Schedule of Investments (unaudited)	iShares® iBonds® Dec 2027 Term Muni Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Par (000		)	Value
Municipal Debt Obligations
Alabama — 1.7%
Alabama Federal Aid Highway Finance Authority RB
5.00%, 09/01/35 (PR 09/01/27)	$	1,000		$	1,082,985
Series A, 5.00%, 09/01/27		595			643,316
Series A, 5.00%, 09/01/29 (PR 09/01/27)		180			194,937
Series A, 5.00%, 06/01/37 (PR 09/01/27)		130			140,788
Alabama Highway Finance Corp. RB, 5.00%, 08/01/27		510			547,759
Alabama Public School and College Authority RB,
Series A, 5.00%, 11/01/27		1,020			1,109,547
City of Auburn AL GOL, 5.00%, 05/01/27
(Call 05/01/25)		130			133,185
City of Huntsville AL GO, 5.00%, 09/01/27		150			162,608
City of Huntsville AL GOL
5.00%, 05/01/27 (Call 05/01/26)		185			194,498
5.00%, 11/01/27 (Call 05/01/27)		355			381,943
5.00%, 05/01/30 (Call 11/01/27)		125			135,308
Series A, 5.00%, 05/01/28 (Call 11/01/27)		75			81,418
State of Alabama GO
5.00%, 11/01/27		295			320,679
Series C, 5.00%, 08/01/27 (Call 08/01/26)		390			412,350
University of Alabama (The), 5.00%, 07/01/27		720			774,140
Water Works Board of the City of Birmingham (The) RB
5.00%, 01/01/30 (PR 01/01/27)		205			218,373
Series B, 5.00%, 01/01/32 (PR 01/01/27)		200			213,046
Series B, 5.00%, 01/01/43 (PR 01/01/27)		250			266,308
					7,013,188
Alaska — 0.1%
State of Alaska GO, 5.00%, 08/01/27		265			285,537
Arizona — 1.9%
Arizona Board of Regents RB, 5.00%, 07/01/27		250			269,137
Arizona Department of Transportation State Highway
Fund Revenue, 5.00%, 07/01/27 (Call 07/01/26)		825			869,165
Arizona State University RB
5.00%, 07/01/27		245			264,587
5.00%, 07/01/27 (Call 07/01/25)		180			185,193
5.00%, 07/01/27 (Call 07/01/26)		100			105,353
Series B, 5.00%, 07/01/30 (Call 07/01/27)		195			209,480
Arizona Transportation Board, 5.00%, 07/01/27		210			226,360
City of Chandler AZ GOL, 5.00%, 07/01/27		385			415,648
City of Phoenix AZ GO, 5.00%, 07/01/27
(Call 07/01/26)		495			522,212
City of Phoenix Civic Improvement Corp RB, 5.00%,
07/01/27		100			107,893
City of Phoenix Civic Improvement Corp. RB
5.00%, 07/01/27		285			307,494
5.00%, 07/01/27 (Call 07/01/25)		610			626,835
5.00%, 07/01/27 (Call 07/01/26)		650			684,062
Series D, 5.00%, 07/01/29 (Call 07/01/27)		300			322,545
Gilbert Water Resource Municipal Property Corp. RB,
5.00%, 07/15/27		120			129,586
Maricopa County Unified School District No. 48
Scottsdale GO, 5.00%, 07/01/28 (Call 07/01/27)		40			43,077
Maricopa County Union High School District No.
210-Phoenix GO, 5.00%, 07/01/27		365			393,188
Salt River Project Agricultural Improvement & Power
District, 5.00%, 01/01/27		710			758,374
Salt River Project Agricultural Improvement & Power
District RB
5.00%, 01/01/27		200			213,626

Security	Par (000		)	Value
Arizona (continued)
Series A, 5.00%, 01/01/27	$	390		$	416,572
Series A, 5.00%, 01/01/29 (Call 01/01/27)		355			377,452
State of Arizona COP, Series A, 5.00%, 10/01/27		115			124,776
					7,572,615
California — 12.8%
91 Express Lanes Toll Road RB, 5.00%, 08/15/27		100			108,863
Anaheim Housing & Public Improvements Authority RB,
5.00%, 10/01/27		215			234,774
Bay Area Toll Authority RB, 4.00%, 04/01/29
(Call 04/01/27)		1,470			1,536,951
California Health Facilities Financing Authority RB,
5.00%, 11/01/27		780			851,398
California Infrastructure & Economic Development
Bank RB
5.00%, 10/01/27		305			333,500
5.00%, 10/01/27 (Call 04/01/27)		110			118,832
5.00%, 10/01/28 (Call 04/01/27)		350			378,295
5.00%, 10/01/29 (Call 04/01/27)		105			113,587
California State Public Works Board RB
5.00%, 05/01/27		115			123,573
5.00%, 10/01/27		220			238,621
5.00%, 10/01/27 (ETM)		10			10,905
5.00%, 11/01/27		550			597,669
5.00%, 09/01/29 (Call 09/01/27)		290			312,388
5.00%, 10/01/30 (Call 10/01/27)		145			156,526
5.00%, 10/01/30 (PR 10/01/27)		10			10,905
Series C, 5.00%, 03/01/28 (Call 03/01/27)		325			348,163
California State University RB
5.00%, 11/01/29 (Call 05/01/27)		400			433,131
Series A, 5.00%, 11/01/27 (Call 11/01/25)		100			103,845
Series A, 5.00%, 11/01/27 (Call 05/01/26)		600			634,328
Series A, 5.00%, 11/01/30 (Call 05/01/27)		220			238,018
Carlsbad Unified School District GO, 5.00%, 08/01/27
(Call 08/01/26)		200			212,006
Central Contra Costa Sanitary District COP, 5.00%,
09/01/27		50			54,651
City of Foster City CA GO, 4.00%, 08/01/30
(Call 08/01/27)		120			126,387
City of Los Angeles CA Wastewater System Revenue
RB, Series B, 5.00%, 06/01/27		425			460,793
City of Los Angeles Department of Airports RB
5.00%, 05/15/27		590			639,280
5.00%, 05/15/27 (ETM)		110			118,872
City of Los Angeles Solid Waste Resources Revenue
RB, 5.00%, 02/01/27		150			161,547
City of San Francisco CA Public Utilities Commission
Water Revenue RB
5.00%, 11/01/27		270			296,341
5.00%, 11/01/27 (Call 05/01/25)		375			386,013
5.00%, 11/01/27 (Call 11/01/26)		250			267,389
Series D, 5.00%, 11/01/30 (Call 11/01/27)		355			387,526
Coast Community College District GO
Series B, 0.00%, 08/01/27 (AGM)(a)		775			695,654
Series D, 5.00%, 08/01/28 (Call 08/01/27)		160			174,531
Contra Costa Transportation Authority RB, Series A,
5.00%, 03/01/27 (Call 03/01/25)		435			447,195
Contra Costa Transportation Authority Sales Tax
Revenue RB, 5.00%, 03/01/27		215			232,092
County of Santa Clara CA, 5.00%, 08/01/27		170			185,193
County of Santa Clara CA GO, 5.00%, 08/01/29
(Call 08/01/27)		125			136,053

1

Schedule of Investments (unaudited) (continued)	iShares® iBonds® Dec 2027 Term Muni Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Par (000		)	Value
California (continued)
East Bay Municipal Utility District Wastewater System
Revenue RB, Series A, 5.00%, 06/01/28
(Call 06/01/27)	$	130		$	141,349
East Bay Municipal Utility District Water System
Revenue RB
5.00%, 06/01/27		50			54,311
5.00%, 06/01/28 (Call 06/01/27)		85			92,420
Series A, 5.00%, 06/01/27 (Call 06/01/25)		155			159,645
Series B, 5.00%, 06/01/27		115			124,916
El Camino Community College District Foundation
(The), 0.00%, 08/01/27(a)		200			180,081
Foothill-De Anza Community College District, 0.00%,
08/01/27 (NPFGC)(a)		415			376,123
Fremont Unified School District/Alameda County CA
GO, 5.00%, 08/01/27		200			217,945
Fremont Union High School District GO, 5.00%,
08/01/29 (Call 08/01/27)		75			81,948
Grossmont Union High School District GO, 0.00%,
08/01/27 (AGM)(a)		110			98,365
Los Angeles Community College District GO, 5.00%,
08/01/27		1,000			1,090,074
Los Angeles Community College District/CA GO
4.00%, 08/01/30 (Call 08/01/27)		120			125,647
5.00%, 08/01/27		390			425,129
Series J, 5.00%, 08/01/28 (Call 08/01/27)		190			207,189
Los Angeles County Metropolitan Transportation
Authority RB
5.00%, 07/01/30 (Call 07/01/27)		240			261,410
Series A, 5.00%, 06/01/27		1,110			1,204,598
Series A, 5.00%, 07/01/29 (Call 07/01/27)		255			277,606
Los Angeles County Metropolitan Transportation
Authority Sales Tax Revenue RB
4.00%, 07/01/27 (Call 07/01/25)		125			126,976
5.00%, 07/01/27		265			288,543
Los Angeles Department of Water & Power RB
5.00%, 07/01/27		740			805,742
5.00%, 07/01/30 (Call 01/01/27)		100			107,293
Los Angeles Department of Water & Power System
Revenue RB, Series C, 5.00%, 07/01/28
(Call 07/01/27)		295			320,818
Los Angeles Department of Water & Power Water
System Revenue RB, 5.00%, 07/01/27		505			550,559
Los Angeles Department of Water RB, Series A, 5.00%,
07/01/30 (Call 01/01/27)		405			435,010
Los Angeles Unified School District/CA GO
3.00%, 07/01/27		160			160,567
5.00%, 07/01/27		1,535			1,666,629
5.00%, 07/01/27 (Call 07/01/25)		75			77,633
Series A, 5.00%, 07/01/27		840			912,032
Series B1, 5.00%, 07/01/27		415			450,587
Metropolitan Water District of Southern California RB
5.00%, 07/01/27		165			179,545
Series A, 5.00%, 07/01/27		485			527,754
Series C, 5.00%, 10/01/27		110			120,482
Modesto Irrigation District RB, Series A, 5.00%,
10/01/27 (Call 10/01/25)		45			46,798
Mountain View Los Altos Union High School District/CA
GO, Series C, 0.00%, 08/01/27(a)		150			134,319
Municipal Improvement Corp. of Los Angeles RB,
Series B, 5.00%, 11/01/27 (Call 11/01/26)		435			463,338

