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2026 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

iShares Trust

• iShares Government/Credit Bond ETF | GBF | NYSE Arca

• iShares Intermediate Government/Credit Bond ETF | GVI | Cboe BZX Exchange

• iShares MBS ETF | MBB | NASDAQ

AUGUST 31, 2026

BNM1026U-6054792-19277012

Page 2

Page Schedules of Investments ............................................................................................................................... .................... 3 Statements of Assets and Liabilities ............................................................................................................................... . . . . . . . . . . . 123 Statements of Operations ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . 124 Statements of Changes in Net Assets ............................................................................................................................... . . . . . . . . . 125 Financial Highlights ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . . . 127 Notes to Financial Statements ............................................................................................................................... . . . . . . . . . . . . . . . . 130 Additional Information ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . 138 Board Review and Approval of Investment Advisory Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 Glossary of Terms Used in these Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146

Table of Contents

2 BNM1026U-6054792-19277012

Page 3

Security

Par (000) Value

Collateralized Mortgage Obligations Mortgage-Backed Securities — 2.2% BBCMS Mortgage Trust, 5.02%, 09/15/58 .............. $ 1,000 $ 994,323 Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, 4.32%, 09/25/30 (a) ......................................... 1,400 1,377,369 2,371,692

Total Collateralized Mortgage Obligations — 2.2% (Cost: $2,373,602) ............................................... 2,371,692

Corporate Bonds & Notes Advertising — 0.0% Omnicom Group, Inc. 2.60%, 08/01/31 ................................... 5 4,440 4.65%, 10/01/28 ................................... 5 4,978 9,418 Aerospace & Defense — 0.4% Boeing Co. (The) 2.95%, 02/01/30 ................................... 5 4,675 3.25%, 02/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19,593 3.25%, 02/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 12,735 3.45%, 11/01/28 ................................... 5 4,863 3.60%, 05/01/34 ................................... 7 6,189 3.63%, 02/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,123 5.15%, 05/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,043 6.30%, 05/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20,658 6.53%, 05/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 21,323 Embraer Netherlands Finance BV, 5.98%, 02/11/35 . . . . 20 20,481 General Dynamics Corp., 3.63%, 04/01/30 ............. 5 4,800 General Electric Co. 4.90%, 01/29/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 29,182 6.75%, 03/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,853 HEICO Corp. 5.25%, 08/01/28 ................................... 5 5,047 5.35%, 08/01/33 ................................... 5 5,000 Hexcel Corp., 5.88%, 02/26/35 . . . . . . . . . . . . . . . . . . . . . . . . 20 20,167 Honeywell Aerospace, Inc., 4.95%, 03/16/36 . . . . . . . . . . . 35 33,609 L3Harris Technologies, Inc. 4.85%, 04/27/35 ................................... 5 4,802 5.40%, 07/31/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,061 Lockheed Martin Corp. 3.90%, 06/15/32 ................................... 5 4,751 4.50%, 02/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,950 4.75%, 02/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,627 5.10%, 11/15/27 ................................... 5 5,042 Series B, 6.15%, 09/01/36 .......................... 5 5,303 Northrop Grumman Corp. 3.25%, 01/15/28 ................................... 5 4,910 4.40%, 05/01/30 ................................... 5 4,923 4.90%, 06/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,760 5.25%, 07/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,917 RTX Corp. 2.25%, 07/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13,621 4.13%, 11/16/28 ................................... 5 4,939 5.15%, 02/27/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,004 6.00%, 03/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,412 6.05%, 06/01/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,760 6.10%, 03/15/34 ................................... 5 5,258 407,381

Security

Par (000) Value

Agriculture — 0.2% Altria Group, Inc. 2.45%, 02/04/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15 $ 13,049 3.40%, 05/06/30 . .................................. 5 4,735 4.80%, 02/14/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,995 Archer-Daniels-Midland Co. 3.25%, 03/27/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,202 4.50%, 08/15/33 . .................................. 5 4,843 5.38%, 09/15/35 . .................................. 4 4,019 BAT Capital Corp. 2.26%, 03/25/28 . .................................. 5 4,815 3.46%, 09/06/29 . .................................. 5 4,805 4.74%, 03/16/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,684 5.83%, 02/20/31 . .................................. 5 5,137 6.00%, 02/20/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15 ,508 Bunge Ltd. Finance Corp. 2.75%, 05/14/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 ,547 3.20%, 04/21/31 . .................................. 5 4,609 Philip Morris International, Inc. 1.75%, 11/01/30 . .................................. 5 4,400 2.10%, 05/01/30 . .................................. 5 4,529 4.25%, 10/29/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,299 4.88%, 02/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,037 4.88%, 04/29/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,563 5.13%, 11/17/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 40 ,260 5.75%, 11/17/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20 ,596 Reynolds American, Inc., 5.70%, 08/15/35 ............. 5 5,043 232,675 Airlines — 0.1% American Airlines Pass-Through Trust Series 2015-2, Class AA, 3.60%, 03/22/29 . . . . . . . . . . 11 10 ,367 Series 2016-3, Class AA, 3.00%, 04/15/30 (b) . . . . . . . . 8 7,951 Series 2017-2, Class AA, 3.35%, 04/15/31 .......... 3 2,715 Series A, Class A, 2.88%, 01/11/36 . . . . . . . .......... 8 6,926 Delta Air Lines, Inc. 4.95%, 07/10/28 . .................................. 5 5,008 5.25%, 07/10/30 . .................................. 5 5,008 JetBlue Pass-Through Trust Series 1A, 4.00%, 05/15/34 ......................... 3 2,977 Series 2019-1, Class AA, 2.75%, 11/15/33. .......... 3 3,042 Southwest Airlines Co., 2.63%, 02/10/30 . . . . . . . . . . . . . . . 10 9,187 United Airlines Pass-Through Trust 5.80%, 07/15/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 13 ,567 Series 2016-2, Class AA, 2.88%, 04/07/30 .......... 3 2,796 Series 2018-1, Class AA, 3.50%, 09/01/31 .......... 3 2,981 Series 2020-1, 5.88%, 04/15/29 .................... 9 8,989 81,514 Apparel — 0.0% NIKE, Inc., 2.85%, 03/27/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,361 Tapestry, Inc., 3.05%, 03/15/32 . . . . . . .................. 5 4,468 13,829 Auto Manufacturers — 0.4% American Honda Finance Corp. 1.80%, 01/13/31 . .................................. 5 4,345 4.60%, 04/17/30 . .................................. 5 4,916 4.90%, 01/10/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,468 5.85%, 10/04/30 . .................................. 5 5,132 Series A, 4.55%, 04/10/28 . . . . . ..................... 5 4,985 Series A, 4.90%, 04/10/31 . . . . . ..................... 5 4,930 Cummins, Inc. 1.50%, 09/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 ,205

Schedule of Investments (unaudited) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

3 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277012

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Security

Par (000) Value

Auto Manufacturers (continued) 5.15%, 02/20/34 ................................... $ 5 $ 4,976 Ford Motor Credit Co. LLC, 4.00%, 11/13/30 . . . . . . . . . . . 150 140,296 General Motors Co. 4.20%, 10/01/27 ................................... 5 4,975 5.40%, 10/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20,192 5.60%, 10/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,179 6.80%, 10/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,194 General Motors Financial Co., Inc. 2.35%, 01/08/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,876 2.70%, 06/10/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,909 5.35%, 01/07/30 ................................... 5 5,033 5.45%, 09/06/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,812 5.45%, 01/08/36 (b) ................................. 5 4,876 5.80%, 06/23/28 ................................... 5 5,076 5.90%, 01/07/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,079 5.95%, 04/04/34 ................................... 5 5,084 6.00%, 01/09/28 ................................... 5 5,074 6.10%, 01/07/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,384 6.15%, 07/15/35 ................................... 5 5,099 PACCAR Financial Corp., 4.60%, 01/31/29 ............. 5 5,000 Toyota Motor Credit Corp. 3.05%, 01/11/28 ................................... 5 4,908 4.55%, 05/17/30 ................................... 5 4,944 4.63%, 01/12/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,021 4.70%, 01/12/33 ................................... 5 4,893 4.80%, 01/05/34 ................................... 5 4,874 5.05%, 05/16/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 35,283 Series B, 3.75%, 01/12/28 . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19,810 Series B, 4.60%, 03/11/33 . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,666 430,494 Auto Parts & Equipment — 0.0% Lear Corp., 3.50%, 05/30/30 .......................... 5 4,713 Magna International, Inc. 2.45%, 06/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,104 5.50%, 03/21/33 ................................... 5 5,038 18,855 Banks — 5.5% Banco Santander SA 4.38%, 04/12/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 99,341 5.54%, 03/14/30, (1-year CMT + 1.45%) (a) . . . . . . . . . . 200 202,404 Bank of America Corp. 1.90%, 07/23/31, (1-day SOFR + 1.53%) (a) . . . . . . . . . . 10 8,874 2.09%, 06/14/29, (1-day SOFR + 1.06%) (a) .......... 5 4,770 2.30%, 07/21/32, (1-day SOFR + 1.22%) (a) . . . . . . . . . . 60 52,491 2.48%, 09/21/36, (5-year CMT + 1.20%) (a) . . . . . . . . . . 20 17,259 2.50%, 02/13/31, (3-mo. CME Term SOFR + 1.25%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13,797 2.57%, 10/20/32, (1-day SOFR + 1.21%) (a) . . . . . . . . . . 35 30,851 2.59%, 04/29/31, (1-day SOFR + 2.15%) (a) . . . . . . . . . . 10 9,180 2.69%, 04/22/32, (1-day SOFR + 1.32%) (a) . . . . . . . . . . 15 13,453 2.97%, 02/04/33, (1-day SOFR + 1.33%) (a) . . . . . . . . . . 30 26,738 3.19%, 07/23/30, (3-mo. CME Term SOFR + 1.44%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,528 3.25%, 10/21/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 44,449 3.42%, 12/20/28, (3-mo. CME Term SOFR + 1.30%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,762 3.85%, 03/08/37, (5-year CMT + 2.00%) (a) .......... 5 4,594 3.97%, 03/05/29, (3-mo. CME Term SOFR + 1.33%) (a) ........................................ 7 6,918

Security

Par (000) Value

Banks (continued) 3.97%, 02/07/30, (3-mo. CME Term SOFR + 1.47%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10 $ 9 ,792 4.48%, 04/23/30, (1-day SOFR + 0.87%) (a) . . . . . . . . . . 10 9,884 4.57%, 04/27/33, (1-day SOFR + 1.83%) (a) . . . . . . . . . . 35 33 ,783 4.70%, 04/23/32, (1-day SOFR + 1.04%) (a) . . . . . . . . . . 20 19 ,594 5.02%, 07/22/33, (1-day SOFR + 2.16%) (a) . . . . . . . . . . 40 39 ,507 5.16%, 01/24/31, (1-day SOFR + 1.00%) (a) . . . . . . . . . . 10 10 ,037 5.20%, 04/25/29, (1-day SOFR + 1.63%) (a) . . . . . . . . . . 10 10 ,067 5.29%, 04/25/34, (1-day SOFR + 1.91%) (a) . . . . . . . . . . 50 49 ,791 5.47%, 01/23/35, (1-day SOFR + 1.65%) (a) . . . . . . . . . . 15 15 ,033 5.51%, 01/24/36, (1-day SOFR + 1.31%) (a) .......... 5 4,994 5.82%, 09/15/29, (1-day SOFR + 1.57%) (a) . . . . . . . . . . 10 10 ,188 5.87%, 09/15/34, (1-day SOFR + 1.84%) (a) . . . . . . . . . . 10 10 ,282 6.20%, 11/10/28, (1-day SOFR + 1.99%) (a) .......... 5 5,089 Series N, 2.65%, 03/11/32, (1-day SOFR + 1.22%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 53 ,895 Bank of Montreal 3.09%, 01/10/37, (5-year CMT + 1.40%) (a) .......... 5 4,419 4.64%, 09/10/30, (1-day SOFR + 1.25%) (a) .......... 5 4,957 Bank of New York Mellon Corp. (The) 2.50%, 01/26/32 . .................................. 5 4,410 3.30%, 08/23/29 . .................................. 5 4,791 3.85%, 04/26/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 58 ,770 4.03%, 01/22/30, (1-day SOFR + 0.63%) (a) .......... 5 4,915 4.60%, 07/26/30, (1-day SOFR + 1.76%) (a) . . . . . . . . . . 20 19 ,875 4.97%, 04/26/34, (1-day SOFR + 1.61%) (a) .......... 5 4,907 5.06%, 07/22/32, (1-day SOFR + 1.23%) (a) .......... 5 4,989 5.61%, 07/21/39, (1-day SOFR + 1.77%) (a) .......... 5 4,990 Bank of Nova Scotia (The) 4.59%, 05/04/37, (5-year CMT + 2.05%) (a) .......... 5 4,751 4.81%, 02/02/34, (1-day SOFR + 1.05%) (a) .......... 5 4,830 Barclays PLC 7.39%, 11/02/28, (1-year CMT + 3.30%) (a) . . . . . . . . . . . 200 205,646 7.44%, 11/02/33, (1-year CMT + 3.50%) (a) . . . . . . . . . . . 150 164,340 Blackstone Reg Finance Co. LLC, 4.95%, 02/15/36 . . . . 5 4,752 Citigroup, Inc. 2.52%, 11/03/32, (1-day SOFR + 1.18%) (a) . . . . . . . . . . 15 13 ,129 2.56%, 05/01/32, (1-day SOFR + 1.17%) (a) . . . . . . . . . . 35 31 ,126 2.57%, 06/03/31, (1-day SOFR + 2.11%) (a) . . . . . . . . . . 25 22 ,818 2.67%, 01/29/31, (1-day SOFR + 1.15%) (a) .......... 5 4,619 3.06%, 01/25/33, (1-day SOFR + 1.35%) (a) . . . . . . . . . . 35 31 ,296 3.79%, 03/17/33, (1-day SOFR + 1.94%) (a) . . . . . . . . . . 30 27 ,814 4.13%, 07/25/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 34 ,575 4.41%, 03/31/31, (1-day SOFR + 3.91%) (a) . . . . . . . . . . 10 9,779 4.45%, 09/29/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,979 4.54%, 09/19/30, (1-day SOFR + 1.34%) (a) . . . . . . . . . . 10 9,867 4.91%, 05/24/33, (1-day SOFR + 2.09%) (a) . . . . . . . . . . 30 29 ,403 5.45%, 06/11/35, (1-day SOFR + 1.45%) (a) .......... 5 4,984 5.83%, 02/13/35, (1-day SOFR + 2.06%) (a) . . . . . . . . . . 25 24 ,941 5.88%, 02/22/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 25 ,516 6.00%, 10/31/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,268 6.02%, 01/24/36, (1-day SOFR + 1.83%) (a) . . . . . . . . . . 30 30 ,201 6.17%, 05/25/34, (1-day SOFR + 2.66%) (a) . . . . . . . . . . 35 35 ,863 6.27%, 11/17/33, (1-day SOFR + 2.34%) (a) . . . . . . . . . . 35 36 ,696 6.63%, 06/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 26 ,592 Citizens Financial Group, Inc. 2.64%, 09/30/32 . .................................. 5 4,242 5.25%, 03/05/31, (1-day SOFR + 1.26%) (a) . . . . . . . . . . 20 20 ,016 Deutsche Bank AG/New York, 3.55%, 09/18/31, (1-day SOFR + 3.04%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185 172,584

Schedule of Investments (unaudited) (continued) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

