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:
10/31/2026
Date of reporting period:
4/30/2026
Item 1 — Report to Stockholders
(a) The Report to Shareholders is attached herewith
TSR - BLK Retail Logo
iShares Enhanced Roll Yield Index Fund
BERYX
Semi-Annual Shareholder Report — April 30, 2026
This semi-annual shareholder report contains important information about iShares Enhanced Roll Yield Index Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. 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 Enhanced Roll Yield Index Fund $0(a) 0.00%(b)(c)
​(a)
Rounds to less than $1.
​(b)
Annualized.
​(c)
Rounds to less than 0.01%.
Key Fund statistics
Net Assets $455,024,218
Number of Portfolio Holdings 161
Portfolio Turnover Rate 0%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
U.S. Treasury Obligations 59.8 %
Certificates of Deposit 20.3 %
Futures contracts, net cumulative appreciation 12.6 %
Money Market Funds 9.3 %
Commercial Paper 3.2 %
Liabilities in Excess of Other Assets (5.2 )
Ten largest holdings
Security Percent of
Net Assets
BlackRock Cash Funds: Treasury, SL Agency Shares 9.3 %
U.S. Treasury Bills, 4.32%, 07/14/26 5.4 %
U.S. Treasury Bills, 4.40%, 06/02/26 3.9 %
U.S. Treasury Bills, 4.00%, 08/14/26 3.3 %
U.S. Treasury Bills, 3.79%, 08/24/26 3.3 %
U.S. Treasury Bills, 4.03%, 02/19/27 3.3 %
U.S. Treasury Bills, 3.98%, 08/10/26 3.3 %
U.S. Treasury Bills, 4.05%, 11/13/26 3.3 %
U.S. Treasury Bills, 3.75%, 02/05/27 3.2 %
U.S. Treasury Bills, 3.90%, 09/14/26 3.2 %
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.
©2026 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 Enhanced Roll Yield Index Fund
BERYX
Semi-Annual Shareholder Report — April 30, 2026
BERYX-04/26-SAR
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iShares U.S. Intermediate Credit Bond Index Fund
BICBX
Semi-Annual Shareholder Report — April 30, 2026
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, 2025 to April 30, 2026. 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%.
Key Fund statistics
Net Assets $3,687,958,485
Number of Portfolio Holdings 5,805
Portfolio Turnover Rate 11%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Investment Type Percent of Total
Investments(a)
Corporate Bonds 88.7 %
Foreign Agency Obligations 10.8 %
Municipal Bonds 0.5 %
​(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.
©2026 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, 2026
BICBX-04/26-SAR
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iShares U.S. Intermediate Government Bond Index Fund
BIGBX
Semi-Annual Shareholder Report — April 30, 2026
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, 2025 to April 30, 2026. 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%.
Key Fund statistics
Net Assets $7,697,357,911
Number of Portfolio Holdings 217
Portfolio Turnover Rate 16%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Investment Type Percent of Total
Investments(a)
U.S. Treasury Obligations 98.6 %
U.S. Government Sponsored Agency Securities 1.4 %
​(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.
©2026 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, 2026
BIGBX-04/26-SAR
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iShares U.S. Long Credit Bond Index Fund
BLCBX
Semi-Annual Shareholder Report — April 30, 2026
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, 2025 to April 30, 2026. 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%.
Key Fund statistics
Net Assets $2,389,993,455
Number of Portfolio Holdings 3,323
Portfolio Turnover Rate 9%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Investment Type Percent of Total
Investments(a)
Corporate Bonds 90.4 %
Foreign Agency Obligations 5.7 %
Municipal Bonds 3.9 %
​(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.
©2026 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, 2026
BLCBX-04/26-SAR
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iShares U.S. Long Government Bond Index Fund

BLGBX

Semi-Annual Shareholder Report — April 30, 2026

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, 2025 to April 30, 2026. 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%.
Key Fund statistics
Net Assets $3,037,670,819
Number of Portfolio Holdings 104
Portfolio Turnover Rate 7%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Investment Type Percent of Total
Investments(a)
U.S. Treasury Obligations 99.2 %
U.S. Government Sponsored Agency Securities 0.8 %
​(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.
©2026 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 Government Bond Index Fund
BLGBX
Semi-Annual Shareholder Report — April 30, 2026
BLGBX-04/26-SAR
TSR - BLK Retail Logo
iShares U.S. Securitized Bond Index Fund
BISBX
Semi-Annual Shareholder Report — April 30, 2026
This semi-annual shareholder report contains important information about iShares U.S. Securitized Bond Index Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. 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%.
Key Fund statistics
Net Assets $5,799,521,298
Number of Portfolio Holdings 1,990
Portfolio Turnover Rate 110%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Investment Type Percent of Total
Investments(a)
U.S. Government Sponsored Agency Securities 96.0 %
Non-Agency Mortgage-Backed Securities 2.5 %
Asset-Backed 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.
©2026 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. Securitized Bond Index Fund
BISBX
Semi-Annual Shareholder Report — April 30, 2026
BISBX-04/26-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 Statements 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, 2026 
2026 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
110
112
114
117
122
132
134
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, 2026
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%
Omnicom Group, Inc.
 
4.65%, 10/01/28
$
326
$ 326,721
4.20%, 03/02/29
 
180
177,902
4.75%, 03/30/30
 
379
380,123
2.45%, 04/30/30
 
455
418,246
4.20%, 06/01/30
 
350
343,595
2.40%, 03/01/31
 
185
165,340
2.60%, 08/01/31
 
583
523,053
5.00%, 06/02/33(a)
 
225
220,682
5.30%, 11/01/34(a)
 
375
371,422
5.30%, 06/02/36(a)
 
225
217,277
 
 
3,144,361
Aerospace & Defense — 1.3%
Boeing Co.
 
6.26%, 05/01/27
 
475
483,220
3.25%, 02/01/28
 
632
619,839
3.25%, 03/01/28
 
300
293,847
3.45%, 11/01/28
 
248
241,968
3.20%, 03/01/29
 
625
603,047
6.30%, 05/01/29
 
890
933,444
2.95%, 02/01/30
 
470
444,199
5.15%, 05/01/30
 
2,615
2,656,449
3.63%, 02/01/31
 
875
834,390
6.39%, 05/01/31
 
645
689,187
6.13%, 02/15/33
 
200
213,538
3.60%, 05/01/34
 
614
551,731
6.53%, 05/01/34
 
1,540
1,684,028
3.25%, 02/01/35
 
570
492,344
Embraer Netherlands Finance BV, 5.98%, 02/11/35
 
450
468,894
GE Capital Funding LLC, 4.55%, 05/15/32
 
250
248,813
GE Capital International Funding Co. Unlimited Co.,
4.42%, 11/15/35
 
800
765,546
General Dynamics Corp.
 
2.63%, 11/15/27
 
350
342,430
3.75%, 05/15/28
 
687
682,339
3.63%, 04/01/30
 
688
669,020
2.25%, 06/01/31
 
279
251,248
4.95%, 08/15/35(a)
 
500
502,833
General Electric Co.
 
4.30%, 07/29/30(a)
 
545
543,987
6.75%, 03/15/32
 
717
796,445
HEICO Corp.
 
5.25%, 08/01/28
 
276
280,980
5.35%, 08/01/33
 
380
386,620
Hexcel Corp.
 
4.90%, 05/15/31
 
85
85,029
5.88%, 02/26/35
 
200
205,584
Honeywell Aerospace, Inc.(b)
 
3.90%, 03/16/28
 
925
918,074
4.00%, 03/16/29
 
925
914,910
4.30%, 03/16/31
 
1,550
1,530,793
4.60%, 03/16/33
 
925
913,619
4.95%, 03/16/36
 
1,595
1,577,019
Howmet Aerospace, Inc.
 
6.75%, 01/15/28
 
251
260,861
3.00%, 01/15/29
 
576
555,329
4.85%, 10/15/31(a)
 
312
314,570
4.55%, 11/15/32
 
225
221,317
4.75%, 04/15/36
 
400
388,039
Security
 
Par
(000)
Value
Aerospace & Defense (continued)
Huntington Ingalls Industries, Inc.
 
3.48%, 12/01/27
$
350
$ 344,483
2.04%, 08/16/28
 
329
312,063
5.35%, 01/15/30
 
350
357,293
4.20%, 05/01/30
 
374
367,366
5.75%, 01/15/35
 
250
258,670
L3Harris Technologies, Inc.
 
4.40%, 06/15/28
 
1,163
1,163,043
5.05%, 06/01/29
 
651
662,660
2.90%, 12/15/29
 
233
220,599
1.80%, 01/15/31
 
542
476,242
5.25%, 06/01/31
 
650
665,954
5.40%, 07/31/33
 
1,016
1,042,547
5.35%, 06/01/34
 
451
459,337
4.85%, 04/27/35
 
250
245,263
Lockheed Martin Corp.
 
5.10%, 11/15/27(a)
 
420
426,385
4.45%, 05/15/28
 
294
295,394
4.15%, 08/15/28
 
300
299,995
4.50%, 02/15/29
 
242
243,509
1.85%, 06/15/30(a)
 
316
285,682
4.40%, 08/15/30(a)
 
390
389,707
4.70%, 12/15/31(a)
 
479
484,405
3.90%, 06/15/32(a)
 
632
612,761
5.25%, 01/15/33(a)
 
800
829,995
4.75%, 02/15/34(a)
 
500
499,018
4.80%, 08/15/34
 
300
298,927
3.60%, 03/01/35(a)
 
382
348,693
5.00%, 08/15/35
 
450
452,735
Northrop Grumman Corp.
 
3.25%, 01/15/28
 
1,255
1,233,720
4.60%, 02/01/29
 
325
327,234
4.40%, 05/01/30
 
573
572,388
4.65%, 07/15/30(a)
 
450
452,689
4.70%, 03/15/33
 
778
773,413
4.90%, 06/01/34
 
532
530,838
5.25%, 07/15/35
 
340
346,329
RTX Corp.
 
4.13%, 11/16/28
 
1,821
1,813,789
5.75%, 01/15/29
 
410
424,629
2.25%, 07/01/30
 
873
799,754
6.00%, 03/15/31
 
830
881,554
1.90%, 09/01/31
 
829
723,355
2.38%, 03/15/32
 
873
771,539
5.15%, 02/27/33
 
420
428,248
6.10%, 03/15/34
 
977
1,051,386
5.40%, 05/01/35
 
200
206,457
 
 
47,945,578
Automobile Components — 0.1%
BorgWarner, Inc.
 
2.65%, 07/01/27
 
749
734,242
4.95%, 08/15/29
 
345
349,254
5.40%, 08/15/34
 
265
268,909
Lear Corp.
 
3.80%, 09/15/27
 
350
346,883
4.25%, 05/15/29
 
129
127,282
3.50%, 05/30/30
 
254
241,504
2.60%, 01/15/32
 
209
184,633
Magna International, Inc.
 
5.05%, 03/14/29
 
180
182,586
2.45%, 06/15/30
 
505
464,608
4
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
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)
 
5.50%, 03/21/33(a)
$
280
$ 287,801
5.88%, 06/01/35(a)
 
225
234,033
 
 
3,421,735
Automobiles — 2.5%
American Honda Finance Corp.
 
4.55%, 07/09/27(a)
 
675
675,788
4.90%, 07/09/27
 
300
301,579
4.45%, 10/22/27
 
425
424,816
4.70%, 01/12/28(a)
 
400
401,076
3.50%, 02/15/28
 
252
247,548
4.55%, 03/03/28
 
300
300,012
2.00%, 03/24/28
 
447
426,534
5.13%, 07/07/28
 
400
404,804
4.25%, 09/01/28
 
375
372,498
5.65%, 11/15/28
 
750
769,049
4.15%, 01/08/29
 
325
321,168
2.25%, 01/12/29
 
413
388,025
4.90%, 03/13/29(a)
 
537
540,700
4.40%, 09/05/29
 
525
520,279
4.80%, 03/05/30
 
300
300,225
4.60%, 04/17/30
 
520
515,949
4.50%, 09/04/30
 
375
369,861
5.85%, 10/04/30
 
250
259,571
4.45%, 01/08/31(a)
 
325
319,161
1.80%, 01/13/31
 
300
261,239
5.05%, 07/10/31
 
650
653,298
4.85%, 10/23/31
 
425
423,011
5.15%, 07/09/32
 
475
476,286
4.90%, 01/10/34
 
511
500,287
5.20%, 03/05/35(a)
 
250
247,532
5.10%, 01/08/36(a)
 
325
317,587
Series A, 4.55%, 04/10/28(a)
 
115
115,082
Series A, 4.90%, 04/10/31
 
225
224,648
Series A, 5.20%, 04/08/33(a)
 
45
44,956
AutoNation, Inc.
 
3.80%, 11/15/27
 
200
197,797
1.95%, 08/01/28
 
136
128,320
4.45%, 01/15/29
 
200
198,383
4.75%, 06/01/30
 
529
526,408
2.40%, 08/01/31
 
362
318,179
3.85%, 03/01/32
 
400
373,235
5.89%, 03/15/35(a)
 
325
332,793
Cummins, Inc.
 
4.25%, 05/09/28
 
125
125,223
4.90%, 02/20/29
 
262
266,208
1.50%, 09/01/30
 
544
482,777
4.70%, 02/15/31
 
475
479,309
5.15%, 02/20/34
 
443
451,970
5.30%, 05/09/35
 
625
637,570
Ford Motor Co.
 
6.63%, 10/01/28
 
283
293,106
7.45%, 07/16/31(a)
 
600
651,974
3.25%, 02/12/32
 
1,600
1,403,795
6.10%, 08/19/32(a)
 
1,100
1,120,384
Ford Motor Credit Co. LLC
 
5.85%, 05/17/27
 
800
806,523
4.95%, 05/28/27
 
1,000
1,000,258
4.13%, 08/17/27
 
950
938,601
3.82%, 11/02/27
 
400
392,962
7.35%, 11/04/27
 
900
927,722
Security
 
Par
(000)
Value
Automobiles (continued)
Ford Motor Credit Co. LLC (continued)
 
2.90%, 02/16/28
$
400
$ 384,988
5.92%, 03/20/28(a)
 
400
405,508
6.80%, 05/12/28
 
1,000
1,030,766
6.80%, 11/07/28
 
860
892,087
2.90%, 02/10/29
 
400
375,655
5.80%, 03/08/29
 
1,000
1,012,646
4.97%, 04/06/29
 
940
932,233
5.11%, 05/03/29
 
900
894,427
5.30%, 09/06/29
 
600
598,204
5.88%, 11/07/29
 
600
609,146
7.35%, 03/06/30
 
600
635,279
7.20%, 06/10/30
 
500
528,792
5.73%, 09/05/30
 
800
805,953
4.00%, 11/13/30
 
1,100
1,032,691
6.05%, 03/05/31
 
700
711,854
5.42%, 04/09/31
 
400
396,595
3.63%, 06/17/31
 
800
729,086
6.05%, 11/05/31
 
800
811,550
6.53%, 03/19/32
 
500
517,438
5.75%, 04/06/33
 
640
634,568
7.12%, 11/07/33
 
745
790,276
6.13%, 03/08/34
 
1,050
1,055,021
6.50%, 02/07/35(a)
 
800
816,335
5.87%, 10/31/35(a)
 
900
877,194
General Motors Co.
 
4.20%, 10/01/27
 
487
484,975
6.80%, 10/01/27
 
696
715,217
5.35%, 04/15/28
 
441
447,088
5.00%, 10/01/28
 
440
443,829
5.40%, 10/15/29
 
665
679,892
5.63%, 04/15/30
 
275
283,043
5.60%, 10/15/32(a)
 
850
872,255
5.00%, 04/01/35(a)
 
500
483,200
6.25%, 04/15/35
 
300
313,965
General Motors Financial Co., Inc.
 
5.40%, 05/08/27
 
764
771,943
5.00%, 07/15/27(a)
 
275
276,719
5.35%, 07/15/27
 
735
742,292
2.70%, 08/20/27
 
585
571,955
3.85%, 01/05/28(a)
 
284
281,410
6.00%, 01/09/28
 
588
600,887
5.05%, 04/04/28
 
800
807,074
2.40%, 04/10/28
 
630
605,662
5.80%, 06/23/28
 
765
783,344
2.40%, 10/15/28
 
802
762,189
4.20%, 10/27/28
 
625
619,805
5.80%, 01/07/29
 
1,032
1,061,797
5.65%, 01/17/29(a)
 
463
473,753
4.30%, 04/06/29
 
750
742,777
4.75%, 04/06/29
 
325
325,825
5.55%, 07/15/29
 
913
935,694
4.90%, 10/06/29
 
625
628,959
5.35%, 01/07/30(a)
 
695
708,777
5.85%, 04/06/30
 
765
793,571
3.60%, 06/21/30
 
735
702,045
5.45%, 07/15/30
 
275
281,697
2.35%, 01/08/31
 
750
671,236
4.60%, 01/08/31
 
555
548,416
5.75%, 02/08/31
 
636
657,529
2.70%, 06/10/31
 
638
574,230
5.60%, 06/18/31
 
668
686,717
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Automobiles (continued)
General Motors Financial Co., Inc. (continued)
 
3.10%, 01/12/32
$
934
$ 843,823
5.63%, 04/04/32
 
250
256,433
6.40%, 01/09/33
 
550
584,929
6.10%, 01/07/34
 
768
801,581
5.95%, 04/04/34
 
620
641,423
5.45%, 09/06/34
 
425
425,293
5.90%, 01/07/35
 
625
640,962
6.15%, 07/15/35(a)
 
475
494,571
5.45%, 01/08/36(a)
 
570
565,918
Honda Motor Co. Ltd.
 
4.44%, 07/08/28
 
575
573,743
4.69%, 07/08/30(a)
 
575
572,341
2.97%, 03/10/32
 
537
481,553
5.34%, 07/08/35(a)
 
675
674,454
Mercedes-Benz Finance North America LLC, 8.50%,
01/18/31
 
942
1,091,809
PACCAR Financial Corp.
 
5.00%, 05/13/27
 
250
252,462
4.25%, 06/23/27(a)
 
225
225,613
4.45%, 08/06/27
 
325
326,880
4.60%, 01/10/28
 
200
201,601
4.55%, 03/03/28
 
325
327,638
4.00%, 08/08/28
 
125
124,790
4.60%, 01/31/29
 
525
531,383
4.00%, 09/26/29
 
200
199,039
4.55%, 05/08/30(a)
 
200
201,598
5.00%, 03/22/34
 
375
379,685
Series R, 4.00%, 11/07/28
 
200
199,158
Series R, 3.90%, 02/05/29
 
175
173,797
Toyota Motor Corp.
 
4.19%, 06/30/27(a)
 
300
300,426
5.12%, 07/13/28
 
700
713,245
3.67%, 07/20/28(a)
 
278
275,185
2.76%, 07/02/29
 
120
114,429
4.45%, 06/30/30
 
350
350,589
2.36%, 03/25/31(a)
 
413
374,836
5.12%, 07/13/33(a)
 
175
179,299
5.05%, 06/30/35(a)
 
350
354,437
Toyota Motor Credit Corp.
 
4.50%, 05/14/27
 
500
502,187
1.15%, 08/13/27
 
150
144,592
4.55%, 09/20/27
 
500
503,000
4.35%, 10/08/27
 
892
895,010
5.45%, 11/10/27
 
450
458,547
3.05%, 01/11/28
 
278
273,099
4.63%, 01/12/28
 
652
657,710
1.90%, 04/06/28
 
411
394,195
4.05%, 09/05/28
 
400
398,652
5.25%, 09/11/28
 
416
425,319
4.65%, 01/05/29
 
607
612,659
3.65%, 01/08/29(a)
 
179
176,242
5.05%, 05/16/29
 
712
726,634
4.45%, 06/29/29
 
806
808,434
4.55%, 08/09/29
 
675
678,724
4.95%, 01/09/30
 
275
279,806
2.15%, 02/13/30
 
413
380,532
3.38%, 04/01/30
 
529
508,750
4.80%, 05/15/30
 
470
475,889
4.55%, 05/17/30
 
380
381,546
5.55%, 11/20/30
 
614
640,074
1.65%, 01/10/31
 
456
401,157
Security
 
Par
(000)
Value
Automobiles (continued)
Toyota Motor Credit Corp. (continued)
 
5.10%, 03/21/31(a)
$
575
$ 589,398
1.90%, 09/12/31
 
379
330,792
4.60%, 10/10/31
 
400
400,404
2.40%, 01/13/32
 
350
311,327
4.65%, 09/03/32
 
400
397,977
4.70%, 01/12/33
 
328
327,299
4.80%, 01/05/34
 
479
477,795
5.35%, 01/09/35
 
535
548,124
Series B, 3.75%, 01/12/28
 
400
397,735
Series B, 4.05%, 03/13/29
 
525
521,445
Series B, 4.20%, 01/10/31(a)
 
400
395,409
Series B, 4.60%, 03/11/33
 
525
517,787
Series B, 4.80%, 01/11/36(a)
 
400
392,776
 
 
92,780,074
Banks — 25.1%
African Development Bank, 4.38%, 03/14/28
 
1,200
1,209,519
Asian Development Bank
 
3.75%, 04/25/28
 
1,500
1,495,526
4.50%, 08/25/28
 
1,900
1,924,515
4.00%, 01/12/33
 
1,300
1,283,670
3.88%, 06/14/33
 
1,000
977,938
4.13%, 01/12/34
 
1,300
1,286,998
Asian Infrastructure Investment Bank, 4.13%,
01/18/29
 
2,000
2,010,365
Associated Banc-Corp., (1-day SOFR + 3.03%),
6.46%, 08/29/30(c)
 
100
102,324
Australia & New Zealand Banking Group Ltd.
 
4.90%, 07/16/27
 
380
383,652
3.92%, 09/30/27
 
500
498,904
4.36%, 06/18/28
 
250
250,856
4.62%, 12/16/29
 
500
505,689
Series A, 3.92%, 12/08/28
 
500
496,450
Banco Bilbao Vizcaya Argentaria SA
 
4.15%, 03/03/29
 
400
395,306
5.38%, 03/13/29
 
600
614,338
05/08/31(d)
 
400
400,112
5.13%, 03/03/36
 
600
582,537
(1-year CMT + 1.95%), 6.03%, 03/13/35(a)(c)
 
600
624,368
(1-year CMT + 2.70%), 6.14%, 09/14/28(c)
 
400
408,567
(1-year CMT + 3.30%), 7.88%, 11/15/34(c)
 
400
454,264
Banco Santander SA
 
5.29%, 08/18/27
 
1,000
1,010,158
3.80%, 02/23/28
 
1,000
987,240
4.38%, 04/12/28
 
800
797,292
5.59%, 08/08/28
 
800
817,573
6.61%, 11/07/28
 
1,000
1,050,216
4.60%, 04/15/29
 
400
399,040
3.31%, 06/27/29
 
600
578,583
5.57%, 01/17/30
 
600
615,382
3.49%, 05/28/30
 
800
762,294
4.55%, 11/06/30
 
800
789,014
2.75%, 12/03/30
 
800
723,083
2.96%, 03/25/31
 
600
549,629
4.87%, 04/15/31
 
400
398,254
5.44%, 07/15/31
 
950
977,862
6.92%, 08/08/33
 
1,200
1,299,448
6.94%, 11/07/33
 
800
895,927
6.35%, 03/14/34
 
600
633,147
6.03%, 01/17/35
 
800
836,850
5.13%, 11/06/35
 
800
781,318
5.44%, 04/15/36
 
600
596,287
6
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Banco Santander SA (continued)
 
(1-year CMT + 0.95%), 5.37%, 07/15/28(c)
$
800
$ 807,798
(1-year CMT + 1.45%), 5.54%, 03/14/30(c)
 
800
818,025
(1-year CMT + 1.60%), 3.23%, 11/22/32(c)
 
600
539,465
Bank of America Corp.
 
3.25%, 10/21/27
 
1,461
1,442,894
(1-day SOFR + 0.83%), 4.98%, 01/24/29(c)
 
1,500
1,511,811
(1-day SOFR + 0.87%), 4.48%, 04/23/30(c)
 
2,150
2,143,278
(1-day SOFR + 0.87%), 4.46%, 02/06/32(c)
 
1,775
1,750,274
(1-day SOFR + 1.00%), 5.16%, 01/24/31(c)
 
1,705
1,735,855
(1-day SOFR + 1.04%), 4.70%, 04/23/32(c)
 
2,150
2,141,508
(1-day SOFR + 1.06%), 2.09%, 06/14/29(c)
 
1,859
1,769,479
(1-day SOFR + 1.11%), 4.62%, 05/09/29(c)
 
1,440
1,443,522
(1-day SOFR + 1.13%), 5.05%, 02/06/37(c)
 
2,775
2,731,424
(1-day SOFR + 1.21%), 2.57%, 10/20/32(c)
 
1,928
1,720,763
(1-day SOFR + 1.22%), 2.30%, 07/21/32(c)
 
2,350
2,079,634
(1-day SOFR + 1.31%), 5.51%, 01/24/36(c)
 
2,220
2,267,015
(1-day SOFR + 1.32%), 2.69%, 04/22/32(c)
 
2,817
2,554,753
(1-day SOFR + 1.33%), 2.97%, 02/04/33(c)
 
2,268
2,052,258
(1-day SOFR + 1.37%), 1.92%, 10/24/31(c)
 
1,609
1,427,567
(1-day SOFR + 1.53%), 1.90%, 07/23/31(c)
 
1,759
1,570,659
(1-day SOFR + 1.57%), 5.82%, 09/15/29(c)
 
1,832
1,884,436
(1-day SOFR + 1.57%), 5.49%, 04/23/37(c)
 
825
818,972
(1-day SOFR + 1.63%), 5.20%, 04/25/29(c)
 
2,040
2,067,179
(1-day SOFR + 1.64%), 5.46%, 05/09/36(c)
 
1,190
1,214,657
(1-day SOFR + 1.65%), 5.47%, 01/23/35(c)
 
2,979
3,043,073
(1-day SOFR + 1.70%), 5.74%, 02/12/36(c)
 
1,445
1,471,624
(1-day SOFR + 1.74%), 5.52%, 10/25/35(c)
 
2,200
2,214,257
(1-day SOFR + 1.83%), 4.57%, 04/27/33(c)
 
2,507
2,463,566
(1-day SOFR + 1.84%), 5.87%, 09/15/34(c)
 
2,300
2,411,821
(1-day SOFR + 1.91%), 5.29%, 04/25/34(c)
 
3,080
3,125,018
(1-day SOFR + 1.91%), 5.43%, 08/15/35(c)
 
1,600
1,605,472
(1-day SOFR + 1.99%), 6.20%, 11/10/28(c)
 
1,275
1,308,376
(1-day SOFR + 2.04%), 4.95%, 07/22/28(c)
 
1,855
1,866,686
(1-day SOFR + 2.15%), 2.59%, 04/29/31(c)
 
1,900
1,755,631
(1-day SOFR + 2.16%), 5.02%, 07/22/33(c)
 
3,176
3,194,667
(3-mo. CME Term SOFR + 1.25%), 2.50%,
02/13/31(c)
 
2,203
2,039,574
(3-mo. CME Term SOFR + 1.30%), 3.42%,
12/20/28(c)
 
3,651
3,591,196
(3-mo. CME Term SOFR + 1.33%), 3.97%,
03/05/29(c)
 
1,513
1,499,799
(3-mo. CME Term SOFR + 1.44%), 3.19%,
07/23/30(c)
 
1,614
1,547,337
(3-mo. CME Term SOFR + 1.45%), 2.88%,
10/22/30(c)
 
1,327
1,254,325
(3-mo. CME Term SOFR + 1.47%), 3.97%,
02/07/30(c)
 
1,859
1,831,150
(3-mo. CME Term SOFR + 1.57%), 4.27%,
07/23/29(c)
 
1,817
1,807,294
(3-mo. CME Term SOFR + 1.63%), 3.59%,
07/21/28(c)
 
1,113
1,101,741
(5-year CMT + 1.20%), 2.48%, 09/21/36(c)
 
1,229
1,068,070
(5-year CMT + 2.00%), 3.85%, 03/08/37(c)
 
1,600
1,484,276
Series L, 4.18%, 11/25/27
 
829
827,086
Series N, (1-day SOFR + 1.22%), 2.65%,
03/11/32(c)
 
1,209
1,098,820
Bank of Montreal
 
5.37%, 06/04/27
 
400
404,776
5.20%, 02/01/28
 
740
750,853
5.72%, 09/25/28
 
700
720,178
5.51%, 06/04/31
 
528
548,171
(1-day SOFR + 1.25%), 4.64%, 09/10/30(c)
 
545
546,421
Security
 
Par
(000)
Value
Banks (continued)
Bank of Montreal (continued)
 
(1-day SOFR Index + 0.67%), 5.00%, 01/27/29(c)
$
410
$ 413,665
(1-day SOFR Index + 0.75%), 4.06%, 09/22/28(c)
 
500
497,806
(1-day SOFR Index + 1.08%), 4.35%, 09/22/31(c)
 
650
641,718
(5-year CMT + 1.40%), 3.09%, 01/10/37(c)
 
734
656,383
(5-year USD Swap + 1.43%), 3.80%, 12/15/32(a)(c)
 
733
720,737
Series H, 4.70%, 09/14/27
 
700
703,750
Series J, (1-day SOFR + 0.89%), 4.34%,
03/19/30(c)
 
425
422,483
Series J, (1-day SOFR + 0.97%), 4.44%,
01/14/32(c)
 
700
690,258
Bank of New York Mellon, (1-day SOFR + 1.14%),
4.73%, 04/20/29(c)
 
760
766,070
Bank of New York Mellon Corp.
 
3.40%, 01/29/28(a)
 
563
556,511
3.85%, 04/28/28
 
343
341,510
1.65%, 07/14/28
 
225
213,092
3.00%, 10/30/28
 
375
363,166
3.85%, 04/26/29
 
272
269,428
3.30%, 08/23/29
 
529
510,025
1.65%, 01/28/31
 
575
508,203
1.80%, 07/28/31
 
229
199,697
2.50%, 01/26/32
 
413
373,342
(1-day SOFR + 0.63%), 4.03%, 01/22/30(c)
 
335
331,481
(1-day SOFR + 0.68%), 4.44%, 06/09/28(c)
 
494
495,048
(1-day SOFR + 0.84%), 4.89%, 07/21/28(c)
 
525
528,674
(1-day SOFR + 0.89%), 4.94%, 02/11/31(c)
 
751
760,338
(1-day SOFR + 0.90%), 4.54%, 04/23/32(c)
 
450
448,235
(1-day SOFR + 1.09%), 4.98%, 03/14/30(a)(c)
 
800
811,598
(1-day SOFR + 1.15%), 3.99%, 06/13/28(c)
 
100
99,729
(1-day SOFR + 1.17%), 4.54%, 02/01/29(c)
 
700
702,695
(1-day SOFR + 1.18%), 5.09%, 04/23/37(c)
 
490
486,128
(1-day SOFR + 1.23%), 5.06%, 07/22/32(c)
 
525
534,810
(1-day SOFR + 1.25%), 5.23%, 11/20/35(c)
 
475
480,346
(1-day SOFR + 1.35%), 5.32%, 06/06/36(c)
 
500
506,173
(1-day SOFR + 1.42%), 4.29%, 06/13/33(c)
 
500
487,087
(1-day SOFR + 1.42%), 5.19%, 03/14/35(c)
 
600
607,783
(1-day SOFR + 1.51%), 4.71%, 02/01/34(c)
 
500
494,888
(1-day SOFR + 1.60%), 6.32%, 10/25/29(c)
 
575
600,523
(1-day SOFR + 1.76%), 4.60%, 07/26/30(c)
 
300
301,146
(1-day SOFR + 1.77%), 5.61%, 07/21/39(c)
 
300
305,381
(1-day SOFR + 1.85%), 6.47%, 10/25/34(c)
 
675
737,055
(1-day SOFR Index + 1.80%), 5.80%,
10/25/28(a)(c)
 
490
500,669
(1-day SOFR Index + 2.07%), 5.83%, 10/25/33(c)
 
712
752,550
Series J, 1.90%, 01/25/29
 
250
234,682
Series J, (1-day SOFR + 1.61%), 4.97%,
04/26/34(c)
 
740
740,980
Bank of Nova Scotia
 
5.40%, 06/04/27
 
549
555,684
5.25%, 06/12/28
 
360
367,241
5.45%, 08/01/29
 
475
489,297
4.85%, 02/01/30
 
900
910,809
2.15%, 08/01/31
 
329
291,073
2.45%, 02/02/32
 
553
491,194
5.65%, 02/01/34
 
550
573,916
(1-day SOFR + 0.73%), 4.25%, 02/02/30(c)
 
525
520,759
(1-day SOFR + 0.76%), 4.04%, 09/15/28(c)
 
300
298,405
(1-day SOFR + 0.89%), 4.93%, 02/14/29(c)
 
864
871,597
(1-day SOFR + 1.00%), 4.40%, 09/08/28(c)
 
683
682,605
(1-day SOFR + 1.05%), 4.81%, 02/02/34(c)
 
675
666,742
(1-day SOFR + 1.07%), 5.13%, 02/14/31(c)
 
750
763,244
(1-day SOFR + 1.09%), 4.34%, 09/15/31(c)
 
600
591,681
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Bank of Nova Scotia (continued)
 
(1-day SOFR + 1.44%), 4.74%, 11/10/32(c)
$
475
$ 474,120
(5-year CMT + 2.05%), 4.59%, 05/04/37(c)
 
664
636,591
BankUnited, Inc., 5.13%, 06/11/30(a)
 
150
149,796
Barclays PLC
 
4.34%, 01/10/28
 
700
698,158
4.84%, 05/09/28
 
1,178
1,179,103
(1-day SOFR + 0.93%), 4.22%, 05/24/30(c)
 
600
591,431
(1-day SOFR + 0.96%), 5.09%, 02/25/29(c)
 
800
806,912
(1-day SOFR + 1.08%), 4.48%, 11/11/29(c)
 
950
944,881
(1-day SOFR + 1.14%), 4.52%, 02/24/32(a)(c)
 
600
587,484
(1-day SOFR + 1.23%), 5.37%, 02/25/31(c)
 
1,100
1,120,117
(1-day SOFR + 1.34%), 4.84%, 09/10/28(c)
 
600
602,085
(1-day SOFR + 1.51%), 5.21%, 02/24/37(c)
 
650
630,574
(1-day SOFR + 1.56%), 4.94%, 09/10/30(a)(c)
 
1,000
1,004,280
(1-day SOFR + 1.59%), 5.79%, 02/25/36(a)(c)
 
1,200
1,222,306
(1-day SOFR + 1.74%), 5.69%, 03/12/30(c)
 
1,200
1,231,147
(1-day SOFR + 1.91%), 5.34%, 09/10/35(c)
 
1,400
1,390,124
(1-day SOFR + 2.22%), 6.49%, 09/13/29(c)
 
650
676,429
(1-day SOFR + 2.62%), 6.69%, 09/13/34(c)
 
1,000
1,082,652
(1-day SOFR + 2.98%), 6.22%, 05/09/34(c)
 
1,300
1,371,121
(1-day SOFR + 3.57%), 7.12%, 06/27/34(a)(c)
 
900
981,218
(1-year CMT + 1.20%), 2.67%, 03/10/32(c)
 
810
728,785
(1-year CMT + 1.30%), 2.89%, 11/24/32(c)
 
600
536,362
(1-year CMT + 1.90%), 2.65%, 06/24/31(c)
 
1,000
918,174
(1-year CMT + 2.65%), 5.50%, 08/09/28(c)
 
1,100
1,112,086
(1-year CMT + 3.00%), 5.75%, 08/09/33(c)
 
600
617,487
(1-year CMT + 3.30%), 7.39%, 11/02/28(c)
 
900
935,592
(1-year CMT + 3.50%), 7.44%, 11/02/33(c)
 
1,200
1,343,450
(3-mo. SOFR US + 2.16%), 4.97%, 05/16/29(c)
 
1,195
1,202,171
(3-mo. SOFR US + 3.32%), 5.09%, 06/20/30(c)
 
1,078
1,082,404
(5-year CMT + 2.90%), 3.56%, 09/23/35(c)
 
678
633,520
BOKF NA, (5-year CMT + 2.00%), 6.11%, 11/06/40(c)
 
250
254,443
Canadian Imperial Bank of Commerce
 
5.24%, 06/28/27
 
1,100
1,112,888
5.00%, 04/28/28
 
572
579,095
5.99%, 10/03/28
 
250
258,714
5.26%, 04/08/29
 
800
818,373
3.60%, 04/07/32
 
664
624,333
6.09%, 10/03/33
 
650
694,149
(1-day SOFR + 1.03%), 4.86%, 03/30/29(c)
 
834
840,126
(1-day SOFR + 1.11%), 5.25%, 01/13/31(c)
 
675
689,211
(1-day SOFR + 1.34%), 4.63%, 09/11/30(c)
 
525
525,675
(1-day SOFR Index + 0.60%), 4.24%, 09/08/28(c)
 
600
598,663
(1-day SOFR Index + 0.79%), 4.28%, 01/29/30(c)
 
575
570,519
(1-day SOFR Index + 1.17%), 4.58%, 09/08/31(c)
 
600
595,955
Capital One N.A.
 
Series BKNT, 4.65%, 09/13/28
 
350
351,039
Series BKNT, 2.70%, 02/06/30
 
300
281,105
Citibank N.A.
 
5.80%, 09/29/28(a)
 
1,150
1,191,361
4.84%, 08/06/29
 
950
962,029
Class BN, 4.58%, 05/29/27
 
1,500
1,507,716
Class BN, 4.91%, 05/29/30
 
1,580
1,604,391
Series BKNT, 5.57%, 04/30/34
 
1,210
1,257,036
Citigroup, Inc.
 
4.45%, 09/29/27(a)
 
2,241
2,242,127
4.13%, 07/25/28
 
1,138
1,128,689
6.63%, 06/15/32
 
526
572,170
5.88%, 02/22/33
 
300
312,436
6.00%, 10/31/33
 
400
418,140
(1-day SOFR + 0.87%), 4.79%, 03/04/29(c)
 
1,750
1,758,246
(1-day SOFR + 1.14%), 4.64%, 05/07/28(c)
 
1,497
1,499,896
Security
 
Par
(000)
Value
Banks (continued)
Citigroup, Inc. (continued)
 
(1-day SOFR + 1.15%), 2.67%, 01/29/31(c)
$
1,429
$ 1,328,907
(1-day SOFR + 1.17%), 4.50%, 09/11/31(c)
 
1,855
1,835,538
(1-day SOFR + 1.17%), 2.56%, 05/01/32(c)
 
1,948
1,750,110
(1-day SOFR + 1.18%), 2.52%, 11/03/32(c)
 
1,200
1,062,900
(1-day SOFR + 1.34%), 4.54%, 09/19/30(c)
 
1,875
1,867,476
(1-day SOFR + 1.35%), 3.06%, 01/25/33(c)
 
1,913
1,733,488
(1-day SOFR + 1.36%), 5.17%, 02/13/30(c)
 
1,920
1,948,866
(1-day SOFR + 1.42%), 2.98%, 11/05/30(c)
 
1,420
1,342,707
(1-day SOFR + 1.45%), 5.45%, 06/11/35(c)
 
1,500
1,521,409
(1-day SOFR + 1.46%), 4.95%, 05/07/31(c)
 
1,200
1,208,181
(1-day SOFR + 1.47%), 5.33%, 03/27/36(c)
 
1,400
1,405,747
(1-day SOFR + 1.49%), 5.17%, 09/11/36(c)
 
1,810
1,792,450
(1-day SOFR + 1.83%), 6.02%, 01/24/36(c)
 
1,955
2,005,743
(1-day SOFR + 1.89%), 4.66%, 05/24/28(c)
 
700
701,751
(1-day SOFR + 1.94%), 3.79%, 03/17/33(c)
 
1,877
1,765,111
(1-day SOFR + 2.06%), 5.83%, 02/13/35(c)
 
1,625
1,653,615
(1-day SOFR + 2.09%), 4.91%, 05/24/33(c)
 
1,550
1,545,402
(1-day SOFR + 2.11%), 2.57%, 06/03/31(c)
 
2,143
1,969,104
(1-day SOFR + 2.34%), 6.27%, 11/17/33(c)
 
1,400
1,497,076
(1-day SOFR + 2.66%), 6.17%, 05/25/34(c)
 
1,935
2,014,169
(1-day SOFR + 3.91%), 4.41%, 03/31/31(c)
 
2,579
2,550,737
(3-mo. CME Term SOFR + 1.41%), 3.52%,
10/27/28(c)
 
1,451
1,430,958
(3-mo. CME Term SOFR + 1.45%), 4.08%,
04/23/29(c)
 
1,300
1,290,162
(3-mo. CME Term SOFR + 1.60%), 3.98%,
03/20/30(c)
 
1,523
1,496,287
(3-mo. CME Term SOFR + 1.65%), 3.67%,
07/24/28(c)
 
1,554
1,539,481
(5-year CMT + 1.28%), 5.59%, 11/19/34(c)
 
802
814,317
(5-year CMT + 1.73%), 5.41%, 09/19/39(c)
 
700
689,116
Citizens Bank N.A./Providence(c)
 
(1-day SOFR + 0.70%), 4.19%, 01/29/29
 
250
248,217
(1-day SOFR + 2.00%), 4.58%, 08/09/28
 
600
600,705
Citizens Financial Group, Inc.
 
2.50%, 02/06/30
 
279
256,707
3.25%, 04/30/30
 
550
520,596
2.64%, 09/30/32
 
400
342,998
(1-day SOFR + 1.26%), 5.25%, 03/05/31(c)
 
475
480,823
(1-day SOFR + 1.91%), 5.72%, 07/23/32(c)
 
725
746,709
(1-day SOFR + 2.01%), 5.84%, 01/23/30(c)
 
792
814,683
(1-day SOFR + 2.33%), 6.65%, 04/25/35(c)
 
450
483,616
(5-year CMT + 1.45%), 5.30%, 01/29/36(c)
 
260
257,677
(5-year CMT + 2.75%), 5.64%, 05/21/37(c)
 
200
199,583
Commonwealth Bank of Australia
 
4.42%, 03/14/28
 
500
502,411
4.15%, 10/01/30
 
380
376,660
Series C, 4.36%, 03/27/29
 
355
355,801
Cooperatieve Rabobank UA
 
4.37%, 05/27/27
 
250
250,556
3.74%, 01/14/28
 
250
248,392
4.88%, 01/21/28
 
500
506,545
3.96%, 10/17/28
 
250
248,551
4.80%, 01/09/29
 
250
253,211
4.32%, 04/01/29
 
250
250,222
4.49%, 10/17/29
 
500
502,735
4.16%, 01/14/31
 
250
246,367
Corp. Andina de Fomento, 5.00%, 01/24/29
 
1,200
1,225,446
Deutsche Bank AG
 
5.41%, 05/10/29
 
480
492,210
(1-day SOFR + 1.10%), 4.47%, 12/10/31(c)
 
650
640,346
(1-day SOFR + 1.14%), 4.73%, 02/06/32(c)
 
280
275,694
8
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
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 + 1.30%), 4.95%, 08/04/31(c)
$
1,075
$ 1,071,239
(1-day SOFR + 1.41%), 5.06%, 04/14/32(a)(c)
 
530
529,557
(1-day SOFR + 1.70%), 5.00%, 09/11/30(c)
 
1,000
1,003,736
(1-day SOFR + 1.72%), 5.30%, 05/09/31(c)
 
900
909,121
(1-day SOFR + 1.72%), 3.04%, 05/28/32(c)
 
655
595,882
(1-day SOFR + 2.05%), 5.40%, 09/11/35(c)
 
1,000
997,905
(1-day SOFR + 2.26%), 3.74%, 01/07/33(c)
 
750
683,794
(1-day SOFR + 2.51%), 6.82%, 11/20/29(c)
 
750
786,618
(1-day SOFR + 2.76%), 3.73%, 01/14/32(c)
 
650
603,768
(1-day SOFR + 3.04%), 3.55%, 09/18/31(c)
 
959
904,046
(1-day SOFR + 3.18%), 6.72%, 01/18/29(c)
 
1,150
1,188,920
(1-day SOFR + 3.65%), 7.08%, 02/10/34(c)
 
850
914,041
(1-day SOFR + 5.44%), 5.88%, 07/08/31(c)
 
400
407,404
(5-year USD SOFR ICE Swap + 2.55%), 4.88%,
12/01/32(c)
 
550
547,912
(1-day SOFR + 1.21%), 5.37%, 01/10/29(c)
 
750
758,247
European Bank for Reconstruction & Development,
4.38%, 03/09/28
 
2,000
2,015,966
European Investment Bank
 
3.88%, 03/15/28
 
2,800
2,798,534
4.50%, 10/16/28
 
2,400
2,432,642
4.00%, 02/15/29
 
3,500
3,506,686
3.63%, 07/15/30
 
3,200
3,154,398
3.75%, 02/14/33
 
3,000
2,919,981
Fifth Third Bancorp
 
2.55%, 05/05/27
 
471
463,115
3.95%, 03/14/28
 
500
496,289
(1-day SOFR + 0.95%), 4.57%, 04/29/32(c)
 
690
679,208
(1-day SOFR + 1.24%), 5.14%, 01/29/37(c)
 
680
663,881
(1-day SOFR + 1.49%), 4.90%, 09/06/30(c)
 
400
401,256
(1-day SOFR + 1.66%), 4.34%, 04/25/33(c)
 
479
462,478
(1-day SOFR + 1.84%), 5.63%, 01/29/32(c)
 
540
556,475
(1-day SOFR + 2.34%), 6.34%, 07/27/29(c)
 
762
789,254
(1-day SOFR Index + 2.13%), 4.77%, 07/28/30(c)
 
670
669,478
(1-day SOFR Index + 2.19%), 6.36%, 10/27/28(c)
 
384
394,119
Fifth Third Bank NA, (1-day SOFR + 2.61%), 5.33%,
08/25/33(c)
 
250
250,522
Fifth Third Financial Corp.
 
