Schedule of Investments (unaudited)
January 31, 2026
iShares® iBonds® 2026 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Corporate Bonds & Notes
Advertising — 0.1%
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%,
04/15/26
$735
$734,086
Aerospace & Defense — 2.4%
Boeing Co.(The)
2.20%, 02/04/26
7,780
7,780,000
2.25%, 06/15/26
5
4,967
2.75%, 02/01/26
2,060
2,060,000
3.10%, 05/01/26
1,025
1,021,993
Incora Top Holdco LLC, 6.00%, 01/31/33(a)(b)(c)
22
5,341
L3Harris Technologies, Inc., 3.85%, 12/15/26
1,125
1,124,027
RTX Corp.
2.65%, 11/01/26
635
629,484
5.00%, 02/27/26
50
50,008
5.75%, 11/08/26
2,545
2,577,235
Spirit AeroSystems, Inc., 3.85%, 06/15/26
10,366
10,342,825
 
25,595,880
Agriculture — 0.7%
Altria Group, Inc.
2.63%, 09/16/26
1,110
1,101,165
4.40%, 02/14/26
80
79,975
BAT Capital Corp., 3.22%, 09/06/26(d)
2,105
2,094,319
BAT International Finance PLC, 1.67%, 03/25/26
3,245
3,232,973
Bunge Ltd. Finance Corp., 3.25%, 08/15/26
830
827,055
 
7,335,487
Airlines — 3.5%
Air Canada, 3.88%, 08/15/26(e)
20,944
20,861,177
Air Canada Pass Through Trust, Series 2020-1,
Class C, 10.50%, 07/15/26(e)
5,612
5,750,044
American Airlines Pass-Through Trust, Series
2014-1, Class A, 3.70%, 04/01/28(d)
705
701,887
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.50%, 04/20/26(e)
9,025
9,037,578
Southwest Airlines Co., 3.00%, 11/15/26(d)
685
679,211
 
37,029,897
Apparel — 1.6%
Under Armour, Inc., 3.25%, 06/15/26
17,355
17,269,521
Auto Manufacturers — 4.5%
Ford Motor Co., 4.35%, 12/08/26(d)
2,805
2,804,242
Ford Motor Credit Co. LLC
2.70%, 08/10/26
2,675
2,652,982
4.54%, 08/01/26
1,995
1,992,171
5.13%, 11/05/26
1,800
1,809,336
6.95%, 03/06/26
905
905,188
6.95%, 06/10/26
1,400
1,410,335
General Motors Financial Co., Inc.
1.50%, 06/10/26
2,615
2,592,467
4.00%, 10/06/26
1,495
1,494,869
5.25%, 03/01/26
325
325,275
5.40%, 04/06/26
3,050
3,057,844
Nissan Motor Acceptance Co. LLC
1.85%, 09/16/26(e)
14,415
14,120,515
2.00%, 03/09/26(d)(e)
9,157
9,116,505
6.95%, 09/15/26(e)
5,344
5,406,507
 
47,688,236
Banks — 2.5%
Barclays PLC, 5.20%, 05/12/26
4,455
4,467,123
Security
Par
(000
)
Value
Banks (continued)
Citigroup, Inc.
4.30%, 11/20/26
$2,030
$2,035,103
4.60%, 03/09/26
1,065
1,065,487
Citizens Financial Group, Inc., 2.85%, 07/27/26
1,175
1,168,121
Cooperatieve Rabobank UA, 3.75%, 07/21/26
3,660
3,654,483
Fifth Third Bank N.A., 3.85%, 03/15/26
740
739,903
HSBC Holdings PLC, 4.38%, 11/23/26
1,825
1,829,177
KeyBank N.A., 3.40%, 05/20/26
1,250
1,247,717
Lloyds Banking Group PLC, 4.65%, 03/24/26
3,005
3,006,192
Morgan Stanley, 4.35%, 09/08/26
4,625
4,634,324
Santander Holdings USA, Inc., 3.24%, 10/05/26(d)
1,935
1,924,675
 
25,772,305
Beverages — 0.5%
Constellation Brands, Inc., 3.70%, 12/06/26
1,265
1,262,267
Keurig Dr Pepper, Inc., 2.55%, 09/15/26(d)
1,160
1,148,917
Molson Coors Beverage Co., 3.00%, 07/15/26
2,640
2,629,483
 