S CHEDULE OF I NVESTMENTS 4 BNM1026U-6054792-19277012

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Security

Par (000) Value

Banks (continued) Fifth Third Bancorp 4.57%, 04/29/32, (1-day SOFR + 0.95%) (a) .......... $ 5 $ 4,845 5.14%, 01/29/37, (1-day SOFR + 1.24%) (a) .......... 5 4,784 Goldman Sachs Group, Inc. (The) 1.99%, 01/27/32, (1-day SOFR + 1.09%) (a) . . . . . . . . . . 20 17,428 2.38%, 07/21/32, (1-day SOFR + 1.25%) (a) . . . . . . . . . . 35 30,557 2.60%, 02/07/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 23,090 2.62%, 04/22/32, (1-day SOFR + 1.28%) (a) . . . . . . . . . . 35 31,099 2.65%, 10/21/32, (1-day SOFR + 1.26%) (a) . . . . . . . . . . 25 21,948 3.10%, 02/24/33, (1-day SOFR + 1.41%) (a) . . . . . . . . . . 30 26,790 3.80%, 03/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 48,015 3.81%, 04/23/29, (3-mo. CME Term SOFR + 1.42%) (a) ........................................ 5 4,921 4.15%, 01/21/29, (1-day SOFR + 0.71%) (a) . . . . . . . . . . 10 9,913 4.22%, 05/01/29, (3-mo. CME Term SOFR + 1.56%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19,801 4.69%, 10/23/30, (1-day SOFR + 1.14%) (a) . . . . . . . . . . 25 24,700 4.94%, 10/21/36, (1-day SOFR + 1.33%) (a) . . . . . . . . . . 10 9,445 5.02%, 10/23/35, (1-day SOFR + 1.42%) (a) . . . . . . . . . . 20 19,200 5.07%, 01/21/37, (1-day SOFR + 1.19%) (a) . . . . . . . . . . 15 14,245 5.09%, 04/20/34, (1-day SOFR + 1.34%) (a) . . . . . . . . . . 15 14,636 5.21%, 01/28/31, (1-day SOFR + 1.08%) (a) . . . . . . . . . . 25 25,023 5.33%, 07/23/35, (1-day SOFR + 1.55%) (a) . . . . . . . . . . 20 19,641 5.73%, 04/25/30, (1-day SOFR + 1.27%) (a) . . . . . . . . . . 20 20,332 5.85%, 04/25/35, (1-day SOFR + 1.55%) (a) . . . . . . . . . . 10 10,145 6.35%, 02/15/34 ................................... 5 5,128 6.45%, 05/01/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20,835 6.56%, 10/24/34, (1-day SOFR + 1.95%) (a) . . . . . . . . . . 10 10,603 HSBC Holdings PLC 4.58%, 06/19/29, (3-mo. CME Term SOFR + 1.80%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 199,212 6.25%, 03/09/34, (1-day SOFR + 2.39%) (a) . . . . . . . . . . 200 207,945 Huntington Bancshares, Inc./Ohio, 6.14%, 11/18/39, (5-year CMT + 1.70%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20,004 ING Groep NV, 5.34%, 03/19/30, (1-day SOFR Index + 1.44%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 201,924 JPMorgan Chase & Co. 1.76%, 11/19/31, (3-mo. CME Term SOFR + 1.11%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,737 2.52%, 04/22/31, (1-day SOFR + 2.04%) (a) . . . . . . . . . . 15 13,765 2.55%, 11/08/32, (1-day SOFR + 1.18%) (a) . . . . . . . . . . 20 17,580 2.58%, 04/22/32, (3-mo. CME Term SOFR + 1.25%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 31,255 2.96%, 05/13/31, (3-mo. CME Term SOFR + 2.52%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 33,359 2.96%, 01/25/33, (1-day SOFR + 1.26%) (a) . . . . . . . . . . 45 40,191 3.51%, 01/23/29, (3-mo. CME Term SOFR + 1.21%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,764 4.20%, 07/23/29, (3-mo. CME Term SOFR + 1.52%) (a) ........................................ 5 4,950 4.25%, 10/01/27 ................................... 5 4,990 4.59%, 04/26/33, (1-day SOFR + 1.80%) (a) . . . . . . . . . . 30 29,056 4.81%, 10/22/36, (1-day SOFR + 1.19%) (a) . . . . . . . . . . 15 14,218 4.90%, 01/22/37, (1-day SOFR + 1.07%) (a) .......... 5 4,755 4.91%, 07/25/33, (1-day SOFR + 2.08%) (a) . . . . . . . . . . 15 14,744 4.95%, 10/22/35, (1-day SOFR + 1.34%) (a) . . . . . . . . . . 10 9,675 5.14%, 01/24/31, (1-day SOFR + 1.01%) (a) . . . . . . . . . . 10 10,032 5.15%, 04/23/37, (1-day SOFR + 1.26%) (a) . . . . . . . . . . 10 9,677 5.29%, 07/22/35, (1-day SOFR + 1.46%) (a) . . . . . . . . . . 10 9,895 5.34%, 01/23/35, (1-day SOFR + 1.62%) (a) . . . . . . . . . . 25 24,873 5.35%, 06/01/34, (1-day SOFR + 1.85%) (a) . . . . . . . . . . 45 45,030

Security

Par (000) Value

Banks (continued) 5.50%, 01/24/36, (1-day SOFR + 1.32%) (a) . . . . . . . . . . $ 25 $ 24,987 5.57%, 04/22/36, (1-day SOFR + 1.68%) (a) .......... 5 5,016 5.58%, 04/22/30, (1-day SOFR + 1.16%) (a) . . . . . . . . . . 20 20,311 5.72%, 09/14/33, (1-day SOFR + 2.58%) (a) . . . . . . . . . . 35 35 ,479 5.77%, 04/22/35, (1-day SOFR + 1.49%) (a) . . . . . . . . . . 25 25 ,496 6.25%, 10/23/34, (1-day SOFR + 1.81%) (a) . . . . . . . . . . 20 21 ,005 8.75%, 09/01/30 . .................................. 5 5,684 KeyCorp 2.55%, 10/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 ,967 5.31%, 01/28/37, (1-day SOFR + 1.37%) (a) .......... 5 4,800 Kreditanstalt fuer Wiederaufbau 0.00%, 04/18/36 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 12 ,704 3.75%, 02/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 44 ,624 3.75%, 07/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 43 ,847 3.88%, 06/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,918 4.00%, 03/15/29 . .................................. 5 4,951 Landwirtschaftliche Rentenbank, 0.88%, 09/03/30. . . . . . 5 4,347 M&T Bank Corp., 5.39%, 01/16/36, (1-day SOFR + 1.61%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,743 Mitsubishi UFJ Financial Group, Inc., 5.06%, 01/14/37, (1-year CMT + 0.90%) (a) ............................ 5 4,780 Mizuho Financial Group, Inc., 2.20%, 07/10/31, (3-mo. CME Term SOFR + 1.77%) (a) . . . . . . . . . . . . . . . . . . . . . . . 150 134,490 Morgan Stanley 1.79%, 02/13/32, (1-day SOFR + 1.03%) (a) . . . . . . . . . . 30 25 ,886 1.93%, 04/28/32, (1-day SOFR + 1.02%) (a) . . . . . . . . . . 30 25 ,859 2.24%, 07/21/32, (1-day SOFR + 1.18%) (a) . . . . . . . . . . 25 21 ,698 2.48%, 09/16/36, (1-day SOFR + 1.36%) (a) . . . . . . . . . . 25 21 ,449 2.51%, 10/20/32, (1-day SOFR + 1.20%) (a) . . . . . . . . . . 35 30 ,627 2.70%, 01/22/31, (1-day SOFR + 1.14%) (a) . . . . . . . . . . 20 18 ,490 2.94%, 01/21/33, (1-day SOFR + 1.29%) (a) . . . . . . . . . . 25 22 ,173 3.59%, 07/22/28 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24 ,749 3.62%, 04/01/31, (1-day SOFR + 3.12%) (a) . . . . . . . . . . 40 38 ,047 4.24%, 01/09/30, (1-day SOFR + 0.80%) (a) .......... 5 4,918 4.43%, 01/23/30, (3-mo. CME Term SOFR + 1.89%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24 ,701 4.49%, 01/16/32, (1-day SOFR + 0.95%) (a) . . . . . . . . . . 10 9,695 4.65%, 10/18/30, (1-day SOFR + 1.10%) (a) . . . . . . . . . . 10 9,885 4.71%, 03/12/32, (1-day SOFR + 1.20%) (a) . . . . . . . . . . 25 24 ,405 4.89%, 07/20/33, (1-day SOFR + 2.08%) (a) .......... 5 4,886 5.07%, 01/30/37, (1-day SOFR + 1.18%) (a) . . . . . . . . . . 20 19 ,062 5.12%, 02/01/29, (1-day SOFR + 1.73%) (a) . . . . . . . . . . 20 20 ,109 5.25%, 04/21/34, (1-day SOFR + 1.87%) (a) . . . . . . . . . . 25 24 ,709 5.30%, 04/20/37, (1-day SOFR + 2.62%) (a) . . . . . . . . . . 25 24 ,498 5.32%, 07/19/35, (1-day SOFR + 1.56%) (a) . . . . . . . . . . 25 24 ,609 5.45%, 07/20/29, (1-day SOFR + 1.63%) (a) .......... 5 5,054 5.47%, 01/18/35, (1-day SOFR + 1.73%) (a) . . . . . . . . . . 20 19 ,902 5.59%, 01/18/36, (1-day SOFR + 1.42%) (a) . . . . . . . . . . 25 24 ,962 5.66%, 04/18/30, (1-day SOFR + 1.26%) (a) . . . . . . . . . . 10 10 ,153 5.66%, 04/17/36, (1-day SOFR + 1.76%) (a) . . . . . . . . . . 25 25 ,073 5.83%, 04/19/35, (1-day SOFR + 1.58%) (a) . . . . . . . . . . 10 10 ,169 5.94%, 02/07/39, (5-year CMT + 1.80%) (a) . . . . . . . . . . 15 15 ,064 5.95%, 01/19/38, (5-year CMT + 2.43%) (a) . . . . . . . . . . 10 10 ,120 6.30%, 10/18/28, (1-day SOFR + 2.24%) (a) .......... 5 5,092 6.34%, 10/18/33, (1-day SOFR + 2.56%) (a) . . . . . . . . . . 30 31 ,428 7.25%, 04/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 33 ,277 Series I, 4.89%, 10/22/36, (1-day SOFR + 1.31%) (a) . 15 14,184 NatWest Group PLC, 4.89%, 05/18/29, (3-mo. SOFR US + 2.01%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 200,282 PNC Financial Services Group, Inc. (The) 2.31%, 04/23/32, (1-day SOFR + 0.98%) (a) .......... 5 4,414

Schedule of Investments (unaudited) (continued) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

5 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277012

Page 6

Security

Par (000) Value

Banks (continued) 3.45%, 04/23/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12 $ 1 1,623 4.63%, 06/06/33, (1-day SOFR Index + 1.85%) (a) .... 5 4,781 5.07%, 01/24/34, (1-day SOFR + 1.93%) (a) . . . . . . . . . . 10 9,827 5.40%, 07/23/35, (1-day SOFR + 1.60%) (a) . . . . . . . . . . 10 9,914 5.46%, 07/21/37, (1-day SOFR + 1.27%) (a) . . . . . . . . . . 10 9,843 5.58%, 01/29/36, (1-day SOFR + 1.39%) (a) . . . . . . . . . . 10 10,006 5.94%, 08/18/34, (1-day SOFR + 1.95%) (a) .......... 5 5,153 6.88%, 10/20/34, (1-day SOFR + 2.28%) (a) . . . . . . . . . . 15 16,248 Royal Bank of Canada 3.88%, 05/04/32 ................................... 5 4,699 4.97%, 08/02/30, (1-day SOFR + 1.10%) (a) .......... 5 5,004 5.00%, 02/01/33 ................................... 5 4,951 Santander Holdings USA, Inc. 5.74%, 03/20/31, (1-day SOFR + 1.88%) (a) . . . . . . . . . . 20 20,261 6.34%, 05/31/35, (1-day SOFR + 2.14%) (a) . . . . . . . . . . 25 25,822 6.50%, 03/09/29, (1-day SOFR + 2.36%) (a) .......... 5 5,107 State Street Corp. 2.20%, 03/03/31 ................................... 5 4,420 5.68%, 11/21/29, (1-day SOFR + 1.48%) (a) . . . . . . . . . . 55 56,100 Sumitomo Mitsui Financial Group, Inc. 1.90%, 09/17/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 188,825 5.77%, 01/13/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 153,220 Toronto-Dominion Bank (The) 2.00%, 09/10/31 ................................... 5 4,364 3.20%, 03/10/32 ................................... 5 4,534 4.46%, 06/08/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,668 4.69%, 09/15/27 ................................... 5 5,012 4.93%, 10/15/35 ................................... 5 4,792 Truist Financial Corp. 4.60%, 01/27/32, (1-day SOFR + 0.97%) (a) . . . . . . . . . . 10 9,737 4.87%, 01/26/29, (1-day SOFR + 1.44%) (a) . . . . . . . . . . 70 70,073 4.92%, 07/28/33, (1-day SOFR + 2.24%) (a) .......... 5 4,822 4.96%, 10/23/36, (1-day SOFR + 1.40%) (a) . . . . . . . . . . 10 9,478 5.15%, 08/05/32, (1-day SOFR + 1.57%) (a) .......... 5 4,958 5.71%, 01/24/35, (1-day SOFR + 1.92%) (a) .......... 5 5,032 5.87%, 06/08/34, (1-day SOFR + 2.36%) (a) . . . . . . . . . . 10 10,177 U.S. Bancorp 2.49%, 11/03/36, (5-year CMT + 0.95%) (a) . . . . . . . . . . . 10 8,614 4.84%, 02/01/34, (1-day SOFR + 1.60%) (a) . . . . . . . . . . 15 14,543 5.10%, 07/23/30, (1-day SOFR + 1.25%) (a) . . . . . . . . . . 50 50,260 5.68%, 01/23/35, (1-day SOFR + 1.86%) (a) . . . . . . . . . . 15 15,166 5.84%, 06/12/34, (1-day SOFR + 2.26%) (a) . . . . . . . . . . 10 10,227 5.85%, 10/21/33, (1-day SOFR + 2.09%) (a) . . . . . . . . . . 10 10,253 UBS AG/Stamford CT, 7.50%, 02/15/28 . . . . . . . . . . . . . . . . 205 213,559 Wachovia Corp., 5.50%, 08/01/35 ..................... 6 5,914 Wells Fargo & Co. 2.57%, 02/11/31, (3-mo. CME Term SOFR + 1.26%) (a) ........................................ 5 4,607 2.88%, 10/30/30, (3-mo. CME Term SOFR + 1.43%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,383 3.35%, 03/02/33, (1-day SOFR + 1.50%) (a) . . . . . . . . . . 25 22,685 4.08%, 09/15/29, (1-day SOFR + 0.88%) (a) .......... 5 4,927 4.90%, 07/25/33, (1-day SOFR + 2.10%) (a) . . . . . . . . . . 25 24,461 5.15%, 04/23/31, (1-day SOFR + 1.50%) (a) . . . . . . . . . . 10 10,020 5.21%, 12/03/35, (1-day SOFR + 1.38%) (a) .......... 5 4,896 5.39%, 04/24/34, (1-day SOFR + 2.02%) (a) . . . . . . . . . . 20 19,977 5.56%, 07/25/34, (1-day SOFR + 1.99%) (a) . . . . . . . . . . 10 10,076 5.57%, 07/25/29, (1-day SOFR + 1.74%) (a) . . . . . . . . . . 10 10,137 5.95%, 12/01/86 ................................... 5 4,913 6.49%, 10/23/34, (1-day SOFR + 2.06%) (a) . . . . . . . . . . 25 26,516

