BlackRock Funds
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-05742
Name of Fund:
BlackRock FundsSM
iShares Enhanced Roll Yield Index Fund
iShares U.S. Intermediate Credit Bond Index Fund
iShares U.S. Intermediate Government Bond Index Fund
iShares U.S. Long Credit Bond Index Fund
iShares U.S. Long Government Bond Index Fund
iShares U.S. Securitized Bond Index Fund
Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock FundsSM, 50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code:
(800) 441-7762
Date of fiscal year end:
10/31/2025
Date of reporting period:
4/30/2025
Item 1 — Report to Stockholders
(a) The Report to Shareholders is attached herewith
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iShares Enhanced Roll Yield Index Fund
BERYX
Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about iShares Enhanced Roll Yield Index Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the period ?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares Enhanced Roll Yield Index Fund $0(a)(b) 0.00%(c)(d)
​(a)
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.
​(b)
Rounds to less than $1.
​(c)
Annualized.
​(d)
Rounds to less than 0.01%.
Key Fund statistics
Net Assets $361,170,731
Number of Portfolio Holdings 177
Portfolio Turnover Rate 0%
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
U.S. Treasury Obligations 67.7 %
Certificates of Deposit 19.5 %
Commercial Paper 5.2 %
Money Market Funds 2.5 %
Futures contracts, net cumulative depreciation (1.6)
Other Assets Less Liabilities 6.7
Ten largest holdings
Security Percent of
Net Assets
U.S. Treasury Bills, 4.30%, 05/06/25 5.5 %
U.S. Treasury Bills, 4.46%, 05/29/25 5.5 %
U.S. Treasury Bills, 4.14%, 01/22/26 5.4 %
U.S. Treasury Bills, 4.41%, 05/08/25 4.1 %
U.S. Treasury Bills, 4.36%, 05/01/25 2.8 %
U.S. Treasury Bills, 4.33%, 05/15/25 2.8 %
U.S. Treasury Bills, 4.32%, 05/27/25 2.8 %
U.S. Treasury Bills, 4.32%, 06/12/25 2.8 %
U.S. Treasury Bills, 4.33%, 08/07/25 2.7 %
U.S. Treasury Bills, 4.36%, 08/21/25 2.7 %
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and their respective affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares Enhanced Roll Yield Index Fund
BERYX
Semi-Annual Shareholder Report — April 30, 2025
BERYX-04/25-SAR
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iShares U.S. Intermediate Credit Bond Index Fund
BICBX
Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about iShares U.S. Intermediate Credit Bond Index Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares U.S. Intermediate Credit Bond Index Fund $0(a) 0.00%(b)(c)
​(a)
Rounds to less than $1.
​(b)
Annualized.
​(c)
Rounds to less than 0.01%.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
iShares U.S. Intermediate Credit Bond Index Fund 3.07 % 8.36 % 4.15 %
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 1.87
Bloomberg U.S. Intermediate Credit Index 3.08 8.36 4.09
Key Fund statistics
Net Assets $3,279,968,397
Number of Portfolio Holdings 5,459
Portfolio Turnover Rate 18%
The Fund commenced operations on May 20, 2022.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Investment Type Percent of Total
Investments(a)
Corporate Bonds 89.8 %
Foreign Agency Obligations 9.7 %
Municipal Bonds 0.5 %
Capital Trust — %(b)
​(a)
Excludes short-term securities.
​(b)
Rounds to less than 0.1%.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares U.S. Intermediate Credit Bond Index Fund
BICBX
Semi-Annual Shareholder Report — April 30, 2025
BICBX-04/25-SAR
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iShares U.S. Intermediate Government Bond Index Fund
BIGBX
Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about iShares U.S. Intermediate Government Bond Index Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares U.S. Intermediate Government Bond Index Fund $0(a) 0.00%(b)(c)
​(a)
Rounds to less than $1.
​(b)
Annualized.
​(c)
Rounds to less than 0.01%.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
iShares U.S. Intermediate Government Bond Index Fund 3.58 % 7.94 % 2.58 %
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 1.87
Bloomberg U.S. Government: Intermediate Index 3.52 7.94 2.52
Key Fund statistics
Net Assets $6,502,479,906
Number of Portfolio Holdings 213
Portfolio Turnover Rate 23%
The Fund commenced operations on May 20, 2022.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Investment Type Percent of Total
Investments(a)
U.S. Treasury Obligations 98.5 %
U.S. Government Sponsored Agency Securities 1.4 %
Corporate Bonds 0.1 %
​(a)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK Retail Logo Footer
iShares U.S. Intermediate Government Bond Index Fund
BIGBX
Semi-Annual Shareholder Report — April 30, 2025
BIGBX-04/25-SAR
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iShares U.S. Long Credit Bond Index Fund
BLCBX
Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about iShares U.S. Long Credit Bond Index Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares U.S. Long Credit Bond Index Fund $0(a) 0.00%(b)(c)
​(a)
Rounds to less than $1.
​(b)
Annualized.
​(c)
Rounds to less than 0.01%.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
iShares U.S. Long Credit Bond Index Fund (1.08 )% 5.87 % 1.10 %
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 1.87
Bloomberg U.S. Long Credit Index (0.99 ) 6.02 1.12
Key Fund statistics
Net Assets $2,171,099,256
Number of Portfolio Holdings 3,253
Portfolio Turnover Rate 15%
The Fund commenced operations on May 20, 2022.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Investment Type Percent of Total
Investments(a)
Corporate Bonds 90.2 %
Foreign Agency Obligations 5.4 %
Municipal Bonds 4.4 %
Capital Trust — %(b)
​(a)
Excludes short-term securities.
​(b)
Rounds to less than 0.1%.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK Retail Logo Footer
iShares U.S. Long Credit Bond Index Fund
BLCBX
Semi-Annual Shareholder Report — April 30, 2025
BLCBX-04/25-SAR
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iShares U.S. Long Government Bond Index Fund
BLGBX
Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about iShares U.S. Long Government Bond Index Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares U.S. Long Government Bond Index Fund $0(a) 0.00%(b)(c)
​(a)
Rounds to less than $1.
​(b)
Annualized.
​(c)
Rounds to less than 0.01%.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
iShares U.S. Long Government Bond Index Fund (0.18 )% 6.58 % (4.46 )%
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 1.87
Bloomberg U.S. Government: Long Index (0.18 ) 6.67 (4.54 )
Key Fund statistics
Net Assets $2,696,393,127
Number of Portfolio Holdings 97
Portfolio Turnover Rate 21%
The Fund commenced operations on May 20, 2022.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Investment Type Percent of Total
Investments(a)
U.S. Treasury Obligations 99.1 %
U.S. Government Sponsored Agency Securities 0.9 %
​(a)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares U.S. Long Government Bond Index Fund
BLGBX
Semi-Annual Shareholder Report — April 30, 2025
BLGBX-04/25-SAR
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iShares U.S. Securitized Bond Index Fund
BISBX
Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about iShares U.S. Securitized Bond Index Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares U.S. Securitized Bond Index Fund $0(a) 0.00%(b)(c)
​(a)
Rounds to less than $1.
​(b)
Annualized.
​(c)
Rounds to less than 0.01%.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
iShares U.S. Securitized Bond Index Fund 3.03 % 9.04 % 1.74 %
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 1.87
Bloomberg U.S. Securitized: MBS, ABS, and CMBS Index 3.05 8.98 1.73
Key Fund statistics
Net Assets $5,369,913,998
Number of Portfolio Holdings 1,776
Portfolio Turnover Rate 132%
The Fund commenced operations on May 20, 2022.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Investment Type Percent of Total
Investments(a)
U.S. Government Sponsored Agency Securities 95.6 %
Non-Agency Mortgage-Backed Securities 2.7 %
Asset-Backed Securities 1.6 %
Corporate Bonds 0.1 %
​(a)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares U.S. Securitized Bond Index Fund
BISBX
Semi-Annual Shareholder Report — April 30, 2025
BISBX-04/25-SAR

(b) Not Applicable

 

Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

 

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

 

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

 

Item 5 –

Audit Committee of Listed Registrant – Not Applicable

 

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statement and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

 

Item 7 –

Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

 

 
April 30, 2025 
2025 Semi-Annual Financial
Statements and Additional
Information (Unaudited)
 
BlackRock FundsSM
• iShares U.S. Intermediate Credit Bond Index Fund
• iShares U.S. Intermediate Government Bond Index Fund
• iShares U.S. Long Credit Bond Index Fund
• iShares U.S. Long Government Bond Index Fund
• iShares U.S. Securitized Bond Index Fund
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Table of Contents 
Page
 
3
4
104
106
108
111
116
126
128
2
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
 
Derivative Financial Instruments
3
Schedule of Investments (unaudited)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Corporate Bonds
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.
 
4.65%, 10/01/28
$
326
$ 327,331
4.75%, 03/30/30(a)
 
529
529,581
2.40%, 03/01/31
 
185
161,858
5.38%, 06/15/33
 
138
137,864
Omnicom Group, Inc.
 
2.45%, 04/30/30
 
455
408,083
4.20%, 06/01/30
 
350
341,880
2.60%, 08/01/31
 
583
510,170
5.30%, 11/01/34(a)
 
375
373,277
 
 
2,790,044
Aerospace & Defense — 1.4%
Boeing Co.
 
3.10%, 05/01/26
 
329
323,615
2.25%, 06/15/26
 
250
242,885
2.70%, 02/01/27
 
550
531,348
2.80%, 03/01/27
 
129
124,353
5.04%, 05/01/27
 
1,359
1,368,043
6.26%, 05/01/27
 
475
489,345
3.25%, 02/01/28
 
632
608,522
3.25%, 03/01/28
 
300
287,345
3.45%, 11/01/28
 
400
382,239
3.20%, 03/01/29
 
625
590,015
6.30%, 05/01/29
 
1,090
1,147,049
2.95%, 02/01/30
 
470
430,400
5.15%, 05/01/30
 
2,515
2,538,887
3.63%, 02/01/31
 
875
817,612
6.39%, 05/01/31
 
645
688,266
6.13%, 02/15/33(a)
 
200
207,252
3.60%, 05/01/34
 
514
442,028
6.53%, 05/01/34
 
1,540
1,657,590
3.25%, 02/01/35
 
570
469,039
Embraer Netherlands Finance BV, 5.98%, 02/11/35(a)
 
450
457,536
GE Capital Funding LLC, 4.55%, 05/15/32
 
250
245,999
General Dynamics Corp.
 
1.15%, 06/01/26
 
362
350,751
2.13%, 08/15/26
 
413
402,796
3.50%, 04/01/27(a)
 
100
99,207
2.63%, 11/15/27
 
350
338,045
3.75%, 05/15/28
 
687
680,619
3.63%, 04/01/30
 
688
667,362
2.25%, 06/01/31(a)
 
279
245,920
08/15/35(b)
 
170
170,472
General Electric Co., 6.75%, 03/15/32
 
717
802,664
HEICO Corp.
 
5.25%, 08/01/28
 
276
281,588
5.35%, 08/01/33
 
380
384,379
Howmet Aerospace, Inc.
 
5.90%, 02/01/27(a)
 
287
294,194
6.75%, 01/15/28
 
251
264,280
3.00%, 01/15/29
 
576
547,780
4.85%, 10/15/31
 
312
313,904
Huntington Ingalls Industries, Inc.
 
3.48%, 12/01/27
 
350
339,808
2.04%, 08/16/28
 
329
302,583
5.35%, 01/15/30
 
350
356,881
4.20%, 05/01/30
 
274
264,587
5.75%, 01/15/35(a)
 
250
254,785
Security
 
Par
(000)
Value
Aerospace & Defense (continued)
L3Harris Technologies, Inc.
 
3.85%, 12/15/26
$
398
$ 394,073
5.40%, 01/15/27
 
930
944,482
4.40%, 06/15/28
 
963
960,275
5.05%, 06/01/29
 
651
660,891
2.90%, 12/15/29
 
233
215,601
1.80%, 01/15/31
 
542
461,048
5.25%, 06/01/31(a)
 
650
664,124
5.40%, 07/31/33
 
1,016
1,030,189
5.35%, 06/01/34
 
651
657,349
Lockheed Martin Corp.
 
5.10%, 11/15/27(a)
 
420
431,401
4.45%, 05/15/28
 
294
296,936
4.50%, 02/15/29
 
242
244,359
1.85%, 06/15/30
 
316
279,313
4.70%, 12/15/31
 
479
482,996
3.90%, 06/15/32
 
632
602,619
5.25%, 01/15/33
 
800
826,037
4.75%, 02/15/34
 
500
493,473
4.80%, 08/15/34
 
300
296,946
3.60%, 03/01/35
 
382
340,946
Northrop Grumman Corp.
 
3.20%, 02/01/27
 
400
392,856
3.25%, 01/15/28
 
955
929,419
4.60%, 02/01/29
 
325
328,561
4.40%, 05/01/30
 
573
570,064
4.70%, 03/15/33
 
778
769,565
4.90%, 06/01/34
 
682
676,622
RTX Corp.
 
2.65%, 11/01/26
 
500
488,048
5.75%, 11/08/26
 
1,022
1,041,734
3.50%, 03/15/27
 
829
816,923
3.13%, 05/04/27
 
899
878,675
4.13%, 11/16/28
 
1,621
1,608,041
5.75%, 01/15/29
 
410
428,436
2.25%, 07/01/30
 
873
781,575
6.00%, 03/15/31
 
830
887,064
1.90%, 09/01/31
 
829
700,085
2.38%, 03/15/32
 
873
748,934
5.15%, 02/27/33
 
420
424,536
6.10%, 03/15/34(a)
 
1,227
1,319,067
 
 
45,485,236
Automobile Components — 0.1%
Aptiv Swiss Holdings Ltd.
 
4.35%, 03/15/29
 
100
97,921
4.65%, 09/13/29
 
400
394,474
3.25%, 03/01/32(a)
 
488
423,885
5.15%, 09/13/34
 
400
374,068
BorgWarner, Inc.(a)
 
2.65%, 07/01/27
 
749
720,276
4.95%, 08/15/29
 
345
346,200
5.40%, 08/15/34
 
165
163,246
Lear Corp.
 
3.80%, 09/15/27
 
350
341,013
4.25%, 05/15/29
 
129
125,470
3.50%, 05/30/30(a)
 
254
236,091
2.60%, 01/15/32
 
209
176,594
Magna International, Inc.
 
5.05%, 03/14/29(a)
 
180
182,402
4
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Automobile Components (continued)
Magna International, Inc. (continued)
 
2.45%, 06/15/30
$
455
$ 405,099
5.50%, 03/21/33(a)
 
280
281,662
 
 
4,268,401
Automobiles — 2.6%
American Honda Finance Corp.
 
5.25%, 07/07/26
 
550
555,421
1.30%, 09/09/26
 
329
315,723
2.30%, 09/09/26
 
252
245,063
4.40%, 10/05/26
 
325
324,860
2.35%, 01/08/27
 
413
400,136
4.90%, 03/12/27
 
275
277,947
4.90%, 07/09/27(a)
 
300
303,514
4.45%, 10/22/27
 
425
426,640
4.70%, 01/12/28
 
400
403,493
3.50%, 02/15/28
 
252
246,315
4.55%, 03/03/28
 
300
301,680
2.00%, 03/24/28
 
447
418,729
5.13%, 07/07/28
 
400
408,527
5.65%, 11/15/28(a)
 
750
779,484
2.25%, 01/12/29
 
413
380,924
4.90%, 03/13/29(a)
 
537
544,192
4.40%, 09/05/29
 
525
521,789
4.80%, 03/05/30(a)
 
300
302,395
4.60%, 04/17/30(a)
 
520
519,257
5.85%, 10/04/30(a)
 
250
263,998
1.80%, 01/13/31
 
300
255,181
5.05%, 07/10/31
 
650
660,224
4.85%, 10/23/31
 
425
424,057
4.90%, 01/10/34(a)
 
511
501,652
5.20%, 03/05/35(a)
 
250
249,421
AutoNation, Inc.
 
3.80%, 11/15/27
 
200
194,525
1.95%, 08/01/28
 
136
124,136
4.75%, 06/01/30(a)
 
529
518,927
2.40%, 08/01/31
 
362
303,461
3.85%, 03/01/32
 
400
359,375
5.89%, 03/15/35
 
325
321,115
Cummins, Inc.
 
4.90%, 02/20/29
 
262
267,653
1.50%, 09/01/30
 
216
186,869
5.15%, 02/20/34(a)
 
443
449,191
Ford Motor Co.
 
4.35%, 12/08/26
 
794
778,795
6.63%, 10/01/28
 
283
292,596
7.45%, 07/16/31
 
600
632,837
3.25%, 02/12/32
 
1,600
1,307,836
6.10%, 08/19/32
 
1,100
1,055,218
Ford Motor Credit Co. LLC
 
6.95%, 06/10/26
 
600
605,333
4.54%, 08/01/26
 
500
491,512
2.70%, 08/10/26
 
800
768,030
5.13%, 11/05/26
 
600
593,977
4.27%, 01/09/27
 
600
582,744
5.80%, 03/05/27
 
985
979,747
5.85%, 05/17/27
 
800
796,141
4.95%, 05/28/27
 
1,000
978,232
4.13%, 08/17/27
 
950
910,978
3.82%, 11/02/27
 
400
378,738
7.35%, 11/04/27
 
900
924,998
2.90%, 02/16/28
 
400
366,304
Security
 
Par
(000)
Value
Automobiles (continued)
Ford Motor Credit Co. LLC (continued)
 
5.92%, 03/20/28
$
400
$ 397,484
6.80%, 05/12/28
 
1,000
1,015,049
6.80%, 11/07/28
 
860
877,112
2.90%, 02/10/29
 
400
355,749
5.80%, 03/08/29
 
1,000
981,751
5.11%, 05/03/29
 
900
862,987
5.30%, 09/06/29
 
400
385,486
5.88%, 11/07/29
 
400
393,379
7.35%, 03/06/30
 
600
620,682
7.20%, 06/10/30
 
500
515,206
4.00%, 11/13/30
 
1,300
1,156,989
6.05%, 03/05/31
 
700
683,598
3.63%, 06/17/31
 
600
513,474
6.05%, 11/05/31
 
600
581,489
6.53%, 03/19/32
 
200
197,999
7.12%, 11/07/33
 
945
951,676
6.13%, 03/08/34
 
1,050
991,442
6.50%, 02/07/35(a)
 
800
773,932
General Motors Co.
 
4.20%, 10/01/27
 
487
478,587
6.80%, 10/01/27
 
696
723,180
5.00%, 10/01/28
 
440
440,490
5.40%, 10/15/29
 
665
670,385
5.60%, 10/15/32(a)
 
850
842,794
General Motors Financial Co., Inc.
 
1.50%, 06/10/26
 
829
798,461
4.00%, 10/06/26
 
440
434,704
4.35%, 01/17/27
 
735
728,475
2.35%, 02/26/27
 
429
409,745
5.00%, 04/09/27
 
800
800,746
5.40%, 05/08/27
 
764
771,728
5.35%, 07/15/27
 
735
742,717
2.70%, 08/20/27
 
585
556,132
3.85%, 01/05/28
 
284
275,556
6.00%, 01/09/28
 
588
602,481
5.05%, 04/04/28
 
500
501,457
2.40%, 04/10/28
 
630
585,459
5.80%, 06/23/28
 
765
780,629
2.40%, 10/15/28
 
802
734,959
5.80%, 01/07/29
 
1,032
1,054,371
5.65%, 01/17/29
 
463
468,814
4.30%, 04/06/29
 
650
628,142
5.55%, 07/15/29
 
913
920,890
4.90%, 10/06/29(a)
 
1,125
1,106,807
5.35%, 01/07/30
 
695
697,159
5.85%, 04/06/30
 
765
778,200
3.60%, 06/21/30
 
735
676,342
2.35%, 01/08/31
 
350
297,370
5.75%, 02/08/31
 
636
641,953
2.70%, 06/10/31
 
588
504,138
5.60%, 06/18/31
 
668
669,883
3.10%, 01/12/32
 
934
800,852
5.63%, 04/04/32
 
250
248,606
6.40%, 01/09/33
 
550
567,102
6.10%, 01/07/34
 
768
772,849
5.95%, 04/04/34(a)
 
620
617,387
5.45%, 09/06/34
 
225
215,960
5.90%, 01/07/35(a)
 
475
471,067
Honda Motor Co. Ltd.
 
2.53%, 03/10/27
 
516
499,985
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Automobiles (continued)
Honda Motor Co. Ltd. (continued)
 
2.97%, 03/10/32(a)
$
537
$ 476,385
Mercedes-Benz Finance North America LLC, 8.50%,
01/18/31
 
1,097
1,293,339
PACCAR Financial Corp.
 
1.10%, 05/11/26
 
212
205,296
5.05%, 08/10/26
 
300
303,575
5.20%, 11/09/26
 
375
381,394
2.00%, 02/04/27(a)
 
225
217,138
5.00%, 05/13/27
 
250
254,806
4.45%, 08/06/27
 
325
328,470
4.60%, 01/10/28(a)
 
200
202,977
4.55%, 03/03/28
 
325
329,418
4.60%, 01/31/29
 
525
531,356
4.00%, 09/26/29
 
200
197,913
5.00%, 03/22/34
 
175
176,430
Series R, 4.50%, 11/25/26(a)
 
215
216,688
Toyota Motor Corp.
 
5.28%, 07/13/26
 
160
161,876
5.12%, 07/13/28
 
200
205,042
3.67%, 07/20/28
 
278
275,381
2.76%, 07/02/29
 
120
113,185
2.36%, 03/25/31
 
413
365,947
5.12%, 07/13/33(a)
 
175
179,149
Toyota Motor Credit Corp.
 
5.20%, 05/15/26
 
250
252,433
4.45%, 05/18/26
 
880
881,906
1.13%, 06/18/26
 
712
688,209
4.55%, 08/07/26(a)
 
535
537,203
5.00%, 08/14/26
 
400
403,750
5.40%, 11/20/26(a)
 
440
447,797
4.60%, 01/08/27(a)
 
275
277,266
3.20%, 01/11/27
 
500
492,389
1.90%, 01/13/27
 
515
496,149
3.05%, 03/22/27
 
829
812,532
1.15%, 08/13/27
 
150
140,365
4.55%, 09/20/27
 
500
504,223
4.35%, 10/08/27
 
892
895,623
5.45%, 11/10/27
 
450
463,661
3.05%, 01/11/28
 
278
270,141
4.63%, 01/12/28
 
300
303,277
1.90%, 04/06/28
 
411
385,523
5.25%, 09/11/28
 
416
428,966
4.65%, 01/05/29
 
607
613,329
3.65%, 01/08/29
 
179
174,703
5.05%, 05/16/29
 
712
729,726
4.45%, 06/29/29
 
306
306,919
4.55%, 08/09/29
 
675
679,611
4.95%, 01/09/30(a)
 
275
280,819
2.15%, 02/13/30
 
413
372,507
3.38%, 04/01/30
 
529
503,349
4.55%, 05/17/30
 
380
380,949
5.55%, 11/20/30
 
614
644,767
1.65%, 01/10/31(a)
 
206
176,807
5.10%, 03/21/31
 
575
588,649
1.90%, 09/12/31
 
379
321,580
4.60%, 10/10/31
 
400
398,569
2.40%, 01/13/32
 
750
648,798
4.70%, 01/12/33
 
178
176,950
4.80%, 01/05/34
 
479
475,806
Security
 
Par
(000)
Value
Automobiles (continued)
Toyota Motor Credit Corp. (continued)
 
5.35%, 01/09/35(a)
$
535
$ 548,428
Series B, 5.00%, 03/19/27
 
623
632,489
 
 
85,723,869
Banks — 27.3%
African Development Bank
 
4.63%, 01/04/27
 
2,100
2,130,633
4.38%, 03/14/28
 
1,200
1,223,477
Asian Development Bank
 
3.75%, 04/25/28
 
1,500
1,504,579
4.50%, 08/25/28
 
1,900
1,949,440
4.00%, 01/12/33(a)
 
1,200
1,195,269
3.88%, 06/14/33
 
1,000
986,039
4.13%, 01/12/34
 
1,300
1,293,161
Asian Infrastructure Investment Bank
 
4.88%, 09/14/26
 
1,200
1,217,723
4.13%, 01/18/29
 
2,000
2,029,808
Australia & New Zealand Banking Group Ltd.
 
4.42%, 12/16/26
 
750
754,403
4.75%, 01/18/27
 
750
758,174
4.90%, 07/16/27
 
380
386,565
3.92%, 09/30/27
 
500
497,855
4.62%, 12/16/29
 
250
253,454
Banco Bilbao Vizcaya Argentaria SA
 
5.38%, 03/13/29(a)
 
600
615,740
(1-year CMT + 1.95%), 6.03%, 03/13/35(a)(c)
 
600
613,510
(1-year CMT + 2.70%), 6.14%, 09/14/28(c)
 
400
413,551
(1-year CMT + 3.30%), 7.88%, 11/15/34(c)
 
400
447,851
Banco Santander SA
 
4.25%, 04/11/27
 
400
397,551
5.29%, 08/18/27
 
1,000
1,013,093
3.80%, 02/23/28
 
600
586,335
4.38%, 04/12/28
 
800
794,395
5.59%, 08/08/28
 
400
412,200
6.61%, 11/07/28
 
1,000
1,066,438
3.31%, 06/27/29(a)
 
600
569,840
5.57%, 01/17/30
 
600
619,013
3.49%, 05/28/30
 
800
750,830
2.75%, 12/03/30
 
800
700,342
2.96%, 03/25/31
 
400
360,228
5.44%, 07/15/31
 
750
773,003
6.92%, 08/08/33
 
1,200
1,278,780
6.94%, 11/07/33
 
800
898,447
6.35%, 03/14/34(a)
 
600
611,976
6.03%, 01/17/35
 
800
829,615
(1-year CMT + 0.90%), 1.72%, 09/14/27(c)
 
800
767,794
(1-year CMT + 0.95%), 5.37%, 07/15/28(c)
 
800
814,419
(1-year CMT + 1.25%), 5.55%, 03/14/28(a)(c)
 
800
812,322
(1-year CMT + 1.45%), 5.54%, 03/14/30(a)(c)
 
800
820,610
(1-year CMT + 1.60%), 3.23%, 11/22/32(c)
 
600
519,894
(1-year CMT + 1.65%), 6.53%, 11/07/27(c)
 
600
617,322
(1-year CMT + 2.00%), 4.18%, 03/24/28(c)
 
800
793,004
Bank of America Corp.
 
4.25%, 10/22/26
 
1,069
1,067,164
3.25%, 10/21/27
 
1,961
1,918,224
(1-day SOFR + 0.83%), 4.98%, 01/24/29(a)(c)
 
1,000
1,013,176
(1-day SOFR + 0.96%), 1.73%, 07/22/27(c)
 
3,322
3,211,750
(1-day SOFR + 1.00%), 5.16%, 01/24/31(c)
 
1,705
1,736,617
(1-day SOFR + 1.05%), 2.55%, 02/04/28(c)
 
766
741,155
(1-day SOFR + 1.06%), 2.09%, 06/14/29(c)
 
1,859
1,731,672
(1-day SOFR + 1.21%), 2.57%, 10/20/32(c)
 
2,228
1,935,713
(1-day SOFR + 1.22%), 2.30%, 07/21/32(c)
 
1,850
1,590,029
6
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Bank of America Corp. (continued)
 
(1-day SOFR + 1.31%), 5.51%, 01/24/36(a)(c)
$
1,920
$ 1,946,506
(1-day SOFR + 1.32%), 2.69%, 04/22/32(c)
 
2,267
2,004,516
(1-day SOFR + 1.33%), 2.97%, 02/04/33(c)
 
2,518
2,214,128
(1-day SOFR + 1.34%), 5.93%, 09/15/27(c)
 
956
974,122
(1-day SOFR + 1.37%), 1.92%, 10/24/31(c)
 
1,509
1,301,072
(1-day SOFR + 1.53%), 1.90%, 07/23/31(c)
 
1,759
1,525,359
(1-day SOFR + 1.57%), 5.82%, 09/15/29(c)
 
1,532
1,595,640
(1-day SOFR + 1.58%), 4.38%, 04/27/28(c)
 
1,618
1,615,347
(1-day SOFR + 1.63%), 5.20%, 04/25/29(c)
 
2,040
2,083,671
(1-day SOFR + 1.65%), 5.47%, 01/23/35(c)
 
2,979
3,019,317
(1-day SOFR + 1.70%), 5.74%, 02/12/36(c)
 
1,445
1,434,613
(1-day SOFR + 1.74%), 5.52%, 10/25/35(c)
 
2,200
2,152,934
(1-day SOFR + 1.83%), 4.57%, 04/27/33(c)
 
2,107
2,042,491
(1-day SOFR + 1.84%), 5.87%, 09/15/34(c)
 
2,000
2,083,499
(1-day SOFR + 1.91%), 5.29%, 04/25/34(c)
 
2,880
2,887,295
(1-day SOFR + 1.91%), 5.43%, 08/15/35(c)
 
1,600
1,563,235
(1-day SOFR + 1.99%), 6.20%, 11/10/28(c)
 
1,275
1,325,723
(1-day SOFR + 2.04%), 4.95%, 07/22/28(c)
 
2,055
2,077,098
(1-day SOFR + 2.15%), 2.59%, 04/29/31(c)
 
1,900
1,715,706
(1-day SOFR + 2.16%), 5.02%, 07/22/33(c)
 
3,176
3,167,617
(3-mo. CME Term SOFR + 1.25%), 2.50%,
02/13/31(c)
 
2,203
1,993,642
(3-mo. CME Term SOFR + 1.30%), 3.42%,
12/20/28(c)
 
3,651
3,551,581
(3-mo. CME Term SOFR + 1.33%), 3.97%,
03/05/29(c)
 
1,513
1,491,466
(3-mo. CME Term SOFR + 1.44%), 3.19%,
07/23/30(c)
 
1,614
1,521,980
(3-mo. CME Term SOFR + 1.45%), 2.88%,
10/22/30(c)
 
1,327
1,231,308
(3-mo. CME Term SOFR + 1.47%), 3.97%,
02/07/30(c)
 
1,859
1,819,662
(3-mo. CME Term SOFR + 1.57%), 4.27%,
07/23/29(c)
 
1,817
1,804,489
(3-mo. CME Term SOFR + 1.63%), 3.59%,
07/21/28(c)
 
1,613
1,582,719
(3-mo. CME Term SOFR + 1.77%), 3.71%,
04/24/28(c)
 
1,429
1,408,891
(3-mo. CME Term SOFR + 1.84%), 3.82%,
01/20/28(c)
 
1,659
1,640,313
(5-year CMT + 1.20%), 2.48%, 09/21/36(c)
 
1,229
1,023,841
(5-year CMT + 2.00%), 3.85%, 03/08/37(c)
 
1,400
1,246,933
Series L, 4.18%, 11/25/27(a)
 
829
824,416
Series N, (1-day SOFR + 1.22%), 2.65%,
03/11/32(c)
 
1,409
1,249,346
Bank of America N.A., 5.53%, 08/18/26
 
900
914,902
Bank of Montreal
 
5.30%, 06/05/26
 
800
807,743
1.25%, 09/15/26
 
961
922,058
5.27%, 12/11/26
 
674
684,063
2.65%, 03/08/27
 
637
618,549
5.37%, 06/04/27(a)
 
400
408,314
5.20%, 02/01/28
 
400
408,792
5.72%, 09/25/28
 
700
728,621
5.51%, 06/04/31(a)
 
700
728,350
(1-day SOFR + 1.25%), 4.64%, 09/10/30(a)(c)
 
545
545,757
(1-day SOFR Index + 0.67%), 5.00%, 01/27/29(c)
 
410
416,446
(5-year CMT + 1.40%), 3.09%, 01/10/37(c)
 
659
557,376
(5-year USD Swap + 1.43%), 3.80%, 12/15/32(c)
 
733
708,144
Series f2f, (1-day SOFR + 0.88%), 4.57%,
09/10/27(c)
 
625
625,646
Series H, 4.70%, 09/14/27
 
700
705,809
Security
 
Par
(000)
Value
Banks (continued)
Bank of New York Mellon, (1-day SOFR + 1.14%),
4.73%, 04/20/29(a)(c)
$
410
$ 415,594
Bank of New York Mellon Corp.
 
2.80%, 05/04/26
 
563
554,763
2.45%, 08/17/26
 
500
488,500
1.05%, 10/15/26
 
422
403,824
2.05%, 01/26/27
 
329
317,641
3.25%, 05/16/27
 
620
610,597
3.40%, 01/29/28
 
563
552,526
3.85%, 04/28/28
 
343
341,481
1.65%, 07/14/28
 
225
208,555
3.00%, 10/30/28(a)
 
375
358,002
3.85%, 04/26/29
 
472
466,066
3.30%, 08/23/29
 
529
503,856
1.65%, 01/28/31(a)
 
275
236,085
1.80%, 07/28/31
 
229
195,891
2.50%, 01/26/32(a)
 
413
360,852
(1-day SOFR + 0.84%), 4.89%, 07/21/28(c)
 
525
531,180
(1-day SOFR + 0.89%), 4.94%, 02/11/31(c)
 
751
764,127
(1-day SOFR + 1.09%), 4.98%, 03/14/30(a)(c)
 
800
816,629
(1-day SOFR + 1.15%), 3.99%, 06/13/28(c)
 
100
99,417
(1-day SOFR + 1.17%), 4.54%, 02/01/29(c)
 
200
201,246
(1-day SOFR + 1.23%), 5.06%, 07/22/32(c)
 
525
532,241
(1-day SOFR + 1.25%), 5.23%, 11/20/35(c)
 
475
480,183
(1-day SOFR + 1.42%), 4.29%, 06/13/33(c)
 
500
480,463
(1-day SOFR + 1.42%), 5.19%, 03/14/35(c)
 
600
605,941
(1-day SOFR + 1.51%), 4.71%, 02/01/34(c)
 
300
293,838
(1-day SOFR + 1.60%), 6.32%, 10/25/29(c)
 
575
610,686
(1-day SOFR + 1.77%), 5.61%, 07/21/39(c)
 
300
300,988
(1-day SOFR + 1.85%), 6.47%, 10/25/34(c)
 
825
901,367
(1-day SOFR Index + 1.80%), 5.80%, 10/25/28(c)
 
490
507,397
(1-day SOFR Index + 2.07%), 5.83%, 10/25/33(c)
 
712
751,361
(3-mo. CME Term SOFR + 1.33%), 3.44%,
02/07/28(c)
 
575
566,998
Series J, (1-day SOFR + 1.61%), 4.97%,
04/26/34(c)
 
440
437,229
Bank of Nova Scotia
 
1.35%, 06/24/26
 
259
250,491
2.70%, 08/03/26
 
797
782,120
1.30%, 09/15/26
 
512
491,640
5.35%, 12/07/26
 
732
743,031
1.95%, 02/02/27
 
429
413,371
2.95%, 03/11/27
 
372
363,337
5.40%, 06/04/27
 
549
561,812
5.25%, 06/12/28
 
160
164,424
5.45%, 08/01/29(a)
 
275
284,954
4.85%, 02/01/30
 
900
909,930
2.15%, 08/01/31
 
329
282,835
2.45%, 02/02/32
 
829
711,396
5.65%, 02/01/34
 
550
568,633
(1-day SOFR + 0.89%), 4.93%, 02/14/29(c)
 
864
873,696
(1-day SOFR + 1.00%), 4.40%, 09/08/28(a)(c)
 
683
682,148
(1-day SOFR + 1.07%), 5.13%, 02/14/31(c)
 
750
761,370
(1-day SOFR + 1.44%), 4.74%, 11/10/32(c)
 
475
470,128
(5-year CMT + 2.05%), 4.59%, 05/04/37(c)
 
664
613,164
Barclays PLC
 
5.20%, 05/12/26
 
1,178
1,180,020
4.34%, 01/10/28
 
700
695,120
4.84%, 05/09/28
 
1,178
1,175,342
(1-day SOFR + 0.96%), 5.09%, 02/25/29(c)
 
800
805,374
(1-day SOFR + 1.23%), 5.37%, 02/25/31(c)
 
800
810,610
(1-day SOFR + 1.34%), 4.84%, 09/10/28(c)
 
600
600,669
(1-day SOFR + 1.49%), 5.67%, 03/12/28(c)
 
800
815,929
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Barclays PLC (continued)
 
(1-day SOFR + 1.56%), 4.94%, 09/10/30(c)
$
800
$ 799,431
(1-day SOFR + 1.59%), 5.79%, 02/25/36(c)
 
1,200
1,200,608
(1-day SOFR + 1.74%), 5.69%, 03/12/30(c)
 
1,200
1,233,856
(1-day SOFR + 1.88%), 6.50%, 09/13/27(c)
 
800
818,054
(1-day SOFR + 1.91%), 5.34%, 09/10/35(c)
 
1,400
1,358,889
(1-day SOFR + 2.21%), 5.83%, 05/09/27(c)
 
1,200
1,212,378
(1-day SOFR + 2.22%), 6.49%, 09/13/29(c)
 
650
684,234
(1-day SOFR + 2.62%), 6.69%, 09/13/34(c)
 
1,000
1,066,747
(1-day SOFR + 2.98%), 6.22%, 05/09/34(c)
 
1,300
1,353,369
(1-day SOFR + 3.57%), 7.12%, 06/27/34(c)
 
900
965,418
(1-year CMT + 1.05%), 2.28%, 11/24/27(c)
 
878
845,902
(1-year CMT + 1.20%), 2.67%, 03/10/32(c)
 
810
710,674
(1-year CMT + 1.30%), 2.89%, 11/24/32(c)
 
600
521,692
(1-year CMT + 1.90%), 2.65%, 06/24/31(c)
 
500
447,634
(1-year CMT + 2.65%), 5.50%, 08/09/28(c)
 
1,100
1,117,226
(1-year CMT + 3.00%), 5.75%, 08/09/33(c)
 
600
610,820
(1-year CMT + 3.30%), 7.39%, 11/02/28(c)
 
900
954,842
(1-year CMT + 3.50%), 7.44%, 11/02/33(c)
 
1,000
1,116,740
(3-mo. SOFR US + 2.17%), 4.97%, 05/16/29(c)
 
1,195
1,200,571
(3-mo. SOFR US + 3.32%), 5.09%, 06/20/30(c)
 
878
868,929
(5-year CMT + 2.90%), 3.56%, 09/23/35(c)
 
478
435,135
BPCE SA, 3.38%, 12/02/26
 
400
394,625
Canadian Imperial Bank of Commerce
 
1.25%, 06/22/26
 
259
250,429
5.62%, 07/17/26
 
150
152,227
5.93%, 10/02/26
 
564
575,967
3.45%, 04/07/27
 
250
246,183
5.24%, 06/28/27
 
1,100
1,119,698
5.00%, 04/28/28
 
572
583,457
5.99%, 10/03/28
 
250
261,999
5.26%, 04/08/29
 
800
820,598
3.60%, 04/07/32
 
664
610,036
6.09%, 10/03/33
 
650
689,852
(1-day SOFR + 0.72%), 4.86%, 01/13/28(c)
 
550
553,802
(1-day SOFR + 0.93%), 4.51%, 09/11/27(c)
 
925
925,813
(1-day SOFR + 1.03%), 4.86%, 03/30/29(c)
 
450
454,049
(1-day SOFR + 1.11%), 5.25%, 01/13/31(a)(c)
 
675
688,472
(1-day SOFR + 1.34%), 4.63%, 09/11/30(c)
 
325
323,887
Citibank N.A.
 
4.93%, 08/06/26
 
660
665,608
5.80%, 09/29/28(a)
 
1,150
1,203,567
4.84%, 08/06/29(a)
 
550
559,791
(1-day SOFR + 0.71%), 4.88%, 11/19/27(c)
 
1,500
1,510,156
Series BKNT, 5.49%, 12/04/26
 
1,500
1,528,707
Series BKNT, 5.57%, 04/30/34
 
710
732,329
Citigroup, Inc.
 
3.40%, 05/01/26(a)
 
1,113
1,102,368
3.20%, 10/21/26
 
1,813
1,783,544
4.30%, 11/20/26
 
645
643,126
4.45%, 09/29/27
 
2,541
2,533,495
4.13%, 07/25/28
 
1,138
1,124,569
6.63%, 06/15/32(a)
 
526
567,308
5.88%, 02/22/33
 
300
309,063
6.00%, 10/31/33
 
600
621,585
(1-day SOFR + 0.77%), 1.46%, 06/09/27(c)
 
1,532
1,479,470
(1-day SOFR + 0.87%), 4.79%, 03/04/29(c)
 
1,250
1,256,191
(1-day SOFR + 1.15%), 2.67%, 01/29/31(c)
 
1,429
1,297,071
(1-day SOFR + 1.17%), 2.56%, 05/01/32(c)
 
1,748
1,526,919
(1-day SOFR + 1.18%), 2.52%, 11/03/32(c)
 
1,200
1,033,568
(1-day SOFR + 1.28%), 3.07%, 02/24/28(c)
 
1,329
1,295,618
(1-day SOFR + 1.34%), 4.54%, 09/19/30(c)
 
1,675
1,658,174
(1-day SOFR + 1.35%), 3.06%, 01/25/33(c)
 
1,813
1,593,388
Security
 
Par
(000)
Value
Banks (continued)
Citigroup, Inc. (continued)
 
(1-day SOFR + 1.36%), 5.17%, 02/13/30(c)
$
1,420
$ 1,440,155
(1-day SOFR + 1.42%), 2.98%, 11/05/30(c)
 
1,320
1,224,174
(1-day SOFR + 1.45%), 5.45%, 06/11/35(c)
 
1,500
1,502,316
(1-day SOFR + 1.47%), 5.33%, 03/27/36(a)(c)
 
1,550
1,539,324
(1-day SOFR + 1.83%), 6.02%, 01/24/36(c)
 
1,955
1,959,665
(1-day SOFR + 1.89%), 4.66%, 05/24/28(c)
 
1,700
1,705,437
(1-day SOFR + 1.94%), 3.79%, 03/17/33(c)
 
1,677
1,539,479
(1-day SOFR + 2.06%), 5.83%, 02/13/35(c)
 
1,625
1,611,579
(1-day SOFR + 2.09%), 4.91%, 05/24/33(c)
 
1,550
1,523,298
(1-day SOFR + 2.11%), 2.57%, 06/03/31(c)
 
1,943
1,739,389
(1-day SOFR + 2.34%), 6.27%, 11/17/33(c)
 
900
954,342
(1-day SOFR + 2.66%), 6.17%, 05/25/34(c)
 
1,935
1,977,337
(1-day SOFR + 3.91%), 4.41%, 03/31/31(c)
 
2,379
2,335,426
(3-mo. CME Term SOFR + 1.41%), 3.52%,
10/27/28(c)
 
1,451
1,414,921
(3-mo. CME Term SOFR + 1.45%), 4.08%,
04/23/29(c)
 
1,000
988,474
(3-mo. CME Term SOFR + 1.60%), 3.98%,
03/20/30(c)
 
2,273
2,211,175
(3-mo. CME Term SOFR + 1.65%), 3.67%,
07/24/28(c)
 
1,254
1,230,311
(3-mo. CME Term SOFR + 1.82%), 3.89%,
01/10/28(c)
 
1,490
1,474,172
(5-year CMT + 1.28%), 5.59%, 11/19/34(c)
 
802
805,625
(5-year CMT + 1.73%), 5.41%, 09/19/39(c)
 
700
666,300
Citizens Bank NA/Providence RI, (1-day SOFR +
2.00%), 4.58%, 08/09/28(c)
 
350
349,391
Citizens Financial Group, Inc.
 
2.85%, 07/27/26
 
193
188,050
2.50%, 02/06/30
 
279
249,576
3.25%, 04/30/30
 
450
413,028
2.64%, 09/30/32
 
300
243,395
(1-day SOFR + 1.26%), 5.25%, 03/05/31(c)
 
275
275,180
(1-day SOFR + 1.91%), 5.72%, 07/23/32(c)
 
725
736,576
(1-day SOFR + 2.01%), 5.84%, 01/23/30(c)
 
792
810,221
(1-day SOFR + 2.33%), 6.65%, 04/25/35(c)
 
450
474,614
(5-year CMT + 2.75%), 5.64%, 05/21/37(a)(c)
 
200
194,102
Comerica Bank, (1-day SOFR + 2.61%), 5.33%,
08/25/33(c)
 
250
236,594
Comerica, Inc.
 
4.00%, 02/01/29(a)
 
429
410,971
(1-day SOFR + 2.16%), 5.98%, 01/30/30(c)
 
548
554,630
Commonwealth Bank of Australia
 
4.58%, 11/27/26
 
1,000
1,008,857
4.42%, 03/14/28
 
500
505,043
Cooperatieve Rabobank UA
 
4.33%, 08/28/26
 
250
250,434
5.50%, 10/05/26
 
250
254,458
5.04%, 03/05/27
 
500
508,644
4.88%, 01/21/28
 
250
254,702
4.80%, 01/09/29
 
250
253,847
4.49%, 10/17/29
 
500
502,617
Series BKNT, 3.75%, 07/21/26
 
787
778,484
Corp. Andina de Fomento, 5.00%, 01/24/29
 
1,200
1,237,167
Deutsche Bank AG
 
5.41%, 05/10/29
 
480
494,542
(1-day SOFR + 1.22%), 2.31%, 11/16/27(c)
 
1,067
1,027,392
(1-day SOFR + 1.32%), 2.55%, 01/07/28(c)
 
748
720,823
(1-day SOFR + 1.59%), 5.71%, 02/08/28(c)
 
600
609,056
(1-day SOFR + 1.70%), 5.00%, 09/11/30(c)
 
600
600,689
(1-day SOFR + 1.72%), 3.04%, 05/28/32(c)
 
655
578,119
(1-day SOFR + 2.05%), 5.40%, 09/11/35(a)(c)
 
700
682,724
8
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Deutsche Bank AG (continued)
 
(1-day SOFR + 2.26%), 3.74%, 01/07/33(c)
$
750
$ 662,009
(1-day SOFR + 2.51%), 6.82%, 11/20/29(c)
 
750
796,674
(1-day SOFR + 2.52%), 7.15%, 07/13/27(c)
 
700
718,175
(1-day SOFR + 2.76%), 3.73%, 01/14/32(c)
 
650
584,344
(1-day SOFR + 3.04%), 3.55%, 09/18/31(c)
 
959
886,495
(1-day SOFR + 3.18%), 6.72%, 01/18/29(c)
 
1,150
1,205,304
(1-day SOFR + 3.65%), 7.08%, 02/10/34(a)(c)
 
850
886,862
(1-day SOFR + 5.44%), 5.88%, 07/08/31(c)
 
200
201,133
(5-year USD ICE Swap + 2.55%), 4.88%,
12/01/32(a)(c)
 
550
537,359
(1-day SOFR + 1.21%), 5.37%, 01/10/29(c)
 
750
759,815
Discover Bank
 
Series BKNT, 3.45%, 07/27/26
 
650
639,673
Series BKNT, 4.65%, 09/13/28
 
350
349,139
Series BKNT, 2.70%, 02/06/30
 
300
270,141
European Bank for Reconstruction & Development,
4.38%, 03/09/28
 
1,000
1,019,432
European Investment Bank
 
3.88%, 03/15/28
 
2,800
2,818,539
4.50%, 10/16/28
 
2,400
2,464,796
4.00%, 02/15/29
 
3,500
3,538,834
3.63%, 07/15/30
 
3,200
3,173,238
3.75%, 02/14/33
 
3,000
2,944,139
Fifth Third Bancorp
 
2.55%, 05/05/27
 
321
308,866
3.95%, 03/14/28(a)
 
100
98,618
(1-day SOFR + 0.69%), 1.71%, 11/01/27(c)
 
329
314,756
(1-day SOFR + 1.36%), 4.06%, 04/25/28(a)(c)
 
279
276,515
(1-day SOFR + 1.49%), 4.90%, 09/06/30(c)
 
400
399,054
(1-day SOFR + 1.66%), 4.34%, 04/25/33(a)(c)
 
479
448,860
(1-day SOFR + 1.84%), 5.63%, 01/29/32(a)(c)
 
540
552,578
(1-day SOFR + 2.34%), 6.34%, 07/27/29(c)
 
280
293,438
(1-day SOFR Index + 2.13%), 4.77%, 07/28/30(c)
 
670
668,319
(1-day SOFR Index + 2.19%), 6.36%, 10/27/28(c)
 
384
398,981
Fifth Third Bank N.A.
 
(1-day SOFR + 0.81%), 4.97%, 01/28/28(c)
 
345
346,963
Series BKNT, 2.25%, 02/01/27
 
350
337,469
First Citizens BancShares, Inc., (5-year CMT +
1.97%), 6.25%, 03/12/40(c)
 
456
436,512
First Horizon Bank, Series BKNT, 5.75%, 05/01/30
 
250
250,541
First Horizon Corp., (1-day SOFR + 1.77%), 5.51%,
03/07/31(c)
 
304
305,429
First-Citizens Bank & Trust Co., 6.13%, 03/09/28
 
225
232,305
FNB Corp., (1-day SOFR Index + 1.93%), 5.72%,
12/11/30(a)(c)
 
295
294,266
Goldman Sachs Bank USA, (1-day SOFR + 0.75%),
5.41%, 05/21/27(c)
 
1,625
1,640,143
Goldman Sachs Group, Inc.
 
3.50%, 11/16/26
 
1,659
1,637,517
5.95%, 01/15/27
 
463
475,648
3.85%, 01/26/27
 
1,659
1,645,222
2.60%, 02/07/30
 
1,109
1,012,084
3.80%, 03/15/30
 
1,634
1,575,042
6.13%, 02/15/33
 
518
557,727
(1-day SOFR + 0.82%), 1.54%, 09/10/27(c)
 
1,659
1,592,889
(1-day SOFR + 0.91%), 1.95%, 10/21/27(c)
 
2,767
2,665,632
(1-day SOFR + 1.08%), 5.21%, 01/28/31(c)
 
1,100
1,118,238
(1-day SOFR + 1.09%), 1.99%, 01/27/32(c)
 
1,710
1,457,296
(1-day SOFR + 1.11%), 2.64%, 02/24/28(c)
 
1,793
1,733,931
(1-day SOFR + 1.14%), 4.69%, 10/23/30(c)
 
1,220
1,217,094
(1-day SOFR + 1.21%), 5.05%, 07/23/30(c)
 
1,400
1,415,679
Security
 
Par
(000)
Value
Banks (continued)
Goldman Sachs Group, Inc. (continued)
 
(1-day SOFR + 1.25%), 2.38%, 07/21/32(c)
$
2,219
$ 1,907,992
(1-day SOFR + 1.26%), 2.65%, 10/21/32(c)
 
1,981
1,718,259
(1-day SOFR + 1.27%), 5.73%, 04/25/30(c)
 
1,495
1,549,667
(1-day SOFR + 1.28%), 2.62%, 04/22/32(c)
 
2,418
2,123,694
(1-day SOFR + 1.32%), 4.94%, 04/23/28(c)
 
230
232,007
(1-day SOFR + 1.38%), 5.54%, 01/28/36(c)
 
1,900
1,919,219
(1-day SOFR + 1.41%), 3.10%, 02/24/33(c)
 
2,344
2,067,481
(1-day SOFR + 1.42%), 5.02%, 10/23/35(a)(c)
 
2,065
1,999,384
(1-day SOFR + 1.51%), 4.39%, 06/15/27(c)
 
620
618,938
(1-day SOFR + 1.55%), 5.85%, 04/25/35(c)
 
1,435
1,478,627
(1-day SOFR + 1.55%), 5.33%, 07/23/35(c)
 
1,850
1,839,094
(1-day SOFR + 1.58%), 5.22%, 04/23/31(c)
 
2,275
2,316,989
(1-day SOFR + 1.73%), 4.48%, 08/23/28(c)
 
1,653
1,651,864
(1-day SOFR + 1.77%), 6.48%, 10/24/29(c)
 
1,626
1,724,862
(1-day SOFR + 1.85%), 3.62%, 03/15/28(c)
 
2,021
1,988,690
(1-day SOFR + 1.95%), 6.56%, 10/24/34(a)(c)
 
800
872,087
(3-mo. CME Term SOFR + 1.42%), 3.81%,
04/23/29(c)
 
1,059
1,038,738
(3-mo. CME Term SOFR + 1.56%), 4.22%,
05/01/29(c)
 
2,279
2,257,156
(3-mo. CME Term SOFR + 1.77%), 3.69%,
06/05/28(c)
 
1,873
1,842,988
HSBC Bank USA NA/New York, 5.88%, 11/01/34
 
250
257,448
HSBC Holdings PLC
 
4.38%, 11/23/26(a)
 
600
597,535
4.95%, 03/31/30
 
1,286
1,299,718
(1-day SOFR + 1.03%), 4.90%, 03/03/29(c)
 
200
200,916
(1-day SOFR + 1.04%), 5.13%, 11/19/28(c)
 
300
303,039
(1-day SOFR + 1.06%), 5.60%, 05/17/28(c)
 
955
971,730
(1-day SOFR + 1.10%), 2.25%, 11/22/27(c)
 
800
770,063
(1-day SOFR + 1.19%), 2.80%, 05/24/32(c)
 
1,864
1,641,029
(1-day SOFR + 1.29%), 1.59%, 05/24/27(c)
 
200
193,688
(1-day SOFR + 1.29%), 2.21%, 08/17/29(c)
 
1,050
969,284
(1-day SOFR + 1.29%), 5.29%, 11/19/30(c)
 
1,200
1,218,589
(1-day SOFR + 1.29%), 5.13%, 03/03/31(c)
 
920
926,978
(1-day SOFR + 1.41%), 2.87%, 11/22/32(c)
 
1,310
1,145,567
(1-day SOFR + 1.46%), 5.55%, 03/04/30(c)
 
800
819,975
(1-day SOFR + 1.52%), 5.73%, 05/17/32(c)
 
800
825,967
(1-day SOFR + 1.56%), 5.45%, 03/03/36(c)
 
1,000
993,067
(1-day SOFR + 1.57%), 5.89%, 08/14/27(c)
 
1,600
1,624,861
(1-day SOFR + 1.73%), 2.01%, 09/22/28(c)
 
1,278
1,201,700
(1-day SOFR + 1.78%), 5.72%, 03/04/35(a)(c)
 
800
818,111
(1-day SOFR + 1.90%), 5.87%, 11/18/35(a)(c)
 
1,150
1,134,343
(1-day SOFR + 1.95%), 2.36%, 08/18/31(c)
 
1,000
878,038
(1-day SOFR + 1.97%), 6.16%, 03/09/29(c)
 
1,550
1,607,446
(1-day SOFR + 2.11%), 4.76%, 06/09/28(c)
 
1,500
1,503,208
(1-day SOFR + 2.39%), 2.85%, 06/04/31(c)
 
710
641,861
(1-day SOFR + 2.39%), 6.25%, 03/09/34(c)
 
1,000
1,056,135
(1-day SOFR + 2.53%), 4.76%, 03/29/33(c)
 
1,135
1,087,064
(1-day SOFR + 2.61%), 5.21%, 08/11/28(c)
 
1,500
1,517,823
(1-day SOFR + 2.87%), 5.40%, 08/11/33(c)
 
1,650
1,669,794
(1-day SOFR + 2.98%), 6.55%, 06/20/34(a)(c)
 
1,200
1,251,984
(1-day SOFR + 3.02%), 7.40%, 11/13/34(c)
 
1,170
1,287,709
(1-day SOFR + 4.25%), 8.11%, 11/03/33(c)
 
1,400
1,594,545
(3-mo. CME Term SOFR + 1.80%), 4.58%,
06/19/29(c)
 
2,289
2,279,371
(3-mo. CME Term SOFR + 1.81%), 4.04%,
03/13/28(c)
 
1,489
1,474,437
(3-mo. CME Term SOFR + 1.87%), 3.97%,
05/22/30(c)
 
2,039
1,970,204
(1-day SOFR + 3.35%), 7.39%, 11/03/28(c)
 
1,805
1,919,452
Schedule of Investments
9
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
HSBC USA, Inc., 5.29%, 03/04/27
$
335
$ 341,302
Huntington Bancshares, Inc.
 
2.55%, 02/04/30
 
440
396,866
(1-day SOFR + 1.28%), 5.27%, 01/15/31(c)
 
606
610,415
(1-day SOFR + 1.97%), 4.44%, 08/04/28(a)(c)
 
450
447,088
(1-day SOFR + 2.02%), 6.21%, 08/21/29(c)
 
600
623,485
(1-day SOFR + 2.05%), 5.02%, 05/17/33(c)
 
200
193,122
(1-day SOFR Index + 1.87%), 5.71%, 02/02/35(c)
 
650
650,903
(5-year CMT + 1.17%), 2.49%, 08/15/36(a)(c)
 
324
266,330
(5-year CMT + 1.70%), 6.14%, 11/18/39(c)
 
350
345,839
Huntington National Bank
 
5.65%, 01/10/30(a)
 
400
412,797
(1-day SOFR + 0.72%), 4.87%, 04/12/28(c)
 
500
502,035
(1-day SOFR Index + 1.65%), 4.55%, 05/17/28(c)
 
500
498,840
ING Groep NV
 
3.95%, 03/29/27(a)
 
1,000
992,111
4.55%, 10/02/28
 
678
677,709
4.05%, 04/09/29
 
678
664,285
(1-day SOFR + 1.01%), 4.86%, 03/25/29(c)
 
400
402,613
(1-day SOFR + 1.32%), 2.73%, 04/01/32(c)
 
450
398,347
(1-day SOFR + 1.44%), 5.34%, 03/19/30(c)
 
800
817,494
(1-day SOFR + 1.56%), 6.08%, 09/11/27(c)
 
800
815,954
(1-day SOFR + 1.61%), 5.53%, 03/25/36(a)(c)
 
660
663,884
(1-day SOFR + 1.77%), 5.55%, 03/19/35(c)
 
1,000
1,010,800
(1-day SOFR + 1.83%), 4.02%, 03/28/28(c)
 
589
583,979
(1-day SOFR + 2.07%), 4.25%, 03/28/33(c)
 
800
761,706
(1-day SOFR + 2.09%), 6.11%, 09/11/34(c)
 
800
841,926
(1-day SOFR Index + 1.23%), 5.07%, 03/25/31(c)
 
400
403,834
Inter-American Development Bank
 
4.50%, 05/15/26
 
1,200
1,207,103
4.38%, 02/01/27
 
1,000
1,011,014
4.00%, 01/12/28
 
1,100
1,110,056
4.13%, 02/15/29
 
2,400
2,436,413
3.50%, 04/12/33
 
1,400
1,345,583
4.50%, 09/13/33
 
1,300
1,325,528
Inter-American Investment Corp., 4.75%, 09/19/28
 
200
206,408
International Bank for Reconstruction & Development
 
4.50%, 06/26/28
 
700
704,543
3.50%, 07/12/28
 
2,500
2,488,271
4.63%, 08/01/28
 
2,000
2,058,745
3.88%, 02/14/30(a)
 
3,000
3,013,831
4.00%, 07/25/30
 
2,300
2,320,728
4.00%, 01/10/31
 
3,300
3,323,703
4.75%, 11/14/33
 
1,600
1,660,844
International Finance Corp.
 
4.38%, 01/15/27(a)
 
1,000
1,010,705
4.50%, 07/13/28
 
1,100
1,128,170
JPMorgan Chase & Co.
 
3.20%, 06/15/26(a)
 
829
820,889
2.95%, 10/01/26
 
2,573
2,528,333
7.63%, 10/15/26
 
413
432,538
4.13%, 12/15/26
 
989
987,339
4.25%, 10/01/27
 
413
414,321
3.63%, 12/01/27
 
829
816,202
(1-day SOFR + 0.77%), 1.47%, 09/22/27(c)
 
1,277
1,226,085
(1-day SOFR + 0.80%), 4.92%, 01/24/29(c)
 
995
1,008,951
(1-day SOFR + 0.86%), 4.51%, 10/22/28(c)
 
1,700
1,704,722
(1-day SOFR + 0.93%), 5.57%, 04/22/28(c)
 
1,150
1,176,858
(1-day SOFR + 0.93%), 4.98%, 07/22/28(c)
 
1,030
1,042,325
(1-day SOFR + 1.01%), 5.14%, 01/24/31(c)
 
705
718,963
(1-day SOFR + 1.02%), 2.07%, 06/01/29(c)
 
160
149,250
(1-day SOFR + 1.04%), 4.60%, 10/22/30(c)
 
1,700
1,697,220
Security
 
Par
(000)
Value
Banks (continued)
JPMorgan Chase & Co. (continued)
 
(1-day SOFR + 1.07%), 1.95%, 02/04/32(c)
$
2,059
$ 1,767,684
(1-day SOFR + 1.13%), 5.00%, 07/22/30(c)
 
1,725
1,750,336
(1-day SOFR + 1.16%), 5.58%, 04/22/30(c)
 
1,950
2,020,886
(1-day SOFR + 1.17%), 2.95%, 02/24/28(c)
 
1,034
1,007,434
(1-day SOFR + 1.18%), 2.55%, 11/08/32(c)
 
1,872
1,632,680
(1-day SOFR + 1.19%), 5.04%, 01/23/28(c)
 
1,571
1,586,026
(1-day SOFR + 1.26%), 2.96%, 01/25/33(c)
 
2,457
2,174,664
(1-day SOFR + 1.31%), 5.01%, 01/23/30(c)
 
1,550
1,575,783
(1-day SOFR + 1.32%), 5.50%, 01/24/36(c)
 
1,705
1,734,055
(1-day SOFR + 1.33%), 6.07%, 10/22/27(c)
 
970
994,275
(1-day SOFR + 1.34%), 4.95%, 10/22/35(c)
 
1,860
1,816,321
(1-day SOFR + 1.44%), 5.10%, 04/22/31(c)
 
1,290
1,313,899
(1-day SOFR + 1.45%), 5.30%, 07/24/29(c)
 
1,245
1,275,999
(1-day SOFR + 1.46%), 5.29%, 07/22/35(c)
 
2,125
2,126,431
(1-day SOFR + 1.49%), 5.77%, 04/22/35(c)
 
1,770
1,833,429
(1-day SOFR + 1.56%), 4.32%, 04/26/28(c)
 
1,798
1,796,082
(1-day SOFR + 1.57%), 6.09%, 10/23/29(c)
 
1,425
1,497,424
(1-day SOFR + 1.62%), 5.34%, 01/23/35(c)
 
1,676
1,689,399
(1-day SOFR + 1.68%), 5.57%, 04/22/36(c)
 
1,260
1,288,255
(1-day SOFR + 1.75%), 4.57%, 06/14/30(c)
 
1,000
999,073
(1-day SOFR + 1.80%), 4.59%, 04/26/33(c)
 
1,598
1,559,663
(1-day SOFR + 1.81%), 6.25%, 10/23/34(c)
 
1,724
1,852,399
(1-day SOFR + 1.85%), 5.35%, 06/01/34(c)
 
2,615
2,655,455
(1-day SOFR + 1.89%), 2.18%, 06/01/28(c)
 
1,000
956,674
(1-day SOFR + 1.99%), 4.85%, 07/25/28(c)
 
2,600
2,627,883
(1-day SOFR + 2.04%), 2.52%, 04/22/31(c)
 
1,605
1,453,250
(1-day SOFR + 2.08%), 4.91%, 07/25/33(c)
 
3,188
3,172,012
(1-day SOFR + 2.58%), 5.72%, 09/14/33(c)
 
2,102
2,166,121
(3-mo. CME Term SOFR + 1.11%), 1.76%,
11/19/31(a)(c)
 
829
710,364
(3-mo. CME Term SOFR + 1.21%), 3.51%,
01/23/29(c)
 
1,529
1,490,717
(3-mo. CME Term SOFR + 1.25%), 2.58%,
04/22/32(c)
 
1,342
1,189,252
(3-mo. CME Term SOFR + 1.38%), 4.01%,
04/23/29(c)
 
919
910,444
(3-mo. CME Term SOFR + 1.42%), 3.70%,
05/06/30(c)
 
1,529
1,478,517
(3-mo. CME Term SOFR + 1.51%), 2.74%,
10/15/30(c)
 
2,791
2,583,520
(3-mo. CME Term SOFR + 1.52%), 4.20%,
07/23/29(c)
 
1,749
1,735,377
(3-mo. CME Term SOFR + 1.59%), 4.45%,
12/05/29(c)
 
2,105
2,102,773
(3-mo. CME Term SOFR + 1.60%), 3.78%,
02/01/28(c)
 
1,909
1,888,500
(3-mo. CME Term SOFR + 1.64%), 3.54%,
05/01/28(c)
 
1,450
1,423,604
(3-mo. CME Term SOFR + 2.52%), 2.96%,
05/13/31(c)
 
2,091
1,907,347
(3-mo. CME Term SOFR + 3.79%), 4.49%,
03/24/31(c)
 
1,959
1,945,018
JPMorgan Chase Bank NA, 5.11%, 12/08/26
 
1,500
1,521,810
KeyBank NA
 
Series BKNT, 3.40%, 05/20/26
 
450
443,560
Series BKNT, 6.95%, 02/01/28
 
550
581,625
Series BKNT, 3.90%, 04/13/29
 
261
247,550
Series BKNT, 4.90%, 08/08/32
 
550
512,658
KeyBank NA/Cleveland OH
 
5.00%, 01/26/33
 
450
434,026
Series BKNT, 5.85%, 11/15/27
 
500
513,788
10
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
KeyBank NA/Cleveland OH (continued)
 
Series BKNT, 4.39%, 12/14/27
$
250
$ 248,978
KeyCorp, (1-day SOFR Index + 1.23%), 5.12%,
04/04/31(a)(c)
 
494
493,323
KeyCorp.
 
2.25%, 04/06/27
 
546
522,622
4.10%, 04/30/28(a)
 
345
340,247
2.55%, 10/01/29
 
413
374,906
(1-day SOFR Index + 2.06%), 4.79%, 06/01/33(c)
 
546
519,283
(1-day SOFR Index + 2.42%), 6.40%,
03/06/35(a)(c)
 
558
584,517
Kreditanstalt fuer Wiederaufbau
 
4.63%, 08/07/26
 
3,000
3,030,831
4.38%, 03/01/27
 
3,000
3,036,699
3.00%, 05/20/27
 
2,700
2,663,727
3.50%, 08/27/27(a)
 
2,000
1,994,129
3.75%, 02/15/28
 
1,650
1,655,719
2.88%, 04/03/28
 
1,150
1,125,961
3.88%, 06/15/28
 
3,000
3,021,050
4.00%, 03/15/29
 
3,000
3,033,903
1.75%, 09/14/29
 
1,243
1,144,140
4.63%, 03/18/30
 
1,995
2,072,222
0.75%, 09/30/30
 
789
672,126
4.75%, 10/29/30
 
1,500
1,568,568
4.13%, 07/15/33(a)
 
2,600
2,589,737
4.38%, 02/28/34
 
1,000
1,013,012
Landwirtschaftliche Rentenbank
 
1.75%, 07/27/26
 
829
808,533
4.63%, 04/17/29
 
1,000
1,034,083
0.88%, 09/03/30
 
1,559
1,338,562
5.00%, 10/24/33(a)
 
600
632,504
Series 37, 2.50%, 11/15/27
 
1,400
1,361,759
Lloyds Banking Group PLC
 
3.75%, 01/11/27
 
600
593,188
4.38%, 03/22/28
 
478
476,794
4.55%, 08/16/28
 
710
709,069
(1-year CMT + 0.85%), 1.63%, 05/11/27(c)
 
800
775,379
(1-year CMT + 0.85%), 5.09%, 11/26/28(c)
 
600
606,936
(1-year CMT + 1.07%), 5.72%, 06/05/30(c)
 
1,000
1,035,761
(1-year CMT + 1.20%), 5.59%, 11/26/35(c)
 
600
600,836
(1-year CMT + 1.38%), 5.46%, 01/05/28(a)(c)
 
1,000
1,013,777
(1-year CMT + 1.48%), 5.99%, 08/07/27(c)
 
900
914,222
(1-year CMT + 1.70%), 5.87%, 03/06/29(a)(c)
 
1,000
1,033,604
(1-year CMT + 1.75%), 5.68%, 01/05/35(a)(c)
 
1,200
1,213,189
(1-year CMT + 1.80%), 3.75%, 03/18/28(a)(c)
 
678
667,622
(1-year CMT + 2.30%), 4.98%, 08/11/33(c)
 
900
882,916
(1-year CMT + 3.75%), 7.95%, 11/15/33(c)
 
500
568,852
(3-mo. SOFR US + 1.47%), 3.57%, 11/07/28(c)
 
1,300
1,266,563
M&T Bank Corp.(c)
 
(1-day SOFR + 0.93%), 4.83%, 01/16/29(a)
 
145
145,162
(1-day SOFR + 1.61%), 5.39%, 01/16/36
 
620
603,314
(1-day SOFR + 1.85%), 5.05%, 01/27/34
 
500
481,425
(1-day SOFR + 2.26%), 6.08%, 03/13/32
 
466
484,350
(1-day SOFR + 2.80%), 7.41%, 10/30/29
 
400
430,381
(1-day SOFR Index + 1.78%), 4.55%, 08/16/28(a)
 
450
447,934
Manufacturers & Traders Trust Co.
 
4.70%, 01/27/28
 
650
652,307
Series BKNT, 3.40%, 08/17/27
 
250
242,516
Mitsubishi UFJ Financial Group, Inc.
 
2.76%, 09/13/26(a)
 
600
587,672
3.68%, 02/22/27
 
590
583,823
3.29%, 07/25/27
 
529
517,882
3.96%, 03/02/28
 
729
721,814
Security
 
Par
(000)
Value
Banks (continued)
Mitsubishi UFJ Financial Group, Inc. (continued)
 
4.05%, 09/11/28
$
490
$ 485,197
3.74%, 03/07/29
 
1,659
1,617,835
3.20%, 07/18/29
 
1,300
1,229,926
2.56%, 02/25/30
 
710
645,805
2.05%, 07/17/30
 
910
797,167
(1-year CMT + 0.67%), 1.64%, 10/13/27(c)
 
750
719,874
(1-year CMT + 0.75%), 1.54%, 07/20/27(c)
 
1,200
1,158,608
(1-year CMT + 0.78%), 5.20%, 01/16/31(c)
 
400
407,579
(1-year CMT + 0.82%), 5.26%, 04/17/30(c)
 
600
612,835
(1-year CMT + 0.83%), 2.34%, 01/19/28(c)
 
750
723,230
(1-year CMT + 0.95%), 2.31%, 07/20/32(c)
 
1,310
1,128,928
(1-year CMT + 0.95%), 5.57%, 01/16/36(c)
 
800
814,846
(1-year CMT + 0.97%), 2.49%, 10/13/32(c)
 
600
519,844
(1-year CMT + 1.00%), 5.43%, 04/17/35(c)
 
1,000
1,008,028
(1-year CMT + 1.10%), 2.85%, 01/19/33(c)
 
600
523,025
(1-year CMT + 1.17%), 5.16%, 04/24/31(c)
 
280
284,956
(1-year CMT + 1.27%), 5.62%, 04/24/36(c)
 
400
408,256
(1-year CMT + 1.30%), 4.08%, 04/19/28(c)
 
600
595,654
(1-year CMT + 1.38%), 5.42%, 02/22/29(c)
 
980
1,004,393
(1-year CMT + 1.53%), 5.48%, 02/22/31(c)
 
440
453,289
(1-year CMT + 1.55%), 4.32%, 04/19/33(c)
 
400
380,855
(1-year CMT + 1.63%), 5.44%, 02/22/34(a)(c)
 
755
768,014
(1-year CMT + 1.70%), 5.24%, 04/19/29(c)
 
335
341,659
(1-year CMT + 1.90%), 5.35%, 09/13/28(c)
 
955
974,165
(1-year CMT + 1.95%), 5.02%, 07/20/28(c)
 
900
909,878
(1-year CMT + 1.97%), 5.41%, 04/19/34(a)(c)
 
600
609,273
(1-year CMT + 2.13%), 5.13%, 07/20/33(c)
 
900
900,146
(1-year CMT + 2.13%), 5.47%, 09/13/33(c)
 
450
459,424
Mizuho Financial Group, Inc.
 
2.84%, 09/13/26
 
600
588,487
3.66%, 02/28/27
 
200
197,708
3.17%, 09/11/27
 
678
659,613
4.02%, 03/05/28
 
800
792,232
2.56%, 09/13/31
 
610
523,774
(1-year CMT + 0.67%), 1.23%, 05/22/27(c)
 
910
879,063
(1-year CMT + 0.75%), 1.55%, 07/09/27(c)
 
700
675,738
(1-year CMT + 0.82%), 5.10%, 05/13/31(a)(c)
 
200
202,841
(1-year CMT + 0.87%), 2.17%, 05/22/32(c)
 
400
342,274
(1-year CMT + 0.90%), 2.26%, 07/09/32(a)(c)
 
400
342,819
(1-year CMT + 0.98%), 5.42%, 05/13/36(c)
 
200
200,669
(1-year CMT + 1.08%), 5.38%, 07/10/30(c)
 
600
613,474
(1-year CMT + 1.12%), 5.38%, 05/26/30(c)
 
440
450,307
(1-year CMT + 1.25%), 3.26%, 05/22/30(c)
 
200
189,405
(1-year CMT + 1.30%), 5.58%, 05/26/35(c)
 
400
407,462
(1-year CMT + 1.30%), 5.59%, 07/10/35(c)
 
550
558,929
(1-year CMT + 1.50%), 5.67%, 05/27/29(c)
 
600
618,638
(1-year CMT + 1.65%), 5.78%, 07/06/29(c)
 
800
828,124
(1-year CMT + 1.65%), 5.74%, 05/27/31(c)
 
300
312,062
(1-year CMT + 1.80%), 5.75%, 05/27/34(c)
 
600
616,090
(1-year CMT + 1.90%), 5.75%, 07/06/34(c)
 
600
617,146
(1-year CMT + 2.05%), 5.41%, 09/13/28(c)
 
600
612,158
(1-year CMT + 2.40%), 5.67%, 09/13/33(c)
 
500
512,651
(3-mo. CME Term SOFR + 1.33%), 2.59%,
05/25/31(c)
 
300
270,120
(3-mo. CME Term SOFR + 1.39%), 3.15%,
07/16/30(c)
 
678
637,343
(3-mo. CME Term SOFR + 1.53%), 4.25%,
09/11/29(a)(c)
 
600
593,424
(3-mo. CME Term SOFR + 1.53%), 1.98%,
09/08/31(c)
 
650
561,896
(3-mo. CME Term SOFR + 1.57%), 2.87%,
09/13/30(c)
 
420
388,826
Schedule of Investments
11
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Mizuho Financial Group, Inc. (continued)
 
(3-mo. CME Term SOFR + 1.77%), 2.20%,
07/10/31(c)
$
678
$ 595,807
Morgan Stanley
 
3.13%, 07/27/26
 
1,763
1,737,894
6.25%, 08/09/26
 
500
511,261
4.35%, 09/08/26
 
1,243
1,240,127
3.63%, 01/20/27(a)
 
1,660
1,644,100
3.95%, 04/23/27
 
1,263
1,252,410
3.59%, 07/22/28(c)
 
1,766
1,728,119
7.25%, 04/01/32
 
400
455,857
(1-day SOFR + 0.86%), 1.51%, 07/20/27(c)
 
2,208
2,131,837
(1-day SOFR + 0.88%), 1.59%, 05/04/27(c)
 
2,344
2,275,908
(1-day SOFR + 1.00%), 2.48%, 01/21/28(c)
 
1,181
1,141,228
(1-day SOFR + 1.01%), 5.65%, 04/13/28(c)
 
825
842,754
(1-day SOFR + 1.02%), 1.93%, 04/28/32(c)
 
1,472
1,240,030
(1-day SOFR + 1.03%), 1.79%, 02/13/32(c)
 
1,642
1,383,531
(1-day SOFR + 1.10%), 4.65%, 10/18/30(c)
 
1,975
1,968,322
(1-day SOFR + 1.11%), 5.23%, 01/15/31(c)
 
1,520
1,549,157
(1-day SOFR + 1.14%), 2.70%, 01/22/31(c)
 
2,159
1,970,384
(1-day SOFR + 1.18%), 2.24%, 07/21/32(c)
 
2,063
1,757,863
(1-day SOFR + 1.20%), 2.51%, 10/20/32(c)
 
1,546
1,334,172
(1-day SOFR + 1.22%), 5.04%, 07/19/30(c)
 
1,530
1,546,883
(1-day SOFR + 1.26%), 5.66%, 04/18/30(c)
 
1,415
1,463,822
(1-day SOFR + 1.29%), 2.94%, 01/21/33(c)
 
1,562
1,369,401
(1-day SOFR + 1.36%), 2.48%, 09/16/36(c)
 
1,817
1,513,256
(1-day SOFR + 1.38%), 4.99%, 04/12/29(c)
 
515
522,018
(1-day SOFR + 1.42%), 5.59%, 01/18/36(c)
 
1,815
1,841,765
(1-day SOFR + 1.45%), 5.17%, 01/16/30(c)
 
1,425
1,451,048
(1-day SOFR + 1.51%), 5.19%, 04/17/31(c)
 
2,150
2,188,156
(1-day SOFR + 1.56%), 5.32%, 07/19/35(c)
 
1,891
1,882,742
(1-day SOFR + 1.58%), 5.83%, 04/19/35(c)
 
1,781
1,839,649
(1-day SOFR + 1.59%), 5.16%, 04/20/29(c)
 
1,710
1,741,362
(1-day SOFR + 1.61%), 4.21%, 04/20/28(c)
 
1,454
1,446,266
(1-day SOFR + 1.63%), 5.45%, 07/20/29(c)
 
980
1,005,204
(1-day SOFR + 1.73%), 5.12%, 02/01/29(c)
 
1,495
1,518,679
(1-day SOFR + 1.73%), 5.47%, 01/18/35(c)
 
1,738
1,755,984
(1-day SOFR + 1.76%), 5.66%, 04/17/36(c)
 
1,095
1,118,486
(1-day SOFR + 1.83%), 6.41%, 11/01/29(c)
 
1,280
1,354,645
(1-day SOFR + 1.87%), 5.25%, 04/21/34(c)
 
1,990
1,989,855
(1-day SOFR + 1.88%), 5.42%, 07/21/34(c)
 
1,400
1,414,605
(1-day SOFR + 2.05%), 6.63%, 11/01/34(c)
 
1,078
1,171,426
(1-day SOFR + 2.08%), 4.89%, 07/20/33(c)
 
1,165
1,147,478
(1-day SOFR + 2.24%), 6.30%, 10/18/28(c)
 
1,619
1,686,604
(1-day SOFR + 2.56%), 6.34%, 10/18/33(c)
 
1,881
2,012,183
(1-day SOFR + 2.62%), 5.30%, 04/20/37(a)(c)
 
1,178
1,148,736
(1-day SOFR + 3.12%), 3.62%, 04/01/31(c)
 
2,086
1,979,482
(3-mo. CME Term SOFR + 1.40%), 3.77%,
01/24/29(c)
 
1,745
1,713,721
(3-mo. CME Term SOFR + 1.89%), 4.43%,
01/23/30(c)
 
2,017
2,002,077
(5-year CMT + 1.80%), 5.94%, 02/07/39(a)(c)
 
900
905,441
(5-year CMT + 2.43%), 5.95%, 01/19/38(c)
 
1,210
1,218,089
Morgan Stanley Bank NA
 
Class BN, (1-day SOFR + 0.68%), 4.45%,
10/15/27(c)
 
750
751,005
Class BN, (1-day SOFR + 0.91%), 5.02%,
01/12/29(c)
 
750
760,839
Series BKNT, 5.88%, 10/30/26
 
1,050
1,074,795
Series BKNT, (1-day SOFR + 0.87%), 5.50%,
05/26/28(c)
 
1,400
1,427,346
Series BKNT, (1-day SOFR + 0.93%), 4.97%,
07/14/28(c)
 
925
933,429
Security
 
Par
(000)
Value
Banks (continued)
Morgan Stanley Bank NA (continued)
 
Series BKNT, (1-day SOFR + 1.08%), 4.95%,
01/14/28(c)
$
1,040
$ 1,048,507
National Australia Bank Ltd.
 
4.50%, 10/26/27
 
775
781,531
4.90%, 01/14/30(a)
 
500
512,783
Series BKNT, 2.50%, 07/12/26
 
847
831,595
National Australia Bank Ltd./New York
 
3.91%, 06/09/27
 
1,000
998,300
5.09%, 06/11/27
 
630
642,682
4.94%, 01/12/28
 
700
714,145
4.90%, 06/13/28(a)
 
400
409,065
4.79%, 01/10/29(a)
 
750
763,887
National Bank of Canada
 
5.60%, 12/18/28
 
750
777,620
4.50%, 10/10/29(a)
 
750
746,367
(1-day SOFR + 0.80%), 4.95%, 02/01/28(a)(c)
 
250
251,833
(1-day SOFR + 1.04%), 5.60%, 07/02/27(c)
 
500
505,841
NatWest Group PLC(c)
 
(1-year CMT + 0.90%), 1.64%, 06/14/27
 
1,100
1,063,421
(1-year CMT + 1.10%), 5.58%, 03/01/28(a)
 
600
610,215
(1-year CMT + 1.22%), 4.96%, 08/15/30
 
800
803,805
(1-year CMT + 1.50%), 5.78%, 03/01/35
 
1,000
1,017,264
(1-year CMT + 1.95%), 5.81%, 09/13/29
 
800
827,343
(1-year CMT + 2.10%), 6.02%, 03/02/34(a)
 
500
520,951
(1-year CMT + 2.27%), 5.52%, 09/30/28
 
1,325
1,351,290
(1-year CMT + 2.55%), 3.07%, 05/22/28
 
650
630,798
(3-mo. SOFR US + 2.01%), 4.89%, 05/18/29
 
928
933,733
(3-mo. SOFR US + 2.13%), 4.45%, 05/08/30
 
878
865,450
(3-mo. SOFR US + 2.16%), 5.08%, 01/27/30
 
978
985,969
(5-year CMT + 2.20%), 6.48%, 06/01/34
 
600
621,053
(5-year CMT + 2.35%), 3.03%, 11/28/35
 
400
353,555
Northern Trust Corp.
 
4.00%, 05/10/27
 
483
482,093
3.65%, 08/03/28
 
163
160,477
3.15%, 05/03/29
 
213
204,465
1.95%, 05/01/30
 
550
488,656
6.13%, 11/02/32
 
610
656,170
(3-mo. SOFR US + 1.39%), 3.38%, 05/08/32(c)
 
600
579,887
Oesterreichische Kontrollbank AG
 
5.00%, 10/23/26
 
900
915,563
4.75%, 05/21/27
 
920
938,059
4.25%, 03/01/28
 
900
913,699
4.13%, 01/18/29
 
1,000
1,013,321
3.75%, 09/05/29
 
700
698,351
4.50%, 01/24/30(a)
 
175
179,994
PNC Bank NA
 
Series BKNT, 3.10%, 10/25/27
 
500
486,904
Series BKNT, 3.25%, 01/22/28
 
250
243,466
Series BKNT, 4.05%, 07/26/28
 
900
886,151
Series BKNT, 2.70%, 10/22/29
 
500
459,745
PNC Financial Services Group, Inc.
 
2.60%, 07/23/26
 
500
489,776
1.15%, 08/13/26
 
509
489,369
3.15%, 05/19/27
 
450
439,390
3.45%, 04/23/29
 
1,073
1,036,999
2.55%, 01/22/30
 
1,331
1,215,885
(1-day SOFR + 0.80%), 5.10%, 07/23/27(c)
 
700
703,813
(1-day SOFR + 0.98%), 2.31%, 04/23/32(c)
 
529
456,966
(1-day SOFR + 1.07%), 5.22%, 01/29/31(a)(c)
 
510
521,809
(1-day SOFR + 1.20%), 5.49%, 05/14/30(c)
 
1,276
1,312,159
(1-day SOFR + 1.26%), 4.81%, 10/21/32(c)
 
880
871,781
(1-day SOFR + 1.34%), 5.30%, 01/21/28(c)
 
831
843,075
12
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
PNC Financial Services Group, Inc. (continued)
 
(1-day SOFR + 1.39%), 5.58%, 01/29/36(c)
$
800
$ 808,914
(1-day SOFR + 1.60%), 5.40%, 07/23/35(c)
 
920
919,406
(1-day SOFR + 1.62%), 5.35%, 12/02/28(c)
 
675
689,124
(1-day SOFR + 1.84%), 5.58%, 06/12/29(c)
 
1,288
1,327,905
(1-day SOFR + 1.90%), 5.68%, 01/22/35(c)
 
1,012
1,031,910
(1-day SOFR + 1.93%), 5.07%, 01/24/34(c)
 
875
864,566
(1-day SOFR + 1.95%), 5.94%, 08/18/34(c)
 
300
310,453
(1-day SOFR + 2.28%), 6.88%, 10/20/34(c)
 
1,399
1,538,372
(1-day SOFR Index + 1.73%), 6.62%, 10/20/27(c)
 
510
525,215
(1-day SOFR Index + 1.85%), 4.63%, 06/06/33(c)
 
450
425,210
(1-day SOFR Index + 2.14%), 6.04%, 10/28/33(c)
 
648
677,694
Regions Financial Corp.
 
1.80%, 08/12/28
 
363
331,133
(1-day SOFR + 1.49%), 5.72%, 06/06/30(c)
 
325
332,170
(1-day SOFR + 2.06%), 5.50%, 09/06/35(c)
 
600
587,029
Royal Bank of Canada
 
1.15%, 07/14/26
 
635
612,947
5.20%, 07/20/26
 
868
878,882
1.40%, 11/02/26
 
324
311,352
4.88%, 01/19/27
 
641
648,857
2.05%, 01/21/27
 
313
302,715
3.63%, 05/04/27(a)
 
149
147,573
4.24%, 08/03/27
 
150
150,276
6.00%, 11/01/27
 
1,100
1,145,246
4.90%, 01/12/28
 
300
305,099
5.20%, 08/01/28
 
880
903,416
4.95%, 02/01/29
 
833
848,982
2.30%, 11/03/31
 
900
780,830
3.88%, 05/04/32
 
700
659,838
5.00%, 02/01/33
 
1,060
1,065,319
5.00%, 05/02/33
 
562
563,532
5.15%, 02/01/34(a)
 
1,041
1,056,063
(1-day SOFR + 0.79%), 5.07%, 07/23/27(c)
 
700
705,712
(1-day SOFR + 0.83%), 4.97%, 01/24/29(c)
 
850
861,992
(1-day SOFR + 1.03%), 5.15%, 02/04/31(c)
 
950
966,761
(1-day SOFR + 1.10%), 4.97%, 08/02/30(c)
 
700
708,911
(1-day SOFR Index + 0.72%), 4.51%, 10/18/27(c)
 
350
350,410
(1-day SOFR Index + 0.81%), 4.72%, 03/27/28(c)
 
775
780,013
(1-day SOFR Index + 0.86%), 4.52%, 10/18/28(c)
 
350
350,696
(1-day SOFR Index + 1.08%), 4.65%, 10/18/30(c)
 
1,158
1,156,314
(1-day SOFR Index + 1.13%), 4.97%, 05/02/31(c)
 
775
783,450
Santander Holdings USA, Inc.
 
