

RB

,

5.00

%

,

06/15/29

...

2,000

2,118,946

Series

2023TE-1

,

RB

,

5.00

%

,

12/15/29

...

3,000

3,202,470

Series

2023TE-1

,

RB

,

5.00

%

,

06/15/30

...

3,000

3,260,210

Series

2023TE-1

,

RB

,

5.00

%

,

12/15/30

...

1,500

1,643,617

Series

2023TE-1

,

RB

,

5.00

%

,

06/15/31

...

3,000

3,324,208

Series

2015

,

RB

,

5.00

%

,

12/15/32

......

1,830

1,875,785

Series

2016B

,

RB

,

5.00

%

,

12/15/33

.....

450

465,538

Series

2022TE-1

,

RB

,

5.00

%

,

12/15/33

...

5,500

6,364,573

Series

2015

,

RB

,

5.00

%

,

12/15/33

......

4,440

4,549,389

Series

2016A

,

RB

,

5.00

%

,

12/15/34

.....

12,940

13,382,230

Series

2022TE-1

,

RB

,

5.00

%

,

12/15/34

...

3,000

3,520,332

Series

2016A

,

RB

,

5.00

%

,

12/15/35

.....

9,460

9,774,963

Series

2015

,

RB

,

5.00

%

,

12/15/36

......

18,390

18,808,018

Series

2015

,

RB

,

5.00

%

,

12/15/37

......

5,380

5,498,879

Series

2017

,

RB

,

5.00

%

,

12/15/39

......

8,660

9,100,810

Series

2017

,

RB

,

5.00

%

,

12/15/40

......

10,155

10,656,275

Series

2023TE-1

,

RB

,

5.00

%

,

12/15/40

...

5,000

5,811,426

Series

2017

,

RB

,

5.00

%

,

12/15/41

......

8,000

8,380,407

Series

2023TE-1

,

RB

,

5.00

%

,

12/15/41

...

3,200

3,693,817

Series

2022TE-2

,

RB

,

5.00

%

,

12/15/49

...

16,245

17,806,466

Series

2023TE-2

,

RB

,

5.00

%

,

12/15/50

...

1,000

1,109,736

Series

2022TE-2

,

RB

,

5.00

%

,

09/15/52

...

15,000

16,384,380

8,883,250,057

North

Carolina

—

1.6%

City

of

Charlotte,

Series

2023A,

RB,

5.00%, 07/01/48

.................

2,000

2,182,113

City

of

Charlotte

Water

&

Sewer

System

Series

2022A

,

RB

,

5.00

%

,

07/01/28

.....

3,005

3,284,140

Series

2020

,

RB

,

5.00

%

,

07/01/31

......

6,875

7,757,480

Series

2024

,

RB

,

5.00

%

,

07/01/39

......

2,500

2,911,332

Series

2015

,

RB

,

5.00

%

,

07/01/40

......

1,000

1,011,286

Series

2024

,

RB

,

5.00

%

,

07/01/40

......

1,650

1,908,062

Series

2024

,

RB

,

5.00

%

,

07/01/41

......

1,500

1,725,409

Series

2024

,

RB

,

5.00

%

,

07/01/49

......

13,000

14,477,202

Series

2024

,

RB

,

5.00

%

,

07/01/54

......

36,840

40,640,160

City

of

Durham,

Series

2022,

GO,

5.00%, 07/01/25

.................

2,325

2,370,238

City

of

Fayetteville

Series

2024

,

RB

,

5.00

%

,

03/01/29

......

1,080

1,192,422

Series

2023

,

RB

,

4.00

%

,

03/01/51

......

12,070

11,711,309

Series

2023

,

RB

,

5.00

%

,

03/01/53

......

20,115

21,781,815

Security

Par

(000)

Par

(000)

Value

North

Carolina

(continued)

City

of

Greensboro

Series

2018B

,

GO

,

5.00

%

,

10/01/29

.....

USD

5,000

$

5,483,332

Series

2022B

,

GO

,

5.00

%

,

04/01/41

.....

3,850

4,306,121

Series

2022B

,

GO

,

5.00

%

,

04/01/42

.....

3,920

4,367,597

Series

2022B

,

GO

,

5.00

%

,

04/01/43

.....

2,595

2,881,191

City

of

Greensboro

Combined

Water

&

Sewer

System,

Series

2024B,

RB,

5.00%, 06/01/54

25,100

27,649,204

City

of

Raleigh

Combined

Enterprise

System,

Series

2015A,

RB,

4.00%, 12/01/35

.....

8,515

8,541,406

City

of

Winston-Salem

Water

&

Sewer

System,

Series

2022,

RB,

2.38%, 06/01/41

......

2,345

1,821,133

County

of

Durham

Series

2023

,

GO

,

5.00

%

,

06/01/25

......

1,205

1,225,681

Series

2023

,

GO

,

5.00

%

,

06/01/26

......

1,005

1,047,916

Series

2023

,

GO

,

5.00

%

,

06/01/27

......

1,555

1,659,902

Series

2023

,

GO

,

5.00

%

,

06/01/32

......

1,695

1,978,889

Series

2023

,

GO

,

5.00

%

,

06/01/34

......

2,300

2,701,635

County

of

Guilford,

Series

2017,

GO,

5.00%, 03/01/25

.................

3,745

3,785,688

County

of

Mecklenburg

Series

2022

,

GO

,

5.00

%

,

09/01/24

......

7,175

7,175,000

Series

2022

,

GO

,

5.00

%

,

09/01/27

......

9,830

10,554,123

Series

2013A

,

GO

,

5.00

%

,

12/01/27

.....

1,670

1,802,853

Series

2022

,

GO

,

5.00

%

,

09/01/33

......

5,000

5,824,927

Series

2022

,

GO

,

5.00

%

,

09/01/34

......

1,685

1,955,503

County

of

Union

Series

2023

,

GO

,

5.00

%

,

09/01/35

......

6,060

7,086,982

Series

2023

,

GO

,

5.00

%

,

09/01/36

......

6,720

7,812,003

Series

2023

,

GO

,

5.00

%

,

09/01/37

......

5,360

6,213,274

Series

2023

,

GO

,

5.00

%

,

09/01/38

......

6,280

7,239,413

County

of

Wake

Series

2010C

,

GO

,

5.00

%

,

03/01/25

.....

6,695

6,770,051

Series

2023A

,

GO

,

5.00

%

,

05/01/34

.....

16,710

19,635,893

Series

2023A

,

GO

,

5.00

%

,

05/01/36

.....

16,705

19,465,109

North

Carolina

Capital

Facilities

Finance

Agency

Series

2015B

,

RB

,

5.00

%

,

10/01/41

.....

11,025

11,317,906

Series

2016B

,

RB

,

5.00

%

,

07/01/42

.....

2,000

2,073,804

North

Carolina

Municipal

Power

Agency

No.

1

Series

A

,

RB

,

5.00

%

,

01/01/25

.........

7,550

7,598,970

Series

A

,

RB

,

5.00

%

,

01/01/27

.........

2,500

2,568,567

North

Carolina

Turnpike

Authority

Series

2018A

,

RB

,

4.00

%

,

01/01/38

.....

12,680

12,799,454

Series

2018

,

RB

,

5.00

%

,

01/01/40

......

2,000

2,098,552

Series

2018

,

RB

,

4.00

%

,

01/01/41

(

AGM

)

.

2,000

1,970,227

Series

2019

,

RB

,

0.00

%

,

01/01/44

(a)

.....

2,340

1,011,614

Series

2019

,

RB

,

5.00

%

,

01/01/44

......

2,000

2,097,327

Series

2019

,

RB

,

0.00

%

,

01/01/49

(a)

.....

2,500

850,262

Series

2019

,

RB

,

5.00

%

,

01/01/49

......

3,800

3,950,417

Series

2019

,

RB

,

5.00

%

,

01/01/49

(

AGM

)

.

2,415

2,521,915

Series

A

,

RB

,

5.00

%

,

01/01/54

(

AGM

)

....

3,500

3,735,486

Series

2019

,

RB

,

4.00

%

,

01/01/55

......

2,000

1,846,802

Series

2019

,

RB

,

4.00

%

,

01/01/55

(

AGM

)

.

2,000

1,916,252

Series

A

,

RB

,

5.00

%

,

01/01/58

(

AGM

)

....

3,000

3,192,280

State

of

North

Carolina

Series

2019

,

RB

,

5.00

%

,

03/01/25

......

3,515

3,553,748

Series

2013C

,

GO

,

5.00

%

,

05/01/25

.....

14,290

14,509,037

Series

2017B

,

RB

,

5.00

%

,

05/01/25

.....

5,095

5,171,412

Series

2020A

,

GO

,

5.00

%

,

06/01/25

.....

7,500

7,631,080

Series

2016A

,

GO

,

5.00

%

,

06/01/25

.....

4,045

4,115,696

Series

2020B

,

RB

,

5.00

%

,

05/01/26

.....

1,550

1,613,023

Series

2014B

,

RB

,

5.00

%

,

06/01/26

.....

1,065

1,110,519

Series

2019B

,

GO

,

5.00

%

,

06/01/26

.....

12,925

13,488,708

Series

2018A

,

GO

,

5.00

%

,

06/01/26

.....

2,015

2,102,882

Series

2016A

,

GO

,

5.00

%

,

06/01/26

.....

9,500

9,914,331

Series

2019

,

RB

,

5.00

%

,

03/01/27

......

5,125

5,425,138

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

North

Carolina

(continued)

Series

2020B

,

RB

,

5.00

%

,

05/01/27

.....

USD

2,000

$

2,128,690

Series

2014C

,

RB

,

5.00

%

,

05/01/27

.....

1,500

1,501,961

Series

2020A

,

GO

,

5.00

%

,

06/01/27

.....

5,530

5,903,728

Series

2019B

,

GO

,

5.00

%

,

06/01/27

.....

1,500

1,601,373

Series

2016A

,

GO

,

5.00

%

,

06/01/27

.....

11,075

11,506,174

Series

2019

,

RB

,

5.00

%

,

03/01/28

......

19,000

20,537,704

Series

2017B

,

RB

,

5.00

%

,

05/01/28

.....

6,500

6,892,767

Series

2020A

,

GO

,

5.00

%

,

06/01/28

.....

1,930

2,106,563

Series

2019B

,

GO

,

5.00

%

,

06/01/28

.....

11,990

13,086,887

Series

2016A

,

GO

,

5.00

%

,

06/01/28

.....

5,000

5,188,549

Series

2020B

,

RB

,

5.00

%

,

05/01/29

.....

1,500

1,663,674

Series

2017B

,

RB

,

5.00

%

,

05/01/29

.....

1,000

1,059,319

Series

2019B

,

GO

,

5.00

%

,

06/01/29

.....

1,025

1,142,315

Series

2015

,

RB

,

5.00

%

,

03/01/30

......

2,010

2,027,276

Series

2020B

,

RB

,

5.00

%

,

05/01/30

.....

10,915

12,313,538

Series

2019B

,

GO

,

5.00

%

,

06/01/30

.....

3,950

4,374,903

Series

2019

,

RB

,

5.00

%

,

03/01/31

......

2,500

2,733,994

Series

2020B

,

RB

,

5.00

%

,

05/01/31

.....

1,545

1,737,229

Series

2021

,

RB

,

5.00

%

,

03/01/32

......

1,000

1,132,558

Series

2020B

,

RB

,

3.00

%

,

05/01/32

.....

2,000

1,971,107

Series

2021A

,

RB

,

5.00

%

,

05/01/32

.....

7,855

9,059,995

Series

2019

,

RB

,

5.00

%

,

03/01/33

......

3,000

3,264,079

Series

2019A

,

RB

,

4.00

%

,

05/01/33

.....

1,000

1,038,684

Series

2020B

,

RB

,

5.00

%

,

05/01/33

.....

3,110

3,477,624

Series

2021

,

RB

,

4.00

%

,

03/01/34

......

2,000

2,103,719

Series

2019A

,

RB

,

4.00

%

,

05/01/34

.....

4,960

5,144,104

Series

2020B

,

RB

,

5.00

%

,

05/01/34

.....

2,500

2,787,797

Series

2018A

,

GO

,

3.00

%

,

06/01/35

.....

5,000

4,828,212

Series

2020A

,

GO

,

1.88

%

,

06/01/39

.....

20,000

14,646,546

Town

of

Cary

Series

2021

,

GO

,

4.00

%

,

09/01/32

......

5,710

6,161,266

Series

2021

,

GO

,

4.00

%

,

09/01/33

......

3,535

3,806,868

569,052,406

Ohio

—

0.8%

American

Municipal

Power,

Inc.

Series

2019B

,

RB

,

5.00

%

,

02/15/25

.....

2,250

2,271,795

Series

2019C

,

RB

,

5.00

%

,

02/15/33

.....

2,000

2,184,030

Series

2019B

,

RB

,

5.00

%

,

02/15/35

.....

12,000

13,005,184

Series

2021A

,

RB

,

4.00

%

,

02/15/36

.....

4,360

4,458,238

Series

2017A

,

RB

,

4.00

%

,

02/15/42

.....

5,000

4,839,211

Series

2016A

,

RB

,

5.00

%

,

02/15/46

.....

845

860,663

Cincinnati

City

School

District

Series

2006

,

GO

,

5.25

%

,

12/01/25

(

NPFGC

)

20

20,624

Series

2006

,

GO

,

5.25

%

,

12/01/30

(

NPFGC

)

1,000

1,137,019

City

of

Columbus

Series

2018A

,

GO

,

5.00

%

,

04/01/25

.....

3,000

3,038,564

Series

2016-1

,

GO

,

5.00

%

,

07/01/25

.....

1,935

1,972,329

Series

2018A

,

GO

,

5.00

%

,

04/01/26

.....

4,625

4,802,601

Series

2016-1

,

GO

,

5.00

%

,

07/01/26

.....

1,645

1,718,384

Series

2016-3

,

GO

,

5.00

%

,

02/15/27

.....

1,015

1,075,965

Series

2014A

,

GO

,

4.00

%

,

02/15/28

.....

2,600

2,600,056

Series

2014

,

RB

,

5.00

%

,

06/01/28

......

2,150

2,159,045

Series

2018A

,

GO

,

5.00

%

,

04/01/30

.....

3,000

3,264,077

Series

2015

,

RB

,

5.00

%

,

06/01/30

......

1,565

1,621,028

Series

2015

,

RB

,

5.00

%

,

06/01/32

......

2,525

2,614,959

Series

2023A

,

GO

,

5.00

%

,

08/15/34

.....

1,250

1,466,052

Series

2024A

,

GO

,

5.00

%

,

08/15/35

.....

5,000

5,923,927

Series

2024A

,

GO

,

5.00

%

,

08/15/36

.....

5,000

5,886,136

Series

2024A

,

GO

,

5.00

%

,

08/15/37

.....

7,700

9,035,387

Series

2024A

,

GO

,

5.00

%

,

08/15/38

.....

4,500

5,249,297

Series

2024A

,

GO

,

5.00

%

,

08/15/39

.....

3,250

3,767,825

Series

2024A

,

GO

,

5.00

%

,

08/15/40

.....

2,195

2,528,877

County

of

Franklin,

Series

2018,

RB,

5.00%, 06/01/48

.................

7,480

7,795,972

Security

Par

(000)

Par

(000)

Value

Ohio

(continued)

County

of

Hamilton

Series

2016A

,

RB

,

5.00

%

,

12/01/30

.....

USD

1,000

$

1,045,761

Series

2016A

,

RB

,

4.00

%

,

12/01/32

.....

1,000

1,016,259

Miami

University,

Series

2020A,

RB,

4.00%, 09/01/45

.................

1,500

1,485,144

Northeast

Ohio

Regional

Sewer

District

Series

2019

,

RB

,

3.00

%

,

11/15/39

......

2,475

2,202,634

Series

2014

,

RB

,

4.00

%

,

11/15/49

......

8,605

8,621,169

Series

2014

,

RB

,

5.00

%

,

11/15/49

......

5,795

5,817,305

Ohio

State

University

(The)

Series

2021A

,

RB

,

5.00

%

,

12/01/32

.....

1,270

1,458,623

Series

2023B

,

RB

,

5.00

%

,

12/01/33

.....

2,075

2,439,574

Series

2021A

,

RB

,

4.00

%

,

12/01/39

.....

1,000

1,028,937

Series

2021A

,

RB

,

4.00

%

,

12/01/43

.....

7,750

7,788,700

Series

2021A

,

RB

,

4.00

%

,

12/01/48

.....

27,085

26,427,872

Ohio

Turnpike

&

Infrastructure

Commission

Series

2018A

,

RB

,

5.00

%

,

02/15/33

.....

2,000

2,128,492

Series

2013A-4

,

RB

,

5.70

%

,

02/15/34

....

2,145

2,504,326

Series

2013A-2

,

RB

,

0.00

%

,

02/15/37

(a)

...

6,880

4,276,868

Series

2013A-2

,

RB

,

0.00

%

,

02/15/40

(a)

...

2,500

1,316,468

Series

2013A-2

,

RB

,

0.00

%

,

02/15/41

(a)

...

7,095

3,528,579

Series

2018A

,

RB

,

4.00

%

,

02/15/46

.....

32,545

32,235,175

Series

2021A

,

RB

,

5.00

%

,

02/15/46

.....

5,000

5,368,044

Series

2021A

,

RB

,

5.00

%

,

02/15/51

.....

5,000

5,310,979

Ohio

University,

Series

2017A,

RB,

5.00%, 12/01/44

.................

2,000

2,076,328

Ohio

Water

Development

Authority

Series

2019

,

RB

,

5.00

%

,

12/01/27

......

1,915

2,063,819

Series

2018

,

RB

,

5.00

%

,

06/01/28

......

2,005

2,163,164

Series

2019A

,

RB

,

5.00

%

,

12/01/28

.....

1,005

1,105,981

Series

2019

,

RB

,

5.00

%

,

12/01/29

......

10,220

11,364,860

Series

2023A

,

RB

,

5.00

%

,

12/01/33

.....

25,000

29,397,168

Series

2021A

,

RB

,

5.00

%

,

12/01/35

.....

2,000

2,258,667

Series

2021A

,

RB

,

5.00

%

,

12/01/36

.....

1,505

1,693,727

Series

2021A

,

RB

,

5.00

%

,

12/01/38

.....

1,000

1,113,565

Series

2024A

,

RB

,

5.00

%

,

12/01/42

.....

2,830

3,195,268

Series

2024A

,

RB

,

5.00

%

,

12/01/43

.....

1,250

1,405,271

Series

2019

,

RB

,

5.00

%

,

06/01/44

......

5,000

5,326,722

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Series

2017A

,

RB

,

5.00

%

,

06/01/29

.....

10,000

10,602,233

Series

2020A

,

RB

,

5.00

%

,

06/01/32

.....

7,480

8,362,785

Series

2020A

,

RB

,

5.00

%

,

12/01/33

.....

1,275

1,422,175

Series

2019B

,

RB

,

3.00

%

,

12/01/34

.....

1,500

1,444,343

Series

2019B

,

RB

,

5.00

%

,

12/01/35

.....

2,680

2,946,598

Series

2019B

,

RB

,

5.00

%

,

12/01/36

.....

3,000

3,284,644

Series

2019B

,

RB

,

5.00

%

,

12/01/37

.....

1,500

1,634,891

Series

2023B

,

RB

,

5.00

%

,

12/01/40

.....

7,320

8,286,422

Series

2023B

,

RB

,

5.00

%

,

12/01/41

.....

5,870

6,613,028

Series

2019B

,

RB

,

5.00

%

,

12/01/44

.....

12,815

13,648,689

Series

2021A

,

RB

,

5.00

%

,

12/01/46

.....

1,580

1,714,944

Series

2024A

,

RB

,

5.00

%

,

12/01/47

.....

10,000

11,050,509

Series

2020A

,

RB

,

5.00

%

,

12/01/50

.....

8,780

9,294,038

Series

2024C

,

RB

,

VRDN

(

TD

Bank

NA

LIQ

),

3.80

%

,

09/03/24

(b)

...............

15,250

15,250,000

State

of

Ohio

Series

2015A

,

GO

,

5.00

%

,

09/15/24

.....

2,335

2,336,493

Series

2020B

,

GO

,

5.00

%

,

09/15/24

.....

1,650

1,651,055

Series

S

,

GO

,

5.00

%

,

05/01/25

........

2,045

2,076,211

Series

2017B

,

GO

,

5.00

%

,

09/15/25

.....

5,525

5,666,034

Series

2021C

,

GO

,

5.00

%

,

03/15/26

.....

4,475

4,645,543

Series

2017C

,

GO

,

5.00

%

,

08/01/26

.....

2,445

2,561,638

Series

2017B

,

GO

,

5.00

%

,

09/15/26

.....

5,105

5,364,451

Series

2017C

,

GO

,

5.00

%

,

08/01/27

.....

1,460

1,563,011

Series

2017B

,

GO

,

5.00

%

,

09/15/27

.....

1,535

1,647,828

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

54

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ohio

(continued)

Series

2017C

,

GO

,

5.00

%

,

08/01/28

.....

USD

4,505

$

4,922,574

Series

2017B

,

GO

,

5.00

%

,

09/01/28

.....

3,520

3,857,141

Series

2018-1

,

RB

,

5.00

%

,

12/15/28

.....

7,510

7,816,626

Series

2021B

,

GO

,

5.00

%

,

09/15/29

.....

7,670

8,581,573

Series

2018-1

,

RB

,

5.00

%

,

12/15/29

.....

1,000

1,038,875

Series

2021B

,

GO

,

5.00

%

,

09/15/31

.....

2,000

2,301,374

Series

2017A

,

GO

,

5.00

%

,

05/01/33

.....

5,050

5,115,061

Series

2017A

,

GO

,

5.00

%

,

05/01/34

.....

5,000

5,064,087

Series

2017A

,

GO

,

5.00

%

,

05/01/35

.....

4,950

5,012,469

Series

2019A

,

GO

,

5.00

%

,

06/15/35

.....

2,150

2,351,725

Series

2021A

,

GO

,

5.00

%

,

06/15/36

.....

2,500

2,811,273

Series

2018A

,

GO

,

5.00

%

,

02/01/37

.....

5,000

5,126,896

University

of

Cincinnati,

Series

2024A,

RB,

5.25%, 06/01/54

.................

2,630

2,866,297

Upper

Arlington

City

School

District,

Series

2018A,

GO,

5.00%, 12/01/48

.........

1,000

1,079,446

455,475,674

Oklahoma

—

0.4%

Grand

River

Dam

Authority

Series

2016A

,

RB

,

5.00

%

,

06/01/27

.....

2,695

2,820,056

Series

2016A

,

RB

,

5.00

%

,

06/01/28

.....

1,585

1,659,606

Series

2016A

,

RB

,

5.00

%

,

06/01/29

.....

5,365

5,616,338

Series

2016A

,

RB

,

5.00

%

,

06/01/30

.....

1,000

1,045,514

Series

2014A

,

RB

,

5.00

%

,

06/01/39

.....

2,000

2,004,127

Series

2024A

,

RB

,

5.00

%

,

06/01/40

.....

2,250

2,552,625

Series

2024A

,

RB

,

5.00

%

,

06/01/41

.....

3,000

3,385,648

Series

2024A

,

RB

,

5.00

%

,

06/01/42

.....

4,700

5,275,075

Oklahoma

City

Water

Utilities

Trust

Series

2024

,

RB

,

5.00

%

,

07/01/49

......

2,500

2,766,436

Series

2024

,

RB

,

5.00

%

,

07/01/54

......

7,045

7,722,559

Series

2024

,

RB

,

5.25

%

,

07/01/59

......

2,500

2,786,913

Series

2024

,

RB

,

5.25

%

,

07/01/64

......

18,365

20,204,051

Oklahoma

Municipal

Power

Authority,

Series

2021A,

RB,

4.00%, 01/01/47

(AGM)

.....

9,000

8,877,709

Oklahoma

Turnpike

Authority

Series

2017D

,

RB

,

5.00

%

,

01/01/25

.....

2,365

2,381,197

Series

2017A

,

RB

,

4.00

%

,

01/01/36

.....

5,105

5,137,498

Series

2017C

,

RB

,

4.00

%

,

01/01/42

.....

2,000

2,005,673

Series

2017A

,

RB

,

5.00

%

,

01/01/42

.....

6,015

6,133,494

Series

2018A

,

RB

,

5.00

%

,

01/01/43

.....

2,355

2,438,109

Series

2017A

,

RB

,

4.00

%

,

01/01/47

.....

2,000

1,941,440

Series

2017C

,

RB

,

5.00

%

,

01/01/47

.....

3,715

3,825,223

Series

2018A

,

RB

,

4.00

%

,

01/01/48

.....

3,500

3,501,342

Series

2023

,

RB

,

5.50

%

,

01/01/53

......

18,000

19,842,566

Oklahoma

Water

Resources

Board

Series

2021

,

RB

,

4.00

%

,

04/01/47

(

OK

CERF

)

.......................

18,250

18,206,735

Series

2023A

,

RB

,

4.00

%

,

04/01/48

(

OK

CERF

)

.......................

3,000

2,975,838

Series

2021

,

RB

,

5.00

%

,

04/01/51

(

OK

CERF

)

.......................

10,015

10,721,314

Series

2022B

,

RB

,

5.00

%

,

10/01/51

.....

15,250

16,535,967

University

of

Oklahoma

(The),

Series

2015C,

RB,

4.00%, 07/01/45

..............

2,000

1,942,519

164,305,572

Oregon

—

0.7%

City

of

Portland

Sewer

System

Series

2023A

,

RB

,

5.00

%

,

12/01/29

.....

15,240

17,092,741

Series

2019A

,

RB

,

5.00

%

,

03/01/31

.....

2,625

2,897,477

Series

2019A

,

RB

,

5.00

%

,

03/01/34

.....

7,525

8,230,332

Series

2023A

,

RB

,

5.00

%

,

12/01/34

.....

14,725

17,081,356

City

of

Portland

Water

System,

Series

2019A,

RB,

5.00%, 05/01/44

..............

1,015

1,077,202

Security

Par

(000)

Par

(000)

Value

Oregon

(continued)

Clackamas

&

Washington

Counties

School

District

No.

3,

Series

2015,

GO,

5.00%, 06/15/32

(GTD)

.............

USD

1,000

$

1,018,106

Clackamas

County

School

District

No.

12

North

Clackamas

Series

B

,

GO

,

5.00

%

,

06/15/33

(

GTD

)

....

1,710

1,807,303

Series

B

,

GO

,

5.00

%

,

06/15/37

(

GTD

)

....

1,480

1,558,125

Clackamas

County

School

District

No.

7J

Lake

Oswego,

Series

2017,

GO,

4.00%, 06/01/39

(GTD)

.......................

6,000

6,033,118

County

of

Multnomah

Series

2021A

,

GO

,

5.00

%

,

06/15/27

.....

5,200

5,554,195

Series

2021A

,

GO

,

5.00

%

,

06/15/28

.....

24,990

27,284,499

Series

2021A

,

GO

,

5.00

%

,

06/15/29

.....

10,000

11,122,138

Hillsboro

School

District

No.

1J,

Series

2017,

GO,

5.00%, 06/15/38

(GTD)

..........

2,250

2,368,772

Multnomah

County

School

District

No.

1

Portland

Series

2020

,

GO

,

5.00

%

,

06/15/27

(

GTD

)

.

2,540

2,711,596

Series

2020

,

GO

,

5.00

%

,

06/15/29

(

GTD

)

.

5,000

5,561,069

Multnomah

County

School

District

No.

40,

Series

A,

GO,

0.00%, 06/15/51

(GTD)

(a)

.......

15,270

4,027,592

Oregon

Health

&

Science

University,

Series

2016B,

RB,

4.00%, 07/01/46

.........

2,000

1,932,814

Oregon

State

Lottery

Series

2015D

,

RB

,

5.00

%

,

04/01/27

(

MO

)

.

3,015

3,054,409

Series

2015D

,

RB

,

5.00

%

,

04/01/29

(

MO

)

.

2,000

2,025,565

Portland

Community

College

District,

Series

2016,

GO,

5.00%, 06/15/29

..........

2,400

2,500,125

Salem-Keizer

School

District

No.

24J

Series

2018

,

GO

,

5.00

%

,

06/15/36

(

GTD

)

.

1,250

1,332,101

Series

2018

,

GO

,

5.00

%

,

06/15/37

(

GTD

)

.

5,000

5,316,431

Series

2018

,

GO

,

5.00

%

,

06/15/38

(

GTD

)

.

1,000

1,062,270

Series

2018

,

GO

,

5.00

%

,

06/15/39

(

GTD

)

.

1,000

1,058,819

State

of

Oregon

Series

2021K

,

GO

,

5.00

%

,

11/01/24

.....

1,395

1,399,444

Series

2023A

,

GO

,

5.00

%

,

05/01/29

.....

2,755

3,056,761

Series

2023A

,

GO

,

5.00

%

,

05/01/30

.....

3,000

3,385,900

Series

F

,

GO

,

5.00

%

,

05/01/33

.........

7,000

7,262,159

Series

2023A

,

GO

,

5.00

%

,

05/01/35

.....

2,500

2,913,093

Series

2021A

,

GO

,

4.00

%

,

05/01/39

.....

3,000

3,077,687

Series

2023A

,

GO

,

5.00

%

,

05/01/39

.....

2,250

2,565,056

Series

2021E

,

GO

,

5.00

%

,

06/01/40

.....

2,815

3,109,429

Series

2021A

,

GO

,

4.00

%

,

05/01/41

.....

4,845

4,903,146

Series

2017A

,

GO

,

5.00

%

,

05/01/42

.....

1,150

1,199,781

Series

2023A

,

GO

,

5.00

%

,

05/01/42

.....

5,045

5,639,500

Series

L

,

GO

,

5.00

%

,

08/01/42

........

1,500

1,569,419

Series

2023A

,

GO

,

5.00

%

,

05/01/43

.....

5,710

6,357,941

Series

2019G

,

GO

,

5.00

%

,

08/01/44

.....

5,370

5,708,839

Series

2023A

,

GO

,

5.00

%

,

05/01/48

.....

3,000

3,298,630

State

of

Oregon

Department

of

Transportation

Series

2014A

,

RB

,

5.00

%

,

11/15/24

.....

3,130

3,142,287

Series

2014A

,

RB

,

5.00

%

,

11/15/27

.....

2,020

2,027,571

Series

2015A

,

RB

,

5.00

%

,

11/15/27

.....

2,300

2,309,039

Series

2015A

,

RB

,

5.00

%

,

11/15/28

.....

3,630

3,644,266

Series

2015A

,

RB

,

5.00

%

,

11/15/29

.....

2,000

2,007,860

Series

2015A

,

RB

,

5.00

%

,

11/15/31

.....

19,765

19,842,678

Series

2024A

,

RB

,

5.00

%

,

11/15/33

.....

30,000

35,353,686

Series

2019A

,

RB

,

5.00

%

,

11/15/35

.....

1,030

1,134,679

Series

2019A

,

RB

,

5.00

%

,

11/15/36

.....

3,600

3,952,341

Series

2019A

,

RB

,

5.00

%

,

11/15/37

.....

2,025

2,218,460

Series

2024

,

RB

,

5.00

%

,

05/15/38

......

1,550

1,794,407

Series

2024

,

RB

,

5.00

%

,

05/15/39

......

1,700

1,953,316

Series

2019A

,

RB

,

4.00

%

,

11/15/42

.....

14,000

14,159,622

Tri-County

Metropolitan

Transportation

District

of

Oregon,

Series

2018A,

RB,

5.00%, 09/01/48

1,000

1,071,770

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oregon

(continued)

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

Series

D

,

GO

,

5.00

%

,

06/15/35

(

GTD

)

....

USD

2,500

$

2,641,569

Series

D

,

GO

,

5.00

%

,

06/15/36

(

GTD

)

....

2,500

2,630,600

289,039,091

Pennsylvania

—

3.0%

Allegheny

County

Sanitary

Authority,

Series

2018,

RB,

5.00%, 06/01/43

..........

7,785

8,133,059

City

of

Philadelphia

Series

2017A

,

GO

,

5.00

%

,

08/01/26

.....

1,500

1,565,766

Series

2017

,

GO

,

5.00

%

,

08/01/30

(

AGM

)

.

8,885

9,363,016

Series

2017B

,

RB

,

5.00

%

,

11/01/30

.....

14,700

15,580,892

Series

2019B

,

GO

,

5.00

%

,

02/01/34

.....

2,025

2,196,264

Series

2021A

,

GO

,

5.00

%

,

05/01/35

.....

3,565

3,892,173

Series

2019B

,

GO

,

5.00

%

,

02/01/36

.....

3,370

3,598,559

Series

2021A

,

GO

,

5.00

%

,

05/01/36

.....

6,560

7,120,908

Series

2019B

,

GO

,

5.00

%

,

02/01/37

.....

2,915

3,103,925

Series

2021A

,

GO

,

4.00

%

,

05/01/37

.....

6,000

6,180,506

Series

2017A

,

RB

,

5.00

%

,

10/01/42

.....

26,470

27,397,789

Series

2019B

,

RB

,

5.00

%

,

11/01/44

.....

3,000

3,179,063

Series

2020A

,

RB

,

5.00

%

,

11/01/45

.....

5,395

5,768,782

Series

2017A

,

RB

,

5.00

%

,

07/01/47

.....

1,000

1,025,095

Series

2017A

,

RB

,

5.00

%

,

10/01/47

.....

18,475

19,018,087

Series

2023B

,

RB

,

4.50

%

,

09/01/48

(

AGM

)

4,755

4,850,403

Series

2018A

,

RB

,

5.00

%

,

10/01/48

.....

4,000

4,165,669

Series

2019B

,

RB

,

5.00

%

,

11/01/49

.....

4,000

4,209,633

Series

2020A

,

RB

,

5.00

%

,

11/01/50

.....

15,680

16,563,482

Series

2021C

,

RB

,

4.00

%

,

10/01/51

.....

10,000

9,357,589

Series

2017A

,

RB

,

5.00

%

,

10/01/52

.....

1,000

1,026,350

Series

2019B

,

RB

,

5.00

%

,

11/01/54

.....

2,755

2,882,513

Commonwealth

of

Pennsylvania

Series

2016

,

GO

,

5.00

%

,

09/15/24

......

6,565

6,568,705

Series

2016-2

,

GO

,

5.00

%

,

01/15/25

.....

1,365

1,376,100

Series

2019

,

GO

,

5.00

%

,

07/15/25

......

9,660

9,865,459

Series

2015

,

GO

,

5.00

%

,

08/15/25

......

9,000

9,213,548

Series

2016

,

GO

,

5.00

%

,

09/15/25

......

3,195

3,277,549

Series

2020-1

,

GO

,

5.00

%

,

05/01/26

.....

1,000

1,040,494

Series

2017

,

GO

,

5.00

%

,

01/01/27

......

3,570

3,767,342

Series

2016-2

,

GO

,

5.00

%

,

01/15/27

.....

4,705

4,969,469

Series

2019

,

GO

,

5.00

%

,

07/15/27

......

14,985

16,005,937

Series

2016

,

GO

,

5.00

%

,

09/15/27

......

5,475

5,721,988

Series

2017

,

GO

,

5.00

%

,

01/01/28

......

12,000

12,649,194

Series

2021-1

,

GO

,

5.00

%

,

05/15/28

.....

9,255

10,062,519

Series

2019

,

GO

,

5.00

%

,

07/15/28

......

2,000

2,182,028

Series

2015

,

GO

,

4.00

%

,

08/15/28

(

AGM

)

.

10,010

10,096,279

Series

2023-1

,

GO

,

5.00

%

,

09/01/28

.....

26,220

28,682,336

Series

2016

,

GO

,

5.00

%

,

09/15/28

......

2,410

2,511,910

Series

2019

,

GO

,

5.00

%

,

07/15/29

......

7,400

8,229,225

Series

2016

,

GO

,

5.00

%

,

09/15/29

......

4,000

4,165,922

Series

2017

,

GO

,

4.00

%

,

01/01/30

......

3,000

3,057,908

Series

2021-1

,

GO

,

5.00

%

,

05/15/30

.....

4,500

5,068,796

Series

2016

,

GO

,

4.00

%

,

09/15/30

......

5,000

5,089,394

Series

1

,

GO

,

5.00

%

,

03/15/31

........

8,400

8,491,566

Series

2021-1

,

GO

,

5.00

%

,

05/15/31

.....

5,020

5,728,149

Series

2022-1

,

GO

,

5.00

%

,

10/01/31

.....

5,320

6,100,723

Series

2018-1

,

GO

,

5.00

%

,

03/01/32

.....

4,110

4,390,944

Series

1

,

GO

,

4.00

%

,

06/15/33

........

1,000

1,000,347

Series

2015

,

GO

,

4.00

%

,

08/15/33

......

3,000

3,018,551

Series

2022-1

,

GO

,

5.00

%

,

10/01/33

.....

5,000

5,798,698

Series

1

,

GO

,

4.00

%

,

03/15/34

........

2,000

2,007,371

Series

2021-1

,

GO

,

3.00

%

,

05/15/34

.....

4,500

4,291,864

Series

2022-1

,

GO

,

5.00

%

,

10/01/34

.....

2,800

3,223,791

Series

2018-1

,

GO

,

4.00

%

,

03/01/36

.....

8,090

8,270,554

Series

2018-1

,

GO

,

4.00

%

,

03/01/37

.....

3,000

3,055,570

Security

Par

(000)

Par

(000)

Value

Pennsylvania

(continued)

Series

2023-1

,

GO

,

5.00

%

,

09/01/37

.....

USD

20,000

$

23,163,300

Series

2018-1

,

GO

,

4.00

%

,

03/01/38

.....

4,515

4,564,200

Series

2021-1

,

GO

,

2.00

%

,

05/15/38

.....

10,000

7,595,873

Series

2022-1

,

GO

,

5.00

%

,

10/01/38

.....

2,075

2,339,700

Series

2021-1

,

GO

,

2.00

%

,

05/15/39

.....

10,000

7,269,708

Series

2023-1

,

GO

,

4.00

%

,

09/01/40

.....

40,000

41,065,420

Series

2022-1

,

GO

,

5.00

%

,

10/01/40

.....

34,375

38,394,489

Series

2023-1

,

GO

,

4.00

%

,

09/01/41

.....

15,000

15,310,499

Series

2022-1

,

GO

,

4.13

%

,

10/01/41

.....

10,150

10,460,266

Series

2022-1

,

GO

,

5.00

%

,

10/01/42

.....

33,700

37,322,538

County

of

Allegheny

Series

C-75

,

GO

,

5.00

%

,

11/01/27

......

2,185

2,287,959

Series

C-76

,

GO

,

5.00

%

,

11/01/41

......

1,500

1,541,083

Series

C-78

,

GO

,

4.00

%

,

11/01/49

......

1,160

1,098,404

Series

C-80

,

GO

,

5.00

%

,

12/01/49

(c)

.....

13,600

14,707,319

Series

C-80

,

GO

,

5.00

%

,

12/01/54

......

2,955

3,180,382

Delaware

River

Joint

Toll

Bridge

Commission

Series

2017

,

RB

,

5.00

%

,

07/01/42

......

1,565

1,622,954

Series

2017

,

RB

,

5.00

%

,

07/01/47

......

4,250

4,369,643

Delaware

River

Port

Authority

Series

2018B

,

RB

,

5.00

%

,

01/01/26

.....

1,870

1,927,730

Series

2018A

,

RB

,

5.00

%

,

01/01/39

.....

875

939,658

Series

2013

,

RB

,

5.00

%

,

01/01/40

......

1,515

1,516,709

Delaware

Valley

Regional

Finance

Authority,

Series

1998A,

RB,

5.50%, 08/01/28

(AMBAC)

2,235

2,439,321

Lower

Merion

School

District,

Series

2020,

GO,

5.00%, 11/15/26

(SAW)

............

5,980

6,298,934

Northampton

County

General

Purpose

Authority,

Series

2024A,

RB,

5.00%, 11/15/34

.....

5,165

6,088,635

Pennsylvania

Economic

Development

Financing

Authority,

Series

2024,

RB,

5.00%, 08/01/49

5,000

5,529,497

Pennsylvania

Higher

Educational

Facilities

Authority

Series

2016A

,

RB

,

4.00

%

,

08/15/32

.....

3,045

3,079,593

Series

2017A

,

RB

,

4.00

%

,

08/15/41

.....

3,555

3,568,109

Series

2018A

,

RB

,

4.00

%

,

02/15/43

.....

8,980

8,976,613

Series

2018A

,

RB

,

5.00

%

,

02/15/48

.....

14,040

14,576,985

Pennsylvania

State

University

(The)

Series

A

,

RB

,

5.00

%

,

09/01/42

.........

15,750

16,328,916

Series

2022A

,

RB

,

5.00

%

,

09/01/47

.....

2,000

2,186,026

Series

A

,

RB

,

5.00

%

,

09/01/47

.........

4,650

4,814,778

Series

2023

,

RB

,

5.25

%

,

09/01/48

......

4,000

4,456,108

Series

2019A

,

RB

,

5.00

%

,

09/01/49

.....

2,095

2,212,993

Series

2022A

,

RB

,

5.25

%

,

09/01/52

.....

26,350

28,974,449

Series

2023

,

RB

,

5.25

%

,

09/01/53

......

21,945

24,326,026

Series

2024

,

RB

,

5.25

%

,

09/01/54

......

5,000

5,595,862

Pennsylvania

Turnpike

Commission

Series

2019

,

RB

,

5.00

%

,

12/01/25

......

6,240

6,424,366

Series

A-1

,

RB

,

5.00

%

,

12/01/26

.......

1,060

1,074,927

Series

B-2

,

RB

,

5.00

%

,

06/01/28

.......

2,500

2,632,551

Series

2016A-3

,

RB

,

5.00

%

,

12/01/30

....

3,840

4,005,436

Series

2009E

,

RB

,

6.00

%

,

12/01/30

.....

710

778,433

Series

2017

,

RB

,

5.00

%

,

12/01/31

......

1,500

1,584,734

Series

B-2

,

RB

,

5.00

%

,

06/01/32

.......

2,500

2,616,366

Series

2022A

,

RB

,

5.00

%

,

12/01/32

.....

5,000

5,796,444

Series

2023-1

,

RB

,

5.00

%

,

12/01/32

.....

1,750

2,017,628

Series

2023-1

,

RB

,

5.00

%

,

12/01/33

.....

21,080

24,320,517

Series

2023-1

,

RB

,

5.00

%

,

12/01/34

.....

2,750

3,136,258

Series

2014

,

RB

,

5.00

%

,

12/01/34

......

3,000

3,010,034

Series

2023-1

,

RB

,

5.00

%

,

12/01/35

.....

1,500

1,687,646

Series

2017-2

,

RB

,

5.00

%

,

12/01/35

.....

4,500

4,705,374

Series

B-1

,

RB

,

5.00

%

,

06/01/36

.......

7,750

8,063,957

Series

2017-2

,

RB

,

5.00

%

,

12/01/36

.....

1,130

1,179,271

Series

2023-1

,

RB

,

5.00

%

,

12/01/36

.....

1,000

1,130,951

Series

B-2

,

RB

,

0.00

%

,

12/01/37

(a)

......

2,500

2,473,800

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

56

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Pennsylvania

(continued)

Series

A

,

RB

,

4.75

%

,

12/01/37

.........

USD

2,000

$

2,051,084

Series

2019A

,

RB

,

5.00

%

,

12/01/37

.....

1,500

1,605,871

Series

2019-2

,

RB

,

VRDN

(

TD

Bank

NA

LOC

),

2.98

%

,

09/05/24

(b)

...........

10,615

10,615,000

Series

A-1

,

RB

,

5.00

%

,

12/01/38

.......

1,500

1,504,097

Series

2023-1

,

RB

,

5.00

%

,

12/01/38

.....

1,500

1,681,842

Series

2009E

,

RB

,

6.37

%

,

12/01/38

.....

11,265

12,268,918

Series

2014C

,

RB

,

5.00

%

,

12/01/39

.....

3,040

3,049,478

Series

2019A

,

RB

,

5.00

%

,

12/01/39

.....

10,000

10,701,929

Series

2023-1

,

RB

,

5.00

%

,

12/01/39

.....

875

979,294

Series

A-1

,

RB

,

5.00

%

,

12/01/40

.......

7,000

7,056,228

Series

2015B

,

RB

,

5.00

%

,

12/01/40

.....

2,000

2,026,678

Series

2023-1

,

RB

,

5.00

%

,

12/01/40

.....

1,000

1,116,366

Series

2023-1

,

RB

,

5.00

%

,

12/01/41

.....

1,250

1,388,935

Series

B-1

,

RB

,

5.00

%

,

06/01/42

.......

2,000

2,062,683

Series

A-1

,

RB

,

5.00

%

,

12/01/42

.......

2,500

2,595,185

Series

2023B

,

RB

,

VRDN

(

TD

Bank

NA

LOC

),

2.98

%

,

09/05/24

(b)

...........

35,875

35,875,000

Series

2021A

,

RB

,

4.00

%

,

12/01/43

.....

2,000

1,961,811

Series

2018A-2

,

RB

,

5.00

%

,

12/01/43

....

9,000

9,464,357

Series

2023-1

,

RB

,

5.00

%

,

12/01/43

.....

1,345

1,485,690

Series

2021A

,

RB

,

4.00

%

,

12/01/44

.....

10,725

10,437,315

Series

2014A

,

RB

,

5.00

%

,

12/01/44

.....

6,495

6,511,433

Series

2014C

,

RB

,

5.00

%

,

12/01/44

.....

3,000

3,007,590

Series

2019A

,

RB

,

5.00

%

,

12/01/44

.....

21,940

23,073,249

Series

2021A

,

RB

,

4.00

%

,

12/01/45

.....

14,595

14,112,041

Series

2015B

,

RB

,

5.00

%

,

12/01/45

.....

8,690

8,793,074

Series

2021A

,

RB

,

4.00

%

,

12/01/46

.....

3,300

3,163,901

Series

2021B

,

RB

,

4.00

%

,

12/01/46

.....

1,000

958,758

Series

2021B

,

RB

,

5.00

%

,

12/01/46

.....

11,400

12,208,789

Series

2016A-1

,

RB

,

5.00

%

,

12/01/46

....

29,975

30,506,718

Series

2022B

,

RB

,

5.00

%

,

12/01/47

.....

3,900

4,213,531

Series

2023A

,

RB

,

5.00

%

,

12/01/48

.....

17,845

19,312,887

Series

2018A-2

,

RB

,

5.00

%

,

12/01/48

....

8,340

8,690,580

Series

2019A

,

RB

,

4.00

%

,

12/01/49

.....

7,430

7,003,851

Series

2019A

,

RB

,

4.00

%

,

12/01/49

(

AGM

)

3,500

3,391,619

Series

2021A

,

RB

,

4.00

%

,

12/01/50

.....

13,545

12,730,492

Series

2020B

,

RB

,

5.00

%

,

12/01/50

.....

2,000

2,120,454

Series

2021B

,

RB

,

4.00

%

,

12/01/51

.....

4,700

4,395,713

Series

2021B

,

RB

,

5.00

%

,

12/01/51

.....

15,160

16,125,501

Series

2022B

,

RB

,

5.25

%

,

12/01/52

.....

1,500

1,630,400

Series

2024C

,

RB

,

5.25

%

,

12/01/54

.....

8,665

9,592,533

Pennsylvania

Turnpike

Commission

Oil

Franchise

Tax,

Series

2018A,

RB,

5.00%, 12/01/48

.................

1,000

1,043,229

Philadelphia

Gas

Works

Co.,

Series

15,

RB,

5.00%, 08/01/47

.................

1,500

1,530,471

Pittsburgh

Water

&

Sewer

Authority

Series

2023B

,

RB

,

5.00

%

,

09/01/35

(

AGM

)

16,000

18,502,594

Series

2023B

,

RB

,

5.00

%

,

09/01/36

(

AGM

)

5,000

5,756,158

Series

2023B

,

RB

,

5.00

%

,

09/01/37

(

AGM

)

4,255

4,884,578

Series

2023B

,

RB

,

5.00

%

,

09/01/38

(

AGM

)

4,000

4,559,746

Series

2019A

,

RB

,

5.00

%

,

09/01/44

(

AGM

)

1,000

1,055,446

School

District

of

Philadelphia

(The),

Series

2019A,

GO,

5.00%, 09/01/44

(SAW)

.....

6,555

6,866,756

State

Public

School

Building

Authority

Series

2003

,

RB

,

5.50

%

,

06/01/28

(

AGM,

SAW

)

.......................

470

512,963

Series

2016A

,

RB

,

5.00

%

,

06/01/31

(

AGM,

SAW

)

.......................

2,000

2,074,187

University

of

Pittsburgh-of

the

Commonwealth

System

of

Higher

Education,

Series

2021,

RB,

4.00%, 04/15/26

.................

19,435

19,839,660

Upper

Merion

Area

School

District,

Series

2021A,

GO,

4.00%, 01/15/51

(SAW)

.....

7,870

7,577,335

Security

Par

(000)

Par

(000)

Value

Pennsylvania

(continued)

Washington

County

Authority,

Series

2004,

RB,

VRDN,

2.80%, 09/05/24

(b)

...........

USD

20,000

$

20,000,000

1,211,603,123

Rhode

Island

—

0.2%

Rhode

Island

Commerce

Corp.

Series

2016B

,

RB

,

5.00

%

,

06/15/26

.....

2,540

2,639,745

Series

2016B

,

RB

,

5.00

%

,

06/15/27

.....

11,855

12,314,227

Series

2016B

,

RB

,

5.00

%

,

06/15/31

.....

2,500

2,583,145

Series

2024A

,

RB

,

5.00

%

,

05/15/39

(c)

....

13,260

15,068,075

Rhode

Island

Health

&

Educational

Building

Corp.

Series

2017A

,

RB

,

5.00

%

,

09/01/29

.....

3,490

3,724,490

Series

2017A

,

RB

,

4.00

%

,

09/01/37

.....

4,500

4,567,776

40,897,458

South

Carolina

—

0.3%

City

of

Columbia

Waterworks

&

Sewer

System,

Series

2019A,

RB,

5.00%, 02/01/49

.....

2,500

2,759,820

County

of

Charleston

Series

2017C

,

GO

,

4.00

%

,

11/01/28

(

SAW

)

11,800

12,264,152

Series

2017A

,

GO

,

4.00

%

,

11/01/33

(

SAW

)

6,255

6,400,589

Greenville

County

School

District,

Series

2023,

RB,

5.00%, 12/01/28

..............

2,500

2,739,129

Horry

County

School

District,

Series

2024,

GO,

5.00%, 03/01/29

(SCSDE)

...........

20,235

22,405,807

South

Carolina

Public

Service

Authority

Series

2014C

,

RB

,

5.00

%

,

12/01/28

.....

1,090

1,091,960

Series

2014C

,

RB

,

5.00

%

,

12/01/30

.....

1,400

1,402,207

Series

2022A

,

RB

,

5.00

%

,

12/01/31

.....

3,000

3,376,974

Series

2016A

,

RB

,

5.00

%

,

12/01/31

.....

2,000

2,044,348

Series

2021A

,

RB

,

4.00

%

,

12/01/34

.....

2,000

2,055,453

Series

2021A

,

RB

,

4.00

%

,

12/01/35

.....

1,750

1,791,906

Series

2016A

,

RB

,

5.00

%

,

12/01/36

.....

3,000

3,047,830

Series

2016A

,

RB

,

5.00

%

,

12/01/37

.....

1,365

1,385,668

Series

2022A

,

RB

,

4.00

%

,

12/01/38

.....

1,000

1,005,719

Series

2013B

,

RB

,

5.00

%

,

12/01/38

.....

3,020

3,027,427

Series

2020A

,

RB

,

4.00

%

,

12/01/40

.....

3,000

2,952,109

Series

2021B

,

RB

,

4.00

%

,

12/01/41

.....

2,200

2,158,834

Series

2022A

,

RB

,

4.00

%

,

12/01/41

.....

2,000

1,964,995

Series

2024B

,

RB

,

5.00

%

,

12/01/41

.....

2,000

2,203,295

Series

2021B

,

RB

,

4.00

%

,

12/01/42

.....

1,000

981,776

Series

2024B

,

RB

,

5.00

%

,

12/01/43

.....

4,000

4,365,627

Series

2014C

,

RB

,

4.00

%

,

12/01/45

.....

1,500

1,451,685

Series

2014C

,

RB

,

5.00

%

,

12/01/46

.....

1,500

1,500,904

Series

B

,

RB

,

5.00

%

,

12/01/46

.........

2,000

2,024,362

Series

2021B

,

RB

,

4.00

%

,

12/01/47

.....

2,000

1,918,404

Series

2022A

,

RB

,

4.00

%

,

12/01/47

.....

7,000

6,714,414

Series

2013E

,

RB

,

5.00

%

,

12/01/48

.....

6,350

6,365,617

Series

A

,

RB

,

5.00

%

,

12/01/49

.........

2,000

2,004,919

Series

A

,

RB

,

5.00

%

,

12/01/50

.........

6,500

6,513,926

Series

2021B

,

RB

,

5.00

%

,

12/01/51

.....

2,195

2,293,301

Series

2022A

,

RB

,

4.00

%

,

12/01/52

.....

10,000

9,365,020

Series

2024B

,

RB

,

5.25

%

,

12/01/54

.....

6,615

7,163,096

Series

2024A

,

RB

,

5.50

%

,

12/01/54

.....

4,000

4,441,901

Series

A

,

RB

,

5.50

%

,

12/01/54

.........

4,000

4,012,572

Series

2015E

,

RB

,

5.25

%

,

12/01/55

.....

4,000

4,019,578

Series

B

,

RB

,

5.00

%

,

12/01/56

.........

5,690

5,728,747

South

Carolina

Transportation

Infrastructure

Bank

Series

2015A

,

RB

,

5.00

%

,

10/01/24

.....

1,000

1,001,512

Series

2021B

,

RB

,

5.00

%

,

10/01/26

.....

6,925

7,275,458

Series

2021B

,

RB

,

5.00

%

,

10/01/30

.....

10,000

11,296,311

Series

2012B

,

RB

,

3.38

%

,

10/01/32

.....

1,000

999,995

Series

2012B

,

RB

,

3.63

%

,

10/01/33

.....

715

712,167

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

57

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

South

Carolina

(continued)

Series

2017A

,

RB

,

5.00

%

,

10/01/40

.....

USD

9,470

$

9,878,363

State

of

South

Carolina,

Series

2021A,

GO,

5.00%, 04/01/25

.................

3,500

3,545,036

181,652,913

South

Dakota

—

0.1%

South

Dakota

Conservancy

District,

Series

2024A,

RB,

5.00%, 08/01/54

(c)

........

20,000

21,798,534

Tennessee

—

0.6%

City

of

Clarksville,

Series

2021A,

RB,

5.00%, 02/01/45

.................

1,500

1,617,974

City

of

Memphis

Series

2015A

,

GO

,

5.00

%

,

04/01/26

.....

2,085

2,111,620

Series

2022A

,

GO

,

5.00

%

,

10/01/47

.....

1,655

1,781,285

City

of

Memphis

Electric

System

(c)

Series

2024

,

RB

,

5.00

%

,

12/01/47

......

3,500

3,855,408

Series

2024

,

RB

,

5.00

%

,

12/01/54

......

3,890

4,228,250

County

of

Hamilton,

Series

2018A,

GO,

5.00%, 04/01/31

.................

7,095

7,646,589

County

of

Montgomery,

Series

2020B,

GO,

4.00%, 06/01/39

.................

1,980

2,013,442

County

of

Shelby

Series

2020B

,

GO

,

5.00

%

,

04/01/29

.....

4,445

4,923,979

Series

2019B

,

GO

,

4.00

%

,

04/01/32

.....

5,705

5,957,223

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Series

2024

,

RB

,

5.00

%

,

10/01/35

......

13,000

15,329,193

Series

2024

,

RB

,

4.00

%

,

10/01/54

......

7,500

7,266,075

Series

2024

,

RB

,

5.00

%

,

10/01/54

......

5,000

5,505,781

Metropolitan

Government

of

Nashville

&

Davidson

County

Series

2016

,

GO

,

5.00

%

,

01/01/25

......

2,190

2,205,039

Series

2017

,

GO

,

5.00

%

,

07/01/25

......

1,000

1,019,356

Series

2018

,

GO

,

5.00

%

,

07/01/25

......

1,510

1,539,228

Series

2021C

,

GO

,

5.00

%

,

01/01/27

.....

18,240

19,257,217

Series

2018

,

GO

,

5.00

%

,

07/01/27

......

10,140

10,827,419

Series

2021C

,

GO

,

5.00

%

,

01/01/29

.....

21,335

23,468,521

Series

2021C

,

GO

,

5.00

%

,

01/01/30

.....

2,000

2,237,208

Series

2018

,

GO

,

5.00

%

,

07/01/30

......

5,805

6,263,712

Series

2021C

,

GO

,

4.00

%

,

01/01/32

.....

8,900

9,489,292

Series

2018

,

GO

,

5.00

%

,

07/01/32

......

5,085

5,455,097

Series

2018

,

GO

,

4.00

%

,

07/01/34

......

5,180

5,319,677

Series

2022B

,

GO

,

5.00

%

,

01/01/36

.....

8,930

10,141,555

Series

2018

,

GO

,

4.00

%

,

07/01/36

......

10,000

10,152,481

Series

2017A

,

RB

,

5.00

%

,

05/15/42

.....

2,000

2,072,570

Series

2017B

,

RB

,

5.00

%

,

07/01/42

.....

11,645

12,086,618

Series

2021A

,

RB

,

5.00

%

,

05/15/46

.....

3,485

3,748,530

Series

2017B

,

RB

,

5.00

%

,

07/01/46

.....

1,290

1,329,187

Metropolitan

Nashville

Airport

Authority

(The)

Series

2019A

,

RB

,

5.00

%

,

07/01/44

.....

2,000

2,128,756

Series

2019A

,

RB

,

5.00

%

,

07/01/49

.....

2,000

2,104,599

State

of

Tennessee

Series

2021A

,

GO

,

5.00

%

,

11/01/26

.....

1,470

1,547,858

Series

A

,

GO

,

5.00

%

,

08/01/28

........

1,595

1,628,011

Series

2021A

,

GO

,

5.00

%

,

11/01/34

.....

4,585

5,250,012

Tennessee

State

School

Bond

Authority

Series

B

,

RB

,

5.00

%

,

11/01/25

(

ST

INTERCEPT

)

..................

4,510

4,635,723

Series

2022A

,

RB

,

5.00

%

,

11/01/26

(

ST

INTERCEPT

)

..................

5,670

5,953,219

Series

B

,

RB

,

5.00

%

,

11/01/27

(

ST

INTERCEPT

)

..................

1,505

1,614,876

Series

2015B

,

RB

,

5.00

%

,

11/01/40

(

ST

INTERCEPT

)

..................

4,025

4,135,595

Security

Par

(000)

Par

(000)

Value

Tennessee

(continued)

Series

2022A

,

RB

,

5.00

%

,

11/01/47

(

ST

INTERCEPT

)

..................

USD

20,000

$

21,765,764

Series

A

,

RB

,

5.00

%

,

11/01/47

(

HERBIP

)

..

5,000

5,146,694

Series

2022A

,

RB

,

5.00

%

,

11/01/52

(

ST

INTERCEPT

)

..................

5,000

5,386,263

250,146,896

Texas

—

9.0%

Aldine

Independent

School

District

Series

2017A

,

GO

,

5.00

%

,

02/15/45

(

PSF

)

4,000

4,101,933

Series

2018

,

GO

,

4.00

%

,

02/15/48

(

PSF

)

..

2,000

1,950,373

Aledo

Independent

School

District,

Series

2020,

GO,

4.00%, 02/15/45

(PSF)

..........

1,000

998,821

Austin

Community

College

District

Series

2015

,

GO

,

4.00

%

,

08/01/40

......

1,500

1,480,285

Series

2018

,

GO

,

4.00

%

,

08/01/48

......

3,500

3,401,541

Austin

Independent

School

District

Series

2020

,

GO

,

5.00

%

,

08/01/26

(

PSF

)

..

1,350

1,411,903

Series

2021

,

GO

,

5.00

%

,

08/01/27

(

PSF

)

..

2,000

2,135,943

Series

2022B

,

GO

,

5.00

%

,

08/01/30

(

PSF

)

5,690

6,408,280

Series

2022B

,

GO

,

4.00

%

,

08/01/32

(

PSF

)

10,355

11,018,132

Series

2020

,

GO

,

2.00

%

,

08/01/39

(

PSF

)

..

8,920

6,442,763

Series

2021

,

GO

,

2.00

%

,

08/01/39

(

PSF

)

..

16,580

11,975,450

Series

2020

,

GO

,

2.00

%

,

08/01/40

(

PSF

)

..

6,000

4,220,731

Series

2021

,

GO

,

2.00

%

,

08/01/40

(

PSF

)

..

16,885

11,867,440

Series

2023

,

GO

,

5.00

%

,

08/01/41

......

13,890

15,465,015

Series

2024

,

GO

,

5.00

%

,

08/01/49

(

PSF

)

..

24,500

26,804,752

Board

of

Regents

of

the

University

of

Texas

System

Series

2017C

,

RB

,

5.00

%

,

08/15/25

.....

2,815

2,879,089

Series

2014B

,

RB

,

5.00

%

,

08/15/25

.....

4,910

5,021,786

Series

2016J

,

RB

,

5.00

%

,

08/15/25

.....

1,700

1,738,704

Series

2016B

,

RB

,

5.00

%

,

08/15/26

.....

2,215

2,317,659

Series

2016E

,

RB

,

5.00

%

,

08/15/26

.....

8,590

8,991,467

Series

2016J

,

RB

,

5.00

%

,

08/15/26

.....

3,995

4,181,712

Series

2017B

,

RB

,

5.00

%

,

08/15/27

.....

10,125

10,825,323

Series

2021A

,

RB

,

5.00

%

,

08/15/28

.....

6,005

6,557,328

Series

2020A

,

RB

,

5.00

%

,

08/15/30

.....

17,935

20,261,367

Series

2021A

,

RB

,

5.00

%

,

08/15/31

.....

5,000

5,722,969

Series

2023A

,

RB

,

5.00

%

,

08/15/31

.....

5,000

5,722,969

Series

2008B

,

RB

,

VRDN

(

University

of

Texas

Management

Co.

LIQ

),

3.00

%

,

09/05/24

(b)

15,020

15,020,000

Series

2019A

,

RB

,

5.00

%

,

08/15/33

.....

10,100

11,038,758

Series

2019A

,

RB

,

5.00

%

,

08/15/34

.....

1,900

2,071,441

Series

2021A

,

RB

,

4.00

%

,

08/15/35

.....

14,650

15,352,737

Series

2023A

,

RB

,

5.00

%

,

08/15/43

.....

4,720

5,216,285

Series

2016F

,

RB

,

5.00

%

,

08/15/47

.....

2,000

2,383,129

Series

2019B

,

RB

,

5.00

%

,

08/15/49

.....

10,950

13,030,730

Carrollton-Farmers

Branch

Independent

School

District,

Series

2023,

GO,

5.00%, 02/15/48

(PSF)

.......................

30,020

32,712,566

Cedar

Hill

Independent

School

District

Series

2024

,

GO

,

5.00

%

,

02/15/45

(

PSF

)

..

5,650

6,242,184

Series

2024

,

GO

,

4.00

%

,

02/15/50

(

PSF

)

..

11,000

10,718,577

Central

Texas

Regional

Mobility

Authority

Series

A

,

RB

,

5.00

%

,

01/01/40

.........

6,060

6,171,730

Series

2020E

,

RB

,

5.00

%

,

01/01/45

.....

2,500

2,622,358

Series

A

,

RB

,

5.00

%

,

01/01/45

.........

2,500

2,546,093

Series

2021B

,

RB

,

5.00

%

,

01/01/46

.....

1,000

1,058,786

Series

2020E

,

RB

,

4.00

%

,

01/01/50

.....

4,530

4,339,299

Series

2021B

,

RB

,

4.00

%

,

01/01/51

.....

1,000

953,979

Central

Texas

Turnpike

System

Series

C

,

RB

,

5.00

%

,

08/15/33

.........

2,000

2,005,997

Series

2024C

,

RB

,

5.00

%

,

08/15/34

.....

12,000

13,742,398

Series

C

,

RB

,

5.00

%

,

08/15/34

.........

1,500

1,504,498

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

58

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Series

2024A

,

RB

,

5.00

%

,

08/15/35

.....

USD

7,500

$

8,602,304

Series

B

,

RB

,

0.00

%

,

08/15/37

(a)

.......

1,000

571,538

Series

2024A

,

RB

,

5.00

%

,

08/15/37

.....

19,075

21,566,758

Series

B

,

RB

,

5.00

%

,

08/15/37

.........

2,500

2,507,496

Series

2024A

,

RB

,

5.00

%

,

08/15/38

.....

10,000

11,240,134

Series

2024C

,

RB

,

5.00

%

,

08/15/38

.....

15,000

16,726,752

Series

2020A

,

RB

,

5.00

%

,

08/15/39

.....

25,175

27,065,597

Series

2024C

,

RB

,

5.00

%

,

08/15/40

.....

3,250

3,579,689

Series

2024B

,

RB

,

VRDN

5.00

%

,

05/15/30

(b)

5,050

5,469,267

Series

2024C

,

RB

,

5.00

%

,

08/15/42

.....

2,750

2,998,577

City

of

Austin

Series

2021

,

GO

,

5.00

%

,

09/01/28

......

13,635

14,878,078

Series

2015

,

GO

,

4.00

%

,

09/01/31

......

8,275

8,301,233

Series

2019B

,

RB

,

5.00

%

,

11/15/44

.....

3,120

3,296,974

Series

2020A

,

RB

,

5.00

%

,

11/15/45

.....

3,905

4,152,254

Series

2019B

,

RB

,

5.00

%

,

11/15/49

.....

3,000

3,150,960

City

of

Austin

Electric

Utility,

Series

2015A,

RB,

5.00%, 11/15/45

.................

16,000

16,231,510

City

of

Austin

Water

&

Wastewater

System

Series

2023

,

RB

,

5.00

%

,

11/15/28

......

6,000

6,581,056

Series

2023

,

RB

,

5.00

%

,

11/15/29

......

7,750

8,640,621

Series

2023

,

RB

,

5.00

%

,

11/15/30

......

2,795

3,157,697

Series

2023

,

RB

,

5.00

%

,

11/15/31

......

5,880

6,729,808

Series

2023

,

RB

,

5.00

%

,

11/15/32

......

6,185

7,167,185

Series

2023

,

RB

,

5.00

%

,

11/15/34

......

3,415

3,957,094

Series

2024

,

RB

,

5.00

%

,

11/15/34

......

9,245

10,930,293

Series

2023

,

RB

,

5.00

%

,

11/15/35

......

3,590

4,139,766

Series

2014

,

RB

,

5.00

%

,

11/15/39

......

2,400

2,401,138

Series

2021

,

RB

,

5.00

%

,

11/15/39

......

2,000

2,204,623

Series

2016

,

RB

,

5.00

%

,

11/15/41

......

1,000

1,023,727

Series

2020C

,

RB

,

5.00

%

,

11/15/45

.....

2,000

2,130,041

Series

2020C

,

RB

,

5.00

%

,

11/15/50

.....

2,000

2,115,480

City

of

Corpus

Christi

Utility

System

Series

A

,

RB

,

5.00

%

,

07/15/45

.........

2,000

2,015,900

Series

2024

,

RB

,

5.00

%

,

07/15/49

......

9,265

10,056,826

City

of

Dallas

Series

2024B

,

GO

,

5.00

%

,

02/15/31

.....

7,350

8,303,476

Series

2024B

,

GO

,

5.00

%

,

02/15/32

.....

13,020

14,854,254

Series

2024B

,

GO

,

5.00

%

,

02/15/34

.....

20,395

23,728,714

City

of

Dallas

Waterworks

&

Sewer

System

Series

2015A

,

RB

,

5.00

%

,

10/01/24

.....

3,075

3,079,120

Series

2015A

,

RB

,

5.00

%

,

10/01/26

.....

1,400

1,432,889

Series

2016A

,

RB

,

5.00

%

,

10/01/29

.....

1,375

1,434,477

Series

2016A

,

RB

,

5.00

%

,

10/01/30

.....

3,590

3,734,958

Series

2016A

,

RB

,

5.00

%

,

10/01/31

.....

1,610

1,672,698

Series

2016A

,

RB

,

5.00

%

,

10/01/32

.....

5,510

5,718,936

Series

2016A

,

RB

,

5.00

%

,

10/01/41

.....

5,000

5,123,643

Series

2020C

,

RB

,

5.00

%

,

10/01/45

.....

2,000

2,142,934

Series

2021C

,

RB

,

3.00

%

,

10/01/46

.....

5,000

4,077,673

Series

2017

,

RB

,

5.00

%

,

10/01/46

......

2,500

2,576,977

Series

2020C

,

RB

,

4.00

%

,

10/01/49

.....

7,900

7,625,059

City

of

Garland

Electric

Utility

System

Series

2019

,

RB

,

5.00

%

,

03/01/44

......

2,000

2,092,411

Series

2019

,

RB

,

4.00

%

,

03/01/49

......

1,000

953,165

City

of

Greenville

Electric

System,

Series

2024,

RB,

5.25%, 02/15/49

(BAM)

(c)

.........

5,000

5,411,819

City

of

Houston

Series

2016A

,

GO

,

5.00

%

,

03/01/25

.....

2,480

2,507,010

Series

2017A

,

GO

,

5.00

%

,

03/01/25

.....

1,235

1,248,451

Series

2014A

,

GO

,

5.00

%

,

03/01/26

.....

1,540

1,543,086

Series

2016A

,

GO

,

5.00

%

,

03/01/28

.....

10,000

10,333,791

Series

2017A

,

GO

,

5.00

%

,

03/01/28

.....

1,700

1,785,146

Series

2024A

,

GO

,

5.25

%

,

03/01/49

.....

6,500

7,165,658

Series

2024A

,

GO

,

4.13

%

,

03/01/51

.....

7,945

7,675,379

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

City

of

Houston

Airport

System

Series

2018B

,

RB

,

5.00

%

,

07/01/29

.....

USD

3,680

$

3,986,566

Series

2018B

,

RB

,

5.00

%

,

07/01/30

.....

8,570

9,241,417

Series

2018D

,

RB

,

5.00

%

,

07/01/37

.....

1,500

1,579,188

Series

2018D

,

RB

,

5.00

%

,

07/01/39

.....

1,495

1,565,420

City

of

Houston

Combined

Utility

System

Series

2024A

,

RB

,

5.00

%

,

11/15/31

.....

5,425

6,197,636

Series

2020A

,

RB

,

5.00

%

,

11/15/33

.....

9,835

10,991,682

Series

2024A

,

RB

,

5.00

%

,

11/15/36

.....

30,000

34,825,401

Series

2016B

,

RB

,

4.00

%

,

11/15/37

.....

2,000

1,994,976

Series

2017B

,

RB

,

5.00

%

,

11/15/42

.....

4,000

4,139,856

Series

2002C

,

RB

,

4.00

%

,

11/15/43

.....

1,500

1,481,968

Series

2014D

,

RB

,

5.00

%

,

11/15/44

.....

2,000

2,006,200

Series

2002C

,

RB

,

5.00

%

,

11/15/45

.....

1,000

1,067,297

Series

2002C

,

RB

,

3.00

%

,

11/15/47

.....

1,000

789,603

Series

2019B

,

RB

,

5.00

%

,

11/15/49

.....

2,000

2,107,374

Series

2024A

,

RB

,

5.25

%

,

11/15/49

.....

5,000

5,563,885

Series

2024A

,

RB

,

5.25

%

,

11/15/54

.....

7,210

7,992,100

City

of

San

Antonio

Series

2016

,

GO

,

5.00

%

,

02/01/25

......

6,560

6,620,424

Series

2024

,

GO

,

5.00

%

,

02/01/26

(c)

.....

2,500

2,577,880

Series

2019

,

GO

,

5.00

%

,

08/01/28

......

4,755

5,174,238

City

of

San

Antonio

Electric

&

Gas

Systems

Series

2016

,

RB

,

5.00

%

,

02/01/25

......

1,265

1,275,357

Series

2012

,

RB

,

5.25

%

,

02/01/25

......

1,895

1,914,064

Series

2018A

,

RB

,

5.00

%

,

02/01/26

.....

1,755

1,815,028

Series

2018

,

RB

,

5.00

%

,

02/01/27

......

3,100

3,269,523

Series

2018

,

RB

,

5.00

%

,

02/01/28

......

2,000

2,154,116

Series

2015

,

RB

,

5.00

%

,

02/01/31

......

8,000

8,211,607

Series

2015

,

RB

,

5.00

%

,

02/01/32

......

3,925

4,024,189

Series

2019

,

RB

,

5.00

%

,

02/01/35

......

2,000

2,188,879

Series

2019

,

RB

,

5.00

%

,

02/01/36

......

4,000

4,363,622

Series

2024A

,

RB

,

5.00

%

,

02/01/37

.....

6,500

7,458,520

Series

2024A

,

RB

,

5.00

%

,

02/01/38

.....

4,000

4,562,942

Series

2024A

,

RB

,

5.00

%

,

02/01/39

.....

4,000

4,542,012

Series

2024D

,

RB

,

5.00

%

,

02/01/40

(c)

....

3,000

3,397,393

Series

2024A

,

RB

,

5.00

%

,

02/01/40

.....

3,000

3,382,683

Series

2024A

,

RB

,

5.00

%

,

02/01/41

.....

2,250

2,519,547

Series

2024A

,

RB

,

5.00

%

,

02/01/42

.....

4,750

5,281,148

Series

2024B

,

RB

,

5.00

%

,

02/01/44

.....

7,750

8,545,801

Series

2024D

,

RB

,

5.00

%

,

02/01/44

(c)

....

4,000

4,426,276

Series

2017

,

RB

,

4.00

%

,

02/01/47

......

3,970

3,813,731

Series

2017

,

RB

,

5.00

%

,

02/01/47

......

10,000

10,229,085

Series

2020

,

RB

,

5.00

%

,

02/01/49

......

2,000

2,103,828

Series

2024A

,

RB

,

5.25

%

,

02/01/49

.....

15,000

16,617,978

Series

2024B

,

RB

,

5.25

%

,

02/01/49

.....

20,785

23,026,978

Series

2024B

,

RB

,

5.00

%

,

02/01/54

.....

8,500

9,178,276

Series

2024C

,

RB

,

5.00

%

,

02/01/54

.....

15,750

17,006,806

City

of

Waco

Series

2024A

,

GO

,

5.00

%

,

02/01/49

.....

8,250

8,961,435

Series

2024A

,

GO

,

5.25

%

,

02/01/54

.....

11,770

12,956,135

Collin

County

Community

College

District

Series

2018

,

GO

,

5.00

%

,

08/15/29

......

11,990

12,722,896

Series

2020A

,

GO

,

4.00

%

,

08/15/38

.....

2,015

2,054,739

Comal

Independent

School

District,

Series

2022,

GO,

4.00%, 02/01/36

(PSF)

..........

3,250

3,417,184

Conroe

Independent

School

District

Series

2020A

,

GO

,

5.00

%

,

02/15/29

(

PSF

)

7,685

8,455,968

Series

2024

,

GO

,

5.00

%

,

02/15/49

(

PSF

)

..

16,500

18,102,074

County

of

Bexar

Series

2019

,

GO

,

4.00

%

,

06/15/39

......

3,905

3,926,777

Series

2019

,

GO

,

4.00

%

,

06/15/40

......

2,125

2,128,723

Series

2017

,

GO

,

4.00

%

,

06/15/41

......

2,035

2,032,442

Series

A

,

GO

,

5.00

%

,

06/15/41

........

3,000

3,114,190

Series

2017

,

GO

,

5.00

%

,

06/15/43

......

1,250

1,299,797

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

59

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Series

2023

,

GO

,

4.00

%

,

06/15/46

......

USD

5,000

$

4,984,240

County

of

Harris

Series

2014A

,

GO

,

5.00

%

,

10/01/25

.....

4,225

4,237,878

Series

2015A

,

GO

,

5.00

%

,

10/01/27

.....

1,725

1,763,858

Series

2016A

,

RB

,

5.00

%

,

08/15/31

.....

2,000

2,071,784

Series

2018A

,

RB

,

5.00

%

,

08/15/31

.....

2,000

2,134,366

Series

2018A

,

RB

,

5.00

%

,

08/15/32

.....

3,000

3,194,389

Series

2024A

,

GO

,

5.00

%

,

09/15/33

.....

10,000

11,697,326

Series

2024A

,

GO

,

5.00

%

,

09/15/34

.....

5,935

7,000,458

Series

2016A

,

RB

,

5.00

%

,

08/15/41

.....

3,505

3,597,319

Series

2018A

,

RB

,

5.00

%

,

08/15/43

.....

4,125

4,287,894

Series

2021

,

RB

,

4.00

%

,

08/15/45

......

2,090

2,048,617

Series

2024A

,

RB

,

5.25

%

,

08/15/49

.....

1,900

2,118,894

Series

2024

,

GO

,

4.00

%

,

09/15/49

......

5,000

4,788,603

Series

2024A

,

RB

,

5.25

%

,

08/15/54

.....

26,900

29,857,292

Series

2024

,

GO

,

5.00

%

,

09/15/54

......

15,000

16,311,501

County

of

Hays,

Series

2017,

GO,

4.00%, 02/15/42

.................

2,000

2,001,424

County

of

Williamson

Series

2023

,

GO

,

5.00

%

,

02/15/25

......

5,130

5,180,279

Series

2021

,

GO

,

4.00

%

,

02/15/26

......

7,000

7,148,208

Series

2021

,

GO

,

4.00

%

,

02/15/27

......

22,320

23,007,123

Series

2020

,

GO

,

5.00

%

,

02/15/29

......

1,005

1,108,631

Series

2020

,

GO

,

4.00

%

,

02/15/33

......

11,240

11,669,176

Crowley

Independent

School

District,

Series

2024,

GO,

5.00%, 02/01/49

(PSF)

......

8,790

9,553,273

Cypress-Fairbanks

Independent

School

District

Series

2016

,

GO

,

5.00

%

,

02/15/26

(

PSF

)

..

5,030

5,209,134

Series

2020A

,

GO

,

5.00

%

,

02/15/26

(

PSF

)

4,000

4,142,452

Series

2016

,

GO

,

5.00

%

,

02/15/27

(

PSF

)

..

1,800

1,858,221

Series

2015

,

GO

,

5.00

%

,

02/15/30

(

PSF

)

..

45,000

45,418,536

Series

2015

,

GO

,

4.00

%

,

02/15/31

(

PSF

)

..

1,000

1,002,674

Series

2023

,

GO

,

5.00

%

,

02/15/31

(

PSF

)

..

10,105

11,477,710

Series

2015

,

GO

,

4.00

%

,

02/15/33

(

PSF

)

..

6,000

6,013,925

Series

2015

,

GO

,

4.00

%

,

02/15/34

(

PSF

)

..

15,000

15,028,140

Series

2019

,

GO

,

4.00

%

,

02/15/38

(

PSF

)

..

2,915

2,959,212

Series

2018

,

GO

,

4.00

%

,

02/15/43

(

PSF

)

..

5,000

5,016,787

Dallas

Area

Rapid

Transit

Series

2014A

,

RB

,

5.00

%

,

12/01/24

.....

2,315

2,325,360

Series

2014A

,

RB

,

5.00

%

,

12/01/25

.....

3,025

3,040,340

Series

2007

,

RB

,

5.25

%

,

12/01/28

(

AMBAC

)

250

276,420

Series

2007

,

RB

,

5.25

%

,

12/01/29

(

AMBAC

)

1,050

1,181,502

Series

2019

,

RB

,

5.00

%

,

12/01/31

......

7,510

8,293,622

Series

2019

,

RB

,

5.00

%

,

12/01/32

......

5,000

5,517,225

Series

2019

,

RB

,

5.00

%

,

12/01/33

......

2,825

3,115,316

Series

2016B

,

RB

,

4.00

%

,

12/01/35

.....