5,040,667
Biotechnology — 0.4%
Amgen, Inc., 2.60%, 08/19/26
3,250
3,226,630
Illumina, Inc., 4.65%, 09/09/26
1,070
1,073,506
 
4,300,136
Building Materials — 0.2%
Johnson Controls International PLC, 3.90%,
02/14/26
900
899,851
Owens Corning, 3.40%, 08/15/26
1,105
1,100,906
 
2,000,757
Chemicals — 3.9%
Advancion Sciences, Inc., 9.25%, 11/01/26, (9.25 %
PIK)(e)(f)
200
174,136
Celanese U.S. Holdings LLC, 1.40%, 08/05/26(d)
13,675
13,430,777
FMC Corp., 3.20%, 10/01/26(d)
23,600
23,369,577
Nutrien Ltd., 4.00%, 12/15/26(d)
900
900,767
PPG Industries, Inc., 1.20%, 03/15/26
1,430
1,424,980
Westlake Corp., 3.60%, 08/15/26(d)
1,350
1,346,082
 
40,646,319
Commercial Services — 3.4%
Block, Inc., 2.75%, 06/01/26(d)
24,837
24,692,663
Global Payments, Inc.
1.20%, 03/01/26
2,210
2,205,138
4.80%, 04/01/26
1,575
1,575,752
Hertz Corp. (The), 4.63%, 12/01/26(d)(e)
5,600
5,292,896
Prime Security Services Borrower LLC/Prime
Finance, Inc., 5.75%, 04/15/26(d)(e)
1,559
1,561,700
 
35,328,149
Computers — 2.5%
CGI, Inc., 1.45%, 09/14/26
1,265
1,245,405
Dell International LLC/EMC Corp.
4.90%, 10/01/26
3,555
3,569,677
6.02%, 06/15/26
180
180,492
DXC Technology Co., 1.80%, 09/15/26(d)
1,601
1,578,801
Genpact Luxembourg Sarl/Genpact USA, Inc.,
1.75%, 04/10/26
375
372,983
Hewlett Packard Enterprise Co.
1.75%, 04/01/26
1,510
1,504,147
4.45%, 09/25/26
2,580
2,587,975
HP, Inc., 1.45%, 06/17/26
1,000
990,266
Kyndryl Holdings, Inc., 2.05%, 10/15/26
1,445
1,424,538
Western Digital Corp., 4.75%, 02/15/26
13,315
13,315,000
 
26,769,284
 
1
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares® iBonds® 2026 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Diversified Financial Services — 8.1%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust
2.45%, 10/29/26
$5,180
$5,121,664
4.45%, 04/03/26
10
10,000
Air Lease Corp.
1.88%, 08/15/26
3,760
3,714,915
3.75%, 06/01/26
905
903,794
5.30%, 06/25/26
1,215
1,220,312
Aircastle Ltd., 4.25%, 06/15/26
1,360
1,359,244
Capital One Financial Corp., 3.75%, 07/28/26
3,070
3,065,152
Jefferson Capital Holdings LLC, 6.00%, 08/15/26(e)
8,551
8,542,668
Nasdaq, Inc., 3.85%, 06/30/26
455
454,577
Navient Corp., 6.75%, 06/15/26
14,766
14,827,916
Nomura Holdings, Inc., 1.65%, 07/14/26
2,550
2,523,435
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc., 2.88%, 10/15/26(d)(e)
25,433
25,094,661
SLM Corp., 3.13%, 11/02/26
15,821
15,593,401
Synchrony Financial, 3.70%, 08/04/26
1,300
1,296,632
Voya Financial, Inc., 3.65%, 06/15/26
135
134,801
Western Union Co. (The), 1.35%, 03/15/26(d)
1,205
1,201,084
 