4.00%, 02/01/29(a)
 
429
422,922
(1-day SOFR + 2.16%), 5.98%, 01/30/30(c)
 
548
565,102
First Citizens BancShares, Inc.(c)
 
(1-day SOFR + 1.41%), 5.23%, 03/12/31
 
972
966,932
(1-day SOFR + 1.49%), 4.87%, 03/03/32
 
225
218,037
(5-year CMT + 1.97%), 6.25%, 03/12/40
 
456
447,762
First Horizon Bank, Series BKNT, 5.75%, 05/01/30
 
250
255,246
First Horizon Corp., (1-day SOFR + 1.77%), 5.51%,
03/07/31(c)
 
304
308,676
First-Citizens Bank & Trust Co., 6.13%, 03/09/28
 
225
230,512
FNB Corp., (1-day SOFR Index + 1.93%), 5.72%,
12/11/30(c)
 
295
297,732
Goldman Sachs Group, Inc.
 
2.60%, 02/07/30
 
1,309
1,219,847
3.80%, 03/15/30
 
1,634
1,588,066
6.13%, 02/15/33(a)
 
518
557,144
(1-day SOFR + 0.71%), 4.15%, 01/21/29(c)
 
2,400
2,382,504
(1-day SOFR + 0.90%), 4.15%, 10/21/29(c)
 
1,650
1,632,354
(1-day SOFR + 0.96%), 4.52%, 01/21/32(c)
 
2,300
2,265,917
(1-day SOFR + 0.99%), 4.59%, 04/20/30(c)
 
1,800
1,795,747
(1-day SOFR + 1.06%), 4.37%, 10/21/31(c)
 
1,950
1,913,123
(1-day SOFR + 1.08%), 5.21%, 01/28/31(c)
 
1,400
1,422,045
(1-day SOFR + 1.09%), 1.99%, 01/27/32(c)
 
1,710
1,504,384
Security
 
Par
(000)
Value
Banks (continued)
Goldman Sachs Group, Inc. (continued)
 
(1-day SOFR + 1.14%), 4.69%, 10/23/30(c)
$
1,120
$ 1,120,149
(1-day SOFR + 1.19%), 5.07%, 01/21/37(c)
 
3,060
2,990,975
(1-day SOFR + 1.21%), 5.05%, 07/23/30(c)
 
1,600
1,617,935
(1-day SOFR + 1.25%), 2.38%, 07/21/32(c)
 
2,469
2,186,055
(1-day SOFR + 1.26%), 2.65%, 10/21/32(c)
 
1,981
1,763,179
(1-day SOFR + 1.27%), 5.73%, 04/25/30(c)
 
1,495
1,539,647
(1-day SOFR + 1.28%), 2.62%, 04/22/32(c)
 
2,418
2,176,341
(1-day SOFR + 1.33%), 4.94%, 10/21/36(c)
 
2,250
2,184,205
(1-day SOFR + 1.34%), 5.09%, 04/20/34(c)
 
1,800
1,795,431
(1-day SOFR + 1.38%), 5.54%, 01/28/36(c)
 
1,900
1,928,915
(1-day SOFR + 1.41%), 3.10%, 02/24/33(c)
 
2,544
2,303,455
(1-day SOFR + 1.42%), 5.02%, 10/23/35(c)
 
2,265
2,225,081
(1-day SOFR + 1.55%), 5.85%, 04/25/35(c)
 
1,635
1,696,319
(1-day SOFR + 1.55%), 5.33%, 07/23/35(c)
 
1,950
1,958,868
(1-day SOFR + 1.58%), 5.22%, 04/23/31(c)
 
1,775
1,804,450
(1-day SOFR + 1.73%), 4.48%, 08/23/28(c)
 
1,653
1,653,340
(1-day SOFR + 1.77%), 6.48%, 10/24/29(c)
 
1,626
1,696,313
(1-day SOFR + 1.95%), 6.56%, 10/24/34(c)
 
800
868,952
(3-mo. CME Term SOFR + 1.42%), 3.81%,
04/23/29(c)
 
1,659
1,635,335
(3-mo. CME Term SOFR + 1.56%), 4.22%,
05/01/29(c)
 
2,279
2,264,515
(3-mo. CME Term SOFR + 1.77%), 3.69%,
06/05/28(c)
 
1,573
1,559,395
(5-year CMT + 1.18%), 5.39%, 02/02/41(c)
 
1,225
1,191,554
HSBC Bank USA N.A., Series BKNT, 5.88%,
11/01/34
 
250
260,586
HSBC Holdings PLC
 
4.95%, 03/31/30
 
1,586
1,606,079
(1-day SOFR + 0.99%), 4.40%, 03/10/30(c)
 
800
794,381
(1-day SOFR + 1.03%), 4.90%, 03/03/29(c)
 
900
904,585
(1-day SOFR + 1.04%), 5.13%, 11/19/28(c)
 
900
907,281
(1-day SOFR + 1.06%), 5.60%, 05/17/28(a)(c)
 
955
965,737
(1-day SOFR + 1.19%), 4.62%, 11/06/31(c)
 
1,400
1,386,721
(1-day SOFR + 1.19%), 2.80%, 05/24/32(c)
 
1,864
1,685,959
(1-day SOFR + 1.21%), 4.68%, 03/10/32(c)
 
800
790,586
(1-day SOFR + 1.29%), 2.21%, 08/17/29(c)
 
1,250
1,185,072
(1-day SOFR + 1.29%), 5.29%, 11/19/30(c)
 
1,450
1,475,979
(1-day SOFR + 1.29%), 5.13%, 03/03/31(c)
 
1,320
1,336,193
(1-day SOFR + 1.41%), 2.87%, 11/22/32(c)
 
1,110
997,637
(1-day SOFR + 1.43%), 5.13%, 11/06/36(c)
 
1,400
1,374,838
(1-day SOFR + 1.46%), 5.55%, 03/04/30(c)
 
800
818,368
(1-day SOFR + 1.52%), 5.73%, 05/17/32(c)
 
800
828,750
(1-day SOFR + 1.55%), 5.28%, 03/10/37(c)
 
1,800
1,775,060
(1-day SOFR + 1.56%), 5.45%, 03/03/36(c)
 
1,400
1,411,090
(1-day SOFR + 1.57%), 5.24%, 05/13/31(c)
 
1,400
1,420,364
(1-day SOFR + 1.73%), 2.01%, 09/22/28(c)
 
1,278
1,234,710
(1-day SOFR + 1.78%), 5.72%, 03/04/35(c)
 
800
821,658
(1-day SOFR + 1.88%), 5.79%, 05/13/36(a)(c)
 
1,200
1,237,693
(1-day SOFR + 1.90%), 5.87%, 11/18/35(c)
 
1,150
1,169,878
(1-day SOFR + 1.95%), 2.36%, 08/18/31(c)
 
1,000
904,749
(1-day SOFR + 1.96%), 5.74%, 09/10/36(a)(c)
 
1,000
1,005,004
(1-day SOFR + 1.97%), 6.16%, 03/09/29(c)
 
1,550
1,593,643
(1-day SOFR + 2.11%), 4.76%, 06/09/28(c)
 
1,500
1,503,099
(1-day SOFR + 2.39%), 2.85%, 06/04/31(c)
 
1,010
935,227
(1-day SOFR + 2.39%), 6.25%, 03/09/34(a)(c)
 
1,000
1,062,558
(1-day SOFR + 2.53%), 4.76%, 03/29/33(c)
 
1,335
1,303,515
(1-day SOFR + 2.61%), 5.21%, 08/11/28(c)
 
1,500
1,512,296
(1-day SOFR + 2.87%), 5.40%, 08/11/33(c)
 
1,650
1,678,271
(1-day SOFR + 2.98%), 6.55%, 06/20/34(c)
 
1,200
1,270,872
(1-day SOFR + 3.02%), 7.40%, 11/13/34(c)
 
1,170
1,298,415
Schedule of Investments
9
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
HSBC Holdings PLC (continued)
 
(1-day SOFR + 4.25%), 8.11%, 11/03/33(c)
$
1,400
$ 1,607,218
(3-mo. CME Term SOFR + 1.80%), 4.58%,
06/19/29(c)
 
2,289
2,287,207
(3-mo. CME Term SOFR + 1.87%), 3.97%,
05/22/30(c)
 
2,039
1,996,157
(1-day SOFR + 3.35%), 7.39%, 11/03/28(c)
 
1,805
1,877,723
HSBC USA, Inc., 4.65%, 06/03/28
 
600
603,929
Huntington Bancshares, Inc.
 
2.55%, 02/04/30
 
440
407,637
(1-day SOFR + 0.99%), 4.62%, 01/28/32(c)
 
625
617,673
(1-day SOFR + 1.28%), 5.27%, 01/15/31(c)
 
706
716,896
(1-day SOFR + 1.97%), 4.44%, 08/04/28(a)(c)
 
450
449,556
(1-day SOFR + 2.02%), 6.21%, 08/21/29(a)(c)
 
600
620,888
(1-day SOFR + 2.05%), 5.02%, 05/17/33(c)
 
400
398,043
(1-day SOFR Index + 1.87%), 5.71%, 02/02/35(c)
 
850
870,695
(5-year CMT + 1.17%), 2.49%, 08/15/36(c)
 
324
279,012
(5-year CMT + 1.35%), 5.61%, 01/28/41(c)
 
425
415,214
(5-year CMT + 1.70%), 6.14%, 11/18/39(c)
 
350
356,618
Huntington National Bank
 
5.65%, 01/10/30
 
400
413,338
(1-day SOFR Index + 1.65%), 4.55%, 05/17/28(c)
 
500
500,042
Independent Bank Corp., (3-mo. CME Term SOFR +
3.53%), 7.25%, 04/01/35(c)
 
100
106,802
ING Groep NV
 
4.55%, 10/02/28
 
878
879,758
4.05%, 04/09/29
 
678
670,009
(1-day SOFR + 1.01%), 4.86%, 03/25/29(c)
 
400
402,698
(1-day SOFR + 1.32%), 2.73%, 04/01/32(c)
 
450
408,290
(1-day SOFR + 1.44%), 5.34%, 03/19/30(c)
 
800
816,218
(1-day SOFR + 1.61%), 5.53%, 03/25/36(c)
 
660
669,713
(1-day SOFR + 1.77%), 5.55%, 03/19/35(c)
 
1,000
1,018,194
(1-day SOFR + 2.07%), 4.25%, 03/28/33(c)
 
600
579,350
(1-day SOFR + 2.09%), 6.11%, 09/11/34(c)
 
800
846,915
(1-day SOFR Index + 1.23%), 5.07%, 03/25/31(c)
 
600
606,484
(1-day SOFR Index + 1.61%), 5.42%, 03/23/37(c)
 
1,000
999,587
Series VAR, (1-day SOFR Index + 1.26%), 4.80%,
03/23/32(c)
 
600
597,443
Inter-American Development Bank
 
4.00%, 01/12/28
 
1,300
1,301,716
4.13%, 02/15/29(a)
 
2,400
2,411,858
3.50%, 04/12/33(a)
 
1,400
1,337,910
4.50%, 09/13/33(a)
 
1,300
1,318,480
Inter-American Investment Corp., 4.75%, 09/19/28
 
200
203,392
International Bank for Reconstruction & Development
 
4.50%, 06/26/28
 
700
700,411
3.50%, 07/12/28
 
2,500
2,478,240
4.63%, 08/01/28
 
2,500
2,537,778
3.88%, 02/14/30(a)
 
3,000
2,988,838
4.00%, 07/25/30
 
2,300
2,298,902
4.00%, 01/10/31
 
3,300
3,295,565
4.75%, 11/14/33
 
1,600
1,649,066
International Finance Corp., 4.50%, 07/13/28
 
1,100
1,113,565
JPMorgan Chase & Co.
 
4.25%, 10/01/27
 
813
813,487
3.63%, 12/01/27
 
829
820,867
(1-day SOFR + 0.80%), 4.92%, 01/24/29(c)
 
995
1,003,175
(1-day SOFR + 0.82%), 4.41%, 04/23/30(c)
 
1,800
1,792,524
(1-day SOFR + 0.84%), 4.35%, 01/22/32(c)
 
1,645
1,619,421
(1-day SOFR + 0.86%), 4.51%, 10/22/28(c)
 
1,200
1,201,217
(1-day SOFR + 0.93%), 4.98%, 07/22/28(c)
 
1,030
1,036,720
(1-day SOFR + 0.93%), 4.26%, 10/22/31(c)
 
1,245
1,224,340
Security
 
Par
(000)
Value
Banks (continued)
JPMorgan Chase & Co. (continued)
 
(1-day SOFR + 0.99%), 4.62%, 04/23/32(c)
$
1,800
$ 1,791,285
(1-day SOFR + 1.01%), 5.14%, 01/24/31(c)
 
1,505
1,531,192
(1-day SOFR + 1.02%), 2.07%, 06/01/29(c)
 
1,210
1,152,707
(1-day SOFR + 1.04%), 4.60%, 10/22/30(c)
 
1,700
1,702,490
(1-day SOFR + 1.07%), 1.95%, 02/04/32(c)
 
2,059
1,816,668
(1-day SOFR + 1.07%), 4.90%, 01/22/37(c)
 
1,855
1,808,153
(1-day SOFR + 1.13%), 5.00%, 07/22/30(c)
 
1,725
1,746,312
(1-day SOFR + 1.16%), 5.58%, 04/22/30(c)
 
1,950
2,005,434
(1-day SOFR + 1.18%), 2.55%, 11/08/32(c)
 
1,872
1,665,385
(1-day SOFR + 1.19%), 4.81%, 10/22/36(c)
 
1,885
1,830,871
(1-day SOFR + 1.26%), 2.96%, 01/25/33(c)
 
2,257
2,048,765
(1-day SOFR + 1.26%), 5.15%, 04/23/37(c)
 
2,685
2,670,534
(1-day SOFR + 1.30%), 5.19%, 02/05/37(c)
 
925
908,186
(1-day SOFR + 1.31%), 5.01%, 01/23/30(c)
 
1,550
1,568,188
(1-day SOFR + 1.32%), 5.50%, 01/24/36(c)
 
1,705
1,744,292
(1-day SOFR + 1.34%), 4.95%, 10/22/35(c)
 
1,960
1,936,570
(1-day SOFR + 1.44%), 5.10%, 04/22/31(c)
 
1,590
1,619,907
(1-day SOFR + 1.45%), 5.30%, 07/24/29(c)
 
1,545
1,570,613
(1-day SOFR + 1.46%), 5.29%, 07/22/35(c)
 
2,225
2,246,976
(1-day SOFR + 1.49%), 5.77%, 04/22/35(c)
 
1,770
1,844,520
(1-day SOFR + 1.57%), 6.09%, 10/23/29(c)
 
1,425
1,477,068
(1-day SOFR + 1.62%), 5.34%, 01/23/35(c)
 
1,876
1,903,359
(1-day SOFR + 1.64%), 5.58%, 07/23/36(c)
 
2,485
2,526,333
(1-day SOFR + 1.68%), 5.57%, 04/22/36(c)
 
2,110
2,170,376
(1-day SOFR + 1.75%), 4.57%, 06/14/30(c)
 
1,250
1,250,553
(1-day SOFR + 1.80%), 4.59%, 04/26/33(c)
 
1,598
1,576,246
(1-day SOFR + 1.81%), 6.25%, 10/23/34(c)
 
1,724
1,850,515
(1-day SOFR + 1.85%), 5.35%, 06/01/34(c)
 
2,815
2,873,694
(1-day SOFR + 1.89%), 2.18%, 06/01/28(c)
 
1,000
976,687
(1-day SOFR + 1.99%), 4.85%, 07/25/28(c)
 
2,600
2,613,501
(1-day SOFR + 2.04%), 2.52%, 04/22/31(c)
 
1,755
1,623,225
(1-day SOFR + 2.08%), 4.91%, 07/25/33(c)
 
2,738
2,743,506
(1-day SOFR + 2.58%), 5.72%, 09/14/33(c)
 
2,102
2,180,338
(3-mo. CME Term SOFR + 1.11%), 1.76%,
11/19/31(c)
 
829
730,558
(3-mo. CME Term SOFR + 1.21%), 3.51%,
01/23/29(c)
 
1,529
1,506,682
(3-mo. CME Term SOFR + 1.25%), 2.58%,
04/22/32(c)
 
2,342
2,119,466
(3-mo. CME Term SOFR + 1.38%), 4.01%,
04/23/29(c)
 
1,319
1,308,578
(3-mo. CME Term SOFR + 1.42%), 3.70%,
05/06/30(c)
 
1,529
1,492,980
(3-mo. CME Term SOFR + 1.51%), 2.74%,
10/15/30(c)
 
2,291
2,157,058
(3-mo. CME Term SOFR + 1.52%), 4.20%,
07/23/29(c)
 
1,749
1,738,053
(3-mo. CME Term SOFR + 1.59%), 4.45%,
12/05/29(c)
 
1,605
1,603,020
(3-mo. CME Term SOFR + 1.64%), 3.54%,
05/01/28(c)
 
1,450
1,437,813
(3-mo. CME Term SOFR + 2.52%), 2.96%,
05/13/31(c)
 
2,091
1,950,390
(3-mo. CME Term SOFR + 3.79%), 4.49%,
03/24/31(c)
 
1,959
1,952,875
Keybank National Association
 
5.00%, 01/26/33
 
450
445,173
Series BKNT, 5.85%, 11/15/27
 
500
509,530
Series BKNT, 4.39%, 12/14/27
 
250
249,664
Series BKNT, 6.95%, 02/01/28
 
300
311,212
Series BKNT, 3.90%, 04/13/29
 
261
255,349
10
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Keybank National Association (continued)
 
Series BKNT, 4.90%, 08/08/32
$
550
$ 539,859
KeyCorp
 
4.10%, 04/30/28
 
495
491,668
2.55%, 10/01/29
 
513
480,382
(1-day SOFR + 1.37%), 5.31%, 01/28/37(c)
 
485
476,401
(1-day SOFR Index + 1.23%), 5.12%, 04/04/31(c)
 
494
498,786
(1-day SOFR Index + 2.06%), 4.79%, 06/01/33(c)
 
546
535,084
(1-day SOFR Index + 2.42%), 6.40%,
03/06/35(a)(c)
 
558
593,176
Kreditanstalt fuer Wiederaufbau
 
4.00%, 06/28/27
 
2,000
2,001,961
3.50%, 08/27/27
 
2,000
1,989,140
3.75%, 02/15/28
 
1,650
1,645,661
2.88%, 04/03/28(a)
 
1,150
1,128,270
3.88%, 06/15/28
 
3,000
2,998,558
3.50%, 08/09/28
 
2,000
1,982,307
4.00%, 03/15/29
 
3,000
3,006,425
1.75%, 09/14/29
 
1,243
1,157,665
4.63%, 03/18/30
 
1,995
2,041,163
3.75%, 07/15/30(a)
 
3,000
2,971,615
0.75%, 09/30/30
 
789
685,973
4.75%, 10/29/30
 
1,500
1,544,909
4.13%, 07/15/33
 
2,600
2,580,761
4.38%, 02/28/34(a)
 
2,000
2,011,870
Series GLOB, 3.88%, 05/15/28(a)
 
2,000
1,999,055
Landwirtschaftliche Rentenbank
 
4.63%, 04/17/29
 
1,000
1,018,725
4.13%, 05/28/30
 
955
958,991
0.88%, 09/03/30
 
1,559
1,365,503
5.00%, 10/24/33
 
600
627,117
Series 37, 2.50%, 11/15/27
 
1,400
1,370,167
Lloyds Banking Group PLC
 
4.38%, 03/22/28
 
678
677,284
4.55%, 08/16/28
 
710
711,553
(1-year CMT + 0.60%), 4.24%, 02/10/30(c)
 
400
396,164
(1-year CMT + 0.82%), 4.43%, 11/04/31(c)
 
800
788,171
(1-year CMT + 0.83%), 4.82%, 06/13/29(c)
 
800
805,081
(1-year CMT + 0.85%), 5.09%, 11/26/28(c)
 
600
605,229
(1-year CMT + 0.97%), 4.94%, 11/04/36(c)
 
800
772,484
(1-year CMT + 1.07%), 5.72%, 06/05/30(c)
 
1,000
1,032,079
(1-year CMT + 1.20%), 5.59%, 11/26/35(c)
 
600
611,218
(1-year CMT + 1.60%), 6.07%, 06/13/36(c)
 
800
819,014
(1-year CMT + 1.70%), 5.87%, 03/06/29(c)
 
1,000
1,024,162
(1-year CMT + 1.75%), 5.68%, 01/05/35(c)
 
1,200
1,237,227
(1-year CMT + 2.30%), 4.98%, 08/11/33(c)
 
900
898,495
(1-year CMT + 3.75%), 7.95%, 11/15/33(c)
 
500
570,294
(3-mo. SOFR US + 1.47%), 3.57%, 11/07/28(c)
 
1,300
1,283,576
M&T Bank Corp.(c)
 
(1-day SOFR + 0.93%), 4.83%, 01/16/29
 
145
145,505
(1-day SOFR + 1.40%), 5.18%, 07/08/31
 
486
491,839
(1-day SOFR + 1.61%), 5.39%, 01/16/36
 
1,120
1,115,752
(1-day SOFR + 1.85%), 5.05%, 01/27/34
 
550
545,171
(1-day SOFR + 2.26%), 6.08%, 03/13/32
 
466
488,308
(1-day SOFR + 2.80%), 7.41%, 10/30/29
 
400
426,230
(1-day SOFR Index + 1.78%), 4.55%, 08/16/28
 
450
449,880
(5-year CMT + 1.38%), 5.30%, 04/18/36
 
175
173,511
(5-year CMT + 1.43%), 5.40%, 07/30/35
 
150
150,056
Manufacturers & Traders Trust Co.
 
4.70%, 01/27/28
 
650
653,490
(1-day SOFR + 0.94%), 4.55%, 04/18/30(c)
 
250
249,352
(1-day SOFR + 0.95%), 4.76%, 07/06/28(c)
 
500
501,277
Security
 
Par
(000)
Value
Banks (continued)
Manufacturers & Traders Trust Co. (continued)
 
Series BKNT, 3.40%, 08/17/27
$
250
$ 246,367
Mitsubishi UFJ Financial Group, Inc.
 
3.29%, 07/25/27
 
529
523,194
3.96%, 03/02/28
 
729
724,647
4.05%, 09/11/28
 
640
635,409
3.74%, 03/07/29
 
1,159
1,140,379
3.20%, 07/18/29
 
1,100
1,055,112
2.56%, 02/25/30
 
760
704,375
2.05%, 07/17/30
 
910
820,761
(1-year CMT + 0.78%), 4.59%, 04/18/30(c)
 
200
200,074
(1-year CMT + 0.78%), 5.20%, 01/16/31(c)
 
400
406,140
(1-year CMT + 0.80%), 4.53%, 09/12/31(c)
 
600
593,114
(1-year CMT + 0.80%), 4.51%, 01/14/32(c)
 
600
590,953
(1-year CMT + 0.82%), 5.26%, 04/17/30(c)
 
600
610,554
(1-year CMT + 0.90%), 5.06%, 01/14/37(a)(c)
 
1,000
980,444
(1-year CMT + 0.92%), 4.85%, 04/21/32(c)
 
200
199,770
(1-year CMT + 0.93%), 5.19%, 09/12/36(c)
 
1,000
992,820
(1-year CMT + 0.95%), 2.31%, 07/20/32(c)
 
1,110
980,720
(1-year CMT + 0.95%), 5.57%, 01/16/36(c)
 
800
818,209
(1-year CMT + 0.97%), 2.49%, 10/13/32(c)
 
600
531,436
(1-year CMT + 1.00%), 5.43%, 04/17/35(c)
 
1,000
1,015,969
(1-year CMT + 1.02%), 5.33%, 04/21/37(c)
 
800
798,226
(1-year CMT + 1.10%), 2.85%, 01/19/33(c)
 
600
537,850
(1-year CMT + 1.17%), 5.16%, 04/24/31(c)
 
680
690,025
(1-year CMT + 1.27%), 5.62%, 04/24/36(c)
 
1,000
1,024,437
(1-year CMT + 1.38%), 5.42%, 02/22/29(c)
 
630
639,653
(1-year CMT + 1.53%), 5.48%, 02/22/31(c)
 
440
451,224
(1-year CMT + 1.55%), 4.32%, 04/19/33(c)
 
400
386,715
(1-year CMT + 1.63%), 5.44%, 02/22/34(c)
 
755
772,038
(1-year CMT + 1.70%), 5.24%, 04/19/29(c)
 
335
339,490
(1-year CMT + 1.90%), 5.35%, 09/13/28(c)
 
955
966,101
(1-year CMT + 1.95%), 5.02%, 07/20/28(c)
 
900
905,802
(1-year CMT + 1.97%), 5.41%, 04/19/34(c)
 
600
612,692
(1-year CMT + 2.13%), 5.13%, 07/20/33(c)
 
800
804,557
(1-year CMT + 2.13%), 5.47%, 09/13/33(c)
 
450
461,108
Mizuho Financial Group, Inc.
 
3.17%, 09/11/27
 
678
667,580
4.02%, 03/05/28
 
800
795,720
2.56%, 09/13/31
 
610
538,641
(1-year CMT + 0.70%), 4.44%, 05/12/32(c)
 
400
392,441
(1-year CMT + 0.82%), 5.10%, 05/13/31(c)
 
450
455,734
(1-year CMT + 0.85%), 5.05%, 05/12/37(c)
 
400
392,471
(1-year CMT + 0.87%), 2.17%, 05/22/32(c)
 
400
351,304
(1-year CMT + 0.90%), 2.26%, 07/09/32(c)
 
400
351,486
(1-year CMT + 0.92%), 4.71%, 07/08/31(c)
 
610
609,660
(1-year CMT + 0.98%), 5.42%, 05/13/36(c)
 
400
404,636
(1-year CMT + 1.07%), 5.32%, 07/08/36(c)
 
600
601,948
(1-year CMT + 1.08%), 5.38%, 07/10/30(c)
 
600
612,835
(1-year CMT + 1.12%), 5.38%, 05/26/30(c)
 
440
449,390
(1-year CMT + 1.25%), 3.26%, 05/22/30(a)(c)
 
200
192,690
(1-year CMT + 1.30%), 5.58%, 05/26/35(c)
 
400
410,174
(1-year CMT + 1.30%), 5.59%, 07/10/35(c)
 
550
564,456
(1-year CMT + 1.50%), 5.67%, 05/27/29(c)
 
600
614,366
(1-year CMT + 1.65%), 5.78%, 07/06/29(c)
 
800
821,211
(1-year CMT + 1.65%), 5.74%, 05/27/31(c)
 
300
310,909
(1-year CMT + 1.80%), 5.75%, 05/27/34(c)
 
600
623,673
(1-year CMT + 1.90%), 5.75%, 07/06/34(c)
 
600
623,088
(1-year CMT + 2.05%), 5.41%, 09/13/28(c)
 
600
607,924
(1-year CMT + 2.40%), 5.67%, 09/13/33(c)
 
500
518,852
(3-mo. CME Term SOFR + 1.33%), 2.59%,
05/25/31(c)
 
300
276,027
Schedule of Investments
11
Schedule of Investments (unaudited)(continued)
April 30, 2026
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 + 1.39%), 3.15%,
07/16/30(c)
$
378
$ 361,137
(3-mo. CME Term SOFR + 1.53%), 4.25%,
09/11/29(c)
 
600
596,229
(3-mo. CME Term SOFR + 1.53%), 1.98%,
09/08/31(c)
 
450
400,776
(3-mo. CME Term SOFR + 1.57%), 2.87%,
09/13/30(c)
 
420
396,525
(3-mo. CME Term SOFR + 1.77%), 2.20%,
07/10/31(c)
 
678
611,575
Morgan Stanley
 
3.59%, 07/22/28(c)
 
1,766
1,746,338
7.25%, 04/01/32
 
400
453,556
(1-day SOFR + 0.80%), 4.24%, 01/09/30(c)
 
1,560
1,543,859
(1-day SOFR + 0.95%), 4.49%, 01/16/32(c)
 
2,070
2,036,268
(1-day SOFR + 1.02%), 1.93%, 04/28/32(c)
 
1,872
1,628,576
(1-day SOFR + 1.03%), 1.79%, 02/13/32(c)
 
1,742
1,515,749
(1-day SOFR + 1.10%), 4.65%, 10/18/30(c)
 
1,975
1,971,198
(1-day SOFR + 1.11%), 5.23%, 01/15/31(c)
 
1,520
1,544,586
(1-day SOFR + 1.14%), 2.70%, 01/22/31(c)
 
2,159
2,007,955
(1-day SOFR + 1.18%), 2.24%, 07/21/32(c)
 
2,163
1,903,340
(1-day SOFR + 1.18%), 5.07%, 01/30/37(c)
 
1,525
1,496,548
(1-day SOFR + 1.20%), 4.71%, 03/12/32(c)
 
1,825
1,810,302
(1-day SOFR + 1.20%), 2.51%, 10/20/32(c)
 
1,546
1,369,821
(1-day SOFR + 1.22%), 5.04%, 07/19/30(c)
 
1,530
1,547,242
(1-day SOFR + 1.26%), 5.66%, 04/18/30(c)
 
1,415
1,453,595
(1-day SOFR + 1.29%), 2.94%, 01/21/33(c)
 
1,562
1,406,836
(1-day SOFR + 1.36%), 2.48%, 09/16/36(c)
 
2,017
1,746,403
(1-day SOFR + 1.38%), 4.99%, 04/12/29(c)
 
1,215
1,225,111
(1-day SOFR + 1.42%), 5.59%, 01/18/36(c)
 
1,815
1,860,778
(1-day SOFR + 1.45%), 5.17%, 01/16/30(c)
 
1,425
1,443,824
(1-day SOFR + 1.51%), 5.19%, 04/17/31(c)
 
1,650
1,675,531
(1-day SOFR + 1.56%), 5.32%, 07/19/35(c)
 
2,091
2,105,967
(1-day SOFR + 1.58%), 5.83%, 04/19/35(c)
 
1,781
1,849,610
(1-day SOFR + 1.59%), 5.16%, 04/20/29(c)
 
1,710
1,728,688
(1-day SOFR + 1.63%), 5.45%, 07/20/29(c)
 
1,480
1,507,391
(1-day SOFR + 1.73%), 5.12%, 02/01/29(c)
 
1,495
1,509,835
(1-day SOFR + 1.73%), 5.47%, 01/18/35(c)
 
1,738
1,769,287
(1-day SOFR + 1.76%), 5.66%, 04/17/36(c)
 
1,795
1,842,952
(1-day SOFR + 1.83%), 6.41%, 11/01/29(c)
 
1,280
1,333,874
(1-day SOFR + 1.87%), 5.25%, 04/21/34(c)
 
1,990
2,009,846
(1-day SOFR + 1.88%), 5.42%, 07/21/34(c)
 
1,600
1,631,237
(1-day SOFR + 2.05%), 6.63%, 11/01/34(c)
 
1,278
1,395,270
(1-day SOFR + 2.08%), 4.89%, 07/20/33(c)
 
1,365
1,360,197
(1-day SOFR + 2.24%), 6.30%, 10/18/28(c)
 
1,619
1,660,512
(1-day SOFR + 2.56%), 6.34%, 10/18/33(c)
 
1,881
2,013,360
(1-day SOFR + 2.62%), 5.30%, 04/20/37(c)
 
1,178
1,177,960
(1-day SOFR + 3.12%), 3.62%, 04/01/31(c)
 
2,086
2,005,303
(1-day SOFR Index + 0.96%), 4.56%, 04/10/30(c)
 
1,550
1,544,709
(1-day SOFR Index + 1.18%), 4.81%,
04/16/32(a)(c)
 
1,095
1,092,368
(1-day SOFR Index + 1.41%), 5.30%, 04/10/37(c)
 
2,660
2,646,908
(3-mo. CME Term SOFR + 1.40%), 3.77%,
01/24/29(c)
 
1,845
1,821,842
(3-mo. CME Term SOFR + 1.89%), 4.43%,
01/23/30(c)
 
2,017
2,007,199
(5-year CMT + 1.17%), 5.31%, 01/18/41(a)(c)
 
900
876,275
(5-year CMT + 1.80%), 5.94%, 02/07/39(c)
 
900
925,321
(5-year CMT + 2.43%), 5.95%, 01/19/38(c)
 
1,210
1,246,218
Series I, (1-day SOFR + 0.91%), 4.13%,
10/18/29(c)
 
1,305
1,290,980
Security
 
Par
(000)
Value
Banks (continued)
Morgan Stanley (continued)
 
Series I, (1-day SOFR + 1.07%), 4.36%,
10/22/31(c)
$
1,535
$ 1,505,395
Series I, (1-day SOFR + 1.31%), 4.89%,
10/22/36(c)
 
1,980
1,917,567
Morgan Stanley Bank N.A.(c)
 
Class BN, (1-day SOFR + 0.91%), 5.02%,
01/12/29
 
1,050
1,059,814
Series BKNT, (1-day SOFR + 0.87%), 5.50%,
05/26/28
 
1,400
1,415,547
Series BKNT, (1-day SOFR + 0.93%), 4.97%,
07/14/28
 
925
930,216
Morgan Stanley Private Bank N.A.(c)
 
(1-day SOFR + 0.77%), 4.47%, 07/06/28
 
1,320
1,319,552
(1-day SOFR + 1.08%), 4.73%, 07/18/31
 
1,620
1,617,402
Class BN, (1-day SOFR + 0.76%), 4.21%,
02/08/30
 
1,250
1,236,330
Class BN, (1-day SOFR + 0.78%), 4.20%,
11/17/28
 
1,390
1,384,966
Class BN, (1-day SOFR + 1.02%), 4.47%,
11/19/31
 
2,000
1,971,995
National Australia Bank Ltd.
 
3.91%, 06/09/27
 
1,000
998,115
5.09%, 06/11/27
 
630
636,971
4.50%, 10/26/27
 
775
778,942
4.94%, 01/12/28
 
700
708,942
4.31%, 06/13/28
 
470
471,078
4.90%, 06/13/28
 
400
405,502
3.85%, 12/13/28(a)
 
250
247,767
4.79%, 01/10/29
 
750
761,582
4.90%, 01/14/30
 
500
509,724
4.53%, 06/13/30
 
500
502,629
4.15%, 01/13/31
 
250
247,176
National Bank of Canada
 
5.60%, 12/18/28
 
750
772,023
4.50%, 10/10/29
 
750
749,438
(1-day SOFR Index + 0.76%), 4.17%, 01/20/29(c)
 
250
248,766
NatWest Group PLC(c)
 
(1-year CMT + 1.05%), 5.12%, 05/23/31
 
800
809,296
(1-year CMT + 1.22%), 4.96%, 08/15/30
 
800
807,021
(1-year CMT + 1.50%), 5.78%, 03/01/35
 
1,000
1,037,024
(1-year CMT + 1.95%), 5.81%, 09/13/29
 
800
822,218
(1-year CMT + 2.10%), 6.02%, 03/02/34
 
700
737,334
(1-year CMT + 2.27%), 5.52%, 09/30/28
 
625
634,030
(1-year CMT + 2.55%), 3.07%, 05/22/28
 
650
640,755
(3-mo. SOFR US + 2.02%), 4.89%, 05/18/29
 
928
933,802
(3-mo. SOFR US + 2.13%), 4.45%, 05/08/30
 
878
873,355
(3-mo. SOFR US + 2.17%), 5.08%, 01/27/30
 
978
988,600
(5-year CMT + 2.20%), 6.48%, 06/01/34
 
600
621,196
(5-year CMT + 2.35%), 3.03%, 11/28/35(a)
 
400
365,605
Northern Trust Corp.
 
3.65%, 08/03/28
 
313
309,820
3.15%, 05/03/29
 
313
303,377
1.95%, 05/01/30
 
650
592,694
4.15%, 11/19/30(a)
 
365
362,003
6.13%, 11/02/32
 
610
653,489
(3-mo. SOFR US + 1.39%), 3.38%, 05/08/32(c)
 
600
591,997
(5-year CMT + 1.05%), 5.12%, 11/19/40(c)
 
390
381,319
Oesterreichische Kontrollbank AG
 
4.75%, 05/21/27
 
920
927,115
4.25%, 03/01/28
 
900
904,437
4.00%, 05/28/28
 
1,000
1,000,760
12
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Oesterreichische Kontrollbank AG (continued)
 
4.13%, 01/18/29
$
1,000
$ 1,003,988
3.75%, 09/05/29
 
700
694,152
4.50%, 01/24/30(a)
 
975
990,268
3.75%, 09/10/30
 
1,000
988,039
3.75%, 01/15/31
 
1,000
987,269
Old National Bancorp, (3-mo. CME Term SOFR +
2.20%), 5.77%, 02/15/36(c)
 
200
199,615
Pinnacle Bank/Nashville TN, 5.63%, 02/15/28
 
500
503,543
PNC Bank N.A.
 
(1-day SOFR + 0.73%), 4.43%, 07/21/28(c)
 
750
750,198
Series BKNT, 3.10%, 10/25/27
 
500
492,400
Series BKNT, 3.25%, 01/22/28
 
250
246,156
Series BKNT, 4.05%, 07/26/28(a)
 
900
892,795
Series BKNT, 2.70%, 10/22/29
 
500
470,485
PNC Financial Services Group, Inc.
 
3.15%, 05/19/27
 
450
445,605
3.45%, 04/23/29
 
1,073
1,048,052
2.55%, 01/22/30(a)
 
1,331
1,242,241
(1-day SOFR + 0.98%), 2.31%, 04/23/32(c)
 
629
561,814
(1-day SOFR + 1.07%), 5.22%, 01/29/31(c)
 
510
520,406
(1-day SOFR + 1.20%), 5.49%, 05/14/30(c)
 
1,276
1,310,635
(1-day SOFR + 1.26%), 4.81%, 10/21/32(c)
 
1,180
1,178,843
(1-day SOFR + 1.33%), 4.90%, 05/13/31(c)
 
575
579,329
(1-day SOFR + 1.39%), 5.58%, 01/29/36(c)
 
1,100
1,123,783
(1-day SOFR + 1.42%), 5.37%, 07/21/36(c)
 
1,125
1,130,604
(1-day SOFR + 1.60%), 5.40%, 07/23/35(a)(c)
 
1,220
1,237,511
(1-day SOFR + 1.62%), 5.35%, 12/02/28(c)
 
675
684,799
(1-day SOFR + 1.84%), 5.58%, 06/12/29(c)
 
1,658
1,697,909
(1-day SOFR + 1.90%), 5.68%, 01/22/35(c)
 
1,012
1,042,887
(1-day SOFR + 1.93%), 5.07%, 01/24/34(c)
 
1,175
1,177,420
(1-day SOFR + 1.95%), 5.94%, 08/18/34(c)
 
300
315,081
(1-day SOFR + 2.28%), 6.88%, 10/20/34(c)
 
1,399
1,546,419
(1-day SOFR Index + 1.85%), 4.63%, 06/06/33(c)
 
450
437,514
(1-day SOFR Index + 2.14%), 6.04%, 10/28/33(c)
 
648
684,670
(5-year CMT + 1.17%), 5.42%, 01/25/41(c)
 
320
313,761
Regions Financial Corp.
 
1.80%, 08/12/28
 
363
341,415
(1-day SOFR + 1.49%), 5.72%, 06/06/30(c)
 
325
333,851
(1-day SOFR + 2.06%), 5.50%, 09/06/35(a)(c)
 
600
602,540
Royal Bank of Canada
 
4.24%, 08/03/27
 
750
751,014
6.00%, 11/01/27
 
800
820,758
4.90%, 01/12/28
 
300
303,280
5.20%, 08/01/28
 
580
590,884
4.95%, 02/01/29
 
433
440,327
2.30%, 11/03/31
 
900
804,242
3.88%, 05/04/32
 
700
674,248
5.00%, 02/01/33
 
1,460
1,475,329
5.00%, 05/02/33
 
562
568,282
5.15%, 02/01/34
 
791
809,266
(1-day SOFR + 0.70%), 4.00%, 11/03/28(c)
 
625
620,920
(1-day SOFR + 0.83%), 4.97%, 01/24/29(c)
 
850
857,467
(1-day SOFR + 0.84%), 4.40%, 04/17/30(c)
 
750
746,905
(1-day SOFR + 0.89%), 4.50%, 08/06/29(c)
 
725
725,516
(1-day SOFR + 0.98%), 4.31%, 11/03/31(c)
 
625
614,614
(1-day SOFR + 1.01%), 4.61%, 05/03/32(c)
 
750
745,417
(1-day SOFR + 1.03%), 5.15%, 02/04/31(c)
 
950
965,954
(1-day SOFR + 1.06%), 4.70%, 08/06/31(c)
 
575
574,732
(1-day SOFR + 1.10%), 4.97%, 08/02/30(c)
 
700
708,348
(1-day SOFR Index + 0.86%), 4.52%, 10/18/28(c)
 
350
350,624
(1-day SOFR Index + 1.08%), 4.65%, 10/18/30(c)
 
1,358
1,361,763
(1-day SOFR Index + 1.13%), 4.97%, 05/02/31(c)
 
775
784,415
Security
 
Par
(000)
Value
Banks (continued)
Santander Holdings USA, Inc.
 
4.40%, 07/13/27
$
650
$ 649,439
(1-day SOFR + 1.61%), 5.47%, 03/20/29(c)
 
500
507,276
(1-day SOFR + 1.88%), 5.74%, 03/20/31(c)
 
400
411,208
(1-day SOFR + 1.94%), 5.35%, 09/06/30(c)
 
638
645,112
(1-day SOFR + 2.14%), 6.34%, 05/31/35(a)(c)
 
510
537,669
(1-day SOFR + 2.36%), 6.50%, 03/09/29(c)
 
496
511,578
(1-day SOFR + 2.50%), 6.17%, 01/09/30(c)
 
611
630,487
(1-day SOFR + 2.70%), 6.57%, 06/12/29(c)
 
388
401,492
(1-day SOFR + 3.28%), 7.66%, 11/09/31(a)(c)
 
300
331,264
Santander U.K. Group Holdings PLC(c)
 
(1-day SOFR + 1.48%), 2.90%, 03/15/32
 
450
409,461
(1-day SOFR + 2.60%), 6.53%, 01/10/29
 
800
825,126
(1-day SOFR Index + 1.07%), 4.32%, 09/22/29
 
800
793,588
(1-day SOFR Index + 1.52%), 5.69%, 04/15/31
 
550
565,869
(1-day SOFR Index + 1.55%), 4.86%, 09/11/30
 
600
600,487
(1-day SOFR Index + 1.58%), 5.14%, 09/22/36
 
800
773,963
(3-mo. SOFR US + 1.66%), 3.82%, 11/03/28
 
600
593,190
Simmons First National Corp., (3-mo. CME Term
SOFR + 3.02%), 6.25%, 10/01/35(c)
 
100
100,575
Southstate Bank Corp., (3-mo. CME Term SOFR +
3.19%), 7.00%, 06/13/35(c)
 
200
207,843
Standard Chartered Bank, 4.85%, 12/03/27
 
250
252,182
State Street Bank & Trust Co., 4.78%, 11/23/29
 
500
507,201
State Street Corp.
 