8,000

8,078,209

Series

2021B

,

RB

,

4.00

%

,

12/01/51

.....

14,405

13,801,579

Dallas

Fort

Worth

International

Airport

Series

2021B

,

RB

,

5.00

%

,

11/01/25

.....

2,720

2,793,930

Series

2022B

,

RB

,

5.00

%

,

11/01/26

.....

2,010

2,112,408

Series

2020A

,

RB

,

5.00

%

,

11/01/27

.....

1,000

1,074,146

Series

2022B

,

RB

,

5.00

%

,

11/01/27

.....

2,000

2,147,032

Series

2023B

,

RB

,

5.00

%

,

11/01/29

.....

5,000

5,561,421

Series

2022B

,

RB

,

5.00

%

,

11/01/29

.....

2,000

2,224,569

Series

2020A

,

RB

,

5.00

%

,

11/01/30

.....

1,000

1,126,221

Series

2020A

,

RB

,

5.00

%

,

11/01/32

.....

1,000

1,112,025

Series

2020A

,

RB

,

4.00

%

,

11/01/34

.....

250

259,013

Series

2020B

,

RB

,

4.00

%

,

11/01/34

.....

9,500

9,842,496

Series

2020B

,

RB

,

4.00

%

,

11/01/35

.....

2,000

2,064,649

Series

2020A

,

RB

,

4.00

%

,

11/01/35

.....

5,160

5,326,794

Series

2023B

,

RB

,

5.00

%

,

11/01/36

.....

1,000

1,134,522

Series

2023B

,

RB

,

5.00

%

,

11/01/39

.....

2,750

3,089,520

Series

2024

,

RB

,

5.00

%

,

11/01/39

(c)

.....

3,250

3,680,465

Series

2022B

,

RB

,

5.00

%

,

11/01/40

.....

5,000

5,529,407

Series

2021B

,

RB

,

5.00

%

,

11/01/43

.....

18,380

19,654,190

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Series

2024

,

RB

,

5.00

%

,

11/01/44

(c)

.....

USD

1,000

$

1,099,210

Series

2022B

,

RB

,

4.00

%

,

11/01/45

.....

11,120

10,852,020

Series

2021B

,

RB

,

4.00

%

,

11/01/45

.....

7,400

7,221,668

Series

2021A

,

RB

,

4.00

%

,

11/01/46

.....

2,600

2,524,625

Series

2023B

,

RB

,

5.00

%

,

11/01/47

.....

1,750

1,897,049

Series

2024

,

RB

,

5.25

%

,

11/01/48

(c)

.....

10,250

11,382,036

Series

2024

,

RB

,

4.00

%

,

11/01/49

(c)

.....

8,515

8,207,855

Series

2022B

,

RB

,

5.00

%

,

11/01/50

.....

5,000

5,350,328

Dallas

Independent

School

District

Series

2021A

,

GO

,

5.00

%

,

02/15/25

(

PSF

)

3,045

3,074,433

Series

2021A

,

GO

,

4.00

%

,

02/15/26

(

PSF

)

4,410

4,500,206

Series

2021A

,

GO

,

5.00

%

,

02/15/28

(

PSF

)

1,460

1,577,547

Series

2015

,

GO

,

4.00

%

,

02/15/31

(

PSF

)

..

1,000

1,005,124

Series

2019B

,

GO

,

4.00

%

,

02/15/33

(

PSF

)

3,000

3,104,055

Series

2020

,

GO

,

5.00

%

,

02/15/34

(

PSF

)

..

5,000

5,437,916

Series

2024

,

GO

,

4.00

%

,

02/15/54

(

PSF

)

..

10,390

9,999,368

Denton

Independent

School

District

Series

2023

,

GO

,

5.00

%

,

08/15/38

(

PSF

)

..

1,000

1,143,609

Series

2023

,

GO

,

5.00

%

,

08/15/39

(

PSF

)

..

3,015

3,421,017

Series

2015A

,

GO

,

5.00

%

,

08/15/40

(

PSF

)

2,000

2,043,158

Series

2015A

,

GO

,

5.00

%

,

08/15/45

(

PSF

)

5,000

5,107,895

Series

2018

,

GO

,

4.00

%

,

08/15/48

(

PSF

)

..

1,500

1,463,773

Series

2018

,

GO

,

5.00

%

,

08/15/48

(

PSF

)

..

3,500

3,628,907

Series

2023

,

GO

,

5.00

%

,

08/15/53

(

PSF

)

..

11,890

12,860,721

Elgin

Independent

School

District,

Series

2024,

GO,

5.00%, 08/01/54

(PSF)

..........

4,745

5,178,963

Fort

Bend

Independent

School

District,

Series

2018,

GO,

5.00%, 08/15/30

(PSF)

......

3,360

3,540,684

Fort

Worth

Independent

School

District

Series

2015

,

GO

,

5.00

%

,

02/15/28

(

PSF

)

..

3,500

3,532,342

Series

2018

,

GO

,

5.00

%

,

02/15/43

(

PSF

)

..

5,000

5,149,096

Series

2024

,

GO

,

5.00

%

,

02/15/49

(

PSF

)

..

6,000

6,532,777

Frisco

Independent

School

District,

Series

2019,

GO,

4.00%, 08/15/49

(PSF)

..........

2,285

2,225,841

Garland

Independent

School

District

Series

2023A

,

GO

,

5.00

%

,

02/15/41

(

PSF

)

5,920

6,583,544

Series

2023A

,

GO

,

5.00

%

,

02/15/42

(

PSF

)

8,705

9,626,738

Series

2023A

,

GO

,

5.00

%

,

02/15/48

(

PSF

)

13,515

14,605,296

Georgetown

Independent

School

District,

Series

2024,

GO,

5.00%, 02/15/54

(PSF)

......

7,750

8,406,008

Grand

Parkway

Transportation

Corp.

Series

2018A

,

RB

,

5.00

%

,

10/01/35

.....

7,860

8,373,330

Series

2018A

,

RB

,

5.00

%

,

10/01/36

.....

8,000

8,489,504

Series

2018A

,

RB

,

5.00

%

,

10/01/38

.....

8,000

8,434,932

Series

2018A

,

RB

,

5.00

%

,

10/01/43

.....

11,180

11,638,017

Series

2020C

,

RB

,

4.00

%

,

10/01/45

.....

28,400

27,633,291

Series

2013B

,

RB

,

5.80

%

,

10/01/45

.....

2,000

2,162,680

Series

2018A

,

RB

,

5.00

%

,

10/01/48

.....

21,010

21,838,842

Series

2020C

,

RB

,

4.00

%

,

10/01/49

.....

25,995

24,784,065

Series

2020C

,

RB

,

4.00

%

,

10/01/49

(

AGM-

CR

)

.........................

9,900

9,555,454

Series

2020C

,

RB

,

3.00

%

,

10/01/50

.....

2,000

1,528,789

Grand

Prairie

Independent

School

District,

Series

2016B,

GO,

4.00%, 02/15/31

.....

10,505

10,683,197

Harris

County

Flood

Control

District,

RB,

5.00%, 10/01/26

.................

3,470

3,475,741

Harris

County-Houston

Sports

Authority

Series

A

,

RB

,

5.00

%

,

11/15/28

.........

1,390

1,394,157

Series

A

,

RB

,

0.00

%

,

11/15/42

(

AGM

)

(a)

...

1,250

544,939

Series

A

,

RB

,

0.00

%

,

11/15/50

(

AGM

)

(a)

...

2,000

568,979

Houston

Higher

Education

Finance

Corp.,

Series

2024,

RB,

5.00%, 05/15/34

..........

32,540

38,387,767

Houston

Independent

School

District

Series

2016

,

GO

,

5.00

%

,

02/15/25

(

PSF

)

..

2,385

2,408,054

Series

2017

,

GO

,

5.00

%

,

02/15/25

(

PSF

)

..

2,680

2,705,905

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

60

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Series

2017

,

GO

,

5.00

%

,

02/15/26

(

PSF

)

..

USD

1,175

$

1,215,994

Series

2016

,

GO

,

5.00

%

,

02/15/27

(

PSF

)

..

2,255

2,326,636

Series

2016

,

GO

,

5.00

%

,

02/15/28

(

PSF

)

..

1,000

1,029,762

Series

2017

,

GO

,

5.00

%

,

02/15/28

(

PSF

)

..

1,000

1,052,079

Series

2016

,

GO

,

5.00

%

,

02/15/30

(

PSF

)

..

5,000

5,145,934

Series

2017

,

GO

,

4.00

%

,

02/15/42

(

PSF

)

..

1,300

1,299,741

Hutto

Independent

School

District

Series

2023

,

GO

,

5.00

%

,

08/01/48

(

PSF

)

..

2,700

2,927,759

Series

2024

,

GO

,

5.00

%

,

08/01/54

(

PSF

)

..

2,990

3,230,219

Irving

Independent

School

District

Series

2023

,

GO

,

5.00

%

,

02/15/40

(

PSF

)

..

1,100

1,227,445

Series

2023

,

GO

,

5.00

%

,

02/15/41

(

PSF

)

..

6,440

7,158,075

Judson

Independent

School

District

Series

2024

,

GO

,

5.00

%

,

02/01/49

(

PSF

)

..

6,060

6,626,197

Series

2024

,

GO

,

5.00

%

,

02/01/53

(

PSF

)

..

3,000

3,250,435

Katy

Independent

School

District

Series

2022

,

GO

,

4.00

%

,

02/15/47

(

PSF

)

..

10,515

10,325,105

Series

2018

,

GO

,

4.00

%

,

02/15/48

(

PSF

)

..

3,650

3,548,772

Klein

Independent

School

District

Series

2023

,

GO

,

5.00

%

,

08/01/44

(

PSF

)

..

7,230

7,976,203

Series

2023

,

GO

,

4.00

%

,

08/01/45

(

PSF

)

..

16,295

16,155,888

Lamar

Consolidated

Independent

School

District,

Series

2018,

GO,

4.00%, 02/15/50

(PSF)

..

3,000

2,923,248

Leander

Independent

School

District

Series

A

,

GO

,

5.00

%

,

08/15/38

(

PSF

)

....

1,075

1,092,862

Series

A

,

GO

,

5.00

%

,

08/15/40

(

PSF

)

....

1,500

1,522,401

Series

2023

,

GO

,

5.00

%

,

02/15/48

(

PSF

)

..

12,000

13,058,180

Series

2022

,

GO

,

5.00

%

,

08/15/52

(

PSF

)

..

11,200

11,929,948

Lewisville

Independent

School

District

Series

2016B

,

GO

,

5.00

%

,

08/15/25

.....

2,600

2,654,370

Series

2016A

,

GO

,

4.00

%

,

08/15/27

(

PSF

)

4,965

5,009,870

Series

2016B

,

GO

,

5.00

%

,

08/15/28

.....

6,090

6,204,363

Series

2023

,

GO

,

5.00

%

,

08/15/30

(

PSF

)

..

11,190

12,642,189

Series

2024

,

GO

,

5.00

%

,

08/15/40

(

PSF

)

..

6,000

6,719,833

Series

2024

,

GO

,

5.00

%

,

08/15/44

(

PSF

)

..

9,220

10,138,245

Lower

Colorado

River

Authority

Series

2021

,

RB

,

5.00

%

,

05/15/25

......

1,000

1,015,510

Series

2021

,

RB

,

5.00

%

,

05/15/28

......

1,000

1,083,277

Series

2024

,

RB

,

5.00

%

,

05/15/35

......

5,905

6,742,182

Series

2024

,

RB

,

5.00

%

,

05/15/36

......

2,000

2,266,875

Series

2024

,

RB

,

5.00

%

,

05/15/37

......

3,000

3,380,709

Series

2024

,

RB

,

5.00

%

,

05/15/38

......

2,125

2,378,537

Series

2021

,

RB

,

5.00

%

,

05/15/39

......

2,000

2,147,218

Series

2024

,

RB

,

5.00

%

,

05/15/39

......

2,750

3,050,563

Series

2015

,

RB

,

5.00

%

,

05/15/40

......

5,760

5,811,410

Series

2021

,

RB

,

5.00

%

,

05/15/41

......

3,500

3,724,628

Series

2018

,

RB

,

5.00

%

,

05/15/43

......

1,000

1,035,611

Series

2015

,

RB

,

5.00

%

,

05/15/45

......

3,130

3,152,101

Series

2024A

,

RB

,

5.00

%

,

05/15/49

(

AGC

)

10,000

10,901,598

Series

2022A

,

RB

,

6.00

%

,

05/15/52

.....

10,000

11,280,671

Series

2024A

,

RB

,

5.00

%

,

05/15/54

(

AGC

)

10,000

10,850,762

Metropolitan

Transit

Authority

of

Harris

County

Sales

&

Use

Tax,

Series

2014,

RB,

5.00%, 11/01/28

.................

2,000

2,005,209

Midland

County

Fresh

Water

Supply

District

No.

1,

Series

2012A,

RB,

0.00%, 09/15/34

(a)

..

1,250

816,440

Midland

Independent

School

District,

Series

2024,

GO,

5.00%, 02/15/35

(PSF)

......

6,150

7,048,613

North

East

Independent

School

District,

Series

2007,

GO,

5.25%, 02/01/27

(PSF)

......

530

562,385

North

Texas

Municipal

Water

District

Upper

East

Fork

Wastewater

Interceptor

System,

Series

2024,

RB,

4.00%, 06/01/51

(c)

.........

20,860

19,948,627

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

North

Texas

Municipal

Water

District

Water

System

Series

2021A

,

RB

,

5.00

%

,

09/01/26

.....

USD

15,200

$

15,889,148

Series

2021A

,

RB

,

5.00

%

,

09/01/27

.....

6,000

6,399,005

Series

2021A

,

RB

,

5.00

%

,

09/01/28

.....

3,500

3,806,748

Series

2016

,

RB

,

4.00

%

,

09/01/46

......

6,000

5,751,389

North

Texas

Tollway

Authority

Series

A

,

RB

,

5.00

%

,

01/01/25

.........

1,000

1,003,371

Series

2016A

,

RB

,

5.00

%

,

01/01/25

.....

1,550

1,555,225

Series

B

,

RB

,

5.00

%

,

01/01/26

.........

10

10,013

Series

A

,

RB

,

5.00

%

,

01/01/26

.........

250

250,851

Series

2022B

,

RB

,

5.00

%

,

01/01/26

.....

4,000

4,124,834

Series

2019B

,

RB

,

5.00

%

,

01/01/26

.....

1,250

1,289,011

Series

2019B

,

RB

,

5.00

%

,

01/01/27

.....

2,505

2,633,803

Series

2019B

,

RB

,

5.00

%

,

01/01/28

.....

3,855

4,131,041

Series

2016A

,

RB

,

5.00

%

,

01/01/28

.....

1,500

1,542,475

Series

A

,

RB

,

5.00

%

,

01/01/29

.........

5,000

5,138,708

Series

2019B

,

RB

,

5.00

%

,

01/01/29

.....

1,700

1,853,317

Series

2015B

,

RB

,

5.00

%

,

01/01/29

.....

150

150,940

Series

A

,

RB

,

5.00

%

,

01/01/30

.........

3,385

3,476,078

Series

2016A

,

RB

,

5.00

%

,

01/01/30

.....

5,000

5,134,532

Series

2008D

,

RB

,

0.00

%

,

01/01/31

(

AGC

)

(a)

965

784,745

Series

2023B

,

RB

,

5.00

%

,

01/01/31

.....

8,500

9,525,262

Series

B

,

RB

,

5.00

%

,

01/01/31

.........

900

919,100

Series

2015A

,

RB

,

5.00

%

,

01/01/32

.....

16,910

16,998,668

Series

2008D

,

RB

,

0.00

%

,

01/01/33

(

AGC

)

(a)

38,450

29,046,253

Series

2021B

,

RB

,

4.00

%

,

01/01/33

.....

2,000

2,076,891

Series

2015A

,

RB

,

5.00

%

,

01/01/33

.....

2,000

2,010,047

Series

2008D

,

RB

,

0.00

%

,

01/01/34

(

AGC

)

(a)

2,900

2,111,566

Series

2015B

,

RB

,

5.00

%

,

01/01/34

.....

4,750

4,773,173

Series

A

,

RB

,

5.00

%

,

01/01/34

.........

11,500

13,319,125

Series

2008D

,

RB

,

0.00

%

,

01/01/35

(

AGC

)

(a)

14,800

10,350,778

Series

A

,

RB

,

5.00

%

,

01/01/35

.........

2,900

3,157,763

Series

2008D

,

RB

,

0.00

%

,

01/01/36

(

AGC

)

(a)

44,800

29,960,228

Series

2019A

,

RB

,

4.00

%

,

01/01/36

.....

11,300

11,507,470

Series

2020A

,

RB

,

4.00

%

,

01/01/36

.....

2,000

2,036,720

Series

A

,

RB

,

5.00

%

,

01/01/36

.........

1,000

1,038,787

Series

2008D

,

RB

,

0.00

%

,

01/01/37

(

AGC

)

(a)

3,250

2,073,193

Series

2019A

,

RB

,

4.00

%

,

01/01/37

.....

5,000

5,073,716

Series

A

,

RB

,

4.00

%

,

01/01/37

.........

11,240

11,285,540

Series

2020A

,

RB

,

4.00

%

,

01/01/37

.....

2,000

2,029,486

Series

2011B

,

RB

,

0.00

%

,

09/01/37

(a)

....

1,620

830,191

Series

2008D

,

RB

,

0.00

%

,

01/01/38

(

AGC

)

(a)

3,000

1,825,767

Series

2019A

,

RB

,

5.00

%

,

01/01/38

.....

21,820

23,475,139

Series

2015A

,

RB

,

5.00

%

,

01/01/38

.....

13,455

13,506,198

Series

2021B

,

RB

,

4.00

%

,

01/01/39

.....

2,500

2,489,968

Series

2016A

,

RB

,

5.00

%

,

01/01/39

.....

8,170

8,301,691

Series

A

,

RB

,

5.00

%

,

01/01/39

.........

2,500

2,620,985

Series

2021B

,

RB

,

4.00

%

,

01/01/40

.....

4,000

3,916,613

Series

2021B

,

RB

,

4.00

%

,

01/01/41

.....

1,150

1,111,911

Series

A

,

RB

,

4.00

%

,

01/01/43

.........

15,615

15,100,764

Series

A

,

RB

,

5.00

%

,

01/01/43

.........

5,490

5,686,243

Series

B

,

RB

,

5.00

%

,

01/01/43

.........

1,750

1,783,091

Series

2011B

,

RB

,

0.00

%

,

09/01/43

(a)

....

2,500

816,544

Series

2011C

,

RB

,

7.00

%

,

09/01/43

.....

500

618,433

Series

2019A

,

RB

,

4.00

%

,

01/01/44

.....

2,030

1,949,625

Series

2011C

,

RB

,

6.75

%

,

09/01/45

.....

500

621,281

Series

2021B

,

RB

,

3.00

%

,

01/01/46

.....

2,000

1,582,298

Series

A

,

RB

,

5.00

%

,

01/01/48

.........

6,100

6,294,436

Series

2018

,

RB

,

5.00

%

,

01/01/48

......

1,000

1,030,196

Series

B

,

RB

,

5.00

%

,

01/01/48

.........

1,750

1,781,039

Series

2018

,

RB

,

4.25

%

,

01/01/49

......

1,500

1,453,401

Northwest

Independent

School

District

Series

2023

,

GO

,

5.00

%

,

02/15/48

(

PSF

)

..

71,000

76,094,562

Series

2024A

,

GO

,

5.00

%

,

02/15/49

(

PSF

)

5,750

6,197,669

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

61

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Pasadena

Independent

School

District,

Series

2018,

GO,

4.00%, 02/15/44

(PSF)

......

USD

1,250

$

1,254,104

Permanent

University

Fund

-

Texas

A&M

University

System,

Series

2023,

RB,

5.00%, 07/01/41

.................

17,245

19,173,907

Permanent

University

Fund

-

University

of

Texas

System

Series

2014B

,

RB

,

5.00

%

,

07/01/25

.....

2,700

2,704,650

Series

2022A

,

RB

,

5.00

%

,

07/01/27

.....

1,000

1,067,117

Series

2022A

,

RB

,

5.00

%

,

07/01/29

.....

3,070

3,413,904

Series

2024B

,

RB

,

5.00

%

,

07/01/36

.....

5,000

6,009,216

Series

2024B

,

RB

,

5.00

%

,

07/01/38

.....

5,000

5,795,317

Series

2016B

,

RB

,

4.00

%

,

07/01/41

.....

2,515

2,487,868

Series

2024A

,

RB

,

4.00

%

,

07/01/53

.....

3,500

3,382,304

Pflugerville

Independent

School

District,

Series

2023A,

GO,

5.00%, 02/15/35

.........

4,090

4,613,787

Plano

Independent

School

District

Series

2023

,

GO

,

5.00

%

,

02/15/25

......

17,050

17,214,040

Series

2016A

,

GO

,

5.00

%

,

02/15/26

(

PSF

)

2,475

2,562,424

Port

Authority

of

Houston

of

Harris

County

Texas

Series

2023

,

RB

,

5.00

%

,

10/01/48

......

8,620

9,340,423

Series

2023

,

RB

,

5.00

%

,

10/01/53

......

24,000

25,894,190

Richardson

Independent

School

District

Series

2019

,

GO

,

5.00

%

,

02/15/30

(

PSF

)

..

1,905

2,054,085

Series

2017

,

GO

,

5.00

%

,

02/15/42

(

PSF

)

..

6,930

7,062,151

Series

2021

,

GO

,

4.00

%

,

02/15/46

(

PSF

)

..

2,000

1,950,629

Round

Rock

Independent

School

District

Series

2017

,

GO

,

5.00

%

,

08/01/27

......

3,185

3,400,871

Series

2019A

,

GO

,

5.00

%

,

08/01/31

(

PSF

)

4,000

4,372,539

Series

2019A

,

GO

,

3.00

%

,

08/01/33

(

PSF

)

1,950

1,886,149

San

Antonio

Independent

School

District

Series

2018

,

GO

,

5.00

%

,

08/15/48

(

PSF

)

..

6,000

6,062,718

Series

2022

,

GO

,

5.00

%

,

08/15/52

(

PSF

)

..

3,000

3,225,934

San

Antonio

Public

Facilities

Corp.,

Series

2012,

RB,

4.00%, 09/15/42

..............

6,600

6,381,271

San

Antonio

Water

System

Series

2016C

,

RB

,

5.00

%

,

05/15/33

.....

10,500

10,900,765

Series

2016C

,

RB

,

5.00

%

,

05/15/34

.....

3,245

3,361,249

Series

2016C

,

RB

,

5.00

%

,

05/15/35

.....

1,800

1,861,661

Series

2015B

,

RB

,

4.00

%

,

05/15/40

.....

14,785

14,467,328

Series

2016C

,

RB

,

5.00

%

,

05/15/46

.....

1,660

1,695,111

Series

2018A

,

RB

,

5.00

%

,

05/15/48

.....

6,720

6,962,012

Series

2020C

,

RB

,

4.00

%

,

05/15/50

.....

1,000

982,146

Series

2020A

,

RB

,

5.00

%

,

05/15/50

.....

6,000

6,321,533

Series

2021A

,

RB

,

4.00

%

,

05/15/51

.....

3,790

3,655,284

San

Jacinto

Community

College

District,

Series

2019A,

GO,

5.00%, 02/15/44

.........

3,660

3,816,260

San

Marcos

Consolidated

Independent

School

District,

Series

2023,

GO,

5.25%, 08/15/47

(PSF)

.......................

10,000

11,144,039

State

of

Texas

Series

2014

,

GO

,

5.00

%

,

10/01/24

......

4,160

4,165,363

Series

2015A

,

GO

,

5.00

%

,

10/01/24

.....

6,490

6,498,678

Series

A

,

GO

,

5.00

%

,

10/01/24

........

3,040

3,044,065

Series

2014

,

GO

,

5.00

%

,

10/01/25

......

4,240

4,247,217

Series

2015A

,

GO

,

5.00

%

,

10/01/25

.....

16,300

16,721,715

Series

2015A

,

GO

,

5.00

%

,

10/01/26

.....

7,000

7,164,444

Series

A

,

GO

,

5.00

%

,

10/01/26

........

3,305

3,309,970

Series

2016A

,

GO

,

5.00

%

,

04/01/27

.....

5,890

6,094,013

Series

2014

,

GO

,

5.00

%

,

10/01/27

......

3,250

3,253,930

Series

2015A

,

GO

,

5.00

%

,

10/01/27

.....

2,445

2,502,963

Series

A

,

GO

,

5.00

%

,

10/01/28

........

5,000

5,007,361

Series

2015A

,

GO

,

5.00

%

,

10/01/28

.....

5,105

5,225,475

Series

A

,

GO

,

5.00

%

,

10/01/30

........

12,000

12,137,415

Series

A

,

GO

,

4.00

%

,

10/01/31

........

2,000

2,000,916

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Series

2014

,

GO

,

4.00

%

,

10/01/31

......

USD

12,790

$

12,795,644

Series

2015A

,

GO

,

5.00

%

,

10/01/31

.....

1,000

1,022,205

Series

2016

,

GO

,

5.00

%

,

04/01/32

......

2,300

2,370,302

Series

B

,

GO

,

5.00

%

,

10/01/32

........

5,825

6,154,242

Series

A

,

GO

,

5.00

%

,

10/01/33

........

34,100

35,983,633

Series

2016

,

GO

,

5.00

%

,

04/01/34

......

16,500

16,986,311

Series

A

,

GO

,

5.00

%

,

10/01/34

........

32,000

33,730,832

Series

2015A

,

GO

,

5.00

%

,

10/01/36

.....

10,150

10,349,319

Series

2022B

,

GO

,

5.00

%

,

08/01/39

.....

7,240

7,344,231

Series

2022B

,

GO

,

5.00

%

,

08/01/40

.....

3,000

3,040,220

Series

2016

,

GO

,

5.00

%

,

04/01/43

......

3,000

3,060,518

Series

2016A

,

GO

,

5.00

%

,

04/01/44

.....

2,045

2,084,678

Series

A

,

GO

,

4.00

%

,

10/01/44

........

2,000

1,904,871

Series

A

,

GO

,

5.00

%

,

10/01/44

........

15,000

15,021,182

Series

2015D

,

GO

,

4.00

%

,

05/15/45

.....

2,000

1,966,324

Series

2016

,

GO

,

5.00

%

,

04/01/46

......

3,780

3,848,691

Tarrant

County

College

District,

Series

2022,

GO,

5.00%, 08/15/26

..............

3,060

3,198,506

Tarrant

Regional

Water

District

Water

Supply

System,

Series

2024,

RB,

4.00%, 03/01/54

6,335

6,064,326

Texas

A&M

University

Series

2024A

,

RB

,

5.00

%

,

05/15/33

.....

6,500

7,625,277

Series

2017E

,

RB

,

5.00

%

,

05/15/34

.....

5,640

5,925,499

Series

2024A

,

RB

,

5.00

%

,

05/15/34

.....

7,000

8,290,537

Series

2024A

,

RB

,

5.00

%

,

05/15/41

.....

7,500

8,529,566

Series

2024A

,

RB

,

5.00

%

,

05/15/42

.....

10,000

11,319,311

Texas

Department

of

Transportation

State

Highway

Fund

Series

2016A

,

RB

,

5.00

%

,

10/01/24

.....

6,780

6,789,066

Series

2016A

,

RB

,

5.00

%

,

10/01/25

.....

4,050

4,152,601

Series

2015

,

RB

,

5.00

%

,

10/01/26

......

4,810

5,050,536

Series

2016A

,

RB

,

5.00

%

,

10/01/26

.....

1,260

1,323,009

Series

2016A

,

RB

,

5.00

%

,

10/01/30

.....

5,000

5,222,463

Series

2024

,

RB

,

5.00

%

,

10/01/33

......

4,000

4,681,625

Texas

State

University

System

Series

2017A

,

RB

,

5.00

%

,

03/15/28

.....

6,670

7,048,327

Series

2017A

,

RB

,

5.00

%

,

03/15/31

.....

1,900

1,990,671

Series

2024

,

RB

,

5.00

%

,

03/15/31

......

15,000

16,998,356

Series

2024

,

RB

,

5.25

%

,

03/15/54

......

10,050

11,026,580

Texas

Transportation

Commission

Series

2024

,

GO

,

5.00

%

,

04/01/33

......

10,000

11,650,713

Series

2024

,

GO

,

5.00

%

,

04/01/35

......

5,000

5,832,532

Series

2024

,

GO

,

5.00

%

,

04/01/36

......

5,000

5,802,809

Series

2014B

,

GO

,

VRDN

0.65

%

,

04/01/26

(b)

5,000

4,751,008

Series

2024

,

GO

,

5.00

%

,

04/01/42

......

6,000

6,706,421

Series

2024

,

GO

,

5.00

%

,

04/01/43

......

4,000

4,452,820

Texas

Transportation

Commission

State

Highway

249

System,

Series

2019A,

RB,

5.00%, 08/01/57

.................

1,750

1,787,179

Texas

Water

Development

Board

Series

2018B

,

RB

,

5.00

%

,

04/15/25

.....

5,520

5,598,383

Series

2020

,

RB

,

5.00

%

,

04/15/26

......

1,380

1,435,261

Series

2020

,

RB

,

5.00

%

,

10/15/26

......

3,310

3,481,412

Series

2021

,

RB

,

5.00

%

,

08/01/27

......

1,500

1,605,637

Series

2021

,

RB

,

5.00

%

,

08/01/28

......

1,110

1,212,233

Series

2017A

,

RB

,

5.00

%

,

04/15/29

.....

1,000

1,063,869

Series

2018B

,

RB

,

5.00

%

,

04/15/30

.....

1,860

2,011,718

Series

2021

,

RB

,

5.00

%

,

08/01/30

......

1,310

1,476,452

Series

A

,

RB

,

5.00

%

,

10/15/30

.........

1,000

1,021,313

Series

2018A

,

RB

,

5.00

%

,

10/15/30

.....

7,940

8,503,117

Series

2016

,

RB

,

5.00

%

,

10/15/31

......

5,070

5,281,493

Series

2018A

,

RB

,

5.00

%

,

10/15/31

.....

6,605

7,052,677

Series

2017A

,

RB

,

5.00

%

,

10/15/31

.....

1,000

1,057,306

Series

A

,

RB

,

5.00

%

,

10/15/31

.........

1,000

1,021,091

Series

2017A

,

RB

,

4.00

%

,

10/15/32

.....

3,475

3,553,968

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

62

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Series

2018B

,

RB

,

5.00

%

,

10/15/32

.....

USD

5,820

$

6,257,097

Series

2019A

,

RB

,

3.00

%

,

10/15/33

.....

2,000

1,926,401

Series

2017A

,

RB

,

4.00

%

,

10/15/33

.....

2,000

2,043,348

Series

2020

,

RB

,

4.00

%

,

10/15/33

......

3,080

3,224,851

Series

2020

,

RB

,

4.00

%

,

08/01/34

......

5,000

5,215,665

Series

2019A

,

RB

,

3.00

%

,

10/15/34

.....

2,000

1,905,657

Series

A

,

RB

,

4.00

%

,

10/15/34

.........

3,000

3,015,924

Series

2018B

,

RB

,

4.00

%

,

10/15/34

.....

3,000

3,082,369

Series

2017A

,

RB

,

4.00

%

,

10/15/34

.....

1,000

1,019,924

Series

2021

,

RB

,

4.00

%

,

10/15/35

......

4,740

4,948,587

Series

2017A

,

RB

,

4.00

%

,

10/15/35

.....

2,500

2,543,412

Series

2019A

,

RB

,

4.00

%

,

10/15/36

.....

5,775

5,898,130

Series

2018A

,

RB

,

4.00

%

,

10/15/36

.....

3,000

3,050,442

Series

2018B

,

RB

,

4.00

%

,

10/15/36

.....

10,000

10,189,809

Series

2022

,

RB

,

4.45

%

,

10/15/36

......

1,000

1,088,044

Series

2018A

,

RB

,

4.00

%

,

10/15/38

.....

9,160

9,255,524

Series

2019A

,

RB

,

4.00

%

,

10/15/38

.....

1,490

1,507,260

Series

2018B

,

RB

,

5.00

%

,

10/15/38

.....

2,130

2,261,846

Series

2019A

,

RB

,

3.00

%

,

10/15/39

.....

2,585

2,311,526

Series

2020

,

RB

,

3.00

%

,

10/15/40

......

3,500

3,120,235

Series

2023A

,

RB

,

4.65

%

,

10/15/40

.....

1,995

2,161,704

Series

A

,

RB

,

5.00

%

,

10/15/40

.........

890

904,841

Series

2022

,

RB

,

5.00

%

,

08/01/41

......

28,505

31,415,321

Series

2023

,

RB

,

5.00

%

,

08/01/42

......

11,275

12,491,352

Series

2017A

,

RB

,

5.00

%

,

10/15/42

.....

2,000

2,073,279

Series

2018B

,

RB

,

4.00

%

,

10/15/43

.....

12,000

11,878,578

Series

2018A

,

RB

,

5.00

%

,

10/15/43

.....

11,750

12,275,252

Series

2019A

,

RB

,

4.00

%

,

10/15/44

.....

5,000

4,895,586

Series

A

,

RB

,

4.00

%

,

10/15/45

.........

4,865

4,710,790

Series

2016

,

RB

,

5.25

%

,

10/15/46

......

2,000

2,074,419

Series

2017A

,

RB

,

5.00

%

,

10/15/47

.....

2,500

2,580,403

Series

2022

,

RB

,

5.00

%

,

10/15/47

......

22,500

24,410,144

Series

2023A

,

RB

,

4.88

%

,

10/15/48

.....

9,000

9,640,604

Series

2018B

,

RB

,

5.00

%

,

04/15/49

.....

35,020

36,612,892

Series

2019A

,

RB

,

4.00

%

,

10/15/49

.....

20,445

19,700,634

Series

2020

,

RB

,

4.00

%

,

04/15/51

......

6,000

5,745,066

Series

2022

,

RB

,

4.80

%

,

10/15/52

......

1,500

1,581,717

Series

2019A

,

RB

,

4.00

%

,

10/15/54

.....

1,000

947,036

Series

2021

,

RB

,

4.00

%

,

10/15/56

......

7,420

6,990,144

Trinity

River

Authority

Central

Regional

Wastewater

System,

Series

2017,

RB,

5.00%, 08/01/28

.................

2,005

2,131,457

Tyler

Independent

School

District,

Series

2017,

GO,

4.00%, 02/15/47

(PSF)

..........

1,600

1,567,577

Via

Metropolitan

Transit

Advanced

Transportation

District

Sales

Tax,

Series

2024,

RB,

5.00%, 08/01/49

..............

7,150

7,775,649

Waco

Educational

Finance

Corp.,

Series

2021,

RB,

4.00%, 03/01/51

..............

2,000

1,871,620

Wylie

Independent

School

District

Series

2020A

,

GO

,

5.00

%

,

08/15/30

(

PSF

)

14,960

16,866,308

Series

2024

,

GO

,

5.25

%

,

08/15/49

(

PSF

)

..

23,305

25,887,422

Ysleta

Independent

School

District,

Series

2017,

GO,

5.00%, 08/15/47

(PSF)

..........

2,940

3,008,116

3,380,050,465

Utah

—

0.7%

Central

Valley

Water

Reclamation

Facility,

Series

2021C,

RB,

4.00%, 03/01/47

.........

2,000

1,957,054

City

of

Salt

Lake

City

Series

2017B

,

RB

,

5.00

%

,

07/01/47

.....

3,645

3,736,471

Series

2018B

,

RB

,

5.00

%

,

07/01/48

.....

2,000

2,071,896

Series

2022

,

RB

,

5.00

%

,

02/01/52

......

30,000

32,054,703

Intermountain

Power

Agency

Series

2022A

,

RB

,

5.00

%

,

07/01/26

.....

3,445

3,597,764

Security

Par

(000)

Par

(000)

Value

Utah

(continued)

Series

2022A

,

RB

,

5.00

%

,

07/01/29

.....

USD

1,250

$

1,391,743

Series

2022A

,

RB

,

5.00

%

,

07/01/30

.....

2,000

2,262,225

Series

2023A

,

RB

,

5.00

%

,

07/01/31

.....

13,170

15,075,469

Series

2022A

,

RB

,

5.00

%

,

07/01/32

.....

1,000

1,137,060

Series

2022A

,

RB

,

5.00

%

,

07/01/33

.....

1,250

1,417,599

Series

2022A

,

RB

,

5.00

%

,

07/01/34

.....

1,250

1,409,631

Series

2022A

,

RB

,

4.00

%

,

07/01/36

.....

2,500

2,611,676

Series

2023A

,

RB

,

5.00

%

,

07/01/37

.....

5,000

5,651,389

Series

2022A

,

RB

,

5.00

%

,

07/01/38

.....

2,500

2,773,573

Series

2022A

,

RB

,

5.00

%

,

07/01/40

.....

2,500

2,745,665

Series

2023A

,

RB

,

5.00

%

,

07/01/41

.....

2,000

2,213,410

Series

2022A

,

RB

,

5.00

%

,

07/01/42

.....

2,500

2,715,658

Series

2022A

,

RB

,

5.00

%

,

07/01/43

.....

23,585

25,551,293

State

of

Utah

Series

2020B

,

GO

,

5.00

%

,

07/01/25

.....

6,010

6,126,053

Series

2018

,

GO

,

5.00

%

,

07/01/26

......

5,225

5,458,300

Series

2020B

,

GO

,

5.00

%

,

07/01/26

.....

11,925

12,457,460

Series

2017

,

GO

,

5.00

%

,

07/01/27

......

1,140

1,203,839

Series

2020B

,

GO

,

5.00

%

,

07/01/28

.....

1,470

1,606,492

Series

2020

,

GO

,

5.00

%

,

07/01/29

......

4,030

4,437,037

Series

2020B

,

GO

,

5.00

%

,

07/01/29

.....

1,600

1,761,603

Series

2020

,

GO

,

5.00

%

,

07/01/30

......

5,600

6,148,034

Series

2020

,

GO

,

5.00

%

,

07/01/31

......

13,500

14,754,868

Series

2020

,

GO

,

3.00

%

,

07/01/34

......

4,120

4,031,784

University

of

Utah

(The)

Series

2022B

,

RB

,

5.00

%

,

08/01/27

.....

1,330

1,421,923

Series

2022B

,

RB

,

5.00

%

,

08/01/41

.....

1,885

2,098,785

Series

2022B

,

RB

,

5.00

%

,

08/01/42

.....

2,490

2,761,291

Series

2022A

,

RB

,

4.00

%

,

08/01/51

.....

12,000

11,591,628

Series

2023B

,

RB

,

5.25

%

,

08/01/53

.....

5,610

6,209,285

Utah

Transit

Authority

Series

2015A

,

RB

,

5.00

%

,

06/15/25

.....

1,630

1,659,497

Series

2015A

,

RB

,

5.00

%

,

06/15/26

.....

3,465

3,528,279

Series

2015A

,

RB

,

5.00

%

,

06/15/28

.....

5,005

5,096,403

Series

2015A

,

RB

,

5.00

%

,

06/15/29

.....

3,010

3,064,970

Series

2024

,

RB

,

5.00

%

,

06/15/33

......

4,000

4,669,837

Series

2015A

,

RB

,

5.00

%

,

06/15/37

.....

4,815

4,902,933

Series

2015A

,

RB

,

5.00

%

,

06/15/38

.....

5,500

5,600,443

Series

2024

,

RB

,

5.00

%

,

06/15/39

......

10,000

11,437,742

Series

2024

,

RB

,

5.00

%

,

06/15/40

......

9,000

10,230,674

242,633,439

Vermont

—

0.0%

University

of

Vermont

&

State

Agricultural

College,

Series

2015,

RB,

5.00%, 10/01/40

1,000

1,018,165

Virginia

—

1.8%

Chesapeake

Bay

Bridge

&

Tunnel

District

Series

2016

,

RB

,

5.00

%

,

07/01/41

(

AGM

)

.

3,000

3,065,412

Series

2016

,

RB

,

5.00

%

,

07/01/46

......

21,350

21,537,592

Series

2016

,

RB

,

5.00

%

,

07/01/51

......

1,500

1,509,440

City

of

Alexandria

Series

2023

,

GO

,

5.00

%

,

12/15/30

(

SAW

)

.

10,235

11,670,785

Series

2023

,

GO

,

5.00

%

,

12/15/34

(

SAW

)

.

5,330

6,308,722

Series

2023

,

GO

,

5.00

%

,

12/15/35

(

SAW

)

.

10,755

12,672,069

Series

2023

,

GO

,

5.00

%

,

12/15/36

(

SAW

)

.

10,855

12,704,220

Series

2023

,

GO

,

5.00

%

,

12/15/37

(

SAW

)

.

10,960

12,779,264

Series

2023

,

GO

,

5.00

%

,

12/15/38

(

SAW

)

.

5,500

6,376,617

Series

2023

,

GO

,

4.00

%

,

12/15/43

(

SAW

)

.

12,750

13,030,183

Series

2019A

,

GO

,

3.00

%

,

07/15/46

(

SAW

)

1,000

826,329

City

of

Norfolk,

Series

2019,

GO,

5.00%, 08/01/46

(SAW)

............

2,755

3,010,554

City

of

Richmond

Series

2016A

,

RB

,

5.00

%

,

01/15/29

.....

2,000

2,067,540

Series

2016A

,

RB

,

5.00

%

,

01/15/30

.....

1,000

1,033,770

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

63

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Virginia

(continued)

Series

2016A

,

RB

,

5.00

%

,

01/15/32

.....

USD

2,020

$

2,088,215

Commonwealth

of

Virginia

Series

2015B

,

GO

,

5.00

%

,

06/01/26

(

SAW

)

3,025

3,077,741

Series

2015B

,

GO

,

5.00

%

,

06/01/27

(

SAW

)

2,090

2,127,444

County

of

Arlington

Series

2023

,

GO

,

5.00

%

,

06/15/32

......

8,715

10,172,511

Series

2019

,

GO

,

4.00

%

,

06/15/34

......

2,085

2,186,255

County

of

Fairfax

Series

2023A

,

GO

,

4.00

%

,

10/01/24

(

SAW

)

10,140

10,146,661

Series

2021A

,

GO

,

4.00

%

,

10/01/24

(

SAW

)

2,165

2,166,422

Series

2014B

,

GO

,

5.00

%

,

10/01/24

(

SAW

)

3,670

3,675,221

Series

2015B

,

GO

,

5.00

%

,

10/01/25

(

SAW

)

5,035

5,157,722

Series

2016A

,

GO

,

4.00

%

,

10/01/27

(

SAW

)

7,625

7,778,998

Series

2023A

,

GO

,

4.00

%

,

10/01/28

(

SAW

)

4,000

4,229,040

Series

2020A

,

GO

,

5.00

%

,

10/01/28

(

SAW

)

5,000

5,493,176

Series

2017A

,

GO

,

5.00

%

,

10/01/28

(

SAW

)

1,800

1,906,724

Series

2023A

,

GO

,

4.00

%

,

10/01/30

(

SAW

)

7,600

8,192,485

Series

2024A

,

GO

,

5.00

%

,

10/01/30

(

SAW

)

11,000

12,525,181

Series

2019A

,

GO

,

5.00

%

,

10/01/31

(

SAW

)

5,280

5,798,050

Series

2024A

,

GO

,

5.00

%

,

10/01/31

(

SAW

)

7,085

8,184,476

Series

2017A

,

GO

,

4.00

%

,

10/01/32

(

SAW

)

9,900

10,132,332

Series

2024A

,

GO

,

5.00

%

,

10/01/32

(

SAW

)

6,715

7,858,804

Series

2019A

,

GO

,

5.00

%

,

10/01/36

(

SAW

)

7,305

7,929,773

Series

2022A

,

GO

,

2.00

%

,

10/01/38

(

SAW

)

13,630

10,333,011

Series

2023A

,

GO

,

4.00

%

,

10/01/40

(

SAW

)

3,000

3,142,199

Series

2021A

,

RB

,

5.00

%

,

07/15/46

.....

7,415

8,055,898

Series

2024A

,

RB

,

5.00

%

,

07/15/49

.....

6,320

6,990,299

Series

2021A

,

RB

,

4.00

%

,

07/15/51

.....

5,000

4,923,451

County

of

Henrico,

Series

2020A,

GO,

5.00%, 08/01/28

(SAW)

............

1,260

1,379,443

County

of

Loudoun,

Series

2021A,

GO,

4.00%, 12/01/31

(SAW)

............

3,330

3,564,855

Hampton

Roads

Sanitation

District

Series

2016A

,

RB

,

5.00

%

,

08/01/30

.....

2,020

2,113,833

Series

2016A

,

RB

,

5.00

%

,

08/01/37

.....

8,570

8,968,094

Hampton

Roads

Transportation

Accountability

Commission

Series

2018A

,

RB

,

5.00

%

,

07/01/42

.....

8,110

8,459,335

Series

2020A

,

RB

,

4.00

%

,

07/01/45

.....

2,000

1,999,892

Series

2018A

,

RB

,

5.00

%

,

07/01/48

.....

21,035

21,963,149

Series

2018A

,

RB

,

5.00

%

,

07/01/52

.....

10,000

10,794,451

Series

2018A

,

RB

,

5.50

%

,

07/01/57

.....

11,380

12,464,666

Series

2020A

,

RB

,

4.00

%

,

07/01/60

.....

5,005

4,841,308

Series

2020A

,

RB

,

5.00

%

,

07/01/60

.....

2,000

2,112,892

Northern

Virginia

Transportation

Commission,

Series

2022,

RB,

5.00%, 06/01/47

......

5,500

5,985,181

University

of

Virginia

Series

2017A

,

RB

,

5.00

%

,

04/01/38

.....

1,000

1,045,543

Series

2015A-2

,

RB

,

5.00

%

,

04/01/45

....

8,000

8,069,763

Virginia

College

Building

Authority

Series

2017E

,

RB

,

5.00

%

,

02/01/26

.....

4,405

4,557,267

Series

2015D

,

RB

,

3.00

%

,

02/01/27

(

ST

INTERCEPT

)

..................

2,685

2,671,975

Series

2022A

,

RB

,

5.00

%

,

02/01/27

.....

4,000

4,235,576

Series

2017E

,

RB

,

5.00

%

,

02/01/27

.....

10,160

10,758,363

Series

2016A

,

RB

,

5.00

%

,

09/01/27

(

ST

INTERCEPT

)

..................

4,700

4,905,943

Series

2021A

,

RB

,

5.00

%

,

02/01/28

.....

21,120

22,836,779

Series

2019C

,

RB

,

5.00

%

,

02/01/28

.....

575

621,740

Series

2017E

,

RB

,

5.00

%

,

02/01/28

.....

1,000

1,081,287

Series

2017E

,

RB

,

5.00

%

,

02/01/29

.....

5,015

5,396,595

Series

2017E

,

RB

,

5.00

%

,

02/01/30

.....

1,815

1,947,340

Series

2019C

,

RB

,

5.00

%

,

02/01/30

.....

2,775

3,041,658

Series

2022A

,

RB

,

5.00

%

,

02/01/30

.....

12,260

13,754,980

Series

2017C

,

RB

,

5.00

%

,

02/01/30

.....

3,800

4,001,878

Security

Par

(000)

Par

(000)

Value

Virginia

(continued)

Series

2021A

,

RB

,

5.00

%

,

02/01/30

.....

USD

6,340

$

7,113,097

Series

A

,

RB

,

4.00

%

,

02/01/31

.........

4,300

4,325,417

Series

2017C

,

RB

,

5.00

%

,

02/01/31

.....

1,830

1,922,287

Series

2017E

,

RB

,

5.00

%

,

02/01/31

.....

1,025

1,095,158

Series

2015A

,

RB

,

4.00

%

,

02/01/32

.....

3,000

3,002,027

Series

2022A

,

RB

,

5.00

%

,

02/01/32

.....

3,015

3,474,193

Series

2022A

,

RB

,

3.50

%

,

02/01/34

.....

2,000

2,020,209

Series

2023B

,

RB

,

5.00

%

,

02/01/34

.....

3,500

4,062,636

Series

2019A

,

RB

,

3.00

%

,

02/01/36

.....

5,000

4,677,581

Series

2024A

,

RB

,

5.00

%

,

02/01/36

.....

18,575

21,633,626

Series

2022A

,

RB

,

5.00

%

,

02/01/38

.....

1,790

2,012,151

Series

2023A

,

RB

,

5.00

%

,

02/01/38

.....

3,375

3,857,948

Series

2022A

,

RB

,

5.00

%

,

02/01/39

.....

2,000

2,230,127

Series

2021A

,

RB

,

3.00

%

,

02/01/40

.....

2,485

2,216,680

Series

2022A

,

RB

,

5.00

%

,

02/01/40

.....

6,955

7,712,762

Series

2022A

,

RB

,

5.25

%

,

02/01/41

.....

5,000

5,598,974

Series

2021C

,

RB

,

3.00

%

,

09/01/51

(

ST

INTERCEPT

)

..................

7,110

5,736,004

Virginia

Commonwealth

Transportation

Board

Series

2017A

,

RB

,

5.00

%

,

05/15/26

.....

4,375

4,558,624

Series

2017

,

RB

,

5.00

%

,

09/15/26

......

3,115

3,268,878

Series

2017A

,

RB

,

5.00

%

,

05/15/27

.....

2,465

2,625,193

Series

2024

,

RB

,

5.00

%

,

05/15/27

......

8,400

8,945,892

Series

2017

,

RB

,

5.00

%

,

09/15/27

......

1,110

1,191,064

Series

2017A

,

RB

,

5.00

%

,

05/15/30

.....

21,035

22,457,751

Series

2024

,

RB

,

5.00

%

,

05/15/32

......

7,560

8,745,984

Series

2022

,

RB

,

4.00

%

,

05/15/33

......

12,360

13,245,782

Series

2017A

,

RB

,

5.00

%

,

05/15/33

.....

2,275

2,409,115

Series

2017A

,

RB

,

4.00

%

,

05/15/35

.....

1,000

1,016,033

Series

2022

,

RB

,

4.00

%

,

05/15/35

......

8,000

8,494,749

Series

2017A

,

RB

,

4.00

%

,

05/15/36

.....

4,985

5,053,560

Series

2018

,

RB

,

4.00

%

,

05/15/41

......

16,050

16,179,289

Series

2017

,

RB

,

4.00

%

,

05/15/42

......

14,260

14,281,544

Virginia

Public

Building

Authority

Series

C

,

RB

,

4.00

%

,

08/01/25

.........

255

255,033

Series

B

,

RB

,

5.00

%

,

08/01/25

.........

1,975

2,018,492

Series

C

,

RB

,

4.00

%

,

08/01/26

.........

3,660

3,660,471

Series

2022A

,

RB

,

5.00

%

,

08/01/26

.....

4,000

4,183,936

Series

2017A

,

RB

,

5.00

%

,

08/01/27

.....

3,015

3,228,111

Series

2017A

,

RB

,

5.00

%

,

08/01/28

.....

1,175

1,252,469

Series

2022A

,

RB

,

5.00

%

,

08/01/28

.....

6,000

6,559,394

Series

2021A-2

,

RB

,

4.00

%

,

08/01/34

....

2,000

2,106,720

Series

2022A

,

RB

,

5.00

%

,

08/01/38

.....

1,010

1,138,456

Series

2024A

,

RB

,

5.00

%

,

08/01/43

.....

17,125

19,442,670

Series

2024A

,

RB

,

5.00

%

,

08/01/44

.....

7,340

8,300,785

Virginia

Public

School

Authority

Series

2015A

,

RB

,

5.00

%

,

08/01/26

(

ST

INTERCEPT

)

..................

1,515

1,547,782

Series

2015A

,

RB

,

5.00

%

,

08/01/27

(

ST

INTERCEPT

)

..................

5,000

5,105,432

Series

2015A

,

RB

,

5.00

%

,

08/01/28

(

ST

INTERCEPT

)

..................

1,940

1,980,907

Series

2022B

,

RB

,

5.00

%

,

08/01/29

(

SAW

)

2,685

2,989,908

Series

2022B

,

RB

,

5.00

%

,

08/01/47

(

SAW

)

3,410

3,716,984

Virginia

Resources

Authority,

Series

2024A,

RB,

5.00%, 11/01/54

.................

7,485

8,311,543

Virginia

Resources

Authority

Clean

Water

Revolving

Fund,

Series

2014B,

RB,

5.00%, 10/01/26

.................

26,155

26,198,046

733,599,846

Washington

—

4.5%

Central

Puget

Sound

Regional

Transit

Authority

Series

2021S-1

,

RB

,

5.00

%

,

11/01/27

....

1,630

1,753,544

Series

2021S-1

,

RB

,

5.00

%

,

11/01/28

....

1,505

1,653,425

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

64

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Washington

(continued)

Series

2015S-1

,

RB

,

5.00

%

,

11/01/29

....

USD

3,500

$

3,596,170

Series

2015S-1

,

RB

,

5.00

%

,

11/01/31

....

1,250

1,284,346

Series

2015S-1

,

RB

,

4.00

%

,

11/01/34

....

10,040

10,201,817

Series

2015S-1

,

RB

,

5.00

%

,

11/01/36

....

4,500

4,623,647

Series

2021S-1

,

RB

,

5.00

%

,

11/01/36

....

3,000

3,375,934

Series

2015S-1

,

RB

,

5.00

%

,

11/01/45

....

19,870

20,415,970

Series

2016S-1

,

RB

,

5.00

%

,

11/01/46

....

3,170

3,755,345

City

of

Seattle

Series

2019B

,

RB

,

5.00

%

,

02/01/25

.....

4,570

4,611,718

Series

2023A

,

RB

,

5.00

%

,

03/01/32

.....

11,735

13,510,065

Series

2021A

,

RB

,

4.00

%

,

07/01/39

.....

3,735

3,795,147

Series

2012A

,

RB

,

4.00

%

,

06/01/41

.....

23,985

23,908,908

Series

2021A

,

RB

,

4.00

%

,

07/01/41

.....

22,145

22,289,013

Series

2022

,

RB

,

5.00

%

,

07/01/43

......

2,360

2,581,759

Series

2014

,

RB

,

4.00

%

,

09/01/44

......

4,500

4,493,487

Series

2018A

,

RB

,

4.00

%

,

01/01/45

.....

13,125

12,948,268

Series

2015A

,

RB

,

4.00

%

,

05/01/45

.....

1,765

1,739,028

Series

2023B

,

RB

,

VRDN

(

TD

Bank

NA

LOC

),

3.90

%

,

09/03/24

(b)

...........

64,040

64,040,000

Series

2022

,

RB

,

5.00

%

,

07/01/47

......

10,000

10,859,254

Series

2017C

,

RB

,

4.00

%

,

09/01/47

.....

3,135

3,078,728

Series

2021A

,

RB

,

4.00

%

,

07/01/51

.....

4,865

4,690,019

City

of

Tacoma,

Series

2022,

RB,

4.00%, 12/01/51

.................

19,440

18,836,376

City

of

Tacoma

Electric

System

Series

2013A

,

RB

,

4.00

%

,

01/01/42

.....

1,000

978,386

Series

2024A

,

RB

,

5.00

%

,

01/01/54

.....

2,500

2,697,642

County

of

King

Series

2021A

,

GO

,

4.00

%

,

01/01/25

.....

4,010

4,025,206

Series

2016B

,

RB

,

5.00

%

,

07/01/25

.....

5,720

5,832,972

Series

2016B

,

RB

,

5.00

%

,

07/01/27

.....

1,780

1,854,762

Series

2021A

,

GO

,

5.00

%

,

01/01/28

.....

3,270

3,529,384

Series

2023

,

RB

,

5.00

%

,

01/01/28

......

5,000

5,389,968

Series

2023A

,

GO

,

5.00

%

,

12/01/28

.....

2,515

2,766,638

Series

2021A

,

GO

,

5.00

%

,

01/01/31

.....

7,000

7,958,387

Series

2024A

,

RB

,

5.00

%

,

01/01/36

.....

5,000

5,864,718

Series

2024A

,

RB

,

5.00

%

,

01/01/37

.....

5,000

5,824,495

Series

2024A

,

RB

,

5.00

%

,

01/01/38

.....

2,000

2,320,423

Series

2024A

,

RB

,

5.00

%

,

01/01/39

.....

3,000

3,446,599

Series

2015A

,

RB

,

5.00

%

,

07/01/40

.....

2,220

2,235,237

Series

2024

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

),

3.80

%

,

09/03/24

(b)

..........

61,625

61,625,000

Series

2023

,

RB

,

4.00

%

,

01/01/45

......

14,885

14,912,207

Series

2019B

,

GO

,

VRDN

(

TD

Bank

NA

SBPA

),

3.40

%

,

09/04/24

(b)

..........

4,935

4,935,000

Series

2019A

,

GO

,

VRDN

(

TD

Bank

NA

SBPA

),

3.90

%

,

09/03/24

(b)

..........

54,645

54,645,000

Series

2016B

,

RB

,

5.00

%

,

07/01/46

.....

3,000

3,083,730

Series

2020A

,

RB

,

4.00

%

,

01/01/47

.....

3,385

3,368,453

Series

2020A

,

RB

,

4.00

%

,

01/01/52

.....

27,000

26,585,161

Series

2024A

,

RB

,

5.25

%

,

01/01/55

.....

24,585

27,300,150

Energy

Northwest

Series

2018C

,

RB

,

5.00

%

,

07/01/25

.....

3,805

3,878,789

Series

2015C

,

RB

,

5.00

%

,

07/01/25

.....

1,030

1,049,974

Series

2022A

,

RB

,

5.00

%

,

07/01/26

.....

3,340

3,486,081

Series

2015A

,

RB

,

5.00

%

,

07/01/26

.....

2,170

2,213,303

Series

2021A

,

RB

,

5.00

%

,

07/01/26

.....

3,575

3,731,359

Series

2017A

,

RB

,

5.00

%

,

07/01/26

.....

3,100

3,235,584

Series

2020A

,

RB

,

5.00

%

,

07/01/27

.....

1,000

1,066,505

Series

2018C

,

RB

,

5.00

%

,

07/01/27

.....

1,000

1,066,505

Series

2018C

,

RB

,

5.00

%

,

07/01/28

.....

3,575

3,893,853

Series

2022A

,

RB

,

5.00

%

,

07/01/28

.....

1,555

1,693,690

Series

2017A

,

RB

,

5.00

%

,

07/01/28

.....

8,110

8,633,362

Series

2018C

,

RB

,

5.00

%

,

07/01/30

.....

5,525

5,974,451

Series

2018C

,

RB

,

5.00

%

,

07/01/31

.....

1,050

1,132,527

Security

Par

(000)

Par

(000)

Value

Washington

(continued)

Series

2022A

,

RB

,

5.00

%

,

07/01/32

.....

USD

5,405

$

6,248,245

Series

2015A

,

RB

,

5.00

%

,

07/01/33

.....

2,500

2,539,838

Series

2015A

,

RB

,

5.00

%

,

07/01/34

.....

2,000

2,031,377

Series

2022A

,

RB

,

5.00

%

,

07/01/36

.....

13,105

14,921,785

Series

2020A

,

RB

,

5.00

%

,

07/01/36

.....

1,000

1,102,370

Series

2019A

,

RB

,

5.00

%

,

07/01/37

.....

33,235

36,027,242

Series

2015A

,

RB

,

4.00

%

,

07/01/38

.....

2,000

1,996,265

Series

2015A

,

RB

,

5.00

%

,

07/01/38

.....

10,585

10,719,777

Series

2024A

,

RB

,

5.00

%

,

07/01/39

.....

11,000

12,637,528

Series

2023A

,

RB

,

5.00

%

,

07/01/39

.....

13,000

14,764,884

Series

2024A

,

RB

,

5.00

%

,

07/01/40

.....

8,000

9,134,170

Series

2021A

,

RB

,

5.00

%

,

07/01/41

.....

12,090

13,233,701

Series

2021A

,

RB

,

4.00

%

,

07/01/42

.....

10,360

10,443,543

Grant

County

Public

Utility

District

No.

2

Priest

Rapids

Hydroelectric

Project

(c)

Series

2024B

,

RB

,

5.00

%

,

01/01/39

.....

2,000

2,297,660

Series

2024B

,

RB

,

5.00

%

,

01/01/40

.....

3,000

3,425,210

King

&

Snohomish

Counties

School

District

No.

417

Northshore

Series

2018

,

GO

,

5.00

%

,

12/01/35

(

GTD

)

.

1,000

1,069,398

Series

2018

,

GO

,

5.00

%

,

12/01/36

(

GTD

)

.

3,015

3,216,493

King

County

School

District

No.

210

Federal

Way,

Series

2018,

GO,

3.60%, 12/01/37

(GTD)

.......................

21,945

21,967,463

King

County

School

District

No.

414

Lake

Washington,

Series

2020,

GO,

4.00%, 12/01/28

(GTD)

.............

5,540

5,851,945

Kitsap

County

School

District

No.

100-C

Bremerton,

Series

2024,

GO,

5.25%, 12/01/47

(GTD)

.......................

7,150

7,997,641

Pierce

County

School

District

No.

10

Tacoma,

Series

2015,

GO,

5.00%, 12/01/39

(GTD)

.

2,000

2,061,445

Pierce

County

School

District

No.

3

Puyallup,

Series

2017,

GO,

5.00%, 12/01/34

(GTD)

.

5,900

6,220,070

Pierce

County

School

District

No.

403

Bethel

Series

2024

,

GO

,

5.00

%

,

12/01/42

(

GTD

)

.

10,290

11,549,046

Series

2024

,

GO

,

5.00

%

,

12/01/43

(

GTD

)

.

3,500

3,911,383

Port

of

Seattle

Series

2022A

,

RB

,

5.00

%

,

08/01/30

.....

3,075

3,447,286

Series

2022A

,

RB

,

5.00

%

,

08/01/31

.....

2,500

2,838,477

Series

2024A

,

RB

,

5.00

%

,

03/01/33

.....

3,000

3,459,357

Series

2024A

,

RB

,

5.00

%

,

03/01/34

.....

2,250

2,622,656

Series

2024A

,

RB

,

5.00

%

,

03/01/35

.....

3,500

4,050,183

Series

2017

,

GO

,

5.00

%

,

01/01/42

......

5,280

5,472,467

Snohomish

County

Public

Utility

District

No.

1

Electric

System,

Series

2015,

RB,

5.00%, 12/01/40

.................

1,000

1,019,731

Spokane

County

School

District

No.

81

Spokane,

Series

2021,

GO,

4.00%, 12/01/39

(GTD)

.......................

2,000

2,066,767

State

of

Washington

Series

R-2022E

,

RB

,

5.00

%

,

09/01/24

....

4,500

4,500,000

Series

R-2015B

,

GO

,

5.00

%

,

07/01/25

...

1,500

1,503,054

Series

R-2022D

,

GO

,

5.00

%

,

07/01/25

...

5,230

5,330,991

Series

R-2020C

,

GO

,

5.00

%

,

07/01/25

...

2,520

2,568,661

Series

R-2020D

,

GO

,

5.00

%

,

07/01/25

...

1,550

1,579,930

Series

R-2023A

,

GO

,

5.00

%

,

08/01/25

...

26,145

26,704,072

Series

2022C

,

GO

,

5.00

%

,

02/01/26

.....

10,000

10,343,002

Series

R-2015B

,

GO

,

5.00

%

,

07/01/26

...

1,050

1,052,208

Series

R-2018C

,

GO

,

5.00

%

,

08/01/26

...

5,680

5,945,530

Series

R-2022D

,

GO

,

4.00

%

,

07/01/27

...

36,300

37,725,595

Series

R-2016B

,

GO

,

5.00

%

,

07/01/27

...

1,000

1,030,589

Series

R-2018D

,

GO

,

5.00

%

,

08/01/27

...

1,060

1,133,999

Series

2022C

,

GO

,

5.00

%

,

02/01/28

.....

2,000

2,162,881

Series

R-2022D

,

GO

,

4.00

%

,

07/01/28

...

9,020

9,479,253

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

65

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Washington

(continued)

Series

R-2022C

,

GO

,

4.00

%

,

07/01/28

...

USD

4,295

$

4,513,680

Series

R-2015C

,

GO

,

5.00

%

,

07/01/28

...

1,500

1,510,102

Series

R-2015E

,

GO

,

5.00

%

,

07/01/28

...

1,535

1,545,337

Series

R-2016B

,

GO

,

5.00

%

,

07/01/28

...

10,500

10,815,624

Series

R-2018C

,

GO

,

5.00

%

,

08/01/28

...

1,705

1,815,617

Series

R-2018D

,

GO

,

5.00

%

,

08/01/28

...

1,495

1,591,993

Series

2023B

,

GO

,

5.00

%

,

02/01/29

.....

16,135

17,813,368

Series

2022C

,

GO

,

5.00

%

,

02/01/29

.....

2,210

2,439,885

Series

R-2022C

,

GO

,

4.00

%

,

07/01/29

...

53,230

56,599,177

Series

R-2015C

,

GO

,

5.00

%

,

07/01/29

...

6,455

6,496,131

Series

R-2016B

,

GO

,

5.00

%

,

07/01/29

...

3,210

3,304,366

Series

R-2023A

,

GO

,

5.00

%

,

08/01/29

...

8,725

9,728,620

Series

R-2018C

,

GO

,

5.00

%

,

08/01/29

...

6,475

6,889,471

Series

2022C

,

GO

,

5.00

%

,

02/01/30

.....

1,840

2,067,757

Series

R-2022C

,

GO

,

4.00

%

,

07/01/30

...

12,785

13,670,200

Series

R-2015C

,

GO

,

5.00

%

,

07/01/30

...

3,140

3,159,698

Series

2022C

,

GO

,

5.00

%

,

02/01/31

.....

2,600

2,963,696

Series

R-2015E

,

GO

,

5.00

%

,

07/01/31

...

3,000

3,018,424

Series

R-2015D

,

GO

,

5.00

%

,

07/01/31

...

2,240

2,253,757

Series

R-2016B

,

GO

,

5.00

%

,

07/01/31

...

1,745

1,793,300

Series

R-2024C

,

GO

,

5.00

%

,

08/01/31

...

11,650

13,370,740

Series

R-2015D

,

GO

,

5.00

%

,

07/01/32

...

2,000

2,012,085

Series

R-2015C

,

GO

,

5.00

%

,

07/01/32

...

2,220

2,233,415

Series

2016A-1

,

GO

,

5.00

%

,

08/01/32

....

2,500

2,542,033

Series

R-2018D

,

GO

,

5.00

%

,

08/01/32

...

3,000

3,176,477

Series

R-2022C

,

GO

,

4.00

%

,

07/01/33

...

10,000

10,739,951

Series

R-2015E

,

GO

,

5.00

%

,

07/01/33

...

4,395

4,421,268

Series

R-2016B

,

GO

,

5.00

%

,

07/01/33

...

3,000

3,079,477

Series

R-2017A

,

GO

,

5.00

%

,

08/01/33

...

3,915

4,063,027

Series

R-2018D

,

GO

,

5.00

%

,

08/01/33

...

5,410

5,718,934

Series

2019C

,

GO

,

5.00

%

,

02/01/34

.....

1,460

1,584,610

Series

2020C

,

GO

,

5.00

%

,

02/01/34

.....

4,560

5,040,350

Series

R-2018D

,

GO

,

5.00

%

,

08/01/34

...

7,000

7,397,723

Series

R-2017A

,

GO

,

5.00

%

,

08/01/34

...

3,000

3,111,730

Series

R-2023A

,

GO

,

5.00

%

,

08/01/34

...

27,595

32,240,682

Series

2021F

,

GO

,

5.00

%

,

06/01/35

.....

2,325

2,616,539

Series

R-2018D

,

GO

,

5.00

%

,

08/01/35

...

3,000

3,167,875

Series

2023A

,

GO

,

5.00

%

,

08/01/36

.....

5,820

6,622,800

Series

R-2022A

,

GO

,

4.00

%

,

02/01/37

...

11,550

12,057,993

Series

R-2024A

,

GO

,

5.00

%

,

02/01/37

...

8,695

10,066,197

Series

2019A

,

GO

,

5.00

%

,

08/01/37

.....

2,300

2,457,371

Series

2017A

,

GO

,

5.00

%

,

08/01/37

.....

1,345

1,390,781

Series

R-2022B

,

GO

,

4.00

%

,

02/01/38

...

1,000

1,039,598

Series

2019C

,

GO

,

5.00

%

,

02/01/38

.....

3,000

3,223,407

Series

R-2024A

,

GO

,

5.00

%

,

02/01/38

...

5,000

5,764,667

Series

R-2023B

,

GO

,

5.00

%

,

07/01/38

...

1,185

1,354,338

Series

2020A

,

GO

,

5.00

%

,

08/01/38

.....

1,500

1,620,396

Series

2018C

,

GO

,

5.00

%

,

02/01/39

.....

1,000

1,052,694

Series

2020C

,

GO

,

5.00

%

,

02/01/39

.....

6,565

7,116,650

Series

2020A

,

GO

,

5.00

%

,

08/01/39

.....

2,000

2,153,537

Series

2025A

,

GO

,

5.00

%

,

08/01/39

.....

10,000

11,490,401

Series

R-2021A

,

GO

,

5.00

%

,

06/01/40

...

2,205

2,387,982

Series

R-2023B

,

GO

,

5.00

%

,

07/01/40

...

10,000

11,293,344

Series

2021A

,

GO

,

5.00

%

,

08/01/40

.....

3,000

3,254,742

Series

2024A

,

GO

,

5.00

%

,

08/01/40

.....

5,265

5,947,232

Series

2017D

,

GO

,

5.00

%

,

02/01/41

.....

2,530

2,622,379

Series

2018C

,

GO

,

5.00

%

,

02/01/41

.....

2,240

2,344,072

Series

2021C

,

GO

,

5.00

%

,

02/01/42

.....

1,500

1,630,760

Series

2017D

,

GO

,

5.00

%

,

02/01/42

.....

1,700

1,759,680

Series

2018C

,

GO

,

5.00

%

,

02/01/42

.....

14,685

15,341,196

Series

2024B

,

GO

,

5.00

%

,

06/01/42

.....

18,330

20,493,044

Series

2023A

,

GO

,

5.00

%

,

08/01/42

.....

1,745

1,928,110

Series

2018A

,

GO

,

5.00

%

,

08/01/42

.....

3,260

3,395,227

Series

2024B

,

GO

,

5.00

%

,

06/01/43

.....

9,315

10,336,169

Series

2025A

,

GO

,

5.00

%

,

08/01/43

.....

15,000

16,815,243

Security

Par

(000)

Par

(000)

Value

Washington

(continued)

Series

2023B

,

GO

,

5.00

%

,

02/01/44

.....

USD

1,120

$

1,234,436

Series

2021C

,

GO

,

5.00

%

,

02/01/45

.....

16,400

17,675,951

Series

2023B

,

GO

,

5.00

%

,

02/01/45

.....

32,110

35,301,557

Series

2024B

,

GO

,

5.00

%

,

06/01/45

.....

3,685

4,061,890

Series

2024A

,

GO

,

5.00

%

,

08/01/45

.....

25,000

27,598,885

Series

2023A

,

GO

,

5.00

%

,

08/01/45

.....

10,140

11,094,484

Series

2022C

,

GO

,

5.00

%

,

02/01/46

.....

8,385

9,079,597

Series

2023A

,

GO

,

5.00

%

,

08/01/46

.....

10,145

11,034,374

Series

2023A

,

GO

,

5.00

%

,

08/01/47

.....

13,795

14,967,083

Series

2024C

,

GO

,

5.00

%

,

02/01/48

.....

15,000

16,426,829

Series

2024A

,

GO

,

5.00

%

,

08/01/48

.....

5,000

5,454,335

Series

2024C

,

GO

,

5.00

%

,

02/01/49

.....

1,400

1,529,959

Series

2024D

,

GO

,

5.00

%

,

06/01/49

.....

17,925

19,637,282

University

of

Washington,

Series

2024B,

RB,

5.00%, 07/01/41

.................

9,785

11,042,408

Washington

State

University,

Series

2015,

RB,

5.00%, 04/01/40

.................

2,055

2,071,392

1,491,360,228

West

Virginia

—

0.0%

State

of

West

Virginia

Series

2021A

,

GO

,

5.00

%

,

06/01/32

.....

2,600

2,956,658

Series

2019A

,

GO

,

5.00

%

,

06/01/41

.....

2,545

2,701,920

Series

2018B

,

GO

,

5.00

%

,

12/01/41

.....

2,000

2,086,742

Series

2018B

,

GO

,

4.00

%

,

06/01/42

.....

4,895

4,857,121

Series

2018B

,

GO

,

4.00

%

,

12/01/42

.....

3,000

2,977,761

Series

2019A

,

GO

,

5.00

%

,

12/01/43

.....

4,920

5,194,906

West

Virginia

Commissioner

of

Highways,

Series

2017A,

RB,

5.00%, 09/01/26

.........

1,465

1,528,359

West

Virginia

Parkways

Authority

Series

2018

,

RB

,

5.00

%

,

06/01/43

......

3,500

3,642,927

Series

2021

,

RB

,

5.00

%

,

06/01/47

......

3,500

3,728,384

Series

2021

,

RB

,

4.00

%

,

06/01/51

......

1,755

1,686,754

31,361,532

Wisconsin

—

0.6%

State

of

Wisconsin

Series

2014-4

,

GO

,

5.00

%

,

05/01/25

.....

4,170

4,182,224

Series

2017A

,

GO

,

5.00

%

,

05/01/25

.....

1,500

1,523,885

Series

2021-2

,

GO

,

5.00

%

,

05/01/25

.....

4,240

4,309,762

Series

2017-2

,

GO

,

5.00

%

,

11/01/25

.....

1,655

1,702,118

Series

2014-4

,

GO

,

5.00

%

,

05/01/26

.....

6,350

6,368,614

Series

2017-2

,

GO

,

5.00

%

,

11/01/26

.....

3,080

3,242,471

Series

2015-1

,

GO

,

5.00

%

,

05/01/27

.....

1,750

1,774,333

Series

2021-1

,

GO

,

5.00

%

,

05/01/27

.....

5,420

5,772,285

Series

2014-4

,

GO

,

5.00

%

,

05/01/27

.....

2,500

2,507,394

Series

2017-2

,

GO

,

5.00

%

,

11/01/27

.....

3,925

4,173,592

Series

2017-3

,

GO

,

5.00

%

,

11/01/27

.....

1,000

1,063,070

Series

2019A

,

RB

,

5.00

%

,

05/01/28

.....

2,000

2,127,451

Series

2021-2

,

GO

,

5.00

%

,

05/01/28

.....

1,000

1,088,823

Series

2017-1

,

GO

,

5.00

%

,

11/01/28

.....

6,460

6,846,856

Series

2021-1

,

GO

,

5.00

%

,

05/01/29

.....

4,000

4,446,658

Series

2016-2

,

GO

,

5.00

%

,

11/01/29

.....

2,000

2,074,830

Series

2022-4

,

GO

,

5.00

%

,

05/01/31

.....

5,855

6,691,694

Series

2023-2

,

GO

,

5.00

%

,

05/01/32

.....

10,000

11,582,475

Series

2024-1

,

GO

,

5.00

%

,

05/01/32

.....

5,000

5,791,238

Series

2023-2

,

GO

,

5.00

%

,

05/01/33

.....

10,000

11,734,580

Series

2023-2

,

GO

,

5.00

%

,

05/01/34

.....

19,650

22,966,680

Series

2017-3

,

GO

,

4.00

%

,

11/01/34

.....

2,020

2,060,853

Series

2022A

,

GO

,

5.00

%

,

05/01/35

.....

5,265

5,944,247

Series

2023-2

,

GO

,

5.00

%

,

05/01/35

.....

3,310

3,855,818

Series

2022A

,

GO

,

5.00

%

,

05/01/36

.....

2,755

3,099,553

Series

2023A

,

GO

,

5.00

%

,

05/01/36

.....

4,575

5,230,699

Series

2021A

,

GO

,

4.00

%

,

05/01/39

.....

9,635

9,749,260

Series

2021B

,

GO

,

4.00

%

,

05/01/41

.....

5,000

5,058,325

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

66

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

August

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Par

(000)

Par

(000)

Value

Wisconsin

(continued)

Series

2021B

,

GO

,

4.00

%

,

05/01/42

.....

USD

3,225

$

3,257,681

Series

2023B

,

GO

,

5.00

%

,

05/01/42

.....

11,790

13,097,163

Series

2023B

,

GO

,

5.00

%

,

05/01/43

.....

1,545

1,710,048

Series

2023B

,

GO

,

5.00

%

,

05/01/44

.....

12,475

13,762,334

State

of

Wisconsin

Environmental

Improvement

Fund

Series

2024A

,

RB

,

5.00

%

,

06/01/33

.....

21,790

25,500,844

Series

2021A

,

RB

,

4.00

%

,

06/01/35

.....

3,465

3,627,267

Wisconsin

Department

of

Transportation

Series

2017-2

,

RB

,

5.00

%

,

07/01/26

.....

1,060

1,107,717

Series

2017-1

,

RB

,

5.00

%

,

07/01/27

.....

1,000

1,069,082

Series

2017-1

,

RB

,

5.00

%

,

07/01/28

.....

2,000

2,126,362

Series

2017-2

,

RB

,

5.00

%

,

07/01/28

.....

5,700

6,068,148

Series

2019A

,

RB

,

5.00

%

,

07/01/36

.....

3,025

3,241,942

Series

2023A

,

RB

,

5.00

%

,

07/01/42

.....

4,585

5,173,789

Wisconsin

Health

&

Educational

Facilities

Authority,

Series

2016,

RB,

5.00%, 12/01/41

3,075

3,159,927

229,872,092

Total

Long-Term

Investments

—

99

.9

%

(Cost:

$

38,859,824,326

)

............................

38,662,189,434

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

0.0%

BlackRock

Liquidity

MuniCash

Funds:

Institutional

Shares

,

2.77

%

(d)

(e)

.........

56,128

56,133

Total

Short-Term

Securities

—

0

.0

%

(Cost:

$

56,133

)

.................................

56,133

Total

Investments

—

99

.9

%

(Cost:

$

38,859,880,459

)

............................

38,662,245,567

Other

Assets

Less

Liabilities

—

0.1

%

....................

40,945,954

Net

Assets

—

100.0%

...............................

$

38,703,191,521

(a)

Zero-coupon

bond.

(b)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(c)

When-issued

security.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

02/29/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/24

Shares

Held

at

08/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

MuniCash

Funds:

Institutional

Shares

$

3,570,998

$

—

$

(

3,514,865

)

(a)

$

—

$

—

$

56,133

56,128

$

142,064

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

National

Muni

Bond

ETF

Schedule

of

Investments

67

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Municipal

Bonds

.........................................

$

—

$

38,662,189,434

$

—

$

38,662,189,434

Short-Term

Securities

Money

Market

Funds

......................................

56,133

—

—

56,133

$

56,133

$

38,662,189,434

$

—

$

38,662,245,567

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

August

31,

2024

iShares

®

New

York

Muni

Bond

ETF

68

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Municipal

Bonds

New

York

—

99.9%

Battery

Park

City

Authority

Series

2023B

,

RB

,

5.00

%

,

11/01/25

.....

USD

2,035

$

2,095,488

Series

2023B

,

RB

,

5.00

%

,

11/01/31

.....

1,000

1,165,934

Series

2023B

,

RB

,

5.00

%

,

11/01/32

.....

1,000

1,182,313

Series

2019D-2

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

3.80

%

,

09/03/24

(a)

..........

3,130

3,130,000

Series

2019B

,

RB

,

5.00

%

,

11/01/38

.....

1,000

1,094,592

Series

2019B

,

RB

,

5.00

%

,

11/01/39

.....

715

780,433

Series

2019B

,

RB

,

5.00

%

,

11/01/40

.....

1,000

1,088,104

Series

2023A

,

RB

,

5.00

%

,

11/01/42

.....

1,230

1,399,917

Series

2019A

,

RB

,

4.00

%

,

11/01/44

.....

2,485

2,469,773

Series

2023A

,

RB

,

5.00

%

,

11/01/44

.....

1,000

1,125,952

Series

2023A

,

RB

,

5.00

%

,

11/01/48

.....