3.24%, 10/05/26
 
619
605,723
4.40%, 07/13/27(a)
 
500
496,495
(1-day SOFR + 1.23%), 6.12%, 05/31/27(c)
 
210
212,312
(1-day SOFR + 1.25%), 2.49%, 01/06/28(c)
 
575
551,520
(1-day SOFR + 1.61%), 5.47%, 03/20/29(c)
 
400
401,575
(1-day SOFR + 1.88%), 5.74%, 03/20/31(c)
 
400
403,942
(1-day SOFR + 1.94%), 5.35%, 09/06/30(c)
 
638
639,566
(1-day SOFR + 2.14%), 6.34%, 05/31/35(a)(c)
 
510
520,573
(1-day SOFR + 2.36%), 6.50%, 03/09/29(c)
 
496
514,468
(1-day SOFR + 2.50%), 6.17%, 01/09/30(c)
 
611
629,267
(1-day SOFR + 2.70%), 6.57%, 06/12/29(c)
 
388
402,691
(1-day SOFR + 3.28%), 7.66%, 11/09/31(c)
 
300
330,188
Santander U.K. Group Holdings PLC(c)
 
(1-day SOFR + 0.99%), 1.67%, 06/14/27
 
479
462,262
(1-day SOFR + 1.22%), 2.47%, 01/11/28
 
650
624,836
(1-day SOFR + 1.48%), 2.90%, 03/15/32
 
250
220,662
(1-day SOFR + 2.60%), 6.53%, 01/10/29
 
800
833,238
(1-day SOFR Index + 1.55%), 4.86%, 09/11/30
 
600
594,966
(3-mo. SOFR US + 1.66%), 3.82%, 11/03/28
 
600
585,634
Security
 
Par
(000)
Value
Banks (continued)
Santander UK Group Holdings PLC, (1-day SOFR
Index + 1.52%), 5.69%, 04/15/31(c)
$
550
$ 563,864
Standard Chartered Bank, 4.85%, 12/03/27(a)
 
250
252,841
State Street Bank & Trust Co.
 
4.59%, 11/25/26
 
750
756,621
4.78%, 11/23/29
 
500
508,352
State Street Corp.
 
2.65%, 05/19/26
 
829
816,619
5.27%, 08/03/26
 
782
792,503
4.99%, 03/18/27
 
801
813,008
4.33%, 10/22/27
 
841
845,034
4.54%, 02/28/28(a)
 
334
337,503
2.40%, 01/24/30(a)
 
489
450,031
4.73%, 02/28/30
 
100
101,178
4.83%, 04/24/30
 
500
507,308
2.20%, 03/03/31
 
450
392,453
(1-day SOFR + 0.56%), 1.68%, 11/18/27(c)
 
341
327,198
(1-day SOFR + 0.73%), 2.20%, 02/07/28(c)
 
279
268,856
(1-day SOFR + 0.95%), 4.54%, 04/24/28(c)
 
195
196,384
(1-day SOFR + 1.00%), 2.62%, 02/07/33(c)
 
441
382,913
(1-day SOFR + 1.02%), 4.53%, 02/20/29(c)
 
300
301,587
(1-day SOFR + 1.05%), 4.68%, 10/22/32(c)
 
525
522,678
(1-day SOFR + 1.22%), 5.15%, 02/28/36(c)
 
400
401,435
(1-day SOFR + 1.48%), 5.68%, 11/21/29(c)
 
500
520,425
(1-day SOFR + 1.49%), 3.03%, 11/01/34(c)
 
330
301,300
(1-day SOFR + 1.57%), 4.82%, 01/26/34(c)
 
600
589,425
(1-day SOFR + 1.61%), 4.42%, 05/13/33(c)
 
350
339,656
(1-day SOFR + 1.72%), 5.82%, 11/04/28(c)
 
115
119,295
(1-day SOFR + 1.73%), 4.16%, 08/04/33(c)
 
500
475,109
(1-day SOFR + 1.89%), 5.16%, 05/18/34(c)
 
550
554,975
(1-day SOFR + 1.96%), 6.12%, 11/21/34(c)
 
450
470,054
(1-day SOFR + 2.65%), 3.15%, 03/30/31(c)
 
335
313,956
(3-mo. CME Term SOFR + 1.29%), 4.14%,
12/03/29(c)
 
250
247,796
Sumitomo Mitsui Financial Group, Inc.
 
5.88%, 07/13/26
 
600
610,652
2.63%, 07/14/26
 
1,513
1,483,531
1.40%, 09/17/26
 
1,382
1,328,369
3.01%, 10/19/26
 
863
847,115
3.45%, 01/11/27
 
700
690,787
2.17%, 01/14/27
 
200
192,916
3.36%, 07/12/27
 
1,177
1,155,498
3.35%, 10/18/27
 
413
403,977
5.52%, 01/13/28
 
1,100
1,132,675
3.54%, 01/17/28
 
309
302,898
5.80%, 07/13/28
 
500
520,471
3.94%, 07/19/28
 
214
211,601
5.72%, 09/14/28
 
400
415,726
1.90%, 09/17/28
 
1,182
1,089,588
4.31%, 10/16/28
 
432
430,927
2.47%, 01/14/29
 
400
372,455
5.32%, 07/09/29
 
400
410,647
3.04%, 07/16/29
 
1,640
1,543,529
2.72%, 09/27/29
 
478
441,758
5.71%, 01/13/30
 
700
730,475
2.75%, 01/15/30
 
750
689,978
5.24%, 04/15/30
 
400
409,903
2.13%, 07/08/30
 
1,310
1,156,763
5.85%, 07/13/30
 
500
525,898
2.14%, 09/23/30
 
470
408,788
1.71%, 01/12/31
 
235
199,292
5.42%, 07/09/31
 
600
617,793
Schedule of Investments
13
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Sumitomo Mitsui Financial Group, Inc. (continued)
 
2.22%, 09/17/31
$
400
$ 343,547
5.45%, 01/15/32
 
200
205,758
5.77%, 01/13/33
 
1,050
1,090,415
5.78%, 07/13/33
 
300
310,998
5.81%, 09/14/33
 
600
627,680
5.56%, 07/09/34
 
1,050
1,074,484
5.63%, 01/15/35
 
600
617,761
Synchrony Bank, 5.63%, 08/23/27
 
500
505,277
Synovus Bank/Columbus GA, 5.63%, 02/15/28
 
250
250,838
Synovus Financial Corp., (1-day SOFR + 2.35%),
6.17%, 11/01/30(c)
 
334
336,549
Toronto-Dominion Bank
 
1.20%, 06/03/26
 
881
852,391
5.53%, 07/17/26
 
1,289
1,306,698
1.25%, 09/10/26
 
911
874,936
5.26%, 12/11/26
 
165
167,383
4.57%, 12/17/26
 
950
953,692
1.95%, 01/12/27
 
413
397,495
2.80%, 03/10/27
 
637
619,814
4.98%, 04/05/27
 
275
278,333
4.11%, 06/08/27
 
816
812,632
4.69%, 09/15/27
 
674
679,927
5.16%, 01/10/28
 
350
357,322
4.86%, 01/31/28
 
498
505,027
5.52%, 07/17/28
 
747
773,779
4.99%, 04/05/29
 
775
790,852
4.78%, 12/17/29(a)
 
550
555,262
2.00%, 09/10/31(a)
 
295
254,477
2.45%, 01/12/32
 
413
355,474
5.30%, 01/30/32
 
500
509,262
3.20%, 03/10/32
 
1,015
910,331
4.46%, 06/08/32
 
1,432
1,391,842
(5-year CMT + 1.50%), 5.15%, 09/10/34(c)
 
650
646,499
(5-year USD Swap + 2.21%), 3.63%, 09/15/31(c)
 
1,015
994,829
Truist Bank
 
Series BKNT, 3.30%, 05/15/26
 
400
395,045
Series BKNT, 3.80%, 10/30/26
 
500
494,457
Series BKNT, 2.25%, 03/11/30
 
761
670,274
Truist Financial Corp.
 
1.13%, 08/03/27
 
435
405,966
3.88%, 03/19/29
 
330
318,926
1.95%, 06/05/30
 
535
466,203
(1-day SOFR + 0.86%), 1.89%, 06/07/29(c)
 
529
488,028
(1-day SOFR + 1.37%), 4.12%, 06/06/28(c)
 
123
122,350
(1-day SOFR + 1.44%), 4.87%, 01/26/29(c)
 
1,054
1,061,215
(1-day SOFR + 1.57%), 5.15%, 08/05/32(c)
 
625
627,781
(1-day SOFR + 1.62%), 5.44%, 01/24/30(c)
 
899
918,384
(1-day SOFR + 1.85%), 5.12%, 01/26/34(a)(c)
 
999
978,531
(1-day SOFR + 1.92%), 5.71%, 01/24/35(a)(c)
 
948
964,095
(1-day SOFR + 2.05%), 6.05%, 06/08/27(c)
 
1,035
1,052,002
(1-day SOFR + 2.24%), 4.92%, 07/28/33(c)
 
702
671,140
(1-day SOFR + 2.30%), 6.12%, 10/28/33(c)
 
500
522,605
(1-day SOFR + 2.36%), 5.87%, 06/08/34(c)
 
1,165
1,192,813
(1-day SOFR + 2.45%), 7.16%, 10/30/29(c)
 
1,035
1,117,579
U.S. Bancorp
 
3.90%, 04/26/28
 
465
462,090
3.00%, 07/30/29
 
634
592,825
1.38%, 07/22/30
 
969
825,014
(1-day SOFR + 0.73%), 2.22%, 01/27/28(c)
 
693
666,616
(1-day SOFR + 1.02%), 2.68%, 01/27/33(c)
 
413
355,702
(1-day SOFR + 1.06%), 5.05%, 02/12/31(c)
 
605
612,186
(1-day SOFR + 1.23%), 4.65%, 02/01/29(c)
 
847
849,705
Security
 
Par
(000)
Value
Banks (continued)
U.S. Bancorp (continued)
 
(1-day SOFR + 1.25%), 5.10%, 07/23/30(c)
$
810
$ 822,639
(1-day SOFR + 1.41%), 5.42%, 02/12/36(c)
 
640
641,830
(1-day SOFR + 1.56%), 5.38%, 01/23/30(c)
 
1,018
1,042,180
(1-day SOFR + 1.60%), 4.84%, 02/01/34(c)
 
700
679,095
(1-day SOFR + 1.66%), 4.55%, 07/22/28(c)
 
760
761,821
(1-day SOFR + 1.86%), 5.68%, 01/23/35(c)
 
1,024
1,042,673
(1-day SOFR + 1.88%), 6.79%, 10/26/27(c)
 
634
655,204
(1-day SOFR + 2.02%), 5.78%, 06/12/29(c)
 
1,045
1,080,778
(1-day SOFR + 2.09%), 5.85%, 10/21/33(c)
 
1,162
1,203,103
(1-day SOFR + 2.11%), 4.97%, 07/22/33(c)
 
675
652,214
(1-day SOFR + 2.26%), 5.84%, 06/12/34(c)
 
933
962,785
(5-year CMT + 0.95%), 2.49%, 11/03/36(c)
 
1,007
832,036
Series V, 2.38%, 07/22/26
 
857
840,003
Series X, 3.15%, 04/27/27
 
783
768,266
U.S. Bank NA, (1-day SOFR + 0.69%), 4.51%,
10/22/27(c)
 
800
800,376
UBS AG
 
1.25%, 06/01/26
 
600
581,220
1.25%, 08/07/26
 
1,050
1,010,262
5.65%, 09/11/28
 
1,000
1,039,313
(1-day SOFR + 0.72%), 4.86%, 01/10/28(a)(c)
 
750
754,606
UBS AG/Stamford CT
 
5.00%, 07/09/27
 
650
659,952
7.50%, 02/15/28
 
1,400
1,514,567
Wells Fargo & Co.
 
4.10%, 06/03/26
 
1,302
1,297,635
3.00%, 10/23/26
 
2,366
2,322,027
4.30%, 07/22/27
 
1,667
1,665,769
4.15%, 01/24/29
 
1,374
1,359,365
(1-day SOFR + 1.07%), 5.71%, 04/22/28(c)
 
1,880
1,921,944
(1-day SOFR + 1.11%), 5.24%, 01/24/31(c)
 
1,291
1,317,398
(1-day SOFR + 1.37%), 4.97%, 04/23/29(c)
 
2,000
2,024,963
(1-day SOFR + 1.38%), 5.21%, 12/03/35(c)
 
1,650
1,629,176
(1-day SOFR + 1.50%), 5.20%, 01/23/30(c)
 
1,820
1,856,910
(1-day SOFR + 1.50%), 5.15%, 04/23/31(c)
 
2,000
2,031,329
(1-day SOFR + 1.50%), 3.35%, 03/02/33(c)
 
2,763
2,482,752
(1-day SOFR + 1.51%), 3.53%, 03/24/28(c)
 
2,167
2,130,314
(1-day SOFR + 1.74%), 5.57%, 07/25/29(c)
 
2,394
2,463,397
(1-day SOFR + 1.74%), 5.61%, 04/23/36(a)(c)
 
1,095
1,112,045
(1-day SOFR + 1.78%), 5.50%, 01/23/35(c)
 
1,965
1,977,763
(1-day SOFR + 1.79%), 6.30%, 10/23/29(c)
 
1,571
1,658,719
(1-day SOFR + 1.98%), 4.81%, 07/25/28(c)
 
2,045
2,057,960
(1-day SOFR + 1.99%), 5.56%, 07/25/34(c)
 
2,556
2,590,004
(1-day SOFR + 2.02%), 5.39%, 04/24/34(c)
 
2,335
2,346,098
(1-day SOFR + 2.06%), 6.49%, 10/23/34(c)
 
1,966
2,112,754
(1-day SOFR + 2.10%), 2.39%, 06/02/28(c)
 
2,045
1,959,789
(1-day SOFR + 2.10%), 4.90%, 07/25/33(c)
 
2,873
2,820,876
(3-mo. CME Term SOFR + 1.26%), 2.57%,
02/11/31(c)
 
1,743
1,577,026
(3-mo. CME Term SOFR + 1.43%), 3.20%,
06/17/27(c)
 
1,849
1,823,252
(3-mo. CME Term SOFR + 1.43%), 2.88%,
10/30/30(c)
 
1,909
1,769,255
(3-mo. CME Term SOFR + 1.57%), 3.58%,
05/22/28(c)
 
2,143
2,104,212
(3-mo. CME Term SOFR + 4.03%), 4.48%,
04/04/31(c)
 
1,559
1,537,770
Series W, (1-day SOFR + 0.78%), 4.90%,
01/24/28(c)
 
1,415
1,424,201
Wells Fargo Bank NA
 
5.25%, 12/11/26
 
1,200
1,218,319
Series BKNT, 5.45%, 08/07/26
 
1,500
1,521,692
14
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Western Alliance Bancorp, (3-mo. CME Term SOFR +
2.25%), 3.00%, 06/15/31(c)
$
362
$ 332,700
Westpac Banking Corp.
 
2.85%, 05/13/26
 
1,181
1,165,814
1.15%, 06/03/26
 
1,207
1,169,043
2.70%, 08/19/26
 
736
723,144
4.60%, 10/20/26
 
230
231,863
3.35%, 03/08/27
 
500
494,398
4.04%, 08/26/27(a)
 
600
600,470
5.46%, 11/18/27(a)
 
300
310,039
3.40%, 01/25/28
 
535
525,813
5.54%, 11/17/28
 
820
857,605
1.95%, 11/20/28
 
629
583,751
5.05%, 04/16/29
 
500
514,386
2.65%, 01/16/30
 
571
530,871
2.15%, 06/03/31
 
536
472,043
6.82%, 11/17/33
 
428
465,364
(1-year CMT + 1.20%), 5.62%, 11/20/35(c)
 
950
941,826
(1-year CMT + 2.68%), 5.41%, 08/10/33(a)(c)
 
550
545,444
(5-year CMT + 1.53%), 3.02%, 11/18/36(c)
 
920
793,590
(5-year CMT + 1.75%), 2.67%, 11/15/35(c)
 
957
834,723
(5-year CMT + 2.00%), 4.11%, 07/24/34(c)
 
740
707,332
(5-year USD ICE Swap + 2.24%), 4.32%,
11/23/31(c)
 
704
698,332
Zions Bancorp NA
 
3.25%, 10/29/29
 
261
233,291
(1-day SOFR + 2.83%), 6.82%, 11/19/35(c)
 
250
247,132
 
 
896,175,389
Beverages — 1.3%
Anheuser-Busch InBev Worldwide, Inc.
 
4.00%, 04/13/28
 
950
953,331
4.75%, 01/23/29
 
2,567
2,606,516
3.50%, 06/01/30
 
1,311
1,259,873
4.90%, 01/23/31
 
400
410,290
5.00%, 06/15/34(a)
 
863
870,681
Brown-Forman Corp., 4.75%, 04/15/33(a)
 
200
199,009
Coca-Cola Co.
 
3.38%, 03/25/27
 
672
665,727
2.90%, 05/25/27
 
163
160,092
1.45%, 06/01/27
 
900
856,446
1.50%, 03/05/28(a)
 
429
402,412
1.00%, 03/15/28
 
676
625,850
2.13%, 09/06/29(a)
 
729
674,271
3.45%, 03/25/30
 
745
723,435
1.65%, 06/01/30
 
876
773,589
2.00%, 03/05/31
 
212
187,301
1.38%, 03/15/31
 
476
405,544
2.25%, 01/05/32
 
1,033
908,061
5.00%, 05/13/34(a)
 
766
785,059
4.65%, 08/14/34
 
637
635,941
Coca-Cola Consolidated, Inc.
 
5.25%, 06/01/29
 
300
308,066
5.45%, 06/01/34
 
300
308,526
Coca-Cola Femsa SAB de CV
 
2.75%, 01/22/30
 
705
651,990
1.85%, 09/01/32
 
332
270,767
Constellation Brands, Inc.
 
3.70%, 12/06/26(a)
 
620
612,745
3.50%, 05/09/27
 
179
175,578
4.35%, 05/09/27
 
400
399,154
3.60%, 02/15/28
 
350
341,367
4.65%, 11/15/28
 
250
250,648
Security
 
Par
(000)
Value
Beverages (continued)
Constellation Brands, Inc. (continued)
 
4.80%, 01/15/29
$
175
$ 176,101
3.15%, 08/01/29(a)
 
829
779,941
2.88%, 05/01/30
 
229
209,873
4.80%, 05/01/30
 
175
175,325
2.25%, 08/01/31
 
652
556,964
4.75%, 05/09/32(a)
 
330
322,704
4.90%, 05/01/33(a)
 
840
818,949
Diageo Capital PLC
 
5.38%, 10/05/26
 
600
609,138
5.30%, 10/24/27
 
500
512,063
3.88%, 05/18/28
 
478
472,680
2.38%, 10/24/29
 
766
706,115
2.00%, 04/29/30
 
378
336,039
2.13%, 04/29/32
 
478
401,048
5.50%, 01/24/33
 
500
513,440
5.63%, 10/05/33
 
600
623,261
Keurig Dr. Pepper, Inc.
 
2.55%, 09/15/26
 
252
246,042
5.10%, 03/15/27
 
543
549,579
3.43%, 06/15/27
 
314
308,456
05/15/28(b)
 
250
250,584
4.60%, 05/25/28
 
702
705,408
5.05%, 03/15/29
 
543
552,889
3.95%, 04/15/29
 
632
617,907
3.20%, 05/01/30(a)
 
413
386,631
05/15/30(b)
 
250
250,117
4.05%, 04/15/32
 
615
586,098
5.30%, 03/15/34(a)
 
325
330,296
05/15/35(b)
 
250
249,513
Series 10, 5.20%, 03/15/31
 
225
230,328
Series 31, 2.25%, 03/15/31
 
213
185,523
Molson Coors Beverage Co., 3.00%, 07/15/26
 
1,045
1,027,652
Pepsico Singapore Financing I Pte. Ltd.
 
4.65%, 02/16/27
 
225
227,354
4.55%, 02/16/29
 
225
227,557
4.70%, 02/16/34
 
325
321,885
PepsiCo, Inc.
 
2.38%, 10/06/26
 
659
644,717
5.13%, 11/10/26
 
1,800
1,828,290
4.40%, 02/07/27
 
100
100,885
2.63%, 03/19/27
 
256
250,172
3.00%, 10/15/27(a)
 
813
794,178
4.45%, 02/07/28
 
300
303,635
3.60%, 02/18/28
 
445
441,605
4.45%, 05/15/28
 
456
462,949
7.00%, 03/01/29
 
150
165,466
4.50%, 07/17/29
 
425
432,198
2.63%, 07/29/29
 
729
687,312
4.60%, 02/07/30(a)
 
300
305,339
2.75%, 03/19/30
 
1,025
957,615
1.63%, 05/01/30
 
496
437,408
1.40%, 02/25/31
 
102
86,870
1.95%, 10/21/31
 
816
703,422
3.90%, 07/18/32
 
837
804,107
4.45%, 02/15/33
 
550
551,503
4.80%, 07/17/34
 
425
424,636
5.00%, 02/07/35
 
854
862,547
 
 
43,134,583
Biotechnology — 0.7%
Amgen, Inc.
 
2.60%, 08/19/26
 
901
882,562
Schedule of Investments
15
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Biotechnology (continued)
Amgen, Inc. (continued)
 
2.20%, 02/21/27
$
1,148
$ 1,107,045
3.20%, 11/02/27
 
665
648,789
5.15%, 03/02/28
 
1,999
2,042,689
1.65%, 08/15/28
 
700
643,240
3.00%, 02/22/29(a)
 
300
285,260
4.05%, 08/18/29
 
942
926,364
2.45%, 02/21/30
 
902
820,272
5.25%, 03/02/30
 
1,832
1,883,618
2.30%, 02/25/31
 
902
793,558
2.00%, 01/15/32(a)
 
760
637,554
3.35%, 02/22/32
 
666
608,475
4.20%, 03/01/33
 
600
568,297
5.25%, 03/02/33
 
2,058
2,079,487
Biogen, Inc., 2.25%, 05/01/30
 
907
806,426
Bio-Rad Laboratories, Inc.
 
3.30%, 03/15/27
 
250
243,650
3.70%, 03/15/32
 
577
520,854
Gilead Sciences, Inc.
 
2.95%, 03/01/27
 
863
846,743
1.20%, 10/01/27
 
475
443,835
4.80%, 11/15/29
 
380
386,716
1.65%, 10/01/30
 
821
710,625
5.25%, 10/15/33
 
165
168,533
Illumina, Inc.
 
4.65%, 09/09/26
 
225
225,006
5.75%, 12/13/27
 
200
204,422
2.55%, 03/23/31
 
395
339,679
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30
 
670
572,243
Royalty Pharma PLC
 
1.75%, 09/02/27(a)
 
643
603,216
5.15%, 09/02/29
 
300
303,162
2.20%, 09/02/30
 
1,059
919,331
2.15%, 09/02/31(a)
 
286
240,539
5.40%, 09/02/34(a)
 
300
297,254
 
 
21,759,444
Broadline Retail — 0.0%
TJX Cos., Inc.
 
2.25%, 09/15/26
 
757
739,041
1.15%, 05/15/28(a)
 
350
321,545
3.88%, 04/15/30
 
250
244,862
1.60%, 05/15/31
 
150
128,058
 
 
1,433,506
Building Materials — 0.4%
Carrier Global Corp.
 
2.49%, 02/15/27
 
542
525,989
2.72%, 02/15/30
 
715
660,354
2.70%, 02/15/31(a)
 
506
454,824
5.90%, 03/15/34
 
576
605,460
CRH America Finance, Inc.
 
5.40%, 05/21/34
 
500
505,374
5.50%, 01/09/35
 
650
659,873
CRH SMW Finance DAC
 
5.20%, 05/21/29
 
600
612,664
5.13%, 01/09/30
 
650
662,270
Eagle Materials, Inc., 2.50%, 07/01/31
 
113
98,665
Fortune Brands Innovations, Inc.
 
3.25%, 09/15/29(a)
 
413
388,129
4.00%, 03/25/32
 
279
258,189
5.88%, 06/01/33(a)
 
186
191,249
Security
 
Par
(000)
Value
Building Materials (continued)
Holcim Finance U.S. LLC(d)
 
4.60%, 04/07/27(a)
$
125
$ 125,468
4.70%, 04/07/28
 
125
125,874
4.95%, 04/07/30
 
50
50,614
5.40%, 04/07/35(a)
 
45
44,989
Johnson Controls International PLC/Tyco Fire &
Security Finance SCA
 
5.50%, 04/19/29(a)
 
300
310,211
1.75%, 09/15/30
 
125
107,945
2.00%, 09/16/31
 
351
296,893
4.90%, 12/01/32
 
475
469,007
Lennox International, Inc., 5.50%, 09/15/28
 
254
260,779
Martin Marietta Materials, Inc.
 
3.45%, 06/01/27
 
163
159,727
3.50%, 12/15/27
 
300
292,722
2.50%, 03/15/30(a)
 
179
162,418
2.40%, 07/15/31
 
561
486,453
5.15%, 12/01/34
 
175
173,816
Masco Corp.
 
1.50%, 02/15/28
 
300
275,553
2.00%, 10/01/30
 
109
93,537
2.00%, 02/15/31
 
413
350,153
Mohawk Industries, Inc.
 
5.85%, 09/18/28
 
250
259,066
3.63%, 05/15/30(a)
 
225
212,530
Owens Corning
 
3.40%, 08/15/26
 
272
268,167
5.50%, 06/15/27
 
299
304,670
3.95%, 08/15/29
 
270
262,441
3.50%, 02/15/30
 
290
273,555
3.88%, 06/01/30
 
225
215,157
5.70%, 06/15/34
 
222
227,698
Trane Technologies Financing Ltd.
 
3.80%, 03/21/29
 
560
548,807
5.25%, 03/03/33
 
400
407,733
5.10%, 06/13/34
 
255
255,849
Trane Technologies Global Holding Co. Ltd., 3.75%,
08/21/28
 
300
294,842
Vulcan Materials Co.
 
3.90%, 04/01/27
 
129
127,585
4.95%, 12/01/29
 
325
328,081
3.50%, 06/01/30
 
400
378,790
5.35%, 12/01/34
 
325
327,627
 
 
14,101,797
Building Products — 0.7%
Ferguson Enterprises, Inc., 5.00%, 10/03/34
 
100
96,775
Home Depot, Inc.
 
5.15%, 06/25/26(a)
 
703
711,600
2.13%, 09/15/26
 
671
654,439
4.95%, 09/30/26
 
566
572,840
2.50%, 04/15/27
 
460
446,932
2.88%, 04/15/27
 
525
514,191
4.88%, 06/25/27
 
245
249,396
2.80%, 09/14/27
 
671
652,362
0.90%, 03/15/28
 
408
374,098
1.50%, 09/15/28
 
555
511,404
3.90%, 12/06/28
 
600
597,197
4.90%, 04/15/29(a)
 
250
256,685
2.95%, 06/15/29
 
1,226
1,167,163
4.75%, 06/25/29
 
1,087
1,109,101
2.70%, 04/15/30
 
1,051
974,983
1.38%, 03/15/31
 
475
399,264
16
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Building Products (continued)
Home Depot, Inc. (continued)
 
4.85%, 06/25/31
$
595
$ 607,553
1.88%, 09/15/31
 
671
573,516
3.25%, 04/15/32
 
734
672,370
4.50%, 09/15/32
 
944
939,282
4.95%, 06/25/34
 
1,185
1,192,208
Lowe’s Cos., Inc.
 
3.35%, 04/01/27
 
628
617,225
3.10%, 05/03/27
 
1,254
1,225,030
1.30%, 04/15/28
 
599
550,227
1.70%, 09/15/28
 
352
322,309
6.50%, 03/15/29
 
260
278,742
3.65%, 04/05/29(a)
 
613
594,809
4.50%, 04/15/30
 
829
826,323
1.70%, 10/15/30
 
941
807,635
2.63%, 04/01/31
 
1,129
1,008,226
3.75%, 04/01/32
 
829
770,939
5.00%, 04/15/33
 
850
847,004
5.15%, 07/01/33(a)
 
552
554,278
 
 
21,676,106
Capital Markets — 2.0%
Affiliated Managers Group, Inc.
 
3.30%, 06/15/30
 
264
245,327
5.50%, 08/20/34
 
200
195,003
Ameriprise Financial, Inc.
 
2.88%, 09/15/26
 
289
284,082
5.70%, 12/15/28
 
375
392,714
4.50%, 05/13/32
 
313
306,557
5.15%, 05/15/33
 
460
465,041
5.20%, 04/15/35
 
325
325,352
Apollo Debt Solutions BDC
 
6.90%, 04/13/29
 
600
617,077
6.70%, 07/29/31
 
640
652,063
6.55%, 03/15/32(d)
 
355
357,074
Apollo Global Management, Inc., 6.38%, 11/15/33
 
275
297,175
Ares Capital Corp.
 
2.15%, 07/15/26
 
776
747,747
7.00%, 01/15/27
 
482
494,865
2.88%, 06/15/27
 
179
170,741
2.88%, 06/15/28
 
568
527,014
5.88%, 03/01/29
 
550
554,862
5.95%, 07/15/29
 
565
572,313
3.20%, 11/15/31(a)
 
563
481,082
5.80%, 03/08/32
 
625
610,588
Ares Management Corp., 6.38%, 11/10/28
 
154
162,633
Bain Capital Specialty Finance, Inc.
 
2.55%, 10/13/26
 
130
124,142
5.95%, 03/15/30
 
250
244,989
Barings BDC, Inc.
 
3.30%, 11/23/26
 
150
144,352
7.00%, 02/15/29(a)
 
250
256,165
BGC Group, Inc.
 
8.00%, 05/25/28
 
200
211,855
6.60%, 06/10/29(a)
 
325
332,609
6.15%, 04/02/30(d)
 
175
174,811
Blackstone Private Credit Fund
 
2.63%, 12/15/26(a)
 
675
647,427
3.25%, 03/15/27
 
694
668,772
4.95%, 09/26/27(d)
 
250
247,638
7.30%, 11/27/28
 
450
476,257
4.00%, 01/15/29
 
393
371,309
Security
 
Par
(000)
Value
Capital Markets (continued)
Blackstone Private Credit Fund (continued)
 
5.95%, 07/16/29
$
325
$ 326,710
5.60%, 11/22/29(a)(d)
 
300
296,550
5.25%, 04/01/30(d)
 
250
243,756
6.25%, 01/25/31
 
300
305,178
6.00%, 01/29/32(a)
 
650
644,392
6.00%, 11/22/34(d)
 
550
525,656
Blackstone Secured Lending Fund
 
2.75%, 09/16/26(a)
 
552
533,444
2.13%, 02/15/27
 
400
378,646
5.88%, 11/15/27
 
175
177,166
5.35%, 04/13/28
 
450
449,004
2.85%, 09/30/28
 
390
357,301
5.30%, 06/30/30
 
375
365,232
Blue Owl Capital Corp.
 
3.40%, 07/15/26(a)
 
829
805,766
2.63%, 01/15/27
 
225
214,025
3.13%, 04/13/27
 
130
123,677
2.88%, 06/11/28
 
526
480,289
5.95%, 03/15/29(a)
 
758
752,374
Blue Owl Capital Corp. II, 8.45%, 11/15/26
 
50
52,162
Blue Owl Credit Income Corp.
 
4.70%, 02/08/27(a)
 
252
248,162
7.75%, 09/16/27(a)
 
600
622,365
7.95%, 06/13/28
 
398
419,406
7.75%, 01/15/29
 
352
370,053
6.60%, 09/15/29(d)
 
600
607,067
5.80%, 03/15/30(a)(d)
 
625
610,934
6.65%, 03/15/31(a)
 
570
576,988
Blue Owl Finance LLC
 
3.13%, 06/10/31
 
398
347,470
4.38%, 02/15/32(a)
 
200
184,279
6.25%, 04/18/34
 
670
676,722
Blue Owl Technology Finance Corp.
 
2.50%, 01/15/27
 
50
47,100
6.10%, 03/15/28(d)
 
465
460,859
6.75%, 04/04/29(a)
 
400
400,917
Brookfield Asset Management Ltd., 5.80%,
04/24/35(a)
 
250
254,021
Brookfield Finance I U.K. PLC/Brookfield Finance,
Inc., 2.34%, 01/30/32
 
399
332,201
Carlyle Secured Lending, Inc., 6.75%, 02/18/30
 
150
151,548
Charles Schwab Corp.
 
1.15%, 05/13/26
 
843
815,801
5.88%, 08/24/26
 
736
750,322
3.20%, 03/02/27
 
478
469,563
2.45%, 03/03/27(a)
 
943
914,602
3.30%, 04/01/27
 
350
344,183
3.20%, 01/25/28
 
525
511,666
2.00%, 03/20/28
 
754
709,839
4.00%, 02/01/29(a)
 
442
438,286
3.25%, 05/22/29
 
532
509,560
2.75%, 10/01/29
 
179
167,349
4.63%, 03/22/30(a)
 
179
181,292
1.65%, 03/11/31
 
413
349,912
2.30%, 05/13/31
 
363
319,628
1.95%, 12/01/31
 
700
588,193
2.90%, 03/03/32
 
660
581,140
(1-day SOFR + 1.88%), 6.20%, 11/17/29(a)(c)
 
356
377,796
(1-day SOFR + 2.01%), 6.14%, 08/24/34(a)(c)
 
795
844,320
(1-day SOFR + 2.21%), 5.64%, 05/19/29(c)
 
562
582,562
(1-day SOFR + 2.50%), 5.85%, 05/19/34(c)
 
456
476,266
Schedule of Investments
17
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Capital Markets (continued)
CI Financial Corp., 3.20%, 12/17/30
$
646
$ 563,778
Credit Suisse USA LLC, 7.13%, 07/15/32(a)
 
570
643,138
Eaton Vance Corp., 3.50%, 04/06/27(a)
 
200
196,460
Franklin BSP Capital Corp., 7.20%, 06/15/29
 
200
203,478
Franklin Resources, Inc., 1.60%, 10/30/30
 
400
342,052
FS KKR Capital Corp.
 
2.63%, 01/15/27
 
329
311,232
3.25%, 07/15/27
 
413
391,890
3.13%, 10/12/28
 
663
598,728
7.88%, 01/15/29
 
250
261,301
6.88%, 08/15/29(a)
 
372
378,132
6.13%, 01/15/30
 
400
393,210
Goldman Sachs BDC, Inc., 6.38%, 03/11/27
 
100
102,235
Goldman Sachs Private Credit Corp.(b)
 
05/06/28
 
125
125,277
05/06/30
 
125
125,027
Golub Capital BDC, Inc.
 
2.50%, 08/24/26
 
380
365,648
2.05%, 02/15/27
 
145
136,198
7.05%, 12/05/28
 
250
260,494
6.00%, 07/15/29
 
600
601,524
Golub Capital Private Credit Fund(d)
 
5.80%, 09/12/29
 
300
295,314
5.88%, 05/01/30(a)
 
302
295,961
HA Sustainable Infrastructure Capital, Inc., 6.38%,
07/01/34(d)
 
645
618,281
HPS Corporate Lending Fund
 
6.75%, 01/30/29(a)
 
200
206,054
6.25%, 09/30/29
 
300
304,441
Janus Henderson U.S. Holdings, Inc., 5.45%,
09/10/34
 
275
262,564
Jefferies Financial Group, Inc.
 
4.85%, 01/15/27
 
409
411,458
6.45%, 06/08/27
 
250
258,462
5.88%, 07/21/28
 
535
549,304
4.15%, 01/23/30
 
679
654,108
2.63%, 10/15/31
 
629
530,581
2.75%, 10/15/32
 
274
224,391
6.20%, 04/14/34
 
725
734,607
Kreditanstalt fuer Wiederaufbau, Series GLOB,
3.88%, 05/15/28(a)
 
2,000
2,014,456
Lazard Group LLC
 
3.63%, 03/01/27
 
200
195,645
4.50%, 09/19/28
 
200
197,648
4.38%, 03/11/29
 
379
371,462
6.00%, 03/15/31
 
219
225,124
LPL Holdings, Inc.
 
5.70%, 05/20/27
 
490
499,721
4.90%, 04/03/28
 
75
75,345
6.75%, 11/17/28(a)
 
550
584,689
5.20%, 03/15/30(a)
 
452
456,147
5.15%, 06/15/30
 
75
75,259
6.00%, 05/20/34(a)
 
300
305,362
5.65%, 03/15/35
 
350
346,018
5.75%, 06/15/35
 
75
74,585
Main Street Capital Corp.
 
3.00%, 07/14/26
 
130
125,721
6.50%, 06/04/27
 
175
177,867
6.95%, 03/01/29
 
225
230,650
Marex Group PLC, 6.40%, 11/04/29
 
450
459,641
Morgan Stanley Direct Lending Fund, 6.15%,
05/17/29
 
250
254,651
Security
 
Par
(000)
Value
Capital Markets (continued)
MSD Investment Corp., 6.25%, 05/31/30(d)
$
125
$ 122,686
New Mountain Finance Corp.
 
6.20%, 10/15/27
 
200
199,982
6.88%, 02/01/29
 
150
151,247
Nomura Holdings, Inc.
 
1.65%, 07/14/26
 
500
482,903
2.33%, 01/22/27
 
878
844,556
5.59%, 07/02/27
 
400
407,551
5.39%, 07/06/27
 
400
405,706
5.84%, 01/18/28
 
200
205,771
6.07%, 07/12/28
 
550
572,114
2.17%, 07/14/28
 
300
277,621
2.71%, 01/22/29
 
478
443,723
5.61%, 07/06/29
 
400
410,533
3.10%, 01/16/30
 
235
217,321
2.68%, 07/16/30
 
510
455,608
2.61%, 07/14/31
 
650
563,641
3.00%, 01/22/32
 
450
390,543
6.18%, 01/18/33
 
600
628,259
6.09%, 07/12/33(a)
 
300
314,219
5.78%, 07/03/34
 
655
665,800
North Haven Private Income Fund LLC, 5.75%,
02/01/30
 
200
198,428
Nuveen Churchill Direct Lending Corp., 6.65%,
03/15/30
 
200
203,028
Oaktree Specialty Lending Corp.
 
2.70%, 01/15/27
 
150
141,583
7.10%, 02/15/29(a)
 
200
203,606
6.34%, 02/27/30
 
245
241,750
Raymond James Financial, Inc., 4.65%, 04/01/30(a)
 
136
136,942
Sixth Street Lending Partners
 
6.50%, 03/11/29
 
426
433,317
5.75%, 01/15/30
 
350
346,056
6.13%, 07/15/30(d)
 
500
501,834
Sixth Street Specialty Lending, Inc.
 
6.95%, 08/14/28
 
250
259,970
6.13%, 03/01/29(a)
 
200
202,476
5.63%, 08/15/30
 
140
138,497
Stifel Financial Corp., 4.00%, 05/15/30
 
218
207,814
TPG Operating Group II LP, 5.88%, 03/05/34
 
426
429,843
Voya Financial, Inc.
 
3.65%, 06/15/26
 
288
285,134
5.00%, 09/20/34
 
185
176,771
(3-mo. SOFR US + 2.35%), 4.70%, 01/23/48(c)
 
100
91,595
 
 
65,607,083
Chemicals — 0.8%
Air Products and Chemicals, Inc.
 
1.85%, 05/15/27
 
342
327,738
4.60%, 02/08/29
 
450
456,458
2.05%, 05/15/30
 
623
557,428
4.75%, 02/08/31
 
386
391,560
4.80%, 03/03/33
 
300
300,309
4.85%, 02/08/34
 
672
669,266
Albemarle Corp.
 
4.65%, 06/01/27
 
400
390,396
5.05%, 06/01/32(a)
 
300
276,281
Cabot Corp.
 
4.00%, 07/01/29
 
93
89,946
5.00%, 06/30/32
 
400
395,435
CF Industries, Inc., 5.15%, 03/15/34
 
542
524,076
Dow Chemical Co.
 
4.80%, 11/30/28(a)
 
375
379,092
18
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Chemicals (continued)
Dow Chemical Co. (continued)
 
7.38%, 11/01/29
$
358
$ 393,639
2.10%, 11/15/30(a)
 
450
390,450
6.30%, 03/15/33(a)
 
462
491,013
5.15%, 02/15/34(a)
 
400
392,453
4.25%, 10/01/34
 
350
312,451
5.35%, 03/15/35
 
325
316,056
DuPont de Nemours, Inc., 4.73%, 11/15/28
 
1,291
1,304,071
Eastman Chemical Co.
 
4.50%, 12/01/28
 
179
178,215
5.00%, 08/01/29
 
615
619,842
5.75%, 03/08/33
 
360
368,467
5.63%, 02/20/34
 
510
507,882
Ecolab, Inc.
 
2.70%, 11/01/26
 
500
490,663
1.65%, 02/01/27
 
270
259,447
3.25%, 12/01/27
 
329
322,985
5.25%, 01/15/28(a)
 
304
313,830
4.80%, 03/24/30
 
413
421,515
1.30%, 01/30/31
 
490
410,926
2.13%, 02/01/32(a)
 
329
280,101
EIDP, Inc.
 
4.50%, 05/15/26(a)
 
350
350,512
2.30%, 07/15/30
 
274
247,236
4.80%, 05/15/33
 
350
343,608
FMC Corp.
 
5.15%, 05/18/26
 
220
220,314
3.20%, 10/01/26
 
100
97,719
3.45%, 10/01/29
 
305
280,242
5.65%, 05/18/33(a)
 
370
357,258
Huntsman International LLC
 
4.50%, 05/01/29
 
600
565,533
2.95%, 06/15/31
 
220
181,234
5.70%, 10/15/34(a)
 
200
180,221
International Flavors & Fragrances, Inc., 4.45%,
09/26/28
 
263
261,639
Linde, Inc., 1.10%, 08/10/30(a)
 
383
328,164
Lubrizol Corp., 6.50%, 10/01/34
 
100
112,065
LYB International Finance II BV, 3.50%, 03/02/27(a)
 
380
373,060
LYB International Finance III LLC
 
2.25%, 10/01/30
 
384
335,003
5.63%, 05/15/33
 
420
421,668
5.50%, 03/01/34
 
425
413,492
Mosaic Co.
 
4.05%, 11/15/27
 
419
414,125
5.38%, 11/15/28
 
200
204,568
5.45%, 11/15/33(a)
 
272
271,739
NewMarket Corp., 2.70%, 03/18/31
 
294
258,454
Nutrien Ltd.
 
4.00%, 12/15/26
 
213
211,357
4.50%, 03/12/27
 
275
275,790
5.20%, 06/21/27
 
300
304,551
4.90%, 03/27/28
 
460
466,569
4.20%, 04/01/29(a)
 
500
493,949
2.95%, 05/13/30
 
479
442,132
5.25%, 03/12/32
 
400
402,740
5.40%, 06/21/34(a)
 
400
401,421
4.13%, 03/15/35
 
284
254,174
PPG Industries, Inc.
 
3.75%, 03/15/28
 
400
393,787
2.80%, 08/15/29
 
129
120,264
Security
 
Par
(000)
Value
Chemicals (continued)
PPG Industries, Inc. (continued)
 
2.55%, 06/15/30
$
300
$ 273,025
RPM International, Inc.
 
3.75%, 03/15/27
 
330
325,228
4.55%, 03/01/29
 
290
287,911
2.95%, 01/15/32
 
159
137,663
Sherwin-Williams Co.
 
3.45%, 06/01/27
 
723
710,077
4.55%, 03/01/28
 
400
402,081
2.95%, 08/15/29
 
512
479,287
2.30%, 05/15/30
 
350
313,092
4.80%, 09/01/31
 
150
150,148
2.20%, 03/15/32
 
211
177,988
Westlake Corp.
 
3.60%, 08/15/26
 
413
407,734
3.38%, 06/15/30(a)
 
225
210,474
 
 
26,391,287
Commercial Services & Supplies — 1.0%
Automatic Data Processing, Inc.
 
1.70%, 05/15/28
 
574
536,840
1.25%, 09/01/30
 
705
607,984
4.45%, 09/09/34
 
843
819,825
Block Financial LLC
 
2.50%, 07/15/28
 
273
253,800
3.88%, 08/15/30
 
379
357,542
Cintas Corp. No 2, 05/01/28(b)
 
275
275,922
Cintas Corp. No. 2
 
3.70%, 04/01/27
 
547
542,169
4.00%, 05/01/32
 
350
334,573
Cornell University, 4.84%, 06/15/34
 
350
347,038
Emory University, Series 2020, 2.14%, 09/01/30
 
250
222,784
Equifax, Inc.
 
5.10%, 12/15/27
 
300
303,537
5.10%, 06/01/28
 
524
532,540
4.80%, 09/15/29
 
324
325,258
3.10%, 05/15/30
 
354
326,840
2.35%, 09/15/31
 
129
111,326
GATX Corp.
 
3.25%, 09/15/26
 
620
608,422
5.40%, 03/15/27
 
55
55,777
3.85%, 03/30/27
 
413
407,203
4.55%, 11/07/28
 
200
199,805
4.70%, 04/01/29
 
379
379,001
4.00%, 06/30/30
 
250
240,524
1.90%, 06/01/31(a)
 
259
217,968
3.50%, 06/01/32
 
250
224,432
4.90%, 03/15/33
 
215
209,637
5.45%, 09/15/33
 
300
300,160
6.05%, 03/15/34
 
400
416,566
6.90%, 05/01/34(a)
 
250
274,640
5.50%, 06/15/35
 
175
173,427
Global Payments, Inc.
 
2.15%, 01/15/27
 
404
387,180
4.95%, 08/15/27
 
275
276,244
4.45%, 06/01/28
 
350
347,070
3.20%, 08/15/29
 
777
723,727
5.30%, 08/15/29
 
520
524,210
2.90%, 05/15/30
 
504
453,935
2.90%, 11/15/31
 
671
581,981
5.40%, 08/15/32(a)
 
585
582,343
Schedule of Investments
19
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
GXO Logistics, Inc.
 
1.65%, 07/15/26
$
129
$ 123,612
6.25%, 05/06/29(a)
 
400
406,496
2.65%, 07/15/31(a)
 
219
184,930
6.50%, 05/06/34
 
400
399,279
J Paul Getty Trust, 04/01/35(b)
 
325
325,000
Johns Hopkins University, Series A, 4.71%,
07/01/32(a)
 
125
124,951
Leland Stanford Junior University
 
1.29%, 06/01/27(a)
 
50
47,306
4.68%, 03/01/35
 
300
296,115
Moody’s Corp.
 
3.25%, 01/15/28
 
196
191,463
4.25%, 02/01/29
 
129
128,427
2.00%, 08/19/31(a)
 
192
164,355
4.25%, 08/08/32(a)
 
350
337,785
5.00%, 08/05/34(a)
 
225
223,706
PayPal Holdings, Inc.
 
2.65%, 10/01/26
 
829
813,724
3.90%, 06/01/27
 
250
248,834
4.45%, 03/06/28
 
80
80,886
2.85%, 10/01/29
 
1,054
990,084
2.30%, 06/01/30
 
652
588,948
4.40%, 06/01/32
 
770
751,248
5.15%, 06/01/34
 
673
675,133
5.10%, 04/01/35
 
250
248,695
Quanta Services, Inc.
 
4.75%, 08/09/27(a)
 
325
326,561
2.90%, 10/01/30
 
693
627,868
2.35%, 01/15/32(a)
 
400
337,192
5.25%, 08/09/34
 
425
418,578
RELX Capital, Inc.
 
4.00%, 03/18/29
 
697
689,105
4.75%, 03/27/30
 
250
252,896
3.00%, 05/22/30
 
450
420,450
4.75%, 05/20/32
 
210
208,816
5.25%, 03/27/35
 
575
579,344
Rollins, Inc., 5.25%, 02/24/35(d)
 
90
89,885
S&P Global, Inc.
 
2.95%, 01/22/27
 
348
341,372
2.45%, 03/01/27
 
966
938,966
4.75%, 08/01/28
 
129
130,998
2.70%, 03/01/29
 
758
715,497
4.25%, 05/01/29
 
525
523,427
2.50%, 12/01/29
 
239
221,246
1.25%, 08/15/30
 
355
302,865
2.90%, 03/01/32
 
502
449,313
5.25%, 09/15/33
 
321
328,648
TR Finance LLC, 3.35%, 05/15/26
 
384
378,420
Triton Container International Ltd./TAL International
Container Corp., 3.25%, 03/15/32
 
350
292,080
Trustees of Princeton University, 4.65%, 07/01/30
 
75
76,080
UL Solutions, Inc., 6.50%, 10/20/28(a)(d)
 
150
157,794
Verisk Analytics, Inc.
 
4.13%, 03/15/29
 
413
407,090
5.75%, 04/01/33
 
285
295,809
5.25%, 06/05/34
 
496
499,351
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
Verisk Analytics, Inc. (continued)
 
5.25%, 03/15/35
$
525
$ 520,528
Yale University, Series 2020, 1.48%, 04/15/30
 
98
86,427
 
 
31,449,813
Communications Equipment — 0.1%
Juniper Networks, Inc.
 
3.75%, 08/15/29(a)
 
313
302,234
2.00%, 12/10/30
 
250
214,309
Motorola Solutions, Inc.
 
4.60%, 02/23/28
 
413
414,965
5.00%, 04/15/29
 
400
406,434
4.60%, 05/23/29
 
399
398,617
2.30%, 11/15/30
 
638
562,212
2.75%, 05/24/31
 
550
488,965
5.60%, 06/01/32
 
368
380,084
5.40%, 04/15/34
 
600
606,288
 
 
3,774,108
Construction & Engineering — 0.0%
Jacobs Engineering Group, Inc.
 
6.35%, 08/18/28
 
300
313,419
5.90%, 03/01/33
 
265
269,604
MasTec, Inc., 5.90%, 06/15/29(a)
 
450
460,755
 
 
1,043,778
Consumer Finance — 1.4%
American Express Co.
 
3.13%, 05/20/26
 
677
669,597
1.65%, 11/04/26
 
829
797,310
2.55%, 03/04/27
 
885
858,508
3.30%, 05/03/27
 
1,109
1,090,395
5.85%, 11/05/27
 
990
1,028,684
4.05%, 05/03/29(a)
 
709
704,920
(1-day SOFR + 0.93%), 5.04%, 07/26/28(c)
 
554
561,472
(1-day SOFR + 0.97%), 5.39%, 07/28/27(c)
 
851
859,880
(1-day SOFR + 1.00%), 5.10%, 02/16/28(c)
 
892
903,116
(1-day SOFR + 1.26%), 4.73%, 04/25/29(c)
 
1,050
1,059,561
(1-day SOFR + 1.42%), 5.28%, 07/26/35(c)
 
1,280
1,275,310
(1-day SOFR + 1.44%), 5.02%, 04/25/31(c)
 
1,050
1,066,870
(1-day SOFR + 1.63%), 5.92%, 04/25/35(c)
 
200
205,107
(1-day SOFR + 1.76%), 4.42%, 08/03/33(c)
 
722
697,211
(1-day SOFR + 1.79%), 5.67%, 04/25/36(c)
 
745
763,299
(1-day SOFR + 1.84%), 5.04%, 05/01/34(c)
 
800
798,375
(1-day SOFR + 1.93%), 5.63%, 07/28/34(c)
 
300
301,887
(1-day SOFR + 1.94%), 6.49%, 10/30/31(c)
 
708
766,935
(1-day SOFR + 2.26%), 4.99%, 05/26/33(c)
 
632
617,582
(1-day SOFR Index + 1.02%), 5.09%, 01/30/31(c)
 
495
503,938
(1-day SOFR Index + 1.09%), 5.53%, 04/25/30(c)
 
678
701,162
(1-day SOFR Index + 1.28%), 5.28%, 07/27/29(c)
 
1,063
1,089,813
(1-day SOFR Index + 1.32%), 5.44%, 01/30/36(c)
 
750
755,724
Andrew W Mellon Foundation, Series 2020, 0.95%,
08/01/27
 
29
27,107
Capital One Financial Corp.
 
3.75%, 07/28/26
 
900
889,286
3.75%, 03/09/27
 
757
747,574
3.65%, 05/11/27
 
673
662,224
3.80%, 01/31/28(a)
 
229
224,581
(1-day SOFR + 0.86%), 1.88%, 11/02/27(c)
 
729
699,292
(1-day SOFR + 1.27%), 2.62%, 11/02/32(c)
 
313
266,827
(1-day SOFR + 1.34%), 2.36%, 07/29/32(c)
 
529
435,511
20
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Consumer Finance (continued)
Capital One Financial Corp. (continued)
 
(1-day SOFR + 1.56%), 5.46%, 07/26/30(c)
$
472
$ 479,644
(1-day SOFR + 1.79%), 3.27%, 03/01/30(c)
 
792
746,109
(1-day SOFR + 1.91%), 5.70%, 02/01/30(a)(c)
 
668
684,434
(1-day SOFR + 1.99%), 5.88%, 07/26/35(c)
 
700
708,565
(1-day SOFR + 2.04%), 6.18%, 01/30/36(c)
 
1,000
985,435
(1-day SOFR + 2.06%), 4.93%, 05/10/28(c)
 
634
637,175
(1-day SOFR + 2.08%), 5.47%, 02/01/29(c)
 
567
577,843
(1-day SOFR + 2.26%), 6.05%, 02/01/35(c)
 
790
807,381
(1-day SOFR + 2.37%), 5.27%, 05/10/33(c)
 
650
639,114
(1-day SOFR + 2.44%), 7.15%, 10/29/27(c)
 
522
540,129
(1-day SOFR + 2.60%), 5.25%, 07/26/30(c)
 
714
720,642
(1-day SOFR + 2.60%), 5.82%, 02/01/34(c)
 
801
808,015
(1-day SOFR + 2.64%), 6.31%, 06/08/29(c)
 
665
692,996
(1-day SOFR + 2.86%), 6.38%, 06/08/34(c)
 
855
892,798
(1-day SOFR + 3.07%), 7.62%, 10/30/31(c)
 
1,126
1,254,559
Discover Financial Services
 
4.10%, 02/09/27(a)
 
192
190,293
6.70%, 11/29/32
 
500
535,653
(1-day SOFR Index + 3.37%), 7.96%, 11/02/34(c)
 
575
659,443
Mastercard, Inc.
 
2.95%, 11/21/26
 
400
393,936
3.30%, 03/26/27
 
353
349,258
4.10%, 01/15/28
 
215
216,166
3.50%, 02/26/28
 
179
177,029
4.88%, 03/09/28
 
410
420,101
4.55%, 03/15/28
 
115
116,748
2.95%, 06/01/29
 
543
519,726
3.35%, 03/26/30
 
902
868,555
1.90%, 03/15/31(a)
 
325
285,704
2.00%, 11/18/31
 
456
393,340
4.35%, 01/15/32
 
600
594,420
4.95%, 03/15/32
 
325
331,585
4.85%, 03/09/33
 
556
560,740
4.88%, 05/09/34
 
574
577,473
4.55%, 01/15/35(a)
 
874
853,418
Synchrony Financial
 
3.70%, 08/04/26
 
200
195,460
3.95%, 12/01/27
 
479
465,860
5.15%, 03/19/29
 
413
408,478
2.88%, 10/28/31
 
508
429,963
(1-day SOFR + 1.68%), 5.45%, 03/06/31(a)(c)
 
542
540,415
(1-day SOFR Index + 2.13%), 5.94%,
08/02/30(a)(c)
 
300
303,898
Visa, Inc.
 
1.90%, 04/15/27
 
1,325
1,278,247
0.75%, 08/15/27
 
250
233,594
2.75%, 09/15/27
 
609
593,513
2.05%, 04/15/30
 
897
812,950
1.10%, 02/15/31
 
298
252,709
Western Union Co., 2.75%, 03/15/31(a)
 
95
82,077
 
 
46,844,649
Consumer Staples Distribution & Retail — 0.6%
Best Buy Co., Inc.
 
4.45%, 10/01/28(a)
 
250
249,632
1.95%, 10/01/30
 
236
202,522
Costco Wholesale Corp.
 
3.00%, 05/18/27
 
657
646,342
1.38%, 06/20/27
 
456
433,528
1.60%, 04/20/30
 
843
747,224
Security
 
Par
(000)
Value
Consumer Staples Distribution & Retail (continued)
Costco Wholesale Corp. (continued)
 
1.75%, 04/20/32
$
633
$ 535,688
Dollar General Corp.
 
3.88%, 04/15/27
 
350
345,571
4.63%, 11/01/27(a)
 
270
270,568
4.13%, 05/01/28
 
300
295,728
5.20%, 07/05/28
 
140
142,189
3.50%, 04/03/30(a)
 
626
587,318
5.00%, 11/01/32(a)
 
355
348,357
5.45%, 07/05/33(a)
 
630
635,693
Dollar Tree, Inc.
 
4.20%, 05/15/28
 
693
683,557
2.65%, 12/01/31
 
413
358,310
Target Corp.
 
1.95%, 01/15/27
 
672
650,586
3.38%, 04/15/29
 
829
804,980
2.35%, 02/15/30
 
811
742,535
2.65%, 09/15/30
 
361
330,660
4.50%, 09/15/32(a)
 
672
662,333
4.40%, 01/15/33
 
300
291,939
4.50%, 09/15/34
 
325
312,158
5.00%, 04/15/35
 
250
247,849
Walmart, Inc.
 
3.05%, 07/08/26
 
350
346,613
1.05%, 09/17/26
 
918
885,133
5.88%, 04/05/27(a)
 
256
266,240
4.10%, 04/28/27
 
310
311,887
3.95%, 09/09/27
 
250
250,695
3.90%, 04/15/28
 
320
320,677
3.70%, 06/26/28
 
574
572,377
1.50%, 09/22/28
 
1,239
1,146,027
3.25%, 07/08/29
 
400
389,721
7.55%, 02/15/30(a)
 
278
320,125
4.00%, 04/15/30(a)
 
342
342,540
4.35%, 04/28/30
 
410
414,908
1.80%, 09/22/31
 
1,440
1,250,200
4.15%, 09/09/32(a)
 
762
751,433
4.10%, 04/15/33(a)
 
1,000
975,507
4.90%, 04/28/35
 
615
622,785
2.38%, 09/24/29
 
300
280,348
 
 
19,972,483
Containers & Packaging — 0.4%
Amcor Finance USA, Inc.
 
4.50%, 05/15/28
 
272
271,299
5.63%, 05/26/33(a)
 
320
328,511
Amcor Flexibles North America, Inc.
 
4.80%, 03/17/28(d)
 
325
327,309
5.10%, 03/17/30(d)
 
436
440,143
2.63%, 06/19/30(a)
 
405
364,024
2.69%, 05/25/31
 
437
386,241
5.50%, 03/17/35(d)
 
490
487,997
Amcor Group Finance PLC, 5.45%, 05/23/29
 
350
356,981
AptarGroup, Inc., 3.60%, 03/15/32
 
150
136,718
Berry Global, Inc.
 
1.65%, 01/15/27
 
413
391,859
5.50%, 04/15/28
 
350
357,533
5.80%, 06/15/31
 
750
785,660
5.65%, 01/15/34(a)
 
424
428,039
Packaging Corp. of America
 
3.40%, 12/15/27
 
350
342,951
Schedule of Investments
21
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Containers & Packaging (continued)
Packaging Corp. of America (continued)
 
3.00%, 12/15/29
$
388
$ 361,920
5.70%, 12/01/33
 
220
226,397
Smurfit Kappa Treasury ULC(d)
 
5.20%, 01/15/30
 
400
405,037
5.44%, 04/03/34
 
800
799,574
Smurfit Westrock Financing DAC, 5.42%, 01/15/35(d)
 
600
600,687
Sonoco Products Co.
 
4.45%, 09/01/26
 
100
99,834
2.25%, 02/01/27(a)
 
88
84,392
4.60%, 09/01/29
 
525
517,284
3.13%, 05/01/30
 
277
254,610
2.85%, 02/01/32(a)
 
379
328,189
5.00%, 09/01/34(a)
 
455
434,964
WestRock MWV LLC, 8.20%, 01/15/30(a)
 
289
330,475
WRKCo, Inc.
 
3.38%, 09/15/27
 
413
401,799
4.00%, 03/15/28
 
323
317,829
3.90%, 06/01/28
 
264
258,263
4.90%, 03/15/29(a)
 
429
431,019
4.20%, 06/01/32
 
288
270,412
3.00%, 06/15/33
 
450
384,598
 
 
11,912,548
Distributors — 0.0%
LKQ Corp.
 
5.75%, 06/15/28
 
488
498,528
6.25%, 06/15/33(a)
 
350
361,168
WW Grainger, Inc., 4.45%, 09/15/34
 
280
271,667
 
 
1,131,363
Diversified REITs — 2.0%
Agree LP
 
2.00%, 06/15/28
 
258
239,793
2.90%, 10/01/30
 
258
234,808
4.80%, 10/01/32
 
200
193,308
5.63%, 06/15/34
 
334
337,106
American Assets Trust LP
 
3.38%, 02/01/31
 
272
237,249
6.15%, 10/01/34
 
300
294,990
American Tower Corp.
 
1.45%, 09/15/26
 
191
183,267
3.38%, 10/15/26
 
675
664,440
2.75%, 01/15/27
 
359
348,896
3.13%, 01/15/27
 
270
264,042
3.65%, 03/15/27
 
493
485,499
3.55%, 07/15/27
 
500
490,897
3.60%, 01/15/28
 
500
489,136
1.50%, 01/31/28
 
243
224,405
5.50%, 03/15/28
 
290
298,250
5.25%, 07/15/28
 
194
198,394
5.80%, 11/15/28
 
420
437,021
5.20%, 02/15/29
 
300
306,619
3.95%, 03/15/29
 
413
402,708
3.80%, 08/15/29
 
1,063
1,028,531
2.90%, 01/15/30
 
447
413,576
5.00%, 01/31/30
 
465
472,570
4.90%, 03/15/30
 
500
504,871
2.10%, 06/15/30
 
609
536,841
1.88%, 10/15/30
 
399
343,388
2.70%, 04/15/31
 
396
351,859
2.30%, 09/15/31
 
391
336,587
4.05%, 03/15/32(a)
 
366
346,596
Security
 
Par
(000)
Value
Diversified REITs (continued)
American Tower Corp. (continued)
 
5.65%, 03/15/33(a)
$
206
$ 212,760
5.55%, 07/15/33
 
524
535,709
5.90%, 11/15/33
 
500
523,997
5.45%, 02/15/34
 
400
406,652
5.40%, 01/31/35(a)
 
325
328,355
5.35%, 03/15/35
 
500
503,614
Americold Realty Operating Partnership LP
 
5.60%, 05/15/32
 
225
225,320
5.41%, 09/12/34(a)
 
325
315,677
Blackstone Reg Finance Co. LLC, 5.00%, 12/06/34
 
356
348,678
Brixmor Operating Partnership LP
 
4.13%, 06/15/26
 
463
460,189
3.90%, 03/15/27(a)
 
256
252,728
2.25%, 04/01/28
 
270
252,072
4.13%, 05/15/29
 
380
370,015
4.05%, 07/01/30
 
394
378,212
2.50%, 08/16/31
 
415
358,121
5.20%, 04/01/32
 
200
199,458
5.50%, 02/15/34
 
225
224,646
5.75%, 02/15/35
 
300
303,519
Broadstone Net Lease LLC, 2.60%, 09/15/31
 
220
185,258
Brookfield Capital Finance LLC, 6.09%, 06/14/33
 
350
363,496
Brookfield Finance, Inc.
 
4.25%, 06/02/26
 
179
178,307
3.90%, 01/25/28
 
419
412,123
4.85%, 03/29/29
 
700
703,219
4.35%, 04/15/30
 
413
403,270
2.72%, 04/15/31
 
593
526,565
6.35%, 01/05/34
 
450
475,219
5.68%, 01/15/35(a)
 
200
201,811
Crown Castle, Inc.
 
3.70%, 06/15/26
 
573
566,764
1.05%, 07/15/26
 
659
631,073
4.00%, 03/01/27
 
321
317,675
2.90%, 03/15/27
 
430
417,033
3.65%, 09/01/27
 
600
586,813
5.00%, 01/11/28
 
645
650,158
3.80%, 02/15/28
 
709
692,470
4.80%, 09/01/28
 
120
120,232
4.30%, 02/15/29
 
450
441,787
5.60%, 06/01/29
 
425
436,003
4.90%, 09/01/29
 
260
260,665
3.10%, 11/15/29
 
200
185,770
3.30%, 07/01/30
 
572
529,745
2.25%, 01/15/31
 
405
349,341
2.10%, 04/01/31
 
593
503,656
2.50%, 07/15/31
 
500
430,426
5.10%, 05/01/33
 
475
464,796
5.80%, 03/01/34
 
200
204,421
5.20%, 09/01/34
 
525
514,886
Digital Realty Trust LP
 
3.70%, 08/15/27
 
129
127,398
5.55%, 01/15/28
 
685
703,744
4.45%, 07/15/28
 
350
349,009
3.60%, 07/01/29
 
620
596,528
EPR Properties
 
4.75%, 12/15/26
 
225
223,077
4.50%, 06/01/27
 
225
221,346
4.95%, 04/15/28
 
225
222,242
3.75%, 08/15/29
 
225
209,993
22
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Diversified REITs (continued)
EPR Properties (continued)
 
3.60%, 11/15/31
$
250
$ 221,126
Equinix Europe 2 Financing Corp. LLC, 5.50%,
06/15/34(a)
 
626
637,580
Equinix, Inc.
 
1.45%, 05/15/26
 
283
273,615
2.90%, 11/18/26
 
446
435,289
1.80%, 07/15/27
 
372
351,446
1.55%, 03/15/28
 
545
503,471
2.00%, 05/15/28
 
308
287,209
3.20%, 11/18/29(a)
 
592
557,167
2.15%, 07/15/30
 
817
722,722
2.50%, 05/15/31
 
819
717,328
3.90%, 04/15/32
 
800
747,933
Federal Realty OP LP
 
3.25%, 07/15/27
 
259
251,584
5.38%, 05/01/28
 
160
163,435
3.50%, 06/01/30
 
218
205,482
GLP Capital LP/GLP Financing II, Inc.
 
5.75%, 06/01/28
 
340
344,808
5.30%, 01/15/29
 
829
828,416
4.00%, 01/15/30
 
567
534,884
4.00%, 01/15/31
 
400
371,248
3.25%, 01/15/32
 
450
387,890
6.75%, 12/01/33
 
309
325,522
5.63%, 09/15/34
 
545
533,338
Hercules Capital, Inc., 3.38%, 01/20/27(a)
 
130
124,837
Host Hotels & Resorts LP
 
5.70%, 07/01/34
 
400
393,868
Series H, 3.38%, 12/15/29(a)
 
405
373,925
Series I, 3.50%, 09/15/30
 
450
409,605
Series J, 2.90%, 12/15/31
 
329
281,267
Kimco Realty OP LLC
 
2.80%, 10/01/26
 
413
403,370
3.80%, 04/01/27
 
250
246,848
1.90%, 03/01/28
 
166
154,957
2.70%, 10/01/30
 
350
317,990
2.25%, 12/01/31
 
239
204,147
3.20%, 04/01/32
 
500
444,118
4.60%, 02/01/33
 
372
358,302
6.40%, 03/01/34
 
325
347,103
4.85%, 03/01/35
 
398
381,550
Kite Realty Group LP
 
4.95%, 12/15/31
 
200
197,388
5.50%, 03/01/34(a)
 
272
272,487
Kite Realty Group Trust, 4.75%, 09/15/30(a)
 
200
197,529
LXP Industrial Trust
 
6.75%, 11/15/28
 
250
265,638
2.70%, 09/15/30
 
256
225,339
2.38%, 10/01/31
 
300
251,010
Phillips Edison Grocery Center Operating Partnership
I LP
 
2.63%, 11/15/31
 
245
209,776
5.75%, 07/15/34
 
175
176,664
4.95%, 01/15/35
 
80
76,042
Prologis LP
 
3.25%, 06/30/26(a)
 
413
408,550
3.25%, 10/01/26
 
266
262,401
2.13%, 04/15/27
 
350
336,963
3.38%, 12/15/27
 
316
309,780
4.88%, 06/15/28
 
427
434,578
3.88%, 09/15/28
 
150
148,032
Security
 
Par
(000)
Value
Diversified REITs (continued)
Prologis LP (continued)
 
4.00%, 09/15/28
$
200
$ 198,267
4.38%, 02/01/29
 
261
262,038
2.88%, 11/15/29
 
308
288,963
2.25%, 04/15/30
 
203
182,957
1.75%, 07/01/30
 
243
211,081
1.25%, 10/15/30
 
528
448,235
1.75%, 02/01/31
 
191
163,076
1.63%, 03/15/31
 
282
238,091
2.25%, 01/15/32
 
210
179,569
4.63%, 01/15/33(a)
 
365
358,186
4.75%, 06/15/33
 
505
496,347
5.13%, 01/15/34
 
506
506,181
5.00%, 03/15/34
 
471
466,594
5.00%, 01/31/35
 
500
494,303
Rayonier LP, 2.75%, 05/17/31
 
241
209,456
Regency Centers LP
 
3.60%, 02/01/27
 
350
345,862
4.13%, 03/15/28
 
254
252,674
2.95%, 09/15/29
 
179
167,628
3.70%, 06/15/30(a)
 
413
396,640
5.25%, 01/15/34
 
250
250,017
5.10%, 01/15/35
 
110
108,448
Rexford Industrial Realty LP
 
5.00%, 06/15/28
 
120
120,040
2.13%, 12/01/30
 
219
186,510
2.15%, 09/01/31(a)
 
218
182,078
Safehold GL Holdings LLC
 
2.80%, 06/15/31
 
129
113,785
6.10%, 04/01/34
 
195
198,403
5.65%, 01/15/35
 
200
194,586
Sun Communities Operating LP
 
2.30%, 11/01/28
 
231
214,888
5.50%, 01/15/29
 
350
359,449
2.70%, 07/15/31
 
657
574,239
4.20%, 04/15/32
 
329
308,442
5.70%, 01/15/33
 
250
255,369
VICI Properties LP
 
4.75%, 02/15/28
 
868
870,263
4.75%, 04/01/28
 
370
370,502
4.95%, 02/15/30(a)
 
776
771,583
5.13%, 11/15/31
 
475
470,466
5.13%, 05/15/32(a)
 
930
912,378
5.75%, 04/01/34
 
400
402,822
5.63%, 04/01/35(a)
 
185
183,405
Weyerhaeuser Co.
 
4.75%, 05/15/26
 
564
564,170
4.00%, 11/15/29
 
541
526,521
4.00%, 04/15/30
 
500
483,854
7.38%, 03/15/32
 
403
451,909
3.38%, 03/09/33
 
250
220,097
WP Carey, Inc.
 
4.25%, 10/01/26
 
256
254,981
3.85%, 07/15/29
 
393
379,685
2.40%, 02/01/31
 
304
265,127
2.45%, 02/01/32(a)
 
250
209,367
2.25%, 04/01/33
 
258
204,004
5.38%, 06/30/34
 
200
196,087
 
 
65,556,868
Diversified Telecommunication Services — 1.8%
AT&T, Inc.
 
3.80%, 02/15/27
 
450
446,046
Schedule of Investments
23
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Diversified Telecommunication Services (continued)
AT&T, Inc. (continued)
 
4.25%, 03/01/27
$
1,174
$ 1,172,794
2.30%, 06/01/27
 
1,924
1,849,515
1.65%, 02/01/28
 
1,730
1,614,784
4.10%, 02/15/28
 
928
924,896
4.35%, 03/01/29
 
1,818
1,816,783
4.30%, 02/15/30
 
1,752
1,738,153
2.75%, 06/01/31
 
1,809
1,623,563
2.25%, 02/01/32
 
1,690
1,435,799
2.55%, 12/01/33
 
2,006
1,656,263
5.40%, 02/15/34
 
1,500
1,531,115
Bell Telephone Co. of Canada or Bell Canada
 
2.15%, 02/15/32
 
413
345,701
5.10%, 05/11/33(a)
 
392
387,779
5.20%, 02/15/34(a)
 
400
402,493
British Telecommunications PLC
 
5.13%, 12/04/28
 
478
489,278
9.63%, 12/15/30
 
1,726
2,113,064
Cisco Systems, Inc.
 
2.50%, 09/20/26
 
1,097
1,076,096
4.80%, 02/26/27
 
1,286
1,306,268
4.55%, 02/24/28
 
100
101,595
4.85%, 02/26/29
 
1,800
1,845,902
4.75%, 02/24/30
 
250
255,793
4.95%, 02/26/31
 
981
1,009,320
4.95%, 02/24/32
 
550
560,644
5.05%, 02/26/34
 
1,628
1,648,287
5.10%, 02/24/35
 
775
785,013
Deutsche Telekom International Finance BV
 
8.75%, 06/15/30
 
1,934
2,276,969
9.25%, 06/01/32
 
362
448,208
Koninklijke KPN NV, 8.38%, 10/01/30
 
350
408,501
Nokia OYJ, 4.38%, 06/12/27
 
350
345,361
Sprint Capital Corp.
 
6.88%, 11/15/28
 
1,450
1,550,688
8.75%, 03/15/32
 
1,100
1,320,718
Telefonica Emisiones SA, 4.10%, 03/08/27
 
715
710,638
Telefonica Europe BV, 8.25%, 09/15/30
 
775
890,233
TELUS Corp.
 
2.80%, 02/16/27
 
400
388,882
3.70%, 09/15/27(a)
 
400
394,456
3.40%, 05/13/32
 
622
555,145
Verizon Communications, Inc.
 
4.13%, 03/16/27
 
1,725
1,723,859
3.00%, 03/22/27(a)
 
700
683,547
2.10%, 03/22/28
 
1,832
1,729,307
4.33%, 09/21/28
 
1,983
1,989,629
3.88%, 02/08/29
 
759
746,566
4.02%, 12/03/29
 
2,549
2,502,107
3.15%, 03/22/30
 
829
779,492
1.50%, 09/18/30
 
450
385,559
1.68%, 10/30/30
 
819
703,203
7.75%, 12/01/30(a)
 
367
421,914
1.75%, 01/20/31
 
1,273
1,087,960
2.55%, 03/21/31
 
2,023
1,801,282
2.36%, 03/15/32
 
2,562
2,185,898
5.05%, 05/09/33
 
629
633,568
4.50%, 08/10/33
 
1,204
1,159,916
4.40%, 11/01/34
 
1,200
1,130,835
Security
 
Par
(000)
Value
Diversified Telecommunication Services (continued)
Verizon Communications, Inc. (continued)
 
4.78%, 02/15/35
$
1,500
$ 1,457,665
5.25%, 04/02/35
 
1,165
1,171,305
 
 
59,720,355
Electric Utilities — 6.2%
AEP Texas, Inc.
 
3.95%, 06/01/28
 
413
405,260
5.45%, 05/15/29
 
225
230,629
4.70%, 05/15/32
 
480
465,428
5.40%, 06/01/33
 
245
245,280
5.70%, 05/15/34
 
225
226,532
Series I, 2.10%, 07/01/30
 
300
262,692
AEP Transmission Co. LLC
 
3.10%, 12/01/26
 
413
405,172
5.15%, 04/01/34
 
295
294,569
AES Corp.
 
5.45%, 06/01/28
 
570
578,775
2.45%, 01/15/31(a)
 
663
567,883
5.80%, 03/15/32
 
488
486,424
Alabama Power Co.
 
3.75%, 09/01/27(a)
 
300
298,519
3.05%, 03/15/32
 
600
541,012
3.94%, 09/01/32(a)
 
300
283,407
5.85%, 11/15/33
 
125
132,624
5.10%, 04/02/35
 
200
200,733
Series 2020-A, 1.45%, 09/15/30(a)
 
483
414,162
Algonquin Power & Utilities Corp., 5.37%, 06/15/26(e)
 
656
660,363
Ameren Corp.
 
5.70%, 12/01/26
 
300
305,312
1.95%, 03/15/27
 
537
514,052
1.75%, 03/15/28
 
300
278,178
5.00%, 01/15/29
 
512
519,137
3.50%, 01/15/31(a)
 
729
682,933
5.38%, 03/15/35
 
565
564,523
Ameren Illinois Co.
 
3.80%, 05/15/28
 
250
248,255
3.85%, 09/01/32
 
200
186,867
4.95%, 06/01/33
 
250
250,161
American Electric Power Co., Inc.
 
5.75%, 11/01/27
 
400
412,451
3.20%, 11/13/27
 
260
253,213
5.20%, 01/15/29
 
775
791,185
2.30%, 03/01/30
 
525
469,939
5.95%, 11/01/32
 
200
208,961
5.63%, 03/01/33
 
478
490,031
Series J, 4.30%, 12/01/28
 
413
409,971
Appalachian Power Co.
 
5.65%, 04/01/34
 
225
228,423
Series AA, 2.70%, 04/01/31
 
250
222,328
Series BB, 4.50%, 08/01/32
 
400
383,519
Arizona Public Service Co.
 
2.60%, 08/15/29
 
413
381,173
2.20%, 12/15/31
 
129
109,138
6.35%, 12/15/32
 
300
319,010
5.55%, 08/01/33
 
375
378,887
5.70%, 08/15/34
 
350
354,917
Atlantic City Electric Co., 2.30%, 03/15/31
 
200
175,585
Avangrid, Inc., 3.80%, 06/01/29
 
500
484,062
Baltimore Gas and Electric Co.
 
2.40%, 08/15/26
 
129
125,999
2.25%, 06/15/31
 
509
447,454
24
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Baltimore Gas and Electric Co. (continued)
 
5.30%, 06/01/34
$
175
$ 177,510
Berkshire Hathaway Energy Co.
 
3.25%, 04/15/28
 
413
403,349
3.70%, 07/15/30
 
733
708,239
1.65%, 05/15/31
 
699
589,700
Black Hills Corp.
 
5.95%, 03/15/28
 
200
207,703
3.05%, 10/15/29
 
342
317,867
2.50%, 06/15/30
 
300
266,775
4.35%, 05/01/33
 
220
206,615
6.15%, 05/15/34
 
250
260,325
6.00%, 01/15/35
 
300
309,636
CenterPoint Energy Houston Electric LLC
 
5.20%, 10/01/28(a)
 
315
324,783
4.80%, 03/15/30
 
125
127,086
4.95%, 04/01/33
 
360
359,448
5.15%, 03/01/34
 
310
311,193
5.05%, 03/01/35
 
385
382,307
Series AA, 3.00%, 02/01/27(a)
 
200
196,107
Series AE, 2.35%, 04/01/31
 
332
291,479
Series AG, 3.00%, 03/01/32
 
262
233,837
Series AI, 4.45%, 10/01/32
 
414
401,455
Series K2, 6.95%, 03/15/33
 
273
305,539
CenterPoint Energy, Inc.
 
1.45%, 06/01/26
 
156
150,935
5.25%, 08/10/26
 
150
151,336
5.40%, 06/01/29
 
576
592,769
2.95%, 03/01/30
 
279
258,051
2.65%, 06/01/31
 
670
590,763
Cleco Corporate Holdings LLC, 3.74%, 05/01/26
 
86
84,879
CMS Energy Corp.
 
3.00%, 05/15/26
 
252
247,625
3.45%, 08/15/27
 
129
126,427
(5-year CMT + 2.90%), 3.75%, 12/01/50(c)
 
250
216,299
(5-year CMT + 4.12%), 4.75%, 06/01/50(c)
 
300
281,299
Commonwealth Edison Co.
 
2.55%, 06/15/26
 
163
160,476
3.70%, 08/15/28
 
213
209,989
2.20%, 03/01/30
 
300
270,957
4.90%, 02/01/33
 
320
319,109
5.30%, 06/01/34
 
335
341,340
Series 122, 2.95%, 08/15/27
 
250
243,611
Series 132, 3.15%, 03/15/32
 
200
179,821
Connecticut Light and Power Co.
 
4.65%, 01/01/29
 
200
202,129
4.95%, 01/15/30
 
275
280,794
4.90%, 07/01/33
 
150
148,550
4.95%, 08/15/34
 
200
197,292
Series A, 3.20%, 03/15/27
 
413
406,356
Series A, 2.05%, 07/01/31
 
660
571,501
Consolidated Edison Co. of New York, Inc.
 
3.80%, 05/15/28(a)
 
413
408,166
2.40%, 06/15/31(a)
 
629
560,860
5.20%, 03/01/33
 
200
203,156
5.50%, 03/15/34
 
500
517,309
5.38%, 05/15/34
 
200
204,556
5.13%, 03/15/35(a)
 
550
552,362
Series 20A, 3.35%, 04/01/30
 
193
184,438
Series D, 4.00%, 12/01/28
 
313
311,227
Constellation Energy Generation LLC
 
5.60%, 03/01/28
 
530
546,649
5.80%, 03/01/33
 
400
414,195
Security
 
Par
(000)
Value
Electric Utilities (continued)
Constellation Energy Generation LLC (continued)
 
6.13%, 01/15/34(a)
$
325
$ 341,589
Consumers Energy Co.
 
4.65%, 03/01/28(a)
 
250
253,452
3.80%, 11/15/28
 
200
197,653
4.90%, 02/15/29(a)
 
290
295,896
4.60%, 05/30/29
 
277
279,861
4.70%, 01/15/30
 
613
621,504
01/15/31(b)
 
370
372,094
3.60%, 08/15/32
 
255
234,801
4.63%, 05/15/33
 
410
400,655
05/15/35(b)
 
140
140,383
Dominion Energy South Carolina, Inc.
 
5.30%, 05/15/33
 
200
203,451
Series 2025, 5.30%, 01/15/35
 
320
323,806
Series A, 2.30%, 12/01/31
 
330
287,496
Dominion Energy, Inc.
 
4.25%, 06/01/28
 
250
249,231
5.00%, 06/15/30
 
325
328,390
5.38%, 11/15/32(a)
 
500
505,773
5.45%, 03/15/35
 
325
323,779
Series A, 4.35%, 08/15/32(a)
 
300
283,399
Series C, 3.38%, 04/01/30
 
1,093
1,027,804
Series C, 2.25%, 08/15/31
 
588
503,967
Series E, 6.30%, 03/15/33
 
200
211,006
Series F, 5.25%, 08/01/33(a)
 
600
595,408
DTE Electric Co.
 
4.85%, 12/01/26(a)
 
396
401,505
2.25%, 03/01/30
 
428
388,714
5.20%, 04/01/33
 
300
304,340
5.20%, 03/01/34
 
475
481,008
Series A, 1.90%, 04/01/28
 
313
294,452
Series A, 3.00%, 03/01/32
 
279
249,966
Series C, 2.63%, 03/01/31
 
300
271,472
DTE Energy Co.
 
2.85%, 10/01/26
 
276
270,120
4.95%, 07/01/27
 
475
479,921
4.88%, 06/01/28
 
500
504,917
5.10%, 03/01/29
 
700
710,229
2.95%, 03/01/30
 
279
256,917
5.20%, 04/01/30
 
650
661,710
5.85%, 06/01/34
 
550
567,514
Series C, 3.40%, 06/15/29
 
381
362,979
Duke Energy Carolinas LLC
 
2.95%, 12/01/26
 
330
324,162
3.95%, 11/15/28
 
450
446,392
2.45%, 08/15/29
 
400
369,849
2.45%, 02/01/30
 
229
210,064
4.85%, 03/15/30
 
120
122,449
2.55%, 04/15/31
 
225
201,402
2.85%, 03/15/32(a)
 
458
405,869
6.45%, 10/15/32
 
214
233,452
4.95%, 01/15/33
 
735
739,043
4.85%, 01/15/34(a)
 
400
395,650
5.25%, 03/15/35
 
275
279,336
Series A, 6.00%, 12/01/28
 
163
171,696
Duke Energy Corp.
 
2.65%, 09/01/26
 
1,207
1,178,791
4.85%, 01/05/27(a)
 
464
468,121
3.15%, 08/15/27(a)
 
413
402,169
5.00%, 12/08/27
 
210
213,205
4.30%, 03/15/28
 
584
583,778
4.85%, 01/05/29
 
546
553,092
Schedule of Investments
25
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Duke Energy Corp. (continued)
 
3.40%, 06/15/29
$
388
$ 371,039
2.45%, 06/01/30
 
684
614,437
2.55%, 06/15/31
 
829
727,847
4.50%, 08/15/32
 
746
721,230
5.75%, 09/15/33(a)
 
375
390,425
5.45%, 06/15/34(a)
 
431
438,031
(5-year CMT + 2.32%), 3.25%, 01/15/82(c)
 
316
297,340
Duke Energy Florida LLC
 
3.20%, 01/15/27
 
400
394,618
3.80%, 07/15/28
 
422
416,735
2.50%, 12/01/29(a)
 
614
567,948
1.75%, 06/15/30
 
388
340,207
2.40%, 12/15/31(a)
 
379
332,398
5.88%, 11/15/33
 
301
318,572
Duke Energy Indiana LLC, 5.25%, 03/01/34
 
175
177,751
Duke Energy Ohio, Inc., 5.25%, 04/01/33
 
130
132,118
Duke Energy Progress LLC
 
4.35%, 03/06/27(a)
 
100
100,753
3.70%, 09/01/28
 
100
98,466
3.45%, 03/15/29
 
413
400,660
2.00%, 08/15/31
 
326
280,666
3.40%, 04/01/32
 
313
286,373
5.25%, 03/15/33(a)
 
434
442,560
5.10%, 03/15/34
 
400
401,456
5.05%, 03/15/35(a)
 
800
797,098
Edison International
 
5.75%, 06/15/27(a)
 
170
171,032
4.13%, 03/15/28(a)
 
446
430,684
5.25%, 11/15/28(a)
 
330
327,198
5.45%, 06/15/29(a)
 
300
296,689
6.95%, 11/15/29
 
245
255,253
6.25%, 03/15/30(a)
 
341
345,376
5.25%, 03/15/32
 
297
283,782
Emera U.S. Finance LP
 
3.55%, 06/15/26
 
240
236,204
2.64%, 06/15/31
 
245
212,996
Enel Americas SA, 4.00%, 10/25/26
 
276
272,785
Enel Chile SA, 4.88%, 06/12/28
 
550
547,327
Entergy Arkansas LLC
 
5.15%, 01/15/33
 
300
303,937
5.30%, 09/15/33
 
200
203,953
5.45%, 06/01/34
 
275
282,687
Entergy Corp.
 