Security

Par (000) Value

Banks (continued) Westpac Banking Corp. 2.65%, 01/16/30 . .................................. $ 5 $ 4 ,678 2.67%, 11/15/35, (5-year CMT + 1.75%) (a) . . . . . . . . . . . 15 13 ,416 4.11%, 07/24/34, (5-year CMT + 2.00%) (a) ........... 5 4,848 5.05%, 04/16/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 35 ,354 5,850,409 Beverages — 0.4% Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/36 . . . . . . . . . . . . . . . . . . . 25 23 ,678 Anheuser-Busch InBev Finance, Inc., 4.70%, 02/01/36 . 15 14,216 Anheuser-Busch InBev Worldwide, Inc. 3.50%, 06/01/30 . .................................. 5 4,777 4.75%, 01/23/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 25 ,026 4.90%, 01/23/31 . .................................. 5 5,003 5.00%, 06/15/34 . .................................. 5 4,943 Brown-Forman Corp., 4.75%, 04/15/33 . . . . . . . . . . . . .... 5 4,848 Coca-Cola Co. (The) 1.38%, 03/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,655 1.50%, 03/05/28 . .................................. 5 4,792 2.13%, 09/06/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18 ,647 2.25%, 01/05/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 ,259 3.45%, 03/25/30 . .................................. 5 4,814 Constellation Brands, Inc. 3.15%, 08/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 23 ,816 4.75%, 05/09/32 . .................................. 5 4,874 Diageo Capital PLC, 2.00%, 04/29/30 . . . . . . . . . . . . . . . . . . 75 67 ,665 Diageo Investment Corp., 7.45%, 04/15/35. . . . . . . . . . . . . 5 5,766 Keurig Dr Pepper, Inc. 3.20%, 05/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 32 ,692 3.95%, 04/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,639 4.05%, 04/15/32 . .................................. 5 4,691 Maple Parent Holdings Corp., 5.05%, 03/26/31 (d) . . . . . . . 25 24 ,631 PepsiCo, Inc. 1.40%, 02/25/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 12 ,949 1.95%, 10/21/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,691 2.63%, 07/29/29 . .................................. 5 4,738 2.75%, 03/19/30 . .................................. 5 4,677 3.00%, 10/15/27 . .................................. 5 4,930 3.90%, 07/18/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,307 4.45%, 05/15/28 . .................................. 5 4,999 7.00%, 03/01/29 . .................................. 5 5,292 372,015 Biotechnology — 0.2% Amgen, Inc. 2.45%, 02/21/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18 ,421 3.20%, 11/02/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 29 ,537 4.05%, 08/18/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24 ,508 4.20%, 03/01/33 . .................................. 5 4,723 5.25%, 03/02/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15 ,137 5.25%, 03/02/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15 ,014 Biogen, Inc., 2.25%, 05/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 ,606 Gilead Sciences, Inc. 1.20%, 10/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24 ,154 4.00%, 09/01/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,956 4.60%, 09/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,260 Illumina, Inc. 2.55%, 03/23/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,934 5.75%, 12/13/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,121 Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30 . . . . 10 8,797

Schedule of Investments (unaudited) (continued) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

S CHEDULE OF I NVESTMENTS 6 BNM1026U-6054792-19277012

Page 7

Security

Par (000) Value

Biotechnology (continued) Royalty Pharma PLC, 2.20%, 09/02/30 . . . . . . . . . . . . . . . . $ 10 $ 8,969 205,137 Building Materials — 0.2% Carlisle Companies, Inc. 2.20%, 03/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 12,823 2.75%, 03/01/30 ................................... 5 4,638 3.75%, 12/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,837 Carrier Global Corp. 2.70%, 02/15/31 ................................... 5 4,539 2.72%, 02/15/30 ................................... 5 4,648 5.90%, 03/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 14,436 Eagle Materials, Inc. 2.50%, 07/01/31 ................................... 5 4,423 5.00%, 03/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18,885 Fortune Brands Innovations, Inc., 3.25%, 09/15/29 . . . . . 10 9,507 Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 09/15/30 . . . . . . . . . . . . . 10 8,825 Martin Marietta Materials, Inc. 2.40%, 07/15/31 ................................... 5 4,408 3.50%, 12/15/27 ................................... 5 4,929 Masco Corp., 2.00%, 10/01/30 ........................ 5 4,424 Owens Corning 3.88%, 06/01/30 ................................... 5 4,802 7.00%, 12/01/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 16,401 Trane Technologies Financing Ltd., 3.80%, 03/21/29 . . . 20 19,541 Vulcan Materials Co., 3.50%, 06/01/30 . . . . . . . . . . . . . . . . . 15 14,227 166,293 Chemicals — 0.2% Air Products and Chemicals, Inc., 4.80%, 03/03/33 . . . . . 10 9,881 Albemarle Corp., 5.05%, 06/01/32 . . . . . . . . . . . . . . . . . . . . . 10 9,819 CF Industries, Inc., 5.15%, 03/15/34 . . . . . . . . . . . . . . . . . . . 10 9,787 Dow Chemical Co. (The) 2.10%, 11/15/30 ................................... 5 4,410 4.25%, 10/01/34 ................................... 5 4,515 5.15%, 02/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,723 6.30%, 03/15/33 ................................... 5 5,219 Eastman Chemical Co., 5.00%, 08/01/29 . . . . . . . . . . . . . . 10 10,005 EIDP, Inc. 2.30%, 07/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 27,036 4.80%, 05/15/33 ................................... 5 4,773 5.13%, 05/15/32 ................................... 5 4,928 LYB International Finance III LLC 2.25%, 10/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13,375 5.50%, 03/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,768 Mosaic Co. (The), 5.45%, 11/15/33 (b) . . . . . . . . . . . . . . . . . . 10 9,907 Nutrien Ltd. 4.13%, 03/15/35 ................................... 5 4,497 4.20%, 04/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,842 4.90%, 03/27/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,023 PPG Industries, Inc., 3.75%, 03/15/28 . . . . . . . . . . . . . . . . . 25 24,660 RPM International, Inc., 2.95%, 01/15/32 . . . . . . . . . . . . . . . 15 13,385 Sherwin-Williams Co. (The), 2.95%, 08/15/29 . . . . . . . . . . 10 9,473 210,026 Commercial Services — 0.2% Automatic Data Processing, Inc. 1.25%, 09/01/30 ................................... 5 4,367 1.70%, 05/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,554 Cintas Corp. No. 2, 4.00%, 05/01/32 . . . . . . . . . . . . . . . . . . . 10 9,506 Cornell University, Series 2025, 4.17%, 06/15/30 ....... 5 4,903

Security

Par (000) Value

Commercial Services (continued) Equifax, Inc. 2.35%, 09/15/31 . .................................. $ 5 $ 4 ,361 3.10%, 05/15/30 . .................................. 5 4,660 Global Payments, Inc. 2.90%, 05/15/30 . .................................. 5 4,571 2.90%, 11/15/31 . .................................. 5 4,373 3.20%, 08/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 23 ,619 5.30%, 08/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,998 5.40%, 08/15/32 . .................................. 5 4,914 Moody's Corp., 2.00%, 08/19/31. . . . . .................. 5 4,361 PayPal Holdings, Inc. 2.30%, 06/01/30 . .................................. 5 4,563 2.85%, 10/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4,711 5.10%, 04/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,634 Quanta Services, Inc. 2.35%, 01/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,652 2.90%, 10/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 45 ,920 RELX Capital, Inc. 3.00%, 05/22/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,334 4.00%, 03/18/29 . .................................. 5 4,905 4.75%, 03/27/30 . .................................. 5 4,963 4.75%, 05/20/32 . .................................. 5 4,900 S&P Global, Inc. 2.90%, 03/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 ,470 2.95%, 03/01/29 . .................................. 5 4,792 4.25%, 05/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,863 4.25%, 01/15/31 . .................................. 5 4,839 TR Finance LLC, 5.50%, 08/15/35 . . . . . . . . . . ........... 4 3,965 Verisk Analytics, Inc., 4.13%, 03/15/29 . . . . . . . . . . . . . . . . . 10 9,833 233,531 Computers — 0.4% Accenture Capital, Inc., 4.50%, 10/04/34. . . . . . . . . . . . . . . 10 9,365 Amdocs Ltd., 2.54%, 06/15/30 ......................... 5 4,492 Apple, Inc. 1.65%, 05/11/30 . .................................. 5 4,495 3.00%, 11/13/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 43 ,342 3.25%, 08/08/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,508 3.35%, 08/08/32 . .................................. 5 4,653 4.30%, 05/10/33 . .................................. 5 4,881 4.50%, 02/23/36 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 38 ,678 Booz Allen Hamilton, Inc., 5.95%, 04/15/35 (b) . . . . . . . . . . 5 4,956 Dell International LLC/EMC Corp. 5.00%, 02/15/34 . .................................. 5 4,846 5.30%, 10/01/29 . .................................. 5 5,047 5.40%, 04/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,912 5.50%, 04/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,903 6.20%, 07/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,358 8.10%, 07/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 ,604 DXC Technology Co., 2.38%, 09/15/28 . . . . . . . . . . . . . . . . 15 14 ,188 Fortinet, Inc., 2.20%, 03/15/31. . . . . . . . . . . . . . . . . . . . . . . . . 10 8,833 Hewlett Packard Enterprise Co. 5.00%, 10/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,399 6.20%, 10/15/35 (b) ................................. 5 5,239 HP, Inc. 2.65%, 06/17/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,867 5.50%, 01/15/33 . .................................. 5 5,024 International Business Machines Corp. 1.95%, 05/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 89 ,768 3.50%, 05/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 96 ,763 Kyndryl Holdings, Inc., 2.70%, 10/15/28. . . . . . . . ........ 5 4,712 Leidos, Inc., 2.30%, 02/15/31. . . . . . . ................... 5 4,414

Schedule of Investments (unaudited) (continued) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

7 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277012

Page 8

Security

Par (000) Value

Computers (continued) NetApp, Inc. 2.70%, 06/22/30 ................................... $ 5 $ 4,576 5.70%, 03/17/35 ................................... 5 5,006 457,829 Cosmetics & Personal Care — 0.2% Colgate-Palmolive Co., 3.25%, 08/15/32 . . . . . . . . . . . . . . . 15 13,837 Kenvue, Inc. 4.90%, 03/22/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,794 5.05%, 03/22/28 ................................... 5 5,032 Procter & Gamble Co. (The) 1.20%, 10/29/30 ................................... 5 4,345 3.00%, 03/25/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,194 3.95%, 01/26/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,946 4.55%, 10/24/34 ................................... 5 4,899 5.80%, 08/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,496 Unilever Capital Corp. 3.50%, 03/22/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 98,509 5.90%, 11/15/32 ................................... 6 6,290 182,342 Distribution & Wholesale — 0.0% LKQ Corp., 6.25%, 06/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . 25 25,597

Diversified Financial Services — 0.9% AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/30/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 135,327 Ally Financial, Inc., 6.18%, 07/26/35, (1-day SOFR + 2.29%) (a) .......................................... 5 5,009 American Express Co. 4.80%, 10/24/36, (1-day SOFR + 1.24%) (a) .......... 5 4,726 5.04%, 05/01/34, (1-day SOFR + 1.84%) (a) . . . . . . . . . . 10 9,852 5.09%, 01/30/31, (1-day SOFR Index + 1.02%) (a) . . . . 55 55,162 5.28%, 07/26/35, (1-day SOFR + 1.42%) (a) . . . . . . . . . . 10 9,899 5.53%, 04/25/30, (1-day SOFR Index + 1.09%) (a) . . . . 70 71,109 5.67%, 04/25/36, (1-day SOFR + 1.79%) (a) .......... 5 5,055 Ameriprise Financial, Inc. 5.15%, 05/15/33 ................................... 5 4,981 5.20%, 04/15/35 ................................... 5 4,900 Apollo Global Management, Inc., 6.00%, 12/15/54, (5-year CMT + 2.17%) (a) ............................ 5 4,751 Blue Owl Finance LLC, 6.25%, 04/18/34 ............... 5 4,898 Broadridge Financial Solutions, Inc. 2.60%, 05/01/31 ................................... 5 4,445 2.90%, 12/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,346 Brookfield Finance, Inc. 2.72%, 04/15/31 ................................... 5 4,506 4.35%, 04/15/30 ................................... 5 4,882 Capital One Financial Corp. 5.40%, 01/30/37, (1-day SOFR + 1.51%) (a) . . . . . . . . . . 20 19,266 5.82%, 02/01/34, (1-day SOFR + 2.60%) (a) .......... 5 5,055 6.18%, 01/30/36, (1-day SOFR + 2.04%) (a) . . . . . . . . . . 15 15,015 6.38%, 06/08/34, (1-day SOFR + 2.86%) (a) . . . . . . . . . . 10 10,387 7.62%, 10/30/31, (1-day SOFR + 3.07%) (a) .......... 5 5,421 7.96%, 11/02/34, (1-day SOFR Index + 3.37%) (a) . . . . 25 28,227 Cboe Global Markets, Inc. 1.63%, 12/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,690 3.00%, 03/16/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13,444 Charles Schwab Corp. (The) 1.65%, 03/11/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 12,967 1.95%, 12/01/31 ................................... 5 4,301 2.30%, 05/13/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,879 2.90%, 03/03/32 ................................... 5 4,478

Security

Par (000) Value

Diversified Financial Services (continued) 5.64%, 05/19/29, (1-day SOFR + 2.21%) (a) .......... $ 5 $ 5 ,078 CI Financial Corp., 3.20%, 12/17/30 . . ................. 5 4,509 CME Group, Inc., 2.65%, 03/15/32 . . . . . . . . . . . . . . . . . . . . 10 8,904 Franklin Resources, Inc., 1.60%, 10/30/30 . . . . . . . . . . . . . 20 17 ,472 Intercontinental Exchange, Inc. 1.85%, 09/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 16 ,678 2.10%, 06/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,038 4.35%, 06/15/29 . .................................. 5 4,945 4.60%, 03/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,669 Jefferies Financial Group, Inc. 2.63%, 10/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,665 2.75%, 10/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,465 4.15%, 01/23/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,604 6.25%, 01/15/36 . .................................. 5 5,021 LPL Holdings, Inc., 5.20%, 03/15/30 . . . . . . ............. 5 4,990 Mastercard, Inc. 2.95%, 06/01/29 . .................................. 5 4,791 3.35%, 03/26/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 23 ,823 3.50%, 02/26/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,729 4.88%, 03/09/28 . .................................. 5 5,029 Nasdaq, Inc. 1.65%, 01/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,703 5.55%, 02/15/34 . .................................. 4 4,042 Nomura Holdings, Inc., 5.78%, 07/03/34 . . . . . . . . . . . . . . . 200 202,452 Raymond James Financial, Inc., 4.65%, 04/01/30 . . . . . . 10 9,915 Stifel Financial Corp., 4.00%, 05/15/30. . . . . . . . . . . . . . . . . 10 9,582 Sumisho Air Lease Corp. 2.88%, 01/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 22 ,109 3.63%, 12/01/27 . .................................. 8 7,892 Synchrony Financial, 6.00%, 07/29/36, (1-day SOFR + 2.07%) (a) .......................................... 5 4,924 Visa, Inc. 1.10%, 02/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 21 ,468 2.75%, 09/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 29 ,532 4.15%, 12/14/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18 ,648 4.70%, 02/12/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24 ,132 Voya Financial, Inc., 4.70%, 01/23/48, (3-mo. SOFR US + 2.34%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4,911 1,009,698 Electric — 1.6% AEP Texas, Inc. 3.95%, 06/01/28 . .................................. 5 4,929 Series I, 2.10%, 07/01/30 ........................... 5 4,495 AES Corp. (The), 2.45%, 01/15/31 ..................... 5 4,415 Ameren Corp. 1.75%, 03/15/28 . .................................. 5 4,780 5.00%, 05/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,543 5.38%, 03/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,762 Ameren Illinois Co., 3.85%, 09/01/32 . . . . . . . . . . . . . . . . . . 10 9,351 American Electric Power Co., Inc. 2.30%, 03/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 ,688 5.63%, 03/01/33 . .................................. 5 5,094 6.95%, 12/15/54, (5-year CMT + 2.68%) (a) . . . . . . . . . . 15 15 ,752 Appalachian Power Co., Series AA, 2.70%, 04/01/31 . . . 10 9,031 Arizona Public Service Co. 2.20%, 12/15/31 . .................................. 5 4,309 5.55%, 08/01/33 . .................................. 5 5,040 Avangrid, Inc., 3.80%, 06/01/29 . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,556 Berkshire Hathaway Energy Co., 3.70%, 07/15/30. . . . . . 20 19,128