1,300

1,440,178

Series

2019A

,

RB

,

5.00

%

,

11/01/49

.....

1,000

1,069,031

Series

2023A

,

RB

,

5.00

%

,

11/01/53

.....

1,335

1,465,989

Buffalo

&

Fort

Erie

Public

Bridge

Authority,

Series

2017,

RB,

5.00%, 01/01/47

......

2,000

2,045,318

Buffalo

Municipal

Water

Finance

Authority

Series

2019A

,

RB

,

5.00

%

,

07/01/48

(

AGM

)

1,750

1,799,538

Series

2021A

,

RB

,

4.00

%

,

07/01/51

(

AGM

)

1,675

1,625,940

City

of

Albany,

Series

2022,

GO,

4.00%, 03/15/31

.................

1,940

2,055,551

City

of

New

York

Series

2018A

,

GO

,

5.00

%

,

08/01/25

.....

200

204,344

Series

2018C

,

GO

,

5.00

%

,

08/01/25

.....

390

398,470

Series

C

,

GO

,

5.00

%

,

08/01/25

........

275

280,972

Series

A

,

GO

,

5.00

%

,

08/01/26

........

250

255,243

Series

2022C

,

GO

,

5.00

%

,

08/01/26

.....

2,000

2,093,753

Series

2023F-1

,

GO

,

5.00

%

,

08/01/27

....

2,945

3,146,690

Series

2024D

,

GO

,

5.00

%

,

04/01/28

.....

1,500

1,622,762

Series

C

,

GO

,

5.00

%

,

08/01/28

........

1,145

1,192,304

Series

2023F-1

,

GO

,

5.00

%

,

08/01/28

....

825

898,515

Series

2018A

,

GO

,

5.00

%

,

08/01/28

.....

1,775

1,888,298

Series

2023F-1

,

GO

,

5.00

%

,

08/01/29

....

2,000

2,215,828

Series

2021A-1

,

GO

,

5.00

%

,

08/01/29

....

1,500

1,661,871

Series

2023-1

,

GO

,

5.00

%

,

08/01/29

.....

2,000

2,215,828

Series

2020B-1

,

GO

,

5.00

%

,

10/01/30

....

1,340

1,477,569

Series

2022D-1

,

GO

,

5.00

%

,

05/01/31

...

1,450

1,652,306

Series

2025,

Sub-Series

C-1

,

GO

,

5.00

%

,

09/01/31

(b)

...............

1,000

1,144,101

Series

2023B-1

,

GO

,

5.00

%

,

10/01/31

....

1,000

1,145,730

Series

2024C

,

GO

,

5.00

%

,

03/01/33

.....

750

868,872

Series

2024D

,

GO

,

5.00

%

,

04/01/33

.....

2,255

2,614,948

Series

2015C

,

GO

,

5.00

%

,

08/01/33

.....

250

251,926

Series

2017A

,

GO

,

5.00

%

,

08/01/33

.....

500

516,562

Series

2017B-1

,

GO

,

5.00

%

,

12/01/33

....

565

586,758

Series

2021A-1

,

GO

,

4.00

%

,

08/01/34

....

2,000

2,074,766

Series

2025A

,

GO

,

5.00

%

,

08/01/34

.....

1,000

1,175,670

Series

2024A

,

GO

,

5.00

%

,

08/01/34

.....

3,500

4,056,085

Series

2023-1

,

GO

,

5.00

%

,

08/01/34

.....

2,500

2,897,203

Series

2023F-1

,

GO

,

5.00

%

,

08/01/34

....

1,500

1,738,322

Series

2015FF-1

,

GO

,

5.00

%

,

06/01/35

...

500

506,919

Series

2023B-1

,

GO

,

5.00

%

,

10/01/35

....

2,905

3,316,866

Series

2019D-1

,

GO

,

5.00

%

,

12/01/35

...

500

535,576

Series

2017A

,

GO

,

5.00

%

,

08/01/37

.....

500

515,155

Series

2021F-1

,

GO

,

4.00

%

,

03/01/38

....

1,000

1,019,506

Series

2024D

,

GO

,

5.00

%

,

04/01/39

.....

1,440

1,635,621

Series

2019D-1

,

GO

,

5.00

%

,

12/01/39

...

1,320

1,402,681

Series

2020D-1

,

GO

,

5.00

%

,

03/01/40

...

1,120

1,205,653

Series

2022A-1

,

GO

,

4.00

%

,

08/01/40

....

900

907,030

Series

2018E-1

,

GO

,

4.00

%

,

03/01/41

....

400

398,718

Series

2020A-1

,

GO

,

5.00

%

,

08/01/41

....

800

852,696

Series

2023A-1

,

GO

,

5.25

%

,

09/01/41

....

3,000

3,366,290

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2019D-1

,

GO

,

4.00

%

,

12/01/41

...

USD

1,000

$

996,646

Series

2017B-1

,

GO

,

5.00

%

,

12/01/41

....

250

257,710

Series

2023A-1

,

GO

,

5.00

%

,

09/01/42

....

1,000

1,096,719

Series

2024C

,

GO

,

5.00

%

,

03/01/43

.....

3,000

3,324,513

Series

2024A

,

GO

,

5.00

%

,

08/01/43

.....

3,410

3,759,557

Series

2018F-1

,

GO

,

5.00

%

,

04/01/45

....

500

521,326

Series

2022D-1

,

GO

,

5.50

%

,

05/01/46

...

450

503,115

Series

2024D

,

GO

,

5.25

%

,

04/01/47

.....

2,000

2,227,139

Series

2023A,

Sub-Series

A-4

,

GO

,

VRDN

(

TD

Bank

NA

SBPA

),

3.80

%

,

09/03/24

(a)

4,600

4,600,000

Series

2022A-1

,

GO

,

3.00

%

,

08/01/50

....

750

581,196

Series

2025,

Sub-Series

C-1

,

GO

,

5.25

%

,

09/01/50

................

2,000

2,219,980

Series

2024C

,

GO

,

5.25

%

,

03/01/53

.....

1,365

1,505,719

Series

2024D

,

GO

,

5.25

%

,

04/01/54

.....

2,000

2,206,029

City

of

Rochester,

Series

2022II,

GO,

5.00%, 08/01/31

.................

1,000

1,130,936

City

of

Yonkers,

Series

2019A,

GO,

5.00%, 05/01/33

(BAM)

............

280

308,107

County

of

Albany,

Series

2018,

GO,

4.00%, 04/01/29

.................

125

127,326

County

of

Monroe

Series

2016B

,

GO

,

5.00

%

,

06/01/26

(

AGM

)

250

261,726

Series

2021

,

GO

,

4.00

%

,

06/01/30

......

2,145

2,265,607

County

of

Nassau

Series

2016B

,

GO

,

5.00

%

,

10/01/24

.....

1,000

1,001,589

Series

2016B

,

GO

,

5.00

%

,

10/01/25

.....

830

852,707

Series

2017C

,

GO

,

5.00

%

,

10/01/27

.....

975

1,049,335

Series

2017C

,

GO

,

5.00

%

,

10/01/31

.....

1,065

1,127,628

Series

2018B

,

GO

,

5.00

%

,

07/01/33

(

AGM

)

1,000

1,073,451

Series

2022A

,

GO

,

5.00

%

,

04/01/37

.....

2,000

2,271,358

Series

2022A

,

GO

,

4.00

%

,

04/01/39

.....

2,515

2,556,430

Series

2019B

,

GO

,

5.00

%

,

04/01/49

(

AGM

)

1,000

1,065,192

Series

2023A

,

GO

,

4.00

%

,

04/01/53

.....

2,000

1,944,671

County

of

Onondaga,

Series

2021,

GO,

3.00%, 08/15/33

.................

100

95,917

County

of

Suffolk

Series

A

,

GO

,

5.00

%

,

02/01/25

(

AGM

)

...

1,000

1,008,818

Series

2015C

,

GO

,

5.00

%

,

05/01/25

.....

2,575

2,578,529

Series

2021A

,

GO

,

5.00

%

,

06/15/25

(

BAM

)

1,115

1,135,158

Series

A

,

GO

,

5.00

%

,

02/01/26

(

AGM

)

...

1,000

1,034,269

Series

2017D

,

GO

,

4.00

%

,

10/15/28

(

BAM

)

1,000

1,041,284

County

of

Westchester

Series

2015B

,

GO

,

5.00

%

,

11/15/24

.....

125

125,521

Series

2018A

,

GO

,

5.00

%

,

12/01/24

.....

1,000

1,005,153

Series

2023A

,

GO

,

5.00

%

,

12/01/26

.....

2,000

2,116,569

Series

2022A

,

GO

,

5.00

%

,

12/15/26

.....

1,000

1,059,299

Series

2020A

,

GO

,

5.00

%

,

10/15/28

.....

1,000

1,103,688

Series

2021A

,

GO

,

5.00

%

,

10/15/28

.....

2,000

2,207,376

Series

2023A

,

GO

,

4.00

%

,

12/01/34

.....

2,000

2,170,353

Series

2022A

,

GO

,

4.00

%

,

12/15/35

.....

1,000

1,070,278

Dutchess

County

Local

Development

Corp.

Series

2017

,

RB

,

5.00

%

,

07/01/42

......

750

774,105

Series

2022

,

RB

,

5.00

%

,

07/01/52

......

1,000

1,044,720

Erie

County

Fiscal

Stability

Authority

Series

2017D

,

RB

,

5.00

%

,

09/01/37

.....

445

468,100

Series

2017D

,

RB

,

5.00

%

,

09/01/38

.....

130

136,463

Series

2017D

,

RB

,

5.00

%

,

09/01/39

.....

1,360

1,421,520

Erie

County

Industrial

Development

Agency

(The)

Series

2022A

,

RB

,

5.00

%

,

05/01/26

(

SAW

)

350

364,567

Series

2021A

,

RB

,

5.00

%

,

05/01/27

(

SAW

)

500

531,257

Series

2021A

,

RB

,

5.00

%

,

05/01/29

(

SAW

)

1,000

1,105,917

Hudson

Yards

Infrastructure

Corp.

Series

2017A

,

RB

,

5.00

%

,

02/15/25

.....

550

555,352

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

New

York

Muni

Bond

ETF

Schedule

of

Investments

69

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2017A

,

RB

,

5.00

%

,

02/15/26

.....

USD

1,750

$

1,811,425

Series

2017A

,

RB

,

5.00

%

,

02/15/29

.....

400

420,957

Series

2017A

,

RB

,

5.00

%

,

02/15/30

.....

1,100

1,154,818

Series

2017A

,

RB

,

5.00

%

,

02/15/31

.....

555

581,744

Series

2017A

,

RB

,

5.00

%

,

02/15/33

.....

500

522,917

Series

2022A

,

RB

,

5.00

%

,

02/15/34

.....

1,500

1,725,600

Series

2017A

,

RB

,

5.00

%

,

02/15/35

.....

1,400

1,460,519

Series

2017A

,

RB

,

4.00

%

,

02/15/36

.....

1,930

1,962,641

Series

2017A

,

RB

,

5.00

%

,

02/15/36

.....

2,250

2,344,837

Series

2017A

,

RB

,

5.00

%

,

02/15/38

.....

500

519,674

Series

2017A

,

RB

,

5.00

%

,

02/15/39

.....

200

207,609

Series

2022A

,

RB

,

4.00

%

,

02/15/41

.....

1,745

1,774,023

Series

2017A

,

RB

,

5.00

%

,

02/15/42

.....

200

206,534

Series

2017A

,

RB

,

5.00

%

,

02/15/45

.....

650

669,110

Series

2017A

,

RB

,

4.00

%

,

02/15/47

(

AGM

)

1,200

1,174,737

Long

Island

Power

Authority

Series

2017

,

RB

,

5.00

%

,

09/01/24

......

910

910,000

Series

2019A

,

RB

,

5.00

%

,

09/01/24

.....

400

400,000

Series

2017

,

RB

,

5.00

%

,

09/01/25

......

425

435,035

Series

2019A

,

RB

,

5.00

%

,

09/01/25

.....

700

717,525

Series

2023E

,

RB

,

5.00

%

,

09/01/26

.....

100

104,961

Series

2016B

,

RB

,

5.00

%

,

09/01/30

.....

965

1,004,208

Series

2021A

,

RB

,

5.00

%

,

09/01/30

.....

530

600,935

Series

2018

,

RB

,

5.00

%

,

09/01/33

......

1,465

1,575,643

Series

2017

,

RB

,

5.00

%

,

09/01/33

......

2,650

2,798,340

Series

2021A

,

RB

,

5.00

%

,

09/01/35

.....

1,115

1,263,883

Series

2014A

,

RB

,

5.00

%

,

09/01/35

.....

250

250,968

Series

2017

,

RB

,

5.00

%

,

09/01/35

......

1,550

1,632,298

Series

2019A

,

RB

,

3.00

%

,

09/01/36

.....

1,950

1,832,170

Series

2017

,

RB

,

5.00

%

,

09/01/36

......

1,000

1,050,731

Series

2021A

,

RB

,

4.00

%

,

09/01/38

.....

1,000

1,042,549

Series

2018

,

RB

,

5.00

%

,

09/01/38

......

2,370

2,514,760

Series

2016B

,

RB

,

5.00

%

,

09/01/41

.....

500

514,922

Series

2017

,

RB

,

5.00

%

,

09/01/42

......

4,465

4,659,864

Series

2024A

,

RB

,

5.00

%

,

09/01/42

.....

480

545,773

Series

2014A

,

RB

,

5.00

%

,

09/01/44

.....

1,490

1,495,770

Series

2015B

,

RB

,

5.00

%

,

09/01/45

.....

750

759,294

Series

2023E

,

RB

,

5.00

%

,

09/01/48

.....

2,000

2,188,444

Series

2019B

,

RB

,

VRDN

1.65

%

,

09/01/24

(a)

600

600,000

Series

2021B

,

RB

,

VRDN

1.50

%

,

09/01/26

(a)

80

76,600

Metropolitan

Transportation

Authority

Series

2017B

,

RB

,

5.00

%

,

11/15/24

.....

500

501,888

Series

2018B

,

RB

,

5.00

%

,

11/15/25

.....

250

256,569

Series

2017C-1

,

RB

,

5.00

%

,

11/15/25

....

200

205,255

Series

2017B

,

RB

,

5.00

%

,

11/15/26

.....

750

785,715

Series

2006B

,

RB

,

5.25

%

,

11/15/26

(

AGM

)

1,000

1,059,275

Series

2017C-2

,

RB

,

0.00

%

,

11/15/27

(c)

...

1,000

903,727

Series

A-2

,

RB

,

5.00

%

,

11/15/27

.......

1,255

1,323,514

Series

2017B

,

RB

,

5.00

%

,

11/15/28

.....

1,005

1,091,680

Series

2017C-2

,

RB

,

0.00

%

,

11/15/29

(c)

...

1,000

843,234

Series

C-1

,

RB

,

5.00

%

,

11/15/29

.......

1,085

1,109,520

Series

2012A

,

RB

,

0.00

%

,

11/15/30

(c)

....

1,035

846,113

Series

2016D

,

RB

,

5.00

%

,

11/15/30

.....

500

519,695

Series

2024A

,

RB

,

5.00

%

,

11/15/34

.....

1,500

1,722,821

Series

C-1

,

RB

,

5.00

%

,

11/15/34

.......

350

356,635

Series

2017C-1

,

RB

,

5.00

%

,

11/15/34

....

1,200

1,278,198

Series

2017C-1

,

RB

,

4.00

%

,

11/15/35

....

2,000

2,030,507

Series

B-1

,

RB

,

5.00

%

,

11/15/35

.......

1,000

1,053,051

Series

2016B

,

RB

,

4.00

%

,

11/15/36

.....

350

352,653

Series

2017C-1

,

RB

,

4.00

%

,

11/15/38

....

510

513,289

Series

2017C-2

,

RB

,

0.00

%

,

11/15/39

(c)

...

245

130,148

Series

2014D-1

,

RB

,

5.00

%

,

11/15/39

....

900

902,014

Series

2019C

,

RB

,

5.00

%

,

11/15/40

.....

500

530,340

Series

2015B

,

RB

,

5.00

%

,

11/15/40

.....

2,685

2,706,519

Series

2017D

,

RB

,

4.00

%

,

11/15/42

.....

1,250

1,232,209

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2020A-1

,

RB

,

4.00

%

,

11/15/43

(

AGM

)

USD

1,085

$

1,079,129

Series

2021A-1

,

RB

,

4.00

%

,

11/15/44

....

1,500

1,466,490

Series

2020A-1

,

RB

,

4.00

%

,

11/15/46

....

350

339,095

Series

2022A

,

RB

,

5.00

%

,

11/15/46

.....

1,000

1,086,090

Series

B-1

,

RB

,

5.00

%

,

11/15/46

.......

630

645,210

Series

2021A-1

,

RB

,

4.00

%

,

11/15/48

....

1,500

1,443,034

Series

2020D-3

,

RB

,

4.00

%

,

11/15/50

....

1,000

955,869

Series

A-1

,

RB

,

5.00

%

,

11/15/51

.......

1,000

1,025,766

Series

2020A-1

,

RB

,

4.00

%

,

11/15/52

....

1,000

950,621

Series

2019B

,

RB

,

5.00

%

,

11/15/52

.....

1,000

1,031,170

Series

2020C-1

,

RB

,

5.25

%

,

11/15/55

....

1,000

1,051,031

Series

A-1

,

RB

,

5.25

%

,

11/15/56

.......

200

202,883

Monroe

County

Industrial

Development

Corp.

Series

2020A

,

RB

,

5.00

%

,

07/01/25

.....

195

198,715

Series

2017C

,

RB

,

5.00

%

,

07/01/28

.....

110

117,073

Series

2017

,

RB

,

5.00

%

,

05/01/30

(

SAW

)

.

485

513,531

Series

A

,

RB

,

5.00

%

,

07/01/32

.........

280

295,239

Series

2018

,

RB

,

5.00

%

,

05/01/34

(

SAW

)

.

4,350

4,634,927

Series

2023A

,

RB

,

5.00

%

,

07/01/34

.....

2,000

2,362,700

Series

2017C

,

RB

,

4.00

%

,

07/01/36

.....

1,000

1,014,145

Series

2017D

,

RB

,

4.00

%

,

07/01/36

.....

900

912,730

Series

2017C

,

RB

,

4.00

%

,

07/01/43

.....

1,550

1,552,417

Series

2020A

,

RB

,

4.00

%

,

07/01/50

.....

1,000

972,975

Series

2023A

,

RB

,

5.00

%

,

07/01/53

.....

1,000

1,089,731

MTA

Hudson

Rail

Yards

Trust

Obligations,

Series

2016A,

RB,

5.00%, 11/15/56

.........

1,000

1,001,247

Nassau

County

Interim

Finance

Authority

Series

2021A

,

RB

,

5.00

%

,

11/15/29

.....

500

564,491

Series

2024A

,

RB

,

5.00

%

,

11/15/29

.....

1,500

1,693,472

Series

2021A

,

RB

,

5.00

%

,

11/15/31

.....

790

914,682

Series

2021A

,

RB

,

4.00

%

,

11/15/32

.....

1,000

1,088,102

Series

2021A

,

RB

,

4.00

%

,

11/15/33

.....

2,070

2,253,569

Series

2021A

,

RB

,

5.00

%

,

11/15/33

.....

305

351,126

Series

2021A

,

RB

,

5.00

%

,

11/15/34

.....

540

620,231

Series

2021A

,

RB

,

4.00

%

,

11/15/35

.....

245

264,136

Nassau

County

Sewer

&

Storm

Water

Finance

Authority,

Series

A,

RB,

5.00%, 10/01/24

..

100

100,152

New

York

City

Municipal

Water

Finance

Authority

Series

2018FF

,

RB

,

5.00

%

,

06/15/25

....

230

234,234

Series

2020CC-2

,

RB

,

5.00

%

,

06/15/25

...

810

824,912

Series

2020BB-2

,

RB

,

5.00

%

,

06/15/26

...

1,125

1,132,588

Series

2020DD-2

,

RB

,

5.00

%

,

06/15/27

...

505

519,458

Series

2022AA-2

,

RB

,

5.00

%

,

06/15/28

...

3,700

3,899,120

Series

2020DD-1

,

RB

,

5.00

%

,

06/15/30

...

1,310

1,484,372

Series

2020EE

,

RB

,

5.00

%

,

06/15/31

....

690

792,952

Series

BB-2

,

RB

,

5.00

%

,

06/15/32

......

500

527,327

Series

2016

,

RB

,

4.00

%

,

06/15/33

......

250

254,149

Series

2017EE

,

RB

,

5.00

%

,

06/15/36

....

500

524,527

Series

2019FF-2

,

RB

,

4.00

%

,

06/15/37

...

3,000

3,061,066

Series

2015GG

,

RB

,

5.00

%

,

06/15/37

....

500

506,966

Series

2022EE

,

RB

,

4.00

%

,

06/15/39

....

1,305

1,337,179

Series

2018EE

,

RB

,

5.00

%

,

06/15/40

....

300

314,618

Series

2020DD-3

,

RB

,

4.00

%

,

06/15/42

...

500

500,954

Series

2021AA-2

,

RB

,

4.00

%

,

06/15/42

...

1,500

1,502,427

Series

DD-1

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

3.80

%

,

09/03/24

(a)

...............

2,000

2,000,000

Series

2022BB-1

,

RB

,

3.00

%

,

06/15/44

...

3,400

2,885,991

Series

2024BB-2

,

RB

,

5.00

%

,

06/15/44

...

500

555,273

Series

2023DD

,

RB

,

4.13

%

,

06/15/46

....

1,500

1,491,634

Series

BB-1

,

RB

,

5.00

%

,

06/15/46

......

1,125

1,150,978

Series

2023DD

,

RB

,

5.25

%

,

06/15/46

....

2,915

3,255,194

Series

2017DD

,

RB

,

5.00

%

,

06/15/47

....

1,500

1,549,325

Series

2024BB-2

,

RB

,

5.25

%

,

06/15/47

...

2,995

3,351,844

Series

2018CC-1

,

RB

,

5.00

%

,

06/15/48

...

750

774,183

Series

2019FF-1

,

RB

,

5.00

%

,

06/15/49

...

1,070

1,129,413

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

New

York

Muni

Bond

ETF

70

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2020GG-1

,

RB

,

4.00

%

,

06/15/50

..

USD

1,000

$

980,552

Series

2020DD-1

,

RB

,

4.00

%

,

06/15/50

...

500

490,276

Series

2021CC-1

,

RB

,

4.00

%

,

06/15/51

...

3,000

2,935,645

Series

2023CC

,

RB

,

VRDN

(

Barclays

Bank

plc

SBPA

),

3.90

%

,

09/03/24

(a)

.......

1,000

1,000,000

Series

2024CC-1

,

RB

,

5.25

%

,

06/15/54

...

2,000

2,228,974

New

York

City

Transitional

Finance

Authority

Series

2025A,

Sub-Series

A-1

,

RB

,

5.00

%

,

11/01/31

................

2,000

2,285,286

Series

2024D-1

,

RB

,

5.00

%

,

11/01/33

....

2,000

2,336,134

Series

2025A,

Sub-Series

A-1

,

RB

,

5.00

%

,

11/01/33

................

1,400

1,635,294

Series

2024G-1

,

RB

,

5.00

%

,

05/01/36

....

2,500

2,897,547

Series

2024D-1

,

RB

,

5.00

%

,

11/01/36

....

1,300

1,502,809

Series

2024B

,

RB

,

5.00

%

,

05/01/38

.....

1,000

1,141,970

Series

2024G-1

,

RB

,

5.00

%

,

05/01/43

....

4,570

5,100,117

Series

2024B

,

RB

,

5.00

%

,

05/01/45

.....

2,000

2,203,267

Series

2024G-1

,

RB

,

5.00

%

,

05/01/45

....

2,500

2,765,662

Series

2024F-1

,

RB

,

5.00

%

,

02/01/46

....

2,500

2,749,549

Series

2018C-7

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

3.80

%

,

09/03/24

(a)

..........

2,550

2,550,000

Series

2024G-1

,

RB

,

5.00

%

,

05/01/47

....

1,500

1,643,111

New

York

City

Transitional

Finance

Authority

Building

Aid

Series

2018S-4A

,

RB

,

5.00

%

,

07/15/27

(

SAW

)

.......................

115

122,978

Series

2022S-1A

,

RB

,

5.00

%

,

07/15/30

(

SAW

)

.......................

195

220,329

Series

2018S-4A

,

RB

,

5.00

%

,

07/15/31

(

SAW

)

.......................

500

537,945

Series

2019S-3A

,

RB

,

5.00

%

,

07/15/31

(

SAW

)

.......................

500

537,945

Series

2019S-3A

,

RB

,

4.00

%

,

07/15/38

(

SAW

)

.......................

500

505,679

Series

2015S-2

,

RB

,

5.00

%

,

07/15/40

(

SAW

)

500

507,275

Series

2015S-1

,

RB

,

5.00

%

,

07/15/43

(

SAW

)

685

688,841

Series

2016S-1

,

RB

,

5.00

%

,

07/15/43

(

SAW

)

560

569,722

Series

2018S-3

,

RB

,

4.00

%

,

07/15/46

(

SAW

)

380

374,016

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Series

2023B-1

,

RB

,

5.00

%

,

11/01/25

....

500

513,596

Series

2021A

,

RB

,

5.00

%

,

11/01/26

.....

700

736,269

Series

2023E-1

,

RB

,

5.00

%

,

11/01/26

....

1,060

1,114,921

Series

C

,

RB

,

5.00

%

,

11/01/26

.........

115

120,958

Series

C

,

RB

,

5.00

%

,

11/01/27

.........

500

511,988

Series

2018-1

,

RB

,

5.00

%

,

11/01/27

.....

340

366,284

Series

2019A-1

,

RB

,

5.00

%

,

08/01/28

....

2,220

2,432,369

Series

2021G-1

,

RB

,

5.00

%

,

11/01/28

....

140

154,203

Series

B-1

,

RB

,

5.00

%

,

11/01/28

.......

500

511,988

Series

2016E-1

,

RB

,

5.00

%

,

02/01/29

....

750

771,424

Series

2015B-1

,

RB

,

5.00

%

,

08/01/29

....

500

501,439

Series

B-1

,

RB

,

5.00

%

,

11/01/29

.......

200

204,795

Series

C

,

RB

,

5.00

%

,

11/01/29

.........

1,000

1,053,720

Series

2021-2

,

RB

,

5.00

%

,

08/01/30

.....

2,720

3,061,025

Series

2015A-1

,

RB

,

5.00

%

,

08/01/31

....

340

340,979

Series

2023B-1

,

RB

,

5.00

%

,

11/01/31

....

1,290

1,474,009

Series

2017A-1

,

RB

,

5.00

%

,

05/01/32

....

500

515,310

Series

2015B-1

,

RB

,

5.00

%

,

08/01/32

....

885

887,547

Series

2015A-1

,

RB

,

5.00

%

,

08/01/33

....

325

325,935

Series

2018B-1

,

RB

,

5.00

%

,

08/01/33

....

1,000

1,053,368

Series

2015B-1

,

RB

,

5.00

%

,

08/01/33

....

1,150

1,153,310

Series

2018A-2

,

RB

,

5.00

%

,

08/01/33

....

1,000

1,053,368

Series

2016E-1

,

RB

,

5.00

%

,

02/01/34

....

500

512,397

Series

2017E-1

,

RB

,

5.00

%

,

02/01/34

....

1,500

1,564,729

Series

2015E-1

,

RB

,

5.00

%

,

02/01/35

....

940

947,048

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

B-1

,

RB

,

5.00

%

,

08/01/35

.......

USD

1,120

$

1,193,764

Series

B-1

,

RB

,

5.00

%

,

11/01/35

.......

1,015

1,036,294

Series

2020B-1

,

RB

,

5.00

%

,

11/01/35

....

1,535

1,665,186

Series

2017F-1

,

RB

,

5.00

%

,

05/01/36

....

1,000

1,045,171

Series

2018A-2

,

RB

,

5.00

%

,

08/01/36

....

1,000

1,049,516

Series

2016A-1

,

RB

,

5.00

%

,

08/01/36

....

1,000

1,015,749

Series

2019A-1

,

RB

,

5.00

%

,

08/01/36

....

1,000

1,063,643

Series

2022A-1

,

RB

,

4.00

%

,

11/01/36

....

1,875

1,953,134

Series

2021A

,

RB

,

5.00

%

,

11/01/36

.....

1,000

1,104,777

Series

2023B-1

,

RB

,

5.25

%

,

11/01/36

....

1,500

1,731,265

Series

2017E-1

,

RB

,

5.00

%

,

02/01/37

....

200

207,923

Series

2021C-1

,

RB

,

5.00

%

,

05/01/37

....

1,000

1,103,053

Series

2014B-1

,

RB

,

5.00

%

,

11/01/37

....

1,500

1,504,317

Series

2023D-1

,

RB

,

5.25

%

,

11/01/37

....

375

430,929

Series

2019C-1

,

RB

,

4.00

%

,

11/01/38

....

1,000

1,016,905

Series

2021G-1

,

RB

,

5.00

%

,

11/01/38

....

1,250

1,381,062

Series

2016E-1

,

RB

,

5.00

%

,

02/01/39

....

500

511,076

Series

2011A-4

,

RB

,

VRDN

(

Barclays

Bank

plc

SBPA

),

3.90

%

,

09/03/24

(a)

.......

2,450

2,450,000

Series

2022F-1

,

RB

,

5.00

%

,

02/01/41

....

3,500

3,859,039

Series

2015E-1

,

RB

,

5.00

%

,

02/01/41

....

1,400

1,408,201

Series

2021C-1

,

RB

,

4.00

%

,

05/01/41

....

1,410

1,419,249

Series

2023A-1

,

RB

,

5.25

%

,

08/01/42

....

5,000

5,609,403

Series

2019C-1

,

RB

,

4.00

%

,

11/01/42

....

2,590

2,591,684

Series

2018A-3

,

RB

,

4.00

%

,

08/01/43

....

3,400

3,362,162

Series

2020C-1

,

RB

,

4.00

%

,

05/01/45

....

200

198,388

Series

2019A-4

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

4.00

%

,

09/03/24

(a)

1,000

1,000,000

Series

2018B-1

,

RB

,

5.00

%

,

08/01/45

....

1,000

1,034,912

Series

2023D-1

,

RB

,

5.50

%

,

11/01/45

....

850

961,856

Series

2023F-1

,

RB

,

4.00

%

,

02/01/51

....

2,000

1,951,019

New

York

Convention

Center

Development

Corp.

Series

2015

,

RB

,

5.00

%

,

11/15/40

......

250

252,775

Series

A

,

RB

,

0.00

%

,

11/15/48

(c)

........

500

160,730

New

York

Power

Authority

Series

2022A

,

RB

,

5.00

%

,

11/15/26

(

AGM

)

505

532,761

Series

2022A

,

RB

,

5.00

%

,

11/15/27

(

AGM

)

505

545,004

Series

2022A

,

RB

,

5.00

%

,

11/15/31

(

AGM

)

1,125

1,303,669

Series

2020A

,

RB

,

4.00

%

,

11/15/50

.....

2,500

2,449,269

Series

2023A

,

RB

,

5.00

%

,

11/15/53

(

AGM

)

1,240

1,368,886

Series

2020A

,

RB

,

4.00

%

,

11/15/55

.....

1,000

983,344

Series

2020A

,

RB

,

4.00

%

,

11/15/60

.....

800

776,888

New

York

State

Dormitory

Authority

Series

B

,

RB

,

5.00

%

,

10/01/24

.........

190

190,292

Series

2018A

,

RB

,

5.00

%

,

07/01/25

.....

660

672,739

Series

B

,

RB

,

5.00

%

,

10/01/25

.........

2,100

2,156,344

Series

2017B-1

,

RB

,

5.00

%

,

02/15/26

....

670

693,168

Series

2019A

,

RB

,

5.00

%

,

07/01/26

.....

125

130,102

Series

2020A

,

RB

,

5.00

%

,

07/01/26

.....

5,000

5,230,575

Series

2015A

,

RB

,

5.00

%

,

07/01/26

.....

300

305,812

Series

2017A

,

RB

,

5.00

%

,

07/01/26

.....

1,000

1,040,820

Series

B

,

RB

,

4.00

%

,

10/01/26

.........

100

103,217

Series

F

,

RB

,

5.00

%

,

10/01/26

(

AGM,

SAW

)

25

25,033

Series

A-1

,

RB

,

5.00

%

,

10/01/26

.......

305

321,084

Series

2017B-1

,

RB

,

5.00

%

,

02/15/27

....

420

444,733

Series

2015E

,

RB

,

4.00

%

,

03/15/27

.....

400

405,754

Series

B

,

RB

,

5.00

%

,

10/01/27

.........

510

530,800

Series

A

,

RB

,

5.00

%

,

10/01/27

.........

510

549,845

Series

2019D

,

RB

,

5.00

%

,

02/15/28

.....

1,000

1,083,448

Series

2016D

,

RB

,

5.00

%

,

02/15/28

.....

200

209,360

Series

2015A

,

RB

,

5.00

%

,

03/15/28

.....

340

344,010

Series

2021B

,

RB

,

5.00

%

,

07/01/28

.....

1,000

1,088,347

Series

2017A

,

RB

,

5.00

%

,

07/01/28

.....

1,330

1,412,276

Series

2018A

,

RB

,

5.00

%

,

10/01/28

.....

505

556,712

Series

2017A

,

RB

,

5.00

%

,

02/15/29

.....

920

963,523

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

New

York

Muni

Bond

ETF

Schedule

of

Investments

71

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2015E

,

RB

,

5.00

%

,

03/15/29

.....

USD

315

$

321,848

Series

2024A

,

RB

,

5.00

%

,

10/01/29

(

AGM,

SAW

)

.......................

1,000

1,116,953

Series

2015A

,

RB

,

5.00

%

,

03/15/30

.....

400

404,391

Series

2018A

,

RB

,

5.00

%

,

07/01/30

.....

2,190

2,377,461

Series

2022A

,

RB

,

5.00

%

,

07/01/30

.....

1,000

1,100,978

Series

2015B

,

RB

,

5.00

%

,

02/15/31

.....

1,000

1,009,032

Series

2017A

,

RB

,

5.00

%

,

02/15/31

.....

2,025

2,114,767

Series

2017B-2

,

RB

,

5.00

%

,

02/15/31

....

750

790,165

Series

2015E

,

RB

,

5.00

%

,

03/15/31

.....

1,000

1,020,608

Series

2015A

,

RB

,

5.00

%

,

03/15/31

.....

1,000

1,010,712

Series

2021A

,

RB

,

5.00

%

,

03/15/31

.....

1,560

1,773,458

Series

2021E

,

RB

,

5.00

%

,

03/15/32

.....

420

483,389

Series

2002A-2

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

2.91

%

,

09/05/24

(a)

500

500,000

Series

2016A

,

RB

,

5.00

%

,

02/15/33

.....

1,500

1,557,881

Series

2020A

,

RB

,

5.00

%

,

03/15/33

.....

1,000

1,119,789

Series

2018A

,

RB

,

5.00

%

,

03/15/33

.....

800

839,721

Series

2017

,

RB

,

4.00

%

,

07/01/33

......

465

473,995

Series

2017A

,

RB

,

5.00

%

,

07/01/33

.....

840

884,584

Series

2018A

,

RB

,

5.00

%

,

07/01/33

.....

650

700,945

Series

2023A

,

RB

,

5.00

%

,

10/01/33

.....

1,475

1,766,906

Series

2015B

,

RB

,

5.00

%

,

02/15/34

.....

500

504,292

Series

2017B-2

,

RB

,

5.00

%

,

02/15/34

....

1,000

1,050,316

Series

2018A

,

RB

,

5.00

%

,

03/15/34

.....

1,000

1,063,570

Series

2019A

,

RB

,

5.00

%

,

03/15/34

.....

1,000

1,083,873

Series

2016A

,

RB

,

5.00

%

,

03/15/34

.....

1,900

1,970,589

Series

2017A

,

RB

,

5.00

%

,

07/01/34

.....

3,000

3,153,707

Series

2024A

,

RB

,

5.00

%

,

10/01/34

(

AGM,

SAW

)

.......................

1,800

2,075,664

Series

2020A

,

RB

,

4.00

%

,

03/15/35

.....

1,000

1,038,126

Series

2015A

,

RB

,

5.00

%

,

03/15/35

.....

500

504,958

Series

2019A

,

RB

,

5.00

%

,

07/01/35

.....

2,335

2,557,903

Series

2024D

,

RB

,

5.00

%

,

10/01/35

(

SAW

)

2,585

2,956,086

Series

2017A

,

RB

,

5.00

%

,

02/15/36

.....

500

524,849

Series

2021A

,

RB

,

5.00

%

,

03/15/36

.....

1,000

1,111,368

Series

2021E

,

RB

,

5.00

%

,

03/15/36

.....

1,975

2,229,128

Series

2018C

,

RB

,

5.00

%

,

03/15/36

.....

1,000

1,061,275

Series

2017B-2

,

RB

,

5.00

%

,

02/15/37

....

500

523,006

Series

2019A

,

RB

,

5.00

%

,

03/15/37

.....

1,000

1,074,417

Series

2018A

,

RB

,

4.00

%

,

07/01/37

.....

2,500

2,532,141

Series

2015B

,

RB

,

5.00

%

,

02/15/38

.....

500

503,843

Series

2018C

,

RB

,

5.00

%

,

03/15/38

.....

500

528,812

Series

2015A

,

RB

,

4.00

%

,

07/01/38

.....

720

720,635

Series

2018B

,

RB

,

5.00

%

,

10/01/38

.....

1,000

1,064,849

Series

2023A

,

RB

,

5.00

%

,

03/15/39

.....

280

314,809

Series

2018A

,

RB

,

5.25

%

,

03/15/39

.....

725

777,823

Series

2009A

,

RB

,

VRDN

3.20

%

,

09/04/24

(a)

3,000

3,000,000

Series

2016A

,

RB

,

5.00

%

,

02/15/40

.....

500

516,220

Series

2019A

,

RB

,

5.00

%

,

03/15/40

.....

1,000

1,062,533

Series

2001-1

,

RB

,

5.50

%

,

07/01/40

(

AMBAC

)

.....................

400

474,978

Series

2021E

,

RB

,

3.00

%

,

03/15/41

.....

2,000

1,749,649

Series

2017A

,

RB

,

5.00

%

,

03/15/41

.....

350

361,468

Series

2021A

,

RB

,

3.00

%

,

07/01/41

.....

1,750

1,541,069

Series

2016A

,

RB

,

4.00

%

,

07/01/41

.....

500

500,084

Series

2018A

,

RB

,

4.00

%

,

07/01/41

.....

4,000

4,022,230

Series

2016A

,

RB

,

5.00

%

,

07/01/41

.....

250

255,271

Series

2021E

,

RB

,

4.00

%

,

03/15/42

.....

825

825,943

Series

2022A

,

RB

,

4.00

%

,

07/01/42

.....

1,165

1,172,532

Series

2017B

,

RB

,

5.00

%

,

02/15/43

.....

1,000

1,044,728

Series

2016A

,

RB

,

4.00

%

,

07/01/43

.....

1,265

1,248,420

Series

2017A

,

RB

,

5.00

%

,

03/15/44

.....

105

108,044

Series

2023A-1

,

RB

,

5.00

%

,

03/15/45

....

1,000

1,093,435

Series

2021B

,

RB

,

3.00

%

,

07/01/45

.....

750

603,724

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2019A

,

RB

,

4.00

%

,

07/01/45

.....

USD

4,145

$

4,105,320

Series

2015A

,

RB

,

5.00

%

,

07/01/45

.....

100

100,561

Series

2021E

,

RB

,

4.00

%

,

03/15/46

.....

1,000

988,822

Series

2020

,

RB

,

4.00

%

,

07/01/46

......

1,000

977,332

Series

2016A

,

RB

,

5.00

%

,

07/01/46

.....

250

254,005

Series

A-2

,

RB

,

5.00

%

,

10/01/46

.......

945

1,011,583

Series

2021E

,

RB

,

4.00

%

,

03/15/47

.....

2,000

1,965,816

Series

2018A

,

RB

,

4.00

%

,

03/15/47

.....

500

490,733

Series

2022A

,

RB

,

4.00

%

,

07/01/47

.....

310

301,157

Series

A

,

RB

,

5.00

%

,

10/01/47

.........

300

365,466

Series

2020A

,

RB

,

4.00

%

,

03/15/48

.....

2,000

1,967,311

Series

2018A

,

RB

,

5.00

%

,

07/01/48

.....

500

529,481

Series

2018A

,

RB

,

5.00

%

,

10/01/48

.....

500

608,719

Series

2019D

,

RB

,

4.00

%

,

02/15/49

.....

1,545

1,515,544

Series

2019C

,

RB

,

4.00

%

,

07/01/49

.....

500

489,067

Series

2019A

,

RB

,

5.00

%

,

07/01/49

.....

500

521,731

Series

2020A

,

RB

,

4.00

%

,

07/01/50

.....

2,030

2,043,213

Series

2019B

,

RB

,

5.00

%

,

07/01/50

.....

500

525,498

Series

2020A

,

RB

,

5.00

%

,

07/01/50

.....

2,500

2,661,420

Series

2020A

,

RB

,

5.00

%

,

10/01/50

.....

310

378,515

Series

2021A

,

RB

,

3.00

%

,

03/15/51

.....

1,780

1,393,140

Series

2024A

,

RB

,

5.00

%

,

03/15/51

.....

2,000

2,183,824

Series

2020A

,

RB

,

5.00

%

,

07/01/53

.....

1,500

1,590,384

Series

2024A

,

RB

,

5.50

%

,

07/01/54

.....

4,305

4,925,097

New

York

State

Environmental

Facilities

Corp.

Series

2019B

,

RB

,

5.00

%

,

06/15/28

.....

500

546,706

Series

2021B

,

RB

,

5.00

%

,

08/15/29

.....

165

184,791

Series

2022B

,

RB

,

5.00

%

,

09/15/29

.....

500

560,841

Series

2024A

,

RB

,

5.00

%

,

06/15/30

.....

1,000

1,133,684

Series

2023B

,

RB

,

5.00

%

,

06/15/31

.....

125

143,735

Series

2021B

,

RB

,

5.00

%

,

08/15/31

.....

300

345,766

Series

2023B

,

RB

,

5.00

%

,

06/15/32

.....

500

582,552

Series

2022B

,

RB

,

5.00

%

,

09/15/32

.....

500

584,495

Series

2024B

,

RB

,

5.00

%

,

05/15/33

(b)

....

1,500

1,767,572

Series

2024A

,

RB

,

5.00

%

,

06/15/34

.....

1,000

1,193,644

Series

2022B

,

RB

,

5.00

%

,

09/15/34

.....

500

579,787

Series

2017A

,

RB

,

5.00

%

,

06/15/35

.....

200

210,328

Series

2018A

,

RB

,

5.00

%

,

06/15/35

.....

365

390,547

Series

2022B

,

RB

,

5.00

%

,

09/15/37

.....

500

570,059

Series

2016A

,

RB

,

5.00

%

,

06/15/41

.....

1,000

1,029,253

Series

2022A

,

RB

,

4.00

%

,

06/15/42

.....

1,000

1,026,652

Series

2018B

,

RB

,

5.00

%

,

06/15/43

.....

1,000

1,048,404

Series

2019A

,

RB

,

5.00

%

,

08/15/44

.....

500

533,137

Series

2020A

,

RB

,

4.00

%

,

06/15/45

.....

1,095

1,095,646

Series

2017A

,

RB

,

5.00

%

,

06/15/46

.....

835

863,816

Series

2024A

,

RB

,

5.00

%

,

06/15/47

.....

4,000

4,454,750

Series

2017E

,

RB

,

5.00

%

,

06/15/47

.....

3,500

3,616,317

Series

2022B

,

RB

,

5.00

%

,

09/15/47

.....

3,185

3,491,373

Series

2019A

,

RB

,

5.00

%

,

02/15/49

.....

1,200

1,266,370

Series

2019B

,

RB

,

4.00

%

,

06/15/49

.....

500

496,962

Series

2023B

,

RB

,

5.00

%

,

06/15/53

.....

2,500

2,734,756

New

York

State

Thruway

Authority

Series

L

,

RB

,

5.00

%

,

01/01/25

.........

200

201,343

Series

K

,

RB

,

5.00

%

,

01/01/30

.........

465

467,844

Series

2016A

,

RB

,

5.00

%

,

01/01/31

.....

100

102,415

Series

K

,

RB

,

5.00

%

,

01/01/31

.........

250

251,447

Series

K

,

RB

,

5.00

%

,

01/01/32

.........

340

341,956

Series

L

,

RB

,

5.00

%

,

01/01/35

.........

810

862,732

Series

L

,

RB

,

4.00

%

,

01/01/36

.........

500

511,893

Series

2021A-1

,

RB

,

4.00

%

,

03/15/36

....

1,500

1,554,123

Series

2019B

,

RB

,

4.00

%

,

01/01/38

.....

1,500

1,528,554

Series

2021A-1

,

RB

,

4.00

%

,

03/15/40

....

1,500

1,508,824

Series

2019B

,

RB

,

4.00

%

,

01/01/41

.....

950

948,628

Series

2016A

,

RB

,

5.00

%

,

01/01/46

.....

500

508,155

Series

N

,

RB

,

3.00

%

,

01/01/49

.........

500

391,247

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

New

York

Muni

Bond

ETF

72

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2019B

,

RB

,

4.00

%

,

01/01/50

.....

USD

2,500

$

2,424,759

Series

2016A

,

RB

,

4.00

%

,

01/01/51

.....

585

560,369

Series

2016A

,

RB

,

5.00

%

,

01/01/51

.....

600

608,462

Series

2021A-1

,

RB

,

4.00

%

,

03/15/52

....

775

751,542

Series

2022C

,

RB

,

5.00

%

,

03/15/54

.....

500

537,443

Series

2016A

,

RB

,

5.25

%

,

01/01/56

.....

2,765

2,814,648

Series

2021A-1

,

RB

,

4.00

%

,

03/15/56

....

3,000

2,893,206

Series

2022C

,

RB

,

4.13

%

,

03/15/56

.....

2,000

1,961,965

Series

2021A-1

,

RB

,

4.00

%

,

03/15/59

....

1,000

961,102

New

York

State

Urban

Development

Corp.

Series

2021A

,

RB

,

5.00

%

,

03/15/25

.....

500

505,605

Series

2016A

,

RB

,

5.00

%

,

03/15/27

.....

155

160,912

Series

2020C

,

RB

,

5.00

%

,

03/15/27

.....

1,000

1,060,539

Series

2017C

,

RB

,

5.00

%

,

03/15/27

.....

285

302,254

Series

2015A

,

RB

,

5.00

%

,

03/15/29

.....

750

765,379

Series

2017A

,

RB

,

5.00

%

,

03/15/29

.....

5,530

5,813,996

Series

2020C

,

RB

,

5.00

%

,

03/15/31

.....

575

649,840

Series

2023B

,

RB

,

5.00

%

,

03/15/31

.....

1,285

1,463,304

Series

2016A

,

RB

,

5.00

%

,

03/15/31

.....

400

411,751

Series

2017A

,

RB

,

5.00

%

,

03/15/32

.....

500

523,758

Series

2023A

,

RB

,

5.00

%

,

03/15/34

.....

1,500

1,756,366

Series

2016A

,

RB

,

5.00

%

,

03/15/35

.....

200

205,603

Series

2015A

,

RB

,

5.00

%

,

03/15/35

.....

350

356,675

Series

2020E

,

RB

,

4.00

%

,

03/15/36

.....

1,000

1,035,145

Series

2020C

,

RB

,

5.00

%

,

03/15/38

.....

2,000

2,208,802

Series

2020A

,

RB

,

4.00

%

,

03/15/39

.....

1,000

1,015,500

Series

2017C

,

RB

,

5.00

%

,

03/15/39

.....

500

523,332

Series

2020E

,

RB

,

3.00

%

,

03/15/40

.....

500

446,883

Series

2020A

,

RB

,

4.00

%

,

03/15/40

.....

1,000

1,008,206

Series

2020C

,

RB

,

4.00

%

,

03/15/45

.....

2,500

2,475,375

Series

2020C

,

RB

,

5.00

%

,

03/15/47

.....

1,000

1,066,383

Series

2023A

,

RB

,

5.00

%

,

03/15/51

.....

1,500

1,631,154

Series

2023A

,

RB

,

5.00

%

,

03/15/55

.....

2,500

2,706,712

Series

2023A

,

RB

,

5.00

%

,

03/15/63

.....

2,000

2,152,747

Onondaga

County

Trust

for

Cultural

Resources

Series

2019

,

RB

,

5.00

%

,

12/01/39

......

1,000

1,080,310

Series

2019

,

RB

,

5.00

%

,

12/01/40

......

500

537,945

Series

2019

,

RB

,

5.00

%

,

12/01/43

......

500

532,433

Series

2019

,

RB

,

4.00

%

,

12/01/47

......

1,000

987,671

Series

2019

,

RB

,

4.00

%

,

12/01/49

......

500

488,661

Onondaga

County

Water

Authority,

Series

2019A,

RB,

3.00%, 09/15/44

.........

1,000

832,513

Port

Authority

of

New

York

&

New

Jersey

Series

209

,

RB

,

5.00

%

,

07/15/25

.......

750

765,294

Series

205

,

RB

,

5.00

%

,

11/15/25

.......

1,000

1,029,411

Series

85

,

RB

,

5.38

%

,

03/01/28

........

315

330,847

Series

189

,

RB

,

5.00

%

,

05/01/28

.......

330

334,757

Series

194

,

RB

,

5.00

%

,

10/15/28

.......

525

537,712

Series

230

,

RB

,

4.00

%

,

12/01/28

.......

250

265,712

Series

222

,

RB

,

5.00

%

,

07/15/29

.......

520

581,382

Series

194

,

RB

,

5.00

%

,

10/15/29

.......

1,000

1,024,324

Series

230

,

RB

,

4.00

%

,

12/01/30

.......

1,500

1,620,015

Series

212

,

RB

,

5.00

%

,

09/01/32

.......

1,000

1,098,005

Series

222

,

RB

,

5.00

%

,

07/15/33

.......

500

562,074

Series

244

,

RB

,

5.00

%

,

07/15/33

.......

1,400

1,652,691

Series

213

,

RB

,

5.00

%

,

09/01/33

.......

1,000

1,095,461

Series

184

,

RB

,

5.00

%

,

09/01/34

.......

250

250,347

Series

194

,

RB

,

5.00

%

,

10/15/34

.......

1,000

1,022,214

Series

209

,

RB

,

5.00

%

,

07/15/35

.......

500

533,350

Series

184

,

RB

,

5.00

%

,

09/01/36

.......

400

400,549

Series

217

,

RB

,

4.00

%

,

11/01/39

.......

1,750

1,750,456

Series

243

,

RB

,

5.00

%

,

12/01/39

.......

1,300

1,484,988

Series

183

,

RB

,

4.00

%

,

12/15/40

.......

400

399,984

Series

244

,

RB

,

5.00

%

,

07/15/41

.......

1,860

2,123,710

Series

194

,

RB

,

5.00

%

,

10/15/41

.......

500

509,006

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

211

,

RB

,

4.00

%

,

09/01/43

.......

USD

750

$

743,162

Series

183

,

RB

,

4.00

%

,

06/15/44

.......

250

249,989

Series

216

,

RB

,

4.00

%

,

09/01/45

.......

1,000

992,651

Series

198

,

RB

,

5.00

%

,

11/15/46

.......

1,000

1,025,371

Series

217

,

RB

,

4.00

%

,

11/01/49

.......

555

554,432

Series

224

,

RB

,

4.00

%

,

07/15/51

.......

1,500

1,484,412

Series

240

,

RB

,

5.00

%

,

07/15/53

.......

1,145

1,247,079

Series

198

,

RB

,

5.25

%

,

11/15/56

.......

500

514,659

Series

200

,

RB

,

5.00

%

,

04/15/57

.......

500

513,601

Series

224

,

RB

,

4.00

%

,

07/15/61

.......

1,500

1,464,643

Sales

Tax

Asset

Receivable

Corp.

Series

2015A

,

RB

,

5.00

%

,

10/15/28

.....

3,250

3,256,744

Series

2015A

,

RB

,

5.00

%

,

10/15/29

.....

1,570

1,573,258

Series

2015A

,

RB

,

5.00

%

,

10/15/30

.....

1,440

1,442,988

Saratoga

County

Water

Authority,

Series

2016,

RB,

4.00%, 09/01/48

..............

4,600

4,450,407

State

of

New

York

Series

2018A

,

GO

,

5.00

%

,

02/15/25

.....

1,000

1,010,642

Series

2021A

,

GO

,

5.00

%

,

03/15/27

.....

500

532,284

Series

2023A

,

GO

,

5.00

%

,

03/15/30

.....

500

569,348

Series

2021A

,

GO

,

5.00

%

,

03/15/31

.....

500

578,755

Series

2023A

,

GO

,

5.00

%

,

03/15/32

.....

1,000

1,174,611

Series

2023A

,

GO

,

5.00

%

,

03/15/33

.....

500

595,631

Series

2023A

,

GO

,

5.00

%

,

03/15/35

.....

500

591,846

Series

2023A

,

GO

,

5.00

%

,

03/15/36

.....

500

588,606

Series

2023A

,

GO

,

5.00

%

,

03/15/38

.....

500

582,944

Series

2023A

,

GO

,

5.00

%

,

03/15/39

.....

750

865,888

Series

2023A

,

GO

,

5.00

%

,

03/15/41

.....

500

570,149

Suffolk

County

Water

Authority

Series

2014A

,

RB

,

5.00

%

,

06/01/25

.....

15

15,023

Series

2015

,

RB

,

4.00

%

,

06/01/31

......

1,915

1,929,178

Series

2015A

,

RB

,

4.00

%

,

06/01/39

.....

500

500,458

Series

2018A

,

RB

,

4.00

%

,

06/01/41

.....

3,485

3,503,524

Series

2020B

,

RB

,

3.00

%

,

06/01/44

.....

610

522,327

Syracuse

Industrial

Development

Agency

Series

2019A

,

RB

,

5.00

%

,

05/01/31

(

SAW

)

500

528,408

Series

2019A

,

RB

,

5.00

%

,

05/01/32

(

SAW

)

130

137,065

Series

2019A

,

RB

,

4.00

%

,

05/01/33

(

SAW

)

505

516,111

Town

of

Brookhaven

Series

2015

,

GO

,

5.00

%

,

05/01/27

......

600

609,879

Series

2016

,

GO

,

4.00

%

,

03/15/28

......

250

250,606

Town

of

Hempstead

Series

2018A

,

GO

,

5.00

%

,

06/15/27

.....

125

130,867

Series

2021

,

GO

,

5.00

%

,

06/15/28

......

1,000

1,099,460

Town

of

Oyster

Bay

Series

2020

,

GO

,

4.00

%

,

11/01/24

(

BAM

)

.

200

200,352

Series

2018B

,

GO

,

3.00

%

,

02/01/25

(

AGM

)

1,370

1,369,656

Series

2021

,

GO

,

4.00

%

,

03/01/26

(

AGM

)

.

1,195

1,222,790

Series

2021A

,

GO

,

2.00

%

,

03/01/33

(

AGM

)

2,000

1,650,571

Triborough

Bridge

&

Tunnel

Authority

Series

2018B

,

RB

,

5.00

%

,

11/15/24

.....

250

251,002

Series

2022E-1

,

RB

,

5.00

%

,

11/15/27

....

180

192,863

Series

2022B

,

RB

,

5.00

%

,

05/15/28

.....

1,000

1,087,738

Series

B

,

RB

,

5.00

%

,

11/15/28

.........

235

258,359

Series

2023A

,

RB

,

5.00

%

,

11/15/29

.....

1,000

1,120,655

Series

2023C

,

RB

,

5.00

%

,

11/15/30

.....

1,000

1,131,660

Series

2024B-2

,

RB

,

5.00

%

,

05/15/31

....

1,000

1,135,198

Series

2023A

,

RB

,

4.00

%

,

11/15/31

.....

625

671,877

Series

B

,

RB

,

5.00

%

,

11/15/31

.........

1,000

1,049,326

Series

2005B-4A

,

RB

,

VRDN

(

TD

Bank

NA

LOC

),

3.80

%

,

09/03/24

(a)

...........

1,250

1,250,000

Series

2001C

,

RB

,

VRDN

(

Barclays

Bank

plc

LOC

),

3.90

%

,

09/03/24

(a)

...........

1,000

1,000,000

Series

2012B

,

RB

,

0.00

%

,

11/15/32

(c)

....

700

526,991

Series

2013A

,

RB

,

0.00

%

,

11/15/32

(c)

....

200

150,569

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

New

York

Muni

Bond

ETF

Schedule

of

Investments

73

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

August

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2024A,

Sub-Series

A-2

,

RB

,

5.00

%

,

11/15/32

................

USD

1,000

$

1,158,091

Series

2023C

,

RB

,

5.00

%

,

11/15/32

.....

1,000

1,157,299

Series

2024C

,

RB

,

5.00

%

,

11/15/34

.....

1,510

1,783,948

Series

2005B-3

,

RB

,

VRDN

(

Bank

of

America

NA

LOC

),

3.90

%

,

09/03/24

(a)

........

1,100

1,100,000

Series

B

,

RB

,

5.00

%

,

11/15/35

.........

325

339,089

Series

2024C

,

RB

,

5.00

%

,

11/15/35

.....

3,000

3,536,307

Series

B

,

RB

,

5.00

%

,

11/15/37

.........

1,685

1,753,695

Series

2023C

,

RB

,

5.00

%

,

11/15/38

.....

1,000

1,144,151

Series

2024C

,

RB

,

5.00

%

,

11/15/38

.....

1,000

1,157,449

Series

B

,

RB

,

5.00

%

,

11/15/38

.........

4,250

4,418,245

Series

2015A

,

RB

,

5.00

%

,

11/15/40

.....

250

252,508

Series

2023C

,

RB

,

5.25

%

,

11/15/42

.....

1,000

1,138,760

Series

2018A

,

RB

,

5.00

%

,

11/15/43

.....

500

522,087

Series

2019A

,

RB

,

5.00

%

,

11/15/43

.....

665

701,662

Series

2021A-2

,

RB

,

VRDN

2.00

%

,

05/15/26

(a)

...............

1,025

972,609

Series

2016A

,

RB

,

5.00

%

,

11/15/46

.....

1,375

1,406,036

Series

2020A

,

RB

,

5.00

%

,

11/15/49

.....

2,500

2,653,636

Series

2022A

,

RB

,

4.00

%

,

05/15/51

.....

1,000

981,894

Series

2022A

,

RB

,

5.00

%

,

05/15/52

.....

250

299,867

Series

2024A

,

RB

,

5.00

%

,

05/15/54

.....

3,000

3,260,501

Series

2024B-1

,

RB

,

5.25

%

,

05/15/54

....

1,780

1,973,221

Series

2020A

,

RB

,

4.00

%

,

11/15/54

.....

1,245

1,205,708

Series

2021A

,

RB

,

5.00

%

,

11/15/56

.....

500

530,771

Triborough

Bridge

&

Tunnel

Authority

Sales

Tax

Series

2024A-1

,

RB

,

5.00

%

,

05/15/49

....

2,770

3,036,388

Series

2024A-1

,

RB

,

5.25

%

,

05/15/64

....

1,500

1,648,829

Trust

for

Cultural

Resources

of

The

City

of

New

York

(The)

Series

2018A

,

RB

,

5.00

%

,

01/01/34

.....

1,000

1,088,744

Series

2018A

,

RB

,

5.00

%

,

01/01/37

.....

500

540,915

Series

2018A

,

RB

,

5.00

%

,

01/01/38

.....

500

539,841

United

Nations

Development

Corp.,

Series

2019A,

RB,

5.00%, 07/01/26

.........

125

130,508

Utility

Debt

Securitization

Authority

Series

2015

,

RB

,

5.00

%

,

06/15/27

......

745

758,112

Series

2016A

,

RB

,

5.00

%

,

06/15/27

.....

1,000

1,017,600

Series

2023TE-1

,

RB

,

5.00

%

,

06/15/28

...

1,000

1,043,220

Series

2022TE-1

,

RB

,

5.00

%

,

12/15/29

...

180

192,474

Series

2023TE-1

,

RB

,

5.00

%

,

12/15/31

...

1,000

1,120,646

Series

2015

,

RB

,

5.00

%

,

12/15/32

......

2,025

2,075,663

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2015

,

RB

,

5.00

%

,

12/15/33

......

USD

400

$

409,855

Series

2022TE-1

,

RB

,

5.00

%

,

12/15/33

...

1,500

1,735,792

Series

2022TE-1

,

RB

,

5.00

%

,

12/15/34

...

1,000

1,173,444

Series

2016B

,

RB

,

4.00

%

,

12/15/35

.....

1,455

1,473,832

Series

2016A

,

RB

,

5.00

%

,

12/15/35

.....

1,195

1,234,787

Series

2015

,

RB

,

5.00

%

,

12/15/35

......

600

614,019

Series

2015

,

RB

,

5.00

%

,

12/15/36

......

150

153,410

Series

2015

,

RB

,

5.00

%

,

12/15/37

......

750

766,572

Series

2017

,

RB

,

5.00

%

,

12/15/39

......

1,200

1,261,082

Series

2023TE-1

,

RB

,

5.00

%

,

12/15/41

...

6,000

6,925,907

Series

2023TE-2

,

RB

,

5.00

%

,

12/15/45

...

1,000

1,128,412

Series

2023TE-2

,

RB

,

5.00

%

,

06/15/53

...

1,000

1,105,380

Western

Nassau

County

Water

Authority

Series

2021A

,

RB

,

4.00

%

,

04/01/46

.....

1,145

1,103,688

Series

2021A

,

RB

,

4.00

%

,

04/01/51

.....

1,255

1,191,080

748,260,811

Total

Long-Term

Investments

—

99

.9

%

(Cost:

$

753,564,666

)

..............................

748,260,811

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

0.0%

BlackRock

Liquidity

MuniCash

Funds:

Institutional

Shares

,

2.77

%

(d)

(e)

.........

28,644

28,647

Total

Short-Term

Securities

—

0

.0

%

(Cost:

$

28,647

)

.................................

28,647

Total

Investments

—

99

.9

%

(Cost:

$

753,593,313

)

..............................

748,289,458

Other

Assets

Less

Liabilities

—

0.1

%

....................

960,599

Net

Assets

—

100.0%

...............................

$

749,250,057

(a)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(b)

When-issued

security.

(c)

Zero-coupon

bond.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

02/29/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/24

Shares

Held

at

08/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

MuniCash

Funds:

Institutional

Shares

$

731,756

$

—

$

(

703,109

)

(a)

$

—

$

—

$

28,647

28,644

$

8,052

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

New

York

Muni

Bond

ETF

74

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Municipal

Bonds

.........................................

$

—

$

748,260,811

$

—

$

748,260,811

Short-Term

Securities

Money

Market

Funds

......................................

28,647

—

—

28,647

$

28,647

$

748,260,811

$

—

$

748,289,458

Schedule

of

Investments

(unaudited)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

Schedule

of

Investments

75

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Municipal

Bonds

Alabama

—

1.5%

Alabama

Federal

Aid

Highway

Finance

Authority

Series

B

,

RB

,

5.00

%

,

09/01/24

.........

USD

650

$

650,000

Series

B

,

RB

,

5.00

%

,

09/01/25

.........

1,055

1,079,282

Series

2015

,

RB

,

3.10

%

,

09/01/29

......

1,750

1,750,000

Series

2015

,

RB

,

5.00

%

,

09/01/30

......

6,015

6,015,000

Series

2015

,

RB

,

4.00

%

,

09/01/31

......

20,000

20,000,000

Series

A

,

RB

,

5.00

%

,

09/01/33

.........

1,250

1,337,844

Series

A

,

RB

,

5.00

%

,

09/01/34

.........

1,250

1,337,844

Series

2016A

,

RB

,

5.00

%

,

09/01/36

.....

15,040

15,728,257

Series

A

,

RB

,

5.00

%

,

09/01/36

.........

6,840

7,320,684

Alabama

Public

School

&

College

Authority

Series

2020A

,

RB

,

5.00

%

,

11/01/24

.....

5,365

5,382,091

Series

2014B

,

RB

,

5.00

%

,

01/01/25

.....

4,005

4,009,987

Series

2020A

,

RB

,

5.00

%

,

11/01/25

.....

5,760

5,926,666

Series

2014B

,

RB

,

5.00

%

,

01/01/26

.....

2,475

2,482,638

Series

2020A

,

RB

,

5.00

%

,

11/01/26

.....

1,195

1,257,404

Series

2014B

,

RB

,

5.00

%

,

01/01/27

.....

440

441,357

Series

2020A

,

RB

,

5.00

%

,

11/01/27

.....

12,025

12,942,764

Auburn

Water

Works

Board,

Series

2015,

RB,

5.00%, 09/01/40

.................

2,500

2,556,300

Tuscaloosa

County

Board

of

Education,

Series

2017,

4.00%, 02/01/47

.............

5,015

5,187,931

Water

Works

Board

of

the

City

of

Birmingham

(The)

Series

2016B

,

RB

,

5.00

%

,

01/01/30

.....

4,020

4,243,984

Series

2016B

,

RB

,

5.00

%

,

01/01/32

.....

6,945

7,331,957

Series

2016B

,

RB

,

5.00

%

,

01/01/43

.....

9,815

10,361,865

117,343,855

Alaska

—

0.0%

State

of

Alaska

Series

2024B

,

GO

,

5.00

%

,

08/01/27

.....

1,000

1,069,229

Series

2024B

,

GO

,

5.00

%

,

08/01/28

.....

1,500

1,633,418

Series

2024B

,

GO

,

5.00

%

,

08/01/29

.....

1,000

1,110,143

3,812,790

Arizona

—

0.8%

Arizona

Department

of

Transportation

State

Highway

Fund,

Series

2016,

RB,

5.00%, 07/01/27

.................

1,480

1,544,592

Arizona

Transportation

Board

Series

2018

,

RB

,

5.00

%

,

07/01/25

......

885

901,870

Series

2016

,

RB

,

5.00

%

,

07/01/26

......

180

187,938

Arizona

Water

Infrastructure

Finance

Authority,

Series

2014A,

RB,

5.00%, 10/01/24

.....

575

575,792

City

of

Phoenix,

Series

2016,

GO,

5.00%, 07/01/27

.................

335

349,743

City

of

Phoenix

Civic

Improvement

Corp.

Series

2014B

,

RB

,

5.00

%

,

07/01/25

.....

4,615

4,621,973

Series

2021B

,

RB

,

5.00

%

,

07/01/25

.....

4,850

4,944,584

Series

2023

,

RB

,

5.00

%

,

07/01/28

......

2,285

2,491,415

Series

2024

,

RB

,

5.00

%

,

07/01/29

......

5,625

6,268,263

Maricopa

County

Unified

School

District

No.

48

Scottsdale,

Series

2017,

GO,

5.00%, 07/01/27

180

191,971

Salt

River

Project

Agricultural

Improvement

&

Power

District

Series

2016A

,

RB

,

5.00

%

,

01/01/25

.....

3,380

3,402,404

Series

2017A

,

RB

,

5.00

%

,

01/01/25

.....

480

483,182

Series

2019A

,

RB

,

5.00

%

,

01/01/25

.....

275

276,823

Series

2021A

,

RB

,

5.00

%

,

01/01/25

.....

2,840

2,858,825

Series

2017A

,

RB

,

5.00

%

,

01/01/26

.....

490

505,357

Series

2020A

,

RB

,

5.00

%

,

01/01/26

.....

2,700

2,784,621

Series

2021A

,

RB

,

5.00

%

,

01/01/26

.....

8,645

8,915,943

Security

Par

(000)

Par

(000)

Value

Arizona

(continued)

Series

2016A

,

RB

,

5.00

%

,

01/01/27

.....

USD

145

$

153,169

Series

2021A

,

RB

,

5.00

%

,

01/01/27

.....

13,995

14,783,425

Series

2017A

,

RB

,

5.00

%

,

01/01/28

.....

2,070

2,236,262

Series

2016A

,

RB

,

5.00

%

,

01/01/29

.....

4,620

4,870,836

Series

2021A

,

RB

,

5.00

%

,

01/01/29

.....

5,560

6,129,009

Scottsdale

Municipal

Property

Corp.,

Series

2017,

RB,

5.00%, 07/01/36

..........

2,000

2,135,461

University

of

Arizona

(The)

Series

2016

,

RB

,

5.00

%

,

06/01/26

......

15

15,630

Series

A

,

RB

,

5.00

%

,

06/01/26

.........

975

991,448

Series

2016

,

RB

,

5.00

%

,

06/01/27

......

155

161,636

72,782,172

Arkansas

—

0.0%

State

of

Arkansas,

Series

2014,

GO,

5.00%, 04/01/26

.................

360

360,660

University

of

Arkansas

Series

A

,

RB

,

5.00

%

,

11/01/39

.........

1,135

1,138,513

Series

A

,

RB

,

5.00

%

,

11/01/41

.........

825

827,553

2,326,726

California

—

12.3%

Bay

Area

Toll

Authority

Series

2024S-11

,

RB

,

5.00

%

,

04/01/28

...

2,000

2,184,069

Series

2018A

,

RB

,

VRDN

2.63

%

,

04/01/26

(a)

860

853,276

Series

2017F-1

,

RB

,

5.00

%

,

04/01/56

....

10,260

10,954,391

California

Educational

Facilities

Authority,

Series

2009C,

RB,

5.25%, 10/01/24

.........

8,195

8,208,987

California

Infrastructure

&

Economic

Development

Bank

Series

2017

,

RB

,

5.00

%

,

10/01/24

......

1,600

1,602,659

Series

2023

,

RB

,

5.00

%

,

10/01/26

......

5,005

5,281,348

California

State

Public

Works

Board

Series

2014A

,

RB

,

5.00

%

,

09/01/24

.....

295

295,000

Series

B

,

RB

,

5.00

%

,

10/01/24

.........

1,210

1,211,847

Series

F

,

RB

,

5.00

%

,

05/01/25

.........

325

329,936

Series

2018A

,

RB

,

5.00

%

,

05/01/25

.....

1,060

1,076,100

Series

2022A

,

RB

,

5.00

%

,

08/01/25

.....

3,000

3,066,033

Series

2014A

,

RB

,

5.00

%

,

09/01/25

.....

1,265

1,268,020

Series

B

,

RB

,

5.00

%

,

10/01/25

.........

340

349,024

Series

2021B

,

RB

,

5.00

%

,

05/01/26

.....

1,040

1,082,786

Series

F

,

RB

,

5.00

%

,

05/01/26

.........

290

294,858

Series

2014B

,

RB

,

5.00

%

,

10/01/26

.....

600

601,091

Series

B

,

RB

,

5.00

%

,

10/01/26

.........

145

152,336

Series

2023D

,

RB

,

5.00

%

,

11/01/26

.....

670

705,196

Series

2021A

,

RB

,

5.00

%

,

02/01/27

.....

15,800

16,707,468

Series

2022D

,

RB

,

5.00

%

,

05/01/27

.....

7,845

8,342,361

Series

2022A

,

RB

,

5.00

%

,

08/01/27

.....

2,450

2,620,004

Series

2014C

,

RB

,

5.25

%

,

10/01/27

.....

1,050

1,052,194

Series

2021A

,

RB

,

5.00

%

,

02/01/28

.....

4,300

4,646,570

Series

2022B

,

RB

,

5.00

%

,

06/01/28

.....

9,590

10,435,024

California

State

University

Series

2016A

,

RB

,

5.00

%

,

11/01/24

.....

2,115

2,121,734

Series

2021A

,

RB

,

5.00

%

,

11/01/24

.....

2,300

2,307,323

Series

2015A

,

RB

,

5.00

%

,

11/01/25

.....

3,195

3,285,178

Series

2016A

,

RB

,

5.00

%

,

11/01/25

.....

2,055

2,113,002

Series

2016A

,

RB

,

5.00

%

,

11/01/26

.....

345

360,296

Series

2014A

,

RB

,

5.00

%

,

11/01/28

.....

7,010

7,032,612

Series

2024A

,

RB

,

5.00

%

,

11/01/28

.....

2,000

2,213,496

Series

2014A

,

RB

,

5.00

%

,

11/01/29

.....

1,820

1,825,871

Series

2024A

,

RB

,

5.00

%

,

11/01/29

.....

1,125

1,271,415

Chino

Basin

Regional

Financing

Authority,

Series

2020B,

RB,

4.00%, 11/01/25

.........

9,065

9,199,642

City

of

Los

Angeles,

Series

2024,

RB,

5.00%, 06/26/25

.................

17,600

17,936,632

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

76

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

City

of

Los

Angeles

Wastewater

System

Series

2018B

,

RB

,

5.00

%

,

06/01/25

.....

USD

640

$

652,108

Series

D

,

RB

,

5.00

%

,

06/01/25

.........

90

91,703

Series

2018B

,

RB

,

5.00

%

,

06/01/26

.....

690

722,428

Series

A

,

RB

,

5.00

%

,

06/01/27

.........

170

173,029

Series

D

,

RB

,

5.00

%

,

06/01/27

.........

50

50,891

City

of

San

Francisco

Series

A

,

RB

,

5.00

%

,

11/01/24

.........

4,915

4,932,291

Series

2015A

,

RB

,

5.00

%

,

11/01/25

.....

1,685

1,714,058

Series

A

,

RB

,

5.00

%

,

11/01/25

.........

4,890

5,036,796

Series

D

,

RB

,

5.00

%

,

11/01/25

.........

325

334,756

Series

A

,

RB

,

5.00

%

,

11/01/26

.........

4,655

4,920,055

Series

2023C

,

RB

,

5.00

%

,

11/01/28

.....

2,025

2,244,563

Coast

Community

College

District,

Series

2015,

GO,

0.00%, 08/01/33

(b)

.............

500

346,493

Contra

Costa

Transportation

Authority

Sales

Tax,

Series

2018B,

RB,

5.00%, 03/01/26

.....

3,290

3,419,713

Corona-Norco

Unified

School

District,

Series

A,

GO,

5.00%, 08/01/40

..............

795

812,177

County

of

Los

Angeles,

Series

2024,

RB,

5.00%, 06/30/25

.................

18,040

18,392,588

County

of

Riverside,

Series

2024,

RB,

5.00%, 06/30/25

.................

13,000

13,248,686

East

Bay

Municipal

Utility

District

Water

System,

Series

2014B,

RB,

5.00%, 06/01/25

.....

510

519,458

East

Side

Union

High

School

District,

Series

2024A,

GO,

5.00%, 08/01/29

(AGM)

.....

2,860

3,209,925

Eastern

Municipal

Water

District,

Series

2018A,

RB,

VRDN

(Bank

of

America

NA

SBPA),

3.75%, 09/03/24

(a)

................

10,400

10,400,000

El

Camino

Community

College

District

Fountation

(The)

(b)

Series

2012C

,

GO

,

0.00

%

,

08/01/26

.....

4,875

4,637,492

Series

2012C

,

GO

,

0.00

%

,

08/01/27

.....

5,700

5,280,782

Foothill-De

Anza

Community

College

District

(b)

Series

2003B

,

GO

,

0.00

%

,

08/01/26

(

NPFGC

)

.....................

1,220

1,163,412

Series

2000A

,

GO

,

0.00

%

,

08/01/27

(

NPFGC

)

.....................

1,250

1,162,401

Series

2003B

,

GO

,

0.00

%

,

08/01/27

(

NPFGC

)

.....................

4,000

3,719,684

Las

Virgenes

Unified

School

District,

Series

2002D,

GO,

0.00%, 09/01/27

(NPFGC)

(b)

..

13,870

12,813,768

Long

Beach

Unified

School

District

Series

A

,

GO

,

5.00

%

,

08/01/25

........

32,000

32,723,114

Series

2016

,

GO

,

5.00

%

,

08/01/27

......

40

41,966

Los

Angeles

Community

College

District

Series

C-1

,

GO

,

5.00

%

,

08/01/25

.......

10,780

11,034,423

Series

D

,

GO

,

5.00

%

,

08/01/27

........

10,005

10,788,572

Series

D

,

GO

,

5.00

%

,

08/01/28

........

11,375

12,561,157

Series

2024

,

GO

,

5.00

%

,

08/01/29

......

3,660

4,133,571

Los

Angeles

County

Metropolitan

Transportation

Authority

Sales

Tax

Series

2016A

,

RB

,

5.00

%

,

06/01/25

.....

20

20,359

Series

2020A

,

RB

,

5.00

%

,

06/01/25

.....

1,065

1,084,750

Series

2016A

,

RB

,

5.00

%

,

07/01/25

.....

820

836,671

Series

2021A

,

RB

,

5.00

%

,

06/01/26

.....

1,190

1,243,216

Series

2019A

,

RB

,

5.00

%

,

07/01/26

.....

1,275

1,334,806

Series

2016A

,

RB

,

5.00

%

,

06/01/27

.....

65

67,698

Series

2021A

,

RB

,

5.00

%

,

06/01/27

.....

80

85,904

Series

2016A

,

RB

,

5.00

%

,

07/01/27

.....

10

10,434

Series

2019A

,

RB

,

5.00

%

,

07/01/27

.....

100

107,606

Series

2023A

,

RB

,

5.00

%

,

07/01/28

.....

2,470

2,722,265

Los

Angeles

Department

of

Water

&

Power

Series

2014C

,

RB

,

5.00

%

,

07/01/25

.....

375

375,399

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2018B

,

RB

,

5.00

%

,

07/01/25

.....

USD

980

$

998,514

Series

2020A

,

RB

,

5.00

%

,

07/01/25

.....

9,335

9,530,978

Series

2021C

,

RB

,

4.00

%

,

07/01/26

.....

2,605

2,681,087

Series

2020A

,

RB

,

5.00

%

,

07/01/26

.....

205

214,917

Series

2021C

,

RB

,

5.00

%

,

07/01/26

.....

4,920

5,147,343

Series

2016B

,

RB

,

5.00

%

,

07/01/27

.....

75

77,360

Series

2020A

,

RB

,

5.00

%

,

07/01/27

.....

160

171,977

Series

2022A

,

RB

,

5.00

%

,

07/01/27

.....

105

112,860

Series

2022E

,

RB

,

5.00

%

,

07/01/27

.....

3,500

3,761,989

Series

2023F,

Sub-Series

F-2

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

3.75

%

,

09/03/24

(a)

...............

1,900

1,900,000

Series

2023F-1

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

3.60

%

,

09/03/24

(a)

1,800

1,800,000

Los

Angeles

Department

of

Water

&

Power

Water

System

Series

2018A

,

RB

,

5.00

%

,

07/01/25

.....

20

20,420

Series

2020B

,

RB

,

4.00

%

,

07/01/26

.....

1,235

1,272,765

Series

2016B

,

RB

,

5.00

%

,

07/01/26

.....

590

610,846

Series

2020B

,

RB

,

4.00

%

,

07/01/27

.....

180

187,966

Series

2016B

,

RB

,

5.00

%

,

07/01/27

.....

75

77,380

Series

2022B

,

RB

,

5.00

%

,

07/01/27

.....

160

172,068

Series

2023A

,

RB

,

5.00

%

,

07/01/28

.....

9,710

10,682,144

Los

Angeles

Unified

School

District

Series

2016A

,

GO

,

5.00

%

,

07/01/25

.....

455

464,703

Series

2017A

,

GO

,

5.00

%

,

07/01/25

.....

4,285

4,376,381

Series

2019A

,

GO

,

5.00

%

,

07/01/25

.....

1,380

1,409,430

Series

2020A

,

GO

,

5.00

%

,

07/01/25

.....

135

137,879

Series

2020C

,

GO

,

5.00

%

,

07/01/25

.....

5,055

5,162,802

Series

2017A

,

GO

,

5.00

%

,

07/01/26

.....

3,880

4,070,548

Series

2018B-1

,

GO

,

5.00

%

,

07/01/26

....

105

110,157

Series

2020A

,

GO

,

5.00

%

,

07/01/26

.....

250

262,278

Series

2020C

,

GO

,

5.00

%

,

07/01/26

.....