4.33%, 10/22/27
 
841
843,095
4.54%, 02/28/28
 
834
839,018
2.40%, 01/24/30(a)
 
489
458,593
4.73%, 02/28/30
 
400
403,995
4.83%, 04/24/30
 
500
507,154
2.20%, 03/03/31
 
450
403,446
(1-day SOFR + 0.91%), 4.56%, 04/23/32(c)
 
325
323,403
(1-day SOFR + 1.00%), 2.62%, 02/07/33(c)
 
441
393,826
(1-day SOFR + 1.02%), 4.53%, 02/20/29(c)
 
500
502,048
(1-day SOFR + 1.05%), 4.68%, 10/22/32(c)
 
525
524,869
(1-day SOFR + 1.20%), 5.09%, 04/24/37(c)
 
325
322,156
(1-day SOFR + 1.22%), 5.15%, 02/28/36(c)
 
500
500,596
(1-day SOFR + 1.22%), 4.78%, 10/23/36(c)
 
675
658,883
(1-day SOFR + 1.48%), 5.68%, 11/21/29(c)
 
500
516,458
(1-day SOFR + 1.49%), 3.03%, 11/01/34(c)
 
330
310,043
(1-day SOFR + 1.57%), 4.82%, 01/26/34(c)
 
600
597,212
(1-day SOFR + 1.61%), 4.42%, 05/13/33(c)
 
350
342,949
(1-day SOFR + 1.72%), 5.82%, 11/04/28(c)
 
115
117,510
(1-day SOFR + 1.73%), 4.16%, 08/04/33(c)
 
500
482,534
(1-day SOFR + 1.89%), 5.16%, 05/18/34(c)
 
550
557,098
(1-day SOFR + 1.96%), 6.12%, 11/21/34(c)
 
350
369,551
(1-day SOFR + 2.65%), 3.15%, 03/30/31(c)
 
335
319,382
(3-mo. CME Term SOFR + 1.29%), 4.14%,
12/03/29(a)(c)
 
250
248,824
Sumitomo Mitsui Financial Group, Inc.
 
3.36%, 07/12/27
 
1,177
1,164,301
3.35%, 10/18/27
 
413
407,674
5.52%, 01/13/28
 
1,100
1,119,783
3.54%, 01/17/28
 
309
304,939
5.80%, 07/13/28
 
500
513,942
3.94%, 07/19/28
 
514
508,772
5.72%, 09/14/28
 
400
410,759
1.90%, 09/17/28
 
1,582
1,490,662
4.31%, 10/16/28(a)
 
432
430,700
2.47%, 01/14/29
 
400
379,756
4.11%, 01/15/29
 
490
485,823
5.32%, 07/09/29(a)
 
400
408,503
3.04%, 07/16/29
 
1,640
1,564,793
Schedule of Investments
13
Schedule of Investments (unaudited)(continued)
April 30, 2026
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)
 
2.72%, 09/27/29
$
478
$ 449,609
5.71%, 01/13/30
 
700
724,213
2.75%, 01/15/30
 
750
701,371
5.24%, 04/15/30
 
400
408,196
2.13%, 07/08/30
 
960
866,570
5.85%, 07/13/30
 
500
520,575
2.14%, 09/23/30
 
470
420,745
1.71%, 01/12/31
 
235
205,440
5.42%, 07/09/31
 
600
615,784
2.22%, 09/17/31
 
600
525,976
5.45%, 01/15/32
 
200
205,702
5.77%, 01/13/33
 
1,050
1,094,527
5.78%, 07/13/33
 
500
521,145
5.81%, 09/14/33(a)
 
600
628,157
5.56%, 07/09/34
 
1,000
1,026,817
5.63%, 01/15/35
 
600
618,986
(1-day SOFR + 1.02%), 4.49%, 01/15/32(c)
 
600
590,839
(1-day SOFR + 1.19%), 4.66%, 07/08/31(c)
 
500
497,438
(1-day SOFR + 1.22%), 5.05%, 01/15/37(c)
 
755
740,765
(1-day SOFR + 1.38%), 4.95%, 07/08/33(c)
 
500
498,704
(1-day SOFR + 1.50%), 5.25%, 07/08/36(c)
 
500
500,436
(5-year CMT + 1.30%), 5.33%, 03/03/41(c)
 
300
292,499
Synchrony Bank, 5.63%, 08/23/27
 
500
504,662
Synovus Financial Corp., (1-day SOFR + 2.35%),
6.17%, 11/01/30(c)
 
334
342,383
Texas Capital Bancshares, Inc., (1-day SOFR +
1.94%), 5.30%, 02/27/32(c)
 
200
198,304
Toronto-Dominion Bank
 
4.11%, 06/08/27
 
816
814,658
4.69%, 09/15/27
 
674
677,648
5.16%, 01/10/28
 
1,350
1,366,836
3.91%, 01/13/28
 
150
148,977
4.86%, 01/31/28
 
998
1,005,953
4.57%, 06/02/28
 
650
652,581
5.52%, 07/17/28
 
747
764,836
4.11%, 10/13/28
 
425
422,425
4.99%, 04/05/29
 
605
614,244
4.36%, 04/23/29
 
450
448,671
4.78%, 12/17/29
 
550
556,178
4.81%, 06/03/30
 
650
655,463
4.41%, 01/13/31
 
150
148,694
2.00%, 09/10/31(a)
 
595
525,903
2.45%, 01/12/32
 
413
365,975
5.30%, 01/30/32
 
500
513,028
3.20%, 03/10/32
 
1,015
935,825
4.46%, 06/08/32
 
1,432
1,410,202
4.87%, 04/22/33
 
650
646,290
4.93%, 10/15/35
 
925
907,159
(5-year CMT + 1.50%), 5.15%, 09/10/34(c)
 
650
653,343
Truist Bank
 
Series BKNT, 2.25%, 03/11/30
 
761
694,377
Series BKNT, Class BN, (1-day SOFR + 0.77%),
4.42%, 07/24/28(c)
 
1,135
1,134,176
Series BKNT, Class BN, (1-day SOFR + 0.91%),
4.14%, 10/23/29(c)
 
800
792,160
Series I, Class BN, (1-day SOFR + 0.66%), 4.14%,
01/27/29(c)
 
795
791,249
Truist Financial Corp.
 
1.13%, 08/03/27
 
435
418,356
3.88%, 03/19/29
 
330
324,001
1.95%, 06/05/30
 
535
484,132
(1-day SOFR + 0.86%), 1.89%, 06/07/29(c)
 
529
501,369
Security
 
Par
(000)
Value
Banks (continued)
Truist Financial Corp. (continued)
 
(1-day SOFR + 0.97%), 4.60%, 01/27/32(c)
$
760
$ 752,311
(1-day SOFR + 1.31%), 5.07%, 05/20/31(c)
 
700
708,163
(1-day SOFR + 1.37%), 4.12%, 06/06/28(c)
 
123
122,564
(1-day SOFR + 1.40%), 4.96%, 10/23/36(a)(c)
 
825
796,771
(1-day SOFR + 1.44%), 4.87%, 01/26/29(a)(c)
 
1,054
1,061,403
(1-day SOFR + 1.57%), 5.15%, 08/05/32(c)
 
625
633,173
(1-day SOFR + 1.62%), 5.44%, 01/24/30(c)
 
899
919,847
(1-day SOFR + 1.85%), 5.12%, 01/26/34(c)
 
999
998,286
(1-day SOFR + 1.92%), 5.71%, 01/24/35(c)
 
1,248
1,284,340
(1-day SOFR + 2.24%), 4.92%, 07/28/33(c)
 
502
491,648
(1-day SOFR + 2.30%), 6.12%, 10/28/33(c)
 
500
529,129
(1-day SOFR + 2.36%), 5.87%, 06/08/34(c)
 
1,165
1,212,375
(1-day SOFR + 2.45%), 7.16%, 10/30/29(a)(c)
 
1,035
1,098,061
Series I, (1-day SOFR + 1.09%), 4.68%,
04/23/32(c)
 
600
594,495
Series I, (1-day SOFR + 1.41%), 5.28%,
04/23/37(c)
 
600
592,168
U.S. Bancorp
 
3.90%, 04/26/28(a)
 
965
959,145
3.00%, 07/30/29
 
634
605,825
1.38%, 07/22/30
 
669
589,445
(1-day SOFR + 0.87%), 4.48%, 01/26/32(c)
 
525
518,823
(1-day SOFR + 1.02%), 2.68%, 01/27/33(c)
 
413
368,029
(1-day SOFR + 1.06%), 5.05%, 02/12/31(c)
 
605
613,767
(1-day SOFR + 1.10%), 5.03%, 01/26/37(c)
 
525
516,641
(1-day SOFR + 1.23%), 4.65%, 02/01/29(c)
 
847
850,248
(1-day SOFR + 1.25%), 5.10%, 07/23/30(c)
 
810
823,668
(1-day SOFR + 1.30%), 5.08%, 05/15/31(c)
 
750
761,411
(1-day SOFR + 1.41%), 5.42%, 02/12/36(c)
 
840
855,277
(1-day SOFR + 1.56%), 5.38%, 01/23/30(c)
 
1,018
1,042,456
(1-day SOFR + 1.60%), 4.84%, 02/01/34(c)
 
1,200
1,186,387
(1-day SOFR + 1.66%), 4.55%, 07/22/28(c)
 
760
761,093
(1-day SOFR + 1.86%), 5.68%, 01/23/35(c)
 
1,224
1,264,747
(1-day SOFR + 2.02%), 5.78%, 06/12/29(c)
 
1,045
1,072,166
(1-day SOFR + 2.09%), 5.85%, 10/21/33(c)
 
1,162
1,218,366
(1-day SOFR + 2.11%), 4.97%, 07/22/33(c)
 
875
869,503
(1-day SOFR + 2.26%), 5.84%, 06/12/34(c)
 
933
973,653
(5-year CMT + 0.95%), 2.49%, 11/03/36(c)
 
1,007
874,283
U.S. Bank N.A., (1-day SOFR + 0.91%), 4.73%,
05/15/28(c)
 
750
752,515
UBS AG
 
5.00%, 07/09/27
 
400
403,271
5.65%, 09/11/28
 
1,000
1,030,606
(1-day SOFR + 0.81%), 4.30%, 03/16/29(a)(c)
 
1,000
999,229
(1-day SOFR + 1.11%), 4.63%, 02/16/32(c)
 
750
748,643
Wachovia Corp., 5.50%, 08/01/35
 
250
252,556
Webster Financial Corp., 4.10%, 03/25/29
 
200
195,566
Wells Fargo & Co.
 
4.30%, 07/22/27
 
1,667
1,664,771
4.15%, 01/24/29
 
1,374
1,366,935
(1-day SOFR + 0.74%), 4.18%, 01/23/30(a)(c)
 
1,170
1,159,570
(1-day SOFR + 0.88%), 4.08%, 09/15/29(c)
 
1,675
1,657,527
(1-day SOFR + 1.10%), 4.96%, 01/23/37(a)(c)
 
2,050
1,996,293
(1-day SOFR + 1.11%), 5.24%, 01/24/31(c)
 
2,091
2,131,529
(1-day SOFR + 1.34%), 4.89%, 09/15/36(c)
 
1,225
1,191,951
(1-day SOFR + 1.37%), 4.97%, 04/23/29(c)
 
1,500
1,513,062
(1-day SOFR + 1.38%), 5.21%, 12/03/35(c)
 
1,650
1,646,370
(1-day SOFR + 1.50%), 5.20%, 01/23/30(c)
 
1,720
1,749,238
(1-day SOFR + 1.50%), 5.15%, 04/23/31(c)
 
2,375
2,415,848
(1-day SOFR + 1.50%), 3.35%, 03/02/33(c)
 
2,463
2,267,404
(1-day SOFR + 1.74%), 5.57%, 07/25/29(c)
 
2,394
2,447,027
(1-day SOFR + 1.74%), 5.61%, 04/23/36(c)
 
1,795
1,838,135
14
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Wells Fargo & Co. (continued)
 
(1-day SOFR + 1.78%), 5.50%, 01/23/35(c)
$
1,965
$ 2,002,397
(1-day SOFR + 1.79%), 6.30%, 10/23/29(c)
 
1,571
1,634,780
(1-day SOFR + 1.98%), 4.81%, 07/25/28(c)
 
2,045
2,053,288
(1-day SOFR + 1.99%), 5.56%, 07/25/34(c)
 
2,556
2,625,163
(1-day SOFR + 2.02%), 5.39%, 04/24/34(c)
 
2,335
2,374,165
(1-day SOFR + 2.06%), 6.49%, 10/23/34(c)
 
1,966
2,127,165
(1-day SOFR + 2.10%), 2.39%, 06/02/28(c)
 
2,045
2,000,503
(1-day SOFR + 2.10%), 4.90%, 07/25/33(c)
 
2,873
2,864,737
(3-mo. CME Term SOFR + 1.26%), 2.57%,
02/11/31(c)
 
1,943
1,802,549
(3-mo. CME Term SOFR + 1.43%), 2.88%,
10/30/30(c)
 
2,209
2,085,411
(3-mo. CME Term SOFR + 1.57%), 3.58%,
05/22/28(c)
 
2,143
2,124,817
(3-mo. CME Term SOFR + 4.03%), 4.48%,
04/04/31(c)
 
1,559
1,546,472
Westpac Banking Corp.
 
4.04%, 08/26/27
 
600
599,669
5.46%, 11/18/27
 
854
871,008
3.40%, 01/25/28
 
635
627,658
5.54%, 11/17/28
 
820
846,462
1.95%, 11/20/28
 
779
736,869
5.05%, 04/16/29
 
500
511,795
2.65%, 01/16/30
 
571
539,044
4.35%, 07/01/30(a)
 
550
550,397
2.15%, 06/03/31
 
536
481,123
6.82%, 11/17/33
 
428
467,885
(1-year CMT + 1.20%), 5.62%, 11/20/35(c)
 
950
963,347
(1-year CMT + 2.68%), 5.41%, 08/10/33(c)
 
550
558,345
(5-year CMT + 1.53%), 3.02%, 11/18/36(c)
 
820
733,832
(5-year CMT + 1.75%), 2.67%, 11/15/35(c)
 
957
862,393
(5-year CMT + 2.00%), 4.11%, 07/24/34(a)(c)
 
740
722,836
Wintrust Financial Corp., 4.85%, 06/06/29
 
150
147,688
Zions Bancorp N.A.
 
3.25%, 10/29/29
 
261
243,049
(1-day SOFR + 1.06%), 4.48%, 02/09/29(c)
 
250
248,631
(1-day SOFR + 1.16%), 4.70%, 08/18/28(c)
 
250
249,595
(1-day SOFR + 2.83%), 6.82%, 11/19/35(c)
 
250
260,862
 
 
927,271,029
Beverages — 1.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev
Worldwide, Inc., 4.70%, 02/01/36
 
3,300
3,220,550
Anheuser-Busch InBev Worldwide, Inc.
 
4.75%, 01/23/29(a)
 
2,067
2,087,317
3.50%, 06/01/30
 
1,311
1,267,906
4.90%, 01/23/31
 
400
408,445
5.00%, 06/15/34
 
863
873,203
5.88%, 06/15/35
 
200
213,672
Brown-Forman Corp., 4.75%, 04/15/33(a)
 
400
393,699
Coca-Cola Co.
 
2.90%, 05/25/27
 
163
161,239
1.45%, 06/01/27
 
900
876,337
1.50%, 03/05/28
 
429
410,891
1.00%, 03/15/28
 
676
639,944
2.13%, 09/06/29
 
729
683,992
3.45%, 03/25/30(a)
 
745
725,377
1.65%, 06/01/30
 
876
792,064
2.00%, 03/05/31
 
462
416,833
1.38%, 03/15/31
 
912
798,128
2.25%, 01/05/32(a)
 
1,233
1,106,479
Security
 
Par
(000)
Value
Beverages (continued)
Coca-Cola Co. (continued)
 
5.00%, 05/13/34
$
466
$ 479,405
4.65%, 08/14/34(a)
 
637
639,627
Coca-Cola Consolidated, Inc.
 
5.25%, 06/01/29
 
300
306,590
5.45%, 06/01/34
 
300
308,080
Coca-Cola Femsa SAB de CV
 
2.75%, 01/22/30
 
705
660,176
1.85%, 09/01/32
 
332
278,381
5.10%, 05/06/35
 
350
351,985
Constellation Brands, Inc.
 
3.50%, 05/09/27
 
179
177,619
4.35%, 05/09/27
 
400
400,188
3.60%, 02/15/28
 
450
443,640
4.65%, 11/15/28
 
250
250,830
4.80%, 01/15/29
 
175
176,036
3.15%, 08/01/29
 
829
794,088
2.88%, 05/01/30
 
379
355,073
4.80%, 05/01/30
 
325
327,166
2.25%, 08/01/31
 
652
576,073
4.75%, 05/09/32(a)
 
330
327,499
4.90%, 05/01/33
 
440
435,054
4.95%, 11/01/35
 
350
339,760
Diageo Capital PLC
 
5.30%, 10/24/27
 
500
507,509
3.88%, 05/18/28
 
478
474,474
2.38%, 10/24/29
 
766
715,122
2.00%, 04/29/30
 
678
615,130
2.13%, 04/29/32
 
478
413,330
5.50%, 01/24/33
 
500
516,856
5.63%, 10/05/33
 
600
624,079
Diageo Investment Corp.
 
5.13%, 08/15/30
 
600
612,849
5.63%, 04/15/35
 
500
520,384
Keurig Dr. Pepper, Inc.
 
3.43%, 06/15/27
 
314
310,546
4.35%, 05/15/28
 
250
249,055
4.60%, 05/25/28
 
702
702,532
5.05%, 03/15/29
 
543
548,785
3.95%, 04/15/29
 
632
620,251
3.20%, 05/01/30
 
413
388,472
4.60%, 05/15/30
 
250
248,164
4.05%, 04/15/32
 
615
583,738
5.30%, 03/15/34
 
325
323,737
5.15%, 05/15/35
 
450
440,402
Series 10, 5.20%, 03/15/31
 
225
227,732
Series 31, 2.25%, 03/15/31
 
213
188,762
Maple Parent Holdings Corp.(b)
 
4.75%, 03/26/29
 
150
149,968
5.05%, 03/26/31
 
200
200,214
5.70%, 03/26/36(a)
 
500
500,667
Pepsico Singapore Financing I Pte. Ltd.
 
4.55%, 02/16/29
 
225
227,105
4.70%, 02/16/34
 
325
323,642
PepsiCo, Inc.
 
3.00%, 10/15/27
 
963
950,363
4.45%, 02/07/28
 
300
302,299
3.60%, 02/18/28
 
445
441,413
4.45%, 05/15/28
 
456
459,409
4.10%, 01/15/29
 
575
574,529
7.00%, 03/01/29
 
150
161,145
4.50%, 07/17/29
 
425
428,363
Schedule of Investments
15
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Beverages (continued)
PepsiCo, Inc. (continued)
 
2.63%, 07/29/29
$
729
$ 694,651
4.60%, 02/07/30
 
700
709,513
2.75%, 03/19/30
 
1,025
968,797
1.63%, 05/01/30
 
646
583,051
4.30%, 07/23/30
 
435
436,699
1.40%, 02/25/31(a)
 
464
406,129
1.95%, 10/21/31
 
816
720,310
3.90%, 07/18/32
 
837
812,230
4.65%, 07/23/32
 
375
377,090
4.45%, 02/15/33(a)
 
550
551,556
4.80%, 07/17/34
 
425
426,822
5.00%, 02/07/35
 
854
861,579
5.00%, 07/23/35(a)
 
775
781,403
 
 
45,584,202
Biotechnology — 0.7%
Amgen, Inc.
 
3.20%, 11/02/27
 
865
852,351
5.15%, 03/02/28(a)
 
1,999
2,026,580
1.65%, 08/15/28
 
1,200
1,131,460
3.00%, 02/22/29
 
300
289,751
4.05%, 08/18/29
 
942
932,502
2.45%, 02/21/30
 
902
838,554
5.25%, 03/02/30
 
1,832
1,878,543
4.20%, 02/19/31
 
435
428,944
2.30%, 02/25/31
 
902
815,388
2.00%, 01/15/32
 
760
657,438
3.35%, 02/22/32
 
666
620,303
4.20%, 03/01/33
 
600
578,241
5.25%, 03/02/33
 
2,258
2,311,002
4.85%, 02/19/36
 
990
967,908
Biogen, Inc.
 
2.25%, 05/01/30(a)
 
1,007
921,703
5.05%, 01/15/31
 
120
122,061
5.75%, 05/15/35(a)
 
415
431,679
Bio-Rad Laboratories, Inc., 3.70%, 03/15/32
 
577
537,458
Gilead Sciences, Inc.
 
1.20%, 10/01/27
 
475
456,276
4.80%, 11/15/29
 
380
386,301
1.65%, 10/01/30
 
821
730,641
5.25%, 10/15/33
 
665
687,423
5.10%, 06/15/35(a)
 
704
709,422
4.60%, 09/01/35
 
600
585,098
Illumina, Inc.
 
5.75%, 12/13/27
 
200
203,554
4.75%, 12/12/30
 
225
223,854
2.55%, 03/23/31
 
395
355,738
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30
 
670
595,104
Royalty Pharma PLC
 
1.75%, 09/02/27
 
643
620,687
5.15%, 09/02/29
 
300
305,187
2.20%, 09/02/30
 
1,059
956,249
4.45%, 03/25/31
 
450
444,730
2.15%, 09/02/31
 
286
250,825
5.40%, 09/02/34
 
300
303,891
5.20%, 09/25/35
 
550
545,875
 
 
24,702,721
Security
 
Par
(000)
Value
Broadline Retail — 0.0%
TJX Cos., Inc.
 
1.15%, 05/15/28
$
350
$ 329,825
3.88%, 04/15/30
 
350
344,707
1.60%, 05/15/31
 
350
306,598
 
 
981,130
Building Materials — 0.6%
Amrize Finance U.S. LLC
 
4.70%, 04/07/28
 
425
426,612
4.95%, 04/07/30
 
898
907,845
5.40%, 04/07/35
 
595
606,036
Carlisle Cos., Inc.
 
3.75%, 12/01/27
 
400
395,872
2.75%, 03/01/30
 
599
560,173
2.20%, 03/01/32
 
325
280,804
5.25%, 09/15/35
 
320
320,681
Carrier Global Corp.
 
2.72%, 02/15/30
 
1,287
1,204,467
2.70%, 02/15/31
 
506
465,328
5.90%, 03/15/34
 
576
607,723
CRH America Finance, Inc.
 
4.40%, 02/09/31
 
500
493,859
5.40%, 05/21/34
 
500
509,312
5.50%, 01/09/35
 
650
664,265
5.00%, 02/09/36
 
700
688,494
CRH SMW Finance DAC
 
5.20%, 05/21/29
 
600
612,956
5.13%, 01/09/30
 
650
661,621
Eagle Materials, Inc.
 
2.50%, 07/01/31
 
403
360,384
5.00%, 03/15/36
 
400
383,771
Fortune Brands Innovations, Inc.
 
3.25%, 09/15/29
 
413
394,333
4.00%, 03/25/32(a)
 
479
452,386
5.88%, 06/01/33(a)
 
186
193,398
Johnson Controls International PLC, 6.00%, 01/15/36
 
100
105,798
Johnson Controls International PLC/Tyco Fire &
Security Finance SCA
 
5.50%, 04/19/29
 
300
309,521
1.75%, 09/15/30
 
411
365,821
2.00%, 09/16/31(a)
 
351
306,911
4.90%, 12/01/32
 
475
476,741
Lennox International, Inc., 5.50%, 09/15/28
 
254
259,141
Martin Marietta Materials, Inc.
 
3.45%, 06/01/27(a)
 
163
161,445
3.50%, 12/15/27
 
300
295,925
2.50%, 03/15/30
 
179
165,799
2.40%, 07/15/31
 
561
500,621
5.15%, 12/01/34
 
507
509,184
Masco Corp.
 
1.50%, 02/15/28
 
300
284,626
2.00%, 10/01/30
 
109
96,936
2.00%, 02/15/31(a)
 
413
364,845
Mohawk Industries, Inc.
 
5.85%, 09/18/28
 
250
257,056
3.63%, 05/15/30
 
425
407,943
Owens Corning
 
5.50%, 06/15/27
 
299
302,549
3.95%, 08/15/29(a)
 
270
265,211
3.50%, 02/15/30
 
290
278,433
3.88%, 06/01/30(a)
 
225
218,408
16
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Building Materials (continued)
Owens Corning (continued)
 
5.70%, 06/15/34(a)
$
422
$ 437,730
Trane Technologies Financing Ltd.
 
3.80%, 03/21/29
 
560
552,883
5.25%, 03/03/33
 
400
411,192
5.10%, 06/13/34
 
255
258,185
Trane Technologies Holdco, Inc., 3.75%, 08/21/28
 
300
297,446
Vulcan Materials Co.
 
4.95%, 12/01/29
 
325
330,192
3.50%, 06/01/30(a)
 
400
384,098
5.35%, 12/01/34
 
425
432,872
 
 
20,227,832
Building Products — 0.6%
Ferguson Enterprises, Inc.
 
4.35%, 03/15/31
 
300
295,532
5.00%, 10/03/34
 
500
496,718
Home Depot, Inc.
 
4.88%, 06/25/27
 
245
247,175
2.80%, 09/14/27(a)
 
671
660,195
0.90%, 03/15/28(a)
 
408
385,299
1.50%, 09/15/28(a)
 
555
523,538
3.75%, 09/15/28(a)
 
190
188,636
3.90%, 12/06/28
 
600
596,769
4.90%, 04/15/29
 
250
254,682
2.95%, 06/15/29
 
1,226
1,179,581
4.75%, 06/25/29
 
853
865,870
2.70%, 04/15/30
 
1,051
989,342
3.95%, 09/15/30(a)
 
235
232,066
1.38%, 03/15/31
 
775
671,448
4.85%, 06/25/31
 
595
607,462
1.88%, 09/15/31
 
671
588,314
3.25%, 04/15/32
 
734
685,657
4.50%, 09/15/32(a)
 
944
943,017
4.95%, 06/25/34
 
985
990,463
4.65%, 09/15/35
 
650
632,822
Lowe’s Cos., Inc.
 
3.95%, 10/15/27
 
600
598,326
1.30%, 04/15/28
 
899
849,053
1.70%, 09/15/28
 
652
613,521
4.00%, 10/15/28
 
600
595,436
6.50%, 03/15/29
 
260
274,595
3.65%, 04/05/29
 
913
894,400
4.50%, 04/15/30
 
829
830,656
1.70%, 10/15/30
 
941
833,043
4.25%, 03/15/31
 
700
689,398
2.63%, 04/01/31
 
1,129
1,031,999
3.75%, 04/01/32
 
929
882,286
4.50%, 10/15/32
 
850
835,247
5.00%, 04/15/33
 
850
855,211
5.15%, 07/01/33
 
552
558,107
4.85%, 10/15/35(a)
 
750
731,739
 
 
23,107,603
Capital Markets — 0.9%
Apollo Debt Solutions BDC
 
5.20%, 12/08/28(b)
 
250
247,285
6.90%, 04/13/29
 
600
618,735
5.88%, 08/30/30
 
300
297,947
5.70%, 01/23/31(b)
 
475
467,045
6.70%, 07/29/31
 
640
653,650
6.55%, 03/15/32
 
355
359,334
Security
 
Par
(000)
Value
Capital Markets (continued)
Ares Capital Corp.
 
2.88%, 06/15/27
$
179
$ 174,691
2.88%, 06/15/28
 
768
732,660
5.88%, 03/01/29
 
550
555,135
5.95%, 07/15/29
 
565
570,088
5.25%, 04/12/31
 
450
437,937
3.20%, 11/15/31(a)
 
563
493,079
5.80%, 03/08/32(a)
 
625
620,529
ARES Capital Corp.
 
5.50%, 09/01/30
 
615
606,762
5.10%, 01/15/31
 
375
363,774
Bain Capital Specialty Finance, Inc.
 
5.95%, 03/15/30(a)
 
250
245,040
5.95%, 03/01/31
 
200
193,809
Barings BDC, Inc.
 
5.20%, 09/15/28
 
200
196,088
7.00%, 02/15/29
 
250
254,063
Barings Private Credit Corp., 6.15%, 06/11/30(b)
 
250
244,082
Blackstone Private Credit Fund
 
4.95%, 09/26/27
 
250
248,171
7.30%, 11/27/28
 
450
465,868
4.00%, 01/15/29
 
393
374,063
5.95%, 07/16/29
 
575
575,095
5.60%, 11/22/29
 
300
295,940
5.25%, 04/01/30
 
250
242,158
5.05%, 09/10/30
 
300
287,373
6.25%, 01/25/31
 
300
300,014
5.35%, 03/12/31
 
450
433,168
5.95%, 05/15/31
 
500
491,813
6.00%, 01/29/32
 
650
638,358
6.00%, 11/22/34(a)
 
550
522,027
Blackstone Secured Lending Fund
 
5.88%, 11/15/27
 
175
176,194
5.35%, 04/13/28
 
450
448,865
2.85%, 09/30/28
 
390
365,741
5.25%, 09/04/29
 
100
98,575
5.30%, 06/30/30
 
375
365,187
5.13%, 01/31/31(a)
 
350
337,289
Blue Owl Capital Corp.
 
2.88%, 06/11/28
 
526
493,169
5.95%, 03/15/29
 
758
753,179
6.20%, 07/15/30(a)
 
280
278,299
Blue Owl Credit Income Corp.
 
7.75%, 09/16/27
 
400
407,597
7.95%, 06/13/28
 
398
410,050
7.75%, 01/15/29
 
352
363,049
6.60%, 09/15/29
 
600
602,010
5.80%, 03/15/30
 
625
607,984
6.65%, 03/15/31(a)
 
470
468,504
Blue Owl Technology Finance Corp.(a)
 
6.10%, 03/15/28
 
465
463,042
6.75%, 04/04/29
 
400
401,004
6.13%, 01/23/31
 
250
241,180
Capital Southwest Corp., 5.95%, 09/18/30
 
250
247,798
Carlyle Secured Lending, Inc.
 
6.75%, 02/18/30
 
150
151,153
5.75%, 02/15/31
 
250
242,075
Franklin BSP Capital Corp.
 
7.20%, 06/15/29
 
200
203,086
6.00%, 10/02/30(b)
 
200
193,004
Goldman Sachs BDC, Inc.(a)
 
5.10%, 01/28/29
 
250
245,035
Schedule of Investments
17
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Capital Markets (continued)
Goldman Sachs BDC, Inc.(a) (continued)
 
5.65%, 09/09/30
$
325
$ 319,575
Goldman Sachs Private Credit Corp.(b)
 
5.05%, 02/23/28
 
150
148,187
5.88%, 05/06/28(a)
 
225
225,319
5.38%, 01/31/29
 
450
443,847
6.25%, 05/06/30
 
475
474,682
5.88%, 01/31/31
 
550
540,895
6.15%, 06/16/31
 
450
446,194
Golub Capital BDC, Inc.
 
7.05%, 12/05/28
 
425
437,493
6.00%, 07/15/29
 
502
503,404
Golub Capital Private Credit Fund
 
5.80%, 09/12/29
 
300
297,505
5.88%, 05/01/30(a)
 
302
298,341
5.60%, 04/15/31(b)
 
325
314,038
HA Sustainable Infrastructure Capital, Inc.
 
6.15%, 01/15/31(a)
 
275
282,805
6.38%, 07/01/34(a)
 
645
660,300
6.75%, 07/15/35
 
275
287,340
6.00%, 03/15/36
 
200
197,028
Main Street Capital Corp.
 
6.50%, 06/04/27
 
175
176,915
5.40%, 08/15/28
 
300
298,558
6.95%, 03/01/29(a)
 
375
386,576
Morgan Stanley Direct Lending Fund
 
6.15%, 05/17/29
 
250
253,058
6.00%, 05/19/30
 
250
249,516
MSD Investment Corp.
 
6.25%, 05/31/30
 
325
321,555
6.13%, 02/05/31(a)(b)
 
250
243,921
New Mountain Finance Corp.
 
6.20%, 10/15/27
 
200
199,899
6.88%, 02/01/29(a)
 
250
249,918
North Haven Private Income Fund LLC
 
5.13%, 09/25/28(b)
 
200
194,801
5.75%, 02/01/30
 
200
195,196
Nuveen Churchill Direct Lending Corp., 6.65%,
03/15/30
 
200
200,824
Oaktree Specialty Lending Corp.
 
7.10%, 02/15/29
 
200
203,679
6.34%, 02/27/30
 
245
241,927
Sixth Street Lending Partners
 
6.50%, 03/11/29
 
426
435,552
5.75%, 01/15/30(a)
 
350
348,210
6.13%, 07/15/30
 
500
502,561
Sixth Street Specialty Lending, Inc.
 
6.95%, 08/14/28
 
250
258,089
6.13%, 03/01/29(a)
 
200
202,696
5.63%, 08/15/30
 
190
188,866
 
 
32,998,120
Chemicals — 0.7%
Air Products and Chemicals, Inc.
 
4.30%, 06/11/28
 
400
400,963
4.60%, 02/08/29
 
450
453,319
2.05%, 05/15/30
 
623
568,469
4.75%, 02/08/31
 
386
390,595
4.90%, 10/11/32(a)
 
300
303,787
4.80%, 03/03/33
 
300
302,260
4.85%, 02/08/34(a)
 
672
673,278
Security
 
Par
(000)
Value
Chemicals (continued)
Albemarle Corp., 5.05%, 06/01/32(a)
$
123
$ 123,151
Cabot Corp.
 
4.00%, 07/01/29
 
93
91,273
5.00%, 06/30/32
 
400
400,768
CF Industries, Inc.
 
5.15%, 03/15/34
 
542
540,062
5.30%, 11/26/35(a)
 
675
675,685
Dow Chemical Co.
 
4.80%, 11/30/28
 
375
376,858
7.38%, 11/01/29
 
358
387,695
2.10%, 11/15/30
 
550
486,389
4.80%, 01/15/31
 
500
494,813
6.30%, 03/15/33(a)
 
362
381,785
5.15%, 02/15/34(a)
 
400
393,459
4.25%, 10/01/34
 
350
319,923
5.35%, 03/15/35(a)
 
325
321,791
5.65%, 03/15/36
 
300
299,061
DuPont de Nemours, Inc., 4.73%, 11/15/28(b)
 
558
559,979
Eastman Chemical Co.
 
4.50%, 12/01/28
 
179
179,097
5.00%, 08/01/29
 
615
621,192
4.50%, 02/20/31
 
250
245,504
5.75%, 03/08/33(a)
 
360
373,586
5.63%, 02/20/34
 
510
520,542
Ecolab, Inc.
 
3.25%, 12/01/27
 
329
324,839
5.25%, 01/15/28
 
304
309,077
4.30%, 06/15/28(a)
 
354
354,638
4.80%, 03/24/30
 
413
418,865
1.30%, 01/30/31
 
490
423,963
2.13%, 02/01/32
 
329
289,421
5.00%, 09/01/35
 
305
306,611
EIDP, Inc.
 
2.30%, 07/15/30(a)
 
374
344,447
5.13%, 05/15/32
 
300
305,083
4.80%, 05/15/33(a)
 
350
346,452
International Flavors & Fragrances, Inc., 4.45%,
09/26/28(a)
 
263
262,643
Linde, Inc., 1.10%, 08/10/30
 
383
337,275
Lubrizol Corp., 6.50%, 10/01/34(a)
 
100
111,173
LYB International Finance III LLC
 
2.25%, 10/01/30
 
384
344,307
5.13%, 01/15/31
 
310
311,399
5.63%, 05/15/33
 
420
426,954
5.50%, 03/01/34
 
425
425,429
6.15%, 05/15/35(a)
 
300
310,309
5.88%, 01/15/36(a)
 
640
646,477
Mosaic Co.
 
4.05%, 11/15/27
 
419
416,389
5.38%, 11/15/28(a)
 
200
203,847
4.35%, 01/15/29
 
315
313,055
4.60%, 11/15/30
 
270
267,609
5.45%, 11/15/33(a)
 
272
275,291
NewMarket Corp., 2.70%, 03/18/31
 
294
266,066
Nutrien Ltd.
 
5.20%, 06/21/27
 
300
302,457
4.90%, 03/27/28
 
460
463,778
4.20%, 04/01/29
 
500
496,441
2.95%, 05/13/30
 
279
261,997
5.25%, 03/12/32
 
400
408,263
5.40%, 06/21/34(a)
 
400
407,548
18
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Chemicals (continued)
Nutrien Ltd. (continued)
 
4.13%, 03/15/35
$
284
$ 260,740
PPG Industries, Inc.
 
3.75%, 03/15/28
 
400
396,105
2.80%, 08/15/29
 
129
122,503
2.55%, 06/15/30
 
300
279,292
4.38%, 03/15/31
 
300
296,069
RPM International, Inc.
 
4.55%, 03/01/29
 
290
290,655
2.95%, 01/15/32
 
159
143,305
Sherwin-Williams Co.
 
3.45%, 06/01/27
 
1,045
1,035,710
4.55%, 03/01/28
 
400
401,154
4.30%, 08/15/28
 
300
299,216
2.95%, 08/15/29
 
512
488,347
2.30%, 05/15/30(a)
 
350
320,813
4.50%, 08/15/30
 
300
299,132
4.80%, 09/01/31
 
150
150,902
2.20%, 03/15/32
 
211
184,168
5.15%, 08/15/35
 
300
301,364
Westlake Corp.(a)
 
3.38%, 06/15/30
 
225
214,231
5.55%, 11/15/35
 
375
374,862
 
 
27,425,955
Commercial Services & Supplies — 1.0%
Automatic Data Processing, Inc.
 
1.70%, 05/15/28
 
574
547,698
1.25%, 09/01/30
 
705
619,837
4.75%, 05/08/32
 
450
453,220
4.45%, 09/09/34
 
843
825,897
Block Financial LLC
 
2.50%, 07/15/28
 
273
258,822
3.88%, 08/15/30(a)
 
479
450,681
5.38%, 09/15/32(a)
 
200
195,110
Cintas Corp. No. 2
 
4.20%, 05/01/28(a)
 
275
274,763
4.00%, 05/01/32
 
350
340,638
Cornell University
 
4.84%, 06/15/34
 
350
352,151
Series 2025, 4.17%, 06/15/30
 
235
233,443
Series 2025, 4.73%, 06/15/35
 
250
247,894
Emory University, Series 2020, 2.14%, 09/01/30(a)
 
250
227,399
Equifax, Inc.
 
5.10%, 12/15/27
 
300
302,675
5.10%, 06/01/28
 
524
529,671
4.80%, 09/15/29
 
324
325,189
3.10%, 05/15/30
 
354
331,903
2.35%, 09/15/31
 
617
541,929
GATX Corp.
 
3.50%, 03/15/28
 
200
196,487
4.55%, 11/07/28
 
200
200,184
4.70%, 04/01/29
 
379
380,203
4.00%, 06/30/30
 
350
341,973
1.90%, 06/01/31
 
259
226,214
3.50%, 06/01/32
 
250
231,047
4.90%, 03/15/33
 
215
212,456
5.45%, 09/15/33
 
300
303,998
6.05%, 03/15/34
 
400
422,476
6.90%, 05/01/34
 
250
275,396
5.50%, 06/15/35
 
310
313,690
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
Global Payments, Inc.
 
4.95%, 08/15/27
$
275
$ 275,809
4.55%, 03/15/28
 
225
224,130
4.45%, 06/01/28
 
350
347,133
4.50%, 11/15/28
 
1,025
1,016,888
3.20%, 08/15/29
 
777
733,747
5.30%, 08/15/29
 
520
523,110
2.90%, 05/15/30
 
504
461,658
4.88%, 11/15/30
 
1,035
1,015,847
2.90%, 11/15/31
 
475
417,843
5.40%, 08/15/32
 
285
283,174
5.20%, 11/15/32
 
650
635,106
5.40%, 03/15/33
 
325
317,511
5.55%, 11/15/35
 
1,125
1,084,914
J Paul Getty Trust, 4.91%, 04/01/35
 
325
326,947
Johns Hopkins University, Series A, 4.71%, 07/01/32
 
125
125,956
Leland Stanford Junior University(a)
 
1.29%, 06/01/27
 
50
48,580
4.68%, 03/01/35
 
300
298,167
Series 2025, 4.15%, 08/01/30
 
500
498,431
Moody’s Corp.
 
3.25%, 01/15/28
 
196
192,639
4.25%, 02/01/29
 
129
128,902
2.00%, 08/19/31(a)
 
592
522,351
4.25%, 08/08/32
 
350
341,484
5.00%, 08/05/34
 
225
224,965
PayPal Holdings, Inc.
 
3.90%, 06/01/27(a)
 
250
249,092
4.45%, 03/06/28
 
280
280,467
2.85%, 10/01/29
 
1,054
998,243
2.30%, 06/01/30
 
652
597,405
4.40%, 06/01/32
 
770
754,846
5.15%, 06/01/34(a)
 
523
519,225
5.10%, 04/01/35(a)
 
250
247,975
President and Fellows of Harvard College(a)
 
4.89%, 03/15/30
 
400
408,678
4.61%, 02/15/35
 
200
198,301
Quanta Services, Inc.
 
4.75%, 08/09/27
 
325
326,383
4.30%, 08/09/28
 
225
224,626
2.90%, 10/01/30
 
537
500,275
4.50%, 01/15/31
 
225
223,435
2.35%, 01/15/32(a)
 
400
350,843
5.25%, 08/09/34
 
425
430,049
5.10%, 08/09/35
 
325
323,838
RELX Capital, Inc.
 
4.00%, 03/18/29
 
697
688,012
4.75%, 03/27/30
 
522
525,891
3.00%, 05/22/30
 
450
424,261
4.75%, 05/20/32(a)
 
210
210,160
5.25%, 03/27/35
 
575
580,044
Rollins, Inc., 5.25%, 02/24/35
 
340
339,624
S&P Global, Inc.
 
4.75%, 08/01/28
 
429
433,073
2.95%, 03/01/29
 
758
731,071
4.25%, 05/01/29
 
525
522,408
2.50%, 12/01/29
 
239
224,067
1.25%, 08/15/30(a)
 
355
309,703
4.25%, 01/15/31(b)
 
395
389,569
2.90%, 03/01/32
 
994
908,091
5.25%, 09/15/33
 
321
330,406
4.80%, 12/04/35(b)
 
260
254,542
Schedule of Investments
19
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
TR Finance LLC, 5.50%, 08/15/35(a)
$
200
$ 201,275
Triton Container International Ltd./TAL International
Container Corp.
 
3.25%, 03/15/32
 
450
402,225
5.15%, 02/15/33
 
425
416,957
Trustees of Columbia University in the City of New
York, Series 2024, 4.36%, 10/01/35(a)
 
300
289,882
Trustees of Dartmouth College, 4.27%, 06/01/30
 
115
114,756
Trustees of Princeton University, 4.65%, 07/01/30
 
75
75,952
UL Solutions, Inc., 6.50%, 10/20/28
 
150
156,645
Verisk Analytics, Inc.
 
4.13%, 03/15/29
 
413
409,239
4.45%, 03/15/31(a)
 
70
69,003
5.75%, 04/01/33
 
285
295,607
5.25%, 06/05/34
 
396
395,112
5.25%, 03/15/35
 
525
519,968
5.13%, 03/15/36(a)
 
225
219,829
Yale University
 
Series 2020, 1.48%, 04/15/30
 
98
88,338
Series 2025, 4.70%, 04/15/32
 
55
55,775
 
 
37,423,502
Construction & Engineering — 0.0%
Jacobs Engineering Group, Inc.
 
6.35%, 08/18/28
 
300
310,546
5.90%, 03/01/33(a)
 
265
273,366
Jacobs Solutions, Inc.
 
4.75%, 03/03/31
 
300
296,917
5.38%, 03/03/36
 
400
387,987
MasTec, Inc., 5.90%, 06/15/29
 
296
305,003
 
 
1,573,819
Consumer Finance — 1.4%
American Express Co.
 