Schedule of Investments (unaudited) (continued) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

S CHEDULE OF I NVESTMENTS 8 BNM1026U-6054792-19277012

Page 9

Security

Par (000) Value

Electric (continued) Black Hills Corp. 2.50%, 06/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10 $ 9,088 5.95%, 03/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,247 CenterPoint Energy Houston Electric LLC 4.95%, 04/01/33 ................................... 5 4,907 5.05%, 03/01/35 ................................... 5 4,873 Series AI, 4.45%, 10/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,623 CenterPoint Energy, Inc., 2.95%, 03/01/30 . . . . . . . . . . . . . 19 17,710 CMS Energy Corp. 4.75%, 06/01/50, (5-year CMT + 4.12%) (a) .......... 5 4,851 6.50%, 06/01/55, (5-year CMT + 1.96%) (a) . . . . . . . . . . 10 10,060 Commonwealth Edison Co. 2.20%, 03/01/30 ................................... 5 4,570 3.70%, 08/15/28 ................................... 5 4,917 Connecticut Light and Power Co. (The), 4.90%, 07/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,830 Consolidated Edison Co. of New York, Inc. Series B, 3.13%, 11/15/27 .......................... 5 4,918 Series D, 4.00%, 12/01/28 .......................... 5 4,926 Constellation Energy Generation LLC 5.00%, 02/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,905 5.60%, 03/01/28 ................................... 5 5,063 5.80%, 03/01/33 ................................... 5 5,120 6.13%, 01/15/34 ................................... 5 5,201 Consumers Energy Co., 3.60%, 08/15/32 .............. 5 4,637 Dominion Energy South Carolina, Inc., Series A, 2.30%, 12/01/31 ........................................... 5 4,369 Dominion Energy, Inc. 5.45%, 03/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,869 6.20%, 02/15/56, (5-year CMT + 2.01%) (a) .......... 5 4,904 6.63%, 05/15/55, (5-year CMT + 2.21%) (a) . . . . . . . . . . 15 15,070 Series A, 6.88%, 02/01/55, (5-year CMT + 2.39%) (a) . 25 25,538 Series B, 7.00%, 06/01/54, (5-year CMT + 2.51%) (a) . 15 15,588 Series C, 3.38%, 04/01/30 .......................... 5 4,734 DTE Electric Co., 2.25%, 03/01/30 . . . . . . . . . . . . . . . . . . . . . 10 9,163 DTE Energy Co. 4.88%, 06/01/28 ................................... 5 5,009 5.05%, 10/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,607 5.85%, 06/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5,114 Series C, 3.40%, 06/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,009 Duke Energy Carolinas LLC 2.85%, 03/15/32 ................................... 5 4,461 4.95%, 01/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,898 Duke Energy Corp. 2.55%, 06/15/31 ................................... 5 4,464 4.30%, 03/15/28 ................................... 5 4,973 4.50%, 08/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19,272 4.95%, 09/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,557 6.45%, 09/01/54, (5-year CMT + 2.59%) (a) . . . . . . . . . . 25 25,496 Duke Energy Florida LLC 2.40%, 12/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13,200 3.80%, 07/15/28 ................................... 9 8,879 Duke Energy Progress LLC, 3.45%, 03/15/29 . . . . . . . . . . 20 19,404 Edison International 4.13%, 03/15/28 ................................... 5 4,909 5.25%, 11/15/28 ................................... 5 4,975 6.95%, 11/15/29 ................................... 5 5,168 El Paso Electric Co., 6.00%, 05/15/35 ................. 5 5,043 Enel Chile SA, 4.88%, 06/12/28 . . . . . . . . . . . . . . . . . . . . . . . 10 10,006 Entergy Corp. 1.90%, 06/15/28 ................................... 5 4,756

Security

Par (000) Value

Electric (continued) 2.40%, 06/15/31 . .................................. $ 5 $ 4 ,416 2.80%, 06/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 ,844 7.13%, 12/01/54, (5-year CMT + 2.67%) (a) . . . . . . . . . . 10 10 ,291 Entergy Louisiana LLC 3.25%, 04/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,797 5.15%, 09/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24 ,635 Evergy Kansas Central, Inc., 5.90%, 11/15/33 . . . . . . . . . . 30 31 ,032 Evergy Metro, Inc. 4.95%, 04/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,798 Series 2020, 2.25%, 06/01/30 . . . . . . . . . . . . . . . . . . . . . . 19 17 ,285 Eversource Energy 3.38%, 03/01/32 . .................................. 5 4,549 4.45%, 12/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,735 5.13%, 05/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4,911 Series R, 1.65%, 08/15/30. ......................... 5 4,391 Exelon Corp. 4.05%, 04/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,683 4.95%, 06/15/35 . .................................. 5 4,747 5.15%, 03/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15 ,094 5.45%, 03/15/34 . .................................. 5 4,992 5.63%, 06/15/35 . .................................. 5 4,999 6.50%, 03/15/55, (5-year CMT + 1.98%) (a) . . . . . . . . . . 15 15,112 FirstEnergy Corp., 2.65%, 03/01/30 . . . . . . . . . . . . . . . . . . . . 10 9,217 FirstEnergy Transmission LLC, 5.00%, 01/15/35 . . . . . . . 25 24,110 Florida Power & Light Co. 2.45%, 02/03/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,806 4.40%, 05/15/28 . .................................. 5 4,987 5.63%, 04/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,184 Georgia Power Co., 5.25%, 03/15/34 . . . . . . . . . . . . . . . . . . 5 4,981 Iberdrola International BV, 6.75%, 07/15/36 . . . . . . . . . . . . 15 16,335 Interstate Power and Light Co. 2.30%, 06/01/30 . .................................. 5 4,539 4.10%, 09/26/28 . .................................. 5 4,934 IPALCO Enterprises, Inc., 4.25%, 05/01/30 . . .......... 5 4,839 ITC Holdings Corp., 3.35%, 11/15/27 . . . . . . . . . . . . . . . . . . 15 14 ,768 MidAmerican Energy Co. 5.35%, 01/15/34 . .................................. 5 5,039 6.75%, 12/30/31 . .................................. 5 5,401 National Rural Utilities Cooperative Finance Corp. 3.70%, 03/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,475 4.15%, 12/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,454 5.05%, 09/15/28 . .................................. 5 5,031 5.80%, 01/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15 ,486 Nevada Power Co., Series CC, 3.70%, 05/01/29 . . . . . . . 5 4,866 NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,290 2.25%, 06/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 ,599 2.75%, 11/01/29 . .................................. 5 4,697 3.50%, 04/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,684 4.80%, 12/01/77, (3-mo. SOFR US + 2.67%) (a) . . . . . . 5 4,942 4.90%, 02/28/28 . .................................. 5 5,018 5.00%, 02/28/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,007 5.00%, 07/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,841 5.05%, 02/28/33 . .................................. 5 4,924 5.25%, 03/15/34 . .................................. 5 4,941 5.65%, 05/01/79 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24 ,885 6.38%, 08/15/55, (5-year CMT + 2.05%) (a) . . . . . . . . . . 50 50 ,331 6.50%, 08/15/55, (5-year CMT + 1.98%) (a) . . . . . . . . . . 20 20 ,102 6.75%, 06/15/54, (5-year CMT + 2.46%) (a) .......... 5 5,124 NSTAR Electric Co. 1.95%, 08/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 17 ,327

Schedule of Investments (unaudited) (continued) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

9 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277012

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Security

Par (000) Value

Electric (continued) 4.85%, 03/01/30 ................................... $ 5 $ 4,985 Ohio Power Co., 5.00%, 06/01/33 ..................... 5 4,890 Oklahoma Gas and Electric Co. 3.25%, 04/01/30 ................................... 5 4,716 3.80%, 08/15/28 ................................... 5 4,930 Oncor Electric Delivery Co. LLC 4.55%, 09/15/32 ................................... 5 4,837 5.75%, 03/15/29 ................................... 5 5,108 Pacific Gas and Electric Co. 2.50%, 02/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13,370 3.25%, 06/01/31 ................................... 5 4,577 3.30%, 12/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19,615 3.75%, 07/01/28 ................................... 5 4,895 4.55%, 07/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 13,654 5.20%, 05/01/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18,937 5.70%, 03/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,934 5.80%, 05/15/34 ................................... 5 5,018 6.10%, 01/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5,117 PacifiCorp 3.50%, 06/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,616 5.45%, 02/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,905 Pinnacle West Capital Corp., 5.15%, 05/15/30 ......... 5 5,020 PPL Capital Funding, Inc. 4.13%, 04/15/30 ................................... 5 4,850 5.25%, 09/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,750 PPL Electric Utilities Corp., 5.00%, 05/15/33 ........... 5 4,945 Progress Energy, Inc., 7.75%, 03/01/31 ................ 5 5,512 Public Service Co. of Colorado 4.10%, 06/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,519 5.35%, 05/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,946 Public Service Electric and Gas Co. 3.70%, 05/01/28 ................................... 5 4,931 5.20%, 08/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,025 Public Service Enterprise Group, Inc. 1.60%, 08/15/30 ................................... 5 4,381 6.13%, 10/15/33 ................................... 5 5,185 Puget Energy, Inc. 2.38%, 06/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,575 4.10%, 06/15/30 ................................... 5 4,795 Sierra Pacific Power Co., 6.20%, 12/15/55, (5-year CMT + 2.55%) (a) ................................... 5 4,920 Southern California Edison Co. 2.25%, 06/01/30 ................................... 5 4,496 2.85%, 08/01/29 ................................... 5 4,704 5.20%, 06/01/34 ................................... 5 4,846 5.45%, 06/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20,089 5.45%, 03/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,739 6.65%, 04/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 25,776 Series 04-G, 5.75%, 04/01/35 ...................... 5 4,963 Southern Co. (The) 4.25%, 07/01/36 ................................... 5 4,487 4.85%, 06/15/28 ................................... 5 5,012 4.85%, 03/15/35 ................................... 5 4,769 5.70%, 03/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20,288 Series 2025, 6.38%, 03/15/55, (5-year CMT + 2.07%) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,082 Series A, 3.70%, 04/30/30 . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,362 Southwestern Electric Power Co., Series M, 4.10%, 09/15/28 ........................................... 5 4,936 System Energy Resources, Inc., 5.30%, 12/15/34 . . . . . . 20 19,541 Tampa Electric Co., 2.40%, 03/15/31 .................. 5 4,469

Security

Par (000) Value

Electric (continued) Tucson Electric Power Co., 3.25%, 05/15/32 . . . ........ $ 5 $ 4 ,526 WEC Energy Group, Inc. 1.38%, 10/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 28 ,967 2.20%, 12/15/28 . .................................. 5 4,724 Wisconsin Power and Light Co., 3.00%, 07/01/29 . . . . . . 15 14 ,318 Xcel Energy, Inc. 2.35%, 11/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 17 ,449 2.60%, 12/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,312 3.40%, 06/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,463 4.00%, 06/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,743 5.50%, 03/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,938 5.60%, 04/15/35 . .................................. 5 4,987 1,681,673 Electronics — 0.2% Allegion U.S. Holding Co., Inc., 5.41%, 07/01/32 . . . . . . . 5 5,033 Amphenol Corp. 2.20%, 09/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 17 ,524 4.63%, 02/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 23 ,504 Arrow Electronics, Inc., 3.88%, 01/12/28 . .............. 5 4,932 Emerson Electric Co. 1.95%, 10/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 ,378 2.00%, 12/21/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 28 ,314 Flex Ltd., 4.88%, 06/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,917 Honeywell International, Inc. 1.75%, 09/01/31 . .................................. 5 4,293 2.70%, 08/15/29 . .................................. 5 4,729 5.00%, 02/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,033 Hubbell, Inc., 2.30%, 03/15/31. . . . . . . . . . . . . . . . . . . . . . . . . 10 8,909 Jabil, Inc., 3.00%, 01/15/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,084 Keysight Technologies, Inc., 3.00%, 10/30/29 . . . . . . . . . . 10 9,429 nVent Finance SARL, 5.65%, 05/15/33 . . . . . . . . . . . . . . . . 15 15 ,190 TD SYNNEX Corp., 2.38%, 08/09/28 . . . . . . . ........... 5 4,751 Vontier Corp. 2.40%, 04/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,614 2.95%, 04/01/31 . .................................. 5 4,517 183,151 Engineering & Construction — 0.0% Jacobs Engineering Group, Inc., 5.90%, 03/01/33 ...... 5 5,084

Environmental Control — 0.1% Republic Services, Inc. 1.45%, 02/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 17 ,223 2.30%, 03/01/30 . .................................. 5 4,584 4.88%, 04/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20 ,063 5.00%, 12/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,920 5.00%, 04/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,866 Waste Connections, Inc. 3.20%, 06/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 ,589 4.20%, 01/15/33 . .................................. 5 4,739 4.25%, 12/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,849 Waste Management, Inc. 1.50%, 03/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,618 2.00%, 06/01/29 . .................................. 5 4,662 4.15%, 04/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,614 4.63%, 02/15/30 . .................................. 5 4,974 4.65%, 03/15/30 . .................................. 5 4,976 4.88%, 02/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24 ,647 152,324 Food — 0.3% Ahold Finance USA LLC, 6.88%, 05/01/29 . . . . . . . . . . . . . 15 15 ,737

Schedule of Investments (unaudited) (continued) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

S CHEDULE OF I NVESTMENTS 10 BNM1026U-6054792-19277012

Page 11

Security

Par (000) Value

Food (continued) Campbell's Co. (The), 2.38%, 04/24/30 ................ $ 5 $ 4,517 Campbell's Company (The), 4.75%, 03/23/35 .......... 5 4,572 Conagra Brands, Inc. 1.38%, 11/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,614 4.85%, 11/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,936 Flowers Foods, Inc., 2.40%, 03/15/31 .................. 5 4,309 General Mills, Inc., 4.95%, 03/29/33 ................... 5 4,892 Hormel Foods Corp. 1.70%, 06/03/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,515 1.80%, 06/11/30 ................................... 5 4,469 Ingredion, Inc., 2.90%, 06/01/30 . . . . . . . . . . . . . . . . . . . . . . . 10 9,295 J M Smucker Co. (The) 2.13%, 03/15/32 ................................... 5 4,257 2.38%, 03/15/30 ................................... 5 4,585 4.25%, 03/15/35 ................................... 5 4,574 6.20%, 11/15/33 ................................... 5 5,248 JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings 3.00%, 05/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 22,032 3.75%, 12/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,284 5.50%, 01/15/36 ................................... 5 4,872 5.75%, 04/01/33 ................................... 5 5,073 6.75%, 03/15/34 ................................... 5 5,341 Kellanova 3.40%, 11/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,685 4.30%, 05/15/28 ................................... 5 4,972 Series B, 7.45%, 04/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . . 30 32,914 Kraft Heinz Foods Co. 3.75%, 04/01/30 ................................... 5 4,788 4.25%, 03/01/31 ................................... 5 4,829 4.63%, 01/30/29 ................................... 5 4,986 Kroger Co. (The) 1.70%, 01/15/31 ................................... 5 4,352 4.50%, 01/15/29 ................................... 5 4,971 5.00%, 09/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,664 7.50%, 04/01/31 ................................... 5 5,498 McCormick & Co., Inc. 4.70%, 10/15/34 ................................... 5 4,741 4.95%, 04/15/33 ................................... 5 4,892 Mondelez International, Inc. 1.88%, 10/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,441 2.75%, 04/13/30 ................................... 5 4,639 3.00%, 03/17/32 ................................... 5 4,496 Pilgrim's Pride Corp. 3.50%, 03/01/32 ................................... 5 4,526 4.25%, 04/15/31 ................................... 5 4,767 6.25%, 07/01/33 ................................... 5 5,171 Sysco Corp., 6.00%, 01/17/34 ......................... 5 5,139 Tyson Foods, Inc. 4.35%, 03/01/29 ................................... 3 2,966 4.88%, 08/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,581 5.70%, 03/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,135 318,275 Forest Products & Paper — 0.0% International Paper Co., 5.00%, 09/15/35 .............. 5 4,794 Suzano Austria GmbH 2.50%, 09/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19,006 3.13%, 01/15/32 ................................... 5 4,413 4.00%, 01/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,065 42,278