2,910

3,052,911

Series

2020RYQ

,

GO

,

5.00

%

,

07/01/26

...

400

419,644

Series

2016B

,

GO

,

5.00

%

,

07/01/27

.....

1,095

1,144,338

Series

2019A

,

GO

,

5.00

%

,

07/01/27

.....

140

150,360

Series

2022QRR

,

GO

,

5.00

%

,

07/01/27

...

2,405

2,582,970

Series

2024A

,

GO

,

5.00

%

,

07/01/28

.....

3,695

4,062,083

Series

2024A

,

GO

,

5.00

%

,

07/01/29

.....

6,820

7,664,280

Los

Rios

Community

College

District,

Series

E,

GO,

3.00%, 08/01/25

..............

2,300

2,312,045

Marin

Community

College

District,

Series

A,

GO,

5.00%, 08/01/41

.................

7,500

7,875,681

Metropolitan

Water

District

of

Southern

California

Series

2022A

,

RB

,

5.00

%

,

10/01/24

.....

1,920

1,923,182

Series

2017A

,

RB

,

2.50

%

,

07/01/25

.....

595

593,034

Series

2015A

,

RB

,

5.00

%

,

07/01/25

.....

2,545

2,597,163

Series

2019A

,

RB

,

5.00

%

,

07/01/25

.....

550

561,136

Series

2022A

,

RB

,

5.00

%

,

10/01/25

.....

1,445

1,484,929

Series

2019A

,

RB

,

5.00

%

,

07/01/26

.....

1,180

1,235,134

Series

2022B

,

RB

,

3.00

%

,

07/01/27

.....

250

252,912

Series

2022A

,

RB

,

5.00

%

,

10/01/27

.....

1,075

1,163,945

Moreno

Valley

Unified

School

District,

Series

A,

GO,

5.00%, 08/01/44

(AGM)

.........

5,000

5,112,589

Municipal

Improvement

Corp.

of

Los

Angeles,

Series

2016B,

RB,

5.00%, 11/01/26

.....

1,000

1,056,505

Oakland

Unified

School

District,

Series

2015A,

GO,

5.00%, 08/01/40

..............

4,000

4,092,262

Orange

County

Sanitation

District,

Series

2017A,

RB,

5.00%, 02/01/27

..............

3,225

3,430,928

Orange

County

Water

District,

Series

2021A,

COP,

4.00%, 02/15/25

.............

8,125

8,164,782

Palomar

Community

College

District,

Series

C,

GO,

5.00%, 08/01/44

..............

25,175

25,751,074

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

Schedule

of

Investments

77

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

Poway

Unified

School

District,

Series

A,

GO,

0.00%, 08/01/27

(b)

................

USD

5,000

$

4,616,329

Riverside

Community

College

District

(b)

Series

E

,

GO

,

0.00

%

,

08/01/35

........

3,000

1,781,016

Series

E

,

GO

,

0.00

%

,

08/01/38

........

5,500

2,782,386

Series

E

,

GO

,

0.00

%

,

08/01/39

........

2,420

1,160,098

Sacramento

Municipal

Utility

District

Series

2022J

,

RB

,

5.00

%

,

08/15/25

.....

1,950

1,997,441

Series

2022J

,

RB

,

5.00

%

,

08/15/26

.....

650

682,590

Series

2022J

,

RB

,

5.00

%

,

08/15/27

.....

1,310

1,411,950

San

Diego

Association

of

Governments,

Series

2019A,

RB,

5.00%, 11/15/25

.........

330

331,290

San

Diego

Community

College

District

Series

2016

,

GO

,

4.00

%

,

08/01/32

......

6,860

7,065,709

Series

2016

,

GO

,

4.00

%

,

08/01/41

......

13,060

13,451,628

Series

2016

,

GO

,

5.00

%

,

08/01/41

......

13,000

13,631,237

San

Diego

County

Regional

Transportation

Commission

Series

2016A

,

RB

,

5.00

%

,

04/01/25

.....

2,135

2,165,472

Series

2023A

,

RB

,

5.00

%

,

04/01/28

.....

555

607,321

San

Diego

Public

Facilities

Financing

Authority,

Series

2015,

RB,

5.00%, 05/15/25

......

450

457,673

San

Francisco

Bay

Area

Rapid

Transit

District

Series

2015D

,

GO

,

5.00

%

,

08/01/25

.....

275

281,214

Series

2019F-1

,

GO

,

5.00

%

,

08/01/25

....

100

102,260

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport,

Series

2016D,

RB,

5.00%, 05/01/25

..............

2,320

2,356,465

San

Francisco

City

&

County

Public

Utilities

Commission

Wastewater

Series

2016A

,

RB

,

5.00

%

,

10/01/26

.....

4,865

4,987,845

Series

2022B

,

RB

,

5.00

%

,

10/01/26

.....

3,000

3,164,252

Series

2022B

,

RB

,

5.00

%

,

10/01/27

.....

3,850

4,162,312

Series

2023A

,

RB

,

5.00

%

,

10/01/27

.....

3,000

3,243,360

San

Jose

Evergreen

Community

College

District,

Series

C,

GO,

4.00%, 09/01/40

........

12,155

12,155,000

San

Jose

Unified

School

District,

Series

C,

GO,

0.00%, 08/01/27

(NPFGC)

(b)

..........

3,000

2,771,387

San

Mateo

County

Community

College

District

(b)

Series

2006B

,

GO

,

0.00

%

,

09/01/27

(

NPFGC

)

.....................

1,000

923,848

Series

2006B

,

GO

,

0.00

%

,

09/01/29

(

NPFGC

)

.....................

800

699,790

San

Mateo

Foster

City

Public

Financing

Authority,

Series

2021B,

RB,

5.00%, 08/01/25

27,420

28,037,441

Santa

Clara

County

Financing

Authority,

Series

2008M,

RB,

VRDN

(Bank

of

America

NA

LOC),

2.19%, 09/04/24

(a)

............

5,110

5,110,000

Santa

Clara

Valley

Water

District

Safe

Clean

Water,

Series

2022B,

COP,

5.00%, 12/01/26

1,200

1,265,659

Santa

Monica

Community

College

District

(b)

Series

2009C

,

GO

,

0.00

%

,

08/01/25

.....

1,930

1,881,041

Series

2010E

,

GO

,

0.00

%

,

08/01/26

.....

500

473,939

Series

2009C

,

GO

,

0.00

%

,

08/01/28

.....

1,000

896,012

Southern

California

Public

Power

Authority,

Series

2020-3,

RB,

VRDN

(Bank

of

America

NA

SBPA),

3.95%, 09/03/24

(a)

.........

17,600

17,600,000

Southwestern

Community

College

District,

Series

D,

GO,

5.00%, 08/01/44

........

1,000

1,022,062

State

of

California

Series

B

,

GO

,

5.00

%

,

09/01/24

........

850

850,000

GO

,

5.00

%

,

09/01/24

...............

14,870

14,870,000

GO

,

4.00

%

,

10/01/24

...............

1,865

1,866,683

GO

,

5.00

%

,

10/01/24

...............

32,165

32,218,700

GO

,

4.00

%

,

11/01/24

...............

220

220,430

Security

Par

(000)

Par

(000)

Value

California

(continued)

Series

2017

,

GO

,

5.00

%

,

11/01/24

......

USD

5,050

$

5,067,896

GO

,

5.00

%

,

11/01/24

...............

675

677,392

Series

2003

,

GO

,

5.50

%

,

02/01/25

......

1,025

1,037,052

GO

,

3.00

%

,

03/01/25

...............

7,000

7,000,643

GO

,

5.00

%

,

03/01/25

...............

5,415

5,479,743

Series

A

,

GO

,

4.00

%

,

04/01/25

........

3,890

3,922,815

GO

,

5.00

%

,

04/01/25

...............

275

278,886

Series

2016

,

GO

,

5.00

%

,

08/01/25

......

895

914,292

GO

,

5.00

%

,

08/01/25

...............

7,660

7,825,116

Series

C

,

GO

,

5.00

%

,

08/01/25

........

940

960,262

GO

,

5.00

%

,

09/01/25

...............

1,305

1,335,703

Series

B

,

GO

,

5.00

%

,

09/01/25

........

240

245,749

GO

,

5.00

%

,

10/01/25

...............

36,145

37,047,153

Series

2017

,

GO

,

5.00

%

,

11/01/25

......

3,500

3,597,974

GO

,

5.00

%

,

11/01/25

...............

14,330

14,731,133

GO

,

5.00

%

,

12/01/25

...............

9,715

10,006,741

GO

,

3.00

%

,

03/01/26

...............

800

802,497

GO

,

5.00

%

,

03/01/26

...............

8,905

9,004,673

GO

,

5.00

%

,

04/01/26

...............

15,705

16,286,068

GO

,

4.00

%

,

08/01/26

...............

285

292,547

GO

,

5.00

%

,

08/01/26

...............

10,125

10,555,990

Series

C

,

GO

,

5.00

%

,

08/01/26

........

160

167,201

Series

2016

,

GO

,

5.00

%

,

08/01/26

......

355

370,978

GO

,

4.00

%

,

09/01/26

...............

240

246,653

GO

,

5.00

%

,

09/01/26

...............

11,685

12,234,688

Series

C

,

GO

,

5.00

%

,

09/01/26

........

285

291,148

GO

,

4.00

%

,

10/01/26

...............

7,525

7,756,778

GO

,

5.00

%

,

10/01/26

...............

2,060

2,161,245

GO

,

4.00

%

,

11/01/26

...............

9,755

10,067,660

Series

2017

,

GO

,

5.00

%

,

11/01/26

......

2,885

3,037,802

GO

,

5.00

%

,

11/01/26

...............

3,395

3,574,814

GO

,

5.00

%

,

12/01/26

...............

4,660

4,916,337

GO

,

5.00

%

,

04/01/27

...............

6,870

7,295,493

Series

C

,

GO

,

5.00

%

,

08/01/27

........

175

187,245

GO

,

5.00

%

,

08/01/27

...............

9,170

9,791,743

Series

2016

,

GO

,

5.00

%

,

08/01/27

......

7,505

7,854,584

GO

,

4.00

%

,

09/01/27

...............

5,580

5,818,423

Series

C

,

GO

,

5.00

%

,

09/01/27

........

215

219,844

GO

,

5.00

%

,

09/01/27

...............

3,530

3,730,421

GO

,

4.00

%

,

10/01/27

...............

1,225

1,278,730

GO

,

5.00

%

,

10/01/27

...............

2,465

2,639,087

GO

,

5.00

%

,

11/01/27

...............

32,920

35,416,271

GO

,

5.00

%

,

04/01/28

...............

11,505

12,483,942

GO

,

5.00

%

,

08/01/28

...............

3,095

3,306,990

Series

B

,

GO

,

5.00

%

,

08/01/28

........

4,700

5,021,923

GO

,

5.00

%

,

10/01/28

...............

14,310

15,689,548

GO

,

5.00

%

,

11/01/28

...............

16,250

17,846,558

GO

,

5.00

%

,

12/01/28

...............

6,505

7,156,146

GO

,

5.00

%

,

04/01/29

...............

7,265

8,042,614

GO

,

5.00

%

,

08/01/29

(c)

..............

15,000

16,712,748

GO

,

5.00

%

,

09/01/29

...............

2,565

2,678,458

State

of

California

Department

of

Water

Resources

Series

AS

,

RB

,

5.00

%

,

12/01/24

........

5,620

5,651,339

Series

AW

,

RB

,

5.00

%

,

12/01/24

.......

15

15,084

Series

AX

,

RB

,

5.00

%

,

12/01/24

........

170

170,948

Series

BB

,

RB

,

5.00

%

,

12/01/24

........

5,330

5,359,722

Series

2016

,

RB

,

5.00

%

,

12/01/25

......

55

56,837

Series

AS

,

RB

,

5.00

%

,

12/01/25

........

350

352,155

Series

AX

,

RB

,

5.00

%

,

12/01/25

........

3,115

3,219,038

Series

BA

,

RB

,

5.00

%

,

12/01/25

........

1,645

1,699,941

Series

BB

,

RB

,

5.00

%

,

12/01/25

........

225

232,515

Series

AX

,

RB

,

5.00

%

,

12/01/26

........

70

74,191

Series

BA

,

RB

,

5.00

%

,

12/01/26

........

40

42,395

Series

BB

,

RB

,

5.00

%

,

12/01/26

........

295

312,660

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

78

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

California

(continued)

University

of

California

Series

2018O

,

RB

,

4.00

%

,

05/15/25

.....

USD

10

$

10,103

Series

2015I

,

RB

,

5.00

%

,

05/15/25

......

445

452,668

Series

2015AO

,

RB

,

5.00

%

,

05/15/25

....

1,550

1,576,817

Series

2015AO

,

RB

,

5.00

%

,

05/15/26

....

375

381,760

Series

2015I

,

RB

,

5.00

%

,

05/15/26

......

1,060

1,079,108

Series

2017AV

,

RB

,

5.00

%

,

05/15/26

....

205

214,194

Series

2017AY

,

RB

,

5.00

%

,

05/15/26

....

680

710,499

Series

2017AY

,

RB

,

5.00

%

,

05/15/27

....

930

996,709

Series

2023BN

,

RB

,

5.00

%

,

05/15/27

....

10,025

10,744,097

Series

2015AO

,

RB

,

5.00

%

,

05/15/28

....

4,265

4,329,037

Series

2015I

,

RB

,

5.00

%

,

05/15/28

......

2,250

2,283,469

Series

2023BN

,

RB

,

5.00

%

,

05/15/28

....

5,015

5,500,966

Series

2024BS

,

RB

,

5.00

%

,

05/15/28

....

3,000

3,290,708

Series

2024BS

,

RB

,

5.00

%

,

05/15/29

....

10,000

11,216,557

Series

2024BX

,

RB

,

5.00

%

,

05/15/29

....

4,165

4,671,696

Series

2013AL-3

,

RB

,

VRDN

3.65

%

,

09/03/24

(a)

...............

4,830

4,830,000

1,062,101,076

Colorado

—

1.1%

City

&

County

of

Denver

Series

2019B

,

GO

,

5.00

%

,

08/01/25

.....

1,325

1,353,613

Series

2019A

,

GO

,

5.00

%

,

08/01/26

.....

1,500

1,571,649

Series

2020B

,

GO

,

5.00

%

,

08/01/26

.....

14,055

14,723,660

Series

2020B

,

GO

,

5.00

%

,

08/01/27

.....

7,980

8,542,755

Series

2022A

,

GO

,

5.00

%

,

08/01/27

.....

10

10,699

City

&

County

of

Denver

Airport

System

Series

2016A

,

RB

,

5.00

%

,

11/15/24

.....

5,445

5,465,920

Series

2022C

,

RB

,

5.00

%

,

11/15/25

.....

1,125

1,156,617

Series

2019C

,

RB

,

5.00

%

,

11/15/27

.....

3,505

3,766,830

Series

2023A

,

RB

,

5.00

%

,

11/15/28

.....

2,950

3,222,279

City

of

Aurora,

Series

2016,

RB,

5.00%, 08/01/41

.................

9,460

9,910,289

City

of

Colorado

Springs

Utilities

System

Series

2020A

,

RB

,

5.00

%

,

11/15/25

.....

905

931,349

Series

2020B

,

RB

,

5.00

%

,

11/15/25

.....

1,010

1,039,407

Series

2020B

,

RB

,

5.00

%

,

11/15/26

.....

550

579,279

Series

2024B

,

RB

,

5.00

%

,

11/15/26

.....

1,805

1,901,088

Series

2020B

,

RB

,

5.00

%

,

11/15/28

.....

1,000

1,099,487

Series

2022A

,

RB

,

5.00

%

,

11/15/28

.....

1,000

1,099,487

Denver

City

&

County

School

District

No.

1

Series

2017

,

GO

,

5.00

%

,

12/01/24

(

SAW

)

.

890

894,356

Series

2016

,

GO

,

5.00

%

,

12/01/25

(

SAW

)

.

335

344,995

Series

2021B

,

GO

,

4.00

%

,

12/01/26

(

SAW

)

9,460

9,764,407

E-470

Public

Highway

Authority

(b)

Series

B

,

RB

,

0.00

%

,

09/01/26

(

NPFGC

)

..

4,540

4,272,260

Series

2004A

,

RB

,

0.00

%

,

09/01/28

(

NPFGC

)

4,500

3,966,023

Regional

Transportation

District

Sales

Tax,

Series

2023A,

RB,

5.00%, 11/01/27

.....

5,000

5,371,079

State

of

Colorado,

Series

2019O,

COP,

5.00%, 03/15/25

.................

225

227,608

University

of

Colorado

Series

2016A

,

RB

,

5.00

%

,

06/01/47

.....

4,195

4,369,503

Series

2021C-3A

,

RB

,

VRDN

2.00

%

,

10/15/25

(a)

...............

250

246,237

Series

2021C-3B

,

RB

,

VRDN

2.00

%

,

10/15/26

(a)

...............

250

242,988

Series

2019C

,

RB

,

VRDN

2.00

%

,

10/15/24

(a)

2,500

2,493,129

88,566,993

Connecticut

—

2.4%

Connecticut

State

Health

&

Educational

Facilities

Authority

(a)

Series

2017C-1

,

RB

,

VRDN

5.00

%

,

02/01/28

1,035

1,119,996

Security

Par

(000)

Par

(000)

Value

Connecticut

(continued)

Series

2017C-2

,

RB

,

VRDN

2.80

%

,

02/03/26

USD

4,000

$

3,996,890

Series

2024C-1

,

RB

,

VRDN

2.90

%

,

09/04/24

27,980

27,980,000

Hartford

County

Metropolitan

District

Clean

Water

Project,

Series

2014A,

RB,

5.00%, 11/01/34

.................

1,000

1,003,013

State

of

Connecticut

Series

2018F

,

GO

,

5.00

%

,

09/15/24

.....

4,045

4,047,586

Series

2022D

,

GO

,

5.00

%

,

09/15/24

.....

1,000

1,000,639

Series

2018E

,

GO

,

5.00

%

,

09/15/24

.....

1,765

1,766,129

Series

E

,

GO

,

5.00

%

,

10/15/24

........

185

185,421

Series

2022A

,

GO

,

4.00

%

,

01/15/25

.....

12,335

12,386,169

Series

2020A

,

GO

,

5.00

%

,

01/15/25

.....

6,065

6,112,085

Series

2019B

,

GO

,

5.00

%

,

02/15/25

.....

7,670

7,745,063

Series

2024C

,

GO

,

5.00

%

,

03/01/25

.....

14,405

14,561,662

Series

A

,

GO

,

5.00

%

,

04/15/25

........

560

567,745

Series

2018B

,

GO

,

5.00

%

,

04/15/25

.....

635

643,782

Series

2019A

,

GO

,

5.00

%

,

04/15/25

.....

4,615

4,678,825

Series

2016B

,

GO

,

5.00

%

,

05/15/25

.....

2,635

2,676,917

Series

2021B

,

GO

,

3.00

%

,

06/01/25

.....

1,535

1,537,559

Series

2018F

,

GO

,

5.00

%

,

09/15/25

.....

2,140

2,193,300

Series

H

,

GO

,

5.00

%

,

11/15/25

........

30

30,872

Series

F

,

GO

,

5.00

%

,

11/15/25

.........

565

581,429

Series

2022A

,

GO

,

4.00

%

,

01/15/26

.....

1,815

1,851,024

Series

2021A

,

GO

,

4.00

%

,

01/15/26

.....

2,285

2,330,353

Series

2020A

,

GO

,

5.00

%

,

01/15/26

.....

1,300

1,343,153

Series

2024A

,

GO

,

5.00

%

,

01/15/26

.....

9,380

9,691,364

Series

2019B

,

GO

,

5.00

%

,

02/15/26

.....

3,075

3,183,476

Series

B

,

GO

,

5.00

%

,

04/15/26

........

45

46,773

Series

2018C

,

GO

,

5.00

%

,

06/15/26

.....

1,055

1,100,935

Series

2022D

,

GO

,

5.00

%

,

09/15/26

.....

845

886,227

Series

E

,

GO

,

5.00

%

,

10/15/26

........

1,525

1,602,395

Series

2021A

,

GO

,

4.00

%

,

01/15/27

.....

4,575

4,724,896

Series

2022A

,

GO

,

4.00

%

,

01/15/27

.....

4,595

4,745,551

Series

B

,

GO

,

5.00

%

,

04/15/27

........

75

79,669

Series

2019A

,

GO

,

5.00

%

,

04/15/27

.....

105

111,537

Series

2016B

,

GO

,

5.00

%

,

05/15/27

.....

1,605

1,667,637

Series

2021B

,

GO

,

4.00

%

,

06/01/27

.....

8,665

8,995,466

Series

2020C

,

GO

,

4.00

%

,

06/01/27

.....

1,020

1,058,901

Series

2022C

,

GO

,

5.00

%

,

06/15/27

.....

1,115

1,188,844

Series

2021D

,

GO

,

5.00

%

,

07/15/27

.....

320

341,832

Series

2022D

,

GO

,

5.00

%

,

09/15/27

.....

1,365

1,463,537

Series

F

,

GO

,

5.00

%

,

11/15/27

.........

8,825

9,054,155

Series

2022A

,

GO

,

4.00

%

,

01/15/28

.....

1,905

1,991,526

Series

2019A

,

GO

,

5.00

%

,

04/15/28

.....

2,705

2,936,257

Series

2018B

,

GO

,

5.00

%

,

04/15/28

.....

1,490

1,617,384

Series

2015B

,

GO

,

5.00

%

,

06/15/28

.....

1,300

1,321,717

Series

2023B

,

GO

,

5.00

%

,

08/01/28

.....

3,340

3,647,758

Series

2022D

,

GO

,

5.00

%

,

09/15/28

.....

1,195

1,308,397

Series

2022E

,

GO

,

5.00

%

,

11/15/28

.....

1,670

1,834,597

Series

2024A

,

GO

,

5.00

%

,

01/15/29

.....

5,000

5,511,233

Series

2024C

,

GO

,

5.00

%

,

03/01/29

.....

3,500

3,867,795

Series

2015A

,

GO

,

5.00

%

,

03/15/29

.....

6,340

6,409,551

State

of

Connecticut

Clean

Water

Fund

-

State

Revolving

Fund

Series

2015A

,

RB

,

5.00

%

,

03/01/25

.....

10

10,109

Series

A

,

RB

,

5.00

%

,

05/01/25

.........

295

299,405

Series

B

,

RB

,

5.00

%

,

06/01/26

.........

480

500,851

State

of

Connecticut

Special

Tax

Series

A

,

RB

,

5.00

%

,

09/01/24

.........

2,630

2,630,000

Series

2018B

,

RB

,

5.00

%

,

10/01/24

.....

445

445,655

Series

2018C

,

RB

,

5.00

%

,

10/01/24

.....

615

615,905

Series

2021D

,

RB

,

5.00

%

,

11/01/24

.....

510

511,541

Series

2018A

,

RB

,

5.00

%

,

01/01/25

.....

895

901,100

Series

2020A

,

RB

,

5.00

%

,

05/01/25

.....

260

263,865

Series

2021A

,

RB

,

5.00

%

,

05/01/25

.....

2,395

2,430,602

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

Schedule

of

Investments

79

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Connecticut

(continued)

Series

A

,

RB

,

5.00

%

,

08/01/25

.........

USD

200

$

204,313

Series

A

,

RB

,

5.00

%

,

09/01/25

.........

4,490

4,563,685

Series

2018B

,

RB

,

5.00

%

,

10/01/25

.....

540

554,029

Series

2018A

,

RB

,

5.00

%

,

01/01/26

.....

325

335,431

Series

2021C

,

RB

,

5.00

%

,

01/01/26

.....

1,750

1,806,166

Series

2021A

,

RB

,

5.00

%

,

05/01/26

.....

310

322,502

Series

2020A

,

RB

,

5.00

%

,

05/01/26

.....

2,105

2,189,890

Series

A

,

RB

,

5.00

%

,

08/01/26

.........

710

724,846

Series

A

,

RB

,

5.00

%

,

09/01/26

.........

125

130,983

Series

2018C

,

RB

,

5.00

%

,

10/01/26

.....

10,100

10,603,209

Series

2018B

,

RB

,

5.00

%

,

10/01/26

.....

145

152,224

Series

2021D

,

RB

,

5.00

%

,

11/01/26

.....

2,010

2,114,143

Series

2018A

,

RB

,

5.00

%

,

01/01/27

.....

2,085

2,200,414

Series

2021A

,

RB

,

5.00

%

,

05/01/27

.....

270

287,094

Series

2020A

,

RB

,

5.00

%

,

05/01/27

.....

145

154,180

Series

2022B

,

RB

,

5.00

%

,

07/01/27

.....

1,780

1,899,776

Series

B

,

RB

,

5.00

%

,

08/01/27

.........

20

20,394

Series

A

,

RB

,

5.00

%

,

09/01/27

.........

240

250,967

Series

2023B

,

RB

,

5.00

%

,

07/01/28

.....

3,125

3,407,046

Series

2018A

,

RB

,

5.00

%

,

01/01/29

.....

9,380

10,095,298

University

of

Connecticut

Series

2020A

,

RB

,

5.00

%

,

02/15/25

.....

1,035

1,045,124

Series

2022A

,

RB

,

5.00

%

,

05/01/26

.....

1,075

1,118,511

Series

2022A

,

RB

,

5.00

%

,

05/01/29

.....

860

950,434

234,468,714

Delaware

—

1.4%

County

of

New

Castle

Series

2015

,

GO

,

5.00

%

,

10/01/27

......

10,235

10,490,380

Series

2015

,

GO

,

5.00

%

,

10/01/33

......

5,000

5,124,758

Series

2015

,

GO

,

5.00

%

,

10/01/35

......

3,000

3,074,855

Delaware

Transportation

Authority

Series

2020

,

RB

,

5.00

%

,

09/01/24

......

585

585,000

Series

2019

,

RB

,

5.00

%

,

07/01/25

......

500

509,655

Series

2020

,

RB

,

5.00

%

,

07/01/25

......

10

10,193

Series

2020

,

RB

,

5.00

%

,

07/01/26

......

2,495

2,605,491

Series

2020

,

RB

,

5.00

%

,

09/01/26

......

195

204,053

Series

2020

,

RB

,

5.00

%

,

09/01/28

......

4,545

4,955,940

State

of

Delaware

Series

2018A

,

GO

,

5.00

%

,

02/01/25

.....

4,325

4,368,170

Series

2022

,

GO

,

5.00

%

,

03/01/25

......

13,395

13,553,904

Series

2017A

,

GO

,

5.00

%

,

01/01/26

.....

4,355

4,495,930

Series

2020A

,

GO

,

5.00

%

,

01/01/26

.....

6,460

6,669,049

Series

2021

,

GO

,

5.00

%

,

02/01/26

......

5,015

5,187,723

Series

2022

,

GO

,

5.00

%

,

03/01/26

......

40

41,461

Series

2017A

,

GO

,

5.00

%

,

01/01/27

.....

1,625

1,719,071

Series

2020A

,

GO

,

5.00

%

,

01/01/27

.....

5,530

5,850,132

Series

2018A

,

GO

,

5.00

%

,

02/01/27

.....

3,025

3,206,443

Series

2019

,

GO

,

5.00

%

,

02/01/27

......

3,625

3,842,431

Series

2021

,

GO

,

5.00

%

,

02/01/27

......

2,605

2,761,251

Series

2016D

,

GO

,

5.00

%

,

07/01/27

.....

1,200

1,252,018

Series

2017A

,

GO

,

5.00

%

,

01/01/28

.....

1,985

2,148,856

Series

2019

,

GO

,

5.00

%

,

02/01/28

......

1,500

1,626,822

Series

2023A

,

GO

,

5.00

%

,

05/01/28

.....

17,295

18,859,886

Series

2019

,

GO

,

5.00

%

,

02/01/29

......

2,010

2,225,378

University

of

Delaware,

Series

2005,

RB,

VRDN

(TD

Bank

NA

SBPA),

3.80%, 09/04/24

(a)

..

4,410

4,410,000

109,778,850

District

of

Columbia

—

1.8%

District

of

Columbia

Series

2019A

,

GO

,

5.00

%

,

10/15/24

.....

90

90,231

Series

2021E

,

GO

,

5.00

%

,

02/01/25

.....

185

186,822

Series

2016A

,

GO

,

5.00

%

,

06/01/25

.....

2,095

2,130,645

Series

2017D

,

GO

,

5.00

%

,

06/01/25

.....

70

71,191

Security

Par

(000)

Par

(000)

Value

District

of

Columbia

(continued)

Series

2018B

,

GO

,

5.00

%

,

06/01/25

.....

USD

325

$

330,530

Series

2019A

,

GO

,

5.00

%

,

10/15/25

.....

9,195

9,443,371

Series

2020

,

RB

,

5.00

%

,

12/01/25

......

1,000

1,028,897

Series

2021D

,

GO

,

4.00

%

,

02/01/26

.....

4,270

4,357,512

Series

2021E

,

GO

,

5.00

%

,

02/01/26

.....

125

129,284

Series

2015A

,

GO

,

5.00

%

,

06/01/26

.....

945

962,342

Series

2018B

,

GO

,

5.00

%

,

06/01/26

.....

465

484,775

Series

2017D

,

GO

,

5.00

%

,

06/01/26

.....

155

161,592

Series

2015B

,

GO

,

5.00

%

,

06/01/26

.....

1,180

1,201,655

Series

D

,

GO

,

5.00

%

,

06/01/26

........

20

20,851

Series

2020

,

RB

,

5.00

%

,

12/01/26

......

2,880

3,025,880

Series

2021D

,

GO

,

4.00

%

,

02/01/27

.....

160

165,454

Series

2021E

,

GO

,

5.00

%

,

02/01/27

.....

7,885

8,340,835

Series

2018B

,

GO

,

5.00

%

,

06/01/27

.....

3,715

3,959,499

Series

2019A

,

GO

,

5.00

%

,

10/15/27

.....

3,005

3,229,382

Series

2023A

,

GO

,

5.00

%

,

01/01/28

.....

2,355

2,541,557

Series

2021D

,

GO

,

5.00

%

,

02/01/28

.....

1,225

1,324,391

Series

2023B

,

GO

,

5.00

%

,

06/01/28

.....

6,750

7,348,762

Series

2020

,

RB

,

5.00

%

,

12/01/28

......

1,000

1,091,909

District

of

Columbia

Income

Tax

Series

2020B

,

RB

,

5.00

%

,

10/01/24

.....

14,480

14,499,106

Series

2014A

,

RB

,

5.00

%

,

12/01/24

.....

130

130,725

Series

2019A

,

RB

,

5.00

%

,

03/01/25

.....

830

840,042

Series

2019C

,

RB

,

5.00

%

,

10/01/25

.....

5,745

5,894,737

Series

2020B

,

RB

,

5.00

%

,

10/01/25

.....

195

200,082

Series

2020A

,

RB

,

5.00

%

,

03/01/26

.....

150

155,453

Series

2020C

,

RB

,

5.00

%

,

05/01/26

.....

915

952,019

Series

2019C

,

RB

,

5.00

%

,

10/01/26

.....

8,135

8,546,880

Series

2020B

,

RB

,

5.00

%

,

10/01/26

.....

17,460

18,344,010

Series

2020A

,

RB

,

5.00

%

,

03/01/27

.....

2,460

2,607,196

Series

2019C

,

RB

,

5.00

%

,

10/01/27

.....

1,005

1,079,147

Series

2022C

,

RB

,

5.00

%

,

12/01/27

.....

10,435

11,244,814

Series

2020B

,

RB

,

5.00

%

,

10/01/28

.....

15,490

16,980,658

District

of

Columbia

Water

&

Sewer

Authority

Series

A

,

RB

,

5.00

%

,

10/01/24

.........

50

50,075

Series

2014C

,

RB

,

5.00

%

,

10/01/25

.....

770

772,204

Series

B

,

RB

,

5.00

%

,

10/01/25

.........

195

200,082

Series

2014C

,

RB

,

5.00

%

,

10/01/27

.....

135

135,386

Series

2024A

,

RB

,

5.00

%

,

10/01/28

.....

5,000

5,487,275

Series

2024B,

Sub-Series

B-1

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

3.90

%

,

09/03/24

(a)

6,000

6,000,000

Washington

Metropolitan

Area

Transit

Authority

Series

2021A

,

RB

,

5.00

%

,

07/15/25

.....

6,850

6,989,160

Series

2021A

,

RB

,

5.00

%

,

07/15/26

.....

680

710,267

Series

2021A

,

RB

,

5.00

%

,

07/15/27

.....

5,735

6,127,732

Series

2023A

,

RB

,

5.00

%

,

07/15/27

.....

1,000

1,068,480

Series

2018

,

RB

,

5.00

%

,

07/01/28

......

1,060

1,122,373

Series

2021A

,

RB

,

5.00

%

,

07/15/28

.....

1,000

1,089,938

162,855,208

Florida

—

1.8%

Central

Florida

Expressway

Authority

Series

2019B

,

RB

,

5.00

%

,

07/01/26

.....

1,320

1,375,272

Series

2021

,

RB

,

5.00

%

,

07/01/26

(

AGM

)

.

5,185

5,407,781

Series

2024B

,

RB

,

5.00

%

,

07/01/29

(

AGC

)

2,000

2,214,962

City

of

Jacksonville

Series

2024

,

RB

,

5.00

%

,

10/01/28

......

1,160

1,266,921

Series

2024

,

RB

,

5.00

%

,

10/01/29

......

1,600

1,780,585

County

of

Miami-Dade

Series

2016A

,

GO

,

5.00

%

,

07/01/25

.....

2,515

2,561,438

Series

B

,

RB

,

5.00

%

,

10/01/26

.........

5,105

5,222,067

Series

2016A

,

GO

,

5.00

%

,

07/01/29

.....

10,905

12,071,859

County

of

Miami-Dade

Water

&

Sewer

System,

Series

2015,

RB,

5.00%, 10/01/24

......

2,440

2,443,452

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

80

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Florida

(continued)

County

of

Orange

Water

Utility

System,

Series

2020,

RB,

5.00%, 10/01/27

..........

USD

225

$

241,116

Florida

Department

of

Environmental

Protection,

Series

2015A,

RB,

5.00%, 07/01/26

.....

305

310,985

JEA

Water

&

Sewer

System,

Series

2008B-1,

RB,

VRDN

(Bank

of

America

NA

SBPA),

2.96%, 09/04/24

(a)

................

5,385

5,385,000

Orlando

Utilities

Commission

Series

2020A

,

RB

,

5.00

%

,

10/01/26

.....

10,610

11,131,772

Series

2015B

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

3.09

%

,

09/04/24

(a)

..........

15,000

15,000,000

Palm

Beach

County

School

District,

Series

2015D,

COP,

5.00%, 08/01/27

........

1,415

1,440,583

School

Board

of

Miami-Dade

County

(The)

Series

2015B

,

COP

,

5.00

%

,

05/01/26

....

2,240

2,271,138

Series

2015A

,

COP

,

5.00

%

,

05/01/27

(

AGM

)

1,330

1,348,537

Series

2014D

,

COP

,

5.00

%

,

11/01/27

....

3,300

3,310,092

School

District

of

Broward

County

Series

2015B

,

COP

,

5.00

%

,

07/01/25

....

915

931,517

Series

2019A

,

COP

,

5.00

%

,

07/01/27

....

700

745,305

State

of

Florida

Series

2016C

,

GO

,

5.00

%

,

06/01/25

.....

4,740

4,820,725

Series

2016G

,

GO

,

5.00

%

,

06/01/25

.....

1,000

1,017,030

Series

2019C

,

GO

,

5.00

%

,

06/01/25

.....

2,870

2,918,878

Series

2020B

,

GO

,

5.00

%

,

06/01/25

.....

4,000

4,068,122

Series

2015F

,

GO

,

5.00

%

,

06/01/26

.....

4,035

4,104,905

Series

2017A

,

GO

,

5.00

%

,

06/01/26

(

GTD

)

3,765

3,925,261

Series

2020A

,

GO

,

5.00

%

,

06/01/26

.....

175

182,449

Series

2021B

,

GO

,

5.00

%

,

06/01/26

.....

715

745,435

Series

2016A

,

GO

,

5.00

%

,

07/01/26

.....

3,185

3,323,139

Series

2016C

,

GO

,

5.00

%

,

06/01/27

.....

380

394,740

Series

2022A

,

GO

,

5.00

%

,

06/01/27

.....

10,505

11,205,023

Series

2021A

,

GO

,

5.00

%

,

07/01/27

.....

6,045

6,465,254

Series

2020A

,

GO

,

5.00

%

,

06/01/28

.....

1,560

1,700,715

Series

2022B

,

GO

,

5.00

%

,

06/01/28

.....

3,985

4,342,963

Series

2021B

,

GO

,

5.00

%

,

07/01/28

.....

875

956,280

Series

2017C

,

GO

,

5.00

%

,

06/01/29

.....

4,965

5,262,589

State

of

Florida

Department

of

Transportation,

Series

2020,

RB,

5.00%, 07/01/29

......

5,315

5,914,324

State

of

Florida

Department

of

Transportation

Turnpike

System

Series

2018A

,

RB

,

5.00

%

,

07/01/25

.....

825

840,794

Series

2021C

,

RB

,

5.00

%

,

07/01/25

.....

5,425

5,528,858

Series

2021C

,

RB

,

5.00

%

,

07/01/26

.....

5,630

5,879,325

Series

2020A

,

RB

,

5.00

%

,

07/01/29

.....

2,685

2,978,732

153,035,923

Georgia

—

2.8%

City

of

Atlanta

Series

2018B

,

RB

,

5.00

%

,

11/01/25

.....

1,025

1,052,490

Series

2004

,

RB

,

5.75

%

,

11/01/26

(

AGM

)

.

2,305

2,458,437

Series

2015

,

RB

,

5.00

%

,

11/01/27

......

2,645

2,682,491

Series

2015

,

GO

,

5.00

%

,

12/01/27

......

4,750

4,772,328

Series

2022A-1

,

GO

,

5.00

%

,

12/01/27

....

990

1,066,830

Series

2015

,

GO

,

5.00

%

,

12/01/32

......

5,000

5,023,503

City

of

Atlanta

Department

of

Aviation

Series

2020A

,

RB

,

5.00

%

,

07/01/25

.....

6,355

6,472,400

Series

2020A

,

RB

,

5.00

%

,

07/01/26

.....

1,000

1,043,169

Series

2020A

,

RB

,

5.00

%

,

07/01/28

.....

6,500

7,079,211

Columbia

County

School

District,

Series

2020,

GO,

5.00%, 10/01/26

(SAW)

.........

145

152,221

County

of

DeKalb,

Series

2022,

RB,

5.00%, 10/01/28

.................

4,600

5,044,350

County

of

Forsyth,

Series

2019,

GO,

5.00%, 09/01/25

.................

10,110

10,353,060

Security

Par

(000)

Par

(000)

Value

Georgia

(continued)

Forsyth

County

Water

&

Sewerage

Authority,

Series

2015,

RB,

5.00%, 04/01/41

......

USD

7,750

$

7,851,714

Georgia

Ports

Authority

Series

2021

,

RB

,

5.00

%

,

07/01/25

......

500

509,489

Series

2022

,

RB

,

5.00

%

,

07/01/25

......

2,050

2,088,907

Series

2021

,

RB

,

5.00

%

,

07/01/26

......

620

647,117

Series

2022

,

RB

,

5.00

%

,

07/01/26

......

1,615

1,685,635

Series

2022

,

RB

,

5.00

%

,

07/01/27

......

2,095

2,238,868

Georgia

State

Road

&

Tollway

Authority

Series

2020

,

RB

,

5.00

%

,

06/01/25

......

4,990

5,072,383

Series

2020

,

RB

,

5.00

%

,

06/01/29

......

2,630

2,921,632

Gwinnett

County

School

District

Series

2010

,

GO

,

5.00

%

,

02/01/25

......

4,065

4,100,008

Series

2022B

,

GO

,

5.00

%

,

08/01/25

.....

260

265,507

Series

2010

,

GO

,

5.00

%

,

02/01/26

......

2,505

2,529,737

Series

2022B

,

GO

,

5.00

%

,

08/01/26

.....

7,125

7,450,976

Series

2010

,

GO

,

5.00

%

,

02/01/27

......

1,000

1,009,043

Series

2022B

,

GO

,

5.00

%

,

08/01/27

.....

890

953,196

Gwinnett

County

Water

&

Sewerage

Authority

Series

2021

,

RB

,

4.00

%

,

08/01/25

......

1,110

1,124,190

Series

2020

,

RB

,

5.00

%

,

08/01/27

......

2,600

2,785,375

Series

2019

,

RB

,

5.00

%

,

08/01/27

......

565

605,283

Henry

County

School

District,

Series

2016,

GO,

5.00%, 08/01/26

(SAW)

............

180

188,235

Metropolitan

Atlanta

Rapid

Transit

Authority

Series

2018A

,

RB

,

4.00

%

,

07/01/25

.....

1,910

1,931,636

Series

2007A

,

RB

,

5.25

%

,

07/01/27

(

NPFGC

)

1,470

1,575,371

Municipal

Electric

Authority

of

Georgia,

Series

A,

RB,

5.00%, 01/01/26

..............

250

251,466

Private

Colleges

&

Universities

Authority

Series

2020B

,

RB

,

5.00

%

,

09/01/25

.....

16,015

16,370,005

Series

2022A

,

RB

,

5.00

%

,

09/01/29

.....

4,200

4,681,548

State

of

Georgia

Series

2016E

,

GO

,

5.00

%

,

12/01/24

.....

25

25,130

Series

2014A-2

,

GO

,

5.00

%

,

02/01/25

....

325

325,557

Series

2017A-1

,

GO

,

5.00

%

,

02/01/25

....

320

322,956

Series

2016A

,

GO

,

5.00

%

,

02/01/25

.....

140

141,293

Series

2022C

,

GO

,

4.00

%

,

07/01/25

.....

80

80,960

Series

2016C-1

,

GO

,

4.00

%

,

07/01/25

...

3,325

3,364,913

Series

2018A

,

GO

,

5.00

%

,

07/01/25

.....

4,960

5,059,885

Series

2016E

,

GO

,

5.00

%

,

12/01/25

.....

16,290

16,801,739

Series

2016F

,

GO

,

5.00

%

,

01/01/26

.....

750

774,470

Series

2017A-1

,

GO

,

5.00

%

,

02/01/26

....

530

548,404

Series

2016F

,

GO

,

5.00

%

,

07/01/26

.....

5

5,226

Series

2019A

,

GO

,

5.00

%

,

07/01/26

.....

3,160

3,302,830

Series

2020A

,

GO

,

5.00

%

,

08/01/26

.....

13,990

14,652,035

Series

2016E

,

GO

,

5.00

%

,

12/01/26

.....

5,405

5,703,532

Series

2017A-1

,

GO

,

5.00

%

,

02/01/27

....

14,895

15,779,212

Series

2022A

,

GO

,

5.00

%

,

07/01/27

.....

21,185

22,660,440

Series

2023A

,

GO

,

5.00

%

,

07/01/27

.....

17,215

18,413,947

Series

2016F

,

GO

,

5.00

%

,

01/01/28

.....

3,805

4,010,826

Series

2021A

,

GO

,

5.00

%

,

07/01/28

.....

6,110

6,680,895

234,692,061

Hawaii

—

0.7%

City

&

County

Honolulu

Wastewater

System

Series

2019A

,

RB

,

4.00

%

,

07/01/26

.....

1,100

1,128,656

Series

A

,

RB

,

4.00

%

,

07/01/27

.........

5,335

5,377,863

City

&

County

of

Honolulu

Series

2020B

,

GO

,

5.00

%

,

03/01/25

.....

5,035

5,088,597

Series

2021E

,

GO

,

5.00

%

,

03/01/26

.....

450

466,059

Series

2020C

,

GO

,

4.00

%

,

07/01/26

.....

850

872,143

Series

2020D

,

GO

,

5.00

%

,

07/01/26

.....

1,870

1,951,897

Series

2023D

,

GO

,

5.00

%

,

03/01/28

.....

4,280

4,632,977

Series

2020B

,

GO

,

5.00

%

,

03/01/29

.....

875

964,682

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

Schedule

of

Investments

81

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hawaii

(continued)

County

of

Maui,

Series

2018,

GO,

5.00%, 09/01/26

.................

USD

1,300

$

1,362,301

State

of

Hawaii

Series

EY

,

GO

,

5.00

%

,

10/01/24

........

6,120

6,128,668

Series

FE

,

GO

,

5.00

%

,

10/01/24

.......

435

435,616

Series

FH

,

GO

,

5.00

%

,

10/01/24

.......

1,415

1,417,004

Series

2018FT

,

GO

,

5.00

%

,

01/01/25

....

585

589,006

Series

FK

,

GO

,

5.00

%

,

05/01/25

.......

200

202,986

Series

EO

,

GO

,

5.00

%

,

08/01/25

.......

2,550

2,554,130

Series

EZ

,

GO

,

5.00

%

,

10/01/25

.......

3,605

3,699,046

Series

FH

,

GO

,

5.00

%

,

10/01/25

.......

280

287,335

Series

FN

,

GO

,

5.00

%

,

10/01/25

.......

45

46,174

Series

2018FT

,

GO

,

5.00

%

,

01/01/26

....

5,475

5,651,447

Series

EY

,

GO

,

5.00

%

,

10/01/26

........

715

732,094

Series

2018FT

,

GO

,

5.00

%

,

01/01/27

....

2,145

2,264,623

Series

2019FW

,

GO

,

5.00

%

,

01/01/27

....

1,175

1,240,528

Series

FE

,

GO

,

5.00

%

,

10/01/27

.......

4,695

4,917,175

State

of

Hawaii

State

Highway

Fund,

Series

B,

RB,

5.00%, 01/01/25

..............

450

453,082

52,464,089

Illinois

—

3.7%

Chicago

Midway

International

Airport

Series

2023B

,

RB

,

5.00

%

,

01/01/28

(

BAM

)

2,770

2,974,843

Series

2023B

,

RB

,

5.00

%

,

01/01/29

(

BAM

)

3,500

3,832,268

Chicago

O'Hare

International

Airport

Series

2022D

,

RB

,

5.00

%

,

01/01/26

.....

3,510

3,616,549

Series

B

,

RB

,

5.00

%

,

01/01/26

.........

900

904,981

Series

E

,

RB

,

5.00

%

,

01/01/26

.........

510

525,482

City

of

Chicago,

Series

2020A,

GO,

5.00%, 01/01/28

.................

8,500

8,957,743

County

of

Cook

Series

2024

,

RB

,

5.00

%

,

11/15/27

......

750

803,957

Series

2024

,

RB

,

5.00

%

,

11/15/28

......

1,000

1,092,036

Series

2024

,

RB

,

5.00

%

,

11/15/29

......

1,135

1,261,043

Illinois

Finance

Authority

Series

2020

,

RB

,

5.00

%

,

01/01/25

......

275

276,883

Series

2016

,

RB

,

4.00

%

,

07/01/25

......

3,110

3,144,774

Series

2016

,

RB

,

5.00

%

,

01/01/26

......

1,240

1,279,962

Series

2019

,

RB

,

5.00

%

,

01/01/26

......

825

851,588

Series

2017

,

RB

,

5.00

%

,

07/01/27

......

290

303,957

Series

2016

,

RB

,

5.00

%

,

01/01/28

......

2,630

2,701,679

Series

2019

,

RB

,

5.00

%

,

07/01/28

......

625

681,497

Series

2020

,

RB

,

5.00

%

,

01/01/29

......

1,330

1,462,188

Series

2024B

,

RB

,

5.00

%

,

04/01/29

.....

3,500

3,853,991

Series

2020

,

RB

,

5.00

%

,

07/01/29

......

1,155

1,282,171

Illinois

State

Toll

Highway

Authority

Series

2018A

,

RB

,

5.00

%

,

01/01/25

.....

1,585

1,595,490

Series

2019B

,

RB

,

5.00

%

,

01/01/25

.....

3,050

3,070,185

Series

2019C

,

RB

,

5.00

%

,

01/01/25

.....

8,210

8,264,334

Series

2019B

,

RB

,

5.00

%

,

01/01/26

.....

1,600

1,651,777

Series

2019C

,

RB

,

5.00

%

,

01/01/26

.....

10,000

10,323,606

Series

2016B

,

RB

,

5.00

%

,

01/01/27

.....

10

10,409

Series

2019B

,

RB

,

5.00

%

,

01/01/27

.....

215

226,918

Series

2019C

,

RB

,

5.00

%

,

01/01/27

.....

3,495

3,688,740

Series

2018A

,

RB

,

5.00

%

,

01/01/28

.....

2,120

2,285,459

Series

2019B

,

RB

,

5.00

%

,

01/01/28

.....

3,385

3,649,188

Series

2019C

,

RB

,

5.00

%

,

01/01/28

.....

1,655

1,784,167

Series

2017A

,

RB

,

5.00

%

,

01/01/29

.....

1,835

1,964,252

Series

2018A

,

RB

,

5.00

%

,

01/01/29

.....

5,190

5,685,755

Series

2019B

,

RB

,

5.00

%

,

01/01/29

.....

1,755

1,922,640

Series

2019C

,

RB

,

5.00

%

,

01/01/29

.....

3,460

3,790,503

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

Series

A

,

GO

,

5.00

%

,

12/01/25

........

715

735,592

Security

Par

(000)

Par

(000)

Value

Illinois

(continued)

Series

2014A

,

GO

,

5.00

%

,

12/01/44

.....

USD

27,450

$

27,575,641

Sales

Tax

Securitization

Corp.

Series

2020A

,

RB

,

5.00

%

,

01/01/25

.....

515

518,440

Series

2021A

,

RB

,

5.00

%

,

01/01/27

.....

2,405

2,524,517

Series

2020A

,

RB

,

5.00

%

,

01/01/28

.....

3,225

3,449,185

State

of

Illinois

Series

2019B

,

GO

,

5.00

%

,

09/01/24

.....

8,085

8,085,000

Series

2019A

,

GO

,

5.00

%

,

11/01/24

.....

6,045

6,061,626

Series

2017D

,

GO

,

5.00

%

,

11/01/24

.....

23,580

23,641,765

Series

2017A

,

GO

,

5.00

%

,

12/01/24

.....

2,370

2,379,941

Series

2016

,

GO

,

5.00

%

,

02/01/25

......

2,055

2,070,478

Series

2022B

,

GO

,

5.00

%

,

03/01/25

.....

3,260

3,290,464

Series

2021A

,

GO

,

5.00

%

,

03/01/25

.....

1,910

1,927,848

Series

2021B

,

GO

,

5.00

%

,

03/01/25

.....

2,000

2,018,689

Series

2020

,

GO

,

5.50

%

,

05/01/25

......

2,850

2,895,597

Series

2018A

,

GO

,

6.00

%

,

05/01/25

.....

4,000

4,078,298

Series

2017D

,

GO

,

5.00

%

,

11/01/25

.....

13,035

13,332,816

Series

2016

,

GO

,

5.00

%

,

02/01/26

......

6,000

6,165,736

Series

2022B

,

GO

,

5.00

%

,

03/01/26

.....

6,630

6,823,609

Series

2021B

,

GO

,

5.00

%

,

03/01/26

.....

1,075

1,106,392

Series

2021A

,

GO

,

5.00

%

,

03/01/26

.....

950

977,601

Series

2017D

,

GO

,

5.00

%

,

11/01/26

.....

13,000

13,556,560

Series

2016

,

GO

,

5.00

%

,

02/01/27

......

570

596,957

Series

2022B

,

GO

,

5.00

%

,

03/01/27

.....

4,245

4,452,815

Series

2019B

,

GO

,

5.00

%

,

09/01/27

.....

3,100

3,284,046

Series

2018A

,

GO

,

5.00

%

,

10/01/27

.....

1,600

1,697,500

Series

2017D

,

GO

,

5.00

%

,

11/01/27

.....

12,170

12,931,899

Series

2016

,

GO

,

5.00

%

,

02/01/28

......

14,800

15,510,191

Series

2021A

,

GO

,

5.00

%

,

03/01/28

.....

1,000

1,068,867

Series

2024B

,

GO

,

5.00

%

,

05/01/28

.....

2,940

3,151,747

Series

2023B

,

GO

,

5.00

%

,

05/01/28

.....

5,300

5,681,430

Series

2023D

,

GO

,

5.00

%

,

07/01/28

.....

12,380

13,309,634

Series

2018A

,

GO

,

5.00

%

,

10/01/28

.....

4,700

5,074,383

Series

2017D

,

GO

,

5.00

%

,

11/01/28

.....

3,825

4,063,913

Series

2016

,

GO

,

5.00

%

,

02/01/29

......

1,405

1,471,752

Series

2021A

,

GO

,

5.00

%

,

03/01/29

.....

400

434,706

Series

2024B

,

GO

,

5.00

%

,

05/01/29

.....

2,915

3,177,052

State

of

Illinois

Sales

Tax

Series

2021C

,

RB

,

5.00

%

,

06/15/26

.....

435

450,301

Series

2024A

,

RB

,

5.00

%

,

06/15/29

.....

5,000

5,393,221

304,687,224

Indiana

—

0.8%

Indiana

Finance

Authority

Series

2016C

,

RB

,

5.00

%

,

12/01/24

.....

1,875

1,884,070

Series

2015B

,

RB

,

5.00

%

,

02/01/25

.....

2,320

2,341,148

Series

2019E

,

RB

,

5.00

%

,

02/01/25

.....

1,060

1,069,662

Series

2014A

,

RB

,

5.00

%

,

10/01/25

.....

1,140

1,141,823

Series

2021-1

,

RB

,

5.00

%

,

10/01/25

.....

3,680

3,771,248

Series

2016C

,

RB

,

5.00

%

,

12/01/25

.....

1,220

1,256,046

Series

2021B

,

RB

,

5.00

%

,

02/01/26

.....

1,000

1,034,300

Series

E

,

RB

,

5.00

%

,

02/01/26

.........

710

734,353

Series

2019A

,

RB

,

5.00

%

,

02/01/26

.....

10,095

10,441,261

Series

2019C

,

RB

,

5.00

%

,

02/01/26

.....

185

191,346

Series

2017C

,

RB

,

5.00

%

,

02/01/26

.....

460

475,778

Series

2019A

,

RB

,

5.00

%

,

02/01/27

.....

280

296,172

Series

2019E

,

RB

,

5.00

%

,

02/01/27

.....

470

497,146

Series

2015A

,

RB

,

5.00

%

,

02/01/27

.....

1,070

1,080,254

Series

2021B

,

RB

,

5.00

%

,

02/01/27

.....

1,710

1,808,765

Series

B

,

RB

,

5.00

%

,

02/01/27

.........

150

154,741

Series

2017C

,

RB

,

5.00

%

,

02/01/27

.....

195

206,263

Series

E

,

RB

,

5.00

%

,

02/01/27

.........

210

218,891

Series

2016C

,

RB

,

5.00

%

,

06/01/27

.....

2,090

2,197,702

Series

2021-1

,

RB

,

5.00

%

,

10/01/27

.....

1,275

1,367,414

Series

A

,

RB

,

5.00

%

,

02/01/29

.........

3,500

3,617,311

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

82

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Indiana

(continued)

Series

2016C

,

RB

,

5.00

%

,

06/01/29

.....

USD

5,430

$

6,039,557

Series

A

,

RB

,

5.00

%

,

02/01/30

.........

3,930

4,061,723

Series

2015A

,

RB

,

5.00

%

,

02/01/31

.....

5,000

5,040,935

Series

A

,

RB

,

5.00

%

,

02/01/31

.........

3,645

3,767,171

Series

D

,

RB

,

5.00

%

,

08/01/35

.........

9,310

9,726,474

Indiana

Municipal

Power

Agency,

Series

2014A,

RB,

5.00%, 01/01/26

..............

3,145

3,166,146

Purdue

University,

Series

EE,

RB,

5.00%, 07/01/26

.................

235

245,016

67,832,716

Iowa

—

0.1%

City

of

Des

Moines,

Series

2019A,

GO,

5.00%, 06/01/26

.................

5,870

6,118,387

Iowa

Finance

Authority

Series

2015

,

RB

,

5.00

%

,

08/01/25

......

3,170

3,236,343

Series

2016

,

RB

,

5.00

%

,

08/01/26

......

1,305

1,366,256

Series

2017

,

RB

,

5.00

%

,

08/01/27

......

350

374,819

11,095,805

Kansas

—

0.7%

Johnson

County

Unified

School

District

No.

512

Shawnee

Mission

Series

2015A

,

GO

,

5.00

%

,

10/01/30

.....

2,000

2,050,980

Series

2015A

,

GO

,

5.00

%

,

10/01/31

.....

6,280

6,440,076

Series

2015A

,

GO

,

5.00

%

,

10/01/32

.....

4,605

4,722,381

Series

2015A

,

GO

,

5.00

%

,

10/01/34

.....

4,000

4,101,959

Series

2015A

,

GO

,

4.00

%

,

10/01/35

.....

4,000

4,059,728

State

of

Kansas

Department

of

Transportation

Series

2015A

,

RB

,

5.00

%

,

09/01/24

.....

180

180,000

Series

2014A

,

RB

,

5.00

%

,

09/01/25

.....

365

365,000

Series

2015B

,

RB

,

5.00

%

,

09/01/25

.....

815

834,045

Series

2018A

,

RB

,

5.00

%

,

09/01/25

.....

285

291,660

Series

2015B

,

RB

,

5.00

%

,

09/01/26

.....

1,220

1,247,177

Series

2015B

,

RB

,

5.00

%

,

09/01/27

.....

6,095

6,230,906

Series

2024A

,

RB

,

5.00

%

,

09/01/28

.....

3,775

4,128,167

Series

2017A

,

RB

,

5.00

%

,

09/01/29

.....

2,025

2,143,930

Series

2024A

,

RB

,

5.00

%

,

09/01/29

.....

4,000

4,459,478

41,255,487

Kentucky

—

0.3%

Kentucky

Asset

Liability

Commission,

Series

A,

RB,

5.00%, 09/01/26

..............

2,240

2,240,000

Kentucky

State

Property

&

Building

Commission,

Series

B,

RB,

5.00%, 11/01/26

(SAP)

....

5,290

5,538,777

Kentucky

Turnpike

Authority

Series

2016A

,

RB

,

5.00

%

,

07/01/26

.....

2,005

2,090,497

Series

2024A

,

RB

,

5.00

%

,

07/01/29

.....

2,500

2,776,967

Louisville

&

Jefferson

County

Metropolitan

Government,

Series

2022A,

GO,

5.00%, 04/01/27

.................

4,850

5,140,964

Louisville

&

Jefferson

County

Metropolitan

Sewer

District,

Series

2017B,

RB,

5.00%, 05/15/25

5,000

5,080,084

22,867,289

Louisiana

—

0.4%

City

of

New

Orleans,

Series

2021A,

GO,

5.00%, 12/01/29

.................

5,015

5,553,094

East

Baton

Rouge

Sewerage

Commission,

Series

2014B,

RB,

5.00%, 02/01/39

.....

3,365

3,393,934

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority,

Series

2014,

RB,

5.00%, 10/01/33

5,735

5,742,871

State

of

Louisiana

Series

2019A

,

RB

,

5.00

%

,

09/01/24

.....

325

325,000

Security

Par

(000)

Par

(000)

Value

Louisiana

(continued)

Series

2021

,

RB

,

5.00

%

,

09/01/24

......

USD

1,350

$

1,350,000

Series

2020A

,

GO

,

5.00

%

,

03/01/25

.....

1,700

1,719,327

Series

2017A

,

GO

,

5.00

%

,

04/01/25

.....

375

380,042

Series

2016B

,

GO

,

5.00

%

,

08/01/25

.....

4,235

4,328,646

Series

2021

,

RB

,

5.00

%

,

09/01/25

......

750

768,420

Series

2020A

,

GO

,

5.00

%

,

03/01/26

.....

1,935

2,004,250

Series

2016B

,

GO

,

5.00

%

,

08/01/26

.....

1,890

1,975,467

Series

2021

,

RB

,

5.00

%

,

09/01/26

......

1,035

1,083,917

Series

2016A

,

GO

,

5.00

%

,

09/01/26

.....

95

99,490

Series

2021A

,

GO

,

5.00

%

,

03/01/27

.....

65

68,853

Series

2016B

,

GO

,

5.00

%

,

08/01/27

.....

2,000

2,082,748

Series

2019A

,

RB

,

5.00

%

,

09/01/27

.....

250

267,130

Series

2023A

,

GO

,

5.00

%

,

02/01/28

.....

2,500

2,695,859

Series

2016A

,

GO

,

5.00

%

,

09/01/28

.....

3,000

3,128,221

Series

2023

,

RB

,

5.00

%

,

09/01/28

......

1,150

1,252,514

Series

2024E

,

GO

,

5.00

%

,

09/01/29

(c)

....

2,815

3,128,271

State

of

Louisiana

Gasoline

&

Fuels

Tax

Series

B

,

RB

,

5.00

%

,

05/01/25

.........

775

787,084

Series

A

,

RB

,

4.00

%

,

05/01/41

.........

5,070

5,110,892

47,246,030

Maine

—

0.4%

Maine

Turnpike

Authority,

Series

2022,

RB,

5.00%, 07/01/26

.................

1,000

1,043,554

State

of

Maine

Series

2019B

,

GO

,

5.00

%

,

06/01/25

.....

2,465

2,507,347

Series

2022B

,

GO

,

5.00

%

,

06/01/25

.....

100

101,718

Series

2017B

,

GO

,

5.00

%

,

06/01/26

.....

100

104,169

Series

2020B

,

GO

,

5.00

%

,

06/01/26

.....

45

46,876

Series

2017B

,

GO

,

5.00

%

,

06/01/27

.....

80

85,243

Series

2018D

,

GO

,

5.00

%

,

06/01/27

.....

4,150

4,421,990

Series

2019B

,

GO

,

5.00

%

,

06/01/27

.....

4,115

4,384,696

Series

2020B

,

GO

,

5.00

%

,

06/01/27

.....

95

101,226

Series

2021B

,

GO

,

5.00

%

,

06/01/27

.....

3,305

3,521,609

Series

2019B

,

GO

,

5.00

%

,

06/01/28

.....

3,410

3,709,937

Series

2020B

,

GO

,

5.00

%

,

06/01/28

.....

2,935

3,193,157

Series

2021B

,

GO

,

5.00

%

,

06/01/28

.....

1,895

2,061,681

25,283,203

Maryland

—

4.4%

County

of

Anne

Arundel

Series

2022

,

GO

,

5.00

%

,

10/01/24

......

4,620

4,626,792

Series

2020

,

GO

,

5.00

%

,

10/01/25

......

1,135

1,164,583

Series

2022

,

GO

,

5.00

%

,

10/01/25

......

4,620

4,740,415

Series

2021

,

GO

,

5.00

%

,

04/01/26

......

8,300

8,618,722

Series

2018

,

GO

,

5.00

%

,

10/01/26

......

5,635

5,922,903

Series

2019

,

GO

,

5.00

%

,

10/01/26

......

635

667,443

Series

2021

,

GO

,

5.00

%

,

04/01/27

......

1,760

1,871,174

Series

2018

,

GO

,

5.00

%

,

10/01/27

......

75

80,654

Series

2019

,

GO

,

5.00

%

,

10/01/27

......

65

69,900

Series

2021

,

GO

,

5.00

%

,

10/01/27

......

5,625

6,049,038

County

of

Baltimore

GO

,

5.00

%

,

03/01/26

...............

180

187,082

Series

2018

,

GO

,

5.00

%

,

03/01/27

......

2,025

2,149,308

County

of

Frederick

Series

2021A

,

GO

,

5.00

%

,

10/01/24

.....

1,160

1,161,733

Series

2021A

,

GO

,

5.00

%

,

10/01/25

.....

5,395

5,535,615

Series

2021A

,

GO

,

5.00

%

,

10/01/26

.....

3,100

3,258,385

County

of

Howard

Series

2017B

,

GO

,

5.00

%

,

02/15/25

.....

1,145

1,156,452

Series

2017D

,

GO

,

5.00

%

,

02/15/26

.....

290

300,263

Series

2020A

,

GO

,

5.00

%

,

08/15/26

.....

505

529,280

Series

2017E

,

GO

,

5.00

%

,

02/15/27

.....

1,205

1,277,640

County

of

Montgomery

Series

2017C

,

GO

,

5.00

%

,

10/01/24

.....

10,000

10,015,179

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

Schedule

of

Investments

83

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Maryland

(continued)

Series

2020B

,

GO

,

4.00

%

,

11/01/24

.....

USD

8,000

$

8,013,148

Series

2014A

,

GO

,

5.00

%

,

11/01/24

.....

1,100

1,103,554

Series

2014B

,

GO

,

5.00

%

,

11/01/24

.....

2,805

2,814,063

Series

2017A

,

GO

,

5.00

%

,

11/01/24

.....

3,750

3,762,117

Series

2021A

,

GO

,

5.00

%

,

08/01/25

.....

2,335

2,386,160

Series

2017C

,

GO

,

5.00

%

,

10/01/25

.....

1,515

1,554,977

Series

2014A

,

GO

,

5.00

%

,

11/01/25

.....

235

235,766

Series

2014B

,

GO

,

5.00

%

,

11/01/25

.....

825

827,583

Series

2017A

,

GO

,

5.00

%

,

11/01/25

.....

4,085

4,201,195

Series

2019A

,

GO

,

5.00

%

,

11/01/25

.....

9,025

9,281,711

Series

2020B

,

GO

,

4.00

%

,

11/01/26

.....

10

10,320

Series

2017A

,

GO

,

5.00

%

,

11/01/26

.....

1,340

1,411,198

Series

2019A

,

GO

,

5.00

%

,

11/01/26

.....

755

795,115

Series

2023A

,

GO

,

5.00

%

,

08/01/27

.....

9,380

10,052,112

Series

2020B

,

GO

,

4.00

%

,

11/01/27

.....

305

319,366

Series

2019A

,

GO

,

5.00

%

,

11/01/27

.....

705

759,748

Series

2014A

,

GO

,

4.00

%

,

11/01/31

.....

8,840

8,854,769

Series

2014A

,

GO

,

4.00

%

,

11/01/32

.....

4,575

4,582,643

County

of

Prince

George's

Series

2017A

,

GO

,

5.00

%

,

09/15/24

.....

1,195

1,195,771

Series

2017B

,

GO

,

5.00

%

,

07/15/25

.....

175

178,597

Series

2019A

,

GO

,

5.00

%

,

07/15/25

.....

3,455

3,526,022

Series

2014A

,

GO

,

4.00

%

,

09/01/25

.....

65

65,000

Series

2017A

,

GO

,

5.00

%

,

09/15/25

.....

540

553,605

Series

2019A

,

GO

,

5.00

%

,

07/15/26

.....

11,715

12,249,069

Series

2020A

,

GO

,

5.00

%

,

07/15/26

.....

2,510

2,624,427

Series

2020A

,

GO

,

5.00

%

,

07/15/27

.....

8,500

9,099,672

Series

2020B

,

GO

,

5.00

%

,

09/15/27

.....

110

118,211

Series

2022A

,

GO

,

5.00

%

,

07/01/28

.....

4,495

4,914,633

Series

2024A

,

GO

,

5.00

%

,

08/01/28

.....

6,105

6,686,874

Series

2020B

,

GO

,

5.00

%

,

09/15/28

.....

1,120

1,229,938

Series

2021A

,

GO

,

5.00

%

,

07/01/29

.....

1,000

1,115,755

Maryland

Stadium

Authority,

Series

2016,

RB,

5.00%, 05/01/46

(ST

INTERCEPT)

.....

10,000

10,402,364

Maryland

State

Transportation

Authority,

Series

2024A,

RB,

5.00%, 07/01/28

.........

2,000

2,181,877

State

of

Maryland

Series

2020A-1

,

GO

,

5.00

%

,

03/15/25

....

7,970

8,067,891

Series

2017

,

GO

,

5.00

%

,

03/15/25

......

3,260

3,300,041

Series

2016

,

GO

,

4.00

%

,

06/01/25

......

1,180

1,180,544

Series

2015B

,

GO

,

4.00

%

,

08/01/25

.....

160

162,078

Series

2018-2B

,

GO

,

5.00

%

,

08/01/25

....

3,360

3,433,685

Series

2017A

,

GO

,

5.00

%

,

08/01/25

.....

590

602,939

Series

2017B

,

GO

,

5.00

%

,

08/01/25

.....

2,820

2,881,843

Series

2019-1

,

GO

,

5.00

%

,

03/15/26

.....

2,010

2,085,985

Series

2016

,

GO

,

5.00

%

,

06/01/26

......

475

475,481

Series

2020C-1

,

GO

,

3.00

%

,

08/01/26

...

19,185

19,295,099

Series

2017B

,

GO

,

5.00

%

,

08/01/26

.....

1,775

1,860,016

Series

2018-2B

,

GO

,

5.00

%

,

08/01/26

....

3,205

3,356,667

Series

2A

,

GO

,

5.00

%

,

08/01/26

.......

245

256,594

Series

2020A-2

,

GO

,

5.00

%

,

08/01/26

....

1,485

1,555,273

Series

2021A

,

GO

,

5.00

%

,

03/01/27

.....

1,000

1,061,387

Series

2017

,

GO

,

5.00

%

,

03/15/27

......

180

191,221

Series

2019-1

,

GO

,

5.00

%

,

03/15/27

.....

245

260,273

Series

2016

,

GO

,

4.00

%

,

06/01/27

......

45

45,011

Series

2022-2D

,

GO

,

3.00

%

,

08/01/27

...

1,300

1,307,395

Series

2020A-2

,

GO

,

5.00

%

,

08/01/27

....

7,545

8,085,627

Series

2020-2B

,

GO

,

5.00

%

,

08/01/27

....

2,385

2,555,894

Series

2A

,

GO

,

5.00

%

,

08/01/27

.......

1,245

1,334,209

Series

2018-2B

,

GO

,

5.00

%

,

08/01/27

....

185

198,256

Series

2017A

,

GO

,

5.00

%

,

08/01/27

.....

3,805

4,077,642

Series

2021A

,

GO

,

5.00

%

,

03/01/28

.....

11,800

12,809,810

Series

2023A

,

GO

,

5.00

%

,

03/15/28

.....

10,800

11,734,024

Series

2017

,

GO

,

5.00

%

,

03/15/28

......

4,280

4,529,078

Series

2020A-1

,

GO

,

5.00

%

,

03/15/28

....

1,565

1,700,347

Security

Par

(000)

Par

(000)

Value

Maryland

(continued)

Series

2020-2B

,

GO

,

5.00

%

,

08/01/28

....

USD

1,000

$

1,095,311

Series

2020A-2

,

GO

,

5.00

%

,

08/01/28

....

2,535

2,776,614

Series

2A

,

GO

,

5.00

%

,

08/01/28

.......

6,695

7,333,108

Series

2023A

,

GO

,

5.00

%

,

03/15/29

.....

3,250

3,606,195

Series

2022-1A

,

GO

,

5.00

%

,

06/01/29

....

10,000

11,143,536

State

of

Maryland

Department

of

Transportation

Series

2017

,

RB

,

5.00

%

,

09/01/24

......

470

470,000

Series

2018

,

RB

,

5.00

%

,

10/01/24

......

1,880

1,882,514

Series

2019

,

RB

,

5.00

%

,

10/01/24

......

5,000

5,006,685

Series

2021B

,

RB

,

5.00

%

,

12/01/24

.....

5,725

5,752,695

Series

2016

,

RB

,

4.00

%

,

09/01/25

......

3,370

3,418,206

Series

2017

,

RB

,

5.00

%

,

09/01/25

......

4,755

4,869,421

Series

2018

,

RB

,

5.00

%

,

10/01/25

......

625

641,305

Series

2019

,

RB

,

5.00

%

,

10/01/25

......

6,105

6,264,265

Series

2016

,

RB

,

4.00

%

,

11/01/25

......

1,010

1,011,761

Series

2022B

,

RB

,

5.00

%

,

12/01/25

.....

2,690

2,771,487

Series

2016

,

RB

,

4.00

%

,

09/01/26

......

2,610

2,681,893

Series

2018

,

RB

,

5.00

%

,

10/01/26

......

515

541,170

Series

2019

,

RB

,

5.00

%

,

10/01/26

......

445

467,613

Series

2021A

,

RB

,

5.00

%

,

10/01/26

.....

9,545

10,026,068

Series

2018

,

RB

,

5.00

%

,

10/01/27

......

10,570

11,091,673

Series

2015-3

,

RB

,

4.00

%

,

12/15/27

.....

250

250,056

Series

2022B

,

RB

,

5.00

%

,

12/01/28

.....

1,725

1,898,749

Washington

Suburban

Sanitary

Commission

Series

2020

,

RB

,

5.00

%

,

12/01/24

(

GTD

)

..

5,255

5,281,042

Series

2021

,

RB

,

5.00

%

,

06/01/25

(

GTD

)

..

1,515

1,540,776

Series

2017

,

RB

,

5.00

%

,

06/15/25

(

GTD

)

..

2,500

2,544,806

Series

2020

,

RB

,

5.00

%

,

12/01/25

(

GTD

)

..

2,060

2,118,504

Series

2018

,

RB

,

5.00

%

,

06/01/26

(

GTD

)

..

630

656,792

Series

2020

,

RB

,

5.00

%

,

06/01/26

(

GTD

)

..

8,980

9,361,898

Series

2021

,

RB

,

5.00

%

,

06/01/26

(

GTD

)

..

6,475

6,750,366

Series

2020

,

RB

,

5.00

%

,

06/01/27

(

GTD

)

..

3,545

3,784,364

Series

2020

,

RB

,

5.00

%

,

12/01/27

(

GTD

)

..

120

129,555

Series

2016

,

RB

,

5.00

%

,

06/01/28

(

GTD

)

..

1,445

1,502,450

393,565,109

Massachusetts

—

5.6%

Boston

Water

&

Sewer

Commission

Series

2014A

,

RB

,

3.50

%

,

11/01/30

.....

4,750

4,753,779

Series

2014A

,

RB

,

3.50

%

,

11/01/31

.....

4,000

4,003,182

Series

2014A

,

RB

,

3.50

%

,

11/01/32

.....

5,000

5,003,978

Series

2014A

,

RB

,

3.75

%

,

11/01/33

.....

5,000

5,005,962

Series

2014A

,

RB

,

3.75

%

,

11/01/34

.....

5,000

5,005,962

Series

2014A

,

RB

,

3.75

%

,

11/01/35

.....

5,000

5,005,962

City

of

Boston

Series

2022A

,

GO

,

5.00

%

,

11/01/24

.....

5,000

5,016,809

Series

2020D

,

GO

,

5.00

%

,

03/01/25

.....

25

25,285

Series

2022A

,

GO

,

5.00

%

,

11/01/25

.....

14,320

14,742,313

Series

2020D

,

GO

,

5.00

%

,

03/01/26

.....

200

207,869

Series

2015A

,

GO

,

5.00

%

,

04/01/26

.....

4,000

4,058,054

Series

2017A

,

GO

,

5.00

%

,

04/01/26

.....

20

20,863

Series

2022A

,

GO

,

5.00

%

,

11/01/26

.....

13,645

14,425,562

Series

2020A

,

GO

,

5.00

%

,

11/01/27

.....

1,000

1,083,620

Commonwealth

of

Massachusetts

Series

2018C

,

GO

,

5.00

%

,

09/01/24

.....

35

35,000

Series

2006B

,

GO

,

5.25

%

,

09/01/24

(

AGM

)

9,520

9,520,000

Series

2016C

,

GO

,

5.00

%

,

10/01/24

.....

270

270,427

Series

2017E

,

GO

,

5.00

%

,

11/01/24

.....

1,075

1,078,618

Series

2016H

,

GO

,

5.00

%

,

12/01/24

.....

2,295

2,307,010

Series

2016A

,

GO

,

5.00

%

,

03/01/25

.....

9,105

9,207,166

Series

2016D

,

GO

,

5.00

%

,

04/01/25

.....

2,015

2,041,742

Series

A

,

GO

,

5.00

%

,

07/01/25

........

15

15,298

Series

2020B

,

GO

,

5.00

%

,

07/01/25

.....

2,675

2,728,204

Series

C

,

GO

,

5.00

%

,

08/01/25

........

9,405

9,614,681

Series

2018E

,

GO

,

5.00

%

,

09/01/25

.....

1,000

1,024,759

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

84

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Massachusetts

(continued)

Series

2019G

,

GO

,

5.00

%

,

09/01/25

.....

USD

50

$

51,238

Series

2006B

,

GO

,

5.25

%

,

09/01/25

(

AGM

)

5,110

5,250,521

Series

C

,

GO

,

5.00

%

,

10/01/25

........

1,820

1,868,853

Series

2016C

,

GO

,

5.00

%

,

10/01/25

.....

420

431,274

Series

2021B

,

GO

,

5.00

%

,

11/01/25

.....

2,055

2,114,461

Series

2020E

,

GO

,

5.00

%

,

11/01/25

.....

1,865

1,918,964

Series

E

,

GO

,

5.00

%

,

11/01/25

(

AMBAC

)

..

7,430

7,644,987

Series

2019E

,

GO

,

3.00

%

,

12/01/25

.....

385

386,492

Series

2019A

,

GO

,

5.00

%

,

01/01/26

.....

1,040

1,074,484

Series

2016A

,

GO

,

5.00

%

,

03/01/26

.....

3,060

3,175,914

Series

2019C

,

GO

,

5.00

%

,

05/01/26

.....

3,830

3,987,002

Series

2016B

,

GO

,

4.00

%

,

07/01/26

.....

205

210,625

Series

2016B

,

GO

,

5.00

%

,

07/01/26

.....

2,945

3,078,112

Series

2015D

,

GO

,

5.00

%

,

09/01/26

.....

4,455

4,556,008

Series

2020E

,

GO

,

5.00

%

,

11/01/26

.....

2,120

2,233,050

Series

2017E

,

GO

,

5.00

%

,

11/01/26

.....

440

463,463

Series

2019E

,

GO

,

3.00

%

,

12/01/26

.....

500

502,503

Series

2016H

,

GO

,

5.00

%

,

12/01/26

.....

1,195

1,261,183

Series

2019C

,

GO

,

5.00

%

,

05/01/27

.....

1,965

2,093,588

Series

2020D

,

GO

,

5.00

%

,

07/01/27

.....

1,910

2,042,844

Series

2016B

,

GO

,

5.00

%

,

07/01/27

.....

3,865

4,133,818

Series

2018B

,

GO

,

5.00

%

,

07/01/27

.....

2,915

3,117,744

Series

A

,

GO

,

5.00

%

,

07/01/27

........

3,610

3,861,083

Series

2017D

,

GO

,

5.00

%

,

07/01/27

.....

2,475

2,647,141

Series

2021A

,

GO

,

5.00

%

,

09/01/27

.....

2,420

2,598,348

Series

2018C

,

GO

,

5.00

%

,

09/01/27

.....

10

10,737

Series

C

,

GO

,

5.00

%

,

10/01/27

........

150

161,349

Series

2024A

,

GO

,

5.00

%

,

03/01/28

.....

2,310

2,508,406

Series

2023A

,

GO

,

5.00

%

,

05/01/28

.....

3,275

3,569,052

Series

2024A

,

GO

,

5.00

%

,

03/01/29

.....

11,215

12,428,749

Series

2024B

,

GO

,

5.00

%

,

05/01/29

.....

3,030

3,369,233

Commonwealth

of

Massachusetts

Transportation

Fund,

Series

2016A,

RB,

5.00%, 06/01/25

.

4,225

4,296,640

Massachusetts

Bay

Transportation

Authority

Assessment,

Series

2016A,

RB,

5.00%, 07/01/25

.................

3,515

3,585,785

Massachusetts

Bay

Transportation

Authority

Sales

Tax

Series

2005A

,

RB

,

5.00

%

,

07/01/26

.....

6,070

6,341,030

Series

B

,

RB

,

5.00

%

,

07/01/27

.........

1,285

1,309,223

Series

2006A

,

RB

,

5.25

%

,

07/01/28

.....

9,000

9,918,123

Series

2024A

,

RB

,

5.00

%

,

07/01/29

.....