5.85%, 11/05/27
 
990
1,012,530
4.05%, 05/03/29(a)
 
709
706,348
(1-day SOFR + 0.58%), 4.01%, 02/09/29(c)
 
775
769,706
(1-day SOFR + 0.81%), 4.35%, 07/20/29(c)
 
950
948,130
05/03/30(c)(d)
 
790
788,836
(1-day SOFR + 0.87%), 4.46%, 02/10/32(c)
 
550
544,124
(1-day SOFR + 0.93%), 5.04%, 07/26/28(c)
 
554
558,537
(1-day SOFR + 1.22%), 4.92%, 07/20/33(a)(c)
 
1,195
1,197,838
(1-day SOFR + 1.24%), 4.80%, 10/24/36(c)
 
1,275
1,233,925
(1-day SOFR + 1.26%), 4.73%, 04/25/29(a)(c)
 
1,050
1,055,694
(1-day SOFR + 1.42%), 5.28%, 07/26/35(a)(c)
 
1,280
1,295,416
(1-day SOFR + 1.44%), 5.02%, 04/25/31(c)
 
1,050
1,065,349
(1-day SOFR + 1.63%), 5.92%, 04/25/35(c)
 
200
207,544
(1-day SOFR + 1.76%), 4.42%, 08/03/33(c)
 
722
704,202
(1-day SOFR + 1.79%), 5.67%, 04/25/36(c)
 
995
1,032,306
(1-day SOFR + 1.84%), 5.04%, 05/01/34(c)
 
800
802,985
(1-day SOFR + 1.93%), 5.63%, 07/28/34(c)
 
300
306,055
(1-day SOFR + 1.94%), 6.49%, 10/30/31(c)
 
708
759,849
(1-day SOFR + 2.26%), 4.99%, 05/26/33(c)
 
632
628,610
(1-day SOFR Index + 1.02%), 5.09%, 01/30/31(c)
 
695
707,149
(1-day SOFR Index + 1.09%), 5.53%, 04/25/30(c)
 
678
697,325
(1-day SOFR Index + 1.28%), 5.28%, 07/27/29(c)
 
1,063
1,082,292
(1-day SOFR Index + 1.32%), 5.44%, 01/30/36(c)
 
1,050
1,070,627
Andrew W Mellon Foundation, Series 2020, 0.95%,
08/01/27(a)
 
29
27,892
Capital One Financial Corp.
 
3.65%, 05/11/27
 
673
668,552
3.80%, 01/31/28
 
879
869,211
6.70%, 11/29/32
 
500
545,171
Security
 
Par
(000)
Value
Consumer Finance (continued)
Capital One Financial Corp. (continued)
 
(1-day SOFR + 1.15%), 4.72%, 01/30/32(c)
$
450
$ 444,183
(1-day SOFR + 1.25%), 4.49%, 09/11/31(c)
 
735
722,591
(1-day SOFR + 1.27%), 2.62%, 11/02/32(c)
 
313
276,263
(1-day SOFR + 1.34%), 2.36%, 07/29/32(c)
 
629
542,014
(1-day SOFR + 1.51%), 5.40%, 01/30/37(c)
 
950
933,074
(1-day SOFR + 1.56%), 5.46%, 07/26/30(c)
 
472
481,771
(1-day SOFR + 1.63%), 5.20%, 09/11/36(c)
 
1,050
1,017,045
(1-day SOFR + 1.79%), 3.27%, 03/01/30(c)
 
792
763,461
(1-day SOFR + 1.91%), 5.70%, 02/01/30(c)
 
668
686,198
(1-day SOFR + 1.99%), 5.88%, 07/26/35(c)
 
700
718,106
(1-day SOFR + 2.04%), 6.18%, 01/30/36(c)
 
1,000
1,018,256
(1-day SOFR + 2.06%), 4.93%, 05/10/28(c)
 
634
636,836
(1-day SOFR + 2.08%), 5.47%, 02/01/29(c)
 
567
575,869
(1-day SOFR + 2.26%), 6.05%, 02/01/35(c)
 
790
819,016
(1-day SOFR + 2.37%), 5.27%, 05/10/33(a)(c)
 
650
651,390
(1-day SOFR + 2.60%), 5.25%, 07/26/30(c)
 
714
723,978
(1-day SOFR + 2.60%), 5.82%, 02/01/34(c)
 
801
822,719
(1-day SOFR + 2.64%), 6.31%, 06/08/29(c)
 
1,155
1,194,276
(1-day SOFR + 2.86%), 6.38%, 06/08/34(a)(c)
 
1,055
1,114,017
(1-day SOFR + 3.07%), 7.62%, 10/30/31(c)
 
1,126
1,242,792
(1-day SOFR Index + 3.37%), 7.96%, 11/02/34(c)
 
575
663,235
Mastercard, Inc.
 
4.10%, 01/15/28(a)
 
215
215,153
3.50%, 02/26/28
 
179
177,258
4.88%, 03/09/28
 
410
415,632
4.55%, 03/15/28
 
615
620,157
2.95%, 06/01/29
 
543
523,768
3.35%, 03/26/30
 
902
872,168
1.90%, 03/15/31(a)
 
325
289,707
2.00%, 11/18/31
 
456
404,701
4.35%, 01/15/32
 
600
595,752
4.95%, 03/15/32
 
325
333,686
4.85%, 03/09/33
 
556
563,146
4.88%, 05/09/34
 
574
578,344
4.55%, 01/15/35(a)
 
874
857,014
Synchrony Financial
 
3.95%, 12/01/27
 
479
473,714
5.15%, 03/19/29
 
413
413,869
2.88%, 10/28/31
 
508
446,539
(1-day SOFR + 1.40%), 5.02%, 07/29/29(c)
 
340
339,908
(1-day SOFR + 1.53%), 4.95%, 02/25/32(c)
 
150
146,509
(1-day SOFR + 1.68%), 5.45%, 03/06/31(a)(c)
 
542
543,377
(1-day SOFR + 2.07%), 6.00%, 07/29/36(c)
 
405
402,920
(1-day SOFR Index + 2.13%), 5.94%, 08/02/30(c)
 
400
407,769
Visa, Inc.
 
0.75%, 08/15/27
 
250
239,797
2.75%, 09/15/27
 
609
598,646
3.80%, 02/12/29
 
300
297,771
2.05%, 04/15/30
 
897
825,904
4.10%, 02/12/31
 
300
298,835
1.10%, 02/15/31
 
710
615,824
4.40%, 02/12/33
 
300
297,021
4.15%, 12/14/35
 
1,000
956,687
4.70%, 02/12/36(a)
 
400
395,961
Western Union Co.
 
4.75%, 06/15/29
 
175
173,960
2.75%, 03/15/31
 
195
176,160
 
 
51,830,950
Consumer Staples Distribution & Retail — 0.6%
Best Buy Co., Inc.
 
4.45%, 10/01/28(a)
 
250
250,305
20
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Consumer Staples Distribution & Retail (continued)
Best Buy Co., Inc. (continued)
 
1.95%, 10/01/30
$
436
$ 389,883
Costco Wholesale Corp.
 
3.00%, 05/18/27
 
657
651,019
1.38%, 06/20/27
 
832
808,160
1.60%, 04/20/30
 
1,143
1,035,103
1.75%, 04/20/32
 
633
549,249
Dollar General Corp.
 
4.13%, 05/01/28
 
300
298,113
5.20%, 07/05/28
 
140
142,013
3.50%, 04/03/30
 
626
598,143
5.00%, 11/01/32
 
455
453,683
5.45%, 07/05/33
 
630
641,928
Dollar Tree, Inc.
 
4.20%, 05/15/28
 
693
688,972
2.65%, 12/01/31
 
513
457,838
Target Corp.
 
4.35%, 06/15/28
 
405
406,724
3.38%, 04/15/29
 
629
614,950
2.35%, 02/15/30
 
811
755,626
2.65%, 09/15/30(a)
 
361
335,744
4.50%, 09/15/32
 
672
675,381
4.40%, 01/15/33(a)
 
300
298,029
4.50%, 09/15/34
 
475
462,565
5.00%, 04/15/35(a)
 
650
652,208
5.25%, 02/15/36
 
200
203,553
Walmart, Inc.
 
3.95%, 09/09/27
 
640
640,030
3.90%, 04/15/28
 
520
519,407
3.70%, 06/26/28
 
974
968,389
1.50%, 09/22/28
 
835
788,323
4.00%, 04/30/29
 
150
149,780
3.25%, 07/08/29
 
500
488,751
7.55%, 02/15/30
 
278
311,233
4.00%, 04/15/30
 
342
340,752
4.35%, 04/28/30
 
910
917,824
4.15%, 04/30/31
 
525
522,837
1.80%, 09/22/31
 
1,440
1,276,859
4.15%, 09/09/32(a)
 
762
757,679
4.10%, 04/15/33(a)
 
1,000
985,420
4.45%, 04/30/33
 
525
522,607
4.90%, 04/28/35
 
1,015
1,027,952
5.25%, 09/01/35
 
400
417,081
4.75%, 04/30/36
 
925
918,935
2.38%, 09/24/29(a)
 
300
283,747
 
 
23,206,795
Containers & Packaging — 0.3%
Amcor Finance USA, Inc.
 
4.50%, 05/15/28
 
272
272,261
5.63%, 05/26/33(a)
 
320
330,263
Amcor Flexibles North America, Inc.
 
4.80%, 03/17/28
 
525
527,961
4.25%, 03/08/29
 
225
223,078
5.10%, 03/17/30
 
436
441,389
2.63%, 06/19/30
 
405
374,172
2.69%, 05/25/31
 
437
396,194
5.50%, 03/17/35(a)
 
490
496,798
5.13%, 03/12/36(a)
 
425
414,110
Amcor Group Finance PLC, 5.45%, 05/23/29
 
350
358,264
AptarGroup, Inc.
 
4.75%, 03/30/31
 
325
322,720
Security
 
Par
(000)
Value
Containers & Packaging (continued)
AptarGroup, Inc. (continued)
 
3.60%, 03/15/32
$
250
$ 231,661
Berry Global, Inc.
 
5.50%, 04/15/28
 
350
356,386
5.80%, 06/15/31
 
590
613,857
5.65%, 01/15/34(a)
 
424
434,625
Packaging Corp. of America
 
3.40%, 12/15/27
 
350
344,749
3.00%, 12/15/29
 
388
368,864
5.70%, 12/01/33
 
220
228,638
5.20%, 08/15/35(a)
 
315
314,096
Smurfit Kappa Treasury ULC
 
5.20%, 01/15/30
 
400
407,769
5.44%, 04/03/34
 
800
812,185
Smurfit Westrock Financing DAC
 
5.42%, 01/15/35
 
600
604,261
5.19%, 01/15/36
 
400
394,204
Sonoco Products Co.
 
4.60%, 09/01/29(a)
 
525
523,976
3.13%, 05/01/30
 
277
260,966
2.85%, 02/01/32
 
379
340,707
5.00%, 09/01/34(a)
 
455
446,311
WestRock MWV LLC, 8.20%, 01/15/30
 
289
323,416
WRKCo, Inc.
 
4.00%, 03/15/28
 
323
320,729
3.90%, 06/01/28
 
264
260,962
4.90%, 03/15/29
 
429
432,483
4.20%, 06/01/32
 
288
276,217
3.00%, 06/15/33(a)
 
350
307,322
 
 
12,761,594
Distributors — 0.0%
LKQ Corp.
 
5.75%, 06/15/28
 
488
496,310
6.25%, 06/15/33
 
350
363,471
WW Grainger, Inc., 4.45%, 09/15/34
 
280
274,299
 
 
1,134,080
Diversified REITs — 1.8%
Agree LP
 
2.00%, 06/15/28
 
258
245,061
2.90%, 10/01/30
 
258
239,470
4.80%, 10/01/32
 
200
197,737
2.60%, 06/15/33
 
200
170,082
5.63%, 06/15/34
 
334
342,350
5.60%, 06/15/35
 
175
179,631
American Assets Trust LP
 
3.38%, 02/01/31
 
372
338,516
6.15%, 10/01/34
 
300
300,638
American Tower Corp.
 
3.55%, 07/15/27
 
500
495,166
3.60%, 01/15/28
 
500
492,968
1.50%, 01/31/28(a)
 
243
231,124
5.50%, 03/15/28
 
290
295,171
5.25%, 07/15/28
 
494
501,732
5.80%, 11/15/28
 
420
432,618
5.20%, 02/15/29
 
300
305,215
3.95%, 03/15/29
 
413
406,678
3.80%, 08/15/29
 
1,063
1,038,835
2.90%, 01/15/30
 
447
420,743
5.00%, 01/31/30
 
465
470,990
4.90%, 03/15/30
 
545
550,335
2.10%, 06/15/30
 
609
550,605
Schedule of Investments
21
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Diversified REITs (continued)
American Tower Corp. (continued)
 
1.88%, 10/15/30
$
599
$ 532,043
2.70%, 04/15/31
 
396
360,079
2.30%, 09/15/31
 
391
345,422
4.05%, 03/15/32
 
366
351,793
4.70%, 12/15/32
 
565
557,565
5.65%, 03/15/33
 
506
524,655
5.55%, 07/15/33
 
524
538,961
5.90%, 11/15/33
 
500
523,745
5.45%, 02/15/34
 
400
407,500
5.40%, 01/31/35(a)
 
325
328,869
5.35%, 03/15/35
 
506
510,033
Americold Realty Operating Partnership LP
 
5.60%, 05/15/32
 
225
224,076
5.41%, 09/12/34
 
325
312,463
Brixmor Operating Partnership LP
 
2.25%, 04/01/28
 
270
259,226
4.13%, 05/15/29
 
380
375,440
4.05%, 07/01/30
 
394
384,034
2.50%, 08/16/31
 
415
370,131
5.20%, 04/01/32
 
200
201,950
4.85%, 02/15/33
 
280
275,308
5.50%, 02/15/34
 
225
228,873
5.75%, 02/15/35
 
300
310,133
5.38%, 06/15/36
 
75
74,783
Broadstone Net Lease LLC
 
2.60%, 09/15/31
 
220
193,987
5.00%, 11/01/32
 
275
271,238
Crown Castle, Inc.
 
3.65%, 09/01/27
 
600
593,354
5.00%, 01/11/28
 
645
649,784
3.80%, 02/15/28
 
709
699,268
4.80%, 09/01/28
 
120
120,589
4.30%, 02/15/29
 
450
446,019
5.60%, 06/01/29
 
425
435,829
4.90%, 09/01/29
 
260
261,177
3.10%, 11/15/29
 
200
189,231
3.30%, 07/01/30
 
572
538,654
2.25%, 01/15/31
 
705
624,868
2.10%, 04/01/31
 
593
519,682
2.50%, 07/15/31
 
500
442,730
5.10%, 05/01/33
 
475
470,810
5.80%, 03/01/34
 
450
463,377
5.20%, 09/01/34
 
525
521,535
Digital Realty Trust LP
 
3.70%, 08/15/27
 
717
710,174
5.55%, 01/15/28
 
485
493,364
4.45%, 07/15/28
 
350
349,452
3.60%, 07/01/29
 
620
603,221
EPR Properties
 
4.50%, 06/01/27
 
225
224,156
4.95%, 04/15/28
 
225
225,081
3.75%, 08/15/29
 
225
216,458
4.75%, 11/15/30
 
350
343,943
3.60%, 11/15/31
 
250
229,279
Equinix Asia Financing Corp. Pte. Ltd., 4.40%,
03/15/31
 
535
525,266
Equinix Europe 2 Financing Corp. LLC
 
4.60%, 11/15/30
 
475
471,697
4.70%, 03/15/33
 
700
685,011
5.50%, 06/15/34
 
476
485,119
Equinix, Inc.
 
1.80%, 07/15/27
 
372
360,854
Security
 
Par
(000)
Value
Diversified REITs (continued)
Equinix, Inc. (continued)
 
1.55%, 03/15/28
$
545
$ 517,476
2.00%, 05/15/28
 
308
293,725
3.20%, 11/18/29
 
592
564,570
2.15%, 07/15/30
 
817
736,449
2.50%, 05/15/31
 
619
554,684
3.90%, 04/15/32
 
800
758,855
Federal Realty OP LP
 
3.25%, 07/15/27
 
259
255,369
5.38%, 05/01/28
 
160
162,374
3.50%, 06/01/30
 
518
495,783
First Industrial LP, 5.25%, 01/15/31(a)
 
300
303,658
GLP Capital LP/GLP Financing II, Inc.
 
5.75%, 06/01/28
 
340
344,477
5.30%, 01/15/29
 
429
431,992
4.00%, 01/15/30
 
567
544,561
4.00%, 01/15/31
 
400
378,524
3.25%, 01/15/32
 
450
402,716
5.25%, 02/15/33
 
450
443,097
6.75%, 12/01/33
 
309
327,421
5.63%, 09/15/34
 
545
541,186
5.63%, 03/01/36
 
330
323,731
Host Hotels & Resorts LP
 
4.25%, 12/15/28
 
250
247,362
5.70%, 06/15/32
 
225
231,477
5.70%, 07/01/34
 
400
406,878
5.50%, 04/15/35
 
450
450,029
Series H, 3.38%, 12/15/29
 
405
385,576
Series I, 3.50%, 09/15/30
 
450
425,093
Series J, 2.90%, 12/15/31
 
329
294,328
Kimco Realty OP LLC
 
1.90%, 03/01/28
 
166
159,014
2.70%, 10/01/30
 
350
325,832
2.25%, 12/01/31
 
239
211,299
3.20%, 04/01/32
 
500
461,869
4.60%, 02/01/33
 
372
366,758
6.40%, 03/01/34(a)
 
325
352,601
4.85%, 03/01/35
 
398
390,549
5.30%, 02/01/36
 
100
101,159
Kite Realty Group LP
 
4.95%, 12/15/31
 
200
199,515
5.20%, 08/15/32
 
185
186,048
5.50%, 03/01/34
 
272
275,266
Kite Realty Group Trust, 4.75%, 09/15/30
 
200
200,344
Lineage OP LP, 5.25%, 07/15/30
 
350
349,747
LXP Industrial Trust
 
2.70%, 09/15/30
 
256
233,727
2.38%, 10/01/31
 
300
260,992
Phillips Edison Grocery Center Operating Partnership
I LP
 
2.63%, 11/15/31(a)
 
245
218,205
5.25%, 08/15/32
 
125
126,911
5.75%, 07/15/34
 
275
283,181
4.95%, 01/15/35
 
280
271,920
Prologis LP
 
3.38%, 12/15/27
 
316
312,200
4.88%, 06/15/28
 
427
431,991
3.88%, 09/15/28
 
150
148,516
4.00%, 09/15/28
 
200
198,635
4.38%, 02/01/29(a)
 
261
261,428
2.88%, 11/15/29
 
308
292,594
2.25%, 04/15/30
 
715
658,674
1.75%, 07/01/30
 
243
217,249
22
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Diversified REITs (continued)
Prologis LP (continued)
 
1.25%, 10/15/30
$
528
$ 458,899
4.75%, 01/15/31
 
450
454,749
1.75%, 02/01/31
 
191
168,339
1.63%, 03/15/31(a)
 
282
246,336
4.25%, 06/15/31
 
250
245,954
2.25%, 01/15/32
 
210
184,793
4.63%, 01/15/33
 
365
360,804
4.75%, 06/15/33
 
505
500,887
5.13%, 01/15/34
 
506
509,891
5.00%, 03/15/34
 
471
471,199
5.00%, 01/31/35
 
500
497,558
5.25%, 05/15/35
 
525
532,082
4.90%, 06/15/36
 
450
439,362
Rayonier LP, 2.75%, 05/17/31
 
241
217,173
Regency Centers LP
 
4.13%, 03/15/28
 
254
253,056
2.95%, 09/15/29
 
179
170,467
3.70%, 06/15/30
 
413
400,453
5.00%, 07/15/32
 
180
181,708
4.50%, 03/15/33
 
115
112,069
5.25%, 01/15/34
 
250
252,876
5.10%, 01/15/35(a)
 
210
208,986
Rexford Industrial Realty LP
 
5.00%, 06/15/28(a)
 
120
121,284
2.13%, 12/01/30
 
219
193,552
2.15%, 09/01/31
 
218
188,918
Safehold GL Holdings LLC
 
2.80%, 06/15/31
 
429
388,715
6.10%, 04/01/34(a)
 
195
205,276
5.65%, 01/15/35(a)
 
300
305,105
Sun Communities Operating LP
 
2.30%, 11/01/28
 
231
218,831
2.70%, 07/15/31
 
403
362,633
4.20%, 04/15/32
 
429
411,666
Ventas Realty LP
 
4.00%, 03/01/28
 
375
371,727
4.40%, 01/15/29
 
500
497,289
3.00%, 01/15/30
 
575
542,718
4.75%, 11/15/30
 
279
279,404
2.50%, 09/01/31
 
321
286,022
5.10%, 07/15/32
 
300
303,486
5.63%, 07/01/34
 
275
282,778
5.00%, 01/15/35
 
375
368,920
5.00%, 02/15/36
 
240
235,330
VICI Properties LP
 
4.75%, 02/15/28
 
868
869,133
4.75%, 04/01/28
 
370
370,345
4.95%, 02/15/30
 
776
776,011
5.13%, 11/15/31
 
475
473,602
5.13%, 05/15/32(a)
 
930
921,850
5.75%, 04/01/34
 
400
406,025
5.63%, 04/01/35
 
535
536,981
Weyerhaeuser Co.
 
4.00%, 11/15/29
 
541
530,799
4.00%, 04/15/30
 
500
487,101
7.38%, 03/15/32(a)
 
403
450,449
3.38%, 03/09/33
 
250
225,266
WP Carey, Inc.
 
3.85%, 07/15/29
 
193
188,604
4.65%, 07/15/30
 
275
274,234
2.40%, 02/01/31
 
304
272,408
Security
 
Par
(000)
Value
Diversified REITs (continued)
WP Carey, Inc. (continued)
 
2.45%, 02/01/32
$
250
$ 219,133
2.25%, 04/01/33
 
258
215,119
5.38%, 06/30/34
 
200
201,270
 
 
67,735,194
Diversified Telecommunication Services — 1.8%
AT&T, Inc.
 
2.30%, 06/01/27
 
1,688
1,652,280
1.65%, 02/01/28
 
1,430
1,365,319
4.10%, 02/15/28
 
928
924,369
4.35%, 03/01/29(a)
 
1,818
1,815,140
4.30%, 02/15/30
 
1,702
1,688,293
4.70%, 08/15/30
 
725
729,612
4.40%, 04/30/31
 
775
766,543
2.75%, 06/01/31
 
1,809
1,650,514
2.25%, 02/01/32
 
1,490
1,299,633
4.55%, 11/01/32
 
750
735,348
4.75%, 04/30/33
 
1,025
1,011,246
2.55%, 12/01/33
 
2,356
1,989,942
5.40%, 02/15/34
 
1,750
1,781,387
4.50%, 05/15/35
 
1,510
1,428,113
5.38%, 08/15/35
 
725
729,811
4.90%, 11/01/35(a)
 
1,050
1,020,334
5.13%, 04/30/36
 
775
761,119
Bell Telephone Co. of Canada or Bell Canada
 
2.15%, 02/15/32(a)
 
245
212,199
5.10%, 05/11/33(a)
 
592
592,817
5.20%, 02/15/34
 
400
401,518
British Telecommunications PLC
 
5.13%, 12/04/28
 
478
484,466
9.63%, 12/15/30
 
1,526
1,819,973
Cisco Systems, Inc.
 
4.55%, 02/24/28(a)
 
600
605,759
4.85%, 02/26/29
 
1,800
1,829,201
4.75%, 02/24/30
 
650
660,303
4.95%, 02/26/31
 
1,661
1,699,927
4.95%, 02/24/32
 
550
561,060
5.05%, 02/26/34
 
1,628
1,648,292
5.10%, 02/24/35
 
775
784,659
Deutsche Telekom International Finance BV
 
8.75%, 06/15/30
 
2,218
2,543,969
9.25%, 06/01/32
 
362
443,370
Juniper Networks, Inc.
 
3.75%, 08/15/29
 
313
304,615
2.00%, 12/10/30
 
250
219,499
Koninklijke KPN NV, 8.38%, 10/01/30
 
350
401,979
Nokia OYJ, 4.38%, 06/12/27
 
350
349,093
Sprint Capital Corp.
 
6.88%, 11/15/28
 
1,450
1,531,098
8.75%, 03/15/32
 
1,100
1,308,380
Telefonica Europe BV, 8.25%, 09/15/30
 
775
876,751
TELUS Corp.
 
3.70%, 09/15/27
 
400
395,493
3.40%, 05/13/32
 
522
475,385
Verizon Communications, Inc.
 
2.10%, 03/22/28
 
1,332
1,279,363
4.33%, 09/21/28
 
1,983
1,984,213
3.88%, 02/08/29
 
759
750,630
4.02%, 12/03/29
 
2,049
2,020,583
3.15%, 03/22/30
 
829
789,593
1.50%, 09/18/30
 
450
396,295
1.68%, 10/30/30
 
319
281,704
Schedule of Investments
23
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Diversified Telecommunication Services (continued)
Verizon Communications, Inc. (continued)
 
7.75%, 12/01/30
$
367
$ 412,940
1.75%, 01/20/31
 
1,273
1,119,413
2.55%, 03/21/31
 
2,023
1,839,301
2.36%, 03/15/32
 
2,962
2,590,221
4.75%, 01/15/33
 
1,340
1,323,258
5.05%, 05/09/33
 
629
636,088
4.50%, 08/10/33
 
1,204
1,168,357
4.40%, 11/01/34
 
1,100
1,044,547
4.78%, 02/15/35
 
1,500
1,455,453
5.25%, 04/02/35
 
1,465
1,465,250
5.85%, 09/15/35
 
400
419,323
4.27%, 01/15/36
 
850
784,533
5.00%, 01/15/36
 
1,400
1,366,733
 
 
64,626,607
Electric Utilities — 6.7%
AEP Texas, Inc.
 
3.95%, 06/01/28
 
413
408,796
5.45%, 05/15/29
 
225
230,626
4.70%, 05/15/32
 
480
473,428
5.40%, 06/01/33
 
245
249,854
5.70%, 05/15/34
 
450
464,548
Series Q, 5.20%, 04/15/36
 
975
958,531
AEP Texas, Inc., RB, Series I, 2.10%, 07/01/30
 
1,000
907,976
AEP Transmission Co. LLC
 
5.15%, 04/01/34
 
295
296,894
5.38%, 06/15/35
 
598
607,548
AES Corp.
 
5.45%, 06/01/28
 
570
575,555
2.45%, 01/15/31(a)
 
663
590,408
5.80%, 03/15/32
 
488
496,258
Alabama Power Co.
 
3.75%, 09/01/27
 
400
397,746
3.05%, 03/15/32(a)
 
600
552,277
3.94%, 09/01/32(a)
 
300
288,338
5.85%, 11/15/33
 
225
237,635
5.10%, 04/02/35
 
500
504,531
Series 2020-A, 1.45%, 09/15/30
 
483
426,001
Series C, 4.30%, 03/15/31
 
450
445,467
Ameren Corp.
 
1.75%, 03/15/28
 
300
285,622
5.00%, 01/15/29
 
512
519,253
3.50%, 01/15/31
 
329
312,487
5.38%, 03/15/35(a)
 
565
572,909
5.00%, 05/15/36
 
250
244,411
Ameren Illinois Co.
 
3.80%, 05/15/28
 
250
247,765
1.55%, 11/15/30
 
250
219,429
3.85%, 09/01/32
 
400
381,124
4.95%, 06/01/33
 
250
251,262
American Electric Power Co., Inc.
 
5.75%, 11/01/27
 
400
406,992
3.20%, 11/13/27
 
260
255,283
5.20%, 01/15/29
 
775
789,465
2.30%, 03/01/30
 
525
482,354
5.95%, 11/01/32
 
400
421,630
5.63%, 03/01/33
 
678
701,669
Series J, 4.30%, 12/01/28
 
413
411,923
Appalachian Power Co.
 
5.65%, 04/01/34
 
225
231,782
Series AA, 2.70%, 04/01/31
 
950
865,142
Security
 
Par
(000)
Value
Electric Utilities (continued)
Appalachian Power Co. (continued)
 
Series BB, 4.50%, 08/01/32
$
400
$ 392,191
Series X, 3.30%, 06/01/27
 
250
247,081
Arizona Public Service Co.
 
2.60%, 08/15/29
 
413
388,143
2.20%, 12/15/31
 
129
112,535
6.35%, 12/15/32
 
300
320,389
5.55%, 08/01/33(a)
 
375
385,491
5.70%, 08/15/34
 
435
450,072
5.10%, 03/15/36
 
270
265,856
Atlantic City Electric Co.
 
4.00%, 10/15/28
 
200
198,472
2.30%, 03/15/31
 
200
179,958
Avangrid, Inc., 3.80%, 06/01/29
 
500
487,591
Baltimore Gas and Electric Co.
 
2.25%, 06/15/31
 
509
456,066
5.30%, 06/01/34
 
275
279,257
5.45%, 06/01/35
 
1,100
1,125,310
Berkshire Hathaway Energy Co.
 
3.25%, 04/15/28
 
513
503,595
3.70%, 07/15/30
 
733
711,603
1.65%, 05/15/31
 
1,099
953,201
6.13%, 04/01/36
 
1,100
1,179,045
Black Hills Corp.
 
5.95%, 03/15/28(a)
 
200
204,839
3.05%, 10/15/29
 
342
324,700
2.50%, 06/15/30
 
300
275,128
4.55%, 01/31/31
 
275
272,561
4.35%, 05/01/33
 
220
209,137
6.15%, 05/15/34
 
250
263,695
6.00%, 01/15/35
 
300
311,211
CenterPoint Energy Houston Electric LLC
 
5.20%, 10/01/28
 
415
423,015
4.80%, 03/15/30
 
325
328,833
4.95%, 04/01/33
 
660
662,874
5.15%, 03/01/34
 
310
312,793
5.05%, 03/01/35
 
685
685,446
Series AE, 2.35%, 04/01/31
 
832
747,725
Series AG, 3.00%, 03/01/32
 
262
239,215
Series AI, 4.45%, 10/01/32
 
414
407,957
Series AQ, 4.95%, 08/15/35
 
510
504,914
Series AR, 4.85%, 04/01/36
 
155
151,854
Series K2, 6.95%, 03/15/33
 
273
304,094
CenterPoint Energy, Inc.
 
5.40%, 06/01/29
 
576
590,705
2.95%, 03/01/30
 
344
323,269
CMS Energy Corp.
 
3.45%, 08/15/27
 
229
226,151
(5-year CMT + 2.90%), 3.75%, 12/01/50(c)
 
250
230,461
(5-year CMT + 4.12%), 4.75%, 06/01/50(c)
 
400
391,147
Commonwealth Edison Co.
 
3.70%, 08/15/28
 
363
358,779
2.20%, 03/01/30
 
300
275,764
4.90%, 02/01/33(a)
 
320
322,617
5.30%, 06/01/34
 
335
343,860
Series 122, 2.95%, 08/15/27
 
250
246,345
Series 132, 3.15%, 03/15/32
 
200
185,305
Connecticut Light and Power Co.
 
4.65%, 01/01/29
 
200
201,487
4.95%, 01/15/30
 
275
279,347
4.90%, 07/01/33(a)
 
150
150,735
4.95%, 08/15/34
 
200
199,284
24
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Connecticut Light and Power Co. (continued)
 
Series A, 2.05%, 07/01/31
$
728
$ 643,725
Consolidated Edison Co. of New York, Inc.
 
3.80%, 05/15/28
 
413
409,329
2.40%, 06/15/31
 
629
568,446
5.20%, 03/01/33
 
500
512,338
5.50%, 03/15/34
 
500
519,504
5.38%, 05/15/34
 
200
205,595
5.13%, 03/15/35
 
284
285,785
Series 2005-A, 5.30%, 03/01/35
 
200
203,490
Series 20A, 3.35%, 04/01/30
 
193
185,288
Series D, 4.00%, 12/01/28
 
313
310,741
Constellation Energy Generation LLC
 
3.90%, 01/08/28
 
525
521,097
5.60%, 03/01/28
 
530
540,794
4.40%, 01/15/31
 
200
198,004
3.75%, 03/01/31(b)
 
500
477,575
5.80%, 03/01/33
 
400
419,262
6.13%, 01/15/34
 
325
347,326
Consumers Energy Co.
 
4.65%, 03/01/28(a)
 
250
251,651
3.80%, 11/15/28
 
300
296,151
4.90%, 02/15/29
 
390
395,467
4.60%, 05/30/29
 
477
479,991
4.70%, 01/15/30
 
613
617,785
4.50%, 01/15/31
 
370
369,269
3.60%, 08/15/32
 
255
240,731
4.63%, 05/15/33
 
510
504,270
5.05%, 05/15/35
 
1,190
1,193,799
Dayton Power & Light Co., 4.55%, 08/15/30
 
225
221,568
Dominion Energy South Carolina, Inc.
 
6.63%, 02/01/32
 
200
219,181
5.30%, 05/15/33
 
200
205,232
Series 2025, 5.30%, 01/15/35
 
420
428,539
Series A, 2.30%, 12/01/31
 
330
292,796
Dominion Energy, Inc.
 
4.60%, 05/15/28
 
805
807,704
4.25%, 06/01/28
 
750
747,687
5.00%, 06/15/30
 
1,625
1,648,558
5.38%, 11/15/32
 
500
511,288
5.45%, 03/15/35
 
1,225
1,236,120
Series A, 4.35%, 08/15/32
 
400
387,943
Series B, 5.95%, 06/15/35
 
800
836,838
Series C, 3.38%, 04/01/30
 
1,093
1,044,588
Series C, 2.25%, 08/15/31(a)
 
588
520,249
Series E, 6.30%, 03/15/33
 
200
212,818
Series F, 5.25%, 08/01/33
 
600
605,859
DTE Electric Co.
 
4.25%, 05/14/27
 
25
25,075
2.25%, 03/01/30
 
428
396,006
5.20%, 04/01/33(a)
 
500
512,817
5.20%, 03/01/34
 
275
280,987
5.25%, 05/15/35
 
400
405,328
Series A, 1.90%, 04/01/28
 
313
300,222
Series A, 3.00%, 03/01/32
 
279
257,204
Series A, 4.85%, 03/01/36
 
305
298,065
Series C, 2.63%, 03/01/31(a)
 
300
275,878
DTE Energy Co.
 
4.95%, 07/01/27
 
475
477,994
4.88%, 06/01/28
 
700
705,587
5.10%, 03/01/29
 
700
711,213
2.95%, 03/01/30
 
279
262,989
5.20%, 04/01/30
 
650
662,519
Security
 
Par
(000)
Value
Electric Utilities (continued)
DTE Energy Co. (continued)
 
5.85%, 06/01/34
$
550
$ 576,244
5.05%, 10/01/35
 
350
343,681
Series C, 3.40%, 06/15/29
 
381
368,351
Duke Energy Carolinas LLC
 
3.95%, 11/15/28
 
450
446,272
2.45%, 08/15/29
 
400
376,451
2.45%, 02/01/30
 
329
306,600
4.85%, 03/15/30
 
320
325,282
2.55%, 04/15/31
 
425
388,262
2.85%, 03/15/32
 
458
416,745
6.45%, 10/15/32
 
214
232,196
4.95%, 01/15/33
 
635
643,027
4.85%, 01/15/34
 
400
399,164
5.25%, 03/15/35
 
425
431,600
Series A, 6.00%, 12/01/28
 
163
169,622
Duke Energy Corp.
 
3.15%, 08/15/27
 
413
407,455
5.00%, 12/08/27(a)
 
210
212,207
4.30%, 03/15/28
 
584
583,100
4.85%, 01/05/29(a)
 
546
551,437
3.40%, 06/15/29
 
388
376,247
2.45%, 06/01/30(a)
 
684
630,689
2.55%, 06/15/31
 
829
748,766
4.50%, 08/15/32
 
746
734,968
5.75%, 09/15/33
 
375
391,826
5.45%, 06/15/34(a)
 
431
440,774
4.95%, 09/15/35
 
760
743,571
Duke Energy Florida LLC
 
3.80%, 07/15/28
 
422
418,080
2.50%, 12/01/29(a)
 
614
576,226
1.75%, 06/15/30
 
388
348,286
4.20%, 12/01/30(a)
 
300
296,397
2.40%, 12/15/31
 
479
427,411
5.88%, 11/15/33
 
501
530,900
4.85%, 12/01/35
 
385
377,516
Duke Energy Indiana LLC
 
5.25%, 03/01/34
 
175
178,827
Series DDDD, 4.95%, 03/15/36
 
265
260,402
Duke Energy Ohio, Inc.
 
3.65%, 02/01/29
 
300
294,757
2.13%, 06/01/30
 
250
227,725
5.25%, 04/01/33
 
230
235,107
5.30%, 06/15/35
 
950
962,129
Duke Energy Progress LLC
 
3.70%, 09/01/28
 
300
296,712
3.45%, 03/15/29
 
413
403,762
2.00%, 08/15/31
 
426
375,894
3.40%, 04/01/32
 
313
292,847
5.25%, 03/15/33
 
434
445,298
5.10%, 03/15/34
 
400
406,001
5.05%, 03/15/35
 
500
501,489
Edison International
 
5.75%, 06/15/27
 
370
372,663
4.13%, 03/15/28
 
446
439,130
5.00%, 05/05/28
 
125
125,031
5.25%, 11/15/28
 
330
331,658
5.45%, 06/15/29(a)
 
300
301,937
6.95%, 11/15/29
 
245
257,388
6.25%, 03/15/30
 
341
352,427
4.80%, 03/15/31
 
300
292,807
5.25%, 03/15/32
 
397
391,652
El Paso Electric Co., 6.00%, 05/15/35
 
250
254,737
Schedule of Investments
25
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Emera U.S. Finance LLC
 
4.50%, 04/01/29
$
165
$ 164,563
5.20%, 04/01/33
 
110
109,172
Emera U.S. Finance LP, 2.64%, 06/15/31
 
245
218,140
Enel Chile SA, 4.88%, 06/12/28
 
550
554,473
Entergy Arkansas LLC
 
4.00%, 06/01/28
 
300
298,298
5.15%, 01/15/33
 
300
305,630
5.30%, 09/15/33
 
200
205,102
5.45%, 06/01/34
 
450
463,130
4.95%, 01/15/36(a)
 
425
417,735
Entergy Corp.
 
1.90%, 06/15/28
 
429
407,433
2.80%, 06/15/30
 
831
774,294
2.40%, 06/15/31
 
496
442,846
Entergy Louisiana LLC
 
3.12%, 09/01/27
 
256
252,573
3.25%, 04/01/28
 
400
393,256
1.60%, 12/15/30
 
243
213,355
3.05%, 06/01/31
 
400
372,018
2.35%, 06/15/32
 
350
307,060
4.00%, 03/15/33
 
600
571,602
5.35%, 03/15/34
 
450
461,927
5.15%, 09/15/34(a)
 
475
479,530
4.90%, 04/15/36
 
525
511,850
Entergy Mississippi LLC
 
2.85%, 06/01/28(a)
 
413
401,134
5.00%, 09/01/33
 
240
240,418
5.05%, 04/15/36
 
440
432,687
Entergy Texas, Inc.
 
4.00%, 03/30/29
 
250
247,994
1.75%, 03/15/31
 
450
394,323
5.25%, 04/15/35
 
325
328,076
Evergy Kansas Central, Inc.
 
4.70%, 03/13/28
 
215
215,930
5.90%, 11/15/33
 
150
158,536
5.25%, 03/15/35
 
400
402,778
Evergy Metro, Inc.
 
4.95%, 04/15/33
 
215
215,526
5.40%, 04/01/34
 
175
179,538
5.13%, 08/15/35
 
275
272,842
Series 2020, 2.25%, 06/01/30
 
300
274,655
Evergy, Inc.
 
4.25%, 03/15/29
 
150
148,804
2.90%, 09/15/29
 
913
865,778
Eversource Energy
 
4.60%, 07/01/27
 
400
400,457
5.45%, 03/01/28
 
765
776,617
5.95%, 02/01/29
 
550
568,675
4.45%, 12/15/30(a)
 
400
394,276
2.55%, 03/15/31
 
413
373,031
5.85%, 04/15/31
 
250
260,729
3.38%, 03/01/32
 
463
425,792
5.13%, 05/15/33
 
500
500,311
5.50%, 01/01/34
 
400
406,878
5.95%, 07/15/34
 
250
260,984
Series M, 3.30%, 01/15/28
 
343
336,141
Series O, 4.25%, 04/01/29
 
343
340,110
Series R, 1.65%, 08/15/30
 
400
352,404
Exelon Corp.
 
5.15%, 03/15/28
 
650
657,664
5.15%, 03/15/29
 
385
392,105
4.05%, 04/15/30
 
829
811,816
Security
 
Par
(000)
Value
Electric Utilities (continued)
Exelon Corp. (continued)
 
5.13%, 03/15/31
$
325
$ 330,061
3.35%, 03/15/32
 
400
369,475
5.30%, 03/15/33
 
622
636,311
5.45%, 03/15/34
 
474
485,344
4.95%, 06/15/35
 
300
291,910
5.63%, 06/15/35
 
400
410,046
4.95%, 03/15/36
 
650
629,759
FirstEnergy Corp.
 
2.65%, 03/01/30
 
400
371,308
Series B, 3.90%, 07/15/27
 
826
820,466
Series B, 2.25%, 09/01/30(a)
 
256
230,832
FirstEnergy Pennsylvania Electric Co.(b)
 
4.15%, 03/15/28
 
205
204,150
4.55%, 03/15/31
 
250
248,592
FirstEnergy Transmission LLC
 
4.55%, 01/15/30
 
135
134,785
4.75%, 01/15/33
 
200
197,643
5.00%, 01/15/35
 
260
256,341
Florida Power & Light Co.
 
5.05%, 04/01/28
 
605
614,766
4.40%, 05/15/28
 
470
472,015
5.15%, 06/15/29
 
570
584,134
4.63%, 05/15/30(a)
 
580
584,809
2.45%, 02/03/32
 
1,219
1,093,614
5.10%, 04/01/33
 
690
703,900
4.80%, 05/15/33
 
715
716,285
5.63%, 04/01/34
 
1,100
1,151,271
5.30%, 06/15/34
 
785
806,761
5.00%, 08/01/34
 
300
301,759
4.95%, 06/01/35
 
400
398,759
4.70%, 02/15/36
 
1,025
997,477
Series A, 3.30%, 05/30/27
 
200
198,436
Georgia Power Co.
 
4.65%, 05/16/28
 
500
503,632
4.00%, 10/01/28
 
500
496,932
4.55%, 03/15/30
 
575
576,893
4.85%, 03/15/31
 
400
405,051
4.70%, 05/15/32
 
430
431,366
4.95%, 05/17/33
 
754
759,522
5.25%, 03/15/34
 
627
638,866
5.20%, 03/15/35(a)
 
400
405,453
Series B, 2.65%, 09/15/29
 
557
527,554
Idaho Power Co.
 
5.20%, 08/15/34
 
200
202,861
4.85%, 03/01/36
 
225
220,267
Indiana Michigan Power Co., 3.85%, 05/15/28
 
250
247,705
Interstate Power and Light Co.
 
4.10%, 09/26/28
 
325
322,642
3.60%, 04/01/29
 
252
246,518
2.30%, 06/01/30
 
300
274,352
5.70%, 10/15/33
 
250
260,051
4.95%, 09/30/34
 
295
290,529
5.60%, 06/29/35
 
450
461,675
IPALCO Enterprises, Inc.
 
4.25%, 05/01/30(a)
 
279
269,231
5.75%, 04/01/34
 
250
247,637
ITC Holdings Corp., 3.35%, 11/15/27
 
350
344,548
Jersey Central Power & Light Co.
 
4.15%, 01/15/29(b)
 
250
247,858
4.40%, 01/15/31(b)
 
250
246,771
5.10%, 01/15/35
 
470
468,498
5.15%, 01/15/36(b)
 
250
248,559
26
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Kentucky Utilities Co., Series Kent, 5.45%, 04/15/33
$
275
$ 283,232
Louisville Gas and Electric Co., 5.45%, 04/15/33
 
95
98,106
MidAmerican Energy Co.
 
3.10%, 05/01/27
 
274
271,335
3.65%, 04/15/29
 
563
552,859
6.75%, 12/30/31(a)
 
291
323,335
5.35%, 01/15/34
 
225
231,138
Mississippi Power Co., 3.95%, 03/30/28
 
300
298,053
National Grid PLC
 
5.60%, 06/12/28
 
500
511,032
5.81%, 06/12/33
 
450
469,434
5.42%, 01/11/34
 
595
607,214
National Grid USA, 5.80%, 04/01/35
 
250
259,388
National Rural Utilities Cooperative Finance Corp.
 