Security

Par (000) Value

Gas — 0.2% Atmos Energy Corp., 1.50%, 01/15/31 . . . . . . . . . . . . . . . . . $ 10 $ 8 ,658 CenterPoint Energy Resources Corp. 1.75%, 10/01/30 . .................................. 5 4,412 4.00%, 04/01/28 . .................................. 5 4,949 5.25%, 03/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,088 NiSource, Inc. 1.70%, 02/15/31 . .................................. 5 4,327 2.95%, 09/01/29 . .................................. 5 4,728 6.95%, 11/30/54, (5-year CMT + 2.45%) (a) ........... 5 5,130 ONE Gas, Inc., 2.00%, 05/15/30. . . . . . . . . . . . . . . . . . . . . . . 10 9,014 Southern California Gas Co., Series XX, 2.55%, 02/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 46 ,304 Southern Co. Gas Capital Corp., Series 2020-A, 1.75%, 01/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 21 ,827 Southwest Gas Corp. 2.20%, 06/15/30 . .................................. 5 4,508 4.05%, 03/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 23 ,622 5.45%, 03/23/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 35 ,338 5.80%, 12/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20 ,308 203,213 Hand & Machine Tools — 0.0% Stanley Black & Decker, Inc. 2.30%, 03/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 10 ,012 4.25%, 11/15/28 . .................................. 5 4,945 6.00%, 03/06/28 . .................................. 5 5,082 20,039 Health Care - Products — 0.2% Abbott Laboratories 4.00%, 03/15/31 . .................................. 5 4,820 4.65%, 03/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 28 ,438 4.75%, 11/30/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,543 Agilent Technologies, Inc. 2.10%, 06/04/30 . .................................. 5 4,512 2.30%, 03/12/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,901 Baxter International, Inc. 1.73%, 04/01/31 . .................................. 5 4,246 2.54%, 02/01/32 . .................................. 4 3,437 3.95%, 04/01/30 . .................................. 5 4,799 Boston Scientific Corp. 2.65%, 06/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 ,827 4.00%, 03/01/28 . .................................. 5 4,960 DH Europe Finance II SARL, 2.60%, 11/15/29. . . . . . . . . . 15 14,011 Medtronic Global Holdings SCA, 4.50%, 03/30/33 ...... 5 4,820 Medtronic, Inc., 4.38%, 03/15/35 . . . . . . . . . . . . . . . . . . . . . . 15 14 ,109 Revvity, Inc. 1.90%, 09/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,431 2.55%, 03/15/31 . .................................. 5 4,474 3.30%, 09/15/29 . .................................. 5 4,754 Smith & Nephew PLC, 5.40%, 03/20/34. ............... 5 4,957 Solventum Corp. 5.40%, 03/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,108 5.60%, 03/23/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,037 Stryker Corp., 4.25%, 09/11/29 . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,687 Thermo Fisher Scientific, Inc. 1.75%, 10/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4,711 2.00%, 10/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,696 2.60%, 10/01/29 . .................................. 7 6,567 4.80%, 11/21/27 . .................................. 5 5,021 4.98%, 08/10/30 . .................................. 5 5,019 213,885

Schedule of Investments (unaudited) (continued) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

11 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277012

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Security

Par (000) Value

Health Care - Services — 0.4% Adventist Health System/West, 5.76%, 12/01/34 ....... $ 5 $ 5,035 Aetna, Inc., 6.63%, 06/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,945 Banner Health, 1.90%, 01/01/31 ....................... 5 4,408 Cigna Group (The) 4.38%, 10/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 34,725 5.25%, 02/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19,843 5.25%, 01/15/36 ................................... 5 4,885 Elevance Health, Inc. 2.25%, 05/15/30 ................................... 5 4,546 2.88%, 09/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,160 3.65%, 12/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,891 4.10%, 03/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,917 4.75%, 02/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,537 5.38%, 06/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,936 HCA, Inc. 3.63%, 03/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18,399 4.90%, 11/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,458 5.20%, 06/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,068 5.30%, 05/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,677 5.60%, 04/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,044 5.75%, 03/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,080 5.88%, 02/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,188 Humana, Inc. 3.13%, 08/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,249 5.38%, 04/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,017 5.55%, 05/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,814 5.75%, 03/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,128 5.75%, 12/01/28 ................................... 5 5,084 5.88%, 03/01/33 ................................... 5 5,080 5.95%, 03/15/34 ................................... 5 5,079 IQVIA, Inc., 6.25%, 02/01/29 .......................... 5 5,136 Laboratory Corp. of America Holdings 2.70%, 06/01/31 ................................... 5 4,494 2.95%, 12/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,403 Piedmont Healthcare, Inc., 2.04%, 01/01/32 . . . . . . . . . . . . 10 8,573 Providence St. Joseph Health Obligated Group, Series 19A, 2.53%, 10/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,322 Quest Diagnostics, Inc. 2.80%, 06/30/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,040 2.95%, 06/30/30 ................................... 5 4,650 UnitedHealth Group, Inc. 2.00%, 05/15/30 ................................... 5 4,512 2.30%, 05/15/31 ................................... 5 4,435 2.95%, 10/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,598 3.88%, 12/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,746 4.20%, 05/15/32 ................................... 5 4,787 4.25%, 01/15/29 ................................... 5 4,948 4.50%, 04/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,402 4.63%, 07/15/35 ................................... 5 4,732 4.65%, 01/15/31 ................................... 5 4,940 5.15%, 07/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,691 5.30%, 06/15/35 ................................... 5 4,974 5.35%, 02/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,086 Universal Health Services, Inc., 2.65%, 10/15/30 ....... 5 4,492 467,154 Holding Companies - Diversified — 0.2% Apollo Debt Solutions BDC 6.55%, 03/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,071 6.70%, 07/29/31 ................................... 5 5,063 Ares Capital Corp. 2.88%, 06/15/28 ................................... 5 4,802

Security

Par (000) Value

Holding Companies - Diversified (continued) 3.20%, 11/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15 $ 13,085 5.50%, 09/01/30 . .................................. 5 4,919 5.80%, 03/08/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,854 Ares Strategic Income Fund 5.70%, 03/15/28 . .................................. 5 5,016 6.20%, 03/21/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,842 Blackstone Private Credit Fund 6.00%, 01/29/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,808 6.00%, 11/22/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,040 Blackstone Secured Lending Fund, 5.13%, 01/31/31 . . . 10 9,523 Blue Owl Capital Corp., 2.88%, 06/11/28. .............. 5 4,755 Blue Owl Credit Income Corp. 6.65%, 03/15/31 . .................................. 5 5,010 7.95%, 06/13/28 . .................................. 5 5,156 Goldman Sachs Private Credit Corp., 6.15%, 06/16/31 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,903 HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15 ,106 Sixth Street Lending Partners, 5.75%, 01/15/30 . . . . . . . . 15 14 ,820 Sixth Street Specialty Lending, Inc. 6.13%, 03/01/29 . .................................. 5 5,045 6.95%, 08/14/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,245 181,063 Home Builders — 0.0% DR Horton, Inc., 1.40%, 10/15/27. . . . . . . . . . . . . . . . . . . . . . 10 9,660 Lennar Corp., 4.75%, 11/29/27 . . . . . . . . . . . . . . . . . . . . . . . . 15 15 ,006 Sekisui House U.S., Inc., 2.50%, 01/15/31 ............. 5 4,378 Toll Brothers Finance Corp. 3.80%, 11/01/29 . .................................. 5 4,813 4.35%, 02/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,948 43,805 Home Furnishings — 0.0% Leggett & Platt, Inc. 3.50%, 11/15/27 . .................................. 5 4,896 4.40%, 03/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,323 24,219 Household Products & Wares — 0.1% Avery Dennison Corp. 2.65%, 04/30/30 . .................................. 5 4,610 4.88%, 12/06/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5,011 Clorox Co. (The) 1.80%, 05/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,921 3.10%, 10/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,709 3.90%, 05/15/28 . .................................. 5 4,931 4.60%, 05/01/32 . .................................. 5 4,840 Kimberly-Clark Corp. 1.05%, 09/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24 ,191 3.10%, 03/26/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,433 3.20%, 04/25/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,620 4.50%, 02/16/33 . .................................. 5 4,899 96,165 Insurance — 0.8% ACE Capital Trust II, Series N, 9.70%, 04/01/30 ........ 5 5,752 Aflac, Inc., 3.60%, 04/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,332 Alleghany Corp., 3.63%, 05/15/30 . . . . . . . . . . . . . . . . . . . . . 15 14 ,337 Allstate Corp. (The), 5.95%, 04/01/36. . . . . . . . . . . . . . . . . . 15 15 ,519 American International Group, Inc. 3.40%, 06/30/30 . .................................. 5 4,702 3.88%, 01/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,980

Schedule of Investments (unaudited) (continued) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

S CHEDULE OF I NVESTMENTS 12 BNM1026U-6054792-19277012

Page 13

Security

Par (000) Value

Insurance (continued) Aon Corp. 2.80%, 05/15/30 ................................... $ 5 $ 4,615 3.75%, 05/02/29 ................................... 4 3,887 Aon Corp./Aon Global Holdings PLC, 5.35%, 02/28/33. . 5 4,994 Aon North America, Inc. 5.15%, 03/01/29 ................................... 5 5,034 5.45%, 03/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,866 Arch Capital Group Ltd., 7.35%, 05/01/34 .............. 5 5,567 Arthur J Gallagher & Co. 5.15%, 02/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,704 5.45%, 07/15/34 ................................... 5 4,964 6.50%, 02/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,846 Assurant, Inc. 3.70%, 02/22/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,512 4.90%, 03/27/28 ................................... 5 5,005 Assured Guaranty U.S. Holdings, Inc. 3.15%, 06/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13,762 6.13%, 09/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5,117 Athene Holding Ltd. 4.13%, 01/12/28 ................................... 4 3,953 6.88%, 06/28/55, (5-year CMT + 2.58%) (a) . . . . . . . . . . 15 14,039 Axis Specialty Finance LLC, 3.90%, 07/15/29 .......... 5 4,840 Axis Specialty Finance PLC, 4.00%, 12/06/27 . . . . . . . . . . 10 9,900 Berkshire Hathaway Finance Corp. 1.45%, 10/15/30 ................................... 5 4,399 2.88%, 03/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13,676 Brighthouse Financial, Inc., 5.63%, 05/15/30 (b) ......... 5 4,995 Brown & Brown, Inc. 2.38%, 03/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,818 4.50%, 03/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,876 4.90%, 06/23/30 ................................... 5 4,944 Chubb INA Holdings LLC, 6.70%, 05/15/36 ............ 5 5,451 CNA Financial Corp., 3.90%, 05/01/29 . . . . . . . . . . . . . . . . . 15 14,602 CNO Financial Group, Inc., 5.25%, 05/30/29 . . . . . . . . . . . 10 9,990 Corebridge Financial, Inc. 3.90%, 04/05/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13,878 6.88%, 12/15/52, (5-year CMT + 3.85%) (a) . . . . . . . . . . 15 15,207 Enstar Group Ltd. 3.10%, 09/01/31 ................................... 5 4,406 4.95%, 06/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,922 Equitable Holdings, Inc. 4.35%, 04/20/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 21,830 5.59%, 01/11/33 ................................... 5 5,039 Fairfax Financial Holdings Ltd. 4.63%, 04/29/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,836 4.85%, 04/17/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19,975 6.00%, 12/07/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20,470 Fidelity National Financial, Inc., 4.50%, 08/15/28 . . . . . . . 15 14,914 First American Financial Corp., 2.40%, 08/15/31 ....... 5 4,327 Globe Life, Inc. 2.15%, 08/15/30 ................................... 5 4,478 4.80%, 06/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,577 Hartford Insurance Group, Inc. (The), 5.95%, 10/15/36 . 5 5,135 Jackson Financial, Inc. 3.13%, 11/23/31 ................................... 5 4,430 5.67%, 06/08/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,937 Kemper Corp. 2.40%, 09/30/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,744 3.80%, 02/23/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,910 Lincoln National Corp. 3.05%, 01/15/30 ................................... 5 4,681

Security

Par (000) Value

Insurance (continued) 3.40%, 01/15/31 . .................................. $ 5 $ 4 ,645 5.85%, 03/15/34 . .................................. 5 5,029 Markel Group, Inc. 3.35%, 09/17/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,300 3.50%, 11/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,859 Marsh & McLennan Companies, Inc. 2.25%, 11/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,966 4.38%, 03/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,895 4.55%, 11/08/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15 ,001 5.40%, 09/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,091 5.75%, 11/01/32 . .................................. 5 5,145 5.88%, 08/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,342 MetLife, Inc. 5.38%, 07/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15 ,183 5.70%, 06/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20 ,338 6.38%, 06/15/34 . .................................. 5 5,302 Old Republic International Corp., 5.75%, 03/28/34. ..... 5 5,014 PartnerRe Finance B LLC, 3.70%, 07/02/29. . . . . . . . . . . . 15 14 ,493 Primerica, Inc., 2.80%, 11/19/31 . . . . . .................. 5 4,446 Principal Financial Group, Inc. 2.13%, 06/15/30 . .................................. 5 4,497 3.70%, 05/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,688 5.38%, 03/15/33 . .................................. 5 5,014 Progressive Corp. (The) 3.00%, 03/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,012 4.00%, 03/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,675 Prudential Financial, Inc. 3.88%, 03/27/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,895 4.50%, 09/15/47, (3-mo. SOFR US + 2.64%) (a) . . . . . . 10 9,889 5.70%, 12/14/36 . .................................. 5 5,062 6.00%, 09/01/52, (5-year CMT + 3.23%) (a) . . . . . . . . . . 10 10 ,048 6.50%, 03/15/54, (5-year CMT + 2.40%) (a) . . . . . . . . . . 20 20 ,404 6.75%, 03/01/53, (5-year CMT + 2.85%) (a) .......... 5 5,199 Prudential Funding Asia PLC, 3.13%, 04/14/30. . . . . . . . . 15 14,134 Reinsurance Group of America, Inc., 5.75%, 09/15/34 . . 20 20,061 RenaissanceRe Holdings Ltd., 3.60%, 04/15/29 ........ 5 4,839 Stewart Information Services Corp., 3.60%, 11/15/31 . . . 5 4,384 Travelers Property Casualty Corp., 6.38%, 03/15/33 . . . . 10 10 ,719 Willis North America, Inc. 2.95%, 09/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18 ,830 5.05%, 09/15/48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,542 5.35%, 05/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,926 854,541 Internet — 0.6% Alibaba Group Holding Ltd. 2.70%, 02/09/41 . .................................. 5 3,500 3.40%, 12/06/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 98 ,570 Alphabet, Inc. 3.70%, 02/15/29 . .................................. 5 4,894 4.00%, 05/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 34 ,064 4.50%, 05/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 23 ,719 4.70%, 11/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18 ,951 4.80%, 02/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 80 ,981 Amazon.com, Inc. 1.50%, 06/03/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 30 ,975 3.85%, 03/13/28 . .................................. 5 4,953 4.00%, 03/13/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,829 4.65%, 11/20/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 23 ,565 4.70%, 12/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24 ,570 4.80%, 12/05/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,480 4.88%, 03/13/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 23 ,773