5,000

5,578,520

Series

2022A

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

2.80

%

,

09/04/24

(a)

..........

13,400

13,400,000

Massachusetts

Clean

Water

Trust

(The)

Series

2014

,

RB

,

5.00

%

,

08/01/25

......

14,335

14,649,367

Series

21

,

RB

,

5.00

%

,

08/01/25

........

525

536,944

Series

2022

,

RB

,

5.00

%

,

02/01/27

......

1,000

1,061,700

Series

23A

,

RB

,

5.00

%

,

02/01/27

.......

2,115

2,245,495

Series

23B

,

RB

,

5.00

%

,

02/01/27

.......

3,800

4,034,459

Series

24B

,

RB

,

5.00

%

,

02/01/27

.......

1,250

1,327,125

Series

23B

,

RB

,

5.00

%

,

02/01/28

.......

205

222,831

Series

24A

,

RB

,

5.00

%

,

02/01/28

.......

1,125

1,222,853

Series

24B

,

RB

,

5.00

%

,

02/01/28

.......

1,775

1,929,390

Massachusetts

Development

Finance

Agency

Series

2020U

,

RB

,

5.00

%

,

07/01/25

.....

1,435

1,464,004

Series

2020A

,

RB

,

5.00

%

,

10/15/25

.....

11,440

11,759,381

Series

2020A

,

RB

,

5.00

%

,

10/15/26

.....

12,965

13,651,455

Series

2016A

,

RB

,

5.00

%

,

07/15/27

.....

280

292,654

Massachusetts

Health

&

Educational

Facilities

Authority,

Series

2001J-2,

RB,

VRDN,

3.15%, 09/03/24

(a)

................

12,120

12,120,000

Massachusetts

School

Building

Authority

Series

2016B

,

RB

,

5.00

%

,

11/15/24

.....

2,005

2,013,033

Series

2015C

,

RB

,

5.00

%

,

08/15/25

.....

265

271,036

Security

Par

(000)

Par

(000)

Value

Massachusetts

(continued)

Series

D

,

RB

,

4.75

%

,

08/15/32

.........

USD

2,285

$

2,330,068

Series

2016A

,

RB

,

5.00

%

,

11/15/41

.....

4,750

4,884,810

Series

2016A

,

RB

,

5.00

%

,

11/15/45

.....

12,960

13,327,818

Series

2019A

,

RB

,

5.00

%

,

02/15/49

.....

15,360

15,922,313

Massachusetts

State

College

Building

Authority

Series

2016A

,

RB

,

5.00

%

,

05/01/38

(

HERBIP

)

.....................

5,000

5,072,824

Series

2016A

,

RB

,

5.00

%

,

05/01/41

(

HERBIP

)

.....................

2,960

3,003,112

Massachusetts

Transportation

Trust

Fund

Metropolitan

Highway

System

Series

2018A

,

RB

,

5.00

%

,

01/01/27

.....

4,975

5,259,652

Series

2019A

,

RB

,

5.00

%

,

01/01/27

.....

9,900

10,452,108

Series

2022A-1

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

2.90

%

,

09/05/24

(a)

..........

22,400

22,400,000

Massachusetts

Water

Resources

Authority

Series

2018C

,

RB

,

5.00

%

,

08/01/25

.....

1,160

1,185,756

Series

B

,

RB

,

5.25

%

,

08/01/25

(

AGM

)

....

825

845,163

Series

2018C

,

RB

,

5.00

%

,

08/01/26

.....

1,000

1,046,105

Series

B

,

RB

,

5.25

%

,

08/01/28

(

AGM

)

....

11,010

12,178,359

Series

2016C

,

RB

,

5.00

%

,

08/01/34

.....

10,000

10,472,167

Series

2016D

,

RB

,

5.00

%

,

08/01/37

.....

1,250

1,308,065

Series

2016B

,

RB

,

5.00

%

,

08/01/40

.....

5,080

5,319,861

Series

2016C

,

RB

,

5.00

%

,

08/01/40

.....

16,155

16,917,786

University

of

Massachusetts

Building

Authority

Series

2021-1

,

RB

,

5.00

%

,

11/01/24

.....

175

175,583

Series

2021-1

,

RB

,

5.00

%

,

11/01/27

.....

11,010

11,848,544

Series

2021-1

,

RB

,

5.00

%

,

11/01/28

.....

825

906,750

Series

1

,

RB

,

5.00

%

,

11/01/44

.........

2,000

2,006,190

449,047,413

Michigan

—

1.4%

Chippewa

Valley

Schools,

Series

2015A,

GO,

5.00%, 05/01/25

(Q-SBLF)

..........

395

400,495

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Series

2018B,

RB,

5.00%, 07/01/29

8,045

8,926,936

Great

Lakes

Water

Authority

Water

Supply

System

Series

C

,

RB

,

5.00

%

,

07/01/26

.........

640

666,656

Series

2024A

,

RB

,

5.00

%

,

07/01/29

.....

4,000

4,438,501

Michigan

Finance

Authority,

Series

2016B,

RB,

5.00%, 10/01/27

.................

10,225

10,689,559

Michigan

State

Building

Authority

Series

2016I

,

RB

,

5.00

%

,

04/15/25

......

1,010

1,023,346

Series

2016I

,

RB

,

5.00

%

,

04/15/26

......

1,395

1,443,661

Series

2020I

,

RB

,

5.00

%

,

10/15/27

......

785

841,041

Series

2023II

,

RB

,

5.00

%

,

10/15/28

.....

5,700

6,231,170

Michigan

State

University

Series

2020A

,

RB

,

5.00

%

,

08/15/26

.....

2,455

2,568,782

Series

2023A

,

RB

,

5.00

%

,

02/15/28

.....

2,400

2,593,941

Series

2023A

,

RB

,

5.00

%

,

08/15/28

.....

3,750

4,094,918

State

of

Michigan

Series

2016

,

RB

,

5.00

%

,

03/15/25

......

1,565

1,582,307

Series

2016

,

RB

,

5.00

%

,

03/15/26

......

8,810

9,120,115

Series

2016

,

RB

,

5.00

%

,

03/15/27

......

7,580

8,029,957

State

of

Michigan

Trunk

Line

Series

2020A

,

RB

,

5.00

%

,

11/15/24

.....

1,120

1,124,147

Series

2020B

,

RB

,

5.00

%

,

11/15/28

.....

11,165

12,276,523

Series

2023

,

RB

,

5.00

%

,

11/15/28

......

1,500

1,649,331

University

of

Michigan

Series

2017A

,

RB

,

5.00

%

,

04/01/25

.....

3,555

3,601,748

Series

2017A

,

RB

,

5.00

%

,

04/01/26

.....

1,410

1,465,282

Series

2020A

,

RB

,

5.00

%

,

04/01/26

.....

3,880

4,032,122

Series

2012-A

,

RB

,

VRDN

2.84

%

,

09/05/24

(a)

15,000

15,000,000

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

Schedule

of

Investments

85

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Michigan

(continued)

Series

2017A

,

RB

,

5.00

%

,

04/01/42

.....

USD

5,110

$

5,418,900

107,219,438

Minnesota

—

3.5%

City

of

Minneapolis

Series

2020

,

GO

,

3.00

%

,

12/01/24

......

45

44,970

Series

2019

,

GO

,

4.00

%

,

12/01/24

......

1,665

1,669,231

Series

2021

,

GO

,

4.00

%

,

12/01/26

......

2,235

2,306,646

Series

2017

,

GO

,

3.00

%

,

12/01/27

......

25

24,945

County

of

Hennepin

Series

2020B

,

GO

,

5.00

%

,

12/01/25

.....

3,930

4,044,434

Series

2019B

,

GO

,

5.00

%

,

12/15/26

.....

1,660

1,752,653

Series

2020C

,

GO

,

5.00

%

,

12/15/26

.....

5,365

5,664,447

Series

2019B

,

GO

,

5.00

%

,

12/15/27

.....

85

91,806

Series

2016C

,

GO

,

5.00

%

,

12/01/28

.....

1,500

1,653,565

Metropolitan

Council

Series

2021B

,

GO

,

5.00

%

,

12/01/24

.....

25,070

25,196,581

Series

2020B

,

GO

,

5.00

%

,

03/01/25

.....

1,000

1,011,051

Series

2021D

,

GO

,

5.00

%

,

03/01/25

.....

815

824,007

Series

2021B

,

GO

,

5.00

%

,

12/01/25

.....

5,215

5,374,639

Series

2016C

,

GO

,

5.00

%

,

03/01/26

.....

200

207,383

Series

2021C

,

GO

,

5.00

%

,

12/01/26

.....

2,780

2,931,886

Minneapolis-St

Paul

Metropolitan

Airports

Commission

Series

A

,

RB

,

5.00

%

,

01/01/28

.........

3,170

3,333,897

Series

2023A

,

RB

,

5.00

%

,

01/01/29

.....

1,330

1,456,262

Minnesota

Public

Facilities

Authority

State

Revolving

Fund

Series

2016A

,

RB

,

5.00

%

,

03/01/26

.....

1,910

1,976,361

Series

2023B

,

RB

,

5.00

%

,

03/01/28

.....

24,110

26,102,373

Series

2023A

,

RB

,

5.00

%

,

03/01/29

.....

18,500

20,441,449

State

of

Minnesota

Series

2021B

,

GO

,

5.00

%

,

09/01/24

.....

5,000

5,000,000

Series

2017D

,

GO

,

5.00

%

,

10/01/24

.....

1,630

1,632,399

Series

2022A

,

RB

,

5.00

%

,

03/01/25

.....

25,000

25,264,493

Series

2019A

,

GO

,

5.00

%

,

08/01/25

.....

1,495

1,527,513

Series

2020A

,

GO

,

5.00

%

,

08/01/25

.....

455

464,895

Series

2015B

,

GO

,

5.00

%

,

08/01/25

.....

1,725

1,762,515

Series

2016B

,

GO

,

5.00

%

,

08/01/25

.....

115

117,501

Series

2015D

,

GO

,

5.00

%

,

08/01/25

.....

4,260

4,352,646

Series

2016D

,

GO

,

5.00

%

,

08/01/25

.....

160

163,480

Series

2021A

,

GO

,

5.00

%

,

09/01/25

.....

10,000

10,241,627

Series

2017A

,

GO

,

5.00

%

,

10/01/25

.....

330

338,644

Series

2022A

,

RB

,

5.00

%

,

03/01/26

.....

20,000

20,706,810

Series

2016D

,

GO

,

5.00

%

,

08/01/26

.....

4,715

4,935,418

Series

2023D

,

GO

,

5.00

%

,

08/01/26

.....

4,000

4,186,993

Series

2016A

,

GO

,

5.00

%

,

08/01/26

.....

30

31,402

Series

2018B

,

GO

,

5.00

%

,

08/01/26

.....

185

193,648

Series

2019A

,

GO

,

5.00

%

,

08/01/26

.....

230

240,752

Series

2019B

,

GO

,

5.00

%

,

08/01/26

.....

765

800,762

Series

2020A

,

GO

,

5.00

%

,

08/01/26

.....

3,205

3,354,828

Series

2021A

,

GO

,

5.00

%

,

09/01/26

.....

14,215

14,909,502

Series

2017D

,

GO

,

5.00

%

,

10/01/26

.....

235

246,936

Series

2016B

,

GO

,

4.00

%

,

08/01/27

.....

3,910

4,007,531

Series

2022A

,

GO

,

5.00

%

,

08/01/27

.....

7,525

8,061,037

Series

2019A

,

GO

,

5.00

%

,

08/01/27

.....

225

241,028

Series

2018A

,

GO

,

5.00

%

,

08/01/27

.....

45

48,206

Series

2016D

,

GO

,

5.00

%

,

08/01/27

.....

180

187,926

Series

2021B

,

GO

,

5.00

%

,

09/01/27

.....

315

338,089

Series

2017A

,

GO

,

5.00

%

,

10/01/27

.....

2,105

2,263,399

Series

2023E

,

GO

,

5.00

%

,

08/01/28

.....

17,460

19,107,597

Series

2018A

,

GO

,

5.00

%

,

08/01/28

.....

4,225

4,623,688

Series

2023D

,

GO

,

5.00

%

,

08/01/28

.....

23,480

25,695,669

Series

2019A

,

GO

,

5.00

%

,

08/01/28

.....

400

437,746

Series

2021B

,

GO

,

5.00

%

,

09/01/28

.....

2,900

3,179,281

Security

Par

(000)

Par

(000)

Value

Minnesota

(continued)

Series

2023

,

COP

,

5.00

%

,

11/01/28

.....

USD

3,550

$

3,900,807

Series

2024A

,

GO

,

5.00

%

,

08/01/29

.....

15,000

16,754,066

University

of

Minnesota

Series

2015A

,

RB

,

5.00

%

,

08/01/25

.....

55

56,171

Series

2017B

,

RB

,

5.00

%

,

12/01/25

.....

6,375

6,564,061

Series

2019B

,

RB

,

5.00

%

,

10/01/27

.....

20

21,491

302,069,143

Mississippi

—

0.3%

State

of

Mississippi

Series

2015C

,

GO

,

5.00

%

,

10/01/24

.....

725

726,056

Series

2015C

,

GO

,

5.00

%

,

10/01/26

.....

205

209,752

Series

2017A

,

GO

,

5.00

%

,

10/01/26

.....

2,645

2,776,962

Series

2017A

,

GO

,

5.00

%

,

10/01/27

.....

305

327,544

Series

2017A

,

GO

,

5.00

%

,

10/01/32

.....

6,645

7,142,758

Series

2015F

,

GO

,

5.00

%

,

11/01/32

.....

7,535

7,742,040

Series

2018A

,

GO

,

5.00

%

,

11/01/32

.....

3,185

3,355,228

Series

2017A

,

GO

,

5.00

%

,

10/01/33

.....

4,005

4,305,003

Series

2017A

,

GO

,

5.00

%

,

10/01/34

.....

3,040

3,267,718

Series

2016B

,

GO

,

5.00

%

,

12/01/35

.....

1,015

1,071,798

Series

2018A

,

GO

,

5.00

%

,

11/01/36

.....

2,105

2,217,506

33,142,365

Missouri

—

1.8%

City

of

Springfield,

Series

2015,

RB,

5.00%, 08/01/25

.................

10,000

10,202,520

Metropolitan

St

Louis

Sewer

District

Series

2017A

,

RB

,

5.00

%

,

05/01/25

.....

550

557,869

Series

2017A

,

RB

,

5.00

%

,

05/01/26

.....

3,810

3,958,311

Series

2015B

,

RB

,

5.00

%

,

05/01/29

.....

1,300

1,318,934

Missouri

Highway

&

Transportation

Commission

Series

2019A

,

RB

,

5.00

%

,

05/01/25

.....

1,465

1,487,359

Series

2022A

,

RB

,

5.00

%

,

05/01/25

.....

15,255

15,487,820

Series

2023A

,

RB

,

5.00

%

,

05/01/25

.....

12,500

12,689,948

Series

2021A

,

RB

,

5.00

%

,

11/01/25

.....

4,775

4,909,280

Series

2023A

,

RB

,

5.00

%

,

05/01/26

.....

12,500

13,006,175

Series

A

,

RB

,

5.00

%

,

05/01/26

.........

14,465

14,989,498

Series

2019B

,

RB

,

5.00

%

,

11/01/26

.....

5,230

5,500,483

Series

2022A

,

RB

,

5.00

%

,

05/01/27

.....

15,000

15,951,894

Missouri

State

Board

of

Public

Buildings

Series

2020B

,

RB

,

5.00

%

,

10/01/24

.....

15,000

15,022,080

Series

2020B

,

RB

,

5.00

%

,

10/01/27

.....

4,160

4,456,277

Park

Hill

School

District

of

Platte

County,

Series

2017,

GO,

3.38%, 03/01/37

(ST

AID

DIR

DEP)

11,400

11,530,405

131,068,853

Nebraska

—

0.2%

Douglas

County

School

District

No.

17

Series

A

,

GO

,

4.00

%

,

06/15/32

........

1,965

1,983,472

Series

A

,

GO

,

4.00

%

,

06/15/33

........

2,010

2,028,895

Series

A

,

GO

,

4.00

%

,

06/15/34

........

2,050

2,069,271

Series

A

,

GO

,

4.00

%

,

06/15/35

........

7,000

7,065,804

Nebraska

Public

Power

District

Series

B

,

RB

,

5.00

%

,

01/01/27

.........

785

828,373

Series

2023A

,

RB

,

5.00

%

,

07/01/28

.....

8,795

9,472,969

Omaha

Public

Power

District,

Series

2016A,

RB,

5.00%, 02/01/27

.................

1,300

1,340,799

24,789,583

Nevada

—

1.4%

Clark

County

School

District

Series

2022A

,

GO

,

5.00

%

,

06/15/25

.....

6,875

6,992,051

Series

2021B

,

GO

,

5.00

%

,

06/15/26

.....

7,835

8,157,043

Series

2020B

,

GO

,

5.00

%

,

06/15/27

(

BAM

)

5,245

5,594,144

Series

2015C

,

GO

,

5.00

%

,

06/15/28

.....

3,000

3,078,526

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

86

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Nevada

(continued)

County

of

Clark

Series

2016A

,

GO

,

5.00

%

,

11/01/24

.....

USD

1,065

$

1,068,311

Series

2017

,

RB

,

5.00

%

,

07/01/26

......

1,470

1,533,037

Series

2016B

,

GO

,

5.00

%

,

11/01/27

.....

15,030

15,790,688

County

of

Clark

Department

of

Aviation

Series

2019D

,

RB

,

5.00

%

,

07/01/26

.....

2,065

2,151,132

Series

2024A

,

RB

,

5.00

%

,

07/01/28

.....

5,000

5,437,924

Series

2024A

,

RB

,

5.00

%

,

07/01/29

.....

10,515

11,645,688

County

of

Washoe

Series

2021

,

GO

,

5.00

%

,

07/01/26

......

5,045

5,261,343

Series

2021

,

GO

,

5.00

%

,

07/01/27

......

1,535

1,636,895

Las

Vegas

Valley

Water

District

Series

2020A

,

GO

,

5.00

%

,

06/01/25

.....

7,720

7,852,809

Series

2022A

,

GO

,

5.00

%

,

06/01/25

.....

5,550

5,645,478

Series

2021A

,

GO

,

5.00

%

,

06/01/26

.....

4,000

4,165,604

Series

2022A

,

GO

,

5.00

%

,

06/01/26

.....

5,825

6,066,160

State

of

Nevada

Series

2015D

,

GO

,

5.00

%

,

04/01/25

.....

135

136,753

Series

2015A

,

GO

,

5.00

%

,

08/01/25

.....

5,030

5,138,933

Series

2015B

,

GO

,

5.00

%

,

11/01/25

.....

50

50,785

Series

2019A

,

GO

,

5.00

%

,

05/01/26

.....

120

124,859

Series

2015B

,

GO

,

5.00

%

,

11/01/26

.....

520

527,969

Series

2015D

,

GO

,

5.00

%

,

04/01/27

.....

155

157,071

State

of

Nevada

Highway

Improvement

Series

2016

,

RB

,

5.00

%

,

12/01/24

......

3,830

3,849,096

Series

2016

,

RB

,

5.00

%

,

12/01/25

......

270

278,145

102,340,444

New

Hampshire

—

0.1%

New

Hampshire

Municipal

Bond

Bank,

Series

2017B,

RB,

5.00%, 08/15/28

(ST

INTERCEPT)

...................

1,620

1,730,588

State

of

New

Hampshire

Series

2020D

,

GO

,

5.00

%

,

12/01/24

.....

10,000

10,049,858

Series

2020C

,

GO

,

5.00

%

,

12/01/25

.....

2,810

2,895,122

Series

2023A

,

GO

,

5.00

%

,

02/15/27

.....

2,475

2,625,280

17,300,848

New

Jersey

—

4.5%

County

of

Monmouth

Series

2021A

,

GO

,

5.00

%

,

01/15/25

.....

7,275

7,331,688

Series

2021A

,

GO

,

5.00

%

,

01/15/26

.....

7,125

7,362,270

Series

2021B

,

GO

,

5.00

%

,

01/15/26

.....

4,000

4,133,204

Series

2022ACDE

,

GO

,

5.00

%

,

01/15/28

..

4,620

5,011,592

Monmouth

County

Improvement

Authority

(The),

Series

2019B,

RB,

5.00%, 12/01/24

(GTD)

.

1,500

1,507,989

New

Jersey

Economic

Development

Authority

Series

2005N-1

,

RB

,

5.50

%

,

09/01/24

(

AMBAC

)

.....................

5,850

5,850,000

Series

2017DDD

,

RB

,

5.00

%

,

06/15/25

...

1,000

1,017,163

Series

XX

,

RB

,

5.00

%

,

06/15/25

........

14,250

14,494,577

Series

2005N-1

,

RB

,

5.50

%

,

09/01/25

(

AGM

)

3,475

3,579,039

Series

B

,

RB

,

5.00

%

,

11/01/25

.........

5,700

5,846,108

Series

XX

,

RB

,

4.25

%

,

06/15/26

........

715

721,783

Series

2018FFF

,

RB

,

5.00

%

,

06/15/26

....

3,000

3,119,205

Series

2021QQQ

,

RB

,

5.00

%

,

06/15/26

...

875

909,768

Series

B

,

RB

,

5.00

%

,

11/01/26

.........

2,940

3,079,368

Series

XX

,

RB

,

5.25

%

,

06/15/27

........

2,300

2,342,461

Series

2022A

,

RB

,

5.00

%

,

11/01/27

.....

1,235

1,319,915

Series

2023RRR

,

RB

,

5.00

%

,

03/01/28

...

6,035

6,509,569

Series

2018FFF

,

RB

,

5.00

%

,

06/15/28

....

6,180

6,679,543

Series

2021QQQ

,

RB

,

5.00

%

,

06/15/28

...

750

810,624

Series

BBB

,

RB

,

5.50

%

,

06/15/30

.......

13,160

14,035,938

Series

2017DDD

,

RB

,

5.00

%

,

06/15/31

...

1,500

1,599,936

Series

WW

,

RB

,

5.25

%

,

06/15/31

.......

1,525

1,556,981

Security

Par

(000)

Par

(000)

Value

New

Jersey

(continued)

Series

2017DDD

,

RB

,

5.00

%

,

06/15/32

...

USD

1,000

$

1,066,624

Series

AAA

,

RB

,

5.50

%

,

06/15/32

.......

5,000

5,332,803

New

Jersey

Educational

Facilities

Authority

Series

2015A

,

RB

,

5.00

%

,

07/01/25

.....

1,640

1,673,555

Series

2016A

,

RB

,

5.00

%

,

07/01/25

.....

4,565

4,658,402

Series

2016B

,

RB

,

5.00

%

,

07/01/25

.....

2,290

2,336,855

Series

2021C

,

RB

,

5.00

%

,

03/01/26

.....

6,770

7,030,393

Series

2016A

,

RB

,

5.00

%

,

07/01/26

.....

2,045

2,141,513

Series

2016B

,

RB

,

5.00

%

,

07/01/26

.....

355

371,754

Series

2022A

,

RB

,

5.00

%

,

03/01/27

.....

19,560

20,781,608

Series

2021C

,

RB

,

5.00

%

,

03/01/29

.....

4,800

5,341,884

New

Jersey

Transportation

Trust

Fund

Authority

Series

2006C

,

RB

,

0.00

%

,

12/15/24

(

AMBAC

)

(b)

....................

1,175

1,163,854

Series

2010D

,

RB

,

5.00

%

,

12/15/24

.....

610

613,399

Series

2019A

,

RB

,

5.00

%

,

12/15/24

.....

17,940

18,039,956

Series

2018A

,

RB

,

5.00

%

,

12/15/24

.....

2,125

2,136,180

Series

2021A

,

RB

,

5.00

%

,

06/15/25

.....

4,125

4,192,871

Series

2006C

,

RB

,

0.00

%

,

12/15/25

(

AMBAC

)

(b)

....................

17,240

16,571,921

Series

2019A

,

RB

,

5.00

%

,

12/15/25

.....

6,130

6,304,284

Series

2021A

,

RB

,

5.00

%

,

06/15/26

.....

1,055

1,096,921

Series

2010A

,

RB

,

0.00

%

,

12/15/26

(b)

....

765

712,283

Series

2006C

,

RB

,

0.00

%

,

12/15/26

(

AMBAC

)

(b)

....................

975

908,219

Series

2018A

,

RB

,

5.00

%

,

12/15/26

.....

2,085

2,189,608

Series

2021A

,

RB

,

5.00

%

,

06/15/27

.....

5,755

6,104,673

Series

2016A-1

,

RB

,

5.00

%

,

06/15/27

....

1,325

1,372,797

Series

2006C

,

RB

,

0.00

%

,

12/15/27

(

BHAC-

CR,

MBIA

)

(b)

...................

15,925

14,447,150

Series

2018A

,

RB

,

5.00

%

,

12/15/27

.....

3,500

3,748,138

Series

2016A-1

,

RB

,

5.00

%

,

06/15/28

....

3,700

3,830,321

Series

2023AA

,

RB

,

5.00

%

,

06/15/28

....

4,920

5,318,619

Series

2018A

,

RB

,

5.00

%

,

12/15/28

.....

3,505

3,821,007

Series

2019A

,

RB

,

5.00

%

,

12/15/28

.....

12,375

13,490,716

Series

2019AA

,

RB

,

5.00

%

,

06/15/29

....

1,480

1,611,937

New

Jersey

Turnpike

Authority

Series

2014C

,

RB

,

5.00

%

,

01/01/25

.....

3,195

3,216,882

Series

2017E

,

RB

,

5.00

%

,

01/01/25

.....

4,525

4,555,990

Series

2004C-2

,

RB

,

5.50

%

,

01/01/25

(

AMBAC

)

.....................

3,540

3,569,964

Series

2017E

,

RB

,

5.00

%

,

01/01/27

.....

2,950

3,112,459

State

of

New

Jersey

GO

,

5.00

%

,

06/01/26

...............

420

427,042

Series

2020A

,

GO

,

5.00

%

,

06/01/26

.....

23,545

24,547,214

Series

2020A

,

GO

,

5.00

%

,

06/01/27

.....

11,940

12,721,825

GO

,

5.00

%

,

06/01/28

...............

5,000

5,316,753

Series

2020A

,

GO

,

5.00

%

,

06/01/28

.....

11,150

12,129,860

Series

2020A

,

GO

,

5.00

%

,

06/01/29

.....

905

1,003,597

GO

,

5.00

%

,

06/01/32

...............

2,355

2,394,485

330,225,037

New

Mexico

—

0.6%

New

Mexico

Finance

Authority

Series

2021A

,

RB

,

5.00

%

,

06/15/25

.....

2,485

2,529,774

Series

2018A

,

RB

,

5.00

%

,

06/15/26

.....

470

490,045

Series

2021A

,

RB

,

5.00

%

,

06/15/26

.....

2,365

2,465,864

Series

2021B

,

RB

,

5.00

%

,

06/15/26

.....

2,500

2,606,622

Series

B-1

,

RB

,

5.00

%

,

06/15/27

.......

5,245

5,251,161

State

of

New

Mexico

Series

2021

,

GO

,

5.00

%

,

03/01/26

......

700

725,470

Series

2023

,

GO

,

5.50

%

,

03/01/28

......

5,275

5,803,303

State

of

New

Mexico

Severance

Tax

Permanent

Fund

Series

2015A

,

RB

,

5.00

%

,

07/01/25

.....

295

300,696

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

Schedule

of

Investments

87

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

Mexico

(continued)

Series

2022A

,

RB

,

5.00

%

,

07/01/25

.....

USD

4,470

$

4,556,315

Series

2021A

,

RB

,

5.00

%

,

07/01/26

.....

5,360

5,599,328

Series

2022A

,

RB

,

5.00

%

,

07/01/26

.....

15,000

15,669,761

45,998,339

New

York

—

13.8%

Battery

Park

City

Authority

Series

2023B

,

RB

,

5.00

%

,

11/01/28

.....

2,000

2,211,247

Series

2019D-2

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

3.80

%

,

09/03/24

(a)

..........

2,770

2,770,000

City

of

New

York

Series

2021F-1

,

GO

,

4.00

%

,

03/01/25

....

7,200

7,243,427

Series

2015FF-1

,

GO

,

5.00

%

,

06/01/25

...

995

1,011,995

Series

C

,

GO

,

5.00

%

,

08/01/25

........

3,620

3,698,618

Series

2019E

,

GO

,

5.00

%

,

08/01/25

.....

3,850

3,933,613

Series

A

,

GO

,

5.00

%

,

08/01/25

........

375

383,144

Series

2021A-1

,

GO

,

5.00

%

,

08/01/25

....

2,360

2,411,254

Series

2018C

,

GO

,

5.00

%

,

08/01/25

.....

3,555

3,632,206

Series

2021C

,

GO

,

5.00

%

,

08/01/25

.....

535

546,619

Series

2018A

,

GO

,

5.00

%

,

08/01/25

.....

990

1,011,501

Series

2020C-1

,

GO

,

5.00

%

,

08/01/25

...

6,135

6,268,238

Series

2015A

,

GO

,

5.00

%

,

08/01/25

.....

1,670

1,675,952

Series

E

,

GO

,

5.00

%

,

08/01/25

........

3,700

3,780,355

Series

2022B-1

,

GO

,

5.00

%

,

08/01/25

....

15,420

15,754,887

Series

2018-1

,

GO

,

5.00

%

,

08/01/25

.....

895

914,437

Series

2020B-1

,

GO

,

5.00

%

,

10/01/25

....

675

692,658

Series

2021F-1

,

GO

,

5.00

%

,

03/01/26

....

4,025

4,171,854

Series

2008J-9

,

GO

,

3.00

%

,

08/01/26

....

90

90,611

Series

2020C-1

,

GO

,

5.00

%

,

08/01/26

...

11,445

11,981,500

Series

2021C

,

GO

,

5.00

%

,

08/01/26

.....

715

748,517

Series

E

,

GO

,

5.00

%

,

08/01/26

........

2,315

2,423,519

Series

2021A-1

,

GO

,

5.00

%

,

08/01/26

....

3,630

3,800,161

Series

2022B-1

,

GO

,

5.00

%

,

08/01/26

....

145

151,797

Series

2008J-10

,

GO

,

5.00

%

,

08/01/26

...

830

868,907

Series

2020-1

,

GO

,

5.00

%

,

08/01/26

.....

2,480

2,596,253

Series

2008J-11

,

GO

,

5.00

%

,

08/01/26

...

720

753,751

Series

2018A

,

GO

,

5.00

%

,

08/01/26

.....

840

879,376

Series

C

,

GO

,

5.00

%

,

08/01/26

........

2,365

2,475,863

Series

A

,

GO

,

5.00

%

,

08/01/26

........

700

732,813

Series

2019E

,

GO

,

5.00

%

,

08/01/26

.....

330

345,469

Series

2018C

,

GO

,

5.00

%

,

08/01/26

.....

280

293,125

Series

2022-1

,

GO

,

5.00

%

,

09/01/26

.....

1,245

1,304,009

Series

2021F-1

,

GO

,

5.00

%

,

03/01/27

....

2,710

2,869,004

Series

2021A-1

,

GO

,

5.00

%

,

08/01/27

....

12,680

13,548,397

Series

2018A

,

GO

,

5.00

%

,

08/01/27

.....

335

357,943

Series

2018C

,

GO

,

5.00

%

,

08/01/27

.....

1,085

1,159,307

Series

2021C

,

GO

,

5.00

%

,

08/01/27

.....

1,830

1,955,329

Series

2008J-11

,

GO

,

5.00

%

,

08/01/27

...

125

133,561

Series

2022B-1

,

GO

,

5.00

%

,

08/01/27

....

3,610

3,857,233

Series

2023F-1

,

GO

,

5.00

%

,

08/01/27

....

4,000

4,273,942

Series

2025,

Sub-Series

C-1

,

GO

,

5.00

%

,

09/01/27

(c)

...............

3,000

3,210,078

Series

2021B-1

,

GO

,

5.00

%

,

11/01/27

....

16,000

17,187,451

Series

2024C

,

GO

,

5.00

%

,

03/01/28

.....

1,750

1,890,060

Series

2008L-6

,

GO

,

5.00

%

,

04/01/28

....

2,035

2,201,548

Series

2021A-1

,

GO

,

5.00

%

,

08/01/28

....

5,000

5,445,543

Series

2018-1

,

GO

,

5.00

%

,

08/01/28

.....

2,750

2,924,738

Series

2008J-5

,

GO

,

5.00

%

,

08/01/28

....

2,725

2,967,821

Series

2023F-1

,

GO

,

5.00

%

,

08/01/28

....

4,925

5,363,860

Series

2023B-1

,

GO

,

5.00

%

,

10/01/28

....

1,125

1,229,295

Series

2024C

,

GO

,

5.00

%

,

03/01/29

.....

2,750

3,023,273

Series

2024D

,

GO

,

5.00

%

,

04/01/29

.....

10,000

11,010,736

Series

2021-1

,

GO

,

5.00

%

,

04/01/29

.....

4,140

4,558,445

Series

2021A-1

,

GO

,

5.00

%

,

08/01/29

....

10,335

11,450,289

Series

2025A

,

GO

,

5.00

%

,

08/01/29

.....

7,500

8,309,354

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

C

,

GO

,

5.00

%

,

08/01/29

........

USD

12,665

$

12,995,650

Series

E

,

GO

,

5.00

%

,

08/01/29

........

445

460,577

Series

2025,

Sub-Series

C-1

,

GO

,

5.00

%

,

09/01/29

(c)

...............

2,500

2,773,053

Series

2014I-2

,

GO

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

4.00

%

,

09/03/24

(a)

...

3,300

3,300,000

Series

2018E-5

,

GO

,

VRDN

(

TD

Bank

NA

LOC

),

3.80

%

,

09/03/24

(a)

...........

3,550

3,550,000

Hudson

Yards

Infrastructure

Corp.

Series

2017A

,

RB

,

5.00

%

,

02/15/25

.....

1,820

1,837,712

Series

2017A

,

RB

,

5.00

%

,

02/15/26

.....

520

538,252

Series

2017A

,

RB

,

5.00

%

,

02/15/27

.....

10,005

10,649,656

Long

Island

Power

Authority

Series

2021

,

RB

,

1.00

%

,

09/01/25

......

8,075

7,799,268

Series

2021A

,

RB

,

5.00

%

,

09/01/26

.....

810

850,185

Series

1998A

,

RB

,

0.00

%

,

12/01/26

(

AGM

)

(b)

1,500

1,392,129

Series

2019A

,

RB

,

5.00

%

,

09/01/27

.....

1,800

1,931,636

Series

2024A

,

RB

,

5.00

%

,

09/01/27

.....

700

751,192

Series

2023F

,

RB

,

5.00

%

,

09/01/28

.....

3,340

3,656,883

Series

2024A

,

RB

,

5.00

%

,

09/01/28

.....

1,000

1,094,875

Series

2024A

,

RB

,

5.00

%

,

09/01/29

.....

625

697,824

Series

2019B

,

RB

,

VRDN

1.65

%

,

09/01/24

(a)

1,425

1,425,000

Series

2020B

,

RB

,

VRDN

0.85

%

,

09/01/25

(a)

7,000

6,810,214

Series

2021B

,

RB

,

VRDN

1.50

%

,

09/01/26

(a)

390

373,425

Metropolitan

Transportation

Authority

Series

2015F

,

RB

,

5.00

%

,

11/15/24

......

1,000

1,003,777

Series

2017B

,

RB

,

5.00

%

,

11/15/24

.....

1,600

1,606,043

Series

2017C-1

,

RB

,

5.00

%

,

11/15/24

....

13,600

13,651,362

Series

A-1

,

RB

,

5.00

%

,

11/15/24

.......

2,000

2,007,553

Series

2014C

,

RB

,

5.00

%

,

11/15/25

.....

2,175

2,183,416

Series

2015F

,

RB

,

5.00

%

,

11/15/25

......

1,880

1,929,400

Series

A-2

,

RB

,

5.00

%

,

11/15/25

.......

4,850

4,977,442

Series

2017B

,

RB

,

5.00

%

,

11/15/25

.....

560

574,715

Series

2017C-1

,

RB

,

5.00

%

,

11/15/25

....

3,530

3,622,756

Series

2018B

,

RB

,

5.00

%

,

11/15/25

.....

1,715

1,760,064

Series

2017C-1

,

RB

,

5.00

%

,

11/15/26

....

9,430

9,879,056

Series

2016B

,

RB

,

5.00

%

,

11/15/26

.....

12,295

12,880,487

Series

A-2

,

RB

,

5.00

%

,

11/15/26

.......

500

523,810

Series

2016D

,

RB

,

5.00

%

,

11/15/27

.....

1,300

1,357,653

Series

2020E

,

RB

,

5.00

%

,

11/15/27

.....

5,000

5,337,745

Series

2020E

,

RB

,

5.00

%

,

11/15/28

.....

6,500

7,060,619

Series

A-2

,

RB

,

5.00

%

,

11/15/28

.......

9,110

9,632,692

Series

2018B

,

RB

,

5.00

%

,

11/15/28

.....

1,400

1,520,749

Series

2017C-1

,

RB

,

5.00

%

,

11/15/28

....

1,720

1,851,680

Series

2016D

,

RB

,

5.00

%

,

11/15/29

.....

1,865

1,947,581

Series

2012G-2

,

RB

,

VRDN

(

TD

Bank

NA

LOC

),

2.91

%

,

09/05/24

(a)

...........

8,540

8,540,000

Series

2019D-1

,

RB

,

VRDN

5.00

%

,

11/15/24

(a)

...............

5,000

5,015,430

Series

2020B

,

RB

,

VRDN

(

Royal

Bank

of

Canada

LOC

),

3.95

%

,

09/03/24

(a)

.....

15,000

15,000,000

Series

2019A-1

,

RB

,

VRDN

5.00

%

,

11/15/24

(a)

...............

4,000

4,012,356

New

York

City

Municipal

Water

Finance

Authority

Series

2020CC-2

,

RB

,

5.00

%

,

06/15/25

...

860

875,832

Series

2020FF

,

RB

,

5.00

%

,

06/15/25

....

705

717,979

Series

2021DD

,

RB

,

5.00

%

,

06/15/25

....

8,130

8,279,669

Series

2015FF

,

RB

,

5.00

%

,

06/15/26

....

55

55,992

Series

2020BB-2

,

RB

,

5.00

%

,

06/15/26

...

935

941,306

Series

2015HH

,

RB

,

5.00

%

,

06/15/27

....

10

10,176

Series

2022BB-2

,

RB

,

5.00

%

,

06/15/27

...

145

149,151

Series

2022CC-2

,

RB

,

5.00

%

,

06/15/27

...

4,300

4,423,111

Series

2022AA-2

,

RB

,

5.00

%

,

06/15/28

...

1,750

1,844,178

Series

2024BB-2

,

RB

,

5.00

%

,

06/15/28

...

5,670

6,201,797

Series

2024BB-2

,

RB

,

5.00

%

,

06/15/29

...

3,250

3,633,689

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

88

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

DD-1

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

3.80

%

,

09/03/24

(a)

...............

USD

5,365

$

5,365,000

Series

2014AA-3

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

3.80

%

,

09/03/24

(a)

..........

4,900

4,900,000

Series

AA-1

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

4.00

%

,

09/03/24

(a)

...

2,100

2,100,000

Series

BB

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

2.91

%

,

09/05/24

(a)

...............

16,650

16,650,000

New

York

City

Transitional

Finance

Authority

Series

B

,

RB

,

4.00

%

,

08/01/25

.........

550

556,224

Series

2019A-1

,

RB

,

5.00

%

,

08/01/25

....

1,185

1,209,258

Series

B-1

,

RB

,

5.00

%

,

08/01/25

.......

2,120

2,163,849

Series

2021A

,

RB

,

5.00

%

,

11/01/25

.....

1,510

1,550,860

Series

2022B-1

,

RB

,

5.00

%

,

08/01/26

....

780

813,764

Series

2019A-1

,

RB

,

5.00

%

,

08/01/27

....

3,020

3,231,437

Series

2024B

,

RB

,

5.00

%

,

05/01/28

.....

4,000

4,359,147

Series

2024D-1

,

RB

,

5.00

%

,

11/01/28

....

12,670

13,955,331

Series

2025A,

Sub-Series

A-1

,

RB

,

5.00

%

,

11/01/28

................

8,000

8,811,574

Series

2024G-1

,

RB

,

5.00

%

,

05/01/29

....

8,285

9,189,431

Series

2025A,

Sub-Series

A-1

,

RB

,

5.00

%

,

11/01/29

................

14,350

16,064,165

Series

2018C-7

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

3.80

%

,

09/03/24

(a)

..........

19,850

19,850,000

New

York

City

Transitional

Finance

Authority

Building

Aid

Series

2015S-2

,

RB

,

5.00

%

,

07/15/25

(

SAW

)

125

127,626

Series

2019S-3A

,

RB

,

5.00

%

,

07/15/25

(

SAW

)

.......................

1,285

1,311,996

Series

S-1

,

RB

,

5.00

%

,

07/15/25

(

SAW

)

..

135

137,793

Series

2019S-2A

,

RB

,

5.00

%

,

07/15/26

(

SAW

)

.......................

2,035

2,123,541

Series

2015S-2

,

RB

,

5.00

%

,

07/15/27

(

SAW

)

170

173,191

Series

2018S-4A

,

RB

,

5.00

%

,

07/15/27

(

SAW

)

.......................

150

160,406

Series

2019S-2A

,

RB

,

5.00

%

,

07/15/27

(

SAW

)

.......................

125

133,671

Series

2019S-3A

,

RB

,

5.00

%

,

07/15/27

(

SAW

)

.......................

205

219,221

Series

S-1

,

RB

,

5.00

%

,

07/15/27

(

SAW

)

..

280

299,424

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Series

C

,

RB

,

5.00

%

,

11/01/24

.........

350

351,069

Series

2021A

,

RB

,

5.00

%

,

11/01/24

.....

2,650

2,658,095

Series

2023B-1

,

RB

,

5.00

%

,

11/01/24

....

14,520

14,564,354

Series

2016E-1

,

RB

,

5.00

%

,

02/01/25

....

340

342,889

Series

2015C

,

RB

,

5.00

%

,

11/01/25

.....

995

1,009,701

Series

2021F-1

,

RB

,

5.00

%

,

11/01/25

....

8,540

8,772,227

Series

2023B-1

,

RB

,

5.00

%

,

11/01/25

....

1,210

1,242,903

Series

2022A-1

,

RB

,

5.00

%

,

11/01/25

....

3,180

3,266,473

Series

C

,

RB

,

5.00

%

,

11/01/25

.........

1,450

1,489,430

Series

2024A-1

,

RB

,

5.00

%

,

05/01/26

....

2,700

2,805,747

Series

B

,

RB

,

5.00

%

,

08/01/26

.........

350

366,058

Series

2014B-1

,

RB

,

5.00

%

,

11/01/26

....

6,800

6,819,571

Series

2023C-1

,

RB

,

5.00

%

,

11/01/26

....

2,000

2,103,625

Series

2023B-1

,

RB

,

5.00

%

,

11/01/26

....

8,980

9,445,276

Series

2022D-1

,

RB

,

5.00

%

,

11/01/26

....

3,715

3,907,483

Series

C

,

RB

,

5.00

%

,

11/01/26

.........

4,000

4,110,517

Series

2021F-1

,

RB

,

5.00

%

,

11/01/26

....

12,070

12,695,377

Series

2021A

,

RB

,

5.00

%

,

11/01/26

.....

6,045

6,358,207

Series

2015C

,

RB

,

5.00

%

,

11/01/26

.....

1,600

1,622,007

Series

2022A-1

,

RB

,

5.00

%

,

11/01/26

....

10,545

11,091,363

Series

2021G-1

,

RB

,

5.00

%

,

11/01/27

....

2,925

3,151,117

Series

2021A

,

RB

,

5.00

%

,

11/01/27

.....

1,075

1,158,103

Series

2023B-1

,

RB

,

5.00

%

,

11/01/27

....

12,525

13,493,243

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2023E-1

,

RB

,

5.00

%

,

11/01/27

....

USD

15,480

$

16,676,678

Series

2022A-1

,

RB

,

5.00

%

,

11/01/27

....

475

511,720

Series

2023E-1

,

RB

,

5.00

%

,

11/01/28

....

5,560

6,124,044

Series

B

,

RB

,

5.00

%

,

08/01/29

.........

1,275

1,323,743

Series

2019C-4

,

RB

,

VRDN

(

Barclays

Bank

plc

SBPA

),

3.90

%

,

09/03/24

(a)

.......

2,410

2,410,000

Series

2019A-4

,

RB

,

VRDN

(

JPMorgan

Chase

Bank

NA

SBPA

),

4.00

%

,

09/03/24

(a)

3,785

3,785,000

New

York

Power

Authority

Series

2022A

,

RB

,

5.00

%

,

11/15/24

(

AGM

)

1,475

1,480,999

Series

2022A

,

RB

,

5.00

%

,

11/15/25

(

AGM

)

1,450

1,492,684

New

York

State

Dormitory

Authority

Series

2019A

,

RB

,

5.00

%

,

10/01/24

(

SAW

)

235

235,318

Series

2018A

,

RB

,

5.00

%

,

10/01/24

(

SAW

)

275

275,374

Series

2014E

,

RB

,

5.00

%

,

02/15/25

.....

2,850

2,877,762

Series

2019D

,

RB

,

5.00

%

,

02/15/25

.....

2,490

2,514,255

Series

2015B

,

RB

,

5.00

%

,

02/15/25

.....

280

282,728

Series

2017A

,

RB

,

5.00

%

,

02/15/25

.....

485

489,640

Series

2016D

,

RB

,

5.00

%

,

02/15/25

.....

4,550

4,594,322

Series

2022A

,

RB

,

5.00

%

,

03/15/25

.....

5,755

5,822,876

Series

2020A

,

RB

,

5.00

%

,

03/15/25

.....

5,015

5,074,148

Series

2019A

,

RB

,

5.00

%

,

03/15/25

.....

4,675

4,730,138

Series

2018E

,

RB

,

5.00

%

,

03/15/25

.....

120

121,403

Series

2017A

,

RB

,

5.00

%

,

03/15/25

.....

815

824,526

Series

2018C

,

RB

,

5.00

%

,

03/15/25

.....

2,295

2,321,824

Series

2016A

,

RB

,

5.00

%

,

03/15/25

.....

1,900

1,922,207

Series

2015A

,

RB

,

5.00

%

,

03/15/25

.....

960

971,783

Series

2015E

,

RB

,

5.00

%

,

03/15/25

.....

180

182,123

Series

2020A

,

RB

,

5.00

%

,

09/15/25

.....

1,135

1,163,386

Series

2015A

,

RB

,

5.00

%

,

10/01/25

.....

2,240

2,300,101

Series

2017A

,

RB

,

5.00

%

,

02/15/26

.....

3,335

3,450,319

Series

2019D

,

RB

,

5.00

%

,

02/15/26

.....

1,935

2,003,260

Series

2017B-1

,

RB

,

5.00

%

,

02/15/26

....

710

734,551

Series

2016D

,

RB

,

5.00

%

,

02/15/26

.....

1,185

1,226,035

Series

2019A

,

RB

,

5.00

%

,

03/15/26

.....

535

554,979

Series

2015A

,

RB

,

5.00

%

,

03/15/26

.....

2,045

2,070,099

Series

2015B

,

RB

,

5.00

%

,

03/15/26

.....

1,340

1,373,403

Series

2018E

,

RB

,

5.00

%

,

03/15/26

.....

670

694,939

Series

2015E

,

RB

,

5.00

%

,

03/15/26

.....

3,095

3,170,872

Series

2018C

,

RB

,

5.00

%

,

03/15/26

.....

525

544,541

Series

2018A

,

RB

,

5.00

%

,

03/15/26

.....

295

305,822

Series

2017A

,

RB

,

5.00

%

,

03/15/26

.....

775

803,847

Series

2016A

,

RB

,

5.00

%

,

03/15/26

.....

765

793,475

Series

2021A

,

RB

,

5.00

%

,

03/15/26

.....

3,705

3,843,357

Series

2021E

,

RB

,

5.00

%

,

03/15/26

.....

13,755

14,268,657

Series

2017A

,

RB

,

5.00

%

,

02/15/27

.....

320

338,844

Series

2019D

,

RB

,

5.00

%

,

02/15/27

.....

4,495

4,760,001

Series

2018C

,

RB

,

5.00

%

,

03/15/27

.....

4,625

4,911,351

Series

2018A

,

RB

,

5.00

%

,

03/15/27

.....

9,565

10,147,517

Series

2019A

,

RB

,

5.00

%

,

03/15/27

.....

5,735

6,095,266

Series

2022A

,

RB

,

5.00

%

,

03/15/28

.....

6,315

6,854,214

Series

2021E

,

RB

,

5.00

%

,

03/15/28

.....

18,130

19,678,052

Series

2016A

,

RB

,

5.00

%

,

03/15/28

.....

1,210

1,259,812

Series

2020A

,

RB

,

5.00

%

,

03/15/28

.....

7,750

8,411,743

Series

2021A

,

RB

,

5.00

%

,

03/15/28

.....

14,180

15,390,776

Series

2024A

,

RB

,

5.00

%

,

07/01/28

.....

15,000

16,199,127

Series

2024A

,

RB

,

5.00

%

,

10/01/28

(

AGM,

SAW

)

.......................

2,900

3,178,022

Series

2017A

,

RB

,

5.00

%

,

02/15/29

.....

10,000

10,473,081

Series

2023A

,

RB

,

5.00

%

,

03/15/29

.....

11,630

12,877,730

Series

2024A

,

RB

,

5.00

%

,

03/15/29

.....

2,000

2,214,571

New

York

State

Environmental

Facilities

Corp.

Series

2022A

,

RB

,

5.00

%

,

06/15/25

.....

2,090

2,129,787

Series

2015D

,

RB

,

5.00

%

,

09/15/25

.....

1,590

1,610,222

Series

2016A

,

RB

,

4.00

%

,

06/15/26

.....

25

25,708

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

Schedule

of

Investments

89

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2017A

,

RB

,

5.00

%

,

06/15/27

.....

USD

3,775

$

4,035,520

Series

2018A

,

RB

,

5.00

%

,

06/15/27

.....

70

74,831

Series

2021A

,

RB

,

5.00

%

,

06/15/27

.....

650

694,858

Series

2022A

,

RB

,

5.00

%

,

06/15/27

.....

2,750

2,939,783

Series

2016A

,

RB

,

5.00

%

,

06/15/29

.....

4,345

4,505,773

Series

2024A

,

RB

,

5.00

%

,

06/15/29

.....

10,000

11,161,395

New

York

State

Thruway

Authority

Series

2021A-1

,

RB

,

5.00

%

,

03/15/25

....

4,935

4,994,256

Series

L

,

RB

,

5.00

%

,

01/01/26

.........

1,300

1,341,206

Series

2021A-1

,

RB

,

5.00

%

,

03/15/26

....

5,140

5,331,945

Series

2016A

,

RB

,

5.00

%

,

01/01/27

.....

500

513,194

Series

P

,

RB

,

5.00

%

,

01/01/29

.........

3,710

4,092,719

New

York

State

Urban

Development

Corp.

Series

2015A

,

RB

,

5.00

%

,

03/15/25

.....

680

688,165

Series

2016A

,

RB

,

5.00

%

,

03/15/25

.....

3,655

3,698,886

Series

2017A

,

RB

,

5.00

%

,

03/15/25

.....

260

263,122

Series

2020C

,

RB

,

5.00

%

,

03/15/25

.....

3,240

3,278,903

Series

2020E

,

RB

,

5.00

%

,

03/15/25

.....

5,175

5,237,137

Series

2016A

,

RB

,

5.00

%

,

03/15/26

.....

5,100

5,291,222

Series

2017C

,

RB

,

5.00

%

,

03/15/26

.....

1,100

1,141,078

Series

2020E

,

RB

,

5.00

%

,

03/15/26

.....

10,000

10,373,433

Series

2021A

,

RB

,

5.00

%

,

03/15/26

.....

25,155

26,094,371

Series

2017C

,

RB

,

5.00

%

,

03/15/27

.....

11,400

12,090,146

Series

2020C

,

RB

,

5.00

%

,

03/15/27

.....

4,020

4,263,367

Series

2022A

,

RB

,

5.00

%

,

09/15/27

.....

25,130

26,995,660

Series

2017A

,

RB

,

5.00

%

,

03/15/28

.....

2,615

2,780,884

Series

2022A

,

RB

,

5.00

%

,

09/15/28

.....

33,000

36,131,456

Series

2020A

,

RB

,

5.00

%

,

03/15/29

.....

190

209,955

Port

Authority

of

New

York

&

New

Jersey

Series

205

,

RB

,

5.00

%

,

11/15/24

.......

710

712,843

Series

194

,

RB

,

5.00

%

,

10/15/25

.......

1,050

1,078,375

Series

205

,

RB

,

5.00

%

,

11/15/25

.......

1,220

1,255,881

Series

230

,

RB

,

4.00

%

,

12/01/25

.......

355

361,346

Series

189

,

RB

,

5.00

%

,

05/01/26

.......

215

218,529

Series

194

,

RB

,

5.00

%

,

10/15/26

.......

270

276,477

Series

205

,

RB

,

5.00

%

,

11/15/26

.......

580

611,742

Series

230

,

RB

,

4.00

%

,

12/01/26

.......

415

428,701

Series

222

,

RB

,

5.00

%

,

07/15/27

.......

510

547,137

Series

194

,

RB

,

5.00

%

,

10/15/27

.......

345

353,315

Series

230

,

RB

,

4.00

%

,

12/01/27

.......

665

697,730

Series

230

,

RB

,

4.00

%

,

12/01/28

.......

1,500

1,594,270

Series

243

,

RB

,

5.00

%

,

12/01/28

.......

5,835

6,445,553

Sales

Tax

Asset

Receivable

Corp.

Series

2015A

,

RB

,

5.00

%

,

10/15/24

.....

1,320

1,322,739

Series

2015A

,

RB

,

5.00

%

,

10/15/25

.....

375

375,778

Triborough

Bridge

&

Tunnel

Authority

Series

2023A

,

RB

,

5.00

%

,

11/15/24

.....

200

200,878

Series

A

,

RB

,

5.00

%

,

11/15/24

.........

235

235,942

Series

2016A

,

RB

,

5.00

%

,

11/15/24

.....

440

441,763

Series

2021C-1A

,

RB

,

5.00

%

,

05/15/25

...

3,500

3,559,108

Series

2021A

,

RB

,

5.00

%

,

11/01/25

.....

2,480

2,549,741

Series

2017C-1

,

RB

,

5.00

%

,

11/15/25

....

5,530

5,690,796

Series

2018B

,

RB

,

5.00

%

,

11/15/25

.....

4,410

4,538,230

Series

2022B

,

RB

,

4.00

%

,

05/15/26

.....

5,000

5,136,416

Series

2017C-1

,

RB

,

5.00

%

,

11/15/26

....

4,950

5,216,539

Series

2022E-2B

,

RB

,

5.00

%

,

11/15/27

...

5,965

6,391,252

Series

2023A

,

RB

,

5.00

%

,

11/15/27

.....

9,000

9,689,565

Series

2022E-1

,

RB

,

5.00

%

,

11/15/27

....

5,635

6,037,671

Series

2022B

,

RB

,

5.00

%

,

05/15/28

.....

3,500

3,807,083

Series

2022D-1A

,

RB

,

5.00

%

,

11/15/28

...

990

1,087,990

Series

2023B

,

RB

,

5.00

%

,

11/15/28

.....

5,000

5,455,882

Series

2023A

,

RB

,

5.00

%

,

11/15/28

.....

485

533,209

Series

2024A,

Sub-Series

A-2

,

RB

,

5.00

%

,

11/15/29

................

1,040

1,164,943

Series

B

,

RB

,

5.00

%

,

11/15/29

.........

3,900

4,107,968

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2003B-2

,

RB

,

VRDN

(

TD

Bank

NA

LOC

),

3.80

%

,

09/03/24

(a)

...........

USD

1,000

$

1,000,000

Series

2005B-3

,

RB

,

VRDN

(

Bank

of

America

NA

LOC

),

3.90

%

,

09/03/24

(a)

........

3,500

3,500,000

Series

2021A-2

,

RB

,

VRDN

2.00

%

,

05/15/26

(a)

...............

1,950

1,893,368

Series

2021B-2

,

RB

,

VRDN

5.00

%

,

05/15/26

(a)

...............

2,000

2,064,095

Series

2021C-1B

,

RB

,

VRDN

5.00

%

,

05/15/26

(a)

...............

2,500

2,580,118

Utility

Debt

Securitization

Authority

Series

2016A

,

RB

,

5.00

%

,

12/15/26

.....

5,000

5,033,374

Series

2022TE-1

,

RB

,

5.00

%

,

12/15/27

...

3,500

3,600,075

Series

2016A

,

RB

,

5.00

%

,

06/15/28

.....

4,965

5,179,587

Series

2016A

,

RB

,

5.00

%

,

12/15/28

.....

1,565

1,632,639

Series

2023TE-1

,

RB

,

5.00

%

,

12/15/28

...

3,000

3,166,759

1,159,564,858

North

Carolina

—

2.0%

City

of

Charlotte

Series

2021B

,

COP

,

5.00

%

,

12/01/25

....

2,305

2,374,475

Series

2021A

,

GO

,

5.00

%

,

06/01/26

.....

1,455

1,516,370

City

of

Charlotte

Water

&

Sewer

System,

Series

2015,

RB,

5.00%, 07/01/27

..........

1,500

1,527,384

City

of

Greensboro

Series

2018B

,

GO

,

5.00

%

,

10/01/24

.....

560

560,726

Series

2018B

,

GO

,

5.00

%

,

10/01/28

.....

2,360

2,593,843

City

of

Raleigh

Series

2020A

,

RB

,

5.00

%

,

06/01/25

.....

125

127,173

Series

2016A

,

GO

,

5.00

%

,

09/01/25

.....

270

276,625

Series

2016A

,

GO

,

5.00

%

,

09/01/26

.....

3,095

3,246,694

City

of

Winston-Salem

Water

&

Sewer

System,

Series

2020A,

RB,

5.00%, 06/01/26

.....

5,045

5,259,552

County

of

Forsyth,

Series

2021B,

GO,

4.00%, 03/01/26

.................

130

132,696

County

of

Guilford

Series

2017

,

GO

,

5.00

%

,

03/01/25

......

5,030

5,084,649

Series

2017B

,

GO

,

5.00

%

,

05/01/26

.....

70

72,832

Series

2017

,

GO

,

5.00

%

,

03/01/27

......

1,000

1,061,082

Series

2017B

,

GO

,

5.00

%

,

05/01/27

.....

1,500

1,597,716

Series

2024

,

GO

,

5.00

%

,

03/01/28

......

5,000

5,425,770

County

of

Johnston,

Series

2015,

GO,

4.00%, 02/01/26

.................

20

20,390

County

of

Mecklenburg

Series

2013A

,

GO

,

5.00

%

,

12/01/24

.....

835

839,200

Series

2017A

,

GO

,

5.00

%

,

04/01/25

.....

40

40,521

Series

2019

,

GO

,

5.00

%

,

03/01/26

......

1,150

1,192,321

Series

2016B

,

GO

,

5.00

%

,

12/01/26

.....

1,780

1,878,138

Series

2017A

,

GO

,

5.00

%

,

04/01/27

.....

55

58,485

Series

2015A

,

GO

,

5.00

%

,

04/01/28

.....

5,000

5,059,826

County

of

Wake

Series

2010C

,

GO

,

5.00

%

,

03/01/25

.....

2,915

2,947,677

Series

2018A

,

GO

,

5.00

%

,

03/01/25

.....

360

363,787

Series

2016A

,

GO

,

5.00

%

,

03/01/26

.....

80

82,992

Series

2021

,

RB

,

5.00

%

,

03/01/26

......

1,675

1,735,890

Series

2021

,

GO

,

5.00

%

,

04/01/26

......

5,845

6,073,139

Series

2022A

,

GO

,

5.00

%

,

02/01/27

.....

10,725

11,360,529

Series

2019A

,

GO

,

5.00

%

,

03/01/27

.....

2,625

2,785,996

Series

2021

,

GO

,

5.00

%

,

04/01/27

......

1,245

1,323,893

Series

2023A

,

GO

,

5.00

%

,

05/01/27

.....

10,615

11,309,328

Series

2023A

,

GO

,

5.00

%

,

05/01/28

.....

2,515

2,738,873

North

Carolina

Capital

Facilities

Finance

Agency

Series

2015B

,

RB

,

5.00

%

,

10/01/41

.....

1,580

1,621,976

Series

2015B

,

RB

,

5.00

%

,

10/01/55

.....

15,200

15,603,824

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

90

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

North

Carolina

(continued)

North

Carolina

Municipal

Power

Agency

No.

1

Series

A

,

RB

,

5.00

%

,

01/01/26

.........

USD

625

$

644,396

Series

A

,

RB

,

5.00

%

,

01/01/27

.........

1,845

1,895,603

North

Carolina

Turnpike

Authority

Series

2017

,

RB

,

5.00

%

,

01/01/25

......

1,000

1,005,798

Series

2017

,

RB

,

5.00

%

,

01/01/28

(

AGM

)

.

1,500

1,574,014

State

of

North

Carolina

Series

2019

,

RB

,

5.00

%

,

03/01/25

......

3,380

3,417,259

Series

2021

,

RB

,

5.00

%

,

03/01/25

......

1,500

1,516,535

Series

2014C

,

RB

,

5.00

%

,

05/01/25

.....

5,000

5,008,430

Series

2020B

,

RB

,

5.00

%

,

05/01/25

.....

10,085

10,236,250

Series

2017B

,

RB

,

5.00

%

,

05/01/25

.....

520

527,799

Series

2019B

,

GO

,

5.00

%

,

06/01/25

.....

310

315,418

Series

2013B

,

GO

,

5.00

%

,

06/01/25

.....

1,350

1,373,594

Series

2016A

,

GO

,

5.00

%

,

06/01/25

.....

1,320

1,343,070

Series

2014B

,

RB

,

5.00

%

,

06/01/25

.....

3,535

3,595,466

Series

2021

,

RB

,

5.00

%

,

03/01/26

......

1,645

1,705,591

Series

2019

,

RB

,

5.00

%

,

03/01/26

......

170

176,262

Series

2017B

,

RB

,

5.00

%

,

05/01/26

.....

270

280,978

Series

2022A

,

RB

,

5.00

%

,

05/01/26

.....

70

72,846

Series

2019A

,

RB

,

5.00

%

,

05/01/26

.....

435

452,687

Series

2014C

,

RB

,

5.00

%

,

05/01/26

.....

535

535,859

Series

2018A

,

GO

,

5.00

%

,

06/01/26

.....

12,770

13,326,948

Series

2014C

,

RB

,

5.00

%

,

05/01/27

.....

120

120,157

Series

2019A

,

RB

,

5.00

%

,

05/01/27

.....

210

223,512

Series

2017B

,

RB

,

5.00

%

,

05/01/27

.....

875

931,302

Series

2019B

,

GO

,

5.00

%

,

06/01/27

.....

9,760

10,419,599

Series

2020A

,

GO

,

5.00

%

,

06/01/27

.....

2,235

2,386,046

Series

2017B

,

RB

,

5.00

%

,

05/01/28

.....

3,830

4,061,430

Series

2022A

,

RB

,

5.00

%

,

05/01/28

.....

2,650

2,882,979

Series

2020A

,

GO

,

5.00

%

,

06/01/28

.....

10,335

11,280,482

Series

2016B

,

GO

,

5.00

%

,

06/01/28

.....

8,565

8,887,984

Series

2020B

,

RB

,

5.00

%

,

05/01/29

.....

3,445

3,820,905

Town

of

Cary,

Series

2021,

GO,

5.00%, 09/01/26

4,590

4,814,967

University

of

North

Carolina

at

Charlotte

(The),

Series

2015,

RB,

5.00%, 04/01/28

......

1,375

1,392,887

198,121,425

North

Dakota

—

0.2%

North

Dakota

Public

Finance

Authority

Series

2024A

,

RB

,

5.00

%

,

10/01/28

.....

10,785

11,819,874

Series

2024A

,

RB

,

5.00

%

,

10/01/29

.....

6,315

7,057,420

18,877,294

Ohio

—

2.3%

American

Municipal

Power,

Inc.,

Series

2019B,

RB,

5.00%, 02/15/25

..............

2,315

2,337,425

Cincinnati

City

School

District,

Series

2014,

COP,

5.00%, 12/15/29

.............

1,550

1,558,018

City

of

Columbus

Series

2017A

,

GO

,

4.00

%

,

04/01/25

.....

265

266,899

Series

2019A

,

GO

,

5.00

%

,

04/01/25

.....

10

10,129

Series

2022A

,

GO

,

5.00

%

,

04/01/25

.....

4,750

4,811,060

Series

2021A

,

GO

,

5.00

%

,

04/01/25

.....

3,015

3,053,757

Series

2016-1

,

GO

,

5.00

%

,

07/01/25

.....

820

835,819

Series

2018A

,

GO

,

5.00

%

,

04/01/26

.....

3,070

3,187,889

Series

2019A

,

GO

,

5.00

%

,

04/01/26

.....

930

965,712

Series

2016-1

,

GO

,

5.00

%

,

07/01/26

.....

1,570

1,640,038

Series

2016-3

,

GO

,

5.00

%

,

02/15/27

.....

5,195

5,507,034

Series

2017-1

,

GO

,

4.00

%

,

04/01/27

.....

155

160,750

Series

2018A

,

GO

,

5.00

%

,

04/01/27

.....

395

419,962

Series

2021A

,

GO

,

5.00

%

,

04/01/27

.....

425

451,858

Series

2022A

,

GO

,

5.00

%

,

04/01/27

.....

3,000

3,189,586

Series

2016-1

,

GO

,

5.00

%

,

07/01/27

.....

815

849,255

Series

2022B

,

GO

,

5.00

%

,

04/01/28

.....

1,680

1,824,687

Security

Par

(000)

Par

(000)

Value

Ohio

(continued)

Series

2023A

,

GO

,

5.00

%

,

08/15/28

.....

USD

7,040

$

7,706,592

Series

2024-1

,

GO

,

5.00

%

,

02/15/29

.....

6,765

7,481,853

County

of

Cuyahoga

Series

2020D

,

RB

,

5.00

%

,

12/01/25

.....

5,000

5,135,174

Series

2014

,

RB

,

5.00

%

,

12/01/32

......

3,390

3,406,688

County

of

Hamilton

Sewer

System,

Series

2020A,

RB,

5.00%, 12/01/25

.........

1,295

1,332,743

Northeast

Ohio

Regional

Sewer

District

Series

2014

,

RB

,

5.00

%

,

11/15/31

......

1,200

1,204,619

Series

2014

,

RB

,

5.00

%

,

11/15/32

......

2,640

2,650,161

Series

2014

,

RB

,

5.00

%

,

11/15/39

......

2,240

2,248,622

Series

2014

,

RB

,

4.00

%

,

11/15/49

......

4,525

4,533,503

Series

2014

,

RB

,

5.00

%

,

11/15/49

......

1,655

1,661,370

Ohio

State

University

(The)

Series

2021A

,

RB

,

5.00

%

,

12/01/25

.....

1,700

1,753,381

Series

2021A

,

RB

,

5.00

%

,

12/01/26

.....

905

955,400

Series

2023D2

,

RB

,

VRDN

3.45

%

,

09/04/24

(a)

4,150

4,150,000

Series

2023D-1

,

RB

,

VRDN

2.88

%

,

09/04/24

(a)

...............

6,105

6,105,000

Ohio

Turnpike

&

Infrastructure

Commission,

Series

2022A,

RB,

5.00%, 02/15/29

.....

1,460

1,606,401

Ohio

Water

Development

Authority

Series

2016B

,

RB

,

5.00

%

,

12/01/24

.....

1,020

1,024,808

Series

2019

,

RB

,

5.00

%

,

06/01/25

......

1,500

1,526,663

Series

2019A

,

RB

,

5.00

%

,

06/01/25

.....

1,650

1,679,329

Series

2016

,

RB

,

5.00

%

,

06/01/26

......

1,970

2,053,855

Series

2016B

,

RB

,

5.00

%

,

06/01/27

.....

150

157,574

Series

2018

,

RB

,

5.00

%

,

06/01/28

......

21,555

23,255,366

Series

2023A

,

RB

,

5.00

%

,

12/01/28

.....

2,000

2,200,957

Series

2019

,

RB

,

5.00

%

,

12/01/29

......

390

433,688

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Series

2015A

,

RB

,

5.00

%

,

12/01/24

.....

1,690

1,697,967

Series

2015A

,

RB

,

5.00

%

,

12/01/25

.....

2,605

2,683,588

Series

2020B

,

RB

,

5.00

%

,

06/01/27

.....

165

175,874

Series

2020A

,

RB

,

5.00

%

,

06/01/29

.....

1,090

1,211,599

Princeton

City

School

District

Series

2014

,

GO

,

4.00

%

,

12/01/31

......

3,255

3,262,063

Series

2014

,

GO

,

4.00

%

,

12/01/32

......

3,000

3,006,510

Series

2014

,

GO

,

4.00

%

,

12/01/33

......

4,125

4,133,951

Series

2014

,

GO

,

4.00

%

,

12/01/34

......

2,100

2,104,557

State

of

Ohio

Series

2015A

,

GO

,

5.00

%

,

09/01/24

.....

105

105,000

Series

2013A

,

GO

,

5.00

%

,

09/15/24

.....

340

340,217

Series

2020B

,

GO

,

5.00

%

,

09/15/24

.....

1,080

1,080,691

Series

2016A

,

GO

,

5.00

%

,

12/15/24

.....

6,705

6,744,106

Series

U

,

GO

,

5.00

%

,

05/01/25

........

2,665

2,705,673

Series

2021A

,

GO

,

5.00

%

,

05/01/25

.....

1,420

1,441,672

Series

2022A

,

GO

,

4.00

%

,

06/15/25

.....

3,375

3,411,419

Series

2017C

,

GO

,

5.00

%

,

08/01/25

.....

3,250

3,321,865

Series

2020B

,

GO

,

5.00

%

,

08/01/25

.....

7,470

7,635,160

Series

2015A

,

GO

,

5.00

%

,

09/15/25

.....

585

599,933

Series

2020B

,

GO

,

5.00

%

,

09/15/25

.....

3,370

3,456,025

Series

2017B

,

GO

,

5.00

%

,

09/15/25

.....

6,030

6,183,925

Series

2024-1

,

RB

,

5.00

%

,

12/15/25

.....

3,250

3,348,666

Series

2018-1

,

RB

,

5.00

%

,

12/15/25

.....

145

149,402

Series

2020C

,

GO

,

5.00

%

,

03/01/26

.....

45

46,671

Series

2021C

,

GO

,

5.00

%

,

03/15/26

.....

3,200

3,321,953

Series

2018A

,

RB

,

5.00

%

,

04/01/26

.....

225

233,435

Series

2019A

,

GO

,

5.00

%

,

05/01/26

.....

6,215

6,471,837

Series

2017A

,

GO

,

5.00

%

,

05/01/26

.....

8,755

8,887,143

Series

U

,

GO

,

5.00

%

,

05/01/26

........

9,260

9,642,672

Series

2022A

,

GO

,

4.00

%

,

06/15/26

.....

2,800

2,875,858

Series

2021A

,

GO

,

5.00

%

,

06/15/26

.....

280

292,441

Series

2017C

,

GO

,

5.00

%

,

08/01/26

.....

235

246,211

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

Schedule

of

Investments

91

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ohio

(continued)

Series

2015A

,

GO

,

5.00

%

,

08/01/26

.....

USD

5,685

$

5,953,427

Series

2017B

,

GO

,

5.00

%

,

09/15/26

.....

680

714,560

Series

2015C

,

GO

,

5.00

%

,

11/01/26

.....

5,000

5,077,781

Series

2021-1A

,

RB

,

5.00

%

,

12/15/26

....

75

79,061

Series

2024-1

,

RB

,

5.00

%

,

12/15/26

.....

2,500

2,635,355

Series

2021A

,

GO

,

5.00

%

,

03/01/27

.....

1,870

1,983,034

Series

2017A

,

GO

,

5.00

%

,

05/01/27

.....

9,815

9,963,142

Series

U

,

GO

,

5.00

%

,

05/01/27

........

255

271,439

Series

2019A

,

GO

,

5.00

%

,

06/15/27

.....

405

432,311

Series

2017C

,

GO

,

5.00

%

,

08/01/27

.....

35

37,469

Series

2024-1

,

RB

,

5.00

%

,

12/15/27

.....

1,500

1,616,007

Series

2022A

,

GO

,

5.00

%

,

03/01/28

.....

1,155

1,252,334

Series

2022B

,

GO

,

5.00

%

,

03/01/28

.....

1,000

1,084,272

Series

2021A

,

RB

,

5.00

%

,

10/01/28

.....

1,100

1,203,387

Series

2024-1

,

RB

,

5.00

%

,

12/15/28

.....

1,250

1,374,099

Series

2024-1

,

RB

,

5.00

%

,

12/15/29

.....

1,500

1,678,789

Series

2018A

,

GO

,

5.00

%

,

02/01/38

.....

8,020

8,297,861

Upper

Arlington

City

School

District,

Series

2018A,

GO,

5.00%, 12/01/48

.........

4,125

4,452,713

254,258,750

Oklahoma

—

0.3%

City

of

Oklahoma,

Series

2022,

GO,

4.00%, 03/01/28

.................

4,900

5,130,436

Grand

River

Dam

Authority,

Series

2016A,

RB,

5.00%, 06/01/27

.................

295

308,689

Oklahoma

Capitol

Improvement

Authority

Series

2020A

,

RB

,

5.00

%

,

07/01/25

.....

2,465

2,510,764

Series

2016

,

RB

,

5.00

%

,

07/01/28

......

2,890

3,010,273

Oklahoma

Industries

Authority,

Series

2024,

RB,

5.00%, 04/01/29

.................

3,000

3,295,857

Oklahoma

Municipal

Power

Authority,

Series

2021A,

RB,

5.00%, 01/01/26

(AGM)

.....

6,000

6,179,044

Oklahoma

Turnpike

Authority

Series

2017E

,

RB

,

5.00

%

,

01/01/26

.....

810

836,105

Series

2017D

,

RB

,

5.00

%

,

01/01/28

.....

5,060

5,440,530

Oklahoma

Water

Resources

Board

Series

2016

,

RB

,

5.00

%

,

04/01/25

(

OK

CERF

)

.......................

140

141,818

Series

2021

,

RB

,

5.00

%

,

04/01/26

(

OK

CERF

)

.......................

575

597,282

27,450,798

Oregon

—

1.5%

City

of

Portland,

Series

2021A,

GO,

5.00%, 06/01/26

.................

2,665

2,779,518

City

of

Portland

Sewer

System,

Series

2015A,

RB,

5.00%, 06/01/26

..............

5,350

5,440,425

City

of

Portland

Water

System

Series

2021B

,

RB

,

5.00

%

,

05/01/26

.....

600

624,528

Series

2024A

,

RB

,

5.00

%

,

05/01/28

.....

2,500

2,718,251

Series

2024A

,

RB

,

5.00

%

,

05/01/29

.....

1,950

2,163,969

Clackamas

&

Washington

Counties

School

District

No.

3,

Series

2015,

GO,

5.00%, 06/15/29

(GTD)

.............

1,550

1,578,064

Multnomah

County

School

District

No.

1

Portland,

Series

2023,

GO,

5.00%, 06/15/28

(GTD)

.......................

15,090

16,446,977

Multnomah

County

School

District

No.

7

Reynolds,

Series

B,

GO,

0.00%, 06/15/36

(GTD)

(b)

......................

8,500

5,123,657

Oregon

State

Lottery

Series

2015A

,

RB

,

5.00

%

,

04/01/26

(

MO

)

.

1,575

1,595,647

Series

2015D

,

RB

,

5.00

%

,

04/01/26

(

MO

)

.

5,595

5,668,345

Security

Par

(000)

Par

(000)

Value

Oregon

(continued)

Portland

Community

College

District

Series

2018

,

GO

,

5.00

%

,

06/15/25

......

USD

1,615

$

1,643,760

Series

2018

,

GO

,

5.00

%

,

06/15/27

......

175

182,519

State

of

Oregon

Series

F

,

GO

,

5.00

%

,

05/01/25

.........

845

857,617

Series

2021A

,

GO

,

5.00

%

,

05/01/25

.....

1,500

1,522,397

Series

2015A

,

GO

,

5.00

%

,

08/01/25

.....

25

25,541

Series

2023A

,

GO

,

5.00

%

,

05/01/26

.....

600

624,296

Series

F

,

GO

,

5.00

%

,

05/01/26

.........

3,025

3,147,494

Series

2019N

,

GO

,

5.00

%

,

05/01/26

.....

2,785

2,897,776

Series

2021A

,

GO

,

5.00

%

,

05/01/26

.....

525

546,259

Series

2019A

,

GO

,

5.00

%

,

05/01/26

.....

145

150,872

Series

2017A

,

GO

,

5.00

%

,

05/01/27

.....

25

26,595

Series

2021A

,

GO

,

5.00

%

,

05/01/27

.....

6,140

6,531,633

Series

2015H

,

GO

,

5.00

%

,

05/01/27

.....

4,395

4,460,609

Series

2015F

,

GO

,

5.00

%

,

05/01/27

.....

2,745

2,785,978

Series

2021E

,

GO

,

5.00

%

,

06/01/27

.....

3,080

3,282,614

Series

2021A

,

GO

,

5.00

%

,

05/01/28

.....

4,565

4,962,825

Series

2023A

,

GO

,

5.00

%

,

05/01/28

.....

4,710

5,120,461

Series

F

,

GO

,

5.00

%

,

05/01/28

.........

4,580

4,758,357

Series

2021E

,

GO

,

5.00

%

,

06/01/28

.....

3,630

3,953,216

Series

2015O

,

GO

,

5.00

%

,

08/01/40

.....

7,005

7,153,166

State

of

Oregon

Department

of

Transportation

Series

A

,

RB

,

5.00

%

,

11/15/24

.........

1,065

1,069,181

Series

2015A

,

RB

,

5.00

%

,

11/15/25

.....

835

838,716

Series

A

,

RB

,

5.00

%

,

11/15/25

.........

690

709,732

Series

A

,

RB

,

5.00

%

,

11/15/26

.........

1,080

1,138,206

Series

2024A

,

RB

,

5.00

%

,

11/15/28

.....

4,940

5,431,466

Series

B

,

RB

,

5.00

%

,

11/15/28

.........

6,385

6,780,730

Series

2024

,

RB

,

5.00

%

,

05/15/29

......

750

831,881

Series

2015A

,

RB

,

5.00

%

,

11/15/29

.....

1,705

1,711,701

Series

B

,

RB

,

5.00

%

,

11/15/29

.........

3,800

4,032,452

Series

2015A

,

RB

,

5.00

%

,

11/15/30

.....

2,340

2,349,196

Series

2015A

,

RB

,

5.00

%

,

11/15/31

.....

2,500

2,509,825

126,176,452

Pennsylvania

—

2.8%

City

of

Philadelphia

Series

2019A

,

GO

,

5.00

%

,

08/01/25

.....

2,165

2,208,889

Series

2019B

,

GO

,

5.00

%

,

02/01/28

.....

2,000

2,146,530

Series

2015B

,

RB

,

5.00

%

,

07/01/28

.....

2,640

2,682,674

Commonwealth

of

Pennsylvania

Series

2016

,

GO

,

5.00

%

,

09/15/24

......

2,855

2,856,611

Series

2016-2

,

GO

,

5.00

%

,

01/15/25

.....

3,545

3,573,827

Series

2016

,

GO

,

5.00

%

,

02/01/25

(

AGM

)

.

1,120

1,130,302

Series

2020-1

,

GO

,

5.00

%

,

05/01/25

.....

5,000

5,077,963

Series

2016

,

GO

,

5.00

%

,

09/15/25

......

3,645

3,739,175

Series

2017

,

GO

,

5.00

%

,

01/01/26

......