Security	Par (000		)	Value
California (continued)
Newport Mesa Unified School District GO, 0.00%,
08/01/27 (NPFGC)(a)	$	215		$	194,121
Orange County Sanitation District RB, 5.00%, 02/01/27		55			59,217
Palo Alto Unified School District GO, 0.00%,
08/01/27(a)		330			298,880
Pasadena Area Community College District GO, 4.00%,
08/01/27		400			420,735
Poway Unified School District GO, 0.00%, 08/01/27(a)		400			359,518
Regents of the University of California Medical Center
Pooled Revenue RB, 5.00%, 05/15/27
(Call 05/15/26)		170			179,379
Riverside County Transportation Commission RB,
Series B, 5.00%, 06/01/28 (Call 12/01/27)		160			175,565
Riverside Unified School District GO, 4.00%, 08/01/29
(Call 08/01/27)		90			94,489
Sacramento Municipal Utility District RB, 5.00%,
08/15/27		90			98,233
San Diego County Regional Airport Authority RB
5.00%, 07/01/27		100			108,336
5.00%, 07/01/28 (Call 07/01/27)		475			513,162
San Diego County Regional Transportation
Commission, 5.00%, 04/01/27		255			275,598
San Diego County Regional Transportation
Commission RB, 5.00%, 04/01/27		110			118,746
San Diego County Water Authority, 5.00%, 05/01/27
(Call 05/01/26)		100			105,733
San Diego County Water Authority RB, 5.00%, 05/01/27
(Call 05/01/25)		110			113,224
San Diego Public Facilities Financing Authority RB,
5.00%, 08/01/27		250			272,431
San Diego Unified School District/CA GO
4.00%, 07/01/27 (Call 07/01/25)		250			253,898
5.00%, 07/01/30 (Call 07/01/27)		185			200,879
Series J, 5.00%, 07/01/29 (Call 07/01/27)		100			108,665
San Francisco Bay Area Rapid Transit District Sales
Tax Revenue RB
5.00%, 07/01/29 (Call 07/01/27)		190			205,878
Series A, 5.00%, 07/01/29 (Call 07/01/27)		100			108,357
San Francisco City & County Airport Commission San
Francisco International Airport RB
5.00%, 05/01/27		290			313,406
5.00%, 05/01/27 (Call 05/01/26)		145			152,218
Series D, 5.00%, 05/01/27 (Call 05/01/26)		140			146,969
San Francisco City & County Airport Comm-San
Francisco International Airport RB, 5.00%, 05/01/27		125			135,048
San Francisco City & County Public Utilities
Commission Wastewater Revenue RB, 5.00%,
10/01/27		165			180,722
San Francisco County Transportation Authority Sales
Tax Revenue RB, 4.00%, 02/01/29 (Call 02/01/27)		255			266,928
San Jose Unified School District GO
5.00%, 08/01/27		165			179,978
Series C, 0.00%, 08/01/27 (NPFGC)(a)		95			85,716
San Mateo County Community College District GO
0.00%, 09/01/27 (NPFGC)(a)		350			314,584
Series A, 0.00%, 09/01/27 (NPFGC)(a)		355			319,078
Series B, 0.00%, 09/01/27 (NPFGC)(a)		300			269,643
San Mateo Union High School District GO, Series C,
0.00%, 09/01/27 (NPFGC)(a)		170			153,284
Southern California Public Power Authority, 4.00%,
07/01/27 (Call 01/01/25)		465			469,716

2

Schedule of Investments (unaudited) (continued)	iShares® iBonds® Dec 2027 Term Muni Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Par (000		)	Value
California (continued)
Southern California Public Power Authority RB
5.00%, 07/01/27	$	930		$	1,011,983
Series C, 5.00%, 07/01/27 (Call 01/01/25)		770			785,673
State of California, 4.00%, 09/01/27		560			586,256
State of California Department of Water Resources RB
5.00%, 12/01/28 (Call 12/01/27)		130			142,778
Series AX, 5.00%, 12/01/27		220			242,221
Series BB, 5.00%, 12/01/27		110			121,110
State of California GO
4.00%, 08/01/27 (Call 08/01/26)		50			51,603
5.00%, 02/01/27 (AMBAC)		150			160,512
5.00%, 04/01/27		2,045			2,196,583
5.00%, 08/01/27		1,325			1,434,138
5.00%, 08/01/27 (Call 08/01/26)		205			216,646
5.00%, 09/01/27		260			281,947
5.00%, 09/01/27 (Call 09/01/26)		160			169,401
5.00%, 10/01/27		1,345			1,461,302
5.00%, 11/01/27		1,875			2,038,207
5.00%, 12/01/27		585			637,120
5.00%, 08/01/28 (Call 08/01/27)		440			474,729
5.00%, 11/01/28 (Call 11/01/27)		490			531,557
5.00%, 08/01/29 (Call 08/01/27)		450			486,407
5.00%, 08/01/30 (Call 08/01/27)		1,145			1,234,152
5.00%, 11/01/30 (Call 11/01/27)		745			806,858
Series B, 5.00%, 11/01/27		380			413,077
Series C, 5.00%, 08/01/27 (Call 08/01/26)		750			792,608
Sunnyvale Financing Authority RB, 4.00%, 04/01/27		100			104,423
University of California, 5.00%, 05/15/27		110			118,736
University of California RB
5.00%, 05/15/27		475			513,054
5.00%, 05/15/28 (Call 05/15/27)		150			162,418
5.00%, 05/15/29 (Call 05/15/27)		125			135,545
5.00%, 05/15/30 (Call 05/15/27)		305			331,193
Series AO, 5.00%, 05/15/27 (Call 05/15/25)		545			560,594
Series AY, 5.00%, 05/15/30 (Call 05/15/27)		835			906,707
Series I, 5.00%, 05/15/27 (Call 05/15/25)		570			586,310
West Valley-Mission Community College District GO,
Series B, 5.00%, 08/01/27 (Call 08/01/25)		80			82,706
Western Municipal Water District Facilities Authority
RB, 5.00%, 10/01/27		175			190,966
					51,581,030
Colorado — 1.0%
Adams & Arapahoe Joint School District 28J Aurora,
5.00%, 12/01/27 (SAW)		160			174,255
Board of Governors of Colorado State University
System RB, 5.00%, 03/01/27
(ST HGR ED INTERCEPT PROG)		250			266,875
City & County of Denver Co. Airport System
Revenue RB
5.00%, 11/15/27		1,255			1,360,902
Series B, 5.00%, 12/01/27		45			48,684
City & County of Denver Co. GO, 5.00%, 08/01/27		430			465,569
City of Colorado Springs Co. Utilities System Revenue
RB, 5.00%, 11/15/27		320			348,162
Colorado Health Facilities Authority RB, 5.00%,
11/01/27		200			211,531
Denver City & County School District No. 1 GO
5.50%, 12/01/28 (Call 12/01/27) (SAW)		295			326,327
5.50%, 12/01/29 (Call 12/01/27) (SAW)		200			220,547
Series B, 4.00%, 12/01/27 (SAW)		230			241,891
State of Colorado COP, Series K, 5.00%, 03/15/27		275			293,043

Security	Par (000		)	Value
Colorado (continued)
University of Colorado, 5.00%, 06/01/29
(Call 06/01/27)	$	100		$	107,389
Weld County School District No. 6 Greeley GO, 5.00%,
12/01/27 (SAW)		125			136,137
					4,201,312
Connecticut — 1.7%
City of Danbury CT GO, 5.00%, 11/01/27
(Call 11/01/26)		50			53,193
State of Connecticut Clean Water Fund - State
Revolving Fund RB, Series A, 5.00%, 05/01/29
(Call 05/01/27)		185			199,572
State of Connecticut GO
4.00%, 06/01/27		55			57,217
5.00%, 04/15/27		680			729,103
5.00%, 07/15/27		520			560,646
5.00%, 08/15/27 (Call 08/15/26)		430			452,872
Series 2021 A, 4.00%, 01/15/27		545			564,154
Series A, 4.00%, 01/15/27		120			124,217
Series A, 5.00%, 04/15/29 (Call 04/15/27)		350			375,503
Series B, 4.00%, 06/01/27		210			218,464
Series B, 5.00%, 06/15/27 (Call 06/15/25)		240			246,554
Series D, 5.00%, 09/15/27		100			108,213
Series F, 5.00%, 11/15/27 (Call 11/15/25)		815			844,433
State of Connecticut Special Tax Revenue RB
5.00%, 01/01/27		135			143,806
5.00%, 05/01/27		125			134,157
5.00%, 09/01/27 (Call 09/01/26)		460			484,907
Series A, 5.00%, 01/01/27		205			218,372
Series A, 5.00%, 05/01/27		590			633,220
Series B, 5.00%, 10/01/27		340			368,283
Series D, 5.00%, 11/01/27		220			238,739
University of Connecticut, 5.00%, 11/01/27		65			70,440
University of Connecticut RB, 5.00%, 04/15/27		125			133,986
					6,960,051
Delaware — 0.9%
County of New Castle, 5.00%, 04/01/27		305			327,416
Delaware Transportation Authority RB
5.00%, 07/01/27		430			464,377
5.00%, 07/01/27 (Call 07/01/26)		110			116,179
State of Delaware GO
5.00%, 02/01/27		595			637,410
5.00%, 05/01/27		240			258,591
5.00%, 07/01/27		270			292,046
Series A, 5.00%, 01/01/27		760			812,443
Series A, 5.00%, 02/01/27		170			182,117
Series D, 5.00%, 07/01/27 (Call 07/01/26)		365			385,139
					3,475,718
District of Columbia — 1.7%
District of Columbia GO
5.00%, 06/01/27		560			602,873
5.00%, 06/01/29 (Call 06/01/27)		250			267,785
Series A, 5.00%, 10/15/27		160			173,695
Series D, 5.00%, 06/01/27		650			699,764
Series E, 5.00%, 02/01/27		610			651,840
Series E, 5.00%, 06/01/27 (Call 12/01/26)		290			308,054
District of Columbia Income Tax Revenue RB
Series A, 5.00%, 03/01/27		595			636,985
Series B, 5.00%, 10/01/27		395			428,434
Series C, 5.00%, 05/01/27		310			333,110
Series C, 5.00%, 10/01/27		560			607,400

3

Schedule of Investments (unaudited) (continued)	iShares® iBonds® Dec 2027 Term Muni Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Par (000		)	Value
District of Columbia (continued)
District of Columbia RB, 5.00%, 12/01/27	$	105		$	113,835
District of Columbia Water & Sewer Authority RB
Series A, 5.00%, 10/01/27 (Call 10/01/25)		190			196,309
Series B, 5.00%, 10/01/27		245			265,827
Metropolitan Washington Airports Authority Aviation
Revenue RB, 5.00%, 10/01/27		135			146,181
Washington Metropolitan Area Transit Authority RB
5.00%, 07/01/27		130			139,292
5.00%, 07/01/28 (Call 07/01/27)		340			364,339
5.00%, 07/01/30 (Call 07/01/27)		110			117,982
Series A, 5.00%, 07/15/27		400			431,678
Series A-1, 5.00%, 07/01/29 (Call 07/01/27)		120			128,683
					6,614,066
Florida — 2.7%
Broward County FL Water & Sewer Utility Revenue RB,
5.00%, 10/01/27 (Call 10/01/25)		180			185,977
City of Miami Beach FL Stormwater Revenue RB,
5.00%, 09/01/27		115			123,320
County of Miami-Dade FL Aviation Revenue RB,
5.00%, 10/01/27 (Call 10/01/26)		200			209,355
County of Miami-Dade FL GO, Series A, 5.00%,
07/01/27		100			107,825
County of Miami-Dade FL Water & Sewer System
Revenue RB
5.00%, 10/01/27		370			398,762
Series B, 5.00%, 10/01/27		395			426,565
Florida Department of Environmental Protection RB
Series A, 5.00%, 07/01/27		369			396,622
Series A, 5.00%, 07/01/27 (Call 07/01/26)		285			298,893
Hillsborough County Aviation Authority RB, 5.00%,
10/01/27		200			216,273
Hillsborough County School Board COP, Series B,
5.00%, 07/01/27		30			31,943
JEA Water & Sewer System Revenue RB, 5.00%,
10/01/27		500			541,987
Orlando Utilities Commission RB, 5.00%, 10/01/27		380			411,749
Palm Beach County School District, 5.00%, 08/01/27		200			215,430
Palm Beach County School District COP
5.00%, 08/01/27		110			118,487
Series A, 5.00%, 08/01/27		195			210,045
Series B, 5.00%, 08/01/27		115			123,872
School Board of Miami-Dade County (The), 5.00%,
05/01/27 (Call 05/01/25) (AGM)		200			204,507
School Board of Miami-Dade County (The) GO
5.00%, 03/15/27		105			112,051
5.00%, 03/15/27 (BAM)		160			171,240
School District of Broward County/FL COP, Series A,
5.00%, 07/01/27		205			220,415
School District of Broward County/FL GO, 5.00%,
07/01/27		160			172,683
State of Florida Department of Transportation RB,
5.00%, 07/01/27		1,216			1,313,373
State of Florida Department of Transportation Turnpike
System RB
Series A, 5.00%, 07/01/27		340			366,373
Series A, 5.00%, 07/01/29 (Call 07/01/27)		215			231,139
State of Florida Department of Transportation Turnpike
System Revenue RB, 5.00%, 07/01/27		160			172,411
State of Florida GO
5.00%, 06/01/27		275			296,419
5.00%, 06/01/27 (Call 06/01/25)		165			169,458