Schedule of Investments (unaudited) (continued) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

13 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277012

Page 14

Security

Par (000) Value

Internet (continued) AppLovin Corp., 5.13%, 12/01/29 ...................... $ 5 $ 5,008 eBay, Inc. 5.95%, 11/22/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,143 6.30%, 11/22/32 ................................... 5 5,270 Expedia Group, Inc. 2.95%, 03/15/31 ................................... 5 4,548 3.25%, 02/15/30 ................................... 5 4,719 Meta Platforms, Inc. 4.20%, 11/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 53,326 4.60%, 05/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,019 4.60%, 11/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 43,203 4.75%, 08/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 28,544 4.88%, 11/15/35 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 28,090 5.25%, 05/15/36 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 28,829 Netflix, Inc., 4.88%, 04/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,056 Uber Technologies, Inc., 4.80%, 09/15/34 .............. 5 4,783 638,362 Iron & Steel — 0.1% ArcelorMittal SA 6.55%, 11/29/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,206 6.80%, 11/29/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 32,452 Nucor Corp., 3.13%, 04/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . 20 18,185 Steel Dynamics, Inc., 3.25%, 01/15/31 ................. 5 4,648 Vale Overseas Ltd. 3.75%, 07/08/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 16,162 6.13%, 06/12/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,484 97,137 Leisure Time — 0.0% Brunswick Corp./DE 2.40%, 08/18/31 ................................... 5 4,336 4.40%, 09/15/32 ................................... 5 4,681 Polaris, Inc., 6.95%, 03/15/29 ......................... 5 5,198 Royal Caribbean Cruises Ltd., 5.38%, 01/15/36 . . . . . . . . 10 9,669 23,884 Lodging — 0.1% Choice Hotels International, Inc., 3.70%, 01/15/31 ...... 5 4,670 Hyatt Hotels Corp., 5.75%, 04/23/30 ................... 5 5,089 Las Vegas Sands Corp. 6.00%, 08/15/29 ................................... 5 5,097 6.20%, 08/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,108 Marriott International, Inc. 5.30%, 05/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,889 5.35%, 03/15/35 ................................... 5 4,928 Series FF, 4.63%, 06/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,864 Series GG, 3.50%, 10/15/32 ........................ 5 4,535 Series HH, 2.85%, 04/15/31 ........................ 5 4,539 Series X, 4.00%, 04/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,843 73,562 Machinery — 0.2% AGCO Corp., 5.80%, 03/21/34 . . . . . . . . . . . . . . . . . . . . . . . . 20 20,057 Caterpillar, Inc. 5.20%, 05/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,947 6.05%, 08/15/36 ................................... 8 8,505 CNH Industrial NV, 3.85%, 11/15/27 . . . . . . . . . . . . . . . . . . . 25 24,753 Deere & Co., 5.38%, 10/16/29 ......................... 5 5,107 Dover Corp., 2.95%, 11/04/29 ......................... 5 4,719 Flowserve Corp., 2.80%, 01/15/32 . . . . . . . . . . . . . . . . . . . . . 10 8,782 Ingersoll Rand, Inc. 5.40%, 08/14/28 ................................... 5 5,060 5.70%, 08/14/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,300

Security

Par (000) Value

Machinery (continued) John Deere Capital Corp. 3.05%, 01/06/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15 $ 14,730 3.90%, 06/07/32 . .................................. 5 4,747 4.70%, 06/10/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,934 Series I, 4.13%, 01/18/29 ........................... 5 4,947 Otis Worldwide Corp., 5.25%, 08/16/28 . . . ............. 5 5,047 Regal Rexnord Corp. 6.05%, 04/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,172 6.30%, 02/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,303 6.40%, 04/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,379 Rockwell Automation, Inc., 1.75%, 08/15/31. . . . . . . . . . . . 10 8,581 Westinghouse Air Brake Technologies Corp. 4.70%, 09/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,959 5.61%, 03/11/34 . .................................. 5 5,045 Xylem, Inc./New York 1.95%, 01/30/28 . .................................. 5 4,816 2.25%, 01/30/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,926 244,816 Manufacturing — 0.1% 3M Co. 2.38%, 08/26/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18 ,685 3.05%, 04/15/30 . .................................. 5 4,695 3.38%, 03/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,523 Eaton Corp. 4.15%, 03/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 28 ,517 4.35%, 05/18/28 . .................................. 5 4,982 Parker-Hannifin Corp. 4.20%, 11/21/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,304 4.50%, 09/15/29 . .................................. 5 4,959 Pentair Finance SARL 4.50%, 07/01/29 . .................................. 5 4,917 5.90%, 07/15/32 . .................................. 5 5,077 Teledyne Technologies, Inc. 2.25%, 04/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,622 2.75%, 04/01/31 . .................................. 5 4,515 Textron, Inc., 2.45%, 03/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . 12 10 ,747 120,543 Media — 0.4% Charter Communications Operating LLC/Charter Communications Operating Capital 3.75%, 02/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,802 5.05%, 03/30/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,916 5.85%, 12/01/35 . .................................. 5 4,698 6.55%, 06/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 29 ,952 6.65%, 02/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,065 Comcast Corp. 1.50%, 02/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 17 ,120 1.95%, 01/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 ,129 2.65%, 02/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18 ,500 3.40%, 04/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,174 4.20%, 08/15/34 . .................................. 5 4,544 4.25%, 10/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,674 4.25%, 01/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 23 ,452 4.40%, 08/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 ,540 4.80%, 05/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,480 4.95%, 05/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,801 5.17%, 01/15/37 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 59 ,477 5.30%, 05/15/35 . .................................. 5 4,909 5.50%, 11/15/32 . .................................. 5 5,071 5.65%, 06/15/35 . .................................. 5 4,975

Schedule of Investments (unaudited) (continued) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

S CHEDULE OF I NVESTMENTS 14 BNM1026U-6054792-19277012

Page 15

Security

Par (000) Value

Media (continued) 6.50%, 11/15/35 ................................... $ 5 $ 5,262 Space Exploration Technologies Corp. 5.35%, 07/15/31 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,438 5.65%, 07/15/33 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 62,567 Time Warner Cable Enterprises LLC, 8.38%, 07/15/33. . 5 5,451 Walt Disney Co. (The) 2.20%, 01/13/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,720 2.65%, 01/13/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18,312 6.20%, 12/15/34 ................................... 5 5,328 6.40%, 12/15/35 ................................... 5 5,405 418,762 Metal Fabricate & Hardware — 0.0% Timken Co. (The), 4.13%, 04/01/32 . . . . . . . . . . . . . . . . . . . . 30 28,206

Mining — 0.2% BHP Billiton Finance USA Ltd. 4.75%, 02/28/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,038 4.90%, 02/28/33 ................................... 5 4,925 5.25%, 09/08/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 25,292 5.25%, 09/08/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 25,061 Freeport-McMoRan, Inc. 4.13%, 03/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,899 4.38%, 08/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,919 5.25%, 09/01/29 ................................... 5 5,014 5.40%, 11/14/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,967 Newmont Corp., 2.60%, 07/15/32 ...................... 5 4,416 Newmont Corp./Newcrest Finance Pty. Ltd., 3.25%, 05/13/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,459 Rio Tinto Alcan, Inc. 6.13%, 12/15/33 ................................... 5 5,241 7.25%, 03/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 16,314 Rio Tinto Finance USA PLC 5.00%, 03/09/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,897 5.25%, 03/14/35 ................................... 5 4,969 Yamana Gold, Inc., 2.63%, 08/15/31 . . . . . . . . . . . . . . . . . . . 10 8,743 169,154 Office & Business Equipment — 0.0% CDW LLC/CDW Finance Corp. 3.25%, 02/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,524 3.28%, 12/01/28 ................................... 5 4,794 5.55%, 08/22/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,694 24,012 Oil & Gas — 0.7% BP Capital Markets America, Inc. 1.75%, 08/10/30 ................................... 5 4,449 2.72%, 01/12/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13,380 3.63%, 04/06/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,029 3.94%, 09/21/28 ................................... 5 4,930 4.23%, 11/06/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 44,614 4.99%, 04/10/34 ................................... 5 4,913 BP Capital Markets PLC, 3.28%, 09/19/27 . . . . . . . . . . . . . 40 39,555 Canadian Natural Resources Ltd., 2.95%, 07/15/30 .... 9 8,380 Cenovus Energy, Inc. 2.65%, 01/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,827 4.65%, 03/20/31 ................................... 5 4,899 Chevron Corp., 2.24%, 05/11/30 . . . . . . . . . . . . . . . . . . . . . . . 10 9,153 Chevron USA, Inc. 3.25%, 10/15/29 ................................... 9 8,638 3.85%, 01/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,895 4.98%, 04/15/35 ................................... 5 4,950

Security

Par (000) Value

Oil & Gas (continued) CNOOC Petroleum North America ULC, 5.88%, 03/10/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15 $ 15,980 ConocoPhillips, 5.90%, 10/15/32 . . . . . . . . . . . . . . . . . . . . . . 20 20 ,925 ConocoPhillips Co. 5.00%, 01/15/35 . .................................. 5 4,906 6.95%, 04/15/29 . .................................. 5 5,269 Devon Energy Corp. 4.38%, 03/15/29 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,823 4.50%, 01/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,761 5.20%, 09/15/34 . .................................. 5 4,929 5.88%, 06/15/28 . .................................. 5 5,002 Diamondback Energy, Inc. 3.13%, 03/24/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,224 3.50%, 12/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,586 5.40%, 04/18/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,985 6.25%, 03/15/33 . .................................. 5 5,248 EOG Resources, Inc. 3.90%, 04/01/35 . .................................. 5 4,491 4.38%, 04/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,839 4.40%, 01/15/31 . .................................. 5 4,888 EQT Corp. 3.90%, 10/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,825 5.75%, 02/01/34 . .................................. 5 5,042 7.00%, 02/01/30 . .................................. 5 5,281 Equinor ASA 2.38%, 05/22/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,182 3.13%, 04/06/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,459 Exxon Mobil Corp. 2.44%, 08/16/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18 ,872 2.61%, 10/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 27 ,666 3.48%, 03/19/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,622 Helmerich & Payne, Inc. 2.90%, 09/29/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,902 4.85%, 12/01/29 . .................................. 5 4,970 Hess Corp., 7.30%, 08/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . 40 43 ,941 HF Sinclair Corp., 4.50%, 10/01/30 .................... 5 4,866 Occidental Petroleum Corp. 5.55%, 10/01/34 . .................................. 5 5,048 6.63%, 09/01/30 . .................................. 5 5,242 Ovintiv, Inc. 6.25%, 07/15/33 . .................................. 5 5,222 6.50%, 08/15/34 . .................................. 5 5,273 Phillips 66 2.15%, 12/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 9,892 3.90%, 03/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,872 4.65%, 11/15/34 . .................................. 5 4,770 4.95%, 12/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20 ,088 5.25%, 06/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15 ,237 5.30%, 06/30/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15 ,016 Series B, 6.20%, 03/15/56, (5-year CMT + 2.17%) (a) . 5 4,944 Pioneer Natural Resources Co., 1.90%, 08/15/30 . . . . . . . 25 22 ,324 Shell Finance U.S., Inc. 2.38%, 11/07/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,328 2.75%, 04/06/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18 ,656 3.88%, 11/13/28 . .................................. 8 7,883 4.13%, 11/06/30 . .................................. 5 4,874 4.75%, 01/06/36 . .................................. 5 4,800 Shell International Finance BV, 2.75%, 04/06/30. ....... 5 4,686 TotalEnergies Capital International SA 2.83%, 01/10/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,405 3.46%, 02/19/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,467

Schedule of Investments (unaudited) (continued) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

15 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277012

Page 16

Security

Par (000) Value

Oil & Gas (continued) TotalEnergies Capital SA, 3.88%, 10/11/28 . . . . . . . . . . . . . $ 15 $ 14,821 TotalEnergies Capital USA LLC, 4.25%, 01/13/31 ...... 5 4,866 Valero Energy Corp. 2.15%, 09/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,648 2.80%, 12/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13,405 Woodside Finance Ltd., 6.00%, 05/19/35 .............. 5 5,101 762,964 Oil & Gas Services — 0.0% Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/27 ............................... 5 4,928 Halliburton Co. 2.92%, 03/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,341 4.85%, 11/15/35 ................................... 5 4,744 NOV, Inc., 3.60%, 12/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,594 28,607 Packaging & Containers — 0.1% Amcor Finance USA, Inc., 5.63%, 05/26/33 ............ 5 5,055 Amcor Flexibles North America, Inc., 2.69%, 05/25/31 . . 15 13,462 AptarGroup, Inc., 3.60%, 03/15/32 . . . . . . . . . . . . . . . . . . . . . 15 13,863 Packaging Corp. of America 3.00%, 12/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18,860 3.40%, 12/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,850 Sonoco Products Co. 2.85%, 02/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13,321 3.13%, 05/01/30 ................................... 5 4,656 WestRock MWV LLC, 8.20%, 01/15/30 . . . . . . . . . . . . . . . . 25 27,413 WRKCo, Inc. 3.00%, 06/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,697 4.00%, 03/15/28 ................................... 5 4,944 120,121 Pharmaceuticals — 0.7% AbbVie, Inc. 3.20%, 11/21/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 28,561 4.13%, 03/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,668 4.25%, 11/14/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19,839 4.30%, 05/14/36 ................................... 5 4,591 4.40%, 03/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,590 4.55%, 03/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,181 5.05%, 03/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,891 5.20%, 03/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,918 Astrazeneca Finance LLC 2.25%, 05/28/31 ................................... 5 4,435 4.88%, 03/03/33 ................................... 5 4,949 4.90%, 03/03/30 ................................... 5 5,013 AstraZeneca PLC 1.38%, 08/06/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13,158 4.00%, 01/17/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19,750 Becton Dickinson & Co. 1.96%, 02/11/31 ................................... 5 4,382 4.69%, 02/13/28 ................................... 5 4,998 Bristol-Myers Squibb Co. 1.13%, 11/13/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,446 1.45%, 11/13/30 ................................... 5 4,363 2.95%, 03/15/32 ................................... 5 4,509 5.90%, 11/15/33 ................................... 8 8,336 Cencora, Inc. 2.70%, 03/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,045 3.95%, 02/13/29 ................................... 5 4,901 CVS Health Corp. 3.25%, 08/15/29 ................................... 5 4,777

Security

Par (000) Value

Pharmaceuticals (continued) 3.75%, 04/01/30 . .................................. $ 5 $ 4 ,793 4.30%, 03/25/28 . .................................. 5 4,967 5.13%, 02/21/30 . .................................. 5 5,019 5.25%, 02/21/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,933 5.45%, 09/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,871 5.70%, 06/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,113 Eli Lilly & Co. 4.70%, 02/27/33 . .................................. 5 4,931 4.70%, 02/09/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 29 ,276 4.85%, 05/20/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,655 4.90%, 10/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,758 GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 . . . . . . . . 20 19 ,366 GlaxoSmithKline Capital, Inc., 3.88%, 05/15/28 . . . . . . . . 10 9,901 Johnson & Johnson 0.95%, 09/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 38 ,743 1.30%, 09/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 35 ,197 2.90%, 01/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,624 3.55%, 03/01/36 . .................................. 5 4,426 4.38%, 12/05/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,746 4.95%, 06/01/34 . .................................. 5 5,042 6.95%, 09/01/29 . .................................. 5 5,355 McKesson Corp., 5.10%, 07/15/33. . . . . . . . . . . . . . . . . . . . . 10 9,981 Merck & Co., Inc. 2.15%, 12/10/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 21 ,802 3.40%, 03/07/29 . .................................. 5 4,859 4.50%, 05/17/33 . .................................. 5 4,861 4.75%, 12/04/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,347 4.95%, 09/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,492 6.50%, 12/01/33 . .................................. 5 5,410 Merck Sharp & Dohme Corp., 5.95%, 12/01/28. . . . . . . . . 25 25 ,723 Novartis Capital Corp. 2.20%, 08/14/30 . .................................. 5 4,535 4.00%, 09/18/31 . .................................. 5 4,823 4.60%, 11/05/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 23 ,869 4.90%, 03/18/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,381 Pfizer Investment Enterprises Pte. Ltd. 4.45%, 05/19/28 . .................................. 5 4,987 4.75%, 05/19/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,504 Pfizer, Inc. 3.45%, 03/15/29 . .................................. 5 4,864 4.20%, 11/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,761 Sanofi SA, 3.63%, 06/19/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,856 Viatris, Inc., 2.70%, 06/22/30 . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,085 Zoetis, Inc. 2.00%, 05/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,999 3.00%, 09/12/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 29 ,593 5.60%, 11/16/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,201 734,950 Pipelines — 0.7% Boardwalk Pipelines LP, 3.60%, 09/01/32 . . . . . . . . . . . . . . 5 4,577 Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,459 Cheniere Energy Partners LP 3.25%, 01/31/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 ,583 4.00%, 03/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,534 4.50%, 10/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24 ,700 5.95%, 06/30/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,293 Cheniere Energy, Inc. 4.63%, 10/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 29 ,838 5.20%, 07/30/36 (d) ................................. 5 4,823