85,064,256
Electric — 2.5%
Algonquin Power & Utilities Corp., 5.37%,
06/15/26(g)
2,320
2,330,931
Ameren Corp.
3.65%, 02/15/26
255
254,915
5.70%, 12/01/26
1,440
1,458,850
CenterPoint Energy, Inc., 1.45%, 06/01/26
1,060
1,051,227
Cleco Corporate Holdings LLC, 3.74%, 05/01/26(d)
650
648,896
CMS Energy Corp., 3.00%, 05/15/26(d)
195
194,503
Dominion Energy, Inc.
Series A, 1.45%, 04/15/26
180
179,144
Series D, 2.85%, 08/15/26(d)
780
775,411
DTE Energy Co., 2.85%, 10/01/26
1,265
1,256,064
Duke Energy Corp., 2.65%, 09/01/26
3,095
3,072,572
Emera U.S. Finance LP, 3.55%, 06/15/26
1,130
1,126,600
Enel Americas SA, 4.00%, 10/25/26
1,260
1,257,641
Entergy Corp., 2.95%, 09/01/26
1,550
1,540,556
Eversource Energy
4.75%, 05/15/26
145
145,314
Series U, 1.40%, 08/15/26(d)
600
591,577
Exelon Corp., 3.40%, 04/15/26
810
808,954
Fortis, Inc./Canada, 3.06%, 10/04/26
2,225
2,209,501
ITC Holdings Corp., 3.25%, 06/30/26
845
841,928
Pacific Gas and Electric Co., 2.95%, 03/01/26
525
524,332
PPL Capital Funding, Inc., 3.10%, 05/15/26
505
503,801
Sempra, 5.40%, 08/01/26
1,340
1,347,481
Southern Co. (The), 3.25%, 07/01/26
1,440
1,436,885
Southwestern Electric Power Co.
Series K, 2.75%, 10/01/26
1,000
991,960
Series N, 1.65%, 03/15/26
265
264,309
WEC Energy Group, Inc., 5.60%, 09/12/26
705
711,025
Xcel Energy, Inc., 3.35%, 12/01/26
1,185
1,179,625
 
26,704,002
Electronics — 0.7%
Avnet, Inc., 4.63%, 04/15/26
415
414,765
Flex Ltd., 3.75%, 02/01/26
1,365
1,365,000
Fortive Corp., 3.15%, 06/15/26(d)
1,840
1,833,512
Jabil, Inc., 1.70%, 04/15/26
1,000
995,199
TD SYNNEX Corp., 1.75%, 08/09/26
1,455
1,435,495
Security
Par
(000
)
Value
Electronics (continued)
Vontier Corp., 1.80%, 04/01/26
$740
$736,889
 
6,780,860
Engineering & Construction — 0.4%
INNOVATE Corp., 10.50%, 02/01/27, (10.50%
PIK)(e)(f)
5,243
4,494,604
Entertainment — 0.8%
Empire Resorts, Inc., 7.75%, 11/01/26(e)
8,857
8,781,492
Environmental Control — 0.1%
Veralto Corp., 5.50%, 09/18/26
1,455
1,467,391
Food — 1.2%
Campbell's Co. (The), 5.30%, 03/20/26
825
825,652
Conagra Brands, Inc., 5.30%, 10/01/26
1,310
1,319,436
Flowers Foods, Inc., 3.50%, 10/01/26
875
869,672
Ingredion, Inc., 3.20%, 10/01/26
1,205
1,198,524
Kraft Heinz Foods Co., 3.00%, 06/01/26
3,875
3,861,526
Kroger Co. (The), 2.65%, 10/15/26
1,550
1,535,830
McCormick & Co., Inc./MD, 0.90%, 02/15/26
895
893,975
Sysco Corp., 3.30%, 07/15/26
1,315
1,311,420
Tyson Foods, Inc., 4.00%, 03/01/26
660
659,895
 
12,475,930
Gas — 0.1%
National Fuel Gas Co., 5.50%, 10/01/26
680
685,932
Southern Co. Gas Capital Corp., 3.25%, 06/15/26
140
139,621
Spire, Inc., 5.30%, 03/01/26
605
605,598
 
1,431,151
Hand & Machine Tools — 0.1%
Stanley Black & Decker, Inc., 3.40%, 03/01/26
890
889,561
Health Care - Products — 0.4%
Agilent Technologies, Inc., 3.05%, 09/22/26(d)
660
656,268
Baxter International, Inc., 2.60%, 08/15/26(d)
1,200
1,188,767
Stryker Corp., 3.50%, 03/15/26
1,850
1,849,013
 