Security	Par (000		)	Value
Florida (continued)
5.00%, 06/01/27 (Call 06/01/26)	$	380		$	398,928
5.00%, 07/01/27		300			324,188
5.00%, 07/01/27 (Call 07/01/26)		120			126,448
5.00%, 07/01/28 (Call 07/01/27)		285			307,509
Series A, 5.00%, 07/01/27		480			518,701
Series B, 5.00%, 06/01/30 (Call 06/01/27)		125			134,388
Series C, 5.00%, 06/01/27		215			231,746
Series D, 5.00%, 06/01/27		255			274,861
State of Florida Lottery Revenue RB
5.00%, 07/01/27 (Call 07/01/26)		243			254,952
Series A, 5.00%, 07/01/27		683			737,139
					10,756,034
Georgia — 2.4%
Athens-Clarke County Unified Government GO, 5.00%,
12/01/27		50			54,455
City of Atlanta GA, 5.00%, 12/01/27		215			234,402
City of Atlanta GA Department of Aviation RB
5.00%, 07/01/27		140			150,764
Series A, 5.00%, 07/01/27		260			279,991
City of Atlanta GA Water & Wastewater Revenue RB
5.00%, 11/01/29 (Call 11/01/27)		125			135,488
Series B, 5.00%, 11/01/29 (Call 11/01/27)		120			130,069
Series C, 5.00%, 11/01/28 (Call 11/01/27)		225			244,250
County of Columbia GA GO, 5.00%, 01/01/27		45			48,079
Georgia Ports Authority RB, 5.00%, 07/01/27		1,095			1,181,424
Georgia State Road & Tollway Authority RB, 5.00%,
06/01/27		645			693,526
Gwinnett County Water & Sewerage Authority RB,
5.00%, 08/01/27		730			790,384
Metropolitan Atlanta Rapid Transit Authority RB
4.00%, 07/01/30 (Call 07/01/27)		135			139,466
5.00%, 07/01/27		115			124,076
5.00%, 07/01/27 (Call 07/01/26)		355			374,633
Series A, 5.25%, 07/01/27 (NPFGC)		205			222,146
Series D, 4.00%, 07/01/27		675			705,675
State of Georgia, 5.00%, 07/01/27		200			216,125
State of Georgia GO
4.00%, 01/01/27		115			119,495
5.00%, 02/01/28 (Call 02/01/27)		300			321,235
5.00%, 07/01/28 (Call 01/01/27)		795			850,315
5.00%, 02/01/29 (Call 02/01/27)		175			187,696
Series A, 5.00%, 02/01/27 (Call 02/01/26)		150			156,974
Series A, 5.00%, 08/01/27		615			665,871
Series A-1, 5.00%, 02/01/27		335			358,578
Series C, 5.00%, 07/01/29 (Call 07/01/27)		225			243,669
Series E, 5.00%, 12/01/27 (Call 12/01/26)		220			234,663
Series F, 5.00%, 01/01/27		290			309,758
Series F, 5.00%, 07/01/27 (Call 01/01/27)		480			513,097
					9,686,304
Hawaii — 1.3%
City & County Honolulu HI Wastewater System
Revenue RB
5.00%, 07/01/27 (Call 07/01/26)		480			504,087
Series A, 5.00%, 07/01/27 (Call 07/01/25)		305			313,542
City & County of Honolulu HI GO
5.00%, 07/01/27		360			388,413
5.00%, 09/01/27		445			481,928
5.00%, 10/01/27		125			135,626
5.00%, 11/01/27		550			597,874
Series B, 5.00%, 10/01/27 (Call 10/01/25)		180			186,185

4

Schedule of Investments (unaudited) (continued)	iShares® iBonds® Dec 2027 Term Muni Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Par (000		)	Value
Hawaii (continued)
Series C, 4.00%, 08/01/27	$	245		$	255,858
County of Hawaii HI GO, 5.00%, 09/01/27
(Call 03/01/26)		175			182,756
County of Maui HI GO, 5.00%, 03/01/27		135			144,360
State of Hawaii GO
5.00%, 04/01/27 (Call 04/01/26)		210			219,348
5.00%, 10/01/27		205			222,053
Series FE, 5.00%, 10/01/27 (Call 10/01/26)		470			495,665
Series FH, 5.00%, 10/01/27 (Call 10/01/26)		270			284,531
Series FK, 5.00%, 05/01/28 (Call 05/01/27)		200			214,162
Series FN, 5.00%, 10/01/30 (Call 10/01/27)		460			495,530
					5,121,918
Idaho — 0.2%
Idaho Housing & Finance Association RB
5.00%, 08/15/27		160			172,544
Series A, 5.00%, 07/15/27		700			752,318
					924,862
Illinois — 3.9%
Chicago Midway International Airport RB, 5.00%,
01/01/27 (BAM)		250			266,091
Chicago O'Hare International Airport RB
5.00%, 01/01/27		305			323,662
5.25%, 01/01/27		170			181,583
Series A, 5.00%, 01/01/28 (Call 01/01/27)		425			449,292
Series B, 5.00%, 01/01/27 (Call 01/01/25)		305			309,710
Chicago Transit Authority Capital Grant Receipts
Revenue RB, 5.00%, 06/01/27		225			236,707
Illinois Finance Authority RB
5.00%, 01/01/27		375			399,570
5.00%, 07/01/27		515			553,551
5.00%, 07/01/29 (Call 01/01/27)		850			905,759
Illinois State Toll Highway Authority RB
5.00%, 01/01/27		545			580,236
Series A, 5.00%, 01/01/27		1,105			1,176,441
Series B, 5.00%, 01/01/27		805			857,045
Series B, 5.00%, 01/01/27 (Call 07/01/26)		125			131,263
Lake County School District No. 112 North Shore GO,
5.00%, 06/01/27		110			118,203
Metropolitan Water Reclamation District of Greater
Chicago GO, 5.00%, 12/01/27 (Call 12/01/26)		175			184,784
Sales Tax Securitization Corp. RB, 5.00%, 01/01/27		140			148,405
State of Illinois GO
5.00%, 02/01/27		870			915,279
5.00%, 03/01/27		440			463,565
5.00%, 05/01/27		725			766,052
5.00%, 06/01/27 (Call 06/01/26)		220			228,170
5.00%, 07/01/27		305			323,225
5.00%, 10/01/27		1,115			1,186,846
Series A, 5.00%, 03/01/27		590			621,599
Series A, 5.00%, 12/01/27		405			432,375
Series B, 5.00%, 03/01/27		255			268,657
Series B, 5.00%, 09/01/27		285			302,921
Series D, 5.00%, 11/01/27		1,625			1,732,260
Series D, 5.00%, 11/01/28 (Call 11/01/27)		1,010			1,077,636
State of Illinois Sales Tax Revenue RB, Series C,
5.00%, 06/15/27		300			319,379
					15,460,266
Indiana — 1.1%
Indiana Finance Authority, 5.00%, 02/01/27		265			283,176

Security	Par (000		)	Value
Indiana (continued)
Indiana Finance Authority RB
5.00%, 02/01/27	$	660		$	705,269
5.00%, 10/01/27		1,460			1,577,942
Series C, 5.00%, 06/01/27 (Call 12/01/26)		685			725,018
Series E, 5.00%, 02/01/27 (Call 08/01/26)		160			168,893
Indiana University RB
4.00%, 08/01/27		420			438,327
5.00%, 08/01/29 (Call 08/01/27)		165			177,176
Indianapolis Local Public Improvement Bond Bank RB,
Series A, 5.00%, 01/15/29 (Call 01/15/27)		375			400,141
					4,475,942
Iowa — 0.3%
City of Des Moines IA GO
5.00%, 06/01/27		565			607,583
6.00%, 06/01/27		155			171,886
Iowa Finance Authority RB
5.00%, 08/01/27		405			438,501
5.00%, 08/01/30 (Call 08/01/27)		125			135,146
					1,353,116
Kansas — 0.5%
County of Johnson KS GO, 5.00%, 09/01/27		305			328,576
State of Kansas Department of Transportation RB
5.00%, 09/01/27		150			162,127
5.00%, 09/01/27 (Call 09/01/25)		785			810,488
5.00%, 09/01/29 (Call 09/01/27)		145			156,412
5.00%, 09/01/30 (Call 09/01/27)		150			161,162
Series A, 5.00%, 09/01/28 (Call 09/01/27)		480			519,133
					2,137,898
Kentucky — 0.0%
Louisville/Jefferson County Metropolitan Government
GO, Series A, 5.00%, 04/01/27		150			160,835
Louisiana — 1.0%
State of Louisiana Gasoline & Fuels Tax Revenue RB,
Series B, 5.00%, 05/01/27		280			300,511
State of Louisiana GO
5.00%, 03/01/27		300			320,801
5.00%, 04/01/27		255			273,179
5.00%, 09/01/27 (Call 09/01/26)		240			253,638
5.00%, 04/01/28 (Call 04/01/27)		195			208,958
5.00%, 10/01/29 (Call 10/01/27)		190			205,159
Series A, 5.00%, 03/01/27		615			657,642
Series B, 5.00%, 08/01/27 (Call 08/01/26)		335			353,453
Series B, 5.00%, 10/01/27		570			617,415
State of Louisiana RB, 5.00%, 09/01/27		630			681,158
					3,871,914
Maine — 0.7%
Maine Municipal Bond Bank RB
5.00%, 09/01/27		250			269,679
5.00%, 11/01/27		890			965,810
5.00%, 11/01/27 (Call 11/01/26)		295			313,679
Maine Turnpike Authority RB
5.00%, 07/01/27		155			167,128
5.00%, 07/01/27 (Call 07/01/25)		125			128,519
State of Maine GO, 5.00%, 06/01/27		1,045			1,125,351
					2,970,166
Maryland — 3.4%
City of Baltimore MD GO, Series A, 5.00%, 10/15/27		120			130,448
County of Anne Arundel MD, 5.00%, 04/01/27		250			268,610