5.10%, 05/06/27
 
175
176,564
4.12%, 09/16/27
 
150
149,628
3.95%, 12/10/27
 
160
159,190
3.40%, 02/07/28
 
709
698,780
4.75%, 02/07/28
 
361
363,597
4.80%, 03/15/28
 
215
216,634
5.05%, 09/15/28
 
575
583,834
4.85%, 02/07/29
 
250
252,880
3.70%, 03/15/29
 
300
294,461
5.15%, 06/15/29(a)
 
300
306,773
4.95%, 02/07/30(a)
 
120
121,995
2.40%, 03/15/30
 
386
357,573
4.30%, 12/10/30
 
175
173,542
5.00%, 02/07/31(a)
 
200
204,056
1.35%, 03/15/31
 
200
171,619
1.65%, 06/15/31
 
500
432,691
2.75%, 04/15/32
 
413
372,120
4.02%, 11/01/32
 
600
576,831
4.15%, 12/15/32
 
200
194,404
5.80%, 01/15/33
 
275
290,170
5.00%, 08/15/34
 
275
277,276
(5-year CMT + 3.53%), 7.13%, 09/15/53(c)
 
200
207,852
Series C, 8.00%, 03/01/32
 
257
298,138
Series D, 4.15%, 08/25/28
 
300
298,674
Series D, 4.05%, 02/09/29
 
375
372,256
Nevada Power Co.
 
Series CC, 3.70%, 05/01/29
 
472
462,444
Series DD, 2.40%, 05/01/30(a)
 
329
304,031
Series N, 6.65%, 04/01/36
 
250
275,895
NextEra Energy Capital Holdings, Inc.
 
4.63%, 07/15/27
 
1,000
1,003,932
4.69%, 09/01/27
 
1,220
1,225,664
4.85%, 02/04/28
 
625
630,238
4.90%, 02/28/28
 
904
911,821
1.90%, 06/15/28
 
1,116
1,060,629
4.90%, 03/15/29
 
800
810,396
3.50%, 04/01/29
 
700
682,025
2.75%, 11/01/29
 
1,009
955,860
5.00%, 02/28/30(a)
 
500
507,858
5.05%, 03/15/30
 
875
890,233
2.25%, 06/01/30
 
1,508
1,375,695
4.40%, 03/01/31
 
1,200
1,191,259
2.44%, 01/15/32(a)
 
849
749,859
5.30%, 03/15/32
 
550
563,825
5.00%, 07/15/32
 
670
676,221
5.05%, 02/28/33
 
700
707,104
5.25%, 03/15/34
 
1,600
1,620,275
5.45%, 03/15/35(a)
 
675
688,137
(3-mo. SOFR US + 2.67%), 4.80%, 12/01/77(c)
 
400
392,534
Security
 
Par
(000)
Value
Electric Utilities (continued)
Northern States Power Co.
 
2.25%, 04/01/31
$
372
$ 336,090
5.05%, 05/15/35(a)
 
500
502,891
4.85%, 05/15/36
 
585
575,636
NSTAR Electric Co.
 
3.20%, 05/15/27
 
322
318,881
3.25%, 05/15/29
 
600
580,874
4.85%, 03/01/30
 
275
278,327
3.95%, 04/01/30
 
300
294,327
1.95%, 08/15/31
 
200
175,181
5.40%, 06/01/34
 
400
409,242
5.20%, 03/01/35
 
450
452,799
OGE Energy Corp., 5.45%, 05/15/29
 
200
204,670
Ohio Power Co.
 
5.00%, 06/01/33
 
328
327,196
5.65%, 06/01/34
 
250
257,056
Series P, 2.60%, 04/01/30
 
364
337,588
Series Q, 1.63%, 01/15/31
 
359
313,332
Oklahoma Gas and Electric Co.
 
3.80%, 08/15/28
 
268
264,978
3.30%, 03/15/30
 
200
190,868
3.25%, 04/01/30
 
79
75,430
5.40%, 01/15/33
 
300
309,412
Oncor Electric Delivery Co. LLC
 
4.30%, 05/15/28(a)
 
488
488,023
3.70%, 11/15/28
 
193
190,160
4.65%, 11/01/29
 
350
352,729
2.75%, 05/15/30
 
729
682,840
4.50%, 03/15/31(b)
 
675
670,492
7.00%, 05/01/32
 
300
333,742
4.15%, 06/01/32
 
296
287,437
4.55%, 09/15/32
 
519
512,861
7.25%, 01/15/33(a)
 
263
298,208
5.65%, 11/15/33
 
351
367,279
5.35%, 04/01/35
 
405
412,658
Pacific Gas and Electric Co.
 
5.45%, 06/15/27
 
400
403,594
2.10%, 08/01/27
 
483
469,214
3.30%, 12/01/27
 
655
642,787
5.00%, 06/04/28
 
400
403,458
3.00%, 06/15/28
 
516
498,928
3.75%, 07/01/28
 
550
539,871
4.65%, 08/01/28
 
200
199,941
6.10%, 01/15/29
 
810
837,110
4.20%, 03/01/29(a)
 
220
217,059
5.55%, 05/15/29
 
400
409,132
4.55%, 07/01/30
 
2,006
1,982,226
2.50%, 02/01/31
 
1,211
1,089,439
3.25%, 06/01/31
 
550
508,573
4.40%, 03/01/32
 
293
283,571
5.90%, 06/15/32
 
450
467,172
5.05%, 10/15/32(a)
 
250
249,239
6.15%, 01/15/33
 
428
448,690
6.40%, 06/15/33
 
640
680,419
6.95%, 03/15/34
 
535
587,024
5.80%, 05/15/34
 
800
819,970
5.70%, 03/01/35
 
625
633,245
6.00%, 08/15/35
 
535
552,973
5.20%, 05/01/36
 
355
346,005
PacifiCorp.
 
5.10%, 02/15/29
 
350
354,187
4.25%, 03/15/29
 
200
198,069
4.65%, 04/15/29
 
300
300,194
Schedule of Investments
27
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
PacifiCorp. (continued)
 
3.50%, 06/15/29
$
354
$ 342,162
2.70%, 09/15/30
 
254
233,389
5.30%, 02/15/31(a)
 
800
814,597
5.10%, 04/15/31
 
300
303,121
7.70%, 11/15/31
 
200
225,614
5.45%, 04/15/33
 
450
458,468
5.45%, 02/15/34
 
784
793,179
5.25%, 06/15/35
 
200
196,200
5.80%, 04/15/36
 
750
770,158
PECO Energy Co.
 
4.90%, 06/15/33
 
364
366,707
4.88%, 09/15/35
 
400
396,142
Pinnacle West Capital Corp.
 
4.90%, 05/15/28(a)
 
305
307,583
5.15%, 05/15/30
 
125
127,003
Potomac Electric Power Co., 5.20%, 03/15/34
 
275
279,787
PPL Capital Funding, Inc.
 
4.13%, 04/15/30
 
300
294,741
5.25%, 09/01/34
 
455
459,292
PPL Electric Utilities Corp.
 
5.00%, 05/15/33
 
500
504,570
4.85%, 02/15/34
 
400
399,336
Progress Energy, Inc.
 
7.75%, 03/01/31
 
330
371,078
7.00%, 10/30/31
 
300
329,785
Public Service Co. of Colorado
 
3.70%, 06/15/28
 
129
127,339
4.15%, 03/13/29
 
240
238,711
1.88%, 06/15/31
 
450
393,213
5.35%, 05/15/34
 
450
457,618
5.15%, 09/15/35
 
575
571,947
5.05%, 06/15/36
 
125
122,755
Series 35, 1.90%, 01/15/31
 
160
141,725
Series 38, 4.10%, 06/01/32
 
150
145,268
Public Service Co. of New Hampshire
 
4.40%, 07/01/28
 
175
175,230
5.35%, 10/01/33
 
375
385,978
Series V, 2.20%, 06/15/31
 
450
399,883
Public Service Co. of Oklahoma
 
5.25%, 01/15/33
 
400
405,896
5.20%, 01/15/35
 
425
422,448
5.45%, 01/15/36
 
500
503,521
Series J, 2.20%, 08/15/31
 
413
363,116
Public Service Electric and Gas Co.
 
3.00%, 05/15/27
 
314
310,525
3.70%, 05/01/28
 
276
273,218
3.65%, 09/01/28(a)
 
270
265,913
3.20%, 05/15/29
 
313
303,426
2.45%, 01/15/30(a)
 
229
213,486
1.90%, 08/15/31
 
279
244,477
3.10%, 03/15/32
 
400
367,932
4.90%, 12/15/32
 
180
182,016
4.65%, 03/15/33
 
417
414,070
5.20%, 08/01/33
 
370
378,555
5.20%, 03/01/34
 
275
279,803
4.85%, 08/01/34
 
450
447,352
4.90%, 08/15/35
 
200
198,918
Series Q, 5.05%, 03/01/35
 
260
261,724
Series R, 4.20%, 01/01/31
 
225
222,327
Public Service Enterprise Group, Inc.
 
5.85%, 11/15/27
 
400
408,421
Security
 
Par
(000)
Value
Electric Utilities (continued)
Public Service Enterprise Group, Inc. (continued)
 
5.88%, 10/15/28
$
250
$ 257,640
5.20%, 04/01/29
 
275
279,870
4.90%, 03/15/30
 
205
207,013
1.60%, 08/15/30
 
352
310,315
2.45%, 11/15/31
 
500
444,363
6.13%, 10/15/33
 
250
265,201
5.45%, 04/01/34(a)
 
275
280,196
5.40%, 03/15/35
 
250
252,222
Puget Energy, Inc.
 
2.38%, 06/15/28
 
329
314,377
4.10%, 06/15/30
 
413
400,745
4.22%, 03/15/32
 
279
266,407
5.73%, 03/15/35
 
475
477,903
Puget Sound Energy, Inc., 5.33%, 06/15/34
 
175
177,816
San Diego Gas & Electric Co.
 
4.95%, 08/15/28(a)
 
345
349,572
5.40%, 04/15/35
 
550
559,219
Series DDDD, 5.20%, 03/15/36
 
225
224,341
Series VVV, 1.70%, 10/01/30
 
663
588,009
Series XXX, 3.00%, 03/15/32
 
350
318,979
Sempra
 
3.25%, 06/15/27
 
500
493,227
3.40%, 02/01/28
 
713
699,537
3.70%, 04/01/29(a)
 
513
501,301
5.50%, 08/01/33
 
499
513,834
5.25%, 03/15/36
 
450
444,339
Southern California Edison Co.
 
5.85%, 11/01/27
 
300
305,472
5.30%, 03/01/28
 
495
500,931
5.65%, 10/01/28
 
378
386,288
6.65%, 04/01/29
 
200
208,799
5.15%, 06/01/29
 
500
505,927
2.85%, 08/01/29
 
384
362,436
5.25%, 03/15/30
 
550
558,112
2.25%, 06/01/30
 
432
391,300
5.45%, 06/01/31
 
408
417,311
2.75%, 02/01/32(a)
 
413
367,914
5.95%, 11/01/32
 
525
548,579
4.80%, 03/15/33
 
450
440,463
5.20%, 06/01/34
 
529
523,438
5.45%, 03/01/35
 
500
499,570
Series 2004B, 6.00%, 01/15/34
 
332
344,643
Series 2004-G, 5.75%, 04/01/35
 
250
253,142
Series 2005-E, 5.35%, 07/15/35(a)
 
200
197,374
Series 2006A, 5.63%, 02/01/36(a)
 
250
249,162
Series A, 4.20%, 03/01/29
 
300
295,562
Series B, 3.65%, 03/01/28
 
275
270,301
Series D, 4.70%, 06/01/27
 
300
300,876
Series G, 2.50%, 06/01/31
 
349
311,465
Southern Co.
 
5.11%, 08/01/27
 
500
504,028
4.85%, 06/15/28
 
570
574,792
5.50%, 03/15/29(a)
 
621
638,547
5.70%, 10/15/32
 
350
365,793
5.20%, 06/15/33
 
1,370
1,385,285
5.70%, 03/15/34
 
702
726,739
4.85%, 03/15/35
 
1,550
1,508,584
Series 2021-B, 1.75%, 03/15/28
 
304
289,861
Series A, 3.70%, 04/30/30
 
758
734,415
Southern Power Co.
 
Series A, 4.25%, 10/01/30
 
500
494,080
28
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Southern Power Co. (continued)
 
Series B, 4.90%, 10/01/35
$
400
$ 387,517
Southwestern Electric Power Co.
 
5.30%, 04/01/33
 
550
557,505
5.20%, 04/01/36
 
875
863,248
Series M, 4.10%, 09/15/28
 
379
375,670
Southwestern Public Service Co., 5.30%, 05/15/35
 
325
326,393
System Energy Resources, Inc.
 
6.00%, 04/15/28(a)
 
400
410,533
5.30%, 12/15/34
 
385
383,998
Tampa Electric Co.
 
4.90%, 03/01/29
 
390
395,076
2.40%, 03/15/31
 
306
277,018
5.15%, 03/01/35
 
450
451,380
Tucson Electric Power Co.
 
1.50%, 08/01/30
 
116
101,996
3.25%, 05/15/32
 
250
229,336
5.20%, 09/15/34(a)
 
275
277,323
Union Electric Co.
 
2.95%, 06/15/27(a)
 
129
127,308
3.50%, 03/15/29
 
250
244,504
2.95%, 03/15/30
 
254
240,203
2.15%, 03/15/32
 
431
377,847
5.20%, 04/01/34
 
275
279,290
5.25%, 04/15/35
 
325
330,223
4.80%, 03/15/36
 
275
267,998
Virginia Electric and Power Co.
 
2.30%, 11/15/31
 
413
366,735
2.40%, 03/30/32
 
530
468,571
5.00%, 04/01/33
 
525
529,570
5.30%, 08/15/33
 
900
920,573
5.00%, 01/15/34
 
500
499,409
5.05%, 08/15/34
 
595
595,343
5.15%, 03/15/35
 
625
625,189
4.95%, 03/15/36
 
1,100
1,072,484
Series A, 3.80%, 04/01/28
 
413
409,265
Series A, 2.88%, 07/15/29
 
429
410,177
Series B, 6.00%, 01/15/36
 
500
526,858
Series C, 4.90%, 09/15/35
 
750
734,024
Wisconsin Electric Power Co.
 
1.70%, 06/15/28(a)
 
159
150,946
3.95%, 03/01/29
 
100
99,101
5.00%, 05/15/29
 
225
228,975
4.15%, 10/15/30
 
770
759,477
4.75%, 09/30/32(a)
 
305
308,050
5.63%, 05/15/33
 
200
210,601
4.60%, 10/01/34(a)
 
185
182,701
Wisconsin Power and Light Co.
 
3.05%, 10/15/27
 
252
247,493
3.00%, 07/01/29
 
229
219,474
1.95%, 09/16/31
 
194
168,972
3.95%, 09/01/32
 
400
381,587
4.95%, 04/01/33
 
190
190,368
5.38%, 03/30/34
 
335
341,505
Wisconsin Public Service Corp.
 
4.55%, 12/01/29
 
220
220,874
4.25%, 01/15/31
 
200
197,978
Xcel Energy, Inc.
 
4.75%, 03/21/28
 
175
175,899
4.00%, 06/15/28
 
479
475,425
2.60%, 12/01/29
 
380
355,243
3.40%, 06/01/30
 
350
334,090
Security
 
Par
(000)
Value
Electric Utilities (continued)
Xcel Energy, Inc. (continued)
 
2.35%, 11/15/31
$
179
$ 157,479
4.60%, 06/01/32
 
497
489,099
5.45%, 08/15/33
 
500
510,442
5.50%, 03/15/34
 
355
361,461
5.60%, 04/15/35
 
475
484,032
 
 
245,334,066
Electronic Equipment, Instruments & Components — 0.8%
ABB Finance USA, Inc., 3.80%, 04/03/28
 
260
257,732
Acuity Brands Lighting, Inc., 2.15%, 12/15/30
 
250
223,434
Allegion PLC, 3.50%, 10/01/29
 
219
210,980
Allegion U.S. Holding Co., Inc.
 
3.55%, 10/01/27
 
250
246,736
5.41%, 07/01/32
 
328
334,946
5.60%, 05/29/34
 
225
230,298
Amphenol Corp.
 
3.80%, 11/15/27
 
530
526,795
4.38%, 06/12/28
 
502
502,983
3.90%, 11/15/28
 
245
242,861
5.05%, 04/05/29(a)
 
175
178,621
4.35%, 06/01/29
 
350
351,091
2.80%, 02/15/30
 
385
362,914
4.13%, 11/15/30
 
505
497,427
2.20%, 09/15/31
 
597
528,415
4.40%, 02/15/33
 
640
625,590
5.25%, 04/05/34(a)
 
375
383,352
5.00%, 01/15/35(a)
 
500
499,559
4.63%, 02/15/36
 
1,075
1,038,817
Arrow Electronics, Inc.
 
3.88%, 01/12/28
 
350
345,693
5.15%, 08/21/29
 
250
252,447
2.95%, 02/15/32
 
329
292,442
5.88%, 04/10/34
 
300
308,843
Avnet, Inc.
 
6.25%, 03/15/28
 
160
164,268
3.00%, 05/15/31
 
165
148,996
5.50%, 06/01/32
 
330
334,513
CDW LLC/CDW Finance Corp.
 
4.25%, 04/01/28
 
379
374,670
3.28%, 12/01/28
 
316
303,705
3.25%, 02/15/29
 
371
354,456
5.10%, 03/01/30
 
378
379,211
3.57%, 12/01/31
 
784
721,539
5.55%, 08/22/34
 
300
297,389
Eaton Capital ULC, 4.45%, 05/09/30
 
200
199,820
Emerson Electric Co.
 
1.80%, 10/15/27
 
400
387,416
2.00%, 12/21/28
 
728
689,008
1.95%, 10/15/30
 
275
248,303
2.20%, 12/21/31(a)
 
650
577,467
5.00%, 03/15/35(a)
 
255
256,360
Flex Ltd.
 
6.00%, 01/15/28
 
236
241,075
4.88%, 06/15/29
 
413
414,539
4.88%, 05/12/30
 
243
243,023
5.25%, 01/15/32
 
500
502,609
5.38%, 11/13/35
 
375
371,837
GE Vernova, Inc.
 
4.25%, 02/04/31
 
265
262,550
4.88%, 02/04/36
 
640
632,679
Honeywell International, Inc.
 
2.70%, 08/15/29
 
581
552,144
Schedule of Investments
29
Schedule of Investments (unaudited)(continued)
April 30, 2026
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)
 
1.95%, 06/01/30
$
747
$ 677,580
1.75%, 09/01/31
 
921
801,097
5.00%, 02/15/33
 
326
333,538
4.50%, 01/15/34
 
616
604,854
5.00%, 03/01/35(a)
 
874
879,192
Hubbell, Inc.
 
3.15%, 08/15/27
 
254
250,037
3.50%, 02/15/28
 
250
246,191
2.30%, 03/15/31
 
254
229,186
4.80%, 11/15/35
 
175
170,546
Jabil, Inc.
 
4.25%, 05/15/27
 
305
304,768
3.95%, 01/12/28
 
250
247,684
4.20%, 02/01/29
 
255
251,966
5.45%, 02/01/29
 
75
76,354
3.60%, 01/15/30
 
250
239,736
3.00%, 01/15/31
 
369
340,475
4.75%, 02/01/33
 
335
326,222
Keysight Technologies, Inc.
 
3.00%, 10/30/29
 
260
247,537
5.35%, 07/30/30
 
484
496,593
4.95%, 10/15/34
 
382
379,416
TD SYNNEX Corp.
 
2.38%, 08/09/28
 
321
305,243
4.30%, 01/17/29
 
250
247,199
2.65%, 08/09/31
 
273
243,491
6.10%, 04/12/34
 
441
458,785
5.30%, 10/10/35
 
450
440,067
Trimble, Inc.
 
4.90%, 06/15/28
 
450
451,112
6.10%, 03/15/33
 
500
524,553
Tyco Electronics Group SA
 
3.13%, 08/15/27
 
250
246,342
4.63%, 02/01/30
 
225
227,126
4.50%, 02/09/31
 
350
348,590
2.50%, 02/04/32
 
405
360,527
5.00%, 05/09/35
 
375
373,436
4.88%, 02/09/36
 
210
206,699
Vertiv Holdings Co., 4.85%, 03/15/36(a)
 
335
325,693
Vontier Corp.
 
2.40%, 04/01/28
 
200
191,731
2.95%, 04/01/31(a)
 
350
319,614
 
 
29,472,733
Energy Equipment & Services — 0.2%
Baker Hughes Holdings LLC/Baker Hughes Co-
Obligor, Inc.
 
3.34%, 12/15/27
 
699
688,937
4.05%, 03/11/29
 
220
218,412
3.14%, 11/07/29
 
243
233,653
4.49%, 05/01/30
 
350
350,020
4.35%, 06/15/31
 
925
913,858
4.65%, 06/15/33
 
750
738,304
5.00%, 06/15/36
 
785
772,549
Halliburton Co.
 
2.92%, 03/01/30(a)
 
611
575,786
4.85%, 11/15/35
 
600
586,231
NOV, Inc., 3.60%, 12/01/29(a)
 
329
318,218
Schlumberger Investment(d)
 
05/07/31
 
225
224,610
Security
 
Par
(000)
Value
Energy Equipment & Services (continued)
Schlumberger Investment(d) (continued)
 
05/07/33
$
225
$ 224,415
05/07/36
 
225
224,821
Schlumberger Investment SA, 2.65%, 06/26/30
 
542
506,810
 
 
6,576,624
Environmental, Maintenance & Security Service — 0.5%
Republic Services, Inc.
 
3.38%, 11/15/27
 
400
395,493
3.95%, 05/15/28
 
492
489,325
4.88%, 04/01/29
 
455
461,687
5.00%, 11/15/29(a)
 
250
255,050
2.30%, 03/01/30(a)
 
444
410,061
4.75%, 07/15/30(a)
 
235
237,590
1.45%, 02/15/31(a)
 
427
370,689
1.75%, 02/15/32
 
605
518,649
2.38%, 03/15/33(a)
 
450
389,390
5.00%, 12/15/33(a)
 
482
489,486
5.00%, 04/01/34
 
400
403,281
5.20%, 11/15/34
 
245
249,828
5.15%, 03/15/35(a)
 
470
478,273
Veralto Corp.
 
5.35%, 09/18/28
 
325
331,071
5.45%, 09/18/33
 
425
435,020
Waste Connections, Inc.
 
4.25%, 12/01/28
 
200
199,921
3.50%, 05/01/29
 
254
249,129
2.60%, 02/01/30
 
376
353,850
2.20%, 01/15/32
 
479
420,449
3.20%, 06/01/32
 
274
252,942
4.20%, 01/15/33
 
410
395,212
5.00%, 03/01/34
 
575
577,694
5.25%, 09/01/35(a)
 
250
254,271
4.80%, 07/15/36
 
225
220,210
Waste Management, Inc.
 
4.95%, 07/03/27
 
275
277,502
3.15%, 11/15/27
 
617
608,103
1.15%, 03/15/28
 
374
353,805
4.50%, 03/15/28
 
625
629,206
3.88%, 01/15/29
 
400
395,818
4.88%, 02/15/29
 
575
583,840
2.00%, 06/01/29
 
159
148,386
4.63%, 02/15/30
 
400
403,293
4.65%, 03/15/30
 
425
428,475
1.50%, 03/15/31(a)
 
707
614,934
4.95%, 07/03/31
 
495
505,315
4.80%, 03/15/32
 
525
530,903
4.15%, 04/15/32(a)
 
524
513,593
4.63%, 02/15/33
 
270
269,693
4.88%, 02/15/34
 
766
772,870
4.95%, 03/15/35
 
950
950,329
 
 
16,824,636
Financial Services — 2.4%
AerCap Ireland Capital DAC/AerCap Global Aviation
Trust
 
3.65%, 07/21/27
 
655
648,417
4.63%, 10/15/27
 
300
300,446
3.88%, 01/23/28
 
300
296,839
4.88%, 04/01/28
 
650
653,754
5.75%, 06/06/28
 
610
624,227
3.00%, 10/29/28
 
2,523
2,430,682
30
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
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)
 
5.10%, 01/19/29
$
510
$ 516,099
4.13%, 02/28/29
 
550
542,744
4.63%, 09/10/29
 
850
848,504
6.15%, 09/30/30
 
1,050
1,102,321
4.38%, 11/15/30
 
420
412,322
5.38%, 12/15/31
 
500
510,103
3.30%, 01/30/32
 
2,450
2,240,811
4.75%, 01/15/33
 
550
537,397
3.40%, 10/29/33
 
1,100
977,604
5.30%, 01/19/34
 
450
449,316
4.95%, 09/10/34
 
750
730,353
5.00%, 11/15/35
 
490
473,581
Affiliated Managers Group, Inc.
 
3.30%, 06/15/30
 
264
248,368
5.50%, 08/20/34
 
250
249,542
5.50%, 02/15/36
 
275
271,349
Ally Financial, Inc.
 
4.75%, 06/09/27(a)
 
500
501,461
7.10%, 11/15/27(a)
 
550
569,598
2.20%, 11/02/28
 
285
269,006
8.00%, 11/01/31(a)
 
1,211
1,353,192
8.00%, 11/01/31
 
300
333,558
(1-day SOFR + 1.78%), 5.55%, 07/31/33(c)
 
350
347,887
(1-day SOFR + 2.29%), 6.18%, 07/26/35(a)(c)
 
590
598,284
(1-day SOFR + 2.82%), 6.85%, 01/03/30(c)
 
491
512,432
(1-day SOFR + 3.26%), 6.99%, 06/13/29(c)
 
500
520,018
(1-day SOFR Index + 1.73%), 5.54%, 01/17/31(c)
 
305
308,048
(1-day SOFR Index + 1.96%), 5.74%, 05/15/29(c)
 
458
465,065
Ameriprise Financial, Inc.
 
5.70%, 12/15/28
 
375
387,436
4.50%, 05/13/32(a)
 
313
311,330
5.15%, 05/15/33
 
460
469,047
5.20%, 04/15/35
 
475
476,713
Apollo Global Management, Inc.
 
4.60%, 01/15/31(a)
 
425
420,705
6.38%, 11/15/33
 
375
400,742
5.15%, 08/12/35
 
650
632,122
5.70%, 03/30/36
 
500
501,649
Ares Management Corp., 6.38%, 11/10/28
 
254
263,906
BGC Group, Inc.
 
8.00%, 05/25/28
 
200
210,393
6.60%, 06/10/29
 
325
335,013
6.15%, 04/02/30
 
425
435,338
Blackstone Reg Finance Co. LLC
 
4.30%, 11/03/30(a)
 
270
266,247
5.00%, 12/06/34
 
756
746,698
4.95%, 02/15/36
 
95
92,183
Blue Owl Finance LLC
 
3.13%, 06/10/31
 
398
346,618
4.38%, 02/15/32
 
300
269,941
6.25%, 04/18/34(a)
 
670
656,510
Brookfield Asset Management Ltd.
 
4.65%, 11/15/30
 
375
371,706
4.83%, 04/15/31
 
300
297,757
5.80%, 04/24/35
 
450
458,678
5.30%, 01/15/36
 
525
512,196
Brookfield Capital Finance LLC, 6.09%, 06/14/33
 
350
367,351
Brookfield Finance I U.K. PLC/Brookfield Finance,
Inc., 2.34%, 01/30/32
 
399
345,444
Brookfield Finance, Inc.
 
3.90%, 01/25/28
 
619
611,985
Security
 
Par
(000)
Value
Financial Services (continued)
Brookfield Finance, Inc. (continued)
 
4.85%, 03/29/29
$
700
$ 702,644
4.35%, 04/15/30
 
413
406,055
2.72%, 04/15/31(a)
 
305
277,080
6.35%, 01/05/34
 
450
477,982
5.68%, 01/15/35
 
200
203,178
5.33%, 01/15/36
 
470
461,413
Carlyle Group, Inc., 5.05%, 09/19/35(a)
 
495
479,337
Cboe Global Markets, Inc.
 
1.63%, 12/15/30
 
259
228,090
3.00%, 03/16/32
 
217
199,484
Charles Schwab Corp.
 
3.20%, 01/25/28
 
525
516,696
2.00%, 03/20/28(a)
 
754
723,565
4.00%, 02/01/29
 
442
439,174
3.25%, 05/22/29(a)
 
532
516,916
2.75%, 10/01/29
 
379
359,256
4.63%, 03/22/30
 
179
180,963
1.65%, 03/11/31(a)
 
413
361,420
2.30%, 05/13/31
 
663
596,965
1.95%, 12/01/31(a)
 
550
480,416
2.90%, 03/03/32
 
660
598,994
(1-day SOFR + 0.94%), 4.34%, 11/14/31(c)
 
625
616,636
(1-day SOFR + 1.23%), 4.91%, 11/14/36(c)
 
675
657,996
(1-day SOFR + 1.88%), 6.20%, 11/17/29(c)
 
904
942,418
(1-day SOFR + 2.01%), 6.14%, 08/24/34(c)
 
795
847,984
(1-day SOFR + 2.21%), 5.64%, 05/19/29(c)
 
562
576,672
(1-day SOFR + 2.50%), 5.85%, 05/19/34(c)
 
856
897,379
CI Financial Corp., 3.20%, 12/17/30
 
646
579,005
CME Group, Inc.
 
3.75%, 06/15/28
 
433
429,232
4.40%, 03/15/30
 
510
511,757
2.65%, 03/15/32
 
621
564,312
Enact Holdings, Inc., 6.25%, 05/28/29
 
500
516,606
Franklin Resources, Inc., 1.60%, 10/30/30
 
500
441,419
Golub Capital Private Credit Fund, 5.45%, 08/15/28
 
395
391,654
Hercules Capital, Inc.
 
5.35%, 02/10/29
 
100
98,624
6.00%, 06/16/30(a)
 
225
223,802
Intercontinental Exchange, Inc.
 
3.10%, 09/15/27
 
284
279,602
4.00%, 09/15/27
 
935
931,852
3.63%, 09/01/28
 
678
667,866
3.75%, 09/21/28
 
576
568,412
3.95%, 12/01/28
 
375
371,847
4.35%, 06/15/29
 
753
751,547
2.10%, 06/15/30(a)
 
787
716,768
4.20%, 03/15/31
 
435
429,393
5.25%, 06/15/31
 
425
438,030
1.85%, 09/15/32
 
938
792,844
4.60%, 03/15/33
 
950
941,035
Janus Henderson U.S. Holdings, Inc., 5.45%,
09/10/34
 
275
276,168
Jefferies Financial Group, Inc.
 
6.45%, 06/08/27(a)
 
250
254,616
5.88%, 07/21/28
 
535
546,613
4.15%, 01/23/30
 
679
659,043
5.13%, 04/28/31
 
450
444,054
2.63%, 10/15/31
 
629
549,808
2.75%, 10/15/32
 
374
317,542
6.20%, 04/14/34
 
925
946,309
5.50%, 02/15/36
 
1,275
1,226,273
KKR & Co., Inc., 5.10%, 08/07/35(a)
 
600
583,708
Schedule of Investments
31
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Financial Services (continued)
Lazard Group LLC
 
4.50%, 09/19/28
$
300
$ 298,931
4.38%, 03/11/29
 
379
375,255
6.00%, 03/15/31
 
219
228,532
5.63%, 08/01/35
 
225
225,209
LPL Holdings, Inc.
 
5.70%, 05/20/27
 
490
495,488
4.90%, 04/03/28
 
275
275,749
6.75%, 11/17/28
 
550
575,926
5.20%, 03/15/30
 
452
456,332
5.15%, 06/15/30
 
275
276,801
6.00%, 05/20/34(a)
 
300
307,463
5.65%, 03/15/35
 
350
349,591
5.75%, 06/15/35
 
325
326,854
Marex Group PLC
 
5.83%, 05/08/28
 
300
302,839
6.40%, 11/04/29
 
450
463,391
5.68%, 04/21/31
 
300
299,754
Nasdaq, Inc.
 
5.35%, 06/28/28
 
552
562,302
1.65%, 01/15/31
 
543
477,652
5.55%, 02/15/34
 
728
751,666
National Rural Utilities Cooperative Finance Corp.,
05/11/29(d)
 
175
175,103
Nomura Holdings, Inc.
 
5.59%, 07/02/27
 
400
404,459
5.39%, 07/06/27
 
400
403,649
5.84%, 01/18/28
 
200
204,007
6.07%, 07/12/28
 
550
566,355
2.17%, 07/14/28
 
700
664,710
2.71%, 01/22/29
 
478
454,069
5.61%, 07/06/29(a)
 
400
410,568
3.10%, 01/16/30
 
835
787,432
4.90%, 07/01/30
 
400
400,042
2.68%, 07/16/30
 
510
467,734
2.61%, 07/14/31(a)
 
650
581,715
3.00%, 01/22/32
 
450
405,824
6.18%, 01/18/33
 
600
634,098
6.09%, 07/12/33(a)
 
300
316,076
5.78%, 07/03/34
 
655
675,855
5.49%, 06/29/35(a)
 
400
403,670
(5-year CMT + 1.30%), 5.04%, 06/10/36(c)
 
400
390,306
ORIX Corp.
 
3.70%, 07/18/27
 
400
396,561
5.00%, 09/13/27
 
200
201,440
4.65%, 09/10/29
 
525
528,266
4.45%, 09/09/30
 
225
223,131
2.25%, 03/09/31
 
413
367,824
4.00%, 04/13/32
 
363
347,099
5.20%, 09/13/32(a)
 
400
406,933
5.40%, 02/25/35
 
325
328,203
Radian Group, Inc., 6.20%, 05/15/29
 
275
284,387
Raymond James Financial, Inc.
 
4.65%, 04/01/30
 
336
338,185
4.90%, 09/11/35
 
405
394,968
Stifel Financial Corp., 4.00%, 05/15/30
 
268
260,598
Sumisho Air Lease Corp.
 
3.63%, 12/01/27
 
130
128,025
5.85%, 12/15/27
 
654
666,501
5.30%, 02/01/28(a)
 
300
303,173
4.40%, 03/24/28(b)
 
525
522,451
2.10%, 09/01/28
 
213
200,779
Security
 
Par
(000)
Value
Financial Services (continued)
Sumisho Air Lease Corp. (continued)
 
4.63%, 10/01/28
$
400
$ 398,939
5.10%, 03/01/29
 
275
277,515
4.50%, 03/24/29(b)
 
525
521,651
3.25%, 10/01/29
 
413
391,985
3.00%, 02/01/30
 
529
493,687
3.13%, 12/01/30
 
509
470,391
4.85%, 03/24/31(b)
 
525
520,380
5.20%, 07/15/31
 
325
326,577
2.88%, 01/15/32
 
450
400,584
5.50%, 03/24/36(b)
 
525
519,900
TPG Operating Group II LP
 
4.88%, 05/15/31
 
100
98,686
5.88%, 03/05/34(a)
 
426
433,941
5.38%, 01/15/36
 
350
341,661
UBS Americas, Inc., 7.13%, 07/15/32
 
570
635,942
Voya Financial, Inc.
 
5.00%, 09/20/34(a)
 
285
279,187
5.05%, 03/02/36
 
225
217,620
(3-mo. SOFR US + 2.35%), 4.70%, 01/23/48(c)
 
200
192,493
 
 
88,044,560
Food Products — 1.3%
Ahold Finance USA LLC, 6.88%, 05/01/29
 
434
461,977
Archer-Daniels-Midland Co.
 
3.25%, 03/27/30
 
700
670,580
2.90%, 03/01/32(a)
 
523
477,500
4.50%, 08/15/33
 
310
306,198
5.38%, 09/15/35
 
300
309,191
Bunge Ltd. Finance Corp.
 
3.75%, 09/25/27
 
481
477,413
4.10%, 01/07/28(a)
 
225
224,160
4.20%, 09/17/29
 
531
526,205
4.55%, 08/04/30
 
425
423,595
3.20%, 04/21/31
 
400
373,755
2.75%, 05/14/31
 
635
580,150
4.80%, 03/19/33(a)
 
225
223,432
4.65%, 09/17/34(a)
 
485
468,899
5.15%, 08/04/35
 
425
424,008
5.15%, 03/19/36
 
425
421,450
Campbell’s Co., 4.55%, 03/21/31
 
225
218,290
Conagra Brands, Inc.
 
1.38%, 11/01/27
 
597
568,862
7.00%, 10/01/28
 
200
209,755
4.85%, 11/01/28
 
804
805,381
5.00%, 08/01/30(a)
 
300
300,340
8.25%, 09/15/30
 
200
225,481
5.75%, 08/01/35(a)
 
300
301,435
Flowers Foods, Inc.
 
2.40%, 03/15/31
 
350
300,174
5.75%, 03/15/35(a)
 
328
315,874
General Mills, Inc.
 
4.20%, 04/17/28
 
829
824,647
5.50%, 10/17/28(a)
 
365
373,457
4.88%, 01/30/30
 
300
302,231
2.88%, 04/15/30
 
487
455,119
2.25%, 10/14/31(a)
 
279
245,219
4.95%, 03/29/33(a)
 
670
663,475
5.25%, 01/30/35(a)
 
500
497,491
Hershey Co.
 
4.55%, 02/24/28
 
220
221,701
4.25%, 05/04/28(a)
 
35
35,070
2.45%, 11/15/29
 
225
211,617
32
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Food Products (continued)
Hershey Co. (continued)
 
4.75%, 02/24/30
$
125
$ 126,761
1.70%, 06/01/30
 
258
231,938
4.95%, 02/24/32
 
325
332,079
4.50%, 05/04/33(a)
 
302
300,199
5.10%, 02/24/35
 
325
331,841
Hormel Foods Corp.
 
1.70%, 06/03/28
 
277
262,941
1.80%, 06/11/30
 
650
585,308
Ingredion, Inc., 2.90%, 06/01/30(a)
 
250
234,242
J.M. Smucker Co.
 
3.38%, 12/15/27
 
250
246,236
5.90%, 11/15/28
 
575
594,945
2.38%, 03/15/30
 
250
230,728
2.13%, 03/15/32
 
379
326,014
6.20%, 11/15/33
 
575
612,851
4.25%, 03/15/35
 
398
368,991
JBS NV/JBS USA Foods Group Holdings, Inc./JBS
USA Food Co. Holdings
 
3.00%, 02/02/29(a)
 
322
309,279
3.75%, 12/01/31
 
266
248,951
3.63%, 01/15/32
 
750
693,933
3.00%, 05/15/32
 
588
523,661
5.75%, 04/01/33
 
1,057
1,088,233
6.75%, 03/15/34
 
458
498,892
5.95%, 04/20/35
 
500
516,742
5.50%, 01/15/36(a)
 
800
797,378
Kellanova
 
3.40%, 11/15/27(a)
 
450
444,601
4.30%, 05/15/28
 
379
379,267
2.10%, 06/01/30
 
284
258,729
5.25%, 03/01/33(a)
 
200
204,396
Series B, 7.45%, 04/01/31
 
400
449,952
Kraft Heinz Foods Co.
 
4.63%, 01/30/29
 
163
163,532
3.75%, 04/01/30(a)
 
641
620,469
4.25%, 03/01/31
 
263
258,105
5.20%, 03/15/32
 
325
329,212
6.75%, 03/15/32
 
130
140,673
5.40%, 03/15/35
 
325
326,943
5.00%, 07/15/35
 
400
389,012
Kroger Co.
 
3.70%, 08/01/27
 
413
409,841
4.50%, 01/15/29
 
229
229,476
2.20%, 05/01/30
 
393
359,448
1.70%, 01/15/31
 
483
423,653
7.50%, 04/01/31
 
252
282,869
5.00%, 09/15/34
 
1,370
1,352,557
McCormick & Co., Inc.
 
3.40%, 08/15/27
 
350
345,621
4.15%, 02/15/29
 
200
198,216
2.50%, 04/15/30(a)
 
209
192,910
1.85%, 02/15/31(a)
 
314
275,221
4.95%, 04/15/33
 
300
298,191
4.70%, 10/15/34(a)
 
425
408,382
Mondelez International, Inc.
 
4.25%, 05/06/28
 
442
441,566
4.13%, 05/07/28
 
260
258,611
4.75%, 02/20/29
 
275
277,973
2.75%, 04/13/30
 
459
428,888
4.50%, 05/06/30
 
150
149,566
1.50%, 02/04/31
 
240
209,092
Security
 
Par
(000)
Value
Food Products (continued)
Mondelez International, Inc. (continued)
 
3.00%, 03/17/32
$
500
$ 453,552
1.88%, 10/15/32(a)
 
413
351,612
4.75%, 08/28/34
 
325
318,348
5.13%, 05/06/35
 
350
349,865
Pilgrim’s Pride Corp.
 
4.25%, 04/15/31
 
600
576,667
3.50%, 03/01/32
 
584
533,484
6.25%, 07/01/33
 
550
577,531
6.88%, 05/15/34
 
400
434,566
Sysco Corp.
 
3.25%, 07/15/27
 
549
541,125
5.75%, 01/17/29(a)
 
200
205,743
2.40%, 02/15/30
 
348
320,419
5.95%, 04/01/30
 
781
812,410
5.10%, 09/23/30
 
495
500,856
4.40%, 07/25/31
 
225
219,880
2.45%, 12/14/31
 
329
290,008
6.00%, 01/17/34
 
200
210,512
5.40%, 03/23/35
 
525
526,455
5.38%, 09/21/35(a)
 
300
299,367
4.95%, 03/25/36(a)
 
225
216,118
The Campbell’s Co.
 
4.15%, 03/15/28(a)
 
600
593,764
5.20%, 03/21/29(a)
 
275
277,868
2.38%, 04/24/30
 
359
323,264
5.40%, 03/21/34
 
625
607,407
4.75%, 03/23/35(a)
 
588
541,567
Tyson Foods, Inc.
 
3.55%, 06/02/27
 
861
853,619
4.35%, 03/01/29
 
700
697,740
5.40%, 03/15/29
 
475
486,114
5.70%, 03/15/34
 
529
547,641
4.88%, 08/15/34
 
350
344,071
4.95%, 02/20/36(a)
 
225
219,240
 
 
46,644,060
Ground Transportation — 0.5%
Burlington Northern Santa Fe LLC, 3.25%, 06/15/27
 
298
295,386
Canadian National Railway Co.
 
6.90%, 07/15/28
 
250
263,524
4.20%, 03/12/31
 
175
172,650
3.85%, 08/05/32
 
450
430,328
5.85%, 11/01/33(a)
 
180
191,767
6.25%, 08/01/34
 
401
435,894
4.38%, 09/18/34
 
603
582,128
4.75%, 11/12/35(a)
 
175
172,667
Canadian Pacific Railway Co.
 
4.00%, 06/01/28
 
300
297,926
4.00%, 03/15/29
 
275
271,915
2.88%, 11/15/29
 
407
385,955
2.05%, 03/05/30
 
179
163,987
4.80%, 03/30/30(a)
 
400
405,116
7.13%, 10/15/31
 
163
181,969
2.45%, 12/02/31
 
972
867,604
5.20%, 03/30/35
 
400
405,822
4.80%, 09/15/35
 
200
197,378
CSX Corp.
 
3.25%, 06/01/27
 
639
632,474
3.80%, 03/01/28
 
457
453,205
4.25%, 03/15/29
 
776
775,042
2.40%, 02/15/30
 
329
306,206
4.10%, 11/15/32(a)
 
650
632,661
Schedule of Investments
33
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Ground Transportation (continued)
CSX Corp. (continued)
 
5.20%, 11/15/33
$
300
$ 307,529
5.05%, 06/15/35
 
575
577,519
Fedex Freight Holding Co., Inc., 5.25%, 03/15/36(b)
 
800
778,530
JB Hunt Transport Services, Inc., 4.90%, 03/15/30
 
416
419,943
Kirby Corp., 4.20%, 03/01/28
 
250
248,776
Norfolk Southern Corp.
 
7.80%, 05/15/27
 
260
269,319
3.15%, 06/01/27
 
249
246,055
3.80%, 08/01/28
 
446
441,728
2.55%, 11/01/29
 
107
100,807
5.05%, 08/01/30
 
440
449,739
2.30%, 05/15/31
 
372
334,740
3.00%, 03/15/32
 
174
159,409
4.45%, 03/01/33
 
314
308,749
5.55%, 03/15/34
 
250
259,665
5.10%, 05/01/35
 
350
352,608
Union Pacific Corp.
 
3.95%, 09/10/28(a)
 
629
625,650
6.63%, 02/01/29
 
288
305,331
3.70%, 03/01/29
 
562
554,036
2.40%, 02/05/30
 
400
373,105
2.38%, 05/20/31
 
533
484,363
2.80%, 02/14/32(a)
 
800
729,221
4.50%, 01/20/33(a)
 
662
661,067
3.38%, 02/01/35
 
355
316,592
5.10%, 02/20/35(a)
 
500
508,561
2.89%, 04/06/36
 
400
336,673
 
 
18,671,319
Health Care Equipment & Supplies — 1.2%
Abbott Laboratories
 
1.15%, 01/30/28
 
338
321,272
3.70%, 03/09/29
 
1,550
1,528,999
1.40%, 06/30/30
 
366
324,902
4.00%, 03/15/31
 
1,750
1,717,588
4.30%, 03/15/33
 
1,750
1,707,873
4.65%, 03/15/36
 
2,150
2,089,939
Agilent Technologies, Inc.
 