2.95%, 09/01/26
 
829
812,224
1.90%, 06/15/28
 
329
306,119
2.80%, 06/15/30
 
431
391,836
2.40%, 06/15/31
 
496
429,492
Entergy Louisiana LLC
 
3.12%, 09/01/27
 
256
249,663
3.25%, 04/01/28
 
100
97,337
1.60%, 12/15/30(a)
 
243
207,896
2.35%, 06/15/32
 
250
212,732
4.00%, 03/15/33
 
600
560,011
5.35%, 03/15/34
 
450
456,615
5.15%, 09/15/34(a)
 
475
476,303
Entergy Mississippi LLC
 
2.85%, 06/01/28(a)
 
413
395,928
5.00%, 09/01/33
 
240
238,212
Entergy Texas, Inc.
 
4.00%, 03/30/29
 
250
247,584
1.75%, 03/15/31
 
350
299,077
5.25%, 04/15/35
 
325
325,465
Security
 
Par
(000)
Value
Electric Utilities (continued)
Evergy Kansas Central, Inc.
 
2.55%, 07/01/26
$
288
$ 283,110
4.70%, 03/13/28
 
65
65,717
5.90%, 11/15/33
 
150
157,508
5.25%, 03/15/35(a)
 
250
252,078
95709TAP5, 3.10%, 04/01/27
 
200
196,327
Evergy Metro, Inc.
 
4.95%, 04/15/33
 
215
212,437
5.40%, 04/01/34
 
175
177,694
Series 2020, 2.25%, 06/01/30
 
300
268,752
Evergy, Inc., 2.90%, 09/15/29(a)
 
913
852,105
Eversource Energy
 
4.75%, 05/15/26
 
70
70,053
5.00%, 01/01/27
 
175
176,341
2.90%, 03/01/27
 
313
304,168
4.60%, 07/01/27
 
400
400,932
5.45%, 03/01/28
 
765
783,887
5.95%, 02/01/29
 
550
573,328
2.55%, 03/15/31
 
413
363,080
5.85%, 04/15/31
 
250
261,588
3.38%, 03/01/32
 
463
414,783
5.13%, 05/15/33
 
400
394,371
5.50%, 01/01/34
 
400
400,683
5.95%, 07/15/34
 
250
258,565
Series M, 3.30%, 01/15/28
 
143
138,355
Series O, 4.25%, 04/01/29
 
343
338,563
Series R, 1.65%, 08/15/30
 
400
341,843
Series U, 1.40%, 08/15/26
 
413
396,814
Exelon Corp.
 
2.75%, 03/15/27
 
347
337,344
5.15%, 03/15/28
 
550
561,296
5.15%, 03/15/29
 
585
598,331
4.05%, 04/15/30
 
829
808,374
5.13%, 03/15/31
 
325
330,352
3.35%, 03/15/32
 
650
588,620
5.30%, 03/15/33
 
622
629,920
5.45%, 03/15/34
 
474
480,970
FirstEnergy Corp.
 
2.65%, 03/01/30(a)
 
400
363,056
Series B, 3.90%, 07/15/27
 
826
816,679
Series B, 2.25%, 09/01/30
 
256
223,883
FirstEnergy Transmission LLC
 
4.55%, 01/15/30
 
135
133,733
5.00%, 01/15/35
 
260
256,398
Florida Power & Light Co.
 
4.45%, 05/15/26
 
115
115,173
5.05%, 04/01/28
 
305
313,030
4.40%, 05/15/28(a)
 
470
473,858
5.15%, 06/15/29
 
470
486,888
4.63%, 05/15/30
 
280
283,823
2.45%, 02/03/32
 
919
802,147
5.10%, 04/01/33
 
690
699,592
4.80%, 05/15/33
 
415
412,943
5.63%, 04/01/34
 
1,100
1,152,701
5.30%, 06/15/34
 
685
703,112
5.00%, 08/01/34
 
300
300,778
Series A, 3.30%, 05/30/27
 
200
196,662
Fortis, Inc./Canada, 3.06%, 10/04/26
 
829
811,101
Georgia Power Co.
 
5.00%, 02/23/27
 
329
334,104
3.25%, 03/30/27
 
250
245,580
4.65%, 05/16/28
 
400
404,508
4.55%, 03/15/30(a)
 
575
578,117
26
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Georgia Power Co. (continued)
 
4.85%, 03/15/31
$
400
$ 406,426
4.70%, 05/15/32
 
430
426,751
4.95%, 05/17/33
 
754
751,982
5.25%, 03/15/34
 
527
532,397
5.20%, 03/15/35
 
400
402,979
Series B, 2.65%, 09/15/29
 
557
519,220
Idaho Power Co., 5.20%, 08/15/34(a)
 
100
100,901
Indiana Michigan Power Co., 3.85%, 05/15/28
 
250
245,934
Interstate Power and Light Co.
 
4.10%, 09/26/28
 
225
222,897
3.60%, 04/01/29
 
252
244,289
2.30%, 06/01/30
 
200
178,639
5.70%, 10/15/33
 
150
154,208
4.95%, 09/30/34
 
295
287,538
IPALCO Enterprises, Inc.
 
4.25%, 05/01/30
 
179
170,696
5.75%, 04/01/34
 
250
248,694
ITC Holdings Corp.
 
3.25%, 06/30/26
 
129
127,025
3.35%, 11/15/27
 
350
340,110
Jersey Central Power & Light Co., 5.10%, 01/15/35(d)
 
470
463,803
Kentucky Utilities Co., Series Kent, 5.45%, 04/15/33
 
275
281,531
Louisville Gas and Electric Co., 5.45%, 04/15/33
 
95
97,151
MidAmerican Energy Co.
 
3.10%, 05/01/27
 
274
269,029
3.65%, 04/15/29
 
563
551,926
6.75%, 12/30/31
 
291
327,655
5.35%, 01/15/34
 
175
179,815
Mississippi Power Co., 3.95%, 03/30/28
 
300
297,065
National Grid PLC
 
5.60%, 06/12/28
 
500
515,509
5.81%, 06/12/33
 
550
570,014
5.42%, 01/11/34
 
595
601,906
National Rural Utilities Cooperative Finance Corp.
 
1.00%, 06/15/26
 
600
579,099
5.60%, 11/13/26
 
150
152,902
4.80%, 02/05/27
 
250
253,048
3.05%, 04/25/27
 
300
293,200
5.10%, 05/06/27
 
175
177,884
4.12%, 09/16/27
 
150
149,930
3.40%, 02/07/28
 
709
693,432
4.75%, 02/07/28
 
361
366,392
4.80%, 03/15/28(a)
 
215
218,706
5.05%, 09/15/28
 
175
179,021
4.85%, 02/07/29
 
250
253,745
3.70%, 03/15/29
 
300
292,223
5.15%, 06/15/29
 
300
307,833
4.95%, 02/07/30
 
120
122,343
2.40%, 03/15/30
 
386
351,215
5.00%, 02/07/31
 
200
204,543
1.35%, 03/15/31
 
200
166,052
1.65%, 06/15/31
 
500
420,843
8.00%, 03/01/32
 
257
300,374
2.75%, 04/15/32
 
413
359,056
4.02%, 11/01/32
 
600
565,034
4.15%, 12/15/32
 
200
189,032
5.80%, 01/15/33
 
275
287,675
5.00%, 08/15/34
 
275
273,603
(5-year CMT + 3.53%), 7.13%, 09/15/53(c)
 
200
205,913
Nevada Power Co.
 
Series CC, 3.70%, 05/01/29(a)
 
272
266,272
Series DD, 2.40%, 05/01/30
 
329
298,062
Security
 
Par
(000)
Value
Electric Utilities (continued)
NextEra Energy Capital Holdings, Inc.
 
1.88%, 01/15/27
$
736
$ 705,397
3.55%, 05/01/27
 
1,129
1,111,531
4.63%, 07/15/27
 
1,000
1,006,013
4.85%, 02/04/28
 
375
380,837
4.90%, 02/28/28
 
804
815,601
1.90%, 06/15/28
 
816
757,365
4.90%, 03/15/29
 
700
708,534
3.50%, 04/01/29
 
700
673,273
2.75%, 11/01/29
 
1,009
935,306
5.00%, 02/28/30(a)
 
500
509,905
5.05%, 03/15/30
 
675
685,609
2.25%, 06/01/30
 
2,308
2,057,562
2.44%, 01/15/32
 
849
725,740
5.30%, 03/15/32
 
550
561,652
5.00%, 07/15/32
 
670
669,401
5.05%, 02/28/33
 
700
696,438
5.25%, 03/15/34
 
800
797,300
5.45%, 03/15/35(a)
 
675
680,451
(3-mo. SOFR US + 2.67%), 4.80%, 12/01/77(c)
 
350
330,258
Northern States Power Co.
 
2.25%, 04/01/31(a)
 
372
330,448
05/15/35(b)
 
500
501,196
NSTAR Electric Co.
 
3.20%, 05/15/27
 
322
315,984
3.25%, 05/15/29
 
600
573,884
4.85%, 03/01/30
 
275
278,732
3.95%, 04/01/30
 
300
291,629
5.40%, 06/01/34
 
200
203,799
5.20%, 03/01/35
 
275
275,010
OGE Energy Corp., 5.45%, 05/15/29
 
200
206,042
Ohio Power Co.
 
5.00%, 06/01/33
 
328
323,165
5.65%, 06/01/34
 
250
253,679
Series P, 2.60%, 04/01/30
 
264
239,969
Series Q, 1.63%, 01/15/31(a)
 
359
301,057
Oklahoma Gas and Electric Co.
 
3.80%, 08/15/28
 
268
264,490
3.30%, 03/15/30
 
200
189,274
3.25%, 04/01/30(a)
 
79
74,482
5.40%, 01/15/33
 
200
203,821
Oncor Electric Delivery Co. LLC
 
4.50%, 03/20/27(d)
 
325
326,938
4.30%, 05/15/28(a)
 
488
489,675
3.70%, 11/15/28
 
193
189,612
4.65%, 11/01/29
 
350
353,272
2.75%, 05/15/30
 
729
671,594
7.00%, 05/01/32
 
300
334,567
4.15%, 06/01/32
 
296
282,313
4.55%, 09/15/32
 
519
505,783
7.25%, 01/15/33
 
263
298,428
5.65%, 11/15/33
 
351
364,919
5.35%, 04/01/35(d)
 
255
258,395
Pacific Gas and Electric Co.
 
3.30%, 03/15/27
 
200
195,011
5.45%, 06/15/27
 
400
405,015
2.10%, 08/01/27
 
483
454,981
3.30%, 12/01/27
 
655
631,191
3.00%, 06/15/28
 
516
488,614
3.75%, 07/01/28
 
550
532,731
6.10%, 01/15/29
 
465
480,825
4.20%, 03/01/29
 
520
504,963
5.55%, 05/15/29
 
400
406,350
Schedule of Investments
27
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Pacific Gas and Electric Co. (continued)
 
4.55%, 07/01/30
$
1,806
$ 1,757,249
2.50%, 02/01/31
 
1,211
1,045,800
3.25%, 06/01/31
 
550
491,482
4.40%, 03/01/32
 
143
133,011
5.90%, 06/15/32
 
450
456,265
6.15%, 01/15/33
 
428
436,843
6.40%, 06/15/33
 
640
662,292
6.95%, 03/15/34
 
535
574,522
5.80%, 05/15/34(a)
 
800
797,305
5.70%, 03/01/35
 
475
468,033
PacifiCorp.
 
5.10%, 02/15/29
 
300
305,976
3.50%, 06/15/29
 
254
244,187
2.70%, 09/15/30
 
254
228,512
5.30%, 02/15/31
 
800
820,643
7.70%, 11/15/31
 
200
230,952
5.45%, 02/15/34(a)
 
784
790,838
PECO Energy Co., 4.90%, 06/15/33
 
264
265,086
Potomac Electric Power Co., 5.20%, 03/15/34
 
275
277,418
PPL Capital Funding, Inc.
 
3.10%, 05/15/26
 
400
394,444
4.13%, 04/15/30
 
300
294,209
5.25%, 09/01/34(a)
 
455
455,325
PPL Electric Utilities Corp.
 
5.00%, 05/15/33
 
500
501,635
4.85%, 02/15/34(a)
 
400
396,117
Progress Energy, Inc.
 
7.75%, 03/01/31
 
330
378,247
7.00%, 10/30/31
 
300
331,617
Public Service Co. of Colorado
 
3.70%, 06/15/28
 
129
127,023
1.88%, 06/15/31
 
450
382,138
5.35%, 05/15/34
 
450
453,028
Series 35, 1.90%, 01/15/31
 
160
137,987
Series 38, 4.10%, 06/01/32(a)
 
150
142,372
Public Service Co. of New Hampshire(a)
 
5.35%, 10/01/33
 
375
382,810
Series V, 2.20%, 06/15/31
 
150
131,358
Public Service Co. of Oklahoma
 
5.25%, 01/15/33
 
200
200,289
5.20%, 01/15/35
 
925
911,047
Series J, 2.20%, 08/15/31
 
413
351,775
Public Service Electric and Gas Co.
 
2.25%, 09/15/26
 
314
306,476
3.00%, 05/15/27
 
314
307,800
3.70%, 05/01/28
 
276
272,537
3.65%, 09/01/28
 
270
265,703
3.20%, 05/15/29
 
313
299,852
2.45%, 01/15/30
 
229
210,251
1.90%, 08/15/31
 
279
239,802
3.10%, 03/15/32
 
400
361,364
4.90%, 12/15/32
 
180
181,545
4.65%, 03/15/33
 
417
412,394
5.20%, 08/01/33
 
370
376,280
5.20%, 03/01/34
 
275
280,579
4.85%, 08/01/34
 
450
447,189
Series Q, 5.05%, 03/01/35
 
160
162,057
Public Service Enterprise Group, Inc.
 
5.85%, 11/15/27
 
400
413,908
5.88%, 10/15/28
 
250
260,933
5.20%, 04/01/29
 
275
282,018
4.90%, 03/15/30
 
205
207,092
Security
 
Par
(000)
Value
Electric Utilities (continued)
Public Service Enterprise Group, Inc. (continued)
 
1.60%, 08/15/30
$
252
$ 215,158
2.45%, 11/15/31
 
350
303,922
6.13%, 10/15/33
 
250
262,666
5.45%, 04/01/34(a)
 
275
278,266
5.40%, 03/15/35
 
250
250,747
Puget Energy, Inc.
 
2.38%, 06/15/28
 
329
308,726
4.10%, 06/15/30
 
413
393,878
4.22%, 03/15/32
 
279
258,514
5.73%, 03/15/35(d)
 
475
472,923
Puget Sound Energy, Inc., 5.33%, 06/15/34
 
175
177,240
San Diego Gas & Electric Co.
 
2.50%, 05/15/26
 
350
342,800
4.95%, 08/15/28
 
345
351,758
5.40%, 04/15/35
 
250
252,197
Series VVV, 1.70%, 10/01/30
 
663
569,009
Series XXX, 3.00%, 03/15/32
 
350
308,181
Sempra
 
5.40%, 08/01/26
 
225
226,767
3.25%, 06/15/27
 
500
485,815
3.40%, 02/01/28
 
713
692,506
3.70%, 04/01/29(a)
 
413
399,145
5.50%, 08/01/33
 
499
501,538
(5-year CMT + 2.87%), 4.13%, 04/01/52(c)
 
713
655,026
Sierra Pacific Power Co., 2.60%, 05/01/26
 
136
133,607
Southern California Edison Co.
 
4.90%, 06/01/26
 
140
140,228
4.40%, 09/06/26
 
352
351,415
4.88%, 02/01/27
 
175
175,646
5.85%, 11/01/27
 
300
306,791
5.30%, 03/01/28
 
495
501,788
5.65%, 10/01/28
 
378
388,348
6.65%, 04/01/29
 
200
207,470
5.15%, 06/01/29
 
275
278,195
2.85%, 08/01/29
 
384
353,629
5.25%, 03/15/30
 
400
404,101
2.25%, 06/01/30
 
432
378,566
5.45%, 06/01/31
 
408
413,074
2.75%, 02/01/32
 
413
351,110
5.95%, 11/01/32
 
525
531,266
6.00%, 01/15/34
 
332
334,636
5.20%, 06/01/34
 
729
701,406
5.45%, 03/01/35(a)
 
500
485,514
Series A, 4.20%, 03/01/29
 
300
292,394
Series B, 3.65%, 03/01/28
 
275
267,747
Series D, 4.70%, 06/01/27
 
300
301,232
Series G, 2.50%, 06/01/31
 
149
128,461
Southern Co.
 
3.25%, 07/01/26
 
1,327
1,309,827
5.11%, 08/01/27
 
500
507,238
4.85%, 06/15/28
 
570
579,026
5.50%, 03/15/29
 
521
540,752
5.70%, 10/15/32
 
350
363,654
5.20%, 06/15/33
 
570
573,378
5.70%, 03/15/34(a)
 
702
726,437
4.85%, 03/15/35
 
550
533,637
Series 2021-A, (5-year CMT + 2.92%), 3.75%,
09/15/51(c)
 
500
484,233
Series 2021-B, 1.75%, 03/15/28
 
304
282,856
Series A, 3.70%, 04/30/30
 
758
727,719
Southwestern Electric Power Co.
 
5.30%, 04/01/33
 
275
273,947
28
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Southwestern Electric Power Co. (continued)
 
Series K, 2.75%, 10/01/26
$
300
$ 292,376
Series M, 4.10%, 09/15/28
 
379
372,925
Southwestern Public Service Co., 5.30%, 05/15/35
 
325
323,775
System Energy Resources, Inc.
 
6.00%, 04/15/28
 
400
415,303
5.30%, 12/15/34
 
235
231,313
Tampa Electric Co.
 
4.90%, 03/01/29
 
390
396,229
2.40%, 03/15/31
 
306
269,380
5.15%, 03/01/35(a)
 
450
448,372
Tucson Electric Power Co.
 
1.50%, 08/01/30
 
116
99,104
3.25%, 05/15/32(a)
 
250
225,138
5.20%, 09/15/34(a)
 
275
274,355
Union Electric Co.
 
2.95%, 06/15/27
 
129
126,011
3.50%, 03/15/29
 
250
242,245
2.95%, 03/15/30
 
254
237,588
2.15%, 03/15/32(a)
 
431
364,311
5.20%, 04/01/34
 
275
278,181
5.25%, 04/15/35
 
325
329,800
Virginia Electric and Power Co.
 
2.30%, 11/15/31(a)
 
413
359,045
2.40%, 03/30/32
 
530
452,726
5.00%, 04/01/33
 
525
521,752
5.30%, 08/15/33
 
900
908,023
5.00%, 01/15/34
 
400
393,773
5.05%, 08/15/34
 
595
589,346
5.15%, 03/15/35
 
625
618,580
Series A, 3.50%, 03/15/27
 
120
118,707
Series A, 3.80%, 04/01/28
 
413
408,610
Series A, 2.88%, 07/15/29
 
229
216,248
Series B, 2.95%, 11/15/26
 
264
258,716
Series B, 3.75%, 05/15/27
 
400
396,773
WEC Energy Group, Inc.
 
5.60%, 09/12/26
 
185
187,527
5.15%, 10/01/27
 
500
508,123
1.38%, 10/15/27
 
350
325,598
4.75%, 01/15/28
 
250
252,806
2.20%, 12/15/28
 
350
323,726
1.80%, 10/15/30
 
103
89,267
Wisconsin Electric Power Co.
 
1.70%, 06/15/28(a)
 
159
147,611
5.00%, 05/15/29
 
125
128,190
4.75%, 09/30/32
 
305
306,949
5.63%, 05/15/33(a)
 
200
210,769
4.60%, 10/01/34(a)
 
185
180,472
Wisconsin Power and Light Co.
 
3.05%, 10/15/27
 
252
244,678
3.00%, 07/01/29
 
129
121,493
1.95%, 09/16/31
 
194
165,676
3.95%, 09/01/32
 
400
373,120
4.95%, 04/01/33
 
40
39,682
5.38%, 03/30/34
 
335
337,831
Wisconsin Public Service Corp., 4.55%, 12/01/29
 
120
121,092
Xcel Energy, Inc.
 
3.35%, 12/01/26
 
413
405,776
1.75%, 03/15/27
 
413
392,748
4.75%, 03/21/28
 
175
176,455
4.00%, 06/15/28
 
479
472,302
2.60%, 12/01/29
 
380
347,242
Security
 
Par
(000)
Value
Electric Utilities (continued)
Xcel Energy, Inc. (continued)
 
3.40%, 06/01/30
$
350
$ 328,596
2.35%, 11/15/31
 
329
280,173
4.60%, 06/01/32
 
397
382,829
5.45%, 08/15/33
 
500
502,158
5.50%, 03/15/34
 
355
355,931
5.60%, 04/15/35
 
275
278,143
 
 
203,039,195
Electrical Equipment — 0.1%
Regal Rexnord Corp.
 
6.05%, 04/15/28(a)
 
800
820,117
6.30%, 02/15/30
 
700
722,704
6.40%, 04/15/33(a)
 
900
916,979
 
 
2,459,800
Electronic Equipment, Instruments & Components — 0.9%
ABB Finance USA, Inc., 3.80%, 04/03/28(a)
 
260
257,680
Acuity Brands Lighting, Inc., 2.15%, 12/15/30
 
250
217,016
Allegion PLC, 3.50%, 10/01/29
 
219
207,918
Allegion U.S. Holding Co., Inc.
 
5.41%, 07/01/32
 
328
333,299
5.60%, 05/29/34
 
225
227,989
Amphenol Corp.
 
5.05%, 04/05/27
 
562
572,048
5.05%, 04/05/29
 
175
179,866
4.35%, 06/01/29
 
350
350,950
2.80%, 02/15/30
 
385
359,257
2.20%, 09/15/31(a)
 
597
518,064
5.25%, 04/05/34
 
375
383,365
5.00%, 01/15/35
 
500
500,746
Arrow Electronics, Inc.
 
3.88%, 01/12/28
 
350
342,427
5.15%, 08/21/29(a)
 
250
252,235
2.95%, 02/15/32
 
329
281,867
5.88%, 04/10/34
 
300
301,947
Avnet, Inc.
 
6.25%, 03/15/28
 
160
165,120
3.00%, 05/15/31
 
165
144,736
5.50%, 06/01/32
 
330
323,535
CDW LLC/CDW Finance Corp.
 
2.67%, 12/01/26
 
660
638,748
4.25%, 04/01/28
 
379
371,540
3.28%, 12/01/28
 
660
622,267
3.25%, 02/15/29
 
371
345,653
5.10%, 03/01/30
 
378
377,898
3.57%, 12/01/31
 
784
708,512
5.55%, 08/22/34
 
300
294,205
Emerson Electric Co.
 
0.88%, 10/15/26
 
350
333,505
1.80%, 10/15/27
 
400
379,564
2.00%, 12/21/28(a)
 
728
675,166
1.95%, 10/15/30
 
275
242,948
2.20%, 12/21/31
 
450
392,037
5.00%, 03/15/35(a)
 
155
157,177
Flex Ltd.
 
6.00%, 01/15/28
 
236
241,210
4.88%, 06/15/29
 
413
409,896
4.88%, 05/12/30
 
243
239,358
5.25%, 01/15/32
 
325
319,641
Fortive Corp., 3.15%, 06/15/26
 
725
712,562
Honeywell International, Inc.
 
2.50%, 11/01/26
 
1,070
1,043,338
1.10%, 03/01/27
 
629
595,213
Schedule of Investments
29
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electronic Equipment, Instruments & Components (continued)
Honeywell International, Inc. (continued)
 
4.65%, 07/30/27
$
775
$ 783,542
4.95%, 02/15/28
 
256
261,598
4.25%, 01/15/29
 
536
535,713
2.70%, 08/15/29
 
581
543,088
4.88%, 09/01/29
 
200
204,238
4.70%, 02/01/30
 
625
632,201
1.95%, 06/01/30
 
447
396,132
1.75%, 09/01/31
 
821
691,039
4.95%, 09/01/31
 
200
203,789
4.75%, 02/01/32
 
475
475,662
5.00%, 02/15/33
 
652
654,028
4.50%, 01/15/34
 
616
595,849
5.00%, 03/01/35
 
874
869,089
Hubbell, Inc.
 
3.15%, 08/15/27
 
254
246,891
3.50%, 02/15/28
 
250
243,394
2.30%, 03/15/31
 
254
221,406
Jabil, Inc.
 
4.25%, 05/15/27
 
1,145
1,140,180
3.95%, 01/12/28
 
250
245,309
5.45%, 02/01/29(a)
 
75
76,083
3.60%, 01/15/30
 
250
235,338
3.00%, 01/15/31
 
219
195,909
Keysight Technologies, Inc.
 
4.60%, 04/06/27
 
450
450,840
3.00%, 10/30/29
 
260
241,365
5.35%, 07/30/30(a)
 
120
123,221
4.95%, 10/15/34
 
382
370,996
TD SYNNEX Corp.
 
1.75%, 08/09/26
 
279
266,543
2.38%, 08/09/28
 
479
442,243
2.65%, 08/09/31
 
273
231,427
6.10%, 04/12/34
 
341
342,998
Trimble, Inc.
 
4.90%, 06/15/28
 
350
352,221
6.10%, 03/15/33
 
500
519,823
Tyco Electronics Group SA
 
3.13%, 08/15/27
 
250
243,765
4.63%, 02/01/30
 
225
226,434
02/09/31(b)
 
225
224,195
2.50%, 02/04/32
 
405
352,109
05/09/35(b)
 
175
173,018
Vontier Corp.
 
2.40%, 04/01/28
 
200
187,053
2.95%, 04/01/31
 
350
303,066
 
 
29,522,298
Energy Equipment & Services — 0.1%
Baker Hughes Holdings LLC/Baker Hughes Co-
Obligor, Inc.
 
2.06%, 12/15/26
 
430
414,540
3.34%, 12/15/27
 
699
684,760
3.14%, 11/07/29
 
243
229,625
4.49%, 05/01/30
 
350
346,769
Halliburton Co., 2.92%, 03/01/30(a)
 
611
561,697
NOV, Inc., 3.60%, 12/01/29(a)
 
329
310,224
Schlumberger Investment SA, 2.65%, 06/26/30
 
542
492,009
 
 
3,039,624
Entertainment — 0.2%
Warnermedia Holdings, Inc.
 
3.76%, 03/15/27
 
2,501
2,433,970
Security
 
Par
(000)
Value
Entertainment (continued)
Warnermedia Holdings, Inc. (continued)
 
4.05%, 03/15/29
$
802
$ 749,991
4.28%, 03/15/32(a)
 
2,922
2,502,277
 
 
5,686,238
Environmental, Maintenance & Security Service — 0.5%
Republic Services, Inc.
 
2.90%, 07/01/26
 
370
364,457
3.38%, 11/15/27
 
400
392,722
3.95%, 05/15/28
 
492
489,079
4.88%, 04/01/29
 
455
463,212
5.00%, 11/15/29(a)
 
250
255,704
2.30%, 03/01/30
 
444
403,509
4.75%, 07/15/30
 
235
238,653
1.45%, 02/15/31
 
727
611,638
1.75%, 02/15/32
 
605
502,202
2.38%, 03/15/33
 
450
377,062
5.00%, 12/15/33
 
482
485,038
5.00%, 04/01/34
 
400
401,628
5.20%, 11/15/34
 
245
248,817
5.15%, 03/15/35
 
470
475,166
Veralto Corp.
 
5.50%, 09/18/26
 
325
329,554
5.35%, 09/18/28
 
325
335,357
5.45%, 09/18/33
 
425
433,599
Waste Connections, Inc.
 
4.25%, 12/01/28
 
200
199,898
3.50%, 05/01/29
 
254
246,209
2.60%, 02/01/30(a)
 
276
253,693
2.20%, 01/15/32
 
479
408,249
3.20%, 06/01/32
 
274
246,718
4.20%, 01/15/33
 
410
392,046
5.00%, 03/01/34
 
375
376,258
Waste Management, Inc.
 
4.95%, 07/03/27
 
275
280,028
3.15%, 11/15/27
 
617
603,218
1.15%, 03/15/28
 
174
160,517
4.50%, 03/15/28
 
625
632,810
3.88%, 01/15/29(d)
 
400
393,758
4.88%, 02/15/29(a)
 
575
588,313
2.00%, 06/01/29
 
159
145,640
4.63%, 02/15/30
 
400
405,692
4.65%, 03/15/30(a)
 
425
431,208
1.50%, 03/15/31(a)
 
329
279,824
4.95%, 07/03/31
 
495
506,498
4.80%, 03/15/32
 
525
528,500
4.15%, 04/15/32
 
524
507,702
4.63%, 02/15/33(a)
 
270
268,519
4.88%, 02/15/34
 
766
769,365
4.95%, 03/15/35
 
950
946,427
 
 
16,378,487
Financial Services — 1.2%
AerCap Ireland Capital DAC/AerCap Global Aviation
Trust
 
2.45%, 10/29/26
 
2,164
2,093,282
6.10%, 01/15/27
 
770
786,321
6.45%, 04/15/27
 
1,300
1,340,527
3.65%, 07/21/27
 
655
639,752
4.63%, 10/15/27
 
300
299,313
3.88%, 01/23/28
 
300
293,573
4.88%, 04/01/28
 
150
150,709
5.75%, 06/06/28(a)
 
610
627,909
30
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Financial Services (continued)
AerCap Ireland Capital DAC/AerCap Global Aviation
Trust (continued)
 
3.00%, 10/29/28
$
2,523
$ 2,381,889
5.10%, 01/19/29
 
510
514,904
4.63%, 09/10/29
 
850
842,756
6.15%, 09/30/30
 
1,050
1,108,088
5.38%, 12/15/31
 
500
500,852
3.30%, 01/30/32
 
2,800
2,473,740
3.40%, 10/29/33
 
1,100
945,538
5.30%, 01/19/34
 
450
443,368
4.95%, 09/10/34
 
750
717,522
Air Lease Corp.
 
3.75%, 06/01/26
 
450
445,086
5.30%, 06/25/26(a)
 
225
226,365
1.88%, 08/15/26
 
550
530,522
2.20%, 01/15/27
 
450
432,547
3.63%, 04/01/27(a)
 
1,000
985,347
3.63%, 12/01/27
 
130
126,903
5.85%, 12/15/27
 
254
261,620
5.30%, 02/01/28
 
300
305,218
2.10%, 09/01/28
 
213
196,204
4.63%, 10/01/28
 
400
399,936
5.10%, 03/01/29(a)
 
275
278,731
3.25%, 10/01/29
 
413
387,947
3.00%, 02/01/30(a)
 
329
302,939
3.13%, 12/01/30
 
509
462,583
5.20%, 07/15/31
 
325
326,763
2.88%, 01/15/32
 
450
390,758
Aircastle Ltd., 4.25%, 06/15/26
 
413
409,073
Ally Financial, Inc.
 
4.75%, 06/09/27
 
500
497,552
7.10%, 11/15/27
 
550
576,258
2.20%, 11/02/28
 
285
258,425
8.00%, 11/01/31(a)
 
1,211
1,341,103
8.00%, 11/01/31
 
300
330,380
(1-day SOFR + 2.29%), 6.18%, 07/26/35(c)
 
590
580,683
(1-day SOFR + 2.82%), 6.85%, 01/03/30(c)
 
491
509,583
(1-day SOFR + 3.26%), 6.99%, 06/13/29(c)
 
500
519,539
(1-day SOFR Index + 1.73%), 5.54%, 01/17/31(c)
 
205
203,193
Cboe Global Markets, Inc.
 
3.65%, 01/12/27
 
420
416,467
1.63%, 12/15/30
 
159
136,048
3.00%, 03/16/32
 
217
194,656
CME Group, Inc.
 
3.75%, 06/15/28
 
433
430,142
4.40%, 03/15/30
 
240
242,106
2.65%, 03/15/32
 
621
552,294
Enact Holdings, Inc., 6.25%, 05/28/29(a)
 
500
511,989
Intercontinental Exchange, Inc.
 
3.10%, 09/15/27(a)
 
284
276,915
4.00%, 09/15/27
 
935
930,512
3.63%, 09/01/28
 
678
664,345
3.75%, 09/21/28
 
576
566,128
4.35%, 06/15/29
 
753
754,728
2.10%, 06/15/30
 
737
659,334
5.25%, 06/15/31
 
425
440,269
1.85%, 09/15/32
 
938
768,266
4.60%, 03/15/33
 
850
837,969
Nasdaq, Inc.
 
3.85%, 06/30/26
 
338
336,558
5.35%, 06/28/28
 
552
566,927
1.65%, 01/15/31
 
243
207,835
Security
 
Par
(000)
Value
Financial Services (continued)
Nasdaq, Inc. (continued)
 
5.55%, 02/15/34
$
628
$ 644,452
ORIX Corp.
 
3.70%, 07/18/27
 
400
393,973
5.00%, 09/13/27(a)
 
200
202,703
4.65%, 09/10/29
 
525
525,500
2.25%, 03/09/31
 
413
360,382
4.00%, 04/13/32
 
363
338,859
5.20%, 09/13/32(a)
 
400
402,979
5.40%, 02/25/35(a)
 
325
325,159
Radian Group, Inc.
 
4.88%, 03/15/27
 
256
254,932
6.20%, 05/15/29(a)
 
275
284,180
 
 
40,671,908
Food Products — 1.4%
Ahold Finance USA LLC, 6.88%, 05/01/29
 
434
471,768
Archer-Daniels-Midland Co.
 
2.50%, 08/11/26
 
608
594,403
3.25%, 03/27/30
 
500
474,123
2.90%, 03/01/32(a)
 
523
467,176
4.50%, 08/15/33(a)
 
310
299,718
Bunge Ltd. Finance Corp.
 
3.25%, 08/15/26
 
600
590,421
3.75%, 09/25/27
 
481
474,226
4.10%, 01/07/28
 
225
223,172
4.20%, 09/17/29
 
531
524,548
2.75%, 05/14/31(a)
 
635
568,151
4.65%, 09/17/34
 
155
150,124
Conagra Brands, Inc.
 
5.30%, 10/01/26
 
250
252,148
1.38%, 11/01/27
 
597
550,907
7.00%, 10/01/28
 
200
214,410
4.85%, 11/01/28
 
804
808,824
8.25%, 09/15/30
 
200
229,660
Flowers Foods, Inc.
 
3.50%, 10/01/26
 
268
262,770
2.40%, 03/15/31
 
350
300,150
5.75%, 03/15/35(a)
 
328
330,136
General Mills, Inc.
 
4.70%, 01/30/27
 
275
276,573
3.20%, 02/10/27
 
487
477,952
4.20%, 04/17/28
 
829
826,654
5.50%, 10/17/28
 
365
377,409
4.88%, 01/30/30
 
300
303,407
2.88%, 04/15/30
 
487
449,529
2.25%, 10/14/31
 
279
239,749
4.95%, 03/29/33
 
670
665,834
5.25%, 01/30/35
 
300
299,848
Hershey Co.
 
2.30%, 08/15/26
 
350
342,600
4.55%, 02/24/28(a)
 
220
223,887
4.25%, 05/04/28
 
35
35,322
2.45%, 11/15/29
 
225
208,500
4.75%, 02/24/30
 
125
127,867
1.70%, 06/01/30
 
258
227,226
4.95%, 02/24/32(a)
 
325
330,015
4.50%, 05/04/33
 
302
297,492
5.10%, 02/24/35
 
325
328,016
Hormel Foods Corp.
 
4.80%, 03/30/27
 
235
237,749
1.70%, 06/03/28
 
277
257,890
1.80%, 06/11/30
 
400
353,543
Schedule of Investments
31
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Food Products (continued)
Ingredion, Inc.
 
3.20%, 10/01/26
$
350
$ 343,585
2.90%, 06/01/30
 
250
230,987
J.M. Smucker Co.
 
3.38%, 12/15/27
 
250
244,317
5.90%, 11/15/28
 
375
393,544
2.38%, 03/15/30
 
250
225,834
2.13%, 03/15/32
 
179
149,105
6.20%, 11/15/33(a)
 
575
612,743
4.25%, 03/15/35
 
398
365,074
JBS USA Holding Lux SARL/JBS USA Food Co./JBS
Lux Co. SARL
 
2.50%, 01/15/27
 
600
579,223
5.13%, 02/01/28
 
500
506,536
3.00%, 02/02/29
 
650
611,121
5.50%, 01/15/30(a)
 
700
711,479
3.75%, 12/01/31
 
266
244,048
3.63%, 01/15/32
 
750
678,390
3.00%, 05/15/32
 
588
507,814
5.75%, 04/01/33
 
1,257
1,282,543
6.75%, 03/15/34
 
1,022
1,108,330
JBS USA LUX SARL/JBS USA Food Co./JBS USA
Foods Group, 5.95%, 04/20/35(d)
 
500
515,879
Kellanova
 
3.40%, 11/15/27
 
450
440,358
4.30%, 05/15/28
 
179
179,426
5.25%, 03/01/33(a)
 
200
203,162
Series B, 7.45%, 04/01/31
 
400
453,789
Kraft Heinz Foods Co.
 
3.00%, 06/01/26
 
1,666
1,640,395
3.88%, 05/15/27
 
318
314,756
4.63%, 01/30/29
 
163
163,515
3.75%, 04/01/30
 
641
616,247
4.25%, 03/01/31(a)
 
163
158,938
5.20%, 03/15/32
 
325
330,360
6.75%, 03/15/32
 
130
142,331
5.40%, 03/15/35
 
325
327,194
Kroger Co.
 
2.65%, 10/15/26
 
829
808,764
3.70%, 08/01/27
 
413
407,961
4.50%, 01/15/29
 
229
230,329
2.20%, 05/01/30(a)
 
193
172,299
1.70%, 01/15/31
 
483
409,398
7.50%, 04/01/31
 
252
286,080
5.00%, 09/15/34
 
1,170
1,145,555
McCormick & Co., Inc.
 
3.40%, 08/15/27
 
350
343,160
2.50%, 04/15/30
 
209
188,667
1.85%, 02/15/31
 
314
267,106
4.95%, 04/15/33(a)
 
300
297,858
4.70%, 10/15/34
 
425
405,994
Mondelez International, Inc.
 
2.63%, 03/17/27
 
545
528,335
4.13%, 05/07/28
 
260
259,131
4.75%, 02/20/29
 
275
279,268
2.75%, 04/13/30
 
459
422,662
1.50%, 02/04/31
 
240
201,634
3.00%, 03/17/32
 
400
356,369
1.88%, 10/15/32
 
413
340,572
4.75%, 08/28/34(a)
 
325
319,664
Pilgrim’s Pride Corp.
 
4.25%, 04/15/31
 
600
567,670
Security
 
Par
(000)
Value
Food Products (continued)
Pilgrim’s Pride Corp. (continued)
 
3.50%, 03/01/32
$
810
$ 719,298
6.25%, 07/01/33
 
750
781,183
6.88%, 05/15/34
 
400
433,612
Sysco Corp.
 
3.30%, 07/15/26
 
780
769,239
3.25%, 07/15/27
 
549
536,000
5.75%, 01/17/29
 
200
208,106
2.40%, 02/15/30
 
348
314,795
5.95%, 04/01/30
 
781
822,061
5.10%, 09/23/30
 
295
300,412
2.45%, 12/14/31
 
329
284,573
6.00%, 01/17/34
 
200
212,251
5.40%, 03/23/35
 
325
325,365
The Campbell’s Co.
 
5.20%, 03/19/27
 
275
279,117
4.15%, 03/15/28
 
300
298,102
5.20%, 03/21/29(a)
 
275
281,047
2.38%, 04/24/30
 
359
322,080
5.40%, 03/21/34
 
525
528,783
4.75%, 03/23/35
 
488
466,625
Tyson Foods, Inc.
 
3.55%, 06/02/27
 
229
225,351
4.35%, 03/01/29
 
700
694,015
5.40%, 03/15/29
 
475
488,725
5.70%, 03/15/34(a)
 
529
541,052
4.88%, 08/15/34(a)
 
350
337,327
 
 
47,362,515
Gas Utilities — 0.5%
Atmos Energy Corp.
 
3.00%, 06/15/27
 
450
439,829
2.63%, 09/15/29
 
396
369,156
1.50%, 01/15/31
 
429
364,047
5.45%, 10/15/32
 
200
206,837
5.90%, 11/15/33
 
400
424,927
CenterPoint Energy Resources Corp.
 
5.25%, 03/01/28(a)
 
515
528,421
4.00%, 04/01/28
 
400
397,279
1.75%, 10/01/30
 
359
310,740
4.40%, 07/01/32
 
200
192,844
5.40%, 03/01/33
 
400
409,260
5.40%, 07/01/34
 
340
343,016
National Fuel Gas Co.
 
5.50%, 10/01/26
 
140
141,553
3.95%, 09/15/27
 
252
248,398
4.75%, 09/01/28
 
252
250,788
5.50%, 03/15/30
 
490
501,484
2.95%, 03/01/31
 
413
365,621
5.95%, 03/15/35
 
160
160,113
NiSource, Inc.
 
3.49%, 05/15/27
 
853
837,903
5.25%, 03/30/28
 
821
839,435
5.20%, 07/01/29
 
300
306,740
2.95%, 09/01/29
 
529
495,960
3.60%, 05/01/30
 
650
619,708
1.70%, 02/15/31
 
566
478,703
5.40%, 06/30/33
 
310
312,262
5.35%, 04/01/34
 
725
729,280
ONE Gas, Inc.
 
5.10%, 04/01/29
 
367
376,500
2.00%, 05/15/30
 
200
178,440
32
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Gas Utilities (continued)
Piedmont Natural Gas Co., Inc.
 
3.50%, 06/01/29
$
500
$ 481,072
2.50%, 03/15/31
 
413
364,613
5.40%, 06/15/33
 
160
161,896
Southern California Gas Co.
 
2.95%, 04/15/27
 
530
516,450
5.20%, 06/01/33
 
370
369,394
5.05%, 09/01/34
 
1,175
1,163,014
Series TT, 2.60%, 06/15/26
 
186
182,079
Series XX, 2.55%, 02/01/30(a)
 
429
393,041
Southern Co. Gas Capital Corp.
 
5.15%, 09/15/32
 
350
350,244
5.75%, 09/15/33
 
300
309,357
4.95%, 09/15/34
 
275
267,544
Series 2020-A, 1.75%, 01/15/31
 
273
232,386
Southwest Gas Corp.
 
5.80%, 12/01/27
 
300
308,254
5.45%, 03/23/28
 
265
271,173
3.70%, 04/01/28
 
100
97,754
2.20%, 06/15/30
 
229
201,562
4.05%, 03/15/32
 
225
210,743
Spire Missouri, Inc.
 
4.80%, 02/15/33
 
250
246,953
Series 2034, 5.15%, 08/15/34
 
250
251,439
 
 
17,208,212
Ground Transportation — 0.6%
Burlington Northern Santa Fe LLC, 3.25%,
06/15/27(a)
 
298
294,253
Canadian National Railway Co.
 
6.90%, 07/15/28
 
250
270,185
3.85%, 08/05/32
 
450
421,849
5.85%, 11/01/33
 
180
190,239
6.25%, 08/01/34
 
401
437,531
4.38%, 09/18/34
 
603
571,982
Canadian Pacific Railway Co.
 
1.75%, 12/02/26
 
613
589,426
4.00%, 06/01/28
 
300
297,908
2.88%, 11/15/29
 
407
380,774
2.05%, 03/05/30(a)
 
179
159,716
4.80%, 03/30/30(a)
 
400
404,362
7.13%, 10/15/31
 
163
182,573
2.45%, 12/02/31(a)
 
972
845,028
5.20%, 03/30/35
 
400
401,888
CSX Corp.
 
2.60%, 11/01/26
 
400
390,376
3.25%, 06/01/27
 
639
627,290
3.80%, 03/01/28
 
457
453,120
4.25%, 03/15/29
 
776
774,252
2.40%, 02/15/30
 
329
300,686
4.10%, 11/15/32
 
114
109,343
5.20%, 11/15/33
 
300
307,061
5.05%, 06/15/35
 
400
398,344
JB Hunt Transport Services, Inc., 4.90%, 03/15/30
 
416
419,443
Norfolk Southern Corp.
 
2.90%, 06/15/26
 
400
393,824
7.80%, 05/15/27
 
260
277,847
3.15%, 06/01/27
 
249
243,455
3.80%, 08/01/28
 
446
440,364
2.55%, 11/01/29
 
107
98,671
5.05%, 08/01/30
 
440
451,930
2.30%, 05/15/31(a)
 
372
326,835
3.00%, 03/15/32
 
174
155,872
Security
 
Par
(000)
Value
Ground Transportation (continued)
Norfolk Southern Corp. (continued)
 
4.45%, 03/01/33
$
314
$ 303,615
5.55%, 03/15/34
 
250
259,947
05/01/35(b)
 
350
351,348
Union Pacific Corp.
 
2.15%, 02/05/27(a)
 
367
354,742
3.00%, 04/15/27
 
367
359,440
3.95%, 09/10/28
 
629
625,790
6.63%, 02/01/29(a)
 
288
312,181
3.70%, 03/01/29
 
829
813,226
2.40%, 02/05/30
 
400
366,391
2.38%, 05/20/31
 
533
475,993
2.80%, 02/14/32
 
800
715,171
4.50%, 01/20/33(a)
 
662
652,482
3.38%, 02/01/35(a)
 
355
313,042
5.10%, 02/20/35
 
500
503,574
 
 
18,023,369
Health Care Equipment & Supplies — 0.9%
Abbott Laboratories
 
3.75%, 11/30/26
 
1,074
1,072,150
1.15%, 01/30/28(a)
 
338
315,908
1.40%, 06/30/30
 
366
320,895
Agilent Technologies, Inc.
 
3.05%, 09/22/26
 
252
247,256
4.20%, 09/09/27(a)
 
483
482,560
2.75%, 09/15/29
 
534
495,091
2.10%, 06/04/30
 
360
318,874
2.30%, 03/12/31
 
272
237,429
4.75%, 09/09/34
 
325
312,348
Baxter International, Inc.
 
2.60%, 08/15/26
 
423
412,518
1.92%, 02/01/27
 
808
773,070
2.27%, 12/01/28
 
850
783,959
3.95%, 04/01/30(a)
 
413
398,292
1.73%, 04/01/31
 
400
334,750
2.54%, 02/01/32(a)
 
264
225,443
Boston Scientific Corp., 2.65%, 06/01/30
 
571
524,775
Dentsply Sirona, Inc., 3.25%, 06/01/30
 
450
401,737
DH Europe Finance II SARL, 2.60%, 11/15/29
 
366
339,679
Edwards Lifesciences Corp., 4.30%, 06/15/28
 
400
396,807
GE HealthCare Technologies, Inc.
 
5.65%, 11/15/27
 
1,000
1,028,463
4.80%, 08/14/29
 
785
790,809
5.86%, 03/15/30
 
750
785,884
5.91%, 11/22/32
 
700
734,192
Medtronic Global Holdings SCA
 
4.25%, 03/30/28
 
650
653,312
4.50%, 03/30/33
 
245
239,953
Medtronic, Inc., 4.38%, 03/15/35
 
1,088
1,042,614
Revvity, Inc.
 
1.90%, 09/15/28
 
130
119,181
3.30%, 09/15/29
 
529
498,336
2.55%, 03/15/31
 
200
172,834
2.25%, 09/15/31
 
456
382,921
Smith & Nephew PLC
 
5.15%, 03/20/27
 
40
40,475
2.03%, 10/14/30
 
560
485,714
5.40%, 03/20/34
 
390
388,536
Solventum Corp.
 
5.45%, 02/25/27
 
457
464,001
5.40%, 03/01/29
 
885
903,118
5.45%, 03/13/31(a)
 
650
663,919
Schedule of Investments
33
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care Equipment & Supplies (continued)
Solventum Corp. (continued)
 
5.60%, 03/23/34
$
1,084
$ 1,096,434
STERIS Irish FinCo UnLtd Co., 2.70%, 03/15/31
 
334
296,554
Stryker Corp.
 
4.55%, 02/10/27
 
400
402,364
4.70%, 02/10/28
 
400
404,501
3.65%, 03/07/28
 
350
344,333
4.85%, 12/08/28
 
200
203,585
4.25%, 09/11/29(a)
 
300
298,360
4.85%, 02/10/30
 
400
405,623
1.95%, 06/15/30
 
660
583,558
4.63%, 09/11/34
 
496
482,071
5.20%, 02/10/35
 
654
659,180
Thermo Fisher Scientific, Inc.
 
4.95%, 08/10/26
 
460
463,823
5.00%, 12/05/26
 
644
651,519
4.80%, 11/21/27
 
387
393,224
1.75%, 10/15/28(a)
 
575
530,154
5.00%, 01/31/29(a)
 
456
468,853
2.60%, 10/01/29
 
680
633,784
4.98%, 08/10/30
 
520
533,498
2.00%, 10/15/31
 
663
571,968
4.95%, 11/21/32(a)
 
482
488,089
5.09%, 08/10/33(a)
 
305
308,442
5.20%, 01/31/34
 
250
254,544
Zimmer Biomet Holdings, Inc.
 
4.70%, 02/19/27
 
225
225,912
5.35%, 12/01/28
 
250
256,580
5.05%, 02/19/30(a)
 
225
228,475
2.60%, 11/24/31
 
561
490,873
5.20%, 09/15/34(a)
 
425
423,001
5.50%, 02/19/35
 
225
228,905
 
 
30,116,010
Health Care Providers & Services — 2.4%
Adventist Health System
 
5.43%, 03/01/32
 
500
505,026
5.76%, 12/01/34
 
300
297,907
Ascension Health, Series B, 2.53%, 11/15/29
 
797
735,603
Banner Health, 2.34%, 01/01/30
 
500
456,852
Baylor Scott & White Holdings, Series 2021, 1.78%,
11/15/30
 
57
49,427
Bon Secours Mercy Health, Inc., 3.46%, 06/01/30
 
130
124,312
Cedars-Sinai Health System, Series 2021, 2.29%,
08/15/31(a)
 
130
113,136
Centene Corp.
 
4.25%, 12/15/27
 
1,612
1,574,811
2.45%, 07/15/28
 
1,118
1,028,123
4.63%, 12/15/29
 
1,858
1,791,669
3.38%, 02/15/30
 
1,332
1,214,976
3.00%, 10/15/30
 
1,230
1,079,650
2.50%, 03/01/31
 
1,630
1,382,964
2.63%, 08/01/31
 
846
714,831
CHRISTUS Health, Series C, 4.34%, 07/01/28
 
100
99,564
Cigna Group
 
3.40%, 03/01/27
 
898
883,307
3.05%, 10/15/27
 
179
173,729
4.38%, 10/15/28
 
2,569
2,563,519
5.00%, 05/15/29
 
600
611,272
2.40%, 03/15/30
 
307
277,871
2.38%, 03/15/31
 
790
694,043
5.13%, 05/15/31
 
950
970,703
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
Cigna Group (continued)
 
5.40%, 03/15/33
$
490
$ 501,363
5.25%, 02/15/34(a)
 
750
756,065
CommonSpirit Health
 
3.35%, 10/01/29
 
338
320,025
2.78%, 10/01/30(a)
 
930
840,342
Elevance Health, Inc.
 
4.50%, 10/30/26(a)
 
280
280,916
3.65%, 12/01/27
 
1,122
1,103,570
4.10%, 03/01/28
 
754
749,313
5.15%, 06/15/29
 
360
368,814
2.88%, 09/15/29
 
550
514,808
4.75%, 02/15/30
 
355
357,707
2.25%, 05/15/30(a)
 
926
830,653
2.55%, 03/15/31
 
442
393,707
4.95%, 11/01/31
 
500
504,332
4.10%, 05/15/32
 
358
338,958
5.50%, 10/15/32(a)
 
400
413,223
4.75%, 02/15/33
 
400
393,390
5.38%, 06/15/34
 
884
896,758
5.95%, 12/15/34
 
400
421,334
5.20%, 02/15/35
 
590
590,642
HCA, Inc.
 
5.25%, 06/15/26
 
829
831,321
5.38%, 09/01/26
 
824
828,983
4.50%, 02/15/27
 
384
383,514
3.13%, 03/15/27(a)
 
834
812,927
5.00%, 03/01/28(a)
 
475
480,470
5.20%, 06/01/28
 
653
663,393
5.63%, 09/01/28
 
980
1,003,946
5.88%, 02/01/29
 
600
619,608
3.38%, 03/15/29
 
326
310,655
4.13%, 06/15/29
 
1,648
1,603,315
5.25%, 03/01/30
 
320
324,951
3.50%, 09/01/30
 
1,616
1,509,016
5.45%, 04/01/31
 
1,286
1,311,249
2.38%, 07/15/31
 
509
434,364
5.50%, 03/01/32
 
515
521,324
3.63%, 03/15/32
 
1,305
1,182,937
5.50%, 06/01/33
 
980
985,184
5.60%, 04/01/34
 
672
674,596
5.45%, 09/15/34
 
919
911,212
5.75%, 03/01/35
 
725
732,071
Humana, Inc.
 
1.35%, 02/03/27
 
633
598,650
3.95%, 03/15/27
 
350
346,431
5.75%, 03/01/28
 
115
118,426
5.75%, 12/01/28
 
100
103,548
3.70%, 03/23/29
 
688
662,986
3.13%, 08/15/29
 
413
385,782
4.88%, 04/01/30
 
290
290,204
5.38%, 04/15/31
 
905
917,538
2.15%, 02/03/32
 
684
562,890
5.88%, 03/01/33
 
200
204,846
5.95%, 03/15/34
 
496
508,975
ICON Investments Six DAC
 
5.81%, 05/08/27
 
950
968,795
5.85%, 05/08/29
 
500
512,076
6.00%, 05/08/34
 
400
399,516
IQVIA, Inc.
 
5.70%, 05/15/28
 
350
356,292
6.25%, 02/01/29
 
885
920,921
34
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
Kaiser Foundation Hospitals, 3.15%, 05/01/27
$
679
$ 666,947
Laboratory Corp. of America Holdings
 
1.55%, 06/01/26
 
326
316,037
3.60%, 09/01/27
 
413
406,241
2.95%, 12/01/29
 
400
372,318
4.35%, 04/01/30
 
375
368,501
2.70%, 06/01/31
 
256
227,502
4.55%, 04/01/32(a)
 
375
366,055
4.80%, 10/01/34
 
475
457,388
Providence St. Joseph Health Obligated Group
 
5.40%, 10/01/33
 
300
301,955
Series 19A, 2.53%, 10/01/29(a)
 
743
680,111
Quest Diagnostics, Inc.
 
3.45%, 06/01/26
 
250
247,765
4.60%, 12/15/27
 
165
166,326
4.20%, 06/30/29
 
363
359,510
4.63%, 12/15/29
 
475
477,027
2.95%, 06/30/30
 
450
416,770
2.80%, 06/30/31
 
329
295,610
6.40%, 11/30/33(a)
 
300
324,744
5.00%, 12/15/34
 
533
526,755
SSM Health Care Corp., 4.89%, 06/01/28
 
250
253,750
Stanford Health Care, Series 2020, 3.31%,
08/15/30(a)
 
250
236,608
Sutter Health, Series 2020A, 2.29%, 08/15/30(a)
 
517
457,638
UnitedHealth Group, Inc.
 
1.15%, 05/15/26(a)
 
824
798,066
4.75%, 07/15/26
 
325
327,595
3.45%, 01/15/27(a)
 
413
409,501
3.38%, 04/15/27
 
327
322,931
4.60%, 04/15/27
 
220
222,379
3.70%, 05/15/27
 
350
347,378
2.95%, 10/15/27
 
108
105,194
5.25%, 02/15/28
 
525
540,654
3.85%, 06/15/28
 
629
623,940
3.88%, 12/15/28
 
500
494,154
4.25%, 01/15/29
 
1,064
1,063,964
4.70%, 04/15/29
 
295
299,277
4.00%, 05/15/29
 
750
741,511
2.88%, 08/15/29
 
716
677,061
4.80%, 01/15/30
 
775
788,081
5.30%, 02/15/30
 
800
829,512
2.00%, 05/15/30
 
736
654,152
4.90%, 04/15/31(a)
 
575
585,320
2.30%, 05/15/31
 
1,048
921,773
4.95%, 01/15/32
 
864
872,311
4.20%, 05/15/32
 
950
913,426
5.35%, 02/15/33(a)
 
1,008
1,032,715
4.50%, 04/15/33
 
724
699,753
5.00%, 04/15/34
 
775
769,077
5.15%, 07/15/34
 
1,500
1,504,237
Universal Health Services, Inc.
 
1.65%, 09/01/26
 
383
367,173
4.63%, 10/15/29
 
325
316,588
2.65%, 10/15/30
 
550
482,092
2.65%, 01/15/32
 
195
161,234
5.05%, 10/15/34
 
340
317,495
UPMC, 5.04%, 05/15/33
 
614
609,955
 
 
78,626,184
Security
 
Par
(000)
Value
Health Care REITs — 0.6%
Alexandria Real Estate Equities, Inc.
 
3.95%, 01/15/27
$
233
$ 231,438
3.95%, 01/15/28
 
276
272,082
4.50%, 07/30/29
 
300
296,874
2.75%, 12/15/29(a)
 
286
261,946
4.70%, 07/01/30
 
294
290,427
4.90%, 12/15/30(a)
 
450
447,867
3.38%, 08/15/31
 
479
434,886
2.00%, 05/18/32
 
600
484,589
1.88%, 02/01/33
 
583
454,628
2.95%, 03/15/34
 
522
430,093
DOC DR LLC
 
4.30%, 03/15/27
 
290
288,442
3.95%, 01/15/28
 
254
250,151
2.63%, 11/01/31
 
413
356,149
Healthcare Realty Holdings LP
 
3.50%, 08/01/26
 
400
393,116
3.75%, 07/01/27
 
312
305,204
3.10%, 02/15/30
 
579
531,538
2.00%, 03/15/31
 
400
337,313
Healthpeak OP LLC
 
3.25%, 07/15/26
 
400
393,469
1.35%, 02/01/27(a)
 
213
201,438
2.13%, 12/01/28
 
250
229,199
3.50%, 07/15/29
 
531
504,722
3.00%, 01/15/30
 
438
405,389
2.88%, 01/15/31
 
400
358,660
5.25%, 12/15/32
 
330
331,002
5.38%, 02/15/35(a)
 
399
396,384
National Health Investors, Inc., 3.00%, 02/01/31
 
250
218,183
Omega Healthcare Investors, Inc.
 
4.50%, 04/01/27
 
425
424,387
4.75%, 01/15/28(a)
 
413
413,451
3.63%, 10/01/29
 
356
334,678
3.38%, 02/01/31
 
582
527,231
3.25%, 04/15/33
 
400
338,597
Sabra Health Care LP
 
5.13%, 08/15/26
 
350
348,497
3.90%, 10/15/29
 
129
121,073
3.20%, 12/01/31
 
513
452,862
Ventas Realty LP
 
3.25%, 10/15/26
 
413
405,252
3.85%, 04/01/27
 
268
265,159
4.00%, 03/01/28
 
575
566,912
4.40%, 01/15/29
 
500
495,376
3.00%, 01/15/30
 
575
533,550
4.75%, 11/15/30
 
179
178,934
2.50%, 09/01/31
 
321
280,419
5.63%, 07/01/34
 
175
177,139
5.00%, 01/15/35
 
375
361,731
Welltower OP LLC
 
2.70%, 02/15/27
 
380
370,126
4.25%, 04/15/28
 
200
199,949
2.05%, 01/15/29
 
412
378,462
4.13%, 03/15/29
 
229
226,302
3.10%, 01/15/30
 
307
288,718
2.75%, 01/15/31
 
495
448,265
2.80%, 06/01/31
 
570
512,407
2.75%, 01/15/32
 
413
362,703
3.85%, 06/15/32
 
231
216,182
 
 
18,333,551
Schedule of Investments
35
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure — 0.8%
Choice Hotels International, Inc.
 
3.70%, 12/01/29
$
280
$ 262,820
3.70%, 01/15/31
 
300
273,126
5.85%, 08/01/34
 
400
392,879
Darden Restaurants, Inc.
 
3.85%, 05/01/27
 
250
246,902
4.35%, 10/15/27(a)
 
200
199,691
4.55%, 10/15/29
 
200
198,654
6.30%, 10/10/33
 
250
264,783
Hyatt Hotels Corp.
 
5.75%, 01/30/27
 
376
382,316
5.05%, 03/30/28
 
175
175,846
4.38%, 09/15/28
 
229
225,453
5.25%, 06/30/29
 
685
687,470
5.75%, 04/23/30
 
413
421,032
5.38%, 12/15/31
 
260
258,431
5.75%, 03/30/32
 
175
175,336
5.50%, 06/30/34
 
150
145,567
Las Vegas Sands Corp.
 
3.50%, 08/18/26(a)
 
578
565,230
5.90%, 06/01/27
 
421
425,971
06/15/28(b)
 
175
174,929
3.90%, 08/08/29
 
500
464,276
6.00%, 08/15/29
 
345
347,912
06/14/30(b)
 
150
150,268
6.20%, 08/15/34
 
285
279,762
Marriott International, Inc.
 
5.45%, 09/15/26
 
355
359,063
5.00%, 10/15/27
 
434
439,962
5.55%, 10/15/28
 
542
559,574
4.90%, 04/15/29
 
490
493,952
4.88%, 05/15/29
 
194
195,688
4.80%, 03/15/30
 
418
418,358
5.10%, 04/15/32(a)
 
345
344,403
5.30%, 05/15/34
 
630
621,966
5.35%, 03/15/35
 
728
716,128
Series AA, 4.65%, 12/01/28
 
150
150,661
Series FF, 4.63%, 06/15/30(a)
 
829
823,955
Series GG, 3.50%, 10/15/32
 
576
512,728
Series HH, 2.85%, 04/15/31
 
452
404,534
Series II, 2.75%, 10/15/33(a)
 
444
367,567
Series R, 3.13%, 06/15/26
 
351
345,731
Series X, 4.00%, 04/15/28
 
231
228,173
McDonald’s Corp.
 
3.50%, 03/01/27
 
548
541,238
3.50%, 07/01/27
 
628
619,559
3.80%, 04/01/28
 
677
671,582
4.80%, 08/14/28
 
450
457,691
5.00%, 05/17/29
 
200
205,042
2.63%, 09/01/29
 
573
535,419
2.13%, 03/01/30
 
450
405,574
4.60%, 05/15/30(a)
 
250
251,723
3.60%, 07/01/30
 
574
552,234
4.60%, 09/09/32
 
400
398,860
4.95%, 08/14/33(a)
 
375
378,716
5.20%, 05/17/34
 
400
408,425
4.95%, 03/03/35
 
622
616,488
Sands China Ltd.
 
2.30%, 03/08/27
 
400
376,333
5.40%, 08/08/28
 
1,250
1,229,985
2.85%, 03/08/29
 
400
357,602
4.38%, 06/18/30
 
400
369,674
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
Sands China Ltd. (continued)
 
3.25%, 08/08/31(a)
$
400
$ 340,267
Starbucks Corp.
 
2.45%, 06/15/26
 
258
252,554
4.85%, 02/08/27
 
610
615,416
2.00%, 03/12/27
 
300
287,464
3.50%, 03/01/28
 
350
342,462
4.00%, 11/15/28
 
413
407,689
3.55%, 08/15/29
 
610
590,004
2.25%, 03/12/30
 
457
409,957
2.55%, 11/15/30
 
860
770,864
4.90%, 02/15/31
 
400
405,317
3.00%, 02/14/32
 
628
559,971
4.80%, 02/15/33(a)
 
300
296,227
5.00%, 02/15/34(a)
 
400
396,270
 
 
27,751,704
Household Durables — 0.2%
D.R. Horton, Inc.
 
1.30%, 10/15/26(a)
 
241
230,680
1.40%, 10/15/27
 
379
352,994
5.00%, 10/15/34
 
450
436,799
Leggett & Platt, Inc.
 
3.50%, 11/15/27
 
250
240,352
4.40%, 03/15/29(a)
 
279
267,234
Lennar Corp.
 
5.25%, 06/01/26
 
306
306,930
5.00%, 06/15/27
 
218
219,204
4.75%, 11/29/27
 
309
310,191
MDC Holdings, Inc.
 
3.85%, 01/15/30(a)
 
200
190,848
2.50%, 01/15/31
 
130
113,202
Meritage Homes Corp., 5.65%, 03/15/35
 
314
306,273
NVR, Inc., 3.00%, 05/15/30
 
500
459,874
PulteGroup, Inc.
 
5.00%, 01/15/27
 
200
201,435
7.88%, 06/15/32
 
200
227,571
6.38%, 05/15/33(a)
 
100
105,714
Toll Brothers Finance Corp.
 
4.88%, 03/15/27
 
225
225,244
4.35%, 02/15/28(a)
 
225
222,933
3.80%, 11/01/29(a)
 
225
215,303
Whirlpool Corp.
 
4.75%, 02/26/29(a)
 
700
663,340
2.40%, 05/15/31
 
159
129,073
4.70%, 05/14/32(a)
 
130
113,503
5.50%, 03/01/33(a)
 
150
137,271
5.75%, 03/01/34(a)
 
175
161,994
 
 
5,837,962
Household Products — 0.2%
Avery Dennison Corp.
 
4.88%, 12/06/28
 
350
352,860
2.65%, 04/30/30
 
250
225,376
2.25%, 02/15/32
 
363
301,625
5.75%, 03/15/33
 
270
275,126
Church & Dwight Co., Inc.
 
3.15%, 08/01/27
 
250
244,123
2.30%, 12/15/31
 
129
111,112
5.60%, 11/15/32
 
318
331,366
Clorox Co.
 
3.10%, 10/01/27
 
249
242,697
3.90%, 05/15/28
 
264
261,003
4.40%, 05/01/29
 
500
500,769
36
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Household Products (continued)
Clorox Co. (continued)
 
1.80%, 05/15/30
$
150
$ 131,320
4.60%, 05/01/32
 
250
247,052
Kimberly-Clark Corp.
 
1.05%, 09/15/27
 
150
139,945
3.95%, 11/01/28
 
400
398,384
3.20%, 04/25/29
 
350
338,480
3.10%, 03/26/30
 
400
379,047
2.00%, 11/02/31(a)
 
225
196,542
4.50%, 02/16/33
 
144
143,250
 
 
4,820,077
Industrial Conglomerates — 0.4%
3M Co.
 
2.25%, 09/19/26
 
400
388,874
2.88%, 10/15/27
 
554
536,164
3.63%, 09/14/28
 
496
485,266
3.38%, 03/01/29(a)
 
551
530,914
2.38%, 08/26/29
 
816
751,489
4.80%, 03/15/30
 
225
226,965
3.05%, 04/15/30
 
350
325,583
5.15%, 03/15/35
 
225
223,485
Carlisle Cos., Inc.
 
3.75%, 12/01/27
 
400
391,443
2.75%, 03/01/30
 
599
547,514
2.20%, 03/01/32(a)
 
225
186,386
Eaton Corp.
 
3.10%, 09/15/27
 
272
266,177
4.35%, 05/18/28(a)
 
242
244,267
4.00%, 11/02/32
 
324
308,668
4.15%, 03/15/33
 
978
938,977
Illinois Tool Works, Inc., 2.65%, 11/15/26
 
657
643,729
Parker-Hannifin Corp.
 
3.25%, 03/01/27
 
482
474,484
4.25%, 09/15/27
 
614
614,648
3.25%, 06/14/29
 
859
822,912
4.50%, 09/15/29
 
332
333,710
4.20%, 11/21/34(a)
 
422
398,796
Pentair Finance SARL
 
4.50%, 07/01/29
 
256
252,454
5.90%, 07/15/32
 
322
329,991
Teledyne Technologies, Inc.
 
2.25%, 04/01/28
 
602
567,670
2.75%, 04/01/31
 
829
738,554
Textron, Inc.
 
3.65%, 03/15/27
 
262
257,518
3.38%, 03/01/28
 
300
290,130
3.90%, 09/17/29
 
200
191,797
3.00%, 06/01/30
 
329
300,812
2.45%, 03/15/31
 
177
154,147
6.10%, 11/15/33
 
210
218,788
5.50%, 05/15/35(a)
 
440
436,803
 
 
13,379,115
Insurance — 2.1%
Aegon Ltd., (6-mo. SOFR US + 3.54%), 5.50%,
04/11/48(c)
 
500
495,345
Aflac, Inc.
 
2.88%, 10/15/26
 
202
197,675
3.60%, 04/01/30(a)
 
716
689,745
Alleghany Corp., 3.63%, 05/15/30
 
405
391,809
Allstate Corp.
 
3.28%, 12/15/26
 
620
608,641
Security
 
Par
(000)
Value
Insurance (continued)
Allstate Corp. (continued)
 
5.05%, 06/24/29
$
250
$ 254,899
1.45%, 12/15/30
 
393
331,343
5.25%, 03/30/33
 
450
455,206
American International Group, Inc.
 
4.20%, 04/01/28
 
262
260,323
3.40%, 06/30/30
 
252
236,759
5.13%, 03/27/33
 
590
589,731
3.88%, 01/15/35(a)
 
384
345,415
American National Group, Inc.
 
5.00%, 06/15/27
 
200
200,375
5.75%, 10/01/29
 
450
457,271
Aon Corp.
 
4.50%, 12/15/28
 
129
129,465
3.75%, 05/02/29
 
575
558,921
2.80%, 05/15/30
 
745
683,372
Aon Corp./Aon Global Holdings PLC
 
2.85%, 05/28/27
 
450
437,183
2.05%, 08/23/31
 
295
253,304
2.60%, 12/02/31
 
286
250,321
5.00%, 09/12/32
 
300
300,209
5.35%, 02/28/33
 
400
406,097
Aon North America, Inc.
 
5.13%, 03/01/27
 
390
395,396
5.15%, 03/01/29
 
789
805,461
5.30%, 03/01/31(a)
 
478
491,478
5.45%, 03/01/34
 
1,302
1,324,038
Arch Capital Finance LLC, 4.01%, 12/15/26
 
229
227,149
Arch Capital Group Ltd., 7.35%, 05/01/34
 
200
228,826
Arthur J Gallagher & Co.
 
4.60%, 12/15/27
 
385
387,630
4.85%, 12/15/29
 
515
521,231
2.40%, 11/09/31
 
285
247,277
5.00%, 02/15/32
 
215
215,797
5.50%, 03/02/33
 
235
239,166
6.50%, 02/15/34
 
275
298,615
5.45%, 07/15/34
 
350
355,891
5.15%, 02/15/35
 
975
968,026
Assurant, Inc.
 
3.70%, 02/22/30
 
150
141,320
2.65%, 01/15/32
 
143
120,576
Assured Guaranty U.S. Holdings, Inc., 3.15%,
06/15/31(a)
 
250
227,134
Athene Holding Ltd.
 
4.13%, 01/12/28
 
700
689,974
6.15%, 04/03/30
 
273
286,590
3.50%, 01/15/31
 
254
235,039
6.65%, 02/01/33(a)
 
200
212,412
5.88%, 01/15/34
 
400
405,348
(5-year CMT + 2.61%), 6.63%, 10/15/54(c)
 
400
385,420
AXA SA, 8.60%, 12/15/30
 
500
587,020
AXIS Specialty Finance LLC
 
3.90%, 07/15/29
 
300
288,526
(5-year CMT + 3.19%), 4.90%, 01/15/40(c)
 
280
264,953
AXIS Specialty Finance PLC, 4.00%, 12/06/27
 
200
197,015
Berkshire Hathaway Finance Corp.
 
2.30%, 03/15/27
 
437
425,184
1.85%, 03/12/30
 
413
374,097
1.45%, 10/15/30(a)
 
137
119,531
2.88%, 03/15/32(a)
 
758
694,540
Brighthouse Financial, Inc.
 
3.70%, 06/22/27
 
400
392,267
Schedule of Investments
37
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Insurance (continued)
Brighthouse Financial, Inc. (continued)
 
5.63%, 05/15/30(a)
$
229
$ 235,524
Brown & Brown, Inc.
 
4.50%, 03/15/29
 
268
267,009
2.38%, 03/15/31
 
495
427,567
4.20%, 03/17/32
 
458
426,499
5.65%, 06/11/34
 
300
302,563
Chubb INA Holdings LLC
 
3.35%, 05/03/26
 
1,011
1,001,457
4.65%, 08/15/29
 
450
457,456
1.38%, 09/15/30(a)
 
774
666,477
5.00%, 03/15/34
 
1,160
1,162,554
Cincinnati Financial Corp.
 
6.92%, 05/15/28
 
256
273,847
6.13%, 11/01/34
 
100
104,973
CNA Financial Corp.
 
3.45%, 08/15/27
 
266
260,219
3.90%, 05/01/29
 
413
402,343
2.05%, 08/15/30
 
266
230,794
5.50%, 06/15/33
 
400
404,204
5.13%, 02/15/34
 
397
391,097
CNO Financial Group, Inc.
 
5.25%, 05/30/29
 
300
300,262
6.45%, 06/15/34
 
450
464,148
Corebridge Financial, Inc.
 
3.65%, 04/05/27
 
891
877,711
3.85%, 04/05/29
 
925
896,571
3.90%, 04/05/32
 
825
758,981
6.05%, 09/15/33
 
250
259,695
5.75%, 01/15/34
 
650
662,392
(5-year CMT + 3.85%), 6.88%, 12/15/52(a)(c)
 
600
606,975
Enstar Finance LLC, (5-year CMT + 4.01%), 5.50%,
01/15/42(c)
 
304
291,133
Enstar Group Ltd.
 
4.95%, 06/01/29
 
300
298,877
3.10%, 09/01/31
 
273
237,773
Equitable Holdings, Inc.
 
4.35%, 04/20/28
 
1,029
1,024,528
5.59%, 01/11/33
 
284
289,770
Essent Group Ltd., 6.25%, 07/01/29
 
225
230,785
F&G Annuities & Life, Inc.
 
7.40%, 01/13/28
 
300
313,166
6.50%, 06/04/29
 
350
356,819
6.25%, 10/04/34
 
350
337,879
Fairfax Financial Holdings Ltd.
 
4.85%, 04/17/28
 
300
302,403
4.63%, 04/29/30
 
229
224,784
3.38%, 03/03/31
 
300
273,120
5.63%, 08/16/32
 
500
506,963
6.00%, 12/07/33
 
450
467,356
Fidelity National Financial, Inc.
 
4.50%, 08/15/28
 
256
252,678
3.40%, 06/15/30
 
355
326,487
2.45%, 03/15/31
 
328
280,311
First American Financial Corp.
 
4.00%, 05/15/30
 
430
406,289
2.40%, 08/15/31
 
442
374,096
5.45%, 09/30/34
 
225
216,998
Globe Life, Inc.
 
4.55%, 09/15/28
 
350
351,324
2.15%, 08/15/30
 
129
112,020
4.80%, 06/15/32
 
160
155,853
5.85%, 09/15/34
 
175
178,774
Security
 
Par
(000)
Value
Insurance (continued)
Hanover Insurance Group, Inc., 2.50%, 09/01/30
$
213
$ 185,625
Hartford Financial Services Group, Inc., 2.80%,
08/19/29
 
413
382,826
Horace Mann Educators Corp., 7.25%, 09/15/28
 
50
53,663
Jackson Financial, Inc.
 
5.17%, 06/08/27
 
200
201,794
3.13%, 11/23/31(a)
 
279
240,820
5.67%, 06/08/32
 
350
349,784
Kemper Corp.
 
2.40%, 09/30/30
 
150
130,476
3.80%, 02/23/32(a)
 
226
201,480
Lincoln National Corp.
 
3.80%, 03/01/28
 
275
269,386
3.05%, 01/15/30(a)
 
254
235,844
3.40%, 01/15/31(a)
 
276
254,075
5.85%, 03/15/34
 
125
127,094
Loews Corp., 3.20%, 05/15/30
 
349
327,096
Manulife Financial Corp.
 
2.48%, 05/19/27
 
179
173,211
3.70%, 03/16/32(a)
 
373
347,466
(5-year USD ICE Swap + 1.65%), 4.06%,
02/24/32(c)
 
413
406,171
Markel Group, Inc., 3.35%, 09/17/29(a)
 
393
375,255
Marsh & McLennan Cos., Inc.
 
4.55%, 11/08/27(a)
 
325
328,452
4.38%, 03/15/29
 
521
522,113
4.65%, 03/15/30
 
700
706,119
2.25%, 11/15/30
 
560
498,102
4.85%, 11/15/31
 
600
605,783
2.38%, 12/15/31(a)
 
250
216,233
5.75%, 11/01/32
 
374
396,186
5.88%, 08/01/33
 
300
317,461
5.40%, 09/15/33
 
300
308,675
5.15%, 03/15/34
 
200
202,534
5.00%, 03/15/35
 
1,215
1,204,751
Mercury General Corp., 4.40%, 03/15/27
 
50
49,353
MetLife, Inc.
 
4.55%, 03/23/30(a)
 
129
130,244
6.50%, 12/15/32(a)
 
400
442,588
5.38%, 07/15/33
 
512
527,742
6.38%, 06/15/34
 
652
709,396
5.30%, 12/15/34(a)
 
594
603,479
Series G, (5-year CMT + 2.08%), 6.35%,
03/15/55(c)
 
570
566,637
Munich Re America Corp., Series B, 7.45%, 12/15/26
 
254
267,764
NMI Holdings, Inc., 6.00%, 08/15/29
 
175
177,102
Old Republic International Corp.
 
3.88%, 08/26/26
 
250
247,208
5.75%, 03/28/34
 
200
202,627
PartnerRe Finance B LLC
 
3.70%, 07/02/29
 
600
580,597
(5-year CMT + 3.82%), 4.50%, 10/01/50(c)
 
354
322,590
Primerica, Inc., 2.80%, 11/19/31
 
424
368,675
Principal Financial Group, Inc.
 
3.10%, 11/15/26
 
129
126,321
3.70%, 05/15/29
 
289
279,829
2.13%, 06/15/30
 
229
202,060
5.38%, 03/15/33
 
200
203,440
Progressive Corp.
 
2.45%, 01/15/27
 
413
401,703
2.50%, 03/15/27
 
346
335,525
4.00%, 03/01/29
 
481
477,244
6.63%, 03/01/29
 
257
277,865
38
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Insurance (continued)
Progressive Corp. (continued)
 
3.20%, 03/26/30
$
350
$ 332,161
3.00%, 03/15/32
 
246
220,518
6.25%, 12/01/32
 
186
202,600
4.95%, 06/15/33(a)
 
410
413,580
Prudential Financial, Inc.
 
3.88%, 03/27/28
 
577
571,563
2.10%, 03/10/30(a)
 
253
227,883
5.75%, 07/15/33
 
250
263,685
5.20%, 03/14/35
 
625
626,342
(3-mo. SOFR US + 2.64%), 4.50%, 09/15/47(c)
 
450
437,477
(3-mo. SOFR US + 2.93%), 5.70%, 09/15/48(c)
 
829
825,711
(5-year CMT + 2.85%), 6.75%, 03/01/53(c)
 
300
308,059
(5-year CMT + 3.04%), 3.70%, 10/01/50(c)
 
643
572,216
(5-year CMT + 3.16%), 5.13%, 03/01/52(c)
 
613
575,499
(5-year CMT + 3.23%), 6.00%, 09/01/52(c)
 
566
564,126
Prudential Funding Asia PLC
 
3.13%, 04/14/30(a)
 
823
774,487
3.63%, 03/24/32
 
273
251,563
Reinsurance Group of America, Inc.
 
3.90%, 05/15/29(a)
 
393
383,443
3.15%, 06/15/30
 
350
323,630
6.00%, 09/15/33(a)
 
200
206,975
5.75%, 09/15/34
 
450
456,092
RenaissanceRe Holdings Ltd.
 
3.60%, 04/15/29
 
300
287,988
5.75%, 06/05/33
 
490
500,798
5.80%, 04/01/35(a)
 
175
179,797
SiriusPoint Ltd., 7.00%, 04/05/29
 
200
207,068
Stewart Information Services Corp., 3.60%, 11/15/31
 
230
205,912
Travelers Property Casualty Corp., 6.38%, 03/15/33
 
250
276,758
Unum Group, 4.00%, 06/15/29
 
179
175,045
Willis North America, Inc.
 
4.65%, 06/15/27
 
631
633,347
4.50%, 09/15/28
 
505
504,625
2.95%, 09/15/29
 
450
419,069
5.35%, 05/15/33
 
460
463,650
 
 
70,397,971
Interactive Media & Services — 0.4%
Meta Platforms, Inc.
 
3.50%, 08/15/27
 
1,002
994,531
4.60%, 05/15/28
 
840
856,992
4.30%, 08/15/29
 
620
625,268
4.80%, 05/15/30
 
602
620,130
4.55%, 08/15/31(a)
 
625
633,438
3.85%, 08/15/32(a)
 
1,806
1,723,010
4.95%, 05/15/33
 
1,040
1,059,457
4.75%, 08/15/34
 
1,533
1,527,317
Netflix, Inc.
 
4.38%, 11/15/26
 
300
301,058
4.88%, 04/15/28(a)
 
314
320,769
5.88%, 11/15/28
 
1,300
1,371,646
6.38%, 05/15/29(a)
 
500
538,274
4.90%, 08/15/34(a)
 
858
863,910
Tencent Music Entertainment Group, 2.00%,
09/03/30
 
250
219,392
Weibo Corp., 3.38%, 07/08/30
 
300
275,903
 
 
11,931,095
Internet Software & Services — 1.1%
Alibaba Group Holding Ltd.(a)
 
3.40%, 12/06/27
 
1,628
1,588,726
Security
 
Par
(000)
Value
Internet Software & Services (continued)
Alibaba Group Holding Ltd.(a) (continued)
 
4.88%, 05/26/30(d)
$
400
$ 406,317
2.13%, 02/09/31
 
700
613,825
4.50%, 11/28/34
 
400
379,534
Alphabet, Inc.
 
2.00%, 08/15/26
 
1,333
1,303,064
0.80%, 08/15/27
 
261
244,517
4.00%, 05/15/30
 
645
644,555
1.10%, 08/15/30
 
1,126
971,572
4.50%, 05/15/35
 
975
961,244
Amazon.com, Inc.
 
1.00%, 05/12/26
 
2,013
1,951,380
3.30%, 04/13/27
 
884
874,643
1.20%, 06/03/27
 
965
912,493
3.15%, 08/22/27
 
2,057
2,022,073
4.55%, 12/01/27
 
1,464
1,486,766
1.65%, 05/12/28
 
1,143
1,069,412
3.45%, 04/13/29
 
502
493,211
4.65%, 12/01/29
 
898
921,638
1.50%, 06/03/30
 
1,165
1,023,442
2.10%, 05/12/31
 
1,797
1,590,190
3.60%, 04/13/32
 
1,476
1,400,248
4.70%, 12/01/32
 
1,450
1,469,909
4.80%, 12/05/34
 
990
1,004,553
Baidu, Inc.
 
3.63%, 07/06/27(a)
 
200
197,306
4.38%, 03/29/28
 
350
350,613
4.88%, 11/14/28
 
200
202,983
3.43%, 04/07/30(a)
 
300
285,639
2.38%, 10/09/30(a)
 
200
179,510
2.38%, 08/23/31(a)
 
350
308,937
Booking Holdings, Inc.
 
3.60%, 06/01/26
 
699
694,028
3.55%, 03/15/28
 
350
344,733
4.63%, 04/13/30
 
1,147
1,157,201
eBay, Inc.
 
1.40%, 05/10/26
 
325
314,870
3.60%, 06/05/27(a)
 
613
603,136
5.95%, 11/22/27
 
200
207,428
2.70%, 03/11/30
 
685
626,287
2.60%, 05/10/31
 
518
457,591
6.30%, 11/22/32
 
278
299,343
Expedia Group, Inc.
 
4.63%, 08/01/27
 
500
500,385
3.80%, 02/15/28
 
620
608,212
3.25%, 02/15/30
 
883
824,266
2.95%, 03/15/31
 
252
226,439
5.40%, 02/15/35
 
500
492,291
JD.com, Inc., 3.38%, 01/14/30
 
478
453,008
Uber Technologies, Inc.
 
4.30%, 01/15/30
 
396
392,217
4.80%, 09/15/34
 
1,316
1,276,965
VeriSign, Inc.
 
4.75%, 07/15/27
 
279
279,008
2.70%, 06/15/31
 
394
348,483
5.25%, 06/01/32
 
364
367,163
 
 
35,331,354
IT Services — 1.0%
Accenture Capital, Inc.
 
3.90%, 10/04/27
 
427
426,526
4.05%, 10/04/29
 
775
769,658
4.25%, 10/04/31
 
775
766,566
Schedule of Investments
39
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
IT Services (continued)
Accenture Capital, Inc. (continued)
 
4.50%, 10/04/34
$
1,020
$ 982,787
Amdocs Ltd., 2.54%, 06/15/30
 
400
355,156
Booz Allen Hamilton, Inc.
 
5.95%, 08/04/33
 
330
332,792
5.95%, 04/15/35
 
225
223,846
Broadridge Financial Solutions, Inc.
 
3.40%, 06/27/26
 
201
198,235
2.90%, 12/01/29
 
413
383,058
2.60%, 05/01/31
 
681
597,182
CGI, Inc.
 
1.45%, 09/14/26
 
329
315,641
4.95%, 03/14/30(d)
 
225
226,047
2.30%, 09/14/31
 
213
182,811
DXC Technology Co.
 
