iShares
®
LifePath
®
Target
Date
2040
ETF
Schedule
of
Investments
(unaudited)
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
1
Schedule
of
Investments
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
 — 
47
.0
%
iShares
Core
U.S.
REIT
ETF
.................
17,829
$
997,354
iShares
Russell
1000
ETF
...................
40,205
12,249,257
iShares
Russell
2000
ETF
(b)
..................
2,709
527,876
13,774,487
a
Domestic
Fixed
Income
 — 
23
.8
%
iShares
0-5
Year
TIPS
Bond
ETF
..............
846
87,561
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
(b)
...............................
19,504
960,377
iShares
10-20
Year
Treasury
Bond
ETF
..........
4,835
496,264
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
................................
13,344
700,427
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
(b)
...............................
9,457
496,398
iShares
MBS
ETF
........................
19,642
1,842,223
iShares
U.S.
Treasury
Bond
ETF
..............
103,883
2,397,620
6,980,870
a
International
Equity
 — 
29
.1
%
iShares
Core
MSCI
Emerging
Markets
ETF
.......
42,740
2,315,226
iShares
Core
MSCI
International
Developed
Markets
ETF
................................
78,915
5,651,892
Security
Shares
Value
a
International
Equity — 29.1%
(continued)
iShares
Global
Infrastructure
ETF
..............
10,374
$
584,990
8,552,108
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
28,266,495
)
.................................
29,307,465
a
Short-Term
Securities
Money
Market
Funds
 — 
7
.9
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(a)
(c)
(d)
......................
2,268,765
2,269,673
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(a)
(c)
............................
37,038
37,038
a
Total
Short-Term
Securities — 7.9%
(Cost:
$
2,306,704
)
..................................
2,306,711
Total
Investments
—
107.8%
(Cost:
$
30,573,199
)
.................................
31,614,176
Liabilities
in
Excess
of
Other
Assets
—
(
7
.8
)
%
...............
(
2,278,877
)
Net
Assets
—
100.0%
.................................
$
29,335,299
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
  Shares
Held
at
04/30/25
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
...
$
747,937
$
1,522,024
(a)
$
—
$
(
250
)
$
(
38
)
$
2,269,673
2,268,765
$
4,936
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.........
20,325
16,713
(a)
—
—
—
37,038
37,038
1,238
—
iShares
0-5
Year
TIPS
Bond
ETF
.......
71,257
101,807
(
89,623
)
1,218
2,902
87,561
846
2,057
—
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
505,566
778,367
(
283,875
)
(
11,905
)
(
27,776
)
960,377
19,504
30,674
—
iShares
10-20
Year
Treasury
Bond
ETF
338,700
655,843
(
487,307
)
(
10,378
)
(
594
)
496,264
4,835
17,771
—
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
274,652
492,916
(
74,707
)
703
6,863
700,427
13,344
14,883
—
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
180,500
370,058
(
56,322
)
26
2,136
496,398
9,457
10,949
—
iShares
Core
MSCI
Emerging
Markets
ETF
...........
830,029
1,660,445
(
189,699
)
(
2,809
)
17,260
2,315,226
42,740
29,833
—
iShares
Core
MSCI
International
Developed
Markets
ETF
...........
2,177,723
3,796,798
(
657,086
)
12,111
322,346
5,651,892
78,915
51,288
—
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
LifePath
®
Target
Date
2040
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. 
Affiliates
(continued)
Affiliated
Issuer
Value
at
07/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
  Shares
Held
at
04/30/25
Income
  Capital
Gain
Distributions
from
Underlying
Funds
iShares
Core
U.S.
REIT
ETF
...........
$
454,780
$
665,590
$
(
95,744
)
$
3,853
$
(
31,125
)
$
997,354
17,829
$
15,468
$
—
iShares
Global
Infrastructure
ETF
.
246,344
362,391
(
76,191
)
3,367
49,079
584,990
10,374
6,465
—
iShares
MBS
ETF
...
709,753
1,162,008
(
37,795
)
2,579
5,678
1,842,223
19,642
36,315
—
iShares
Russell
1000
ETF
...........
5,344,536
8,767,926
(
1,674,896
)
(
33,438
)
(
154,871
)
12,249,257
40,205
82,412
—
iShares
Russell
2000
ETF
...........
286,541
388,216
(
74,671
)
(
6,539
)
(
65,671
)
527,876
2,709
3,712
—
iShares
U.S.
Treasury
Bond
ETF
.......
600,124
1,823,863
(
38,359
)
1,359
10,633
2,397,620
103,883
25,667
—
$
(
40,103
)
$
136,822
$
31,614,176
$
333,668
$
—
(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
Investment
Companies
.....................................
$
29,307,465
$
—
$
—
$
29,307,465
Short-Term
Securities
Money
Market
Funds
......................................
2,306,711
—
—
2,306,711
$
31,614,176
$
—
$
—
$
31,614,176
Portfolio
Abbreviation
REIT
Real
Estate
Investment
Trust
TIPS
Treasury
Inflation
Protected
Security