3,694,048
Health Care - Services — 3.1%
Cigna Group (The), 1.25%, 03/15/26
1,180
1,175,775
Elevance Health, Inc.
1.50%, 03/15/26
745
742,801
4.50%, 10/30/26(d)
680
683,185
HCA, Inc.
5.25%, 06/15/26
540
540,606
5.38%, 09/01/26
3,220
3,223,388
IQVIA, Inc., 5.00%, 10/15/26(e)
23,535
23,537,133
Laboratory Corp. of America Holdings, 1.55%,
06/01/26
1,030
1,021,173
Universal Health Services, Inc., 1.65%, 09/01/26
1,535
1,511,945
 
32,436,006
Holding Companies - Diversified — 2.6%
Ares Capital Corp., 2.15%, 07/15/26
3,235
3,202,058
Bain Capital Specialty Finance, Inc.
2.55%, 10/13/26(d)
660
651,096
2.95%, 03/10/26
470
468,344
Barings BDC, Inc., 3.30%, 11/23/26(d)
725
717,107
Blackstone Private Credit Fund, 2.63%, 12/15/26
3,470
3,415,746
Blackstone Secured Lending Fund, 2.75%,
09/16/26
2,080
2,057,919
Blue Owl Capital Corp., 3.40%, 07/15/26
3,050
3,032,833
Blue Owl Capital Corp. II, 8.45%, 11/15/26
775
793,651
Blue Owl Credit Income Corp., 3.13%, 09/23/26
780
772,055
2 
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares® iBonds® 2026 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Holding Companies - Diversified (continued)
Golub Capital BDC, Inc., 2.50%, 08/24/26
$1,265
$1,250,499
Main Street Capital Corp., 3.00%, 07/14/26
1,335
1,323,990
Prospect Capital Corp., 3.36%, 11/15/26(d)
8,955
8,764,634
Sixth Street Specialty Lending, Inc., 2.50%,
08/01/26(d)
685
677,872
 
27,127,804
Home Builders — 0.0%
Lennar Corp., 5.25%, 06/01/26(d)
225
225,084
Home Furnishings — 0.6%
FXI Holdings, Inc., 14.00%, 11/15/29, (14.00 %
Cash)(e)(f)
10,292
6,059,727
Housewares — 0.7%
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/26(d)
7,481
7,479,369
Insurance — 0.4%
Allstate Corp. (The), 3.28%, 12/15/26
1,245
1,238,760
Lincoln National Corp., 3.63%, 12/12/26
1,000
996,475
Old Republic International Corp., 3.88%, 08/26/26(d)
1,245
1,243,852
Reinsurance Group of America, Inc., 3.95%,
09/15/26
800
799,703
Trinity Acquisition PLC, 4.40%, 03/15/26
30
30,011
 
4,308,801
Internet — 2.1%
eBay, Inc., 1.40%, 05/10/26
355
352,485
Expedia Group, Inc., 5.00%, 02/15/26
170
169,990
Millennium Escrow Corp., 6.63%, 08/01/26(e)
21,890
21,411,942
 
21,934,417
Iron & Steel — 1.1%
ArcelorMittal SA, 4.55%, 03/11/26
240
240,074
Baffinland Iron Mines Corp./Baffinland Iron
Mines LP, 8.75%, 07/15/26(d)(e)
13,373
11,636,766
 
11,876,840
Lodging — 5.8%
Las Vegas Sands Corp., 3.50%, 08/18/26
3,235
3,218,757
Marriott International, Inc./MD
5.45%, 09/15/26
960
967,527
Series R, 3.13%, 06/15/26
1,150
1,146,307
MGM China Holdings Ltd., 5.88%, 05/15/26(d)(e)
21,530
21,530,835
MGM Resorts International, 4.63%, 09/01/26(d)
14,862
14,864,166
Travel & Leisure Co., 6.63%, 07/31/26(e)
19,797
19,874,621
 
61,602,213
Machinery — 0.4%
CNH Industrial Capital LLC, 1.45%, 07/15/26
1,265
1,249,840
Regal Rexnord Corp., 6.05%, 02/15/26
785
785,291
Westinghouse Air Brake Technologies Corp., 3.45%,
11/15/26
1,550
1,543,791
Xylem, Inc./New York, 3.25%, 11/01/26(d)
1,030
1,024,478
 