2,590

2,676,224

Series

2016

,

GO

,

5.00

%

,

02/01/26

......

1,170

1,211,453

Series

2019

,

GO

,

5.00

%

,

07/15/26

......

5,000

5,228,148

Series

2016

,

GO

,

5.00

%

,

09/15/26

......

2,985

3,133,669

Series

2017

,

GO

,

5.00

%

,

01/01/27

......

1,640

1,730,656

Series

2018-1

,

GO

,

5.00

%

,

03/01/27

.....

26,080

27,626,095

Series

2020-1

,

GO

,

5.00

%

,

05/01/27

.....

200

212,645

Series

2022-1

,

GO

,

5.00

%

,

10/01/27

.....

14,800

15,881,816

Series

2018-1

,

GO

,

5.00

%

,

03/01/28

.....

25,220

27,304,100

Series

2017

,

GO

,

4.00

%

,

01/01/29

......

7,950

8,109,431

Series

2018-1

,

GO

,

3.20

%

,

03/01/29

.....

5,000

5,028,633

Series

2023-1

,

GO

,

5.00

%

,

09/01/29

.....

11,390

12,697,768

County

of

Montgomery

Series

2022

,

GO

,

5.00

%

,

07/01/25

......

3,190

3,247,057

Series

2022

,

GO

,

5.00

%

,

07/01/26

......

2,260

2,360,407

Delaware

River

Port

Authority

Series

2018B

,

RB

,

5.00

%

,

01/01/25

.....

700

704,558

Series

2018B

,

RB

,

5.00

%

,

01/01/26

.....

1,085

1,118,496

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

92

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Pennsylvania

(continued)

Pennsylvania

Higher

Educational

Facilities

Authority,

Series

B,

RB,

5.00%, 10/01/26

..

USD

1,675

$

1,716,184

Pennsylvania

State

University

(The),

Series

2020E,

RB,

5.00%, 03/01/25

.........

770

778,218

Pennsylvania

Turnpike

Commission

Series

2019

,

RB

,

5.00

%

,

12/01/24

......

500

502,345

Series

1

,

RB

,

5.00

%

,

06/01/25

.........

1,005

1,020,771

Series

2016B

,

RB

,

5.00

%

,

06/01/25

.....

3,000

3,047,522

Series

2019

,

RB

,

5.00

%

,

12/01/25

......

245

252,239

Series

A-2

,

RB

,

5.00

%

,

12/01/25

.......

1,300

1,338,410

Series

2019A

,

RB

,

5.00

%

,

12/01/26

.....

750

788,959

Series

A-2

,

RB

,

5.00

%

,

12/01/26

.......

935

984,406

Series

2016B

,

RB

,

5.00

%

,

06/01/27

.....

19,700

20,412,539

Series

2016-2B

,

RB

,

5.00

%

,

06/01/29

....

7,925

8,210,986

Series

2019-2

,

RB

,

VRDN

(

TD

Bank

NA

LOC

),

2.98

%

,

09/05/24

(a)

...........

15,730

15,730,000

Series

2023B

,

RB

,

VRDN

(

TD

Bank

NA

LOC

),

2.98

%

,

09/05/24

(a)

...........

37,500

37,500,001

Township

of

Lower

Merion,

Series

2020A,

GO,

5.00%, 01/15/25

.................

1,380

1,389,332

University

of

Pittsburgh-of

the

Commonwealth

System

of

Higher

Education,

Series

2021,

RB,

4.00%, 04/15/26

.................

13,690

13,975,042

Washington

County

Authority,

Series

2004,

RB,

VRDN,

2.80%, 09/05/24

(a)

...........

11,435

11,435,000

260,769,081

Rhode

Island

—

0.2%

Rhode

Island

Commerce

Corp.,

Series

2020A,

RB,

5.00%, 05/15/28

..............

3,200

3,450,064

Rhode

Island

Health

&

Educational

Building

Corp.,

Series

2005A,

RB,

VRDN

(TD

Bank

NA

SBPA),

2.90%, 09/05/24

(a)

...........

9,835

9,835,000

13,285,064

South

Carolina

—

0.4%

Beaufort

County

School

District,

Series

2021A,

GO,

5.00%, 03/01/28

(SCSDE)

........

4,155

4,501,559

Charleston

Educational

Excellence

Finance

Corp.,

Series

2023,

RB,

5.00%, 12/01/28

..

1,545

1,693,433

City

of

Charleston

Waterworks

&

Sewer

System

Series

2015

,

RB

,

5.00

%

,

01/01/31

......

1,120

1,127,281

Series

2015

,

RB

,

5.00

%

,

01/01/32

......

2,000

2,013,002

Series

2015

,

RB

,

5.00

%

,

01/01/33

......

4,160

4,187,044

Series

2015

,

RB

,

5.00

%

,

01/01/34

......

2,510

2,526,318

City

of

Columbia

Waterworks

&

Sewer

System,

Series

2016B,

RB,

5.00%, 02/01/27

.....

70

74,097

County

of

Charleston,

Series

2021A,

GO,

5.00%, 11/01/26

.................

3,000

3,159,905

County

of

Richland,

Series

2021A,

GO,

5.00%, 03/01/27

(SAW)

............

290

307,786

Greenville

County

School

District,

Series

2023,

RB,

5.00%, 12/01/28

..............

2,500

2,739,129

South

Carolina

Public

Service

Authority

Series

2021B

,

RB

,

5.00

%

,

12/01/24

.....

1,000

1,003,626

Series

2021A

,

RB

,

5.00

%

,

12/01/26

.....

625

654,986

South

Carolina

Transportation

Infrastructure

Bank

Series

2019A

,

RB

,

5.00

%

,

10/01/24

.....

2,425

2,428,666

Series

2016A

,

RB

,

5.00

%

,

10/01/25

.....

1,645

1,688,269

Series

2021B

,

RB

,

5.00

%

,

10/01/25

.....

6,480

6,650,445

Series

2021B

,

RB

,

5.00

%

,

10/01/26

.....

8,620

9,056,238

43,811,784

Security

Par

(000)

Par

(000)

Value

Tennessee

—

0.9%

City

of

Memphis,

Series

2018,

GO,

5.00%, 06/01/25

.................

USD

6,260

$

6,361,750

City

of

Memphis

Electric

System

Series

2024

,

RB

,

5.00

%

,

12/01/27

(c)

.....

1,330

1,429,414

Series

2024

,

RB

,

5.00

%

,

12/01/28

(c)

.....

1,205

1,321,640

Series

2024

,

RB

,

5.00

%

,

12/01/29

(c)

.....

1,205

1,346,199

Series

2014

,

RB

,

5.00

%

,

12/01/34

......

1,000

1,004,454

County

of

Hamilton

Series

2021

,

GO

,

5.00

%

,

12/01/24

......

2,435

2,448,077

Series

2020A

,

GO

,

5.00

%

,

01/01/26

.....

6,960

7,183,898

Series

2024A

,

GO

,

5.00

%

,

08/01/27

(c)

....

3,000

3,205,184

Series

2024A

,

GO

,

5.00

%

,

08/01/28

(c)

....

3,000

3,273,448

County

of

Montgomery

Series

2017

,

GO

,

5.00

%

,

04/01/25

......

160

162,055

Series

2017

,

GO

,

5.00

%

,

04/01/27

......

215

228,341

Series

2021A

,

GO

,

5.00

%

,

06/01/27

.....

2,275

2,425,282

County

of

Shelby

Series

2015A

,

GO

,

5.00

%

,

04/01/25

.....

1,020

1,033,393

Series

2016A

,

GO

,

5.00

%

,

04/01/25

.....

565

572,419

Series

2019A

,

GO

,

5.00

%

,

04/01/25

.....

4,500

4,559,088

County

of

Williamson,

Series

2021B,

GO,

5.00%, 05/01/27

.................

2,765

2,945,859

Metropolitan

Government

of

Nashville

&

Davidson

County

Series

2020B

,

RB

,

5.00

%

,

07/01/25

.....

940

957,884

Series

2022A

,

GO

,

4.00

%

,

01/01/26

.....

7,725

7,874,324

Series

2021C

,

GO

,

5.00

%

,

01/01/26

.....

5,000

5,161,511

Series

2016

,

GO

,

5.00

%

,

01/01/26

......

520

536,797

Series

2018

,

GO

,

5.00

%

,

07/01/26

......

645

673,276

Series

2020B

,

RB

,

5.00

%

,

07/01/26

.....

1,575

1,643,759

Series

2021C

,

GO

,

5.00

%

,

01/01/27

.....

2,210

2,333,248

Series

2018

,

GO

,

5.00

%

,

07/01/27

......

2,075

2,215,670

Series

2024B

,

RB

,

5.00

%

,

05/15/29

.....

1,390

1,540,830

State

of

Tennessee

Series

2018A

,

GO

,

5.00

%

,

02/01/25

.....

1,000

1,008,951

Series

A

,

GO

,

5.00

%

,

08/01/25

........

120

122,632

Series

B

,

GO

,

5.00

%

,

08/01/25

........

1,705

1,742,391

Series

2019A

,

GO

,

5.00

%

,

09/01/25

.....

25

25,609

Series

A

,

GO

,

5.00

%

,

08/01/26

........

30

31,420

Series

B

,

GO

,

5.00

%

,

08/01/26

........

740

775,018

Series

2019A

,

GO

,

5.00

%

,

09/01/26

.....

2,420

2,538,234

Series

2021A

,

GO

,

5.00

%

,

11/01/26

.....

2,615

2,753,502

Series

A

,

GO

,

5.00

%

,

08/01/27

........

2,980

3,110,025

Series

B

,

GO

,

5.00

%

,

08/01/27

........

3,060

3,193,516

Series

2021A

,

GO

,

5.00

%

,

11/01/27

.....

3,080

3,318,420

Series

A

,

GO

,

5.00

%

,

08/01/28

........

2,230

2,276,153

Series

A

,

GO

,

5.00

%

,

08/01/29

........

3,000

3,062,090

Series

A

,

GO

,

5.00

%

,

08/01/30

........

1,365

1,393,251

Series

A

,

GO

,

5.00

%

,

08/01/31

........

3,010

3,072,296

Tennessee

State

School

Bond

Authority

Series

2022A

,

RB

,

5.00

%

,

11/01/24

(

ST

INTERCEPT

)

..................

3,440

3,450,840

Series

2022A

,

RB

,

5.00

%

,

11/01/25

(

ST

INTERCEPT

)

..................

3,845

3,952,185

Series

2022A

,

RB

,

5.00

%

,

11/01/27

(

ST

INTERCEPT

)

..................

6,255

6,711,662

Series

A

,

RB

,

5.00

%

,

11/01/27

(

HERBIP

)

..

100

107,301

Series

2015B

,

RB

,

5.00

%

,

11/01/29

(

ST

INTERCEPT

)

..................

5,500

5,651,124

110,734,420

Texas

—

8.7%

Alamo

Community

College

District

Series

2022

,

GO

,

5.00

%

,

02/15/27

......

3,110

3,291,135

Series

2022

,

GO

,

5.00

%

,

02/15/29

......

3,140

3,461,001

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

Schedule

of

Investments

93

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Aldine

Independent

School

District,

Series

2017A,

GO,

5.00%, 02/15/25

(PSF)

.....

USD

2,425

$

2,448,440

Allen

Independent

School

District,

Series

2016,

GO,

5.00%, 02/15/25

(PSF)

..........

1,170

1,181,467

Arlington

Independent

School

District,

Series

2020,

GO,

5.00%, 02/15/27

(PSF)

......

685

724,841

Austin

Independent

School

District

Series

2020

,

GO

,

5.00

%

,

08/01/25

(

PSF

)

..

25

25,531

Series

2021

,

GO

,

5.00

%

,

08/01/25

(

PSF

)

..

1,510

1,542,058

Series

2019

,

GO

,

5.00

%

,

08/01/26

(

PSF

)

..

35

36,605

Series

2020

,

GO

,

5.00

%

,

08/01/26

(

PSF

)

..

815

852,371

Series

2021

,

GO

,

5.00

%

,

08/01/26

(

PSF

)

..

115

120,273

Series

2022B

,

GO

,

5.00

%

,

08/01/27

(

PSF

)

80

85,438

Series

2023

,

GO

,

5.00

%

,

08/01/27

......

1,350

1,444,637

Series

2021

,

GO

,

5.00

%

,

08/01/28

(

PSF

)

..

1,075

1,172,158

Series

2022B

,

GO

,

5.00

%

,

08/01/28

(

PSF

)

6,900

7,523,616

Board

of

Regents

of

the

University

of

Texas

System

Series

2014B

,

RB

,

5.00

%

,

08/15/25

.....

675

690,368

Series

2016J

,

RB

,

5.00

%

,

08/15/25

.....

385

393,765

Series

2017C

,

RB

,

5.00

%

,

08/15/25

.....

3,230

3,303,537

Series

2014B

,

RB

,

5.00

%

,

08/15/26

.....

1,885

1,973,098

Series

2016B

,

RB

,

5.00

%

,

08/15/26

.....

5,055

5,289,284

Series

2016D

,

RB

,

5.00

%

,

08/15/26

.....

675

706,021

Series

2016E

,

RB

,

5.00

%

,

08/15/26

.....

945

989,166

Series

2016J

,

RB

,

5.00

%

,

08/15/26

.....

4,370

4,574,239

Series

2017C

,

RB

,

5.00

%

,

08/15/26

.....

4,990

5,223,215

Series

2016E

,

RB

,

5.00

%

,

08/15/27

.....

135

144,338

Series

2016J

,

RB

,

5.00

%

,

08/15/27

.....

155

162,550

Series

2021A

,

RB

,

5.00

%

,

08/15/27

.....

100

106,917

Series

2020C

,

RB

,

5.00

%

,

08/15/28

.....

245

267,535

Series

2021A

,

RB

,

5.00

%

,

08/15/28

.....

5,060

5,525,409

Carrollton-Farmers

Branch

Independent

School

District,

Series

2023,

GO,

5.00%, 02/15/28

(PSF)

.......................

15,135

16,348,341

Central

Texas

Regional

Mobility

Authority

Series

A

,

RB

,

5.00

%

,

01/01/40

.........

5,330

5,428,271

Series

A

,

RB

,

5.00

%

,

01/01/45

.........

13,095

13,336,436

City

of

Austin

Series

2015

,

GO

,

5.00

%

,

09/01/24

......

8,750

8,750,000

Series

2020

,

GO

,

5.00

%

,

09/01/25

......

530

542,755

Series

2015

,

GO

,

5.00

%

,

09/01/26

......

2,300

2,348,575

Series

2020A

,

RB

,

5.00

%

,

11/15/26

.....

3,310

3,484,510

City

of

Austin

Water

&

Wastewater

System

Series

2021

,

RB

,

5.00

%

,

11/15/26

......

2,045

2,152,817

Series

2020C

,

RB

,

5.00

%

,

11/15/28

.....

1,870

2,051,096

Series

2017

,

RB

,

5.00

%

,

11/15/28

......

1,835

1,956,561

City

of

Dallas,

Series

2023A,

GO,

5.00%, 02/15/28

.................

4,515

4,869,694

City

of

Dallas

Waterworks

&

Sewer

System

Series

2015A

,

RB

,

5.00

%

,

10/01/25

.....

15,120

15,513,338

Series

2015A

,

RB

,

5.00

%

,

10/01/27

.....

2,000

2,046,125

Series

2016A

,

RB

,

5.00

%

,

10/01/29

.....

2,000

2,086,512

City

of

Denton,

Series

2023,

GO,

5.00%, 02/15/25

.................

1,005

1,014,895

City

of

Fort

Worth

Water

&

Sewer

System

Series

2020A

,

RB

,

5.00

%

,

02/15/26

.....

360

372,716

Series

2020A

,

RB

,

5.00

%

,

02/15/28

.....

1,760

1,900,140

City

of

Greenville

Electric

System,

Series

2024,

RB,

5.00%, 02/15/30

(BAM)

(c)

.........

1,500

1,654,731

City

of

Houston,

Series

2016A,

GO,

5.00%, 03/01/28

.................

19,700

20,357,568

City

of

Houston

Airport

System,

Series

2018D,

RB,

5.00%, 07/01/25

..............

875

889,864

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

City

of

Houston

Combined

Utility

System

Series

2002C

,

RB

,

5.00

%

,

11/15/24

.....

USD

1,095

$

1,099,394

Series

2014C

,

RB

,

5.00

%

,

05/15/25

.....

5,315

5,322,775

Series

2024A

,

RB

,

5.00

%

,

11/15/27

.....

4,000

4,294,841

Series

1998A

,

RB

,

0.00

%

,

12/01/27

(

AGM

)

(b)

2,000

1,814,748

Series

2012A

,

RB

,

VRDN

(

TD

Bank

NA

SBPA

),

2.90

%

,

09/05/24

(a)

..........

7,330

7,330,000

City

of

San

Antonio

Series

2024

,

GO

,

5.00

%

,

02/01/27

(c)

.....

2,000

2,109,358

Series

2019

,

GO

,

5.00

%

,

08/01/27

......

125

133,400

Series

2024

,

GO

,

5.00

%

,

02/01/29

(c)

.....

1,100

1,206,697

City

of

San

Antonio

Electric

&

Gas

Systems

Series

2016

,

RB

,

5.00

%

,

02/01/25

......

1,405

1,417,710

Series

2018

,

RB

,

5.00

%

,

02/01/28

......

2,855

3,075,000

Series

2024D

,

RB

,

5.00

%

,

02/01/29

(c)

....

1,430

1,571,252

Series

2024D

,

RB

,

5.00

%

,

02/01/30

(c)

....

1,000

1,114,962

Series

2015A

,

RB

,

VRDN

1.75

%

,

12/01/24

(a)

215

213,775

Clear

Creek

Independent

School

District,

Series

2018,

GO,

5.00%, 02/15/25

(PSF)

......

980

989,296

Conroe

Independent

School

District

Series

2022A

,

GO

,

5.00

%

,

02/15/25

(

PSF

)

2,165

2,187,681

Series

2019

,

GO

,

5.00

%

,

02/15/26

(

PSF

)

..

3,570

3,698,174

Series

2020A

,

GO

,

5.00

%

,

02/15/27

(

PSF

)

5,975

6,319,596

Series

2020A

,

GO

,

5.00

%

,

02/15/28

(

PSF

)

9,795

10,573,513

Coppell

Independent

School

District,

Series

2019,

GO,

5.00%, 08/15/25

(PSF)

......

5,995

6,126,044

County

of

Collin,

Series

2021,

GO,

5.00%, 02/15/26

.................

2,225

2,301,982

County

of

Dallas,

Series

2016,

GO,

5.00%, 08/15/25

.................

3,325

3,397,996

County

of

Harris

Series

2022A

,

GO

,

5.00

%

,

10/01/24

.....

8,280

8,291,749

Series

2021

,

RB

,

5.00

%

,

08/15/25

......

1,000

1,021,574

Series

2022A

,

RB

,

5.00

%

,

08/15/25

.....

2,760

2,819,546

Series

2015A

,

GO

,

5.00

%

,

10/01/25

.....

2,320

2,376,857

Series

2015B

,

RB

,

5.00

%

,

08/15/26

.....

2,330

2,379,430

Series

2022A

,

RB

,

5.00

%

,

08/15/29

.....

2,095

2,328,595

Series

2024A

,

GO

,

5.00

%

,

09/15/29

.....

1,000

1,114,048

County

of

Williamson

Series

2021

,

GO

,

4.00

%

,

02/15/26

......

10,000

10,211,726

Series

2020

,

GO

,

5.00

%

,

02/15/26

......

1,505

1,558,161

Series

2021

,

GO

,

4.00

%

,

02/15/27

......

5,000

5,153,926

Series

2021

,

GO

,

4.00

%

,

02/15/28

......

10,000

10,417,377

Series

2024

,

GO

,

5.00

%

,

02/15/29

......

5,000

5,515,578

Cypress-Fairbanks

Independent

School

District

Series

2021

,

GO

,

5.00

%

,

02/15/25

(

PSF

)

..

2,480

2,505,981

Series

2016

,

GO

,

5.00

%

,

02/15/26

(

PSF

)

..

5,180

5,364,476

Series

2020A

,

GO

,

5.00

%

,

02/15/26

(

PSF

)

3,905

4,044,069

Series

2016

,

GO

,

5.00

%

,

02/15/27

(

PSF

)

..

1,300

1,342,048

Series

2018

,

GO

,

5.00

%

,

02/15/27

(

PSF

)

..

300

317,375

Series

2019A

,

GO

,

5.00

%

,

02/15/27

(

PSF

)

185

195,715

Series

2020A

,

GO

,

5.00

%

,

02/15/27

(

PSF

)

225

238,031

Series

2015

,

GO

,

5.00

%

,

02/15/29

(

PSF

)

..

4,955

5,001,085

Dallas

Area

Rapid

Transit

Series

2014A

,

RB

,

5.00

%

,

12/01/24

.....

350

351,566

Series

2019

,

RB

,

5.00

%

,

12/01/25

......

1,230

1,266,697

Series

2016A

,

RB

,

5.00

%

,

12/01/26

.....

1,340

1,377,834

Series

2019

,

RB

,

5.00

%

,

12/01/27

......

7,000

7,529,639

Series

2019

,

RB

,

5.00

%

,

12/01/28

......

445

487,585

Dallas

College

Series

2023

,

GO

,

5.00

%

,

02/15/27

......

3,000

3,165,938

Series

2023

,

GO

,

5.00

%

,

02/15/28

......

3,020

3,248,972

Dallas

Fort

Worth

International

Airport

Series

2020A

,

RB

,

5.00

%

,

11/01/24

.....

3,895

3,905,809

Series

2020B

,

RB

,

5.00

%

,

11/01/25

.....

2,525

2,593,629

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

94

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Series

2020A

,

RB

,

5.00

%

,

11/01/26

.....

USD

630

$

662,098

Series

2021B

,

RB

,

5.00

%

,

11/01/26

.....

1,590

1,671,009

Series

2020B

,

RB

,

5.00

%

,

11/01/28

.....

1,745

1,908,988

Series

2023B

,

RB

,

5.00

%

,

11/01/28

.....

5,915

6,470,866

Series

2024

,

RB

,

5.00

%

,

11/01/28

(c)

.....

2,635

2,880,135

Series

2024

,

RB

,

5.00

%

,

11/01/29

(c)

.....

2,470

2,745,127

Dallas

Independent

School

District

Series

2015

,

GO

,

5.00

%

,

02/15/26

(

PSF

)

..

810

817,963

Series

2021

,

GO

,

4.00

%

,

02/15/27

(

PSF

)

..

7,180

7,410,818

Series

2023

,

GO

,

5.00

%

,

02/15/28

(

PSF

)

..

2,075

2,242,062

Del

Valle

Independent

School

District,

Series

2022,

GO,

5.00%, 06/15/29

(PSF)

......

860

952,282

Denton

Independent

School

District

Series

2023

,

GO

,

5.00

%

,

08/15/28

(

PSF

)

..

750

819,024

Series

2023

,

GO

,

5.00

%

,

08/15/29

(

PSF

)

..

3,000

3,341,263

Fort

Bend

Independent

School

District

Series

2019C

,

GO

,

5.00

%

,

08/15/25

(

PSF

)

375

383,233

Series

2020

,

GO

,

5.00

%

,

08/15/25

(

PSF

)

..

550

562,075

Series

2019B

,

GO

,

5.00

%

,

02/15/29

(

PSF

)

2,900

3,119,093

Series

2024A

,

GO

,

5.00

%

,

08/15/29

(

PSF

)

2,550

2,835,055

Fort

Worth

Independent

School

District

Series

2015

,

GO

,

5.00

%

,

02/15/25

(

PSF

)

..

1,045

1,054,772

Series

2023

,

GO

,

5.00

%

,

02/15/29

(

PSF

)

..

1,160

1,276,885

Garland

Independent

School

District,

Series

2023A,

GO,

5.00%, 02/15/29

(PSF)

.....

925

1,018,206

Grand

Parkway

Transportation

Corp.,

Series

2023,

RB,

VRDN,

5.00%, 04/01/28

(a)

.....

2,800

2,988,639

Houston

Independent

School

District,

Series

2017,

GO,

5.00%, 02/15/25

(PSF)

......

1,675

1,691,191

Irving

Independent

School

District,

Series

2015A,

GO,

5.00%, 02/15/25

(PSF)

.....

2,000

2,019,152

Katy

Independent

School

District

Series

2019B

,

GO

,

5.00

%

,

02/15/27

(

PSF

)

2,000

2,114,369

Series

D

,

GO

,

5.00

%

,

02/15/28

(

PSF

)

....

5,080

5,353,204

Keller

Independent

School

District,

Series

2015,

GO,

5.00%, 08/15/31

(PSF)

..........

1,040

1,049,570

Leander

Independent

School

District,

Series

2022,

GO,

5.00%, 08/15/25

(PSF)

......

1,200

1,226,458

Lewisville

Independent

School

District

Series

2016A

,

GO

,

5.00

%

,

08/15/25

(

PSF

)

3,145

3,214,939

Series

2016B

,

GO

,

5.00

%

,

08/15/25

.....

7,680

7,840,600

Series

2016B

,

GO

,

5.00

%

,

08/15/26

.....

115

117,157

Series

2020

,

GO

,

5.00

%

,

08/15/26

(

PSF

)

..

2,640

2,763,091

Series

2020

,

GO

,

5.00

%

,

08/15/27

(

PSF

)

..

430

460,383

Lower

Colorado

River

Authority

Series

2019

,

RB

,

5.00

%

,

05/15/28

......

5,110

5,535,546

Series

2019A

,

RB

,

5.00

%

,

05/15/28

.....

1,335

1,446,175

Series

2020

,

RB

,

5.00

%

,

05/15/28

......

1,800

1,949,899

Series

2020A

,

RB

,

5.00

%

,

05/15/28

.....

1,180

1,278,267

Series

2022

,

RB

,

5.00

%

,

05/15/28

......

1,875

2,031,145

Series

2024

,

RB

,

5.00

%

,

05/15/29

(

AGM

)

.

1,845

2,034,962

Series

2024A

,

RB

,

5.00

%

,

05/15/29

(

AGC

)

2,000

2,205,921

Metropolitan

Transit

Authority

of

Harris

County

Sales

&

Use

Tax,

RB,

5.00%, 11/01/28

...

2,000

2,184,561

Midland

Independent

School

District,

Series

2024,

GO,

5.00%, 02/15/29

(PSF)

......

3,185

3,510,157

North

East

Independent

School

District

Series

2007

,

GO

,

5.25

%

,

02/01/25

(

PSF

)

..

5,000

5,047,620

Series

2015

,

GO

,

5.00

%

,

08/01/25

(

PSF

)

..

2,635

2,688,546

North

Texas

Municipal

Water

District

Water

System,

Series

2021A,

RB,

4.00%, 09/01/24

17,200

17,200,000

North

Texas

Tollway

Authority

Series

2016A

,

RB

,

5.00

%

,

01/01/25

.....

525

526,770

Series

2019A

,

RB

,

5.00

%

,

01/01/25

.....

2,070

2,083,653

Series

A

,

RB

,

5.00

%

,

01/01/25

.........

5,040

5,056,990

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Series

B

,

RB

,

5.00

%

,

01/01/25

.........

USD

5

$

5,007

Series

2015B

,

RB

,

5.00

%

,

01/01/26

.....

260

261,688

Series

2019B

,

RB

,

5.00

%

,

01/01/26

.....

2,410

2,485,212

Series

B

,

RB

,

5.00

%

,

01/01/26

.........

50

50,064

Series

2021B

,

RB

,

5.00

%

,

01/01/27

.....

2,465

2,591,747

Series

2008D

,

RB

,

0.00

%

,

01/01/28

(

AGC

)

(b)

10,000

9,030,410

Series

2019B

,

RB

,

5.00

%

,

01/01/28

.....

4,405

4,720,424

Series

2022B

,

RB

,

5.00

%

,

01/01/28

.....

2,860

3,064,793

Series

2016A

,

RB

,

5.00

%

,

01/01/29

.....

1,265

1,300,093

Series

I

,

RB

,

6.50

%

,

01/01/43

.........

13,000

13,141,882

Permanent

University

Fund

-

Texas

A&M

University

System

Series

2023

,

RB

,

5.00

%

,

07/01/27

......

1,085

1,157,209

Series

2023

,

RB

,

5.00

%

,

07/01/28

......

3,850

4,193,569

Permanent

University

Fund

-

University

of

Texas

System

Series

2014B

,

RB

,

5.00

%

,

07/01/25

.....

2,680

2,684,615

Series

2015B

,

RB

,

5.00

%

,

07/01/26

.....

5,000

5,093,517

Series

2016B

,

RB

,

5.00

%

,

07/01/27

.....

150

156,177

Series

2022A

,

RB

,

5.00

%

,

07/01/27

.....

9,750

10,404,387

Series

2022A

,

RB

,

5.00

%

,

07/01/28

.....

1,305

1,422,453

Series

2006B

,

RB

,

5.25

%

,

07/01/28

.....

1,600

1,758,510

Plano

Independent

School

District,

Series

2016A,

GO,

5.00%, 02/15/27

(PSF)

.....

3,540

3,655,012

Round

Rock

Independent

School

District

Series

2019A

,

GO

,

5.00

%

,

08/01/27

(

PSF

)

145

155,151

Series

2019A

,

GO

,

5.00

%

,

08/01/28

(

PSF

)

815

889,930

Series

2016

,

GO

,

5.00

%

,

08/01/31

(

PSF

)

..

3,255

3,320,887

Series

2016

,

GO

,

5.00

%

,

08/01/32

(

PSF

)

..

3,420

3,489,227

Series

2016

,

GO

,

5.00

%

,

08/01/33

(

PSF

)

..

3,590

3,662,668

Series

2016

,

GO

,

5.00

%

,

08/01/34

(

PSF

)

..

3,770

3,846,312

Series

2016

,

GO

,

5.00

%

,

08/01/35

(

PSF

)

..

3,355

3,422,912

San

Antonio

Water

System

Series

2020A

,

RB

,

5.00

%

,

05/15/28

.....

1,100

1,191,605

Series

2018A

,

RB

,

5.00

%

,

05/15/29

.....

2,365

2,551,258

Series

2020A

,

RB

,

5.00

%

,

05/15/29

.....

2,560

2,822,388

Series

2021A

,

RB

,

5.00

%

,

05/15/29

.....

1,955

2,155,378

Series

2022B

,

RB

,

5.00

%

,

05/15/29

.....

920

1,014,296

Series

2013F

,

RB

,

VRDN

1.00

%

,

11/01/26

(a)

2,000

1,870,117

Southwest

Higher

Education

Authority,

Inc.,

Series

2016A,

RB,

5.00%, 10/01/29

.....

1,470

1,534,805

Spring

Branch

Independent

School

District

Series

2019

,

GO

,

5.00

%

,

02/01/25

(

PSF

)

..

520

524,361

Series

2020

,

GO

,

5.00

%

,

02/01/28

(

PSF

)

..

3,150

3,398,698

Spring

Independent

School

District

Series

2015

,

GO

,

5.00

%

,

08/15/28

(

PSF

)

..

6,575

6,702,180

Series

2017A

,

GO

,

5.00

%

,

08/15/28

.....

1,940

2,007,274

State

of

Texas

Series

2014

,

GO

,

5.00

%

,

10/01/24

......

9,315

9,327,008

Series

A

,

GO

,

5.00

%

,

10/01/24

........

760

761,016

Series

2014A

,

GO

,

5.00

%

,

10/01/24

.....

265

265,354

Series

2015A

,

GO

,

5.00

%

,

10/01/24

.....

90

90,120

Series

2016

,

GO

,

5.00

%

,

10/01/24

......

720

720,963

Series

2016A

,

GO

,

5.00

%

,

04/01/25

.....

1,250

1,266,084

Series

2018A

,

GO

,

5.00

%

,

08/01/25

.....

1,430

1,460,709

Series

2016

,

GO

,

5.00

%

,

10/01/25

......

50

51,294

Series

A

,

GO

,

5.00

%

,

10/01/25

........

21,110

21,243,694

Series

2016A

,

GO

,

5.00

%

,

04/01/26

.....

4,270

4,432,770

Series

2016

,

GO

,

5.00

%

,

04/01/26

......

2,885

2,994,974

Series

2015A

,

GO

,

5.00

%

,

10/01/26

.....

2,845

2,911,835

Series

A

,

GO

,

5.00

%

,

10/01/26

........

2,000

2,098,861

Series

2015A

,

GO

,

5.00

%

,

10/01/27

.....

7,045

7,212,014

Series

2014

,

GO

,

5.00

%

,

10/01/27

......

505

505,611

Series

2024A

,

GO

,

5.00

%

,

04/01/28

.....

2,000

2,069,589

Series

2016

,

GO

,

5.00

%

,

04/01/29

......

14,570

15,070,090

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

Schedule

of

Investments

95

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Series

A

,

GO

,

5.00

%

,

10/01/30

........

USD

19,700

$

19,727,818

Series

2013B

,

GO

,

VRDN

(

State

Street

Bank

&

Trust

Co.

SBPA

),

2.85

%

,

09/04/24

(a)

..

4,995

4,995,000

Series

A

,

GO

,

5.00

%

,

10/01/44

........

1,415

1,416,998

Tarrant

County

College

District,

Series

2022,

GO,

5.00%, 08/15/25

..............

3,500

3,574,848

Tarrant

Regional

Water

District

Water

Supply

System

Series

2015

,

RB

,

5.00

%

,

03/01/27

......

1,390

1,403,206

Series

2024

,

RB

,

5.00

%

,

03/01/29

......

1,500

1,653,530

Texas

A&M

University

Series

2016E

,

RB

,

5.00

%

,

05/15/25

.....

1,660

1,686,975

Series

2017E

,

RB

,

5.00

%

,

05/15/25

.....

4,780

4,857,675

Series

2016C

,

RB

,

5.00

%

,

05/15/26

.....

255

265,568

Series

2017E

,

RB

,

5.00

%

,

05/15/26

.....

3,160

3,290,957

Series

2017C

,

RB

,

5.00

%

,

05/15/27

.....

1,620

1,722,923

Series

2017E

,

RB

,

5.00

%

,

05/15/27

.....

5,725

6,088,725

Series

2021A

,

RB

,

5.00

%

,

05/15/27

.....

1,460

1,552,758

Series

2024A

,

RB

,

5.00

%

,

05/15/28

.....

3,500

3,802,353

Series

2021A

,

RB

,

5.00

%

,

05/15/29

.....

1,005

1,113,850

Series

2024A

,

RB

,

5.00

%

,

05/15/29

.....

5,000

5,541,540

Texas

Department

of

Transportation

State

Highway

Fund

Series

2015

,

RB

,

5.00

%

,

10/01/24

......

6,250

6,258,357

Series

2016A

,

RB

,

5.00

%

,

10/01/24

.....

5,500

5,507,354

Series

2008

,

RB

,

5.25

%

,

04/01/25

......

175

177,430

Series

2015

,

RB

,

5.00

%

,

10/01/25

......

29,190

29,929,488

Series

2016A

,

RB

,

5.00

%

,

10/01/25

.....

1,605

1,645,660

Series

2015

,

RB

,

5.00

%

,

10/01/26

......

8,920

9,366,067

Texas

Public

Finance

Authority,

Series

2019,

RB,

5.00%, 02/01/27

.................

2,870

3,028,323

Texas

State

University

System

Series

A

,

RB

,

5.00

%

,

03/15/25

.........

4,925

4,982,577

Series

2017A

,

RB

,

5.00

%

,

03/15/26

.....

565

585,916

Series

2024

,

RB

,

5.00

%

,

03/15/28

......

5,000

5,409,899

Series

2017A

,

RB

,

5.00

%

,

03/15/29

.....

2,750

2,902,077

Series

2024

,

RB

,

5.00

%

,

03/15/29

......

4,325

4,762,395

Texas

Transportation

Commission

Series

2024

,

GO

,

5.00

%

,

04/01/29

......

7,000

7,741,187

Series

2014B

,

GO

,

VRDN

0.65

%

,

04/01/26

(a)

5,000

4,751,008

Texas

Water

Development

Board

Series

2020

,

RB

,

5.00

%

,

10/15/24

......

2,600

2,606,098

Series

2018B

,

RB

,

5.00

%

,

04/15/25

.....

1,060

1,075,052

Series

2018

,

RB

,

5.00

%

,

08/01/25

......

530

541,671

Series

2022

,

RB

,

5.00

%

,

08/01/25

......

1,090

1,114,003

Series

2017A

,

RB

,

5.00

%

,

04/15/26

.....

725

754,032

Series

2018B

,

RB

,

5.00

%

,

04/15/26

.....

335

348,415

Series

2020

,

RB

,

5.00

%

,

08/01/26

......

600

628,049

Series

2019A

,

RB

,

5.00

%

,

10/15/26

.....

805

846,688

Series

2018

,

RB

,

5.00

%

,

08/01/27

......

420

449,578

Series

2019A

,

RB

,

5.00

%

,

10/15/27

.....

1,860

2,000,044

Series

2023A

,

RB

,

5.00

%

,

04/15/28

.....

1,000

1,085,455

Trinity

River

Authority

Central

Regional

Wastewater

System

Series

2017

,

RB

,

5.00

%

,

08/01/28

......

3,370

3,582,549

Series

2021

,

RB

,

5.00

%

,

08/01/28

......

1,590

1,733,963

Series

2022

,

RB

,

5.00

%

,

08/01/28

......

1,180

1,286,841

802,590,189

Utah

—

1.1%

Alpine

School

District,

Series

2021A,

GO,

5.00%, 03/15/27

(GTD)

.............

6,000

6,367,456

Central

Utah

Water

Conservancy

District,

Series

2021A,

GO,

5.00%, 04/01/25

.........

9,525

9,643,343

Security

Par

(000)

Par

(000)

Value

Utah

(continued)

Intermountain

Power

Agency

Series

2023A

,

RB

,

5.00

%

,

07/01/26

.....

USD

1,000

$

1,044,161

Series

2022A

,

RB

,

5.00

%

,

07/01/27

.....

3,500

3,737,710

Series

2022A

,

RB

,

5.00

%

,

07/01/28

.....

2,000

2,182,198

Series

2023A

,

RB

,

5.00

%

,

07/01/29

.....

2,000

2,226,788

State

of

Utah

Series

2020

,

GO

,

3.00

%

,

07/01/25

......

210

210,299

Series

2017

,

GO

,

5.00

%

,

07/01/25

......

45

45,869

Series

2018

,

GO

,

5.00

%

,

07/01/25

......

1,685

1,717,537

Series

2020

,

GO

,

5.00

%

,

07/01/25

......

4,245

4,326,970

Series

2020B

,

GO

,

5.00

%

,

07/01/25

.....

7,150

7,288,066

Series

2018

,

GO

,

5.00

%

,

07/01/26

......

1,745

1,822,915

Series

2020

,

GO

,

5.00

%

,

07/01/26

......

5,090

5,317,272

Series

2020B

,

GO

,

5.00

%

,

07/01/26

.....

3,000

3,133,952

Series

2017

,

GO

,

5.00

%

,

07/01/27

......

25

26,400

Series

2020B

,

GO

,

5.00

%

,

07/01/27

.....

8,165

8,730,073

University

of

Utah

(The)

Series

2016A

,

RB

,

5.00

%

,

08/01/25

.....

1,075

1,098,172

Series

2017B-1

,

RB

,

5.00

%

,

08/01/26

(

SAP

)

1,500

1,565,226

Series

2022B

,

RB

,

5.00

%

,

08/01/27

.....

1,605

1,715,929

Utah

Transit

Authority

Series

2015A

,

RB

,

5.00

%

,

06/15/26

.....

5,035

5,126,951

Series

2015A

,

RB

,

5.00

%

,

06/15/30

.....

4,005

4,078,141

Series

2015A

,

RB

,

5.00

%

,

06/15/34

.....

5,000

5,091,312

Series

2015A

,

RB

,

5.00

%

,

06/15/37

.....

9,480

9,653,127

Series

2015A

,

RB

,

5.00

%

,

06/15/38

.....

2,385

2,428,556

88,578,423

Virginia

—

3.4%

City

of

Alexandria

Series

2021A

,

GO

,

5.00

%

,

12/15/25

(

SAW

)

2,775

2,861,304

Series

2022B

,

GO

,

5.00

%

,

12/15/25

.....

5,195

5,356,568

Series

2023

,

GO

,

5.00

%

,

12/15/27

(

SAW

)

.

8,115

8,757,073

City

of

Harrisonburg,

Series

2021A,

GO,

5.00%, 07/15/26

(SAW)

............

7,165

7,490,304

City

of

Norfolk,

Series

2017C,

GO,

5.00%, 09/01/31

(SAW)

............

1,600

1,698,798

Commonwealth

of

Virginia

Series

2024B

,

GO

,

5.00

%

,

06/01/25

.....

10,000

10,170,305

Series

2015B

,

GO

,

5.00

%

,

06/01/26

(

SAW

)

11,810

12,015,909

Series

2024B

,

GO

,

5.00

%

,

06/01/26

.....

10,000

10,427,405

County

of

Arlington

Series

B

,

GO

,

5.00

%

,

08/15/25

........

1,015

1,038,483

Series

2017

,

GO

,

5.00

%

,

08/15/26

......

260

272,399

Series

B

,

GO

,

5.00

%

,

08/15/26

........

1,450

1,519,150

Series

B

,

GO

,

5.00

%

,

08/15/27

........

75

78,431

Series

2019

,

GO

,

5.00

%

,

06/15/28

......

560

611,417

County

of

Chesterfield,

Series

2017B,

GO,

5.00%, 01/01/25

.................

1,790

1,802,423

County

of

Fairfax

Series

2020A

,

GO

,

4.00

%

,

10/01/24

(

SAW

)

4,645

4,648,051

Series

2021A

,

GO

,

4.00

%

,

10/01/24

(

SAW

)

8,400

8,405,518

Series

2014B

,

GO

,

5.00

%

,

10/01/24

(

SAW

)

5,545

5,552,888

Series

2021A

,

GO

,

4.00

%

,

10/01/25

(

SAW

)

2,235

2,269,647

Series

2022A

,

GO

,

4.00

%

,

10/01/25

(

SAW

)

5,825

5,915,298

Series

2014B

,

GO

,

5.00

%

,

10/01/25

(

SAW

)

3,525

3,531,525

Series

2016A

,

GO

,

4.00

%

,

10/01/26

(

SAW

)

235

240,004

Series

2019A

,

GO

,

4.00

%

,

10/01/26

(

SAW

)

1,415

1,456,392

Series

2024A

,

GO

,

5.00

%

,

10/01/26

(

SAW

)

5,875

6,173,541

Series

2021A

,

GO

,

4.00

%

,

10/01/27

(

SAW

)

150

156,554

Series

2022A

,

GO

,

4.00

%

,

10/01/27

(

SAW

)

3,750

3,913,855

Series

2023A

,

GO

,

4.00

%

,

10/01/28

(

SAW

)

3,000

3,171,780

Series

2020A

,

GO

,

5.00

%

,

10/01/28

(

SAW

)

460

505,372

Series

2024A

,

GO

,

5.00

%

,

10/01/28

(

SAW

)

5,775

6,344,619

Series

2015A

,

GO

,

4.00

%

,

10/01/33

(

SAW

)

5,030

5,033,450

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

96

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Virginia

(continued)

County

of

Henrico,

Series

2020A,

GO,

5.00%, 08/01/25

(SAW)

............

USD

1,470

$

1,501,806

County

of

Loudoun

Series

2020B

,

GO

,

5.00

%

,

12/01/24

(

SAW

)

4,000

4,019,823

Series

2021A

,

GO

,

5.00

%

,

12/01/24

(

SAW

)

255

256,264

Series

2019A

,

GO

,

5.00

%

,

12/01/25

(

SAW

)

9,000

9,271,267

Series

2020B

,

GO

,

5.00

%

,

12/01/25

(

SAW

)

95

97,863

Series

2021A

,

GO

,

5.00

%

,

12/01/26

(

SAW

)

515

543,265

Hampton

Roads

Transportation

Accountability

Commission

Series

2018A

,

RB

,

5.00

%

,

07/01/52

.....

6,000

6,476,671

Series

2018A

,

RB

,

5.50

%

,

07/01/57

.....

7,650

8,379,148

Upper

Occoquan

Sewage

Authority,

Series

2014,

RB,

4.00%, 07/01/39

..............

1,000

1,011,383

Virginia

College

Building

Authority

Series

B

,

RB

,

5.00

%

,

09/01/24

(

ST

INTERCEPT

)

..................

125

125,000

Series

2015A

,

RB

,

5.00

%

,

02/01/25

.....

105

105,965

Series

2017E

,

RB

,

5.00

%

,

02/01/25

.....

2,280

2,300,961

Series

A

,

RB

,

5.00

%

,

02/01/25

.........

865

872,952

Series

2020A

,

RB

,

5.00

%

,

02/01/25

.....

1,570

1,584,433

Series

2020A

,

RB

,

5.00

%

,

02/01/26

.....

1,520

1,572,542

Series

2017E

,

RB

,

5.00

%

,

02/01/26

.....

465

481,074

Series

2022A

,

RB

,

5.00

%

,

02/01/26

.....

6,650

6,879,870

Series

2021A

,

RB

,

5.00

%

,

02/01/26

.....

11,010

11,390,582

Series

A

,

RB

,

5.00

%

,

02/01/27

.........

515

531,629

Series

2021A

,

RB

,

5.00

%

,

02/01/27

.....

9,130

9,667,702

Series

B

,

RB

,

5.00

%

,

02/01/27

.........

80

84,634

Series

2017E

,

RB

,

5.00

%

,

02/01/27

.....

18,410

19,494,239

Series

2020A

,

RB

,

5.00

%

,

02/01/27

.....

730

772,993

Series

2014A

,

RB

,

5.00

%

,

09/01/27

(

SAW

)

1,000

1,000,000

Series

2017C

,

RB

,

4.00

%

,

02/01/29

.....

10,000

10,306,446

Series

B

,

RB

,

4.00

%

,

02/01/29

.........

5,000

5,042,369

Series

2017E

,

RB

,

5.00

%

,

02/01/29

.....

1,050

1,129,895

Virginia

Commonwealth

Transportation

Board

Series

2017

,

RB

,

5.00

%

,

09/15/24

......

4,280

4,282,883

Series

2020

,

RB

,

5.00

%

,

09/15/24

......

1,390

1,390,936

Series

2017

,

RB

,

5.00

%

,

03/15/25

......

2,665

2,697,875

Series

2016

,

RB

,

5.00

%

,

05/15/25

......

20

20,332

Series

2017A

,

RB

,

5.00

%

,

05/15/25

.....

750

762,456

Series

2017

,

RB

,

5.00

%

,

09/15/25

......

825

845,889

Series

2017

,

RB

,

5.00

%

,

03/15/26

......

410

425,499

Series

2017A

,

RB

,

5.00

%

,

05/15/26

.....

655

682,491

Series

2017

,

RB

,

5.00

%

,

09/15/26

......

365

383,031

Series

2017A

,

RB

,

5.00

%

,

05/15/27

.....

5,505

5,862,755

Series

2017

,

RB

,

5.00

%

,

09/15/27

......

180

193,146

Series

2016

,

RB

,

5.00

%

,

03/15/28

......

500

523,196

Series

2018

,

RB

,

5.00

%

,

09/15/28

......

1,415

1,549,723

Virginia

Public

Building

Authority

Series

B

,

RB

,

5.00

%

,

08/01/25

.........

440

449,689

Series

2015B

,

RB

,

5.00

%

,

08/01/26

.....

3,050

3,117,665

Series

2020B

,

RB

,

5.00

%

,

08/01/26

.....

4,050

4,236,235

Series

2021A-1

,

RB

,

5.00

%

,

08/01/26

....

9,005

9,419,086

Series

2022A

,

RB

,

5.00

%

,

08/01/26

.....

5,500

5,752,912

Series

B

,

RB

,

5.00

%

,

08/01/26

.........

280

292,876

Series

2020A

,

RB

,

5.00

%

,

08/01/27

.....

50

53,534

Series

A

,

RB

,

5.00

%

,

08/01/27

.........

3,000

3,132,237

Series

2022A

,

RB

,

5.00

%

,

08/01/28

.....

4,370

4,777,426

Virginia

Public

School

Authority

Series

2016

,

RB

,

5.00

%

,

02/01/25

(

ST

INTERCEPT

)

..................

1,770

1,785,332

Series

2018

,

RB

,

5.00

%

,

03/01/25

(

SAW

)

.

125

126,421

Series

2015A

,

RB

,

5.00

%

,

08/01/25

(

ST

INTERCEPT

)

..................

2,415

2,466,421

Series

2016

,

RB

,

5.00

%

,

08/01/26

(

SAW

)

.

2,125

2,226,372

Security

Par

(000)

Par

(000)

Value

Virginia

(continued)

Series

2017B

,

RB

,

5.00

%

,

08/01/26

(

ST

INTERCEPT

)

..................

USD

1,360

$

1,422,538

Series

2022

,

RB

,

5.00

%

,

01/15/27

(

SAW

)

.

5,550

5,871,301

Series

XI

,

RB

,

5.00

%

,

04/15/27

........

2,745

2,917,176

Series

2020B

,

RB

,

5.00

%

,

08/01/28

(

ST

INTERCEPT

)

..................

125

136,508

Virginia

Resources

Authority

Series

2016C

,

RB

,

5.00

%

,

11/01/28

.....

1,085

1,139,979

Series

2024B

,

RB

,

5.00

%

,

11/01/28

.....

4,265

4,681,335

299,944,494

Washington

—

4.4%

Central

Puget

Sound

Regional

Transit

Authority

Series

2021S-1

,

RB

,

5.00

%

,

11/01/24

....

1,535

1,539,973

Series

2021S-1

,

RB

,

5.00

%

,

11/01/25

....

2,000

2,057,014

Series

2015S-1

,

RB

,

5.00

%

,

11/01/26

....

2,670

2,743,364

Series

2016S-1

,

RB

,

5.00

%

,

11/01/26

....

1,260

1,325,344

Series

2021S-1

,

RB

,

5.00

%

,

11/01/26

....

3,885

4,086,476

Series

2015S-1

,

RB

,

5.00

%

,

11/01/30

....

4,190

4,305,129

Series

2015S-1

,

RB

,

5.00

%

,

11/01/31

....

6,065

6,231,649

Series

2015S-1

,

RB

,

5.00

%

,

11/01/32

....

2,235

2,296,411

Series

2015S-1

,

RB

,

5.00

%

,

11/01/35

....

1,990

2,044,679

Series

2015S-1

,

RB

,

5.00

%

,

11/01/45

....

7,100

7,295,087

Series

2015S-1

,

RB

,

5.00

%

,

11/01/50

....

15,050

15,463,530

City

of

Seattle

Series

2014

,

RB

,

5.00

%

,

09/01/24

......

365

365,000

Series

2022

,

RB

,

5.00

%

,

09/01/24

......

3,425

3,425,000

Series

2021A

,

GO

,

5.00

%

,

12/01/24

.....

100

100,499

Series

2015A

,

GO

,

5.00

%

,

06/01/25

.....

145

147,484

Series

2022

,

RB

,

5.00

%

,

09/01/25

......

8,095

8,287,638

Series

2016

,

RB

,

4.00

%

,

04/01/26

......

130

132,903

Series

2020A

,

RB

,

5.00

%

,

07/01/26

.....

1,015

1,061,680

Series

2022

,

RB

,

5.00

%

,

07/01/26

......

5,000

5,229,952

Series

2022A

,

GO

,

4.00

%

,

09/01/26

.....

2,000

2,059,153

Series

2017C

,

RB

,

5.00

%

,

09/01/26

.....

3,225

3,382,770

Series

2023A

,

GO

,

5.00

%

,

11/01/26

.....

1,380

1,453,058

Series

2021A

,

GO

,

5.00

%

,

12/01/26

.....

2,495

2,632,183

Series

2016

,

RB

,

5.00

%

,

04/01/27

......

1,555

1,611,639

Series

2022

,

RB

,

5.00

%

,

07/01/27

......

2,905

3,100,658

Series

2023A

,

RB

,

5.00

%

,

03/01/28

.....

13,645

14,775,078

Series

2023B

,

RB

,

VRDN

(

TD

Bank

NA

LOC

),

3.90

%

,

09/03/24

(a)

...........

12,050

12,050,000

City

of

Seattle

Water

System,

Series

2022,

RB,

5.00%, 09/01/24

.................

5,910

5,910,000

County

of

King

Series

2021A

,

GO

,

4.00

%

,

01/01/27

.....

1,705

1,760,000

Series

2023

,

RB

,

5.00

%

,

01/01/28

......

9,310

10,036,120

Series

2021A

,

GO

,

5.00

%

,

01/01/29

.....

1,000

1,101,044

Series

2015A

,

GO

,

5.00

%

,

07/01/35

.....

860

865,591

Series

2015A

,

GO

,

5.00

%

,

07/01/36

.....

5,780

5,817,576

Series

2015A

,

RB

,

5.00

%

,

07/01/40

.....

5,010

5,044,387

Series

2024

,

RB

,

VRDN

(

Bank

of

America

NA

SBPA

),

3.80

%

,

09/03/24

(a)

..........

22,900

22,900,000

Series

2019A

,

GO

,

VRDN

(

TD

Bank

NA

SBPA

),

3.90

%

,

09/03/24

(a)

..........

3,800

3,800,000

Series

2015A

,

RB

,

5.00

%

,

07/01/47

.....

9,050

9,112,116

County

of

Snohomish

Series

2022

,

GO

,

5.00

%

,

12/01/25

......

2,000

2,059,171

Series

2022

,

GO

,

5.00

%

,

12/01/26

......

1,500

1,579,634

Energy

Northwest

Series

2015A

,

RB

,

5.00

%

,

07/01/25

.....

9,360

9,541,516

Series

2015C

,

RB

,

5.00

%

,

07/01/25

.....

2,805

2,859,397

Series

2016A

,

RB

,

5.00

%

,

07/01/25

.....

1,845

1,880,780

Series

2018C

,

RB

,

5.00

%

,

07/01/25

.....

915

932,744

Series

2015C

,

RB

,

5.00

%

,

07/01/26

.....

20

20,399

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

Schedule

of

Investments

97

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Washington

(continued)

Series

2016A

,

RB

,

5.00

%

,

07/01/26

.....

USD

180

$

187,873

Series

2021A

,

RB

,

5.00

%

,

07/01/26

.....

630

657,554

Series

2022A

,

RB

,

5.00

%

,

07/01/26

.....

1,735

1,810,884

Series

2015A

,

RB

,

5.00

%

,

07/01/27

.....

310

315,810

Series

2018C

,

RB

,

5.00

%

,

07/01/28

.....

510

555,487

Series

2020A

,

RB

,

5.00

%

,

07/01/28

.....

15,000

16,337,844

Grant

County

Public

Utility

District

No.

2

Priest

Rapids

Hydroelectric

Project

(c)

Series

2024B

,

RB

,

5.00

%

,

01/01/27

.....

2,000

2,110,478

Series

2024B

,

RB

,

5.00

%

,

01/01/28

.....

1,500

1,614,700

Series

2024B

,

RB

,

5.00

%

,

01/01/29

.....

1,500

1,649,910

King

County

School

District

No.

414

Lake

Washington,

Series

2020,

GO,

4.00%, 12/01/28

(GTD)

.............

4,000

4,225,231

Port

of

Seattle

Series

2022A

,

RB

,

5.00

%

,

08/01/25

.....

1,865

1,904,692

Series

2022A

,

RB

,

5.00

%

,

08/01/26

.....

1,175

1,228,334

Series

2022A

,

RB

,

5.00

%

,

08/01/27

.....

2,500

2,667,109

Series

2024A

,

RB

,

5.00

%

,

03/01/28

.....

2,200

2,371,775

Series

2024A

,

RB

,

5.00

%

,

03/01/29

.....

1,500

1,648,637

Port

of

Tacoma,

Series

2016A,

GO,

5.00%, 12/01/28

.................

790

828,613

State

of

Washington

Series

R-2022E

,

RB

,

5.00

%

,

09/01/24

....

3,765

3,765,000

Series

2021C

,

GO

,

5.00

%

,

02/01/25

.....

410

413,619

Series

2021E

,

GO

,

5.00

%

,

06/01/25

.....

1,000

1,017,031

Series

R-2015F

,

GO

,

5.00

%

,

07/01/25

....

2,000

2,013,989

Series

R-2022C

,

GO

,

5.00

%

,

07/01/25

...

7,635

7,782,431

Series

R-2020C

,

GO

,

5.00

%

,

07/01/25

...

4,515

4,602,184

Series

R-2020D

,

GO

,

5.00

%

,

07/01/25

...

4,535

4,622,570

Series

R-2018D

,

GO

,

5.00

%

,

08/01/25

...

975

996,115

Series

R-2018C

,

GO

,

5.00

%

,

08/01/25

...

700

715,160

Series

2017D

,

GO

,

5.00

%

,

02/01/26

.....

3,080

3,185,645

Series

2018C

,

GO

,

5.00

%

,

02/01/26

.....

175

181,003

Series

2021C

,

GO

,

5.00

%

,

02/01/26

.....

5,000

5,171,501

Series

R-2022C

,

GO

,

4.00

%

,

07/01/26

...

2,500

2,566,789

Series

R-2016B

,

GO

,

5.00

%

,

07/01/26

...

2,215

2,280,895

Series

R-2020D

,

GO

,

5.00

%

,

07/01/26

...

5,335

5,573,211

Series

R-2017B

,

GO

,

4.00

%

,

08/01/26

...

120

123,384

Series

2016A-1

,

GO

,

5.00

%

,

08/01/26

....

30

30,620

Series

R-2022B

,

GO

,

5.00

%

,

02/01/27

...

5,015

5,304,786

Series

2021C

,

GO

,

5.00

%

,

02/01/27

.....

165

174,534

Series

2017D

,

GO

,

5.00

%

,

02/01/27

.....

45

47,600

Series

2022C

,

GO

,

5.00

%

,

02/01/27

.....

19,030

20,129,628

Series

R-2022D

,

GO

,

4.00

%

,

07/01/27

...

5,000

5,196,363

Series

R-2020C

,

GO

,

5.00

%

,

07/01/27

...

95

101,440

Series

R-2015C

,

GO

,

5.00

%

,

07/01/27

...

410

412,856

Series

2020A

,

GO

,

5.00

%

,

08/01/27

.....

30

32,094

Series

2022C

,

GO

,

5.00

%

,

02/01/28

.....

840

908,410

Series

R-2024A

,

GO

,

5.00

%

,

02/01/28

...

6,270

6,780,632

Series

2024D

,

GO

,

5.00

%

,

06/01/28

.....

4,425

4,819,003

Series

2024B

,

GO

,

5.00

%

,

06/01/28

.....

9,575

10,427,560

Series

2021D

,

GO

,

5.00

%

,

06/01/28

.....

2,160

2,352,327

Series

2020E

,

GO

,

5.00

%

,

06/01/28

.....

2,000

2,178,080

Series

2024A

,

GO

,

5.00

%

,

08/01/28

.....

14,540

15,889,921

Series

R-2023A

,

GO

,

5.00

%

,

08/01/28

...

19,160

20,938,851

Series

2024C

,

GO

,

5.00

%

,

02/01/29

.....

16,885

18,641,383

Series

R-2023A

,

GO

,

5.00

%

,

08/01/29

...

4,000

4,460,112

University

of

Washington,

Series

2015B,

RB,

5.00%, 06/01/27

.................

5,175

5,258,555

403,634,039

West

Virginia

—

0.1%

State

of

West

Virginia

Series

2015A

,

GO

,

5.00

%

,

06/01/25

.....

530

539,026

Security

Par

(000)

Par

(000)

Value

West

Virginia

(continued)

Series

2015A

,

GO

,

3.00

%

,

11/01/25

.....

USD

425

$

425,838

Series

2018A

,

GO

,

5.00

%

,

06/01/28

.....

4,710

5,124,098

West

Virginia

Commissioner

of

Highways,

Series

2017A,

RB,

5.00%, 09/01/26

.........

1,045

1,090,195

West

Virginia

Parkways

Authority,

Series

2021,

RB,

5.00%, 06/01/29

..............

1,490

1,646,788

8,825,945

Wisconsin

—

1.7%

Germantown

School

District

Series

2017A

,

GO

,

4.00

%

,

04/01/34

.....

4,585

4,763,642

Series

2017A

,

GO

,

4.00

%

,

04/01/36

.....

6,795

7,059,748

Series

2017A

,

GO

,

4.00

%

,

04/01/37

.....

7,070

7,345,463

State

of

Wisconsin

Series

2016-1

,

GO

,

5.00

%

,

11/01/24

.....

1,530

1,534,924

Series

2017-2

,

GO

,

5.00

%

,

11/01/24

.....

11,985

12,023,571

Series

2014-4

,

GO

,

5.00

%

,

05/01/25

.....

6,230

6,248,262

Series

2021B

,

GO

,

5.00

%

,

05/01/25

.....

2,465

2,504,251

Series

2021-2

,

GO

,

5.00

%

,

05/01/25

.....

1,475

1,499,269

Series

2019A

,

RB

,

5.00

%

,

05/01/25

.....

265

268,996

Series

2016-2

,

GO

,

5.00

%

,

11/01/25

.....

2,715

2,792,296

Series

2017-2

,

GO

,

5.00

%

,

11/01/25

.....

2,240

2,303,773

Series

2016-1

,

GO

,

5.00

%

,

11/01/25

.....

3,320

3,366,164

Series

2021-1

,

GO

,

5.00

%

,

05/01/26

.....

1,000

1,040,494

Series

2014-4

,

GO

,

5.00

%

,

05/01/26

.....

400

401,173

Series

2021-2

,

GO

,

5.00

%

,

05/01/26

.....

1,835

1,909,306

Series

2016A

,

GO

,

5.00

%

,

05/01/26

.....

100

101,358

Series

2021B

,

GO

,

5.00

%

,

05/01/26

.....

5,725

5,956,828

Series

2022-1

,

GO

,

5.00

%

,

05/01/26

.....

8,185

8,516,443

Series

2017A

,

GO

,

5.00

%

,

05/01/26

.....

60

60,854

Series

2017-2

,

GO

,

5.00

%

,

11/01/26

.....

3,995

4,205,737

Series

2020B

,

GO

,

5.00

%

,

05/01/27

.....

1,775

1,890,370

Series

2021-2

,

GO

,

5.00

%

,

05/01/27

.....

3,055

3,253,567

Series

2017-3

,

GO

,

5.00

%

,

11/01/27

.....

440

467,751

Series

2017-2

,

GO

,

5.00

%

,

11/01/27

.....

485

515,718

Series

2017-1

,

GO

,

5.00

%

,

11/01/27

.....

765

813,452

Series

2023-1

,

GO

,

5.00

%

,

05/01/28

.....

12,885

14,029,483

Series

2021-1

,

GO

,

5.00

%

,

05/01/28

.....

4,500

4,899,703

Series

2021A

,

GO

,

5.00

%

,

05/01/28

.....

1,315

1,431,802

Series

2024-1

,

GO

,

5.00

%

,

05/01/28

.....

4,000

4,355,292

Series

2019A

,

RB

,

5.00

%

,

05/01/28

.....

15,180

16,147,353

Series

2024-2

,

GO

,

5.00

%

,

05/01/29

.....

1,880

2,089,929

Series

2024-1

,

GO

,

5.00

%

,

05/01/29

.....

4,000

4,446,658

Series

2017A

,

GO

,

5.00

%

,

05/01/32

.....

2,080

2,109,608

Series

2016A

,

GO

,

5.00

%

,

05/01/32

.....

15,700

15,913,129

State

of

Wisconsin

Environmental

Improvement

Fund

Series

2018A

,

RB

,

5.00

%

,

06/01/25

.....

2,340

2,380,200

Series

2021A

,

RB

,

5.00

%

,

06/01/26

.....

1,405

1,465,296

Wisconsin

Department

of

Transportation,

Series

2015-1,

RB,

5.00%, 07/01/25

.........

605

616,783

150,728,646

Total

Long-Term

Investments

—

100

.6

%

(Cost:

$

8,737,139,675

)

............................

8,718,614,445

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Short-Term

National

Muni

Bond

ETF

98

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

August

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

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.

See

notes

to

financial

statements.

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

0.0%

BlackRock

Liquidity

MuniCash

Funds:

Institutional

Shares

,

2.77

%

(d)

(e)

.........

11,652

$

11,653

Total

Short-Term

Securities

—

0

.0

%

(Cost:

$

11,653

)

..................................

11,653

Total

Investments

—

100

.6

%

(Cost:

$

8,737,151,328

)

............................

8,718,626,098

Liabilities

in

Excess

of

Other

Assets

—

(

0.6

)

%

.............

(

50,374,193

)

Net

Assets

—

100.0%

...............................

$

8,668,251,905

(a)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(b)

Zero-coupon

bond.

(c)

When-issued

security.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

02/29/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/24

Shares

Held

at

08/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

MuniCash

Funds:

Institutional

Shares

$

740,732

$

—

$

(

729,079

)

(a)

$

—

$

—

$

11,653

11,652

$

28,712

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Municipal

Bonds

.........................................

$

—

$

8,718,614,445

$

—

$

8,718,614,445

Short-Term

Securities

Money

Market

Funds

......................................

11,653

—

—

11,653

$

11,653

$

8,718,614,445

$

—

$

8,718,626,098

Statements

of

Assets

and

Liabilities

(unaudited)

August

31,

2024

99

Statements

of

Assets

and

Liabilities

See

notes

to

financial

statements.

iShares

California

Muni

Bond

ETF

iShares

National

Muni

Bond

ETF

iShares

New

York

Muni

Bond

ETF

iShares

Short-

Term

National

Muni

Bond

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

..........................................

$

3,187,620,588‌

$

38,662,189,434‌

$

748,260,811‌

$

8,718,614,445‌

Investments,

at

value

—

affiliated

(b)

............................................

387,666‌

56,133‌

28,647‌

11,653‌

Cash

...............................................................

—‌

2,077,734‌

—‌

—‌

Receivables:

–‌

–‌

–‌

–‌

Investment

s

sold

......................................................

—‌

61,100,000‌

—‌

18,000,000‌

Dividends

—

affiliated

...................................................

463‌

58,922‌

98‌

1,151‌

Interest

—

unaffiliated

...................................................

34,817,775‌

425,418,537‌

8,838,486‌

104,593,096‌

Total

a

ssets

...........................................................

3,222,826,492‌

39,150,900,760‌

757,128,042‌

8,841,220,345‌

LIABILITIES

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

33,527,159‌

446,079,438‌

7,720,010‌

172,451,656‌

Investment

advisory

fees

.................................................

211,224‌

1,629,801‌

157,975‌

516,784‌

Total

li

abilities

..........................................................

33,738,383‌

447,709,239‌

7,877,985‌

172,968,440‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

NET

ASSETS

..........................................................

$

3,189,088,109‌

$

38,703,191,521‌

$

749,250,057‌

$

8,668,251,905‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

3,215,662,772‌

$

39,226,218,390‌

$

760,179,608‌

$

8,716,367,279‌

Accumulated

loss

.......................................................

(

26,574,663‌

)

(

523,026,869‌

)

(

10,929,551‌

)

(

48,115,374‌

)

NET

ASSETS

..........................................................

$

3,189,088,109‌

$

38,703,191,521‌

$

749,250,057‌

$

8,668,251,905‌

NET

ASSET

VALUE

Shares

outstanding

......................................................

55,400,000‌

359,100,000‌

13,900,000‌

81,850,000‌

Net

asset

value

.........................................................

$

57.56‌

$

107.78‌

$

53.90‌

$

105.90‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

None

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

.......................................

$

3,196,952,501‌

$

38,859,824,326‌

$

753,564,666‌

$

8,737,139,675‌

(b)

  Investments,

at

cost

—

affiliated

.........................................

$

387,666‌

$

56,133‌

$

28,647‌

$

11,653‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

August

31,

2024

2024

iShares

Semi-Annual

Financial

Statements

100

iShares

California

Muni

Bond

ETF

iShares

National

Muni

Bond

ETF

iShares

New

York

Muni

Bond

ETF

iShares

Short-

Term

National

Muni

Bond

ETF

INVESTMENT

INCOME

–

–

–

–

Dividends

—

affiliated

...................................................

$

4,978‌

$

142,064‌

$

8,052‌

$

28,712‌

Interest

—

unaffiliated

...................................................

41,217,834‌

566,205,131‌

10,708,688‌

93,106,728‌

Total

investment

income

...................................................

41,222,812‌

566,347,195‌

10,716,740‌

93,135,440‌

EXPENSES

Investment

advisory

....................................................

1,153,589‌

9,411,929‌

889,417‌

3,073,260‌

Interest

expense

......................................................

302‌

29,392‌

600‌

4,093‌

Total

expenses

.........................................................

1,153,891‌

9,441,321‌

890,017‌

3,077,353‌

Net

investment

income

....................................................

40,068,921‌

556,905,874‌

9,826,723‌

90,058,087‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(

4,516,264‌

)

$

(

46,433,988‌

)

$

868,913‌

$

64,952,146‌

Net

realized

loss

from:

Investments

—

unaffiliated

.............................................

$

(

2,186,594‌

)

$

(

35,443,166‌

)

$

(

34,737‌

)

$

(

2,671,398‌

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................

(

2,329,669‌

)

(

10,990,821‌

)

903,650‌

67,623,542‌

Net

realized

and

unrealized

gain

(loss)

.........................................

(4,516,263‌)

(46,433,987‌)

868,913‌

64,952,144‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................

$

35,552,658‌

$

510,471,887‌

$

10,695,636‌

$

155,010,231‌

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

101

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

California

Muni

Bond

ETF

iShares

National

Muni

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

40,068,921‌

$

57,616,933‌

$

556,905,874‌

$

953,308,219‌

Net

realized

loss

................................................

(

2,186,594‌

)

(

8,246,844‌

)

(

35,443,166‌

)

(

120,728,936‌

)

Net

change

in

unrealized

appreciation

(depreciation)

........................

(

2,329,669‌

)

80,457,629‌

(

10,990,821‌

)

1,004,193,931‌

Net

increase

in

net

assets

resulting

from

operations

...........................

35,552,658‌

129,827,718‌

510,471,887‌

1,836,773,214‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(39,228,387‌)

(b)

(54,946,206‌)

(551,725,514‌)

(b)

(934,736,208‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

in

net

assets

derived

from

capital

share

transactions

.................

436,010,286‌

753,549,855‌

1,953,288,012‌

4,477,425,754‌

NET

ASSETS

Total

increase

in

net

assets

...........................................

432,334,557‌

828,431,367‌

1,912,034,385‌

5,379,462,760‌

Beginning

of

period

................................................

2,756,753,552‌

1,928,322,185‌

36,791,157,136‌

31,411,694,376‌

End

of

period

....................................................

$

3,189,088,109‌

$

2,756,753,552‌

$

38,703,191,521‌

$

36,791,157,136‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Statements

of

Changes

in

Net

Assets

(continued)

2024

iShares

Semi-Annual

Financial

Statements

102

See

notes

to

financial

statements.

iShares

New

York

Muni

Bond

ETF

iShares

Short-Term

National

Muni

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

9,826,723‌

$

15,141,398‌

$

90,058,087‌

$

168,141,599‌

Net

realized

loss

................................................

(

34,737‌

)

(

6,994,789‌

)

(

2,671,398‌

)

(

29,160,372‌

)

Net

change

in

unrealized

appreciation

(depreciation)

........................

903,650‌

24,732,826‌

67,623,542‌

161,067,653‌

Net

increase

in

net

assets

resulting

from

operations

...........................

10,695,636‌

32,879,435‌

155,010,231‌

300,048,880‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(9,623,305‌)

(b)

(14,731,768‌)

(90,141,892‌)

(b)

(168,778,991‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

85,342,597‌

99,564,714‌

(356,229,595‌)

(1,632,405,851‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

86,414,928‌

117,712,381‌

(

291,361,256‌

)

(

1,501,135,962‌

)

Beginning

of

period

................................................

662,835,129‌

545,122,748‌

8,959,613,161‌

10,460,749,123‌

End

of

period

....................................................

$

749,250,057‌

$

662,835,129‌

$

8,668,251,905‌

$

8,959,613,161‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

103

Financial

Highlights

iShares

California

Muni

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Year

Ended

02/28/23

Year

Ended

02/28/22

Year

Ended

02/28/21

Year

Ended

02/29/20

Net

asset

value,

beginning

of

period

................

$

57.67

‌

$

56.14

‌

$

60.11

‌

$

61.79

‌

$

62.85

‌

$

58.68

‌

Net

investment

income

(a)

........................

0

.80

‌

1

.40

‌

1

.12

‌

0

.98

‌

1

.10

‌

1

.25

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

(0.12

)

1.47

‌

(3.99

)

(1.68

)

(1.05

)

4.16

‌

Net

increase

(decrease)

from

investment

operations

.......

0.68

‌

2.87

‌

(2.87

)

(0.70

)

0.05

‌

5.41

‌

Distributions

from

net

investment

income

(c)

...........

(0.79

)

(d)

(1.34

)

(1.10

)

(0.98

)

(1.11

)

(1.24

)

Net

asset

value,

end

of

period

.....................

$

57.56

‌

$

57.67

‌

$

56.14

‌

$

60.11

‌

$

61.79

‌

$

62.85

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

1.21

%

(f)

5.20

%

(4.78

)%

(1.13

)%

0.06

%

9.30

%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

................................

0.08

%

(h)

0.23

%

0.25

%

0.25

%

0.25

%

0.25

%

Net

investment

income

...........................

2.78

%

(h)

2.48

%

1.98

%

1.59

%

1.77

%

2.05

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

3,189,088

‌

$

2,756,754

‌

$

1,928,322

‌

$

1,839,302

‌

$

1,708,487

‌

$

1,580,727

‌

Portfolio

turnover

rate

(i)

...........................

10

%

26

%

17

%

8

%

8

%

9

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Semi-Annual

Financial

Statements

104

iShares

National

Muni

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Year

Ended

02/28/23

Year

Ended

02/28/22

Year

Ended

02/28/21

Year

Ended

02/29/20

Net

asset

value,

beginning

of

period

................

$

107.92

‌

$

105.44

‌

$

112.61

‌

$

115.31

‌

$

117.12

‌

$

109.84

‌

Net

investment

income

(a)

........................

1

.60

‌

2

.96

‌

2

.41

‌

2

.07

‌

2

.42

‌

2

.75

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

(0.15

)

2.42

‌

(7.29

)

(2.69

)

(1.79

)

7.27

‌

Net

increase

(decrease)

from

investment

operations

.......

1.45

‌

5.38

‌

(4.88

)

(0.62

)

0.63

‌

10.02

‌

Distributions

from

net

investment

income

(c)

...........

(1.59

)

(d)

(2.90

)

(2.29

)

(2.08

)

(2.44

)

(2.74

)

Net

asset

value,

end

of

period

.....................

$

107.78

‌

$

107.92

‌

$

105.44

‌

$

112.61

‌

$

115.31

‌

$

117.12

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

1.37

%

(f)

5.20

%

(4.32

)%

(0.54

)%

0.55

%

9.21

%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

................................

0.05

%

(h)

0.07

%

0.07

%

0.07

%

0.07

%

0.07

%

Net

investment

income

...........................

2.96

%

(h)

2.79

%

2.27

%

1.78

%

2.10

%

2.42

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

38,703,192

‌

$

36,791,157

‌

$

31,411,694

‌

$

24,188,200

‌

$

20,814,111

‌

$

16,548,522

‌

Portfolio

turnover

rate

(i)

...........................

13

%

27

%

20

%

9

%

10

%

8

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

105

Financial

Highlights

iShares

New

York

Muni

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Year

Ended

02/28/23

Year

Ended

02/28/22

Year

Ended

02/28/21

Year

Ended

02/29/20

Net

asset

value,

beginning

of

period

................

$

53.89

‌

$

52.42

‌

$

56.09

‌

$

57.48

‌

$

58.43

‌

$

55.12

‌

Net

investment

income

(a)

........................

0

.74

‌

1

.33

‌

1

.11

‌

1

.06

‌

1

.15

‌

1

.24

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

0.00

(c)

1.43

‌

(3.70

)

(1.39

)

(0.96

)

3.31

‌

Net

increase

(decrease)

from

investment

operations

.......

0.74

‌

2.76

‌

(2.59

)

(0.33

)

0.19

‌

4.55

‌

Distributions

from

net

investment

income

(d)

...........

(0.73

)

(e)

(1.29

)

(1.08

)

(1.06

)

(1.14

)

(1.24

)

Net

asset

value,

end

of

period

.....................

$

53.90

‌

$

53.89

‌

$

52.42

‌

$

56.09

‌

$

57.48

‌

$

58.43

‌

Total

Return

(f)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

1.41

%

(g)

5.36

%

(4.62

)%

(0.57

)%

0.34

%

8.33

%

Ratios

to

Average

Net

Assets

(h)

Total

expen

ses

................................

0.25

%

(i)

0.25

%

0.25

%

0.25

%

0.25

%

0.25

%

Net

investment

income

...........................

2.76

%

(i)

2.52

%

2.09

%

1.83

%

2.00

%

2.18

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

749,250

‌

$

662,835

‌

$

545,123

‌

$

544,101

‌

$

497,241

‌

$

487,913

‌

Portfolio

turnover

rate

(j)

...........................

8

%

31

%

12

%

8

%

5

%

7

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Rounds

to

less

than

$0.01.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Semi-Annual

Financial

Statements

106

iShares

Short-Term

National

Muni

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Year

Ended

02/28/23

Year

Ended

02/28/22

Year

Ended

02/28/21

Year

Ended

02/29/20

Net

asset

value,

beginning

of

period

................

$

105.10

‌

$

103.57

‌

$

105.52

‌

$

107.39

‌

$

107.38

‌

$

105.70

‌

Net

investment

income

(a)

........................

1

.08

‌

1

.85

‌

1

.14

‌

0

.70

‌

1

.25

‌

1

.69

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

0.80

‌

1.54

‌

(2.09

)

(1.84

)

0.05

‌

1.67

‌

Net

increase

(decrease)

from

investment

operations

.......

1.88

‌

3.39

‌

(0.95

)

(1.14

)

1.30

‌

3.36

‌

Distributions

from

net

investment

income

(c)

...........

(1.08

)

(d)

(1.86

)

(1.00

)

(0.73

)

(1.29

)

(1.68

)

Net

asset

value,

end

of

period

.....................

$

105.90

‌

$

105.10

‌

$

103.57

‌

$

105.52

‌

$

107.39

‌

$

107.38

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

1.81

%

(f)

3.30

%

(0.90

)%

(1.03

)%

1.19

%

3.19

%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

................................

0.07

%

(h)

0.07

%

0.07

%

0.07

%

0.07

%

0.07

%

Net

investment

income

...........................

2.05

%

(h)

1.78

%

1.10

%

0.65

%

1.16

%

1.59

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

8,668,252

‌

$

8,959,613

‌

$

10,460,749

‌

$

7,518,569

‌

$

4,386,876

‌

$

3,103,353

‌

Portfolio

turnover

rate

(i)

...........................

16

%

28

%

26

%

16

%

18

%

19

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

107

Notes

to

Financial

Statements

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

 Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis. 

Bank

Overdraft:

The

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

 (the

“Board”)

of each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser, as

the

valuation

designee

for

each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s policies

and

procedures as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities:

Fixed-income

investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services. Pricing

services

generally

value

fixed

income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data,

credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless BFA

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

iShares

ETF

Diversification

Classification

California

Muni

Bond

..................................................................................................

Non-diversified

National

Muni

Bond

...................................................................................................

Diversified

New

York

Muni

Bond

..................................................................................................

Non-diversified

Short-Term

National

Muni

Bond

...........................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

2024

iShares

Semi-Annual

Financial

Statements

108

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

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

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments.

5.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

, BFA

manages

the

investment

of

each

Fund’s

assets.

BFA

is a

California

corporation

indirectly

owned

by

BlackRock,

Inc.

(“BlackRock”).

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to each of

the

following Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of each

Fund

as

follows:

Expense

Waivers:

A

fund

may

incur

its

pro

rata

share

of

fees

and

expenses

attributable

to

its

investments

in

other

investment

companies

(“acquired

fund

fees

and

expenses”).

