Schedule

of

Investments

(unaudited)

May

31,

2025

iShares

®

1-3

Year

Treasury

Bond

ETF

1

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

May

31,

2025

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

24,459

$

25,261,019

U.S.

Treasury

Notes

2.88

%

,

06/15/25

-

05/15/28

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

348,681

339,502,089

0.25

%

,

06/30/25

-

10/31/25

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

29,446

29,137,836

2.75

%

,

06/30/25

-

02/15/28

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

821,881

801,538,186

4.63

%

,

06/30/25

-

06/15/27

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

1,336,626

1,349,228,479

3.00

%

,

07/15/25

-

10/31/25

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

24,841

24,738,080

2.00

%

,

08/15/25

-

11/15/26

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

349,133

339,464,305

5.00

%

,

08/31/25

-

09/30/25

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

18,419

18,450,190

3.50

%

,

09/15/25

-

04/30/28

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

569,689

564,621,744

4.25

%

,

10/15/25

-

02/15/28

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

1,704,907

1,715,508,874

2.25

%

,

11/15/25

-

11/15/27

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

756,762

732,111,849

4.50

%

,

11/15/25

-

05/15/27

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

1,072,358

1,081,968,237

4.88

%

,

11/30/25

-

05/31/26

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

17,512

17,585,124

4.00

%

,

12/15/25

-

02/29/28

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

1,142,753

1,144,626,700

3.88

%

,

01/15/26

-

03/15/28

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

1,349,692

1,349,287,872

2.50

%

,

02/28/26

-

03/31/27

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

209,951

204,883,662

0.75

%

,

03/31/26

-

01/31/28

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

769,230

725,709,886

3.75

%

,

04/15/26

-

05/15/28

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

1,178,872

1,175,039,037

1.63

%

,

05/15/26

-

11/30/26

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

400,096

387,127,108

3.63

%

,

05/15/26

-

05/31/28

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

494,459

491,241,993

2.13

%

,

05/31/26

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

14,530

14,245,468

4.13

%

,

06/15/26

-

11/15/27

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

1,652,600

1,658,787,800

0.88

%

,

06/30/26

-

09/30/26

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

477,766

458,994,894

1.88

%

,

06/30/26

-

02/28/27

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

588,563

571,306,348

0.63

%

,

07/31/26

-

12/31/27

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

956,040

894,912,079

4.38

%

,

07/31/26

-

07/15/27

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

1,397,216

1,404,417,452

1.50

%

,

08/15/26

-

01/31/27

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

645,861

623,768,946

1.38

%

,

08/31/26

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

155,826

150,779,722

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

1.13

%

,

10/31/26

-

02/29/28

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

USD

754,710

$

713,911,694

1.25

%

,

11/30/26

-

05/31/28

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

1,907,201

1,794,347,763

1.75

%

,

12/31/26

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

150,316

145,172,375

0.50

%

,

04/30/27

-

10/31/27

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

1,308,987

1,217,850,630

2.63

%

,

05/31/27

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

392,112

382,462,074

3.25

%

,

06/30/27

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

248,223

245,110,912

0.38

%

,

07/31/27

-

09/30/27

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

573,342

530,474,483

3.13

%

,

08/31/27

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

276,117

271,629,607

3.38

%

,

09/15/27

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

335,849

332,175,256

Total

Long-Term

Investments

—

98

.8

%

(Cost:

$

23,853,294,050

)

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

23,927,379,773

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

0.5%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.30

%

(a)

(b)

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

132,725,672

132,725,672

Total

Short-Term

Securities

—

0

.5

%

(Cost:

$

132,725,672

)

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

132,725,672

Total

Investments

—

99

.3

%

(Cost:

$

23,986,019,722

)

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

24,060,105,445

Other

Assets

Less

Liabilities

—

0.7

%

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

165,418,088

Net

Assets

—

100.0%

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

$

24,225,523,533

(a)

Affiliate

of

the

Fund.

(b)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

02/28/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

05/31/25

Shares

Held

at

05/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

$

117,635,089

$

15,090,583

(a)

$

—

$

—

$

—

$

132,725,672

132,725,672

$

944,701

(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

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2025

iShares

®

1-3

Year

Treasury

Bond

ETF

2

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

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

that

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

—

Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for

the

asset

or

liability

(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.

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

U.S.

Treasury

Obligations

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

$

—

$

23,927,379,773

$

—

$

23,927,379,773

Short-Term

Securities

Money

Market

Funds

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

132,725,672

—

—

132,725,672

$

132,725,672

$

23,927,379,773

$

—

$

24,060,105,445

Currency

Abbreviation

USD

United

States

Dollar