5

Schedule of Investments (unaudited) (continued)	iShares® iBonds® Dec 2027 Term Muni Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Par (000		)	Value
Maryland (continued)
County of Anne Arundel MD GOL
3.00%, 10/01/27 (Call 10/01/26)	$	100		$	99,469
5.00%, 04/01/27		200			214,888
5.00%, 10/01/27		235			255,406
5.00%, 10/01/28 (Call 10/01/27)		315			341,898
5.00%, 10/01/29 (Call 10/01/27)		255			276,365
County of Baltimore MD GO
5.00%, 02/01/27 (Call 02/01/26)		165			172,114
5.00%, 03/01/27		270			289,549
5.00%, 08/01/27		250			270,679
County of Charles MD GO, 5.00%, 10/01/27		200			217,367
County of Howard MD GO
5.00%, 02/15/27		960			1,028,482
5.00%, 02/15/30 (Call 02/15/27)		160			170,803
Series B, 5.00%, 02/15/28 (Call 02/15/27)		460			492,301
County of Montgomery MD GO
4.00%, 11/01/27		455			478,446
4.00%, 11/01/28 (Call 11/01/27)		165			172,600
5.00%, 08/01/27		235			254,439
5.00%, 10/01/28 (Call 10/01/27)		115			124,820
Series A, 5.00%, 11/01/27		195			212,338
Series C, 5.00%, 10/01/27		150			163,025
County of Prince George's MD GO, 3.00%, 09/15/27		50			50,244
County of Prince George's MD GOL, Series A, 5.00%,
07/15/27		965			1,043,748
State of Maryland Department of Transportation RB
4.00%, 09/01/27		85			89,074
5.00%, 09/01/27		225			243,511
5.00%, 10/01/27		450			487,925
5.00%, 10/01/27 (Call 10/01/26)		290			307,685
5.00%, 12/01/27		250			272,083
5.00%, 12/01/27 (Call 12/01/26)		110			116,712
5.00%, 09/01/28 (Call 09/01/27)		345			373,640
5.00%, 10/01/28 (Call 10/01/27)		205			222,430
5.00%, 09/01/30 (Call 09/01/27)		350			378,227
Series A, 5.00%, 10/01/27		350			379,497
State of Maryland GO
5.00%, 08/01/27		1,005			1,088,131
Second Series, 5.00%, 08/01/27		305			330,229
Series A, 5.00%, 03/15/27		410			440,076
Series A, 5.00%, 08/01/27		560			606,322
Series A, 5.00%, 03/15/28 (Call 03/15/27)		570			610,446
Series A, 5.00%, 08/01/28 (Call 08/01/27)		150			161,996
Series A, 5.00%, 08/01/29 (Call 08/01/27)		465			502,135
Washington Suburban Sanitary Commission, 5.00%,
06/01/27 (GTD)		225			242,674
Washington Suburban Sanitary Commission RB
3.00%, 06/01/27 (GTD)		100			100,709
5.00%, 06/15/28 (Call 06/15/27) (GTD)		115			123,998
					13,805,539
Massachusetts — 2.4%
City of Boston MA GO
5.00%, 04/01/27		525			567,407
5.00%, 11/01/27		115			126,089
Series A, 5.00%, 05/01/27		95			102,884
City of Waltham MA GOL, 5.00%, 10/15/27		100			109,151
Commonwealth of Massachusetts Federal Highway
Grant Anticipation Note Revenue RB
5.00%, 06/15/27 (Call 06/15/26)		540			569,804
Series A, 5.00%, 06/15/27 (Call 06/15/26)		155			163,555

Security	Par (000		)	Value
Massachusetts (continued)
Commonwealth of Massachusetts GOL
5.00%, 01/01/27	$	440		$	469,850
5.00%, 05/01/27		145			156,044
5.00%, 07/01/27		295			318,685
5.00%, 09/01/27		855			927,173
Series B, 5.00%, 07/01/27		315			340,290
Series C, 5.00%, 05/01/27		455			489,655
Series D, 5.00%, 07/01/27		790			853,427
Series E, 5.00%, 11/01/27		815			887,160
Series G, 5.00%, 09/01/27		400			433,765
Commonwealth of Massachusetts Transportation Fund
Revenue RB, Series A, 5.00%, 06/01/30
(Call 12/01/27)		100			108,608
Massachusetts Bay Transportation Authority RB
Series A, 5.00%, 07/01/27		555			600,695
Series A-2, 5.00%, 07/01/28 (Call 07/01/27)		155			167,505
Massachusetts Clean Water Trust (The) RB
5.00%, 02/01/27		720			771,751
5.00%, 02/01/27 (Call 02/01/26)		135			141,411
5.25%, 08/01/27		25			27,320
Massachusetts School Building Authority RB, Series C,
5.00%, 08/15/27 (Call 08/15/25)		245			253,152
Massachusetts Transportation Trust Fund Metropolitan
Highway System Revenue, 5.00%, 01/01/27		260			277,639
Massachusetts Transportation Trust Fund Metropolitan
Highway System Revenue RB, 5.00%, 01/01/27		400			427,834
Massachusetts Water Resources Authority RB,
Series B, 5.00%, 08/01/29 (Call 08/01/27)		135			145,875
University of Massachusetts Building Authority RB,
5.00%, 11/01/27		65			70,828
					9,507,557
Michigan — 1.4%
Michigan Finance Authority RB, 5.00%, 12/01/28
(Call 06/01/27)		275			294,370
Michigan State Building Authority, 5.00%, 04/15/27
(Call 10/15/25)		290			299,535
Michigan State Building Authority RB
5.00%, 04/15/27		50			53,626
5.00%, 10/15/27		670			726,605
Michigan State University, 5.00%, 02/15/27		310			330,990
State of Michigan, 5.00%, 05/01/27		285			306,246
State of Michigan RB, 5.00%, 03/15/27		1,815			1,943,628
State of Michigan Trunk Line Revenue RB
5.00%, 11/15/27		40			43,445
Series B, 5.00%, 11/15/27		815			885,189
University of Michigan RB
5.00%, 04/01/27		350			375,502
Series A, 5.00%, 04/01/29 (Call 04/01/27)		200			214,379
Wayne County Airport Authority RB, 5.00%, 12/01/27
(Call 12/01/25)		200			205,863
					5,679,378
Minnesota — 2.4%
City of Minneapolis MN GO, 5.00%, 12/01/27		170			185,406
County of Hennepin MN GO
5.00%, 12/01/27		470			512,952
5.00%, 12/01/28 (Call 12/01/27)		200			217,359
5.00%, 12/01/29 (Call 12/01/27)		120			130,173
Metropolitan Council GO
4.00%, 03/01/27 (Call 03/01/26)		300			307,357

6

Schedule of Investments (unaudited) (continued)	iShares® iBonds® Dec 2027 Term Muni Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Par (000		)	Value
Minnesota (continued)
5.00%, 03/01/27	$	305		$	327,084
5.00%, 12/01/27		205			223,656
Minneapolis-St Paul Metropolitan Airports
Commission RB
5.00%, 01/01/27		295			313,050
5.00%, 01/01/28 (Call 01/01/27)		100			106,465
Minnesota Public Facilities Authority RB, 5.00%,
03/01/27 (Call 03/01/26)		635			665,793
Minnesota Public Facilities Authority State Revolving
Fund RB, 5.00%, 03/01/27		1,015			1,085,066
State of Minnesota, 5.00%, 08/01/27		645			698,353
State of Minnesota GO
5.00%, 08/01/27		855			925,724
5.00%, 09/01/27		925			1,002,752
5.00%, 10/01/27		100			108,683
5.00%, 10/01/28 (Call 10/01/27)		210			228,239
Series A, 5.00%, 10/01/28 (Call 10/01/27)		460			499,951
Series B, 5.00%, 10/01/28 (Call 10/01/27)		100			108,685
Series D, 5.00%, 08/01/27 (Call 08/01/26)		265			280,387
Series D, 5.00%, 10/01/27		425			461,905
State of Minnesota RB, 5.00%, 03/01/27		285			304,587
University of Minnesota, 5.00%, 12/01/27		275			299,606
University of Minnesota RB
5.00%, 09/01/27		170			184,168
5.00%, 12/01/28 (Call 12/01/27)		185			199,887
Series B, 5.00%, 12/01/29 (Call 12/01/27)		215			232,195
					9,609,483
Mississippi — 0.6%
State of Mississippi GO
5.00%, 09/01/27		110			119,128
Series A, 5.00%, 10/01/28 (Call 10/01/27)		655			708,543
Series A, 5.00%, 10/01/32 (PR 10/01/27)		445			482,828
Series A, 5.00%, 10/01/34 (PR 10/01/27)		1,000			1,085,008
Series C, 5.00%, 10/01/27 (PR 10/01/25)		90			93,193
					2,488,700
Missouri — 0.6%
Metropolitan St Louis Sewer District RB
5.00%, 05/01/27		480			514,698
Series A, 5.00%, 05/01/28 (Call 05/01/27)		295			316,442
Missouri State Board of Public Buildings GO, 5.00%,
10/01/27		1,055			1,141,607
Missouri State Board of Public Buildings RB, 5.00%,
04/01/27 (Call 04/01/26)		345			361,988
Missouri State Environmental Improvement & Energy
Resources Authority RB, 5.00%, 01/01/27
(Call 07/01/25)		45			46,293
					2,381,028
Montana — 0.1%
State of Montana, 5.00%, 08/01/27		235			253,620
Nebraska — 0.7%
City of Lincoln NE Electric System Revenue RB,
5.00%, 09/01/27 (Call 03/01/27)		335			358,531
City of Omaha NE GO, 5.00%, 04/15/27		350			374,717
Nebraska Public Power District RB
5.00%, 01/01/27		175			186,011
5.00%, 01/01/27 (Call 01/01/26)		145			150,673
Series A, 5.00%, 01/01/27 (Call 01/01/26)		145			150,673
Series B, 5.00%, 01/01/28 (Call 01/01/27)		50			53,324

Security	Par (000		)	Value
Nebraska (continued)
Omaha Public Power District RB
5.00%, 02/01/27 (Call 02/01/26)	$	1,020		$	1,064,487
Series A, 5.00%, 02/01/30 (Call 12/01/27)		165			180,167
University of Nebraska Facilities Corp. RB (The),
5.00%, 07/15/27		250			269,542
					2,788,125
Nevada — 1.9%
Clark County School District GOL
5.00%, 06/15/27		340			363,628
5.00%, 06/15/27 (AGM)		205			219,587
5.00%, 06/15/27 (Call 12/15/25)		220			227,964
5.00%, 06/15/27 (Call 12/15/26)		500			529,380
Series C, 5.00%, 06/15/27 (Call 12/15/25)		495			514,294
County of Clark NV GOL
5.00%, 06/01/27		65			69,890
5.00%, 07/01/27 (Call 07/01/25)		500			513,794
5.00%, 11/01/27		290			314,702
5.00%, 12/01/27		135			146,770
Series B, 5.00%, 11/01/27 (Call 11/01/26)		75			79,585
County of Clark NV Passenger Facility Charge RB,
Series C, 5.00%, 07/01/27		305			328,141
County of Clark NV RB
5.00%, 07/01/27		935			1,005,623
5.00%, 07/01/30 (Call 07/01/27)		85			90,878
County of Washoe NV Gas Tax Revenue RB, 5.00%,
02/01/27		215			228,532
County of Washoe NV RB, 5.00%, 02/01/27		35			37,203
Las Vegas Valley Water District GO, 5.00%, 06/01/27		140			150,672
Las Vegas Valley Water District GOL
5.00%, 06/01/27 (Call 06/01/25)		100			102,684
5.00%, 02/01/29 (Call 02/01/27)		85			90,549
Series A, 5.00%, 06/01/27 (Call 06/01/25)		355			364,530
State of Nevada GOL
5.00%, 05/01/27		285			306,338
5.00%, 08/01/27		210			227,005
Series D, 5.00%, 04/01/27 (Call 04/01/25)		545			557,835
State of Nevada Highway Improvement Revenue RB
5.00%, 12/01/27		100			108,719
5.00%, 12/01/27 (Call 06/01/26)		545			572,652
Washoe County School District/NV GOL
5.00%, 04/01/27		160			171,155
5.00%, 06/01/27 (Call 06/01/25)		125			128,372
5.00%, 10/01/27		150			162,205
					7,612,687
New Hampshire — 0.4%
New Hampshire Municipal Bond Bank, 5.00%,
08/15/27		360			389,870
New Hampshire Municipal Bond Bank RB
4.00%, 08/15/27 (Call 08/15/26)		230			236,284
5.00%, 02/15/27		55			58,890
5.00%, 08/15/27		170			184,105
5.00%, 08/15/27 (ST INTERCEPT)		105			113,712
State of New Hampshire GO
5.00%, 03/01/27 (Call 03/01/25)		35			35,795
5.00%, 12/01/27		255			277,817
Series D, 5.00%, 12/01/27		215			234,237
					1,530,710
New Jersey — 2.9%
County of Essex NJ GO, 4.00%, 08/15/27
(SCH BD RES FD)		120			125,798