Schedule of Investments (unaudited) (continued) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

S CHEDULE OF I NVESTMENTS 16 BNM1026U-6054792-19277012

Page 17

Security

Par (000) Value

Pipelines (continued) DCP Midstream Operating LP 3.25%, 02/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10 $ 9,158 8.13%, 08/16/30 ................................... 5 5,560 Enbridge, Inc. 2.50%, 08/01/33 ................................... 5 4,197 3.13%, 11/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,217 5.55%, 06/20/35 ................................... 5 4,982 5.63%, 04/05/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20,207 6.20%, 11/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,602 Energy Transfer LP 4.95%, 05/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,026 5.25%, 04/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,130 5.55%, 05/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,995 5.60%, 09/01/34 ................................... 5 5,004 6.40%, 12/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20,952 6.55%, 12/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,930 6.63%, 10/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,598 Enterprise Products Operating LLC 2.80%, 01/31/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18,724 3.13%, 07/31/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,354 4.15%, 10/16/28 ................................... 5 4,951 5.35%, 01/31/33 ................................... 5 5,053 Kinder Morgan, Inc. 4.30%, 03/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19,923 4.80%, 02/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,611 5.20%, 06/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,942 5.30%, 12/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,786 5.85%, 06/01/35 ................................... 5 5,108 MPLX LP 4.00%, 03/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19,772 4.80%, 02/15/31 ................................... 5 4,924 5.30%, 04/01/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,181 5.40%, 04/01/35 ................................... 5 4,906 ONEOK, Inc. 3.10%, 03/15/30 ................................... 5 4,685 3.25%, 06/01/30 ................................... 5 4,686 4.55%, 07/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,960 4.95%, 10/15/32 ................................... 5 4,894 5.05%, 11/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,120 5.80%, 11/01/30 ................................... 5 5,122 6.05%, 09/01/33 ................................... 5 5,157 6.10%, 11/15/32 ................................... 5 5,182 Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,587 3.80%, 09/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,534 Sabine Pass Liquefaction LLC 4.20%, 03/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 29,800 4.50%, 05/15/30 ................................... 5 4,916 Targa Resources Corp. 4.20%, 02/01/33 ................................... 5 4,675 6.13%, 03/15/33 ................................... 5 5,182 6.15%, 03/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20,567 Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.00%, 01/15/32 ................................... 5 4,699 4.88%, 02/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,866 5.00%, 01/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,995 TransCanada PipeLines Ltd. 4.10%, 04/15/30 ................................... 5 4,844 4.25%, 05/15/28 ................................... 5 4,963 4.63%, 03/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,246

Security

Par (000) Value

Pipelines (continued) 7.00%, 06/01/65, (5-year CMT + 2.61%) (a) . . . . . . . . . . $ 25 $ 25,548 Transcontinental Gas Pipe Line Co. LLC 3.25%, 05/15/30 . .................................. 5 4,717 4.00%, 03/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24 ,772 Western Midstream Operating LP 4.05%, 02/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,646 4.50%, 03/01/28 . .................................. 5 4,976 5.50%, 12/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,723 Williams Companies, Inc. (The) 2.60%, 03/15/31 . .................................. 5 4,483 3.50%, 11/15/30 . .................................. 5 4,692 4.90%, 03/15/29 . .................................. 5 5,007 5.15%, 03/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,575 5.65%, 03/15/33 . .................................. 5 5,064 759,483 Real Estate — 0.0% CBRE Services, Inc., 2.50%, 04/01/31 . . . . . . . . . . . . . . . . . 5 4,456

Real Estate Investment Trusts — 0.8% Agree LP, 2.00%, 06/15/28 . . .......................... 5 4,765 Alexandria Real Estate Equities, Inc. 1.88%, 02/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,016 2.00%, 05/18/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 12 ,467 4.90%, 12/15/30 . .................................. 5 4,937 American Assets Trust LP, 3.38%, 02/01/31 . . . . . . . . .... 5 4,531 American Homes 4 Rent LP 2.38%, 07/15/31 . .................................. 5 4,378 4.25%, 02/15/28 . .................................. 5 4,957 American Tower Corp. 2.90%, 01/15/30 . .................................. 5 4,669 3.80%, 08/15/29 . .................................. 5 4,852 3.95%, 03/15/29 . .................................. 5 4,888 5.45%, 02/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,969 5.55%, 07/15/33 . .................................. 5 5,027 5.90%, 11/15/33 . .................................. 5 5,124 Boston Properties LP 2.45%, 10/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 813 3.25%, 01/30/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 ,822 3.40%, 06/21/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,588 4.50%, 12/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,920 Brixmor Operating Partnership LP 2.50%, 08/16/31 . .................................. 5 4,406 4.05%, 07/01/30 . .................................. 5 4,808 Broadstone Net Lease LLC, 2.60%, 09/15/31 . ......... 5 4,387 Camden Property Trust 2.80%, 05/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,270 4.10%, 10/15/28 . .................................. 5 4,944 COPT Defense Properties LP 2.00%, 01/15/29 . .................................. 5 4,676 2.75%, 04/15/31 . .................................. 5 4,487 Cousins Properties LP, 5.38%, 02/15/32 . . . . . . . . . . . . . . . 5 4,996 Crown Castle, Inc. 2.10%, 04/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,704 2.50%, 07/15/31 . .................................. 5 4,396 3.30%, 07/01/30 . .................................. 5 4,663 4.30%, 02/15/29 . .................................. 5 4,919 5.10%, 05/01/33 . .................................. 5 4,861 5.80%, 03/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,067 CubeSmart LP, 4.38%, 02/15/29. . . . . . . . . . . . . . . . . . . . . . . 10 9,877 Digital Realty Trust LP, 4.45%, 07/15/28 . . . . . .......... 5 4,965

Schedule of Investments (unaudited) (continued) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

17 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277012

Page 18

Security

Par (000) Value

Real Estate Investment Trusts (continued) Equinix, Inc. 2.15%, 07/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10 $ 8,938 3.20%, 11/18/29 ................................... 5 4,730 3.90%, 04/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,265 5.80%, 08/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,871 ERP Operating LP 2.05%, 01/15/32 ................................... 5 4,313 3.20%, 01/15/28 ................................... 5 4,907 Essential Properties LP, 2.95%, 07/15/31 .............. 5 4,486 Essex Portfolio LP, 3.00%, 01/15/30 . . . . . . . . . . . . . . . . . . . 15 14,062 Extra Space Storage LP 2.55%, 06/01/31 ................................... 5 4,443 3.88%, 12/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 29,716 4.00%, 06/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,744 5.50%, 07/01/30 ................................... 5 5,056 GLP Capital LP/GLP Financing II, Inc. 4.00%, 01/15/30 ................................... 5 4,772 4.00%, 01/15/31 ................................... 5 4,679 5.75%, 06/01/28 ................................... 5 5,044 6.75%, 12/01/33 ................................... 5 5,183 Healthcare Realty Holdings LP, 3.10%, 02/15/30 . . . . . . . 14 13,101 Healthpeak OP LLC, 3.00%, 01/15/30 . . . . . . . . . . . . . . . . . 15 14,046 Highwoods Realty LP 3.05%, 02/15/30 ................................... 5 4,648 4.13%, 03/15/28 ................................... 5 4,929 Host Hotels & Resorts LP Series H, 3.38%, 12/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,220 Series J, 2.90%, 12/15/31 .......................... 5 4,416 Invitation Homes Operating Partnership LP 2.30%, 11/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,464 4.15%, 04/15/32 ................................... 5 4,695 Kilroy Realty LP 3.05%, 02/15/30 ................................... 5 4,594 4.25%, 08/15/29 ................................... 5 4,847 6.25%, 01/15/36 ................................... 5 4,952 Kimco Realty OP LLC, 4.60%, 02/01/33 ................ 5 4,824 LXP Industrial Trust 2.38%, 10/01/31 ................................... 5 4,368 2.70%, 09/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,049 Mid-America Apartments LP 1.70%, 02/15/31 ................................... 5 4,337 3.95%, 03/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,689 National Health Investors, Inc., 3.00%, 02/01/31 ........ 5 4,489 NNN REIT, Inc., 4.30%, 10/15/28 . . . . . . . . . . . . . . . . . . . . . . 15 14,855 Omega Healthcare Investors, Inc., 3.38%, 02/01/31 .... 5 4,595 Piedmont Operating Partnership LP, 3.15%, 08/15/30. . . 5 4,570 Prologis LP 1.25%, 10/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 21,584 4.38%, 02/01/29 ................................... 5 4,959 4.63%, 01/15/33 ................................... 5 4,862 Public Storage Operating Co. 2.25%, 11/09/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,749 3.09%, 09/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 49,352 5.13%, 01/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,166 Rayonier LP, 2.75%, 05/17/31 ......................... 5 4,444 Realty Income Corp. 2.70%, 02/15/32 ................................... 5 4,408 3.25%, 01/15/31 ................................... 5 4,653 3.65%, 01/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,809 4.00%, 07/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,676 Regency Centers LP, 2.95%, 09/15/29 ................. 5 4,728

Security

Par (000) Value

Real Estate Investment Trusts (continued) Rexford Industrial Realty LP, 2.13%, 12/01/30 . . . . . . . . . . $ 10 $ 8 ,795 Sabra Health Care LP 3.20%, 12/01/31 . .................................. 5 4,482 3.90%, 10/15/29 . .................................. 5 4,831 Safehold GL Holdings LLC, 2.80%, 06/15/31 . .......... 5 4,465 Simon Property Group LP 2.20%, 02/01/31 . .................................. 5 4,453 2.25%, 01/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,656 2.45%, 09/13/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18 ,688 Store Capital LLC, 4.50%, 03/15/28 . . . . . . . . . . . . . . . . . . . 10 9,929 Sun Communities Operating LP 2.70%, 07/15/31 . .................................. 5 4,442 4.20%, 04/15/32 . .................................. 5 4,706 Tanger Properties LP, 2.75%, 09/01/31 . . . . . . . . . ....... 5 4,443 UDR, Inc. 2.10%, 08/01/32 . .................................. 5 4,189 3.20%, 01/15/30 . .................................. 5 4,717 Ventas Realty LP, 4.75%, 11/15/30 .................... 5 4,932 VICI Properties LP 4.75%, 02/15/28 . .................................. 5 4,990 4.95%, 02/15/30 . .................................. 5 4,932 5.13%, 05/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,729 Welltower OP LLC 2.75%, 01/15/31 . .................................. 5 4,562 2.80%, 06/01/31 . .................................. 5 4,541 Weyerhaeuser Co. 3.38%, 03/09/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,913 4.00%, 11/15/29 . .................................. 5 4,857 4.00%, 04/15/30 . .................................. 5 4,829 7.38%, 03/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 16 ,487 WP Carey, Inc., 3.85%, 07/15/29 ...................... 5 4,858 798,862 Retail — 0.3% AutoNation, Inc. 3.85%, 03/01/32 . .................................. 5 4,617 4.75%, 06/01/30 . .................................. 5 4,908 AutoZone, Inc. 4.00%, 04/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,495 4.50%, 02/01/28 . .................................. 5 4,986 4.75%, 02/01/33 . .................................. 5 4,849 5.20%, 08/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,785 Best Buy Co., Inc., 1.95%, 10/01/30 . . . . . . . . . . . . . . . . . . . 10 8,849 Costco Wholesale Corp. 1.60%, 04/20/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 17 ,964 1.75%, 04/20/32 . .................................. 5 4,273 Darden Restaurants, Inc., 4.35%, 10/15/27 . . . . . . . . . . . . 10 9,969 Dick's Sporting Goods, Inc., 3.15%, 01/15/32 . . . ....... 5 4,480 Dollar General Corp. 3.50%, 04/03/30 . .................................. 5 4,732 4.13%, 05/01/28 . .................................. 5 4,949 5.00%, 11/01/32 . .................................. 5 4,908 5.45%, 07/05/33 . .................................. 5 5,005 Dollar Tree, Inc., 4.20%, 05/15/28 ..................... 5 4,951 Genuine Parts Co. 1.88%, 11/01/30 . .................................. 5 4,341 2.75%, 02/01/32 . .................................. 5 4,342 Home Depot, Inc. (The) 2.70%, 04/15/30 . .................................. 5 4,654 2.80%, 09/14/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,849 5.88%, 12/16/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15 ,541

Schedule of Investments (unaudited) (continued) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

S CHEDULE OF I NVESTMENTS 18 BNM1026U-6054792-19277012

Page 19

Security

Par (000) Value

Retail (continued) Lowe's Companies, Inc. 1.70%, 10/15/30 ................................... $ 5 $ 4,387 2.63%, 04/01/31 ................................... 5 4,511 3.75%, 04/01/32 ................................... 5 4,655 5.00%, 04/15/33 ................................... 5 4,929 5.15%, 07/01/33 ................................... 5 4,961 McDonald's Corp. 2.13%, 03/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13,698 2.63%, 09/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,420 3.60%, 07/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,584 3.80%, 04/01/28 ................................... 5 4,939 4.60%, 09/09/32 ................................... 5 4,917 4.70%, 12/09/35 ................................... 5 4,773 4.80%, 08/14/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,032 O'Reilly Automotive, Inc. 3.60%, 09/01/27 ................................... 5 4,955 4.20%, 04/01/30 ................................... 5 4,865 4.35%, 06/01/28 ................................... 5 4,966 4.70%, 06/15/32 ................................... 5 4,888 Ross Stores, Inc., 1.88%, 04/15/31 .................... 5 4,364 Starbucks Corp. 2.55%, 11/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,085 3.50%, 03/01/28 ................................... 5 4,918 3.55%, 08/15/29 ................................... 5 4,834 Target Corp. 2.35%, 02/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,228 2.65%, 09/15/30 ................................... 5 4,595 5.00%, 04/15/35 (b) ................................. 5 4,900 TJX Companies, Inc. (The) 1.15%, 05/15/28 ................................... 5 4,723 3.88%, 04/15/30 ................................... 5 4,834 Tractor Supply Co., 5.25%, 05/15/33 (b) ................. 5 4,970 Walmart, Inc. 4.15%, 09/09/32 ................................... 5 4,843 5.25%, 09/01/35 ................................... 5 5,038 7.55%, 02/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 32,822 362,081 Semiconductors — 0.4% Advanced Micro Devices, Inc., 3.92%, 06/01/32 ........ 5 4,694 Analog Devices, Inc., 2.10%, 10/01/31 ................. 5 4,356 Applied Materials, Inc. 4.60%, 01/15/36 ................................... 5 4,714 5.10%, 10/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,798 Broadcom, Inc. 2.60%, 02/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 12,584 3.14%, 11/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 32,194 3.42%, 04/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 26,315 3.47%, 04/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 17,164 4.00%, 04/15/29 ................................... 5 4,893 4.15%, 11/15/30 ................................... 4 3,839 4.30%, 11/15/32 ................................... 5 4,683 4.35%, 02/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,367 4.95%, 01/15/36 ................................... 5 4,654 5.00%, 04/15/30 ................................... 5 4,982 5.05%, 04/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,962 5.20%, 07/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 23,819 Intel Corp. 2.00%, 08/12/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 17,188 4.15%, 08/05/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,397 4.88%, 02/10/28 ................................... 5 5,010 5.30%, 05/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,117