4,603,400
Manufacturing — 0.1%
Teledyne Technologies, Inc., 1.60%, 04/01/26
900
896,303
Media — 7.0%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.50%, 05/01/26(e)
22,258
22,258,000
DISH DBS Corp.
5.25%, 12/01/26(e)
16,075
15,607,404
7.75%, 07/01/26
11,375
11,153,750
Sirius XM Radio LLC, 3.13%, 09/01/26(d)(e)
25,338
25,176,431
 
74,195,585
Security
Par
(000
)
Value
Mining — 1.0%
Hudbay Minerals, Inc., 4.50%, 04/01/26(h)
$10,901
$10,903,832
Office & Business Equipment — 0.3%
CDW LLC/CDW Finance Corp., 2.67%, 12/01/26
3,140
3,103,812
Oil & Gas — 3.0%
Civitas Resources, Inc., 5.00%, 10/15/26(e)
12,719
12,704,541
Diamondback Energy, Inc., 3.25%, 12/01/26
1,610
1,600,184
Marathon Petroleum Corp., 5.13%, 12/15/26
1,490
1,500,888
Phillips 66 Co., 3.55%, 10/01/26(d)
1,040
1,037,650
SM Energy Co., 6.75%, 09/15/26
13,288
13,305,653
Valero Energy Corp., 3.40%, 09/15/26(d)
910
906,647
 
31,055,563
Packaging & Containers — 1.4%
Amcor Finance USA, Inc., 3.63%, 04/28/26
1,245
1,243,500
Crown Americas LLC/Crown Americas Capital Corp.
V, 4.25%, 09/30/26(d)
12,837
12,810,467
Sonoco Products Co., 4.45%, 09/01/26
1,070
1,072,606
 
15,126,573
Pharmaceuticals — 1.5%
Cardinal Health, Inc., 4.70%, 11/15/26
1,030
1,036,466
CVS Health Corp.
2.88%, 06/01/26
3,620
3,606,088
3.00%, 08/15/26
1,560
1,550,640
5.00%, 02/20/26
3,125
3,122,619
Shire Acquisitions Investments Ireland DAC, 3.20%,
09/23/26
3,140
3,125,972
Utah Acquisition Sub, Inc., 3.95%, 06/15/26
2,870
2,865,530
 
15,307,315
Pipelines — 6.1%
Blue Racer Midstream LLC/Blue Racer Finance
Corp., 6.63%, 07/15/26(d)(e)
8,576
8,584,805
Boardwalk Pipelines LP, 5.95%, 06/01/26
695
696,171
Buckeye Partners LP, 3.95%, 12/01/26(d)
19,212
19,096,666
Enbridge, Inc.
1.60%, 10/04/26
1,070
1,053,293
4.25%, 12/01/26(d)
1,525
1,527,917
5.90%, 11/15/26
2,415
2,449,142
Energy Transfer LP
3.90%, 07/15/26
1,175
1,174,385
6.05%, 12/01/26
2,025
2,056,920
Kinder Morgan, Inc., 1.75%, 11/15/26
1,060
1,042,248
MPLX LP, 1.75%, 03/01/26
630
628,883
NuStar Logistics LP, 6.00%, 06/01/26
17,975
17,997,394
ONEOK, Inc.
4.85%, 07/15/26(d)
975
977,091
5.55%, 11/01/26
2,220
2,241,849
Plains All American Pipeline LP/PAA Finance Corp.,
4.50%, 12/15/26(d)
1,550
1,554,377
Spectra Energy Partners LP, 3.38%, 10/15/26
1,265
1,260,127
Western Midstream Operating LP, 4.65%, 07/01/26
1,250
1,250,651
Williams Companies, Inc. (The), 5.40%, 03/02/26
980
981,214
 
64,573,133
Real Estate Investment Trusts — 9.5%
Alexandria Real Estate Equities, Inc., 3.80%,
04/15/26
375
374,768
American Tower Corp.
1.45%, 09/15/26
1,280
1,260,090
1.60%, 04/15/26
1,465
1,458,009
3.38%, 10/15/26
2,075
2,065,608
 