7

Schedule of Investments (unaudited) (continued)	iShares® iBonds® Dec 2027 Term Muni Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Par (000		)	Value
New Jersey (continued)
New Jersey Economic Development Authority
5.00%, 11/01/27	$	165		$	177,708
5.25%, 06/15/27 (Call 06/15/25)		120			123,229
5.25%, 06/15/27 (PR 06/15/25)		105			108,270
New Jersey Economic Development Authority RB
5.00%, 06/15/27		1,270			1,356,835
5.00%, 11/01/27		145			156,221
Series A, 4.00%, 11/01/27 (SAP)		355			368,138
Series A, 5.00%, 11/01/27		1,210			1,303,639
New Jersey Educational Facilities Authority, 5.00%,
07/01/27		285			308,659
New Jersey Educational Facilities Authority RB, 5.00%,
03/01/27		540			580,261
New Jersey Transportation Trust Fund Authority RB
5.00%, 06/15/27		255			272,736
Series A-1, 5.00%, 06/15/27 (Call 06/15/26)		350			364,885
Series B, 5.00%, 06/15/27		2,040			2,181,768
New Jersey Turnpike Authority RB
5.00%, 01/01/27		500			533,050
5.00%, 01/01/30 (Call 01/01/27)		340			360,583
Series A, 5.00%, 01/01/29 (Call 01/01/27)		210			223,041
Series A, 5.25%, 01/01/27 (AGM)		725			778,397
State of New Jersey GO
5.00%, 06/01/27		30			32,227
5.00%, 06/01/27 (PR 06/01/25)		145			148,728
5.00%, 06/01/28 (Call 06/01/27)		260			279,032
Series A, 5.00%, 06/01/27		1,855			1,992,718
					11,775,923
New Mexico — 0.7%
New Mexico Finance Authority RB
5.00%, 06/01/27		860			926,127
5.00%, 06/15/27		180			194,012
Series A, 5.00%, 06/01/27		60			64,614
State of New Mexico GO, 5.00%, 03/01/27		575			615,750
State of New Mexico Severance Tax Permanent Fund
RB, 5.00%, 07/01/27		1,050			1,131,089
					2,931,592
New York — 10.1%
City of New York
5.00%, 08/01/27		185			199,658
5.00%, 08/01/27 (Call 08/01/26)		90			94,757
City of New York NY GO
5.00%, 08/01/27		1,625			1,753,757
5.00%, 08/01/27 (Call 02/01/27)		500			534,171
5.00%, 09/01/27		150			162,181
5.00%, 11/01/27		440			477,479
Series 1, 5.00%, 08/01/27		575			620,560
Series 1, 5.00%, 08/01/29 (Call 08/01/27)		300			322,605
Series A, 5.00%, 08/01/27		675			728,484
Series A, 5.00%, 08/01/28 (Call 08/01/27)		495			533,211
Series A-1, 5.00%, 08/01/27		200			215,847
Series B-1, 5.00%, 08/01/27		210			226,639
Series C, 5.00%, 08/01/27 (Call 02/01/26)		175			182,251
Series C, 5.00%, 08/01/28 (Call 02/01/27)		770			820,130
Series C-1, 5.00%, 08/01/27		330			356,148
County of Nassau NY GOL, 5.00%, 07/01/27 (AGM)		400			433,206
Hudson Yards Infrastructure Corp. RB
Series A, 5.00%, 02/15/27		345			370,029
Series A, 5.00%, 02/15/29 (Call 02/15/27)		220			234,313

Security	Par (000		)	Value
New York (continued)
Long Island Power Authority RB, Series A, 5.00%,
09/01/27	$	310		$	336,168
Metropolitan Transportation Authority RB
5.00%, 11/15/27		125			136,301
5.00%, 11/15/27 (Call 11/15/26)		100			106,402
Series A-2, 5.00%, 11/15/27 (Call 11/15/26)		50			52,255
Series B-2, 5.00%, 11/15/27 (Call 11/15/26)		180			191,524
Series C-1, 5.00%, 11/15/27		250			268,252
Series C-1, 5.00%, 11/15/27 (Call 11/15/25)		70			71,914
Series C-2, 0.00%, 11/15/27(a)		375			330,851
Series D, 5.00%, 11/15/27 (Call 11/15/26)		305			318,755
New York City Municipal Water Finance Authority RB
5.00%, 06/15/27 (Call 12/15/25)		835			867,547
Series DD-2, 5.00%, 06/15/27 (Call 12/15/25)		840			872,742
New York City Transitional Finance Authority Building
Aid Revenue RB
5.00%, 07/15/28 (Call 07/15/27) (SAW)		300			321,004
Series B-1, 5.00%, 07/15/27 (SAW)		235			253,773
Series S-1, 5.00%, 07/15/29 (Call 07/15/27) (SAW)		365			390,269
Series S-3, 5.00%, 07/15/27 (SAW)		400			431,953
Series S-4A, 5.00%, 07/15/27 (SAW)		150			161,983
New York City Transitional Finance Authority Future Tax
Secured Revenue, 5.00%, 11/01/30 (Call 05/01/27)		555			592,691
New York City Transitional Finance Authority Future Tax
Secured Revenue RB
4.00%, 05/01/27		65			67,834
4.00%, 05/01/27 (Call 05/01/26)		200			205,367
5.00%, 02/01/27		275			294,108
5.00%, 08/01/27		305			329,909
5.00%, 11/01/27		2,705			2,942,475
5.00%, 11/01/27 (Call 05/01/27)		335			358,479
5.00%, 11/01/29 (Call 11/01/27)		240			259,246
Series B-1, 5.00%, 08/01/28 (Call 08/01/27)		190			204,272
Series B-1, 5.00%, 08/01/29 (Call 08/01/27)		400			429,863
Series B-1, 5.00%, 08/01/30 (Call 08/01/27)		130			139,582
Series C, 5.00%, 11/01/27 (Call 05/01/25)		735			752,790
Series C, 5.00%, 11/01/29 (Call 05/01/27)		395			422,123
New York City Transitional Finance Authority RB,
5.00%, 05/01/27		100			107,371
New York City Water & Sewer System RB
5.00%, 06/15/27 (PR 06/15/25)		125			128,749
Series AA, 5.00%, 06/15/27		830			897,682
Series FF, 5.00%, 06/15/27 (PR 06/15/25)		80			82,334
New York Power Authority RB, 5.00%, 11/15/27 (AGM)		500			544,758
New York State Dormitory Authority
5.00%, 03/15/27		190			203,922
5.00%, 03/15/27 (ETM)		85			90,991
5.00%, 07/01/27		185			199,916
New York State Dormitory Authority RB
5.00%, 03/15/27		175			187,932
5.00%, 07/01/27		365			393,808
5.00%, 03/15/28 (Call 03/15/27)		220			235,543
5.00%, 03/15/30 (Call 03/15/27)		395			422,599
Series A, 5.00%, 02/15/27 (PR 08/15/26)		140			148,520
Series A, 5.00%, 03/15/27		885			949,683
Series A, 5.00%, 03/15/27 (PR 09/15/26)		90			95,466
Series A, 5.00%, 07/01/27 (Call 07/01/25)		215			220,992
Series A, 5.00%, 02/15/29 (Call 02/15/27)		595			635,323
Series A, 5.00%, 02/15/30 (Call 02/15/27)		535			570,799
Series B, 5.00%, 02/15/27		440			472,818
Series B, 5.00%, 03/15/27 (PR 09/15/25)		400			413,919

8

Schedule of Investments (unaudited) (continued)	iShares® iBonds® Dec 2027 Term Muni Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Par (000		)	Value
New York (continued)
Series B, 5.00%, 02/15/28 (PR 08/15/27)	$	125		$	135,935
Series D, 5.00%, 02/15/27 (PR 08/15/26)		340			360,692
Series E, 5.00%, 03/15/27		515			551,297
New York State Environmental Facilities Corp. RB
5.00%, 06/15/27		540			584,216
5.00%, 06/15/27 (Call 06/15/26)		150			157,895
5.00%, 10/15/27		150			163,560
5.00%, 06/15/29 (Call 06/15/27)		905			978,160
New York State Thruway Authority RB
5.00%, 01/01/27		655			696,770
5.00%, 03/15/27		400			429,093
New York State Urban Development Corp. RB
5.00%, 03/15/27		1,090			1,169,279
5.00%, 03/15/27 (ETM)		100			107,203
Series A, 5.00%, 03/15/27		235			252,531
Series A, 5.00%, 03/15/27 (PR 03/15/26)		625			653,508
Series A, 5.00%, 03/15/28 (PR 03/15/27)		710			761,143
Series A, 5.00%, 03/15/29 (Call 03/15/27)		355			378,634
Port Authority of New York & New Jersey, 5.00%,
11/15/29 (Call 11/15/27)		235			255,818
Port Authority of New York & New Jersey RB
4.00%, 12/01/27		90			94,586
5.00%, 12/01/27		690			751,739
Series 189, 5.00%, 05/01/27 (Call 05/01/25)		125			128,080
State of New York GO
5.00%, 03/15/27		400			430,339
Series A, 5.00%, 03/01/27		100			107,487
Triborough Bridge & Tunnel Authority RB
0.00%, 11/15/27(a)		405			355,461
5.00%, 05/15/27		1,775			1,913,643
5.00%, 11/15/27 (Call 08/15/27)		470			507,771
Series B, 5.00%, 11/15/27 (Call 05/15/27)		330			352,350
Series C-1, 5.00%, 11/15/27		405			440,490
Utility Debt Securitization Authority RB, 5.00%,
06/15/27 (Call 06/15/25)		500			514,624
					40,611,287
North Carolina — 2.5%
City of Charlotte NC GO
5.00%, 06/01/27		150			161,783
Series A, 5.00%, 06/01/27		430			463,777
City of Charlotte NC Water & Sewer System
Revenue RB
5.00%, 07/01/27		1,130			1,221,109
5.00%, 07/01/27 (Call 07/01/25)		795			817,167
City of Durham NC RB, 5.00%, 04/01/27		145			155,565
City of Greensboro NC Combined Water & Sewer
System Revenue RB, 5.00%, 12/01/27		100			108,948
County of Forsyth NC RB, 5.00%, 04/01/27		120			128,744
County of Guilford NC, 5.00%, 03/01/27		190			203,757
County of Guilford NC GO
Series B, 5.00%, 05/01/27		265			285,270
Series B, 5.00%, 05/01/28 (Call 05/01/27)		100			107,527
County of Johnston NC GO, 5.00%, 02/01/27		100			107,068
County of Mecklenburg NC GO
4.00%, 04/01/30 (Call 04/01/27)		160			164,932
5.00%, 03/01/27		340			364,722
Series A, 5.00%, 04/01/27		325			349,296
Series A, 5.00%, 04/01/28 (Call 04/01/27)		340			364,909
County of Union NC Enterprise System Revenue RB,
5.00%, 06/01/27		200			215,378
County of Wake NC, 5.00%, 08/01/27		750			810,731