Security

Par (000) Value

Semiconductors (continued) KLA Corp., 4.10%, 03/15/29. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10 $ 9 ,845 Lam Research Corp., 4.00%, 03/15/29 . . . . . . . . . . . . . . . . . 15 14 ,736 Marvell Technology, Inc. 2.95%, 04/15/31 . .................................. 5 4,533 5.75%, 02/15/29 . .................................. 5 5,092 Micron Technology, Inc., 2.70%, 04/15/32 . . . . . . . . . . . . . . 5 4,411 NVIDIA Corp. 2.00%, 06/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,771 2.85%, 04/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,026 4.95%, 06/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 28 ,548 NXP BV/NXP Funding LLC/NXP USA, Inc., 5.25%, 08/19/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,708 QUALCOMM, Inc. 1.30%, 05/20/28 . .................................. 5 4,736 1.65%, 05/20/32 . .................................. 5 4,175 2.15%, 05/20/30 . .................................. 5 4,541 4.65%, 05/20/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 28 ,643 Skyworks Solutions, Inc., 3.00%, 06/01/31 . . . .......... 5 4,457 Texas Instruments, Inc. 1.75%, 05/04/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 17 ,926 3.65%, 08/16/32 . .................................. 5 4,670 422,548 Shipbuilding — 0.0% Huntington Ingalls Industries, Inc., 3.48%, 12/01/27 . . . . 15 14,771

Software — 0.4% Adobe, Inc. 2.30%, 02/01/30 . .................................. 5 4,596 4.75%, 01/17/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,033 Autodesk, Inc., 2.85%, 01/15/30 . . . . . . . . . . . . . . . . . . . . . . . 10 9,336 Concentrix Corp., 6.60%, 08/02/28 . . . . . . . . . . . . ........ 5 5,053 Fidelity National Information Services, Inc., 5.10%, 07/15/32 ........................................... 5 4,925 Fiserv, Inc. 3.50%, 07/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,369 5.15%, 08/12/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,260 5.25%, 08/11/35 . .................................. 5 4,764 5.35%, 03/15/31 . .................................. 5 4,982 Intuit, Inc., 1.65%, 07/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,820 Microsoft Corp. 1.35%, 09/15/30 . .................................. 5 4,407 3.45%, 08/08/36 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 20 ,918 Oracle Corp. 2.30%, 03/25/28 . .................................. 5 4,785 2.88%, 03/25/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 21 ,897 3.25%, 05/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,116 4.20%, 09/27/29 . .................................. 5 4,808 4.30%, 07/08/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 21 ,591 4.80%, 08/03/28 . .................................. 5 4,965 5.20%, 09/26/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 17 ,932 5.25%, 02/03/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,398 5.50%, 08/03/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,171 5.70%, 02/04/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 41 ,608 6.25%, 11/09/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,968 Paychex, Inc., 5.10%, 04/15/30 . . . . . . . . . . . . . . . . . . . . . . . . 15 15 ,006 Roper Technologies, Inc. 1.75%, 02/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4,311 2.95%, 09/15/29 . .................................. 5 4,723 5.10%, 09/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,525 Salesforce, Inc. 1.95%, 07/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,646

Schedule of Investments (unaudited) (continued) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

19 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277012

Page 20

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Par (000) Value

Software (continued) 5.55%, 03/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20 $ 19,642 ServiceNow, Inc., 1.40%, 09/01/30 . . . . . . . . . . . . . . . . . . . . 20 17,414 Synopsys, Inc., 5.15%, 04/01/35 . . . . . . . . . . . . . . . . . . . . . . . 25 24,277 Take-Two Interactive Software, Inc., 4.00%, 04/14/32. . . 5 4,691 VMware LLC 1.80%, 08/15/28 ................................... 5 4,732 2.20%, 08/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,667 388,336 Telecommunications — 0.6% America Movil SAB de CV, 6.38%, 03/01/35 . . . . . . . . . . . . 10 10,585 AT&T, Inc. 1.65%, 02/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19,176 2.25%, 02/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,608 4.35%, 03/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,835 4.50%, 05/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18,375 4.55%, 11/01/32 ................................... 5 4,802 4.90%, 11/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,156 5.13%, 04/30/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,290 British Telecommunications Ltd., 9.63%, 12/15/30 . . . . . . 15 17,498 Cisco Systems, Inc., 5.05%, 02/26/34 . . . . . . . . . . . . . . . . . . 25 24,711 Deutsche Telekom International Finance BV, 8.25%, 06/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 44,307 Juniper Networks, Inc., 3.75%, 08/15/29 . . . . . . . . . . . . . . . 10 9,637 Motorola Solutions, Inc. 2.75%, 05/24/31 ................................... 5 4,496 4.60%, 02/23/28 ................................... 5 4,994 4.60%, 05/23/29 ................................... 5 4,964 5.60%, 06/01/32 ................................... 5 5,077 Orange SA, 9.00%, 03/01/31 .......................... 5 5,741 Rogers Communications, Inc. 3.80%, 03/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,189 5.00%, 02/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,992 Sprint Capital Corp. 6.88%, 11/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 36,476 8.75%, 03/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 1 1,593 Telefonica Emisiones SA, 7.05%, 06/20/36 . . . . . . . . . . . . . 40 43,072 TELUS Corp., 3.40%, 05/13/32 ........................ 5 4,489 T-Mobile USA, Inc. 2.05%, 02/15/28 ................................... 5 4,819 2.25%, 11/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 26,003 2.63%, 02/15/29 ................................... 5 4,744 3.38%, 04/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19,278 3.50%, 04/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 23,283 3.88%, 04/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19,229 5.00%, 02/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14,262 6.70%, 12/15/33 ................................... 5 5,357 Verizon Communications, Inc. 2.36%, 03/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 17,299 2.55%, 03/21/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 39,591 4.40%, 11/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18,552 4.50%, 08/10/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18,982 5.05%, 05/09/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,880 5.25%, 04/02/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,382 5.85%, 09/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,234 6.40%, 09/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 21,104 628,062

Security

Par (000) Value

Toys, Games & Hobbies — 0.0% Hasbro, Inc. 3.50%, 09/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20 $ 19,797 3.90%, 11/19/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,502 34,299 Transportation — 0.4% Canadian National Railway Co. 3.85%, 08/05/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,410 6.20%, 06/01/36 . .................................. 5 5,316 6.25%, 08/01/34 . .................................. 5 5,343 6.90%, 07/15/28 . .................................. 5 5,205 Canadian Pacific Railway Co. 2.05%, 03/05/30 . .................................. 5 4,547 2.45%, 12/02/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 ,192 2.88%, 11/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,417 4.00%, 06/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,840 4.80%, 09/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,420 CSX Corp. 2.40%, 02/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,247 4.10%, 11/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,061 Federal Express Corp. Pass-Through Trusts, Series 2020-1, Class AA, 1.88%, 08/20/35 . . . . . . . . . . . . . . . . . 10 8,633 FedEx Corp. 3.10%, 08/05/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,511 4.25%, 05/15/30 . .................................. 5 4,873 Fedex Freight Holding Co., Inc. 4.65%, 03/15/31 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24 ,304 4.95%, 03/15/33 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,595 GXO Logistics, Inc., 2.65%, 07/15/31 . ................. 5 4,415 Kirby Corp., 4.20%, 03/01/28 . . . . . ..................... 5 4,953 Norfolk Southern Corp. 2.55%, 11/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,021 3.00%, 03/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,048 3.80%, 08/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,780 4.45%, 03/01/33 . .................................. 5 4,823 Ryder System, Inc. 5.25%, 06/01/28 . .................................. 5 5,040 5.65%, 03/01/28 . .................................. 5 5,065 Union Pacific Corp. 2.80%, 02/14/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 ,469 2.89%, 04/06/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 16 ,468 3.38%, 02/01/35 . .................................. 5 4,366 3.70%, 03/01/29 . .................................. 5 4,889 3.95%, 09/10/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,764 4.50%, 01/20/33 . .................................. 5 4,881 6.63%, 02/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15 ,692 United Parcel Service, Inc. 2.50%, 09/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,388 3.40%, 03/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,699 4.45%, 04/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,905 4.88%, 03/03/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,972 5.25%, 05/14/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,013 Walmart, Inc., 3.95%, 09/09/27 . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,954 372,519 Trucking & Leasing — 0.0% GATX Corp. 3.50%, 06/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,136 6.05%, 03/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20 ,594 29,730

Schedule of Investments (unaudited) (continued) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

S CHEDULE OF I NVESTMENTS 20 BNM1026U-6054792-19277012

Page 21

Security

Par (000) Value

Water — 0.1% American Water Capital Corp. 2.30%, 06/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25 $ 22,121 2.95%, 09/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,661 3.45%, 06/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,657 Essential Utilities, Inc., 3.57%, 05/01/29 . . . . . . . . . . . . . . . 15 14,491 United Utilities PLC, 6.88%, 08/15/28 . . . . . . . . . . . . . . . . . . 20 20,715 91,645

Total Corporate Bonds & Notes — 20.3% (Cost: $22,139,630) .............................................. 21,785,784

Foreign Government Obligations (e)

Canada — 0.3% Canada Government International Bonds, 3.75%, 04/26/28 ........................................... 5 4,953 Hydro-Quebec, Series HK, 9.38%, 04/15/30 . . . . . . . . . . . 10 1 1,494 Province of Alberta Canada, 1.30%, 07/22/30 . . . . . . . . . . 10 8,854 Province of British Columbia Canada 1.30%, 01/29/31 ................................... 5 4,343 4.75%, 06/12/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 29,699 4.90%, 04/24/29 ................................... 5 5,048 7.25%, 09/01/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 17,382 Province of Manitoba Canada, 4.90%, 05/31/34 ........ 5 4,994 Province of Ontario Canada 1.13%, 10/07/30 ................................... 5 4,364 1.60%, 02/25/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,801 2.00%, 10/02/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 23,211 4.20%, 01/18/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 69,566 4.70%, 01/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 35,184 5.05%, 04/24/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 25,306 Province of Quebec Canada 1.35%, 05/28/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,907 4.25%, 09/05/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 28,718 290,824 Chile — 0.1% Chile Government International Bonds, 4.95%, 01/05/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 144,978

Indonesia — 0.2% Indonesia Government International Bonds 4.35%, 02/21/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,743 4.45%, 04/15/70 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 1 1,105 4.65%, 09/20/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 145,302 166,150 Israel — 0.3% Israel Government International Bonds 4.50%, 01/17/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 142,721 5.38%, 03/12/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 201,768 344,489 Italy — 0.2% Republic of Italy Government International Bonds, 2.88%, 10/17/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 189,584

Mexico — 0.3% Mexico Government International Bonds 4.88%, 05/19/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 187,975 5.63%, 02/09/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,301 6.00%, 05/07/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 48,909 6.75%, 09/27/34 ................................... 5 5,202

Security

Par (000) Value

Mexico (continued) 7.50%, 04/08/33 . .................................. $ 5 $ 5 ,553 271,940 Panama — 0.0% Panama Government International Bonds, 6.70%, 01/26/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,539

Peru — 0.0% Peruvian Government International Bonds 2.78%, 01/23/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,149 2.84%, 06/20/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,353 3.00%, 01/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,504 8.75%, 11/21/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 13 ,091 40,097 Philippines — 0.1% Philippines Government International Bonds 2.95%, 05/05/45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 97 ,793 5.00%, 01/27/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,410 112,203 Poland — 0.1% Republic of Poland Government International Bonds 4.88%, 10/04/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 55 ,669 5.13%, 09/18/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 44 ,248 5.38%, 04/14/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24 ,606 5.50%, 03/18/54 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,936 5.75%, 11/16/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 30 ,927 164,386 South Korea — 0.2% Export-Import Bank of Korea, 5.00%, 01/11/28 . . . . . . . . . 200 201,268

Supranational — 1.6% African Development Bank 3.50%, 09/18/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 48 ,659 3.63%, 03/03/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,640 3.88%, 06/12/28 . .................................. 5 4,958 4.00%, 03/18/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 34 ,465 4.13%, 01/22/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19 ,025 4.38%, 11/03/27 . .................................. 6 6,001 Asian Development Bank 0.75%, 10/08/30 . .................................. 5 4,307 1.88%, 01/24/30 . .................................. 5 4,598 3.63%, 08/28/29 . .................................. 5 4,889 3.88%, 06/14/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,567 4.00%, 01/12/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 14 ,506 4.13%, 05/30/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,880 4.13%, 01/12/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 29 ,005 4.25%, 01/14/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24 ,079 4.38%, 01/14/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 ,005 4.38%, 03/06/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,992 4.38%, 03/22/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 43 ,956 5.82%, 06/16/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5,111 Asian Infrastructure Investment Bank (The) 3.75%, 09/14/27 . .................................. 5 4,973 4.50%, 01/16/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 35 ,048 4.50%, 05/21/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,845 Corp. Andina de Fomento 5.00%, 01/24/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15 ,142 5.00%, 01/22/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15 ,156 Council of Europe Development Bank 4.13%, 01/24/29 . .................................. 5 4,966 4.50%, 01/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20 ,029

Schedule of Investments (unaudited) (continued) August 31, 2026

iShares Government/Credit Bond ETF (Percentages shown are based on Net Assets)

21 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277012

Page 22

Security

Par (000) Value

Supranational (continued) European Bank for Reconstruction & Development, 4.25%, 03/13/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15 $ 14,587 European Investment Bank 0.75%, 09/23/30 ................................... 5 4,316 1.63%, 05/13/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8,791 3.63%, 07/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 48,497 3.75%, 05/15/29 ................................... 5 4,915 3.75%, 02/14/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190 181,087 3.88%, 06/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 49,582 4.13%, 02/13/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 48,332 4.88%, 02/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,096 Inter-American Development Bank 1.13%, 07/20/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 40,508 1.13%, 01/13/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 26,027 2.25%, 06/18/29 ................................... 5 4,717 3.50%, 04/12/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 42,142 4.00%, 01/12/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,886 4.13%, 02/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,933 4.13%, 01/23/36 ................................... 5 4,759 4.50%, 02/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 50,067 Inter-American Investment Corp. 3.63%, 11/20/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 9,835 4.75%, 09/19/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,065 International Bank for Reconstruction & Development 0.88%, 05/14/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 43,931 1.25%, 02/10/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 21,758 1.38%, 04/20/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 47,672 1.63%, 11/03/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 56,345 2.50%, 11/22/27 ................................... 5 4,892 2.50%, 03/29/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 35,961 3.50%, 07/12/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,618 3.50%, 10/28/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 105,901 3.63%, 05/05/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 64,243 3.63%, 09/21/29 ................................... 5 4,886 3.88%, 02/14/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19,631 3.88%, 08/28/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 47,289 4.00%, 07/25/30 ................................... 5 4,915 4.00%, 01/10/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 19,606 4.00%, 05/06/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 43,709 4.13%, 03/20/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 59,342 4.50%, 04/10/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 29,989 4.63%, 01/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 55,167 4.75%, 11/14/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20,122 International Finance Corp., 0.75%, 08/27/30 (b) . . . . . . . . 10 8,655 1,709,576 Uruguay — 0.0% Uruguay Government International Bonds, 5.75%,

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