4.20%, 09/09/27
 
483
481,963
2.75%, 09/15/29
 
534
506,048
2.10%, 06/04/30
 
360
326,398
2.30%, 03/12/31
 
580
520,597
4.75%, 09/09/34
 
325
319,762
Augusta SpinCo Corp.
 
4.40%, 03/23/29
 
325
323,832
4.66%, 03/23/31
 
325
324,079
4.95%, 03/23/33
 
325
323,430
5.25%, 03/23/36
 
625
622,279
Baxter International, Inc.
 
2.27%, 12/01/28
 
780
729,748
4.45%, 02/15/29
 
105
103,877
3.95%, 04/01/30(a)
 
413
396,796
4.90%, 12/15/30
 
415
410,840
1.73%, 04/01/31(a)
 
400
337,068
2.54%, 02/01/32
 
940
798,708
5.65%, 12/15/35(a)
 
650
638,794
Boston Scientific Corp.
 
4.00%, 03/01/28
 
200
199,400
2.65%, 06/01/30
 
771
718,059
6.25%, 11/15/35
 
200
219,551
Dentsply Sirona, Inc., 3.25%, 06/01/30(a)
 
450
416,465
Security
 
Par
(000)
Value
Health Care Equipment & Supplies (continued)
DH Europe Finance II SARL, 2.60%, 11/15/29
$
366
$ 344,342
Edwards Lifesciences Corp., 4.30%, 06/15/28
 
400
399,025
GE HealthCare Technologies, Inc.
 
5.65%, 11/15/27(a)
 
1,000
1,018,015
4.15%, 12/15/28
 
225
223,403
4.80%, 08/14/29
 
785
791,335
5.86%, 03/15/30
 
750
781,172
4.80%, 01/15/31
 
450
451,155
5.91%, 11/22/32
 
1,000
1,054,770
5.50%, 06/15/35
 
562
569,711
4.95%, 12/15/35
 
440
429,051
Medtronic Global Holdings SCA(a)
 
4.25%, 03/30/28
 
650
650,053
4.50%, 03/30/33
 
705
696,699
Medtronic, Inc., 4.38%, 03/15/35
 
1,238
1,194,939
Revvity, Inc.
 
1.90%, 09/15/28
 
330
310,289
3.30%, 09/15/29
 
529
507,137
2.55%, 03/15/31
 
200
179,736
2.25%, 09/15/31
 
368
322,314
Smith & Nephew PLC
 
2.03%, 10/14/30
 
560
499,954
5.40%, 03/20/34
 
390
395,784
Solventum Corp.
 
5.40%, 03/01/29
 
614
627,766
5.45%, 03/13/31
 
650
668,291
5.60%, 03/23/34
 
1,084
1,108,106
STERIS Irish FinCo UnLtd Co., 2.70%, 03/15/31
 
484
440,680
Stryker Corp.
 
4.70%, 02/10/28
 
400
402,449
3.65%, 03/07/28
 
350
345,749
4.85%, 12/08/28
 
200
202,628
4.25%, 09/11/29
 
500
497,730
4.85%, 02/10/30
 
400
405,071
1.95%, 06/15/30
 
660
597,063
4.63%, 09/11/34
 
496
484,285
5.20%, 02/10/35(a)
 
654
661,959
Thermo Fisher Scientific, Inc.
 
4.80%, 11/21/27(a)
 
387
390,711
1.75%, 10/15/28
 
575
541,926
5.00%, 01/31/29(a)
 
456
464,462
2.60%, 10/01/29
 
680
642,758
4.98%, 08/10/30
 
520
530,446
4.22%, 02/12/31
 
140
138,405
4.20%, 03/01/31
 
260
256,714
2.00%, 10/15/31
 
863
761,382
4.47%, 10/07/32
 
300
296,571
4.95%, 11/21/32
 
482
489,111
4.55%, 06/15/33(a)
 
480
473,378
5.09%, 08/10/33
 
683
694,138
5.20%, 01/31/34
 
350
357,275
4.79%, 10/07/35(a)
 
500
491,831
4.90%, 02/12/36(a)
 
850
840,482
Universal Health Services, Inc.
 
4.63%, 10/15/29
 
325
322,780
2.65%, 10/15/30
 
550
496,871
2.65%, 01/15/32
 
295
258,455
5.05%, 10/15/34
 
340
327,179
Zimmer Biomet Holdings, Inc.
 
5.35%, 12/01/28
 
250
255,277
5.05%, 02/19/30
 
225
228,208
34
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care Equipment & Supplies (continued)
Zimmer Biomet Holdings, Inc. (continued)
 
2.60%, 11/24/31(a)
$
561
$ 501,497
5.20%, 09/15/34
 
625
625,797
5.50%, 02/19/35
 
225
229,235
 
 
44,283,817
Health Care Providers & Services — 2.0%
Adventist Health System
 
5.43%, 03/01/32(a)
 
200
202,684
5.76%, 12/01/34
 
300
308,169
Adventist Health System/West, Series 2025, 4.74%,
12/01/30
 
165
164,087
Ascension Health
 
Series 2025, 4.08%, 11/15/28
 
100
99,638
Series 2025, 4.29%, 11/15/30
 
330
326,374
Series 2025, 4.92%, 11/15/35
 
250
247,190
Series B, 2.53%, 11/15/29
 
797
749,357
Banner Health, 2.34%, 01/01/30
 
500
464,053
Baylor Scott & White Holdings, Series 2021, 1.78%,
11/15/30
 
57
50,665
Bon Secours Mercy Health, Inc., 3.46%, 06/01/30
 
130
126,026
Cedars-Sinai Health System, Series 2021, 2.29%,
08/15/31
 
130
116,160
CHRISTUS Health, Series C, 4.34%, 07/01/28
 
100
99,362
Cigna Group
 
3.05%, 10/15/27
 
179
175,777
4.38%, 10/15/28
 
2,569
2,568,110
5.00%, 05/15/29
 
600
609,920
2.40%, 03/15/30
 
807
746,980
4.50%, 09/15/30(a)
 
675
674,263
2.38%, 03/15/31
 
940
847,992
5.13%, 05/15/31
 
500
510,626
4.88%, 09/15/32
 
775
775,979
5.40%, 03/15/33
 
490
503,466
5.25%, 02/15/34
 
750
759,754
5.25%, 01/15/36
 
975
975,557
CommonSpirit Health
 
3.35%, 10/01/29
 
588
562,962
4.35%, 09/01/30
 
475
467,535
2.78%, 10/01/30
 
930
858,175
5.21%, 12/01/31
 
500
509,223
5.32%, 12/01/34
 
450
451,448
4.83%, 09/01/35
 
200
194,127
Series 2025, 4.98%, 09/01/35
 
390
379,492
Elevance Health, Inc.
 
3.65%, 12/01/27
 
1,122
1,110,003
4.10%, 03/01/28
 
754
749,972
4.00%, 09/15/28(a)
 
375
371,814
5.15%, 06/15/29
 
360
366,432
2.88%, 09/15/29
 
550
521,956
4.75%, 02/15/30(a)
 
355
357,313
2.25%, 05/15/30
 
626
571,812
2.55%, 03/15/31
 
442
401,185
4.95%, 11/01/31
 
500
503,868
4.10%, 05/15/32
 
358
343,897
4.60%, 09/15/32
 
675
664,289
5.50%, 10/15/32
 
400
412,187
4.75%, 02/15/33
 
600
592,772
5.38%, 06/15/34
 
634
643,779
5.95%, 12/15/34
 
400
418,916
5.20%, 02/15/35
 
590
589,854
5.00%, 01/15/36(a)
 
675
662,735
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
Elevance Health, Inc. (continued)
 
5.85%, 01/15/36
$
100
$ 103,492
HCA, Inc.
 
5.00%, 03/01/28(a)
 
475
479,058
5.20%, 06/01/28
 
653
661,905
5.63%, 09/01/28
 
980
999,118
5.88%, 02/01/29
 
600
616,569
3.38%, 03/15/29
 
326
315,837
4.13%, 06/15/29
 
1,480
1,459,441
5.25%, 03/01/30
 
320
326,031
3.50%, 09/01/30
 
1,616
1,536,777
4.30%, 11/15/30
 
350
343,769
5.45%, 04/01/31
 
1,286
1,320,104
4.70%, 05/15/31
 
600
597,113
2.38%, 07/15/31
 
509
451,517
5.50%, 03/01/32
 
515
527,595
3.63%, 03/15/32
 
1,305
1,217,305
4.60%, 11/15/32
 
555
542,156
5.00%, 05/15/33
 
600
595,797
5.50%, 06/01/33
 
780
796,900
5.60%, 04/01/34
 
672
688,384
5.45%, 09/15/34
 
919
930,822
5.75%, 03/01/35
 
925
951,615
4.90%, 11/15/35
 
485
469,283
5.30%, 05/15/36
 
600
594,800
Humana, Inc.
 
5.75%, 03/01/28(a)
 
115
117,189
5.75%, 12/01/28
 
100
102,410
3.70%, 03/23/29
 
410
399,484
3.13%, 08/15/29
 
413
394,656
4.88%, 04/01/30
 
290
290,054
5.38%, 04/15/31
 
905
917,422
2.15%, 02/03/32(a)
 
684
590,092
5.88%, 03/01/33
 
450
461,546
5.95%, 03/15/34
 
496
508,709
5.55%, 05/01/35
 
508
504,493
Icon Investments Six DAC
 
5.81%, 05/08/27
 
350
352,797
5.85%, 05/08/29
 
500
509,455
6.00%, 05/08/34
 
400
408,231
IQVIA, Inc.
 
5.70%, 05/15/28
 
350
356,483
6.25%, 02/01/29(a)
 
671
696,400
Kaiser Foundation Hospitals, 3.15%, 05/01/27
 
679
672,040
Laboratory Corp. of America Holdings
 
3.60%, 09/01/27
 
413
409,056
2.95%, 12/01/29
 
400
379,846
4.35%, 04/01/30
 
375
371,707
2.70%, 06/01/31
 
256
233,555
4.55%, 04/01/32(a)
 
375
370,787
4.80%, 10/01/34
 
575
561,886
Orlando Health Obligated Group, 5.48%, 10/01/35(a)
 
200
205,559
PeaceHealth Obligated Group
 
4.34%, 11/15/28(a)
 
55
54,736
4.86%, 11/15/32
 
270
269,208
Providence St. Joseph Health Obligated Group
 
5.37%, 10/01/32(a)
 
200
204,712
5.40%, 10/01/33
 
300
306,830
Series 19A, 2.53%, 10/01/29
 
743
693,660
Quest Diagnostics, Inc.
 
4.60%, 12/15/27
 
165
165,539
4.20%, 06/30/29
 
363
360,303
Schedule of Investments
35
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
Quest Diagnostics, Inc. (continued)
 
4.63%, 12/15/29
$
475
$ 477,915
2.95%, 06/30/30
 
550
516,481
2.80%, 06/30/31
 
329
301,471
6.40%, 11/30/33
 
300
325,679
5.00%, 12/15/34
 
633
629,618
06/30/36(d)
 
225
221,173
SSM Health Care Corp., 4.89%, 06/01/28(a)
 
250
251,945
Stanford Health Care, Series 2020, 3.31%, 08/15/30
 
250
238,995
Sutter Health
 
Series 2025, 5.21%, 08/15/32
 
105
107,418
Series 2025, 5.54%, 08/15/35
 
315
325,047
Series 20A, 2.29%, 08/15/30
 
517
471,892
UnitedHealth Group, Inc.
 
3.70%, 05/15/27
 
350
348,763
2.95%, 10/15/27
 
554
544,669
5.25%, 02/15/28
 
525
533,946
3.85%, 06/15/28
 
629
624,455
4.40%, 06/15/28
 
780
782,174
3.88%, 12/15/28
 
500
495,007
4.25%, 01/15/29
 
764
762,891
4.70%, 04/15/29
 
295
298,218
4.00%, 05/15/29
 
750
742,586
2.88%, 08/15/29
 
716
685,243
4.80%, 01/15/30
 
775
784,576
5.30%, 02/15/30
 
800
821,931
2.00%, 05/15/30
 
736
669,141
4.65%, 01/15/31
 
450
452,786
4.90%, 04/15/31
 
575
583,787
2.30%, 05/15/31
 
1,048
941,946
4.95%, 01/15/32
 
864
875,470
4.20%, 05/15/32
 
950
926,572
5.35%, 02/15/33
 
1,008
1,037,037
4.50%, 04/15/33
 
1,024
1,002,157
5.00%, 04/15/34
 
775
776,064
5.15%, 07/15/34
 
1,300
1,314,704
5.30%, 06/15/35(a)
 
610
621,874
4.63%, 07/15/35(a)
 
700
678,253
5.80%, 03/15/36
 
400
419,123
UPMC, 5.04%, 05/15/33
 
614
618,272
 
 
75,411,447
Health Care REITs — 0.4%
Alexandria Real Estate Equities, Inc.
 
3.95%, 01/15/28
 
276
273,491
4.50%, 07/30/29
 
300
297,544
2.75%, 12/15/29
 
286
266,442
4.70%, 07/01/30
 
294
291,409
4.90%, 12/15/30
 
450
449,940
3.38%, 08/15/31
 
479
440,809
2.00%, 05/18/32
 
600
501,382
1.88%, 02/01/33
 
583
470,373
2.95%, 03/15/34
 
522
440,436
4.75%, 04/15/35
 
296
279,757
5.50%, 10/01/35
 
300
297,385
5.25%, 03/15/36
 
450
437,939
DOC Dr. LLC
 
3.95%, 01/15/28
 
254
251,517
2.63%, 11/01/31
 
413
367,356
Healthcare Realty Holdings LP
 
3.75%, 07/01/27
 
312
309,345
3.10%, 02/15/30
 
579
545,120
2.00%, 03/15/31
 
400
349,547
Security
 
Par
(000)
Value
Health Care REITs (continued)
Healthpeak OP LLC
 
2.13%, 12/01/28
$
250
$ 235,826
3.50%, 07/15/29
 
331
319,828
3.00%, 01/15/30
 
438
412,672
2.88%, 01/15/31(a)
 
400
367,729
5.25%, 12/15/32
 
330
333,033
4.75%, 01/15/33
 
325
318,786
5.38%, 02/15/35(a)
 
399
400,416
National Health Investors, Inc.
 
3.00%, 02/01/31
 
350
316,677
5.35%, 02/01/33
 
120
119,268
Omega Healthcare Investors, Inc.
 
4.75%, 01/15/28
 
413
413,191
3.63%, 10/01/29
 
356
342,550
5.20%, 07/01/30
 
175
176,286
3.38%, 02/01/31
 
582
540,277
3.25%, 04/15/33(a)
 
400
353,884
Sabra Health Care LP
 
3.90%, 10/15/29
 
129
125,263
3.20%, 12/01/31
 
513
463,818
Welltower OP LLC
 
4.25%, 04/15/28
 
450
449,367
2.05%, 01/15/29
 
412
387,573
4.13%, 03/15/29
 
229
227,497
3.10%, 01/15/30
 
307
292,465
4.50%, 07/01/30
 
650
650,052
2.75%, 01/15/31
 
495
455,706
2.80%, 06/01/31
 
570
523,091
2.75%, 01/15/32
 
413
372,443
3.85%, 06/15/32(a)
 
231
219,988
5.13%, 07/01/35
 
750
751,378
 
 
15,838,856
Hotels, Restaurants & Leisure — 0.8%
Choice Hotels International, Inc.
 
3.70%, 12/01/29
 
280
268,501
3.70%, 01/15/31(a)
 
300
281,311
5.85%, 08/01/34
 
400
404,711
Darden Restaurants, Inc.
 
3.85%, 05/01/27(a)
 
250
248,692
4.35%, 10/15/27
 
200
199,682
4.55%, 10/15/29
 
200
199,553
6.30%, 10/10/33(a)
 
250
268,266
Hyatt Hotels Corp.
 
5.05%, 03/30/28
 
175
176,651
4.38%, 09/15/28
 
229
227,699
5.25%, 06/30/29
 
321
326,036
5.75%, 04/23/30
 
413
424,117
5.38%, 12/15/31(a)
 
260
265,016
5.75%, 03/30/32
 
275
284,207
5.50%, 06/30/34
 
250
253,750
5.40%, 12/15/35(a)
 
250
247,312
Las Vegas Sands Corp.
 
5.90%, 06/01/27
 
421
425,277
5.63%, 06/15/28
 
543
550,330
3.90%, 08/08/29
 
500
482,450
6.00%, 08/15/29
 
345
354,390
6.00%, 06/14/30
 
150
154,588
6.20%, 08/15/34(a)
 
285
292,741
Marriott International, Inc.
 
4.20%, 07/15/27
 
110
109,807
5.00%, 10/15/27(a)
 
434
437,951
5.55%, 10/15/28
 
542
555,868
36
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
Marriott International, Inc. (continued)
 
4.90%, 04/15/29
$
490
$ 495,568
4.88%, 05/15/29
 
194
196,156
4.80%, 03/15/30
 
418
421,117
4.50%, 10/15/31
 
175
172,915
5.10%, 04/15/32
 
345
350,273
4.50%, 05/01/33
 
225
217,805
5.30%, 05/15/34
 
630
637,578
5.35%, 03/15/35
 
728
733,674
5.25%, 10/15/35
 
375
373,883
Series AA, 4.65%, 12/01/28
 
150
150,484
Series FF, 4.63%, 06/15/30
 
829
827,803
Series GG, 3.50%, 10/15/32
 
676
622,993
Series HH, 2.85%, 04/15/31
 
702
643,235
Series II, 2.75%, 10/15/33
 
444
384,232
Series X, 4.00%, 04/15/28(a)
 
431
428,219
McDonald’s Corp.
 
3.50%, 07/01/27
 
628
622,896
3.80%, 04/01/28
 
677
672,061
4.80%, 08/14/28
 
450
454,809
5.00%, 05/17/29
 
200
203,803
2.63%, 09/01/29
 
573
543,361
2.13%, 03/01/30
 
450
414,511
4.60%, 05/15/30
 
450
454,299
3.60%, 07/01/30(a)
 
574
557,917
4.40%, 02/12/31
 
225
224,310
4.60%, 09/09/32(a)
 
400
401,595
4.95%, 08/14/33(a)
 
375
380,988
5.20%, 05/17/34
 
400
408,751
4.95%, 03/03/35
 
622
619,690
4.70%, 12/09/35
 
500
488,385
5.00%, 02/13/36
 
325
323,541
Sands China Ltd.
 
5.40%, 08/08/28
 
1,250
1,264,419
2.85%, 03/08/29
 
400
379,150
4.38%, 06/18/30
 
400
391,189
3.25%, 08/08/31
 
400
366,859
Starbucks Corp.
 
3.50%, 03/01/28
 
350
344,848
4.50%, 05/15/28
 
434
435,377
4.00%, 11/15/28
 
413
409,547
3.55%, 08/15/29
 
610
595,247
2.25%, 03/12/30
 
457
420,242
4.80%, 05/15/30
 
150
151,540
2.55%, 11/15/30
 
860
789,454
4.90%, 02/15/31
 
400
405,419
3.00%, 02/14/32
 
628
574,555
4.80%, 02/15/33
 
300
299,888
5.00%, 02/15/34
 
400
401,612
5.40%, 05/15/35
 
350
358,681
 
 
28,453,785
Household Durables — 0.2%
DR Horton, Inc.
 
1.40%, 10/15/27
 
379
363,633
4.85%, 10/15/30
 
330
332,945
5.00%, 10/15/34
 
450
445,393
5.50%, 10/15/35
 
400
408,274
Leggett & Platt, Inc.
 
3.50%, 11/15/27
 
250
244,597
4.40%, 03/15/29
 
279
272,011
Security
 
Par
(000)
Value
Household Durables (continued)
Lennar Corp.
 
5.00%, 06/15/27
$
218
$ 218,727
4.75%, 11/29/27
 
309
310,065
5.20%, 07/30/30
 
450
456,170
Meritage Homes Corp., 5.65%, 03/15/35
 
314
316,499
NVR, Inc., 3.00%, 05/15/30
 
500
470,616
PulteGroup, Inc.
 
4.25%, 03/01/31
 
175
170,835
7.88%, 06/15/32
 
200
230,161
6.38%, 05/15/33
 
100
107,700
4.90%, 03/01/36
 
575
557,953
Sekisui House U.S., Inc.
 
3.85%, 01/15/30
 
200
190,802
2.50%, 01/15/31
 
130
114,873
Toll Brothers Finance Corp.
 
4.35%, 02/15/28
 
225
224,157
3.80%, 11/01/29
 
225
219,038
5.60%, 06/15/35(a)
 
300
307,526
 
 
5,961,975
Household Products — 0.2%
Avery Dennison Corp.
 
4.88%, 12/06/28
 
350
353,565
2.65%, 04/30/30
 
250
231,818
2.25%, 02/15/32
 
363
316,074
5.75%, 03/15/33
 
270
280,842
Church & Dwight Co., Inc.
 
3.15%, 08/01/27
 
250
246,895
2.30%, 12/15/31
 
229
203,109
5.60%, 11/15/32
 
318
333,873
Clorox Co.
 
3.10%, 10/01/27
 
249
244,879
3.90%, 05/15/28
 
264
261,998
4.40%, 05/01/29
 
302
301,051
1.80%, 05/15/30(a)
 
350
313,531
4.60%, 05/01/32
 
400
395,221
Kimberly-Clark Corp.
 
1.05%, 09/15/27
 
150
143,969
3.95%, 11/01/28
 
400
397,314
3.20%, 04/25/29
 
350
339,990
3.10%, 03/26/30
 
500
476,501
2.00%, 11/02/31(a)
 
375
330,912
4.50%, 02/16/33
 
244
243,638
 
 
5,415,180
Industrial Conglomerates — 0.4%
3M Co.
 
2.88%, 10/15/27
 
554
543,486
3.63%, 09/14/28
 
496
489,705
3.38%, 03/01/29
 
551
535,826
2.38%, 08/26/29
 
516
483,798
4.80%, 03/15/30
 
225
227,260
3.05%, 04/15/30
 
350
331,346
5.15%, 03/15/35(a)
 
325
328,753
Eaton Corp.
 
3.10%, 09/15/27
 
272
268,379
3.85%, 03/06/28
 
505
501,562
4.35%, 05/18/28(a)
 
242
242,529
3.95%, 03/06/29
 
960
950,208
4.20%, 03/06/31
 
355
350,006
4.00%, 11/02/32
 
324
314,234
4.50%, 03/06/33
 
200
197,117
4.15%, 03/15/33
 
978
948,225
Schedule of Investments
37
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Industrial Conglomerates (continued)
Eaton Corp. (continued)
 
4.80%, 03/06/36
$
1,725
$ 1,698,579
Parker-Hannifin Corp.
 
4.25%, 09/15/27
 
614
614,183
3.25%, 06/14/29
 
859
830,399
4.50%, 09/15/29
 
332
333,512
4.20%, 11/21/34
 
422
402,918
Pentair Finance SARL
 
4.50%, 07/01/29
 
256
255,201
5.90%, 07/15/32
 
322
336,325
Teledyne Technologies, Inc.
 
2.25%, 04/01/28
 
602
578,265
2.75%, 04/01/31
 
829
757,750
Textron, Inc.
 
3.38%, 03/01/28
 
300
294,393
3.90%, 09/17/29(a)
 
200
195,447
3.00%, 06/01/30
 
329
309,523
2.45%, 03/15/31
 
177
159,791
6.10%, 11/15/33
 
210
223,050
5.50%, 05/15/35
 
440
448,219
4.95%, 03/15/36
 
175
170,826
 
 
14,320,815
Insurance — 2.2%
AEGON Funding Co. LLC, 05/07/36(d)
 
225
224,658
Aegon Ltd., (6-mo. SOFR US + 3.97%), 5.50%,
04/11/48(c)
 
500
500,117
Aflac, Inc., 3.60%, 04/01/30
 
716
694,212
Alleghany Corp., 3.63%, 05/15/30
 
405
392,824
Allstate Corp.
 
5.05%, 06/24/29
 
250
254,603
1.45%, 12/15/30
 
393
342,391
5.25%, 03/30/33
 
450
458,221
5.35%, 06/01/33(a)
 
200
205,235
5.55%, 05/09/35
 
350
361,710
5.95%, 04/01/36
 
200
210,399
American Financial Group, Inc., 5.00%, 09/23/35
 
300
288,705
American International Group, Inc.
 
4.85%, 05/07/30
 
437
441,393
3.40%, 06/30/30
 
252
240,579
5.13%, 03/27/33
 
590
596,344
3.88%, 01/15/35
 
384
352,059
5.45%, 05/07/35
 
410
417,924
American National Group, Inc.
 
5.00%, 06/15/27
 
200
199,417
5.75%, 10/01/29
 
450
455,792
6.00%, 07/15/35(a)
 
500
489,942
Aon Corp.
 
4.50%, 12/15/28
 
229
229,695
3.75%, 05/02/29
 
575
563,210
2.80%, 05/15/30
 
745
694,087
Aon Corp./Aon Global Holdings PLC
 
2.85%, 05/28/27(a)
 
450
443,502
2.05%, 08/23/31
 
295
257,574
2.60%, 12/02/31
 
286
255,048
5.00%, 09/12/32
 
300
301,748
5.35%, 02/28/33
 
400
409,215
Aon North America, Inc.
 
5.15%, 03/01/29
 
789
803,260
5.30%, 03/01/31
 
478
489,137
5.45%, 03/01/34
 
1,052
1,075,160
Security
 
Par
(000)
Value
Insurance (continued)
Arch Capital Group Ltd., 7.35%, 05/01/34
$
200
$ 226,127
Arthur J Gallagher & Co.
 
4.60%, 12/15/27(a)
 
385
386,041
4.85%, 12/15/29
 
515
519,691
2.40%, 11/09/31(a)
 
285
250,588
5.00%, 02/15/32
 
215
215,516
5.50%, 03/02/33(a)
 
235
240,865
6.50%, 02/15/34
 
275
296,439
5.45%, 07/15/34
 
350
355,051
5.15%, 02/15/35
 
975
965,693
Aspen Insurance Holdings Ltd., 5.75%, 07/01/30
 
200
206,390
Assurant, Inc.
 
4.90%, 03/27/28
 
200
200,775
3.70%, 02/22/30
 
250
240,094
2.65%, 01/15/32
 
243
212,889
5.55%, 02/15/36
 
100
99,761
Assured Guaranty U.S. Holdings, Inc., 3.15%,
06/15/31
 
350
324,744
Athene Holding Ltd.
 
4.13%, 01/12/28
 
800
792,166
6.15%, 04/03/30
 
373
385,354
3.50%, 01/15/31(a)
 
454
422,023
6.65%, 02/01/33
 
300
315,079
5.88%, 01/15/34(a)
 
400
402,492
(5-year CMT + 2.61%), 6.63%, 10/15/54(c)
 
400
387,150
AXA SA, 8.60%, 12/15/30
 
500
575,872
AXIS Specialty Finance LLC
 
3.90%, 07/15/29
 
300
293,595
(5-year CMT + 3.19%), 4.90%, 01/15/40(c)
 
280
273,228
AXIS Specialty Finance PLC, 4.00%, 12/06/27
 
200
198,301
Berkshire Hathaway Finance Corp.
 
1.85%, 03/12/30
 
413
379,380
1.45%, 10/15/30(a)
 
495
441,040
2.88%, 03/15/32
 
758
702,643
Brighthouse Financial, Inc.(a)
 
3.70%, 06/22/27
 
400
392,944
5.63%, 05/15/30
 
429
432,455
Brown & Brown, Inc.
 
4.70%, 06/23/28
 
275
275,770
4.50%, 03/15/29
 
268
266,923
4.90%, 06/23/30
 
525
524,194
2.38%, 03/15/31
 
495
437,199
4.20%, 03/17/32
 
458
434,566
5.25%, 06/23/32
 
375
374,042
5.65%, 06/11/34
 
300
302,876
5.55%, 06/23/35
 
649
646,616
Chubb INA Holdings LLC
 
4.65%, 08/15/29
 
422
426,143
1.38%, 09/15/30
 
726
636,462
5.00%, 03/15/34
 
988
992,767
4.90%, 08/15/35
 
797
785,649
Cincinnati Financial Corp.
 
6.92%, 05/15/28
 
256
268,655
6.13%, 11/01/34
 
200
210,173
CNA Financial Corp.
 
3.45%, 08/15/27
 
266
262,668
3.90%, 05/01/29
 
413
404,844
2.05%, 08/15/30(a)
 
266
237,799
5.50%, 06/15/33
 
400
407,827
5.13%, 02/15/34
 
397
393,755
38
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Insurance (continued)
CNA Financial Corp. (continued)
 
5.20%, 08/15/35
$
400
$ 392,975
CNO Financial Group, Inc.
 
5.25%, 05/30/29
 
300
301,171
6.45%, 06/15/34
 
450
466,491
Corebridge Financial, Inc.
 
3.85%, 04/05/29
 
925
906,015
3.90%, 04/05/32
 
1,075
1,011,233
6.05%, 09/15/33
 
350
368,188
5.75%, 01/15/34(a)
 
650
668,105
(5-year CMT + 3.85%), 6.88%, 12/15/52(c)
 
650
659,633
Enstar Group Ltd.
 
4.95%, 06/01/29(a)
 
300
299,495
3.10%, 09/01/31
 
373
331,849
Equitable Holdings, Inc.
 
4.35%, 04/20/28
 
885
881,028
5.59%, 01/11/33
 
484
494,810
Essent Group Ltd., 6.25%, 07/01/29
 
225
232,671
F&G Annuities & Life, Inc.
 
7.40%, 01/13/28
 
300
306,009
6.50%, 06/04/29
 
350
353,833
6.25%, 10/04/34(a)
 
350
340,795
Fairfax Financial Holdings Ltd.
 
4.85%, 04/17/28
 
300
301,606
4.63%, 04/29/30
 
429
427,268
3.38%, 03/03/31
 
300
280,882
5.63%, 08/16/32
 
500
514,107
6.00%, 12/07/33
 
450
472,010
5.75%, 05/20/35
 
300
307,341
Fidelity National Financial, Inc.
 
4.50%, 08/15/28
 
256
254,717
3.40%, 06/15/30
 
355
334,582
2.45%, 03/15/31
 
428
379,470
First American Financial Corp.
 
4.00%, 05/15/30
 
430
412,502
2.40%, 08/15/31
 
442
383,034
5.45%, 09/30/34
 
225
221,599
Globe Life, Inc.
 
4.55%, 09/15/28
 
350
349,310
2.15%, 08/15/30
 
279
250,220
4.80%, 06/15/32
 
260
257,969
5.85%, 09/15/34
 
175
180,872
Hanover Insurance Group, Inc.
 
2.50%, 09/01/30
 
213
193,414
5.50%, 09/01/35
 
350
350,254
Hartford Insurance Group, Inc., 2.80%, 08/19/29
 
413
391,390
Horace Mann Educators Corp.
 
7.25%, 09/15/28
 
50
52,615
4.70%, 10/01/30
 
275
270,657
Jackson Financial, Inc.
 
5.17%, 06/08/27(a)
 
200
200,995
3.13%, 11/23/31
 
379
338,946
5.67%, 06/08/32(a)
 
190
192,238
Kemper Corp.(a)
 
2.40%, 09/30/30
 
250
219,036
3.80%, 02/23/32
 
326
296,961
Lincoln National Corp.
 
3.80%, 03/01/28
 
275
271,735
3.05%, 01/15/30(a)
 
254
238,536
2.33%, 08/15/30
 
100
89,956
3.40%, 01/15/31(a)
 
376
351,297
3.40%, 03/01/32
 
200
182,100
5.85%, 03/15/34
 
225
229,531
Security
 
Par
(000)
Value
Insurance (continued)
Lincoln National Corp. (continued)
 
5.35%, 11/15/35(a)
$
350
$ 340,155
Loews Corp.
 
3.20%, 05/15/30
 
349
331,957
6.00%, 02/01/35
 
100
105,923
4.94%, 04/01/36
 
225
219,714
Manulife Financial Corp.
 
2.48%, 05/19/27
 
179
175,952
3.70%, 03/16/32
 
573
545,116
4.99%, 12/11/35
 
625
615,304
Markel Group, Inc., 3.35%, 09/17/29(a)
 
393
376,789
Marsh & McLennan Cos., Inc.
 
4.55%, 11/08/27
 
525
527,455
4.38%, 03/15/29
 
1,071
1,071,254
4.65%, 03/15/30
 
700
703,625
2.25%, 11/15/30(a)
 
560
507,295
4.85%, 11/15/31
 
600
605,040
2.38%, 12/15/31(a)
 
250
222,742
5.75%, 11/01/32
 
374
392,618
5.88%, 08/01/33
 
300
319,210
5.40%, 09/15/33(a)
 
400
413,164
5.15%, 03/15/34
 
200
201,728
5.00%, 03/15/35(a)
 
1,215
1,207,485
4.95%, 03/15/36
 
300
295,806
MetLife, Inc.
 
4.55%, 03/23/30(a)
 
629
633,501
6.50%, 12/15/32
 
400
438,925
5.38%, 07/15/33(a)
 
512
530,184
6.38%, 06/15/34
 
452
493,316
5.30%, 12/15/34(a)
 
594
606,057
5.70%, 06/15/35
 
666
695,449
Series G, (5-year CMT + 2.08%), 6.35%,
03/15/55(c)
 
570
582,459
NMI Holdings, Inc., 6.00%, 08/15/29
 
275
281,816
Old Republic International Corp., 5.75%, 03/28/34
 
200
204,835
PartnerRe Finance B LLC
 
3.70%, 07/02/29
 
268
260,350
(5-year CMT + 3.82%), 4.50%, 10/01/50(c)
 
354
339,254
Primerica, Inc., 2.80%, 11/19/31
 
424
381,193
Principal Financial Group, Inc.
 
3.70%, 05/15/29
 
289
282,275
2.13%, 06/15/30
 
429
388,777
5.38%, 03/15/33
 
200
204,621
Progressive Corp.
 
4.00%, 03/01/29
 
481
478,514
6.63%, 03/01/29
 
257
272,996
3.20%, 03/26/30
 
350
334,945
4.60%, 03/26/31
 
130
130,429
3.00%, 03/15/32
 
246
225,148
6.25%, 12/01/32
 
186
202,303
4.95%, 06/15/33
 
410
413,826
5.15%, 03/26/36
 
595
595,169
Prudential Financial, Inc.
 
3.88%, 03/27/28
 
377
374,525
2.10%, 03/10/30(a)
 
453
418,113
5.20%, 03/14/35(a)
 
625
628,143
(3-mo. SOFR US + 2.64%), 4.50%, 09/15/47(a)(c)
 
450
440,334
(3-mo. SOFR US + 2.93%), 5.70%, 09/15/48(c)
 
829
823,855
(5-year CMT + 2.85%), 6.75%, 03/01/53(c)
 
700
736,969
(5-year CMT + 3.04%), 3.70%, 10/01/50(c)
 
643
592,564
(5-year CMT + 3.16%), 5.13%, 03/01/52(c)
 
713
695,589
(5-year CMT + 3.23%), 6.00%, 09/01/52(c)
 
666
672,958
Series B, 5.75%, 07/15/33
 
250
264,852
Schedule of Investments
39
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Insurance (continued)
Prudential Funding Asia PLC
 
3.13%, 04/14/30
$
823
$ 785,380
3.63%, 03/24/32
 
273
257,668
Reinsurance Group of America, Inc.
 
3.90%, 05/15/29
 
593
580,731
3.15%, 06/15/30
 
550
515,727
6.00%, 09/15/33
 
200
208,314
5.75%, 09/15/34
 
450
459,718
(5-year CMT + 2.39%), 6.65%, 09/15/55(c)
 
400
406,907
RenaissanceRe Holdings Ltd.
 
3.60%, 04/15/29
 
300
291,369
5.75%, 06/05/33
 
490
504,044
5.80%, 04/01/35
 
275
282,225
RLI Corp., 5.38%, 06/01/36
 
175
169,861
Selective Insurance Group, Inc., 5.90%, 04/15/35
 
200
206,748
SiriusPoint Ltd., 7.00%, 04/05/29
 
200
209,392
Stewart Information Services Corp., 3.60%, 11/15/31
 
280
248,916
Travelers Cos., Inc., 5.05%, 07/24/35
 
320
320,074
Travelers Property Casualty Corp., 6.38%, 03/15/33
 
250
276,769
Unum Group
 
4.00%, 06/15/29
 
179
175,645
5.25%, 12/15/35
 
150
147,429
Willis North America, Inc.
 
4.65%, 06/15/27
 
631
632,445
4.50%, 09/15/28
 
505
504,359
2.95%, 09/15/29
 
450
426,823
4.55%, 03/15/31
 
375
370,483
5.35%, 05/15/33
 
460
465,697
5.15%, 03/15/36
 
225
220,031
 
 
81,752,257
Interactive Media & Services — 1.0%
Alphabet, Inc.
 
0.80%, 08/15/27(a)
 
261
251,011
3.88%, 11/15/28(a)
 
235
233,803
3.70%, 02/15/29
 
1,265
1,251,035
4.00%, 05/15/30
 
645
638,983
1.10%, 08/15/30
 
1,426
1,253,974
4.10%, 11/15/30
 
1,600
1,585,182
4.10%, 02/15/31
 
1,165
1,150,828
4.38%, 11/15/32
 
810
800,968
4.40%, 02/15/33
 
955
939,236
4.50%, 05/15/35(a)
 
975
953,095
4.70%, 11/15/35
 
2,175
2,131,872
4.80%, 02/15/36
 
2,925
2,882,916
Baidu, Inc.
 
3.63%, 07/06/27
 
200
198,400
4.38%, 03/29/28
 
350
349,998
4.88%, 11/14/28
 
200
202,309
3.43%, 04/07/30(a)
 
300
290,203
2.38%, 10/09/30
 
200
184,603
2.38%, 08/23/31
 
350
316,625
Meta Platforms, Inc.
 
3.50%, 08/15/27
 
1,574
1,563,217
4.60%, 05/15/28
 
840
847,955
4.30%, 08/15/29
 
620
620,820
4.80%, 05/15/30
 
602
610,930
4.20%, 11/15/30
 
2,550
2,519,394
4.55%, 08/15/31
 
625
626,535
3.85%, 08/15/32
 
1,806
1,720,500
4.60%, 11/15/32
 
2,550
2,517,829
4.95%, 05/15/33
 
1,040
1,043,035
4.75%, 08/15/34(a)
 
1,633
1,604,297
Security
 
Par
(000)
Value
Interactive Media & Services (continued)
Meta Platforms, Inc. (continued)
 
4.88%, 11/15/35
$
4,015
$ 3,914,960
Netflix, Inc.
 
4.88%, 04/15/28
 
914
925,154
5.88%, 11/15/28
 
1,300
1,349,361
6.38%, 05/15/29
 
500
528,545
4.90%, 08/15/34(a)
 
858
862,057
Tencent Music Entertainment Group, 2.00%,
09/03/30
 
250
225,446
 
 
37,095,076
Internet Software & Services — 1.3%
Airbnb, Inc.
 
4.40%, 03/16/29
 
450
449,226
4.65%, 03/16/31
 
450
449,301
5.25%, 03/16/36
 
530
528,402
Alibaba Group Holding Ltd.
 
3.40%, 12/06/27
 
1,628
1,610,633
4.88%, 05/26/30(a)
 
400
408,414
2.13%, 02/09/31(a)
 
900
812,425
4.50%, 11/28/34
 
400
390,377
5.25%, 05/26/35(a)
 
700
723,324
Amazon.com, Inc.
 
1.20%, 06/03/27
 
965
936,770
3.15%, 08/22/27
 
2,057
2,034,037
4.55%, 12/01/27
 
1,464
1,475,398
3.85%, 03/13/28
 
1,650
1,643,403
1.65%, 05/12/28
 
1,443
1,374,690
3.90%, 11/20/28
 
1,510
1,500,104
4.00%, 03/13/29
 
1,650
1,638,368
3.45%, 04/13/29
 
1,002
982,125
4.65%, 12/01/29
 
898
909,513
1.50%, 06/03/30
 
1,165
1,040,888
4.10%, 11/20/30(a)
 
1,600
1,577,776
4.25%, 03/13/31
 
2,080
2,059,087
2.10%, 05/12/31
 
1,797
1,610,089
3.60%, 04/13/32
 
1,576
1,501,651
4.70%, 12/01/32
 
1,450
1,463,676
4.55%, 03/13/33
 
930
917,974
4.35%, 03/20/33
 
930
909,336
4.80%, 12/05/34(a)
 
590
593,890
4.65%, 11/20/35
 
2,260
2,199,175
4.88%, 03/13/36
 
4,020
3,960,521
AppLovin Corp.
 
5.13%, 12/01/29
 
750
755,968
5.38%, 12/01/31
 
490
494,999
5.50%, 12/01/34
 
625
623,514
Booking Holdings, Inc., 3.55%, 03/15/28(a)
 
350
345,478
eBay, Inc.
 
3.60%, 06/05/27
 
613
607,995
5.95%, 11/22/27
 
200
204,241
4.25%, 03/06/29
 
200
199,070
2.70%, 03/11/30
 
685
639,134
2.60%, 05/10/31
 
518
469,186
6.30%, 11/22/32
 
278
299,748
5.13%, 11/06/35(a)
 
275
271,728
Expedia Group, Inc.
 
4.63%, 08/01/27
 
500
500,728
3.80%, 02/15/28(a)
 
620
612,229
3.25%, 02/15/30
 
883
837,327
2.95%, 03/15/31
 
352
323,081
5.40%, 02/15/35(a)
 
650
644,779
5.50%, 04/15/36
 
525
514,710
40
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Internet Software & Services (continued)
JD.com, Inc., 3.38%, 01/14/30(a)
$
478
$ 463,911
MercadoLibre, Inc.
 
3.13%, 01/14/31(a)
 
350
323,265
4.90%, 01/15/33
 
450
441,661
Uber Technologies, Inc.
 
4.30%, 01/15/30
 
696
690,602
4.15%, 01/15/31(a)
 
650
636,932
4.80%, 09/15/34
 
858
840,778
4.80%, 09/15/35
 
850
826,695
VeriSign, Inc.
 
4.75%, 07/15/27
 
279
278,941
2.70%, 06/15/31
 
394
354,607
5.25%, 06/01/32
 
364
368,678
 
 
49,270,558
IT Services — 1.0%
Accenture Capital, Inc.
 
3.90%, 10/04/27
 
727
725,208
4.05%, 10/04/29
 
775
768,841
4.25%, 10/04/31(a)
 
775
763,416
4.50%, 10/04/34(a)
 
1,004
967,099
Amdocs Ltd., 2.54%, 06/15/30
 
400
362,241
Booz Allen Hamilton, Inc.(a)
 
5.95%, 08/04/33
 
330
336,834
5.95%, 04/15/35
 
425
428,185
Broadridge Financial Solutions, Inc.
 
2.90%, 12/01/29
 
413
387,488
2.60%, 05/01/31
 
681
608,654
CGI, Inc.
 
4.95%, 03/14/30
 
225
225,501
2.30%, 09/14/31
 
213
185,735
DXC Technology Co., 2.38%, 09/15/28(a)
 
329
308,932
Fidelity National Information Services, Inc.
 
1.65%, 03/01/28
 
462
438,302
4.45%, 03/10/28
 
435
433,777
4.55%, 03/10/29
 
775
771,880
3.75%, 05/21/29
 
234
227,377
2.25%, 03/01/31
 
388
344,457
4.80%, 03/10/31
 
645
641,335
5.10%, 07/15/32(a)
 
478
478,257
Fiserv, Inc.
 
2.25%, 06/01/27(a)
 
599
584,694
5.45%, 03/02/28
 
664
672,313
5.38%, 08/21/28
 
594
602,353
4.20%, 10/01/28
 
629
622,040
3.50%, 07/01/29
 
1,542
1,482,005
4.75%, 03/15/30
 
325
322,174
2.65%, 06/01/30
 
499
456,449
4.55%, 02/15/31
 
1,005
984,136
5.35%, 03/15/31(a)
 
275
278,372
5.60%, 03/02/33
 
630
638,006
5.63%, 08/21/33
 
724
733,227
5.45%, 03/15/34
 
525
521,606
5.15%, 08/12/34
 
585
569,443
5.25%, 08/11/35(a)
 
600
585,175
Fortinet, Inc., 2.20%, 03/15/31
 
183
162,855
Gartner, Inc.
 