Security	Par (000		)	Value
North Carolina (continued)
County of Wake NC GO, 5.00%, 04/01/27	$	185		$	198,830
County of Wake NC RB
5.00%, 03/01/27		215			230,237
5.00%, 09/01/27		125			135,373
5.00%, 12/01/27 (Call 12/01/26)		150			159,153
Mecklenburg County Public Facilities Corp. RB, 5.00%,
02/01/27		140			149,644
North Carolina Municipal Power Agency No. 1 RB,
Series A, 5.00%, 01/01/27 (Call 01/01/26)		130			134,877
State of North Carolina GO
5.00%, 06/01/27 (Call 06/01/26)		125			131,810
Series B, 5.00%, 06/01/27		260			280,510
State of North Carolina RB
5.00%, 03/01/27		420			448,608
5.00%, 03/01/27 (Call 03/01/25)		345			352,308
5.00%, 05/01/30 (Call 05/01/27)		270			289,418
Series B, 5.00%, 05/01/27		950			1,021,434
Series B, 5.00%, 05/01/28 (Call 05/01/27)		485			521,348
Town of Cary NC GO, 5.00%, 09/01/27		125			135,641
					10,219,874
Ohio — 2.7%
City of Columbus OH GO
5.00%, 04/01/27		190			204,084
5.00%, 07/01/27 (Call 07/01/26)		565			594,953
5.00%, 08/15/27		295			319,581
5.00%, 04/01/28 (Call 10/01/27)		335			362,171
Series 3, 5.00%, 02/15/27		340			364,151
Series 4, 5.00%, 02/15/27		135			144,589
Series 4, 5.00%, 02/15/28 (Call 02/15/27)		120			128,337
Series A, 5.00%, 04/01/27		60			64,448
County of Hamilton OH Sales Tax Revenue RB, 5.00%,
12/01/27		390			422,521
Ohio State University (The) RB
5.00%, 12/01/27		240			260,925
Series A, 5.00%, 12/01/27		470			510,978
Ohio Turnpike & Infrastructure Commission RB
5.00%, 02/15/27		150			160,564
Series A, 5.00%, 02/15/30 (Call 02/15/27)		200			212,922
Ohio Water Development Authority
5.00%, 06/01/27		185			199,225
5.00%, 12/01/27 (Call 12/01/26)		365			387,518
Ohio Water Development Authority RB
5.00%, 06/01/27		125			134,611
5.00%, 12/01/27 (Call 12/01/26)		70			74,319
Series A, 5.00%, 12/01/27		605			658,902
Ohio Water Development Authority Water Pollution
Control Loan Fund RB
5.00%, 06/01/27		150			161,534
5.00%, 12/01/27 (Call 06/01/27)		495			532,010
Series A, 5.00%, 06/01/29 (Call 06/01/27)		245			262,832
Series A, 5.00%, 12/01/29 (Call 06/01/27)		420			450,154
Series B, 5.00%, 06/01/27 (PR 12/01/25)		310			321,681
Series B, 5.00%, 12/01/27		195			212,373
State of Ohio GO
5.00%, 03/01/27		275			294,658
5.00%, 03/15/27		585			627,367
5.00%, 05/01/27		135			145,195
5.00%, 06/15/27		440			474,547
5.00%, 09/01/27		170			184,229
Series C, 5.00%, 08/01/27		450			486,752
Series T, 5.00%, 05/01/30 (Call 05/01/27)		285			304,654

9

Schedule of Investments (unaudited) (continued)	iShares® iBonds® Dec 2027 Term Muni Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Par (000		)	Value
Ohio (continued)
Series U, 5.00%, 05/01/27	$	495		$	532,381
State of Ohio RB
5.00%, 02/01/27 (Call 02/01/26)		330			344,131
5.00%, 12/01/27 (Call 12/01/26)		335			355,322
Series B, 5.00%, 10/01/27		35			37,848
					10,932,467
Oklahoma — 0.5%
Grand River Dam Authority RB, Series A, 5.00%,
06/01/27 (Call 12/01/26)		580			613,398
Oklahoma Turnpike Authority RB
5.00%, 01/01/27		640			681,377
Series E, 5.00%, 01/01/27		125			133,082
Oklahoma Water Resources Board RB, 5.00%,
04/01/27		260			278,372
University of Oklahoma (The) RB, Series B, 5.00%,
07/01/27 (Call 07/01/26)		100			104,769
					1,810,998
Oregon — 1.9%
City of Portland OR GOL
5.00%, 06/01/27		850			916,204
5.00%, 06/15/27		380			409,709
City of Portland OR Sewer System Revenue RB
5.00%, 03/01/27		175			187,402
5.00%, 06/01/27 (Call 06/01/25)		175			179,767
5.00%, 06/15/27 (Call 06/15/26)		100			105,175
Series A, 5.00%, 05/01/27 (Call 05/01/26)		580			608,323
County of Multnomah OR GO, Series A, 5.00%,
06/15/27		615			663,908
County of Multnomah OR GOL, 5.00%, 06/01/29
(Call 06/01/27)		245			263,480
Hillsboro School District No.1J GO, 5.00%, 06/15/28
(Call 06/15/27) (GTD)		175			187,989
Oregon State Lottery RB, Series D, 5.00%, 04/01/27
(Call 04/01/25) (MO)		210			214,743
Portland Community College District GO, 5.00%,
06/15/27 (Call 06/15/26)		405			425,959
State of Oregon
5.00%, 05/01/27		775			832,774
5.00%, 11/01/27		60			65,223
State of Oregon Department of Transportation RB
Series A, 5.00%, 11/15/27 (Call 05/15/27)		380			408,391
Series B, 5.00%, 11/15/29 (Call 05/15/27)		225			241,223
State of Oregon GO
5.00%, 05/01/27		370			397,582
5.00%, 05/01/27 (Call 05/01/26)		205			214,965
5.00%, 06/01/27		215			231,532
5.00%, 08/01/27		230			248,624
5.00%, 08/01/27 (Call 08/01/25)		250			257,762
Series I, 5.00%, 08/01/28 (Call 08/01/27)		245			264,663
Series L, 5.00%, 08/01/30 (Call 08/01/27)		90			96,817
					7,422,215
Pennsylvania — 2.7%
Allegheny County Higher Education Building Authority
RB, 5.00%, 08/01/27		285			308,276
City of Philadelphia PA GO
5.00%, 08/01/27		110			117,992
Series A, 5.00%, 08/01/27 (Call 08/01/25)		605			619,979
Series B, 5.00%, 08/01/27 (Call 08/01/25)		210			215,199
Commonwealth of Pennsylvania GO
5.00%, 05/01/27		120			128,829

Security	Par (000		)	Value
Pennsylvania (continued)
5.00%, 07/15/27	$	1,300		$	1,402,062
5.00%, 10/01/27		200			216,564
5.00%, 01/15/28 (Call 01/15/27)		605			643,985
First Series, 5.00%, 01/01/27		1,135			1,209,366
First Series, 5.00%, 02/01/27 (Call 02/01/26)		220			228,681
First Series, 5.00%, 09/15/27 (Call 09/15/26)		400			421,342
First Series, 5.00%, 01/01/28 (Call 01/01/27)		905			962,805
Second Series, 5.00%, 01/15/27		540			575,931
Second Series, 5.00%, 09/15/27 (Call 09/15/26)		280			294,939
County of Northampton PA GO, 4.00%, 10/01/27
(Call 04/01/26)		150			154,341
Lower Merion School District GOL, 5.00%, 11/15/27
(SAW)		335			365,115
Pennsylvania State University (The), 4.00%, 09/01/27
(Call 09/01/26)		310			319,391
Pennsylvania State University (The) RB
5.00%, 09/01/27		75			81,224
5.00%, 09/01/27 (Call 09/01/25)		290			299,643
5.25%, 08/15/27		255			278,121
Pennsylvania Turnpike Commission RB
5.00%, 06/01/27		395			421,333
5.00%, 06/01/27 (Call 12/01/25)		210			216,852
5.00%, 06/01/27 (Call 06/01/26)		320			334,443
5.00%, 12/01/27		160			173,889
Series A2, 5.00%, 12/01/27.		275			298,872
Series A2, 5.00%, 12/01/29 (Call 12/01/27)		295			320,495
Pittsburgh Water & Sewer Authority RB, 5.00%,
09/01/27		100			107,801
					10,717,470
Rhode Island — 0.6%
Rhode Island Commerce Corp. RB, Series B, 5.00%,
06/15/27 (Call 06/15/26)		370			388,713
Rhode Island Health and Educational Building Corp.
RB, Series A, 5.00%, 09/01/29 (Call 09/01/27)		375			405,580
Rhode Island Infrastructure Bank Water Pollution
Control Revolving Fund RB, Series B, 5.00%,
10/01/30 (Call 10/01/27)		50			54,406
State of Rhode Island GO
5.00%, 01/15/27		175			186,696
5.00%, 05/01/27		165			177,194
5.00%, 08/01/27		380			410,373
Series B, 5.00%, 08/01/28 (Call 08/01/27)		675			729,919
Series B, 5.00%, 08/01/29 (Call 08/01/27)		25			27,053
					2,379,934
South Carolina — 0.7%
City of Charleston SC Waterworks & Sewer System
Revenue RB
5.00%, 01/01/27		225			240,330
5.00%, 01/01/30 (Call 01/01/27)		105			111,801
City of Columbia SC Waterworks & Sewer System
Revenue RB, 5.00%, 02/01/27		135			144,219
County of Charleston SC, 4.00%, 11/01/28
(Call 11/01/27) (SAW)		200			209,284
County of Horry SC GO, 5.00%, 03/01/27		100			107,087
County of Richland SC GO, Series A, 5.00%, 03/01/27		300			321,814
Greenville County School District RB, 5.00%, 12/01/27		510			554,466
State of South Carolina GO
5.00%, 04/01/27 (SAW)		400			429,902
5.00%, 04/01/30 (Call 10/01/27) (SAW)		440			478,739
					2,597,642

10

Schedule of Investments (unaudited) (continued)	iShares® iBonds® Dec 2027 Term Muni Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Par (000		)	Value
Tennessee — 1.8%
City of Clarksville TN Water Sewer & Gas Revenue RB,
5.00%, 02/01/27	$	145		$	154,989
City of Franklin TN GO, 5.00%, 06/01/27		235			253,538
City of Memphis TN Electric System Revenue RB,
5.00%, 12/01/28 (Call 12/01/27)		145			157,696
City of Memphis TN GO, 5.00%, 05/01/27		540			580,605
County of Blount TN GO, Series B, 5.00%, 06/01/27
(Call 06/01/26)		100			104,869
County of Hamilton TN GO
5.00%, 01/01/27		180			192,316
Series A, 5.00%, 04/01/27		220			236,446
County of Montgomery TN GO, 5.00%, 04/01/27		175			187,806
County of Rutherford, 5.00%, 04/01/27		210			225,632
County of Shelby TN GO
5.00%, 04/01/27		490			526,012
5.00%, 04/01/29 (Call 04/01/27)		310			331,816
Series A, 5.00%, 04/01/27		305			327,416
County of Williamson TN GO
5.00%, 04/01/27		150			161,213
5.00%, 05/01/27		500			538,407
Metropolitan Government of Nashville & Davidson
County TN Electric Revenue RB, Series A, 5.00%,
05/15/27		150			161,372
Metropolitan Government of Nashville & Davidson
County TN GO
4.00%, 07/01/27		370			386,198
5.00%, 01/01/27 (Call 07/01/26)		440			461,823
5.00%, 07/01/27		320			345,365
Metropolitan Government of Nashville & Davidson
County TN Water & Sewer Revenue RB
5.00%, 07/01/30 (Call 07/01/27)		245			262,731
Series B, 5.00%, 07/01/30 (Call 07/01/27)		220			235,922
State of Tennessee GO
Series A, 5.00%, 11/01/27		180			195,668
Series B, 5.00%, 08/01/27 (Call 08/01/26)		265			280,516
Tennessee State School Bond Authority RB
5.00%, 11/01/30 (Call 11/01/27) (ST INTERCEPT)		125			135,112
Series B, 5.00%, 11/01/27 (ST INTERCEPT)		605			656,985
Series B, 5.00%, 11/01/28 (Call 11/01/27)
(ST INTERCEPT)		220			239,273
					7,339,726
Texas — 10.3%
Alamo Community College District GOL
5.00%, 08/15/27		395			426,940
5.00%, 08/15/30 (Call 08/15/27)		175			188,677
Aldine Independent School District GO, 5.00%,
02/15/27		150			160,292
Alvin Independent School District/TX GO, 5.00%,
02/15/27 (Call 02/15/26) (PSF)		105			109,445
Arlington Independent School District/TX, 5.00%,
02/15/27 (PSF)		290			309,898
Arlington Independent School District/TX GO, 5.00%,
02/15/27 (PSF)		125			133,577
Austin Community College District RB, 5.00%, 02/01/27
(Call 02/01/26)		110			114,849
Austin Independent School District GO
5.00%, 08/01/27 (PSF)		1,580			1,704,642
5.00%, 08/01/27 (Call 08/01/26)		150			157,004
Board of Regents of the University of Texas System RB
5.00%, 08/15/27		125			135,020
5.00%, 08/15/27 (Call 08/15/26)		140			148,305