1.80%, 09/15/26
 
384
368,593
2.38%, 09/15/28
 
329
301,408
Fidelity National Information Services, Inc.
 
1.65%, 03/01/28
 
462
427,033
3.75%, 05/21/29
 
234
226,135
2.25%, 03/01/31(a)
 
388
336,012
5.10%, 07/15/32(a)
 
628
628,231
Fiserv, Inc.
 
3.20%, 07/01/26
 
1,694
1,671,214
5.15%, 03/15/27
 
599
605,798
2.25%, 06/01/27
 
599
573,435
5.45%, 03/02/28
 
664
679,961
5.38%, 08/21/28
 
594
609,222
4.20%, 10/01/28
 
129
127,867
3.50%, 07/01/29
 
1,542
1,469,801
4.75%, 03/15/30
 
325
324,656
2.65%, 06/01/30
 
499
450,719
5.35%, 03/15/31
 
275
281,752
5.60%, 03/02/33
 
630
641,136
5.63%, 08/21/33
 
724
737,174
5.45%, 03/15/34
 
525
526,118
5.15%, 08/12/34
 
779
765,841
Fortinet, Inc., 2.20%, 03/15/31
 
183
159,598
Genpact Luxembourg SARL/Genpact USA, Inc.,
6.00%, 06/04/29(a)
 
250
258,799
IBM International Capital Pte. Ltd.
 
4.60%, 02/05/27
 
400
402,180
4.60%, 02/05/29
 
400
402,084
4.75%, 02/05/31
 
200
200,840
4.90%, 02/05/34
 
600
589,629
International Business Machines Corp.
 
3.30%, 05/15/26
 
1,893
1,872,685
3.30%, 01/27/27
 
655
644,748
2.20%, 02/09/27(a)
 
200
193,069
1.70%, 05/15/27
 
381
362,721
4.15%, 07/27/27
 
400
399,446
6.22%, 08/01/27(a)
 
250
260,989
4.50%, 02/06/28
 
100
100,887
4.65%, 02/10/28
 
500
505,994
3.50%, 05/15/29
 
1,919
1,857,238
4.80%, 02/10/30
 
800
809,642
1.95%, 05/15/30
 
759
670,821
2.72%, 02/09/32(a)
 
250
219,937
5.00%, 02/10/32
 
500
505,258
4.40%, 07/27/32
 
450
437,014
5.88%, 11/29/32(a)
 
214
228,562
4.75%, 02/06/33
 
500
495,949
Security
 
Par
(000)
Value
IT Services (continued)
International Business Machines Corp. (continued)
 
5.20%, 02/10/35
$
500
$ 500,903
Kyndryl Holdings, Inc.
 
2.05%, 10/15/26
 
300
289,115
2.70%, 10/15/28
 
200
186,917
3.15%, 10/15/31
 
560
491,843
6.35%, 02/20/34(a)
 
260
268,188
Leidos, Inc.
 
4.38%, 05/15/30
 
500
486,147
2.30%, 02/15/31
 
620
535,463
5.40%, 03/15/32
 
320
322,169
5.75%, 03/15/33
 
350
358,644
5.50%, 03/15/35
 
350
348,145
Paychex, Inc.
 
5.10%, 04/15/30
 
390
396,111
5.35%, 04/15/32
 
400
406,377
5.60%, 04/15/35
 
85
86,327
 
 
33,766,850
Leisure Products — 0.1%
Brunswick Corp.(a)
 
2.40%, 08/18/31
 
344
281,107
4.40%, 09/15/32
 
265
237,779
Brunswick Corp./DE, 5.85%, 03/18/29(a)
 
250
253,291
Hasbro, Inc.
 
3.55%, 11/19/26
 
775
761,677
3.50%, 09/15/27
 
163
158,633
3.90%, 11/19/29
 
503
478,426
6.05%, 05/14/34
 
275
279,406
Polaris, Inc., 6.95%, 03/15/29
 
254
261,655
 
 
2,711,974
Machinery — 1.2%
AGCO Corp.
 
5.45%, 03/21/27
 
300
302,662
5.80%, 03/21/34(a)
 
400
397,380
Caterpillar Financial Services Corp.
 
4.35%, 05/15/26
 
856
857,270
1.15%, 09/14/26
 
339
326,042
4.45%, 10/16/26
 
501
504,596
4.50%, 01/07/27
 
175
176,486
1.70%, 01/08/27
 
313
301,242
4.50%, 01/08/27
 
200
201,538
5.00%, 05/14/27
 
199
202,947
3.60%, 08/12/27
 
400
396,232
1.10%, 09/14/27
 
400
373,601
4.40%, 10/15/27
 
550
554,530
4.60%, 11/15/27(a)
 
634
642,555
4.40%, 03/03/28
 
225
227,092
4.85%, 02/27/29
 
575
587,689
4.38%, 08/16/29(a)
 
450
452,385
4.70%, 11/15/29
 
375
381,905
4.80%, 01/08/30
 
175
179,162
Caterpillar, Inc.
 
2.60%, 09/19/29
 
298
279,864
2.60%, 04/09/30
 
113
104,736
1.90%, 03/12/31(a)
 
339
297,378
CNH Industrial Capital LLC
 
1.45%, 07/15/26
 
410
394,415
4.50%, 10/08/27
 
343
342,399
4.75%, 03/21/28
 
205
205,801
4.55%, 04/10/28
 
600
598,951
5.50%, 01/12/29
 
200
205,346
40
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Machinery (continued)
CNH Industrial Capital LLC (continued)
 
5.10%, 04/20/29
$
275
$ 278,620
CNH Industrial NV, 3.85%, 11/15/27
 
350
343,568
Deere & Co.
 
5.38%, 10/16/29(a)
 
308
323,812
3.10%, 04/15/30
 
113
106,723
5.45%, 01/16/35
 
961
992,661
Dover Corp., 2.95%, 11/04/29
 
110
102,586
Flowserve Corp.
 
3.50%, 10/01/30
 
250
230,510
2.80%, 01/15/32
 
280
237,474
IDEX Corp.
 
4.95%, 09/01/29
 
250
252,428
3.00%, 05/01/30
 
400
366,480
2.63%, 06/15/31
 
399
347,740
Ingersoll Rand, Inc.
 
5.20%, 06/15/27
 
586
594,565
5.40%, 08/14/28
 
374
384,570
5.18%, 06/15/29
 
461
470,092
5.31%, 06/15/31(a)
 
374
383,302
5.70%, 08/14/33
 
390
400,742
5.45%, 06/15/34
 
627
631,831
John Deere Capital Corp.
 
4.75%, 06/08/26
 
260
261,696
2.65%, 06/10/26
 
500
492,320
1.05%, 06/17/26
 
209
202,045
5.15%, 09/08/26
 
450
456,538
2.25%, 09/14/26
 
413
403,062
1.30%, 10/13/26
 
425
408,807
4.50%, 01/08/27
 
812
818,796
1.70%, 01/11/27
 
193
185,734
4.85%, 03/05/27
 
125
127,003
2.35%, 03/08/27
 
307
297,806
1.75%, 03/09/27
 
341
327,304
4.90%, 06/11/27
 
400
407,039
4.20%, 07/15/27
 
146
146,723
2.80%, 09/08/27
 
307
298,290
4.15%, 09/15/27
 
950
952,936
3.05%, 01/06/28
 
125
121,976
4.65%, 01/07/28
 
225
229,018
4.75%, 01/20/28
 
600
611,246
4.90%, 03/03/28
 
150
153,554
1.50%, 03/06/28
 
163
152,030
4.95%, 07/14/28
 
1,128
1,157,137
4.50%, 01/16/29
 
506
511,529
3.45%, 03/07/29
 
369
359,203
3.35%, 04/18/29
 
179
173,705
4.85%, 06/11/29
 
565
579,582
2.80%, 07/18/29(a)
 
520
492,652
4.85%, 10/11/29
 
500
512,913
2.45%, 01/09/30
 
225
207,672
4.70%, 06/10/30
 
615
625,294
1.45%, 01/15/31(a)
 
145
124,099
4.90%, 03/07/31
 
580
592,812
2.00%, 06/17/31(a)
 
259
225,592
4.40%, 09/08/31(a)
 
668
667,007
3.90%, 06/07/32(a)
 
341
324,636
4.35%, 09/15/32
 
450
440,244
5.10%, 04/11/34
 
625
632,280
5.05%, 06/12/34
 
600
604,245
Series I, 5.15%, 09/08/33
 
270
275,734
Security
 
Par
(000)
Value
Machinery (continued)
Kennametal, Inc.
 
4.63%, 06/15/28
$
200
$ 199,622
2.80%, 03/01/31
 
200
177,481
Nordson Corp.
 
5.60%, 09/15/28
 
85
87,617
4.50%, 12/15/29
 
375
371,868
5.80%, 09/15/33
 
275
282,068
nVent Finance SARL
 
4.55%, 04/15/28
 
254
253,817
2.75%, 11/15/31
 
120
102,749
5.65%, 05/15/33
 
274
271,461
Oshkosh Corp., 3.10%, 03/01/30
 
50
45,787
Otis Worldwide Corp.
 
2.29%, 04/05/27
 
340
327,343
5.25%, 08/16/28
 
410
420,977
2.57%, 02/15/30
 
705
644,073
5.13%, 11/19/31
 
437
444,562
Rockwell Automation, Inc.
 
3.50%, 03/01/29
 
288
279,496
1.75%, 08/15/31
 
159
135,808
Stanley Black & Decker, Inc.
 
6.00%, 03/06/28
 
244
253,293
4.25%, 11/15/28
 
179
176,428
2.30%, 03/15/30
 
579
504,135
3.00%, 05/15/32
 
258
218,685
Westinghouse Air Brake Technologies Corp.
 
3.45%, 11/15/26
 
400
393,963
4.70%, 09/15/28
 
613
615,030
5.61%, 03/11/34
 
412
423,491
Xylem, Inc.
 
3.25%, 11/01/26(a)
 
300
295,240
1.95%, 01/30/28
 
250
234,791
2.25%, 01/30/31(a)
 
350
305,895
 
 
38,967,847
Marine Transportation — 0.0%
Kirby Corp., 4.20%, 03/01/28(a)
 
250
246,138
Media — 1.2%
Charter Communications Operating LLC/Charter
Communications Operating Capital
 
6.15%, 11/10/26
 
555
565,907
3.75%, 02/15/28
 
113
109,634
4.20%, 03/15/28
 
810
795,851
2.25%, 01/15/29
 
849
769,250
5.05%, 03/30/29
 
829
827,020
6.10%, 06/01/29
 
954
986,413
2.80%, 04/01/31
 
1,037
899,275
2.30%, 02/01/32
 
647
525,514
4.40%, 04/01/33
 
550
499,200
6.65%, 02/01/34
 
550
569,444
6.55%, 06/01/34
 
954
983,798
Comcast Corp.
 
2.35%, 01/15/27
 
752
730,487
3.30%, 02/01/27
 
829
818,000
3.30%, 04/01/27
 
309
304,473
5.35%, 11/15/27(a)
 
425
437,903
3.15%, 02/15/28
 
1,036
1,008,968
3.55%, 05/01/28
 
329
323,225
4.15%, 10/15/28
 
2,451
2,445,467
4.55%, 01/15/29
 
440
444,510
5.10%, 06/01/29
 
100
103,123
2.65%, 02/01/30
 
1,210
1,120,335
3.40%, 04/01/30
 
936
893,296
Schedule of Investments
41
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Media (continued)
Comcast Corp. (continued)
 
4.25%, 10/15/30
$
1,005
$ 994,087
1.95%, 01/15/31
 
905
785,560
1.50%, 02/15/31
 
1,460
1,233,763
5.50%, 11/15/32(a)
 
650
675,557
4.25%, 01/15/33
 
1,050
1,004,040
4.65%, 02/15/33
 
590
579,709
7.05%, 03/15/33
 
400
452,077
4.80%, 05/15/33
 
440
433,837
5.30%, 06/01/34(a)
 
732
743,845
4.20%, 08/15/34(a)
 
888
832,259
Discovery Communications LLC
 
3.95%, 03/20/28
 
962
920,090
4.13%, 05/15/29
 
600
560,796
3.63%, 05/15/30
 
550
488,118
FactSet Research Systems, Inc.
 
2.90%, 03/01/27
 
140
135,104
3.45%, 03/01/32
 
230
205,605
Fox Corp.
 
4.71%, 01/25/29
 
1,027
1,025,398
3.50%, 04/08/30
 
350
330,058
6.50%, 10/13/33
 
800
850,869
Grupo Televisa SAB, 8.50%, 03/11/32(a)
 
150
159,203
Paramount Global
 
2.90%, 01/15/27
 
210
203,840
3.38%, 02/15/28
 
413
399,487
3.70%, 06/01/28
 
413
401,457
4.20%, 06/01/29
 
250
241,082
7.88%, 07/30/30
 
350
383,575
4.95%, 01/15/31
 
829
801,592
4.20%, 05/19/32(a)
 
600
537,791
5.50%, 05/15/33
 
300
282,595
Time Warner Cable Enterprises LLC, 8.38%,
07/15/33
 
650
740,644
TWDC Enterprises 18 Corp.
 
1.85%, 07/30/26
 
829
806,243
2.95%, 06/15/27
 
220
215,429
7.00%, 03/01/32
 
250
283,192
Walt Disney Co.
 
3.38%, 11/15/26
 
143
141,585
3.70%, 03/23/27
 
250
248,887
2.20%, 01/13/28
 
529
505,476
2.00%, 09/01/29(a)
 
1,475
1,347,608
3.80%, 03/22/30(a)
 
829
811,249
2.65%, 01/13/31
 
1,686
1,539,981
6.55%, 03/15/33
 
252
280,948
6.20%, 12/15/34(a)
 
488
538,163
 
 
39,281,892
Metals & Mining — 0.8%
AngloGold Ashanti Holdings PLC
 
3.38%, 11/01/28
 
450
427,554
3.75%, 10/01/30
 
478
446,272
ArcelorMittal SA
 
6.55%, 11/29/27
 
700
728,134
4.25%, 07/16/29
 
225
219,729
6.80%, 11/29/32(a)
 
666
716,412
6.00%, 06/17/34(a)
 
300
307,493
BHP Billiton Finance USA Ltd.
 
5.25%, 09/08/26
 
600
608,061
4.75%, 02/28/28
 
306
311,267
5.10%, 09/08/28
 
104
106,655
5.00%, 02/21/30
 
630
642,888
Security
 
Par
(000)
Value
Metals & Mining (continued)
BHP Billiton Finance USA Ltd. (continued)
 
5.25%, 09/08/30
$
600
$ 619,873
5.13%, 02/21/32
 
550
556,565
4.90%, 02/28/33
 
465
460,844
5.25%, 09/08/33
 
814
824,022
5.30%, 02/21/35
 
750
754,439
Freeport-McMoRan, Inc.
 
5.00%, 09/01/27
 
329
329,511
4.13%, 03/01/28
 
335
329,341
4.38%, 08/01/28
 
329
325,376
5.25%, 09/01/29(a)
 
329
332,057
4.25%, 03/01/30(a)
 
329
319,400
4.63%, 08/01/30
 
398
391,223
5.40%, 11/14/34
 
500
499,315
Kinross Gold Corp.
 
4.50%, 07/15/27
 
256
255,210
6.25%, 07/15/33
 
270
284,166
Newmont Corp.
 
2.80%, 10/01/29
 
511
479,899
2.25%, 10/01/30
 
531
473,500
2.60%, 07/15/32(a)
 
550
480,289
Newmont Corp./Newcrest Finance Pty. Ltd.
 
3.25%, 05/13/30
 
358
337,820
5.35%, 03/15/34
 
634
643,965
Nucor Corp.
 
4.30%, 05/23/27
 
366
366,880
3.95%, 05/01/28
 
179
177,188
2.70%, 06/01/30
 
379
346,702
4.65%, 06/01/30(a)
 
325
324,817
3.13%, 04/01/32(a)
 
409
366,690
5.10%, 06/01/35(a)
 
325
319,067
Reliance, Inc., 2.15%, 08/15/30
 
350
307,397
Rio Tinto Alcan, Inc.
 
7.25%, 03/15/31
 
293
329,652
6.13%, 12/15/33
 
501
537,680
Rio Tinto Finance USA Ltd., 7.13%, 07/15/28
 
623
674,370
Rio Tinto Finance USA PLC
 
4.38%, 03/12/27(a)
 
260
261,383
4.50%, 03/14/28
 
525
528,691
4.88%, 03/14/30
 
1,292
1,312,138
5.00%, 03/14/32
 
425
428,183
5.00%, 03/09/33(a)
 
544
547,511
5.25%, 03/14/35
 
1,195
1,199,237
Steel Dynamics, Inc.
 
5.00%, 12/15/26
 
161
161,203
1.65%, 10/15/27
 
413
384,691
3.45%, 04/15/30
 
350
330,009
3.25%, 01/15/31
 
213
195,857
5.38%, 08/15/34(a)
 
300
300,620
5.25%, 05/15/35
 
400
395,931
Timken Co.
 
4.50%, 12/15/28
 
413
410,839
4.13%, 04/01/32
 
225
205,124
Vale Overseas Ltd.
 
3.75%, 07/08/30
 
1,029
960,045
6.13%, 06/12/33(a)
 
950
978,527
Yamana Gold, Inc., 2.63%, 08/15/31
 
250
216,733
 
 
25,778,445
Office REITs — 0.3%
Boston Properties LP
 
2.75%, 10/01/26
 
450
436,448
6.75%, 12/01/27
 
256
267,177
42
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Office REITs (continued)
Boston Properties LP (continued)
 
4.50%, 12/01/28
$
629
$ 618,465
3.40%, 06/21/29
 
303
284,120
2.90%, 03/15/30
 
397
359,588
3.25%, 01/30/31(a)
 
829
747,815
2.55%, 04/01/32
 
569
468,013
2.45%, 10/01/33
 
407
318,722
6.50%, 01/15/34(a)
 
587
615,870
5.75%, 01/15/35(a)
 
400
394,484
COPT Defense Properties LP
 
2.00%, 01/15/29(a)
 
130
116,312
2.75%, 04/15/31
 
429
372,077
2.90%, 12/01/33
 
250
201,140
Cousins Properties LP
 
5.38%, 02/15/32
 
185
183,211
5.88%, 10/01/34
 
300
300,117
Highwoods Realty LP
 
4.13%, 03/15/28
 
163
158,682
3.05%, 02/15/30(a)
 
413
368,662
2.60%, 02/01/31
 
256
217,587
7.65%, 02/01/34
 
200
219,334
Kilroy Realty LP
 
4.75%, 12/15/28(a)
 
300
292,424
4.25%, 08/15/29
 
260
245,790
3.05%, 02/15/30(a)
 
329
290,158
2.50%, 11/15/32
 
234
181,139
2.65%, 11/15/33
 
300
227,132
Piedmont Operating Partnership LP
 
9.25%, 07/20/28
 
306
331,129
6.88%, 07/15/29(a)
 
150
153,067
3.15%, 08/15/30
 
413
353,076
 
 
8,721,739
Oil, Gas & Consumable Fuels — 5.2%
APA Corp.(d)
 
4.25%, 01/15/30(a)
 
296
276,497
6.10%, 02/15/35
 
175
164,683
Boardwalk Pipelines LP
 
5.95%, 06/01/26
 
400
404,425
4.45%, 07/15/27
 
189
188,926
4.80%, 05/03/29
 
313
313,125
3.40%, 02/15/31
 
350
318,056
3.60%, 09/01/32
 
400
351,422
5.63%, 08/01/34
 
300
297,252
BP Capital Markets America, Inc.
 
3.12%, 05/04/26
 
741
731,956
3.02%, 01/16/27
 
373
365,529
3.54%, 04/06/27
 
179
177,041
3.59%, 04/14/27
 
456
450,713
5.02%, 11/17/27
 
530
540,149
3.94%, 09/21/28
 
630
622,846
4.23%, 11/06/28
 
1,261
1,256,740
4.70%, 04/10/29(a)
 
600
607,137
4.97%, 10/17/29
 
500
510,901
4.87%, 11/25/29
 
475
483,530
3.63%, 04/06/30
 
829
796,150
1.75%, 08/10/30
 
625
543,172
2.72%, 01/12/32
 
1,263
1,110,162
4.81%, 02/13/33
 
1,450
1,422,630
4.89%, 09/11/33(a)
 
761
747,606
4.99%, 04/10/34
 
650
639,221
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
BP Capital Markets America, Inc. (continued)
 
5.23%, 11/17/34
$
1,325
$ 1,325,395
BP Capital Markets PLC
 
3.28%, 09/19/27
 
1,113
1,089,031
3.72%, 11/28/28
 
829
812,191
Burlington Resources LLC, 7.20%, 08/15/31
 
250
281,999
Canadian Natural Resources Ltd.
 
3.85%, 06/01/27
 
825
814,101
5.00%, 12/15/29(a)(d)
 
623
621,344
2.95%, 07/15/30
 
413
374,382
7.20%, 01/15/32
 
250
272,334
6.45%, 06/30/33
 
259
270,063
5.40%, 12/15/34(d)
 
323
313,520
5.85%, 02/01/35
 
268
266,923
Cenovus Energy, Inc.
 
4.25%, 04/15/27(a)
 
280
279,213
2.65%, 01/15/32
 
320
268,784
Cheniere Corpus Christi Holdings LLC
 
5.13%, 06/30/27
 
905
915,068
3.70%, 11/15/29
 
563
537,239
Cheniere Energy Partners LP
 
4.50%, 10/01/29
 
840
818,987
4.00%, 03/01/31
 
700
654,007
3.25%, 01/31/32
 
726
636,417
5.95%, 06/30/33
 
930
950,524
5.75%, 08/15/34
 
752
753,868
Cheniere Energy, Inc.
 
4.63%, 10/15/28
 
598
590,959
5.65%, 04/15/34
 
912
908,326
Chevron Corp.
 
2.95%, 05/16/26
 
1,496
1,477,221
2.00%, 05/11/27
 
798
767,828
2.24%, 05/11/30
 
697
630,922
Chevron USA, Inc.
 
4.41%, 02/26/27(a)
 
170
171,522
1.02%, 08/12/27
 
441
413,020
3.85%, 01/15/28
 
501
501,106
4.48%, 02/26/28
 
450
455,635
3.25%, 10/15/29
 
350
336,253
4.69%, 04/15/30
 
750
763,332
4.82%, 04/15/32
 
450
454,441
4.98%, 04/15/35
 
450
450,752
CNOOC Finance 2015 USA LLC, 4.38%, 05/02/28
 
710
715,714
ConocoPhillips, 5.90%, 10/15/32
 
250
266,615
ConocoPhillips Co.
 
6.95%, 04/15/29
 
372
406,750
4.70%, 01/15/30
 
625
630,287
4.85%, 01/15/32(a)
 
450
450,589
5.05%, 09/15/33
 
622
621,239
5.00%, 01/15/35
 
875
860,181
Continental Resources, Inc., 4.38%, 01/15/28
 
579
565,048
Coterra Energy, Inc.
 
3.90%, 05/15/27(a)
 
300
295,643
4.38%, 03/15/29
 
279
274,457
5.60%, 03/15/34
 
275
272,011
5.40%, 02/15/35
 
576
556,399
DCP Midstream Operating LP
 
5.63%, 07/15/27
 
200
203,568
5.13%, 05/15/29
 
502
506,386
8.13%, 08/16/30
 
300
343,080
3.25%, 02/15/32
 
160
137,617
Schedule of Investments
43
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Devon Energy Corp.
 
5.25%, 10/15/27
$
200
$ 200,350
5.88%, 06/15/28(a)
 
538
538,866
4.50%, 01/15/30
 
288
281,398
7.88%, 09/30/31
 
450
509,886
7.95%, 04/15/32
 
284
316,360
5.20%, 09/15/34(a)
 
750
702,754
Diamondback Energy, Inc.
 
3.25%, 12/01/26
 
500
491,441
5.20%, 04/18/27
 
418
424,305
3.50%, 12/01/29
 
829
787,355
5.15%, 01/30/30
 
318
322,971
3.13%, 03/24/31
 
470
425,008
6.25%, 03/15/33
 
720
752,160
5.40%, 04/18/34
 
790
772,267
5.55%, 04/01/35
 
575
565,645
Eastern Energy Gas Holdings LLC, 5.80%, 01/15/35
 
225
232,212
Eastern Gas Transmission & Storage, Inc., 3.00%,
11/15/29
 
179
168,487
Enbridge, Inc.
 
1.60%, 10/04/26
 
381
366,005
5.90%, 11/15/26
 
405
412,979
4.25%, 12/01/26
 
429
427,413
5.25%, 04/05/27
 
225
228,409
3.70%, 07/15/27
 
429
422,794
6.00%, 11/15/28
 
570
596,468
5.30%, 04/05/29
 
480
491,424
3.13%, 11/15/29
 
760
711,900
6.20%, 11/15/30
 
571
605,267
5.70%, 03/08/33
 
1,570
1,602,084
2.50%, 08/01/33
 
760
618,371
5.63%, 04/05/34
 
1,485
1,504,774
Energy Transfer LP
 
3.90%, 07/15/26
 
350
346,624
6.05%, 12/01/26
 
531
541,575
4.40%, 03/15/27
 
500
498,383
4.20%, 04/15/27
 
507
503,272
5.50%, 06/01/27
 
650
660,518
4.00%, 10/01/27
 
300
296,119
5.55%, 02/15/28
 
562
575,892
4.95%, 05/15/28(a)
 
675
680,689
4.95%, 06/15/28
 
531
535,640
6.10%, 12/01/28
 
90
94,101
5.25%, 04/15/29
 
643
651,516
5.25%, 07/01/29(a)
 
580
588,282
4.15%, 09/15/29
 
416
404,090
5.20%, 04/01/30
 
484
488,826
3.75%, 05/15/30
 
1,079
1,019,431
6.40%, 12/01/30
 
561
596,800
5.75%, 02/15/33
 
642
651,245
6.55%, 12/01/33
 
830
874,040
5.55%, 05/15/34
 
850
836,840
5.60%, 09/01/34
 
800
789,630
4.90%, 03/15/35
 
400
373,034
Eni USA, Inc., 7.30%, 11/15/27
 
301
320,301
Enterprise Products Operating LLC
 
4.60%, 01/11/27
 
808
813,682
3.95%, 02/15/27
 
209
208,134
4.15%, 10/16/28
 
879
875,421
3.13%, 07/31/29
 
410
391,191
2.80%, 01/31/30
 
311
289,922
5.35%, 01/31/33
 
600
612,125
4.85%, 01/31/34
 
708
695,758
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Enterprise Products Operating LLC (continued)
 
4.95%, 02/15/35
$
871
$ 855,228
(3-mo. CME Term SOFR + 2.83%), 5.38%,
02/15/78(a)(c)
 
250
241,440
Series D, 6.88%, 03/01/33
 
400
443,413
Series E, (3-mo. CME Term SOFR + 3.29%),
5.25%, 08/16/77(c)
 
620
600,859
EOG Resources, Inc., 4.38%, 04/15/30
 
535
532,185
EQT Corp.
 
3.90%, 10/01/27
 
660
648,065
5.70%, 04/01/28
 
313
321,383
5.00%, 01/15/29
 
230
230,461
7.00%, 02/01/30
 
571
609,114
5.75%, 02/01/34(a)
 
475
474,720
Equinor ASA
 
3.63%, 09/10/28(a)
 
600
592,542
3.13%, 04/06/30
 
829
783,763
2.38%, 05/22/30
 
479
435,747
Expand Energy Corp.
 
5.38%, 02/01/29
 
396
394,729
5.38%, 03/15/30
 
800
794,077
4.75%, 02/01/32
 
670
628,913
5.70%, 01/15/35
 
510
504,360
Exxon Mobil Corp.
 
2.28%, 08/16/26
 
813
795,227
3.29%, 03/19/27(a)
 
660
653,175
2.44%, 08/16/29(a)
 
559
525,577
3.48%, 03/19/30
 
949
922,338
2.61%, 10/15/30
 
1,526
1,401,548
Helmerich & Payne, Inc.(a)
 
4.65%, 12/01/27(d)
 
100
99,332
4.85%, 12/01/29(d)
 
200
189,312
2.90%, 09/29/31
 
350
288,759
5.50%, 12/01/34(d)
 
370
324,799
Hess Corp.
 
4.30%, 04/01/27
 
657
655,673
7.88%, 10/01/29
 
150
169,146
7.30%, 08/15/31
 
533
599,139
7.13%, 03/15/33
 
450
504,428
HF Sinclair Corp.
 
5.00%, 02/01/28
 
292
288,851
4.50%, 10/01/30(a)
 
200
189,927
5.75%, 01/15/31(a)
 
435
431,711
6.25%, 01/15/35
 
525
505,107
Kinder Morgan Energy Partners LP
 
7.30%, 08/15/33
 
300
327,357
5.80%, 03/15/35
 
367
370,618
Kinder Morgan, Inc.
 
1.75%, 11/15/26
 
215
206,686
4.30%, 03/01/28
 
837
833,787
5.00%, 02/01/29
 
410
414,270
5.10%, 08/01/29
 
375
380,983
06/01/30(b)
 
155
156,248
2.00%, 02/15/31
 
423
360,887
7.80%, 08/01/31
 
350
397,008
7.75%, 01/15/32
 
829
939,828
4.80%, 02/01/33
 
362
347,773
5.20%, 06/01/33(a)
 
712
701,795
5.40%, 02/01/34(a)
 
808
799,074
5.30%, 12/01/34
 
602
587,004
06/01/35(b)
 
100
101,487
Marathon Petroleum Corp.
 
5.13%, 12/15/26
 
350
352,934
44
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Marathon Petroleum Corp. (continued)
 
3.80%, 04/01/28
$
479
$ 470,596
5.15%, 03/01/30
 
582
586,929
5.70%, 03/01/35
 
650
635,700
MPLX LP
 
4.13%, 03/01/27
 
829
822,863
4.25%, 12/01/27
 
409
406,373
4.00%, 03/15/28
 
829
817,839
4.80%, 02/15/29
 
500
500,312
2.65%, 08/15/30
 
935
836,663
4.95%, 09/01/32
 
456
442,793
5.00%, 03/01/33
 
605
584,537
5.50%, 06/01/34
 
1,050
1,031,310
5.40%, 04/01/35
 
375
363,877
Northwest Pipeline LLC, 4.00%, 04/01/27
 
368
365,032
Occidental Petroleum Corp.
 
8.50%, 07/15/27
 
356
376,826
5.00%, 08/01/27
 
325
325,057
6.38%, 09/01/28(a)
 
268
275,228
5.20%, 08/01/29
 
920
907,786
8.88%, 07/15/30(a)
 
600
673,385
6.63%, 09/01/30
 
754
781,107
6.13%, 01/01/31
 
532
537,106
7.50%, 05/01/31
 
500
536,140
7.88%, 09/15/31
 
252
274,829
5.38%, 01/01/32(a)
 
740
704,079
5.55%, 10/01/34(a)
 
780
726,309
ONEOK, Inc.
 
4.85%, 07/15/26
 
266
265,981
5.55%, 11/01/26
 
500
506,186
4.00%, 07/13/27
 
250
246,950
4.25%, 09/24/27
 
750
745,600
4.55%, 07/15/28
 
413
412,658
5.65%, 11/01/28
 
500
515,496
4.35%, 03/15/29
 
829
815,883
5.38%, 06/01/29
 
270
274,908
3.40%, 09/01/29
 
489
461,355
3.10%, 03/15/30
 
300
276,699
3.25%, 06/01/30
 
225
207,948
5.80%, 11/01/30
 
425
440,241
6.35%, 01/15/31
 
495
523,444
4.75%, 10/15/31
 
608
592,510
6.10%, 11/15/32
 
620
641,583
6.05%, 09/01/33
 
700
718,689
5.65%, 09/01/34
 
350
346,971
5.05%, 11/01/34
 
1,100
1,044,751
Ovintiv, Inc.
 
5.65%, 05/15/28(a)
 
450
458,461
8.13%, 09/15/30(a)
 
180
200,066
7.20%, 11/01/31
 
145
153,171
7.38%, 11/01/31
 
413
442,818
6.25%, 07/15/33(a)
 
370
364,578
6.50%, 08/15/34
 
400
396,066
Patterson-UTI Energy, Inc.
 
3.95%, 02/01/28
 
250
239,814
5.15%, 11/15/29(a)
 
300
290,033
7.15%, 10/01/33
 
300
295,370
Phillips 66
 
3.90%, 03/15/28
 
322
317,575
2.15%, 12/15/30
 
661
576,851
4.65%, 11/15/34
 
650
605,787
Phillips 66 Co.
 
3.55%, 10/01/26
 
413
407,731
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Phillips 66 Co. (continued)
 
4.95%, 12/01/27
$
420
$ 425,448
3.75%, 03/01/28
 
252
247,144
3.15%, 12/15/29
 
405
379,315
5.25%, 06/15/31
 
520
529,861
5.30%, 06/30/33
 
555
549,806
4.95%, 03/15/35(a)
 
464
437,759
Pioneer Natural Resources Co.
 
1.90%, 08/15/30
 
926
813,001
2.15%, 01/15/31
 
550
482,632
Plains All American Pipeline LP, 5.95%, 06/15/35
 
350
350,207
Plains All American Pipeline LP/PAA Finance Corp.
 
4.50%, 12/15/26
 
413
413,151
3.55%, 12/15/29(a)
 
553
523,808
3.80%, 09/15/30
 
166
156,630
5.70%, 09/15/34
 
500
494,815
Sabine Pass Liquefaction LLC
 
5.88%, 06/30/26
 
1,003
1,011,574
5.00%, 03/15/27
 
879
885,259
4.20%, 03/15/28
 
829
823,072
4.50%, 05/15/30
 
1,235
1,218,073
Shell Finance U.S., Inc.(a)
 
2.38%, 11/07/29
 
729
674,962
2.75%, 04/06/30
 
997
926,186
Shell International Finance BV
 
2.88%, 05/10/26
 
1,093
1,078,797
2.50%, 09/12/26
 
829
811,612
3.88%, 11/13/28
 
979
973,229
2.38%, 11/07/29(a)
 
250
232,816
South Bow USA Infrastructure Holdings LLC(d)
 
4.91%, 09/01/27
 
479
481,388
5.03%, 10/01/29
 
680
674,699
5.58%, 10/01/34
 
820
796,033
Spectra Energy Partners LP, 3.38%, 10/15/26
 
329
323,328
Suncor Energy, Inc.
 
7.15%, 02/01/32
 
200
216,408
5.95%, 12/01/34
 
384
389,603
Targa Resources Corp.
 
5.20%, 07/01/27
 
150
152,038
6.15%, 03/01/29
 
298
310,903
4.20%, 02/01/33
 
374
341,743
6.13%, 03/15/33
 
256
263,099
6.50%, 03/30/34
 
452
475,581
5.50%, 02/15/35
 
700
684,147
5.55%, 08/15/35
 
625
612,232
Targa Resources Partners LP/Targa Resources
Partners Finance Corp.
 
6.50%, 07/15/27
 
329
330,305
5.00%, 01/15/28
 
1,229
1,227,281
6.88%, 01/15/29
 
329
336,336
5.50%, 03/01/30
 
396
395,193
4.88%, 02/01/31
 
684
663,694
4.00%, 01/15/32
 
584
534,829
TC PipeLines LP, 3.90%, 05/25/27
 
285
281,044
Tennessee Gas Pipeline Co. LLC, 7.00%, 10/15/28
 
300
320,586
Texas Eastern Transmission LP, 7.00%, 07/15/32
 
256
277,710
TotalEnergies Capital International SA
 
3.46%, 02/19/29(a)
 
877
856,212
2.83%, 01/10/30
 
876
824,377
TotalEnergies Capital SA
 
3.88%, 10/11/28
 
702
697,628
5.15%, 04/05/34(a)
 
750
756,558
4.72%, 09/10/34(a)
 
525
514,529
Schedule of Investments
45
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
TransCanada PipeLines Ltd.
 
4.25%, 05/15/28(a)
$
901
$ 894,008
4.10%, 04/15/30
 
929
897,504
4.63%, 03/01/34
 
804
754,644
5.60%, 03/31/34
 
200
198,337
Transcontinental Gas Pipe Line Co. LLC
 
4.00%, 03/15/28
 
220
217,910
3.25%, 05/15/30
 
450
420,386
Valero Energy Corp.
 
3.40%, 09/15/26
 
280
276,181
2.15%, 09/15/27
 
277
262,853
4.35%, 06/01/28
 
498
495,714
4.00%, 04/01/29
 
290
283,271
5.15%, 02/15/30
 
470
475,025
2.80%, 12/01/31(a)
 
179
157,282
7.50%, 04/15/32
 
545
608,885
Valero Energy Partners LP, 4.50%, 03/15/28
 
341
341,300
Western Midstream Operating LP
 
4.65%, 07/01/26
 
200
199,252
4.75%, 08/15/28
 
200
198,399
6.35%, 01/15/29
 
260
270,245
4.05%, 02/01/30
 
756
718,463
6.15%, 04/01/33
 
550
556,997
5.45%, 11/15/34
 
570
543,347
Williams Cos., Inc.
 
3.75%, 06/15/27
 
818
805,742
5.30%, 08/15/28
 
600
613,743
4.90%, 03/15/29(a)
 
682
688,830
4.80%, 11/15/29
 
125
125,825
3.50%, 11/15/30
 
829
775,925
2.60%, 03/15/31
 
803
709,529
8.75%, 03/15/32
 
300
356,907
4.65%, 08/15/32
 
600
578,094
5.65%, 03/15/33
 
400
409,132
5.15%, 03/15/34
 
802
786,245
5.60%, 03/15/35
 
734
740,139
Woodside Finance Ltd., 5.10%, 09/12/34
 
915
874,722
 
 
169,387,708
Paper & Forest Products — 0.1%
Celulosa Arauco y Constitucion SA, 3.88%, 11/02/27
 
200
194,506
Georgia-Pacific LLC
 
7.75%, 11/15/29(a)
 
254
288,396
8.88%, 05/15/31
 
219
267,488
Suzano Austria GmbH
 
2.50%, 09/15/28
 
250
229,971
6.00%, 01/15/29
 
1,128
1,150,708
5.00%, 01/15/30
 
900
879,418
3.75%, 01/15/31
 
609
551,482
3.13%, 01/15/32
 
600
512,541
Suzano International Finance BV, 5.50%, 01/17/27
 
429
432,895
 
 
4,507,405
Passenger Airlines — 0.2%
American Airlines Pass-Through Trust
 
Series 2014-1, Class A, 3.70%, 04/01/28
 
161
155,740
Series 2015-1, Class A, 3.38%, 11/01/28(a)
 
145
139,739
Series 2016-1, Class AA, 3.58%, 07/15/29
 
238
228,861
Series 2016-2, Class AA, 3.20%, 12/15/29
 
260
246,182
Series 2017-1, Class AA, 3.65%, 02/15/29
 
215
204,683
Series 2017-2, Class AA, 3.35%, 04/15/31
 
404
381,098
Series 2019-1, Class AA, 3.15%, 08/15/33(a)
 
458
413,376
Security
 
Par
(000)
Value
Passenger Airlines (continued)
American Airlines Pass-Through Trust (continued)
 
Series 2021-1, Class A, 2.88%, 01/11/36(a)
$
87
$ 75,024
Delta Air Lines 2020-1 Class AA Pass Through Trust,
Class AA, 2.00%, 12/10/29(a)
 
212
198,596
Delta Air Lines, Inc.
 
4.38%, 04/19/28
 
300
294,659
3.75%, 10/28/29(a)
 
300
278,611
JetBlue Pass-Through Trust
 
Series 1A, 4.00%, 05/15/34(a)
 
369
339,913
Series 2019-1, Class AA, 2.75%, 11/15/33
 
192
164,642
Southwest Airlines Co.
 
5.13%, 06/15/27
 
1,227
1,230,367
2.63%, 02/10/30
 
359
321,012
United Airlines Pass-Through Trust
 
Series 2016-1, Class AA, 3.10%, 01/07/30
 
250
235,916
Series 2018-1, Class AA, 3.50%, 09/01/31
 
184
171,930
Series 2019-1, Class AA, 4.15%, 02/25/33(a)
 
164
155,965
Series 2019-2, Class AA, 2.70%, 11/01/33
 
232
203,428
Series 2020-1, Class A, 5.88%, 04/15/29
 
592
598,910
 
 
6,038,652
Personal Care Products — 0.7%
Colgate-Palmolive Co.
 
3.10%, 08/15/27
 
102
100,473
4.60%, 03/01/28(a)
 
344
351,998
05/01/30(b)
 
290
291,347
3.25%, 08/15/32
 
302
279,675
4.60%, 03/01/33
 
344
347,834
Estee Lauder Cos., Inc.
 
3.15%, 03/15/27
 
179
175,083
4.38%, 05/15/28
 
360
360,793
2.38%, 12/01/29
 
411
374,379
2.60%, 04/15/30
 
413
376,407
1.95%, 03/15/31(a)
 
293
250,403
4.65%, 05/15/33(a)
 
450
434,849
5.00%, 02/14/34
 
350
342,608
Haleon U.S. Capital LLC
 
3.38%, 03/24/27
 
1,400
1,378,093
3.38%, 03/24/29
 
1,200
1,154,273
3.63%, 03/24/32
 
712
660,665
Kenvue, Inc.
 
5.05%, 03/22/28
 
515
529,898
5.00%, 03/22/30
 
660
680,762
4.90%, 03/22/33(a)
 
290
293,597
Procter & Gamble Co.
 
2.45%, 11/03/26
 
450
440,865
1.90%, 02/01/27
 
500
484,441
2.80%, 03/25/27
 
1,000
980,410
2.85%, 08/11/27
 
413
403,891
3.95%, 01/26/28(a)
 
250
252,127
4.35%, 01/29/29
 
275
279,530
4.15%, 10/24/29
 
200
201,872
3.00%, 03/25/30(a)
 
985
940,367
4.05%, 05/01/30
 
500
501,362
1.20%, 10/29/30
 
125
107,197
1.95%, 04/23/31(a)
 
529
468,041
2.30%, 02/01/32(a)
 
280
249,630
4.05%, 01/26/33(a)
 
150
147,062
4.55%, 01/29/34
 
427
425,871
5.80%, 08/15/34
 
275
297,729
4.55%, 10/24/34
 
300
298,223
4.60%, 05/01/35
 
500
499,258
46
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Personal Care Products (continued)
Unilever Capital Corp.
 
2.00%, 07/28/26(a)
$
490
$ 478,681
2.90%, 05/05/27
 
790
773,794
4.25%, 08/12/27
 
585
587,912
3.50%, 03/22/28
 
100
98,680
4.88%, 09/08/28
 
400
410,888
2.13%, 09/06/29
 
555
511,398
1.38%, 09/14/30
 
427
366,963
1.75%, 08/12/31
 
450
386,366
5.90%, 11/15/32(a)
 
723
785,377
5.00%, 12/08/33
 
600
613,023
4.63%, 08/12/34
 
850
839,637
 
 
21,213,732
Pharmaceuticals — 3.5%
AbbVie, Inc.
 
3.20%, 05/14/26
 
1,190
1,177,529
2.95%, 11/21/26
 
2,709
2,662,835
4.80%, 03/15/27
 
1,826
1,849,682
4.65%, 03/15/28
 
300
304,423
4.25%, 11/14/28
 
1,181
1,186,994
4.80%, 03/15/29
 
1,176
1,199,016
3.20%, 11/21/29
 
2,964
2,824,705
4.88%, 03/15/30
 
400
408,902
4.95%, 03/15/31(a)
 
1,181
1,208,833
5.05%, 03/15/34
 
1,672
1,683,625
4.55%, 03/15/35
 
822
791,002
5.20%, 03/15/35
 
780
790,400
Astrazeneca Finance LLC
 
1.20%, 05/28/26
 
829
803,514
4.80%, 02/26/27
 
912
923,891
4.88%, 03/03/28
 
676
691,303
1.75%, 05/28/28
 
521
485,942
4.85%, 02/26/29
 
900
919,330
4.90%, 03/03/30
 
500
513,567
4.90%, 02/26/31
 
550
564,338
2.25%, 05/28/31(a)
 
340
301,492
4.88%, 03/03/33(a)
 
250
252,586
5.00%, 02/26/34
 
1,060
1,070,134
AstraZeneca PLC
 
3.13%, 06/12/27
 
113
110,948
4.00%, 01/17/29
 
607
603,927
1.38%, 08/06/30
 
911
783,990
Becton Dickinson & Co.
 
3.70%, 06/06/27(a)
 
1,279
1,264,217
4.69%, 02/13/28
 
410
412,799
4.87%, 02/08/29
 
457
461,335
5.08%, 06/07/29
 
375
381,778
2.82%, 05/20/30
 
288
263,681
1.96%, 02/11/31
 
344
294,750
4.30%, 08/22/32
 
390
371,946
5.11%, 02/08/34
 
302
300,425
Bristol-Myers Squibb Co.
 
3.20%, 06/15/26
 
1,044
1,034,812
4.90%, 02/22/27(a)
 
697
708,234
3.25%, 02/27/27
 
306
302,181
1.13%, 11/13/27
 
702
654,663
3.45%, 11/15/27
 
330
325,975
3.90%, 02/20/28
 
829
826,840
4.90%, 02/22/29
 
1,075
1,101,108
3.40%, 07/26/29
 
1,421
1,375,311
1.45%, 11/13/30
 
376
323,343
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
Bristol-Myers Squibb Co. (continued)
 
5.75%, 02/01/31
$
500
$ 532,789
5.10%, 02/22/31
 
697
718,516
2.95%, 03/15/32
 
1,025
919,280
5.90%, 11/15/33(a)
 
598
638,021
5.20%, 02/22/34
 
1,685
1,705,910
Cardinal Health, Inc.
 
4.70%, 11/15/26
 
200
200,973
3.41%, 06/15/27
 
829
814,563
5.13%, 02/15/29(a)
 
496
506,674
5.00%, 11/15/29
 
626
636,009
5.45%, 02/15/34
 
382
386,080
5.35%, 11/15/34
 
600
602,270
Cencora, Inc.
 
3.45%, 12/15/27
 
504
493,008
4.63%, 12/15/27(a)
 
360
362,599
4.85%, 12/15/29
 
225
227,517
2.80%, 05/15/30
 
329
303,053
2.70%, 03/15/31
 
669
598,459
5.13%, 02/15/34
 
300
300,380
5.15%, 02/15/35
 
385
385,375
CVS Health Corp.
 
2.88%, 06/01/26
 
1,148
1,126,925
3.00%, 08/15/26
 
522
511,797
3.63%, 04/01/27
 
457
449,497
6.25%, 06/01/27
 
254
263,010
1.30%, 08/21/27
 
1,335
1,240,860
4.30%, 03/25/28
 
3,177
3,154,390
5.00%, 01/30/29
 
440
444,618
5.40%, 06/01/29
 
750
769,332
3.25%, 08/15/29
 
1,147
1,081,179
5.13%, 02/21/30(a)
 
1,084
1,095,927
3.75%, 04/01/30
 
583
554,402
1.75%, 08/21/30
 
120
102,534
5.25%, 01/30/31
 
335
339,857
1.88%, 02/28/31
 
723
609,156
5.55%, 06/01/31
 
750
770,562
2.13%, 09/15/31
 
683
574,877
5.25%, 02/21/33
 
950
941,200
5.30%, 06/01/33
 
620
615,668
5.70%, 06/01/34
 
750
761,828
Eli Lilly & Co.
 
4.50%, 02/09/27(a)
 
840
848,370
5.50%, 03/15/27
 
264
271,444
3.10%, 05/15/27
 
228
224,347
4.15%, 08/14/27
 
400
402,715
4.55%, 02/12/28
 
475
482,772
4.50%, 02/09/29(a)
 
704
715,408
3.38%, 03/15/29
 
729
711,592
4.20%, 08/14/29
 
562
564,576
4.75%, 02/12/30
 
773
792,629
4.90%, 02/12/32(a)
 
675
692,866
4.70%, 02/27/33
 
440
442,124
4.70%, 02/09/34
 
1,006
997,265
4.60%, 08/14/34
 
700
690,106
5.10%, 02/12/35
 
475
484,809
GlaxoSmithKline Capital PLC
 
4.32%, 03/12/27
 
250
252,100
3.38%, 06/01/29
 
629
608,276
GlaxoSmithKline Capital, Inc.
 
3.88%, 05/15/28
 
1,225
1,218,667
4.50%, 04/15/30
 
250
251,305
Schedule of Investments
47
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
GlaxoSmithKline Capital, Inc. (continued)
 
5.38%, 04/15/34
$
383
$ 397,192
4.88%, 04/15/35
 
250
247,869
Johnson & Johnson
 
4.50%, 03/01/27(a)
 
425
430,671
2.95%, 03/03/27
 
266
262,124
0.95%, 09/01/27
 
998
935,283
2.90%, 01/15/28
 
1,099
1,073,009
4.55%, 03/01/28
 
295
300,843
4.80%, 06/01/29(a)
 
600
618,147
4.70%, 03/01/30
 
525
539,670
1.30%, 09/01/30
 
864
750,126
4.90%, 06/01/31
 
800
828,946
4.85%, 03/01/32(a)
 
625
640,933
4.95%, 05/15/33
 
450
464,927
4.38%, 12/05/33
 
378
375,218
4.95%, 06/01/34(a)
 
400
411,812
5.00%, 03/01/35
 
865
883,010
McKesson Corp.
 
1.30%, 08/15/26
 
387
373,042
3.95%, 02/16/28
 
129
127,783
4.90%, 07/15/28
 
110
112,406
4.25%, 09/15/29
 
225
224,634
5.10%, 07/15/33(a)
 
302
307,504
Merck & Co., Inc.
 
1.70%, 06/10/27
 
733
700,612
4.05%, 05/17/28
 
100
100,445
1.90%, 12/10/28(a)
 
695
646,151
3.40%, 03/07/29
 
1,218
1,185,862
4.30%, 05/17/30(a)
 
400
401,583
1.45%, 06/24/30
 
793
688,915
2.15%, 12/10/31
 
864
751,241
4.50%, 05/17/33(a)
 
902
893,907
6.50%, 12/01/33
 
389
438,287
Mylan, Inc., 4.55%, 04/15/28
 
660
645,439
Novartis Capital Corp.
 
2.00%, 02/14/27(a)
 
231
223,482
3.10%, 05/17/27
 
565
556,660
3.80%, 09/18/29(a)
 
635
627,151
2.20%, 08/14/30
 
1,159
1,047,993
4.00%, 09/18/31
 
475
465,185
4.20%, 09/18/34
 
669
639,174
Pfizer Investment Enterprises Pte. Ltd.
 
4.45%, 05/19/26
 
2,486
2,489,397
4.45%, 05/19/28
 
2,818
2,841,091
4.65%, 05/19/30
 
1,788
1,811,704
4.75%, 05/19/33
 
2,643
2,608,343
Pfizer, Inc.
 
2.75%, 06/03/26
 
505
498,509
3.00%, 12/15/26
 
1,452
1,428,429
3.60%, 09/15/28(a)
 
359
354,743
3.45%, 03/15/29
 
1,218
1,187,775
2.63%, 04/01/30
 
829
764,459
1.70%, 05/28/30
 
683
600,247
1.75%, 08/18/31(a)
 
129
110,528
Pharmacia LLC, 6.60%, 12/01/28
 
400
430,343
Sanofi SA, 3.63%, 06/19/28
 
713
705,260
Shire Acquisitions Investments Ireland DAC, 3.20%,
09/23/26
 
1,270
1,250,930
Takeda Pharmaceutical Co. Ltd.
 
5.00%, 11/26/28
 
1,278
1,301,374
2.05%, 03/31/30
 
1,454
1,293,224
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
Takeda Pharmaceutical Co. Ltd. (continued)
 
5.30%, 07/05/34
$
700
$ 706,568
Utah Acquisition Sub, Inc., 3.95%, 06/15/26
 
1,227
1,209,816
Viatris, Inc.
 
2.30%, 06/22/27
 
415
390,940
2.70%, 06/22/30
 
843
729,469
Wyeth LLC, 6.50%, 02/01/34
 
500
551,408
Zoetis, Inc.
 
3.00%, 09/12/27
 
350
340,452
3.90%, 08/20/28
 
179
177,132
2.00%, 05/15/30
 
329
292,097
5.60%, 11/16/32
 
300
313,898
 
 
115,612,144
Real Estate Management & Development — 0.1%
CBRE Services, Inc.
 
5.50%, 04/01/29(a)
 
272
279,030
06/15/30(b)
 
250
248,775
2.50%, 04/01/31(a)
 
393
342,606
5.95%, 08/15/34
 
550
569,058
06/15/35(b)
 
250
249,126
Jones Lang LaSalle, Inc., 6.88%, 12/01/28(a)
 
75
79,921
 
 
1,768,516
Residential REITs — 0.9%
American Homes 4 Rent LP
 
4.25%, 02/15/28
 
100
99,099
4.90%, 02/15/29
 
129
129,795
2.38%, 07/15/31
 
200
172,353
3.63%, 04/15/32(a)
 
300
272,837
5.50%, 02/01/34
 
477
475,731
5.50%, 07/15/34
 
275
272,933
5.25%, 03/15/35
 
391
380,925
AvalonBay Communities, Inc.
 
2.95%, 05/11/26
 
345
339,853
2.90%, 10/15/26
 
251
245,804
3.35%, 05/15/27
 
191
187,935
3.20%, 01/15/28
 
159
154,417
1.90%, 12/01/28
 
296
272,137
3.30%, 06/01/29
 
191
182,904
2.30%, 03/01/30
 
450
407,780
2.45%, 01/15/31
 
507
451,956
2.05%, 01/15/32(a)
 
425
361,070
5.00%, 02/15/33
 
225
223,948
5.30%, 12/07/33
 
150
151,842
5.35%, 06/01/34
 
360
365,870
Camden Property Trust
 
5.85%, 11/03/26
 
709
724,038
4.10%, 10/15/28
 
258
255,010
3.15%, 07/01/29
 
400
378,391
2.80%, 05/15/30
 
615
566,064
4.90%, 01/15/34
 
175
172,489
ERP Operating LP
 
2.85%, 11/01/26
 
381
372,878
3.25%, 08/01/27
 
334
325,837
3.50%, 03/01/28
 
341
333,296
4.15%, 12/01/28
 
305
303,048
3.00%, 07/01/29
 
607
571,385
2.50%, 02/15/30
 
333
303,789
1.85%, 08/01/31
 
229
195,435
4.65%, 09/15/34
 
328
315,042
Essential Properties LP, 2.95%, 07/15/31
 
129
111,369
Essex Portfolio LP
 
3.63%, 05/01/27
 
450
442,978
48
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Residential REITs (continued)
Essex Portfolio LP (continued)
 
1.70%, 03/01/28
$
210
$ 194,530
4.00%, 03/01/29
 
179
174,620
3.00%, 01/15/30
 
384
355,012
1.65%, 01/15/31
 
254
214,352
2.55%, 06/15/31
 
210
185,486
2.65%, 03/15/32
 
600
512,388
5.50%, 04/01/34
 
325
326,633
5.38%, 04/01/35
 
135
134,413
Invitation Homes Operating Partnership LP
 
2.30%, 11/15/28
 
491
455,581
5.45%, 08/15/30(a)
 
300
307,800
2.00%, 08/15/31
 
330
276,719
4.15%, 04/15/32(a)
 
296
275,375
5.50%, 08/15/33
 
288
287,729
2.70%, 01/15/34
 
262
212,974
4.88%, 02/01/35
 
397
377,460
Mid-America Apartments LP
 
1.10%, 09/15/26
 
198
189,634
3.60%, 06/01/27
 
413
407,528
4.20%, 06/15/28
 
296
294,508
3.95%, 03/15/29
 
413
404,814
2.75%, 03/15/30(a)
 
163
150,362
1.70%, 02/15/31
 
378
321,939
5.30%, 02/15/32
 
175
179,241
5.00%, 03/15/34
 
125
123,893
4.95%, 03/01/35
 
75
73,126
NNN REIT, Inc.
 
3.60%, 12/15/26
 
500
493,185
3.50%, 10/15/27
 
274
266,863
4.30%, 10/15/28
 
129
127,707
2.50%, 04/15/30
 
200
180,086
5.60%, 10/15/33
 
200
202,483
5.50%, 06/15/34
 
225
225,546
Realty Income Corp.
 
4.88%, 06/01/26
 
400
401,456
4.13%, 10/15/26
 
545
543,187
3.00%, 01/15/27
 
503
491,964
3.95%, 08/15/27(a)
 
413
409,480
3.40%, 01/15/28
 
313
305,221
3.65%, 01/15/28
 
314
308,460
2.10%, 03/15/28
 
374
351,002
2.20%, 06/15/28
 
274
256,540
4.70%, 12/15/28(a)
 
220
221,820
4.75%, 02/15/29
 
225
226,854
3.25%, 06/15/29
 
207
196,589
4.00%, 07/15/29(a)
 
350
341,845
3.10%, 12/15/29
 
413
386,734
3.40%, 01/15/30
 
413
391,846
4.85%, 03/15/30(a)
 
250
252,525
3.25%, 01/15/31
 
554
512,616
3.20%, 02/15/31
 
350
322,564
2.70%, 02/15/32
 
292
252,279
5.63%, 10/13/32(a)
 
300
309,638
2.85%, 12/15/32
 
525
452,274
1.80%, 03/15/33
 
300
236,009
4.90%, 07/15/33
 
340
333,868
5.13%, 02/15/34
 
525
521,436
5.13%, 04/15/35
 
45
44,568
Store Capital LLC
 
4.50%, 03/15/28
 
300
295,431
5.40%, 04/30/30(d)
 
140
139,685
Security
 
Par
(000)
Value
Residential REITs (continued)
Store Capital LLC (continued)
 
2.75%, 11/18/30
$
250
$ 219,606
2.70%, 12/01/31
 
413
348,965
Tanger Properties LP
 
3.13%, 09/01/26
 
266
260,855
3.88%, 07/15/27
 
79
77,723
2.75%, 09/01/31
 
200
172,313
UDR, Inc.
 
2.95%, 09/01/26
 
263
257,872
3.50%, 07/01/27(a)
 
163
159,907
3.50%, 01/15/28
 
252
245,679
4.40%, 01/26/29
 
129
128,508
3.20%, 01/15/30
 
413
387,467
3.00%, 08/15/31
 
213
190,498
2.10%, 08/01/32
 
274
222,350
1.90%, 03/15/33
 
294
229,297
2.10%, 06/15/33(a)
 
300
235,201
5.13%, 09/01/34
 
195
190,048
3.10%, 11/01/34
 
268
220,864
 
 
30,505,269
Retail REITs — 0.2%
Simon Property Group LP
 
3.25%, 11/30/26
 
350
344,545
1.38%, 01/15/27
 
279
265,654
3.38%, 06/15/27
 
320
314,503
3.38%, 12/01/27
 
200
195,817
1.75%, 02/01/28
 
150
140,333
2.45%, 09/13/29
 
807
742,017
2.65%, 07/15/30
 
617
562,851
2.20%, 02/01/31
 
412
359,633
2.25%, 01/15/32
 
579
493,704
2.65%, 02/01/32
 
479
416,134
5.50%, 03/08/33(a)
 
300
307,841
6.25%, 01/15/34(a)
 
343
366,434
4.75%, 09/26/34
 
685
654,864
 
 
5,164,330
Semiconductors & Semiconductor Equipment — 2.1%
Advanced Micro Devices, Inc.
 
4.32%, 03/24/28
 
300
302,901
3.92%, 06/01/32
 
354
336,780
Analog Devices, Inc.
 
3.50%, 12/05/26
 
620
614,305
3.45%, 06/15/27
 
242
239,509
1.70%, 10/01/28
 
450
414,407
2.10%, 10/01/31(a)
 
550
474,608
4.25%, 10/01/32
 
256
249,048
5.05%, 04/01/34
 
300
303,770
Applied Materials, Inc.
 
3.30%, 04/01/27
 
829
817,874
4.80%, 06/15/29
 
101
103,337
1.75%, 06/01/30
 
423
372,868
Broadcom Corp./Broadcom Cayman Finance Ltd.
 
3.88%, 01/15/27
 
1,782
1,768,959
3.50%, 01/15/28
 
413
404,080
Broadcom, Inc.
 
3.46%, 09/15/26
 
309
305,199
5.05%, 07/12/27
 
950
965,061
1.95%, 02/15/28(a)(d)
 
598
560,123
4.15%, 02/15/28
 
480
478,292
4.80%, 04/15/28
 
1,000
1,014,963
4.11%, 09/15/28
 
700
694,013
4.00%, 04/15/29(d)
 
450
440,929
Schedule of Investments
49
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Semiconductors & Semiconductor Equipment (continued)
Broadcom, Inc. (continued)
 
4.75%, 04/15/29
$
976
$ 984,381
5.05%, 07/12/29
 
1,425
1,453,398
4.35%, 02/15/30
 
1,080
1,067,408
5.00%, 04/15/30
 
450
457,193
5.05%, 04/15/30
 
400
407,593
4.15%, 11/15/30
 
1,146
1,117,492
2.45%, 02/15/31(d)
 
1,825
1,613,677
5.15%, 11/15/31(a)
 
685
697,881
4.15%, 04/15/32(d)
 
890
844,874
5.20%, 04/15/32
 
700
712,265
4.30%, 11/15/32
 
544
519,191
2.60%, 02/15/33(d)
 
1,098
923,911
3.42%, 04/15/33(d)
 
1,620
1,442,528
3.47%, 04/15/34(d)
 
1,872
1,643,318
4.80%, 10/15/34
 
980
953,733
4.55%, 02/15/32
 
580
568,515
Intel Corp.
 
2.60%, 05/19/26
 
672
657,522
3.75%, 03/25/27
 
710
699,874
3.15%, 05/11/27
 
400
388,416
3.75%, 08/05/27
 
1,150
1,129,748
4.88%, 02/10/28
 
1,055
1,064,253
1.60%, 08/12/28
 
559
507,323
4.00%, 08/05/29
 
550
533,120
2.45%, 11/15/29
 
1,319
1,187,344
5.13%, 02/10/30
 
850
857,852
3.90%, 03/25/30
 
538
513,845
5.00%, 02/21/31
 
465
465,184
2.00%, 08/12/31
 
699
584,287
4.15%, 08/05/32
 
810
746,539
4.00%, 12/15/32
 
500
455,176
5.20%, 02/10/33(a)
 
1,258
1,235,129
5.15%, 02/21/34(a)
 
505
492,125
KLA Corp.
 
4.10%, 03/15/29
 
413
410,152
4.65%, 07/15/32
 
440
437,002
4.70%, 02/01/34
 
225
220,911
Lam Research Corp.
 
4.00%, 03/15/29
 
450
446,163
1.90%, 06/15/30
 
551
488,927
Marvell Technology, Inc.
 
2.45%, 04/15/28
 
429
403,981
4.88%, 06/22/28
 
260
261,432
5.75%, 02/15/29
 
260
268,902
2.95%, 04/15/31
 
393
353,048
5.95%, 09/15/33
 
260
269,125
Microchip Technology, Inc.
 
4.90%, 03/15/28
 
302
302,613
5.05%, 03/15/29
 
600
601,224
5.05%, 02/15/30
 
650
647,907
Micron Technology, Inc.
 
4.19%, 02/15/27
 
752
753,328
5.38%, 04/15/28
 
340
347,442
5.33%, 02/06/29
 
363
367,992
6.75%, 11/01/29
 
772
824,614
4.66%, 02/15/30
 
710
699,070
5.30%, 01/15/31
 
603
605,973
2.70%, 04/15/32(a)
 
603
511,353
5.88%, 02/09/33
 
464
473,433
5.88%, 09/15/33
 
600
614,263
Security
 
Par
(000)
Value
Semiconductors & Semiconductor Equipment (continued)
Micron Technology, Inc. (continued)
 
5.80%, 01/15/35
$
643
$ 640,064
NVIDIA Corp.
 
3.20%, 09/16/26
 
829
821,478
1.55%, 06/15/28
 
974
906,765
2.85%, 04/01/30
 
994
939,495
2.00%, 06/15/31
 
773
681,891
NXP BV/NXP Funding LLC, 5.55%, 12/01/28
 
400
409,219
NXP BV/NXP Funding LLC/NXP USA, Inc.
 
3.88%, 06/18/26
 
497
492,516
3.15%, 05/01/27
 
300
292,014
4.40%, 06/01/27
 
400
399,436
4.30%, 06/18/29
 
829
810,223
3.40%, 05/01/30
 
489
453,274
2.50%, 05/11/31
 
661
569,979
2.65%, 02/15/32
 
462
389,077
5.00%, 01/15/33
 
110
106,393
Qorvo, Inc., 4.38%, 10/15/29
 
554
529,863
QUALCOMM, Inc.
 
3.25%, 05/20/27
 
1,163
1,144,233
1.30%, 05/20/28
 
526
484,606
2.15%, 05/20/30
 
774
698,736
1.65%, 05/20/32(a)
 
700
573,258
4.25%, 05/20/32(a)
 
381
372,483
5.40%, 05/20/33
 
500
521,947
Skyworks Solutions, Inc.
 
1.80%, 06/01/26
 
107
103,508
3.00%, 06/01/31
 
223
191,847
Texas Instruments, Inc.
 
1.13%, 09/15/26
 
350
336,854
4.60%, 02/08/27
 
473
478,558
2.90%, 11/03/27
 
306
298,240
4.60%, 02/15/28
 
508
515,599
4.60%, 02/08/29
 
273
277,082
2.25%, 09/04/29
 
562
518,502
1.75%, 05/04/30
 
150
132,658
1.90%, 09/15/31
 
361
312,273
3.65%, 08/16/32
 
200
186,643
4.90%, 03/14/33
 
520
526,128
4.85%, 02/08/34(a)
 
247
248,329
TSMC Arizona Corp.
 
1.75%, 10/25/26
 
650
626,086
3.88%, 04/22/27
 
500
496,175
4.13%, 04/22/29
 
250
247,818
2.50%, 10/25/31
 
910
806,478
4.25%, 04/22/32(a)
 
400
388,990
Xilinx, Inc., 2.38%, 06/01/30
 
428
388,653
 
 
67,412,347
Software — 1.7%
Adobe, Inc.
 
2.15%, 02/01/27(a)
 
598
580,218
4.85%, 04/04/27
 
180
183,198
4.75%, 01/17/28
 
420
429,044
4.80%, 04/04/29
 
609
625,406
4.95%, 01/17/30(a)
 
400
412,634
2.30%, 02/01/30
 
494
454,766
4.95%, 04/04/34
 
609
614,138
5.30%, 01/17/35(a)
 
350
363,259
AppLovin Corp.
 
5.13%, 12/01/29
 
750
756,232
50
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Software (continued)
AppLovin Corp. (continued)
 
5.38%, 12/01/31
$
690
$ 697,179
5.50%, 12/01/34
 
625
624,201
Atlassian Corp.
 
5.25%, 05/15/29
 
200
203,289
5.50%, 05/15/34
 
200
201,171
Autodesk, Inc.
 
3.50%, 06/15/27
 
209
205,807
2.85%, 01/15/30
 
376
350,525
2.40%, 12/15/31
 
637
550,776
Cadence Design Systems, Inc.
 
4.20%, 09/10/27
 
130
129,924
4.30%, 09/10/29
 
525
523,721
4.70%, 09/10/34
 
685
670,148
Concentrix Corp.
 
6.65%, 08/02/26
 
250
254,826
6.60%, 08/02/28(a)
 
500
523,045
6.85%, 08/02/33(a)
 
250
253,454
Electronic Arts, Inc., 1.85%, 02/15/31
 
463
397,842
Intuit, Inc.
 
5.25%, 09/15/26
 
600
608,632
1.35%, 07/15/27
 
281
265,631
5.13%, 09/15/28
 
450
465,298
1.65%, 07/15/30
 
166
144,881
5.20%, 09/15/33
 
700
718,730
Microsoft Corp.
 
2.40%, 08/08/26
 
3,293
3,233,034
3.40%, 09/15/26(a)
 
616
612,593
3.30%, 02/06/27
 
2,458
2,438,033
3.40%, 06/15/27
 
129
128,237
1.35%, 09/15/30
 
247
216,120
3.50%, 02/12/35
 
1,172
1,090,815
Oracle Corp.
 
2.65%, 07/15/26
 
1,497
1,465,477
2.80%, 04/01/27
 
1,407
1,368,649
3.25%, 11/15/27
 
1,620
1,579,009
2.30%, 03/25/28
 
1,238
1,171,148
4.50%, 05/06/28
 
130
130,648
4.80%, 08/03/28
 
300
303,907
4.20%, 09/27/29
 
475
468,093
6.15%, 11/09/29
 
949
1,007,821
2.95%, 04/01/30
 
1,756
1,623,370
4.65%, 05/06/30
 
430
430,735
3.25%, 05/15/30
 
387
362,070
2.88%, 03/25/31
 
2,023
1,821,458
5.25%, 02/03/32
 
660
669,101
6.25%, 11/09/32
 
1,208
1,288,360
4.90%, 02/06/33
 
930
913,620
4.30%, 07/08/34
 
1,200
1,111,787
4.70%, 09/27/34
 
1,950
1,853,412
Roper Technologies, Inc.
 
3.80%, 12/15/26
 
413
408,901
1.40%, 09/15/27
 
579
539,765
4.20%, 09/15/28
 
450
446,362
2.95%, 09/15/29
 
359
335,610
4.50%, 10/15/29(a)
 
955
950,733
2.00%, 06/30/30
 
113
98,928
1.75%, 02/15/31(a)
 
214
180,828
4.75%, 02/15/32
 
300
296,799
4.90%, 10/15/34
 
325
315,152
Salesforce, Inc.
 
3.70%, 04/11/28
 
1,009
1,003,838
Security
 
Par
(000)
Value
Software (continued)
Salesforce, Inc. (continued)
 
1.50%, 07/15/28
$
784
$ 726,182
1.95%, 07/15/31(a)
 
1,121
976,170
ServiceNow, Inc., 1.40%, 09/01/30
 
1,038
890,352
Synopsys, Inc.
 
4.55%, 04/01/27
 
1,000
1,005,559
4.65%, 04/01/28
 
495
500,819
4.85%, 04/01/30
 
1,300
1,314,247
5.00%, 04/01/32
 
1,000
1,006,760
5.15%, 04/01/35
 
585
586,899
Take-Two Interactive Software, Inc.
 
3.70%, 04/14/27
 
305
301,057
4.95%, 03/28/28
 
350
355,990
5.40%, 06/12/29
 
150
153,886
4.00%, 04/14/32
 
473
442,791
5.60%, 06/12/34
 
150
152,509
VMware LLC
 
1.40%, 08/15/26
 
1,277
1,226,261
4.65%, 05/15/27(a)
 
400
400,406
3.90%, 08/21/27
 
1,064
1,047,845
1.80%, 08/15/28
 
500
457,196
4.70%, 05/15/30
 
657
651,313
2.20%, 08/15/31
 
716
608,793
Workday, Inc.
 
3.50%, 04/01/27
 
639
627,725
3.70%, 04/01/29
 
543
525,359
3.80%, 04/01/32
 
821
759,118
 
 
56,789,625
Specialized REITs — 0.3%
CubeSmart LP
 
3.13%, 09/01/26
 
256
250,670
2.25%, 12/15/28
 
469
430,941
4.38%, 02/15/29
 
252
248,820
3.00%, 02/15/30
 
193
178,564
2.00%, 02/15/31(a)
 
413
352,223
2.50%, 02/15/32
 
350
293,781
Extra Space Storage LP
 
3.50%, 07/01/26
 
362
357,703
3.88%, 12/15/27
 
174
171,828
5.70%, 04/01/28
 
382
394,137
3.90%, 04/01/29
 
286
277,041
4.00%, 06/15/29
 
129
125,307
5.50%, 07/01/30
 
556
571,714
2.20%, 10/15/30
 
227
198,400
5.90%, 01/15/31
 
374
389,561
2.55%, 06/01/31
 
355
307,519
2.40%, 10/15/31
 
355
303,326
2.35%, 03/15/32
 
463
384,949
5.40%, 02/01/34
 
295
292,303
5.35%, 01/15/35
 
175
172,188
5.40%, 06/15/35
 
325
319,341
Public Storage Operating Co.
 
1.50%, 11/09/26
 
531
509,593
3.09%, 09/15/27
 
166
161,943
1.85%, 05/01/28
 
374
349,649
1.95%, 11/09/28(a)
 
442
409,008
5.13%, 01/15/29(a)
 
405
417,346
3.39%, 05/01/29
 
366
353,838
2.30%, 05/01/31
 
475
417,784
Schedule of Investments
51
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Specialized REITs (continued)
Public Storage Operating Co. (continued)
 
2.25%, 11/09/31
$
408
$ 352,847
5.10%, 08/01/33(a)
 
460
467,430
 
 
9,459,754
Specialty Retail — 0.3%
AutoZone, Inc.
 
5.05%, 07/15/26(a)
 
352
354,217
3.75%, 06/01/27
 
400
394,811
4.50%, 02/01/28
 
240
241,392
6.25%, 11/01/28(a)
 
200
211,778
3.75%, 04/18/29
 
379
368,550
5.10%, 07/15/29
 
300
306,311
4.00%, 04/15/30(a)
 
560
544,052
5.13%, 06/15/30
 
125
127,717
1.65%, 01/15/31
 
300
253,400
4.75%, 08/01/32(a)
 
410
403,270
4.75%, 02/01/33
 
350
341,680
5.20%, 08/01/33
 
160
159,586
6.55%, 11/01/33
 
300
326,031
5.40%, 07/15/34
 
600
605,859
Dick’s Sporting Goods, Inc., 3.15%, 01/15/32(a)
 
329
288,617
Genuine Parts Co.
 
6.50%, 11/01/28
 
200
211,607
4.95%, 08/15/29
 
475
477,934
1.88%, 11/01/30
 
400
340,136
2.75%, 02/01/32
 
250
214,000
6.88%, 11/01/33(a)
 
200
220,348
O’Reilly Automotive, Inc.
 
5.75%, 11/20/26
 
475
483,992
3.60%, 09/01/27
 
100
98,280
4.35%, 06/01/28
 
279
279,242
3.90%, 06/01/29
 
329
320,867
4.20%, 04/01/30
 
250
245,319
1.75%, 03/15/31(a)
 
362
305,259
4.70%, 06/15/32
 
400
391,839
5.00%, 08/19/34
 
250
244,280
Ross Stores, Inc., 1.88%, 04/15/31
 
379
321,480
Tractor Supply Co.
 
1.75%, 11/01/30
 
501
427,200
5.25%, 05/15/33
 
320
321,128
 
 
9,830,182
Technology Hardware, Storage & Peripherals — 1.2%
Apple, Inc.
 
4.42%, 05/08/26
 
300
300,061
2.45%, 08/04/26
 
1,939
1,905,203
2.05%, 09/11/26
 
1,452
1,416,683
3.35%, 02/09/27
 
1,939
1,922,430
3.20%, 05/11/27
 
1,243
1,228,154
3.00%, 06/20/27
 
600
589,759
2.90%, 09/12/27
 
1,453
1,423,616
3.00%, 11/13/27
 
829
812,281
1.20%, 02/08/28
 
1,489
1,385,914
4.00%, 05/10/28
 
890
896,900
1.40%, 08/05/28
 
1,530
1,414,940
3.25%, 08/08/29
 
400
389,515
2.20%, 09/11/29
 
523
486,061
4.15%, 05/10/30(a)
 
360
365,460
1.65%, 05/11/30
 
1,160
1,031,687
1.25%, 08/20/30
 
999
864,442
1.65%, 02/08/31
 
1,517
1,324,633
1.70%, 08/05/31
 
292
253,200
3.35%, 08/08/32
 
1,240
1,168,533
Security
 
Par
(000)
Value
Technology Hardware, Storage & Peripherals (continued)
Apple, Inc. (continued)
 
4.30%, 05/10/33
$
826
$ 826,109
Dell International LLC/EMC Corp.
 
6.02%, 06/15/26(a)
 
1,499
1,516,559
4.90%, 10/01/26
 
1,025
1,029,297
6.10%, 07/15/27(a)
 
258
266,323
5.25%, 02/01/28
 
450
459,432
4.75%, 04/01/28
 
195
196,554
5.30%, 10/01/29
 
1,036
1,057,158
4.35%, 02/01/30
 
250
245,595
5.00%, 04/01/30
 
1,265
1,272,629
6.20%, 07/15/30(a)
 
450
476,593
5.30%, 04/01/32
 
500
501,182
5.75%, 02/01/33(a)
 
594
614,847
5.40%, 04/15/34(a)
 
600
599,287
4.85%, 02/01/35(a)
 
500
471,229
5.50%, 04/01/35
 
500
490,395
Dell, Inc., 7.10%, 04/15/28(a)
 
329
350,675
Hewlett Packard Enterprise Co.
 
4.45%, 09/25/26
 
625
624,846
4.40%, 09/25/27
 
725
724,542
5.25%, 07/01/28(a)
 
140
142,946
4.55%, 10/15/29
 
783
776,099
4.85%, 10/15/31
 
751
742,449
5.00%, 10/15/34
 
1,090
1,052,288
HP, Inc.
 
1.45%, 06/17/26
 
318
306,586
3.00%, 06/17/27(a)
 
712
689,162
4.75%, 01/15/28
 
522
523,947
4.00%, 04/15/29
 
704
682,803
5.40%, 04/25/30
 
200
201,911
3.40%, 06/17/30(a)
 
310
286,491
2.65%, 06/17/31
 
529
458,273
4.20%, 04/15/32
 
477
445,900
5.50%, 01/15/33(a)
 
650
646,828
6.10%, 04/25/35
 
200
202,236
NetApp, Inc.
 
2.38%, 06/22/27
 
400
381,416
2.70%, 06/22/30
 
400
359,896
5.50%, 03/17/32
 
325
328,340
5.70%, 03/17/35
 
305
306,482
Teledyne FLIR LLC, 2.50%, 08/01/30
 
226
201,386
Western Digital Corp.
 
2.85%, 02/01/29
 
226
206,245
3.10%, 02/01/32
 
145
123,658
 
 
39,968,066
Textiles, Apparel & Luxury Goods — 0.1%
NIKE, Inc.
 
2.38%, 11/01/26
 
732
713,941
2.75%, 03/27/27
 
619
604,144
2.85%, 03/27/30
 
999
934,228
Ralph Lauren Corp., 2.95%, 06/15/30
 
350
323,493
Tapestry, Inc.
 
5.10%, 03/11/30
 
225
225,813
3.05%, 03/15/32(a)
 
200
172,785
5.50%, 03/11/35(a)
 
453
441,399
 
 
3,415,803
Tobacco — 0.9%
Altria Group, Inc.
 
2.63%, 09/16/26
 
209
203,836
4.88%, 02/04/28(a)
 
120
121,355
6.20%, 11/01/28
 
231
243,745
52
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Tobacco (continued)
Altria Group, Inc. (continued)
 
4.80%, 02/14/29
$
837
$ 841,417
3.40%, 05/06/30
 
625
587,880
2.45%, 02/04/32
 
1,019
863,911
6.88%, 11/01/33
 
418
460,140
5.63%, 02/06/35
 
351
354,497
BAT Capital Corp.
 
3.22%, 09/06/26
 
829
815,301
4.70%, 04/02/27
 
695
697,922
3.56%, 08/15/27
 
1,173
1,151,340
2.26%, 03/25/28
 
596
560,432
3.46%, 09/06/29
 
328
312,158
4.91%, 04/02/30
 
824
828,254
6.34%, 08/02/30
 
600
641,273
5.83%, 02/20/31
 
456
474,884
2.73%, 03/25/31
 
723
642,078
4.74%, 03/16/32
 
742
723,849
5.35%, 08/15/32
 
450
452,568
7.75%, 10/19/32
 
340
388,801
6.42%, 08/02/33(a)
 
822
879,623
6.00%, 02/20/34
 
485
507,110
5.63%, 08/15/35
 
450
452,203
BAT International Finance PLC
 
4.45%, 03/16/28
 
772
772,162
5.93%, 02/02/29
 
600
627,712
Philip Morris International, Inc.
 
0.88%, 05/01/26
 
300
290,239
4.75%, 02/12/27
 
300
303,205
3.13%, 08/17/27
 
579
566,716
4.38%, 11/01/27(a)
 
400
401,833
5.13%, 11/17/27
 
1,040
1,062,125
4.88%, 02/15/28(a)
 
314
319,601
3.13%, 03/02/28
 
250
242,989
4.13%, 04/28/28
 
390
389,393
5.25%, 09/07/28
 
875
901,584
4.88%, 02/13/29(a)
 
900
914,007
3.38%, 08/15/29
 
800
768,181
4.63%, 11/01/29
 
400
403,043
5.63%, 11/17/29
 
667
699,696
5.13%, 02/15/30
 
1,000
1,026,357
4.38%, 04/30/30
 
325
323,459
2.10%, 05/01/30
 
659
588,083
5.50%, 09/07/30
 
443
462,886
1.75%, 11/01/30
 
343
296,862
5.13%, 02/13/31
 
752
770,390
4.75%, 11/01/31
 
500
501,081
5.75%, 11/17/32
 
901
944,638
5.38%, 02/15/33
 
1,150
1,177,355
5.63%, 09/07/33
 
575
597,232
5.25%, 02/13/34
 
600
606,093
4.90%, 11/01/34(a)
 
400
394,242
4.88%, 04/30/35
 
260
254,915
 
 
29,810,656
Transportation Infrastructure — 0.3%
CH Robinson Worldwide, Inc., 4.20%, 04/15/28
 
350
347,165
Federal Express Corp. Pass-Through Trusts,
Series 2020-1, Class AA, 1.88%, 08/20/35
 
377
317,805
FedEx Corp.
 
3.10%, 08/05/29
 
829
780,270
4.25%, 05/15/30
 
563
552,256
2.40%, 05/15/31(a)
 
716
626,007
Security
 
Par
(000)
Value
Transportation Infrastructure (continued)
FedEx Corp. (continued)
 
2.40%, 05/15/31(a)(d)
$
472
$ 407,262
Ryder System, Inc.
 
1.75%, 09/01/26
 
404
389,148
2.90%, 12/01/26
 
161
156,891
2.85%, 03/01/27
 
503
487,735
5.30%, 03/15/27
 
145
146,945
4.30%, 06/15/27
 
110
109,338
5.65%, 03/01/28(a)
 
200
205,934
5.25%, 06/01/28
 
400
408,699
6.30%, 12/01/28
 
100
105,361
5.38%, 03/15/29
 
300
307,382
5.50%, 06/01/29
 
215
220,730
4.95%, 09/01/29
 
105
105,807
4.90%, 12/01/29
 
280
280,992
5.00%, 03/15/30
 
160
161,301
06/15/30(b)
 
250
250,659
6.60%, 12/01/33(a)
 
370
400,082
United Parcel Service, Inc.
 
2.40%, 11/15/26
 
359
350,171
3.05%, 11/15/27
 
701
684,293
3.40%, 03/15/29
 
350
339,768
2.50%, 09/01/29
 
280
260,248
4.45%, 04/01/30
 
350
352,525
4.88%, 03/03/33(a)
 
376
377,753
5.15%, 05/22/34
 
500
506,958
 
 
9,639,485
Water Utilities — 0.1%
American Water Capital Corp.
 
2.95%, 09/01/27
 
413
401,368
3.75%, 09/01/28(a)
 
393
386,451
3.45%, 06/01/29
 
313
301,715
2.80%, 05/01/30
 
254
233,909
2.30%, 06/01/31
 
401
349,590
4.45%, 06/01/32
 
430
418,583
5.15%, 03/01/34
 
475
477,799
5.25%, 03/01/35
 
575
578,460
Essential Utilities, Inc.
 
4.80%, 08/15/27
 
400
402,863
3.57%, 05/01/29
 
50
47,836
2.70%, 04/15/30
 
300
273,085
2.40%, 05/01/31
 
129
112,563
5.38%, 01/15/34
 
400
401,084
United Utilities PLC, 6.88%, 08/15/28
 
200
213,488
 
 
4,598,794
Wireless Telecommunication Services — 0.9%
America Movil SAB de C.V.
 
3.63%, 04/22/29
 
516
498,461
2.88%, 05/07/30
 
582
535,087
4.70%, 07/21/32
 
350
343,304
6.38%, 03/01/35
 
592
638,488
Orange SA, 9.00%, 03/01/31
 
1,213
1,474,243
Rogers Communications, Inc.
 
2.90%, 11/15/26
 
179
174,572
3.20%, 03/15/27
 
1,049
1,025,984
5.00%, 02/15/29
 
992
1,000,390
3.80%, 03/15/32
 
1,246
1,139,403
5.30%, 02/15/34
 
800
789,220
T-Mobile USA, Inc.
 
