iShares

®

Morningstar

Multi-Asset

Income

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

—

14.2%

iShares

Preferred

and

Income

Securities

ETF

......

551,451

$

16,642,791

a

Domestic

Fixed

Income

—

34.6%

iShares

Agency

Bond

ETF

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

53,553

5,886,010

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

(b)

468,504

17,147,247

iShares

Core

1-5

Year

USD

Bond

ETF

..........

363,157

17,642,167

40,675,424

a

International

Equity

—

25.9%

iShares

Global

REIT

ETF

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

235,485

5,691,673

iShares

Latin

America

40

ETF

(b)

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

743,179

18,505,157

iShares

MSCI

EAFE

Value

ETF

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

102,199

6,230,051

30,426,881

a

International

Fixed

Income

—

24.9%

iShares

Floating

Rate

Bond

ETF

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

341,671

17,397,887

iShares

J.P.

Morgan

EM

Corporate

Bond

ETF

.....

129,130

5,777,276

iShares

J.P.

Morgan

EM

Local

Currency

Bond

ETF

(c)

.

156,337

6,048,679

29,223,842

a

Total

Long-Term

Investments — 99.6%

(Cost:

$120,000,677)

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

116,968,938

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

—

24.8%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

4.46%

(a)(d)(e)

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

28,586,523

$

28,597,958

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.30%

(a)(d)

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

448,369

448,369

a

Total

Short-Term

Securities — 24.8%

(Cost:

$29,046,279)

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

29,046,327

Total

Investments

—

124.4%

(Cost:

$149,046,956)

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

146,015,265

Liabilities

in

Excess

of

Other

Assets

—

(24.4)%

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

(28,619,887)

Net

Assets

—

100.0%

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

$

117,395,378

(a)

Affiliate

of

the

Fund.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Non-income

producing

security.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

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

...

$

17,502,942

$

11,099,949

(a)

$

—

$

(4,603

)

$

(330

)

$

28,597,958

28,586,523

$

134,425

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.........

94,726

353,643

(a)

—

—

—

448,369

448,369

9,193

—

iShares

1-3

Year

Treasury

Bond

ETF

(c)

—

5,898,096

(5,928,408

)

30,312

—

—

—

57,092

—

iShares

Agency

Bond

ETF

...........

6,385,810

5,970,836

(

6,471,953

)

94,098

(92,781

)

5,886,010

53,553

107,258

—

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

...........

17,969,820

1,366,546

(2,062,560

)

39,654

(166,213

)

17,147,247

468,504

887,671

—

iShares

Core

1-5

Year

USD

Bond

ETF

...

17,925,744

1,437,159

(1,933,343

)

27,525

185,082

17,642,167

363,157

524,272

—

iShares

Core

U.S.

REIT

ETF

(c)

..........

6,490,590

116,217

(7,001,160

)

906,954

(512,601

)

—

—

62,823

—

iShares

Floating

Rate

Bond

ETF

.......

17,621,808

1,906,418

(2,064,505

)

11,310

(77,144

)

17,397,887

341,671

703,104

—

iShares

Global

REIT

ETF

...........

—

6,243,247

(246,116

)

(6,703

)

(

298,755

)

5,691,673

235,485

90,148

—

iShares

J.P.

Morgan

EM

Corporate

Bond

ETF

5,975,915

458,236

(632,349

)

6,874

(31,400

)

5,777,276

129,130

226,664

—

iShares

J.P.

Morgan

EM

Local

Currency

Bond

ETF

...........

5,491,970

882,071

(665,312

)

(16,576

)

356,526

6,048,679

156,337

—

—

iShares

Latin

America

40

ETF

...........

5,280,639

14,445,038

(1,311,460

)

(10,927

)

101,867

18,505,157

743,179

563,497

—

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

iShares

®

Morningstar

Multi-Asset

Income

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

MSCI

EAFE

Value

ETF

.......

$

17,577,557

$

566,177

$

(12,711,815

)

$

2,825

$

795,307

$

6,230,051

102,199

$

129,095

$

—

iShares

Preferred

and

Income

Securities

ETF

...........

17,860,848

1,785,745

(2,200,987

)

7,667

(

810,482

)

16,642,791

551,451

824,236

—

$

1,088,410

$

(550,924

)

$

146,015,265

$

4,319,478

$

—

(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.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

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

$

116,968,938

$

—

$

—

$

116,968,938

Short-Term

Securities

Money

Market

Funds

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

29,046,327

—

—

29,046,327

$

146,015,265

$

—

$

—

$

146,015,265

Portfolio

Abbreviation

REIT

Real

Estate

Investment

Trust