4.95%, 03/20/31
 
100
97,288
5.60%, 11/20/35(a)
 
375
353,603
Genpact Luxembourg SARL/Genpact USA, Inc.,
6.00%, 06/04/29
 
250
256,929
Security
 
Par
(000)
Value
IT Services (continued)
Genpact U.K. Finco PLC/Genpact USA, Inc., 4.95%,
11/18/30
$
175
$ 171,456
IBM International Capital Pte. Ltd.
 
4.60%, 02/05/29
 
400
401,975
4.75%, 02/05/31(a)
 
300
300,127
4.90%, 02/05/34
 
600
591,400
International Business Machines Corp.
 
1.70%, 05/15/27
 
381
371,550
4.15%, 07/27/27
 
400
399,438
6.22%, 08/01/27
 
250
255,766
4.50%, 02/06/28
 
600
601,673
4.65%, 02/10/28
 
700
704,247
4.00%, 02/03/29
 
300
296,713
3.50%, 05/15/29
 
1,919
1,865,875
4.80%, 02/10/30
 
800
807,040
1.95%, 05/15/30
 
759
685,794
4.30%, 02/03/31
 
300
295,921
2.72%, 02/09/32
 
250
223,571
5.00%, 02/10/32
 
500
504,248
4.40%, 07/27/32
 
450
439,535
5.88%, 11/29/32(a)
 
214
227,064
4.60%, 02/03/33(a)
 
300
294,215
4.75%, 02/06/33
 
500
497,085
5.20%, 02/10/35(a)
 
600
600,961
4.95%, 02/03/36(a)
 
600
583,817
Kyndryl Holdings, Inc.
 
2.70%, 10/15/28
 
200
187,776
3.15%, 10/15/31
 
470
399,316
6.35%, 02/20/34(a)
 
260
251,611
Leidos, Inc.
 
4.10%, 03/15/29
 
310
306,214
4.38%, 05/15/30
 
500
492,325
2.30%, 02/15/31
 
620
551,196
5.40%, 03/15/32
 
320
325,794
5.75%, 03/15/33
 
350
363,171
5.50%, 03/15/35
 
350
355,789
5.00%, 03/15/36
 
350
338,819
Paychex, Inc.
 
5.10%, 04/15/30
 
908
917,324
5.35%, 04/15/32
 
900
907,764
5.60%, 04/15/35(a)
 
735
735,905
 
 
36,578,662
Leisure Products — 0.1%
Brunswick Corp.
 
2.40%, 08/18/31
 
344
299,812
4.40%, 09/15/32
 
265
251,030
Brunswick Corp./DE, 5.85%, 03/18/29(a)
 
250
256,481
Hasbro, Inc.
 
3.50%, 09/15/27
 
363
358,911
3.90%, 11/19/29
 
503
490,909
4.65%, 03/12/31
 
105
104,159
6.05%, 05/14/34
 
375
392,511
Mattel, Inc., 5.00%, 11/17/30(a)
 
350
350,968
Polaris, Inc.
 
6.95%, 03/15/29
 
254
266,068
5.60%, 03/01/31
 
300
299,434
Royal Caribbean Cruises Ltd.
 
3.70%, 03/15/28
 
450
443,119
4.75%, 05/15/33
 
475
459,798
5.38%, 01/15/36
 
1,125
1,106,094
 
 
5,079,294
Schedule of Investments
41
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Machinery — 1.2%
AGCO Corp., 5.80%, 03/21/34
$
400
$ 411,306
Caterpillar Financial Services Corp.
 
3.60%, 08/12/27
 
400
398,038
1.10%, 09/14/27(a)
 
600
577,250
4.40%, 10/15/27
 
550
552,355
4.60%, 11/15/27
 
634
638,852
3.70%, 01/10/28(a)
 
225
223,743
4.40%, 03/03/28
 
225
226,061
3.95%, 11/14/28
 
650
646,814
3.75%, 02/23/29
 
325
321,006
4.85%, 02/27/29(a)
 
390
396,304
4.38%, 08/16/29(a)
 
450
451,252
4.70%, 11/15/29
 
675
684,513
4.80%, 01/08/30(a)
 
175
178,934
4.15%, 01/08/31(a)
 
225
222,986
Series K, 4.10%, 08/15/28
 
525
524,870
Caterpillar, Inc.
 
2.60%, 09/19/29
 
298
282,524
2.60%, 04/09/30
 
499
469,007
1.90%, 03/12/31
 
339
302,684
5.20%, 05/15/35
 
1,025
1,051,396
5.30%, 09/15/35
 
200
207,959
CNH Industrial Capital LLC
 
4.50%, 10/08/27
 
343
343,234
4.75%, 03/21/28
 
205
205,987
4.55%, 04/10/28
 
600
599,541
5.50%, 01/12/29
 
200
204,495
5.10%, 04/20/29
 
275
278,493
4.50%, 10/16/30
 
250
246,911
4.38%, 03/07/31
 
150
146,984
CNH Industrial NV, 3.85%, 11/15/27
 
350
346,950
Deere & Co.
 
5.38%, 10/16/29
 
308
319,236
3.10%, 04/15/30
 
513
490,005
5.45%, 01/16/35
 
961
999,050
Deere Funding Canada Corp., 4.15%, 10/09/30
 
225
222,000
Dover Corp.
 
2.95%, 11/04/29
 
210
199,604
5.38%, 10/15/35
 
150
155,462
Flowserve Corp.
 
3.50%, 10/01/30
 
250
236,330
2.80%, 01/15/32
 
280
247,561
IDEX Corp.
 
4.95%, 09/01/29
 
250
252,460
3.00%, 05/01/30
 
400
376,469
2.63%, 06/15/31
 
399
360,999
Ingersoll Rand, Inc.
 
5.20%, 06/15/27
 
586
590,815
5.40%, 08/14/28
 
374
382,203
5.18%, 06/15/29
 
461
471,151
5.31%, 06/15/31(a)
 
374
383,064
5.70%, 08/14/33
 
390
405,910
5.45%, 06/15/34
 
627
640,041
John Deere Capital Corp.
 
4.90%, 06/11/27
 
400
403,822
4.20%, 07/15/27
 
496
497,144
2.80%, 09/08/27
 
307
302,094
4.15%, 09/15/27
 
950
951,310
3.05%, 01/06/28
 
125
122,951
4.65%, 01/07/28
 
225
227,094
4.75%, 01/20/28(a)
 
600
606,886
Security
 
Par
(000)
Value
Machinery (continued)
John Deere Capital Corp. (continued)
 
4.90%, 03/03/28
$
350
$ 354,849
1.50%, 03/06/28
 
163
155,531
4.95%, 07/14/28
 
1,128
1,146,869
4.50%, 01/16/29
 
506
509,979
3.45%, 03/07/29
 
369
361,883
3.35%, 04/18/29
 
379
369,695
4.85%, 06/11/29
 
565
574,497
2.80%, 07/18/29
 
520
497,390
4.85%, 10/11/29(a)
 
500
511,926
2.45%, 01/09/30
 
225
211,102
4.70%, 06/10/30
 
615
622,436
4.38%, 10/15/30(a)
 
600
599,020
1.45%, 01/15/31
 
145
127,101
4.90%, 03/07/31
 
580
591,587
2.00%, 06/17/31
 
259
230,386
4.40%, 09/08/31
 
668
666,382
3.90%, 06/07/32
 
341
329,763
4.35%, 09/15/32
 
450
446,062
5.10%, 04/11/34
 
625
636,177
5.05%, 06/12/34
 
600
607,927
Series I, 4.25%, 06/05/28(a)
 
425
426,199
Series I, 4.13%, 01/18/29
 
210
209,588
Series I, 3.90%, 03/09/29
 
300
297,543
Series I, 4.55%, 06/05/30(a)
 
425
427,766
Series I, 4.20%, 03/10/31
 
195
192,968
Series I, 4.38%, 04/15/31
 
300
298,840
Series I, 5.15%, 09/08/33
 
679
698,668
Kennametal, Inc.
 
4.63%, 06/15/28(a)
 
200
200,135
2.80%, 03/01/31
 
200
181,804
Nordson Corp.
 
5.60%, 09/15/28
 
85
86,893
4.50%, 12/15/29
 
375
374,449
5.80%, 09/15/33
 
275
285,441
nVent Finance SARL
 
4.55%, 04/15/28
 
354
352,142
2.75%, 11/15/31
 
220
195,697
5.65%, 05/15/33
 
274
281,473
Oshkosh Corp., 3.10%, 03/01/30
 
250
234,692
Otis Worldwide Corp.
 
5.25%, 08/16/28
 
410
417,909
2.57%, 02/15/30
 
977
908,660
5.13%, 11/19/31
 
437
446,684
5.13%, 09/04/35
 
335
335,722
Regal Rexnord Corp.
 
6.05%, 04/15/28
 
800
820,192
6.30%, 02/15/30
 
700
733,051
6.40%, 04/15/33
 
900
956,520
Rockwell Automation, Inc.
 
3.50%, 03/01/29
 
288
282,060
1.75%, 08/15/31
 
159
138,434
Stanley Black & Decker, Inc.
 
6.00%, 03/06/28(a)
 
244
251,177
4.25%, 11/15/28
 
179
178,549
2.30%, 03/15/30(a)
 
579
530,421
3.00%, 05/15/32(a)
 
258
232,889
Westinghouse Air Brake Technologies Corp.
 
4.70%, 09/15/28
 
871
873,822
4.90%, 05/29/30
 
300
303,513
5.61%, 03/11/34
 
412
424,158
42
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Machinery (continued)
Westinghouse Air Brake Technologies
Corp. (continued)
 
5.50%, 05/29/35(a)
$
300
$ 306,647
Xylem, Inc.
 
1.95%, 01/30/28
 
250
240,387
2.25%, 01/30/31(a)
 
350
316,184
 
 
43,975,949
Media — 1.2%
Charter Communications Operating LLC/Charter
Communications Operating Capital
 
3.75%, 02/15/28
 
599
589,356
4.20%, 03/15/28
 
810
801,558
2.25%, 01/15/29
 
849
793,504
5.05%, 03/30/29
 
829
830,955
6.10%, 06/01/29
 
954
985,000
2.80%, 04/01/31
 
1,037
928,464
2.30%, 02/01/32(a)
 
647
553,698
4.40%, 04/01/33
 
650
603,160
6.65%, 02/01/34
 
550
570,593
6.55%, 06/01/34
 
954
985,257
6.38%, 10/23/35
 
1,250
1,261,011
5.85%, 12/01/35
 
800
780,737
Comcast Corp.
 
3.15%, 02/15/28
 
1,036
1,015,677
3.55%, 05/01/28
 
429
422,691
4.15%, 10/15/28
 
1,951
1,943,616
4.55%, 01/15/29
 
440
442,349
5.10%, 06/01/29
 
100
102,080
2.65%, 02/01/30
 
1,210
1,131,974
3.40%, 04/01/30
 
936
898,291
4.25%, 10/15/30
 
1,005
991,694
1.95%, 01/15/31
 
905
802,595
1.50%, 02/15/31
 
1,300
1,126,646
4.95%, 05/15/32
 
400
402,738
5.50%, 11/15/32(a)
 
650
674,219
4.25%, 01/15/33
 
1,050
1,011,514
4.65%, 02/15/33
 
590
582,936
7.05%, 03/15/33
 
400
448,336
4.80%, 05/15/33
 
640
635,626
5.30%, 06/01/34
 
732
741,233
4.20%, 08/15/34
 
688
645,602
5.30%, 05/15/35(a)
 
500
507,096
5.65%, 06/15/35(a)
 
520
536,332
4.40%, 08/15/35
 
500
471,346
6.50%, 11/15/35
 
400
437,911
FactSet Research Systems, Inc., 3.45%, 03/01/32(a)
 
330
299,223
Fox Corp.
 
4.71%, 01/25/29
 
1,027
1,029,388
3.50%, 04/08/30
 
350
336,077
6.50%, 10/13/33
 
800
858,925
Meta Platforms, Inc.
 
4.55%, 05/15/31
 
1,975
1,974,544
4.88%, 05/15/33
 
1,975
1,974,117
5.25%, 05/15/36
 
975
972,264
Time Warner Cable Enterprises LLC, 8.38%,
07/15/33
 
450
509,648
TWDC Enterprises 18 Corp.
 
2.95%, 06/15/27
 
632
624,197
Series B, 7.00%, 03/01/32(a)
 
250
280,077
Walt Disney Co.
 
2.20%, 01/13/28(a)
 
629
610,637
3.75%, 03/14/29
 
625
616,660
Security
 
Par
(000)
Value
Media (continued)
Walt Disney Co. (continued)
 
2.00%, 09/01/29
$
1,475
$ 1,372,756
3.80%, 03/22/30(a)
 
829
812,672
2.65%, 01/13/31(a)
 
1,686
1,564,727
4.00%, 03/14/31
 
925
909,506
6.55%, 03/15/33
 
252
280,073
6.20%, 12/15/34
 
488
536,082
6.40%, 12/15/35
 
600
664,768
4.63%, 03/14/36
 
650
631,940
Weibo Corp., 3.38%, 07/08/30(a)
 
300
281,605
WPP LLC, 6.50%, 03/30/36(a)
 
125
122,657
 
 
42,918,338
Metals & Mining — 0.7%
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30
 
478
461,759
ArcelorMittal SA
 
6.55%, 11/29/27
 
700
720,876
4.25%, 07/16/29
 
325
323,409
6.80%, 11/29/32(a)
 
666
736,646
6.00%, 06/17/34(a)
 
300
316,803
Barrick Gold Corp., 6.45%, 10/15/35
 
100
109,111
BHP Billiton Finance USA Ltd.
 
4.75%, 02/28/28
 
686
692,014
5.10%, 09/08/28(a)
 
404
411,448
5.00%, 02/21/30
 
630
642,462
5.25%, 09/08/30
 
600
617,422
5.13%, 02/21/32
 
550
562,841
4.90%, 02/28/33
 
465
467,371
5.25%, 09/08/33(a)
 
814
832,989
5.30%, 02/21/35
 
750
765,984
5.00%, 02/15/36(a)
 
325
324,970
Freeport-McMoRan, Inc.
 
5.00%, 09/01/27
 
329
328,737
4.13%, 03/01/28
 
335
333,180
4.38%, 08/01/28
 
329
327,322
5.25%, 09/01/29
 
329
331,961
4.25%, 03/01/30
 
329
323,395
4.63%, 08/01/30
 
398
396,608
5.40%, 11/14/34
 
400
407,096
Gerdau Trade, Inc., 5.75%, 06/09/35
 
350
358,221
Kinross Gold Corp., 6.25%, 07/15/33
 
270
288,479
Newmont Corp.
 
2.60%, 07/15/32
 
550
496,910
5.88%, 04/01/35(a)
 
364
385,860
Newmont Corp./Newcrest Finance Pty. Ltd.
 
3.25%, 05/13/30
 
358
344,788
5.35%, 03/15/34
 
634
654,204
Nucor Corp.
 
4.30%, 05/23/27
 
366
366,741
3.95%, 05/01/28
 
379
376,922
2.70%, 06/01/30
 
379
354,696
4.65%, 06/01/30
 
325
327,741
3.13%, 04/01/32
 
409
378,372
5.10%, 06/01/35(a)
 
325
328,944
Reliance, Inc., 2.15%, 08/15/30
 
350
315,075
Rio Tinto Alcan, Inc.
 
7.25%, 03/15/31
 
293
326,133
6.13%, 12/15/33
 
501
537,822
Rio Tinto Finance USA Ltd., 7.13%, 07/15/28
 
423
448,325
Rio Tinto Finance USA PLC
 
4.50%, 03/14/28(a)
 
525
527,601
4.88%, 03/14/30
 
1,292
1,311,387
5.00%, 03/14/32
 
891
906,736
Schedule of Investments
43
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Metals & Mining (continued)
Rio Tinto Finance USA PLC (continued)
 
5.00%, 03/09/33
$
344
$ 348,497
5.25%, 03/14/35
 
1,195
1,217,168
Southern Copper Corp., 7.50%, 07/27/35
 
600
700,235
Steel Dynamics, Inc.
 
1.65%, 10/15/27
 
413
397,490
4.00%, 12/15/28
 
325
321,636
3.45%, 04/15/30
 
450
431,183
3.25%, 01/15/31
 
313
294,340
5.38%, 08/15/34
 
300
305,245
5.25%, 05/15/35
 
470
472,997
Timken Co.
 
4.50%, 12/15/28
 
229
228,658
4.13%, 04/01/32
 
225
213,515
Vale Overseas Ltd.
 
3.75%, 07/08/30
 
1,229
1,176,995
6.13%, 06/12/33
 
950
1,002,245
Yamana Gold, Inc., 2.63%, 08/15/31
 
350
310,946
 
 
26,890,511
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Ladder Capital Finance Holdings LLLP/Ladder Capital
Finance Corp., 5.50%, 08/01/30
 
300
303,001
Multi-Utilities — 0.6%
Atmos Energy Corp.
 
3.00%, 06/15/27
 
450
444,245
2.63%, 09/15/29
 
396
374,882
1.50%, 01/15/31(a)
 
429
374,680
5.45%, 10/15/32
 
300
311,454
5.90%, 11/15/33
 
400
426,510
5.20%, 08/15/35
 
335
340,616
CenterPoint Energy Resources Corp.
 
5.25%, 03/01/28
 
615
624,965
4.00%, 04/01/28
 
200
198,502
1.75%, 10/01/30
 
359
318,868
4.40%, 07/01/32
 
400
392,522
5.40%, 07/01/34
 
340
347,434
Consumers Energy Co., 5.13%, 05/01/36
 
275
274,964
National Fuel Gas Co.
 
3.95%, 09/15/27
 
252
249,858
4.75%, 09/01/28
 
252
251,426
5.50%, 03/15/30
 
490
500,168
2.95%, 03/01/31
 
413
376,377
5.95%, 03/15/35
 
160
166,076
NiSource, Inc.
 
5.25%, 03/30/28
 
821
833,228
5.20%, 07/01/29
 
500
509,818
2.95%, 09/01/29
 
629
598,297
3.60%, 05/01/30
 
750
723,656
1.70%, 02/15/31
 
666
580,319
5.40%, 06/30/33
 
410
420,283
5.35%, 04/01/34
 
725
739,129
5.35%, 07/15/35
 
600
605,358
ONE Gas, Inc.
 
5.10%, 04/01/29
 
367
374,151
2.00%, 05/15/30
 
200
181,594
4.25%, 09/01/32
 
300
292,802
Piedmont Natural Gas Co., Inc.
 
3.50%, 06/01/29
 
500
485,136
2.50%, 03/15/31
 
213
192,204
5.40%, 06/15/33
 
160
163,649
Security
 
Par
(000)
Value
Multi-Utilities (continued)
Piedmont Natural Gas Co., Inc. (continued)
 
5.10%, 02/15/35
$
250
$ 248,453
Southern California Gas Co.
 
5.20%, 06/01/33
 
370
376,777
5.05%, 09/01/34
 
1,175
1,180,400
5.45%, 06/15/35(a)
 
1,075
1,100,959
Series XX, 2.55%, 02/01/30
 
629
589,501
Southern Co. Gas Capital Corp.
 
5.15%, 09/15/32(a)
 
350
355,175
5.75%, 09/15/33
 
300
312,308
4.95%, 09/15/34
 
275
271,228
Series 2020-A, 1.75%, 01/15/31
 
373
328,016
Series A, 4.05%, 09/15/28
 
285
282,511
Series B, 5.10%, 09/15/35
 
335
331,155
Southwest Gas Corp.
 
5.80%, 12/01/27
 
300
305,815
5.45%, 03/23/28
 
265
269,989
3.70%, 04/01/28
 
100
98,535
2.20%, 06/15/30
 
329
299,025
4.05%, 03/15/32
 
425
405,733
Spire Missouri, Inc.
 
4.80%, 02/15/33
 
250
249,767
Series 2034, 5.15%, 08/15/34
 
250
251,668
Spire, Inc., 4.60%, 09/01/31
 
140
138,771
WEC Energy Group, Inc.
 
5.15%, 10/01/27
 
500
504,946
1.38%, 10/15/27(a)
 
350
335,769
4.75%, 01/15/28
 
375
377,222
2.20%, 12/15/28
 
350
330,850
1.80%, 10/15/30
 
203
179,652
 
 
21,797,396
Office REITs — 0.3%
Boston Properties LP
 
6.75%, 12/01/27
 
256
264,268
4.50%, 12/01/28
 
629
627,351
3.40%, 06/21/29
 
503
483,323
2.90%, 03/15/30
 
397
369,916
3.25%, 01/30/31(a)
 
829
766,986
2.55%, 04/01/32
 
569
493,613
2.45%, 10/01/33(a)
 
607
495,165
6.50%, 01/15/34(a)
 
587
619,039
5.75%, 01/15/35(a)
 
400
401,929
COPT Defense Properties LP
 
2.00%, 01/15/29
 
130
121,564
4.50%, 10/15/30
 
175
172,919
2.75%, 04/15/31
 
429
389,239
2.90%, 12/01/33
 
250
212,357
Cousins Properties LP
 
5.25%, 07/15/30
 
200
203,095
5.38%, 02/15/32
 
185
187,049
4.88%, 03/01/33
 
275
265,947
5.88%, 10/01/34
 
400
407,482
Highwoods Realty LP
 
4.13%, 03/15/28
 
163
160,751
3.05%, 02/15/30
 
413
382,503
2.60%, 02/01/31
 
256
227,447
5.35%, 01/15/33(a)
 
250
247,376
7.65%, 02/01/34
 
200
222,873
Kilroy Realty LP
 
4.75%, 12/15/28(a)
 
300
297,542
4.25%, 08/15/29
 
260
251,723
44
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Office REITs (continued)
Kilroy Realty LP (continued)
 
3.05%, 02/15/30
$
329
$ 302,266
2.50%, 11/15/32
 
234
192,651
2.65%, 11/15/33
 
300
240,794
5.88%, 10/15/35
 
250
242,913
6.25%, 01/15/36
 
250
250,138
Piedmont Operating Partnership LP
 
6.88%, 07/15/29
 
150
157,284
3.15%, 08/15/30
 
413
375,604
2.75%, 04/01/32
 
150
127,233
5.63%, 01/15/33
 
175
172,238
 
 
10,332,578
Oil, Gas & Consumable Fuels — 5.2%
Antero Resources Corp., 5.40%, 02/01/36(a)
 
425
417,647
APA Corp.(a)
 
4.25%, 01/15/30
 
296
292,341
6.10%, 02/15/35
 
175
181,196
Boardwalk Pipelines LP
 
4.45%, 07/15/27
 
189
188,757
4.80%, 05/03/29
 
313
313,980
3.40%, 02/15/31
 
350
327,204
3.60%, 09/01/32
 
400
369,440
5.63%, 08/01/34
 
300
307,748
5.38%, 02/15/36
 
185
183,114
BP Capital Markets America, Inc.
 
5.02%, 11/17/27
 
530
536,644
3.94%, 09/21/28
 
630
625,482
4.23%, 11/06/28
 
1,261
1,260,245
4.70%, 04/10/29
 
600
606,923
4.97%, 10/17/29
 
500
510,058
4.87%, 11/25/29
 
475
482,598
3.63%, 04/06/30
 
829
806,946
1.75%, 08/10/30
 
625
560,219
2.72%, 01/12/32
 
1,263
1,143,306
4.81%, 02/13/33
 
1,450
1,453,870
4.89%, 09/11/33
 
761
764,407
4.99%, 04/10/34
 
650
654,541
5.23%, 11/17/34
 
1,325
1,350,366
BP Capital Markets PLC
 
3.28%, 09/19/27
 
813
803,648
3.72%, 11/28/28
 
504
497,029
Burlington Resources LLC, 7.20%, 08/15/31
 
250
279,427
Canadian Natural Resources Ltd.
 
3.85%, 06/01/27
 
825
820,598
5.00%, 12/15/29
 
623
632,083
2.95%, 07/15/30(a)
 
413
388,056
7.20%, 01/15/32
 
250
278,592
6.45%, 06/30/33
 
259
280,080
5.40%, 12/15/34(a)
 
323
327,684
5.85%, 02/01/35(a)
 
268
279,056
Cenovus Energy, Inc.
 
4.65%, 03/20/31
 
325
323,307
2.65%, 01/15/32
 
320
286,005
5.40%, 03/20/36
 
325
324,065
Cheniere Corpus Christi Holdings LLC
 
5.13%, 06/30/27
 
905
909,093
3.70%, 11/15/29
 
563
547,021
Cheniere Energy Partners LP
 
4.50%, 10/01/29
 
840
835,646
4.00%, 03/01/31
 
700
674,078
3.25%, 01/31/32
 
726
664,187
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Cheniere Energy Partners LP (continued)
 
5.95%, 06/30/33
$
930
$ 975,903
5.75%, 08/15/34
 
952
985,327
5.55%, 10/30/35
 
580
590,910
Cheniere Energy, Inc.
 
4.63%, 10/15/28
 
598
595,721
5.65%, 04/15/34
 
912
939,754
5.20%, 07/30/36(b)
 
295
291,680
Chevron Corp.
 
2.00%, 05/11/27
 
798
782,387
2.24%, 05/11/30(a)
 
997
921,356
Chevron USA, Inc.
 
1.02%, 08/12/27
 
441
424,754
3.95%, 08/13/27
 
300
299,934
3.85%, 01/15/28
 
501
499,593
4.48%, 02/26/28
 
450
452,885
4.05%, 08/13/28(a)
 
300
299,672
3.25%, 10/15/29
 
350
339,141
4.69%, 04/15/30
 
750
759,439
4.30%, 10/15/30
 
775
776,105
4.82%, 04/15/32
 
450
458,014
4.50%, 10/15/32
 
775
776,530
4.98%, 04/15/35
 
450
455,403
4.85%, 10/15/35
 
500
500,313
CNOOC Finance 2013 Ltd., 2.88%, 09/30/29
 
300
286,700
CNOOC Finance 2015 USA LLC, 4.38%, 05/02/28
 
710
711,228
CNOOC Petroleum North America ULC, 5.88%,
03/10/35
 
400
435,928
ConocoPhillips, 5.90%, 10/15/32
 
250
268,790
ConocoPhillips Co.
 
6.95%, 04/15/29
 
372
399,484
4.70%, 01/15/30
 
625
631,250
4.85%, 01/15/32
 
450
457,387
5.05%, 09/15/33
 
622
633,309
5.00%, 01/15/35
 
875
879,275
Continental Resources, Inc., 4.38%, 01/15/28
 
579
576,188
Coterra Energy, Inc.
 
3.90%, 05/15/27
 
300
298,550
4.38%, 03/15/29
 
279
277,797
5.60%, 03/15/34
 
275
281,985
5.40%, 02/15/35
 
576
580,772
DCP Midstream Operating LP
 
5.63%, 07/15/27
 
200
201,930
5.13%, 05/15/29
 
302
306,290
8.13%, 08/16/30
 
300
341,130
3.25%, 02/15/32
 
260
237,680
Devon Energy Corp.
 
5.25%, 10/15/27
 
200
200,044
5.88%, 06/15/28(a)
 
538
538,098
4.50%, 01/15/30
 
288
286,912
7.88%, 09/30/31
 
350
401,666
7.95%, 04/15/32
 
284
326,641
5.20%, 09/15/34(a)
 
850
852,849
Diamondback Energy, Inc.
 
3.50%, 12/01/29
 
829
801,306
5.15%, 01/30/30
 
318
325,223
3.13%, 03/24/31
 
470
439,136
6.25%, 03/15/33
 
720
771,289
5.40%, 04/18/34
 
790
806,411
5.55%, 04/01/35
 
775
795,531
Eastern Energy Gas Holdings LLC, 5.80%, 01/15/35
 
625
649,925
Schedule of Investments
45
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Eastern Gas Transmission & Storage, Inc., 3.00%,
11/15/29
$
179
$ 169,697
Enbridge, Inc.
 
3.70%, 07/15/27
 
529
524,745
4.60%, 06/20/28
 
375
376,071
6.00%, 11/15/28
 
570
591,273
4.20%, 11/20/28
 
325
322,943
5.30%, 04/05/29
 
480
490,137
3.13%, 11/15/29
 
760
725,229
4.90%, 06/20/30
 
480
484,105
6.20%, 11/15/30
 
571
604,427
4.50%, 02/15/31
 
325
321,428
4.85%, 03/27/31
 
450
451,885
5.70%, 03/08/33
 
1,370
1,419,796
2.50%, 08/01/33
 
760
648,006
5.63%, 04/05/34
 
1,185
1,223,285
5.55%, 06/20/35
 
550
561,763
5.20%, 11/20/35(a)
 
325
323,813
5.45%, 03/27/36
 
650
656,473
Energy Transfer LP
 
5.50%, 06/01/27
 
650
655,900
4.00%, 10/01/27
 
500
497,137
5.55%, 02/15/28
 
562
571,943
4.95%, 05/15/28
 
475
479,015
4.95%, 06/15/28
 
731
737,799
6.10%, 12/01/28
 
90
93,349
5.25%, 04/15/29
 
943
960,772
5.25%, 07/01/29
 
580
592,216
4.15%, 09/15/29
 
416
410,043
5.20%, 04/01/30
 
484
494,628
3.75%, 05/15/30
 
979
946,850
6.40%, 12/01/30
 
561
599,049
4.55%, 01/15/31
 
650
644,442
5.75%, 02/15/33
 
976
1,015,612
6.55%, 12/01/33
 
830
899,189
5.55%, 05/15/34
 
850
866,996
5.60%, 09/01/34
 
800
816,207
4.90%, 03/15/35
 
400
388,934
5.70%, 04/01/35
 
750
768,655
5.35%, 01/15/36(a)
 
650
646,036
Eni USA, Inc., 7.30%, 11/15/27
 
301
313,780
Enterprise Products Operating LLC
 
4.30%, 06/20/28
 
555
555,206
4.15%, 10/16/28
 
879
877,723
3.13%, 07/31/29
 
410
395,431
2.80%, 01/31/30
 
868
820,186
4.60%, 01/15/31
 
1,100
1,101,753
5.35%, 01/31/33
 
600
619,002
4.85%, 01/31/34
 
708
707,117
4.95%, 02/15/35
 
871
870,081
5.20%, 01/15/36
 
915
923,586
(3-mo. CME Term SOFR + 2.83%), 5.38%,
02/15/78(a)(c)
 
250
249,209
Series D, 6.88%, 03/01/33(a)
 
400
447,311
Series E, (3-mo. CME Term SOFR + 3.29%),
5.25%, 08/16/77(c)
 
620
618,207
EOG Resources, Inc.
 
4.40%, 07/15/28
 
525
526,283
4.38%, 04/15/30
 
535
533,307
4.40%, 01/15/31
 
495
491,392
5.00%, 07/15/32
 
575
582,767
3.90%, 04/01/35
 
420
387,503
5.35%, 01/15/36
 
800
811,414
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
EQT Corp.
 
3.90%, 10/01/27
$
256
$ 253,333
5.70%, 04/01/28
 
313
319,033
5.00%, 01/15/29
 
230
231,895
7.00%, 02/01/30
 
571
610,222
7.50%, 06/01/30
 
300
325,740
4.75%, 01/15/31
 
700
696,527
5.75%, 02/01/34
 
475
491,308
Equinor ASA
 
4.25%, 06/02/28
 
800
801,829
3.63%, 09/10/28
 
600
593,947
3.13%, 04/06/30
 
829
792,622
2.38%, 05/22/30
 
479
443,465
4.50%, 09/03/30
 
325
326,077
5.13%, 06/03/35(a)
 
575
585,104
4.75%, 11/14/35(a)
 
675
664,312
Expand Energy Corp.
 
5.38%, 02/01/29
 
396
396,100
5.38%, 03/15/30
 
800
808,044
4.75%, 02/01/32
 
670
656,846
5.70%, 01/15/35
 
510
519,573
Exxon Mobil Corp.
 
2.44%, 08/16/29(a)
 
759
721,078
3.48%, 03/19/30
 
1,397
1,358,827
2.61%, 10/15/30
 
1,226
1,145,981
Helmerich & Payne, Inc.
 
4.65%, 12/01/27
 
100
100,171
4.85%, 12/01/29(a)
 
200
200,009
2.90%, 09/29/31
 
350
314,423
5.50%, 12/01/34
 
370
365,671
Hess Corp.
 
7.88%, 10/01/29
 
150
166,378
7.30%, 08/15/31
 
383
431,673
7.13%, 03/15/33
 
450
510,907
HF Sinclair Corp.
 
5.00%, 02/01/28
 
292
291,505
4.50%, 10/01/30
 
200
196,150
5.75%, 01/15/31
 
335
343,102
5.50%, 09/01/32
 
355
359,090
6.25%, 01/15/35
 
525
544,178
Kinder Morgan Energy Partners LP
 
7.30%, 08/15/33
 
300
339,350
5.80%, 03/15/35
 
367
380,354
Kinder Morgan, Inc.
 
4.30%, 03/01/28
 
837
837,049
5.00%, 02/01/29
 
710
720,694
5.10%, 08/01/29
 
375
381,775
5.15%, 06/01/30
 
753
769,647
2.00%, 02/15/31
 
523
463,503
7.80%, 08/01/31
 
350
399,643
7.75%, 01/15/32
 
529
605,608
4.80%, 02/01/33
 
562
557,522
5.20%, 06/01/33
 
1,012
1,029,156
5.40%, 02/01/34
 
608
622,052
5.30%, 12/01/34
 
602
607,661
5.85%, 06/01/35
 
400
419,091
Marathon Petroleum Corp.
 
3.80%, 04/01/28
 
479
473,380
5.15%, 03/01/30
 
582
594,317
5.70%, 03/01/35(a)
 
650
667,384
MPLX LP
 
4.25%, 12/01/27
 
409
407,925
4.00%, 03/15/28
 
829
822,571
46
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
MPLX LP (continued)
 
4.80%, 02/15/29
$
500
$ 503,636
2.65%, 08/15/30
 
935
862,786
4.80%, 02/15/31
 
770
771,766
4.95%, 09/01/32
 
656
655,998
5.00%, 01/15/33
 
525
522,393
5.00%, 03/01/33
 
605
601,855
5.50%, 06/01/34
 
1,050
1,063,708
5.40%, 04/01/35
 
711
710,623
5.40%, 09/15/35
 
875
873,090
5.30%, 04/01/36
 
400
393,274
Occidental Petroleum Corp.
 
8.88%, 07/15/30
 
600
683,171
6.63%, 09/01/30
 
537
573,369
7.50%, 05/01/31
 
500
556,719
7.88%, 09/15/31
 
252
286,424
5.38%, 01/01/32
 
740
757,100
5.55%, 10/01/34(a)
 
880
895,767
ONEOK, Inc.
 
4.00%, 07/13/27
 
250
248,595
4.25%, 09/24/27
 
750
747,869
4.55%, 07/15/28
 
413
413,070
5.65%, 11/01/28
 
500
512,749
4.35%, 03/15/29
 
459
456,172
5.38%, 06/01/29
 
270
275,263
3.40%, 09/01/29
 
489
470,591
4.40%, 10/15/29
 
372
369,662
3.10%, 03/15/30
 
300
283,290
3.25%, 06/01/30
 
225
213,099
5.80%, 11/01/30
 
425
441,430
6.35%, 01/15/31(a)
 
495
525,709
4.75%, 10/15/31
 
608
604,383
4.95%, 10/15/32
 
575
570,723
6.10%, 11/15/32
 
420
443,333
6.05%, 09/01/33
 
700
735,833
5.65%, 09/01/34
 
350
357,920
5.05%, 11/01/34
 
1,100
1,077,215
6.00%, 06/15/35
 
300
313,412
5.40%, 10/15/35
 
675
674,534
Ovintiv, Inc.
 
8.13%, 09/15/30
 
180
202,323
7.20%, 11/01/31
 
145
159,750
7.38%, 11/01/31
 
313
347,809
6.25%, 07/15/33
 
370
391,797
6.50%, 08/15/34
 
400
428,452
Patterson-UTI Energy, Inc.
 
3.95%, 02/01/28
 
250
246,075
5.15%, 11/15/29
 
300
300,539
7.15%, 10/01/33
 
300
325,048
Phillips 66
 
3.90%, 03/15/28
 
522
517,016
2.15%, 12/15/30
 
661
593,641
4.65%, 11/15/34
 
650
631,464
Phillips 66 Co.
 
4.95%, 12/01/27
 
520
524,357
3.75%, 03/01/28
 
352
347,850
3.15%, 12/15/29
 
405
386,270
5.25%, 06/15/31
 
1,020
1,043,362
5.30%, 06/30/33
 
655
667,397
4.95%, 03/15/35
 
464
459,510
Pioneer Natural Resources Co.
 
1.90%, 08/15/30
 
926
836,432
2.15%, 01/15/31
 
550
496,827
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Plains All American Pipeline LP, 5.95%, 06/15/35
$
650
$ 670,373
Plains All American Pipeline LP/PAA Finance Corp.
 
3.55%, 12/15/29
 
553
535,414
3.80%, 09/15/30
 
458
441,208
4.70%, 01/15/31
 
530
528,756
5.70%, 09/15/34
 
500
511,676
5.60%, 01/15/36
 
615
616,259
Sabine Pass Liquefaction LLC
 
4.20%, 03/15/28
 
829
825,271
4.50%, 05/15/30(a)
 
1,235
1,233,386
Shell Finance U.S., Inc.
 
3.88%, 11/13/28(b)
 
979
971,886
2.38%, 11/07/29
 
729
684,206
2.75%, 04/06/30
 
997
939,454
4.13%, 11/06/30
 
400
395,341
4.13%, 05/11/35
 
750
711,391
4.75%, 01/06/36
 
600
589,131
Shell International Finance BV
 
2.38%, 11/07/29
 
250
234,476
2.75%, 04/06/30
 
250
236,055
South Bow USA Infrastructure Holdings LLC
 
4.91%, 09/01/27
 
479
480,718
5.03%, 10/01/29
 
680
684,505
5.58%, 10/01/34
 
820
816,887
Suncor Energy, Inc.
 
7.15%, 02/01/32(a)
 
200
221,739
5.95%, 12/01/34
 
384
402,194
Targa Resources Corp.
 
5.20%, 07/01/27
 
450
453,309
4.35%, 01/15/29(a)
 
325
323,514
6.15%, 03/01/29(a)
 
298
310,495
4.90%, 09/15/30
 
450
453,306
4.35%, 04/15/31
 
180
176,414
4.20%, 02/01/33
 
374
355,017
6.13%, 03/15/33
 
256
270,690
6.50%, 03/30/34
 
552
598,833
5.50%, 02/15/35
 
700
708,526
5.55%, 08/15/35
 
1,125
1,138,748
5.65%, 02/15/36
 
400
406,484
Targa Resources Partners LP/Targa Resources
Partners Finance Corp.
 
5.00%, 01/15/28
 
425
424,440
5.50%, 03/01/30
 
396
400,805
4.88%, 02/01/31
 
684
683,316
4.00%, 01/15/32
 
684
650,291
TC PipeLines LP, 3.90%, 05/25/27
 
285
283,067
Tennessee Gas Pipeline Co. LLC, 7.00%, 10/15/28
 
300
317,280
Texas Eastern Transmission LP, 7.00%, 07/15/32
 
256
284,289
TotalEnergies Capital International SA
 
3.46%, 02/19/29
 
677
664,857
2.83%, 01/10/30
 
876
831,241
TotalEnergies Capital SA
 
3.88%, 10/11/28
 
702
699,003
5.15%, 04/05/34
 
750
766,136
4.72%, 09/10/34
 
525
521,855
TotalEnergies Capital USA LLC
 
4.25%, 01/13/31
 
950
939,963
4.57%, 01/13/33
 
800
791,589
4.86%, 01/13/36
 
500
492,727
TransCanada PipeLines Ltd.
 
4.25%, 05/15/28
 
901
897,437
4.10%, 04/15/30
 
929
910,768
4.63%, 03/01/34
 
804
777,771
Schedule of Investments
47
Schedule of Investments (unaudited)(continued)
April 30, 2026
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. (continued)
 
5.60%, 03/31/34
$
200
$ 205,067
5.85%, 03/15/36
 
500
518,363
Transcontinental Gas Pipe Line Co. LLC
 
4.00%, 03/15/28
 
220
218,388
3.25%, 05/15/30
 
450
428,749
5.10%, 03/15/36
 
60
59,463
Valero Energy Corp.
 
2.15%, 09/15/27
 
277
268,775
4.35%, 06/01/28
 
498
497,919
4.00%, 04/01/29
 
290
286,447
5.15%, 02/15/30
 
470
479,746
2.80%, 12/01/31
 
179
161,794
7.50%, 04/15/32
 
545
618,654
5.15%, 03/10/36
 
395
388,957
Valero Energy Partners LP, 4.50%, 03/15/28(a)
 
341
340,925
Viper Energy Partners LLC
 
4.90%, 08/01/30
 
320
320,122
5.70%, 08/01/35(a)
 
695
706,128
Western Midstream Operating LP
 
4.50%, 03/01/28
 
200
199,801
4.75%, 08/15/28
 
200
200,626
6.35%, 01/15/29
 
260
270,554
4.05%, 02/01/30
 
756
735,839
4.80%, 03/01/31(a)
 
375
372,546
6.15%, 04/01/33
 
450
471,626
5.45%, 11/15/34
 
570
566,971
5.50%, 12/15/35(a)
 
385
380,636
Williams Cos., Inc.
 
3.75%, 06/15/27
 
818
812,460
5.30%, 08/15/28
 
600
611,359
4.90%, 03/15/29
 
682
689,185
4.80%, 11/15/29
 
125
126,212
4.63%, 06/30/30
 
480
479,355
3.50%, 11/15/30
 
629
598,694
2.60%, 03/15/31
 
953
865,040
8.75%, 03/15/32
 
300
357,084
4.65%, 08/15/32
 
600
593,298
5.65%, 03/15/33
 
600
620,937
5.15%, 03/15/34
 
902
902,517
5.60%, 03/15/35
 
734
751,069
5.30%, 09/30/35(a)
 
450
450,546
5.15%, 03/15/36
 
1,300
1,279,164
Woodside Finance Ltd.
 
4.90%, 05/19/28
 
300
302,183
5.40%, 05/19/30
 
750
765,566
5.70%, 05/19/32
 
270
280,225
5.10%, 09/12/34
 
871
858,449
6.00%, 05/19/35
 
750
780,476
 
 
191,523,982
Paper & Forest Products — 0.1%
Celulosa Arauco y Constitucion SA, 3.88%, 11/02/27
 
200
197,297
Georgia-Pacific LLC
 
7.75%, 11/15/29
 
254
281,975
8.88%, 05/15/31
 
219
260,869
International Paper Co., 5.00%, 09/15/35(a)
 
300
293,369
Suzano Austria GmbH
 
2.50%, 09/15/28
 
250
238,100
6.00%, 01/15/29
 
1,128
1,154,974
5.00%, 01/15/30
 
650
646,251
Security
 
Par
(000)
Value
Paper & Forest Products (continued)
Suzano Austria GmbH (continued)
 
3.75%, 01/15/31
$
809
$ 761,229
3.13%, 01/15/32(a)
 
600
534,175
Suzano Netherlands BV, 5.50%, 01/15/36
 
700
685,404
 
 
5,053,643
Passenger Airlines — 0.2%
American Airlines Pass-Through Trust
 
Series 2015-1, Class A, 3.38%, 11/01/28
 
320
315,752
Series 2016-1, Class AA, 3.58%, 07/15/29
 
219
215,192
Series 2016-2, Class AA, 3.20%, 12/15/29(a)
 
241
234,522
Series 2017-1, Class AA, 3.65%, 02/15/29
 
199
193,613
Series 2017-2, Class AA, 3.35%, 04/15/31
 
369
353,589
Series 2019-1, Class AA, 3.15%, 08/15/33(a)
 
424
395,157
Series 2021-1, Class A, 2.88%, 01/11/36(a)
 
406
364,870
Delta Air Lines 2020-1 Class AA Pass Through Trust,
Series 2020-1, Class AA, 2.00%, 12/10/29(a)
 
195
188,226
Delta Air Lines, Inc.
 