3.75%, 04/15/27
 
2,883
2,852,183
4.75%, 02/01/28
 
700
700,507
Schedule of Investments
53
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Wireless Telecommunication Services (continued)
T-Mobile USA, Inc. (continued)
 
2.05%, 02/15/28
$
1,365
$ 1,283,512
4.95%, 03/15/28
 
720
731,049
4.80%, 07/15/28
 
722
729,292
4.85%, 01/15/29
 
410
414,330
2.63%, 02/15/29
 
700
652,325
2.40%, 03/15/29
 
250
231,001
3.38%, 04/15/29
 
1,500
1,430,320
4.20%, 10/01/29(a)
 
525
518,610
3.88%, 04/15/30
 
3,616
3,490,425
2.55%, 02/15/31
 
1,541
1,365,973
2.88%, 02/15/31
 
700
630,718
3.50%, 04/15/31
 
1,766
1,641,336
2.25%, 11/15/31
 
786
674,822
2.70%, 03/15/32
 
625
542,688
5.13%, 05/15/32
 
310
313,543
5.20%, 01/15/33
 
302
303,508
5.05%, 07/15/33
 
1,585
1,574,648
5.75%, 01/15/34
 
455
473,065
5.15%, 04/15/34(a)
 
570
570,562
4.70%, 01/15/35(a)
 
425
407,819
5.30%, 05/15/35
 
1,100
1,104,541
Vodafone Group PLC
 
4.38%, 05/30/28(a)
 
189
191,692
7.88%, 02/15/30
 
220
252,930
6.25%, 11/30/32
 
227
244,907
 
 
30,945,458
Total Corporate Bonds — 88.9%
(Cost: $2,930,925,638)
2,915,412,190
Foreign Agency Obligations
Canada — 1.5%
Canada Government International Bond
 
0.75%, 05/19/26
 
1,200
1,162,208
3.75%, 04/26/28(a)
 
1,600
1,606,027
4.63%, 04/30/29
 
1,800
1,861,526
4.00%, 03/18/30
 
2,400
2,424,535
Export Development Canada
 
4.38%, 06/29/26
 
1,100
1,106,711
3.00%, 05/25/27
 
1,100
1,083,517
3.88%, 02/14/28
 
1,600
1,608,759
4.13%, 02/13/29
 
2,400
2,433,210
4.75%, 06/05/34
 
700
726,394
Hydro-Quebec, Series HK, 9.38%, 04/15/30
 
300
368,221
Province of Alberta Canada
 
3.30%, 03/15/28
 
409
403,602
4.50%, 06/26/29
 
1,000
1,024,194
1.30%, 07/22/30(a)
 
159
138,800
4.50%, 01/24/34
 
1,000
996,978
Province of British Columbia Canada
 
2.25%, 06/02/26
 
829
814,345
0.90%, 07/20/26
 
859
828,724
4.70%, 01/24/28(a)
 
2,500
2,557,482
4.80%, 11/15/28
 
1,200
1,237,859
4.90%, 04/24/29
 
1,500
1,555,600
1.30%, 01/29/31
 
100
85,949
4.20%, 07/06/33
 
1,200
1,176,038
4.75%, 06/12/34
 
1,500
1,517,879
Province of Manitoba Canada
 
4.30%, 07/27/33
 
600
591,235
Security
 
Par
(000)
Value
Canada (continued)
Province of Manitoba Canada (continued)
 
4.90%, 05/31/34
$
650
$ 665,645
Series HB, 1.50%, 10/25/28
 
159
147,007
Province of New Brunswick Canada, 3.63%,
02/24/28
 
179
177,616
Province of Ontario Canada
 
3.10%, 05/19/27(a)
 
800
788,273
1.05%, 05/21/27(a)
 
829
784,160
4.20%, 01/18/29(a)
 
1,800
1,820,454
3.70%, 09/17/29
 
1,300
1,286,546
2.00%, 10/02/29
 
329
303,331
4.70%, 01/15/30
 
2,000
2,061,387
1.13%, 10/07/30
 
459
394,667
1.60%, 02/25/31
 
659
575,404
2.13%, 01/21/32
 
1,000
877,291
5.05%, 04/24/34
 
900
932,639
Province of Quebec Canada
 
2.75%, 04/12/27
 
1,659
1,625,425
3.63%, 04/13/28
 
1,500
1,492,663
4.50%, 04/03/29
 
2,200
2,249,304
1.35%, 05/28/30
 
259
227,671
1.90%, 04/21/31
 
600
531,364
4.50%, 09/08/33
 
800
799,398
4.25%, 09/05/34
 
1,300
1,267,723
Series PD, 7.50%, 09/15/29
 
900
1,026,174
 
 
47,343,935
Chile — 0.2%
Chile Government International Bond
 
2.75%, 01/31/27
 
800
777,407
3.24%, 02/06/28
 
982
951,583
4.85%, 01/22/29
 
700
709,543
2.45%, 01/31/31
 
983
872,740
2.55%, 01/27/32
 
1,078
935,234
2.55%, 07/27/33
 
1,500
1,256,658
3.50%, 01/31/34
 
800
715,423
 
 
6,218,588
Indonesia — 0.3%
Indonesia Government International Bond
 
4.15%, 09/20/27(a)
 
600
597,698
3.50%, 01/11/28
 
810
793,328
4.10%, 04/24/28(a)
 
478
476,650
4.75%, 02/11/29
 
478
482,387
4.40%, 03/10/29
 
400
398,843
5.25%, 01/15/30
 
400
409,216
2.85%, 02/14/30
 
810
747,214
3.85%, 10/15/30(a)
 
1,310
1,253,789
1.85%, 03/12/31
 
800
680,206
2.15%, 07/28/31(a)
 
600
514,068
3.55%, 03/31/32(a)
 
700
642,714
4.65%, 09/20/32
 
800
781,757
4.85%, 01/11/33(a)
 
650
642,176
4.70%, 02/10/34
 
400
388,426
4.75%, 09/10/34(a)
 
800
776,687
5.60%, 01/15/35(a)
 
750
773,009
 
 
10,358,168
Israel — 0.3%
Israel Government International Bond
 
Series 10Y, 3.25%, 01/17/28
 
982
943,000
Series 10Y, 2.75%, 07/03/30
 
858
761,256
Series 10Y, 4.50%, 01/17/33(a)
 
1,150
1,075,116
Series 10Y, 5.50%, 03/12/34
 
1,700
1,684,762
54
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Israel (continued)
Israel Government International Bond (continued)
 
Series 10Y, 5.63%, 02/19/35
$
1,500
$ 1,491,105
Series 5Y, 5.38%, 03/12/29
 
1,300
1,320,892
Series 5Y, 5.38%, 02/19/30
 
1,700
1,715,732
State of Israel, Series 10Y, 2.50%, 01/15/30(a)
 
710
633,913
 
 
9,625,776
Italy — 0.0%
Republic of Italy Government International Bond,
Series 10Y, 2.88%, 10/17/29
 
883
828,441
Japan — 0.5%
Japan Bank for International Cooperation
 
1.88%, 07/21/26
 
800
780,569
2.25%, 11/04/26
 
1,500
1,463,749
2.88%, 06/01/27
 
976
955,484
2.88%, 07/21/27
 
900
881,473
4.63%, 07/22/27
 
1,000
1,016,417
2.75%, 11/16/27
 
1,200
1,168,629
3.25%, 07/20/28(a)
 
610
599,419
4.88%, 10/18/28
 
500
517,081
3.50%, 10/31/28(a)
 
900
890,048
2.13%, 02/16/29
 
900
843,494
2.00%, 10/17/29
 
476
437,680
1.25%, 01/21/31
 
1,010
865,785
4.38%, 01/24/31
 
600
609,273
1.88%, 04/15/31
 
1,636
1,446,773
4.63%, 04/17/34
 
600
609,689
Japan International Cooperation Agency
 
2.13%, 10/20/26
 
300
292,032
2.75%, 04/27/27
 
800
780,962
3.25%, 05/25/27
 
500
492,129
4.00%, 05/23/28
 
1,000
1,003,290
4.75%, 05/21/29
 
800
823,243
 
 
16,477,219
Mexico — 0.5%
Mexico Government International Bond
 
4.15%, 03/28/27
 
1,028
1,018,799
3.75%, 01/11/28
 
578
564,097
5.40%, 02/09/28
 
900
914,960
4.50%, 04/22/29
 
1,353
1,324,105
5.00%, 05/07/29
 
600
598,179
3.25%, 04/16/30
 
1,139
1,036,748
6.00%, 05/13/30
 
1,200
1,233,454
2.66%, 05/24/31
 
2,310
1,963,337
8.30%, 08/15/31
 
600
701,302
4.75%, 04/27/32
 
1,639
1,534,198
7.50%, 04/08/33
 
500
546,905
4.88%, 05/19/33
 
1,300
1,195,503
3.50%, 02/12/34
 
1,900
1,554,672
6.75%, 09/27/34
 
900
933,207
6.35%, 02/09/35
 
1,800
1,788,908
 
 
16,908,374
Panama — 0.2%
Panama Government International Bond
 
8.88%, 09/30/27(a)
 
600
649,631
3.88%, 03/17/28
 
833
797,111
9.38%, 04/01/29
 
500
557,726
3.16%, 01/23/30
 
978
857,863
7.50%, 03/01/31
 
600
625,241
2.25%, 09/29/32
 
1,500
1,099,995
Security
 
Par
(000)
Value
Panama (continued)
Panama Government International Bond (continued)
 
3.30%, 01/19/33
$
600
$ 470,937
6.40%, 02/14/35
 
1,300
1,229,956
 
 
6,288,460
Peru — 0.2%
Peruvian Government International Bond
 
4.13%, 08/25/27(a)
 
180
179,581
2.84%, 06/20/30
 
282
255,758
2.78%, 01/23/31
 
2,159
1,915,568
1.86%, 12/01/32(a)
 
620
489,149
8.75%, 11/21/33
 
1,300
1,581,003
3.00%, 01/15/34
 
1,450
1,210,995
5.38%, 02/08/35
 
750
739,599
 
 
6,371,653
Philippines — 0.4%
Philippines Government International Bond
 
5.17%, 10/13/27
 
600
610,692
3.00%, 02/01/28
 
1,378
1,330,888
4.63%, 07/17/28(a)
 
300
302,570
3.75%, 01/14/29
 
989
966,401
9.50%, 02/02/30
 
1,100
1,330,804
4.38%, 03/05/30(a)
 
400
399,084
2.46%, 05/05/30
 
710
647,217
7.75%, 01/14/31
 
1,243
1,440,111
1.65%, 06/10/31
 
828
697,767
1.95%, 01/06/32(a)
 
500
420,212
6.38%, 01/15/32
 
600
648,962
3.56%, 09/29/32
 
400
366,011
5.61%, 04/13/33
 
400
415,530
5.00%, 07/17/33
 
900
899,789
5.25%, 05/14/34
 
600
608,417
6.38%, 10/23/34(a)
 
1,000
1,091,588
5.50%, 02/04/35
 
650
669,945
4.75%, 03/05/35
 
800
778,542
 
 
13,624,530
Poland — 0.3%
Republic of Poland Government International Bond
 
5.50%, 11/16/27
 
700
720,950
4.63%, 03/18/29
 
1,000
1,011,232
4.88%, 02/12/30
 
1,800
1,830,473
5.75%, 11/16/32
 
850
894,707
4.88%, 10/04/33
 
1,650
1,634,281
5.13%, 09/18/34(a)
 
1,700
1,695,848
5.38%, 02/12/35
 
1,800
1,822,195
 
 
9,609,686
South Korea — 0.5%
Export-Import Bank of Korea
 
2.63%, 05/26/26
 
478
469,981
1.63%, 01/18/27
 
1,000
958,716
4.25%, 09/15/27
 
400
400,949
5.00%, 01/11/28
 
850
868,542
4.50%, 01/11/29
 
900
907,601
4.00%, 09/11/29(a)
 
700
693,049
4.88%, 01/14/30
 
850
871,609
4.50%, 09/15/32
 
300
294,995
5.13%, 01/11/33
 
1,000
1,022,447
5.13%, 09/18/33
 
300
306,844
4.63%, 01/11/34(a)
 
300
295,856
5.25%, 01/14/35
 
400
413,599
Schedule of Investments
55
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
South Korea (continued)
Korea Development Bank
 
0.80%, 07/19/26
$
400
$ 384,139
2.00%, 09/12/26
 
600
582,752
4.63%, 02/15/27
 
2,000
2,018,182
4.63%, 02/03/28
 
600
607,927
5.38%, 10/23/28
 
300
312,128
4.50%, 02/15/29(a)
 
800
808,351
4.88%, 02/03/30(a)
 
800
819,825
4.25%, 09/08/32
 
200
193,769
4.38%, 02/15/33
 
800
780,369
5.63%, 10/23/33
 
500
529,344
Korea International Bond
 
2.75%, 01/19/27
 
600
588,440
2.50%, 06/19/29
 
700
660,166
4.50%, 07/03/29(a)
 
700
712,436
1.00%, 09/16/30(a)
 
400
342,030
 
 
16,844,046
Supranational — 4.5%
African Development Bank
 
0.88%, 07/22/26
 
950
917,285
4.13%, 02/25/27
 
1,300
1,309,232
4.38%, 11/03/27
 
1,500
1,525,875
3.50%, 09/18/29
 
1,300
1,285,571
4.00%, 03/18/30
 
1,325
1,337,086
Arab Energy Fund, 1.48%, 10/06/26(d)
 
800
766,541
Asian Development Bank
 
4.88%, 05/21/26(a)
 
2,200
2,222,659
2.63%, 01/12/27(a)
 
829
814,407
4.13%, 01/12/27
 
1,800
1,812,373
1.50%, 01/20/27
 
1,400
1,349,089
3.13%, 08/20/27
 
1,800
1,779,518
2.50%, 11/02/27
 
1,559
1,516,841
4.38%, 01/14/28
 
3,000
3,056,859
2.75%, 01/19/28
 
1,020
996,557
5.82%, 06/16/28
 
719
763,117
4.38%, 03/06/29
 
2,500
2,560,756
1.88%, 03/15/29(a)
 
1,500
1,402,017
3.63%, 08/28/29
 
2,300
2,288,750
1.75%, 09/19/29
 
1,659
1,525,128
1.88%, 01/24/30
 
189
173,505
1.50%, 03/04/31
 
1,000
877,013
3.13%, 04/27/32
 
1,000
946,397
3.88%, 09/28/32
 
900
891,436
4.38%, 03/22/35
 
1,975
1,997,771
Asian Infrastructure Investment Bank
 
4.00%, 01/18/28
 
1,000
1,009,172
4.50%, 01/16/30
 
1,475
1,518,975
4.25%, 03/13/34
 
1,000
1,000,293
Corp. Andina de Fomento
 
2.25%, 02/08/27
 
400
387,722
6.00%, 04/26/27
 
1,000
1,036,857
4.13%, 01/07/28
 
650
652,452
Council of Europe Development Bank
 
3.63%, 01/26/28
 
1,000
998,842
4.13%, 01/24/29
 
1,000
1,013,875
4.50%, 01/15/30
 
1,025
1,055,975
European Bank for Reconstruction & Development
 
4.13%, 01/25/29
 
2,000
2,028,741
4.25%, 03/13/34
 
1,000
1,000,676
European Investment Bank
 
0.75%, 10/26/26
 
1,198
1,146,840
Security
 
Par
(000)
Value
Supranational (continued)
European Investment Bank (continued)
 
4.38%, 03/19/27
$
2,800
$ 2,835,587
2.38%, 05/24/27
 
2,903
2,827,719
3.25%, 11/15/27
 
1,000
991,102
1.75%, 03/15/29
 
2,100
1,954,699
4.75%, 06/15/29
 
3,000
3,117,703
1.63%, 10/09/29
 
420
383,931
3.75%, 11/15/29
 
3,200
3,201,144
4.50%, 03/14/30
 
4,270
4,409,678
0.88%, 05/17/30
 
400
347,077
1.25%, 02/14/31
 
2,400
2,079,296
4.38%, 10/10/31
 
2,600
2,661,359
4.13%, 02/13/34
 
2,400
2,387,803
4.63%, 02/12/35(a)
 
1,855
1,916,172
Inter-American Development Bank
 
2.00%, 06/02/26
 
413
405,050
2.00%, 07/23/26
 
1,700
1,663,934
1.50%, 01/13/27
 
1,500
1,445,525
2.38%, 07/07/27
 
829
807,074
1.13%, 07/20/28(a)
 
2,489
2,298,793
3.13%, 09/18/28
 
2,000
1,966,066
2.25%, 06/18/29
 
1,534
1,449,114
3.50%, 09/14/29
 
2,000
1,979,217
4.50%, 02/15/30
 
2,625
2,708,103
1.13%, 01/13/31
 
2,073
1,785,223
3.63%, 09/17/31
 
1,300
1,274,232
4.38%, 07/17/34
 
1,400
1,413,691
Inter-American Investment Corp.
 
4.13%, 02/15/28
 
500
505,315
4.25%, 02/14/29
 
900
914,183
4.25%, 04/01/30
 
700
710,947
International Bank for Reconstruction & Development
 
0.88%, 07/15/26
 
850
821,320
1.88%, 10/27/26
 
1,720
1,674,147
3.13%, 06/15/27
 
2,000
1,977,399
2.50%, 11/22/27(a)
 
1,659
1,613,365
0.75%, 11/24/27
 
3,000
2,789,853
1.38%, 04/20/28
 
2,903
2,719,002
1.13%, 09/13/28
 
3,650
3,358,409
3.63%, 09/21/29
 
2,000
1,989,705
3.88%, 10/16/29
 
2,700
2,713,462
1.75%, 10/23/29
 
2,389
2,193,194
4.13%, 03/20/30
 
2,170
2,203,818
0.88%, 05/14/30
 
3,000
2,602,039
0.75%, 08/26/30
 
1,800
1,536,326
1.25%, 02/10/31
 
2,150
1,860,916
4.50%, 04/10/31
 
1,900
1,963,171
1.63%, 11/03/31(a)
 
3,200
2,769,380
4.63%, 01/15/32
 
3,530
3,657,471
2.50%, 03/29/32
 
2,000
1,817,128
3.88%, 08/28/34
 
2,100
2,044,940
4.75%, 02/15/35
 
300
311,218
International Finance Corp.
 
0.75%, 10/08/26
 
1,659
1,590,959
4.50%, 01/21/28
 
1,000
1,022,360
4.25%, 07/02/29
 
1,400
1,427,495
0.75%, 08/27/30
 
359
306,559
Nordic Investment Bank
 
3.38%, 09/08/27
 
300
298,139
56
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Supranational (continued)
Nordic Investment Bank (continued)
 
4.38%, 03/14/28
$
900
$ 917,547
4.25%, 02/28/29
 
1,000
1,019,121
 
 
146,604,383
Sweden — 0.1%
Svensk Exportkredit AB
 
2.25%, 03/22/27
 
500
485,730
3.75%, 09/13/27
 
1,000
1,000,909
4.25%, 02/01/29
 
1,000
1,015,434
4.88%, 10/04/30
 
700
730,876
 
 
3,232,949
Uruguay — 0.1%
Uruguay Government International Bond
 
4.38%, 10/27/27(a)
 
829
829,625
4.38%, 01/23/31
 
1,323
1,308,870
5.75%, 10/28/34
 
1,400
1,462,332
 
 
3,600,827
Total Foreign Agency Obligations — 9.6%
(Cost: $315,924,616)
313,937,035
Municipal Bonds
California — 0.2%
California Earthquake Authority, RB, Series A, 5.60%,
07/01/27
 
250
252,505
Regents of the University of California Medical Center
Pooled Revenue, RB, Series Q, 4.13%, 05/15/32
 
200
194,181
State of California, GO, BAB, 7.50%, 04/01/34
 
1,700
1,972,616
State of California, Refunding GO
 
3.50%, 04/01/28
 
285
281,390
2.50%, 10/01/29
 
530
496,397
4.88%, 09/01/30
 
500
515,655
5.75%, 10/01/31
 
150
161,694
6.00%, 03/01/33
 
325
354,085
4.50%, 04/01/33
 
765
762,617
5.10%, 09/01/35
 
330
334,483
University of California, RB
 
Series BD, 3.35%, 07/01/29(a)
 
460
446,350
Series BG, 1.61%, 05/15/30
 
820
721,856
 
 
6,493,829
Connecticut — 0.0%
State of Connecticut, GO, Series A, 5.85%, 03/15/32
 
490
526,189
Florida — 0.1%
State Board of Administration Finance Corp., RB
 
Series A, 1.71%, 07/01/27(a)
 
371
351,959
Series A, 2.15%, 07/01/30
 
795
707,289
Series A, 5.53%, 07/01/34(a)
 
650
663,998
 
 
1,723,246
Illinois — 0.1%
State of Illinois, GO, 5.10%, 06/01/33(a)
 
4,283
4,280,530
Security
 
Par
(000)
Value
Louisiana — 0.0%
Louisiana Local Government Environmental Facilities
& Community Development Authority, RB
 
Class A-1, 3.62%, 02/01/29
$
258
$ 255,488
Class A-1, 5.08%, 06/01/31
 
159
161,761
 
 
417,249
Massachusetts — 0.0%
Commonwealth of Massachusetts, RB, Series A,
Sustainability Bonds, 3.77%, 07/15/29
 
320
315,983
Massachusetts School Building Authority, Refunding
RB, Series B, Sustainability Bonds, 1.75%,
08/15/30
 
425
383,865
 
 
699,848
New Jersey — 0.1%
New Jersey Economic Development Authority, RB,
Series A, (NPFGC), 7.43%, 02/15/29
 
1,201
1,268,364
New York — 0.0%
City of New York, GO, BAB, Series A-2, 5.21%,
10/01/31
 
235
236,976
Port Authority of New York & New Jersey, RB,
Series 159, 6.04%, 12/01/29
 
125
133,732
 
 
370,708
Oregon — 0.0%
Oregon School Boards Association, GOL, Series B,
(NATL), 5.55%, 06/30/28
 
244
247,830
State of Oregon, GO, 5.89%, 06/01/27
 
481
489,314
 
 
737,144
Tennessee — 0.0%
Metropolitan Government Nashville & Davidson
County Health & Educational cilities Board, RB,
Series B, 4.05%, 07/01/26
 
288
286,843
Texas — 0.0%
Texas Department of Transportation State Highway
Fund, RB, Series B, 5.18%, 04/01/30
 
490
500,704
Wisconsin — 0.0%
State of Wisconsin, Refunding RB, Series C, 3.15%,
05/01/27(f)
 
230
226,034
Total Municipal Bonds — 0.5%
(Cost: $17,773,870)
17,530,688
Preferred Securities
Capital Trust — 0.0%
Electric Utilities — 0.0%
American Electric Power Co., Inc., 3.88%, 02/15/62(c)
 
329
309,975
Total Preferred Securities — 0.0%
(Cost: $329,000)
309,975
Total Long-Term Investments — 99.0%
(Cost: $3,264,953,124)
3,247,189,888
 
Schedule of Investments
57
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 8.3%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.46%(g)(h)(i)
 
272,722,155
$   272,831,244
Total Short-Term Securities — 8.3%
(Cost: $272,770,358)
272,831,244
Total Investments — 107.3%
(Cost: $3,537,723,482)
3,520,021,132
Liabilities in Excess of Other Assets — (7.3)%
(240,052,735
)
Net Assets — 100.0%
$ 3,279,968,397
 
(a)
All or a portion of this security is on loan.
(b)
When-issued security.
(c)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(d)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(e)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently
in effect.
(f)
Security is collateralized by municipal bonds or U.S. Treasury obligations.
(g)
Affiliate of the Fund.
(h)
Annualized 7-day yield as of period end.
(i)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 257,392,262
$ 15,528,450
(a)
$ —
$ (15,460
)
$ (74,008
)
$ 272,831,244
272,722,155
$ 1,427,252
(b)
$ —
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Corporate Bonds
$ —
$ 2,915,412,190
$ —
$ 2,915,412,190
Foreign Agency Obligations
—
313,937,035
—
313,937,035
Municipal Bonds
—
17,530,688
—
17,530,688
Preferred Securities
Capital Trust
—
309,975
—
309,975
Short-Term Securities 
Money Market Funds
272,831,244
—
—
272,831,244
 
$272,831,244
$3,247,189,888
$—
$3,520,021,132
See notes to financial statements.
58
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
April 30, 2025
iShares U.S. Intermediate Government Bond Index Fund
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Corporate Bonds
Financial Services — 0.1%
Private Export Funding Corp., Series RR, 4.30%,
12/15/28
$
5,000
$     5,054,587
Total Corporate Bonds — 0.1%
(Cost: $5,029,572)
5,054,587
U.S. Government Sponsored Agency Securities
Agency Obligations — 1.4%
Fannie Mae
 
0.50%, 06/17/25
 
16,605
16,523,304
0.88%, 12/18/26 - 08/05/30(a)
 
7,019
6,138,760
6.25%, 05/15/29
 
4,441
4,866,962
7.13%, 01/15/30
 
8,302
9,500,231
7.25%, 05/15/30(a)
 
17,063
19,760,746
6.63%, 11/15/30
 
96
109,036
Federal Farm Credit Banks Funding Corp.
 
4.75%, 09/01/26
 
1,000
1,012,987
4.00%, 04/01/30
 
500
505,463
Federal Home Loan Banks
 
3.13%, 06/13/25
 
7,930
7,917,218
2.13%, 09/14/29
 
5,000
4,664,023
Federal Home Loan Mortgage Corp.
 
0.38%, 07/21/25
 
243
240,840
6.75%, 03/15/31
 
2,323
2,665,132
6.25%, 07/15/32
 
15,000
17,023,558
Tennessee Valley Authority
 
1.50%, 09/15/31
 
130
110,803
4.38%, 08/01/34(a)
 
3,000
2,991,171
 
 
94,030,234
Total U.S. Government Sponsored Agency Securities — 1.4%
(Cost: $97,913,427)
94,030,234
U.S. Treasury Obligations
U.S. Treasury Bonds
 
6.75%, 08/15/26
 
6,225
6,453,088
6.63%, 02/15/27
 
2,903
3,055,634
6.38%, 08/15/27
 
4,000
4,237,813
5.25%, 11/15/28 - 02/15/29
 
11,621
12,247,183
6.13%, 08/15/29
 
6,225
6,816,861
6.25%, 05/15/30
 
1,700
1,892,047
5.38%, 02/15/31
 
4,979
5,369,540
U.S. Treasury Notes
 
1.63%, 05/15/26 - 05/15/31(a)
 
160,953
149,718,682
3.63%, 05/15/26 - 09/30/31
 
170,302
169,586,023
0.75%, 05/31/26 - 01/31/28
 
108,047
103,840,491
2.13%, 05/31/26
 
10,900
10,699,031
4.88%, 05/31/26 - 10/31/30
 
105,200
108,434,305
4.13%, 06/15/26 - 11/15/32
 
676,421
684,572,402
0.88%, 06/30/26 - 11/15/30
 
87,003
79,231,820
1.88%, 06/30/26 - 02/15/32(a)
 
160,959
148,264,775
4.63%, 06/30/26 - 02/15/35(a)
 
355,691
365,810,889
Security
 
Par
(000)
Value
U.S. Treasury Obligations (continued)
U.S. Treasury Notes (continued)
 
4.50%, 07/15/26 - 11/15/33
$
267,678
$ 274,249,954
0.63%, 07/31/26 - 08/15/30
 
217,463
195,414,123
4.38%, 07/31/26 - 05/15/34
 
392,592
400,149,282
1.50%, 08/15/26 - 02/15/30
 
67,043
63,687,590
1.38%, 08/31/26 - 11/15/31
 
149,150
133,517,158
3.75%, 08/31/26 - 08/31/31
 
294,974
295,237,903
3.50%, 09/30/26 - 02/15/33
 
242,859
239,877,948
1.13%, 10/31/26 - 02/15/31(a)
 
180,946
166,300,292
2.00%, 11/15/26
 
23,954
23,344,857
1.25%, 11/30/26 - 08/15/31
 
329,238
303,484,425
4.25%, 11/30/26 - 11/15/34(a)
 
501,235
508,919,256
4.00%, 01/15/27 - 02/15/34(a)
 
496,020
500,019,197
3.88%, 03/31/27 - 08/15/34(a)
 
434,460
434,270,110
0.50%, 04/30/27 - 10/31/27
 
132,700
124,018,703
2.75%, 04/30/27 - 08/15/32
 
196,853
189,970,258
2.38%, 05/15/27 - 05/15/29
 
69,806
67,075,183
2.63%, 05/31/27 - 07/31/29
 
81,135
78,590,461
3.25%, 06/30/27 - 06/30/29
 
29,500
29,059,805
0.38%, 07/31/27 - 09/30/27
 
54,314
50,397,615
2.25%, 08/15/27 - 11/15/27
 
60,135
58,277,678
3.13%, 08/31/27 - 08/31/29
 
68,684
67,623,773
3.38%, 09/15/27 - 05/15/33
 
89,086
86,282,484
2.88%, 05/15/28 - 05/15/32
 
143,220
138,154,479
1.00%, 07/31/28
 
33,214
30,580,234
1.75%, 01/31/29 - 11/15/29
 
36,000
33,550,313
Total U.S. Treasury Obligations — 97.7%
(Cost: $6,422,441,194)
6,352,283,665
Total Long-Term Investments — 99.2%
(Cost: $6,525,384,193)
6,451,368,486
  
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 2.9%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.46%(b)(c)(d)
 
187,580,268
187,655,300
Total Short-Term Securities — 2.9%
(Cost: $187,653,190)
187,655,300
Total Investments — 102.1%
(Cost: $6,713,037,383)
6,639,023,786
Liabilities in Excess of Other Assets — (2.1)%
(136,543,880
)
Net Assets — 100.0%
$ 6,502,479,906
 
(a)
All or a portion of this security is on loan.
(b)
Affiliate of the Fund.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Schedule of Investments
59
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Intermediate Government Bond Index Fund
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 344,392,526
$ —
$ (156,542,506
)(a)
$ (149,536
)
$ (45,184
)
$ 187,655,300
187,580,268
$ 498,532
(b)
$ —
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Corporate Bonds
$ —
$ 5,054,587
$ —
$ 5,054,587
U.S. Government Sponsored Agency Securities
—
94,030,234
—
94,030,234
U.S. Treasury Obligations
—
6,352,283,665
—
6,352,283,665
Short-Term Securities 
Money Market Funds
187,655,300
—
—
187,655,300
 
$187,655,300
$6,451,368,486
$—
$6,639,023,786
See notes to financial statements.
60
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Corporate Bonds
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc.
 
3.38%, 03/01/41
$
539
$ 389,709
5.40%, 10/01/48
 
300
271,982
 
 
661,691
Aerospace & Defense — 2.6%
Boeing Co.
 
6.63%, 02/15/38
 
200
210,055
3.55%, 03/01/38
 
650
502,223
3.50%, 03/01/39
 
350
264,631
6.88%, 03/15/39(a)
 
450
482,973
5.88%, 02/15/40
 
500
488,339
5.71%, 05/01/40
 
2,259
2,194,803
3.38%, 06/15/46
 
463
306,317
3.65%, 03/01/47
 
250
168,621
3.63%, 03/01/48
 
620
409,351
3.85%, 11/01/48
 
324
223,433
3.90%, 05/01/49
 
770
538,678
3.75%, 02/01/50(a)
 
1,097
760,675
5.81%, 05/01/50
 
5,513
5,169,385
6.86%, 05/01/54
 
2,150
2,295,806
3.83%, 03/01/59
 
300
192,663
3.95%, 08/01/59
 
725
482,326
5.93%, 05/01/60
 
2,348
2,174,960
7.01%, 05/01/64
 
1,510
1,611,138
GE Capital International Funding Co. Unlimited Co.,
4.42%, 11/15/35
 
900
856,715
General Dynamics Corp.
 
4.25%, 04/01/40
 
829
733,560
2.85%, 06/01/41
 
297
213,228
3.60%, 11/15/42
 
550
434,489
4.25%, 04/01/50
 
363
301,287
General Electric Co.
 
5.88%, 01/14/38
 
900
947,276
6.88%, 01/10/39(a)
 
450
518,992
4.50%, 03/11/44
 
600
520,705
4.35%, 05/01/50
 
450
371,988
Howmet Aerospace, Inc., 5.95%, 02/01/37(a)
 
600
625,767
L3Harris Technologies, Inc.
 
6.15%, 12/15/40
 
270
283,964
5.05%, 04/27/45
 
458
418,874
5.60%, 07/31/53(a)
 
515
494,990
5.50%, 08/15/54
 
680
642,312
Lockheed Martin Corp.
 
4.50%, 05/15/36
 
351
333,712
5.72%, 06/01/40
 
300
310,432
4.07%, 12/15/42
 
1,261
1,045,237
3.80%, 03/01/45
 
1,268
991,501
4.70%, 05/15/46
 
1,370
1,211,378
2.80%, 06/15/50
 
675
416,905
4.09%, 09/15/52
 
1,563
1,210,117
4.15%, 06/15/53
 
560
436,333
5.70%, 11/15/54
 
1,125
1,122,371
5.20%, 02/15/55
 
460
427,124
4.30%, 06/15/62
 
660
513,764
5.90%, 11/15/63
 
875
890,223
5.20%, 02/15/64
 
480
435,812
Series B, 6.15%, 09/01/36
 
475
517,899
Northrop Grumman Corp.
 
5.15%, 05/01/40(a)
 
500
480,119
5.05%, 11/15/40
 
300
282,939
Security
 
Par
(000)
Value
Aerospace & Defense (continued)
Northrop Grumman Corp. (continued)
 
4.75%, 06/01/43
$
824
$ 731,334
3.85%, 04/15/45
 
625
483,992
4.03%, 10/15/47
 
2,475
1,932,456
5.25%, 05/01/50(a)
 
979
904,164
4.95%, 03/15/53
 
370
326,445
5.20%, 06/01/54
 
1,300
1,191,865
RTX Corp.
 
5.40%, 05/01/35(a)
 
800
813,139
6.05%, 06/01/36
 
300
317,999
6.13%, 07/15/38
 
550
583,082
4.45%, 11/16/38
 
1,013
919,102
5.70%, 04/15/40(a)
 
600
621,250
4.88%, 10/15/40
 
563
520,990
4.70%, 12/15/41
 
426
377,173
4.50%, 06/01/42
 
2,874
2,497,781
4.80%, 12/15/43
 
350
310,830
4.15%, 05/15/45
 
813
653,782
3.75%, 11/01/46
 
1,120
836,891
4.35%, 04/15/47
 
629
515,195
4.05%, 05/04/47
 
738
575,891
4.63%, 11/16/48
 
1,936
1,635,570
3.13%, 07/01/50(a)
 
653
422,258
2.82%, 09/01/51(a)
 
763
458,968
3.03%, 03/15/52(a)
 
1,300
813,989
5.38%, 02/27/53(a)
 
190
178,646
6.40%, 03/15/54
 
1,855
1,993,429
 
 
57,082,611
Automobile Components — 0.1%
Aptiv Swiss Holdings Ltd.
 
4.40%, 10/01/46
 
163
120,969
5.40%, 03/15/49
 
350
291,331
3.10%, 12/01/51
 
1,428
808,379
4.15%, 05/01/52
 
1,063
724,096
5.75%, 09/13/54
 
300
257,298
BorgWarner, Inc., 4.38%, 03/15/45
 
400
318,794
Lear Corp.
 
5.25%, 05/15/49(a)
 
463
386,013
3.55%, 01/15/52
 
376
234,667
 
 
3,141,547
Automobiles — 0.4%
Cummins, Inc.
 
4.88%, 10/01/43
 
275
255,388
2.60%, 09/01/50
 
613
359,486
5.45%, 02/20/54(a)
 
785
746,907
Ford Motor Co.
 
4.75%, 01/15/43
 
1,650
1,233,473
7.40%, 11/01/46
 
175
174,260
5.29%, 12/08/46(a)
 
1,200
939,708
General Motors Co.
 
6.60%, 04/01/36
 
1,063
1,091,734
5.15%, 04/01/38
 
1,013
910,000
6.25%, 10/02/43
 
1,063
1,002,631
5.20%, 04/01/45
 
1,254
1,031,216
6.75%, 04/01/46
 
617
608,518
5.40%, 04/01/48(a)
 
807
672,944
5.95%, 04/01/49
 
363
324,061
 
 
9,350,326
Banks — 7.4%
Bank of America Corp.
 
6.11%, 01/29/37
 
2,000
2,067,961
Schedule of Investments
61
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Bank of America Corp. (continued)
 
7.75%, 05/14/38
$
950
$ 1,113,909
5.88%, 02/07/42
 
1,661
1,710,470
5.00%, 01/21/44
 
1,436
1,328,679
4.88%, 04/01/44
 
429
388,581
(1-day SOFR + 1.56%), 2.97%, 07/21/52(b)
 
1,305
822,210
(1-day SOFR + 1.58%), 3.31%, 04/22/42(b)
 
3,739
2,800,254
(1-day SOFR + 1.88%), 2.83%, 10/24/51(b)
 
1,125
686,850
(1-day SOFR + 1.93%), 2.68%, 06/19/41(b)
 
3,989
2,825,570
(3-mo. CME Term SOFR + 1.45%), 3.95%,
01/23/49(b)
 
1,296
990,092
(3-mo. CME Term SOFR + 1.58%), 4.08%,
04/23/40(b)
 
1,729
1,479,506
(3-mo. CME Term SOFR + 1.78%), 4.33%,
03/15/50(b)
 
2,059
1,666,096
(3-mo. CME Term SOFR + 2.08%), 4.24%,
04/24/38(b)
 
2,293
2,048,320
(3-mo. CME Term SOFR + 2.25%), 4.44%,
01/20/48(b)
 
2,053
1,716,057
(3-mo. CME Term SOFR + 3.41%), 4.08%,
03/20/51(b)
 
4,385
3,383,143
Series L, 4.75%, 04/21/45(a)
 
350
306,342
Series N, (1-day SOFR + 1.65%), 3.48%,
03/13/52(b)
 
1,116
778,083
Bank of America N.A., Series BKNT, 6.00%, 10/15/36
 
1,200
1,241,336
Barclays PLC
 
5.25%, 08/17/45(a)
 
1,475
1,383,449
4.95%, 01/10/47
 
1,078
950,757
(1-day SOFR + 2.42%), 6.04%, 03/12/55(b)
 
900
891,322
(1-year CMT + 1.30%), 3.33%, 11/24/42(b)
 
728
519,806
(1-year CMT + 1.70%), 3.81%, 03/10/42(b)
 
950
725,838
Citigroup, Inc.
 
6.13%, 08/25/36
 
300
305,438
8.13%, 07/15/39
 
675
832,220
5.88%, 01/30/42
 
1,123
1,136,445
6.68%, 09/13/43
 
738
778,877
5.30%, 05/06/44
 
763
696,627
4.65%, 07/30/45
 
1,670
1,437,404
4.75%, 05/18/46
 
2,118
1,756,692
4.65%, 07/23/48
 
1,468
1,234,539
(1-day SOFR + 1.38%), 2.90%, 11/03/42(b)
 
1,108
764,084
(1-day SOFR + 1.75%), 5.61%, 03/04/56(b)
 
2,250
2,150,657
(1-day SOFR + 4.55%), 5.32%, 03/26/41(b)
 
1,640
1,571,617
(3-mo. CME Term SOFR + 1.43%), 3.88%,
01/24/39(b)
 
625
524,538
(3-mo. CME Term SOFR + 2.10%), 4.28%,
04/24/48(b)
 
1,054
841,633
Cooperatieve Rabobank UA
 
5.75%, 12/01/43
 
1,300
1,260,375
5.25%, 08/04/45
 
947
867,879
Series BKNT, 5.25%, 05/24/41
 
1,149
1,110,073
Fifth Third Bancorp, 8.25%, 03/01/38
 
475
559,118
Goldman Sachs Group, Inc.
 
6.45%, 05/01/36
 
650
684,171
6.75%, 10/01/37
 
5,474
5,884,015
6.25%, 02/01/41
 
2,354
2,454,457
4.80%, 07/08/44
 
1,861
1,627,116
5.15%, 05/22/45
 
2,243
1,984,715
4.75%, 10/21/45
 
1,125
975,031
(1-day SOFR + 1.47%), 2.91%, 07/21/42(b)
 
1,634
1,134,435
(1-day SOFR + 1.51%), 3.21%, 04/22/42(b)
 
779
566,851
(1-day SOFR + 1.58%), 5.56%, 11/19/45(b)
 
2,300
2,213,289
(1-day SOFR + 1.63%), 3.44%, 02/24/43(b)
 
2,154
1,597,995
Security
 
Par
(000)
Value
Banks (continued)
Goldman Sachs Group, Inc. (continued)
 
(1-day SOFR + 1.70%), 5.73%, 01/28/56(b)
$
2,020
$ 1,968,848
(3-mo. CME Term SOFR + 1.63%), 4.02%,
10/31/38(b)
 
2,309
1,964,338
(3-mo. CME Term SOFR + 1.69%), 4.41%,
04/23/39(b)
 
1,404
1,233,945
HSBC Bank USA NA, Series BKNT, 7.00%, 01/15/39
 
511
578,095
HSBC Holdings PLC
 
6.50%, 05/02/36
 
1,928
2,024,483
6.50%, 09/15/37
 
2,265
2,374,181
6.80%, 06/01/38
 
1,250
1,356,363
6.10%, 01/14/42(a)
 
1,029
1,083,137
5.25%, 03/14/44
 
1,418
1,316,776
(1-day SOFR + 2.65%), 6.33%, 03/09/44(b)
 
2,215
2,329,633
JPMorgan Chase & Co.
 
6.40%, 05/15/38
 
2,561
2,814,684
5.50%, 10/15/40
 
1,259
1,266,817
5.60%, 07/15/41
 
604
609,808
5.40%, 01/06/42
 
1,329
1,315,900
5.63%, 08/16/43
 
1,413
1,402,543
4.85%, 02/01/44
 
1,026
940,608
4.95%, 06/01/45
 
1,636
1,485,952
(1-day SOFR + 1.46%), 3.16%, 04/22/42(b)
 
1,108
825,938
(1-day SOFR + 1.55%), 5.53%, 11/29/45(b)
 
1,390
1,365,701
(1-day SOFR + 1.58%), 3.33%, 04/22/52(b)
 
2,441
1,676,303
(1-day SOFR + 2.44%), 3.11%, 04/22/51(b)
 
2,709
1,782,693
(3-mo. CME Term SOFR + 1.48%), 3.90%,
01/23/49(b)
 
1,850
1,430,831
(3-mo. CME Term SOFR + 1.51%), 2.53%,
11/19/41(b)
 
2,493
1,724,084
(3-mo. CME Term SOFR + 1.62%), 3.88%,
07/24/38(b)
 
2,300
1,989,128
(3-mo. CME Term SOFR + 1.64%), 3.96%,
11/15/48(b)
 
3,473
2,712,346
(3-mo. CME Term SOFR + 1.72%), 4.03%,
07/24/48(b)
 
1,763
1,393,238
(3-mo. CME Term SOFR + 1.84%), 4.26%,
02/22/48(b)
 
1,404
1,150,991
(3-mo. CME Term SOFR + 2.46%), 3.11%,
04/22/41(b)
 
1,261
951,929
Lloyds Banking Group PLC
 
5.30%, 12/01/45(a)
 
621
557,439
4.34%, 01/09/48
 
1,151
883,455
(5-year CMT + 1.50%), 3.37%, 12/14/46(a)(b)
 
1,000
697,398
Mitsubishi UFJ Financial Group, Inc.
 
4.29%, 07/26/38(a)
 
238
215,727
4.15%, 03/07/39(a)
 
400
356,074
3.75%, 07/18/39
 
1,232
1,039,508
Morgan Stanley
 
3.97%, 07/22/38(b)
 
2,479
2,132,514
6.38%, 07/24/42
 
99
106,070
4.30%, 01/27/45
 
2,129
1,763,946
4.38%, 01/22/47
 
2,450
2,037,732
(1-day SOFR + 1.43%), 2.80%, 01/25/52(b)
 
2,664
1,610,557
(1-day SOFR + 1.49%), 3.22%, 04/22/42(b)
 
2,550
1,878,446
(1-day SOFR + 1.71%), 5.52%, 11/19/55(b)
 
2,425
2,317,431
(1-day SOFR + 4.84%), 5.60%, 03/24/51(b)
 
954
924,418
(3-mo. CME Term SOFR + 1.69%), 4.46%,
04/22/39(b)
 
2,089
1,903,434
Regions Bank, Series BKNT, 6.45%, 06/26/37
 
450
454,828
Regions Financial Corp., 7.38%, 12/10/37
 
100
110,444
Sumitomo Mitsui Financial Group, Inc.
 
2.30%, 01/12/41
 
500
333,192
62
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Sumitomo Mitsui Financial Group, Inc. (continued)
 
2.93%, 09/17/41(a)
$
1,055
$ 752,157
3.05%, 01/14/42
 
850
626,133
6.18%, 07/13/43(a)
 
675
711,231
5.84%, 07/09/44
 
800
799,380
UBS AG, 4.50%, 06/26/48
 
925
777,688
UBS Group AG, 4.88%, 05/15/45
 
1,757
1,544,116
Wachovia Corp., 5.50%, 08/01/35
 
1,300
1,301,164
Wells Fargo & Co.
 
5.38%, 11/02/43
 
1,095
1,010,812
5.61%, 01/15/44
 
2,617
2,467,005
4.65%, 11/04/44
 
1,300
1,085,057
3.90%, 05/01/45
 
2,328
1,812,796
4.90%, 11/17/45
 
1,618
1,378,522
4.40%, 06/14/46
 
2,106
1,671,912
4.75%, 12/07/46
 
2,300
1,901,276
(1-day SOFR + 2.13%), 4.61%, 04/25/53(b)
 
3,606
2,988,373
(1-day SOFR + 2.53%), 3.07%, 04/30/41(b)
 
2,759
2,027,336
(3-mo. CME Term SOFR + 4.50%), 5.01%,
04/04/51(b)
 
3,607
3,167,925
Wells Fargo Bank NA
 
5.95%, 08/26/36
 
325
335,268
Series BKNT, 5.85%, 02/01/37
 
1,050
1,077,202
Series BKNT, 6.60%, 01/15/38
 
1,200
1,310,736
Westpac Banking Corp.
 
4.42%, 07/24/39(a)
 
729
648,209
2.96%, 11/16/40
 
925
671,384
3.13%, 11/18/41
 
701
494,421
 
 
161,726,931
Beverages — 2.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev
Worldwide, Inc.
 
4.70%, 02/01/36
 
5,403
5,225,355
4.90%, 02/01/46
 
7,863
7,161,448
Anheuser-Busch InBev Finance, Inc.
 
4.70%, 02/01/36(a)
 
600
579,626
4.63%, 02/01/44
 
413
367,451
4.90%, 02/01/46(a)
 
1,538
1,389,056
Anheuser-Busch InBev Worldwide, Inc.
 
5.88%, 06/15/35
 
300
321,287
4.38%, 04/15/38
 
479
437,705
8.20%, 01/15/39
 
1,253
1,590,757
5.45%, 01/23/39
 
1,829
1,851,715
4.95%, 01/15/42
 
1,288
1,198,451
4.60%, 04/15/48
 
650
570,255
4.44%, 10/06/48
 
3,048
2,568,709
5.55%, 01/23/49
 
3,089
3,056,085
4.75%, 04/15/58
 
1,775
1,530,090
5.80%, 01/23/59
 
1,229
1,243,845
Brown-Forman Corp.
 
4.00%, 04/15/38
 
413
360,122
4.50%, 07/15/45
 
550
474,677
Coca-Cola Co.
 
2.50%, 06/01/40
 
979
705,426
2.88%, 05/05/41
 
663
489,518
4.20%, 03/25/50
 
450
366,399
2.60%, 06/01/50
 
1,104
674,444
3.00%, 03/05/51
 
1,170
774,304
2.50%, 03/15/51
 
2,013
1,191,536
5.30%, 05/13/54
 
975
942,427
5.20%, 01/14/55
 
1,525
1,451,302
2.75%, 06/01/60(a)
 
1,550
902,663
Security
 
Par
(000)
Value
Beverages (continued)
Coca-Cola Co. (continued)
 
5.40%, 05/13/64
$
1,030
$ 994,254
Coca-Cola Femsa SAB de CV, 5.25%, 11/26/43(a)
 
400
381,024
Constellation Brands, Inc.
 
4.50%, 05/09/47
 
550
446,412
4.10%, 02/15/48
 
363
274,998
5.25%, 11/15/48
 
250
223,185
3.75%, 05/01/50(a)
 
313
221,444
Diageo Capital PLC
 
5.88%, 09/30/36
 
400
424,781
3.88%, 04/29/43(a)
 
731
572,659
Diageo Investment Corp., 4.25%, 05/11/42
 
163
135,220
Keurig Dr. Pepper, Inc.
 
4.50%, 11/15/45
 
600
497,001
4.42%, 12/15/46
 
113
91,015
5.09%, 05/25/48
 
250
218,427
3.80%, 05/01/50
 
738
535,129
3.35%, 03/15/51
 
563
371,309
4.50%, 04/15/52(a)
 
938
763,782
Molson Coors Beverage Co.
 
5.00%, 05/01/42
 
725
657,789
4.20%, 07/15/46
 
1,518
1,210,601
PepsiCo, Inc.
 
5.50%, 01/15/40(a)
 
250
258,093
3.50%, 03/19/40
 
250
203,706
4.88%, 11/01/40
 
250
239,193
2.63%, 10/21/41
 
163
114,138
4.00%, 03/05/42
 
200
166,952
3.60%, 08/13/42
 
400
316,139
4.25%, 10/22/44(a)
 
250
215,288
4.45%, 04/14/46
 
850
738,320
3.45%, 10/06/46
 
716
531,520
4.00%, 05/02/47
 
450
364,711
3.38%, 07/29/49
 
400
284,659
2.88%, 10/15/49
 
613
396,939
3.63%, 03/19/50
 
1,229
914,771
2.75%, 10/21/51(a)
 
743
461,202
4.20%, 07/18/52
 
375
304,750
4.65%, 02/15/53
 
500
436,138
5.25%, 07/17/54(a)
 
800
772,668
3.88%, 03/19/60
 
275
205,022
 
 
52,367,892
Biotechnology — 1.9%
Amgen, Inc.
 
6.38%, 06/01/37
 
400
434,871
6.40%, 02/01/39
 
300
321,386
3.15%, 02/21/40
 
1,854
1,400,906
5.75%, 03/15/40
 
350
351,666
2.80%, 08/15/41
 
1,411
994,615
4.95%, 10/01/41
 
650
591,385
5.15%, 11/15/41
 
663
611,326
5.65%, 06/15/42
 
350
341,692
5.60%, 03/02/43
 
2,375
2,312,396
4.40%, 05/01/45
 
2,470
2,059,894
4.56%, 06/15/48
 
1,038
859,887
3.38%, 02/21/50
 
2,029
1,384,417
4.66%, 06/15/51
 
2,828
2,358,702
3.00%, 01/15/52(a)
 
985
614,802
4.20%, 02/22/52
 
1,210
932,172
4.88%, 03/01/53(a)
 
400
342,456
5.65%, 03/02/53
 
4,525
4,337,297
2.77%, 09/01/53
 
1,379
795,196
Schedule of Investments
63
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Biotechnology (continued)
Amgen, Inc. (continued)
 
4.40%, 02/22/62
$
975
$ 741,973
5.75%, 03/02/63
 
1,520
1,448,172
Baxalta, Inc., 5.25%, 06/23/45
 
302
278,499
Biogen, Inc.
 
5.20%, 09/15/45
 
850
747,625
3.15%, 05/01/50(a)
 
1,687
1,026,813
3.25%, 02/15/51(a)
 
461
287,091
Gilead Sciences, Inc.
 
5.10%, 06/15/35
 
1,475
1,480,086
4.60%, 09/01/35
 
1,219
1,172,421
4.00%, 09/01/36
 
750
675,619
2.60%, 10/01/40(a)
 
730
516,720
5.65%, 12/01/41
 
619
619,340
4.80%, 04/01/44
 
1,786
1,601,285
4.50%, 02/01/45
 
1,753
1,506,294
4.75%, 03/01/46
 
2,318
2,039,920
4.15%, 03/01/47
 
1,303
1,056,803
2.80%, 10/01/50(a)
 
1,594
989,024
5.55%, 10/15/53(a)
 
1,050
1,021,554
5.50%, 11/15/54
 
750
727,949
5.60%, 11/15/64
 
150
144,651
Regeneron Pharmaceuticals, Inc., 2.80%, 09/15/50
 
691
395,290
Royalty Pharma PLC
 
3.30%, 09/02/40
 
1,054
772,093
3.55%, 09/02/50(a)
 
650
425,848
3.35%, 09/02/51
 
513
318,362
5.90%, 09/02/54
 
225
212,155
 
 
41,250,653
Broadline Retail — 0.0%
TJX Cos., Inc., 4.50%, 04/15/50(a)
 
513
445,510
Building Materials — 0.5%
Carrier Global Corp.
 
3.38%, 04/05/40
 
1,679
1,310,202
3.58%, 04/05/50
 
1,517
1,087,859
6.20%, 03/15/54(a)
 
311
326,230
CRH America Finance, Inc., 5.88%, 01/09/55
 
370
365,453
Fortune Brands Innovations, Inc., 4.50%, 03/25/52
 
413
321,277
Johnson Controls International PLC
 
6.00%, 01/15/36
 
300
315,996
4.63%, 07/02/44
 
370
314,007
4.50%, 02/15/47
 
453
371,763
4.95%, 07/02/64(c)
 
290
238,368
Lafarge SA, 7.13%, 07/15/36
 
225
252,566
Martin Marietta Materials, Inc.
 
4.25%, 12/15/47
 
613
486,651
3.20%, 07/15/51(a)
 
125
79,899
5.50%, 12/01/54
 
895
833,122
Masco Corp.
 
4.50%, 05/15/47(a)
 
350
277,635
3.13%, 02/15/51
 
197
121,514
Owens Corning
 
7.00%, 12/01/36
 
500
557,764
4.30%, 07/15/47
 
650
512,592
4.40%, 01/30/48
 
329
261,552
5.95%, 06/15/54(a)
 
385
378,648
Trane Technologies Financing Ltd.
 
4.65%, 11/01/44
 
300
259,483
4.50%, 03/21/49
 
213
174,510
Trane Technologies Global Holding Co. Ltd.
 
5.75%, 06/15/43
 
450
449,915
Security
 
Par
(000)
Value
Building Materials (continued)
Trane Technologies Global Holding Co.
Ltd. (continued)
 
4.30%, 02/21/48
$
238
$ 190,770
Vulcan Materials Co.
 
4.50%, 06/15/47
 
713
588,865
4.70%, 03/01/48
 
550
466,406
5.70%, 12/01/54
 
600
574,326
 
 
11,117,373
Building Products — 1.3%
Home Depot, Inc.
 
5.88%, 12/16/36
 
2,300
2,447,235
3.30%, 04/15/40
 
1,411
1,116,009
5.40%, 09/15/40
 
463
463,538
5.95%, 04/01/41
 
938
981,110
4.20%, 04/01/43
 
945
794,773
4.88%, 02/15/44
 
650
593,279
4.40%, 03/15/45
 
1,036
881,595
4.25%, 04/01/46
 
1,129
935,140
3.90%, 06/15/47
 
1,094
851,054
4.50%, 12/06/48
 
729
616,991
3.13%, 12/15/49
 
1,396
928,614
3.35%, 04/15/50
 
1,298
898,192
2.38%, 03/15/51
 
1,695
948,654
2.75%, 09/15/51(a)
 
1,038
629,274
3.63%, 04/15/52
 
1,108
797,380
4.95%, 09/15/52
 
1,055
949,154
5.30%, 06/25/54
 
1,005
953,008
3.50%, 09/15/56
 
1,200
825,787
5.40%, 06/25/64
 
740
700,861
Lowe’s Cos., Inc.
 
5.50%, 10/15/35
 
400
408,965
5.00%, 04/15/40
 
329
306,440
2.80%, 09/15/41
 
1,213
821,414
4.65%, 04/15/42
 
200
171,910
4.38%, 09/15/45
 
429
345,544
3.70%, 04/15/46
 
900
652,978
4.05%, 05/03/47
 
1,579
1,200,241
4.55%, 04/05/49
 
550
439,920
5.13%, 04/15/50
 
500
437,713
3.00%, 10/15/50
 
1,919
1,169,329
3.50%, 04/01/51(a)
 
829
554,786
4.25%, 04/01/52
 
1,658
1,263,133
5.63%, 04/15/53
 
1,095
1,027,229
5.75%, 07/01/53(a)
 
555
530,636
4.45%, 04/01/62
 
450
341,587
5.80%, 09/15/62
 
700
662,077
5.85%, 04/01/63
 
375
357,031
 
 
28,002,581
Capital Markets — 0.3%
Apollo Global Management, Inc., 5.80%, 05/21/54
 
650
621,347
Ares Management Corp., 5.60%, 10/11/54
 
550
502,292
Blue Owl Finance LLC, 4.13%, 10/07/51(a)
 
300
202,601
CI Financial Corp., 4.10%, 06/15/51(a)
 
400
273,815
Franklin Resources, Inc., 2.95%, 08/12/51
 
325
196,892
Invesco Finance PLC, 5.38%, 11/30/43
 
513
473,014
Jefferies Financial Group, Inc., 6.25%, 01/15/36
 
950
965,462
Legg Mason, Inc., 5.63%, 01/15/44
 
616
591,548
Raymond James Financial, Inc.
 
4.95%, 07/15/46
 
713
630,131
3.75%, 04/01/51(a)
 
575
408,171
64
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Capital Markets (continued)
Voya Financial, Inc.
 
5.70%, 07/15/43
$
413
$ 393,443
4.80%, 06/15/46
 
305
258,993
 
 
5,517,709
Chemicals — 1.4%
Air Products and Chemicals, Inc.
 
2.70%, 05/15/40
 
1,033
745,422
2.80%, 05/15/50
 
684
430,555
Albemarle Corp.
 
5.45%, 12/01/44
 
375
303,796
5.65%, 06/01/52(a)
 
100
80,689
CF Industries, Inc.
 
4.95%, 06/01/43
 
663
565,444
5.38%, 03/15/44
 
688
618,308
Dow Chemical Co.
 
9.40%, 05/15/39
 
629
802,171
5.25%, 11/15/41
 
826
733,892
4.38%, 11/15/42
 
863
679,589
4.63%, 10/01/44
 
50
39,953
5.55%, 11/30/48
 
829
739,983
4.80%, 05/15/49
 
129
102,583
3.60%, 11/15/50
 
1,663
1,088,771
6.90%, 05/15/53(a)
 
550
575,548
5.60%, 02/15/54
 
650
574,666
5.95%, 03/15/55
 
550
510,941
DuPont de Nemours, Inc.
 
5.32%, 11/15/38
 
838
857,984
5.42%, 11/15/48
 
2,318
2,263,183
Eastman Chemical Co.
 
4.80%, 09/01/42
 
663
565,525
4.65%, 10/15/44
 
629
516,834
Ecolab, Inc.
 
3.95%, 12/01/47
 
700
555,442
2.13%, 08/15/50
 
810
433,693
2.70%, 12/15/51
 
616
369,588
2.75%, 08/18/55
 
300
177,522
FMC Corp.(a)
 
4.50%, 10/01/49
 
607
436,059
6.38%, 05/18/53
 
270
247,539
International Flavors & Fragrances, Inc.
 
4.38%, 06/01/47
 
688
520,720
5.00%, 09/26/48(a)
 
363
302,259
Linde, Inc.
 
3.55%, 11/07/42
 
725
565,972
2.00%, 08/10/50
 
333
172,200
LYB International Finance BV
 
5.25%, 07/15/43
 
700
608,832
4.88%, 03/15/44
 
838
692,372
LYB International Finance III LLC
 
3.38%, 10/01/40
 
741
532,007
4.20%, 10/15/49
 
1,166
835,294
4.20%, 05/01/50
 
763
547,987
3.63%, 04/01/51(a)
 
1,253
809,253
3.80%, 10/01/60
 
155
96,508
LyondellBasell Industries NV, 4.63%, 02/26/55(a)
 
745
565,621
Mosaic Co.
 
4.88%, 11/15/41
 
300
264,221
5.63%, 11/15/43(a)
 
420
398,746
Nutrien Ltd.
 
5.88%, 12/01/36
 
660
675,238
5.63%, 12/01/40
 
400
392,561
6.13%, 01/15/41
 
350
355,184
Security
 
Par
(000)
Value
Chemicals (continued)
Nutrien Ltd. (continued)
 
4.90%, 06/01/43
$
213
$ 189,735
5.25%, 01/15/45
 
220
200,425
5.00%, 04/01/49
 
520
456,003
3.95%, 05/13/50
 
513
375,538
5.80%, 03/27/53(a)
 
810
785,848
RPM International, Inc.
 
5.25%, 06/01/45
 
163
150,903
4.25%, 01/15/48(a)
 
400
327,405
Sherwin-Williams Co.
 
4.55%, 08/01/45
 
500
413,663
4.50%, 06/01/47
 
1,104
915,616
3.80%, 08/15/49
 
577
415,245
3.30%, 05/15/50
 
200
132,189
2.90%, 03/15/52
 
325
193,819
Westlake Corp.
 
2.88%, 08/15/41
 
295
193,823
5.00%, 08/15/46(a)
 
820
697,567
4.38%, 11/15/47
 
265
202,950
3.13%, 08/15/51
 
520
313,593
3.38%, 08/15/61(a)
 
470
273,462
 
 
29,588,439
Commercial Services & Supplies — 1.4%
American University, Series 2019, 3.67%, 04/01/49
 
111
82,243
Brown University, 2.92%, 09/01/50
 
610
400,443
California Endowment, Series 2021, 2.50%, 04/01/51
 
300
176,144
California Institute of Technology
 
4.70%, 11/01/2111
 
350
282,177
3.65%, 09/01/2119
 
1,229
763,936
Case Western Reserve University, Series 2022-C,
5.41%, 06/01/2122
 
279
256,117
Claremont Mckenna College, 3.78%, 01/01/2122
 
100
64,024
Duke University
 
Series 2020, 2.68%, 10/01/44
 
125
88,579
Series 2020, 2.83%, 10/01/55
 
1,280
791,791
Emory University, Series 2020, 2.97%, 09/01/50
 
288
186,274
Ford Foundation, Series 2020, 2.82%, 06/01/70
 
620
339,127
GATX Corp.
 
5.50%, 06/15/35
 
400
396,405
5.20%, 03/15/44
 
150
134,070
3.10%, 06/01/51
 
400
244,464
6.05%, 06/05/54(a)
 
745
722,000
George Washington University
 
4.87%, 09/15/45(a)
 
251
228,447
Series 2014, 4.30%, 09/15/44
 
163
137,608
Series 2018, 4.13%, 09/15/48
 
606
481,885
Georgetown University
 
Series 20A, 2.94%, 04/01/50(a)
 
102
66,195
Series B, 4.32%, 04/01/49
 
225
183,048
Global Payments, Inc.
 
4.15%, 08/15/49
 
543
387,261
5.95%, 08/15/52(a)
 
685
627,108
Howard University, Series 22A, 5.21%, 10/01/52
 
64
56,392
Johns Hopkins University
 
Series 2013, 4.08%, 07/01/53
 
225
177,524
Series A, 2.81%, 01/01/60(a)
 
150
85,376
Leland Stanford Junior University
 
3.65%, 05/01/48
 
695
532,464
2.41%, 06/01/50
 
600
352,186
Massachusetts Institute of Technology
 
3.96%, 07/01/38
 
1,967
1,787,198
3.07%, 04/01/52
 
130
86,578
Schedule of Investments
65
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
Massachusetts Institute of Technology (continued)
 
5.60%, 07/01/2111
$
488
$ 485,127
4.68%, 07/01/2114
 
275
226,870
3.89%, 07/01/2116
 
300
204,444
Series F, 2.99%, 07/01/50
 
116
76,912
Series G, 2.29%, 07/01/51
 
101
56,824
Moody’s Corp.
 
2.75%, 08/19/41
 
697
479,716
5.25%, 07/15/44
 
600
560,777
4.88%, 12/17/48
 
300
260,590
3.25%, 05/20/50
 
364
240,658
3.75%, 02/25/52
 
316
232,512
3.10%, 11/29/61(a)
 
384
233,639
Northeastern University, Series 2020, 2.89%,
10/01/50
 
275
178,995
Northwestern University
 
4.94%, 12/01/35
 
550
551,645
Series 2017, 3.66%, 12/01/57
 
1,000
723,039
PayPal Holdings, Inc.
 
3.25%, 06/01/50(a)
 
1,175
780,036
5.05%, 06/01/52(a)
 
830
740,522
5.50%, 06/01/54
 
100
94,578
5.25%, 06/01/62
 
255
227,821
President and Fellows of Harvard College
 
4.88%, 10/15/40(a)
 
200
194,536
3.15%, 07/15/46
 
1,513
1,071,356
2.52%, 10/15/50(a)
 
133
79,264
3.75%, 11/15/52
 
100
75,712
3.30%, 07/15/56
 
579
393,551
Quanta Services, Inc., 3.05%, 10/01/41
 
151
104,582
Rockefeller Foundation, Series 2020, 2.49%,
10/01/50
 
704
415,459
S&P Global, Inc.
 
3.25%, 12/01/49
 
545
378,582
3.70%, 03/01/52
 
849
633,727
2.30%, 08/15/60
 
763
385,944
3.90%, 03/01/62
 
225
165,774
Thomas Jefferson University, 3.85%, 11/01/57
 
43
30,047
TR Finance LLC
 
5.50%, 08/15/35
 
350
350,947
5.85%, 04/15/40
 
500
510,793
5.65%, 11/23/43
 
279
263,577
Trustees of Boston College, 3.13%, 07/01/52(a)
 
413
276,902
Trustees of Columbia University in the City of New
York, Series 2024, 4.36%, 10/01/35(a)
 
270
257,796
Trustees of Princeton University
 
5.70%, 03/01/39
 
263
283,003
4.20%, 03/01/52(a)
 
1,000
835,458
Series 2020, 2.52%, 07/01/50(a)
 
346
211,884
Trustees of the University of Pennsylvania
 
3.61%, 02/15/2119
 
228
147,179
Series 2020, 2.40%, 10/01/50
 
674
390,287
University of Chicago
 
4.00%, 10/01/53
 
100
77,994
Series C, 2.55%, 04/01/50(a)
 
164
104,826
University of Miami, Series 2022, 4.06%, 04/01/52
 
500
387,586
University of Notre Dame du Lac
 
Series 2015, 3.44%, 02/15/45
 
400
303,210
Series 2017, 3.39%, 02/15/48
 
278
204,371
University of Southern California
 
3.03%, 10/01/39
 
780
627,497
2.81%, 10/01/50
 
63
39,638
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
University of Southern California (continued)
 
4.98%, 10/01/53(a)
$
365
$ 336,446
5.25%, 10/01/2111(a)
 
175
161,007
Series 2017, 3.84%, 10/01/47
 
1,000
788,278
Series 2021A, 2.95%, 10/01/51
 
983
627,945
Series A, 3.23%, 10/01/2120
 
61
34,658
Verisk Analytics, Inc.
 
5.50%, 06/15/45
 
300
287,248
3.63%, 05/15/50
 
372
260,268
Washington University
 
4.35%, 04/15/2122
 
129
97,346
Series 2022, 3.52%, 04/15/54(a)
 
1,450
1,039,318
William Marsh Rice University
 
3.57%, 05/15/45
 
375
296,666
3.77%, 05/15/55
 
265
198,946
Yale University, Series 2020, 2.40%, 04/15/50(a)
 
113
66,448
 
 
29,867,825
Communications Equipment — 0.0%
Juniper Networks, Inc., 5.95%, 03/15/41
 
413
406,776
Motorola Solutions, Inc., 5.50%, 09/01/44(a)
 
300
289,096
 
 
695,872
Consumer Finance — 0.4%
American Express Co., 4.05%, 12/03/42
 
825
687,967
Mastercard, Inc.
 
3.80%, 11/21/46
 
650
515,017
3.95%, 02/26/48
 
550
439,477
3.65%, 06/01/49
 
313
236,447
3.85%, 03/26/50
 
1,444
1,128,815
2.95%, 03/15/51
 
404
264,434
Visa, Inc.
 
4.15%, 12/14/35
 
1,213
1,154,571
2.70%, 04/15/40
 
729
548,209
4.30%, 12/14/45
 
2,700
2,321,278
3.65%, 09/15/47
 
776
594,094
2.00%, 08/15/50(a)
 
1,436
778,029
Western Union Co., 6.20%, 11/17/36(a)
 
433
435,110
 
 
9,103,448
Consumer Staples Distribution & Retail — 0.7%
Dollar General Corp.(a)
 
4.13%, 04/03/50
 
254
184,860
5.50%, 11/01/52
 
300
269,079
Dollar Tree, Inc., 3.38%, 12/01/51
 
429
260,679
Target Corp.
 
6.50%, 10/15/37
 
400
444,124
7.00%, 01/15/38
 
455
520,017
4.00%, 07/01/42(a)
 
1,100
918,141
3.63%, 04/15/46
 
452
334,747
3.90%, 11/15/47
 
138
106,322
2.95%, 01/15/52(a)
 
625
391,470
4.80%, 01/15/53(a)
 
1,025
899,615
Walmart, Inc.
 
5.25%, 09/01/35(a)
 
925
965,063
6.50%, 08/15/37
 
1,000
1,140,399
6.20%, 04/15/38
 
650
724,244
3.95%, 06/28/38
 
200
181,818
5.63%, 04/01/40(a)
 
359
382,198
5.00%, 10/25/40
 
350
346,311
5.63%, 04/15/41
 
575
601,990
2.50%, 09/22/41
 
1,004
702,705
4.00%, 04/11/43
 
175
148,121
4.30%, 04/22/44
 
300
261,777
66
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Consumer Staples Distribution & Retail (continued)
Walmart, Inc. (continued)
 
3.63%, 12/15/47
$
250
$ 191,144
4.05%, 06/29/48
 
2,093
1,720,695
2.95%, 09/24/49
 
675
452,331
2.65%, 09/22/51
 
1,292
800,050
4.50%, 09/09/52
 
300
260,985
4.50%, 04/15/53(a)
 
1,500
1,307,477
 
 
14,516,362
Containers & Packaging — 0.1%
Packaging Corp. of America
 
4.05%, 12/15/49
 
538
401,091
3.05%, 10/01/51
 
445
273,758
Smurfit Kappa Treasury ULC, 5.78%, 04/03/54(a)(d)
 
1,150
1,104,554
Sonoco Products Co., 5.75%, 11/01/40
 
450
445,984
 
 
2,225,387
Distributors — 0.1%
WW Grainger, Inc.
 
4.60%, 06/15/45
 
686
601,323
3.75%, 05/15/46
 
350
270,690
4.20%, 05/15/47
 
450
366,682
 
 
1,238,695
Diversified REITs — 0.7%
American Tower Corp.
 
3.70%, 10/15/49
 
500
355,895
3.10%, 06/15/50
 
978
626,197
2.95%, 01/15/51(a)
 
1,745
1,081,326
Brookfield Finance LLC/Brookfield Finance, Inc.,
3.45%, 04/15/50
 
725
474,252
Brookfield Finance, Inc.
 
4.70%, 09/20/47
 
873
715,379
3.50%, 03/30/51
 
881
580,923
3.63%, 02/15/52
 
329
220,183
5.97%, 03/04/54
 
915
888,693
5.81%, 03/03/55
 
375
356,162
Crown Castle, Inc.
 
2.90%, 04/01/41
 
1,609
1,124,730
4.75%, 05/15/47
 
100
84,253
5.20%, 02/15/49
 
450
393,277
4.00%, 11/15/49
 
250
181,699
4.15%, 07/01/50
 
250
185,706
3.25%, 01/15/51
 
750
477,459
Equinix, Inc.
 
3.00%, 07/15/50
 
664
406,234
2.95%, 09/15/51
 
350
210,184
3.40%, 02/15/52
 
535
350,526
Federal Realty OP LP, 4.50%, 12/01/44
 
100
82,760
GLP Capital LP/GLP Financing II, Inc., 6.25%,
09/15/54
 
200
188,170
Kimco Realty OP LLC
 
4.25%, 04/01/45
 
500
395,346
4.13%, 12/01/46
 
250
192,591
4.45%, 09/01/47
 
408
328,618
3.70%, 10/01/49
 
413
289,609
Prologis LP
 
4.38%, 09/15/48
 
496
406,112
3.05%, 03/01/50
 
100
64,094
3.00%, 04/15/50
 
700
445,677
2.13%, 10/15/50
 
300
155,791
5.25%, 06/15/53(a)
 
585
541,822
5.25%, 03/15/54
 
875
810,465
Security
 
Par
(000)
Value
Diversified REITs (continued)
Regency Centers LP
 
4.40%, 02/01/47
$
463
$ 377,807
4.65%, 03/15/49
 
300
252,179
VICI Properties LP
 
5.63%, 05/15/52
 
629
563,467
6.13%, 04/01/54(a)
 
520
496,115
Weyerhaeuser Co., 4.00%, 03/09/52
 
600
438,848
 
 
14,742,549
Diversified Telecommunication Services — 3.8%
AT&T, Inc.
 
4.50%, 05/15/35(a)
 
2,720
2,568,686
5.25%, 03/01/37
 
950
934,497
4.90%, 08/15/37
 
925
872,705
6.30%, 01/15/38(a)
 
300
321,865
6.55%, 02/15/39
 
300
324,943
4.85%, 03/01/39
 
1,500
1,394,617
5.35%, 09/01/40
 
550
526,371
6.38%, 03/01/41
 
100
103,554
3.50%, 06/01/41
 
2,600
1,991,545
5.55%, 08/15/41
 
500
482,010
4.30%, 12/15/42
 
750
624,110
3.10%, 02/01/43
 
1,050
737,497
4.65%, 06/01/44
 
405
337,828
4.80%, 06/15/44
 
200
172,372
4.35%, 06/15/45
 
250
201,576
4.75%, 05/15/46
 
2,000
1,701,510
5.15%, 11/15/46
 
780
697,667
5.65%, 02/15/47
 
900
875,772
5.45%, 03/01/47
 
300
277,977
4.50%, 03/09/48
 
650
527,675
4.55%, 03/09/49
 
1,050
850,611
5.15%, 02/15/50
 
500
440,718
3.65%, 06/01/51
 
2,150
1,504,839
3.30%, 02/01/52
 
1,450
938,702
3.50%, 09/15/53
 
7,664
5,138,709
3.55%, 09/15/55
 
6,333
4,227,082
5.70%, 03/01/57
 
350
332,481
3.80%, 12/01/57
 
6,799
4,690,397
3.65%, 09/15/59
 
4,986
3,301,673
3.85%, 06/01/60
 
900
613,904
3.50%, 02/01/61(a)
 
850
539,529
Bell Telephone Co. of Canada or Bell Canada
 
4.46%, 04/01/48
 
1,035
827,307
4.30%, 07/29/49(a)
 
273
212,637
3.65%, 03/17/51
 
200
140,683
3.65%, 08/15/52
 
441
307,162
5.55%, 02/15/54(a)
 
675
632,430
Cisco Systems, Inc.
 
5.90%, 02/15/39
 
1,609
1,712,338
5.50%, 01/15/40
 
1,777
1,812,785
5.30%, 02/26/54
 
1,805
1,722,566
5.50%, 02/24/55
 
555
545,547
5.35%, 02/26/64
 
860
815,139
Nokia OYJ, 6.63%, 05/15/39
 
300
301,149
Telefonica Emisiones SA
 
7.05%, 06/20/36
 
1,915
2,121,476
4.67%, 03/06/38
 
355
320,710
5.21%, 03/08/47
 
1,867
1,631,281
4.90%, 03/06/48
 
882
738,426
5.52%, 03/01/49(a)
 
1,200
1,090,917
TELUS Corp.
 
4.60%, 11/16/48
 
880
702,463
Schedule of Investments
67
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Diversified Telecommunication Services (continued)
TELUS Corp. (continued)
 
4.30%, 06/15/49
$
138
$ 104,900
Verizon Communications, Inc.
 
5.85%, 09/15/35(a)
 
350
365,099
4.27%, 01/15/36
 
950
871,687
5.25%, 03/16/37
 
1,250
1,234,914
4.81%, 03/15/39
 
1,342
1,250,830
2.65%, 11/20/40
 
3,138
2,209,354
3.40%, 03/22/41
 
2,986
2,272,261
2.85%, 09/03/41
 
1,288
897,892
4.75%, 11/01/41
 
400
355,075
3.85%, 11/01/42
 
463
367,180
6.55%, 09/15/43
 
500
541,590
4.13%, 08/15/46
 
950
749,130
4.86%, 08/21/46
 
2,084
1,834,368
5.50%, 03/16/47
 
500
478,972
4.52%, 09/15/48
 
1,250
1,036,893
5.01%, 04/15/49
 
400
363,723
4.00%, 03/22/50
 
1,279
970,096
2.88%, 11/20/50(a)
 
2,123
1,300,554
3.55%, 03/22/51
 
3,149
2,220,131
3.88%, 03/01/52(a)
 
1,722
1,267,745
5.50%, 02/23/54
 
360
345,650
5.01%, 08/21/54
 
1,100
972,875
4.67%, 03/15/55
 
900
753,404
2.99%, 10/30/56
 
3,314
1,970,793
3.00%, 11/20/60(a)
 
1,625
943,535
3.70%, 03/22/61
 
3,287
2,234,116
 
 
81,801,205
Electric Utilities — 11.1%
AEP Texas, Inc.
 
3.80%, 10/01/47
 
250
173,486
3.45%, 05/15/51
 
379
248,891
5.25%, 05/15/52
 
580
505,522
Series G, 4.15%, 05/01/49
 
300
224,390
Series H, 3.45%, 01/15/50
 
263
176,906
AEP Transmission Co. LLC
 
4.00%, 12/01/46
 
200
156,996
3.75%, 12/01/47
 
600
445,494
4.25%, 09/15/48
 
200
159,516
3.80%, 06/15/49
 
829
602,863
3.15%, 09/15/49
 
164
108,378
5.40%, 03/15/53
 
700
658,945
Series M, 3.65%, 04/01/50
 
413
300,002
Series N, 2.75%, 08/15/51
 
379
225,154
Series O, 4.50%, 06/15/52
 
450
370,977
Alabama Power Co.
 
6.13%, 05/15/38
 
179
192,819
6.00%, 03/01/39
 
450
480,408
3.85%, 12/01/42
 
600
476,077
4.15%, 08/15/44
 
375
306,217
3.75%, 03/01/45
 
268
206,438
4.30%, 01/02/46
 
213
176,860
3.45%, 10/01/49
 
570
398,774
3.13%, 07/15/51
 
521
340,506
3.00%, 03/15/52
 
675
426,813
Series A, 4.30%, 07/15/48
 
100
82,174
Series B, 3.70%, 12/01/47
 
277
206,574
Ameren Illinois Co.
 
4.15%, 03/15/46
 
463
376,915
3.70%, 12/01/47
 
675
502,561
Security
 
Par
(000)
Value
Electric Utilities (continued)
Ameren Illinois Co. (continued)
 
4.50%, 03/15/49
$
475
$ 400,518
3.25%, 03/15/50
 
147
99,045
2.90%, 06/15/51
 
175
108,565
5.90%, 12/01/52
 
400
410,133
5.55%, 07/01/54
 
350
341,593
5.63%, 03/01/55
 
575
564,542
American Electric Power Co., Inc., 3.25%, 03/01/50
 
529
336,936
Appalachian Power Co.
 
7.00%, 04/01/38
 
400
445,200
4.40%, 05/15/44
 
263
211,427
4.45%, 06/01/45
 
400
320,173
Series Y, 4.50%, 03/01/49
 
350
278,497
Series Z, 3.70%, 05/01/50
 
425
294,766
Arizona Public Service Co.
 
5.05%, 09/01/41
 
263
240,661
4.50%, 04/01/42
 
829
698,702
4.35%, 11/15/45
 
350
281,530
3.75%, 05/15/46
 
325
240,878
4.20%, 08/15/48
 
63
48,383
4.25%, 03/01/49
 
300
230,328
3.50%, 12/01/49
 
211
141,691
3.35%, 05/15/50
 
400
267,519
2.65%, 09/15/50
 
450
259,853
Avista Corp.
 
4.35%, 06/01/48
 
496
400,630
4.00%, 04/01/52
 
300
216,892
Baltimore Gas and Electric Co.
 
6.35%, 10/01/36
 
388
419,029
3.50%, 08/15/46
 
279
200,526
3.75%, 08/15/47
 
400
295,939
4.25%, 09/15/48
 
250
199,606
3.20%, 09/15/49
 
595
394,732
2.90%, 06/15/50
 
421
261,295
4.55%, 06/01/52
 
630
522,330
5.40%, 06/01/53
 
410
382,467
5.65%, 06/01/54(a)
 
250
243,945
Berkshire Hathaway Energy Co.
 
6.13%, 04/01/36
 
1,188
1,252,800
5.95%, 05/15/37
 
454
476,668
5.15%, 11/15/43
 
713
663,983
4.50%, 02/01/45
 
179
151,151
3.80%, 07/15/48
 
763
555,152
4.45%, 01/15/49
 
1,113
898,496
4.25%, 10/15/50
 
579
448,774
2.85%, 05/15/51
 
1,629
969,037
4.60%, 05/01/53
 
629
513,894
Black Hills Corp.(a)
 
4.20%, 09/15/46
 
250
197,344
3.88%, 10/15/49
 
213
152,725
CenterPoint Energy Houston Electric LLC
 
3.55%, 08/01/42
 
526
404,383
4.50%, 04/01/44
 
300
258,486
3.95%, 03/01/48
 
413
318,341
5.30%, 04/01/53
 
260
241,703
Series AC, 4.25%, 02/01/49
 
650
519,674
Series AD, 2.90%, 07/01/50
 
25
15,722
Series AF, 3.35%, 04/01/51(a)
 
413
284,869
Series AH, 3.60%, 03/01/52
 
50
35,505
Series AJ, 4.85%, 10/01/52
 
500
438,685
CenterPoint Energy, Inc., 3.70%, 09/01/49
 
263
186,245
Cleco Corporate Holdings LLC, 4.97%, 05/01/46
 
300
244,541
68
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Cleveland Electric Illuminating Co., 5.95%, 12/15/36
$
280
$ 288,505
CMS Energy Corp., 4.88%, 03/01/44
 
250
220,771
Commonwealth Edison Co.
 
5.90%, 03/15/36
 
900
946,219
6.45%, 01/15/38
 
100
109,733
3.80%, 10/01/42
 
320
253,275
4.60%, 08/15/43
 
175
151,644
3.70%, 03/01/45
 
213
161,253
4.35%, 11/15/45
 
800
658,219
3.65%, 06/15/46
 
620
458,417
4.00%, 03/01/48
 
429
331,419
4.00%, 03/01/49
 
529
404,883
3.00%, 03/01/50
 
263
166,965
5.30%, 02/01/53
 
665
617,606
5.65%, 06/01/54
 
495
482,406
Series 123, 3.75%, 08/15/47
 
400
296,556
Series 127, 3.20%, 11/15/49
 
605
399,053
Series 130, 3.13%, 03/15/51
 
879
569,277
Series 131, 2.75%, 09/01/51
 
513
303,785
Series 133, 3.85%, 03/15/52
 
659
487,941
Connecticut Light and Power Co.
 
4.30%, 04/15/44
 
600
498,209
4.00%, 04/01/48
 
510
397,088
5.25%, 01/15/53
 
200
186,293
Series A, 4.15%, 06/01/45
 
300
244,524
Consolidated Edison Co. of New York, Inc.
 
5.70%, 06/15/40
 
400
406,096
3.95%, 03/01/43
 
572
456,096
4.45%, 03/15/44
 
688
584,283
4.50%, 12/01/45
 
663
559,679
3.85%, 06/15/46
 
429
328,591
3.20%, 12/01/51
 
550
355,341
6.15%, 11/15/52
 
800
831,588
5.90%, 11/15/53
 
725
729,682
5.70%, 05/15/54
 
775
762,935
4.63%, 12/01/54
 
725
597,309
4.50%, 05/15/58
 
229
182,036
3.70%, 11/15/59
 
680
464,458
3.60%, 06/15/61(a)
 
720
477,735
Series 2006-A, 5.85%, 03/15/36
 
625
655,351
Series 2006-B, 6.20%, 06/15/36
 
75
80,733
Series 2007-A, 6.30%, 08/15/37
 
493
532,079
Series 2008-B, 6.75%, 04/01/38
 
800
902,375
Series 2009-C, 5.50%, 12/01/39
 
867
864,247
Series 2012-A, 4.20%, 03/15/42
 
329
274,172
Series 2017, 3.88%, 06/15/47
 
600
456,608
Series 20B, 3.95%, 04/01/50
 
1,154
883,713
Series A, 4.13%, 05/15/49
 
313
243,064
Series C, 4.30%, 12/01/56(a)
 
213
164,739
Series C, 4.00%, 11/15/57
 
370
264,317
Series C, 3.00%, 12/01/60
 
660
383,086
Series E, 4.65%, 12/01/48
 
463
391,994
Constellation Energy Generation LLC
 
6.25%, 10/01/39(a)
 
647
672,958
5.75%, 10/01/41
 
413
402,092
5.60%, 06/15/42
 
619
590,843
6.50%, 10/01/53
 
490
506,372
5.75%, 03/15/54(a)
 
1,000
945,735
Consumers Energy Co.
 
3.95%, 05/15/43
 
300
242,112
3.25%, 08/15/46
 
600
427,573
3.95%, 07/15/47
 
300
234,704
4.05%, 05/15/48(a)
 
950
749,449
Security
 
Par
(000)
Value
Electric Utilities (continued)
Consumers Energy Co. (continued)
 
4.35%, 04/15/49
$
829
$ 688,507
3.10%, 08/15/50
 
590
391,176
3.50%, 08/01/51
 
429
304,265
2.65%, 08/15/52
 
134
79,134
4.20%, 09/01/52
 
1,110
887,665
2.50%, 05/01/60
 
399
216,054
Dayton Power & Light Co., 3.95%, 06/15/49
 
300
220,467
Dominion Energy South Carolina, Inc.
 
6.05%, 01/15/38
 
100
105,267
5.45%, 02/01/41
 
579
559,890
4.60%, 06/15/43
 
563
491,973
6.25%, 10/15/53
 
440
466,869
5.10%, 06/01/65
 
613
531,043
Dominion Energy, Inc.
 
7.00%, 06/15/38
 
163
181,816
4.70%, 12/01/44
 
829
695,049
Series A, 4.60%, 03/15/49
 
513
412,908
Series B, 5.95%, 06/15/35
 
390
403,363
Series B, 3.30%, 04/15/41
 
325
234,503
Series B, 4.85%, 08/15/52(a)
 
800
667,076
Series C, 4.90%, 08/01/41
 
509
447,561
DTE Electric Co.
 
4.30%, 07/01/44
 
400
333,524
3.70%, 03/15/45
 
184
141,009
3.70%, 06/01/46
 
163
123,159
3.75%, 08/15/47
 
630
473,702
3.95%, 03/01/49
 
750
582,307
2.95%, 03/01/50
 
229
146,979
5.40%, 04/01/53(a)
 
500
482,687
Series A, 4.00%, 04/01/43
 
397
320,839
Series A, 4.05%, 05/15/48
 
463
368,265
Series B, 3.25%, 04/01/51
 
479
322,432
Series B, 3.65%, 03/01/52
 
367
264,999
Duke Energy Carolinas LLC
 
6.10%, 06/01/37
 
413
435,559
6.00%, 01/15/38
 
900
948,031
6.05%, 04/15/38
 
511
538,903
5.30%, 02/15/40
 
713
704,281
4.25%, 12/15/41
 
279
236,570
4.00%, 09/30/42
 
513
415,836
3.75%, 06/01/45
 
500
380,478
3.88%, 03/15/46
 
800
619,852
3.70%, 12/01/47
 
438
322,463
3.95%, 03/15/48
 
329
250,866
3.20%, 08/15/49
 
369
245,589
3.45%, 04/15/51
 
425
294,952
3.55%, 03/15/52
 
392
274,469
5.35%, 01/15/53
 
950
894,789
5.40%, 01/15/54
 
432
411,708
Duke Energy Corp.
 