3
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares® iBonds® 2026 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Real Estate Investment Trusts (continued)
Arbor Realty Trust, Inc., Series QIB, 4.50%,
09/01/26(d)(e)
$1,790
$1,772,484
Boston Properties LP
2.75%, 10/01/26
2,035
2,016,186
3.65%, 02/01/26
1,790
1,790,000
Brixmor Operating Partnership LP, 4.13%, 06/15/26
655
655,001
Brookfield Property REIT, Inc./BPR
Cumulus LLC/BPR Nimbus LLC/GGSI
Sellco LLC, 5.75%, 05/15/26(e)
20,324
20,246,718
Crown Castle, Inc.
1.05%, 07/15/26
3,060
3,019,178
3.70%, 06/15/26
1,495
1,492,327
4.45%, 02/15/26
1,800
1,799,114
CubeSmart LP, 3.13%, 09/01/26
685
680,723
EPR Properties, 4.75%, 12/15/26
1,080
1,082,949
Equinix, Inc.
1.45%, 05/15/26
310
307,699
2.90%, 11/18/26
1,220
1,209,477
Essex Portfolio LP, 3.38%, 04/15/26
205
204,686
Extra Space Storage LP, 3.50%, 07/01/26
1,230
1,226,836
Federal Realty OP LP, 1.25%, 02/15/26
205
204,762
Healthcare Realty Holdings LP, 3.50%, 08/01/26
1,365
1,358,963
Healthpeak OP LLC, 3.25%, 07/15/26
1,360
1,355,356
Kite Realty Group LP, 4.00%, 10/01/26(d)
685
683,831
NNN REIT, Inc., 3.60%, 12/15/26(d)
755
752,794
RLJ Lodging Trust, 3.75%, 07/01/26(e)
16,004
15,918,061
Starwood Property Trust, Inc., 3.63%, 07/15/26(e)
15,557
15,453,776
Tanger Properties LP, 3.13%, 09/01/26(d)
780
774,894
UDR, Inc., 2.95%, 09/01/26
685
680,716
Ventas Realty LP, 3.25%, 10/15/26
1,915
1,904,189
Vornado Realty LP, 2.15%, 06/01/26
17,717
17,579,258
WP Carey, Inc., 4.25%, 10/01/26(d)
770
770,612
 
100,099,065
Retail — 0.9%
AutoZone, Inc., 5.05%, 07/15/26
1,120
1,124,990
Lowe's Companies, Inc.
2.50%, 04/15/26
450
448,688
4.80%, 04/01/26
2,100
2,101,317
O'Reilly Automotive, Inc.
3.55%, 03/15/26
1,015
1,014,294
5.75%, 11/20/26
1,530
1,548,962
Ross Stores, Inc., 0.88%, 04/15/26
995
988,822
Starbucks Corp., 4.75%, 02/15/26
1,925
1,925,168
 
9,152,241
Semiconductors — 0.6%
Intel Corp.
2.60%, 05/19/26
625
622,593
4.88%, 02/10/26
3,020
3,019,845
Marvell Technology, Inc., 1.65%, 04/15/26
160
159,202
NXP BV/NXP Funding LLC/NXP USA, Inc., 3.88%,
06/18/26
1,525
1,524,067
Skyworks Solutions, Inc., 1.80%, 06/01/26
1,283
1,273,839
 
6,599,546
Software — 3.7%
Broadridge Financial Solutions, Inc., 3.40%,
06/27/26(d)
1,070
1,066,687
Concentrix Corp., 6.65%, 08/02/26
2,785
2,809,311
Fair Isaac Corp., 5.25%, 05/15/26(e)
10,928
10,925,260
Fidelity National Information Services, Inc., 1.15%,
03/01/26
2,775
2,768,760
Security
Par
(000
)
Value
Software (continued)
Fiserv, Inc., 3.20%, 07/01/26
$4,550
$4,532,511
Oracle Corp.
1.65%, 03/25/26
5,690
5,670,116
2.65%, 07/15/26
6,120
6,077,123
Roper Technologies, Inc., 3.80%, 12/15/26(d)
1,455
1,453,450
Take-Two Interactive Software, Inc., 5.00%,
03/28/26
585
585,622
VMware LLC, 1.40%, 08/15/26
3,175
3,133,606
 
39,022,446
Telecommunications — 3.6%
AT&T, Inc.
1.70%, 03/25/26
5,985
5,966,349
2.95%, 07/15/26
765
761,504
Hughes Satellite Systems Corp.
5.25%, 08/01/26(d)
13,895
13,147,167
6.63%, 08/01/26(d)
13,255
11,640,981
Rogers Communications, Inc., 2.90%, 11/15/26
1,070
1,060,077
T-Mobile USA, Inc.
1.50%, 02/15/26
1,705
1,701,325
2.25%, 02/15/26
1,040
1,039,130
2.63%, 04/15/26
2,480
2,472,747
 