The

total

of

the

investment

advisory

fee

and

acquired

fund

fees

and

expenses,

if

any,

is

a

fund’s

total

annual

operating

expenses.

Total

expenses

as

shown

in

the

Statements

of

Operations

does

not

include

acquired

fund

fees

and

expenses.

For

the

iShares

National

Muni

Bond

ETF,

BFA

has

contractually

agreed

to

waive

a

portion

of

its

investment

advisory

fee

for

the

Fund

through

June

30,

2026

in

an

amount

equal

to

the

acquired

fund

fees

and

expenses,

if

any,

attributable

to

the

Fund’s

investments

in

other

iShares

funds.

For

the

six

months

ended

August

31,

2024,

there

were

no

fees

waived

by

BFA

pursuant

to

this

arrangement.

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

iShares

ETF

Investment

Advisory

Fees

California

Muni

Bond

...............................................................................................

0.08‌

%

National

Muni

Bond

................................................................................................

0.05‌

New

York

Muni

Bond

...............................................................................................

0.25‌

Short-Term

National

Muni

Bond

........................................................................................

0.07‌

Notes

to

Financial

Statements

(unaudited)

(continued)

109

Notes

to

Financial

Statements

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The Funds

do

not

pay

BRIL

for

ETF

Services.

Prior

to May

6,

2024,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company. 

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the six

months ended August

31,

2024,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

6.

Purchases

and

Sales

For

the six

months ended

August

31,

2024,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

August

31,

2024,

in-kind

transactions

were

as

follows:

7.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

August

31,

2024,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

As

of

February

29,

2024,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

California

Muni

Bond

...................................................................

$

51,933,282‌

$

84,489,708‌

$

—‌

National

Muni

Bond

....................................................................

579,905,634‌

251,216,560‌

—‌

New

York

Muni

Bond

...................................................................

20,946,317‌

18,944,334‌

—‌

Short-Term

National

Muni

Bond

............................................................

170,606,809‌

343,544,276‌

—‌

iShares

ETF

Purchases

Sales

California

Muni

Bond

...................................................................................

$

579,067,059‌

$

268,277,969‌

National

Muni

Bond

....................................................................................

7,428,058,646‌

4,839,494,044‌

New

York

Muni

Bond

...................................................................................

148,827,893‌

52,078,131‌

Short-Term

National

Muni

Bond

............................................................................

1,385,929,357‌

1,628,422,969‌

iShares

ETF

In-kind

Purchases

California

Muni

Bond

...................................................................................................

$

124,613,954‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

California

Muni

Bond

..................................................................................................

$

(22,434,768‌)

National

Muni

Bond

...................................................................................................

(374,742,492‌)

New

York

Muni

Bond

..................................................................................................

(7,332,102‌)

Short-Term

National

Muni

Bond

...........................................................................................

(42,321,909‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2024

iShares

Semi-Annual

Financial

Statements

110

As

of

August

31,

2024,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

8.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Fund

is

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

Market

Risk:

Each

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

each

Fund

to

reinvest

in

lower

yielding

securities.

Each

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

each

Fund’s

portfolio

will

decline

if

each

Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

each

Fund

portfolio’s

current

earnings

rate.

Municipal

securities

are

subject

to

the

risk

that

litigation,

legislation

or

other

political

events,

local

business

or

economic

conditions,

credit

rating

downgrades,

or

the

bankruptcy

of

the

issuer

could

have

a

significant

effect

on

an

issuer’s

ability

to

make

payments

of

principal

and/or

interest

or

otherwise

affect

the

value

of

such

securities.

Municipal

securities

can

be

significantly

affected

by

political

or

economic

changes,

including

changes

made

in

the

law

after

issuance

of

the

securities,

as

well

as

uncertainties

in

the

municipal

market

related

to,

taxation,

legislative

changes

or

the

rights

of

municipal

security

holders,

including

in

connection

with

an

issuer

insolvency.

Municipal

securities

backed

by

current

or

anticipated

revenues

from

a

specific

project

or

specific

assets

can

be

negatively

affected

by

the

discontinuance

of

the

tax

benefits

supporting

the

project

or

assets

or

the

inability

to

collect

revenues

for

the

project

or

from

the

assets.

Municipal

securities

may

be

less

liquid

than

taxable

bonds,

and

there

may

be

less

publicly

available

information

on

the

financial

condition

of

municipal

security

issuers

than

for

issuers

of

other

securities.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

The

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the Funds

invest. 

Certain

Funds

invest

a

significant

portion

of

their

assets

in

issuers

located

in

a

single

state

or

limited

number

of

states,

When

a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

or

social

conditions

affecting

that

state

or

group

of

states

could

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

states

or

U.S.

territories

are

presented

in

the

Schedule

of

Investments.

The

Funds

invest

a

significant

portion

of

their

assets

in

fixed-income

securities

and/or

use

derivatives

tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may

affect

the

value

and/or

liquidity

of

such

investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

during

a

period

of

historically

low

interest

rates.

The

Federal

Reserve

has

raised

the

federal

funds

rate

as

part

of

its

efforts

to

address

inflation.

Changing

interest

rates

may

have

unpredictable

effects

on

markets,

may

result

in

heightened

market

volatility,

and

could

negatively

impact

the

Funds'

performance.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

California

Muni

Bond

...............................................

$

3,197,358,806‌

$

39,549,264‌

$

(48,899,816‌)

$

(9,350,552‌)

National

Muni

Bond

................................................

38,871,966,466‌

374,327,061‌

(584,047,960‌)

(209,720,899‌)

New

York

Muni

Bond

...............................................

753,593,415‌

7,500,731‌

(12,804,688‌)

(5,303,957‌)

Short-Term

National

Muni

Bond

........................................

8,737,183,434‌

36,427,274‌

(54,984,610‌)

(18,557,336‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

111

Notes

to

Financial

Statements

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

9.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars. Authorized

Participants purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

To

the

extent

applicable,

to

facilitate

the

timely

settlement

of

orders

for

Funds

using

a

clearing

facility

outside

of

the

continuous

net

settlement

process,

the

Funds,

at their

sole

discretion,

may

permit

an

Authorized

Participant

to

post

cash

as

collateral

in

anticipation

of

the

delivery

of

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

as

further

described

in

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

is

subject

to

a

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

In

the

event

that

the

Authorized

Participant

fails

to

deliver

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

to

the

terms

of

the

Control

Agreement

in

order

to

purchase

the

applicable

Deposit

Securities

or

Fund

Securities.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

10.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

08/31/24

Year

Ended

02/29/24

iShares

ETF

Shares

Amount

Shares

Amount

California

Muni

Bond

Shares

sold

7,800,000

$

447,365,936

15,700,000

$

876,965,299

Shares

redeemed

(200,000

)

(11,355,650

)

(2,250,000

)

(123,415,444

)

7,600,000

$

436,010,286

13,450,000

$

753,549,855

National

Muni

Bond

Shares

sold

44,600,000

$

4,775,290,677

93,500,000

$

9,874,060,822

Shares

redeemed

(26,400,000

)

(2,822,002,665

)

(50,500,000

)

(5,396,635,068

)

18,200,000

$

1,953,288,012

43,000,000

$

4,477,425,754

New

York

Muni

Bond

Shares

sold

1,600,000

$

85,342,597

4,600,000

$

241,822,270

Shares

redeemed

—

—

(2,700,000

)

(142,257,556

)

1,600,000

$

85,342,597

1,900,000

$

99,564,714

Short-Term

National

Muni

Bond

Shares

sold

650,000

$

68,093,081

3,050,000

$

317,876,978

Shares

redeemed

(4,050,000

)

(424,322,676

)

(18,800,000

)

(1,950,282,829

)

(3,400,000

)

$

(356,229,595

)

(15,750,000

)

$

(1,632,405,851

)

Board

Review

and

Approval

of

Investment

Advisory

Contract

113

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

California

Muni

Bond

ETF,

iShares

National

Muni

Bond

ETF,

iShares

New

York

Muni

Bond

ETF,

iShares

Short-Term

National

Muni

Bond

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

held

on

May

6,

2024

and

May

17,

2024,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

to

and

in

preparation

for

the

meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

4-5,

2024,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund

:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2023,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

relevant

factors

and

information

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided

:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

6,

2024

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2024

iShares

Semi-Annual

Financial

Statements

114

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates

:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion

:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Additional

Information

115

Additional

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

•  

Go

to

icsdelivery.com

.

• 

 If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Because

BFA

has

agreed

in

the

Investment

Advisory

Agreements

to

cover

all

operating

expenses

of

the

Funds,

subject

to

certain

exclusions

as

provided

for

therein,

BFA

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Funds

from

BFA's

investment

advisory

fees.

Availability

of

Portfolio

Holdings

Information

A

description

of

the

Trust’s

policies

and

procedures

with

respect

to

the

disclosure

of

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets,

when

available,

at

iShares.com

.

Glossary

of

Terms

Used

in

this

Report

2024

iShares

Semi-Annual

Financial

Statements

116

Portfolio

Abbreviation

AGC

Assured

Guaranty

Corp.

AGC-ICC

Assured

Guaranty

Corp.

–

Insured

Custody

Certificate

AGM

Assured

Guaranty

Municipal

Corp.

AGM-CR

AGM

Insured

Custodial

Receipt

AMBAC

Ambac

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

BAM-TCRS

Build

America

Mutual

Assurance

Co.

-

Transferable

Custodial

Receipts

BHAC-CR

Berkshire Hathaway

Assurance

Corp.

Custodial

Receipt

COP

Certificates

of

Participation

FGIC

Financial

Guaranty

Insurance

Co.

GO

General

Obligation

Bonds

GTD

Guaranteed

HERBIP

Higher

Education

Revenue

Bond

Intercept

Program

MBIA

Municipal

Bond

Insurance

Association

MO

Moral

Obligation

NPFGC

National

Public

Finance

Guarantee

Corp.

NPFGC-IBC

National

Public

Finance

Guarantee

Corp.

—

Insured

Bond

Certificate

OK

CERF

Oklahoma

Credit

Enhancement

Reserve

Fund

PSF

Permanent

School

Fund

Q-SBLF

Qualified

School

Bond

Loan

Fund

RB

Revenue

Bonds

SAP

Subject

to

Appropriations

SAW

State

Aid

Withholding

SCSDE

South

Carolina

State

Department

of

Education

VRDN

Variable

Rate

Demand

Notes

Currency

Abbreviation

USD

United

States

Dollar

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by ICE

Data

Indices,

LLC,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2024

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

AUGUST

31,

2024

2024

Semi-Annual

Financial

Statements

(Unaudited)

iShares

Trust

iShares

Agency

Bond

ETF

|

AGZ

|

NYSE

Arca

iShares

BBB

Rated

Corporate

Bond

ETF

|

LQDB

|

NYSE

Arca

iShares

ESG

Advanced

Investment

Grade

Corporate

Bond

ETF

|

ELQD

|

NYSE

Arca

Table

of

Contents

Page

2

Schedules

of

Investments

.................................................................................................

3

Statements

of

Assets

and

Liabilities

...........................................................................................

26

Statements

of

Operations

.................................................................................................

27

Statements

of

Changes

in

Net

Assets

..........................................................................................

28

Financial

Highlights

.....................................................................................................

30

Notes

to

Financial

Statements

...............................................................................................

33

Additional

Information

....................................................................................................

39

Board

Review

and

Approval

of

Investment

Advisory

Contract

............................................................................

40

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

46

Schedule

of

Investments

(unaudited)

August

31,

2024

iShares

®

Agency

Bond

ETF

Schedule

of

Investments

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Corporate

Bonds

Financial

Services

—

1.7%

Private

Export

Funding

Corp.

Series

PP

,

1.40%

,

07/15/28

...........

USD

9,850

$

8,936,915

Series

RR

,

4.30%

,

12/15/28

..........

2,750

2,784,463

11,721,378

Total

Corporate

Bonds

—

1

.7

%

(Cost:

$

12,638,532

)

...............................

11,721,378

Foreign

Government

Obligations

Israel

—

0.4%

State

of

Israel

,

5.50%

,

09/18/33

..........

2,368

2,576,716

Total

Foreign

Government

Obligations

—

0

.4

%

(Cost:

$

2,553,867

)

...............................

2,576,716

U.S.

Government

Sponsored

Agency

Securities

Agency

Obligations

—

86.8%

Federal

Farm

Credit

Bank

Bonds

1.00

%

,

10/07/26

..................

3,500

3,270,877

1.10

%

,

03/03/27

..................

6,000

5,574,179

1.15

%

,

08/12/30

..................

10,100

8,528,594

1.32

%

,

09/09/30

..................

3,365

2,841,700

1.38

%

,

01/14/31

..................

3,000

2,509,174

1.55

%

,

07/26/30

..................

1,000

859,742

1.69

%

,

08/20/35

..................

1,000

742,803

1.88

%

,

06/16/31

..................

1,000

858,164

2.08

%

,

01/23/30

..................

1,700

1,545,269

2.47

%

,

07/18/35

..................

1,000

834,372

3.11

%

,

08/05/48

..................

1,000

751,191

3.19

%

,

01/16/29

..................

500

486,345

3.32

%

,

02/25/26

..................

1,000

986,862

3.33

%

,

07/12/32

..................

1,000

942,770

3.38

%

,

09/15/27

..................

1,500

1,477,620

3.80

%

,

04/05/32

..................

2,000

1,905,627

3.88

%

,

02/02/26

..................

500

497,479

4.25

%

,

03/20/28

-

02/28/29

...........

2,300

2,332,680

4.38

%

,

06/23/26

-

07/06/26

...........

8,125

8,172,084

4.50

%

,

03/13/26

-

09/22/28

...........

14,250

14,408,872

4.63

%

,

03/05/26

-

07/17/26

...........

2,000

2,013,466

4.75

%

,

03/09/26

-

04/30/29

...........

5,072

5,168,521

4.82

%

,

06/23/26

..................

500

498,489

4.88

%

,

07/28/25

-

10/27/32

...........

6,750

6,860,793

5.00

%

,

07/30/26

..................

255

259,316

5.13

%

,

10/10/25

..................

4,250

4,285,975

5.94

%

,

01/02/36

..................

1,500

1,499,970

Federal

Home

Loan

Bank

Bonds

0.38

%

,

09/04/25

..................

3,200

3,076,140

0.90

%

,

02/26/27

..................

20,575

18,958,267

0.96

%

,

03/05/26

..................

40,000

38,015,045

1.00

%

,

07/27/26

-

02/26/27

...........

14,765

13,764,925

1.10

%

,

08/20/26

..................

12,500

11,775,241

1.12

%

,

02/26/27

..................

3,000

2,784,522

1.20

%

,

12/23/24

..................

3,000

2,963,182

1.25

%

,

12/21/26

..................

205

193,160

1.88

%

,

09/11/26

..................

2,500

2,395,597

2.01

%

,

02/17/27

..................

4,500

4,275,976

2.13

%

,

09/14/29

-

12/14/29

...........

8,450

7,751,321

2.32

%

,

03/28/25

..................

15,000

14,763,276

2.50

%

,

06/12/26

..................

3,500

3,401,345

2.75

%

,

03/25/27

..................

3,000

2,910,250

3.13

%

,

06/13/25

..................

16,055

15,859,273

3.25

%

,

06/09/28

-

11/16/28

...........

15,515

15,183,133

4.00

%

,

06/09/28

-

06/30/28

...........

3,200

3,220,005

Security

Par

(000)

Par

(000)

Value

Agency

Obligations

(continued)

4.13

%

,

03/13/26

-

01/15/27

...........

USD

5,200

$

5,199,481

4.38

%

,

06/12/26

-

03/11/33

...........

3,000

3,031,048

4.44

%

,

05/26/32

..................

200

195,582

4.50

%

,

12/12/25

-

03/09/29

...........

10,240

10,303,093

4.63

%

,

09/11/26

-

11/17/26

(a)

..........

12,775

12,952,610

4.75

%

,

06/12/26

-

03/10/34

...........

10,000

10,236,172

4.88

%

,

09/12/25

-

09/11/26

...........

4,100

4,131,073

5.13

%

,

06/13/25

..................

2,000

2,006,633

5.50

%

,

07/15/36

..................

4,600

5,167,641

5.63

%

,

03/14/36

..................

1,060

1,184,677

Federal

Home

Loan

Banks

,

2.13

%

,

12/11/26

.

500

480,120

Federal

Home

Loan

Mortgage

Corp.

0.00

%

,

12/11/25

-

11/15/38

(a)

(b)

.........

43,164

36,697,272

0.38

%

,

09/23/25

..................

21,750

20,857,084

0.75

%

,

05/28/25

..................

7,500

7,281,968

4.05

%

,

08/28/25

..................

4,000

3,981,070

5.50

%

,

02/21/29

..................

3,000

2,998,022

6.25

%

,

07/15/32

..................

11,607

13,395,573

6.75

%

,

09/15/29

-

03/15/31

...........

11,500

13,274,708

Federal

National

Mortgage

Association

0.00

%

,

01/15/30

(b)

.................

910

731,527

0.50

%

,

11/07/25

(a)

.................

11,130

10,653,195

0.65

%

,

08/25/25

..................

1,000

961,112

0.75

%

,

10/08/27

..................

17,530

15,970,899

0.88

%

,

12/18/26

-

08/05/30

...........

26,842

24,237,769

1.63

%

,

08/24/35

..................

5,000

3,667,541

1.88

%

,

09/24/26

..................

9,625

9,230,367

2.13

%

,

04/24/26

..................

13,350

12,949,714

5.63

%

,

07/15/37

..................

3,600

4,093,263

6.21

%

,

08/06/38

..................

2,500

3,000,163

6.25

%

,

05/15/29

..................

16,200

17,913,923

6.63

%

,

11/15/30

..................

12,352

14,163,582

7.13

%

,

01/15/30

..................

5,419

6,273,703

7.25

%

,

05/15/30

..................

3,986

4,672,003

Resolution

Funding

Corp.

Interest

STRIPS

,

0.00

%

,

01/15/30

(b)

.................

2,100

1,687,860

Resolution

Funding

Corp.

Principal

STRIPS

,

0.00

%

,

01/15/30

(b)

.................

4,500

3,618,750

Tennessee

Valley

Authority

1.50

%

,

09/15/31

..................

50

42,121

2.88

%

,

02/01/27

..................

1,795

1,750,733

3.50

%

,

12/15/42

..................

165

141,177

3.88

%

,

03/15/28

..................

2,700

2,704,331

4.25

%

,

09/15/52

-

09/15/65

...........

5,948

5,371,620

4.38

%

,

08/01/34

..................

3,000

3,021,121

4.63

%

,

09/15/60

..................

2,600

2,511,015

4.65

%

,

06/15/35

..................

70

72,134

4.70

%

,

07/15/33

..................

2,662

2,761,124

4.88

%

,

01/15/48

..................

1,483

1,508,625

5.25

%

,

09/15/39

..................

7,505

8,019,398

5.38

%

,

04/01/56

(a)

.................

1,600

1,748,526

5.50

%

,

06/15/38

..................

282

312,024

5.88

%

,

04/01/36

..................

7,171

8,172,845

6.15

%

,

01/15/38

..................

2,000

2,342,479

6.75

%

,

11/01/25

..................

34,605

35,525,034

7.13

%

,

05/01/30

..................

4,047

4,685,998

Total

U.S.

Government

Sponsored

Agency

Securities

—

86

.8

%

(Cost:

$

616,463,141

)

..............................

609,293,095

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Agency

Bond

ETF

4

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

August

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

,

4.25

%

,

08/15/54

.....

USD

1,340

$

1,347,328

U.S.

Treasury

Notes

3.75

%

,

08/15/27

..................

6,000

5,992,969

3.63

%

,

08/31/29

..................

8,180

8,146,130

Total

U.S.

Treasury

Obligations

—

2

.2

%

(Cost:

$

15,489,825

)

...............................

15,486,427

Total

Long-Term

Investments

—

91.1%

(Cost:

$

647,145,365

)

..............................

639,077,616

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

3.4%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.25

%

(c)

(d)

(e)

................

23,753,326

23,753,326

Total

Money

Market

Funds

—

3

.4

%

(Cost:

$

23,753,326

)

...............................

23,753,326

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

—

7.7%

U.S.

Treasury

Bills

(f)

5.22

%

,

10/22/24

..................

USD

8,000

$

7,944,320

5.20

%

,

10/31/24

..................

4,000

3,967,082

5.25

%

,

11/29/24

..................

29,000

28,651,409

4.77

%

,

12/26/24

..................

14,000

13,784,933

Total

U.S.

Treasury

Obligations

—

7

.7

%

(Cost:

$

54,334,323

)

...............................

54,347,744

Total

Short-Term

Securities

—

11.1%

(Cost:

$

78,087,649

)

...............................

78,101,070

Total

Investments

—

102

.2

%

(Cost:

$

725,233,014

)

..............................

717,178,686

Liabilities

in

Excess

of

Other

Assets

—

(

2.2

)

%

.............

(

15,372,350

)

Net

Assets

—

100.0%

...............................

$

701,806,337

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Zero-coupon

bond.

(c)

Affiliate

of

the

Fund.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

Affiliated

Issuer

Value

at

02/29/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/24

Shares

Held

at

08/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

$

26,663,723

$

—

$

(

2,910,397

)

(a)

$

—

$

—

$

23,753,326

23,753,326

$

131,116

(b)

$

—

—

—

(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.

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

Agency

Bond

ETF

Schedule

of

Investments

5

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Corporate

Bonds

.........................................

$

—

$

11,721,378

$

—

$

11,721,378

Foreign

Government

Obligations

..............................

—

2,576,716

—

2,576,716

U.S.

Government

Sponsored

Agency

Securities

....................

—

609,293,095

—

609,293,095

U.S.

Treasury

Obligations

...................................

—

15,486,427

—

15,486,427

Short-Term

Securities

Money

Market

Funds

......................................

23,753,326

—

—

23,753,326

U.S.

Treasury

Obligations

...................................

—

54,347,744

—

54,347,744

$

23,753,326

$

693,425,360

$

—

$

717,178,686

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

August

31,

2024

iShares

®

BBB

Rated

Corporate

Bond

ETF

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Corporate

Bonds

Aerospace

&

Defense

—

4.1%

Boeing

Co.

(The)

4.88%

,

05/01/25

..................

USD

25

$

24,905

2.75%

,

02/01/26

..................

25

24,178

2.20%

,

02/04/26

..................

75

71,869

5.04%

,

05/01/27

..................

105

105,199

5.15%

,

05/01/30

..................

100

99,706

6.53%

,

05/01/34

(a)

.................

50

52,951

5.71%

,

05/01/40

..................

62

60,055

5.81%

,

05/01/50

..................

70

66,246

6.86%

,

05/01/54

(a)

.................

35

37,677

5.93%

,

05/01/60

..................

50

47,265

General

Electric

Co.,

6.75%,

03/15/32

.....

45

50,912

Howmet

Aerospace,

Inc.,

3.00%,

01/15/29

..

35

32,863

Huntington

Ingalls

Industries,

Inc.,

3.84%,

05/01/25

......................

25

24,843

L3Harris

Technologies,

Inc.

4.40%

,

06/15/28

..................

64

63,827

5.35%

,

06/01/34

..................

50

51,299

5.05%

,

04/27/45

..................

15

14,367

Leidos,

Inc.,

4.38%,

05/15/30

..........

26

25,360

Northrop

Grumman

Corp.

3.25%

,

01/15/28

..................

75

72,357

4.90%

,

06/01/34

..................

25

25,256

4.03%

,

10/15/47

..................

53

44,307

5.25%

,

05/01/50

(b)

.................

25

24,902

RTX

Corp.

4.13%

,

11/16/28

..................

115

113,453

5.15%

,

02/27/33

..................

30

30,736

6.10%

,

03/15/34

..................

50

54,519

4.50%

,

06/01/42

..................

70

63,389

4.15%

,

05/15/45

..................

35

29,569

4.63%

,

11/16/48

..................

35

31,499

2.82%

,

09/01/51

..................

45

29,064

6.40%

,

03/15/54

..................

30

34,396

Textron,

Inc.,

2.45%,

03/15/31

..........

25

21,685

1,428,654

Air

Freight

&

Logistics

—

0.5%

FedEx

Corp.

3.10%

,

08/05/29

..................

75

70,478

3.25%

,

05/15/41

..................

35

26,818

4.75%

,

11/15/45

..................

30

27,005

5.25%

,

05/15/50

(b)

.................

35

33,834

GXO

Logistics,

Inc.,

6.25%,

05/06/29

(b)

.....

25

26,111

184,246

Automobile

Components

—

0.3%

Aptiv

plc

3.25%

,

03/01/32

(b)

.................

20

17,837

3.10%

,

12/01/51

..................

30

19,090

4.15%

,

05/01/52

..................

16

12,263

BorgWarner,

Inc.

2.65%

,

07/01/27

(b)

.................

36

34,305

4.38%

,

03/15/45

..................

15

12,575

Lear

Corp.,

5.25%,

05/15/49

(b)

..........

7

6,433

102,503

Automobiles

—

0.5%

Ford

Motor

Co.,

4.75%,

01/15/43

(b)

.......

25

21,001

General

Motors

Co.

6.13%

,

10/01/25

..................

25

25,265

6.60%

,

04/01/36

..................

60

64,870

6.25%

,

10/02/43

..................

35

36,348

Security

Par

(000)

Par

(000)

Value

Automobiles

(continued)

6.75%

,

04/01/46

(b)

.................

USD

30

$

32,837

180,321

Banks

—

3.6%

Citigroup,

Inc.

3.88%

,

03/26/25

..................

36

35,844

4.60%

,

03/09/26

..................

34

33,932

4.45%

,

09/29/27

..................

75

74,627

4.13%

,

07/25/28

..................

25

24,544

6.63%

,

06/15/32

..................

35

38,390

6.68%

,

09/13/43

..................

24

27,383

4.75%

,

05/18/46

..................

45

40,785

Citizens

Financial

Group,

Inc.

3.25%

,

04/30/30

..................

25

22,959

2.64%

,

09/30/32

(b)

.................

25

20,323

Comerica,

Inc.,

4.00%,

02/01/29

(b)

........

25

23,883

Fifth

Third

Bancorp

(SOFR

Index

+

2.19%),

6.36%

,

10/27/28

(c)

45

47,034

(SOFR

Index

+

2.13%),

4.77%

,

07/28/30

(c)

25

24,871

(1-day

SOFR

+

1.84%),

5.63%

,

01/29/32

(c)

25

25,680

8.25%

,

03/01/38

..................

10

12,366

HSBC

Holdings

plc,

6.50%,

05/02/36

......

110

119,455

Huntington

Bancshares,

Inc.,

(1-day

SOFR

+

2.02%),

6.21%,

08/21/29

(c)

...........

20

21,024

KeyCorp

2.55%

,

10/01/29

(b)

.................

25

22,353

(SOFR

Index

+

2.06%),

4.79%

,

06/01/33

(c)

53

51,028

Regions

Financial

Corp.

2.25%

,

05/18/25

..................

50

48,919

(1-day

SOFR

+

1.49%),

5.72%

,

06/06/30

(c)

50

51,329

Santander

Holdings

USA,

Inc.

3.45%

,

06/02/25

..................

75

73,957

(1-day

SOFR

+

2.33%),

5.81%

,

09/09/26

(c)

39

39,221

(1-day

SOFR

+

2.50%),

6.17%

,

01/09/30

(c)

60

62,146

Truist

Financial

Corp.,

3.88%,

03/19/29

(b)

...

25

24,168

Wells

Fargo

&

Co.

4.10%

,

06/03/26

..................

15

14,871

4.30%

,

07/22/27

..................

120

119,520

5.61%

,

01/15/44

..................

48

48,688

4.90%

,

11/17/45

..................

65

59,471

4.75%

,

12/07/46

..................

60

53,679

1,262,450

Beverages

—

0.8%

Constellation

Brands,

Inc.

3.70%

,

12/06/26

..................

38

37,288

3.15%

,

08/01/29

..................

25

23,424

4.75%

,

05/09/32

(b)

.................

33

32,817

3.75%

,

05/01/50

..................

27

20,929

Keurig

Dr

Pepper,

Inc.

4.60%

,

05/25/28

..................

30

30,149

Series

31*

,

2.25%

,

03/15/31

..........

58

49,991

3.35%

,

03/15/51

..................

45

32,402

Molson

Coors

Beverage

Co.

5.00%

,

05/01/42

..................

15

14,251

4.20%

,

07/15/46

..................

35

29,317

270,568

Biotechnology

—

3.0%

Amgen,

Inc.

2.60%

,

08/19/26

..................

25

24,130

2.20%

,

02/21/27

..................

135

127,980

2.45%

,

02/21/30

..................

25

22,577

2.30%

,

02/25/31

..................

155

134,917

5.25%

,

03/02/33

..................

35

35,868

2.80%

,

08/15/41

..................

80

58,969

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

BBB

Rated

Corporate

Bond

ETF

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Biotechnology

(continued)

4.40%

,

05/01/45

..................

USD

60

$

52,196

4.66%

,

06/15/51

..................

85

75,676

2.77%

,

09/01/53

..................

94

59,485

5.75%

,

03/02/63

..................

45

46,126

Baxalta,

Inc.,

5.25%,

06/23/45

..........

37

36,151

Biogen,

Inc.

4.05%

,

09/15/25

..................

37

36,690

2.25%

,

05/01/30

..................

40

35,247

3.15%

,

05/01/50

..................

16

10,794

3.25%

,

02/15/51

..................

33

22,739

Gilead

Sciences,

Inc.

3.50%

,

02/01/25

..................

36

35,713

3.65%

,

03/01/26

..................

25

24,669

1.65%

,

10/01/30

..................

70

59,545

4.80%

,

04/01/44

..................

65

60,900

4.75%

,

03/01/46

..................

65

60,293

Regeneron

Pharmaceuticals,

Inc.

1.75%

,

09/15/30

..................

22

18,841

2.80%

,

09/15/50

..................

25

16,123

1,055,629

Broadline

Retail

—

0.2%

eBay,

Inc.

3.60%

,

06/05/27

..................

49

47,989

2.70%

,

03/11/30

..................

25

22,830

3.65%

,

05/10/51

..................

20

14,961

85,780

Building

Products

—

0.7%

Carlisle

Cos.,

Inc.,

3.75%,

12/01/27

.......

49

47,792

Carrier

Global

Corp.

2.49%

,

02/15/27

..................

61

58,408

5.90%

,

03/15/34

..................

24

25,893

3.58%

,

04/05/50

..................

33

25,195

Johnson

Controls

International

plc

2.00%

,

09/16/31

..................

29

24,296

4.50%

,

02/15/47

..................

15

13,114

Trane

Technologies

Financing

Ltd.,

3.80%,

03/21/29

......................

35

34,128

Trane

Technologies

Global

Holding

Co.

Ltd.,

5.75%,

06/15/43

.................

15

15,827

244,653

Capital

Markets

—

3.9%

Ares

Capital

Corp.

2.15%

,

07/15/26

..................

70

66,093

2.88%

,

06/15/28

..................

40

36,570

Blackstone

Private

Credit

Fund

4.70%

,

03/24/25

..................

37

36,924

3.25%

,

03/15/27

..................

50

47,364

Blackstone

Secured

Lending

Fund,

2.85%,

09/30/28

......................

33

29,892

Blue

Owl

Capital

Corp.,

3.40%,

07/15/26

...

43

41,413

CI

Financial

Corp.,

3.20%,

12/17/30

......

20

16,538

Deutsche

Bank

AG

(c)

(1-day

SOFR

+

3.19%),

6.12%

,

07/14/26

.

150

150,916

(1-day

SOFR

+

2.52%),

7.15%

,

07/13/27

.

155

160,835

FS

KKR

Capital

Corp.,

3.13%,

10/12/28

....

35

31,415

Goldman

Sachs

Group,

Inc.

(The)

4.25%

,

10/21/25

..................

37

36,714

6.45%

,

05/01/36

..................

25

27,589

6.75%

,

10/01/37

..................

100

113,566

5.15%

,

05/22/45

..................

50

49,657

Golub

Capital

BDC,

Inc.,

2.50%,

08/24/26

...

25

23,593

Jefferies

Financial

Group,

Inc.

5.88%

,

07/21/28

..................

30

31,014

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

2.63%

,

10/15/31

..................

USD

35

$

29,734

6.25%

,

01/15/36

..................

10

10,686

Moody's

Corp.

4.25%

,

08/08/32

(b)

.................

20

19,445

3.75%

,

02/25/52

..................

15

11,801

Morgan

Stanley

5.00%

,

11/24/25

..................

65

65,064

4.35%

,

09/08/26

..................

20

19,879

3.95%

,

04/23/27

..................

68

66,953

Nasdaq,

Inc.

1.65%

,

01/15/31

..................

35

29,156

3.25%

,

04/28/50

..................

25

17,734

5.95%

,

08/15/53

..................

20

21,423

Nomura

Holdings,

Inc.,

2.61%,

07/14/31

....

200

170,705

1,362,673

Chemicals

—

2.3%

Albemarle

Corp.,

4.65%,

06/01/27

........

41

40,881

Celanese

US

Holdings

LLC

6.17%

,

07/15/27

..................

25

25,794

6.33%

,

07/15/29

..................

37

39,086

6.70%

,

11/15/33

..................

30

32,440

CF

Industries,

Inc.

5.15%

,

03/15/34

..................

25

24,889

5.38%

,

03/15/44

..................

25

23,935

Dow

Chemical

Co.

(The)

2.10%

,

11/15/30

(b)

.................

78

68,186

4.38%

,

11/15/42

..................

45

38,805

3.60%

,

11/15/50

..................

45

32,901

DuPont

de

Nemours,

Inc.

4.73%

,

11/15/28

..................

50

50,718

5.32%

,

11/15/38

..................

18

19,411

5.42%

,

11/15/48

..................

35

38,030

Eastman

Chemical

Co.

4.50%

,

12/01/28

..................

34

33,920

4.65%

,

10/15/44

..................

25

22,025

FMC

Corp.

3.45%

,

10/01/29

..................

16

14,964

4.50%

,

10/01/49

..................

15

11,988

International

Flavors

&

Fragrances,

Inc.

4.38%

,

06/01/47

..................

10

8,168

5.00%

,

09/26/48

..................

5

4,472

LYB

International

Finance

III

LLC

2.25%

,

10/01/30

(b)

.................

25

21,886

3.38%

,

10/01/40

..................

15

11,553

4.20%

,

05/01/50

..................

40

31,844

3.80%

,

10/01/60

(b)

.................

30

21,578

Mosaic

Co.

(The),

4.05%,

11/15/27

.......

30

29,492

Nutrien

Ltd.

2.95%

,

05/13/30

..................

22

20,226

3.95%

,

05/13/50

..................

20

15,811

Sherwin-Williams

Co.

(The)

3.45%

,

06/01/27

..................

63

61,457

4.50%

,

06/01/47

..................

35

31,005

Westlake

Corp.

5.00%

,

08/15/46

..................

15

13,723

3.13%

,

08/15/51

..................

15

9,821

799,009

Commercial

Services

&

Supplies

—

0.7%

RELX

Capital,

Inc.,

4.00%,

03/18/29

......

52

51,112

Republic

Services,

Inc.

3.38%

,

11/15/27

..................

66

64,161

2.38%

,

03/15/33

(b)

.................

46

38,547

Veralto

Corp.,

5.45%,

09/18/33

(a)

........

25

25,807

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

BBB

Rated

Corporate

Bond

ETF

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Waste

Connections,

Inc.

2.20%

,

01/15/32

..................

USD

18

$

15,260

3.20%

,

06/01/32

..................

19

17,159

2.95%

,

01/15/52

..................

25

16,929

228,975

Communications

Equipment

—

0.2%

Motorola

Solutions,

Inc.

4.60%

,

02/23/28

..................

22

22,050

2.75%

,

05/24/31

..................

25

22,078

5.60%

,

06/01/32

(b)

.................

21

21,919

66,047

Construction

&

Engineering

—

0.1%

Quanta

Services,

Inc.

2.35%

,

01/15/32

..................

25

21,022

3.05%

,

10/01/41

..................

15

10,987

32,009

Construction

Materials

—

0.3%

Martin

Marietta

Materials,

Inc.

3.50%

,

12/15/27

..................

65

63,418

3.20%

,

07/15/51

..................

25

17,305

Vulcan

Materials

Co.

3.50%

,

06/01/30

..................

29

27,468

4.50%

,

06/15/47

..................

12

10,446

118,637

Consumer

Finance

—

4.4%

AerCap

Ireland

Capital

DAC

1.65%

,

10/29/24

..................

150

149,032

6.15%

,

09/30/30

..................

180

191,766

Ally

Financial,

Inc.

4.75%

,

06/09/27

(b)

.................

36

35,867

2.20%

,

11/02/28

..................

25

22,424

8.00%

,

11/01/31

..................

45

51,348

American

Express

Co.,

3.63%,

12/05/24

....

15

14,929

Capital

One

Financial

Corp.

3.75%

,

03/09/27

..................

100

97,920

3.65%

,

05/11/27

..................

80

77,901

Discover

Financial

Services,

4.10%,

02/09/27

90

88,543

Ford

Motor

Credit

Co.

LLC,

7.12%,

11/07/33

.

210

226,937

General

Motors

Financial

Co.,

Inc.

3.80%

,

04/07/25

..................

42

41,621

6.05%

,

10/10/25

..................

60

60,669

1.25%

,

01/08/26

..................

135

128,814

2.35%

,

02/26/27

(b)

.................

90

85,148

5.00%

,

04/09/27

..................

47

47,383

5.85%

,

04/06/30

(b)

.................

30

31,291

2.35%

,

01/08/31

..................

60

51,010

6.10%

,

01/07/34

..................

25

26,124

5.95%

,

04/04/34

..................

25

25,864

Synchrony

Financial

4.50%

,

07/23/25

..................

36

35,742

5.15%

,

03/19/29

..................

25

24,875

2.88%

,

10/28/31

..................

17

14,312

1,529,520

Consumer

Staples

Distribution

&

Retail

—

1.2%

Dollar

General

Corp.

3.88%

,

04/15/27

(b)

.................

35

34,185

3.50%

,

04/03/30

..................

32

29,551

5.45%

,

07/05/33

..................

10

10,009

4.13%

,

04/03/50

..................

15

11,636

Dollar

Tree,

Inc.

4.00%

,

05/15/25

..................

46

45,667

4.20%

,

05/15/28

..................

25

24,517

Security

Par

(000)

Par

(000)

Value

Consumer

Staples

Distribution

&

Retail

(continued)

Kroger

Co.

(The)

2.65%

,

10/15/26

..................

USD

35

$

33,689

2.20%

,

05/01/30

..................

25

21,930

4.90%

,

09/15/31

..................

50

49,866

4.45%

,

02/01/47

..................

18

15,406

3.95%

,

01/15/50

..................

29

22,856

Sysco

Corp.

3.30%

,

07/15/26

(b)

.................

30

29,341

5.95%

,

04/01/30

..................

30

32,026

6.60%

,

04/01/50

..................

30

34,494

3.15%

,

12/14/51

..................

20

13,640

408,813

Containers

&

Packaging

—

0.7%

Amcor

Flexibles

North

America,

Inc.,

2.69%,

05/25/31

......................

40

34,880

Avery

Dennison

Corp.,

2.25%,

02/15/32

....

15

12,584

Berry

Global,

Inc.,

5.65%,

01/15/34

(a)

......

25

25,442

International

Paper

Co.,

4.40%,

08/15/47

...

40

34,225

Packaging

Corp.

of

America,

3.05%,

10/01/51

20

13,717

Sonoco

Products

Co.

2.85%

,

02/01/32

(b)

.................

28

24,138

5.75%

,

11/01/40

..................

15

15,455

WRKCo,

Inc.

3.75%

,

03/15/25

..................

31

30,743

4.90%

,

03/15/29

..................

25

25,263

3.00%

,

06/15/33

..................

15

13,067

229,514

Distributors

—

0.1%

Genuine

Parts

Co.,

2.75%,

02/01/32

......

20

17,174

LKQ

Corp.,

6.25%,

06/15/33

(b)

..........

15

15,744

32,918

Diversified

REITs

—

0.7%

Digital

Realty

Trust

LP,

3.70%,

08/15/27

....

65

63,341

GLP

Capital

LP

5.75%

,

06/01/28

..................

31

31,673

5.30%

,

01/15/29

..................

25

25,166

VICI

Properties

LP

4.38%

,

05/15/25

..................

56

55,537

4.75%

,

02/15/28

..................

50

49,814

5.63%

,

05/15/52

..................

17

16,111

241,642

Diversified

Telecommunication

Services

—

6.4%

AT&T,

Inc.

1.70%

,

03/25/26

..................

30

28,671

4.25%

,

03/01/27

..................

25

24,910

2.30%

,

06/01/27

..................

150

141,869

2.75%

,

06/01/31

..................

125

110,897

2.55%

,

12/01/33

..................

35

28,914

5.40%

,

02/15/34

..................

25

25,815

4.50%

,

05/15/35

..................

95

90,683

3.50%

,

06/01/41

..................

35

27,866

4.50%

,

03/09/48

..................

45

38,863

3.65%

,

06/01/51

..................

30

22,241

3.50%

,

09/15/53

..................

174

123,830

3.55%

,

09/15/55

..................

30

21,106

3.80%

,

12/01/57

..................

85

62,245

3.65%

,

09/15/59

..................

145

102,177

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

5.20%

,

02/15/34

..................

25

25,424

4.46%

,

04/01/48

..................

35

30,672

Series

US-4

,

3.65%

,

03/17/51

.........

30

22,775

British

Telecommunications

plc,

9.63%,

12/15/30

(d)

.....................

50

62,799

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

BBB

Rated

Corporate

Bond

ETF

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Deutsche

Telekom

International

Finance

BV,

8.75%,

06/15/30

(d)

(e)

...............

USD

67

$

80,520

Orange

SA

9.00%

,

03/01/31

(d)

.................

45

55,235

5.38%

,

01/13/42

..................

25

24,924

Sprint

Capital

Corp.,

6.88%,

11/15/28

......

102

110,509

Telefonica

Emisiones

SA,

7.05%,

06/20/36

..

25

28,333

TELUS

Corp.,

4.60%,

11/16/48

.........

25

21,476

Verizon

Communications,

Inc.

1.45%

,

03/20/26

..................

148

141,054

4.33%

,

09/21/28

..................

116

115,692

1.68%

,

10/30/30

..................

90

76,182

2.55%

,

03/21/31

..................

131

115,033

2.36%

,

03/15/32

..................

85

72,202

5.05%

,

05/09/33

..................

65

66,232

3.40%

,

03/22/41

..................

75

59,812

4.86%

,

08/21/46

..................

70

66,223

2.88%

,

11/20/50

(b)

.................

30

19,819

3.55%

,

03/22/51

..................

115

86,687

2.99%

,

10/30/56

..................

85

54,711

3.70%

,

03/22/61

..................

50

36,804

2,223,205

Electric

Utilities

—

4.8%

AEP

Texas,

Inc.

Series

I

,

2.10%

,

07/01/30

............

25

21,702

5.25%

,

05/15/52

..................

20

18,820

American

Electric

Power

Co.,

Inc.

5.95%

,

11/01/32

..................

20

21,272

5.63%

,

03/01/33

..................

25

26,124

Avangrid,

Inc.,

3.20%,

04/15/25

.........

12

11,824

Duke

Energy

Corp.

2.45%

,

06/01/30

..................

90

80,451

5.75%

,

09/15/33

(b)

.................

50

52,778

3.75%

,

09/01/46

..................

43

32,849

3.50%

,

06/15/51

..................

35

25,060

5.80%

,

06/15/54

..................

25

25,615

Edison

International,

6.95%,

11/15/29

.....

35

38,262

Emera

US

Finance

LP,

4.75%,

06/15/46

....

19

16,373

Entergy

Corp.

1.90%

,

06/15/28

..................

25

22,744

2.40%

,

06/15/31

..................

40

34,218

Evergy,

Inc.,

2.90%,

09/15/29

..........

25

22,973

Eversource

Energy

2.90%

,

03/01/27

..................

80

76,732

5.50%

,

01/01/34

..................

50

50,878

Exelon

Corp.

3.95%

,

06/15/25

..................

54

53,533

5.15%

,

03/15/28

..................

88

89,840

4.05%

,

04/15/30

..................

36

35,087

4.70%

,

04/15/50

..................

25

22,195

5.60%

,

03/15/53

..................

15

15,217

FirstEnergy

Corp.,

Series

C,

3.40%,

03/01/50

.

25

17,607

NextEra

Energy

Capital

Holdings,

Inc.

4.45%

,

06/20/25

..................

27

26,892

5.75%

,

09/01/25

..................

25

25,199

2.25%

,

06/01/30

..................

125

110,192

5.25%

,

02/28/53

..................

20

19,521

Pacific

Gas

&

Electric

Co.

3.50%

,

06/15/25

..................

25

24,665

3.45%

,

07/01/25

..................

25

24,640

3.15%

,

01/01/26

..................

25

24,394

4.55%

,

07/01/30

..................

60

58,689

3.25%

,

06/01/31

..................

55

49,201

6.40%

,

06/15/33

..................

30

32,085

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

5.80%

,

05/15/34

..................

USD

15

$

15,436

4.00%

,

12/01/46

..................

40

30,269

4.95%

,

07/01/50

..................

60

52,314

3.50%

,

08/01/50

..................

30

20,737

6.75%

,

01/15/53

..................

28

30,535

Southern

Co.

(The)

3.25%

,

07/01/26

..................

73

71,310

5.50%

,

03/15/29

..................

75

78,065

5.70%

,

10/15/32

..................

25

26,397

5.70%

,

03/15/34

..................

25

26,372

4.40%

,

07/01/46

..................

45

39,294

Southwestern

Electric

Power

Co.,

Series

N,

1.65%,

03/15/26

.................

35

33,487

Xcel

Energy,

Inc.,

2.60%,

12/01/29

.......

45

40,626

1,672,474

Electrical

Equipment

—

0.2%

Regal

Rexnord

Corp.

6.05%

,

04/15/28

..................

35

36,125

6.40%

,

04/15/33

..................

25

26,473

62,598

Electronic

Equipment,

Instruments

&

Components

—

0.8%

Amphenol

Corp.,

2.20%,

09/15/31

........

34

28,987

Arrow

Electronics,

Inc.,

2.95%,

02/15/32

(b)

...

19

16,500

CDW

LLC,

3.28%,

12/01/28

...........

54

50,599

Corning,

Inc.

4.38%

,

11/15/57

..................

25

20,501

5.45%

,

11/15/79

..................

12

11,656

Flex

Ltd.,

4.88%,

06/15/29

............

23

22,906

Jabil,

Inc.,

3.95%,

01/12/28

............

38

36,891

Keysight

Technologies,

Inc.,

3.00%,

10/30/29

.

11

10,200

TD

SYNNEX

Corp.

2.38%

,

08/09/28

..................

25

22,802

2.65%

,

08/09/31

..................

20

16,907

Teledyne

Technologies,

Inc.,

2.75%,

04/01/31

30

26,402

Trimble,

Inc.,

6.10%,

03/15/33

..........

20

21,377

Vontier

Corp.,

2.95%,

04/01/31

.........

10

8,620

294,348

Energy

Equipment

&

Services

—

0.4%

Halliburton

Co.

4.85%

,

11/15/35

..................

25

24,661

7.45%

,

09/15/39

..................

15

18,283

4.50%

,

11/15/41

..................

25

22,316

5.00%

,

11/15/45

..................

40

37,502

NOV,

Inc.

3.60%

,

12/01/29

..................

20

18,970

3.95%

,

12/01/42

..................

20

15,740

137,472

Entertainment

—

0.8%

Electronic

Arts,

Inc.,

2.95%,

02/15/51

......

25

17,191

Take-Two

Interactive

Software,

Inc.,

3.55%,

04/14/25

......................

18

17,814

Warnermedia

Holdings,

Inc.

3.64%

,

03/15/25

..................

50

49,522

4.28%

,

03/15/32

(b)

.................

80

69,919

5.05%

,

03/15/42

..................

20

16,018

5.14%

,

03/15/52

..................

125

95,087

5.39%

,

03/15/62

..................

15

11,328

276,879

Financial

Services

—

1.9%

Block

Financial

LLC,

2.50%,

07/15/28

.....

37

33,944

Corebridge

Financial,

Inc.

3.65%

,

04/05/27

..................

46

45,052

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

BBB

Rated

Corporate

Bond

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

3.85%

,

04/05/29

..................

USD

40

$

38,590

4.40%

,

04/05/52

(b)

.................

20

16,634

Equitable

Holdings,

Inc.

4.35%

,

04/20/28

..................

31

30,635

5.59%

,

01/11/33

..................

10

10,343

5.00%

,

04/20/48

..................

17

15,832

Fidelity

National

Information

Services,

Inc.

1.15%

,

03/01/26

..................

62

58,814

5.10%

,

07/15/32

(b)

.................

20

20,446

3.10%

,

03/01/41

..................

20

14,986

Fiserv,

Inc.

3.20%

,

07/01/26

..................

49

47,850

3.50%

,

07/01/29

..................

75

71,732

5.63%

,

08/21/33

..................

40

41,853

4.40%

,

07/01/49

..................

30

25,732

Global

Payments,

Inc.

1.20%

,

03/01/26

..................

95

90,070

3.20%

,

08/15/29

..................

25

23,199

4.15%

,

08/15/49

..................

25

19,897

Jackson

Financial,

Inc.,

4.00%,

11/23/51

....

10

7,231

Western

Union

Co.

(The),

1.35%,

03/15/26

..

37

35,079

647,919

Food

Products

—

2.7%

Bunge

Ltd.

Finance

Corp.

3.75%

,

09/25/27

..................

35

34,264

2.75%

,

05/14/31

..................

18

15,929

Campbell

Soup

Co.

4.15%

,

03/15/28

..................

28

27,695

3.13%

,

04/24/50

..................

15

10,252

Conagra

Brands,

Inc.

1.38%

,

11/01/27

..................

67

60,754

5.40%

,

11/01/48

..................

25

24,074

General

Mills,

Inc.

4.00%

,

04/17/25

..................

37

36,746

3.20%

,

02/10/27

..................

55

53,423

2.25%

,

10/14/31

(b)

.................

50

42,669

3.00%

,

02/01/51

..................

17

11,356

J

M

Smucker

Co.

(The)

3.50%

,

03/15/25

..................

25

24,761

2.13%

,

03/15/32

..................

19

15,831

4.38%

,

03/15/45

..................

20

17,319

JBS

USA

Holding

Lux

SARL

3.00%

,

05/15/32

..................

100

85,366

6.50%

,

12/01/52

..................

35

36,770

Kellanova

3.40%

,

11/15/27

..................

38

36,890

4.50%

,

04/01/46

..................

12

10,651

Kraft

Heinz

Foods

Co.

3.00%

,

06/01/26

..................

25

24,343

5.00%

,

07/15/35

..................

65

65,804

6.50%

,

02/09/40

..................

23

25,487

4.38%

,

06/01/46

..................

110

94,013

McCormick

&

Co.,

Inc.

0.90%

,

02/15/26

..................

41

38,869

1.85%

,

02/15/31

..................

16

13,482

Mondelez

International,

Inc.

1.50%

,

05/04/25

..................

26

25,389

3.00%

,

03/17/32

..................

35

31,315

2.63%

,

09/04/50

..................

30

19,037

Tyson

Foods,

Inc.

4.35%

,

03/01/29

..................

50

49,424

5.10%

,

09/28/48

..................

30

27,784

959,697

Security

Par

(000)

Par

(000)

Value

Gas

Utilities

—

0.0%

National

Fuel

Gas

Co.,

2.95%,

03/01/31

....

USD

15

$

13,068

Ground

Transportation

—

0.6%

Canadian

Pacific

Railway

Co.

1.75%

,

12/02/26

(b)

.................

35

33,028

2.05%

,

03/05/30

..................

25

22,046

3.50%

,

05/01/50

..................

15

11,302

3.10%

,

12/02/51

..................

15

10,438

6.13%

,

09/15/2115

................

10

10,625

Norfolk

Southern

Corp.

4.45%

,

03/01/33

..................

30

29,567

3.05%

,

05/15/50

..................

65

44,551

5.35%

,

08/01/54

(b)

.................

10

10,044

3.16%

,

05/15/55

..................

30

20,004

Ryder

System,

Inc.,

5.25%,

06/01/28

......

30

30,618

222,223

Health

Care

Equipment

&

Supplies

—

2.0%

Baxter

International,

Inc.

1.92%

,

02/01/27

..................

46

43,206

3.95%

,

04/01/30

..................

25

24,176

2.54%

,

02/01/32

(b)

.................

40

34,143

3.13%

,

12/01/51

..................

20

13,386

Becton

Dickinson

&

Co.

4.69%

,

02/13/28

..................

46

46,242

1.96%

,

02/11/31

(b)

.................

44

37,339

4.67%

,

06/06/47

..................

35

31,535

3.79%

,

05/20/50

..................

15

11,858

Boston

Scientific

Corp.

1.90%

,

06/01/25

(b)

.................

10

9,819

2.65%

,

06/01/30

..................

22

20,065

4.70%

,

03/01/49

(b)

.................

20

18,627

GE

HealthCare

Technologies,

Inc.,

5.65%,

11/15/27

......................

115

118,747

Koninklijke

Philips

NV

6.88%

,

03/11/38

..................

20

22,762

5.00%

,

03/15/42

..................

15

14,047

Smith

&

Nephew

plc,

2.03%,

10/14/30

.....

26

22,309

Solventum

Corp.

(a)

5.45%

,

03/13/31

..................

50

51,138

5.90%

,

04/30/54

(b)

.................

25

25,308

Stryker

Corp.

1.15%

,

06/15/25

..................

15

14,566

3.50%

,

03/15/26

..................

55

54,096

4.63%

,

03/15/46

..................

30

27,441

Zimmer

Biomet

Holdings,

Inc.

3.05%

,

01/15/26

..................

35

34,237

2.60%

,

11/24/31

..................

13

11,263

686,310

Health

Care

Providers

&

Services

—

6.4%

Aetna,

Inc.

3.50%

,

11/15/24

..................

36

35,837

6.63%

,

06/15/36

..................

14

15,500

4.13%

,

11/15/42

..................

15

12,246

3.88%

,

08/15/47

..................

20

15,093

Cardinal

Health,

Inc.

3.41%

,

06/15/27

..................

30

29,185

4.37%

,

06/15/47

..................

15

12,629

Cencora,

Inc.

2.80%

,

05/15/30

..................

30

27,218

4.30%

,

12/15/47

..................

20

17,335

Centene

Corp.

4.63%

,

12/15/29

..................

100

97,230

2.63%

,

08/01/31

..................

60

50,824

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

BBB

Rated

Corporate

Bond

ETF

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Cigna

Group

(The)

4.38%

,

10/15/28

..................

USD

113

$

112,191

5.40%

,

03/15/33

..................

55

56,916

5.25%

,

02/15/34

..................

35

35,678

4.80%

,

07/15/46

..................

50

45,304

3.40%

,

03/15/50

..................

25

17,823

3.40%

,

03/15/51

(b)

.................

68

48,224

CVS

Health

Corp.

3.88%

,

07/20/25

..................

65

64,346

5.00%

,

02/20/26

..................

36

36,128

1.30%

,

08/21/27

..................

30

27,384

4.30%

,

03/25/28

..................

60

59,289

5.13%

,

02/21/30

..................

65

65,977

2.13%

,

09/15/31

..................

35

29,066

5.25%

,

02/21/33

(b)

.................

48

48,226

4.78%

,

03/25/38

..................

85

78,182

5.05%

,

03/25/48

..................

110

97,563

4.25%

,

04/01/50

..................

25

19,651

5.63%

,

02/21/53

(b)

.................

74

70,752

Elevance

Health,

Inc.

3.35%

,

12/01/24

..................

10

9,944

2.38%

,

01/15/25

..................

36

35,624

1.50%

,

03/15/26

..................

75

71,572

2.55%

,

03/15/31

..................

47

41,416

4.38%

,

12/01/47

..................

35

30,289

3.13%

,

05/15/50

..................

25

17,362

3.60%

,

03/15/51

..................

85

63,262

HCA,

Inc.

5.38%

,

02/01/25

..................

65

64,905

5.25%

,

06/15/26

..................

35

35,133

3.13%

,

03/15/27

..................

80

77,154

4.13%

,

06/15/29

..................

60

58,520

3.50%

,

09/01/30

..................

65

60,628

5.60%

,

04/01/34

..................

50

51,410

5.50%

,

06/15/47

..................

30

28,949

5.25%

,

06/15/49

..................

40

37,144

3.50%

,

07/15/51

..................

54

37,929

Humana,

Inc.

3.85%

,

10/01/24

..................

37

36,981

3.70%

,

03/23/29

..................

60

57,923

5.95%

,

03/15/34

..................

35

37,002

3.95%

,

08/15/49

..................

40

31,109

Laboratory

Corp.

of

America

Holdings

1.55%

,

06/01/26

..................

36

34,116

4.70%

,

02/01/45

..................

20

18,073

Quest

Diagnostics,

Inc.,

4.20%,

06/30/29

...

41

40,386

Universal

Health

Services,

Inc.

2.65%

,

10/15/30

..................

30

26,511

2.65%

,

01/15/32

..................

5

4,270

2,233,409

Health

Care

REITs

—

1.2%

Alexandria

Real

Estate

Equities,

Inc.

2.00%

,

05/18/32

..................

68

55,196

4.00%

,

02/01/50

..................

15

11,562

5.15%

,

04/15/53

..................

25

23,015

Healthcare

Realty

Holdings

LP,

3.75%,

07/01/27

59

57,362

Healthpeak

OP

LLC

2.13%

,

12/01/28

..................

45

40,752

3.00%

,

01/15/30

..................

37

34,119

Omega

Healthcare

Investors,

Inc.,

3.25%,

04/15/33

......................

25

21,157

Sabra

Health

Care

LP,

3.20%,

12/01/31

....

35

30,399

Ventas

Realty

LP,

4.75%,

11/15/30

.......

39

38,950

Security

Par

(000)

Par

(000)

Value

Health

Care

REITs

(continued)

Welltower

OP

LLC

4.00%

,

06/01/25

..................

USD

10

$

9,912

2.05%

,

01/15/29

..................

35

31,530

2.80%

,

06/01/31

..................

30

26,602

2.75%

,

01/15/32

..................

25

21,762

4.95%

,

09/01/48

..................

16

15,120

417,438

Hotel

&

Resort

REITs

—

0.1%

Host

Hotels

&

Resorts

LP,

Series

H,

3.38%,

12/15/29

......................

25

23,034

Hotels,

Restaurants

&

Leisure

—

2.0%

Darden

Restaurants,

Inc.,

6.30%,

10/10/33

(b)

.

25

26,797

Expedia

Group,

Inc.

5.00%

,

02/15/26

..................

20

20,043

3.25%

,

02/15/30

..................

10

9,335

2.95%

,

03/15/31

..................

35

31,502

Marriott

International,

Inc.

Series

EE

,

5.75%

,

05/01/25

...........

23

23,110

5.00%

,

10/15/27

..................

93

94,389

Series

GG

,

3.50%

,

10/15/32

..........

35

31,532

McDonald's

Corp.

3.38%

,

05/26/25

..................

25

24,719

3.30%

,

07/01/25

..................

36

35,532

3.70%

,

01/30/26

..................

25

24,689

3.60%

,

07/01/30

..................

70

67,166

4.95%

,

08/14/33

(b)

.................

35

35,798

6.30%

,

03/01/38

..................

20

22,420

4.88%

,

12/09/45

..................

32

30,096

3.63%

,

09/01/49

..................

45

34,358

5.45%

,

08/14/53

..................

30

30,400

Starbucks

Corp.

4.75%

,

02/15/26

..................

68

68,226

2.55%

,

11/15/30

..................

45

40,257

3.00%

,

02/14/32

..................

15

13,492

4.45%

,

08/15/49

..................

21

18,207

3.50%

,

11/15/50

..................

36

26,621

708,689

Household

Durables

—

0.2%

DR

Horton,

Inc.,

1.40%,

10/15/27

(b)

.......

35

31,944

Lennar

Corp.,

4.75%,

11/29/27

..........

28

28,233

Whirlpool

Corp.,

4.60%,

05/15/50

(b)

.......

20

16,326

76,503

Household

Products

—

0.1%

Church

&

Dwight

Co.,

Inc.,

5.00%,

06/15/52

..

15

14,509

Clorox

Co.

(The),

1.80%,

05/15/30

.......

23

19,897

34,406

Independent

Power

and

Renewable

Electricity

Producers

—

0.4%

AES

Corp.

(The),

2.45%,

01/15/31

(b)

......

25

21,325

Constellation

Energy

Generation

LLC

5.60%

,

03/01/28

..................

35

36,272

5.80%

,

03/01/33

..................

15

15,741

6.25%

,

10/01/39

..................

20

21,716

5.60%

,

06/15/42

..................

20

19,970

5.75%

,

03/15/54

..................

10

10,048

125,072

Insurance

—

2.4%

Allstate

Corp.

(The)

1.45%

,

12/15/30

..................

25

20,704

5.25%

,

03/30/33

..................

55

56,821

American

International

Group,

Inc.

5.13%

,

03/27/33

..................

35

35,703

4.80%

,

07/10/45

..................

20

18,557

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

BBB

Rated

Corporate

Bond

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

4.38%

,

06/30/50

..................

USD

30

$

25,935

Aon

Corp.

2.80%

,

05/15/30

..................

47

42,791

3.90%

,

02/28/52

..................

28

21,830

Aon

Global

Ltd.

3.88%

,

12/15/25

..................

70

69,415

4.75%

,

05/15/45

..................

21

19,096

Aon

North

America,

Inc.,

5.45%,

03/01/34

...

50

51,779

Arch

Capital

Group

Ltd.,

3.64%,

06/30/50

...

25

18,822

Arthur

J

Gallagher

&

Co.,

5.75%,

07/15/54

..

50

50,849

Athene

Holding

Ltd.

6.15%

,

04/03/30

..................

10

10,642

3.50%

,

01/15/31

..................

18

16,557

Brighthouse

Financial,

Inc.,

4.70%,

06/22/47

(b)

15

11,865

Brown

&

Brown,

Inc.

2.38%

,

03/15/31

..................

20

17,124

4.95%

,

03/17/52

..................

20

18,255

CNA

Financial

Corp.,

3.45%,

08/15/27

.....

60

58,279

CNO

Financial

Group,

Inc.,

6.45%,

06/15/34

.

15

15,645

Enstar

Group

Ltd.,

3.10%,

09/01/31

.......

25

21,237

Everest

Reinsurance

Holdings,

Inc.,

3.13%,

10/15/52

(b)

.....................

30

19,544

Fairfax

Financial

Holdings

Ltd.

3.38%

,

03/03/31

..................

25

22,482

6.10%

,

03/15/55

(a)

.................

25

25,297

Fidelity

National

Financial,

Inc.,

3.40%,

06/15/30

......................

15

13,816

Hartford

Financial

Services

Group,

Inc.

(The)

2.80%

,

08/19/29

(b)

.................

28

25,799

3.60%

,

08/19/49

..................

20

15,258

2.90%

,

09/15/51

..................

10

6,635

Lincoln

National

Corp.

3.05%

,

01/15/30

..................

22

20,249

7.00%

,

06/15/40

..................

7

7,954

Markel

Group,

Inc.

5.00%

,

04/05/46

..................

15

13,594

3.45%

,

05/07/52

..................

30

20,758

Old

Republic

International

Corp.,

3.85%,

06/11/51

......................

15

11,014

Willis

North

America,

Inc.

4.50%

,

09/15/28

..................

32

31,820

3.88%

,

09/15/49

..................

17

13,081

849,207

IT

Services

—

0.2%

Kyndryl

Holdings,

Inc.

2.05%

,

10/15/26

..................

18

16,905

2.70%

,

10/15/28

..................

25

22,839

4.10%

,

10/15/41

..................

10

7,907

VeriSign,

Inc.,

2.70%,

06/15/31

.........

42

36,548

84,199

Leisure

Products

—

0.1%

Hasbro,

Inc.,

3.55%,

11/19/26

..........

35

34,047

Life

Sciences

Tools

&

Services

—

0.2%

Agilent

Technologies,

Inc.,

2.30%,

03/12/31

..

24

20,803

Revvity,

Inc.,

1.90%,

09/15/28

..........

37

33,295

54,098

Machinery

—

1.1%

CNH

Industrial

Capital

LLC

3.95%

,

05/23/25

..................

31

30,758

1.88%

,

01/15/26

..................

15

14,437

Flowserve

Corp.,

2.80%,

01/15/32

.......

15

12,781

Fortive

Corp.,

4.30%,

06/15/46

..........

10

8,569

IDEX

Corp.,

2.63%,

06/15/31

...........

20

17,399

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Ingersoll

Rand,

Inc.,

5.70%,

08/14/33

......

USD

35

$

36,895

Otis

Worldwide

Corp.

2.57%

,

02/15/30

..................

39

35,197

3.11%

,

02/15/40

..................

25

19,384

Parker-Hannifin

Corp.

3.25%

,

03/01/27

..................

41

39,855

3.25%

,

06/14/29

..................

50

47,414

4.00%

,

06/14/49

..................

30

24,913

Stanley

Black

&

Decker,

Inc.

2.30%

,

02/24/25

..................

30

29,668

4.25%

,

11/15/28

..................

35

34,743

4.85%

,

11/15/48

..................

15

13,465

Westinghouse

Air

Brake

Technologies

Corp.,

4.70%,

09/15/28

(d)

................

33

33,137

398,615

Media

—

2.5%

Charter

Communications

Operating

LLC

4.91%

,

07/23/25

..................

29

28,905

2.80%

,

04/01/31

..................

65

55,050

4.40%

,

04/01/33

(b)

.................

60

54,602

6.48%

,

10/23/45

..................

60

57,536

5.38%

,

05/01/47

..................

35

29,221

5.75%

,

04/01/48

..................

67

58,219

3.70%

,

04/01/51

..................

35

22,188

3.90%

,

06/01/52

..................

45

29,471

3.85%

,

04/01/61

..................

50

30,380

3.95%

,

06/30/62

..................

35

21,601

Discovery

Communications

LLC

3.95%

,

03/20/28

..................

85

80,556

5.20%

,

09/20/47

..................

45

35,376

Fox

Corp.

4.71%

,

01/25/29

..................

50

50,340

6.50%

,

10/13/33

..................

10

10,840

5.48%

,

01/25/39

..................

25

24,914

5.58%

,

01/25/49

..................

10

9,668

Interpublic

Group

of

Cos.,

Inc.

(The)

2.40%

,

03/01/31

..................

18

15,506

5.40%

,

10/01/48

..................

10

9,645

Omnicom

Group,

Inc.

3.60%

,

04/15/26

..................

25

24,579

2.60%

,

08/01/31

..................

32

27,906

Paramount

Global

4.95%

,

01/15/31

(b)

.................

45

41,785

6.88%

,

04/30/36

..................

10

9,959

4.38%

,

03/15/43

..................

25

17,969

5.85%

,

09/01/43

..................

10

8,524

4.95%

,

05/19/50

..................

25

18,654

Time

Warner

Cable

LLC

6.55%

,

05/01/37

..................

20

19,763

7.30%

,

07/01/38

..................

25

26,147

6.75%

,

06/15/39

..................

35

34,752

5.50%

,

09/01/41

..................

35

30,090

884,146

Metals

&

Mining

—

0.7%

ArcelorMittal

SA

4.25%

,

07/16/29

..................

63

61,570

7.00%

,

10/15/39

(d)

.................

5

5,542

Barrick

North

America

Finance

LLC,

5.70%,

05/30/41

......................

35

36,001

Freeport-McMoRan,

Inc.

5.40%

,

11/14/34

..................

20

20,402

5.45%

,

03/15/43

..................

25

24,427

Newmont

Corp.

2.25%

,

10/01/30

..................

25

22,165

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

BBB

Rated

Corporate

Bond

ETF

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

2.60%

,

07/15/32

..................

USD

46

$

40,081

4.88%

,

03/15/42

..................

35

33,717

243,905

Multi-Utilities

—

1.3%

Dominion

Energy,

Inc.

Series

C

,

3.38%

,

04/01/30

...........

80

74,762

Series

B

,

3.30%

,

04/15/41

............

24

18,078

DTE

Energy

Co.

Series

C

,

2.53%

,

10/01/24

(d)

..........

27

26,928

2.85%

,

10/01/26

..................

35

33,832

National

Grid

plc,

5.42%,

01/11/34

.......

25

25,524

NiSource,

Inc.

3.49%

,

05/15/27

..................

35

34,079

3.60%

,

05/01/30

..................

45

42,639

4.38%

,

05/15/47

..................

50

42,548

Public

Service

Enterprise

Group,

Inc.

5.85%

,

11/15/27

..................

41

42,598

2.45%

,

11/15/31

..................

17

14,587

Sempra

3.40%

,

02/01/28

..................

52

50,147

3.80%

,

02/01/38

..................

15

12,782

4.00%

,

02/01/48

..................

15

11,890

WEC

Energy

Group,

Inc.,

2.20%,

12/15/28

..

43

39,150

469,544

Office

REITs

—

0.3%

Boston

Properties

LP

3.65%

,

02/01/26

..................

25

24,458

2.75%

,

10/01/26

..................

20

19,040

2.90%

,

03/15/30

..................

45

39,737

3.25%

,

01/30/31

..................

40

35,202

118,437

Oil,

Gas

&

Consumable

Fuels

—

9.8%

6297782

LLC,

5.58%,

10/01/34

(a)

........

25

24,918

Apache

Corp.,

4.25%,

01/15/30

(b)

........

20

19,079

Boardwalk

Pipelines

LP

5.95%

,

06/01/26

..................

18

18,293

3.40%

,

02/15/31

..................

25

22,520

Canadian

Natural

Resources

Ltd.

3.85%

,

06/01/27

..................

35

34,342

6.25%

,

03/15/38

..................

25

26,637

4.95%

,

06/01/47

..................

15

13,397

Cenovus

Energy,

Inc.

6.75%

,

11/15/39

..................

8

8,949

3.75%

,

02/15/52

(b)

.................

25

18,408

Cheniere

Corpus

Christi

Holdings

LLC

5.13%

,

06/30/27

..................

45

45,429

2.74%

,

12/31/39

..................

19

15,378

Cheniere

Energy

Partners

LP

3.25%

,

01/31/32

..................

45

39,847

5.95%

,

06/30/33

..................

25

26,194

Cheniere

Energy,

Inc.,

5.65%,

04/15/34

(a)

...

35

36,029

Columbia

Pipeline

Group,

Inc.,

5.80%,

06/01/45

15

15,197

Continental

Resources,

Inc.,

4.90%,

06/01/44

25

21,250

Devon

Energy

Corp.

4.50%

,

01/15/30

..................

24

23,787

5.60%

,

07/15/41

..................

20

19,522

5.00%

,

06/15/45

..................

20

17,839

Diamondback

Energy,

Inc.

3.50%

,

12/01/29

..................

70

66,164

5.40%

,

04/18/34

..................

25

25,431

4.25%

,

03/15/52

..................

20

16,066

5.75%

,

04/18/54

..................

25

24,973

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Enbridge,

Inc.

5.70%

,

03/08/33

..................

USD

50

$

52,166

2.50%

,

08/01/33

..................

25

20,685

4.00%

,

11/15/49

..................

25

19,868

Energy

Transfer

LP

4.75%

,

01/15/26

..................

50

49,906

5.50%

,

06/01/27

..................

71

72,391

4.15%

,

09/15/29

..................

36

35,109

3.75%

,

05/15/30

..................

53

50,063

5.75%

,

02/15/33

..................

35

36,298

6.55%

,

12/01/33

..................

30

32,761

5.00%

,

05/15/44

(d)

.................

42

37,544

5.15%

,

03/15/45

..................

35

31,988

6.25%

,

04/15/49

..................

34

35,359

5.00%

,

05/15/50

..................

70

62,208

EQT

Corp.,

5.70%,

04/01/28

...........

43

44,085

Hess

Corp.

7.30%

,

08/15/31

..................

32

36,451

5.60%

,

02/15/41

(b)

.................

35

35,826

Kinder

Morgan

Energy

Partners

LP

6.95%

,

01/15/38

..................

45

50,504

5.50%

,

03/01/44

..................

39

37,592

Kinder

Morgan,

Inc.

4.30%

,

06/01/25

..................

87

86,323

1.75%

,

11/15/26

..................

36

33,911

7.75%

,

01/15/32

..................

25

28,892

5.20%

,

06/01/33

..................

25

25,030

5.55%

,

06/01/45

..................

40

38,781

3.60%

,

02/15/51

..................

45

31,967

Marathon

Oil

Corp.

4.40%

,

07/15/27

..................

28

27,862

6.60%

,

10/01/37

..................

10

11,199

5.20%

,

06/01/45

..................

15

14,338

Marathon

Petroleum

Corp.

4.70%

,

05/01/25

..................

75

74,840

6.50%

,

03/01/41

..................

30

32,312

MPLX

LP

1.75%

,

03/01/26

..................

57

54,496

2.65%

,

08/15/30

..................

60

53,552

4.50%

,

04/15/38

..................

40

36,455

5.50%

,

02/15/49

..................

45

43,148

5.65%

,

03/01/53

..................

35

34,176

Occidental

Petroleum

Corp.

5.55%

,

03/15/26

..................

35

35,293

8.88%

,

07/15/30

..................

30

35,337

7.50%

,

05/01/31

..................

60

67,906

6.45%

,

09/15/36

..................

25

27,058

6.60%

,

03/15/46

..................

35

37,827

ONEOK,

Inc.

5.85%

,

01/15/26

..................

20

20,253

4.00%

,

07/13/27

..................

39

38,466

6.35%

,

01/15/31

..................

10

10,708

6.10%

,

11/15/32

..................

35

37,135

6.05%

,

09/01/33

..................

25

26,396

4.25%

,

09/15/46

..................

25

20,176

5.20%

,

07/15/48

..................

40

36,719

3.95%

,

03/01/50

..................

30

22,671

6.63%

,

09/01/53

..................

25

27,563

Ovintiv,

Inc.,

6.50%,

08/15/34

..........

20

21,639

Phillips

66

4.65%

,

11/15/34

..................

35

33,862

4.88%

,

11/15/44

..................

35

32,047

Phillips

66

Co.

4.95%

,

12/01/27

(b)

.................

30

30,458

3.15%

,

12/15/29

..................

30

28,027

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

BBB

Rated

Corporate

Bond

ETF

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Plains

All

American

Pipeline

LP,

3.55%,

12/15/29

......................

USD

45

$

42,351

Sabine

Pass

Liquefaction

LLC

5.63%

,

03/01/25

..................

20

20,008

4.50%

,

05/15/30

(b)

.................

60

59,384

Spectra

Energy

Partners

LP,

4.50%,

03/15/45

25

21,323

Suncor

Energy,

Inc.

6.80%

,

05/15/38

..................

35

39,124

3.75%

,

03/04/51

(b)

.................

35

25,856

Targa

Resources

Corp.

4.20%

,

02/01/33

..................

40

37,228

6.13%

,

03/15/33

..................

25

26,597

6.25%

,

07/01/52

..................

25

26,231

Targa

Resources

Partners

LP,

6.88%,

01/15/29

60

61,662

TransCanada

PipeLines

Ltd.

4.25%

,

05/15/28

..................

25

24,730

2.50%

,

10/12/31

..................

42

36,565

6.20%

,

10/15/37

..................

35

37,490

7.63%

,

01/15/39

..................

26

31,631

5.10%

,

03/15/49

..................

35

33,400

Transcontinental

Gas

Pipe

Line

Co.

LLC,

7.85%,

02/01/26

.................

24

24,818

Valero

Energy

Corp.

4.35%

,

06/01/28

..................

35

34,726

6.63%

,

06/15/37

..................

25

27,579

3.65%

,

12/01/51

(b)

.................

20

14,293

Western

Midstream

Operating

LP

(d)

4.05%

,

02/01/30

..................

40

38,220

5.25%

,

02/01/50

..................

35

31,275

Williams

Cos.,

Inc.

(The)

5.40%

,

03/02/26

..................

25

25,233

3.75%

,

06/15/27

..................

30

29,367

2.60%

,

03/15/31

..................

65

56,803

6.30%

,

04/15/40

..................

30

32,078

5.10%

,

09/15/45

..................

35

32,566

3.50%

,

10/15/51

..................

25

17,968

3,425,782

Passenger

Airlines

—

0.2%

Southwest

Airlines

Co.,

5.25%,

05/04/25

....

68

67,981

Pharmaceuticals

—

1.0%

Mylan,

Inc.,

5.20%,

04/15/48

...........

35

29,908

Royalty

Pharma

plc

1.20%

,

09/02/25

..................

37

35,660

1.75%

,

09/02/27

..................

53

48,906

3.30%

,

09/02/40

..................

25

18,966

3.55%

,

09/02/50

(b)

.................

20

14,161

Utah

Acquisition

Sub,

Inc.,

3.95%,

06/15/26

..

25

24,644

Viatris,

Inc.

2.70%

,

06/22/30

(b)

.................

45

39,585

4.00%

,

06/22/50

..................

30

21,288

Zoetis,

Inc.

5.40%

,

11/14/25

..................

30

30,214

2.00%

,

05/15/30

..................

52

45,386

4.70%

,

02/01/43

..................

30

27,795

336,513

Professional

Services

—

0.3%

Broadridge

Financial

Solutions,

Inc.,

2.60%,

05/01/31

......................

29

25,199

Equifax,

Inc.

3.10%

,

05/15/30

..................

25

23,137

2.35%

,

09/15/31

..................

43

36,796

Thomson

Reuters

Corp.,

5.85%,

04/15/40

...

5

5,213

Security

Par

(000)

Par

(000)

Value

Professional

Services

(continued)

Verisk

Analytics,

Inc.,

3.63%,

05/15/50

.....

USD

10

$

7,517

97,862

Real

Estate

Management

&

Development

—

0.2%

CBRE

Services,

Inc.,

2.50%,

04/01/31

.....

65

55,917

Residential

REITs

—

0.2%

American

Homes

4

Rent

LP,

3.63%,

04/15/32

10

9,084

Essex

Portfolio

LP,

2.65%,

03/15/32

......

30

25,697

Invitation

Homes

Operating

Partnership

LP,

2.30%,

11/15/28

.................

46

41,758

76,539

Retail

REITs

—

0.3%

Brixmor

Operating

Partnership

LP

4.13%

,

06/15/26

..................

26

25,689

2.50%

,

08/16/31

(b)

.................

30

25,520

Kimco

Realty

OP

LLC

3.30%

,

02/01/25

..................

10

9,923

2.70%

,

10/01/30

..................

30

26,946

6.40%

,

03/01/34

..................

20

21,987

110,065

Semiconductors

&

Semiconductor

Equipment

—

3.4%

Broadcom

Corp.,

3.88%,

01/15/27

.......

75

73,964

Broadcom,

Inc.

(a)

4.00%

,

04/15/29

..................

60

58,479

2.45%

,

02/15/31

..................

105

91,591

3.42%

,

04/15/33

..................

105

93,580

3.47%

,

04/15/34

..................

20

17,668

3.14%

,

11/15/35

..................

60

50,112

4.93%

,

05/15/37

..................

20

19,550

3.50%

,

02/15/41

..................

50

39,996

3.75%

,

02/15/51

..................

15

11,654

Intel

Corp.

1.60%

,

08/12/28

..................

75

66,226

2.00%

,

08/12/31

..................

75

61,689

5.15%

,

02/21/34

..................

50

49,403

3.73%

,

12/08/47

..................

100

71,289

3.05%

,

08/12/51

..................

100

62,197

3.20%

,

08/12/61

..................

100

58,681

Marvell

Technology,

Inc.

2.45%

,

04/15/28

..................

35

32,339

2.95%

,

04/15/31

..................

32

28,574

Microchip

Technology,

Inc.,

4.25%,

09/01/25

.

31

30,752

Micron

Technology,

Inc.

4.19%

,

02/15/27

..................