3.30%, 06/15/41
 
779
566,579
4.80%, 12/15/45
 
663
561,471
3.75%, 09/01/46
 
893
644,121
3.95%, 08/15/47
 
413
302,402
4.20%, 06/15/49
 
613
465,762
3.50%, 06/15/51
 
429
285,349
5.00%, 08/15/52
 
850
727,526
6.10%, 09/15/53
 
825
823,585
5.80%, 06/15/54
 
825
794,031
Duke Energy Florida LLC
 
6.35%, 09/15/37
 
500
548,629
6.40%, 06/15/38
 
1,100
1,195,820
Schedule of Investments
69
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Duke Energy Florida LLC (continued)
 
5.65%, 04/01/40
$
300
$ 302,672
3.85%, 11/15/42
 
200
157,513
3.40%, 10/01/46
 
863
609,736
4.20%, 07/15/48
 
450
357,447
3.00%, 12/15/51
 
425
266,548
5.95%, 11/15/52(a)
 
525
532,015
6.20%, 11/15/53
 
150
157,538
Duke Energy Indiana LLC
 
6.12%, 10/15/35(a)
 
500
529,041
6.35%, 08/15/38
 
275
298,961
6.45%, 04/01/39
 
200
217,693
3.75%, 05/15/46
 
163
122,199
2.75%, 04/01/50
 
500
301,189
5.40%, 04/01/53
 
250
233,489
Series WWW, 4.90%, 07/15/43
 
163
147,426
Series YYY, 3.25%, 10/01/49
 
800
530,696
Duke Energy Ohio, Inc.
 
3.70%, 06/15/46
 
163
120,142
4.30%, 02/01/49
 
300
237,385
5.65%, 04/01/53
 
225
217,293
5.55%, 03/15/54
 
475
452,850
Duke Energy Progress LLC
 
6.30%, 04/01/38
 
300
322,363
4.10%, 05/15/42
 
922
760,083
4.10%, 03/15/43
 
863
702,735
4.38%, 03/30/44
 
326
275,503
4.15%, 12/01/44
 
313
254,007
4.20%, 08/15/45
 
363
296,099
3.70%, 10/15/46
 
288
214,389
3.60%, 09/15/47
 
829
599,962
2.50%, 08/15/50
 
413
236,360
2.90%, 08/15/51(a)
 
576
355,040
4.00%, 04/01/52
 
300
226,778
5.35%, 03/15/53
 
500
467,213
5.55%, 03/15/55
 
475
459,645
El Paso Electric Co., 6.00%, 05/15/35
 
213
219,460
Emera U.S. Finance LP, 4.75%, 06/15/46
 
988
795,563
Entergy Arkansas LLC
 
4.20%, 04/01/49
 
125
98,646
2.65%, 06/15/51
 
975
567,325
3.35%, 06/15/52
 
338
224,314
5.75%, 06/01/54
 
200
196,749
Entergy Corp., 3.75%, 06/15/50
 
714
495,190
Entergy Louisiana LLC
 
3.10%, 06/15/41
 
525
380,131
4.95%, 01/15/45(a)
 
450
392,722
4.20%, 09/01/48
 
913
718,587
4.20%, 04/01/50
 
479
374,810
2.90%, 03/15/51
 
643
397,154
4.75%, 09/15/52
 
500
427,985
5.70%, 03/15/54
 
775
755,016
5.80%, 03/15/55
 
825
812,543
Entergy Mississippi LLC
 
3.85%, 06/01/49
 
413
302,808
3.50%, 06/01/51
 
325
223,334
5.85%, 06/01/54
 
275
272,208
5.80%, 04/15/55
 
375
368,382
Entergy Texas, Inc.
 
4.50%, 03/30/39
 
425
379,877
3.55%, 09/30/49
 
405
281,987
5.00%, 09/15/52
 
300
262,311
5.80%, 09/01/53
 
75
73,501
Security
 
Par
(000)
Value
Electric Utilities (continued)
Entergy Texas, Inc. (continued)
 
5.55%, 09/15/54
$
125
$ 118,251
Evergy Kansas Central, Inc.
 
4.13%, 03/01/42
 
575
475,499
4.10%, 04/01/43
 
400
325,964
4.25%, 12/01/45
 
311
250,814
3.25%, 09/01/49
 
113
74,769
3.45%, 04/15/50
 
513
349,978
5.70%, 03/15/53
 
345
336,694
Evergy Metro, Inc.
 
5.30%, 10/01/41
 
340
325,120
4.20%, 06/15/47
 
250
197,720
4.20%, 03/15/48
 
150
117,872
Series 2019, 4.13%, 04/01/49
 
550
425,623
Eversource Energy, 3.45%, 01/15/50
 
929
628,495
Exelon Corp.
 
4.95%, 06/15/35
 
300
286,724
5.63%, 06/15/35
 
425
430,066
5.10%, 06/15/45
 
763
682,279
4.45%, 04/15/46
 
300
242,679
4.70%, 04/15/50
 
738
606,487
4.10%, 03/15/52
 
159
119,677
5.60%, 03/15/53(a)
 
225
211,341
5.88%, 03/15/55
 
800
779,723
FirstEnergy Corp.
 
Series C, 4.85%, 07/15/47
 
750
625,625
Series C, 3.40%, 03/01/50
 
750
496,067
Florida Power & Light Co.
 
4.95%, 06/01/35
 
830
828,488
5.65%, 02/01/37
 
300
310,870
5.95%, 02/01/38
 
450
478,866
5.96%, 04/01/39
 
450
474,347
5.69%, 03/01/40
 
513
527,483
5.25%, 02/01/41
 
413
401,139
4.13%, 02/01/42
 
663
556,252
4.05%, 06/01/42
 
700
584,836
3.80%, 12/15/42
 
400
318,427
4.05%, 10/01/44
 
620
506,491
3.70%, 12/01/47
 
829
626,395
3.95%, 03/01/48
 
1,163
913,891
4.13%, 06/01/48(a)
 
413
332,991
3.99%, 03/01/49
 
663
520,339
3.15%, 10/01/49
 
633
422,365
2.88%, 12/04/51
 
1,450
912,804
5.30%, 04/01/53
 
795
755,229
5.60%, 06/15/54
 
845
839,340
5.70%, 03/15/55
 
965
968,078
5.80%, 03/15/65
 
200
202,517
Georgia Power Co.
 
4.30%, 03/15/42
 
1,229
1,043,052
4.30%, 03/15/43
 
40
33,422
5.13%, 05/15/52(a)
 
730
671,572
Series 2010-C, 4.75%, 09/01/40
 
150
136,798
Series A, 3.25%, 03/15/51
 
775
516,052
Series B, 3.70%, 01/30/50
 
829
610,739
Iberdrola International BV, 6.75%, 07/15/36
 
500
561,486
Idaho Power Co.
 
5.50%, 03/15/53
 
220
206,886
5.80%, 04/01/54
 
321
316,352
5.70%, 03/15/55
 
430
416,013
Series K, 4.20%, 03/01/48
 
400
320,813
Indiana Michigan Power Co.
 
6.05%, 03/15/37
 
513
541,831
70
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Indiana Michigan Power Co. (continued)
 
4.25%, 08/15/48
$
263
$ 207,734
3.25%, 05/01/51
 
400
260,509
5.63%, 04/01/53
 
205
198,121
Series K, 4.55%, 03/15/46
 
346
289,819
Series L, 3.75%, 07/01/47
 
229
168,064
Interstate Power and Light Co.
 
6.25%, 07/15/39
 
260
275,405
3.70%, 09/15/46
 
213
158,002
3.50%, 09/30/49
 
177
122,587
3.10%, 11/30/51
 
355
224,136
5.45%, 09/30/54
 
400
375,803
ITC Holdings Corp., 5.30%, 07/01/43
 
100
91,622
John Sevier Combined Cycle Generation LLC, 4.63%,
01/15/42
 
585
555,663
Johnsonville Aeroderivative Combustion Turbine
Generation LLC, 5.08%, 10/01/54
 
497
477,753
Kentucky Utilities Co.
 
5.13%, 11/01/40
 
450
426,819
4.38%, 10/01/45
 
829
684,288
3.30%, 06/01/50
 
375
250,582
Louisville Gas and Electric Co., 4.25%, 04/01/49
 
454
355,560
MidAmerican Energy Co.
 
5.75%, 11/01/35
 
200
210,763
5.80%, 10/15/36
 
300
315,868
4.80%, 09/15/43
 
213
193,032
4.40%, 10/15/44
 
829
699,978
4.25%, 05/01/46
 
325
266,592
3.95%, 08/01/47
 
400
309,098
3.65%, 08/01/48
 
1,013
752,850
4.25%, 07/15/49
 
943
757,250
3.15%, 04/15/50
 
613
408,191
2.70%, 08/01/52
 
425
252,402
5.85%, 09/15/54(a)
 
1,100
1,113,541
5.30%, 02/01/55
 
470
439,050
Mississippi Power Co.
 
Series 12-A, 4.25%, 03/15/42
 
388
323,236
Series B, 3.10%, 07/30/51(a)
 
413
265,554
National Rural Utilities Cooperative Finance Corp.
 
4.40%, 11/01/48
 
270
220,766
4.30%, 03/15/49
 
388
315,398
Nevada Power Co.
 
6.00%, 03/15/54
 
450
454,360
Series EE, 3.13%, 08/01/50
 
429
273,218
Series GG, 5.90%, 05/01/53
 
350
346,128
Series N, 6.65%, 04/01/36
 
100
109,348
NextEra Energy Capital Holdings, Inc.
 
3.00%, 01/15/52
 
354
215,325
5.25%, 02/28/53(a)
 
1,200
1,075,291
5.55%, 03/15/54
 
700
653,879
5.90%, 03/15/55
 
550
535,544
Northern States Power Co.
 
6.20%, 07/01/37
 
400
438,266
5.35%, 11/01/39
 
350
350,053
3.40%, 08/15/42
 
505
379,199
4.13%, 05/15/44
 
250
204,305
4.00%, 08/15/45
 
350
280,553
3.60%, 05/15/46
 
500
371,868
3.60%, 09/15/47
 
953
700,593
2.90%, 03/01/50
 
391
250,102
2.60%, 06/01/51
 
436
258,618
3.20%, 04/01/52
 
495
330,092
4.50%, 06/01/52
 
626
522,767
Security
 
Par
(000)
Value
Electric Utilities (continued)
Northern States Power Co. (continued)
 
5.10%, 05/15/53
$
650
$ 594,293
5.40%, 03/15/54
 
720
686,392
5.65%, 06/15/54
 
25
24,787
05/15/55(e)
 
380
376,961
NorthWestern Corp., 4.18%, 11/15/44
 
550
444,440
NSTAR Electric Co.
 
5.50%, 03/15/40
 
100
100,043
4.40%, 03/01/44
 
250
209,757
3.10%, 06/01/51
 
250
163,359
4.55%, 06/01/52
 
281
233,171
4.95%, 09/15/52
 
425
378,828
Oglethorpe Power Corp.
 
5.95%, 11/01/39
 
450
461,526
5.38%, 11/01/40
 
300
287,656
4.50%, 04/01/47
 
479
386,264
5.05%, 10/01/48(a)
 
329
285,533
3.75%, 08/01/50
 
163
114,183
5.25%, 09/01/50
 
400
350,340
6.20%, 12/01/53
 
425
428,117
5.80%, 06/01/54(d)
 
450
432,215
5.90%, 02/01/55(d)
 
125
122,019
Ohio Edison Co., 6.88%, 07/15/36
 
200
224,338
Ohio Power Co.
 
4.15%, 04/01/48
 
404
310,761
4.00%, 06/01/49
 
200
148,630
Series R, 2.90%, 10/01/51
 
609
366,789
Oklahoma Gas and Electric Co.
 
4.15%, 04/01/47
 
450
352,519
3.85%, 08/15/47
 
150
113,013
5.60%, 04/01/53
 
395
380,500
5.80%, 04/01/55
 
380
374,443
Oncor Electric Delivery Co. LLC
 
5.25%, 09/30/40
 
463
448,205
4.55%, 12/01/41
 
450
392,243
5.30%, 06/01/42
 
345
329,078
3.75%, 04/01/45
 
363
276,126
3.80%, 09/30/47
 
404
301,992
4.10%, 11/15/48
 
413
322,733
3.80%, 06/01/49
 
279
205,710
3.10%, 09/15/49
 
509
328,855
3.70%, 05/15/50
 
470
334,966
2.70%, 11/15/51
 
626
361,889
4.60%, 06/01/52
 
200
165,636
4.95%, 09/15/52(a)
 
750
661,323
5.35%, 10/01/52(a)
 
300
279,159
5.55%, 06/15/54
 
500
477,565
5.80%, 04/01/55(d)
 
650
642,833
Pacific Gas and Electric Co.
 
4.50%, 07/01/40
 
1,684
1,398,244
3.30%, 08/01/40
 
941
678,833
4.20%, 06/01/41
 
712
553,226
4.45%, 04/15/42
 
425
334,936
3.75%, 08/15/42
 
350
251,836
4.60%, 06/15/43
 
275
219,149
4.75%, 02/15/44
 
613
501,032
4.30%, 03/15/45
 
376
285,234
4.25%, 03/15/46
 
325
244,021
4.00%, 12/01/46
 
510
364,146
3.95%, 12/01/47
 
905
638,009
4.95%, 07/01/50
 
3,171
2,573,425
3.50%, 08/01/50
 
2,495
1,595,108
5.25%, 03/01/52
 
543
452,781
Schedule of Investments
71
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Pacific Gas and Electric Co. (continued)
 
6.75%, 01/15/53
$
930
$ 938,936
6.70%, 04/01/53
 
665
669,595
5.90%, 10/01/54
 
850
775,059
6.15%, 03/01/55
 
475
446,399
PacifiCorp.
 
5.25%, 06/15/35(a)
 
263
261,998
6.10%, 08/01/36
 
400
415,617
5.75%, 04/01/37
 
500
503,145
6.25%, 10/15/37
 
100
105,101
6.35%, 07/15/38
 
243
254,709
6.00%, 01/15/39
 
125
126,996
4.10%, 02/01/42(a)
 
363
287,846
4.13%, 01/15/49
 
429
324,053
4.15%, 02/15/50
 
763
573,281
3.30%, 03/15/51
 
625
402,909
2.90%, 06/15/52
 
976
573,476
5.35%, 12/01/53
 
1,150
1,025,303
5.50%, 05/15/54
 
1,135
1,032,759
5.80%, 01/15/55
 
1,400
1,329,477
PECO Energy Co.
 
5.95%, 10/01/36
 
360
383,222
4.15%, 10/01/44
 
275
226,940
3.70%, 09/15/47
 
300
223,624
3.90%, 03/01/48
 
829
637,258
3.00%, 09/15/49
 
226
146,926
2.80%, 06/15/50
 
225
138,482
3.05%, 03/15/51
 
332
212,639
2.85%, 09/15/51
 
443
273,388
4.60%, 05/15/52
 
300
252,618
4.38%, 08/15/52
 
400
325,356
5.25%, 09/15/54
 
655
612,259
Potomac Electric Power Co.
 
6.50%, 11/15/37
 
450
499,140
4.15%, 03/15/43
 
613
505,377
5.50%, 03/15/54
 
300
286,367
PPL Electric Utilities Corp.
 
6.25%, 05/15/39
 
250
274,458
4.75%, 07/15/43
 
363
327,699
4.13%, 06/15/44
 
300
250,175
4.15%, 10/01/45
 
300
248,567
3.95%, 06/01/47
 
100
78,690
4.15%, 06/15/48
 
500
402,462
3.00%, 10/01/49
 
110
71,950
5.25%, 05/15/53
 
700
663,262
Progress Energy, Inc., 6.00%, 12/01/39
 
800
815,558
Public Service Co. of Colorado
 
6.50%, 08/01/38
 
200
216,852
3.60%, 09/15/42
 
463
355,311
4.30%, 03/15/44
 
300
245,086
3.80%, 06/15/47
 
229
169,947
4.10%, 06/15/48
 
300
229,789
4.05%, 09/15/49
 
329
249,878
5.25%, 04/01/53
 
550
497,997
5.75%, 05/15/54
 
450
438,038
5.85%, 05/15/55
 
650
639,701
Series 17, 744448BZ3, 6.25%, 09/01/37
 
300
320,118
Series 34, 3.20%, 03/01/50
 
600
394,403
Series 36, 2.70%, 01/15/51
 
360
208,675
Series 39, 4.50%, 06/01/52
 
500
406,083
Public Service Co. of New Hampshire
 
3.60%, 07/01/49
 
129
92,338
5.15%, 01/15/53
 
275
251,488
Security
 
Par
(000)
Value
Electric Utilities (continued)
Public Service Co. of Oklahoma, Series K, 3.15%,
08/15/51
$
430
$ 271,524
Public Service Electric and Gas Co.
 
5.80%, 05/01/37
 
388
409,735
5.50%, 03/01/40
 
100
101,445
3.95%, 05/01/42
 
460
376,667
3.65%, 09/01/42
 
400
311,655
3.80%, 01/01/43
 
435
345,599
3.80%, 03/01/46
 
636
486,990
3.60%, 12/01/47
 
300
222,125
4.05%, 05/01/48
 
375
295,484
3.85%, 05/01/49
 
413
314,915
3.20%, 08/01/49
 
400
268,183
3.15%, 01/01/50
 
429
285,679
2.70%, 05/01/50
 
350
212,212
2.05%, 08/01/50
 
200
103,866
3.00%, 03/01/51
 
429
274,833
5.13%, 03/15/53
 
415
382,925
5.45%, 08/01/53
 
300
289,322
5.45%, 03/01/54
 
400
386,633
5.30%, 08/01/54
 
550
519,133
Series Q, 5.50%, 03/01/55
 
65
63,510
Puget Sound Energy, Inc.
 
6.27%, 03/15/37
 
400
428,975
5.76%, 10/01/39
 
300
307,899
5.80%, 03/15/40
 
213
215,668
5.64%, 04/15/41
 
250
243,976
4.30%, 05/20/45
 
400
325,010
4.22%, 06/15/48
 
513
406,155
3.25%, 09/15/49
 
470
309,425
2.89%, 09/15/51
 
300
183,190
5.45%, 06/01/53
 
320
302,088
5.69%, 06/15/54
 
450
436,066
San Diego Gas & Electric Co.
 
6.00%, 06/01/39
 
400
418,447
4.50%, 08/15/40
 
500
444,096
4.15%, 05/15/48
 
229
175,783
3.70%, 03/15/52
 
400
284,780
5.35%, 04/01/53
 
895
825,923
5.55%, 04/15/54
 
300
284,796
Series RRR, 3.75%, 06/01/47
 
450
326,897
Series TTT, 4.10%, 06/15/49
 
350
266,670
Series UUU, 3.32%, 04/15/50
 
100
66,543
Series WWW, 2.95%, 08/15/51
 
800
491,871
Sempra
 
3.80%, 02/01/38
 
1,329
1,074,721
6.00%, 10/15/39
 
659
655,926
4.00%, 02/01/48
 
479
348,012
Sierra Pacific Power Co., 5.90%, 03/15/54
 
250
246,843
Southern California Edison Co.
 
5.63%, 02/01/36
 
400
391,662
6.05%, 03/15/39(a)
 
700
694,603
5.50%, 03/15/40
 
425
394,367
4.50%, 09/01/40
 
354
292,678
4.05%, 03/15/42
 
90
68,969
4.65%, 10/01/43
 
263
212,971
4.00%, 04/01/47
 
1,779
1,271,103
3.65%, 02/01/50
 
1,279
854,326
3.45%, 02/01/52
 
805
510,993
5.70%, 03/01/53
 
465
415,515
5.88%, 12/01/53
 
270
248,954
5.75%, 04/15/54
 
450
405,312
5.90%, 03/01/55
 
365
336,310
72
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Southern California Edison Co. (continued)
 
6.20%, 09/15/55
$
675
$ 649,934
Series 2005-E, 5.35%, 07/15/35
 
300
274,198
Series 2006-E, 5.55%, 01/15/37
 
125
120,494
Series 2008-A, 5.95%, 02/01/38
 
513
508,457
Series 2013-A, 3.90%, 03/15/43
 
482
356,406
Series 20A, 2.95%, 02/01/51
 
900
526,111
Series B, 4.88%, 03/01/49
 
563
456,963
Series C, 3.60%, 02/01/45
 
438
302,151
Series C, 4.13%, 03/01/48
 
979
711,650
Series E, 5.45%, 06/01/52
 
268
231,950
Series H, 3.65%, 06/01/51
 
629
420,975
Southern Co.
 
4.25%, 07/01/36
 
775
701,320
4.40%, 07/01/46
 
1,920
1,559,848
Southern Power Co.
 
5.15%, 09/15/41(a)
 
725
672,117
5.25%, 07/15/43
 
113
104,057
Series F, 4.95%, 12/15/46
 
354
304,550
Southwestern Electric Power Co.
 
6.20%, 03/15/40
 
50
52,292
3.25%, 11/01/51
 
479
301,633
Series J, 3.90%, 04/01/45
 
240
178,370
Series L, 3.85%, 02/01/48
 
413
296,946
Southwestern Public Service Co.
 
4.50%, 08/15/41
 
200
168,810
3.40%, 08/15/46
 
150
103,018
3.70%, 08/15/47
 
413
297,739
3.75%, 06/15/49
 
429
308,120
6.00%, 06/01/54
 
700
700,752
Series 8, 3.15%, 05/01/50
 
704
452,277
Tampa Electric Co.
 
4.10%, 06/15/42
 
113
93,543
4.35%, 05/15/44
 
300
249,489
4.30%, 06/15/48
 
329
262,077
4.45%, 06/15/49
 
461
375,262
3.63%, 06/15/50
 
150
107,153
3.45%, 03/15/51
 
300
204,627
5.00%, 07/15/52
 
175
153,703
Toledo Edison Co., 6.15%, 05/15/37
 
276
297,064
Tucson Electric Power Co.
 
4.85%, 12/01/48(a)
 
163
141,827
4.00%, 06/15/50
 
500
372,723
3.25%, 05/01/51
 
130
84,556
5.50%, 04/15/53
 
450
422,708
5.90%, 04/15/55(a)
 
225
224,474
Union Electric Co.
 
5.30%, 08/01/37
 
300
303,017
8.45%, 03/15/39
 
300
379,199
3.90%, 09/15/42
 
440
355,696
3.65%, 04/15/45
 
535
402,724
4.00%, 04/01/48
 
104
80,154
3.25%, 10/01/49
 
413
281,520
2.63%, 03/15/51
 
525
309,953
3.90%, 04/01/52
 
529
397,620
5.45%, 03/15/53
 
200
190,542
5.25%, 01/15/54
 
350
322,267
5.13%, 03/15/55
 
250
226,230
Virginia Electric and Power Co.
 
6.35%, 11/30/37
 
550
589,388
8.88%, 11/15/38
 
750
983,544
4.00%, 01/15/43
 
638
508,254
Security
 
Par
(000)
Value
Electric Utilities (continued)
Virginia Electric and Power Co. (continued)
 
4.45%, 02/15/44
$
788
$ 664,551
4.60%, 12/01/48
 
424
353,822
3.30%, 12/01/49
 
359
238,596
2.45%, 12/15/50
 
1,166
641,671
2.95%, 11/15/51
 
563
346,380
5.45%, 04/01/53
 
135
126,276
5.70%, 08/15/53(a)
 
650
633,463
5.35%, 01/15/54
 
575
529,752
5.55%, 08/15/54
 
580
551,472
5.65%, 03/15/55(a)
 
375
359,768
Series A, 6.00%, 05/15/37
 
663
691,367
Series B, 6.00%, 01/15/36
 
829
869,970
Series B, 4.20%, 05/15/45
 
300
241,597
Series B, 3.80%, 09/15/47
 
663
491,188
Series C, 4.00%, 11/15/46
 
575
442,130
Series C, 4.63%, 05/15/52
 
779
639,174
Series D, 4.65%, 08/15/43
 
313
272,519
Wisconsin Electric Power Co.
 
5.70%, 12/01/36
 
250
262,585
4.30%, 10/15/48(a)
 
270
220,693
5.05%, 10/01/54(a)
 
210
187,220
Wisconsin Power and Light Co.
 
6.38%, 08/15/37
 
200
216,125
3.65%, 04/01/50
 
300
212,050
Wisconsin Public Service Corp.
 
3.67%, 12/01/42
 
100
76,913
4.75%, 11/01/44
 
400
354,533
3.30%, 09/01/49
 
516
351,115
2.85%, 12/01/51
 
453
274,720
Xcel Energy, Inc.
 
6.50%, 07/01/36
 
250
265,437
3.50%, 12/01/49
 
530
354,057
 
 
241,478,753
Electronic Equipment, Instruments & Components — 0.5%
ABB Finance USA, Inc., 4.38%, 05/08/42
 
525
458,228
Amphenol Corp., 5.38%, 11/15/54(a)
 
425
411,515
Corning, Inc.
 
4.70%, 03/15/37
 
400
377,438
5.75%, 08/15/40
 
350
350,464
4.75%, 03/15/42
 
550
484,977
5.35%, 11/15/48
 
420
386,347
3.90%, 11/15/49
 
413
302,654
4.38%, 11/15/57(a)
 
795
615,040
5.85%, 11/15/68
 
196
183,537
5.45%, 11/15/79
 
863
741,026
Emerson Electric Co.
 
5.25%, 11/15/39
 
100
101,286
2.75%, 10/15/50
 
529
326,459
2.80%, 12/21/51
 
732
451,090
Fortive Corp., 4.30%, 06/15/46
 
375
296,147
Honeywell International, Inc.
 
5.70%, 03/15/36
 
450
466,511
5.70%, 03/15/37
 
400
414,073
5.38%, 03/01/41
 
400
397,994
3.81%, 11/21/47
 
413
310,352
2.80%, 06/01/50
 
859
534,208
5.25%, 03/01/54
 
1,525
1,427,100
5.35%, 03/01/64
 
325
299,830
Tyco Electronics Group SA, 7.13%, 10/01/37(a)
 
525
608,237
 
 
9,944,513
Schedule of Investments
73
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Energy Equipment & Services — 0.3%
Baker Hughes Holdings LLC, 5.13%, 09/15/40
$
1,101
$ 1,037,892
Baker Hughes Holdings LLC/Baker Hughes Co-
Obligor, Inc., 4.08%, 12/15/47
 
1,143
856,811
Halliburton Co.
 
4.85%, 11/15/35
 
1,179
1,108,400
6.70%, 09/15/38(a)
 
300
323,030
7.45%, 09/15/39
 
930
1,059,323
4.50%, 11/15/41
 
550
454,537
4.75%, 08/01/43
 
836
699,467
5.00%, 11/15/45(a)
 
1,309
1,119,879
NOV, Inc., 3.95%, 12/01/42
 
1,092
760,725
 
 
7,420,064
Entertainment — 0.4%
Warnermedia Holdings, Inc.
 
5.05%, 03/15/42
 
3,850
2,897,245
5.14%, 03/15/52
 
5,414
3,716,174
5.39%, 03/15/62
 
2,200
1,497,216
 
 
8,110,635
Environmental, Maintenance & Security Service — 0.2%
Nature Conservancy, Series A, 3.96%, 03/01/52(a)
 
391
305,473
Republic Services, Inc.
 
6.20%, 03/01/40
 
400
428,460
5.70%, 05/15/41
 
400
403,588
3.05%, 03/01/50(a)
 
300
199,761
Waste Connections, Inc.
 
3.05%, 04/01/50
 
604
393,303
2.95%, 01/15/52
 
625
391,811
Waste Management, Inc.
 
2.95%, 06/01/41
 
570
416,912
4.10%, 03/01/45
 
530
428,240
4.15%, 07/15/49
 
663
537,351
2.50%, 11/15/50
 
950
550,407
5.35%, 10/15/54(a)
 
1,005
966,977
 
 
5,022,283
Financial Services — 0.4%
AerCap Ireland Capital DAC/AerCap Global Aviation
Trust, 3.85%, 10/29/41
 
725
561,658
CME Group, Inc.
 
5.30%, 09/15/43
 
979
972,416
4.15%, 06/15/48
 
400
330,874
Intercontinental Exchange, Inc.
 
2.65%, 09/15/40
 
1,129
809,107
4.25%, 09/21/48
 
1,113
899,846
3.00%, 06/15/50
 
1,159
746,814
4.95%, 06/15/52
 
1,121
998,474
3.00%, 09/15/60(a)
 
1,185
710,472
5.20%, 06/15/62
 
1,125
1,014,858
Nasdaq, Inc.
 
2.50%, 12/21/40
 
250
170,443
3.25%, 04/28/50
 
30
19,845
3.95%, 03/07/52
 
1,102
815,285
5.95%, 08/15/53(a)
 
350
351,612
6.10%, 06/28/63
 
800
799,085
 
 
9,200,789
Food Products — 1.6%
Archer-Daniels-Midland Co.
 
5.38%, 09/15/35
 
450
460,378
4.54%, 03/26/42
 
350
310,340
4.02%, 04/16/43
 
59
48,281
3.75%, 09/15/47
 
254
190,883
Security
 
Par
(000)
Value
Food Products (continued)
Archer-Daniels-Midland Co. (continued)
 
4.50%, 03/15/49
$
529
$ 444,441
2.70%, 09/15/51
 
600
360,478
Conagra Brands, Inc.
 
5.30%, 11/01/38
 
729
688,998
5.40%, 11/01/48
 
1,073
951,596
General Mills, Inc.
 
5.40%, 06/15/40
 
300
288,632
4.70%, 04/17/48
 
400
338,936
3.00%, 02/01/51(a)
 
646
404,291
Hershey Co.
 
3.38%, 08/15/46
 
275
199,261
3.13%, 11/15/49
 
413
277,237
2.65%, 06/01/50
 
400
242,744
Hormel Foods Corp., 3.05%, 06/03/51
 
513
330,958
Ingredion, Inc., 3.90%, 06/01/50
 
413
305,571
J.M. Smucker Co.
 
6.50%, 11/15/43
 
625
662,929
4.38%, 03/15/45
 
563
455,362
6.50%, 11/15/53(a)
 
705
748,609
JBS USA Holding Lux SARL/JBS USA Food Co./JBS
Lux Co. SARL
 
4.38%, 02/02/52
 
1,175
904,513
6.50%, 12/01/52
 
1,325
1,359,572
7.25%, 11/15/53
 
700
778,665
JBS USA LUX SARL/JBS USA Food Co./JBS USA
Foods Group, 6.38%, 02/25/55(d)
 
410
416,074
Kellanova
 
4.50%, 04/01/46
 
678
577,539
5.75%, 05/16/54
 
275
272,173
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40
 
400
405,825
Kraft Heinz Foods Co.
 
5.00%, 07/15/35(a)
 
771
760,655
6.88%, 01/26/39
 
813
899,850
4.63%, 10/01/39
 
88
78,852
6.50%, 02/09/40
 
321
344,091
5.00%, 06/04/42
 
1,237
1,114,997
5.20%, 07/15/45
 
928
840,900
4.38%, 06/01/46
 
2,452
1,983,651
4.88%, 10/01/49
 
1,637
1,398,583
5.50%, 06/01/50
 
863
808,555
Kroger Co.
 
6.90%, 04/15/38
 
350
387,547
5.40%, 07/15/40
 
500
486,312
5.00%, 04/15/42
 
250
225,786
5.15%, 08/01/43
 
209
191,780
3.88%, 10/15/46
 
513
382,919
4.45%, 02/01/47
 
729
594,339
4.65%, 01/15/48
 
213
177,366
5.40%, 01/15/49
 
713
656,669
3.95%, 01/15/50
 
725
537,964
5.50%, 09/15/54(a)
 
1,240
1,158,223
5.65%, 09/15/64
 
1,495
1,384,957
McCormick & Co., Inc., 4.20%, 08/15/47
 
360
286,685
Mondelez International, Inc., 2.63%, 09/04/50
 
1,155
680,515
Sysco Corp.
 
5.38%, 09/21/35
 
450
453,279
6.60%, 04/01/40
 
650
698,042
4.85%, 10/01/45
 
397
341,227
4.50%, 04/01/46
 
128
104,802
4.45%, 03/15/48
 
213
171,548
3.30%, 02/15/50
 
600
391,939
74
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Food Products (continued)
Sysco Corp. (continued)
 
6.60%, 04/01/50(a)
$
779
$ 824,636
3.15%, 12/14/51
 
1,000
623,339
The Campbell’s Co.
 
4.80%, 03/15/48
 
620
532,822
3.13%, 04/24/50(a)
 
590
379,461
5.25%, 10/13/54
 
350
314,004
Tyson Foods, Inc.
 
5.15%, 08/15/44
 
288
257,873
4.55%, 06/02/47
 
763
623,731
5.10%, 09/28/48
 
1,318
1,164,492
 
 
34,686,677
Gas Utilities — 0.7%
Atmos Energy Corp.
 
5.50%, 06/15/41
 
450
452,683
4.15%, 01/15/43(a)
 
476
396,502
4.13%, 10/15/44
 
815
671,093
4.30%, 10/01/48
 
788
643,477
4.13%, 03/15/49
 
115
90,472
3.38%, 09/15/49
 
570
392,517
2.85%, 02/15/52
 
200
122,167
5.75%, 10/15/52
 
500
497,721
6.20%, 11/15/53
 
550
582,893
5.00%, 12/15/54
 
400
357,414
CenterPoint Energy Resources Corp.
 
5.85%, 01/15/41
 
163
164,280
4.10%, 09/01/47
 
805
641,639
NiSource, Inc.
 
5.95%, 06/15/41
 
519
519,885
5.25%, 02/15/43
 
151
139,485
4.80%, 02/15/44
 
963
846,054
5.65%, 02/01/45
 
678
653,117
4.38%, 05/15/47
 
688
558,974
3.95%, 03/30/48
 
775
587,866
5.00%, 06/15/52
 
450
390,824
5.85%, 04/01/55
 
100
97,658
ONE Gas, Inc.
 
4.66%, 02/01/44
 
563
494,854
4.50%, 11/01/48
 
350
287,296
Piedmont Natural Gas Co., Inc.
 
4.65%, 08/01/43
 
255
220,491
3.64%, 11/01/46
 
255
181,113
3.35%, 06/01/50
 
604
391,729
5.05%, 05/15/52
 
125
109,333
Southern California Gas Co.
 
5.13%, 11/15/40
 
75
71,142
3.75%, 09/15/42
 
600
461,184
6.35%, 11/15/52
 
625
654,409
5.75%, 06/01/53(a)
 
520
501,546
5.60%, 04/01/54(a)
 
150
143,075
Series UU, 4.13%, 06/01/48
 
413
316,247
Series VV, 4.30%, 01/15/49
 
304
239,974
Series WW, 3.95%, 02/15/50
 
150
111,578
Southern Co. Gas Capital Corp.
 
5.88%, 03/15/41
 
625
625,454
4.40%, 06/01/43
 
236
195,349
3.95%, 10/01/46
 
720
544,352
4.40%, 05/30/47
 
150
120,735
Series 2021-A, 3.15%, 09/30/51
 
695
432,320
Southwest Gas Corp.
 
4.15%, 06/01/49
 
400
301,151
3.18%, 08/15/51(a)
 
345
218,122
Security
 
Par
(000)
Value
Gas Utilities (continued)
Spire Missouri, Inc., 3.30%, 06/01/51
$
400
$ 265,673
Washington Gas Light Co.
 
3.65%, 09/15/49
 
513
368,447
Series K, 3.80%, 09/15/46
 
350
264,521
 
 
16,326,816
Ground Transportation — 2.6%
Burlington Northern Santa Fe LLC
 
6.20%, 08/15/36(a)
 
250
274,038
6.15%, 05/01/37(a)
 
650
703,110
5.75%, 05/01/40
 
750
775,085
5.05%, 03/01/41
 
450
424,220
5.40%, 06/01/41
 
500
489,955
4.95%, 09/15/41
 
350
326,145
4.40%, 03/15/42
 
347
301,391
4.38%, 09/01/42
 
613
527,385
4.45%, 03/15/43
 
330
287,179
5.15%, 09/01/43
 
963
913,966
4.90%, 04/01/44
 
1,013
927,223
4.55%, 09/01/44
 
813
710,336
4.15%, 04/01/45
 
1,063
876,725
4.70%, 09/01/45
 
738
657,198
3.90%, 08/01/46
 
809
634,438
4.13%, 06/15/47
 
763
620,052
4.05%, 06/15/48
 
529
420,008
4.15%, 12/15/48(a)
 
913
736,515
3.55%, 02/15/50
 
431
312,164
3.05%, 02/15/51
 
679
442,779
3.30%, 09/15/51
 
1,129
769,716
2.88%, 06/15/52(a)
 
175
108,976
4.45%, 01/15/53
 
1,150
961,540
5.20%, 04/15/54(a)
 
810
759,354
5.50%, 03/15/55
 
1,360
1,331,683
Canadian National Railway Co.
 
6.20%, 06/01/36
 
550
591,953
6.38%, 11/15/37
 
50
55,289
3.20%, 08/02/46
 
585
410,146
3.65%, 02/03/48
 
393
294,186
4.45%, 01/20/49
 
800
680,191
2.45%, 05/01/50
 
724
417,820
4.40%, 08/05/52
 
393
328,362
6.13%, 11/01/53
 
210
225,110
Canadian Pacific Railway Co.
 
4.80%, 09/15/35
 
513
495,417
5.95%, 05/15/37
 
250
261,092
3.00%, 12/02/41
 
892
640,402
4.30%, 05/15/43
 
400
336,135
4.80%, 08/01/45
 
619
549,215
4.95%, 08/15/45
 
450
406,232
4.70%, 05/01/48
 
513
443,117
3.50%, 05/01/50
 
738
515,691
3.10%, 12/02/51
 
1,442
932,255
4.20%, 11/15/69
 
177
127,826
6.13%, 09/15/2115
 
913
895,361
CSX Corp.
 
6.00%, 10/01/36
 
125
132,951
6.15%, 05/01/37
 
650
696,946
6.22%, 04/30/40
 
750
798,361
5.50%, 04/15/41
 
550
540,123
4.75%, 05/30/42
 
1,011
911,683
4.10%, 03/15/44
 
650
534,401
3.80%, 11/01/46
 
750
576,090
4.30%, 03/01/48
 
995
814,086
Schedule of Investments
75
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Ground Transportation (continued)
CSX Corp. (continued)
 
4.75%, 11/15/48
$
325
$ 285,534
4.50%, 03/15/49
 
429
363,011
3.35%, 09/15/49
 
590
410,919
3.80%, 04/15/50
 
554
416,056
3.95%, 05/01/50
 
871
673,906
2.50%, 05/15/51
 
475
272,754
4.50%, 11/15/52(a)
 
925
772,141
4.50%, 08/01/54
 
413
342,667
4.90%, 03/15/55(a)
 
610
541,673
4.25%, 11/01/66
 
313
236,683
4.65%, 03/01/68
 
513
415,686
Norfolk Southern Corp.
 
4.84%, 10/01/41
 
600
543,659
3.95%, 10/01/42
 
626
505,086
4.45%, 06/15/45
 
563
476,517
4.65%, 01/15/46
 
525
453,617
3.94%, 11/01/47
 
745
576,999
4.15%, 02/28/48
 
713
565,453
4.10%, 05/15/49
 
50
39,014
3.40%, 11/01/49
 
476
329,076
3.05%, 05/15/50
 
875
563,379
2.90%, 08/25/51
 
626
386,975
4.05%, 08/15/52
 
829
634,080
3.70%, 03/15/53
 
422
301,296
4.55%, 06/01/53
 
875
726,959
5.35%, 08/01/54(a)
 
850
799,898
3.16%, 05/15/55
 
954
602,931
5.95%, 03/15/64
 
325
328,256
5.10%, 08/01/2118
 
300
254,423
4.10%, 05/15/2121
 
279
190,340
Union Pacific Corp.
 
2.89%, 04/06/36(a)
 
775
634,966
3.60%, 09/15/37
 
561
482,034
3.55%, 08/15/39
 
500
413,238
3.20%, 05/20/41
 
1,050
789,661
3.38%, 02/14/42
 
493
375,916
4.05%, 11/15/45
 
388
311,905
4.05%, 03/01/46
 
516
416,121
3.35%, 08/15/46
 
275
196,441
4.00%, 04/15/47
 
500
394,481
4.50%, 09/10/48(a)
 
413
349,833
4.30%, 03/01/49
 
750
615,366
3.25%, 02/05/50
 
1,911
1,302,035
3.80%, 10/01/51
 
313
233,662
2.95%, 03/10/52
 
786
495,407
4.95%, 09/09/52
 
575
522,455
3.50%, 02/14/53
 
1,516
1,065,055
4.95%, 05/15/53
 
625
564,037
5.60%, 12/01/54
 
825
811,595
3.88%, 02/01/55
 
400
294,957
3.95%, 08/15/59
 
645
468,235
3.84%, 03/20/60
 
576
408,949
3.55%, 05/20/61
 
577
380,688
2.97%, 09/16/62
 
2,100
1,205,011
5.15%, 01/20/63
 
200
177,610
4.10%, 09/15/67
 
400
291,859
3.75%, 02/05/70
 
475
316,864
Security
 
Par
(000)
Value
Ground Transportation (continued)
Union Pacific Corp. (continued)
 
3.80%, 04/06/71
$
559
$ 377,151
3.85%, 02/14/72
 
451
306,881
 
 
56,113,023
Health Care Equipment & Supplies — 0.9%
Abbott Laboratories
 
4.75%, 11/30/36
 
1,416
1,398,569
6.15%, 11/30/37
 
550
606,654
6.00%, 04/01/39(a)
 
250
272,757
5.30%, 05/27/40
 
863
874,807
4.75%, 04/15/43
 
263
246,222
4.90%, 11/30/46
 
2,125
1,986,283
Baxter International, Inc.
 
3.50%, 08/15/46
 
238
165,350
3.13%, 12/01/51(a)
 
946
580,166
Boston Scientific Corp.
 
6.50%, 11/15/35
 
140
155,289
4.55%, 03/01/39
 
465
432,229
7.38%, 01/15/40
 
50
59,094
4.70%, 03/01/49(a)
 
914
804,812
Danaher Corp.
 
4.38%, 09/15/45
 
675
577,692
2.60%, 10/01/50
 
788
466,951
2.80%, 12/10/51(a)
 
710
434,450
DH Europe Finance II SARL
 
3.25%, 11/15/39
 
604
476,244
3.40%, 11/15/49
 
658
460,421
GE HealthCare Technologies, Inc., 6.38%, 11/22/52
 
915
961,359
Koninklijke Philips NV
 
6.88%, 03/11/38
 
824
888,187
5.00%, 03/15/42
 
313
280,076
Medtronic, Inc., 4.63%, 03/15/45(a)
 
1,900
1,684,265
Revvity, Inc., 3.63%, 03/15/51
 
300
205,772
Solventum Corp.
 
5.90%, 04/30/54(a)
 
825
797,413
6.00%, 05/15/64
 
525
503,300
STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/51
 
150
104,419
Stryker Corp.
 
4.10%, 04/01/43
 
425
347,250
4.38%, 05/15/44
 
175
148,171
4.63%, 03/15/46
 
586
510,125
2.90%, 06/15/50
 
438
280,745
Thermo Fisher Scientific, Inc.
 
2.80%, 10/15/41
 
1,477
1,040,445
5.40%, 08/10/43
 
135
132,603
5.30%, 02/01/44
 
150
143,576
4.10%, 08/15/47
 
663
531,323
Zimmer Biomet Holdings, Inc., 4.45%, 08/15/45
 
388
318,907
 
 
18,875,926
Health Care Providers & Services — 5.3%
AdventHealth Obligated Group, Series E, 2.80%,
11/15/51
 
66
40,365
Adventist Health System, 3.63%, 03/01/49
 
227
152,267
Advocate Health & Hospitals Corp.
 
4.27%, 08/15/48
 
27
22,001
3.39%, 10/15/49
 
1,585
1,112,876
Series 2020, 3.01%, 06/15/50
 
198
128,616
Aetna, Inc.
 
6.63%, 06/15/36
 
500
531,365
76
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
Aetna, Inc. (continued)
 
6.75%, 12/15/37
$
550
$ 585,920
4.50%, 05/15/42
 
253
206,778
4.75%, 03/15/44
 
849
706,397
AHS Hospital Corp.
 
5.02%, 07/01/45
 
100
92,773
Series 2021, 2.78%, 07/01/51
 
961
584,503
Allina Health System
 
Series 2019, 3.89%, 04/15/49
 
142
107,608
Series 2021, 2.90%, 11/15/51
 
350
214,312
Ascension Health
 
3.95%, 11/15/46
 
943
747,945
Series B, 3.11%, 11/15/39
 
1,150
902,214
Banner Health
 
2.91%, 01/01/42
 
1,140
813,961
2.91%, 01/01/51
 
231
144,814
Series 2020, 3.18%, 01/01/50
 
118
79,656
BayCare Health System, Inc., Series 2020, 3.83%,
11/15/50
 
538
408,869
Baylor Scott & White Holdings, Series 2021, 2.84%,
11/15/50
 
2,096
1,307,822
Bon Secours Mercy Health, Inc., Series 2020-2002,
3.21%, 06/01/50
 
110
73,631
Catholic Health Services of Long Island Obligated
Group, Series 2020, 3.37%, 07/01/50
 
145
97,860
Children’s Hospital Corp., Series 2017, 4.12%,
01/01/47
 
130
106,626
Children’s Hospital Medical Center, 4.27%, 05/15/44
 
1,000
861,629
Children’s Hospital of Philadelphia, Series 2020,
2.70%, 07/01/50
 
93
56,729
Cigna Group
 
4.80%, 08/15/38
 
2,104
1,955,080
3.20%, 03/15/40
 
929
706,513
6.13%, 11/15/41
 
350
360,195
4.80%, 07/15/46
 
1,261
1,086,123
3.88%, 10/15/47
 
695
511,053
4.90%, 12/15/48
 
2,493
2,148,732
3.40%, 03/15/50
 
1,404
932,923
3.40%, 03/15/51
 
1,561
1,030,873
5.60%, 02/15/54
 
675
635,565
City of Hope, Series 2013, 5.62%, 11/15/43
 
610
585,186
Cleveland Clinic Foundation, 4.86%, 01/01/2114
 
250
208,774
CommonSpirit Health
 
4.35%, 11/01/42
 
100
82,128
3.82%, 10/01/49
 
1,087
783,282
4.19%, 10/01/49(a)
 
1,361
1,029,649
3.91%, 10/01/50
 
200
143,732
6.46%, 11/01/52
 
343
357,541
5.55%, 12/01/54
 
805
745,806
Community Health Network, Inc., Series 2020-A,
3.10%, 05/01/50(a)
 
225
141,370
Corewell Health Obligated Group, Series 2019A,
3.49%, 07/15/49
 
1,000
714,847
Cottage Health Obligated Group, Series 2020, 3.30%,
11/01/49
 
1,000
686,920
Dartmouth-Hitchcock Health, Series B, 4.18%,
08/01/48
 
664
508,724
Dignity Health, 5.27%, 11/01/64
 
151
130,616
Duke University Health System, Inc., Series 2017,
3.92%, 06/01/47
 
862
670,493
Elevance Health, Inc.
 
5.85%, 01/15/36
 
200
209,355
6.38%, 06/15/37
 
350
376,942
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
Elevance Health, Inc. (continued)
 
4.63%, 05/15/42
$
975
$ 844,835
4.65%, 01/15/43
 
259
225,460
5.10%, 01/15/44
 
745
678,928
4.65%, 08/15/44
 
888
765,237
4.38%, 12/01/47
 
679
548,810
4.55%, 03/01/48
 
820
676,014
3.70%, 09/15/49
 
450
318,916
3.13%, 05/15/50
 
999
640,528
3.60%, 03/15/51
 
1,470
1,024,141
4.55%, 05/15/52
 
679
550,834
6.10%, 10/15/52
 
810
819,856
5.13%, 02/15/53
 
900
794,557
5.65%, 06/15/54
 
1,440
1,369,893
5.70%, 02/15/55
 
1,375
1,316,682
5.85%, 11/01/64
 
850
815,965
Franciscan Missionaries of Our Lady Health System,
Inc., Series B, 3.91%, 07/01/49(a)
 
350
260,032
Fred Hutchinson Cancer Center, Series 2022, 4.97%,
01/01/52
 
426
380,047
Hackensack Meridian Health, Inc.
 
4.21%, 07/01/48
 
100
81,562
4.50%, 07/01/57
 
700
573,135
Series 2020, 2.68%, 09/01/41
 
126
85,990
Series 2020, 2.88%, 09/01/50
 
457
284,178
Hartford HealthCare Corp., 3.45%, 07/01/54
 
113
79,422
HCA, Inc.
 
5.13%, 06/15/39
 
979
900,781
4.38%, 03/15/42
 
500
407,011
5.50%, 06/15/47
 
1,479
1,340,376
5.25%, 06/15/49
 
2,056
1,783,019
3.50%, 07/15/51
 
1,645
1,062,932
4.63%, 03/15/52
 
1,506
1,181,598
5.90%, 06/01/53
 
985
926,346
6.00%, 04/01/54(a)
 
1,690
1,608,626
5.95%, 09/15/54
 
705
667,430
6.20%, 03/01/55
 
755
741,018
6.10%, 04/01/64(a)
 
800
759,408
Hoag Memorial Hospital Presbyterian, 3.80%,
07/15/52(a)
 
627
466,206
Humana, Inc.
 
4.63%, 12/01/42
 
379
314,170
4.95%, 10/01/44
 
838
713,128
4.80%, 03/15/47
 
380
308,495
3.95%, 08/15/49
 
450
319,751
5.50%, 03/15/53
 
800
707,949
5.75%, 04/15/54
 
1,175
1,078,236
Indiana University Health, Inc. Obligated Group,
Series 2021, 2.85%, 11/01/51
 
913
563,796
Inova Health System Foundation, 4.07%, 05/15/52(a)
 
25
19,800
Integris Baptist Medical Center, Inc., Series A, 3.88%,
08/15/50
 
222
160,833
Johns Hopkins Health System Corp., 3.84%,
05/15/46
 
1,113
869,716
Kaiser Foundation Hospitals
 
4.15%, 05/01/47
 
1,119
903,750
Series 2019, 3.27%, 11/01/49
 
243
166,071
Series 2021, 2.81%, 06/01/41
 
1,530
1,075,600
Series 2021, 3.00%, 06/01/51
 
2,855
1,818,458
Laboratory Corp. of America Holdings, 4.70%,
02/01/45
 
721
612,391
Mass General Brigham, Inc.
 
Series 2017, 3.77%, 07/01/48
 
600
452,886
Schedule of Investments
77
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
Mass General Brigham, Inc. (continued)
 
Series 2020, 3.19%, 07/01/49(a)
$
913
$ 621,504
Series 2020, 3.34%, 07/01/60
 
429
278,020
Mayo Clinic
 
Series 2016, 4.13%, 11/15/52
 
225
179,861
Series 2021, 3.20%, 11/15/61
 
1,001
635,165
McLaren Health Care Corp., Series A, 4.39%,
05/15/48
 
350
290,841
MedStar Health, Inc., Series 20A, 3.63%, 08/15/49(a)
 
325
230,767
Memorial Health Services, 3.45%, 11/01/49
 
423
295,289
Memorial Sloan-Kettering Cancer Center
 
5.00%, 07/01/42
 
130
123,373
4.13%, 07/01/52(a)
 
330
262,881
Series 2015, 4.20%, 07/01/55(a)
 
100
80,550
Series 2020, 2.96%, 01/01/50
 
1,505
971,761
Methodist Hospital, Series 20A, 2.71%, 12/01/50
 
942
569,493
Montefiore Obligated Group, 4.29%, 09/01/50
 
300
205,162
Mount Nittany Medical Center Obligated Group,
Series 2022, 3.80%, 11/15/52(a)
 
103
75,546
Mount Sinai Hospital
 
Series 2017, 3.98%, 07/01/48
 
1,000
724,984
Series 2019, 3.74%, 07/01/49
 
225
147,692
Series 2020, 3.39%, 07/01/50(a)
 
120
72,585
MultiCare Health System, 2.80%, 08/15/50
 
300
176,830
MyMichigan Health, Series 2020, 3.41%, 06/01/50
 
350
243,349
Nationwide Children’s Hospital, Inc., 4.56%, 11/01/52
 
25
21,342
New York and Presbyterian Hospital
 
2.26%, 08/01/40(a)
 
513
349,260
4.02%, 08/01/45(a)
 
97
78,570
2.61%, 08/01/60(a)
 
413
227,024
Series 2019, 3.95%, 08/01/2119
 
270
183,716
Northwell Healthcare, Inc.
 
3.98%, 11/01/46
 
130
98,463
4.26%, 11/01/47
 
100
77,708
3.81%, 11/01/49
 
1,544
1,111,657
Northwestern Memorial Healthcare Obligated Group,
Series 2021, 2.63%, 07/15/51(a)
 
100
61,159
Novant Health, Inc.
 
2.64%, 11/01/36
 
66
51,634
3.17%, 11/01/51
 
1,058
693,062
3.32%, 11/01/61
 
141
88,685
NY Society for Relief of Ruptured & Crippled
Maintaining Hosp Special Surgery, Series 2020,
2.67%, 10/01/50
 
375
224,639
NYU Langone Hospitals
 
4.78%, 07/01/44
 
200
183,202
4.37%, 07/01/47
 
645
545,383
Series 13-A, 5.75%, 07/01/43
 
600
613,526
Series 2020, 3.38%, 07/01/55(a)
 
500
334,762
OhioHealth Corp., 2.83%, 11/15/41
 
272
194,276
Orlando Health Obligated Group
 
5.48%, 10/01/35
 
255
261,341
4.09%, 10/01/48
 
100
79,740
3.33%, 10/01/50
 
125
86,199
PeaceHealth Obligated Group
 
Series 2018, 4.79%, 11/15/48
 
250
206,674
Series 2020, 3.22%, 11/15/50
 
166
102,014
Piedmont Healthcare, Inc.
 
2.86%, 01/01/52
 
375
227,666
Series 2042, 2.72%, 01/01/42
 
106
73,135
Presbyterian Healthcare Services, 4.88%, 08/01/52
 
108
96,326
Providence St. Joseph Health Obligated Group,
Series 21A, 2.70%, 10/01/51
 
1,599
898,969
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
Queen’s Health Systems, 4.81%, 07/01/52
$
60
$ 53,489
Quest Diagnostics, Inc., 4.70%, 03/30/45(a)
 
363
314,781
Rady Children’s Hospital-San Diego, Series 21A,
3.15%, 08/15/51
 
257
168,040
Seattle Children’s Hospital, Series 2021, 2.72%,
10/01/50(a)
 
213
129,433
Sentara Health, Series 2021, 2.93%, 11/01/51(a)
 
63
39,897
Stanford Health Care
 
3.03%, 08/15/51(a)
 
579
375,276
Series 2018, 3.80%, 11/15/48
 
500
377,427
Summa Health, 3.51%, 11/15/51(a)
 
130
94,723
Sutter Health
 
5.55%, 08/15/53(a)
 
915
891,722
Series 2018, 4.09%, 08/15/48
 
27
21,235
Series 2020A, 3.16%, 08/15/40
 
115
88,639
Series 2020A, 3.36%, 08/15/50(a)
 
800
546,691
Texas Health Resources
 
2.33%, 11/15/50
 
382
212,217
4.33%, 11/15/55(a)
 
125
102,222
Trinity Health Corp.
 
4.13%, 12/01/45
 
1,000
823,766
Series 2019, 3.43%, 12/01/48
 
64
47,022
Series 2021, 2.63%, 12/01/40(a)
 
29
20,515
UMass Memorial Health Care Obligated Group,
5.36%, 07/01/52
 
212
193,073
UnitedHealth Group, Inc.
 
4.63%, 07/15/35
 
708
681,764
5.80%, 03/15/36
 
1,000
1,042,597
6.50%, 06/15/37
 
500
549,732
6.63%, 11/15/37
 
800
888,129
6.88%, 02/15/38
 
726
823,288
3.50%, 08/15/39
 
1,784
1,430,001
2.75%, 05/15/40
 
1,175
837,243
5.95%, 02/15/41
 
226
231,014
3.05%, 05/15/41
 
839
607,685
4.63%, 11/15/41
 
496
437,039
4.38%, 03/15/42
 
650
556,301
3.95%, 10/15/42
 
597
481,418
4.25%, 03/15/43
 
1,163
968,400
5.50%, 07/15/44
 
900
869,969
4.75%, 07/15/45
 
2,343
2,051,580
4.20%, 01/15/47
 
620
492,707
4.25%, 04/15/47
 
829
661,995
3.75%, 10/15/47
 
1,113
821,552
4.25%, 06/15/48
 
1,410
1,125,260
4.45%, 12/15/48
 
779
639,505
3.70%, 08/15/49
 
1,443
1,039,859
2.90%, 05/15/50
 
1,319
815,069
3.25%, 05/15/51
 
2,358
1,552,244
4.75%, 05/15/52
 
1,000
843,394
5.88%, 02/15/53
 
1,400
1,387,261
5.05%, 04/15/53
 
1,400
1,239,013
5.38%, 04/15/54
 
1,800
1,669,678
5.63%, 07/15/54
 
2,400
2,308,276
3.88%, 08/15/59
 
1,379
961,393
3.13%, 05/15/60
 
1,200
709,323
4.95%, 05/15/62
 
1,000
845,139
6.05%, 02/15/63
 
625
628,504
5.20%, 04/15/63
 
1,305
1,150,732
5.50%, 04/15/64
 
1,200
1,111,426
5.75%, 07/15/64
 
1,950
1,882,196
UPMC, 5.38%, 05/15/43
 
500
478,312
WakeMed, Series A, 3.29%, 10/01/52(a)
 
159
105,913
78
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
West Virginia United Health System Obligated Group,
Series 2020, 3.13%, 06/01/50
$
100
$ 63,513
Willis-Knighton Medical Center, Series 2018, 4.81%,
09/01/48
 
278
239,157
Yale-New Haven Health Services Corp., Series 2020,
2.50%, 07/01/50
 
57
32,881
 
 
115,011,177
Health Care REITs — 0.2%
Alexandria Real Estate Equities, Inc.
 
5.50%, 10/01/35
 
150
148,376
5.25%, 05/15/36
 
365
351,321
4.85%, 04/15/49
 
263
218,144
4.00%, 02/01/50
 
379
272,485
3.00%, 05/18/51
 
830
493,427
3.55%, 03/15/52
 
1,130
748,669
5.15%, 04/15/53
 
245
210,314
5.63%, 05/15/54(a)
 
750
688,133
Healthpeak OP LLC, 6.75%, 02/01/41
 
250
269,588
Ventas Realty LP
 
5.70%, 09/30/43
 
350
336,237
4.38%, 02/01/45
 
400
321,844
4.88%, 04/15/49
 
100
84,953
Welltower OP LLC
 
6.50%, 03/15/41
 
450
481,584
4.95%, 09/01/48
 
550
492,484
 
 
5,117,559
Hotels, Restaurants & Leisure — 0.6%
Darden Restaurants, Inc., 4.55%, 02/15/48
 
363
290,375
Marriott International, Inc., 5.50%, 04/15/37
 
800
780,347
McDonald’s Corp.
 
4.70%, 12/09/35
 
421
409,139
6.30%, 10/15/37
 
875
950,681
6.30%, 03/01/38
 
579
625,438
5.70%, 02/01/39
 
300
307,660
4.88%, 07/15/40
 
139
128,186
3.70%, 02/15/42
 
826
645,517
3.63%, 05/01/43
 
275
209,521
4.60%, 05/26/45
 
579
500,614
4.88%, 12/09/45
 
879
783,477
4.45%, 03/01/47
 
863
718,386
4.45%, 09/01/48
 
225
186,760
3.63%, 09/01/49
 
1,999
1,435,641
4.20%, 04/01/50
 
222
174,503
5.15%, 09/09/52
 
800
726,496
5.45%, 08/14/53
 
940
894,241
Starbucks Corp.
 
3.75%, 12/01/47
 
679
489,513
4.50%, 11/15/48
 
755
611,729
4.45%, 08/15/49
 
1,075
857,405
3.35%, 03/12/50
 
554
363,742
3.50%, 11/15/50
 
1,135
762,653
 
 
12,852,024
Household Durables — 0.1%
D.R. Horton, Inc., 5.50%, 10/15/35
 
550
551,317
Leggett & Platt, Inc., 3.50%, 11/15/51
 
450
265,852
MDC Holdings, Inc.(a)
 
6.00%, 01/15/43
 
529
488,941
3.97%, 08/06/61
 
200
147,865
Security
 
Par
(000)
Value
Household Durables (continued)
Whirlpool Corp.
 
4.50%, 06/01/46
$
388
$ 262,370
4.60%, 05/15/50(a)
 
146
96,456
 
 
1,812,801
Household Products — 0.1%
Church & Dwight Co., Inc.
 
3.95%, 08/01/47
 
470
362,084
5.00%, 06/15/52
 
400
351,878
Kimberly-Clark Corp.
 
6.63%, 08/01/37
 
600
687,750
5.30%, 03/01/41
 
413
405,246
3.20%, 07/30/46
 
311
216,500
3.90%, 05/04/47
 
470
366,288
2.88%, 02/07/50
 
660
422,865
 
 
2,812,611
Industrial Conglomerates — 0.4%
3M Co.
 
5.70%, 03/15/37(a)
 
350
361,080
3.88%, 06/15/44(a)
 
300
237,388
3.13%, 09/19/46
 
563
378,948
3.63%, 10/15/47
 
600
439,601
4.00%, 09/14/48
 
929
721,663
3.25%, 08/26/49
 
955
642,125
3.70%, 04/15/50(a)
 
518
374,667
Eaton Corp.
 
4.15%, 11/02/42
 
813
688,631
3.92%, 09/15/47
 
250
196,550
4.70%, 08/23/52(a)
 
500
438,443
Illinois Tool Works, Inc.
 
4.88%, 09/15/41
 
569
533,473
3.90%, 09/01/42
 
1,275
1,041,001
Parker-Hannifin Corp.
 
6.25%, 05/15/38
 
295
320,221
4.45%, 11/21/44
 
525
450,652
4.10%, 03/01/47
 
613
488,563
4.00%, 06/14/49
 
463
359,124
Textron, Inc., 5.50%, 05/15/35
 
365
362,348
 
 
8,034,478
Insurance — 3.4%
Aflac, Inc.
 
4.00%, 10/15/46
 
515
399,404
4.75%, 01/15/49
 
293
248,653
Alleghany Corp.
 
4.90%, 09/15/44
 
250
224,634
3.25%, 08/15/51
 
504
333,656
Allstate Corp.
 
5.55%, 05/09/35(a)
 
400
410,519
5.95%, 04/01/36
 
350
373,706
4.50%, 06/15/43
 
547
461,200
4.20%, 12/15/46
 
579
459,409
3.85%, 08/10/49
 
559
408,266
(3-mo. SOFR US + 2.38%), 6.50%, 05/15/57(b)
 
325
323,763
American Financial Group, Inc., 4.50%, 06/15/47
 
445
358,257
American International Group, Inc.
 
4.50%, 07/16/44
 
500
425,234
4.80%, 07/10/45
 
200
176,240
4.75%, 04/01/48(a)
 
729
629,740
4.38%, 06/30/50
 
1,038
842,915
Schedule of Investments
79
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Insurance (continued)
Aon Corp., 6.25%, 09/30/40
$
105
$ 111,582
Aon Corp./Aon Global Holdings PLC
 
2.90%, 08/23/51
 
1,100
661,141
3.90%, 02/28/52
 
939
682,426
Aon Global Ltd.
 
4.60%, 06/14/44
 
588
495,996
4.75%, 05/15/45
 
663
571,022
Aon North America, Inc., 5.75%, 03/01/54
 
1,170
1,132,075
Arch Capital Finance LLC, 5.03%, 12/15/46
 
600
535,355
Arch Capital Group Ltd., 3.64%, 06/30/50
 
629
447,756
Arch Capital Group U.S., Inc., 5.14%, 11/01/43
 
459
419,570
Arthur J Gallagher & Co.
 
3.50%, 05/20/51
 
963
652,005
3.05%, 03/09/52
 
200
122,629
5.75%, 03/02/53
 
644
617,107
6.75%, 02/15/54
 
285
309,350
5.75%, 07/15/54
 
255
245,571
5.55%, 02/15/55
 
1,405
1,320,014
Assured Guaranty U.S. Holdings, Inc., 3.60%,
09/15/51
 
400
268,554
Athene Holding Ltd.
 
3.95%, 05/25/51
 
494
340,272
3.45%, 05/15/52(a)
 
500
311,593
6.25%, 04/01/54
 
875
847,791
Berkshire Hathaway Finance Corp.
 
5.75%, 01/15/40
 
300
321,930
4.40%, 05/15/42(a)
 
676
624,041
4.30%, 05/15/43(a)
 
563
494,305
4.20%, 08/15/48
 
2,159
1,790,097
4.25%, 01/15/49
 
1,629
1,360,200
2.85%, 10/15/50
 
2,004
1,275,354
2.50%, 01/15/51
 
528
311,297
3.85%, 03/15/52
 
1,642
1,251,176
Berkshire Hathaway, Inc., 4.50%, 02/11/43(a)
 
911
840,958
Brighthouse Financial, Inc.
 
4.70%, 06/22/47(a)
 
485
361,564
3.85%, 12/22/51
 
250
157,189
Brown & Brown, Inc., 4.95%, 03/17/52
 
470
387,860
Chubb Corp.
 
6.00%, 05/11/37
 
700
747,677
Series 1, 6.50%, 05/15/38
 
326
361,081
Chubb INA Holdings LLC
 
6.70%, 05/15/36
 
300
338,258
4.15%, 03/13/43
 
447
373,988
4.35%, 11/03/45
 
1,009
858,154
2.85%, 12/15/51
 
838
528,101
3.05%, 12/15/61
 
1,286
775,336
Corebridge Financial, Inc.
 
4.35%, 04/05/42
 
225
183,789
4.40%, 04/05/52(a)
 
1,105
862,782
Equitable Holdings, Inc., 5.00%, 04/20/48
 
942
817,844
Everest Reinsurance Holdings, Inc.
 
4.87%, 06/01/44
 
375
326,954
3.50%, 10/15/50
 
1,113
735,897
3.13%, 10/15/52
 
715
432,542
Fairfax Financial Holdings Ltd.
 
6.35%, 03/22/54
 
890
894,053
6.10%, 03/15/55
 
500
473,989
Fidelity National Financial, Inc., 3.20%, 09/17/51
 
522
308,095
Hartford Financial Services Group, Inc.
 
5.95%, 10/15/36
 
200
207,795
6.10%, 10/01/41
 
376
381,757
4.30%, 04/15/43
 
200
168,600
Security
 
Par
(000)
Value
Insurance (continued)
Hartford Financial Services Group, Inc. (continued)
 
4.40%, 03/15/48
$
500
$ 413,129
3.60%, 08/19/49
 
656
471,683
2.90%, 09/15/51
 
629
387,454
Jackson Financial, Inc., 4.00%, 11/23/51
 
500
331,426
Lincoln National Corp.
 
6.30%, 10/09/37(a)
 
363
372,666
7.00%, 06/15/40
 
450
496,120
4.35%, 03/01/48
 
230
177,612
4.38%, 06/15/50(a)
 
563
432,490
Loews Corp., 4.13%, 05/15/43
 
675
566,528
Manulife Financial Corp., 5.38%, 03/04/46
 
679
648,619
Markel Group, Inc.
 
5.00%, 04/05/46
 
525
460,097
4.30%, 11/01/47
 
220
173,985
5.00%, 05/20/49
 
600
516,346
4.15%, 09/17/50
 
213
159,640
3.45%, 05/07/52
 
575
379,253
6.00%, 05/16/54
 
615
609,581
Marsh & McLennan Cos., Inc.
 
4.75%, 03/15/39
 
75
70,530
5.35%, 11/15/44
 
230
221,564
4.35%, 01/30/47
 
513
426,972
4.20%, 03/01/48
 
538
434,330
4.90%, 03/15/49
 
1,529
1,360,615
2.90%, 12/15/51
 
518
317,961
6.25%, 11/01/52
 
400
424,378
5.45%, 03/15/53
 
460
437,976
5.70%, 09/15/53(a)
 
775
766,950
5.45%, 03/15/54
 
550
524,515
5.40%, 03/15/55
 
1,360
1,290,161
MetLife, Inc.
 
5.70%, 06/15/35(a)
 
1,050
1,099,512
5.88%, 02/06/41
 
655
670,413
4.13%, 08/13/42
 
825
683,499
4.88%, 11/13/43
 
1,036
934,217
4.72%, 12/15/44
 
450
393,150
4.05%, 03/01/45
 
1,013
812,296
4.60%, 05/13/46
 
893
775,797
5.00%, 07/15/52(a)
 
1,185
1,064,071
5.25%, 01/15/54(a)
 
750
699,052
Nationwide Financial Services, Inc., 6.75%, 05/15/37
 
340
330,851
Old Republic International Corp., 3.85%, 06/11/51
 
550
379,042
Principal Financial Group, Inc.
 
6.05%, 10/15/36
 
300
319,741
4.63%, 09/15/42
 
250
219,948
4.35%, 05/15/43
 
300
253,844
4.30%, 11/15/46
 
288
237,527
5.50%, 03/15/53
 
325
310,067
Progressive Corp.
 
4.35%, 04/25/44
 
376
318,181
3.70%, 01/26/45
 
130
100,942
4.13%, 04/15/47
 
763
613,908
4.20%, 03/15/48
 
513
419,458
3.95%, 03/26/50
 
563
435,108
3.70%, 03/15/52
 
655
481,706
Prudential Financial, Inc.
 
5.70%, 12/14/36(a)
 
900
936,973
6.63%, 12/01/37
 
375
413,904
3.00%, 03/10/40
 
579
432,028
6.63%, 06/21/40
 
200
222,407
4.60%, 05/15/44
 
463
399,453
3.91%, 12/07/47
 
663
507,031
80
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Insurance (continued)
Prudential Financial, Inc. (continued)
 
4.42%, 03/27/48
$
450
$ 370,353
3.94%, 12/07/49
 
1,077
809,424
4.35%, 02/25/50
 
1,054
858,749
3.70%, 03/13/51
 
711
515,087
Selective Insurance Group, Inc., 5.38%, 03/01/49
 
300
269,379
Transatlantic Holdings, Inc., 8.00%, 11/30/39
 
300
360,239
Travelers Cos., Inc.
 
6.75%, 06/20/36
 
163
185,421
6.25%, 06/15/37
 
963
1,052,959
5.35%, 11/01/40
 
750
747,042
4.60%, 08/01/43
 
302
264,317
4.30%, 08/25/45
 
363
306,310
3.75%, 05/15/46
 
550
425,202
4.00%, 05/30/47
 
463
368,480
4.05%, 03/07/48
 
150
119,974
4.10%, 03/04/49
 
488
390,389
2.55%, 04/27/50
 
575
340,883
3.05%, 06/08/51
 
729
475,324
5.45%, 05/25/53
 
650
637,644
Unum Group
 
5.75%, 08/15/42
 
463
444,060
4.50%, 12/15/49
 
313
242,720
4.13%, 06/15/51
 
475
349,634
6.00%, 06/15/54(a)
 
530
514,815
W R Berkley Corp.
 
4.75%, 08/01/44
 
350
303,854
4.00%, 05/12/50
 
313
237,420
3.55%, 03/30/52
 
363
249,716
3.15%, 09/30/61
 
200
117,446
Willis North America, Inc.
 
5.05%, 09/15/48
 
100
86,462
3.88%, 09/15/49
 
630
452,175
5.90%, 03/05/54
 
550
532,625
XL Group Ltd., 5.25%, 12/15/43
 
300
283,875
 
 
74,768,753
Interactive Media & Services — 0.6%
Meta Platforms, Inc.
 
4.45%, 08/15/52
 
3,274
2,726,656
5.60%, 05/15/53
 
2,395
2,366,665
5.40%, 08/15/54
 
3,415
3,291,329
4.65%, 08/15/62
 
1,250
1,045,764
5.75%, 05/15/63
 
1,740
1,734,751
5.55%, 08/15/64
 
1,525
1,467,990
Netflix, Inc., 5.40%, 08/15/54
 
600
582,549
 
 
13,215,704
Internet Software & Services — 1.4%
Alibaba Group Holding Ltd.
 
5.25%, 05/26/35(d)
 
650
647,117
4.00%, 12/06/37
 
1,078
929,444
2.70%, 02/09/41(a)
 
950
646,641
4.20%, 12/06/47(a)
 
1,751
1,374,669
3.15%, 02/09/51(a)
 
1,166
739,827
5.63%, 11/26/54(a)(d)
 
200
189,694
4.40%, 12/06/57
 
478
371,400
3.25%, 02/09/61(a)
 
1,150
691,897
Alphabet, Inc.
 
1.90%, 08/15/40
 
1,091
730,116
2.05%, 08/15/50
 
1,760
983,465
5.25%, 05/15/55
 
655
646,518
2.25%, 08/15/60(a)
 
1,951
1,057,267
Security
 
Par
(000)
Value
Internet Software & Services (continued)
Alphabet, Inc. (continued)
 
5.30%, 05/15/65
$
735
$ 722,994
Amazon.com, Inc.
 
3.88%, 08/22/37
 
2,129
1,918,187
2.88%, 05/12/41
 
2,185
1,612,764
4.95%, 12/05/44
 
1,938
1,861,398
4.05%, 08/22/47
 
2,548
2,101,865
2.50%, 06/03/50
 
3,029
1,800,285
3.10%, 05/12/51
 
3,759
2,534,018
3.95%, 04/13/52
 
1,951
1,536,740
4.25%, 08/22/57
 
1,234
999,342
2.70%, 06/03/60
 
2,529
1,444,680
3.25%, 05/12/61
 
1,679
1,091,106
4.10%, 04/13/62
 
554
430,759
eBay, Inc.
 
4.00%, 07/15/42
 
800
634,510
3.65%, 05/10/51
 
913
639,853
JD.com, Inc., 4.13%, 01/14/50
 
450
348,763
Uber Technologies, Inc., 5.35%, 09/15/54
 
810
739,307
 
 
29,424,626
IT Services — 0.6%
Fidelity National Information Services, Inc.
 
3.10%, 03/01/41
 
766
546,105
4.50%, 08/15/46
 
100
82,222
Fiserv, Inc., 4.40%, 07/01/49
 
1,727
1,357,017
IBM International Capital Pte. Ltd.
 
5.25%, 02/05/44
 
950
895,346
5.30%, 02/05/54(a)
 
1,350
1,237,698
International Business Machines Corp.
 
4.15%, 05/15/39
 
2,270
1,970,371
5.60%, 11/30/39
 
850
860,134
2.85%, 05/15/40
 
655
471,791
4.00%, 06/20/42
 
1,152
939,315
4.70%, 02/19/46
 
691
598,924
4.25%, 05/15/49
 
2,095
1,668,314
2.95%, 05/15/50
 
764
476,819
3.43%, 02/09/52
 
350
236,318
4.90%, 07/27/52(a)
 
800
698,423
5.10%, 02/06/53(a)
 
450
404,104
5.70%, 02/10/55
 
600
581,661
7.13%, 12/01/96
 
150
178,452
Kyndryl Holdings, Inc., 4.10%, 10/15/41
 
529
398,846
 
 
13,601,860
Leisure Products — 0.1%
Brunswick Corp., 5.10%, 04/01/52
 
329
243,420
Harley-Davidson, Inc., 4.63%, 07/28/45(a)
 
246
192,651
Hasbro, Inc.
 
6.35%, 03/15/40
 
463
463,495
5.10%, 05/15/44
 
255
219,130
Mattel, Inc., 5.45%, 11/01/41
 
250
215,905
 
 
1,334,601
Machinery — 0.5%
Caterpillar, Inc.
 
5.30%, 09/15/35(a)
 
250
264,281
6.05%, 08/15/36
 
690
756,742
5.20%, 05/27/41
 
394
386,549
3.80%, 08/15/42
 
1,703
1,387,086
4.30%, 05/15/44
 
175
149,894
3.25%, 09/19/49(a)
 
1,029
713,473
3.25%, 04/09/50(a)
 
304
209,660
4.75%, 05/15/64
 
325
275,584
Schedule of Investments
81
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Machinery (continued)
Deere & Co.
 
3.90%, 06/09/42
$
1,179
$ 995,377
2.88%, 09/07/49(a)
 
317
207,468
3.75%, 04/15/50
 
975
750,153
5.70%, 01/19/55
 
130
133,728
Dover Corp.
 
5.38%, 10/15/35
 
300
308,226
5.38%, 03/01/41
 
200
191,343
Ingersoll Rand, Inc., 5.70%, 06/15/54(a)
 
440
423,070
Otis Worldwide Corp.
 
3.11%, 02/15/40
 
654
492,702
3.36%, 02/15/50
 
676
454,738
Rockwell Automation, Inc.
 
4.20%, 03/01/49(a)
 
504
408,756
2.80%, 08/15/61
 
260
147,318
Snap-on, Inc.
 
4.10%, 03/01/48
 
350
277,711
3.10%, 05/01/50
 
404
262,255
Stanley Black & Decker, Inc.
 
5.20%, 09/01/40
 
350
319,912
4.85%, 11/15/48
 
263
209,583
2.75%, 11/15/50
 
775
422,746
Xylem, Inc., 4.38%, 11/01/46
 
213
172,982
 
 
10,321,337
Media — 3.8%
Charter Communications Operating LLC/Charter
Communications Operating Capital
 
6.38%, 10/23/35
 
1,763
1,783,311
5.38%, 04/01/38
 
129
116,394
3.50%, 06/01/41
 
779
530,952
3.50%, 03/01/42
 
863
580,385
6.48%, 10/23/45
 
2,801
2,610,673
5.38%, 05/01/47
 
2,043
1,656,230
5.75%, 04/01/48(a)
 
2,134
1,822,717
5.13%, 07/01/49
 
1,229
960,997
4.80%, 03/01/50
 
1,776
1,323,157
3.70%, 04/01/51(a)
 
2,271
1,406,357
3.90%, 06/01/52
 
2,825
1,792,787
5.25%, 04/01/53(a)
 
1,502
1,190,559
6.83%, 10/23/55
 
463
441,592
3.85%, 04/01/61(a)
 
2,267
1,348,505
4.40%, 12/01/61
 
679
441,469
3.95%, 06/30/62
 
1,543
926,080
5.50%, 04/01/63
 
500
392,924
Comcast Corp.
 
5.65%, 06/15/35
 
950
985,603
4.40%, 08/15/35
 
338
317,973
6.50%, 11/15/35
 
200
221,416
3.20%, 07/15/36(a)
 
1,213
1,003,629
6.45%, 03/15/37
 
350
381,682
3.90%, 03/01/38
 
1,363
1,168,221
4.60%, 10/15/38
 
1,070
980,924
6.55%, 07/01/39
 
200
220,208
3.25%, 11/01/39
 
1,579
1,222,000
3.75%, 04/01/40(a)
 
1,129
924,400
4.65%, 07/15/42
 
375
327,699
4.75%, 03/01/44
 
308
271,172
4.60%, 08/15/45
 
436
370,327
3.40%, 07/15/46
 
1,413
996,106
4.00%, 08/15/47
 
1,163
886,667
3.97%, 11/01/47
 
393
298,209
Security
 
Par
(000)
Value
Media (continued)
Comcast Corp. (continued)
 
4.00%, 03/01/48
$
1,263
$ 959,745
4.70%, 10/15/48
 
2,036
1,726,284
4.00%, 11/01/49
 
2,339
1,755,499
3.45%, 02/01/50
 
2,000
1,356,275
2.80%, 01/15/51
 
1,450
858,614
2.89%, 11/01/51
 
4,559
2,743,926
2.45%, 08/15/52
 
2,384
1,282,571
4.05%, 11/01/52
 
597
446,190
5.35%, 05/15/53(a)
 
1,590
1,458,715
5.65%, 06/01/54(a)
 
690
663,669
2.94%, 11/01/56
 
6,351
3,695,306
4.95%, 10/15/58
 
629
529,881
2.65%, 08/15/62
 
1,300
674,820
2.99%, 11/01/63
 
2,829
1,587,772
5.50%, 05/15/64
 
1,065
981,158
Discovery Communications LLC
 
5.00%, 09/20/37
 
338
272,969
6.35%, 06/01/40
 
750
660,502
5.20%, 09/20/47(a)
 
599
447,266
4.65%, 05/15/50(a)
 
300
205,422
4.00%, 09/15/55
 
200
116,094
Fox Corp.
 
5.48%, 01/25/39
 
879
840,170
5.58%, 01/25/49
 
1,129
1,029,105
Grupo Televisa SAB(a)
 
6.63%, 01/15/40
 
513
452,443
5.00%, 05/13/45
 
650
433,955
6.13%, 01/31/46
 
902
697,057
5.25%, 05/24/49
 
601
401,743
NBCUniversal Media LLC
 
6.40%, 04/30/40
 
300
323,009
5.95%, 04/01/41
 
516
528,472
4.45%, 01/15/43
 
680
577,713
Paramount Global
 
6.88%, 04/30/36
 
563
564,667
5.90%, 10/15/40
 
200
172,778
4.85%, 07/01/42
 
443
341,524
4.38%, 03/15/43
 
686
494,547
5.85%, 09/01/43
 
161
136,662
5.25%, 04/01/44
 
163
124,222
4.90%, 08/15/44
 
279
209,268
4.60%, 01/15/45
 
600
434,503
4.95%, 05/19/50
 
629
462,776
Time Warner Cable LLC
 
6.55%, 05/01/37
 
1,463
1,441,840
7.30%, 07/01/38
 
1,425
1,479,634
6.75%, 06/15/39
 
1,626
1,619,882
5.88%, 11/15/40
 
1,188
1,084,723
5.50%, 09/01/41
 
1,275
1,090,830
4.50%, 09/15/42
 
1,663
1,246,170
TWDC Enterprises 18 Corp.
 
4.38%, 08/16/41
 
625
543,026
3.70%, 12/01/42
 
500
392,294
4.13%, 06/01/44
 
488
400,072
3.00%, 07/30/46
 
600
400,230
Series E, 4.13%, 12/01/41
 
538
450,708
Walt Disney Co.
 
6.40%, 12/15/35
 
903
1,003,559
6.15%, 03/01/37
 
300
324,877
6.65%, 11/15/37
 
1,186
1,337,663
4.63%, 03/23/40(a)
 
854
798,938
82
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Media (continued)
Walt Disney Co. (continued)
 
3.50%, 05/13/40
$
1,275
$ 1,033,036
6.15%, 02/15/41
 
650
684,423
5.40%, 10/01/43
 
650
640,657
4.75%, 09/15/44
 
513
457,380
4.95%, 10/15/45
 
150
136,921
7.75%, 12/01/45
 
250
311,834
4.75%, 11/15/46
 
373
329,309
2.75%, 09/01/49
 
2,379
1,480,397
4.70%, 03/23/50(a)
 
1,052
923,052
3.60%, 01/13/51
 
2,424
1,760,125
3.80%, 05/13/60(a)
 
1,189
853,171
 
 
82,773,368
Metals & Mining — 1.4%
ArcelorMittal SA
 
7.00%, 10/15/39
 
696
757,439
6.75%, 03/01/41
 
225
232,580
6.35%, 06/17/54(a)
 
475
458,020
Barrick Gold Corp.
 
6.45%, 10/15/35
 
250
269,398
5.25%, 04/01/42(a)
 
500
472,778
Barrick North America Finance LLC
 
5.70%, 05/30/41
 
613
598,719
5.75%, 05/01/43
 
963
947,590
Barrick PD Australia Finance Pty. Ltd., 5.95%,
10/15/39
 
913
925,827
BHP Billiton Finance USA Ltd.
 
4.13%, 02/24/42
 
813
677,506
5.00%, 09/30/43
 
2,184
2,021,630
5.50%, 09/08/53(a)
 
685
660,898
Freeport-McMoRan, Inc., 5.45%, 03/15/43
 
1,344
1,243,413
Newmont Corp.
 
6.25%, 10/01/39
 
650
697,584
4.88%, 03/15/42
 
827
751,331
5.45%, 06/09/44
 
130
124,514
Newmont Corp./Newcrest Finance Pty. Ltd.
 
5.75%, 11/15/41
 
600
597,588
4.20%, 05/13/50
 
325
258,729
Nucor Corp.
 
6.40%, 12/01/37(a)
 
550
598,024
5.20%, 08/01/43
 
350
335,611
4.40%, 05/01/48
 
350
289,508
3.85%, 04/01/52(a)
 
650
480,699
2.98%, 12/15/55(a)
 
238
141,224
Precision Castparts Corp.
 
3.90%, 01/15/43
 
400
321,780
4.38%, 06/15/45
 
213
180,558
Rio Tinto Alcan, Inc., 5.75%, 06/01/35
 
250
265,886
Rio Tinto Finance USA Ltd.
 
5.20%, 11/02/40
 
1,188
1,152,509
2.75%, 11/02/51
 
1,189
703,876
Rio Tinto Finance USA PLC
 
4.75%, 03/22/42
 
663
594,773
4.13%, 08/21/42
 
788
653,109
5.13%, 03/09/53(a)
 
1,280
1,160,830
5.75%, 03/14/55
 
1,455
1,436,695
5.88%, 03/14/65
 
125
123,534
Southern Copper Corp.
 
7.50%, 07/27/35
 
1,090
1,238,483
6.75%, 04/16/40
 
719
770,615
5.25%, 11/08/42
 
1,300
1,180,685
Security
 
Par
(000)
Value
Metals & Mining (continued)
Southern Copper Corp. (continued)
 
5.88%, 04/23/45
$
1,238
$ 1,188,186
Steel Dynamics, Inc.
 