37,789,280
Toys, Games & Hobbies — 0.1%
Hasbro, Inc., 3.55%, 11/19/26(d)
1,405
1,400,786
Transportation — 0.7%
Canadian Pacific Railway Co., 1.75%, 12/02/26
2,035
1,999,313
FedEx Corp., 3.25%, 04/01/26
1,570
1,567,747
GXO Logistics, Inc., 1.65%, 07/15/26
880
869,251
JB Hunt Transport Services, Inc., 3.88%, 03/01/26
785
784,624
Norfolk Southern Corp., 2.90%, 06/15/26(d)
445
443,395
Ryder System, Inc.
1.75%, 09/01/26
685
676,043
2.90%, 12/01/26(d)
1,185
1,174,440
 
7,514,813
Trucking & Leasing — 0.1%
GATX Corp., 3.25%, 09/15/26
780
775,806
Venture Capital — 0.1%
Hercules Capital, Inc., 2.63%, 09/16/26
735
725,835
Total Corporate Bonds & Notes — 97.1%
(Cost: $1,026,553,799)
1,023,189,614
Floating Rate Loan Interests
Media — 0.0%
Radiate Holdco, LLC, 2025 FLFO Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50% and
1.50% PIK), 8.79%, 09/25/29(f)(i)
8
6,563
Total Floating Rate Loan Interests — 0.0%
(Cost: $(1,283))
6,563
4 
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares® iBonds® 2026 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Common Stocks
Aerospace & Defense — 0.0%
Incora Top Holdco LLC, NVS(b)
1,069
$6,361
Total Common Stocks — 0.0%
(Cost $59,520)
6,361
Total Long-Term Investments — 97.1%
(Cost: $1,026,612,036)
1,023,202,538
Short-Term Securities
Money Market Funds — 8.4%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.82%(j)(k)(l)
74,439,166
74,476,385
BlackRock Cash Funds: Treasury, SL Agency
Shares, 3.64%(j)(k)
14,440,000
14,440,000
Total Short-Term Securities — 8.4%
(Cost: $88,907,061)
88,916,385
Total Investments — 105.5%
(Cost: $1,115,519,097)
1,112,118,923
Liabilities in Excess of Other Assets — (5.5)%
(57,702,511
)
Net Assets — 100.0%
$1,054,416,412
 
(a)
Issuer filed for bankruptcy and/or is in default.
(b)
Security is valued using significant unobservable inputs and is classified as Level 3 in
the fair value hierarchy.
(c)
Non-income producing security.
(d)
All or a portion of this security is on loan.
(e)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(f)
Payment-in-kind security which may pay interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate and possible payment rates.
(g)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease
(step-down bond) at regular intervals until maturity. Interest rate shown reflects the
rate currently in effect.
(h)
This security may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
(i)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate
and spread if published and available.
(j)
Affiliate of the Fund.
(k)
Annualized 7-day yield as of period end.
(l)
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 January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/26
Shares
Held at
01/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$81,033,690
$—
$(6,557,114
)(a)
$(190
)
$(1
)
$74,476,385
74,439,166
$371,963
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
13,060,000
1,380,000
(a)
—
—
—
14,440,000
14,440,000
412,673
—
 
 
 
 
$(190)
$(1)
$88,916,385
 
$784,636
$—
 
(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.
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
 
5
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares® iBonds® 2026 Term High Yield and Income ETF
 
Fair Value Hierarchy as of Period End (continued)
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 
Corporate Bonds & Notes
$—
$1,023,184,273
$5,341
$1,023,189,614
Floating Rate Loan Interests
—
6,563
—
6,563
Common Stocks
—
—
6,361
6,361
Short-Term Securities 
Money Market Funds
88,916,385
—
—
88,916,385
 
$88,916,385
$1,023,190,836
$11,702
$1,112,118,923
 
Portfolio Abbreviation
CME
Chicago Mercantile Exchange
NVS
Non-Voting Shares
PIK
Payment-in-kind
REIT
Real Estate Investment Trust
SOFR
Secured Overnight Financing Rate
6