Security	Par (000		)	Value
Texas (continued)
Series E, 5.00%, 08/15/27	$	430		$	464,467
City of Austin TX GOL
5.00%, 09/01/27		420			455,004
5.00%, 09/01/28 (Call 09/01/27)		110			118,389
City of Austin TX Water & Wastewater System Revenue
RB, 5.00%, 11/15/27		200			217,300
City of Dallas TX Waterworks & Sewer System
Revenue RB, Series A, 5.00%, 10/01/27
(Call 10/01/26)		205			216,105
City of Fort Worth Water & Sewer System Revenue RB,
5.00%, 02/15/27		375			400,957
City of Houston Combined Utility System Revenue,
0.00%, 12/01/27 (AGM)(a)		215			190,143
City of Houston TX Combined Utility System Revenue
RB, Series B, 5.00%, 11/15/27		120			130,154
City of San Antonio Texas Electric & Gas Systems
Revenue RB, 5.00%, 02/01/27		110			117,185
City of San Antonio TX Electric & Gas Systems
Revenue RB, 5.00%, 02/01/27		75			79,899
City of San Antonio TX GOL
5.00%, 02/01/27		100			106,949
5.00%, 08/01/27		375			405,627
5.00%, 08/01/28 (Call 08/01/27)		150			161,891
Clear Creek Independent School District RB, 5.00%,
02/15/27 (PSF)		115			122,891
College Station Independent School District GO,
5.00%, 08/15/27 (Call 08/15/26)		105			110,831
Conroe Independent School District GO
5.00%, 02/15/27 (Call 02/15/26) (PSF)		320			333,998
5.00%, 02/15/30 (Call 02/15/27) (PSF)		145			154,702
Series A, 5.00%, 02/15/27 (PSF)		900			961,753
County of Bexar TX GOL
5.00%, 06/15/27		185			198,905
5.00%, 06/15/27 (Call 06/15/25)		165			169,332
5.00%, 06/15/27 (Call 06/15/26)		180			188,882
County of Fort Bend TX GOL, Series B, 5.00%,
03/01/27 (Call 03/01/26)		305			317,762
Cypress-Fairbanks Independent School District GO
5.00%, 02/15/27		270			288,363
5.00%, 02/15/27 (PSF)		690			736,927
5.00%, 02/15/27 (Call 02/15/26) (PSF)		670			700,257
Dallas Area Rapid Transit RB, 5.00%, 12/01/27		1,200			1,305,998
Dallas Fort Worth International Airport RB
5.00%, 11/01/27		735			793,783
Series A, 5.00%, 11/01/27		325			350,993
Dallas Independent School District GO, 5.00%,
02/15/27 (PSF)		805			858,293
El Paso Independent School District GO, 5.00%,
08/15/27		420			453,666
Fort Bend Independent School District GO
5.00%, 02/15/27 (PSF)		405			432,422
5.00%, 08/15/27 (PSF)		180			194,302
5.00%, 08/15/30 (Call 08/15/27) (PSF)		115			122,745
Fort Worth Independent School District GO
5.00%, 02/15/27 (PSF)		130			138,920
5.00%, 02/15/27 (Call 02/15/25) (PSF)		135			137,822
5.00%, 02/15/27 (Call 02/15/26) (PSF)		140			146,237
5.00%, 02/15/27 (PR 02/15/25) (PSF)		10			10,205
Frisco Independent School District GO, 4.00%,
08/15/29 (Call 02/15/27) (PSF)		155			160,071

11

Schedule of Investments (unaudited) (continued)	iShares® iBonds® Dec 2027 Term Muni Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Par (000		)	Value
Texas (continued)
Garland Independent School District GO, 5.00%,
02/15/27 (Call 02/15/25) (PSF)	$	160		$	162,917
Harris County Flood Control District RB, 5.00%,
10/01/27 (Call 10/01/25)		380			391,972
Harris County Toll Road Authority (The) RB, 5.00%,
08/15/27		520			561,681
Katy Independent School District GO, 5.00%, 02/15/27
(PSF)		295			315,063
Leander Independent School District GO, 0.00%,
08/15/27 (Call 08/15/25)(a)		150			130,208
Lewisville Independent School District GO
5.00%, 08/15/27		525			565,976
5.00%, 08/15/27 (Call 08/15/26) (PSF)		240			252,424
Series A, 4.00%, 08/15/27 (Call 08/15/25) (PSF)		340			344,704
Lone Star College System GOL, 5.00%, 08/15/28
(Call 02/15/27)		125			133,264
Mesquite Independent School District GO, 5.00%,
08/15/29 (Call 08/15/27) (PSF)		215			231,345
North East Independent School District/TX GO, 5.25%,
02/01/27 (PSF)		235			251,889
North Texas Municipal Water District, 5.00%, 06/01/27		160			172,197
North Texas Municipal Water District RB, 5.00%,
06/01/27 (Call 06/01/26)		195			203,635
North Texas Municipal Water District Upper East Fork
Wastewater Interceptor System Contract Revenue
Refunding Bonds RB, 5.00%, 06/01/27		70			75,336
North Texas Municipal Water District Water System
Revenue RB
5.00%, 09/01/27		590			638,540
5.00%, 09/01/27 (Call 09/01/25)		135			138,978
North Texas Tollway Authority RB
5.00%, 01/01/27 (Call 01/01/25)		470			477,604
Series A, 5.00%, 01/01/27 (Call 01/01/26)		445			463,308
Series B, 5.00%, 01/01/27		935			993,828
Series B, 5.00%, 01/01/27 (Call 01/01/26)		475			491,760
Northside Independent School District GO, Series A,
5.00%, 08/15/27 (PSF)		295			318,439
Northside Independent School District RB, 5.00%,
08/15/27 (PSF)		1,185			1,279,152
Northwest Independent School District GO, 5.00%,
02/15/28 (Call 08/15/27) (PSF)		145			155,869
Permanent University Fund - Texas A&M University
System RB, Series B, 5.00%, 07/01/27
(Call 07/01/25)		25			25,694
Permanent University Fund - University of Texas
System RB
5.00%, 07/01/27		345			372,112
5.00%, 07/01/27 (Call 07/01/26)		130			136,301
Permanent University Fund-Texas A&M University
System, 5.00%, 07/01/27 (Call 07/01/25)		525			539,569
Pflugerville Independent School District GO, 5.00%,
02/15/27		1,205			1,285,864
Plano Independent School District GO, 5.00%,
02/15/27		215			229,169
Plano Independent School District RB, 5.00%, 02/15/27
(Call 02/15/26) (PSF)		175			182,267
Prosper Independent School District GO, 5.00%,
02/15/27 (PSF)		210			224,219
Round Rock Independent School District GO
5.00%, 08/01/27		145			156,187
Series A, 5.00%, 08/01/27 (PSF)		1,580			1,704,642

Security	Par (000		)	Value
Texas (continued)
San Antonio Independent School District/TX GO,
5.00%, 08/15/27 (PSF)	$	360		$	388,603
San Antonio Water System, 5.00%, 05/15/27
(Call 11/15/26)		320			337,758
San Antonio Water System RB
5.00%, 05/15/27		285			305,490
Series A, 5.00%, 05/15/27		210			225,098
Series A, 5.00%, 05/15/30 (Call 05/15/27)		255			273,939
Socorro Independent School District GO, Series B,
5.00%, 08/15/30 (Call 08/15/27) (PSF)		130			139,978
Spring Independent School District GO, Series A,
5.00%, 08/15/27 (Call 08/15/26)		155			162,615
State of Texas GO
5.00%, 10/01/27		380			411,472
5.00%, 10/01/30 (Call 10/01/27)		100			107,478
Series A, 5.00%, 04/01/27 (Call 04/01/26)		205			214,140
Series A, 5.00%, 10/01/30 (Call 10/01/27)		135			145,096
Series B, 5.00%, 10/01/29 (Call 10/01/27)		290			311,878
Series B, 5.00%, 10/01/30 (Call 10/01/27)		445			478,279
Temple Independent School District/TX GO, 4.00%,
02/01/28 (Call 02/01/27) (PSF)		100			103,069
Texas A&M University RB
4.00%, 05/15/27 (Call 05/15/26)		175			179,695
5.00%, 05/15/27		480			515,920
Series C, 5.00%, 05/15/28 (Call 05/15/27)		255			272,853
Series E, 4.00%, 05/15/27 (Call 05/15/26)		490			502,052
Texas Public Finance Authority RB, 5.00%, 02/01/27		230			244,886
Texas State University System RB
5.00%, 03/15/27		1,175			1,256,814
Series A, 5.00%, 03/15/27 (Call 03/15/25)		260			265,498
Series A, 5.00%, 03/15/30 (Call 03/15/27)		350			373,900
Texas Tech University System RB, 5.00%, 02/15/27		175			186,902
Texas Transportation Commission State Highway
Fund RB
5.00%, 10/01/27 (Call 10/01/26)		100			104,918
5.25%, 04/01/27		270			290,602
Texas Water Development Board RB
5.00%, 04/15/27		205			219,869
5.00%, 04/15/27 (Call 10/15/25)		305			314,858
5.00%, 04/15/27 (Call 10/15/26)		205			216,783
5.00%, 08/01/27		310			334,671
5.00%, 10/15/27 (Call 10/15/25)		190			196,237
5.00%, 04/15/28 (Call 10/15/27)		450			485,554
5.00%, 08/01/29 (Call 08/01/27)		585			629,383
5.00%, 08/01/30 (Call 08/01/27)		410			441,995
Series A, 5.00%, 10/15/27		150			162,673
Trinity River Authority Denton Creek Wastewater
Treatment System Revenue RB, 5.00%, 02/01/27		190			202,072
University of North Texas System RB
Series A, 5.00%, 04/15/27		60			63,952
Series A, 5.00%, 04/15/30 (Call 04/15/27)		605			644,457
					41,360,329
Utah — 1.0%
Alpine School District/UT GO, 5.00%, 03/15/27 (GTD)		290			311,002
Canyons School District Local Building Authority RB,
5.00%, 06/15/27		460			495,809
Central Utah Water Conservancy District RB, Series B,
5.00%, 10/01/30 (Call 10/01/27)		250			269,944
City of Salt Lake City Public Utilities Revenue, 5.00%,
02/01/27		190			203,089

12

Schedule of Investments (unaudited) (continued)	iShares® iBonds® Dec 2027 Term Muni Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Par (000		)	Value
Utah (continued)
Intermountain Power Agency RB, Series A, 5.00%,
07/01/27	$	175		$	188,812
Salt Lake City Corp. RB, 5.00%, 02/01/30
(Call 02/01/27)		135			143,893
State of Utah, 5.00%, 07/01/27		780			841,563
State of Utah GO
5.00%, 07/01/27 (Call 01/01/27)		375			400,110
5.00%, 07/01/28 (Call 07/01/27)		330			355,879
5.00%, 07/01/29 (Call 07/01/27)		170			183,101
University of Utah (The) RB
5.00%, 08/01/27 (SAP)		225			244,083
Series A, 5.00%, 08/01/27 (Call 08/01/25)		260			268,034
Utah Water Finance Agency RB, Series A, 5.00%,
03/01/28 (Call 03/01/27)		250			267,237
					4,172,556
Vermont — 0.1%
State of Vermont GO
5.00%, 08/15/27		75			81,302
Series B, 5.00%, 08/15/27		100			108,403
					189,705
Virginia — 3.3%
City of Alexandria VA GO, 5.00%, 07/01/27		190			205,190
City of Norfolk VA, 5.00%, 09/01/31 (PR 03/01/27)		270			288,721
City of Norfolk VA GO, Series B, 4.00%, 10/01/27
(Call 10/01/26)		140			144,859
City of Richmond VA, 5.00%, 07/15/28 (Call 07/15/27)		130			140,574
City of Richmond VA GO
5.00%, 03/01/27		195			208,879
5.00%, 07/15/27		270			291,661
City of Virginia Beach VA GO, 5.00%, 07/15/27 (SAW)		260			281,217
County of Arlington VA GO
5.00%, 06/15/27		155			167,326
5.00%, 08/15/27		115			124,623
County of Fairfax VA GO
4.00%, 10/01/27		445			467,520
4.00%, 10/01/27 (SAW)		210			220,628
County of Henrico VA GO
5.00%, 08/01/27		155			167,767
5.00%, 08/01/27 (SAW)		250			270,592
Series A, 5.00%, 08/01/27 (SAW)		240			259,768
County of Loudoun VA GO
5.00%, 12/01/27		90			98,191
Series A, 5.00%, 12/01/27 (SAW)		670			730,973
Fairfax County Industrial Development Authority RB,
5.00%, 05/15/27		265			284,225
Hampton Roads Sanitation District RB
5.00%, 10/01/28 (Call 10/01/27)		205			222,929
Series A, 5.00%, 10/01/29 (Call 10/01/27)		210			228,823
Virginia College Building Authority, 5.00%, 02/01/27		1,385			1,479,997
Virginia College Building Authority RB
5.00%, 02/01/27		1,020			1,090,029
5.00%, 09/01/27		130			140,788
Series A, 5.00%, 09/01/27		125			135,106
Series A, 5.00%, 09/01/27 (Call 09/01/26)
(ST INTERCEPT)		355			374,445
Series A, 5.00%, 09/01/27 (PR 09/01/26)
(ST INTERCEPT)		5			5,278
Series C, 5.00%, 02/01/30 (Call 02/01/27)		205			217,641
Virginia Commonwealth Transportation Board RB
5.00%, 03/15/27 (Call 09/15/26)		165			174,446