3.25%, 10/15/50
 
721
462,831
5.75%, 05/15/55
 
350
331,340
Vale Overseas Ltd.
 
6.88%, 11/21/36
 
929
990,754
6.88%, 11/10/39(a)
 
236
251,231
6.40%, 06/28/54
 
1,675
1,614,253
Vale SA, 5.63%, 09/11/42
 
579
548,744
Valmont Industries, Inc., 5.00%, 10/01/44
 
729
653,376
 
 
29,364,658
Office REITs — 0.0%
Kilroy Realty LP, 6.25%, 01/15/36
 
300
290,243
Oil, Gas & Consumable Fuels — 8.1%
APA Corp.(d)
 
5.35%, 07/01/49(a)
 
375
284,391
6.75%, 02/15/55
 
400
352,304
BP Capital Markets America, Inc.
 
3.06%, 06/17/41
 
1,530
1,101,564
3.00%, 02/24/50(a)
 
1,429
894,302
2.77%, 11/10/50
 
1,984
1,186,620
2.94%, 06/04/51(a)
 
1,542
947,855
3.00%, 03/17/52(a)
 
963
591,744
3.38%, 02/08/61(a)
 
1,577
988,824
Burlington Resources LLC, 5.95%, 10/15/36
 
250
261,789
Canadian Natural Resources Ltd.
 
6.50%, 02/15/37
 
400
413,005
6.25%, 03/15/38
 
1,000
1,008,486
6.75%, 02/01/39
 
250
263,019
4.95%, 06/01/47
 
843
691,194
Cenovus Energy, Inc.
 
5.25%, 06/15/37
 
390
367,578
6.75%, 11/15/39
 
628
660,776
5.40%, 06/15/47
 
777
666,144
3.75%, 02/15/52(a)
 
209
136,193
Cheniere Corpus Christi Holdings LLC, 2.74%,
12/31/39(a)
 
563
442,531
Chevron Corp., 3.08%, 05/11/50
 
1,200
791,923
Chevron USA, Inc.
 
6.00%, 03/01/41
 
350
366,953
5.25%, 11/15/43
 
250
241,302
2.34%, 08/12/50
 
438
245,479
CNOOC Finance 2013 Ltd.
 
4.25%, 05/09/43
 
250
223,680
3.30%, 09/30/49
 
600
445,302
CNOOC Finance 2015 Australia Pty. Ltd., 4.20%,
05/05/45
 
200
176,384
CNOOC Petroleum North America ULC
 
6.40%, 05/15/37
 
550
641,095
7.50%, 07/30/39
 
200
260,101
Columbia Pipeline Group, Inc., 5.80%, 06/01/45
 
425
409,916
ConocoPhillips
 
5.90%, 05/15/38
 
25
25,871
6.50%, 02/01/39
 
1,650
1,803,175
4.88%, 10/01/47
 
500
434,556
ConocoPhillips Co.
 
3.76%, 03/15/42
 
830
645,548
4.30%, 11/15/44
 
529
428,598
5.95%, 03/15/46
 
400
405,817
3.80%, 03/15/52
 
1,788
1,276,992
Schedule of Investments
83
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
ConocoPhillips Co. (continued)
 
5.30%, 05/15/53(a)
$
480
$ 432,622
5.55%, 03/15/54(a)
 
940
878,667
5.50%, 01/15/55
 
1,415
1,312,262
4.03%, 03/15/62
 
955
667,456
5.70%, 09/15/63
 
550
512,831
5.65%, 01/15/65
 
590
542,936
Continental Resources, Inc., 4.90%, 06/01/44
 
543
418,888
Coterra Energy, Inc., 5.90%, 02/15/55
 
760
685,209
DCP Midstream Operating LP, 5.60%, 04/01/44
 
250
221,736
Devon Energy Corp.
 
5.60%, 07/15/41(a)
 
513
452,311
4.75%, 05/15/42
 
819
649,118
5.00%, 06/15/45
 
763
607,537
5.75%, 09/15/54(a)
 
1,220
1,043,481
Diamondback Energy, Inc.
 
4.40%, 03/24/51(a)
 
663
499,457
4.25%, 03/15/52(a)
 
475
347,406
6.25%, 03/15/53
 
800
757,130
5.75%, 04/18/54
 
1,060
947,470
5.90%, 04/18/64
 
950
846,201
Eastern Energy Gas Holdings LLC
 
5.65%, 10/15/54
 
1,175
1,104,879
6.20%, 01/15/55
 
130
132,170
Eastern Gas Transmission & Storage, Inc.
 
4.80%, 11/01/43
 
300
259,695
4.60%, 12/15/44
 
600
501,765
Enbridge Energy Partners LP
 
5.50%, 09/15/40
 
375
354,957
7.38%, 10/15/45
 
335
376,239
Series B, 7.50%, 04/15/38
 
350
400,073
Enbridge, Inc.
 
4.50%, 06/10/44
 
613
493,624
5.50%, 12/01/46
 
750
696,212
4.00%, 11/15/49
 
454
334,610
3.40%, 08/01/51
 
639
412,489
6.70%, 11/15/53
 
1,435
1,513,062
5.95%, 04/05/54(a)
 
935
903,762
Energy Transfer LP
 
6.63%, 10/15/36
 
370
386,432
7.50%, 07/01/38
 
500
555,865
6.05%, 06/01/41
 
700
672,042
6.50%, 02/01/42
 
963
956,205
6.10%, 02/15/42
 
250
240,757
4.95%, 01/15/43
 
438
363,829
5.15%, 02/01/43
 
413
353,371
5.95%, 10/01/43
 
397
370,243
5.30%, 04/01/44
 
826
712,349
5.00%, 05/15/44
 
413
340,171
5.15%, 03/15/45
 
879
742,735
5.35%, 05/15/45
 
913
789,916
6.13%, 12/15/45
 
1,036
981,881
5.30%, 04/15/47
 
1,020
860,570
5.40%, 10/01/47
 
1,079
926,877
6.00%, 06/15/48
 
1,000
928,278
6.25%, 04/15/49
 
1,929
1,830,237
5.00%, 05/15/50
 
1,600
1,282,596
5.95%, 05/15/54
 
1,975
1,791,952
6.05%, 09/01/54
 
875
799,223
Series 20Y, 5.80%, 06/15/38
 
350
340,797
Enterprise Products Operating LLC
 
7.55%, 04/15/38
 
400
474,986
6.13%, 10/15/39
 
600
631,514
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Enterprise Products Operating LLC (continued)
 
6.45%, 09/01/40
$
600
$ 648,809
5.95%, 02/01/41
 
697
705,722
4.85%, 08/15/42
 
850
757,682
4.45%, 02/15/43
 
1,308
1,101,789
4.85%, 03/15/44
 
1,829
1,619,465
5.10%, 02/15/45
 
1,186
1,079,665
4.90%, 05/15/46
 
1,161
1,028,767
4.25%, 02/15/48
 
1,279
1,011,962
4.80%, 02/01/49
 
929
789,241
4.20%, 01/31/50
 
1,078
832,356
3.70%, 01/31/51
 
625
443,078
3.20%, 02/15/52
 
1,204
772,702
3.30%, 02/15/53(a)
 
631
405,616
4.95%, 10/15/54
 
550
469,245
5.55%, 02/16/55
 
925
865,591
3.95%, 01/31/60
 
800
563,310
EOG Resources, Inc.
 
4.95%, 04/15/50
 
613
533,519
5.65%, 12/01/54(a)
 
855
812,988
Equinor ASA
 
3.63%, 04/06/40
 
829
674,775
5.10%, 08/17/40
 
911
880,673
4.25%, 11/23/41
 
500
426,412
3.95%, 05/15/43
 
1,250
1,011,059
4.80%, 11/08/43
 
450
403,724
3.25%, 11/18/49
 
945
635,712
3.70%, 04/06/50
 
1,004
738,343
Exxon Mobil Corp.
 
3.00%, 08/16/39
 
713
547,939
4.23%, 03/19/40
 
1,844
1,631,343
3.57%, 03/06/45
 
1,025
771,691
4.11%, 03/01/46
 
1,604
1,301,734
3.10%, 08/16/49
 
1,318
873,521
4.33%, 03/19/50
 
2,918
2,389,176
3.45%, 04/15/51
 
2,265
1,584,556
Hess Corp.
 
6.00%, 01/15/40
 
675
706,397
5.60%, 02/15/41
 
1,079
1,067,586
5.80%, 04/01/47(a)
 
604
591,100
Kinder Morgan Energy Partners LP
 
6.50%, 02/01/37
 
576
597,300
6.95%, 01/15/38
 
1,286
1,394,551
6.50%, 09/01/39
 
600
621,147
6.55%, 09/15/40
 
550
564,899
7.50%, 11/15/40
 
300
336,891
6.38%, 03/01/41
 
413
417,536
5.63%, 09/01/41
 
300
278,196
5.00%, 08/15/42
 
650
561,997
4.70%, 11/01/42
 
400
331,816
5.00%, 03/01/43
 
763
660,009
5.50%, 03/01/44
 
745
679,259
5.40%, 09/01/44
 
363
327,945
Kinder Morgan, Inc.
 
5.55%, 06/01/45
 
986
902,255
5.05%, 02/15/46
 
770
657,138
5.20%, 03/01/48
 
486
419,833
3.25%, 08/01/50
 
500
310,439
3.60%, 02/15/51(a)
 
1,829
1,213,788
5.45%, 08/01/52
 
225
199,816
5.95%, 08/01/54
 
820
776,368
Marathon Petroleum Corp.
 
6.50%, 03/01/41
 
1,425
1,432,430
84
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Marathon Petroleum Corp. (continued)
 
4.75%, 09/15/44
$
763
$ 612,852
4.50%, 04/01/48
 
259
195,063
5.00%, 09/15/54(a)
 
250
195,417
MPLX LP
 
4.50%, 04/15/38
 
1,925
1,656,158
5.20%, 03/01/47
 
1,029
878,293
5.20%, 12/01/47
 
813
686,720
4.70%, 04/15/48
 
686
537,659
5.50%, 02/15/49
 
1,504
1,320,033
4.95%, 03/14/52
 
1,321
1,061,795
5.65%, 03/01/53
 
390
345,759
5.95%, 04/01/55
 
900
829,261
4.90%, 04/15/58
 
250
194,442
Occidental Petroleum Corp.
 
6.45%, 09/15/36
 
1,300
1,266,960
7.95%, 06/15/39
 
275
298,345
6.20%, 03/15/40
 
700
642,504
6.60%, 03/15/46(a)
 
750
708,371
4.40%, 04/15/46(a)
 
575
411,025
4.20%, 03/15/48
 
250
168,457
6.05%, 10/01/54
 
990
853,239
ONEOK Partners LP
 
6.65%, 10/01/36
 
500
528,799
6.85%, 10/15/37
 
500
529,763
6.13%, 02/01/41
 
575
564,484
6.20%, 09/15/43
 
250
241,246
ONEOK, Inc.
 
6.00%, 06/15/35
 
300
301,652
5.15%, 10/15/43
 
600
518,645
5.60%, 04/01/44
 
300
268,371
5.05%, 04/01/45
 
400
336,048
4.25%, 09/15/46
 
563
413,416
5.45%, 06/01/47
 
350
301,944
4.95%, 07/13/47
 
504
406,882
4.20%, 10/03/47
 
310
226,637
5.20%, 07/15/48
 
763
643,002
4.85%, 02/01/49
 
550
433,692
4.45%, 09/01/49
 
625
462,543
3.95%, 03/01/50
 
811
555,798
4.50%, 03/15/50
 
413
311,284
7.15%, 01/15/51
 
250
262,517
6.63%, 09/01/53
 
950
947,944
5.70%, 11/01/54
 
1,300
1,154,060
5.85%, 11/01/64(a)
 
975
868,623
Ovintiv, Inc.
 
6.63%, 08/15/37
 
375
368,332
6.50%, 02/01/38
 
443
425,038
7.10%, 07/15/53(a)
 
200
194,301
Phillips 66
 
5.88%, 05/01/42
 
1,326
1,270,260
4.88%, 11/15/44
 
1,636
1,354,618
3.30%, 03/15/52(a)
 
1,067
653,613
Phillips 66 Co.
 
4.68%, 02/15/45
 
100
80,200
4.90%, 10/01/46
 
713
587,783
5.65%, 06/15/54
 
450
397,783
5.50%, 03/15/55(a)
 
275
240,146
Plains All American Pipeline LP, 5.95%, 06/15/35
 
825
825,487
Plains All American Pipeline LP/PAA Finance Corp.
 
6.65%, 01/15/37
 
800
836,278
5.15%, 06/01/42
 
350
297,767
4.30%, 01/31/43
 
300
228,914
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Plains All American Pipeline LP/PAA Finance
Corp. (continued)
 
4.70%, 06/15/44
$
420
$ 335,144
4.90%, 02/15/45
 
579
472,117
Sabine Pass Liquefaction LLC, 5.90%, 09/15/37
 
400
407,761
Shell Finance U.S., Inc.
 
4.13%, 05/11/35
 
1,440
1,344,419
4.55%, 08/12/43
 
1,259
1,092,460
4.38%, 05/11/45
 
1,873
1,567,979
4.00%, 05/10/46
 
2,036
1,609,036
3.75%, 09/12/46
 
295
223,190
3.25%, 04/06/50
 
939
632,476
Shell International Finance BV
 
6.38%, 12/15/38
 
2,676
2,940,205
5.50%, 03/25/40
 
525
524,939
2.88%, 11/26/41
 
563
397,785
3.63%, 08/21/42
 
600
461,536
4.38%, 05/11/45
 
500
416,960
3.13%, 11/07/49
 
1,378
903,610
3.25%, 04/06/50(a)
 
1,000
670,829
3.00%, 11/26/51
 
400
253,113
South Bow USA Infrastructure Holdings LLC, 6.18%,
10/01/54(a)(d)
 
550
509,424
Spectra Energy Partners LP
 
5.95%, 09/25/43
 
100
95,284
4.50%, 03/15/45
 
310
245,647
Suncor Energy, Inc.
 
6.80%, 05/15/38
 
483
509,312
6.50%, 06/15/38(a)
 
250
263,691
6.85%, 06/01/39
 
613
658,437
4.00%, 11/15/47(a)
 
829
593,061
3.75%, 03/04/51(a)
 
721
483,722
Targa Resources Corp.
 
4.95%, 04/15/52
 
852
687,063
6.25%, 07/01/52
 
550
529,275
6.50%, 02/15/53(a)
 
850
844,601
6.13%, 05/15/55
 
720
681,371
TotalEnergies Capital International SA
 
2.99%, 06/29/41
 
350
251,119
3.46%, 07/12/49
 
863
603,877
3.13%, 05/29/50
 
1,804
1,176,060
3.39%, 06/29/60
 
429
274,438
TotalEnergies Capital SA
 
5.49%, 04/05/54(a)
 
1,575
1,484,568
5.28%, 09/10/54
 
950
870,069
5.64%, 04/05/64(a)
 
925
871,827
5.43%, 09/10/64
 
1,250
1,141,616
TransCanada PipeLines Ltd.
 
5.85%, 03/15/36
 
600
606,596
6.20%, 10/15/37
 
880
900,560
7.25%, 08/15/38
 
513
567,318
7.63%, 01/15/39
 
863
988,184
6.10%, 06/01/40
 
800
809,527
4.88%, 05/15/48
 
500
433,501
5.10%, 03/15/49(a)
 
885
791,480
Transcontinental Gas Pipe Line Co. LLC
 
5.40%, 08/15/41
 
150
140,655
4.45%, 08/01/42
 
438
368,432
4.60%, 03/15/48
 
780
643,026
3.95%, 05/15/50
 
513
375,107
Valero Energy Corp.
 
6.63%, 06/15/37
 
1,750
1,819,450
4.90%, 03/15/45
 
413
354,474
Schedule of Investments
85
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Valero Energy Corp. (continued)
 
3.65%, 12/01/51
$
675
$ 442,223
4.00%, 06/01/52(a)
 
119
81,832
Western Midstream Operating LP
 
5.45%, 04/01/44
 
580
490,103
5.30%, 03/01/48
 
575
462,780
5.50%, 08/15/48
 
400
330,384
5.25%, 02/01/50
 
800
643,487
Williams Cos., Inc.
 
6.30%, 04/15/40
 
1,313
1,363,975
5.80%, 11/15/43
 
100
96,232
5.40%, 03/04/44
 
229
209,937
5.75%, 06/24/44
 
779
746,707
4.90%, 01/15/45
 
263
224,375
5.10%, 09/15/45
 
945
828,733
4.85%, 03/01/48
 
613
512,529
3.50%, 10/15/51
 
800
527,592
5.30%, 08/15/52
 
320
282,899
5.80%, 11/15/54
 
900
854,266
6.00%, 03/15/55
 
395
385,935
Woodside Finance Ltd., 5.70%, 09/12/54
 
600
532,222
 
 
175,823,718
Paper & Forest Products — 0.1%
Celulosa Arauco y Constitucion SA, 5.50%, 11/02/47
 
300
262,927
International Paper Co.
 
5.00%, 09/15/35(a)
 
500
488,448
6.00%, 11/15/41
 
350
345,505
4.80%, 06/15/44
 
716
606,455
5.15%, 05/15/46
 
650
574,407
4.40%, 08/15/47
 
363
287,990
4.35%, 08/15/48
 
575
452,659
 
 
3,018,391
Passenger Airlines — 0.1%
United Airlines 2024-1 Class AA Pass Through Trust,
Series 2024-1, 5.45%, 02/15/37
 
694
681,168
United Airlines Pass-Through Trust
 
Series 2023-1, Class A, 5.80%, 01/15/36
 
1,146
1,137,378
Series 2024-1, Class A, 5.88%, 02/15/37
 
347
340,112
 
 
2,158,658
Personal Care Products — 0.3%
Colgate-Palmolive Co.
 
4.00%, 08/15/45
 
550
454,752
3.70%, 08/01/47
 
720
557,758
Estee Lauder Cos., Inc.
 
6.00%, 05/15/37(a)
 
300
320,106
4.38%, 06/15/45
 
500
397,054
4.15%, 03/15/47
 
263
202,691
3.13%, 12/01/49
 
391
243,272
5.15%, 05/15/53(a)
 
330
300,829
Haleon U.S. Capital LLC, 4.00%, 03/24/52(a)
 
650
495,068
Kenvue, Inc.
 
5.10%, 03/22/43
 
630
601,335
5.05%, 03/22/53(a)
 
1,100
1,018,762
5.20%, 03/22/63
 
600
553,798
Procter & Gamble Co.
 
5.55%, 03/05/37
 
350
372,300
3.55%, 03/25/40
 
163
137,984
3.50%, 10/25/47(a)
 
100
75,939
Security
 
Par
(000)
Value
Personal Care Products (continued)
Procter & Gamble Co. (continued)
 
3.60%, 03/25/50
$
529
$ 399,028
Unilever Capital Corp., Series 30Y, 2.63%, 08/12/51
 
304
184,251
 
 
6,314,927
Pharmaceuticals — 6.7%
AbbVie, Inc.
 
4.50%, 05/14/35
 
2,601
2,491,760
4.30%, 05/14/36
 
1,130
1,051,384
4.05%, 11/21/39
 
3,087
2,676,542
4.63%, 10/01/42
 
275
244,832
4.40%, 11/06/42
 
3,110
2,705,692
5.35%, 03/15/44
 
575
556,802
4.85%, 06/15/44
 
1,036
941,615
4.75%, 03/15/45
 
752
671,245
4.70%, 05/14/45
 
2,198
1,943,523
4.45%, 05/14/46
 
1,461
1,244,443
4.88%, 11/14/48
 
1,754
1,577,677
4.25%, 11/21/49
 
5,081
4,124,283
5.40%, 03/15/54
 
3,190
3,057,438
5.60%, 03/15/55
 
730
722,786
5.50%, 03/15/64
 
890
850,899
AstraZeneca PLC
 
6.45%, 09/15/37
 
2,850
3,180,011
4.00%, 09/18/42
 
800
668,929
4.38%, 11/16/45
 
462
397,848
4.38%, 08/17/48
 
595
503,983
2.13%, 08/06/50
 
998
540,635
3.00%, 05/28/51
 
450
294,178
Becton Dickinson & Co.
 
4.69%, 12/15/44
 
644
553,278
4.67%, 06/06/47
 
1,138
966,556
3.79%, 05/20/50
 
897
661,536
Bristol-Myers Squibb Co.
 
4.13%, 06/15/39
 
2,213
1,942,877
2.35%, 11/13/40
 
425
287,360
3.55%, 03/15/42
 
1,440
1,119,463
3.25%, 08/01/42
 
500
367,961
5.50%, 02/22/44
 
240
235,278
4.50%, 03/01/44
 
250
219,286
4.63%, 05/15/44
 
350
306,269
5.00%, 08/15/45
 
775
711,919
4.35%, 11/15/47
 
1,360
1,117,244
4.55%, 02/20/48
 
1,142
968,884
4.25%, 10/26/49
 
3,976
3,178,021
2.55%, 11/13/50
 
1,739
997,664
3.70%, 03/15/52
 
1,693
1,216,897
6.25%, 11/15/53
 
580
610,606
5.55%, 02/22/54
 
2,465
2,374,320
3.90%, 03/15/62
 
1,064
750,162
6.40%, 11/15/63
 
680
725,974
5.65%, 02/22/64
 
1,325
1,273,641
Cardinal Health, Inc.
 
4.60%, 03/15/43
 
300
251,441
4.50%, 11/15/44
 
500
411,739
4.90%, 09/15/45
 
370
319,798
4.37%, 06/15/47
 
513
409,481
5.75%, 11/15/54
 
400
383,465
Cencora, Inc.
 
4.25%, 03/01/45
 
363
293,863
4.30%, 12/15/47
 
338
269,088
86
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
CVS Health Corp.
 
4.88%, 07/20/35
$
629
$ 590,434
4.78%, 03/25/38
 
4,573
4,124,437
6.13%, 09/15/39(a)
 
200
202,295
4.13%, 04/01/40
 
610
494,848
2.70%, 08/21/40
 
300
202,347
5.30%, 12/05/43
 
700
625,213
6.00%, 06/01/44
 
875
846,100
5.13%, 07/20/45
 
2,806
2,429,359
5.05%, 03/25/48(a)
 
6,992
5,944,536
4.25%, 04/01/50
 
521
385,701
5.63%, 02/21/53(a)
 
1,275
1,157,478
5.88%, 06/01/53
 
1,340
1,256,513
6.05%, 06/01/54(a)
 
475
458,148
6.00%, 06/01/63
 
815
757,416
Eli Lilly & Co.
 
5.55%, 03/15/37
 
400
421,749
3.70%, 03/01/45
 
529
421,161
3.95%, 05/15/47
 
550
443,544
3.95%, 03/15/49
 
900
720,808
2.25%, 05/15/50
 
1,775
1,003,021
4.88%, 02/27/53
 
1,010
916,510
5.00%, 02/09/54
 
1,660
1,540,032
5.05%, 08/14/54
 
1,250
1,167,177
5.50%, 02/12/55
 
1,315
1,316,018
4.15%, 03/15/59
 
625
491,093
2.50%, 09/15/60
 
796
434,269
4.95%, 02/27/63
 
765
687,228
5.10%, 02/09/64
 
975
897,484
5.20%, 08/14/64
 
830
775,924
5.60%, 02/12/65
 
545
542,653
GlaxoSmithKline Capital, Inc.
 
6.38%, 05/15/38
 
2,226
2,451,806
4.20%, 03/18/43
 
196
165,596
Johnson & Johnson
 
3.55%, 03/01/36
 
994
890,681
3.63%, 03/03/37
 
1,113
989,177
5.95%, 08/15/37
 
825
906,781
3.40%, 01/15/38
 
1,025
877,121
5.85%, 07/15/38
 
700
763,595
2.10%, 09/01/40
 
476
324,952
4.50%, 09/01/40
 
391
369,006
4.85%, 05/15/41
 
550
536,708
4.50%, 12/05/43
 
620
569,514
3.70%, 03/01/46
 
1,313
1,057,416
3.75%, 03/03/47(a)
 
1,150
916,185
3.50%, 01/15/48
 
736
559,630
2.25%, 09/01/50
 
425
244,796
5.25%, 06/01/54(a)
 
1,020
1,009,193
2.45%, 09/01/60
 
693
381,107
Mead Johnson Nutrition Co.
 
5.90%, 11/01/39(a)
 
235
245,867
4.60%, 06/01/44
 
463
399,571
Merck & Co., Inc.
 
6.55%, 09/15/37
 
350
392,697
3.90%, 03/07/39
 
763
661,245
2.35%, 06/24/40
 
1,059
737,344
3.60%, 09/15/42
 
550
429,961
4.15%, 05/18/43
 
795
671,063
4.90%, 05/17/44(a)
 
800
741,056
3.70%, 02/10/45
 
1,551
1,207,702
4.00%, 03/07/49
 
1,254
989,348
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
Merck & Co., Inc. (continued)
 
2.45%, 06/24/50
$
979
$ 563,158
2.75%, 12/10/51
 
1,521
925,863
5.00%, 05/17/53(a)
 
1,570
1,426,925
2.90%, 12/10/61
 
904
519,771
5.15%, 05/17/63
 
1,115
1,016,811
Merck Sharp & Dohme Corp., 5.75%, 11/15/36
 
300
319,637
Mylan, Inc.
 
5.40%, 11/29/43
 
538
427,030
5.20%, 04/15/48
 
404
301,380
Novartis Capital Corp.
 
3.70%, 09/21/42
 
550
443,703
4.40%, 05/06/44
 
1,436
1,263,973
4.00%, 11/20/45
 
1,120
920,928
2.75%, 08/14/50(a)
 
1,385
875,770
4.70%, 09/18/54
 
520
461,309
Pfizer Investment Enterprises Pte. Ltd.
 
5.11%, 05/19/43
 
2,000
1,873,161
5.30%, 05/19/53(a)
 
5,455
5,048,996
5.34%, 05/19/63
 
3,725
3,386,800
Pfizer, Inc.
 
4.00%, 12/15/36(a)
 
863
780,366
4.10%, 09/15/38
 
829
730,339
3.90%, 03/15/39
 
813
695,418
7.20%, 03/15/39
 
2,166
2,530,291
2.55%, 05/28/40
 
1,159
810,336
5.60%, 09/15/40
 
400
400,364
4.30%, 06/15/43
 
1,463
1,240,639
4.40%, 05/15/44
 
813
699,005
4.13%, 12/15/46
 
1,243
997,582
4.20%, 09/15/48
 
713
575,429
4.00%, 03/15/49
 
879
680,457
2.70%, 05/28/50
 
1,160
705,005
Takeda Pharmaceutical Co. Ltd.
 
3.03%, 07/09/40
 
1,491
1,096,751
5.65%, 07/05/44
 
650
633,785
3.18%, 07/09/50(a)
 
2,108
1,350,544
5.65%, 07/05/54
 
400
381,667
3.38%, 07/09/60(a)
 
1,278
797,486
5.80%, 07/05/64
 
400
381,745
Utah Acquisition Sub, Inc., 5.25%, 06/15/46
 
588
446,125
Viatris, Inc.
 
3.85%, 06/22/40
 
1,429
1,003,785
4.00%, 06/22/50(a)
 
1,768
1,113,520
Wyeth LLC
 
6.00%, 02/15/36
 
100
106,747
5.95%, 04/01/37
 
1,563
1,646,572
Zoetis, Inc.
 
4.70%, 02/01/43
 
829
745,579
3.95%, 09/12/47
 
363
283,308
4.45%, 08/20/48
 
113
95,249
3.00%, 05/15/50(a)
 
279
179,868
 
 
144,996,367
Residential REITs — 0.2%
American Homes 4 Rent LP
 
3.38%, 07/15/51
 
250
158,860
4.30%, 04/15/52
 
150
112,843
AvalonBay Communities, Inc.
 
3.90%, 10/15/46
 
263
203,133
4.15%, 07/01/47
 
300
238,959
4.35%, 04/15/48
 
250
204,883
Schedule of Investments
87
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Residential REITs (continued)
Camden Property Trust, 3.35%, 11/01/49(a)
$
400
$ 278,278
ERP Operating LP
 
4.50%, 07/01/44
 
447
381,178
4.50%, 06/01/45
 
413
347,992
4.00%, 08/01/47
 
200
154,534
Essex Portfolio LP
 
4.50%, 03/15/48
 
350
289,025
2.65%, 09/01/50
 
329
188,395
Mid-America Apartments LP, 2.88%, 09/15/51(a)
 
259
158,923
NNN REIT, Inc.
 
4.80%, 10/15/48
 
200
166,192
3.10%, 04/15/50
 
129
79,391
3.50%, 04/15/51
 
350
230,310
3.00%, 04/15/52(a)
 
528
310,815
Realty Income Corp.
 
4.65%, 03/15/47
 
800
675,324
5.38%, 09/01/54
 
155
145,064
 
 
4,324,099
Retail REITs — 0.2%
Simon Property Group LP
 
6.75%, 02/01/40(a)
 
600
667,929
4.75%, 03/15/42
 
526
461,325
4.25%, 10/01/44
 
163
131,149
4.25%, 11/30/46
 
488
390,121
3.25%, 09/13/49(a)
 
941
619,279
3.80%, 07/15/50
 
829
600,312
5.85%, 03/08/53
 
600
588,497
6.65%, 01/15/54
 
115
124,231
 
 
3,582,843
Semiconductors & Semiconductor Equipment — 2.4%
Advanced Micro Devices, Inc., 4.39%, 06/01/52(a)
 
655
539,108
Analog Devices, Inc.
 
2.80%, 10/01/41
 
351
250,782
5.30%, 12/15/45
 
350
332,310
2.95%, 10/01/51
 
1,275
811,051
5.30%, 04/01/54(a)
 
350
327,899
Applied Materials, Inc.
 
5.10%, 10/01/35
 
700
713,774
5.85%, 06/15/41
 
375
391,324
4.35%, 04/01/47
 
695
583,564
2.75%, 06/01/50(a)
 
838
516,415
Broadcom, Inc.(d)
 
3.14%, 11/15/35
 
2,668
2,210,548
3.19%, 11/15/36
 
3,025
2,471,409
4.93%, 05/15/37
 
2,250
2,156,049
3.50%, 02/15/41
 
2,766
2,137,535
3.75%, 02/15/51
 
1,185
863,564
Intel Corp.
 
4.60%, 03/25/40(a)
 
725
615,594
2.80%, 08/12/41
 
657
423,363
4.80%, 10/01/41
 
740
615,224
4.25%, 12/15/42
 
500
383,313
5.63%, 02/10/43
 
980
901,170
4.90%, 07/29/45
 
750
616,708
4.10%, 05/19/46
 
323
234,183
4.10%, 05/11/47
 
1,113
800,351
3.73%, 12/08/47
 
2,009
1,367,167
3.25%, 11/15/49
 
1,275
777,378
4.75%, 03/25/50
 
2,356
1,846,019
3.05%, 08/12/51
 
1,250
715,573
4.90%, 08/05/52
 
775
615,841
Security
 
Par
(000)
Value
Semiconductors & Semiconductor Equipment (continued)
Intel Corp. (continued)
 
5.70%, 02/10/53
$
2,085
$ 1,861,062
5.60%, 02/21/54
 
1,235
1,087,782
3.10%, 02/15/60(a)
 
813
434,817
4.95%, 03/25/60
 
979
761,807
3.20%, 08/12/61
 
775
421,980
5.05%, 08/05/62
 
200
157,144
5.90%, 02/10/63(a)
 
1,150
1,034,891
KLA Corp.
 
5.00%, 03/15/49(a)
 
350
317,494
3.30%, 03/01/50
 
511
346,420
4.95%, 07/15/52
 
1,345
1,203,999
5.25%, 07/15/62
 
420
383,757
Lam Research Corp.
 
4.88%, 03/15/49(a)
 
329
293,930
2.88%, 06/15/50(a)
 
629
400,522
3.13%, 06/15/60
 
25
15,237
Micron Technology, Inc.
 
6.05%, 11/01/35
 
675
684,894
3.37%, 11/01/41
 
563
400,115
3.48%, 11/01/51(a)
 
513
335,640
NVIDIA Corp.
 
3.50%, 04/01/40(a)
 
1,188
984,926
3.50%, 04/01/50(a)
 
2,093
1,548,861
3.70%, 04/01/60
 
193
140,168
NXP BV/NXP Funding LLC/NXP USA, Inc.
 
3.25%, 05/11/41
 
913
648,170
3.13%, 02/15/42(a)
 
813
563,075
3.25%, 11/30/51
 
175
108,742
QUALCOMM, Inc.
 
4.65%, 05/20/35(a)
 
1,213
1,191,741
4.80%, 05/20/45
 
1,170
1,048,420
4.30%, 05/20/47
 
1,293
1,064,786
3.25%, 05/20/50
 
910
614,531
4.50%, 05/20/52
 
1,117
925,098
6.00%, 05/20/53
 
1,170
1,205,061
Texas Instruments, Inc.
 
3.88%, 03/15/39
 
829
723,968
4.15%, 05/15/48
 
1,504
1,225,343
2.70%, 09/15/51
 
450
271,333
4.10%, 08/16/52
 
345
268,099
5.00%, 03/14/53(a)
 
795
721,244
5.15%, 02/08/54
 
575
534,150
5.05%, 05/18/63
 
1,050
938,568
TSMC Arizona Corp.
 
3.13%, 10/25/41
 
916
693,171
3.25%, 10/25/51(a)
 
750
526,110
4.50%, 04/22/52(a)
 
880
774,380
 
 
51,078,652
Software — 2.9%
AppLovin Corp., 5.95%, 12/01/54(a)
 
115
110,012
Electronic Arts, Inc., 2.95%, 02/15/51(a)
 
346
215,375
Intuit, Inc., 5.50%, 09/15/53
 
985
963,746
Microsoft Corp.
 
4.20%, 11/03/35(a)
 
675
663,344
3.45%, 08/08/36
 
1,592
1,421,220
4.10%, 02/06/37
 
850
805,475
5.30%, 02/08/41(a)
 
750
794,983
3.50%, 11/15/42
 
200
162,192
3.75%, 02/12/45
 
100
83,942
4.45%, 11/03/45
 
1,000
914,352
3.70%, 08/08/46
 
1,229
993,187
88
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Software (continued)
Microsoft Corp. (continued)
 
4.25%, 02/06/47(a)
$
1,150
$ 1,028,461
4.50%, 06/15/47
 
350
314,228
2.53%, 06/01/50
 
6,111
3,781,099
2.50%, 09/15/50
 
1,460
892,858
2.92%, 03/17/52(a)
 
5,402
3,587,772
4.00%, 02/12/55
 
450
362,441
3.95%, 08/08/56
 
400
317,052
4.50%, 02/06/57
 
1,709
1,527,659
2.68%, 06/01/60
 
2,208
1,306,541
3.04%, 03/17/62
 
1,440
923,026
Oracle Corp.
 
3.90%, 05/15/35
 
1,213
1,074,774
5.50%, 08/03/35
 
2,900
2,912,447
3.85%, 07/15/36
 
1,370
1,178,577
3.80%, 11/15/37
 
670
559,791
6.50%, 04/15/38
 
1,200
1,280,146
6.13%, 07/08/39
 
1,413
1,451,310
3.60%, 04/01/40
 
2,609
2,029,806
5.38%, 07/15/40
 
2,329
2,211,093
3.65%, 03/25/41
 
2,560
1,957,110
4.50%, 07/08/44
 
913
748,062
4.13%, 05/15/45
 
1,041
808,440
4.00%, 07/15/46
 
3,191
2,387,732
4.00%, 11/15/47
 
1,918
1,421,701
3.60%, 04/01/50
 
4,569
3,106,999
3.95%, 03/25/51
 
3,484
2,509,269
6.90%, 11/09/52
 
1,250
1,343,753
5.55%, 02/06/53
 
2,375
2,163,549
5.38%, 09/27/54
 
1,555
1,379,099
4.38%, 05/15/55
 
411
310,791
6.00%, 08/03/55
 
900
874,651
3.85%, 04/01/60
 
3,791
2,542,546
4.10%, 03/25/61
 
1,400
979,395
5.50%, 09/27/64
 
1,275
1,125,770
6.13%, 08/03/65
 
1,050
1,017,194
Salesforce, Inc.
 
2.70%, 07/15/41
 
1,179
830,979
2.90%, 07/15/51
 
1,473
937,022
3.05%, 07/15/61(a)
 
1,270
763,374
Synopsys, Inc., 5.70%, 04/01/55(a)
 
1,450
1,400,180
 
 
62,474,525
Specialized REITs — 0.0%
Public Storage Operating Co., 5.35%, 08/01/53
 
675
639,969
Specialty Retail — 0.0%
Dick’s Sporting Goods, Inc., 4.10%, 01/15/52
 
680
466,560
Technology Hardware, Storage & Peripherals — 1.5%
Apple, Inc.
 
4.50%, 02/23/36
 
1,263
1,252,185
2.38%, 02/08/41
 
600
415,160
3.85%, 05/04/43
 
3,325
2,756,394
4.45%, 05/06/44
 
963
872,288
3.45%, 02/09/45
 
1,269
974,556
4.38%, 05/13/45
 
1,013
890,970
4.65%, 02/23/46(a)
 
4,092
3,714,152
3.85%, 08/04/46
 
1,520
1,223,843
4.25%, 02/09/47
 
1,163
989,785
3.75%, 09/12/47
 
1,000
784,889
3.75%, 11/13/47
 
1,186
924,812
2.95%, 09/11/49
 
1,586
1,055,440
2.65%, 05/11/50
 
1,944
1,209,288
Security
 
Par
(000)
Value
Technology Hardware, Storage & Peripherals (continued)
Apple, Inc. (continued)
 
2.40%, 08/20/50
$
1,473
$ 863,290
2.65%, 02/08/51
 
1,436
886,329
2.70%, 08/05/51
 
2,065
1,281,970
3.95%, 08/08/52(a)
 
1,850
1,469,122
4.85%, 05/10/53
 
1,080
1,016,078
2.55%, 08/20/60
 
829
472,832
2.80%, 02/08/61
 
2,773
1,639,272
2.85%, 08/05/61
 
605
362,495
4.10%, 08/08/62
 
1,150
908,587
Dell International LLC/EMC Corp.
 
8.10%, 07/15/36
 
951
1,119,081
3.38%, 12/15/41
 
1,129
811,133
8.35%, 07/15/46
 
260
315,978
3.45%, 12/15/51(a)
 
953
629,644
Dell, Inc., 6.50%, 04/15/38
 
229
239,311
Hewlett Packard Enterprise Co.
 
6.20%, 10/15/35
 
713
740,026
6.35%, 10/15/45
 
1,520
1,506,342
5.60%, 10/15/54
 
725
668,602
HP, Inc., 6.00%, 09/15/41(a)
 
838
817,325
 
 
32,811,179
Textiles, Apparel & Luxury Goods — 0.1%
NIKE, Inc.
 
3.25%, 03/27/40
 
1,154
891,785
3.63%, 05/01/43
 
100
78,198
3.88%, 11/01/45(a)
 
738
574,126
3.38%, 11/01/46
 
718
512,521
3.38%, 03/27/50(a)
 
1,050
729,040
 
 
2,785,670
Tobacco — 1.3%
Altria Group, Inc.
 
5.80%, 02/14/39
 
1,643
1,628,561
3.40%, 02/04/41
 
1,329
956,447
4.25%, 08/09/42
 
950
751,608
4.50%, 05/02/43
 
829
671,328
5.38%, 01/31/44(a)
 
1,844
1,714,214
3.88%, 09/16/46
 
1,636
1,174,143
5.95%, 02/14/49(a)
 
1,843
1,786,260
4.45%, 05/06/50
 
241
183,575
3.70%, 02/04/51
 
595
400,967
4.00%, 02/04/61(a)
 
1,229
833,717
BAT Capital Corp.
 
5.63%, 08/15/35
 
550
552,693
4.39%, 08/15/37
 
2,766
2,428,347
3.73%, 09/25/40
 
500
382,720
7.08%, 08/02/43(a)
 
550
589,505
4.54%, 08/15/47
 
2,345
1,842,270
4.76%, 09/06/49
 
570
455,688
5.28%, 04/02/50
 
463
396,516
3.98%, 09/25/50
 
400
276,976
5.65%, 03/16/52
 
104
93,659
7.08%, 08/02/53(a)
 
1,000
1,080,285
6.25%, 08/15/55
 
400
391,002
Philip Morris International, Inc.
 
6.38%, 05/16/38
 
1,700
1,847,635
4.38%, 11/15/41
 
795
678,441
4.50%, 03/20/42
 
460
397,282
3.88%, 08/21/42
 
713
565,958
4.13%, 03/04/43
 
971
794,854
4.88%, 11/15/43
 
588
527,269
Schedule of Investments
89
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Tobacco (continued)
Philip Morris International, Inc. (continued)
 
4.25%, 11/10/44
$
1,050
$ 870,454
Reynolds American, Inc.
 
5.70%, 08/15/35
 
868
871,863
7.25%, 06/15/37
 
400
437,740
6.15%, 09/15/43
 
297
292,409
5.85%, 08/15/45
 
2,350
2,202,082
 
 
28,076,468
Transportation Infrastructure — 0.6%
FedEx Corp.
 
3.25%, 05/15/41
 
733
504,623
3.88%, 08/01/42
 
500
364,841
4.10%, 04/15/43
 
500
377,526
5.10%, 01/15/44
 
750
664,134
4.10%, 02/01/45
 
625
459,545
4.40%, 01/15/47
 
763
572,841
4.95%, 10/17/48(a)
 
979
794,778
5.25%, 05/15/50(a)
 
1,004
860,304
United Parcel Service, Inc.
 
6.20%, 01/15/38
 
1,426
1,532,603
5.20%, 04/01/40
 
429
415,541
4.88%, 11/15/40
 
400
373,157
3.63%, 10/01/42
 
463
355,503
3.40%, 11/15/46
 
467
331,140
3.75%, 11/15/47
 
605
452,436
4.25%, 03/15/49
 
879
702,424
3.40%, 09/01/49
 
600
413,148
5.30%, 04/01/50(a)
 
679
633,396
5.05%, 03/03/53
 
700
626,997
5.50%, 05/22/54
 
1,125
1,071,367
5.60%, 05/22/64
 
525
497,896
 
 
12,004,200
Water Utilities — 0.2%
American Water Capital Corp.
 
6.59%, 10/15/37
 
800
881,531
4.30%, 12/01/42
 
325
273,083
4.30%, 09/01/45
 
213
176,562
4.00%, 12/01/46
 
280
218,351
3.75%, 09/01/47
 
713
531,319
4.20%, 09/01/48
 
375
299,855
4.15%, 06/01/49
 
513
406,136
3.45%, 05/01/50(a)
 
550
381,411
3.25%, 06/01/51
 
745
491,242
5.45%, 03/01/54(a)
 
450
428,877
Essential Utilities, Inc.
 
4.28%, 05/01/49
 
600
461,939
3.35%, 04/15/50
 
604
393,907
5.30%, 05/01/52
 
179
159,512
 
 
5,103,725
Wireless Telecommunication Services — 1.8%
America Movil SAB de C.V.
 
6.13%, 11/15/37
 
425
447,432
6.13%, 03/30/40
 
1,675
1,735,583
4.38%, 07/16/42
 
671
563,527
4.38%, 04/22/49(a)
 
1,078
878,512
Orange SA
 
5.38%, 01/13/42
 
862
830,237
5.50%, 02/06/44
 
700
682,588
Rogers Communications, Inc.
 
7.50%, 08/15/38
 
475
542,335
4.50%, 03/15/42
 
826
691,245
4.50%, 03/15/43
 
500
414,040
Security
 
Par
(000)
Value
Wireless Telecommunication Services (continued)
Rogers Communications, Inc. (continued)
 
5.45%, 10/01/43
$
625
$ 575,475
5.00%, 03/15/44
 
1,088
948,540
4.30%, 02/15/48
 
986
761,304
4.35%, 05/01/49
 
1,511
1,170,882
3.70%, 11/15/49
 
1,179
827,385
4.55%, 03/15/52(a)
 
1,923
1,515,703
T-Mobile USA, Inc.
 
4.38%, 04/15/40
 
2,211
1,930,991
3.00%, 02/15/41
 
2,359
1,688,582
4.50%, 04/15/50
 
2,550
2,068,099
3.30%, 02/15/51(a)
 
3,500
2,301,437
3.40%, 10/15/52
 
2,259
1,497,712
5.65%, 01/15/53
 
1,850
1,768,928
5.75%, 01/15/54(a)
 
1,150
1,110,491
6.00%, 06/15/54(a)
 
830
829,272
5.50%, 01/15/55(a)
 
790
735,390
5.25%, 06/15/55
 
800
717,840
5.88%, 11/15/55(a)
 
1,075
1,060,777
3.60%, 11/15/60
 
906
592,816
5.80%, 09/15/62(a)
 
850
817,525
Vodafone Group PLC
 
6.15%, 02/27/37
 
449
474,688
5.00%, 05/30/38
 
550
522,685
4.38%, 02/19/43
 
475
399,981
5.25%, 05/30/48
 
1,350
1,219,976
4.88%, 06/19/49
 
1,693
1,424,488
4.25%, 09/17/50(a)
 
1,435
1,087,900
5.63%, 02/10/53(a)
 
1,375
1,270,113
5.75%, 06/28/54
 
1,800
1,699,899
5.13%, 06/19/59
 
296
250,110
5.75%, 02/10/63
 
325
296,786
5.88%, 06/28/64
 
925
870,736
 
 
39,222,010
Total Corporate Bonds — 89.2%
(Cost: $2,171,009,790)
1,937,241,846
Foreign Agency Obligations
Chile — 0.6%
Chile Government International Bond
 
4.95%, 01/05/36
 
2,100
2,052,942
5.65%, 01/13/37
 
1,600
1,634,801
3.10%, 05/07/41
 
2,850
2,103,333
4.34%, 03/07/42
 
2,125
1,822,850
3.63%, 10/30/42(a)
 
450
347,190
3.86%, 06/21/47(a)
 
1,175
890,111
3.50%, 01/25/50
 
1,453
1,015,616
4.00%, 01/31/52
 
960
722,881
5.33%, 01/05/54(a)
 
1,070
992,952
3.10%, 01/22/61
 
1,332
788,593
3.25%, 09/21/71
 
608
362,363
 
 
12,733,632
Hungary — 0.1%
Hungary Government International Bond, Series 30Y,
7.63%, 03/29/41
 
1,616
1,785,102
Indonesia — 0.5%
Indonesia Government International Bond
 
4.35%, 01/11/48(a)
 
1,516
1,244,833
5.35%, 02/11/49
 
900
861,619
3.70%, 10/30/49
 
1,200
875,054
3.50%, 02/14/50(a)
 
678
479,217
90
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Indonesia (continued)
Indonesia Government International Bond (continued)
 
4.20%, 10/15/50(a)
$
1,728
$ 1,377,647
3.05%, 03/12/51
 
2,139
1,377,720
4.30%, 03/31/52
 
200
160,726
5.45%, 09/20/52
 
525
501,960
5.65%, 01/11/53
 
830
811,545
5.10%, 02/10/54(a)
 
950
865,016
5.15%, 09/10/54(a)
 
200
184,565
3.20%, 09/23/61
 
500
306,792
4.45%, 04/15/70
 
1,200
944,379
3.35%, 03/12/71
 
200
123,297
 
 
10,114,370
Israel — 0.3%
Israel Government International Bond
 
Series 100Y, 4.50%, 04/03/2120
 
1,250
861,163
Series 30Y, 4.50%, 01/30/43
 
1,535
1,279,470
Series 30Y, 4.13%, 01/17/48(a)
 
1,178
891,064
Series 30Y, 3.88%, 07/03/50
 
2,178
1,502,624
Series 30Y, 5.75%, 03/12/54
 
1,950
1,749,237
State of Israel, Series 30Y, 3.38%, 01/15/50
 
1,578
1,002,328
 
 
7,285,886
Italy — 0.1%
Republic of Italy Government International Bond
 
Series 10Y, 4.00%, 10/17/49
 
2,258
1,631,034
Series 30Y, 3.88%, 05/06/51
 
1,978
1,365,510
 
 
2,996,544
Mexico — 1.5%
Mexico Government International Bond
 
6.00%, 05/07/36
 
4,400
4,205,864
6.88%, 05/13/37
 
1,570
1,590,052
6.05%, 01/11/40
 
2,656
2,474,372
4.28%, 08/14/41
 
2,832
2,107,155
4.75%, 03/08/44
 
2,672
2,021,471
5.55%, 01/21/45
 
2,965
2,557,994
4.60%, 01/23/46
 
1,482
1,072,502
4.35%, 01/15/47(a)
 
1,297
897,495
4.60%, 02/10/48(a)
 
1,922
1,367,366
4.50%, 01/31/50(a)
 
2,329
1,623,831
5.00%, 04/27/51
 
2,010
1,492,742
4.40%, 02/12/52
 
2,475
1,658,635
6.34%, 05/04/53
 
2,564
2,249,874
6.40%, 05/07/54
 
2,500
2,206,601
7.38%, 05/13/55
 
2,015
1,995,458
3.77%, 05/24/61
 
2,210
1,251,403
5.75%, 10/12/2110
 
2,472
1,866,048
 
 
32,638,863
Panama — 0.5%
Panama Government International Bond
 
6.70%, 01/26/36
 
1,413
1,362,485
6.88%, 01/31/36
 
820
793,569
8.00%, 03/01/38
 
1,100
1,142,966
4.50%, 05/15/47
 
1,150
754,921
4.50%, 04/16/50
 
1,468
940,122
4.30%, 04/29/53
 
1,778
1,084,708
6.85%, 03/28/54
 
650
561,173
4.50%, 04/01/56
 
2,208
1,349,958
7.88%, 03/01/57
 
650
629,815
Security
 
Par
(000)
Value
Panama (continued)
Panama Government International Bond (continued)
 
3.87%, 07/23/60
$
2,003
$ 1,084,842
4.50%, 01/19/63(a)
 
1,500
913,122
 
 
10,617,681
Peru — 0.4%
Peruvian Government International Bond
 
6.55%, 03/14/37
 
1,288
1,368,330
3.30%, 03/11/41
 
1,409
1,026,874
5.63%, 11/18/50
 
2,035
1,907,029
3.55%, 03/10/51
 
1,800
1,217,079
5.88%, 08/08/54
 
1,075
1,020,980
2.78%, 12/01/60
 
1,736
923,848
3.60%, 01/15/72
 
1,025
625,790
3.23%, 07/28/2121(a)
 
1,088
578,352
 
 
8,668,282
Philippines — 0.6%
Philippines Government International Bond
 
5.00%, 01/13/37(a)
 
1,328
1,302,730
3.95%, 01/20/40
 
1,450
1,232,627
3.70%, 03/01/41
 
1,926
1,543,138
3.70%, 02/02/42
 
1,503
1,189,921
2.95%, 05/05/45
 
1,478
1,001,805
2.65%, 12/10/45
 
1,710
1,094,848
3.20%, 07/06/46
 
1,810
1,261,468
4.20%, 03/29/47
 
900
730,601
5.95%, 10/13/47
 
200
204,708
5.50%, 01/17/48
 
1,200
1,159,345
5.60%, 05/14/49
 
950
920,011
5.18%, 09/05/49
 
1,000
915,400
5.90%, 02/04/50
 
800
808,576
 
 
13,365,178
Poland — 0.2%
Republic of Poland Government International Bond
 
5.50%, 04/04/53
 
2,100
1,960,188
5.50%, 03/18/54
 
3,000
2,794,474
 
 
4,754,662
South Korea — 0.1%
Export-Import Bank of Korea, 2.50%, 06/29/41
 
403
280,770
Korea International Bond(a)
 
4.13%, 06/10/44
 
1,000
872,951
3.88%, 09/20/48
 
345
284,355
 
 
1,438,076
Supranational — 0.1%
European Investment Bank, 4.88%, 02/15/36
 
600
630,793
Inter-American Development Bank
 
3.20%, 08/07/42(a)
 
370
299,557
4.38%, 01/24/44
 
325
305,113
 
 
1,235,463
Uruguay — 0.4%
Oriental Republic of Uruguay, 5.25%, 09/10/60
 
985
889,004
Uruguay Government International Bond
 
7.63%, 03/21/36
 
1,150
1,358,500
5.44%, 02/14/37
 
1,010
1,028,175
4.13%, 11/20/45
 
850
714,745
Schedule of Investments
91
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Uruguay (continued)
Uruguay Government International Bond (continued)
 
5.10%, 06/18/50
$
3,281
$ 3,005,496
4.98%, 04/20/55
 
2,724
2,395,627
 
 
9,391,547
Total Foreign Agency Obligations — 5.4%
(Cost: $133,883,690)
117,025,286
Municipal Bonds
Arizona — 0.0%
Salt River Project Agricultural Improvement & Power
District, RB, BAB, 4.84%, 01/01/41(a)
 
910
856,335
California — 1.3%
Bay Area Toll Authority, RB, BAB
 
Series F-2, 6.26%, 04/01/49
 
1,210
1,276,279
Series S-1, 7.04%, 04/01/50
 
175
201,604
Series S-3, 6.91%, 10/01/50
 
540
614,776
Bay Area Toll Authority, Refunding RB, Series F-3,
3.13%, 04/01/55(a)
 
845
549,570
California Health Facilities Financing Authority, RB,
M/F Housing(a)
 
Sustainability Bonds, 4.19%, 06/01/37
 
500
459,438
Sustainability Bonds, 4.35%, 06/01/41
 
500
445,148
California State University, RB
 
Series B, 5.18%, 11/01/53
 
495
459,988
Series E, 2.90%, 11/01/51
 
375
258,187
California State University, Refunding RB
 
Series B, 3.90%, 11/01/47
 
200
163,491
Series B, 2.98%, 11/01/51
 
835
552,439
Series B, 2.72%, 11/01/52
 
270
171,554
City of Los Angeles Department of Airports Customer
Facility Charge Revenue, Refunding ARB, Class A,
Sustainability Bonds, (AGM), 4.24%, 05/15/48(a)
 
540
456,547
City of San Francisco California Public Utilities
Commission Water Revenue, RB, BAB, 6.95%,
11/01/50
 
525
591,103
East Bay Municipal Utility District Water System
Revenue, RB, BAB, 5.87%, 06/01/40
 
1,025
1,077,721
Foothill-Eastern Transportation Corridor Agency,
Refunding RB
 
Series A, 4.09%, 01/15/49
 
595
482,831
Series A, (AGM), 3.92%, 01/15/53
 
110
84,656
Golden State Tobacco Securitization Corp., Refunding
RB
 
Class B, (SAP), 3.29%, 06/01/42
 
920
692,567
Class B, (SAP), 3.00%, 06/01/46
 
80
70,068
Series A-1, 3.71%, 06/01/41
 
910
694,770
Series A-1, 4.21%, 06/01/50
 
210
149,008
Los Angeles Community College District, GO, BAB,
6.75%, 08/01/49
 
815
921,976
Los Angeles County Public Works Financing
Authority, Refunding RB, BAB, 7.62%, 08/01/40
 
25
28,648
Los Angeles Department of Water & Power, RB, BAB,
6.57%, 07/01/45
 
1,300
1,340,281
Regents of the University of California Medical Center
Pooled Revenue, RB
 
Series N, 3.26%, 05/15/60(a)
 
290
181,251
Series N, 3.71%, 05/15/2120
 
1,400
866,084
Series Q, 4.56%, 05/15/53
 
1,135
959,128
Security
 
Par
(000)
Value
California (continued)
Regents of the University of California Medical Center
Pooled Revenue, RB, BAB, Series H, 6.55%,
05/15/48
$
55
$ 59,298
Regents of the University of California Medical Center
Pooled Revenue, Refunding RB, BAB, Series F,
6.58%, 05/15/49
 
490
530,276
San Diego County Regional Transportation
Commission, RB, BAB, 5.91%, 04/01/48
 
190
192,648
San Diego County Water Authority, RB, BAB,
Series B, 6.14%, 05/01/49
 
1,030
1,071,116
San Joaquin Hills Transportation Corridor Agency,
Refunding RB, Series B, (AGM), 3.49%, 01/15/50
 
225
166,687
State of California, GO, BAB
 
7.55%, 04/01/39
 
3,115
3,760,547
7.30%, 10/01/39(a)
 
2,390
2,774,096
7.35%, 11/01/39
 
1,020
1,189,877
7.63%, 03/01/40(a)
 
1,230
1,482,952
7.60%, 11/01/40
 
1,525
1,851,891
State of California, Refunding GO
 
4.60%, 04/01/28(f)
 
200
203,341
5.88%, 10/01/41
 
400
411,550
5.20%, 03/01/43
 
265
255,083
University of California, RB
 
Series AD, 4.86%, 05/15/2112
 
225
186,359
Series AQ, 4.77%, 05/15/2115
 
333
274,168
 
 
28,159,002
Colorado — 0.0%
Regional Transportation District Sales Tax Revenue,
RB, BAB, Series B, 5.84%, 11/01/50(a)
 
25
25,115
District of Columbia(a) — 0.0%
District of Columbia Water & Sewer Authority, RB,
Series A, Senior Lien, Sustainability Bonds, 4.81%,
10/01/2114
 
530
450,232
Metropolitan Washington Airports Authority Dulles Toll
Road Revenue, RB, BAB, 7.46%, 10/01/46
 
25
29,357
 
 
479,589
Florida — 0.1%
County of Miami-Dade Florida Aviation Revenue,
Refunding RB, Series C, 4.28%, 10/01/41
 
540
485,217
County of Miami-Dade Florida Transit System,
Refunding RB, Series B, 2.60%, 07/01/42
 
90
66,797
County of Miami-Dade Seaport Department, ARB,
6.22%, 11/01/55
 
585
609,087
 
 
1,161,101
Georgia — 0.1%
City of Atlanta Georgia Water & Wastewater Revenue,
Refunding RB, 2.26%, 11/01/35
 
510
423,453
Municipal Electric Authority of Georgia, Refunding RB,
BAB
 
6.64%, 04/01/57
 
989
1,075,303
6.66%, 04/01/57
 
802
850,599
7.06%, 04/01/57
 
148
164,027
 
 
2,513,382
Idaho — 0.0%
Idaho Energy Resources Authority, RB, 2.86%,
09/01/46
 
225
154,507
Illinois — 0.3%
Chicago O’Hare International Airport, ARB(a)
 
Series C, Senior Lien, 4.47%, 01/01/49
 
250
217,250
92
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Illinois (continued)
Chicago O’Hare International Airport,
ARB(a) (continued)
 
Series C, Senior Lien, 4.57%, 01/01/54
$
100
$ 87,037
Chicago O’Hare International Airport, Refunding ARB,
BAB, Series B, 6.40%, 01/01/40
 
890
957,967
Chicago Transit Authority Sales & Transfer Tax
Receipts Revenue, RB
 
Series A, 6.90%, 12/01/40
 
394
437,766
Series B, 6.90%, 12/01/40
 
1,070
1,188,248
Chicago Transit Authority Sales Tax Receipts Fund,
RB, BAB, Series B, 6.20%, 12/01/40
 
345
354,129
Metropolitan Water Reclamation District of Greater
Chicago, GOL, BAB, 5.72%, 12/01/38
 
670
693,250
Sales Tax Securitization Corp., Refunding RB
 
Series A, 4.79%, 01/01/48
 
150
133,179
Series B, 3.59%, 01/01/43
 
320
264,703
Series B, 3.82%, 01/01/48
 
65
50,059
Series B, 2nd Lien, 3.24%, 01/01/42
 
1,030
814,265
State of Illinois, GO, BAB, 7.35%, 07/01/35(a)
 
1,136
1,205,015
 
 
6,402,868
Indiana — 0.0%
Indiana Finance Authority, Refunding RB,
Sustainability Bonds, 3.05%, 01/01/51
 
555
392,601
Kansas — 0.0%
Kansas Development Finance Authority, RB,
Series K, (BAM), 2.77%, 05/01/51
 
90
60,993
Louisiana — 0.1%
Louisiana Local Government Environmental Facilities
& Community Development Authority, RB
 
Series A-3, 5.20%, 12/01/39
 
495
503,225
Series A-4, 4.48%, 08/01/39
 
1,460
1,379,141
 
 
1,882,366
Maryland — 0.1%
Maryland Economic Development Corp., RB
 
Sustainability Bonds, 5.43%, 05/31/56
 
780
740,251
Sustainability Bonds, 5.94%, 05/31/57
 
180
180,565
 
 
920,816
Massachusetts — 0.1%
Commonwealth of Massachusetts, GOL, Series H,
2.90%, 09/01/49(a)
 
25
16,987
Commonwealth of Massachusetts, GOL, BAB, 5.46%,
12/01/39
 
570
583,792
Massachusetts School Building Authority, RB, BAB,
5.72%, 08/15/39
 
670
697,844
Massachusetts School Building Authority, Refunding
RB, Sub-Series B, 3.40%, 10/15/40
 
55
46,529
 
 
1,345,152
Michigan — 0.2%
Michigan Finance Authority, Refunding RB, 3.38%,
12/01/40
 
1,055
866,123
Michigan State University, RB, Series A, 4.17%,
08/15/2122
 
343
243,495
Michigan State University, Refunding RB, Series A,
4.50%, 08/15/48
 
1,000
892,836
University of Michigan, RB
 
Series A, 3.50%, 04/01/52
 
55
39,966
Series A, 4.45%, 04/01/2122(a)
 
1,547
1,231,585
Security
 
Par
(000)
Value
Michigan (continued)
University of Michigan, RB (continued)
 
Series B, 2.44%, 04/01/40
$
625
$ 456,961
Series B, 2.56%, 04/01/50
 
663
408,410
University of Michigan, Refunding RB, Series C,
3.60%, 04/01/47
 
600
496,952
 
 
4,636,328
Minnesota — 0.0%
University of Minnesota, RB, 4.05%, 04/01/52(a)
 
318
255,830
Missouri — 0.0%
Health & Educational Facilities Authority of the State
of Missouri, RB, Series A, 3.65%, 08/15/57
 
750
540,738
Health & Educational Facilities Authority of the State
of Missouri, Refunding RB, Class A, 3.23%,
05/15/50(a)
 
355
248,043
 
 
788,781
Nebraska — 0.0%
University of Nebraska Facilities Corp., Refunding
RB, Series A, 3.04%, 10/01/49
 
125
89,100
Nevada — 0.0%
County of Clark Department of Aviation, ARB, BAB,
Series C, 6.82%, 07/01/45(a)
 
355
399,494
New Jersey — 0.2%
New Jersey Transportation Trust Fund Authority, RB,
BAB, Series B, 6.56%, 12/15/40
 
1,025
1,110,458
New Jersey Turnpike Authority, RB, BAB
 
Series A, 7.10%, 01/01/41
 
820
934,889
Series F, 7.41%, 01/01/40
 
1,505
1,811,252
Rutgers The State University of New Jersey, RB,
Series P, 3.92%, 05/01/2119
 
563
375,631
Rutgers The State University of New Jersey,
Refunding RB, Series R, 3.27%, 05/01/43
 
345
273,913
 
 
4,506,143
New York — 0.7%
City of New York, GO
 
Series C-2, 4.61%, 09/01/37(a)
 
400
383,683
Series D-2, 5.26%, 10/01/44
 
250
240,684
Series H, 5.94%, 02/01/55
 
75
78,326
Sustainability Bonds, 5.26%, 10/01/52
 
780
739,801
Series B-1, Sustainability Bonds, 5.83%, 10/01/53
 
100
102,811
Series D-1, Sustainability Bonds, 5.11%,
10/01/54(a)
 
1,400
1,300,790
City of New York, GO, BAB
 
5.52%, 10/01/37
 
400
403,211
Series F-1, 6.27%, 12/01/37
 
415
448,294
Empire State Development Corp., RB, BAB, 5.77%,
03/15/39
 
880
906,832
Metropolitan Transportation Authority Dedicated Tax
Fund, RB, BAB, 7.34%, 11/15/39
 
350
412,589
Metropolitan Transportation Authority, RB, BAB
 
6.67%, 11/15/39
 
855
922,066
6.81%, 11/15/40
 
205
223,063
New York City Municipal Water Finance Authority, RB,
5.95%, 06/15/42
 
55
56,934
New York City Municipal Water Finance Authority, RB,
BAB, 5.75%, 06/15/41
 
1,125
1,143,567
New York City Municipal Water Finance Authority,
Refunding RB, 5.88%, 06/15/44(a)
 
25
25,540
Schedule of Investments
93
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New York (continued)
New York City Municipal Water Finance Authority,
Refunding RB, BAB
 
5.72%, 06/15/42
$
215
$ 216,785
6.01%, 06/15/42
 
490
509,429
5.44%, 06/15/43
 
125
122,520
New York State Dormitory Authority, RB, BAB
 
Series D, 5.60%, 03/15/40
 
610
625,450
Series F, 5.63%, 03/15/39(a)
 
350
359,190
Port Authority of New York & New Jersey, ARB
 
Series 192, 4.81%, 10/15/65
 
275
244,041
Series 20, 4.23%, 10/15/57
 
1,070
856,958
Series 215, 3.29%, 08/01/69
 
125
78,828
Series 225, 3.18%, 07/15/60
 
370
232,875
Series 229, 3.14%, 02/15/51
 
1,600
1,142,220
Port Authority of New York & New Jersey, RB
 
Series 165, 5.65%, 11/01/40
 
1,025
1,076,311
Series 168, 4.93%, 10/01/51
 
1,030
952,464
Series 181, 4.96%, 08/01/46
 
110
103,335
Series 182, 5.31%, 08/01/46
 
25
24,356
Port Authority of New York & New Jersey, Refunding
RB, Series 174, 4.46%, 10/01/62
 
1,565
1,312,352
United Nations Development Corp., Refunding RB,
Series A, 6.54%, 08/01/55
 
200
207,353
 
 
15,452,658
North Carolina — 0.0%
Charlotte-Mecklenburg Hospital Authority, RB,
Series S, 3.20%, 01/15/51(a)
 
60
39,930
Ohio — 0.2%
American Municipal Power, Inc., RB
 
Series B, 7.83%, 02/15/41
 
525
628,358
Series B, 8.08%, 02/15/50
 
400
501,850
JobsOhio Beverage System, Refunding RB, Series A,
2.83%, 01/01/38
 
400
329,287
Ohio State University, RB, BAB, Series C, 4.91%,
06/01/40
 
1,760
1,729,772
Ohio Turnpike & Infrastructure Commission,
Refunding RB, Series A, Junior Lien, 3.22%,
02/15/48
 
155
113,355
 
 
3,302,622
Oklahoma — 0.1%
Oklahoma Development Finance Authority, RB
 
Series A2, 4.38%, 11/01/45
 
290
268,082
Series A-2, 4.62%, 06/01/44
 
580
554,597
Series A-2, 4.85%, 02/01/45
 
500
492,628
Series A-3, 5.09%, 02/01/52
 
265
252,469
Series A-3, 4.71%, 05/01/52
 
115
103,872
 
 
1,671,648
Oregon — 0.0%
Oregon State University, RB, (BAM), 3.42%,
03/01/60
 
113
77,158
Port of Morrow Oregon, RB, 2.54%, 09/01/40
 
625
461,209
 
 
538,367
Pennsylvania — 0.1%
Commonwealth Financing Authority, RB
 
Series A, 4.14%, 06/01/38
 
250
231,138
Series A, 2.99%, 06/01/42
 
1,040
778,848
Pennsylvania Economic Development Financing
Authority, RB, 5.69%, 06/01/54
 
465
456,830
Pennsylvania State University, Refunding RB
 
Series D, 2.79%, 09/01/43
 
400
294,868
Security
 
Par
(000)
Value
Pennsylvania (continued)
Pennsylvania State University, Refunding
RB (continued)
 
Series D, 2.84%, 09/01/50
$
95
$ 61,934
Pennsylvania Turnpike Commission, RB, BAB,
Series B, 5.51%, 12/01/45
 
610
601,824
University of Pittsburgh-of the Commonwealth System
of Higher Education, RB, 3.56%, 09/15/2119
 
113
71,062
 
 
2,496,504
South Carolina — 0.0%
South Carolina Public Service Authority, RB, BAB,
Series C, 6.45%, 01/01/50
 
26
28,157
Texas — 0.7%
Board of Regents of the University of Texas System,
RB, BAB, Series C, 4.79%, 08/15/46
 
1,505
1,424,395
City of Houston Texas, GOL, 3.96%, 03/01/47
 
105
87,906
City of San Antonio Texas Electric & Gas Systems
Revenue, RB, 4.43%, 02/01/42
 
180
168,612
City of San Antonio Texas Electric & Gas Systems
Revenue, RB, BAB, Junior Lien, 5.81%, 02/01/41
 
1,155
1,174,004
Dallas Area Rapid Transit, RB, BAB
 
5.02%, 12/01/48
 
455
415,083
Series B, 6.00%, 12/01/44
 
450
463,650
Dallas Area Rapid Transit, Refunding RB, Series A,
Senior Lien, 2.61%, 12/01/48
 
455
298,282
Dallas Convention Center Hotel Development Corp.,
RB, BAB, 7.09%, 01/01/42
 
250
275,462
Dallas Fort Worth International Airport, ARB
 
Series A, 4.09%, 11/01/51(a)
 
550
446,407
Series A, 4.51%, 11/01/51
 
190
161,270
Dallas Fort Worth International Airport, Refunding RB
 
Series A, 2.99%, 11/01/38(a)
 
125
104,872
Series A, 3.14%, 11/01/45(a)
 
190
140,542
Series C, 3.09%, 11/01/40
 
1,065
840,857
Series C, 2.92%, 11/01/50
 
720
491,065
Grand Parkway Transportation Corp., Refunding RB,
Subordinate, 3.24%, 10/01/52
 
1,490
1,005,962
North Texas Tollway Authority, RB, BAB, Series B,
6.72%, 01/01/49
 
1,160
1,290,047
Permanent University Fund - University of Texas
System, Refunding RB, Series A, 3.38%, 07/01/47
 
850
635,761
State of Texas, GO, BAB
 
5.52%, 04/01/39
 
945
967,633
Series A, 4.68%, 04/01/40
 
1,000
949,246
Texas Natural Gas Securitization Finance Corp., RB
 
Series 2023-1, Class A1, 5.10%, 04/01/35
 
—
—
Series 2023-1, Class A2, 5.17%, 04/01/41
 
1,450
1,457,316
Texas Private Activity Bond Surface Transportation
Corp., RB, Series B, 3.92%, 12/31/49
 
875
686,321
Texas Transportation Commission, Refunding GO,
2.47%, 10/01/44
 
800
547,750
 
 
14,032,443
Virginia — 0.0%
University of Virginia, Refunding RB
 
2.26%, 09/01/50
 
500
283,872
Series A, 3.23%, 09/01/2119
 
55
32,155
Series U, 2.58%, 11/01/51
 
215
130,438
 
 
446,465
94
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Wisconsin — 0.0%
State of Wisconsin, Refunding RB, Series A, 3.95%,
05/01/36
$
490
$       448,784
Total Municipal Bonds — 4.3%
(Cost: $105,975,963)
93,487,081
Preferred Securities
Capital Trust — 0.1%
Insurance — 0.1%
MetLife, Inc., 6.40%, 12/15/36
 
1,050
1,038,645
Total Preferred Securities — 0.1%
(Cost: $1,092,053)
1,038,645
Total Long-Term Investments — 99.0%
(Cost: $2,411,961,496)
2,148,792,858
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 8.6%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.46%(g)(h)(i)
 
187,060,088
187,134,912
Total Short-Term Securities — 8.6%
(Cost: $187,082,641)
187,134,912
Total Investments — 107.6%
(Cost: $2,599,044,137)
2,335,927,770
Liabilities in Excess of Other Assets — (7.6)%
(164,828,514
)
Net Assets — 100.0%
$ 2,171,099,256
 
(a)
All or a portion of this security is on loan.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(c)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently
in effect.
(d)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(e)
When-issued security.
(f)
U.S. Government securities held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.
(g)
Affiliate of the Fund.
(h)
Annualized 7-day yield as of period end.
(i)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 240,404,557
$ —
$ (53,205,035
)(a)
$ 165
$ (64,775
)
$ 187,134,912
187,060,088
$ 853,388
(b)
$ —
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Schedule of Investments
95
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Credit Bond Index Fund
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Corporate Bonds
$ —
$ 1,937,241,846
$ —
$ 1,937,241,846
Foreign Agency Obligations
—
117,025,286
—
117,025,286
Municipal Bonds
—
93,487,081
—
93,487,081
Preferred Securities
Capital Trust
—
1,038,645
—
1,038,645
Short-Term Securities 
Money Market Funds
187,134,912
—
—
187,134,912
 
$187,134,912
$2,148,792,858
$—
$2,335,927,770
See notes to financial statements.
96
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
April 30, 2025
iShares U.S. Long Government Bond Index Fund
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
U.S. Government Sponsored Agency Securities
Agency Obligations — 0.9%
Fannie Mae, 5.63%, 07/15/37(a)
$
4,000
$ 4,410,339
Federal Home Loan Banks
 
5.63%, 03/14/36
 
1,000
1,093,968
5.50%, 07/15/36
 
4,730
5,151,896
Tennessee Valley Authority
 
5.88%, 04/01/36
 
11,841
13,116,826
3.50%, 12/15/42
 
66
54,169
 
 
23,827,198
Total U.S. Government Sponsored Agency Securities — 0.9%
(Cost: $24,777,884)
23,827,198
U.S. Treasury Obligations
U.S. Treasury Bonds
 
4.50%, 02/15/36 - 11/15/54(a)
 
142,062
139,130,439
4.75%, 02/15/37 - 11/15/53
 
84,172
85,170,365
5.00%, 05/15/37
 
6,465
6,914,520
4.38%, 02/15/38 - 08/15/43
 
87,013
84,925,883
3.50%, 02/15/39
 
7,961
7,218,388
4.25%, 05/15/39 - 08/15/54
 
183,054
170,855,527
4.63%, 02/15/40 - 02/15/55
 
193,082
191,295,975
1.13%, 05/15/40 - 08/15/40
 
92,755
57,717,442
3.88%, 08/15/40 - 05/15/43
 
91,979
83,446,025
1.38%, 11/15/40 - 08/15/50
 
125,243
70,385,793
1.88%, 02/15/41 - 11/15/51(a)
 
188,460
115,380,251
2.25%, 05/15/41 - 02/15/52
 
172,876
114,982,182
1.75%, 08/15/41
 
75,281
50,379,323
3.75%, 08/15/41 - 11/15/43
 
50,466
44,799,040
2.00%, 11/15/41 - 08/15/51
 
208,068
128,964,951
3.13%, 11/15/41 - 05/15/48
 
122,546
97,293,003
2.38%, 02/15/42 - 05/15/51
 
166,366
111,766,480
3.00%, 05/15/42 - 08/15/52
 
335,672
253,562,280
3.25%, 05/15/42
 
44,977
37,555,711
2.75%, 08/15/42 - 11/15/47(a)
 
87,619
65,087,231
3.38%, 08/15/42 - 11/15/48(a)
 
119,173
97,823,666
Security
 
Par
(000)
Value
U.S. Treasury Obligations (continued)
U.S. Treasury Bonds (continued)
 
4.00%, 11/15/42 - 11/15/52
$
74,238
$ 67,142,672
2.88%, 05/15/43 - 05/15/52(a)
 
181,534
133,208,651
3.63%, 08/15/43 - 02/15/53(a)
 
132,532
111,798,991
4.13%, 08/15/44 - 08/15/53
 
106,369
97,303,449
2.50%, 02/15/45 - 05/15/46
 
129,263
91,185,338
1.25%, 05/15/50
 
48,428
23,563,249
1.63%, 11/15/50
 
67,221
35,837,462
3.79%, 05/15/53(a)
 
78,606
65,095,925
Total U.S. Treasury Obligations — 97.9%
(Cost: $2,921,024,277)
2,639,790,212
Total Long-Term Investments — 98.8%
(Cost: $2,945,802,161)
2,663,617,410
  
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.46%(b)(c)(d)
 
25,459,930
25,470,114
Total Short-Term Securities — 0.9%
(Cost: $25,465,694)
25,470,114
Total Investments — 99.7%
(Cost: $2,971,267,855)
2,689,087,524
Other Assets Less Liabilities — 0.3%
7,305,603
Net Assets — 100.0%
$ 2,696,393,127
 
(a)
All or a portion of this security is on loan.
(b)
Affiliate of the Fund.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 61,316,339
$ —
$ (35,778,390
)(a)
$ (62,700
)
$ (5,135
)
$ 25,470,114
25,459,930
$ 420,031
(b)
$ —
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Schedule of Investments
97
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Government Bond Index Fund
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
Ultra U.S. Treasury Bond
1
06/18/25
$ 121
$ (2,189
)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ —
$ —
$ 2,189
$ —
$ 2,189
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ —
$ —
$ (10,309
)
$ —
$ (10,309
)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ —
$ —
$ 5,734
$ —
$ 5,734
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$119,766
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
U.S. Government Sponsored Agency Securities
$ —
$ 23,827,198
$ —
$ 23,827,198
U.S. Treasury Obligations
—
2,639,790,212
—
2,639,790,212
Short-Term Securities 
Money Market Funds
25,470,114
—
—
25,470,114
 
$25,470,114
$2,663,617,410
$—
$2,689,087,524
98
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Long Government Bond Index Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(a)
Liabilities 
Interest Rate Contracts
$ (2,189
)
$ —
$ —
$ (2,189
)
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
99
Schedule of Investments (unaudited)
April 30, 2025
iShares U.S. Securitized Bond Index Fund
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Asset-Backed Securities
Ally Auto Receivables Trust, Series 2024-2, Class A3,
4.14%, 07/16/29
$
600
$ 598,898
American Express Credit Account Master Trust
 
Series 2023-3, Class A, 5.23%, 09/15/28
 
4,402
4,463,465
Series 2024-2, Class A, 5.24%, 04/15/31
 
3,000
3,118,686
Series 2024-3, Class A, 4.65%, 07/15/29
 
1,000
1,011,433
Americredit Automobile Receivables Trust,
Series 2023-1, Class A3, 5.62%, 11/18/27
 
1,525
1,530,498
CarMax Auto Owner Trust
 
Series 2024-4, Class A4, 4.64%, 04/15/30
 
860
868,002
Series 2025-2, Class A3, 03/15/30(a)
 
800
804,558
Series 2025-2, Class B, 11/15/30(a)
 
500
503,821
Carvana Auto Receivables Trust, Series 2024-P3,
Class A3, 4.26%, 10/10/29
 
940
938,547
Chase Issuance Trust
 
Series 2023-A1, Class A, 5.16%, 09/15/28
 
6,913
6,999,095
Series 2024-A1I, Class A, 4.60%, 01/16/29
 
1,520
1,530,609
Citibank Credit Card Issuance Trust, Series 2007-A3,
Class A3, 6.15%, 06/15/39
 
500
545,402
CNH Equipment Trust, Series 2024-B, Class A3,
5.19%, 09/17/29
 
1,600
1,622,857
Drive Auto Receivables Trust, Series 2024-2, Class D,
4.94%, 05/17/32
 
1,000
991,978
Exeter Automobile Receivables Trust
 
Series 2024-2A, Class B, 5.61%, 04/17/28
 
2,304
2,309,370
Series 2024-2A, Class C, 5.74%, 05/15/29
 
3,000
3,027,097
Series 2024-2A, Class D, 5.92%, 02/15/30
 
2,000
2,029,829
First National Master Note Trust, Series 2025-1,
Class A, 4.85%, 02/15/30
 
2,000
2,029,464
Ford Credit Auto Owner Trust
 
Series 2024-A, Class A3, 5.09%, 12/15/28
 
3,350
3,388,405
Series 2024-C, Class A3, 4.07%, 07/15/29
 
3,000
2,992,588
Series 2024-D, Class B, 4.88%, 09/15/30
 
500
505,577
GM Financial Automobile Leasing Trust,
Series 2025-1, Class A3, 4.66%, 02/21/28
 
600
603,686
GM Financial Consumer Automobile Receivables
Trust
 
Series 2024-1, Class B, 5.16%, 08/16/29
 
1,000
1,017,347
Series 2024-2, Class A3, 5.10%, 03/16/29
 
2,938
2,967,573
Series 2024-2, Class B, 5.28%, 10/16/29
 
850
866,965
Series 2024-4, Class A3, 4.40%, 08/16/29
 
1,000
1,005,456
Series 2025-1, Class A3, 4.62%, 12/17/29
 
500
505,027
Honda Auto Receivables Owner Trust, Series 2024-3,
Class A3, 4.57%, 03/21/29
 
5,000
5,031,723
Hyundai Auto Receivables Trust
 
Series 2022-B, Class A3, 3.72%, 11/16/26
 
174
173,165
Series 2024-A, Class A3, 4.99%, 02/15/29
 
4,000
4,041,960
John Deere Owner Trust
 
Series 2024-A, Class A3, 4.96%, 11/15/28
 
650
654,884
Series 2024-A, Class A4, 4.91%, 02/18/31
 
610
618,727
Mercedes-Benz Auto Receivables Trust,
Series 2025-1, Class A3, 4.78%, 12/17/29
 
3,000
3,037,586
Nissan Auto Receivables Owner Trust, Series 2024-A,
Class A3, 5.28%, 12/15/28
 
2,250
2,275,561
PG&E Wildfire Recovery Funding LLC, Series 2022-1,
Class A4, 4.45%, 12/01/47
 
3,000
2,586,915
Synchrony Card Funding LLC, Series 2024-A1,
Class A, 5.04%, 03/15/30
 
1,740
1,766,896
Toyota Auto Receivables Owner Trust
 
Series 2024-A, Class A3, 4.83%, 10/16/28
 
2,000
2,010,858
Series 2025-B, Class A3, 4.34%, 11/15/29
 
200
201,156
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Verizon Master Trust, Series 2024-3, Class A1A,
5.34%, 04/22/30
$
7,000
$ 7,140,138
Virginia Power Fuel Securitization LLC, Series 2020-
24, Class A2, 4.88%, 05/01/31
 
2,000
2,030,813
Volkswagen Auto Lease Trust, Series 2024-A,
Class A3, 5.21%, 06/21/27
 
4,430
4,471,261
WF Card Issuance Trust, Series 2024-A2, Class A,
4.29%, 10/15/29
 
700
702,550
World Omni Auto Receivables Trust
 
Series 2022-A, Class A4, 1.90%, 03/15/28
 
1,000
979,214
Series 2025-A, Class A4, 4.86%, 11/15/30
 
500
509,919
World Omni Automobile Lease Securitization Trust,
Series 2025-A, Class A3, 4.42%, 04/17/28
 
400
401,131
Total Asset-Backed Securities — 1.6%
(Cost: $86,701,638)
87,410,690
Corporate Bonds
Electric Utilities — 0.1%
NYSEG Storm Funding LLC, Series A-2, 4.87%,
05/01/32
 
500
503,456
PG&E Recovery Funding LLC
 
Series 2024-1, Class A3, 5.53%, 06/01/49
 
900
885,744
Series 2024-A, Class A2, 5.23%, 06/01/42
 
1,000
985,551
PG&E Wildfire Recovery Funding LLC
 
Series 2022-1, Class A2, 4.26%, 06/01/36
 
1,000
943,807
Series 2022-1, Class A3, 4.38%, 06/01/39
 
1,000
923,356
Series 2022-B, Class A3, 5.08%, 06/01/41
 
500
483,583
Total Corporate Bonds — 0.1%
(Cost: $4,859,543)
4,725,497
Non-Agency Mortgage-Backed Securities
Commercial Mortgage-Backed Securities — 2.7%
Bank
 
Series 2018-BN11, Class B, 4.48%, 03/15/61(b)
 
500
478,954
Series 2019-BN16, Class C, 4.79%, 02/15/52(b)
 
1,000
890,747
Series 2019-BN18, Class A4, 3.58%, 05/15/62
 
1,659
1,575,776
Series 2019-BN21, Class A5, 2.85%, 10/17/52
 
4,564
4,222,456
Series 2020-BN25, Class C, 3.46%, 01/15/63(b)
 
200
170,511
Series 2020-BN27, Class A5, 2.14%, 04/15/63
 
4,515
3,941,398
Series 2022-BNK40, Class B, 3.50%, 03/15/64(b)
 
500
428,971
Series 2022-BNK43, Class A5, 4.40%, 08/15/55
 
1,000
960,781
Series 2024-5YR7, Class A3, 5.77%, 06/15/57
 
2,860
2,971,171
Series 2024-5YR7, Class AS, 6.49%, 06/15/57(b)
 
1,180
1,238,793
Series 2024-5YR7, Class B, 6.94%, 06/15/57
 
1,150
1,201,609
Barclays Commercial Mortgage
 
Series 2024-C30, Class A2, 6.13%, 11/15/57
 
400
417,022
Series 2024-C30, Class AS, 5.83%, 11/15/57(b)
 
250
252,444
BBCMS Mortgage Trust
 
Series 2017-C1, Class A4, 3.67%, 02/15/50
 
908
889,187
Series 2018-C2, Class A4, 4.05%, 12/15/51
 
500
493,607
Series 2020-C7, Class A5, 2.04%, 04/15/53
 
5,536
4,866,059
Series 2021-C12, Class A5, 2.69%, 11/15/54
 
1,171
1,031,429
Series 2021-C9, Class C, 3.19%, 02/15/54(b)
 
250
207,555
Series 2022-C16, Class A5, 4.60%, 06/15/55(b)
 
3,000
2,933,044
Series 2022-C18, Class C, 6.35%, 12/15/55(b)
 
300
297,660
Series 2024-5C25, Class AS, 6.36%, 03/15/57(b)
 
410
427,792
Series 2024-5C25, Class C, 6.64%, 03/15/57(b)
 
500
504,455
Series 2025-C32, Class A5, 5.72%, 02/15/62
 
1,000
1,048,441
100
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Securitized Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
BBCMS Trust
 
Series 2021-C10, Class A5, 2.49%, 07/15/54
$
7,713
$ 6,887,768
Series 2021-C10, Class ASB, 2.27%, 07/15/54
 