35

34,643

6.75%

,

11/01/29

..................

41

44,614

4.66%

,

02/15/30

..................

64

63,877

3.48%

,

11/01/51

(b)

.................

15

10,682

NXP

BV

3.88%

,

06/18/26

..................

21

20,700

4.30%

,

06/18/29

..................

41

40,401

2.65%

,

02/15/32

..................

10

8,587

5.00%

,

01/15/33

(b)

.................

25

25,019

3.25%

,

05/11/41

..................

15

11,406

3.13%

,

02/15/42

..................

15

11,013

3.25%

,

11/30/51

..................

5

3,431

1,192,117

Software

—

3.3%

Autodesk,

Inc.,

2.40%,

12/15/31

.........

26

22,417

Oracle

Corp.

2.50%

,

04/01/25

..................

79

77,789

2.95%

,

05/15/25

..................

50

49,232

1.65%

,

03/25/26

..................

41

39,166

2.65%

,

07/15/26

..................

25

24,141

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

BBB

Rated

Corporate

Bond

ETF

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Software

(continued)

4.50%

,

05/06/28

..................

USD

75

$

75,374

2.95%

,

04/01/30

..................

35

32,107

2.88%

,

03/25/31

..................

155

138,743

4.30%

,

07/08/34

..................

35

33,070

6.50%

,

04/15/38

..................

65

72,272

3.60%

,

04/01/40

..................

95

76,469

3.65%

,

03/25/41

..................

80

63,942

4.00%

,

07/15/46

..................

10

7,971

3.60%

,

04/01/50

..................

15

10,964

3.95%

,

03/25/51

..................

65

50,333

5.55%

,

02/06/53

..................

15

14,850

3.85%

,

04/01/60

..................

100

72,162

4.10%

,

03/25/61

..................

35

26,450

Roper

Technologies,

Inc.

1.00%

,

09/15/25

..................

56

53,954

1.40%

,

09/15/27

..................

41

37,529

1.75%

,

02/15/31

..................

23

19,200

VMware

LLC,

3.90%,

08/21/27

..........

110

108,128

Workday,

Inc.,

3.50%,

04/01/27

.........

37

36,211

1,142,474

Specialized

REITs

—

2.0%

American

Tower

Corp.

2.40%

,

03/15/25

..................

25

24,592

3.38%

,

10/15/26

..................

72

70,116

3.80%

,

08/15/29

..................

120

114,999

3.10%

,

06/15/50

..................

70

47,713

Crown

Castle,

Inc.

3.80%

,

02/15/28

..................

150

145,809

2.50%

,

07/15/31

..................

50

42,830

2.90%

,

04/01/41

..................

34

24,635

3.25%

,

01/15/51

(b)

.................

15

10,446

CubeSmart

LP,

2.25%,

12/15/28

.........

20

18,176

Equinix,

Inc.

1.45%

,

05/15/26

..................

31

29,380

2.15%

,

07/15/30

..................

70

61,019

2.95%

,

09/15/51

..................

17

11,029

Extra

Space

Storage

LP,

2.40%,

10/15/31

...

25

21,238

Weyerhaeuser

Co.

4.00%

,

11/15/29

..................

25

24,283

7.38%

,

03/15/32

..................

30

34,420

680,685

Specialty

Retail

—

1.6%

AutoNation,

Inc.,

3.85%,

03/01/32

(b)

.......

10

9,137

AutoZone,

Inc.

1.65%

,

01/15/31

..................

25

20,796

4.75%

,

08/01/32

..................

33

32,842

4.75%

,

02/01/33

..................

25

24,709

Best

Buy

Co.,

Inc.,

1.95%,

10/01/30

......

24

20,745

Dick's

Sporting

Goods,

Inc.,

4.10%,

01/15/52

.

10

7,458

Lowe's

Cos.,

Inc.

4.80%

,

04/01/26

..................

50

50,158

2.50%

,

04/15/26

..................

65

62,979

1.70%

,

10/15/30

..................

61

51,778

5.00%

,

04/15/33

..................

40

40,672

3.70%

,

04/15/46

..................

45

34,482

4.25%

,

04/01/52

..................

40

32,844

5.80%

,

09/15/62

..................

30

30,521

5.85%

,

04/01/63

..................

30

30,716

O'Reilly

Automotive,

Inc.,

3.90%,

06/01/29

...

60

58,448

Tractor

Supply

Co.,

5.25%,

05/15/33

......

35

35,826

544,111

Security

Par

(000)

Par

(000)

Value

Technology

Hardware,

Storage

&

Peripherals

—

1.3%

Dell

International

LLC

6.02%

,

06/15/26

..................

USD

34

$

34,729

5.25%

,

02/01/28

..................

70

71,689

8.10%

,

07/15/36

..................

25

30,687

3.45%

,

12/15/51

..................

16

11,393

Hewlett

Packard

Enterprise

Co.

(d)

4.90%

,

10/15/25

..................

58

57,923

6.35%

,

10/15/45

..................

20

21,498

HP,

Inc.

2.20%

,

06/17/25

..................

30

29,419

4.75%

,

01/15/28

..................

70

70,771

2.65%

,

06/17/31

..................

35

30,494

6.00%

,

09/15/41

(b)

.................

20

21,095

NetApp,

Inc.,

1.88%,

06/22/25

..........

55

53,769

Western

Digital

Corp.,

3.10%,

02/01/32

....

15

12,576

446,043

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

Tapestry,

Inc.

7.00%

,

11/27/26

..................

25

25,785

7.85%

,

11/27/33

..................

25

26,706

VF

Corp.

2.40%

,

04/23/25

..................

10

9,800

2.95%

,

04/23/30

(b)

.................

20

17,248

79,539

Tobacco

—

1.9%

Altria

Group,

Inc.

4.40%

,

02/14/26

..................

41

40,797

4.80%

,

02/14/29

..................

84

84,470

5.80%

,

02/14/39

..................

40

41,303

4.50%

,

05/02/43

..................

35

30,100

5.95%

,

02/14/49

(b)

.................

60

61,683

3.70%

,

02/04/51

..................

35

25,190

BAT

Capital

Corp.

3.56%

,

08/15/27

..................

44

42,876

6.34%

,

08/02/30

..................

70

75,193

2.73%

,

03/25/31

..................

40

35,166

4.74%

,

03/16/32

..................

25

24,554

4.39%

,

08/15/37

..................

50

44,548

4.54%

,

08/15/47

..................

50

40,894

5.65%

,

03/16/52

..................

30

28,349

Reynolds

American,

Inc.

4.45%

,

06/12/25

..................

51

50,759

5.85%

,

08/15/45

..................

30

29,398

655,280

Trading

Companies

&

Distributors

—

0.6%

Air

Lease

Corp.

2.88%

,

01/15/26

(b)

.................

37

35,983

2.20%

,

01/15/27

..................

30

28,375

2.10%

,

09/01/28

..................

85

76,871

Aircastle

Ltd.,

4.25%,

06/15/26

..........

25

24,686

GATX

Corp.

4.00%

,

06/30/30

..................

35

33,739

3.10%

,

06/01/51

..................

10

6,651

206,305

Water

Utilities

—

0.1%

Essential

Utilities,

Inc.

3.35%

,

04/15/50

..................

10

7,031

5.30%

,

05/01/52

..................

15

14,362

21,393

Wireless

Telecommunication

Services

—

3.3%

Rogers

Communications,

Inc.

3.63%

,

12/15/25

..................

30

29,537

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

BBB

Rated

Corporate

Bond

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

August

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

3.20%

,

03/15/27

..................

USD

71

$

68,700

5.30%

,

02/15/34

..................

25

25,213

5.00%

,

03/15/44

..................

50

46,460

3.70%

,

11/15/49

..................

60

44,570

Telefonica

Europe

BV,

8.25%,

09/15/30

....

60

70,031

T-Mobile

USA,

Inc.

3.50%

,

04/15/25

..................

25

24,728

1.50%

,

02/15/26

..................

57

54,485

3.75%

,

04/15/27

..................

85

83,409

4.95%

,

03/15/28

..................

35

35,569

3.88%

,

04/15/30

..................

145

139,496

2.55%

,

02/15/31

..................

85

74,665

3.50%

,

04/15/31

..................

35

32,462

5.05%

,

07/15/33

..................

40

40,463

3.00%

,

02/15/41

..................

55

41,078

4.50%

,

04/15/50

..................

65

56,491

3.30%

,

02/15/51

..................

60

42,351

3.40%

,

10/15/52

..................

15

10,685

5.65%

,

01/15/53

..................

30

30,820

3.60%

,

11/15/60

..................

45

32,030

Vodafone

Group

plc

4.38%

,

05/30/28

..................

42

42,334

6.15%

,

02/27/37

..................

33

35,876

5.25%

,

05/30/48

..................

45

42,908

4.25%

,

09/17/50

..................

15

12,263

5.75%

,

02/10/63

..................

33

32,746

1,149,370

Total

Long-Term

Investments

—

97

.8

%

(Cost:

$

35,564,227

)

...............................

34,103,479

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

6.5%

(f)(g)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.45

%

(h)

..................

1,927,173

$

1,928,523

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.25

%

...................

356,914

356,914

Total

Short-Term

Securities

—

6

.5

%

(Cost:

$

2,284,116

)

...............................

2,285,437

Total

Investments

—

104

.3

%

(Cost:

$

37,848,343

)

...............................

36,388,916

Liabilities

in

Excess

of

Other

Assets

—

(

4.3

)

%

.............

(

1,508,899

)

Net

Assets

—

100.0%

...............................

$

34,880,017

(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)

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.

(d)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(e)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(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.

Affiliated

Issuer

Value

at

02/29/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/24

Shares

Held

at

08/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

2,751,987

$

—

$

(

823,921

)

(a)

$

(

94

)

$

551

$

1,928,523

1,927,173

$

2,475

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

630,000

—

(

273,086

)

(a)

—

—

356,914

356,914

20,151

—

$

(

94

)

$

551

$

2,285,437

$

22,626

$

—

—

—

(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.

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

BBB

Rated

Corporate

Bond

ETF

Schedule

of

Investments

17

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Corporate

Bonds

.........................................

$

—

$

34,103,479

$

—

$

34,103,479

Short-Term

Securities

Money

Market

Funds

......................................

2,285,437

—

—

2,285,437

$

2,285,437

$

34,103,479

$

—

$

36,388,916

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

August

31,

2024

iShares

®

ESG

Advanced

Investment

Grade

Corporate

Bond

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Corporate

Bonds

Air

Freight

&

Logistics

—

0.7%

FedEx

Corp.

2.40%

,

05/15/31

(a)

.................

USD

11

$

9,666

4.55%

,

04/01/46

..................

37

32,234

United

Parcel

Service,

Inc.

6.20%

,

01/15/38

..................

15

16,785

3.75%

,

11/15/47

..................

27

21,587

5.50%

,

05/22/54

..................

7

7,273

87,545

Automobile

Components

—

0.1%

Aptiv

plc

3.25%

,

03/01/32

..................

10

8,918

4.15%

,

05/01/52

..................

10

7,665

16,583

Automobiles

—

0.7%

General

Motors

Co.

6.80%

,

10/01/27

..................

25

26,422

5.60%

,

10/15/32

..................

15

15,506

5.15%

,

04/01/38

..................

25

23,943

6.25%

,

10/02/43

..................

10

10,385

5.20%

,

04/01/45

..................

10

9,156

85,412

Banks

—

21.2%

Banco

Santander

SA

5.59%

,

08/08/28

..................

25

25,892

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.45%),

5.54%

,

03/14/30

(b)

....................

25

25,679

6.35%

,

03/14/34

..................

25

26,185

Bank

of

America

Corp.

(b)

(3-mo.

CME

Term

SOFR

+

1.30%),

3.42%

,

12/20/28

.....................

65

62,677

(1-day

SOFR

+

1.63%),

5.20%

,

04/25/29

.

25

25,535

(3-mo.

CME

Term

SOFR

+

1.47%),

3.97%

,

02/07/30

.....................

10

9,727

(1-day

SOFR

+

2.15%),

2.59%

,

04/29/31

.

25

22,410

(1-day

SOFR

+

1.32%),

2.69%

,

04/22/32

.

50

43,901

(1-day

SOFR

+

1.22%),

2.30%

,

07/21/32

.

60

51,006

(1-day

SOFR

+

1.33%),

2.97%

,

02/04/33

.

20

17,614

(1-day

SOFR

+

2.16%),

5.02%

,

07/22/33

.

5

5,051

(1-day

SOFR

+

1.84%),

5.87%

,

09/15/34

.

15

15,941

(1-day

SOFR

+

1.65%),

5.47%

,

01/23/35

.

15

15,511

(3-mo.

CME

Term

SOFR

+

1.58%),

4.08%

,

04/23/40

.....................

45

40,207

(1-day

SOFR

+

1.93%),

2.68%

,

06/19/41

.

10

7,306

(1-day

SOFR

+

1.58%),

3.31%

,

04/22/42

.

15

11,860

(3-mo.

CME

Term

SOFR

+

3.41%),

4.08%

,

03/20/51

.....................

5

4,206

(1-day

SOFR

+

1.88%),

2.83%

,

10/24/51

.

10

6,678

(1-day

SOFR

+

1.56%),

2.97%

,

07/21/52

.

52

36,086

Bank

of

Montreal,

5.72%,

09/25/28

.......

10

10,439

Bank

of

Nova

Scotia

(The),

2.45%,

02/02/32

.

25

21,511

Barclays

plc

(b)

(1-day

SOFR

+

1.74%),

5.69%

,

03/12/30

.

25

25,761

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.00%),

5.75%

,

08/09/33

.....................

25

25,889

(1-day

SOFR

+

2.98%),

6.22%

,

05/09/34

.

20

21,249

(1-day

SOFR

+

2.62%),

6.69%

,

09/13/34

.

15

16,439

Canadian

Imperial

Bank

of

Commerce

3.60%

,

04/07/32

..................

10

9,218

6.09%

,

10/03/33

..................

6

6,458

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Citigroup,

Inc.

4.45%

,

09/29/27

..................

USD

20

$

19,900

4.13%

,

07/25/28

..................

15

14,726

(3-mo.

CME

Term

SOFR

+

1.60%),

3.98%

,

03/20/30

(b)

....................

15

14,554

(1-day

SOFR

+

1.42%),

2.98%

,

11/05/30

(b)

10

9,204

(1-day

SOFR

+

3.91%),

4.41%

,

03/31/31

(b)

95

93,411

(1-day

SOFR

+

1.17%),

2.56%

,

05/01/32

(b)

10

8,653

6.63%

,

06/15/32

..................

15

16,453

(1-day

SOFR

+

1.35%),

3.06%

,

01/25/33

(b)

10

8,788

(1-day

SOFR

+

1.94%),

3.79%

,

03/17/33

(b)

5

4,615

(1-day

SOFR

+

2.09%),

4.91%

,

05/24/33

(b)

10

9,951

(1-day

SOFR

+

1.45%),

5.45%

,

06/11/35

(b)

15

15,417

(1-day

SOFR

+

1.38%),

2.90%

,

11/03/42

(a)

(b)

30

21,914

4.75%

,

05/18/46

..................

55

49,849

4.65%

,

07/23/48

..................

25

22,729

Citizens

Financial

Group,

Inc.

(1-day

SOFR

+

2.01%),

5.84%

,

01/23/30

(b)

10

10,265

3.25%

,

04/30/30

..................

10

9,183

(1-day

SOFR

+

2.33%),

6.65%

,

04/25/35

(b)

5

5,402

Cooperatieve

Rabobank

UA,

5.25%,

05/24/41

40

41,278

Fifth

Third

Bancorp

(1-day

SOFR

+

2.34%),

6.34%

,

07/27/29

(b)

10

10,545

(SOFR

Index

+

2.13%),

4.77%

,

07/28/30

(b)

10

9,949

8.25%

,

03/01/38

..................

6

7,419

HSBC

Holdings

plc

(b)

(1-day

SOFR

+

1.97%),

6.16%

,

03/09/29

.

40

41,785

(1-day

SOFR

+

1.19%),

2.80%

,

05/24/32

.

200

173,874

Huntington

Bancshares,

Inc.

(1-day

SOFR

+

2.02%),

6.21%

,

08/21/29

(b)

15

15,768

2.55%

,

02/04/30

..................

5

4,444

(SOFR

Index

+

1.87%),

5.71%

,

02/02/35

(b)

7

7,168

ING

Groep

NV,

(1-day

SOFR

+

2.09%),

6.11%,

09/11/34

(b)

.....................

20

21,391

JPMorgan

Chase

&

Co.

(1-day

SOFR

+

1.45%),

5.30%

,

07/24/29

(b)

33

33,859

(1-day

SOFR

+

1.75%),

4.57%

,

06/14/30

(b)

10

9,988

(1-day

SOFR

+

1.13%),

5.00%

,

07/22/30

(b)

15

15,252

(3-mo.

CME

Term

SOFR

+

1.51%),

2.74%

,

10/15/30

(b)

....................

15

13,731

(3-mo.

CME

Term

SOFR

+

3.79%),

4.49%

,

03/24/31

(b)

....................

15

14,928

(3-mo.

CME

Term

SOFR

+

1.25%),

2.58%

,

04/22/32

(b)

....................

110

96,193

(1-day

SOFR

+

2.08%),

4.91%

,

07/25/33

(b)

15

15,105

(1-day

SOFR

+

1.85%),

5.35%

,

06/01/34

(b)

15

15,468

(1-day

SOFR

+

1.49%),

5.77%

,

04/22/35

(b)

15

15,868

6.40%

,

05/15/38

..................

95

109,916

5.40%

,

01/06/42

..................

15

15,700

(3-mo.

CME

Term

SOFR

+

1.72%),

4.03%

,

07/24/48

(b)

....................

15

12,742

(1-day

SOFR

+

1.58%),

3.33%

,

04/22/52

(b)

10

7,459

KeyCorp

2.55%

,

10/01/29

..................

20

17,882

(SOFR

Index

+

2.06%),

4.79%

,

06/01/33

(b)

10

9,628

Lloyds

Banking

Group

plc,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.75%),

5.68%,

01/05/35

(b)

...........

40

41,388

M&T

Bank

Corp.,

(1-day

SOFR

+

1.85%),

5.05%,

01/27/34

(b)

................

6

5,823

Mitsubishi

UFJ

Financial

Group,

Inc.,

2.05%,

07/17/30

......................

200

173,304

NatWest

Group

plc

(b)

(3-mo.

LIBOR

USD

+

1.75%),

4.89%

,

05/18/29

.....................

50

50,109

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

ESG

Advanced

Investment

Grade

Corporate

Bond

ETF

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.50%),

5.78%

,

03/01/35

.....................

USD

10

$

10,452

PNC

Financial

Services

Group,

Inc.

(The)

(1-day

SOFR

+

1.84%),

5.58%

,

06/12/29

(a)

(b)

15

15,479

2.55%

,

01/22/30

..................

50

45,431

(SOFR

Index

+

2.14%),

6.04%

,

10/28/33

(b)

16

17,009

(1-day

SOFR

+

2.28%),

6.88%

,

10/20/34

(b)

20

22,486

(1-day

SOFR

+

1.90%),

5.68%

,

01/22/35

(b)

5

5,216

(1-day

SOFR

+

1.60%),

5.40%

,

07/23/35

(a)

(b)

8

8,185

Royal

Bank

of

Canada

6.00%

,

11/01/27

..................

25

26,242

5.20%

,

08/01/28

..................

10

10,313

2.30%

,

11/03/31

..................

10

8,638

5.00%

,

02/01/33

..................

10

10,193

5.15%

,

02/01/34

..................

10

10,236

Santander

Holdings

USA,

Inc.,

(1-day

SOFR

+

2.36%),

6.50%,

03/09/29

(b)

...........

20

20,842

Sumitomo

Mitsui

Financial

Group,

Inc.

3.35%

,

10/18/27

..................

200

192,971

3.04%

,

07/16/29

..................

35

32,534

5.56%

,

07/09/34

..................

10

10,400

Toronto-Dominion

Bank

(The)

2.00%

,

09/10/31

(a)

.................

15

12,715

4.46%

,

06/08/32

..................

35

34,146

Truist

Financial

Corp.

(b)

(1-day

SOFR

+

1.62%),

5.44%

,

01/24/30

.

15

15,367

(1-day

SOFR

+

1.85%),

5.12%

,

01/26/34

.

25

24,843

(1-day

SOFR

+

2.36%),

5.87%

,

06/08/34

.

10

10,444

(1-day

SOFR

+

1.92%),

5.71%

,

01/24/35

.

10

10,364

US

Bancorp

(1-day

SOFR

+

2.02%),

5.78%

,

06/12/29

(b)

25

25,969

1.38%

,

07/22/30

(a)

.................

65

54,632

(1-day

SOFR

+

1.60%),

4.84%

,

02/01/34

(b)

10

9,818

(1-day

SOFR

+

2.26%),

5.84%

,

06/12/34

(b)

10

10,484

(1-day

SOFR

+

1.86%),

5.68%

,

01/23/35

(b)

10

10,396

Westpac

Banking

Corp.

5.54%

,

11/17/28

..................

15

15,718

2.15%

,

06/03/31

..................

15

13,010

6.82%

,

11/17/33

..................

5

5,587

2.96%

,

11/16/40

(a)

.................

10

7,325

3.13%

,

11/18/41

..................

5

3,717

2,644,576

Beverages

—

0.1%

Keurig

Dr

Pepper,

Inc.,

3.80%,

05/01/50

....

20

15,709

Biotechnology

—

4.8%

AbbVie,

Inc.

4.80%

,

03/15/29

..................

25

25,541

3.20%

,

11/21/29

..................

30

28,384

5.05%

,

03/15/34

..................

20

20,563

4.50%

,

05/14/35

..................

15

14,702

4.05%

,

11/21/39

..................

70

63,359

4.70%

,

05/14/45

..................

25

23,505

4.25%

,

11/21/49

..................

55

47,983

5.50%

,

03/15/64

..................

8

8,304

Amgen,

Inc.

1.65%

,

08/15/28

..................

50

45,046

5.25%

,

03/02/30

..................

27

27,964

2.00%

,

01/15/32

..................

10

8,356

5.25%

,

03/02/33

..................

27

27,669

5.60%

,

03/02/43

..................

28

28,594

4.40%

,

05/01/45

..................

15

13,049

4.66%

,

06/15/51

..................

75

66,773

4.40%

,

02/22/62

..................

10

8,283

Security

Par

(000)

Par

(000)

Value

Biotechnology

(continued)

5.75%

,

03/02/63

..................

USD

12

$

12,300

Biogen,

Inc.

2.25%

,

05/01/30

..................

20

17,623

3.15%

,

05/01/50

..................

10

6,747

Gilead

Sciences,

Inc.

1.65%

,

10/01/30

..................

25

21,266

4.00%

,

09/01/36

..................

20

18,403

4.75%

,

03/01/46

..................

50

46,379

Regeneron

Pharmaceuticals,

Inc.,

1.75%,

09/15/30

......................

15

12,846

593,639

Broadline

Retail

—

0.1%

eBay,

Inc.

2.70%

,

03/11/30

..................

10

9,132

3.65%

,

05/10/51

..................

10

7,480

16,612

Building

Products

—

0.3%

Carrier

Global

Corp.

2.72%

,

02/15/30

..................

15

13,727

3.38%

,

04/05/40

..................

10

8,094

3.58%

,

04/05/50

..................

14

10,689

Owens

Corning,

5.70%,

06/15/34

........

5

5,221

37,731

Capital

Markets

—

7.6%

Ameriprise

Financial,

Inc.,

5.15%,

05/15/33

..

5

5,150

Bank

of

New

York

Mellon

Corp.

(The),

3.30%,

08/23/29

......................

15

14,176

Charles

Schwab

Corp.

(The)

2.30%

,

05/13/31

(a)

.................

20

17,347

2.90%

,

03/03/32

..................

10

8,860

CME

Group,

Inc.

2.65%

,

03/15/32

..................

5

4,452

5.30%

,

09/15/43

..................

5

5,248

Deutsche

Bank

AG,

5.41%,

05/10/29

......

15

15,422

Goldman

Sachs

Group,

Inc.

(The)

(1-day

SOFR

+

1.28%),

2.62%

,

04/22/32

(b)

100

86,956

(1-day

SOFR

+

1.25%),

2.38%

,

07/21/32

(b)

20

17,025

(1-day

SOFR

+

1.41%),

3.10%

,

02/24/33

(b)

15

13,268

(1-day

SOFR

+

1.95%),

6.56%

,

10/24/34

(b)

15

16,634

(1-day

SOFR

+

1.55%),

5.85%

,

04/25/35

(b)

15

15,824

(1-day

SOFR

+

1.55%),

5.33%

,

07/23/35

(b)

15

15,265

6.75%

,

10/01/37

..................

75

85,174

5.15%

,

05/22/45

..................

45

44,691

Intercontinental

Exchange,

Inc.

1.85%

,

09/15/32

..................

10

8,154

4.25%

,

09/21/48

..................

10

8,693

4.95%

,

06/15/52

..................

15

14,628

3.00%

,

09/15/60

..................

30

19,426

Morgan

Stanley

(1-day

SOFR

+

2.24%),

6.30%

,

10/18/28

(b)

75

78,855

(3-mo.

CME

Term

SOFR

+

1.89%),

4.43%

,

01/23/30

(a)

(b)

...................

25

24,840

(1-day

SOFR

+

1.18%),

2.24%

,

07/21/32

(b)

140

118,328

(1-day

SOFR

+

1.29%),

2.94%

,

01/21/33

(b)

30

26,370

(1-day

SOFR

+

1.87%),

5.25%

,

04/21/34

(b)

10

10,175

(1-day

SOFR

+

2.05%),

6.63%

,

11/01/34

(b)

20

22,237

(1-day

SOFR

+

1.58%),

5.83%

,

04/19/35

(b)

15

15,846

4.30%

,

01/27/45

..................

60

53,615

(1-day

SOFR

+

4.84%),

5.60%

,

03/24/51

(b)

30

31,926

Nasdaq,

Inc.,

5.55%,

02/15/34

..........

30

31,271

Nomura

Holdings,

Inc.

6.07%

,

07/12/28

..................

50

52,131

5.78%

,

07/03/34

..................

10

10,386

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

ESG

Advanced

Investment

Grade

Corporate

Bond

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Northern

Trust

Corp.,

6.13%,

11/02/32

.....

USD

10

$

10,953

Raymond

James

Financial,

Inc.,

3.75%,

04/01/51

......................

10

7,697

S&P

Global,

Inc.

2.90%

,

03/01/32

..................

10

8,993

3.70%

,

03/01/52

..................

5

3,989

State

Street

Corp.,

2.20%,

03/03/31

......

5

4,349

UBS

AG,

5.65%,

09/11/28

............

25

26,066

954,420

Chemicals

—

1.0%

Air

Products

&

Chemicals,

Inc.

2.05%

,

05/15/30

..................

10

8,874

4.85%

,

02/08/34

..................

7

7,108

2.70%

,

05/15/40

..................

10

7,491

Celanese

US

Holdings

LLC,

6.70%,

11/15/33

.

19

20,546

CF

Industries,

Inc.,

5.15%,

03/15/34

......

15

14,933

DuPont

de

Nemours,

Inc.

4.73%

,

11/15/28

..................

15

15,215

5.32%

,

11/15/38

..................

18

19,411

International

Flavors

&

Fragrances,

Inc.,

5.00%,

09/26/48

......................

5

4,471

Nutrien

Ltd.,

5.00%,

04/01/49

..........

10

9,194

Sherwin-Williams

Co.

(The),

4.50%,

06/01/47

.

15

13,288

120,531

Commercial

Services

&

Supplies

—

0.5%

Republic

Services,

Inc.,

3.95%,

05/15/28

...

20

19,746

Waste

Connections,

Inc.,

4.20%,

01/15/33

...

12

11,564

Waste

Management,

Inc.

1.50%

,

03/15/31

..................

20

16,659

4.88%

,

02/15/34

(a)

.................

8

8,115

56,084

Communications

Equipment

—

0.7%

Cisco

Systems,

Inc.

5.05%

,

02/26/34

..................

15

15,545

5.90%

,

02/15/39

..................

25

27,675

5.30%

,

02/26/54

..................

15

15,488

5.35%

,

02/26/64

..................

5

5,156

Motorola

Solutions,

Inc.

4.60%

,

05/23/29

..................

15

15,035

2.30%

,

11/15/30

..................

10

8,716

87,615

Construction

Materials

—

0.1%

Martin

Marietta

Materials,

Inc.

2.40%

,

07/15/31

..................

5

4,297

3.20%

,

07/15/51

..................

5

3,461

7,758

Consumer

Finance

—

2.8%

AerCap

Ireland

Capital

DAC,

3.00%,

10/29/28

150

140,344

Ally

Financial,

Inc.,

8.00%,

11/01/31

......

15

17,116

American

Express

Co.

4.05%

,

05/03/29

..................

25

24,869

4.05%

,

12/03/42

..................

10

8,842

American

Honda

Finance

Corp.,

4.90%,

01/10/34

......................

5

5,037

Capital

One

Financial

Corp.,

3.80%,

01/31/28

25

24,299

Discover

Financial

Services,

6.70%,

11/29/32

.

5

5,435

General

Motors

Financial

Co.,

Inc.

2.40%

,

04/10/28

..................

15

13,809

2.70%

,

06/10/31

..................

50

43,042

3.10%

,

01/12/32

..................

15

13,104

6.10%

,

01/07/34

..................

15

15,675

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

John

Deere

Capital

Corp.

4.90%

,

03/07/31

..................

USD

10

$

10,284

Series

I

,

5.15%

,

09/08/33

............

10

10,411

5.10%

,

04/11/34

..................

10

10,326

Synchrony

Financial,

3.95%,

12/01/27

.....

5

4,816

347,409

Consumer

Staples

Distribution

&

Retail

—

0.5%

Dollar

General

Corp.,

3.50%,

04/03/30

.....

15

13,852

Dollar

Tree,

Inc.,

4.20%,

05/15/28

........

20

19,614

Sysco

Corp.,

6.60%,

04/01/50

..........

10

11,498

Target

Corp.

2.35%

,

02/15/30

..................

10

9,094

2.95%

,

01/15/52

..................

5

3,431

4.80%

,

01/15/53

(a)

.................

10

9,582

67,071

Containers

&

Packaging

—

0.0%

Berry

Global,

Inc.,

5.65%,

01/15/34

(c)

......

5

5,088

Diversified

REITs

—

0.6%

Digital

Realty

Trust

LP,

5.55%,

01/15/28

....

20

20,472

Equinix

Europe

2

Financing

Corp.

LLC,

5.50%,

06/15/34

......................

10

10,357

Simon

Property

Group

LP,

2.65%,

07/15/30

..

50

45,385

76,214

Diversified

Telecommunication

Services

—

5.7%

AT&T,

Inc.

4.10%

,

02/15/28

..................

20

19,754

2.55%

,

12/01/33

..................

110

90,874

3.50%

,

06/01/41

..................

50

39,809

3.65%

,

06/01/51

..................

85

63,016

3.55%

,

09/15/55

..................

95

66,835

3.65%

,

09/15/59

..................

15

10,570

Bell

Telephone

Co.

of

Canada

or

Bell

Canada,

4.46%,

04/01/48

.................

15

13,145

British

Telecommunications

plc,

9.63%,

12/15/30

(d)

.....................

15

18,840

Deutsche

Telekom

International

Finance

BV,

8.75%,

06/15/30

(d)

(e)

...............

15

18,027

Orange

SA,

5.50%,

02/06/44

...........

20

20,219

Telefonica

Emisiones

SA,

7.05%,

06/20/36

..

50

56,667

TELUS

Corp.,

4.60%,

11/16/48

.........

7

6,013

Verizon

Communications,

Inc.

4.33%

,

09/21/28

..................

40

39,894

3.88%

,

02/08/29

..................

20

19,566

3.15%

,

03/22/30

..................

20

18,651

2.55%

,

03/21/31

..................

30

26,343

4.50%

,

08/10/33

..................

15

14,575

3.40%

,

03/22/41

..................

125

99,686

4.86%

,

08/21/46

..................

5

4,730

2.99%

,

10/30/56

..................

100

64,366

711,580

Electric

Utilities

—

0.1%

Commonwealth

Edison

Co.,

4.00%,

03/01/48

.

10

8,208

Oncor

Electric

Delivery

Co.

LLC,

4.95%,

09/15/52

......................

5

4,721

12,929

Electrical

Equipment

—

0.2%

Eaton

Corp.,

4.15%,

03/15/33

..........

15

14,578

Regal

Rexnord

Corp.

6.30%

,

02/15/30

..................

5

5,269

6.40%

,

04/15/33

..................

10

10,589

30,436

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

ESG

Advanced

Investment

Grade

Corporate

Bond

ETF

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electronic

Equipment,

Instruments

&

Components

—

0.2%

Amphenol

Corp.,

2.20%,

09/15/31

........

USD

10

$

8,525

CDW

LLC,

3.57%,

12/01/31

...........

11

9,883

Corning,

Inc.,

4.38%,

11/15/57

..........

15

12,301

30,709

Entertainment

—

1.5%

Walt

Disney

Co.

(The)

3.80%

,

03/22/30

..................

15

14,601

2.65%

,

01/13/31

(a)

.................

50

45,026

3.60%

,

01/13/51

..................

65

50,605

Warnermedia

Holdings,

Inc.

4.28%

,

03/15/32

(a)

.................

35

30,589

5.05%

,

03/15/42

..................

10

8,009

5.14%

,

03/15/52

..................

45

34,232

5.39%

,

03/15/62

..................

10

7,552

190,614

Financial

Services

—

1.7%

Apollo

Global

Management,

Inc.,

5.80%,

05/21/54

......................

5

5,140

Equitable

Holdings,

Inc.,

5.00%,

04/20/48

...

7

6,519

Fidelity

National

Information

Services,

Inc.,

5.10%,

07/15/32

.................

10

10,223

Fiserv,

Inc.

5.63%

,

08/21/33

..................

12

12,556

4.40%

,

07/01/49

..................

20

17,155

Global

Payments,

Inc.

3.20%

,

08/15/29

..................

15

13,919

5.95%

,

08/15/52

(a)

.................

10

10,172

Mastercard,

Inc.

3.35%

,

03/26/30

..................

40

38,269

3.85%

,

03/26/50

..................

10

8,324

PayPal

Holdings,

Inc.

2.30%

,

06/01/30

..................

20

17,887

4.40%

,

06/01/32

..................

15

14,876

5.05%

,

06/01/52

..................

5

4,862

Visa,

Inc.

2.05%

,

04/15/30

..................

15

13,444

1.10%

,

02/15/31

..................

10

8,247

4.30%

,

12/14/45

..................

25

22,654

2.00%

,

08/15/50

..................

10

5,959

210,206

Food

Products

—

1.0%

Conagra

Brands,

Inc.,

5.30%,

11/01/38

.....

15

14,782

General

Mills,

Inc.,

4.95%,

03/29/33

......

10

10,058

Hormel

Foods

Corp.,

1.80%,

06/11/30

.....

25

21,815

J

M

Smucker

Co.

(The),

6.50%,

11/15/53

...

6

6,700

Kraft

Heinz

Foods

Co.,

4.38%,

06/01/46

....

60

51,280

Tyson

Foods,

Inc.,

5.10%,

09/28/48

.......

20

18,523

123,158

Health

Care

Equipment

&

Supplies

—

2.3%

Abbott

Laboratories

4.75%

,

11/30/36

..................

15

15,178

4.90%

,

11/30/46

..................

15

14,848

Baxter

International,

Inc.

2.54%

,

02/01/32

(a)

.................

15

12,804

3.13%

,

12/01/51

..................

10

6,693

Becton

Dickinson

&

Co.

2.82%

,

05/20/30

..................

30

27,384

4.67%

,

06/06/47

..................

10

9,010

DH

Europe

Finance

II

SARL,

2.60%,

11/15/29

80

73,745

GE

HealthCare

Technologies,

Inc.,

5.65%,

11/15/27

......................

100

103,258

Solventum

Corp.

(c)

5.40%

,

03/01/29

..................

10

10,205

Security

Par

(000)

Par

(000)

Value

Health

Care

Equipment

&

Supplies

(continued)

5.60%

,

03/23/34

..................

USD

10

$

10,197

5.90%

,

04/30/54

..................

7

7,086

290,408

Health

Care

Providers

&

Services

—

7.9%

Aetna,

Inc.,

3.88%,

08/15/47

...........

15

11,320

Cencora,

Inc.,

3.45%,

12/15/27

.........

25

24,210

Centene

Corp.,

4.63%,

12/15/29

.........

95

92,368

Cigna

Group

(The)

4.90%

,

12/15/48

..................

65

59,386

5.60%

,

02/15/54

..................

10

10,051

CVS

Health

Corp.

4.30%

,

03/25/28

..................

30

29,645

3.75%

,

04/01/30

..................

25

23,661

1.88%

,

02/28/31

..................

15

12,436

2.13%

,

09/15/31

(a)

.................

20

16,609

5.25%

,

02/21/33

(a)

.................

10

10,047

5.70%

,

06/01/34

..................

7

7,167

4.78%

,

03/25/38

..................

35

32,193

5.13%

,

07/20/45

..................

15

13,545

5.05%

,

03/25/48

..................

65

57,651

5.88%

,

06/01/53

..................

15

14,810

6.00%

,

06/01/63

..................

5

4,951

Elevance

Health,

Inc.

2.55%

,

03/15/31

..................

10

8,812

4.75%

,

02/15/33

..................

10

9,973

4.65%

,

01/15/43

..................

20

18,266

3.60%

,

03/15/51

..................

35

26,049

5.65%

,

06/15/54

..................

6

6,157

HCA,

Inc.

5.63%

,

09/01/28

..................

10

10,308

5.88%

,

02/01/29

..................

10

10,395

4.13%

,

06/15/29

..................

10

9,753

3.50%

,

09/01/30

..................

10

9,327

2.38%

,

07/15/31

..................

15

12,753

3.63%

,

03/15/32

..................

10

9,084

5.50%

,

06/01/33

..................

20

20,464

5.60%

,

04/01/34

..................

10

10,282

5.50%

,

06/15/47

..................

10

9,650

5.25%

,

06/15/49

..................

10

9,286

3.50%

,

07/15/51

..................

45

31,608

Humana,

Inc.

2.15%

,

02/03/32

..................

15

12,433

5.88%

,

03/01/33

..................

5

5,258

5.95%

,

03/15/34

..................

5

5,286

5.50%

,

03/15/53

..................

5

4,829

5.75%

,

04/15/54

..................

5

5,009

Laboratory

Corp.

of

America

Holdings,

4.70%,

02/01/45

......................

5

4,518

Quest

Diagnostics,

Inc.,

5.00%,

12/15/34

...

5

4,969

UnitedHealth

Group,

Inc.

4.25%

,

01/15/29

..................

20

20,002

4.00%

,

05/15/29

..................

20

19,788

4.20%

,

05/15/32

..................

51

49,786

5.35%

,

02/15/33

..................

15

15,678

5.15%

,

07/15/34

..................

20

20,531

6.88%

,

02/15/38

..................

10

11,858

3.05%

,

05/15/41

..................

15

11,500

5.50%

,

07/15/44

..................

15

15,427

4.75%

,

07/15/45

..................

15

14,118

4.20%

,

01/15/47

..................

5

4,308

4.75%

,

05/15/52

..................

92

85,182

6.05%

,

02/15/63

..................

15

16,434

5.20%

,

04/15/63

..................

15

14,508

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

ESG

Advanced

Investment

Grade

Corporate

Bond

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

5.75%

,

07/15/64

..................

USD

15

$

15,732

989,371

Health

Care

REITs

—

0.2%

Alexandria

Real

Estate

Equities,

Inc.

2.00%

,

05/18/32

..................

20

16,234

3.55%

,

03/15/52

..................

15

10,609

26,843

Health

Care

Technology

—

0.1%

IQVIA,

Inc.,

6.25%,

02/01/29

...........

10

10,560

Hotels,

Restaurants

&

Leisure

—

1.3%

Booking

Holdings,

Inc.,

4.63%,

04/13/30

....

10

10,094

Marriott

International,

Inc.

Series

GG

,

3.50%

,

10/15/32

..........

20

18,018

5.35%

,

03/15/35

..................

5

5,058

McDonald's

Corp.

2.13%

,

03/01/30

..................

25

22,258

4.60%

,

09/09/32

..................

15

15,086

4.88%

,

12/09/45

..................

15

14,107

3.63%

,

09/01/49

..................

30

22,906

5.45%

,

08/14/53

..................

5

5,067

Starbucks

Corp.

3.55%

,

08/15/29

..................

42

40,548

3.50%

,

11/15/50

..................

15

11,092

164,234

Industrial

Conglomerates

—

0.2%

3M

Co.

2.88%

,

10/15/27

..................

20

19,118

3.25%

,

08/26/49

..................

10

7,234

26,352

Industrial

REITs

—

0.2%

Prologis

LP

4.75%

,

06/15/33

..................

20

19,968

5.25%

,

06/15/53

..................

5

4,962

5.25%

,

03/15/54

..................

5

4,965

29,895

Insurance

—

1.8%

American

International

Group,

Inc.

4.80%

,

07/10/45

..................

10

9,279

4.38%

,

06/30/50

..................

5

4,322

Aon

Corp.,

5.35%,

02/28/33

...........

10

10,322

Aon

North

America,

Inc.

5.45%

,

03/01/34

..................

10

10,355

5.75%

,

03/01/54

..................

15

15,533

Arthur

J

Gallagher

&

Co.,

3.50%,

05/20/51

..

5

3,598

Chubb

INA

Holdings

LLC

4.35%

,

11/03/45

..................

15

13,439

3.05%

,

12/15/61

..................

15

9,987

Everest

Reinsurance

Holdings,

Inc.,

3.13%,

10/15/52

......................

11

7,166

Fairfax

Financial

Holdings

Ltd.,

6.35%,

03/22/54

(c)

.....................

6

6,275

Hartford

Financial

Services

Group,

Inc.

(The),

3.60%,

08/19/49

.................

10

7,629

Marsh

&

McLennan

Cos.,

Inc.

4.90%

,

03/15/49

..................

10

9,482

5.70%

,

09/15/53

..................

5

5,320

MetLife,

Inc.

4.55%

,

03/23/30

..................

15

15,214

5.70%

,

06/15/35

..................

15

16,080

4.05%

,

03/01/45

..................

27

22,861

5.00%

,

07/15/52

..................

10

9,639

Progressive

Corp.

(The),

4.13%,

04/15/47

...

10

8,590

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Prudential

Financial,

Inc.,

4.35%,

02/25/50

..

USD

25

$

21,637

Travelers

Cos.,

Inc.

(The),

3.05%,

06/08/51

..

15

10,534

Willis

North

America,

Inc.,

5.90%,

03/05/54

..

5

5,142

222,404

Interactive

Media

&

Services

—

0.2%

Alphabet,

Inc.

1.10%

,

08/15/30

..................

15

12,679

2.05%

,

08/15/50

..................

10

6,083

2.25%

,

08/15/60

(a)

.................

10

5,974

24,736

IT

Services

—

0.7%

International

Business

Machines

Corp.,

4.15%,

05/15/39

......................

100

89,687

Leisure

Products

—

0.1%

Hasbro,

Inc.,

3.90%,

11/19/29

..........

10

9,577

Life

Sciences

Tools

&

Services

—

0.2%

Thermo

Fisher

Scientific,

Inc.,

2.80%,

10/15/41

30

22,244

Machinery

—

0.9%

Cummins,

Inc.,

5.45%,

02/20/54

.........

5

5,141

Deere

&

Co.,

3.90%,

06/09/42

..........

15

13,034

Illinois

Tool

Works,

Inc.,

3.90%,

09/01/42

...

10

8,625

Ingersoll

Rand,

Inc.,

5.70%,

08/14/33

......

7

7,379

Otis

Worldwide

Corp.

2.57%

,

02/15/30

..................

22

19,854

3.11%

,

02/15/40

..................

5

3,877

Parker-Hannifin

Corp.,

3.25%,

06/14/29

....

40

37,932

Stanley

Black

&

Decker,

Inc.,

2.30%,

03/15/30

22

19,411

115,253

Media

—

5.6%

Charter

Communications

Operating

LLC

4.20%

,

03/15/28

..................

13

12,578

5.05%

,

03/30/29

..................

13

12,868

2.30%

,

02/01/32

..................

10

7,991

4.40%

,

04/01/33

(a)

.................

6

5,460

6.65%

,

02/01/34

..................

5

5,207

6.55%

,

06/01/34

..................

10

10,356

6.38%

,

10/23/35

..................

15

15,158

3.50%

,

03/01/42

..................

15

10,331

6.48%

,

10/23/45

..................

43

41,234

4.80%

,

03/01/50

..................

51

38,790

3.85%

,

04/01/61

..................

33

20,051

Comcast

Corp.

4.15%

,

10/15/28

..................

155

153,846

4.25%

,

01/15/33

..................

15

14,508

7.05%

,

03/15/33

..................

35

40,526

3.75%

,

04/01/40

..................

15

12,751

5.35%

,

05/15/53

..................

26

26,044

5.65%

,

06/01/54

..................

10

10,445

2.94%

,

11/01/56

..................

15

9,573

2.99%

,

11/01/63

..................

130

80,552

Discovery

Communications

LLC,

3.95%,

03/20/28

......................

55

52,124

Fox

Corp.

4.71%

,

01/25/29

..................

15

15,102

5.48%

,

01/25/39

..................

10

9,966

5.58%

,

01/25/49

..................

10

9,668

Paramount

Global

4.95%

,

01/15/31

(a)

.................

15

13,928

4.38%

,

03/15/43

..................

30

21,563

Time

Warner

Cable

Enterprises

LLC,

8.38%,

07/15/33

......................

5

5,700

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

ESG

Advanced

Investment

Grade

Corporate

Bond

ETF

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Time

Warner

Cable

LLC

6.55%

,

05/01/37

..................

USD

17

$

16,798

5.50%

,

09/01/41

..................

27

23,213

696,331

Metals

&

Mining

—

0.2%

Newmont

Corp.

2.25%

,

10/01/30

..................

10

8,866

5.35%

,

03/15/34

(c)

.................

5

5,157

6.25%

,

10/01/39

..................

10

11,097

25,120

Office

REITs

—

0.2%

Boston

Properties

LP,

2.45%,

10/01/33

.....

30

23,306

Personal

Care

Products

—

0.1%

Kenvue,

Inc.

5.05%

,

03/22/53

(a)

.................

10

9,954

5.20%

,

03/22/63

..................

5

4,997

14,951

Pharmaceuticals

—

6.7%

Bristol-Myers

Squibb

Co.

3.90%

,

02/20/28

..................

15

14,827

3.40%

,

07/26/29

..................

26

24,985

1.45%

,

11/13/30

..................

25

21,117

2.95%

,

03/15/32

..................

25

22,430

5.20%

,

02/22/34

(a)

.................

20

20,750

4.13%

,

06/15/39

..................

20

18,072

2.35%

,

11/13/40

..................

10

6,964

4.25%

,

10/26/49

..................

60

51,258

5.55%

,

02/22/54

..................

5

5,161

6.40%

,

11/15/63

..................

10

11,441

5.65%

,

02/22/64

..................

10

10,309

Eli

Lilly

&

Co.

4.70%

,

02/27/33

..................

10

10,163

4.70%

,

02/09/34

..................

15

15,185

2.25%

,

05/15/50

(a)

.................

15

9,217

5.00%

,

02/09/54

..................

15

14,956

4.95%

,

02/27/63

..................

10

9,701

5.10%

,

02/09/64

..................

5

4,980

5.20%

,

08/14/64

..................

5

5,059

GlaxoSmithKline

Capital

plc,

3.38%,

06/01/29

25

24,077

GlaxoSmithKline

Capital,

Inc.,

3.88%,

05/15/28

40

39,470

Johnson

&

Johnson,

3.70%,

03/01/46

.....

80

67,577

Merck

&

Co.,

Inc.

1.45%

,

06/24/30

..................

35

29,934

3.70%

,

02/10/45

..................

35

28,751

5.00%

,

05/17/53

..................

25

24,572

2.90%

,

12/10/61

..................

10

6,248

5.15%

,

05/17/63

..................

5

4,974

Novartis

Capital

Corp.

2.20%

,

08/14/30

..................

30

26,938

2.75%

,

08/14/50

..................

25

17,166

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.65%

,

05/19/30

..................

30

30,452

4.75%

,

05/19/33

..................

75

75,314

5.30%

,

05/19/53

..................

50

50,247

5.34%

,

05/19/63

..................

10

9,938

Pfizer,

Inc.

3.45%

,

03/15/29

..................

15

14,522

7.20%

,

03/15/39

..................

35

42,777

4.13%

,

12/15/46

..................

15

12,927

2.70%

,

05/28/50

(a)

.................

30

20,142

Royalty

Pharma

plc,

3.30%,

09/02/40

.....

15

11,380

Takeda

Pharmaceutical

Co.

Ltd.,

3.18%,

07/09/50

......................

15

10,435

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Zoetis,

Inc.,

5.60%,

11/16/32

...........

USD

15

$

15,787

840,203

Professional

Services

—

0.3%

Automatic

Data

Processing,

Inc.,

1.25%,

09/01/30

......................

15

12,699

Broadridge

Financial

Solutions,

Inc.,

2.90%,

12/01/29

......................

20

18,321

31,020

Real

Estate

Management

&

Development

—

0.0%

CBRE

Services,

Inc.,

5.95%,

08/15/34

.....

5

5,283

Retail

REITs

—

0.1%

Brixmor

Operating

Partnership

LP,

4.13%,

05/15/29

......................

10

9,705

Semiconductors

&

Semiconductor

Equipment

—

4.5%

Analog

Devices,

Inc.,

2.95%,

10/01/51

.....

5

3,450

Applied

Materials,

Inc.,

4.35%,

04/01/47

....

10

9,097

Broadcom,

Inc.

5.05%

,

07/12/29

..................

15

15,288

2.45%

,

02/15/31

(c)

.................

20

17,446

4.30%

,

11/15/32

..................

14

13,498

3.42%

,

04/15/33

(c)

.................

10

8,912

3.47%

,

04/15/34

(c)

.................

15

13,251

4.93%

,

05/15/37

(c)

.................

70

68,425

3.50%

,

02/15/41

(c)

.................

15

11,999

3.75%

,

02/15/51

(c)

.................

5

3,885

Intel

Corp.

1.60%

,

08/12/28

..................

90

79,472

5.13%

,

02/10/30

..................

25

25,216

4.60%

,

03/25/40

..................

10

8,825

2.80%

,

08/12/41

..................

85

58,038

3.73%

,

12/08/47

..................

10

7,129

3.05%

,

08/12/51

(a)

.................

35

21,769

5.90%

,

02/10/63

(a)

.................

21

20,268

KLA

Corp.,

4.95%,

07/15/52

...........

15

14,495

Lam

Research

Corp.,

4.88%,

03/15/49

.....

5

4,808

Marvell

Technology,

Inc.,

2.95%,

04/15/31

...

15

13,394

Micron

Technology,

Inc.

4.66%

,

02/15/30

..................

25

24,952

5.88%

,

02/09/33

..................

10

10,525

NVIDIA

Corp.,

3.50%,

04/01/40

.........

20

17,328

NXP

BV,

3.25%,

05/11/41

.............

20

15,208

QUALCOMM,

Inc.

1.65%

,

05/20/32

..................

10

8,195

4.80%

,

05/20/45

..................

10

9,655

4.50%

,

05/20/52

..................

10

9,016

6.00%

,

05/20/53

..................

10

11,208

Texas

Instruments,

Inc.

3.88%

,

03/15/39

..................

15

13,726

4.15%

,

05/15/48

..................

20

17,494

555,972

Software

—

3.7%

Adobe,

Inc.,

2.30%,

02/01/30

...........

10

9,084

Autodesk,

Inc.,

2.40%,

12/15/31

.........

10

8,622

Intuit,

Inc.

5.20%

,

09/15/33

..................

10

10,406

5.50%

,

09/15/53

..................

5

5,229

Microsoft

Corp.

2.53%

,

06/01/50

..................

165

109,657

2.50%

,

09/15/50

..................

5

3,298

Oracle

Corp.

2.95%

,

04/01/30

..................

45

41,280

2.88%

,

03/25/31

..................

25

22,378

2024

iShares

Semi-Annual

Financial

Statements

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

ESG

Advanced

Investment

Grade

Corporate

Bond

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Software

(continued)

6.25%

,

11/09/32

(a)

.................

USD

15

$

16,338

3.85%

,

07/15/36

..................

15

13,195

3.80%

,

11/15/37

..................

15

12,889

3.60%

,

04/01/40

..................

38

30,588

4.00%

,

07/15/46

..................

120

95,650

3.95%

,

03/25/51

..................

40

30,974

3.85%

,

04/01/60

..................

15

10,824

Salesforce,

Inc.

1.95%

,

07/15/31

..................

15

12,808

2.90%

,

07/15/51

..................

20

13,596

Workday,

Inc.,

3.80%,

04/01/32

.........

11

10,310

457,126

Specialized

REITs

—

0.7%

American

Tower

Corp.

2.10%

,

06/15/30

..................

10

8,700

1.88%

,

10/15/30

..................

10

8,482

5.55%

,

07/15/33

..................

10

10,343

3.10%

,

06/15/50

..................

15

10,224

Crown

Castle,

Inc.

2.10%

,

04/01/31

..................

15

12,583

5.80%

,

03/01/34

..................

10

10,466

2.90%

,

04/01/41

..................

20

14,491

Equinix,

Inc.,

2.50%,

05/15/31

..........

10

8,694

Public

Storage

Operating

Co.,

5.35%,

08/01/53

5

5,038

89,021

Specialty

Retail

—

2.4%

AutoZone,

Inc.,

4.00%,

04/15/30

.........

10

9,710

Home

Depot,

Inc.

(The)

2.95%

,

06/15/29

..................

45

42,566

5.88%

,

12/16/36

..................

15

16,474

5.95%

,

04/01/41

..................

15

16,552

2.75%

,

09/15/51

..................

115

75,487

Lowe's

Cos.,

Inc.

1.70%

,

09/15/28

..................

95

85,492

2.80%

,

09/15/41

..................

35

24,990

5.63%

,

04/15/53

..................

15

15,142

4.45%

,

04/01/62

..................

20

16,314

302,727

Technology

Hardware,

Storage

&

Peripherals

—

3.8%

Apple,

Inc.

1.40%

,

08/05/28

..................

200

181,486

3.35%

,

08/08/32

..................

15

14,179

4.65%

,

02/23/46

..................

100

97,708

2.65%

,

05/11/50

..................

35

23,751

2.65%

,

02/08/51

..................

10

6,808

2.70%

,

08/05/51

..................

40

27,120

2.80%

,

02/08/61

..................

10

6,547

4.10%

,

08/08/62

..................

10

8,641

Dell

International

LLC

5.30%

,

10/01/29

..................

40

41,280

6.20%

,

07/15/30

..................

10

10,772

5.75%

,

02/01/33

(a)

.................

10

10,591

3.38%

,

12/15/41

..................

5

3,823

Hewlett

Packard

Enterprise

Co.

(d)

6.20%

,

10/15/35

..................

10

10,785

6.35%

,

10/15/45

..................

5

5,374

HP,

Inc.

2.65%

,

06/17/31

..................

10

8,712

5.50%

,

01/15/33

..................

10

10,354

6.00%

,

09/15/41

(a)

.................

5

5,274

473,205

Security

Par

(000)

Par

(000)

Value

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

Tapestry,

Inc.

7.35%

,

11/27/28

..................

USD

6

$

6,291

7.85%

,

11/27/33

..................

10

10,682

16,973

Water

Utilities

—

0.1%

American

Water

Capital

Corp.,

3.75%,

09/01/47

10

7,937

Wireless

Telecommunication

Services

—

0.7%

Rogers

Communications,

Inc.

3.80%

,

03/15/32

..................

10

9,215

5.00%

,

03/15/44

..................

8

7,434

4.35%

,

05/01/49

..................

20

16,624

4.55%

,

03/15/52

..................

10

8,459

Vodafone

Group

plc

4.88%

,

06/19/49

..................

37

33,438

5.75%

,

06/28/54

..................

10

10,131

5.88%

,

06/28/64

..................

5

5,025

90,326

Total

Long-Term

Investments

—

97

.5

%

(Cost:

$

13,590,033

)

...............................

12,190,399

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

4.9%

(f)(g)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.45

%

(h)

..................

427,745

428,045

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.25

%

...................

190,353

190,353

Total

Short-Term

Securities

—

4

.9

%

(Cost:

$

618,156

)

.................................

618,398

Total

Investments

—

102

.4

%

(Cost:

$

14,208,189

)

...............................

12,808,797

Liabilities

in

Excess

of

Other

Assets

—

(

2.4

)

%

.............

(

305,321

)

Net

Assets

—

100.0%

...............................

$

12,503,476

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

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.

(c)

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.

(d)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(e)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(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.

Schedule

of

Investments

(unaudited)

(continued)

August

31,

2024

iShares

®

ESG

Advanced

Investment

Grade

Corporate

Bond

ETF

Schedule

of

Investments

25

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

August

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

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.

See

notes

to

financial

statements.

Affiliated

Issuer

Value

at

02/29/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/24

Shares

Held

at

08/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

268,619

$

159,327

(a)

$

—

$

(

3

)

$

102

$

428,045

427,745

$

458

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

290,000

—

(

99,647

)

(a)

—

—

190,353

190,353

4,231

—

$

(

3

)

$

102

$

618,398

$

4,689

$

—

—

—

(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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Corporate

Bonds

.........................................

$

—

$

12,190,399

$

—

$

12,190,399

Short-Term

Securities

Money

Market

Funds

......................................

618,398

—

—

618,398

$

618,398

$

12,190,399

$

—

$

12,808,797

Statements

of

Assets

and

Liabilities

(unaudited)

August

31,

2024

2024

iShares

Semi-Annual

Financial

Statements

26

See

notes

to

financial

statements.

iShares

Agency

Bond

ETF

iShares

BBB

Rated

Corporate

Bond

ETF

iShares

ESG

Advanced

Investment

Grade

Corporate

Bond

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................................

$

693,425,360‌

$

34,103,479‌

$

12,190,399‌

Investments,

at

value

—

affiliated

(c)

............................................................

23,753,326‌

2,285,437‌

618,398‌

Cash

...............................................................................

14,387‌

—‌

—‌

Receivables:

–‌

–‌

–‌

Investment

s

sold

......................................................................

22,971,868‌

—‌

—‌

Securities

lending

income

—

affiliated

........................................................

2,659‌

302‌

58‌

Dividends

—

affiliated

...................................................................

4,626‌

3,108‌

343‌

Interest

—

unaffiliated

...................................................................

6,002,748‌

422,279‌

150,311‌

Total

a

ssets

...........................................................................

746,174,974‌

36,814,605‌

12,959,509‌

LIABILITIES

Collateral

on

securities

loaned

...............................................................

20,815,600‌

1,930,156‌

427,757‌

Payables:

–‌

–‌

–‌

Investments

purchased

..................................................................

23,434,155‌

—‌

26,369‌

Investment

advisory

fees

.................................................................

118,882‌

4,432‌

1,907‌

Total

li

abilities

..........................................................................

44,368,637‌

1,934,588‌

456,033‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

NET

ASSETS

..........................................................................

$

701,806,337‌

$

34,880,017‌

$

12,503,476‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................................

$

735,256,267‌

$

37,286,610‌

$

15,158,203‌

Accumulated

loss

.......................................................................

(

33,449,930‌

)

(

2,406,593‌

)

(

2,654,727‌

)

NET

ASSETS

..........................................................................

$

701,806,337‌

$

34,880,017‌

$

12,503,476‌

NET

ASSET

VALUE

Shares

outstanding

......................................................................

6,400,000‌

400,000‌

150,000‌

Net

asset

value

.........................................................................

$

109.66‌

$

87.20‌

$

83.36‌

Shares

authorized

.......................................................................

Unlimited

Unlimited

Unlimited

Par

value

.............................................................................

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

.....................................................

$

701,479,688‌

$

35,564,227‌

$

13,590,033‌

(b)

  Securities

loaned,

at

value

..........................................................

$

20,303,232‌

$

1,861,899‌

$

413,505‌

(c)

  Investments,

at

cost

—

affiliated

.......................................................

$

23,753,326‌

$

2,284,116‌

$

618,156‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

August

31,

2024

27

Statements

of

Operations

iShares

Agency

Bond

ETF

iShares

BBB

Rated

Corporate

Bond

ETF

iShares

ESG

Advanced

Investment

Grade

Corporate

Bond

ETF

INVESTMENT

INCOME

–

–

–

Dividends

—

affiliated

...................................................................

$

101,504‌

$

20,151‌

$

4,231‌

Interest

—

unaffiliated

...................................................................

11,854,387‌

776,094‌

260,317‌

Securities

lending

income

—

affiliated

—

net

...................................................

29,612‌

2,475‌

458‌

Total

investment

income

...................................................................

11,985,503‌

798,720‌

265,006‌

EXPENSES

Investment

advisory

....................................................................

655,673‌

25,743‌

11,026‌

Total

expenses

.........................................................................

655,673‌

25,743‌

11,026‌

Net

investment

income

....................................................................

11,329,830‌

772,977‌

253,980‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

11,737,008‌

$

940,226‌

$

391,591‌

Net

realized

loss

from:

Investments

—

unaffiliated

.............................................................

$

(

276,914‌

)

$

(

97,970‌

)

$

(

61,528‌

)

Investments

—

affiliated

...............................................................

—‌

(

94‌

)

(

3‌

)

In-kind

redemptions

—

unaffiliated

(a)

.......................................................

(

2,741,321‌

)

—‌

—‌

(3,018,235‌)

(98,064‌)

(61,531‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................................

14,755,243‌

1,037,738‌

453,019‌

Investments

—

affiliated

...............................................................

—‌

551‌

102‌

14,755,243‌

1,038,289‌

453,121‌

Net

realized

and

unrealized

gain

.............................................................

11,737,008‌

940,225‌

391,590‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................................

$

23,066,838‌

$

1,713,202‌

$

645,570‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

2024

iShares

Semi-Annual

Financial

Statements

28

See

notes

to

financial

statements.

iShares

Agency

Bond

ETF

iShares

BBB

Rated

Corporate

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

11,329,830‌

$

21,516,280‌

$

772,977‌

$

1,162,281‌

Net

realized

loss

................................................

(

3,018,235‌

)

(

8,335,136‌

)

(

98,064‌

)

(

1,447,410‌

)

Net

change

in

unrealized

appreciation

(depreciation)

........................

14,755,243‌

17,306,433‌

1,038,289‌

2,182,493‌

Net

increase

in

net

assets

resulting

from

operations

...........................

23,066,838‌

30,487,577‌

1,713,202‌

1,897,364‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(11,136,168‌)

(b)

(21,348,202‌)

(764,787‌)

(b)

(1,115,723‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

22,470,569‌

(27,908,584‌)

—‌

8,316,480‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

34,401,239‌

(

18,769,209‌

)

948,415‌

9,098,121‌

Beginning

of

period

................................................

667,405,098‌

686,174,307‌

33,931,602‌

24,833,481‌

End

of

period

....................................................

$

701,806,337‌

$

667,405,098‌

$

34,880,017‌

$

33,931,602‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Statements

of

Changes

in

Net

Assets

(continued)

29

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

ESG

Advanced

Investment

Grade

Corporate

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

253,980‌

$

467,905‌

Net

realized

loss

..................................................................................

(

61,531‌

)

(

371,320‌

)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

453,121‌

587,277‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

645,570‌

683,862‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(254,402‌)

(b)

(464,156‌)

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

391,168‌

219,706‌

Beginning

of

period

..................................................................................

12,112,308‌

11,892,602‌

End

of

period

......................................................................................

$

12,503,476‌

$

12,112,308‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Semi-Annual

Financial

Statements

30

iShares

Agency

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Year

Ended

02/28/23

Year

Ended

02/28/22

Year

Ended

02/28/21

Year

Ended

02/29/20

Net

asset

value,

beginning

of

period

................

$

107.65

‌

$

106.38

‌

$

114.97

‌

$

118.50

‌

$

118.95

‌

$

112.08

‌

Net

investment

income

(a)

........................

1

.88

‌

3

.53

‌

2

.01

‌

0

.85

‌

1

.25

‌

2

.61

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

1.96

‌

1.20

‌

(8.76

)

(3.24

)

0.87

‌

6.89

‌

Net

increase

(decrease)

from

investment

operations

.......

3.84

‌

4.73

‌

(6.75

)

(2.39

)

2.12

‌

9.50

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.....................

(

1

.83

)

(d)

(

3

.46

)

(

1

.84

)

(

0

.84

)

(

2

.11

)

(

2

.63

)

From

net

realized

gain

..........................

—

‌

—

‌

—

‌

(

0

.30

)

(

0

.46

)

—

‌

Total

distributions

..............................

(1.83

)

(3.46

)

(1.84

)

(1.14

)

(2.57

)

(2.63

)

Net

asset

value,

end

of

period

.....................

$

109.66

‌

$

107.65

‌

$

106.38

‌

$

114.97

‌

$

118.50

‌

$

118.95

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

3.62

%

(f)

4.52

%

(5.89

)%

(2.02

)%

1.77

%

8.57

%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

................................

0.20

%

(h)

0.20

%

0.20

%

0.20

%

0.20

%

0.20

%

Net

investment

income

...........................

3.46

%

(h)

3.29

%

1.85

%

0.73

%

1.04

%

2.27

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

701,806

‌

$

667,405

‌

$

686,174

‌

$

712,828

‌

$

788,037

‌

$

594,747

‌

Portfolio

turnover

rate

(i)

...........................

13

%

39

%

92

%

146

%

158

%

72

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

31

Financial

Highlights

iShares

BBB

Rated

Corporate

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Year

Ended

02/28/23

Period

from

05/18/21

(a)

to

02/28/22

Net

asset

value,

beginning

of

period

...........................................

$

84.83

‌

$

82.78

‌

$

95.89

‌

$

100.00

‌

Net

investment

income

(b)

...................................................

1

.93

‌

3

.50

‌

2

.48

‌

1

.70

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.........................................

2.35

‌

2.02

‌

(12.15

)

(4.28

)

Net

increase

(decrease)

from

investment

operations

..................................

4.28

‌

5.52

‌

(9.67

)

(2.58

)

Distributions

(d)

–

–

–

–

From

net

investment

income

................................................

(

1

.91

)

(e)

(

3

.47

)

(

2

.71

)

(

1

.53

)

From

net

realized

gain

.....................................................

—

‌

—

‌

(

0

.73

)

—

‌

Total

distributions

.........................................................

(1.91

)

(3.47

)

(3.44

)

(1.53

)

Net

asset

value,

end

of

period

................................................

$

87.20

‌

$

84.83

‌

$

82.78

‌

$

95.89

‌

Total

Return

(f)

—

—

—

—

Based

on

net

asset

value

....................................................

5.14

%

(g)

6.81

%

(10.14

)%

(2.66

)%

(g)

Ratios

to

Average

Net

Assets

(h)

Total

expen

ses

...........................................................

0.15

%

(i)

0.15

%

0.15

%

0.15

%

(i)

Net

investment

income

......................................................

4.50

%

(i)

4.19

%

2.85

%

2.14

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

................................................

$

34,880

‌

$

33,932

‌

$

24,833

‌

$

71,916

‌

Portfolio

turnover

rate

(j)

......................................................

5

%

15

%

10

%

19

%

(g)

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Semi-Annual

Financial

Statements

32

iShares

ESG

Advanced

Investment

Grade

Corporate

Bond

ETF

Six

Months

Ended

08/31/24

(unaudited)

Year

Ended

02/29/24

Year

Ended

02/28/23

Period

from

11/08/21

(a)

to

02/28/22

Net

asset

value,

beginning

of

period

...........................................

$

80.75

‌

$

79.28

‌

$

92.99

‌

$

100.00

‌

Net

investment

income

(b)

...................................................

1

.69

‌

3

.12

‌

2

.45

‌

0

.64

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.........................................

2.62

‌

1.44

‌

(13.69

)

(7.19

)

Net

increase

(decrease)

from

investment

operations

..................................

4.31

‌

4.56

‌

(11.24

)

(6.55

)

Distributions

from

net

investment

income

(d)

......................................

(1.70

)

(e)

(3.09

)

(2.47

)

(0.46

)

Net

asset

value,

end

of

period

................................................

$

83.36

‌

$

80.75

‌

$

79.28

‌

$

92.99

‌

Total

Return

(f)

—

—

—

—

Based

on

net

asset

value

....................................................

5.42

%

(g)

5.87

%

(12.17

)%

(6.56

)%

(g)

Ratios

to

Average

Net

Assets

(h)

Total

expen

ses

...........................................................

0.18

%

(i)

0.18

%

0.18

%

0.18

%

(i)

Net

investment

income

......................................................

4.15

%

(i)

3.91

%

2.97

%

2.16

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

................................................

$

12,503

‌

$

12,112

‌

$

11,893

‌

$

18,599

‌

Portfolio

turnover

rate

(j)

......................................................

9

%

29

%

35

%

7

%

(g)

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

33

Notes

to

Financial

Statements

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

 Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis. 

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

 (the

“Board”)

of each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser, as

the

valuation

designee

for

each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s policies

and

procedures as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities:

Fixed-income

investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services. Pricing

services

generally

value

fixed

income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data,

credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless BFA

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

("NYSE").

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

iShares

ETF

Diversification

Classification

Agency

Bond

.......................................................................................................

Diversified

BBB

Rated

Corporate

Bond

..............................................................................................

Diversified

(a)

ESG

Advanced

Investment

Grade

Corporate

Bond

..............................................................................

Non-diversified

(a)

The

Fund's

classification

changed

from

non-diversified

to

diversified

during

the

reporting

period.

Notes

to

Financial

Statements

(unaudited)

(continued)

2024

iShares

Semi-Annual

Financial

Statements

34

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

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

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Stripped

Bonds:

A

stripped

bond

is

a

bond

that

has

had

its

coupon

payments

and

principal

repayment

stripped

into

two

separate

components

then

selling

the

separate

parts

as

a

zero-coupon

bond

and

an

interest

paying

coupon

bond.

Once

stripped,

each

component

trades

as

a

separate

security.

Stripped

bonds

have

a

greater

sensitivity

to

changes

in

interest

rates

than

similar

maturity

debt

obligations

which

provide

for

regular

interest

payments.

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments.

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency. 

Notes

to

Financial

Statements

(unaudited)

(continued)

35

Notes

to

Financial

Statements

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to each of

the

following Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of each

Fund

as

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The Funds

do

not

pay

BRIL

for

ETF

Services.

Prior

to May

6,

2024,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company. 

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Agency

Bond

J.P.

Morgan

Securities

LLC

...............................

$

1,511,646‌

$

(1,511,646‌)

$

–‌

$

–‌

Nomura

Securities

International,

Inc.

.........................

9,126,045‌

(9,126,045‌)

–‌

–‌

Pershing

LLC

.........................................

2,507,178‌

(2,507,178‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

7,158,363‌

(7,158,363‌)

–‌

–‌

$

20,303,232‌

$

(20,303,232‌)

$

–‌

$

–‌

BBB

Rated

Corporate

Bond

Barclays

Capital,

Inc.

...................................

$

315,352‌

$

(315,352‌)

$

–‌

$

–‌

BMO

Capital

Markets

Corp.

...............................

8,178‌

(8,178‌)

–‌

–‌

BNP

Paribas

SA

.......................................

712,842‌

(712,842‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

180,078‌

(180,078‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

484,214‌

(484,214‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

27,988‌

(27,988‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

50,964‌

(50,964‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

7,660‌

(7,660‌)

–‌

–‌

UBS

Securities

LLC

....................................

74,623‌

(74,623‌)

–‌

–‌

$

1,861,899‌

$

(1,861,899‌)

$

–‌

$

–‌

ESG

Advanced

Investment

Grade

Corporate

Bond

Barclays

Capital,

Inc.

...................................

$

112,540‌

$

(112,540‌)

$

–‌

$

–‌

BofA

Securities,

Inc.

....................................

39,938‌

(39,938‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

147,292‌

(147,292‌)

–‌

–‌

Jefferies

LLC

.........................................

6,086‌

(6,086‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

3,164‌

(3,164‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

51,181‌

(51,181‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

6,139‌

(6,139‌)

–‌

–‌

UBS

Securities

LLC

....................................

8,038‌

(8,038‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

18,338‌

(18,338‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

20,789‌

(20,789‌)

–‌

–‌

$

413,505‌

$

(413,505‌)

$

–‌

$

–‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Fund’s

Statements

of

Assets

and

Liabilities.

iShares

ETF

Investment

Advisory

Fees

Agency

Bond

....................................................................................................

0.20‌

%

BBB

Rated

Corporate

Bond

...........................................................................................

0.15‌

ESG

Advanced

Investment

Grade

Corporate

Bond

...........................................................................

0.18‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2024

iShares

Semi-Annual

Financial

Statements

36

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

redemption

fee,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

of

the

value

redeemed,

if

such

fee

is

determined

to

be

in

the

best

interests

of

such

money

market

fund. 

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

85%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the six

months ended

August

31,

2024,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

6.

Purchases

and

Sales

For

the six

months ended

August

31,

2024,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

August

31,

2024,

in-kind

transactions

were

as

follows:

7.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

August

31,

2024,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

iShares

ETF

Amounts

Agency

Bond

...........................................................................................................

$

11,417‌

BBB

Rated

Corporate

Bond

..................................................................................................

948‌

ESG

Advanced

Investment

Grade

Corporate

Bond

..................................................................................

164‌

U.S.

Government

Securities

Other

Securities

iShares

ETF

Purchases

Sales

Purchases

Sales

Agency

Bond

........................................................

$

76,936,726‌

$

103,315,331‌

$

—‌

$

—‌

BBB

Rated

Corporate

Bond

...............................................

—‌

—‌

2,193,785‌

1,715,455‌

ESG

Advanced

Investment

Grade

Corporate

Bond

...............................

—‌

—‌

1,128,135‌

1,051,497‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Agency

Bond

........................................................................................

$

101,369,236‌

$

86,951,621‌

Notes

to

Financial

Statements

(unaudited)

(continued)

37

Notes

to

Financial

Statements

As

of

February

29,

2024,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

As

of

August

31,

2024,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

8.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Fund

is

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

discretionary

liquidity

fees

under

certain

circumstances.

Market

Risk:

Each

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

each

Fund

to

reinvest

in

lower

yielding

securities.

Each

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

each

Fund’s

portfolio

will

decline

if

each

Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

each

Fund

portfolio’s

current

earnings

rate.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

certain

funds

invest. 

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

The

Funds

invest

a

significant

portion

of

their

assets

in

fixed-income

securities

and/or

use

derivatives

tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may

affect

the

value

and/or

liquidity

of

such

investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

during

a

period

of

historically

low

interest

rates.

The

Federal

Reserve

has

raised

the

federal

funds

rate

as

part

of

its

efforts

to

address

inflation.

Changing

interest

rates

may

have

unpredictable

effects

on

markets,

may

result

in

heightened

market

volatility,

and

could

negatively

impact

the

Funds'

performance.

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

Agency

Bond

.......................................................................................................

$

(24,421,586‌)

BBB

Rated

Corporate

Bond

..............................................................................................

(967,836‌)

ESG

Advanced

Investment

Grade

Corporate

Bond

..............................................................................

(1,229,795‌)

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Agency

Bond

....................................................

$

725,233,014‌

$

4,529,289‌

$

(12,583,617‌)

$

(8,054,328‌)

BBB

Rated

Corporate

Bond

..........................................

37,860,966‌

449,635‌

(1,921,685‌)

(1,472,050‌)

ESG

Advanced

Investment

Grade

Corporate

Bond

...........................

14,214,591‌

154,200‌

(1,559,994‌)

(1,405,794‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2024

iShares

Semi-Annual

Financial

Statements

38

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

9.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars. Authorized

Participants purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

To

the

extent

applicable,

to

facilitate

the

timely

settlement

of

orders

for

Funds

using

a

clearing

facility

outside

of

the

continuous

net

settlement

process,

the

Funds,

at their

sole

discretion,

may

permit

an

Authorized

Participant

to

post

cash

as

collateral

in

anticipation

of

the

delivery

of

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

as

further

described

in

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

is

subject

to

a

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

In

the

event

that

the

Authorized

Participant

fails

to

deliver

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

to

the

terms

of

the

Control

Agreement

in

order

to

purchase

the

applicable

Deposit

Securities

or

Fund

Securities.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

10.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

08/31/24

Year

Ended

02/29/24

iShares

ETF

Shares

Amount

Shares

Amount

Agency

Bond

Shares

sold

1,050,000‌

$

113,502,040‌

1,750,000‌

$

186,940,326‌

Shares

redeemed

(850,000‌)

(91,031,471‌)

(2,000,000‌)

(214,848,910‌)

200,000‌

$

22,470,569‌

(250,000‌)

$

(27,908,584‌)

BBB

Rated

Corporate

Bond

Shares

sold

—‌

$

—‌

750,000‌

$

63,347,650‌

Shares

redeemed

—‌

—‌

(650,000‌)

(55,031,170‌)

—‌

$

—‌

100,000‌

$

8,316,480‌

Additional

Information

39

Additional

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

•  

Go

to

icsdelivery.com

.

• 

 If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Because

BFA

has

agreed

in

the

Investment

Advisory

Agreements

to

cover

all

operating

expenses

of

the

Funds,

subject

to

certain

exclusions

as

provided

for

therein,

BFA

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Funds

from

BFA's

investment

advisory

fees.

Availability

of

Portfolio

Holdings

Information

A

description

of

the

Trust's

policies

and

procedures

with

respect

to

the

disclosure

of

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets,

when

available, at

iShares.com

.

Board

Review

and

Approval

of

Investment

Advisory

Contract

2024

iShares

Semi-Annual

Financial

Statements

40

iShares

Agency

Bond

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

held

on

May

6,

2024

and

May

17,

2024,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

to

and

in

preparation

for

the

meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

4-5,

2024,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below..

Expenses

and

Performance

of

the

Fund

:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

higher

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2023,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

relevant

factors

and

information

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided

:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

6,

2024

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

41

Board

Review

and

Approval

of

Investment

Advisory

Contract

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates

:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale

:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year

Conclusion

:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2024

iShares

Semi-Annual

Financial

Statements

42

iShares

BBB

Rated

Corporate

Bond

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

held

on

May

6,

2024

and

May

17,

2024,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

to

and

in

preparation

for

the

meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

4-5,

2024,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund

:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2023,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

relevant

factors

and

information

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided

:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

6,

2024

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

43

Board

Review

and

Approval

of

Investment

Advisory

Contract

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates

:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale

:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion

:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2024

iShares

Semi-Annual

Financial

Statements

44

iShares

ESG

Advanced

Investment

Grade

Corporate

Bond

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

held

on

May

6,

2024

and

May

17,

2024,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

to

and

in

preparation

for

the

meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

4-5,

2024,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund

:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2023,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

relevant

factors

and

information

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided

:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

6,

2024

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

45

Board

Review

and

Approval

of

Investment

Advisory

Contract

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates

:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale

:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion

:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Glossary

of

Terms

Used

in

this

Report

2024

iShares

Semi-Annual

Financial

Statements

46

Portfolio

Abbreviation

DAC

Designated

Activity

Company

LIBOR

London

Interbank

Offered

Rate

SOFR

Secured

Overnight

Financing

Rate

STRIPS

Separate

Trading

of

Registered

Interest

&

Principal

of

Securities

Currency

Abbreviation

USD

United

States

Dollar

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by Bloomberg

Index

Services

Limited

or

Markit

Indices

Limited,

nor

do

these

companies

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

companies

listed

above.

©2024

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report

              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

              (a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By:     /s/ Jessica Tan                         

Jessica Tan

President (principal executive officer) of

          iShares Trust

Date: October 23, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ Jessica Tan                         

Jessica Tan

President (principal executive officer) of

          iShares Trust

Date: October 23, 2024

By:     /s/ Trent Walker                      

          Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares Trust

Date: October 23, 2024