Security	Par (000		)	Value
Virginia (continued)
5.00%, 05/15/27	$	300		$	322,745
5.00%, 09/15/27		175			189,688
5.00%, 09/15/27 (Call 09/15/26)		125			132,286
Series A, 5.00%, 05/15/27		560			602,456
Series A, 5.00%, 05/15/29 (Call 11/15/27)		320			347,068
Series A, 5.00%, 05/15/30 (Call 11/15/27)		350			379,366
Virginia Public Building Authority RB
4.00%, 08/01/31 (PR 08/01/27)		70			73,102
5.00%, 08/01/27 (Call 08/01/26)		320			338,024
5.00%, 08/01/29 (Call 08/01/27)		410			443,384
Series A, 4.00%, 08/01/27		135			141,167
Virginia Public School Authority
5.00%, 08/01/27		380			410,770
5.00%, 10/01/27 (SAW)		135			146,723
Virginia Public School Authority RB
4.00%, 10/01/27		100			104,918
4.00%, 02/01/29 (Call 02/01/27)		370			384,909
5.00%, 08/01/27		140			151,336
5.00%, 08/01/27 (SAW)		140			151,336
Virginia Resources Authority RB
5.00%, 11/01/27		60			65,268
5.00%, 11/01/27 (Call 11/01/25)		300			310,807
					13,117,549
Washington — 4.6%
Central Puget Sound Regional Transit Authority RB
Series S-1, 5.00%, 11/01/27		525			570,698
Series S-1, 5.00%, 11/01/27 (Call 11/01/26)		195			206,575
City of Seattle GO, 5.00%, 06/01/27 (Call 06/01/25)		170			174,504
City of Seattle Municipal Light & Power Revenue,
5.00%, 09/01/27		170			183,805
City of Seattle WA Drainage & Wastewater Revenue
RB, 5.00%, 04/01/27 (Call 04/01/26)		145			151,735
City of Seattle WA GOL
5.00%, 12/01/27		390			424,747
Series A, 5.00%, 05/01/27		305			327,835
City of Seattle WA Municipal Light & Power
Revenue RB
4.00%, 10/01/27 (Call 10/01/26)		175			180,057
5.00%, 07/01/27		845			910,257
Series A, 5.00%, 07/01/27		225			242,376
Series B, 5.00%, 04/01/27 (Call 04/01/26)		340			355,937
City of Seattle WA Water System Revenue RB, 5.00%,
05/01/27 (Call 05/01/25)		400			409,187
Clark County School District No. 114 Evergreen GO,
5.00%, 12/01/27 (GTD)		755			820,252
County of King WA GOL
5.00%, 07/01/27		100			107,893
5.00%, 07/01/27 (Call 01/01/25)		295			300,372
5.00%, 12/01/27		120			130,691
Series E, 5.00%, 12/01/27 (Call 12/01/25)		305			316,570
County of King WA Sewer Revenue RB
5.00%, 01/01/27		105			111,910
5.00%, 07/01/27 (Call 01/01/26)		55			57,264
Series B, 5.00%, 07/01/27 (Call 07/01/26)		590			620,736
County of Snohomish WA GO, 5.00%, 12/01/27		215			233,664
Energy Northwest RB
5.00%, 07/01/27		820			884,719
Series A, 5.00%, 07/01/27		185			199,601
Series A, 5.00%, 07/01/27 (Call 07/01/26)		140			147,394
Series A, 5.00%, 07/01/28 (Call 07/01/27)		805			866,103
Series A, 5.00%, 07/01/29 (Call 07/01/27)		330			354,601

13

Schedule of Investments (unaudited) (continued)	iShares® iBonds® Dec 2027 Term Muni Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Par (000		)	Value
Washington (continued)
Series C, 5.00%, 07/01/27	$	505		$	544,858
King County School District No. 405 Bellevue GO,
5.00%, 12/01/27 (Call 12/01/26) (GTD)		355			376,602
King County School District No. 414 Lake Washington
GO, 4.00%, 12/01/27 (GTD)		520			544,559
Kitsap County School District No. 401 Central Kitsap
GO, 5.00%, 12/01/27 (GTD)		80			86,975
Pierce County School District No. 402 Franklin Pierce
GO, 5.00%, 12/01/29 (Call 12/01/27) (GTD)		190			204,776
Port of Seattle WA GOL, 5.00%, 01/01/29
(Call 01/01/27)		200			212,178
Port of Seattle WA RB, 5.00%, 02/01/27
(Call 02/01/26)		300			311,660
Spokane County School District No. 356 Central Valley
GO, 5.00%, 12/01/28 (Call 12/01/27) (GTD)		160			173,472
Spokane County School District No. 81 Spokane GO,
5.00%, 12/01/28 (Call 12/01/27) (GTD)		220			238,107
State of Washington, 5.00%, 07/01/27		635			685,118
State of Washington COP, Series B, 5.00%, 07/01/27		160			172,248
State of Washington GO
0.00%, 06/01/27 (AMBAC)(a)		120			108,297
5.00%, 02/01/27		965			1,031,477
5.00%, 02/01/27 (Call 02/01/25)		420			428,307
5.00%, 06/01/27		105			113,074
5.00%, 07/01/27 (Call 01/01/25)		315			320,851
5.00%, 08/01/27		270			291,863
5.00%, 08/01/27 (Call 08/01/26)		165			173,789
5.00%, 08/01/30 (Call 08/01/27)		105			112,754
Series D, 5.00%, 02/01/27		360			384,800
Series E, 5.00%, 07/01/27 (Call 01/01/25)		395			402,336
Series R, 5.00%, 08/01/27		705			762,087
Series R, 5.00%, 08/01/27 (Call 08/01/26)		385			404,873
Series R-2018-C, 5.00%, 08/01/29 (Call 08/01/27)		445			478,938
Series R-2018-D, 5.00%, 08/01/27		125			135,122
University of Washington, 5.00%, 04/01/27		300			322,048
University of Washington RB, Series B, 5.00%,
06/01/27 (Call 06/01/25)		130			133,324
Washington State University RB, 5.00%, 04/01/27
(Call 04/01/25)		125			127,324
					18,571,300
West Virginia — 0.6%
State of West Virginia GO
5.00%, 06/01/27		380			408,337
Series A, 5.00%, 06/01/27		485			521,168
Series A, 5.00%, 12/01/27		235			255,310
West Virginia Commissioner of Highways RB
5.00%, 09/01/27		335			359,473
5.00%, 09/01/29 (Call 09/01/27)		305			327,385
Series A, 5.00%, 09/01/29 (Call 09/01/27)		295			316,652
West Virginia State School Building Authority Lottery
Revenue RB, Series A, 5.00%, 07/01/27
(Call 07/01/25)		335			343,687
					2,532,012

Security	Par (000		)	Value
Wisconsin — 1.9%
Milwaukee Metropolitan Sewerage District GO,
Series A, 5.00%, 10/01/27 (Call 10/01/26)	$	150		$	158,547
State of Wisconsin
4.00%, 05/01/27 (Call 05/01/26)		345			354,125
5.00%, 11/01/30 (Call 05/01/27)		290			309,624
State of Wisconsin GO
4.00%, 05/01/28 (Call 05/01/27)		145			150,769
5.00%, 05/01/27		860			926,059
5.00%, 05/01/27 (Call 05/01/25)		315			322,683
5.00%, 11/01/27 (Call 05/01/27)		645			692,799
5.00%, 11/01/28 (Call 05/01/27)		250			266,920
5.00%, 11/01/29 (Call 05/01/27)		280			299,023
Series 2, 4.00%, 11/01/27 (Call 05/01/26)		180			184,928
Series 2, 5.00%, 11/01/27 (Call 05/01/26)		530			555,409
Series 2, 5.00%, 11/01/27 (Call 05/01/27)		80			85,929
Series 3, 5.00%, 11/01/30 (Call 05/01/27)		395			421,730
State of Wisconsin RB
Series A, 5.00%, 05/01/27		460			494,440
Series A, 5.00%, 05/01/29 (PR 05/01/27)		460			494,440
Wisconsin Department of Transportation, 5.00%,
07/01/29 (Call 07/01/27)		265			283,982
Wisconsin Department of Transportation RB
5.00%, 07/01/27		215			231,823
Series 1, 5.00%, 07/01/27		410			442,081
Series 1, 5.00%, 07/01/28 (Call 07/01/27)		250			268,304
Series 2, 5.00%, 07/01/30 (Call 07/01/27)		810			866,279
					7,809,894
Total Long-Term Investments — 98.7%
(Cost: $398,177,911)					396,772,072
	Shares
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Liquidity Funds: MuniCash, 4.09%(b)(c)		2,410,519			2,410,760
Total Short-Term Securities — 0.6%
(Cost: $2,410,716)					2,410,760
Total Investments — 99.3%
(Cost: $400,588,627)					399,182,832
Other Assets Less Liabilities — 0.7%					2,892,998
Net Assets — 100.0%				$	402,075,830

(a)	Zero-coupon bond.
(b)	Affiliate of the Fund.
(c)	Annualized 7-day yield as of period end.

14

Schedule of Investments (unaudited) (continued)	iShares® iBonds® Dec 2027 Term Muni Bond ETF
January 31, 2024

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds: MuniCash	$	4,717,248	$	—	$	(2,306,917	)(a)	$	398	$	31	$	2,410,760		2,410,519	$	17,693	$	—

^(a) Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

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

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

● Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

● Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Debt Obligations	$	—	$	396,772,072	$	—	$	396,772,072
Short-Term Securities
Money Market Funds		2,410,760		—		—		2,410,760
	$	2,410,760	$	396,772,072	$	—	$	399,182,832

Portfolio Abbreviation
AGM	Assured Guaranty Municipal Corp.	NPFGC	National Public Finance Guarantee Corp.
AMBAC	Ambac Assurance Corp.	PR	Prerefunded
BAM	Build America Mutual Assurance Co.	PSF	Permanent School Fund
COP	Certificates of Participation	RB	Revenue Bond
ETM	Escrowed to Maturity	SAP	Subject to Appropriations
GO	General Obligation	SAW	State Aid Withholding
GOL	General Obligation Limited	SCH BD RES FD	School Board Resolution Fund
GTD	Guaranteed	ST	Special Tax
MO	Moral Obligation

15