500
464,022
Benchmark Mortgage Trust
 
Series 2018-B5, Class A4, 4.21%, 07/15/51
 
2,489
2,447,979
Series 2019-B10, Class A4, 3.72%, 03/15/62
 
2,654
2,564,658
Series 2019-B11, Class A4, 3.28%, 05/15/52
 
3,319
3,132,652
Series 2019-B13, Class A4, 2.95%, 08/15/57
 
4,093
3,815,907
Series 2019-B9, Class A5, 4.02%, 03/15/52
 
2,489
2,415,845
Series 2020-B19, Class B, 2.35%, 09/15/53
 
937
722,518
Series 2020-B21, Class A4, 1.70%, 12/17/53
 
2,988
2,582,401
Series 2020-B21, Class A5, 1.98%, 12/17/53
 
1,990
1,709,259
Series 2021-B28, Class A5, 2.22%, 08/15/54
 
7,100
6,085,961
Series 2021-B29, Class A5, 2.39%, 09/15/54
 
2,763
2,400,749
Series 2024-V5, Class B, 6.06%, 01/10/57(b)
 
500
505,788
Series 2024-V6, Class A3, 5.93%, 03/15/57
 
2,000
2,086,171
Series 2024-V6, Class AS, 6.38%, 03/15/57
 
920
963,249
Series 2024-V6, Class B, 6.79%, 03/15/57
 
1,080
1,122,124
Series 2024-V6, Class C, 6.67%, 03/15/57
 
440
443,517
Series 2024-V7, Class A2, 5.77%, 05/15/56
 
1,000
1,034,084
Series 2024-V8, Class B, 7.18%, 07/15/57(b)
 
500
525,596
Series 2025-V13, Class A2, 5.33%, 02/15/58
 
1,500
1,523,293
BMARK, Series 2023-V4, Class B, 7.71%, 11/15/56(b)
 
500
526,061
BMO Mortgage Trust
 
Series 2024-5C3, Class AS, 6.29%, 02/15/57(b)
 
1,000
1,040,459
Series 2024-5C5, Class A3, 5.86%, 02/15/57
 
1,400
1,459,795
Series 2024-5C6, Class AS, 5.75%, 09/15/57(b)
 
500
512,534
Series 2024-5C8, Class C, 5.74%, 12/15/57(b)
 
500
487,976
Series 2024-C8, Class A5, 5.60%, 03/15/57(b)
 
2,720
2,820,455
Series 2024-C8, Class AS, 5.91%, 03/15/57(b)
 
2,000
2,061,312
Series 2024-C8, Class B, 6.14%, 03/15/57(b)
 
1,470
1,479,928
Series 2024-C8, Class C, 6.23%, 03/15/57(b)
 
250
238,218
CD Mortgage Trust, Series 2018-CD7, Class B,
4.66%, 08/15/51(b)
 
400
381,972
Citigroup Commercial Mortgage Trust
 
Series 2017-C4, Class A4, 3.47%, 10/12/50
 
7,905
7,700,223
Series 2017-P7, Class A4, 3.71%, 04/14/50
 
1,866
1,816,536
Series 2019-C7, Class C, 4.05%, 12/15/72(b)
 
1,000
890,527
CSAIL Commercial Mortgage Trust
 
Series 2016-C7, Class A5, 3.50%, 11/15/49
 
3,984
3,900,230
Series 2018-CX11, Class A5, 4.03%, 04/15/51(b)
 
3,319
3,267,814
Series 2020-C19, Class A3, 2.56%, 03/15/53
 
1,000
895,865
DBJPM Mortgage Trust
 
Series 2016-C3, Class A5, 2.89%, 08/10/49
 
6,225
6,068,567
Series 2017-C6, Class AM, 3.56%, 06/10/50(b)
 
1,500
1,429,285
GS Mortgage Securities Trust
 
Series 2018-GS10, Class A5, 4.16%, 07/10/51(b)
 
2,489
2,433,454
Series 2019-GC38, Class A3, 3.70%, 02/10/52
 
1,000
965,114
JPMCC Commercial Mortgage Securities Trust
 
Series 2017-JP7, Class A5, 3.45%, 09/15/50
 
2,903
2,814,190
Series 2019-COR4, Class A5, 4.03%, 03/10/52
 
1,000
949,830
JPMDB Commercial Mortgage Securities Trust,
Series 2017-C7, Class A5, 3.41%, 10/15/50
 
4,979
4,829,850
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C28, Class A4, 3.54%, 01/15/49
 
5,621
5,547,330
Morgan Stanley Capital I Trust
 
Series 2018-H3, Class A4, 3.91%, 07/15/51
 
2,441
2,390,657
Series 2019-H6, Class A4, 3.42%, 06/15/52
 
488
462,878
Series 2019-L3, Class AS, 3.49%, 11/15/52
 
628
574,434
Series 2019-L3, Class B, 3.77%, 11/15/52(b)
 
250
225,291
Series 2020-HR8, Class B, 2.70%, 07/15/53
 
63
51,495
Series 2021-L6, Class AS, 2.75%, 06/15/54(b)
 
1,634
1,370,609
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Capital I Trust (continued)
 
Series 2021-L6, Class C, 3.57%, 06/15/54(b)
$
250
$ 195,998
Wells Fargo Commercial Mortgage Trust
 
Series 2018-C43, Class AS, 4.15%, 03/15/51(b)
 
750
729,395
Series 2018-C43, Class ASB, 3.95%, 03/15/51(b)
 
564
560,099
Series 2018-C44, Class ASB, 4.17%, 05/15/51
 
606
602,527
Series 2018-C47, Class AS, 4.67%, 09/15/61(b)
 
2,000
1,952,595
Series 2019-C49, Class A5, 4.02%, 03/15/52
 
3,195
3,126,699
Series 2020-C56, Class A5, 2.45%, 06/15/53
 
2,580
2,333,292
Series 2020-C58, Class A4, 2.09%, 07/15/53
 
2,349
2,041,708
Series 2021-C59, Class ASB, 2.30%, 04/15/54
 
830
783,777
Series 2021-C61, Class C, 3.31%, 11/15/54
 
500
406,646
Total Non-Agency Mortgage-Backed Securities — 2.7%
(Cost: $154,046,345)
147,209,028
U.S. Government Sponsored Agency Securities
Commercial Mortgage-Backed Securities — 2.9%
Fannie Mae-Aces
 
Series 2016-M5, Class A2, 2.47%, 04/25/26
 
4,070
3,999,704
Series 2016-M6, Class A2, 2.49%, 05/25/26
 
3,834
3,762,069
Series 2017-M12, Class A2, 3.16%, 06/25/27(b)
 
1,175
1,152,332
Series 2017-M15, Class A2, 3.07%, 09/25/27(b)
 
2,758
2,697,675
Series 2018-M12, Class A2, 3.75%, 08/25/30(b)
 
2,489
2,424,631
Series 2018-M3, Class A2, 3.17%, 02/25/30(b)
 
6,309
6,044,647
Series 2019-M22, Class A2, 2.52%, 08/25/29
 
3,655
3,440,859
Series 2020-M46, Class A2, 1.32%, 05/25/30
 
4,465
3,957,454
Series 2021-M13, Class A2, 1.65%, 04/25/31(b)
 
3,536
3,040,683
Series 2021-M17, Class A2, 1.71%, 07/25/31(b)
 
2,489
2,150,770
Freddie Mac
 
Series K071, Class A2, 3.29%, 11/25/27
 
10,000
9,818,246
Series K149, Class AM, 3.53%, 09/25/32
 
500
469,284
Series K-150, Class A2, 3.71%, 09/25/32(b)
 
2,000
1,909,985
Series K-157, Class A2, 4.20%, 05/25/33
 
1,000
981,516
Series K-158, Class A2, 4.05%, 07/25/33
 
1,500
1,455,340
Series K-160, Class A2, 4.50%, 08/25/33(b)
 
2,000
1,998,535
Series K-167, Class A2, 4.76%, 10/25/34
 
3,600
3,644,563
Series K507, Class A2, 4.80%, 09/25/28(b)
 
2,000
2,041,795
Freddie Mac Multifamily Structured Pass Through
Certificates
 
Series K063, Class A2, 3.43%, 01/25/27(b)
 
4,150
4,100,610
Series K066, Class A2, 3.12%, 06/25/27
 
2,903
2,849,610
Series K076, Class A2, 3.90%, 04/25/28
 
659
656,352
Series K081, Class A2, 3.90%, 08/25/28(b)
 
8,302
8,263,048
Series K088, Class A2, 3.69%, 01/25/29
 
413
407,625
Series K100, Class A2, 2.67%, 09/25/29
 
11,302
10,659,363
Series K101, Class A2, 2.52%, 10/25/29
 
4,690
4,391,848
Series K109, Class A2, 1.56%, 04/25/30
 
8,471
7,510,711
Series K110, Class A2, 1.48%, 04/25/30
 
2,190
1,936,835
Series K111, Class A2, 1.35%, 05/25/30
 
829
725,784
Series K120, Class A2, 1.50%, 10/25/30
 
2,000
1,737,648
Series K123, Class A2, 1.62%, 12/25/30
 
8,302
7,239,655
Series K126, Class A2, 2.07%, 01/25/31
 
9,074
8,094,707
Series K136, Class A2, 2.13%, 11/25/31
 
2,000
1,751,783
Series K143, Class A2, 2.35%, 03/25/32
 
3,425
3,018,361
Series K144, Class A2, 2.45%, 04/25/32
 
5,000
4,427,720
Series K146, Class A2, 2.92%, 06/25/32
 
2,000
1,821,236
Series K-151, Class A2, 3.80%, 10/25/32(b)
 
3,750
3,598,710
Series K-1521, Class A2, 2.18%, 08/25/36
 
3,967
3,097,542
Series K-154, Class A2, 4.35%, 01/25/33(b)
 
3,000
2,978,470
Series K-156, Class A2, 4.43%, 02/25/33(b)
 
2,500
2,495,005
Schedule of Investments
101
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Securitized Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
Freddie Mac Multifamily Structured Pass Through
Certificates (continued)
 
Series K-159, Class A2, 4.50%, 07/25/33(b)
$
3,000
$ 3,000,454
Series K739, Class A2, 1.34%, 09/25/27
 
3,000
2,836,761
Series K748, Class A2, 2.26%, 01/25/29(b)
 
10,000
9,390,586
Series K753, Class A2, 4.40%, 10/25/30
 
1,928
1,943,529
 
 
153,924,041
Mortgage-Backed Securities — 93.2%
Fannie Mae Mortgage-Backed Securities
 
3.00%, 02/01/47
 
774
696,060
4.00%, 02/01/47 - 02/01/57
 
2,818
2,651,392
3.50%, 11/01/51
 
4,412
4,084,481
(12-mo. RFUCCT US + 1.53%), 6.87%,
05/01/43(b)
 
27
27,371
(12-mo. RFUCCT US + 1.54%), 7.01%,
06/01/43(b)
 
37
38,062
(12-mo. RFUCCT US + 1.70%), 7.52%,
08/01/42(b)
 
8
8,366
(12-mo. RFUCCT US + 1.75%), 7.54%,
08/01/41(b)
 
2
1,623
(12-mo. RFUCCT US + 1.83%), 6.75%,
11/01/40(b)
 
1
1,296
Freddie Mac Mortgage-Backed Securities
 
3.00%, 03/01/27 - 10/01/47
 
29,648
26,784,290
2.50%, 07/01/28 - 01/01/33
 
5,854
5,610,576
3.50%, 03/01/32 - 06/01/49
 
29,197
27,079,658
5.00%, 04/01/33 - 04/01/49
 
1,174
1,179,435
4.00%, 05/01/33 - 01/01/49
 
9,949
9,476,706
5.50%, 06/01/35 - 01/01/39
 
38
40,329
4.50%, 06/01/38 - 01/01/49
 
4,065
3,983,312
(12-mo. RFUCCT US + 1.67%), 7.12%,
08/01/41(b)
 
2
1,706
(12-mo. RFUCCT US + 1.85%), 7.06%,
09/01/40(b)
 
3
3,532
Ginnie Mae Mortgage-Backed Securities
 
5.50%, 12/15/32 - 02/20/55(c)
 
115,958
116,191,289
6.00%, 03/15/35 - 04/20/55(c)
 
102,584
103,875,132
6.50%, 09/15/36 - 03/20/55(c)
 
54,545
55,827,282
4.50%, 07/15/39 - 05/20/55(c)
 
95,058
91,538,899
5.00%, 11/15/39 - 12/20/54(c)
 
122,208
120,187,865
4.00%, 03/15/41 - 05/20/55(c)
 
96,055
90,006,352
3.50%, 09/20/42 - 07/20/53(c)
 
129,154
118,262,627
3.00%, 01/20/43 - 05/20/55(c)
 
164,974
146,711,668
2.50%, 05/20/45 - 05/20/55(c)
 
226,811
193,317,548
2.00%, 07/20/50 - 06/20/52
 
223,916
182,581,058
1.50%, 10/20/51
 
707
542,832
Uniform Mortgage-Backed Securities
 
4.00%, 10/01/25 - 02/01/53(c)
 
254,851
240,958,936
3.50%, 02/01/26 - 05/01/53(c)
 
268,014
245,782,414
3.00%, 01/01/27 - 07/01/52(c)
 
420,828
373,746,869
2.50%, 09/01/28 - 05/15/54(c)
 
795,087
675,930,685
7.00%, 02/01/32
 
7
6,908
6.50%, 07/01/32 - 05/15/55(c)
 
148,712
154,450,644
5.00%, 11/01/33 - 01/01/55(c)
 
205,340
201,810,347
6.00%, 03/01/34 - 05/15/55(c)
 
232,413
237,074,808
2.00%, 12/01/35 - 05/13/55(c)(d)
 
1,232,687
1,011,852,574
1.50%, 03/01/36 - 11/01/51(c)
 
122,295
99,338,217
Security
 
Par
(000)
Value
Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities (continued)
 
5.50%, 04/01/36 - 05/15/55(a)(c)
$
294,236
$ 294,960,285
4.50%, 09/01/39 - 05/13/55(c)
 
175,963
169,139,366
 
 
5,005,762,800
Total U.S. Government Sponsored Agency Securities — 96.1%
(Cost: $5,533,109,682)
5,159,686,841
Total Long-Term Investments — 100.5%
(Cost: $5,778,717,208)
5,399,032,056
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 7.1%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.46%(e)(f)
 
382,447,610
382,600,589
Total Short-Term Securities — 7.1%
(Cost: $382,430,930)
382,600,589
Total Investments Before TBA Sale Commitments — 107.6%
(Cost: $6,161,148,138)
5,781,632,645
 
 
 
Par
(000)
 
TBA Sale Commitments(c)
Mortgage-Backed Securities — (0.7)%
Ginnie Mae Mortgage-Backed Securities
 
3.50%, 03/20/52
$
(550
)
(499,579
)
4.50%, 05/20/55
 
(400
)
(382,843
)
5.50%, 05/15/54
 
(2,975
)
(2,973,408
)
Uniform Mortgage-Backed Securities
 
2.00%, 05/13/55
 
(6,200
)
(4,916,347
)
2.50%, 05/15/54
 
(4,350
)
(3,615,593
)
3.00%, 02/25/52
 
(2,050
)
(1,778,790
)
3.50%, 03/25/52
 
(3,075
)
(2,774,842
)
4.00%, 06/25/52
 
(3,625
)
(3,377,934
)
4.50%, 05/13/55
 
(11,550
)
(11,044,691
)
5.50%, 05/15/55
 
(8,225
)
(8,207,244
)
Total TBA Sale Commitments — (0.7)%
(Proceeds: $(39,256,997))
(39,571,271
)
Total Investments, Net of TBA Sale Commitments — 106.9%
(Cost: $6,121,891,141)
5,742,061,374
Liabilities in Excess of Other Assets — (6.9)%
(372,147,376
)
Net Assets — 100.0%
$ 5,369,913,998
 
(a)
When-issued security.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(c)
Represents or includes a TBA transaction.
(d)
All or a portion of the security has been pledged as collateral in connection with
outstanding TBA commitments.
(e)
Affiliate of the Fund.
(f)
Annualized 7-day yield as of period end.
102
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares U.S. Securitized Bond Index Fund
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 423,165,358
$ —
$ (40,443,578
)(a)
$ 16,995
$ (138,186
)
$ 382,600,589
382,447,610
$ 12,788,997
$ —
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Asset-Backed Securities
$ —
$ 87,410,690
$ —
$ 87,410,690
Corporate Bonds
—
4,725,497
—
4,725,497
Non-Agency Mortgage-Backed Securities
—
147,209,028
—
147,209,028
U.S. Government Sponsored Agency Securities
—
5,159,686,841
—
5,159,686,841
Short-Term Securities 
Money Market Funds
382,600,589
—
—
382,600,589
Liabilities
Investments 
TBA Sale Commitments
—
(39,571,271
)
—
(39,571,271
)
 
$382,600,589
$5,359,460,785
$—
$5,742,061,374
See notes to financial statements.
Schedule of Investments
103
Statements of Assets and Liabilities (unaudited)
April 30, 2025
 
 
iShares U.S.
Intermediate Credit
Bond Index Fund
iShares U.S.
Intermediate Government
Bond Index Fund
iShares U.S.
Long Credit Bond
Index Fund
iShares U.S.
Long Government
Bond Index Fund
ASSETS
Investments, at value — unaffiliated(a)(b)
$ 3,247,189,888
$ 6,451,368,486
$ 2,148,792,858
$ 2,663,617,410
Investments, at value — affiliated(c)
272,831,244
187,655,300
187,134,912
25,470,114
Cash
—
1,533
1,990,532
—
Cash pledged for futures contracts
—
—
—
6,000
Receivables:
Investments sold
440,341,559
10,588,507
455,195,534
702,441,003
Securities lending income — affiliated
56,614
41,878
44,894
9,178
Capital shares sold
10,550,688
1,711,796,275
4,043
3,251,437
Dividends — affiliated
156,843
16,013
105,435
20,845
Interest — unaffiliated
33,399,712
50,856,027
30,879,980
34,859,711
From the Manager
—
—
—
708
From affiliate
—
8,219
—
—
Prepaid expenses
7,530
8,430
6,810
7,650
Total assets
4,004,534,078
8,412,340,668
2,824,154,998
3,429,684,056
LIABILITIES
Bank overdraft
936,057
—
—
—
Collateral on securities loaned
250,636,371
177,830,768
164,115,102
19,029,562
Payables:
Investments purchased
8,486,408
1,729,034,316
1,750,339
—
Capital shares redeemed
464,491,189
2,978,589
487,174,994
714,246,593
Trustees’ and Officer’s fees
1,154
2,913
725
—
Professional fees
14,502
14,176
14,582
13,919
Variation margin on futures contracts
—
—
—
855
Total liabilities
724,565,681
1,909,860,762
653,055,742
733,290,929
Commitments and contingent liabilities
NET ASSETS
$ 3,279,968,397
$ 6,502,479,906
$ 2,171,099,256
$ 2,696,393,127
NET ASSETS CONSIST OF
Paid-in capital(d)(e)(f)
$ 3,405,744,864
$ 6,713,566,899
$ 2,658,401,267
$ 3,349,602,053
Accumulated loss
(125,776,467)
(211,086,993)
(487,302,011)
(653,208,926)
NET ASSETS
$ 3,279,968,397
$ 6,502,479,906
$ 2,171,099,256
$ 2,696,393,127
Net asset value
$ 10.07
$ 9.99
$ 8.88
$ 7.84
(a) Investments, at cost—unaffiliated
$3,264,953,124
$6,525,384,193
$2,411,961,496
$2,945,802,161
(b) Securities loaned, at value
$242,707,603
$163,289,086
$156,957,546
$18,407,343
(c) Investments, at cost—affiliated
$272,770,358
$187,653,190
$187,082,641
$25,465,694
(d) Shares outstanding
325,636,493
650,947,984
244,574,153
343,733,087
(e) Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
(f) Par value
$0.001
$0.001
$0.001
$0.001
See notes to financial statements.
104
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Assets and Liabilities (unaudited) (continued)
April 30, 2025
 
 
iShares U.S.
Securitized Bond
Index Fund
ASSETS
Investments, at value — unaffiliated(a)
$ 5,399,032,056
Investments, at value — affiliated(b)
382,600,589
Receivables:
Investments sold
5,004,482
TBA sale commitments
39,256,997
Dividends — affiliated
1,440,771
Interest — unaffiliated
16,236,277
Principal paydowns
21
Prepaid expenses
9,300
Total assets
5,843,580,493
LIABILITIES
Bank overdraft
651,443
Cash received as collateral for TBA commitments
1,540,681
TBA sale commitments, at value(c)
39,571,271
Payables:
Investments purchased
416,936,390
Capital shares redeemed
14,950,811
Trustees’ and Officer’s fees
1,471
Professional fees
14,428
Total liabilities
473,666,495
Commitments and contingent liabilities
NET ASSETS
$ 5,369,913,998
NET ASSETS CONSIST OF
Paid-in capital(d)(e)(f)
$ 5,824,762,945
Accumulated loss
(454,848,947)
NET ASSETS
$ 5,369,913,998
Net asset value
$ 9.48
(a) Investments, at cost—unaffiliated
$5,778,717,208
(b) Investments, at cost—affiliated
$382,430,930
(c) Proceeds from TBA sale commitments
$39,256,997
(d) Shares outstanding
566,297,082
(e) Shares authorized
Unlimited
(f) Par value
$0.001
See notes to financial statements.
Statements of Assets and Liabilities
105
Statements of Operations (unaudited)
Six Months Ended April 30, 2025
 
 
iShares U.S.
Intermediate Credit
Bond Index Fund
iShares U.S.
Intermediate Government
Bond Index Fund
iShares U.S.
Long Credit Bond
Index Fund
iShares U.S.
Long Government
Bond Index Fund
INVESTMENT INCOME
Dividends — affiliated
$1,087,624
$183,352
$532,580
$265,572
Interest — unaffiliated
78,900,512
76,332,869
71,166,145
70,180,129
Securities lending income — affiliated — net
339,628
315,180
320,808
154,459
Other income — affiliated
8,094
16,464
—
—
Total investment income
80,335,858
76,847,865
72,019,533
70,600,160
EXPENSES
Administration
1,064,748
1,173,165
795,170
824,557
Investment advisory
1,064,748
1,173,165
795,170
824,557
Professional
20,057
21,332
19,347
19,772
Trustees and Officer
17,224
22,670
13,534
14,992
Miscellaneous
7,635
7,760
7,635
7,635
Total expenses
2,174,412
2,398,092
1,630,856
1,691,513
Less:
Fees waived and/or reimbursed by the Administrator/Manager
(2,166,777
)
(2,390,332
)
(1,623,221
)
(1,683,878
)
Total expenses after fees waived and/or reimbursed
7,635
7,760
7,635
7,635
Net investment income
80,328,223
76,840,105
72,011,898
70,592,525
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated
(11,156,095
)
(29,538,862
)
(109,161,062
)
(254,812,960
)
Investments — affiliated
(15,460
)
(149,536
)
165
(62,700
)
Futures contracts
—
—
—
(10,309
)
 
(11,171,555
)
(29,688,398
)
(109,160,897
)
(254,885,969
)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated
42,596,041
114,806,890
9,579,183
188,071,392
Investments — affiliated
(74,008
)
(45,184
)
(64,775
)
(5,135
)
Futures contracts
—
—
—
5,734
 
42,522,033
114,761,706
9,514,408
188,071,991
Net realized and unrealized gain (loss)
31,350,478
85,073,308
(99,646,489
)
(66,813,978
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$111,678,701
$161,913,413
$(27,634,591
)
$3,778,547
See notes to financial statements.
106
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Operations (unaudited) (continued)
Six Months Ended April 30, 2025
 
 
iShares U.S.
Securitized Bond
Index Fund
INVESTMENT INCOME
Dividends — affiliated
$12,788,997
Interest — unaffiliated
94,446,546
Total investment income
107,235,543
EXPENSES
Administration
1,577,291
Investment advisory
1,577,291
Trustees and Officer
23,678
Professional
21,757
Miscellaneous
7,635
Total expenses
3,207,652
Less:
Fees waived and/or reimbursed by the Administrator/Manager
(3,200,017
)
Total expenses after fees waived and/or reimbursed
7,635
Net investment income
107,227,908
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated
(9,869,104
)
Investments — affiliated
16,995
 
(9,852,109
)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated
61,225,719
Investments — affiliated
(138,186
)
 
61,087,533
Net realized and unrealized gain
51,235,424
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$158,463,332
See notes to financial statements.
Statements of Operations
107
Statements of Changes in Net Assets
 
 
iShares U.S.
Intermediate Credit
Bond Index Fund
iShares U.S.
Intermediate Government
Bond Index Fund
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$80,328,223
$129,515,015
$76,840,105
$137,882,051
Net realized loss
(11,171,555
)
(13,647,121
)
(29,688,398
)
(20,108,241
)
Net change in unrealized appreciation (depreciation)
42,522,033
169,070,519
114,761,706
171,545,177
Net increase in net assets resulting from operations
111,678,701
284,938,413
161,913,413
289,318,987
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(80,167,211
)
(129,388,167
)
(76,058,909
)
(136,403,941
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(135,625,104
)
804,523,675
1,292,397,714
1,048,413,221
NET ASSETS
Total increase (decrease) in net assets
(104,113,614
)
960,073,921
1,378,252,218
1,201,328,267
Beginning of period
3,384,082,011
2,424,008,090
5,124,227,688
3,922,899,421
End of period
$3,279,968,397
$3,384,082,011
$6,502,479,906
$5,124,227,688
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
108
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Changes in Net Assets (continued)
 
 
iShares U.S.
Long Credit Bond
Index Fund
iShares U.S.
Long Government
Bond Index Fund
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$72,011,898
$118,113,089
$70,592,525
$96,704,415
Net realized loss
(109,160,897
)
(45,862,241
)
(254,885,969
)
(79,645,321
)
Net change in unrealized appreciation (depreciation)
9,514,408
302,100,414
188,071,991
316,149,597
Net increase (decrease) in net assets resulting from operations
(27,634,591
)
374,351,262
3,778,547
333,208,691
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(71,835,798
)
(117,856,364
)
(70,232,453
)
(96,037,633
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(229,112,659
)
259,621,932
(195,824,254
)
576,087,086
NET ASSETS
Total increase (decrease) in net assets
(328,583,048
)
516,116,830
(262,278,160
)
813,258,144
Beginning of period
2,499,682,304
1,983,565,474
2,958,671,287
2,145,413,143
End of period
$2,171,099,256
$2,499,682,304
$2,696,393,127
$2,958,671,287
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
109
Statements of Changes in Net Assets (continued)
 
 
iShares U.S.
Securitized Bond
Index Fund
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$107,227,908
$184,768,135
Net realized gain (loss)
(9,852,109
)
19,077,928
Net change in unrealized appreciation (depreciation)
61,087,533
281,030,261
Net increase in net assets resulting from operations
158,463,332
484,876,324
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(108,011,201
)
(176,885,720
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
196,772,574
589,662,685
NET ASSETS
Total increase in net assets
247,224,705
897,653,289
Beginning of period
5,122,689,293
4,225,036,004
End of period
$5,369,913,998
$5,122,689,293
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
110
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares U.S. Intermediate Credit Bond Index Fund
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Period from
05/20/22(a)
to 10/31/22
 
Net asset value, beginning of period
$9.99
$9.42
$9.43
$10.00
Net investment income(b)
0.22
0.42
0.35
0.12
Net realized and unrealized gain (loss)
0.08
0.57
(0.01
)
(0.57
)
Net increase (decrease) from investment operations
0.30
0.99
0.34
(0.45
)
Distributions from net investment income(c)
(0.22
)
(0.42
)
(0.35
)
(0.12
)
Net asset value, end of period
$10.07
$9.99
$9.42
$9.43
Total Return(d)
Based on net asset value
3.07
%(e)(f)
10.62
%
3.53
%
(4.49
)%(f)
Ratios to Average Net Assets(g)
Total expenses
0.12
%(h)
0.12
%
0.12
%
0.12
%(h)
Total expenses after fees waived and/or reimbursed
0.00
%(h)(i)
0.00
%(i)
0.00
%(i)
—
%(h)
Net investment income
4.53
%(h)
4.25
%
3.61
%
2.84
%(h)
Supplemental Data
Net assets, end of period (000)
$3,279,968
$3,384,082
$2,424,008
$1,770,102
Portfolio turnover rate
18
%
20
%
14
%
19
%(j)
 
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Includes payment from an affiliate, which had no impact on the Fund’s total return.
(f)
Not annualized.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Amount is less than 0.005%.
(j)
Portfolio turnover rate excludes in-kind transactions.
See notes to financial statements.
Financial Highlights
111
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares U.S. Intermediate Government Bond Index Fund
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Period from
05/20/22(a)
to 10/31/22
 
Net asset value, beginning of period
$9.80
$9.44
$9.51
$10.00
Net investment income(b)
0.16
0.29
0.23
0.08
Net realized and unrealized gain (loss)
0.19
0.36
(0.08
)
(0.50
)
Net increase (decrease) from investment operations
0.35
0.65
0.15
(0.42
)
Distributions from net investment income(c)
(0.16
)
(0.29
)
(0.22
)
(0.07
)
Net asset value, end of period
$9.99
$9.80
$9.44
$9.51
Total Return(d)
Based on net asset value
3.58
%(e)(f)
6.92
%
1.59
%
(4.18
)%(f)
Ratios to Average Net Assets(g)
Total expenses
0.10
%(h)
0.10
%
0.10
%
0.10
%(h)
Total expenses after fees waived and/or reimbursed
0.00
%(h)(i)
0.00
%(i)
0.00
%(i)
—
%(h)
Net investment income
3.27
%(h)
3.00
%
2.35
%
1.73
%(h)
Supplemental Data
Net assets, end of period (000)
$6,502,480
$5,124,228
$3,922,899
$3,462,964
Portfolio turnover rate
23
%
21
%
24
%
16
%(j)
 
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Includes payment from an affiliate, which had no impact on the Fund’s total return.
(f)
Not annualized.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Amount is less than 0.005%.
(j)
Portfolio turnover rate excludes in-kind transactions.
See notes to financial statements.
112
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares U.S. Long Credit Bond Index Fund
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Period from
05/20/22(a)
to 10/31/22
 
Net asset value, beginning of period
$9.22
$8.17
$8.53
$10.00
Net investment income(b)
0.24
0.48
0.47
0.20
Net realized and unrealized gain (loss)
(0.34
)
1.05
(0.36
)
(1.47
)
Net increase (decrease) from investment operations
(0.10
)
1.53
0.11
(1.27
)
Distributions from net investment income(c)
(0.24
)
(0.48
)
(0.47
)
(0.20
)
Net asset value, end of period
$8.88
$9.22
$8.17
$8.53
Total Return(d)
Based on net asset value
(1.08
)%(e)
18.83
%
0.80
%
(12.84
)%(e)
Ratios to Average Net Assets(f)
Total expenses
0.12
%(g)
0.12
%
0.12
%
0.12
%(g)
Total expenses after fees waived and/or reimbursed
0.00
%(g)(h)
0.00
%(h)
0.00
%
—
%(g)
Net investment income
5.43
%(g)
5.19
%
5.11
%
4.79
%(g)
Supplemental Data
Net assets, end of period (000)
$2,171,099
$2,499,682
$1,983,565
$1,924,367
Portfolio turnover rate
15
%
13
%
13
%
7
%(i)
 
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Amount is less than 0.005%.
(i)
Portfolio turnover rate excludes in-kind transactions.
See notes to financial statements.
Financial Highlights
113
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares U.S. Long Government Bond Index Fund
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Period from
05/20/22(a)
to 10/31/22
 
Net asset value, beginning of period
$8.02
$7.25
$8.18
$10.00
Net investment income(b)
0.17
0.32
0.30
0.13
Net realized and unrealized gain (loss)
(0.18
)
0.77
(0.93
)
(1.82
)
Net increase (decrease) from investment operations
(0.01
)
1.09
(0.63
)
(1.69
)
Distributions from net investment income(c)
(0.17
)
(0.32
)
(0.30
)
(0.13
)
Net asset value, end of period
$7.84
$8.02
$7.25
$8.18
Total Return(d)
Based on net asset value
(0.18
)%(e)
15.01
%
(8.17
)%
(17.06
)%(e)
Ratios to Average Net Assets(f)
Total expenses
0.10
%(g)
0.10
%
0.10
%
0.10
%(g)
Total expenses after fees waived and/or reimbursed
0.00
%(g)(h)
0.00
%(h)
0.00
%(h)
—
%(g)
Net investment income
4.28
%(g)
3.92
%
3.57
%
3.09
%(g)
Supplemental Data
Net assets, end of period (000)
$2,696,393
$2,958,671
$2,145,413
$1,860,524
Portfolio turnover rate
21
%
12
%
4
%
5
%(i)
 
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Amount is less than 0.005%.
(i)
Portfolio turnover rate excludes in-kind transactions.
See notes to financial statements.
114
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares U.S. Securitized Bond Index Fund
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Period from
05/20/22(a)
to 10/31/22
 
Net asset value, beginning of period
$9.39
$8.76
$9.12
$10.00
Net investment income(b)
0.19
0.36
0.32
0.11
Net realized and unrealized gain (loss)
0.09
0.62
(0.35
)
(0.88
)
Net increase (decrease) from investment operations
0.28
0.98
(0.03
)
(0.77
)
Distributions(c)
 
 
 
 
From net investment income
(0.19
)
(0.35
)
(0.33
)
(0.11
)
Return of capital
—
—
(0.00
)(d)
—
Total distributions
(0.19
)
(0.35
)
(0.33
)
(0.11
)
Net asset value, end of period
$9.48
$9.39
$8.76
$9.12
Total Return(e)
Based on net asset value
3.03
%(f)
11.25
%
(0.53
)%
(7.71
)%(f)
Ratios to Average Net Assets(g)
Total expenses
0.12
%(h)
0.12
%
0.12
%
0.12
%(h)
Total expenses after fees waived and/or reimbursed
0.00
%(h)(i)
0.00
%
0.00
%(i)
—
%(h)
Net investment income
4.08
%(h)
3.89
%
3.43
%
2.53
%(h)
Supplemental Data
Net assets, end of period (000)
$5,369,914
$5,122,689
$4,225,036
$3,867,714
Portfolio turnover rate(j)
132
%
252
%
341
%
150
%(k)
 
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Amount is greater than $(0.005) per share.
(e)
Where applicable, assumes the reinvestment of distributions.
(f)
Not annualized.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Amount is less than 0.005%.
(j)
Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
 
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Period from
05/20/22(a)
to 10/31/22
 
Portfolio turnover rate (excluding MDRs)
29
%
132
%
163
%
150
%
 
(k)
Portfolio turnover rate excludes in-kind transactions.
See notes to financial statements.
Financial Highlights
115
Notes to Financial Statements (unaudited)
 
1.
ORGANIZATION
BlackRock FundsSM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.  The Trust is organized as a Massachusetts business trust.  The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”: 
Fund Name
Herein Referred To As
Diversification
Classification
iShares U.S. Intermediate Credit Bond Index Fund
U.S. Intermediate Credit Bond
Diversified
iShares U.S. Intermediate Government Bond Index Fund
U.S. Intermediate Government Bond
Diversified
iShares U.S. Long Credit Bond Index Fund
U.S. Long Credit Bond
Diversified
iShares U.S. Long Government Bond Index Fund
U.S. Long Government Bond
Diversified
iShares U.S. Securitized Bond Index Fund
U.S. Securitized Bond
Diversified
The Funds, together with certain other registered investment companies advised by BlackRock Fund Advisors (“BFA” or the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.  Shares of each Fund may be purchased and held only by or on behalf of mutual funds advised by BFA or its affiliates.
2.
SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition:  For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the “trade dates”).  Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value.  Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.  Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Cash: The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions:  Distributions from net investment income are declared daily and paid monthly.  Distributions of capital gains are recorded on the ex-dividend dates and made at least annually.  The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other:  Expenses directly related to a Fund are charged to that Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
Segment Reporting: The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the period. The Funds’ adoption of the new standard impacted financial statement disclosures only and did not affect each Fund’s financial position or results of operations.
The Chief Financial Officer acts as the Funds’ Chief Operating Decision Maker (“CODM’) and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds’ financial statements.
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies:  Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of  Trustees of the Trust (the “Board”) has approved the designation of each Fund’s Manager  as the valuation designee for each Fund.  Each Fund determines the fair values of its financial instruments using various independent dealers or pricing
116
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information,perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.
•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s net asset value (“NAV”).
•Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.  
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
•Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.  Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors.  The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4.
SECURITIES AND OTHER INVESTMENTS
Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.
For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.
Notes to Financial Statements
117
Notes to Financial Statements (unaudited) (continued)
 
Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.
Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.
Forward Commitments, When-Issued and Delayed Delivery Securities: The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Funds to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations.
TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.
In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedules of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.
Mortgage Dollar Roll Transactions: The Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.
Securities Lending: Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds’ Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the  Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or
118
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the Funds’ securities on loan by counterparty which are subject to offset under an MSLA: 
Fund Name/Counterparty
Securities
Loaned at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net
Amount
U.S. Intermediate Credit Bond
Barclays Capital, Inc.
$ 12,748,349
$ (12,748,349
)
$ —
$ —
BMO Capital Markets Corp.
5,078,806
(5,078,806
)
—
—
BNP Paribas SA
30,214,456
(30,214,456
)
—
—
BofA Securities, Inc.
13,072,605
(13,072,605
)
—
—
Citigroup Global Markets, Inc.
8,011,999
(8,011,999
)
—
—
Goldman Sachs & Co. LLC
21,750,976
(21,750,976
)
—
—
HSBC Securities (USA), Inc.
3,931,036
(3,931,036
)
—
—
J.P. Morgan Securities LLC
53,508,325
(53,508,325
)
—
—
Jefferies LLC
1,603,993
(1,603,993
)
—
—
Mitsubishi UFJ Securities Holdings Co., Ltd.
4,045,719
(4,045,719
)
—
—
Morgan Stanley
16,092,710
(16,092,710
)
—
—
Nomura Securities International, Inc.
773,632
(773,632
)
—
—
RBC Capital Markets LLC
35,859,921
(35,859,921
)
—
—
Scotia Capital (USA), Inc.
3,479,854
(3,479,854
)
—
—
Scotia Capital, Inc.
349,576
(349,576
)
—
—
State Street Bank & Trust Co.
3,101,767
(3,101,767
)
—
—
TD Securities (USA) LLC
478,632
(478,632
)
—
—
Toronto-Dominion Bank
527,044
(527,044
)
—
—
UBS Securities LLC
1,598,604
(1,598,604
)
—
—
Wells Fargo Bank N.A.
527,726
(527,726
)
—
—
Wells Fargo Securities LLC
25,951,873
(25,951,873
)
—
—
 
$ 242,707,603
$ (242,707,603
)
$ —
$ —
U.S. Intermediate Government Bond
Morgan Stanley
$ 138,770,462
$ (138,770,462
)
$ —
$ —
Nomura Securities International, Inc.
13,970,221
(13,970,221
)
—
—
TD Securities (USA) LLC
5,991,626
(5,991,626
)
—
—
Toronto-Dominion Bank
4,556,777
(4,556,777
)
—
—
 
$ 163,289,086
$ (163,289,086
)
$ —
$ —
U.S. Long Credit Bond
Barclays Capital, Inc.
$ 7,687,654
$ (7,687,654
)
$ —
$ —
BMO Capital Markets Corp.
3,152,968
(3,152,968
)
—
—
BNP Paribas SA
36,103,792
(36,103,792
)
—
—
BofA Securities, Inc.
2,776,376
(2,776,376
)
—
—
Citigroup Global Markets, Inc.
182,624
(182,624
)
—
—
Goldman Sachs & Co. LLC
11,274,484
(11,274,484
)
—
—
HSBC Securities (USA), Inc.
833,945
(833,945
)
—
—
J.P. Morgan Securities LLC
48,297,868
(48,297,868
)
—
—
Jefferies LLC
112,682
(112,682
)
—
—
Mitsubishi UFJ Securities Holdings Co., Ltd.
804,803
(804,803
)
—
—
Morgan Stanley
7,578,095
(7,578,095
)
—
—
Nomura Securities International, Inc.
633,117
(633,117
)
—
—
RBC Capital Markets LLC
30,940,387
(30,940,387
)
—
—
Scotia Capital (USA), Inc.
841,620
(841,620
)
—
—
Scotia Capital, Inc.
25,314
(25,314
)
—
—
State Street Bank & Trust Co.
547,430
(547,430
)
—
—
Toronto-Dominion Bank
281,019
(281,019
)
—
—
UBS AG
4,821
(4,821
)
—
—
UBS Securities LLC
345,516
(345,516
)
—
—
Wells Fargo Bank N.A.
986,056
(986,056
)
—
—
Wells Fargo Securities LLC
3,546,975
(3,546,975
)
—
—
 
$ 156,957,546
$ (156,957,546
)
$ —
$ —
U.S. Long Government Bond
J.P. Morgan Securities LLC
$ 9,499,659
$ (9,499,659
)
$ —
$ —
Morgan Stanley
718,750
(718,750
)
—
—
Notes to Financial Statements
119
Notes to Financial Statements (unaudited) (continued)
 
Fund Name/Counterparty
Securities
Loaned at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net
Amount
U.S. Long Government Bond (continued)
RBC Capital Markets LLC
$ 3,778,595
$ (3,778,595
)
$ —
$ —
Wells Fargo Securities LLC
4,410,339
(4,410,339
)
—
—
 
$ 18,407,343
$ (18,407,343
)
$ —
$ —
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each fund.
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”).  Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets: 
Fund Name
Investment
Advisory Fees
U.S. Intermediate Credit Bond
0.06
% 
U.S. Intermediate Government Bond
0.05
U.S. Long Credit Bond
0.06
U.S. Long Government Bond
0.05
U.S. Securitized Bond
0.06
The Manager contractually agreed to waive each Fund’s investment advisory fees through June 30, 2035. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of each Fund. These amounts waived and/or reimbursed are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the six months ended April 30, 2025, the amounts were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
U.S. Intermediate Credit Bond
$ 1,064,748
U.S. Intermediate Government Bond
1,173,165
U.S. Long Credit Bond
795,170
120
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
U.S. Long Government Bond
$ 824,557
U.S. Securitized Bond
1,577,291
Administration:  The Trust, on behalf of each Fund, entered into an Administration Agreement with the BlackRock Advisors LLC (the "Administrator"), an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of each Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below. 
 
Administration Fees
U.S. Intermediate Credit Bond
0.06
% 
U.S. Intermediate Government Bond
0.05
U.S. Long Credit Bond
0.06
U.S. Long Government Bond
0.05
U.S. Securitized Bond
0.06
The Administrator contractually agreed to waive each Fund’s administration fees through June 30, 2035. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of each Fund. These amounts waived and/or reimbursed are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the six months ended April 30, 2025, the amounts were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
U.S. Intermediate Credit Bond
$ 1,064,748
U.S. Intermediate Government Bond
1,173,165
U.S. Long Credit Bond
795,170
U.S. Long Government Bond
824,557
U.S. Securitized Bond
1,577,291
Expense Waivers and Reimbursements:  The fees and expenses of the Independent Trustees, counsel to the Independent Trustees and the Funds’ independent registered public accounting firm (together, the “independent expenses”) are paid directly by each Fund. The Administrator and the Manager have contractually agreed to reimburse each Fund or provide an offsetting credit to each Fund in an amount equal to these independent expenses as applicable, through June 30, 2035. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of each Fund. The amounts waived are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the six months ended April 30, 2025, the amounts waived were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
U.S. Intermediate Credit Bond
$ 37,281
U.S. Intermediate Government Bond
44,002
U.S. Long Credit Bond
32,881
U.S. Long Government Bond
34,764
U.S. Securitized Bond
45,435
Securities Lending:  The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Notes to Financial Statements
121
Notes to Financial Statements (unaudited) (continued)
 
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeds specified thresholds, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85%  of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70%  of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended April 30, 2025, each Fund paid BTC the following amounts for securities lending agent services: 
Fund Name
Amounts
U.S. Intermediate Credit Bond
$ 121,001
U.S. Intermediate Government Bond
127,533
U.S. Long Credit Bond
110,381
U.S. Long Government Bond
57,903
Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, each Fund participated in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.
During the period ended March 3, 2025, the Funds did not participate in the Interfund Lending Program.
Trustees and Officers:  Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the  Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.
Other Transactions:  During the six months ended April 30, 2025, iShares U.S. Intermediate Credit Bond and iShares U.S. Intermediate Government Bond received a reimbursement of $8,094 and $16,464, respectively, from an affiliate, which is included in other income in the Statements of Operations, related to an operating event.
7.
 PURCHASES AND SALES
For the six months ended April 30, 2025, purchases and sales of investments, including paydowns/payups, mortgage dollar rolls and excluding short-term securities, were as follows: 
 
U.S. Government Securities
Other Securities
Fund Name
Purchases
Sales
Purchases
Sales
U.S. Intermediate Credit Bond
$ —
$ —
$ 619,618,913
$ 719,554,899
U.S. Intermediate Government Bond
2,404,834,343
1,143,651,389
—
—
U.S. Long Credit Bond
—
—
398,135,596
607,586,835
U.S. Long Government Bond
678,734,595
870,038,853
—
—
U.S. Securitized Bond
7,145,313,236
6,969,650,653
28,852,740
23,923,224
For the six months ended April 30, 2025, purchases and sales related to mortgage dollar rolls were as follows: 
Fund Name
Purchases
Sales
U.S. Securitized Bond
$ 5,432,915,591
$ 5,431,859,305
8.
INCOME TAX INFORMATION
It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds’ NAV.
122
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
As of October 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows: 
Fund Name
Non-Expiring
Capital Loss
Carryforwards
U.S. Intermediate Credit Bond
$ (94,885,505
)
U.S. Intermediate Government Bond
(105,823,939
)
U.S. Long Credit Bond
(102,949,962
)
U.S. Long Government Bond
(112,511,736
)
U.S. Securitized Bond
(68,334,805
)
As of April 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
Fund Name
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
U.S. Intermediate Credit Bond
$ 3,540,817,850
$ 32,433,108
$ (53,229,826
)
$ (20,796,718
)
U.S. Intermediate Government Bond
6,715,920,260
36,940,008
(113,836,482
)
(76,896,474
)
U.S. Long Credit Bond
2,611,757,149
3,907,870
(279,737,249
)
(275,829,379
)
U.S. Long Government Bond
2,976,258,955
2,154,050
(289,327,670
)
(287,173,620
)
U.S. Securitized Bond
6,164,420,073
27,357,340
(410,459,042
)
(383,101,702
)
9.
BANK BORROWINGS
The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds.  During the six months ended April 30, 2025, the Funds did not borrow under the credit agreement.
10.
PRINCIPAL RISKS
In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.
The Manager uses an indexing approach to try to achieve each Fund’s investment objective. The Funds are not actively managed, and the Manager generally does not attempt to take defensive positions under any market conditions, including declining markets.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.
Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.
Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.
Notes to Financial Statements
123
Notes to Financial Statements (unaudited) (continued)
 
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk:  A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds’ performance.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.
Certain Funds invest a significant portion of  their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedules of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11.
 CAPITAL SHARE TRANSACTIONS 
Transactions in capital shares were as follows: 
 
Six Months Ended
04/30/25
Year Ended
10/31/24
Fund Name  
Shares 
Amounts 
Shares 
Amounts 
U.S. Intermediate Credit Bond 
Shares sold
49,000,206
$ 489,330,726
 116,043,502
$ 1,149,188,261
Shares issued in reinvestment of distributions
8,007,053
80,165,112
 13,046,775
129,390,883
Shares redeemed
(70,243,163)
(705,120,942)
(47,515,004)
(474,055,469)
 
(13,235,904)
$ (135,625,104)
81,575,273
$ 804,523,675
124
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
 
 
Six Months Ended
04/30/25
Year Ended
10/31/24
Fund Name  
Shares 
Amounts 
Shares 
Amounts 
U.S. Intermediate Government Bond 
Shares sold
222,286,885
$ 2,211,696,313
 161,128,773
$ 1,576,805,200
Shares issued in reinvestment of distributions
7,715,834
76,057,289
 13,979,191
136,405,929
Shares redeemed
(101,758,653)
(995,355,888)
(67,979,118)
(664,797,908)
 
128,244,066
$ 1,292,397,714
107,128,846
$ 1,048,413,221
 
 
Six Months Ended
04/30/25
Year Ended
10/31/24
Fund Name  
Shares 
Amounts 
Shares 
Amounts 
U.S. Long Credit Bond 
Shares sold
40,133,888
$ 364,979,434
 48,481,864
$ 447,673,310
Shares issued in reinvestment of distributions
7,931,669
71,835,235
 12,734,587
117,861,748
Shares redeemed
(74,686,110)
(665,927,328)
(32,785,715)
(305,913,126)
 
(26,620,553)
$ (229,112,659)
28,430,736
$ 259,621,932
 
 
Six Months Ended
04/30/25
Year Ended
10/31/24
Fund Name  
Shares 
Amounts 
Shares 
Amounts 
U.S. Long Government Bond 
Shares sold
82,734,572
$ 650,418,587
 104,763,814
$ 844,394,639
Shares issued in reinvestment of distributions
8,908,114
70,230,887
 11,828,036
96,040,154
Shares redeemed
(116,671,514)
(916,473,728)
(43,821,409)
(364,347,707)
 
(25,028,828)
$ (195,824,254)
72,770,441
$ 576,087,086
 
 
Six Months Ended
04/30/25
Year Ended
10/31/24
Fund Name  
Shares 
Amounts 
Shares 
Amounts 
U.S. Securitized Bond 
Shares sold
47,839,403
$ 448,253,707
 84,590,471
$ 791,061,967
Shares issued in reinvestment of distributions
11,463,716
108,009,663
 18,885,455
176,887,577
Shares redeemed
(38,364,353)
(359,490,796)
(40,224,462)
(378,286,859)
 
20,938,766
$ 196,772,574
63,251,464
$ 589,662,685
12.
SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
Notes to Financial Statements
125
Additional Information
 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Funds for the Funds’ allocable portion of the fees and expenses of the independent trustees of the Trust, counsel to such independent trustees and the independent registered public accounting firm.
General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at blackrock.com
2. Select “Access Your Account”
3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
Fund and Service Providers
Investment Adviser
BlackRock Fund Advisors
San Francisco, CA 94105
Administrator
BlackRock Advisors, LLC
Wilmington, DE 19809
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
Distributor
BlackRock Investments, LLC
New York, NY 10001
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
126
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Additional Information (continued)
 
Fund and Service Providers (continued) 
Legal Counsel
Sidley Austin LLP
New York, NY 10019
 
Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809
Additional Information
127
Glossary of Terms Used in these Financial Statements
 
 
Currency Abbreviation 
AGM
 Assured Guaranty Municipal Corp.
ARB
 Airport Revenue Bonds
BAB
 Build America Bond
BAM
 Build America Mutual Assurance Co.
BMO
 BMO Capital Markets
CD
 Certificate of Deposit
CMT
 Constant Maturity Treasury
DAC
 Designated Activity Company
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
M/F
 Multi-Family
NPFGC
 National Public Finance Guarantee Corp.
RB
 Revenue Bonds
REIT
 Real Estate Investment Trust
RFUCCT
 Refinitiv USD IBOR Consumer Cash Fallbacks Term
SAB
 Special Assessment Bonds
SAP
 Subject to Appropriations
SCA
 Societe en Commandite par Actions
SOFR
 Secured Overnight Financing Rate
TBA
 To-Be-Announced
128
2025 BlackRock Semi-Annual Financial Statements and Additional Information
THIS PAGE INTENTIONALLY LEFT BLANK.
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THIS PAGE INTENTIONALLY LEFT BLANK. 
Want to know more?
blackrock.com | 800-441-7762
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
 
 

 
April 30, 2025 
2025 Semi-Annual Financial
Statements and Additional
Information (Unaudited)
 
BlackRock FundsSM
• iShares Enhanced Roll Yield Index Fund
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Table of Contents 
Page
 
3
4
9
10
11
12
13
18
20
23
2
Derivative Financial Instruments
The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund’s successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund’s investments in these instruments, if any, are discussed in detail in the Notes to Consolidated Financial Statements.
iShares Enhanced Roll Yield Index Fund
Derivative Financial Instruments
3
Consolidated Schedule of Investments (unaudited)
April 30, 2025
iShares Enhanced Roll Yield Index Fund
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Short-Term Securities
Certificates of Deposit — 19.5%
Bank of America
 
4.50%, 01/02/26
$
2,540
$ 2,542,749
4.49%, 01/13/26
 
2,250
2,252,614
Bank of Montreal, 4.74%, 11/13/25(a)
 
890
890,229
Bank of Nova Scotia, 4.69%, 01/02/26(a)
 
3,000
2,999,938
Cooperatieve Centrale, 4.43%, 10/14/25
 
6,750
6,750,821
DG Bank
 
4.43%, 06/30/25
 
2,000
1,999,908
4.41%, 08/07/25
 
3,500
3,499,935
HSBC Bank USA NA, 4.73%, 12/04/25(a)
 
1,750
1,748,822
Mitsubishi UFJ Trust & Banking Corp., 4.59%, 08/08/25(a)
 
3,000
3,000,405
Mizuho Bank Ltd.(a)
 
4.61%, 07/08/25 - 01/14/26
 
6,040
6,045,712
4.71%, 02/06/26
 
1,000
999,784
MUFG Bank Ltd., 4.61%, 07/07/25(a)
 
4,000
4,000,887
Nordea Bank Abp, 4.57%, 07/14/25(a)
 
2,000
1,999,912
Oversea Chinese Bank Co., 4.53%, 06/05/25
 
2,380
2,380,016
Royal Bank of Canada
 
4.60%, 11/25/25
 
1,400
1,401,909
4.44%, 12/12/25
 
2,000
2,001,452
Standard Chartered Bank, 4.66%, 09/30/25(a)
 
3,500
3,501,026
Sumitomo Mitsui Banking Corp.
 
4.54%, 06/09/25
 
2,380
2,379,941
4.66%, 07/07/25(a)
 
4,000
4,000,774
Sumitomo Mitsui Banking Corp./New York
 
4.43%, 05/30/25
 
1,450
1,450,012
4.61%, 06/11/25(a)
 
720
720,097
Sumitomo Mitsui Trust, 4.67%, 10/30/25(a)
 
1,800
1,799,990
Svenska Handelsbanken
 
4.42%, 11/07/25
 
3,380
3,380,334
4.60%, 11/12/25
 
900
900,849
4.67%, 01/13/26(a)
 
2,580
2,579,411
Toronto-Dominion Bank
 
4.65%, 10/01/25(a)
 
3,000
3,000,581
4.50%, 11/17/25
 
1,110
1,110,841
UBS AG, 4.76%, 11/03/25(a)
 
1,120
1,120,080
 
70,459,029
Commercial Paper — 5.2%
Cisco Systems, Inc., 4.59%, 05/02/25(b)
 
1,150
1,149,724
Citigroup Global Markets, Inc., 4.60%, 11/14/25(b)
 
1,010
986,225
DNB Bank ASA, 4.59%, 11/10/25(b)
 
940
918,605
Macquarie Bank Ltd.(b)
 
4.48%, 11/10/25
 
3,000
2,930,799
4.62%, 01/13/26
 
2,760
2,677,135
4.39%, 03/19/26
 
930
895,930
National Bank of Canada(a)
 
4.64%, 12/24/25
 
3,580
3,579,527
4.69%, 02/05/26
 
1,000
999,874
Procter & Gamble Co., 4.36%, 06/16/25(b)
 
2,750
2,734,780
Salisbury Receivables Co. LLC, 4.45%, 08/04/25(b)
 
1,820
1,798,815
 
18,671,414
 
Security
 
 
Shares
Value
Money Market Funds — 2.5%
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)(d)
 
9,032,078
$   9,032,078
 
 
 
Par
(000)
 
U.S. Treasury Obligations — 67.7%
U.S. Treasury Bills(b)
 
4.36%, 05/01/25
$
21,000
21,000,000
4.30%, 05/06/25
 
20,000
19,988,322
4.41%, 05/08/25
 
25,000
24,979,560
4.31%, 05/13/25
 
9,000
8,987,355
4.33%, 05/15/25 - 08/07/25
 
12,500
12,382,066
4.33%, 05/15/25
 
17,250
17,221,724
4.32%, 05/27/25 - 06/12/25
 
20,000
19,920,101
4.46%, 05/29/25
 
20,000
19,934,359
4.33%, 06/03/25
 
3,500
3,486,465
4.29%, 07/01/25
 
3,000
2,978,590
4.31%, 07/17/25 - 11/28/25
 
20,000
19,662,353
4.30%, 07/31/25
 
5,000
4,947,068
4.35%, 08/14/25
 
2,000
1,975,621
4.36%, 08/21/25
 
15,500
15,298,474
4.23%, 09/04/25
 
5,500
5,420,258
4.21%, 10/02/25
 
7,500
7,368,712
4.22%, 10/30/25
 
10,000
9,796,008
4.14%, 01/22/26
 
20,000
19,435,585
4.11%, 03/19/26
 
10,000
9,664,622
 
244,447,243
Total Short-Term Securities — 94.9%
(Cost: $342,533,333)
342,609,764
Total Investments — 94.9%
(Cost: $342,533,333)
342,609,764
Other Assets Less Liabilities — 5.1%
18,560,967
Net Assets — 100.0%
$ 361,170,731
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
Rates are discount rates or a range of discount rates as of period end.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
4
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares Enhanced Roll Yield Index Fund
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
11/01/24(a)
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Treasury, SL Agency Shares
$ —
$ 9,032,078
(b)
$ —
$ —
$ —
$ 9,032,078
9,032,078
$ 381,719
$ —
 
(a)
Commencement of operations.
(b)
Represents net amount purchased (sold).
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
Lean Hogs(a)
57
06/13/25
$ 2,241
$ (22,508
)
Lead(a)
37
06/16/25
1,812
(6,329
)
LME Aluminium Premiums(a)
46
06/16/25
2,760
(165,478
)
LME Nickel(a)
22
06/16/25
2,024
(44,884
)
LME Tin(a)
12
06/16/25
1,876
95,897
LME Zinc(a)
31
06/16/25
2,000
(236,706
)
WTI Crude Oil(a)
94
06/20/25
5,416
(1,363,511
)
Copper(a)
36
06/26/25
4,125
255,878
Gold 100 OZ(a)
59
06/26/25
19,583
3,624,564
Natural Gas(a)
60
06/26/25
2,181
(105,317
)
Brent Crude Oil(a)
151
06/30/25
9,161
(2,179,395
)
Gasoline RBOB(a)
35
06/30/25
2,929
(397,482
)
Live Cattle(a)
26
06/30/25
2,167
223,020
NY Harbor ULSD(a)
35
06/30/25
2,918
(478,281
)
Sugar 11(a)
113
06/30/25
2,183
(133,608
)
Cotton No.2(a)
65
07/09/25
2,146
(208,316
)
Low Sulphur Gas(a)
56
07/10/25
3,324
(574,995
)
Corn(a)
156
07/14/25
3,709
181,849
KC HRW Wheat(a)
66
07/14/25
1,747
(157,121
)
LME Aluminium Premiums(a)
46
07/14/25
2,758
(273,360
)
LME Lead(a)
37
07/14/25
1,813
(42,668
)
LME Nickel(a)
22
07/14/25
2,033
(38,295
)
LME Tin(a)
12
07/14/25
1,880
3,716
LME Zinc(a)
31
07/14/25
2,005
(200,838
)
Soybean(a)
121
07/14/25
6,319
92,221
Soybean Meal(a)
88
07/14/25
2,622
(133,742
)
Soybean Oil(a)
106
07/14/25
3,114
335,452
Wheat(a)
71
07/14/25
1,884
(163,254
)
Lean Hogs(a)
49
07/15/25
1,933
(26,728
)
Coffee C(a)
19
07/21/25
2,855
635,550
WTI Crude Oil(a)
95
07/22/25
5,433
(1,203,786
)
Copper(a)
35
07/29/25
4,033
(25,495
)
Natural Gas(a)
57
07/29/25
2,127
(171,767
)
Silver(a)
29
07/29/25
4,760
225,560
Brent Crude Oil(a)
152
07/31/25
9,185
(1,917,801
)
Gasoline RBOB(a)
36
07/31/25
2,964
(424,773
)
NY Harbor ULSD(a)
35
07/31/25
2,922
(450,475
)
Low Sulphur Gas(a)
57
08/12/25
3,374
(506,135
)
Lean Hogs(a)
49
08/14/25
1,904
(50,595
)
LME Aluminium Premiums(a)
45
08/18/25
2,702
(313,364
)
LME Lead(a)
36
08/18/25
1,770
(79,566
)
LME Nickel(a)
21
08/18/25
1,950
(126,448
)
Consolidated Schedule of Investments
5
Consolidated Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares Enhanced Roll Yield Index Fund
 
Futures Contracts (continued)
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts (continued)
LME Tin(a)
12
08/18/25
$ 1,884
$ (105,664
)
LME Zinc(a)
31
08/18/25
2,012
(243,626
)
WTI Crude Oil(a)
96
08/20/25
5,460
(779,091
)
Copper(a)
35
08/27/25
4,052
(172,502
)
Gold 100 OZ(a)
58
08/27/25
19,418
3,430,301
Natural Gas(a)
54
08/27/25
2,008
(487,974
)
Cattle Feeder(a)
11
08/28/25
1,623
171,790
Brent Crude Oil(a)
154
08/29/25
9,289
(1,209,308
)
Gasoline RBOB(a)
36
08/29/25
2,905
(187,587
)
Live Cattle(a)
27
08/29/25
2,204
210,002
NY Harbor ULSD(a)
35
08/29/25
2,936
(216,390
)
Low Sulphur Gas(a)
57
09/11/25
3,382
(262,641
)
Corn(a)
162
09/12/25
3,540
11,515
KC HRW Wheat(a)
63
09/12/25
1,714
(133,232
)
Wheat(a)
67
09/12/25
1,826
(140,005
)
Lead(a)
36
09/15/25
1,776
39,539
LME Aluminium Premiums(a)
45
09/15/25
2,709
(12,442
)
LME Nickel(a)
21
09/15/25
1,958
29,415
LME Tin(a)
12
09/15/25
1,886
(143,648
)
LME Zinc(a)
31
09/15/25
2,016
(57,256
)
Coffee C(a)
19
09/18/25
2,803
623,766
WTI Crude Oil(a)
97
09/22/25
5,498
(479,424
)
Cattle Feeder(a)
11
09/25/25
1,616
152,062
Copper(a)
34
09/26/25
3,958
45,663
Natural Gas(a)
51
09/26/25
1,934
(156,119
)
Silver(a)
28
09/26/25
4,637
(73,483
)
Brent Crude Oil(a)
155
09/30/25
9,348
(734,404
)
Gasoline RBOB(a)
40
09/30/25
2,976
(133,260
)
NY Harbor ULSD(a)
35
09/30/25
2,949
(131,807
)
Sugar 11(a)
120
09/30/25
2,341
(118,256
)
Low Sulphur Gas(a)
56
10/10/25
3,336
(97,370
)
Lean Hogs(a)
58
10/14/25
1,905
(12,819
)
Cattle Feeder(a)
11
10/30/25
1,605
72,054
Live Cattle(a)
27
10/31/25
2,181
117,705
Soybean(a)
120
11/14/25
6,110
40,724
Cattle Feeder(a)
11
11/20/25
1,591
48,689
Cotton No.2(a)
62
12/08/25
2,101
(110,723
)
Corn(a)
158
12/12/25
3,525
(194,676
)
KC HRW Wheat(a)
60
12/12/25
1,705
(235,533
)
Soybean Meal(a)
84
12/12/25
2,552
(88,656
)
Soybean Oil(a)
104
12/12/25
3,028
381,408
Wheat(a)
64
12/12/25
1,818
(213,730
)
Coffee C(a)
20
12/18/25
2,880
140,265
Gold 100 OZ(a)
56
12/29/25
19,044
2,036,174
Silver(a)
27
12/29/25
4,527
158,414
Live Cattle(a)
27
12/31/25
2,182
67,219
Soybean(a)
117
01/14/26
6,023
(226,075
)
Soybean Meal(a)
82
01/14/26
2,505
(151,854
)
Soybean Oil(a)
102
01/14/26
2,966
157,789
Sugar 11(a)
120
02/27/26
2,395
(69,194
)
Cotton No.2(a)
60
03/09/26
2,071
(35,528
)
Corn(a)
162
03/13/26
3,732
(16,369
)
KC HRW Wheat(a)
56
03/13/26
1,648
(119,098
)
Soybean(a)
117
03/13/26
6,049
66,627
Soybean Meal(a)
81
03/13/26
2,488
(6,876
)
Soybean Oil(a)
102
03/13/26
2,955
129,377
Wheat(a)
60
03/13/26
1,766
(64,072
)
Coffee C(a)
21
03/19/26
2,968
280,354
6
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares Enhanced Roll Yield Index Fund
 
Futures Contracts (continued)
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts (continued)
Sugar 11(a)
126
04/30/26
$ 2,423
$ (125,712
)
Cotton No.2(a)
60
05/06/26
2,098
(11,364
)
 
$ (5,896,230
)
 
(a)
All or a portion of the security is held by a wholly-owned subsidiary.
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$ 14,084,559
$ —
$ —
$ —
$ —
$ —
$ 14,084,559
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ 19,980,789
$ —
$ —
$ —
$ —
$ —
$ 19,980,789
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Consolidated Schedule of Investments. In the
Consolidated Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation)
is included in accumulated earnings (loss).
For the period ended April 30, 2025, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ 6,230,653
$ —
$ —
$ —
$ —
$ —
$ 6,230,653
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ (5,896,230
)
$ —
$ —
$ —
$ —
$ —
$ (5,896,230
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$368,000,141
Average notional value of contracts — short
—
(a)
 
(a)
Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Consolidated Schedule of Investments
7
Consolidated Schedule of Investments (unaudited)(continued)
April 30, 2025
iShares Enhanced Roll Yield Index Fund
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Short-Term Securities 
Certificates of Deposit
$ —
$ 70,459,029
$ —
$ 70,459,029
Commercial Paper
—
18,671,414
—
18,671,414
Money Market Funds
9,032,078
—
—
9,032,078
U.S. Treasury Obligations
—
244,447,243
—
244,447,243
 
$ 9,032,078
$ 333,577,686
$ —
$ 342,609,764
Derivative Financial Instruments(a)
Assets
Commodity Contracts
$ 14,084,559
$ —
$ —
$ 14,084,559
Liabilities
Commodity Contracts
(19,980,789
)
—
—
(19,980,789
)
 
$ (5,896,230
)
$ —
$ —
$ (5,896,230
)
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to consolidated financial statements.
8
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Consolidated Statement of Assets and Liabilities (unaudited)
April 30, 2025
 
 
iShares Enhanced
Roll Yield
Index Fund
ASSETS
Investments, at value — unaffiliated(a)
$ 333,577,686
Investments, at value — affiliated(b)
9,032,078
Cash pledged for futures contracts
25,472,000
Receivables:
Dividends — unaffiliated
658,595
Dividends — affiliated
63,240
Variation margin on futures contracts
183,856
Prepaid expenses
2,650
Total assets
368,990,105
LIABILITIES
Payables:
Trustees’ and Officer’s fees
415
Professional fees
9,563
Variation margin on futures contracts
7,809,396
Total liabilities
7,819,374
Commitments and contingent liabilities
NET ASSETS
$ 361,170,731
NET ASSETS CONSIST OF
Paid-in capital(c)(d)(e)
$ 355,630,404
Accumulated earnings
5,540,327
NET ASSETS
$ 361,170,731
Net asset value
$ 10.09
(a) Investments, at cost—unaffiliated
$333,501,255
(b) Investments, at cost—affiliated
$9,032,078
(c) Shares outstanding
35,782,199
(d) Shares authorized
Unlimited
(e) Par value
$0.001
See notes to consolidated financial statements.
Consolidated Financial Statements
9
Consolidated Statement of Operations (unaudited)
Six Months Ended April 30, 2025
 
 
iShares Enhanced
Roll Yield
Index Fund(a)
INVESTMENT INCOME
Dividends — affiliated
$381,719
Interest — unaffiliated
6,312,256
Total investment income
6,693,975
EXPENSES
Administration
231,128
Investment advisory
231,128
Professional
10,273
Trustees and Officer
4,550
Total expenses excluding interest expense
477,079
Interest expense — unaffiliated
438
Total expenses
477,517
Less:
Administration fees waived
(231,128
)
Fees waived and/or reimbursed by the Manager
(245,951
)
Total expenses after fees waived and/or reimbursed
438
Net investment income
6,693,537
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain from:
Futures contracts
6,230,653
 
6,230,653
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated
76,431
Futures contracts
(5,896,230
)
 
(5,819,799
)
Net realized and unrealized gain
410,854
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$7,104,391
(a) For the period from November 01, 2024 (commencement of operations) to April 30, 2025.
See notes to consolidated financial statements.
10
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Consolidated Statement of Changes in Net Assets
 
 
iShares Enhanced Roll Yield Index Fund
 
Period from
11/01/24(a)
to 04/30/25
(unaudited)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$6,693,537
Net realized gain
6,230,653
Net change in unrealized appreciation (depreciation)
(5,819,799
)
Net increase in net assets resulting from operations
7,104,391
DISTRIBUTIONS TO SHAREHOLDERS
Decrease in net assets resulting from distributions to shareholders(b)
(1,564,064
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
355,630,404
NET ASSETS
Total increase in net assets
361,170,731
Beginning of period
—
End of period
$361,170,731
 
(a)
Commencement of operations.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to consolidated financial statements.
Consolidated Financial Statements
11
Consolidated Financial Highlights
(For a share outstanding throughout the period)
 
 
iShares Enhanced Roll Yield Index Fund
 
Period from
11/01/24(a)
 
to 04/30/25
(unaudited)
Net asset value, beginning of period
$10.00
Net investment income(b)
0.22
Net realized and unrealized loss
(0.07
)
Net increase from investment operations
0.15
Distributions from net investment income(c)
(0.06
)
Net asset value, end of period
$10.09
Total Return(d)
Based on net asset value
1.54
%(e)
Ratios to Average Net Assets(f)
Total expenses
0.31
%(g)
Total expenses after fees waived and/or reimbursed
0.00
%(g)(h)
Net investment income
4.34
%(g)
Supplemental Data
Net assets, end of period (000)
$361,171
Portfolio turnover rate
0
%
 
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Amount is less than 0.005%.
See notes to consolidated financial statements.
12
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Consolidated Financial Statements (unaudited)
 
1.
ORGANIZATION
BlackRock FundsSM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.  The Trust is organized as a Massachusetts business trust.  iShares Enhanced Roll Yield Index Fund (the “Fund”) is a series of the Trust.  The Fund is classified as non-diversified.
The Fund, together with certain other registered investment companies advised by BlackRock Fund Advisors (“BFA” or the “Manager”) or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.  Shares of the Fund may be purchased and held only by or on behalf of mutual funds advised by BFA or its affiliates.
Basis of Consolidation: The accompanying consolidated financial statements of Fund include the account of iShares Cayman Enhanced Roll Yield Index Fund (the “Cayman Subsidiary”), which is a wholly-owned subsidiary of Fund and primarily invests in commodity-related instruments and other derivatives. The Cayman Subsidiary enables the Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Cayman Subsidiary. The net assets of the Cayman Subsidiary as of period end were $17,846,461, which is 4.9% of Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Cayman Subsidiary is subject to the same investment policies and restrictions that apply to the Fund, except that the Cayman Subsidiary may invest without limitation in commodity-related instruments.
2.
SIGNIFICANT ACCOUNTING POLICIES
The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the consolidated financial statements, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition:  For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed.  Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value.  Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Cash: The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Consolidated Statement of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions:  Distributions from net investment income are declared and paid annually.  Distributions of capital gains are recorded on the ex-dividend dates and made at least annually.  The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Net income and realized gains from investments held by the Cayman Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Cayman Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s ordinary income and/or capital gains for that year.
Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
Other:  Expenses directly related to the Fund are charged to the Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
Segment Reporting: The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the period. The Fund’s adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations.
The Chief Financial Officer acts as the Fund’s Chief Operating Decision Maker (“CODM’) and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund’s financial statements.
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies:  The Fund’s investments are valued at fair value (also referred to as “market value” within the consolidated financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) has approved the designation of the Fund’s Manager  as the valuation designee for the Fund.  The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the
Notes to Consolidated Financial Statements
13
Notes to Consolidated Financial Statements (unaudited) (continued)
 
security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:
•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information,perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.
•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s net asset value (“NAV”).
•Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.  
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
•Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.  Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors.  The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4.
DERIVATIVE FINANCIAL INSTRUMENTS
The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Consolidated Schedule of Investments. These contracts may be transacted on an exchange or OTC.
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Consolidated Statement of Assets and Liabilities.
Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Consolidated Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”).  Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin
14
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Consolidated Financial Statements (unaudited) (continued)
 
receivable (or payable) on futures contracts in the Consolidated Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
5.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund’s investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory services. The Manager is responsible for the management of the Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.
For such services, the Fund pays the Manager a monthly fee at an annual rate equal to 0.15% of the average daily value of the Fund’s net assets.
The Manager provides investment management and other services to the Cayman Subsidiary. The Manager does not receive separate compensation from the Cayman Subsidiary for providing investment management or administrative services. However, the Fund pays the Manager based on the Fund’s net assets, which includes the assets of the Cayman Subsidiary.
With respect to the Fund, the Manager entered into a sub-advisory agreement with BlackRock International Limited (“BIL”) (collectively, the “Sub-Advisers”), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of the Fund for which BIL, as applicable, acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.
Administration:  The Trust, on behalf of the Fund, entered into an Administration Agreement with the BlackRock Advisors, LLC (“BAL” or the “Administrator”), an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Administrator receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of the Fund. The administration fee, which is shown as administration in the Statement of Operations, is paid at the annual rate equal to 0.15% of the average daily value of the Fund’s net assets.
Transfer Agent:  Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets.  For the period ended April 30, 2025, the Fund did not pay any amounts to affiliates in return for these services.
Expense Waivers and Reimbursements:  The Manager contractually agreed to waive its investment advisory fees payable by the Fund through June 30, 2035. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the period ended April 30, 2025, the Manager waived $231,128 pursuant to this agreement.
The Administrator contractually agreed to waive its administration fees payable by the Fund through June 30, 2035. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. This amount is shown as administration fees waived in the Statement of Operations. For the period ended April 30, 2025, the Administrator waived $231,128 pursuant to this agreement.
The fees and expenses of the Independent Trustees, counsel to the Independent Trustees and the Fund’s independent registered public accounting firm (together, the “independent expenses”) are paid directly by the Fund. The Administrator and the Manager have contractually agreed to reimburse the Fund or provide an offsetting credit to the Fund in an amount equal to these independent expenses as applicable, through June 30, 2035. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. The amount waived is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the period ended April 30, 2025, the amount waived was $14,823.
Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, the Fund participated in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund’s investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.
During the period ended March 3, 2025, the Fund did not participate in the Interfund Lending Program.
Trustees and Officers:  Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.
6.
 PURCHASES AND SALES
For the period ended April 30, 2025, there were no purchases and sales.
7.
INCOME TAX INFORMATION
It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Notes to Consolidated Financial Statements
15
Notes to Consolidated Financial Statements (unaudited) (continued)
 
The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2025, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s consolidated financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund’s NAV.
As of April 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
Fund Name
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
iShares Enhanced Roll Yield Index Fund
$ 342,533,333
$ 14,167,856
$ (19,987,655
)
$ (5,819,799
)
8.
BANK BORROWINGS
The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds.  During the period ended April 30, 2025, the Fund did not borrow under the credit agreement.
9.
PRINCIPAL RISKS
In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.
The Manager uses an indexing approach to try to achieve the Fund’s investment objective. The Fund is not actively managed, and the Manager generally does not attempt to take defensive positions under any market conditions, including declining markets.
Market Risk: The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio’s current earnings rate.
Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Consolidated Statement of Assets and Liabilities, less any collateral held by the Fund.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.
16
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Consolidated Financial Statements (unaudited) (continued)
 
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Consolidated Schedule of Investments.
The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund’s performance.
The Fund invests a substantial amount of its assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be  more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Consolidated Schedule of Investments.
The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
10.
 CAPITAL SHARE TRANSACTIONS 
Transactions in capital shares were as follows: 
 
Period from
11/01/24(a)
to 04/30/25
Fund Name  
Shares 
Amounts 
iShares Enhanced Roll Yield Index Fund 
Shares sold
36,780,107
$ 366,008,428
Shares issued in reinvestment of distributions
160,747
1,564,064
Shares redeemed
(1,158,655)
(11,942,088)
 
35,782,199
$ 355,630,404
 
(a)
Commencement of operations.
11.
SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the consolidated financial statements.
Notes to Consolidated Financial Statements
17
Additional Information
 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Fund for the Fund’s allocable portion of the fees and expenses of the independent trustees of the Trust, counsel to such independent trustees and the independent registered public accounting firm.
General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at blackrock.com
2. Select “Access Your Account”
3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
Fund and Service Providers
Investment Adviser
BlackRock Fund Advisors
Wilmington, DE 19809
Administrator
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Adviser
BlackRock International Limited
Edinburgh, EH3 8BL
United Kingdom
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
Distributor
BlackRock Investments, LLC
New York, NY 10001
18
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Additional Information (continued)
 
Fund and Service Providers (continued) 
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
Legal Counsel
Sidley Austin LLP
New York, NY 10019
 
Address of the Fund
100 Bellevue Parkway
Wilmington, DE 19809
Additional Information
19
Disclosure of Investment Advisory Agreement
 
The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock FundsSM (the “Trust”) met on September 16-18, 2024 (the “Organizational Meeting”) to consider the initial approval of the proposed investment advisory agreement (the “Agreement”) between the Trust, on behalf of iShares Enhanced Roll Yield Index Fund (the “Fund”), and BlackRock Fund Advisors (the “Manager” or “BlackRock”), the Fund’s investment advisor. The Agreement was the same agreement that had been previously approved by the Board with respect to certain series of the Trust.
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Trust is required to consider the initial approval of the Agreement. The Board members whom are not “interested persons” of the Fund, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”).  In connection with this deliberative process, the Board assessed, among other things, the nature, extent and quality of the services to be provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services.
At the Organizational Meeting, the Board received and reviewed materials relating to its consideration of the proposed Agreement.  The Board considered all factors it believed relevant with respect to the Fund, including, among other things: (a) the nature, extent and quality of the services to be provided by BlackRock; (b) the investment performance of BlackRock portfolio management; (c) the advisory fee and the estimated cost of the services and estimated profits to be realized by BlackRock and its affiliates from their relationship with the Fund; (d) the existence and sharing of potential economies of scale; (e) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Fund; (f) possible alternatives to the proposed Agreement; (g) the policies and practices of BlackRock with respect to portfolio transactions for the Fund; (h) BlackRock’s portfolio compliance systems and capabilities; and (i) other factors deemed relevant by the Board Members.
In considering approval of the Agreement, the Board met with the relevant investment advisory personnel from BlackRock and considered all information it deemed reasonably necessary to evaluate the terms of the Agreement.  The Board received materials in advance of the Organizational Meeting relating to its consideration of the Agreement, including (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”) regarding the Fund’s fees and estimated expense ratio as compared with a peer group of funds as determined by Broadridge (“Expense Peers”); (b) information regarding BlackRock’s economic outlook for the Fund and its general investment outlook for the markets; (c) information regarding fees paid to service providers that are affiliates of BlackRock; and (d) information outlining the legal duties of the Board under the 1940 Act with respect to the consideration and approval of the Agreement.  The Board also noted information received at prior Board meetings concerning compliance records and regulatory matters relating to BlackRock.
The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management and BlackRock’s services related to the valuation and pricing of the portfolio holdings of the Fund.  The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board.  The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.
A. Nature, Extent and Quality of the Services to be Provided by BlackRock
The Board, including the Independent Board Members, reviewed the nature, extent and quality of services to be provided by BlackRock, including the investment advisory services to be provided to the Fund. The Board received information concerning the investment philosophy and investment process to be used by BlackRock in managing the Fund, as well as a description of the capabilities, personnel and services of BlackRock. The Board considered the scope of the services provided by BlackRock to the Fund under the Agreement relative to services typically provided by third parties to other funds. The Board noted that the standard of care applicable under the Agreement was comparable to that found generally in investment company advisory agreements. The Board concluded that the scope of BlackRock’s services to be provided to the Fund was consistent with the Fund’s operational requirements, including, in addition to seeking to meet the Fund’s investment objective(s), compliance with investment restrictions, tax and reporting requirements and related shareholder services.
The Board, including the Independent Board Members, also considered the quality of the administrative and other non-investment advisory services to be provided by BlackRock and its affiliates to the Fund. The Board evaluated the procedures of BlackRock designed to fulfill its fiduciary duty to the Fund with respect to possible conflicts of interest, including BlackRock’s code of ethics (regulating the personal trading of BlackRock’s officers and employees), the procedures by which BlackRock allocates trades among its various investment advisory clients, the integrity of the systems in place to ensure compliance with the foregoing and the record of BlackRock in these matters. The Board also noted information received at prior Board meetings concerning standards of BlackRock with respect to the execution of portfolio transactions.
The Board considered, among other factors, with respect to BlackRock: the experience of the Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to the Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.  The Board also considered the business reputation of BlackRock and its financial resources and concluded that BlackRock would be able to meet any reasonably foreseeable obligation under the Agreement.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services to be provided to the Fund. The Board considered that BlackRock and its affiliates will provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates will provide the Fund with administrative services, including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers, including, among others, the Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support
20
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Disclosure of Investment Advisory Agreement (continued)
 
to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund’s distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans.
B.  The Investment Performance of the Fund
The Board, including the Independent Board Members, previously received and considered information about BlackRock’s investment performance for other funds. The Board, however, did not consider the performance history of the Fund because the Fund was newly organized and had not yet commenced operations as of the date of the Organizational Meeting.
C.  Consideration of the Advisory/Management Fees and the Estimated Cost of the Services to be Provided and Estimated Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Fund
In connection with the initial approval of the Agreement, the Board, including the Independent Board Members, reviewed the Fund’s contractual management fee rate compared with those of its Expense Peers.  The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund’s estimated total expense ratio, as well as its estimated actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund.  Additionally, the Board noted information received at prior Board meetings concerning the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to provide the high quality of services that is expected by the Board.  The Board further considered factors including but not limited to BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.
The Board noted that the Fund’s contractual management fee rate ranked in the first quartile, and that the estimated actual management fee rate and estimated total expense ratio would each rank in the first quartile, relative to the Fund’s Expense Peers. The Board also noted that BlackRock has contractually agreed to waive a portion of its administration and advisory fees payable by the Fund. Additionally, the Board noted that BlackRock and its affiliates have contractually agreed to reimburse or otherwise compensate the Fund for certain other fees and expenses.
Following consideration of this information, the Board, including the independent Board Members, concluded that the fees to be paid pursuant to the Agreement were fair and reasonable in light of the services provided.
As the Fund had not commenced operations as of the date of the Organizational Meeting, BlackRock was not able to provide the Board with specific information concerning the expected profits to be realized by BlackRock and its affiliates from their relationships with the Fund. BlackRock, however, will provide the Board with such information at future meetings.
D.  Economies of Scale
The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the Fund’s asset levels and whether the current fee schedule was appropriate.
E.  Other Factors Deemed Relevant by the Board Members
The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Fund, including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.
In connection with its consideration of the Agreement, the Board noted that it considered information regarding BlackRock’s brokerage and soft dollar practices and received and reviewed reports from BlackRock and its affiliates at prior meetings of the boards of directors/trustees of other funds in the BlackRock Multi-Asset Complex which included information on brokerage commissions and trade execution practices.
The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
Disclosure of Investment Advisory Agreement
21
Disclosure of Investment Advisory Agreement (continued)
 
Conclusion
Following discussion, the Board, including the Independent Board Members, unanimously approved the Agreement between the Manager and the Trust, with respect to the Fund, for a two-year term beginning on the effective date of the Agreement.  Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.
22
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Disclosure of Investment Sub-Advisory Agreement
 
The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock FundsSM (the “Trust”) met on September 16-18, 2024 (the “Meeting”) to consider the initial approval of the proposed sub-advisory agreement (the “Sub-Advisory Agreement”) between BlackRock Fund Advisors (the “Manager”), the Trust’s investment advisor, and BlackRock International Limited (the “Sub-Advisor”) with respect to iShares Enhanced Roll Yield Index Fund (the “Fund”), a series of the Trust.
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), at the Meeting, the Board reviewed materials relating to its consideration of the Sub-Advisory Agreement.  The Board Members who are not “interested persons” of the Trust, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”).  At the Meeting, the Board also considered the initial approval of the proposed investment advisory agreement (the “Advisory Agreement”) between the Trust and the Manager, on behalf of the Fund.  At the Meeting, the Board, including the Independent Board Members, unanimously approved the Advisory Agreement between the Manager and the Trust, with respect to the Fund, for a two-year term beginning on the effective date of the Advisory Agreement. A discussion of the basis for the Board’s approval of the Advisory Agreement at the Meeting is included in this shareholder report. The factors considered by the Board at the Meeting in connection with the approval of the proposed Sub-Advisory Agreement were substantially the same as the factors considered at the Meeting with respect to approval of the Advisory Agreement.
Following discussion, the Board, including the Independent Board Members, unanimously approved the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to the Fund, for a two-year term beginning on the effective date of the Sub-Advisory Agreement. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Sub-Advisory Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Sub-Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.
Disclosure of Investment Sub-Advisory Agreement
23
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This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
 
 

Item 8 –

Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

 

Item 9 –

Proxy Disclosures for Open-End Management Investment Companies – See Item 7

 

Item 10 –

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

 

Item 11 –

Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

 

Item 12 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

 

Item 13 –

Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

 

Item 14 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

 

Item 15 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

 

Item 16 –

Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 17 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

 

Item 18 –

Recovery of Erroneously Awarded Compensation – Not Applicable

 

Item 19 –

Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

(a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock FundsSM

 

 

By:

     

/s/ John M. Perlowski        

      

John M. Perlowski

      

Chief Executive Officer (principal executive officer) of

      

BlackRock FundsSM

Date: June 24, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By:

     

/s/ John M. Perlowski        

      

John M. Perlowski

      

Chief Executive Officer (principal executive officer) of

      

BlackRock FundsSM

Date: June 24, 2025

 

 

By:

     

/s/ Trent Walker          

      

Trent Walker

      

Chief Financial Officer (principal financial officer) of

      

BlackRock FundsSM

Date: June 24, 2025