4.38%, 04/19/28
 
300
298,277
4.95%, 07/10/28
 
765
769,677
3.75%, 10/28/29
 
300
288,920
5.25%, 07/10/30
 
538
542,251
JetBlue Pass-Through Trust
 
Series 1A, Class A, 4.00%, 05/15/34
 
336
316,053
Series 2019-1, Class AA, 2.75%, 11/15/33
 
252
221,525
Southwest Airlines Co.
 
5.13%, 06/15/27
 
1,227
1,232,480
4.38%, 11/15/28
 
475
471,365
2.63%, 02/10/30
 
359
330,447
5.25%, 11/15/35
 
475
450,912
United Airlines Pass-Through Trust
 
Series 2016-1, Class AA, 3.10%, 01/07/30(a)
 
228
221,062
Series 2018-1, Class AA, 3.50%, 09/01/31
 
168
161,888
Series 2019-1, Class AA, 4.15%, 02/25/33(a)
 
275
267,751
Series 2019-2, Class AA, 2.70%, 11/01/33(a)
 
290
265,575
Series 2020-1, Class A, 5.88%, 04/15/29
 
463
469,693
 
 
8,568,797
Personal Care Products — 0.5%
Colgate-Palmolive Co.
 
3.10%, 08/15/27
 
102
100,890
4.60%, 03/01/28
 
344
348,097
4.20%, 05/01/30
 
290
290,295
3.25%, 08/15/32
 
302
283,811
4.60%, 03/01/33(a)
 
344
348,610
Estee Lauder Cos., Inc.
 
4.38%, 05/15/28
 
360
360,147
2.38%, 12/01/29
 
411
382,652
2.60%, 04/15/30
 
413
384,552
1.95%, 03/15/31
 
293
259,100
4.65%, 05/15/33
 
450
443,309
5.00%, 02/14/34(a)
 
450
449,628
Haleon U.S. Capital LLC
 
3.38%, 03/24/29
 
600
583,498
3.63%, 03/24/32
 
1,212
1,140,885
Kenvue, Inc.
 
5.05%, 03/22/28
 
615
623,275
5.00%, 03/22/30
 
660
672,932
4.85%, 05/22/32
 
450
454,825
4.90%, 03/22/33
 
720
724,029
Procter & Gamble Co.
 
2.85%, 08/11/27
 
413
407,394
48
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Personal Care Products (continued)
Procter & Gamble Co. (continued)
 
3.95%, 01/26/28
$
250
$ 250,040
4.35%, 01/29/29(a)
 
275
277,684
4.15%, 10/24/29
 
200
201,226
3.00%, 03/25/30
 
985
942,683
4.05%, 05/01/30
 
500
498,364
1.20%, 10/29/30
 
797
698,473
1.95%, 04/23/31(a)
 
529
474,705
2.30%, 02/01/32(a)
 
280
254,057
4.10%, 11/03/32
 
300
295,201
4.05%, 01/26/33(a)
 
650
641,436
4.55%, 01/29/34
 
427
428,624
5.80%, 08/15/34
 
275
296,599
4.55%, 10/24/34(a)
 
300
300,978
4.60%, 05/01/35
 
500
498,251
4.35%, 11/03/35(a)
 
300
290,963
Unilever Capital Corp.
 
4.25%, 08/12/27
 
585
586,441
3.50%, 03/22/28
 
600
593,494
4.88%, 09/08/28(a)
 
400
406,375
2.13%, 09/06/29(a)
 
555
519,948
1.38%, 09/14/30
 
427
378,216
1.75%, 08/12/31
 
450
395,028
5.90%, 11/15/32
 
723
780,572
5.00%, 12/08/33
 
600
612,943
4.63%, 08/12/34
 
650
642,590
 
 
19,522,820
Pharmaceuticals — 3.6%
AbbVie, Inc.
 
3.78%, 03/03/28
 
630
626,081
4.65%, 03/15/28
 
1,000
1,008,519
4.25%, 11/14/28
 
1,181
1,183,198
4.80%, 03/15/29
 
1,176
1,193,164
3.20%, 11/21/29
 
3,658
3,518,270
4.88%, 03/15/30
 
400
407,048
4.13%, 03/15/31
 
470
462,726
4.95%, 03/15/31
 
1,181
1,204,917
4.40%, 03/15/33
 
850
833,363
5.05%, 03/15/34(a)
 
1,772
1,794,252
4.55%, 03/15/35
 
1,072
1,039,632
5.20%, 03/15/35
 
780
792,260
4.50%, 05/14/35
 
1,700
1,640,437
4.75%, 03/15/36
 
835
816,412
Astrazeneca Finance LLC
 
4.88%, 03/03/28
 
676
685,428
1.75%, 05/28/28
 
821
782,145
4.85%, 02/26/29(a)
 
900
914,136
4.90%, 03/03/30
 
500
509,688
4.90%, 02/26/31
 
750
764,918
4.00%, 03/02/31
 
260
255,073
2.25%, 05/28/31
 
340
306,618
4.30%, 03/02/33
 
300
293,260
4.88%, 03/03/33
 
250
253,780
5.00%, 02/26/34
 
1,060
1,074,151
4.60%, 03/02/36
 
400
389,760
AstraZeneca PLC
 
3.13%, 06/12/27
 
113
111,978
4.00%, 01/17/29
 
607
604,368
1.38%, 08/06/30
 
911
806,552
Becton Dickinson & Co.
 
3.70%, 06/06/27
 
1,125
1,117,124
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
Becton Dickinson & Co. (continued)
 
4.69%, 02/13/28
$
410
$ 411,499
4.87%, 02/08/29
 
457
461,445
2.82%, 05/20/30
 
488
456,148
1.96%, 02/11/31
 
614
542,400
4.30%, 08/22/32
 
390
377,742
5.11%, 02/08/34
 
302
303,278
Bristol-Myers Squibb Co.
 
1.13%, 11/13/27
 
702
671,762
3.45%, 11/15/27
 
330
326,923
3.90%, 02/20/28(a)
 
300
299,131
4.90%, 02/22/29(a)
 
500
509,754
3.40%, 07/26/29
 
1,621
1,576,969
1.45%, 11/13/30
 
740
651,306
5.75%, 02/01/31(a)
 
500
527,000
5.10%, 02/22/31
 
697
715,336
2.95%, 03/15/32
 
1,225
1,123,296
5.90%, 11/15/33
 
294
314,647
5.20%, 02/22/34(a)
 
1,511
1,546,362
Cardinal Health, Inc.
 
3.41%, 06/15/27
 
829
820,207
5.13%, 02/15/29
 
496
504,081
5.00%, 11/15/29
 
626
634,752
4.50%, 09/15/30
 
250
248,665
5.45%, 02/15/34
 
382
389,971
5.35%, 11/15/34
 
600
607,046
5.15%, 09/15/35
 
250
248,398
Cencora, Inc.
 
3.45%, 12/15/27
 
504
496,302
4.63%, 12/15/27
 
360
361,287
3.95%, 02/13/29
 
280
275,971
4.85%, 12/15/29
 
225
227,602
2.80%, 05/15/30
 
329
307,299
4.25%, 11/15/30
 
100
98,306
2.70%, 03/15/31
 
669
610,880
4.60%, 02/13/33
 
155
152,394
5.13%, 02/15/34
 
400
401,357
5.15%, 02/15/35
 
385
386,314
4.90%, 02/13/36
 
775
756,789
CVS Health Corp.
 
6.25%, 06/01/27
 
254
258,823
1.30%, 08/21/27
 
1,335
1,282,568
4.30%, 03/25/28
 
3,177
3,166,165
5.00%, 01/30/29
 
440
445,337
5.40%, 06/01/29(a)
 
750
767,143
3.25%, 08/15/29
 
1,147
1,100,761
5.13%, 02/21/30
 
684
695,322
3.75%, 04/01/30
 
1,083
1,049,121
1.75%, 08/21/30
 
784
693,553
5.25%, 01/30/31(a)
 
335
341,854
1.88%, 02/28/31
 
823
721,522
5.55%, 06/01/31
 
750
775,703
2.13%, 09/15/31
 
683
595,667
5.00%, 09/15/32
 
575
576,380
5.25%, 02/21/33
 
950
964,055
5.30%, 06/01/33
 
820
830,395
5.70%, 06/01/34
 
750
773,360
4.88%, 07/20/35
 
400
386,431
5.45%, 09/15/35
 
925
932,378
Eli Lilly & Co.
 
3.10%, 05/15/27
 
228
226,144
4.15%, 08/14/27
 
400
400,703
Schedule of Investments
49
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
Eli Lilly & Co. (continued)
 
4.55%, 02/12/28(a)
$
675
$ 679,870
4.00%, 10/15/28
 
690
688,628
4.50%, 02/09/29
 
704
710,211
3.38%, 03/15/29
 
729
713,460
4.20%, 08/14/29(a)
 
562
561,337
4.75%, 02/12/30
 
773
785,636
4.25%, 03/15/31
 
475
472,230
4.90%, 02/12/32(a)
 
675
688,931
4.55%, 10/15/32
 
590
589,490
4.70%, 02/27/33
 
590
593,909
4.70%, 02/09/34
 
1,006
1,002,046
4.60%, 08/14/34
 
700
690,196
5.10%, 02/12/35
 
879
894,162
4.90%, 10/15/35(a)
 
725
723,814
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29
 
629
612,723
GlaxoSmithKline Capital, Inc.
 
3.88%, 05/15/28
 
1,225
1,218,126
4.50%, 04/15/30
 
580
583,377
5.38%, 04/15/34
 
383
396,963
4.88%, 04/15/35(a)
 
450
447,994
Johnson & Johnson
 
0.95%, 09/01/27
 
998
960,067
2.90%, 01/15/28
 
1,099
1,079,522
4.55%, 03/01/28
 
495
499,982
4.80%, 06/01/29
 
600
613,548
4.70%, 03/01/30
 
625
638,228
1.30%, 09/01/30(a)
 
1,164
1,035,250
4.90%, 06/01/31(a)
 
800
824,503
4.85%, 03/01/32(a)
 
625
642,998
4.95%, 05/15/33(a)
 
450
466,610
4.38%, 12/05/33
 
578
577,265
4.95%, 06/01/34
 
400
412,414
5.00%, 03/01/35(a)
 
865
889,577
3.55%, 03/01/36
 
500
455,012
McKesson Corp.
 
3.95%, 02/16/28
 
229
227,386
4.90%, 07/15/28
 
310
314,496
4.25%, 09/15/29
 
325
323,896
4.65%, 05/30/30
 
375
377,437
4.95%, 05/30/32
 
375
380,568
5.10%, 07/15/33
 
302
307,637
5.25%, 05/30/35(a)
 
475
483,753
Merck & Co., Inc.
 
1.70%, 06/10/27
 
733
715,154
3.85%, 09/15/27
 
475
474,029
4.05%, 05/17/28
 
100
100,028
1.90%, 12/10/28
 
695
657,185
3.40%, 03/07/29
 
1,218
1,192,270
3.85%, 03/15/29(a)
 
285
282,579
4.30%, 05/17/30
 
400
399,250
1.45%, 06/24/30
 
793
706,013
4.15%, 09/15/30
 
475
471,907
4.15%, 03/15/31
 
675
666,004
2.15%, 12/10/31
 
1,290
1,143,370
4.55%, 09/15/32
 
675
675,207
4.45%, 12/04/32
 
610
604,420
4.50%, 05/17/33(a)
 
902
895,720
6.50%, 12/01/33
 
389
431,287
4.95%, 09/15/35
 
1,075
1,072,112
4.75%, 12/04/35(a)
 
960
940,222
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
Mylan, Inc., 4.55%, 04/15/28
$
660
$ 657,107
Novartis Capital Corp.
 
3.10%, 05/17/27
 
565
560,611
3.90%, 11/05/28
 
375
372,879
4.10%, 03/16/29
 
455
453,681
3.80%, 09/18/29
 
635
626,031
2.20%, 08/14/30
 
959
878,078
4.10%, 11/05/30
 
1,175
1,159,665
4.40%, 03/18/31
 
535
534,153
4.00%, 09/18/31
 
475
467,051
4.30%, 11/05/32
 
575
566,878
4.60%, 03/18/33
 
820
814,909
4.20%, 09/18/34
 
669
645,426
4.60%, 11/05/35(a)
 
575
561,791
4.90%, 03/18/36
 
1,825
1,811,452
Pfizer Investment Enterprises Pte. Ltd.
 
4.45%, 05/19/28
 
2,818
2,830,863
4.65%, 05/19/30
 
1,788
1,799,985
4.75%, 05/19/33
 
3,407
3,390,189
Pfizer, Inc.
 
3.88%, 11/15/27
 
255
254,384
3.60%, 09/15/28(a)
 
359
355,144
3.45%, 03/15/29
 
1,218
1,194,645
2.63%, 04/01/30
 
829
776,956
1.70%, 05/28/30
 
683
614,853
4.20%, 11/15/30
 
400
396,582
1.75%, 08/18/31
 
629
550,155
4.50%, 11/15/32
 
600
594,220
4.88%, 11/15/35
 
800
791,299
Pharmacia LLC, 6.60%, 12/01/28
 
400
422,121
Sanofi SA
 
3.75%, 11/03/27
 
300
298,890
3.63%, 06/19/28
 
713
705,925
3.80%, 11/03/28
 
300
297,746
4.20%, 11/03/32
 
300
294,295
Takeda Pharmaceutical Co. Ltd.
 
5.00%, 11/26/28
 
1,278
1,294,354
2.05%, 03/31/30
 
1,454
1,322,770
5.30%, 07/05/34
 
700
709,672
Takeda U.S. Financing, Inc., 5.20%, 07/07/35
 
1,000
1,001,039
Viatris, Inc.
 
2.30%, 06/22/27
 
415
403,442
2.70%, 06/22/30
 
843
768,241
Wyeth LLC
 
6.50%, 02/01/34
 
500
551,853
6.00%, 02/15/36
 
100
106,721
Zoetis, Inc.
 
3.00%, 09/12/27
 
350
344,122
4.15%, 08/17/28
 
325
323,326
3.90%, 08/20/28
 
379
374,883
2.00%, 05/15/30
 
329
298,800
5.60%, 11/16/32
 
300
313,402
5.00%, 08/17/35
 
825
821,044
 
 
131,016,904
Real Estate Management & Development — 0.1%
CBRE Services, Inc.
 
5.50%, 04/01/29
 
272
278,686
4.80%, 06/15/30
 
450
451,142
2.50%, 04/01/31
 
393
352,763
4.90%, 01/15/33
 
225
222,369
5.95%, 08/15/34
 
550
573,818
50
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Real Estate Management & Development (continued)
CBRE Services, Inc. (continued)
 
5.50%, 06/15/35
$
350
$ 354,931
06/01/36(d)
 
225
221,066
Jones Lang LaSalle, Inc., 6.88%, 12/01/28
 
75
78,928
 
 
2,533,703
Residential REITs — 0.9%
American Homes 4 Rent LP
 
4.25%, 02/15/28
 
100
99,388
4.90%, 02/15/29
 
129
129,782
4.95%, 06/15/30
 
432
434,386
2.38%, 07/15/31(a)
 
200
176,443
3.63%, 04/15/32(a)
 
300
279,500
5.50%, 02/01/34
 
477
483,901
5.50%, 07/15/34
 
275
276,082
5.25%, 03/15/35
 
391
387,142
AvalonBay Communities, Inc.
 
3.35%, 05/15/27
 
191
189,384
3.20%, 01/15/28
 
159
156,146
1.90%, 12/01/28
 
296
278,530
3.30%, 06/01/29
 
291
281,622
2.30%, 03/01/30
 
450
415,487
4.35%, 12/01/30
 
205
203,208
2.45%, 01/15/31
 
507
462,472
2.05%, 01/15/32
 
425
370,890
5.00%, 02/15/33
 
225
227,470
5.30%, 12/07/33(a)
 
150
154,049
5.35%, 06/01/34
 
360
368,567
5.00%, 08/01/35
 
285
283,158
Camden Property Trust
 
4.10%, 10/15/28(a)
 
258
256,704
3.15%, 07/01/29
 
400
383,970
2.80%, 05/15/30
 
615
575,041
4.90%, 01/15/34
 
175
174,496
4.90%, 02/28/36
 
350
339,579
ERP Operating LP
 
3.25%, 08/01/27
 
334
329,639
3.50%, 03/01/28
 
341
335,903
4.15%, 12/01/28
 
305
303,284
3.00%, 07/01/29
 
455
436,351
2.50%, 02/15/30
 
333
309,767
1.85%, 08/01/31(a)
 
229
201,468
4.95%, 06/15/32
 
300
302,712
4.65%, 09/15/34
 
328
320,004
Essential Properties LP
 
2.95%, 07/15/31
 
129
116,843
5.40%, 12/01/35
 
275
271,941
Essex Portfolio LP
 
3.63%, 05/01/27
 
222
220,395
1.70%, 03/01/28
 
210
199,603
4.00%, 03/01/29
 
179
176,527
3.00%, 01/15/30
 
384
362,741
1.65%, 01/15/31
 
254
220,885
2.55%, 06/15/31
 
210
188,483
2.65%, 03/15/32
 
400
353,550
5.50%, 04/01/34
 
325
330,976
5.38%, 04/01/35
 
235
238,136
4.88%, 02/15/36(a)
 
225
217,489
Invitation Homes Operating Partnership LP
 
2.30%, 11/15/28
 
491
464,167
5.45%, 08/15/30
 
300
305,553
2.00%, 08/15/31
 
330
283,481
Security
 
Par
(000)
Value
Residential REITs (continued)
Invitation Homes Operating Partnership
LP (continued)
 
4.15%, 04/15/32
$
296
$ 281,326
4.95%, 01/15/33
 
250
245,939
5.50%, 08/15/33(a)
 
288
291,948
2.70%, 01/15/34
 
262
219,473
4.88%, 02/01/35
 
397
383,020
Mid-America Apartments LP
 
3.60%, 06/01/27
 
413
410,269
4.20%, 06/15/28
 
296
295,159
3.95%, 03/15/29
 
413
407,923
2.75%, 03/15/30
 
163
152,632
1.70%, 02/15/31(a)
 
378
331,312
5.30%, 02/15/32(a)
 
175
180,280
4.65%, 01/15/33
 
225
221,183
5.00%, 03/15/34
 
225
224,044
4.95%, 03/01/35
 
275
271,390
NNN REIT, Inc.
 
3.50%, 10/15/27
 
274
270,811
4.30%, 10/15/28
 
229
228,008
2.50%, 04/15/30
 
300
277,263
4.60%, 02/15/31
 
400
397,206
5.60%, 10/15/33
 
200
205,425
5.50%, 06/15/34
 
325
330,452
Realty Income Corp.
 
3.95%, 08/15/27
 
413
411,270
3.40%, 01/15/28
 
313
307,874
3.65%, 01/15/28
 
314
310,487
2.10%, 03/15/28
 
374
358,843
2.20%, 06/15/28
 
274
262,202
4.70%, 12/15/28
 
220
221,531
3.95%, 02/01/29
 
200
197,579
4.75%, 02/15/29(a)
 
225
227,077
3.25%, 06/15/29
 
207
199,759
4.00%, 07/15/29
 
350
345,413
3.10%, 12/15/29
 
413
393,520
3.40%, 01/15/30
 
413
396,862
4.85%, 03/15/30
 
250
252,949
3.25%, 01/15/31
 
554
521,095
3.20%, 02/15/31(a)
 
350
328,058
2.70%, 02/15/32
 
292
260,654
5.63%, 10/13/32
 
300
312,757
2.85%, 12/15/32
 
525
466,123
4.50%, 02/01/33
 
200
195,433
1.80%, 03/15/33
 
300
247,557
4.75%, 04/15/33
 
385
380,312
4.90%, 07/15/33(a)
 
340
339,210
5.13%, 02/15/34
 
525
529,032
5.13%, 04/15/35
 
421
421,386
Store Capital LLC
 
4.50%, 03/15/28
 
300
298,571
4.63%, 03/15/29
 
200
197,956
5.40%, 04/30/30
 
240
242,547
2.75%, 11/18/30
 
250
225,554
4.95%, 02/11/31(b)
 
175
173,669
2.70%, 12/01/31
 
201
176,308
Tanger Properties LP
 
3.88%, 07/15/27
 
79
78,367
2.75%, 09/01/31
 
200
178,923
UDR, Inc.
 
3.50%, 07/01/27(a)
 
163
161,304
3.50%, 01/15/28
 
252
248,145
Schedule of Investments
51
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Residential REITs (continued)
UDR, Inc. (continued)
 
4.40%, 01/26/29
$
129
$ 128,461
3.20%, 01/15/30
 
413
394,232
3.00%, 08/15/31
 
213
196,038
2.10%, 08/01/32
 
274
232,483
1.90%, 03/15/33
 
294
241,185
2.10%, 06/15/33
 
300
247,764
5.13%, 09/01/34
 
195
193,904
3.10%, 11/01/34
 
268
229,347
 
 
31,234,099
Retail REITs — 0.2%
Simon Property Group LP
 
3.38%, 06/15/27
 
320
317,075
3.38%, 12/01/27
 
200
197,339
1.75%, 02/01/28
 
750
718,710
2.45%, 09/13/29
 
807
757,256
2.65%, 07/15/30(a)
 
617
573,492
4.38%, 10/01/30
 
225
223,544
4.30%, 01/15/31
 
475
468,117
2.20%, 02/01/31(a)
 
412
370,745
2.25%, 01/15/32
 
579
507,756
2.65%, 02/01/32(a)
 
479
428,354
5.50%, 03/08/33(a)
 
300
310,967
6.25%, 01/15/34
 
343
369,200
4.75%, 09/26/34
 
685
670,067
5.13%, 10/01/35
 
475
475,773
 
 
6,388,395
Semiconductors & Semiconductor Equipment — 2.0%
Advanced Micro Devices, Inc.
 
4.32%, 03/24/28
 
300
301,371
3.92%, 06/01/32
 
354
344,650
Analog Devices, Inc.
 
3.45%, 06/15/27
 
242
240,154
4.25%, 06/15/28
 
450
449,950
1.70%, 10/01/28
 
450
424,379
4.50%, 06/15/30
 
425
426,013
2.10%, 10/01/31
 
550
485,821
4.25%, 10/01/32
 
256
251,607
5.05%, 04/01/34
 
300
305,360
Applied Materials, Inc.
 
4.80%, 06/15/29
 
483
491,162
1.75%, 06/01/30
 
423
380,818
4.00%, 01/15/31
 
200
196,151
5.10%, 10/01/35(a)
 
300
304,357
4.60%, 01/15/36
 
280
271,526
Broadcom Corp./Broadcom Cayman Finance Ltd.,
3.50%, 01/15/28
 
413
408,425
Broadcom, Inc.
 
5.05%, 07/12/27
 
375
379,058
1.95%, 02/15/28(a)
 
598
575,068
4.80%, 04/15/28
 
1,000
1,011,343
4.00%, 04/15/29(b)
 
450
445,584
4.75%, 04/15/29
 
976
986,677
5.05%, 07/12/29
 
1,425
1,452,380
4.35%, 02/15/30
 
1,080
1,075,835
5.00%, 04/15/30
 
450
457,983
5.05%, 04/15/30
 
400
408,016
4.60%, 07/15/30
 
1,025
1,029,122
4.20%, 10/15/30
 
220
217,398
4.15%, 11/15/30
 
1,146
1,128,265
4.30%, 01/15/31
 
245
243,015
Security
 
Par
(000)
Value
Semiconductors & Semiconductor Equipment (continued)
Broadcom, Inc. (continued)
 
2.45%, 02/15/31
$
1,825
$ 1,662,498
5.15%, 11/15/31
 
685
701,439
4.15%, 04/15/32(b)
 
890
862,716
5.20%, 04/15/32
 
700
717,158
4.90%, 07/15/32
 
1,000
1,008,942
4.30%, 11/15/32
 
1,244
1,214,134
4.60%, 01/15/33
 
550
543,291
2.60%, 02/15/33
 
1,098
960,522
3.42%, 04/15/33
 
1,620
1,483,583
3.47%, 04/15/34(a)
 
1,872
1,688,904
4.80%, 10/15/34
 
980
966,896
5.20%, 07/15/35
 
1,500
1,512,398
3.14%, 11/15/35(b)
 
2,200
1,875,181
4.95%, 01/15/36
 
220
217,527
4.80%, 02/15/36
 
1,200
1,172,541
4.55%, 02/15/32
 
580
575,635
Intel Corp.
 
3.15%, 05/11/27
 
400
395,497
3.75%, 08/05/27
 
1,150
1,140,385
4.88%, 02/10/28
 
1,055
1,061,964
1.60%, 08/12/28
 
559
524,899
4.00%, 08/05/29
 
550
540,908
2.45%, 11/15/29
 
1,319
1,227,884
5.13%, 02/10/30
 
850
863,762
3.90%, 03/25/30
 
538
522,974
5.00%, 02/21/31
 
465
469,498
4.65%, 06/01/31
 
920
916,341
2.00%, 08/12/31
 
699
609,699
4.15%, 08/05/32
 
810
778,736
4.00%, 12/15/32
 
500
473,006
5.20%, 02/10/33
 
1,258
1,274,602
5.00%, 08/15/33
 
930
926,286
5.15%, 02/21/34(a)
 
705
705,852
5.30%, 05/15/36
 
1,135
1,130,514
KLA Corp.
 
4.10%, 03/15/29
 
413
410,491
4.65%, 07/15/32(a)
 
640
643,359
4.70%, 02/01/34
 
225
222,867
Lam Research Corp.
 
4.00%, 03/15/29
 
450
446,739
1.90%, 06/15/30
 
551
499,624
Marvell Technology, Inc.
 
2.45%, 04/15/28
 
429
412,904
4.88%, 06/22/28
 
260
262,546
5.75%, 02/15/29
 
260
268,365
4.75%, 07/15/30
 
225
226,002
2.95%, 04/15/31(a)
 
393
362,430
5.95%, 09/15/33
 
260
274,137
5.45%, 07/15/35
 
525
536,778
5.30%, 04/15/36
 
450
450,755
Microchip Technology, Inc.
 
4.90%, 03/15/28
 
602
605,697
5.05%, 03/15/29
 
600
607,532
5.05%, 02/15/30
 
650
656,299
Micron Technology, Inc., 2.70%, 04/15/32
 
603
538,536
NVIDIA Corp.
 
1.55%, 06/15/28
 
974
925,157
2.85%, 04/01/30(a)
 
994
942,263
2.00%, 06/15/31
 
773
692,907
NXP BV/NXP Funding LLC, 5.55%, 12/01/28
 
400
408,844
52
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Semiconductors & Semiconductor Equipment (continued)
NXP BV/NXP Funding LLC/NXP USA, Inc.
 
3.15%, 05/01/27
$
300
$ 296,348
4.40%, 06/01/27
 
400
400,219
4.30%, 08/19/28
 
180
179,375
4.30%, 06/18/29
 
641
635,722
3.40%, 05/01/30
 
489
467,333
2.50%, 05/11/31
 
661
594,288
2.65%, 02/15/32
 
462
410,218
4.85%, 08/19/32
 
375
372,172
5.00%, 01/15/33
 
612
612,591
5.25%, 08/19/35
 
475
474,932
Qorvo, Inc., 4.38%, 10/15/29
 
554
543,392
QUALCOMM, Inc.
 
3.25%, 05/20/27
 
1,163
1,154,030
1.30%, 05/20/28
 
526
496,619
2.15%, 05/20/30
 
774
708,636
4.50%, 05/20/30
 
300
301,580
1.65%, 05/20/32(a)
 
700
594,024
4.25%, 05/20/32
 
381
374,934
4.75%, 05/20/32
 
300
302,387
5.40%, 05/20/33
 
500
521,346
4.65%, 05/20/35
 
676
666,545
5.00%, 05/20/35(a)
 
300
300,261
Skyworks Solutions, Inc., 3.00%, 06/01/31
 
323
291,062
Texas Instruments, Inc.
 
2.90%, 11/03/27
 
306
300,877
4.60%, 02/15/28
 
508
511,885
4.60%, 02/08/29
 
273
276,421
2.25%, 09/04/29
 
562
526,491
1.75%, 05/04/30
 
524
474,076
4.50%, 05/23/30
 
300
301,394
1.90%, 09/15/31
 
361
318,260
3.65%, 08/16/32
 
200
190,843
4.90%, 03/14/33
 
520
530,770
4.85%, 02/08/34
 
247
249,780
5.10%, 05/23/35
 
500
507,034
TSMC Arizona Corp.
 
4.13%, 04/22/29
 
250
249,532
2.50%, 10/25/31
 
1,010
916,287
4.25%, 04/22/32
 
400
396,412
Xilinx, Inc., 2.38%, 06/01/30
 
428
395,179
 
 
72,655,147
Software — 1.9%
Adobe, Inc.
 
4.75%, 01/17/28
 
420
424,155
4.80%, 04/04/29
 
609
617,294
4.95%, 01/17/30
 
400
407,617
2.30%, 02/01/30
 
794
732,943
4.95%, 04/04/34
 
459
456,385
5.30%, 01/17/35
 
350
354,832
Atlassian Corp.
 
5.25%, 05/15/29
 
200
200,947
5.50%, 05/15/34
 
300
292,796
Autodesk, Inc.
 
3.50%, 06/15/27
 
359
355,422
2.85%, 01/15/30
 
376
352,914
2.40%, 12/15/31
 
637
561,153
5.30%, 06/15/35
 
220
220,446
Cadence Design Systems, Inc.
 
4.20%, 09/10/27
 
130
129,912
4.30%, 09/10/29
 
525
523,014
Security
 
Par
(000)
Value
Software (continued)
Cadence Design Systems, Inc. (continued)
 
4.70%, 09/10/34
$
685
$ 674,812
Concentrix Corp.(a)
 
6.60%, 08/02/28
 
500
495,968
6.50%, 03/01/29
 
125
121,981
6.85%, 08/02/33
 
350
320,100
Intuit, Inc.
 
1.35%, 07/15/27
 
281
271,893
5.13%, 09/15/28
 
450
458,071
1.65%, 07/15/30
 
166
148,028
5.20%, 09/15/33(a)
 
700
708,048
Microsoft Corp.
 
3.40%, 06/15/27
 
229
227,962
1.35%, 09/15/30
 
247
219,794
3.50%, 02/12/35(a)
 
986
914,978
MSCI, Inc.
 
5.25%, 09/01/35(a)
 
735
721,784
5.15%, 03/15/36
 
300
290,332
Oracle Corp.
 
3.25%, 11/15/27
 
1,620
1,584,866
2.30%, 03/25/28
 
1,238
1,182,149
4.50%, 05/06/28
 
430
427,954
4.80%, 08/03/28
 
1,100
1,098,433
4.55%, 02/04/29
 
2,225
2,197,049
4.20%, 09/27/29
 
975
946,741
6.15%, 11/09/29
 
949
976,884
2.95%, 04/01/30
 
2,056
1,883,119
4.65%, 05/06/30
 
430
421,296
3.25%, 05/15/30
 
387
358,223
4.45%, 09/26/30
 
1,900
1,832,133
4.95%, 02/04/31
 
2,200
2,152,666
2.88%, 03/25/31
 
2,023
1,797,465
5.25%, 02/03/32
 
960
944,915
4.80%, 09/26/32
 
2,210
2,101,052
6.25%, 11/09/32
 
1,208
1,239,183
4.90%, 02/06/33
 
930
883,005
5.35%, 05/04/33
 
2,225
2,161,689
4.30%, 07/08/34
 
1,200
1,066,490
4.70%, 09/27/34
 
1,150
1,048,263
3.90%, 05/15/35
 
850
718,024
5.50%, 08/03/35(a)
 
1,000
952,531
5.20%, 09/26/35
 
2,555
2,378,653
5.70%, 02/04/36
 
2,200
2,112,033
Roper Technologies, Inc.
 
1.40%, 09/15/27
 
579
555,228
4.20%, 09/15/28
 
450
446,480
4.25%, 09/15/28
 
310
307,756
2.95%, 09/15/29
 
359
339,687
4.50%, 10/15/29
 
455
452,280
2.00%, 06/30/30
 
413
369,415
4.45%, 09/15/30
 
200
196,998
1.75%, 02/15/31
 
686
594,321
4.75%, 02/15/32(a)
 
300
296,943
4.90%, 10/15/34
 
625
604,465
5.10%, 09/15/35
 
575
558,701
Salesforce, Inc.
 
4.50%, 03/15/28
 
1,900
1,902,095
3.70%, 04/11/28
 
1,009
997,762
1.50%, 07/15/28
 
784
736,766
4.65%, 03/15/29
 
1,900
1,903,344
1.95%, 07/15/31
 
971
845,838
4.90%, 09/15/31
 
1,900
1,894,494
Schedule of Investments
53
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Software (continued)
Salesforce, Inc. (continued)
 
5.20%, 03/15/33
$
1,825
$ 1,822,041
5.55%, 03/15/36
 
2,900
2,891,417
ServiceNow, Inc., 1.40%, 09/01/30
 
1,038
904,492
Synopsys, Inc.
 
4.65%, 04/01/28
 
695
699,304
4.85%, 04/01/30
 
1,300
1,310,739
5.00%, 04/01/32
 
1,000
1,010,600
5.15%, 04/01/35
 
1,485
1,484,563
Take-Two Interactive Software, Inc.
 
4.95%, 03/28/28
 
350
352,656
5.40%, 06/12/29
 
150
152,932
4.00%, 04/14/32
 
269
256,499
5.60%, 06/12/34
 
250
254,946
VMware LLC
 
1.80%, 08/15/28
 
500
472,407
4.70%, 05/15/30
 
657
660,371
2.20%, 08/15/31
 
716
633,529
Workday, Inc.
 
3.70%, 04/01/29
 
543
529,371
3.80%, 04/01/32
 
821
764,384
 
 
70,871,221
Specialized REITs — 0.3%
CubeSmart LP
 
2.25%, 12/15/28
 
469
443,193
4.38%, 02/15/29
 
252
250,477
3.00%, 02/15/30
 
193
181,707
2.00%, 02/15/31
 
213
187,295
2.50%, 02/15/32
 
350
307,238
5.13%, 11/01/35
 
280
276,607
Extra Space Storage LP
 
3.88%, 12/15/27
 
174
172,431
5.70%, 04/01/28
 
582
594,020
3.90%, 04/01/29
 
286
280,853
4.00%, 06/15/29
 
129
126,897
5.50%, 07/01/30
 
556
570,514
2.20%, 10/15/30
 
227
203,260
5.90%, 01/15/31
 
374
389,488
2.55%, 06/01/31
 
355
318,595
2.40%, 10/15/31
 
355
312,077
2.35%, 03/15/32
 
363
314,200
4.95%, 01/15/33
 
395
391,253
5.40%, 02/01/34
 
395
398,240
5.35%, 01/15/35
 
275
276,379
5.40%, 06/15/35
 
325
326,778
Public Storage Operating Co.
 
3.09%, 09/15/27
 
166
163,635
1.85%, 05/01/28
 
374
357,020
1.95%, 11/09/28(a)
 
442
417,507
5.13%, 01/15/29(a)
 
405
413,745
3.39%, 05/01/29
 
366
356,848
4.38%, 07/01/30
 
300
299,971
2.30%, 05/01/31
 
475
427,602
2.25%, 11/09/31
 
408
362,449
5.10%, 08/01/33(a)
 
460
468,001
5.00%, 07/01/35(a)
 
240
238,988
5.00%, 12/15/35
 
150
148,256
 
 
9,975,524
Specialty Retail — 0.3%
AutoZone, Inc.
 
3.75%, 06/01/27
 
400
397,407
Security
 
Par
(000)
Value
Specialty Retail (continued)
AutoZone, Inc. (continued)
 
4.50%, 02/01/28
$
240
$ 240,527
6.25%, 11/01/28
 
200
208,584
3.75%, 04/18/29
 
379
371,727
5.10%, 07/15/29
 
300
305,537
4.00%, 04/15/30(a)
 
560
547,779
5.13%, 06/15/30
 
325
331,106
1.65%, 01/15/31(a)
 
300
261,655
4.75%, 08/01/32
 
410
406,795
4.75%, 02/01/33
 
350
345,367
5.20%, 08/01/33
 
160
161,823
6.55%, 11/01/33
 
300
327,503
5.40%, 07/15/34
 
600
610,630
Dick’s Sporting Goods, Inc.
 
4.00%, 10/01/29(b)
 
250
243,448
3.15%, 01/15/32(a)
 
479
436,709
Genuine Parts Co.
 
6.50%, 11/01/28
 
200
207,231
4.95%, 08/15/29
 
475
474,341
1.88%, 11/01/30
 
400
346,923
2.75%, 02/01/32
 
350
304,743
6.88%, 11/01/33(a)
 
200
216,362
O’Reilly Automotive, Inc.
 
3.60%, 09/01/27
 
452
447,557
4.35%, 06/01/28
 
279
278,925
3.90%, 06/01/29
 
329
324,334
4.20%, 04/01/30
 
250
246,632
1.75%, 03/15/31(a)
 
362
316,648
4.70%, 06/15/32
 
400
398,704
5.00%, 08/19/34
 
350
347,183
5.10%, 03/12/36
 
475
469,660
Ross Stores, Inc., 1.88%, 04/15/31
 
379
333,579
Tractor Supply Co.
 
1.75%, 11/01/30
 
349
308,171
5.25%, 05/15/33
 
420
423,827
 
 
10,641,417
Technology Hardware, Storage & Peripherals — 1.1%
Apple, Inc.
 
3.00%, 06/20/27
 
600
593,870
2.90%, 09/12/27
 
1,453
1,432,900
3.00%, 11/13/27
 
829
817,672
1.20%, 02/08/28
 
1,489
1,419,292
4.00%, 05/10/28
 
890
890,475
4.00%, 05/12/28
 
575
574,807
1.40%, 08/05/28
 
1,530
1,447,003
3.25%, 08/08/29
 
650
634,754
2.20%, 09/11/29
 
1,241
1,171,840
4.15%, 05/10/30
 
360
360,484
1.65%, 05/11/30
 
1,160
1,052,480
4.20%, 05/12/30(a)
 
575
577,364
1.25%, 08/20/30
 
999
883,324
1.65%, 02/08/31
 
1,517
1,353,198
1.70%, 08/05/31
 
792
698,830
4.50%, 05/12/32
 
575
583,720
3.35%, 08/08/32
 
1,240
1,181,036
4.30%, 05/10/33(a)
 
826
826,914
4.75%, 05/12/35(a)
 
775
782,960
Dell International LLC/EMC Corp.
 
6.10%, 07/15/27(a)
 
258
262,616
5.25%, 02/01/28
 
450
456,247
4.75%, 04/01/28
 
559
562,328
4.15%, 02/15/29
 
525
521,165
54
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Technology Hardware, Storage & Peripherals (continued)
Dell International LLC/EMC Corp. (continued)
 
5.30%, 10/01/29
$
1,036
$ 1,058,271
4.35%, 02/01/30
 
250
247,507
5.00%, 04/01/30
 
1,265
1,281,370
6.20%, 07/15/30
 
450
474,777
4.50%, 02/15/31
 
525
519,354
5.30%, 04/01/32
 
500
509,707
4.75%, 10/06/32
 
525
519,293
5.75%, 02/01/33
 
594
618,639
5.40%, 04/15/34(a)
 
600
609,763
4.85%, 02/01/35(a)
 
500
486,203
5.50%, 04/01/35
 
500
507,840
5.10%, 02/15/36(a)
 
1,025
1,007,167
Dell, Inc., 7.10%, 04/15/28(a)
 
329
345,222
Hewlett Packard Enterprise Co.
 
4.05%, 09/15/27
 
450
448,184
4.40%, 09/25/27
 
725
724,373
4.50%, 03/23/28
 
250
250,147
5.25%, 07/01/28
 
440
446,533
4.15%, 09/15/28
 
450
446,220
4.60%, 03/23/29
 
200
199,945
4.55%, 10/15/29
 
1,083
1,078,726
4.40%, 10/15/30
 
650
638,675
4.85%, 10/15/31
 
751
746,129
5.25%, 04/01/33
 
250
250,825
5.00%, 10/15/34
 
1,390
1,355,859
6.20%, 10/15/35(a)
 
500
533,482
HP, Inc.
 
3.00%, 06/17/27
 
712
700,735
4.75%, 01/15/28
 
522
524,271
4.00%, 04/15/29
 
704
692,109
5.40%, 04/25/30(a)
 
200
204,504
3.40%, 06/17/30(a)
 
310
294,464
2.65%, 06/17/31
 
729
651,987
4.20%, 04/15/32(a)
 
477
455,445
5.50%, 01/15/33(a)
 
650
661,570
6.10%, 04/25/35(a)
 
300
314,785
NetApp, Inc.
 
2.38%, 06/22/27
 
400
390,805
2.70%, 06/22/30
 
400
367,990
5.50%, 03/17/32
 
425
434,700
5.70%, 03/17/35
 
405
413,103
Teledyne FLIR LLC, 2.50%, 08/01/30
 
226
207,787
 
 
40,703,745
Textiles, Apparel & Luxury Goods — 0.1%
NIKE, Inc., 2.85%, 03/27/30
 
999
943,339
PVH Corp., 5.50%, 06/13/30
 
350
355,071
Ralph Lauren Corp.
 
2.95%, 06/15/30
 
350
329,630
5.00%, 06/15/32(a)
 
270
274,501
Tapestry, Inc.
 
4.13%, 07/15/27
 
300
298,405
5.10%, 03/11/30
 
225
227,708
3.05%, 03/15/32
 
400
360,418
5.50%, 03/11/35
 
453
454,968
 
 
3,244,040
Tobacco — 1.0%
Altria Group, Inc.
 
4.88%, 02/04/28
 
320
322,594
6.20%, 11/01/28
 
231
240,507
4.80%, 02/14/29(a)
 
1,337
1,346,845
Security
 
Par
(000)
Value
Tobacco (continued)
Altria Group, Inc. (continued)
 
3.40%, 05/06/30
$
625
$ 598,150
4.50%, 08/06/30
 
225
223,966
2.45%, 02/04/32
 
1,019
897,143
6.88%, 11/01/33
 
418
463,750
5.63%, 02/06/35
 
351
360,085
5.25%, 08/06/35
 
300
299,443
BAT Capital Corp.
 
3.56%, 08/15/27
 
1,473
1,457,706
2.26%, 03/25/28
 
1,196
1,149,491
3.46%, 09/06/29
 
328
317,014
4.91%, 04/02/30
 
824
832,253
6.34%, 08/02/30
 
600
639,590
5.83%, 02/20/31
 
456
476,940
2.73%, 03/25/31
 
823
751,848
4.74%, 03/16/32
 
542
541,371
5.35%, 08/15/32
 
650
668,116
7.75%, 10/19/32
 
340
389,977
4.63%, 03/22/33
 
560
548,653
6.42%, 08/02/33
 
822
891,457
6.00%, 02/20/34(a)
 
485
512,861
5.63%, 08/15/35(a)
 
600
618,754
BAT International Finance PLC
 
4.45%, 03/16/28
 
772
772,224
5.93%, 02/02/29
 
600
621,782
Philip Morris International, Inc.
 
3.13%, 08/17/27
 
579
571,700
4.38%, 11/01/27
 
400
400,930
5.13%, 11/17/27
 
1,040
1,052,238
4.88%, 02/15/28
 
1,086
1,096,491
3.13%, 03/02/28
 
250
245,062
4.13%, 04/28/28
 
390
389,124
5.25%, 09/07/28
 
477
486,959
3.88%, 10/27/28
 
465
460,908
4.88%, 02/13/29
 
900
911,549
4.13%, 04/27/29
 
215
213,697
3.38%, 08/15/29
 
500
484,714
4.63%, 11/01/29
 
400
402,948
5.63%, 11/17/29
 
667
691,731
5.13%, 02/15/30
 
1,300
1,327,650
4.38%, 04/30/30
 
475
472,615
2.10%, 05/01/30
 
659
601,460
5.50%, 09/07/30
 
443
459,533
4.00%, 10/29/30
 
425
416,337
1.75%, 11/01/30
 
543
482,447
5.13%, 02/13/31
 
752
769,402
4.75%, 11/01/31
 
500
502,615
4.25%, 10/29/32(a)
 
525
509,858
5.75%, 11/17/32
 
901
947,731
5.38%, 02/15/33
 
1,350
1,387,584
5.63%, 09/07/33
 
575
599,903
5.25%, 02/13/34
 
1,050
1,069,371
4.90%, 11/01/34
 
400
397,343
4.88%, 04/30/35
 
460
454,518
4.63%, 10/29/35(a)
 
575
554,260
4.88%, 04/29/36
 
400
391,698
Reynolds American, Inc., 5.70%, 08/15/35
 
400
411,478
 
 
35,106,374
Transportation Infrastructure — 0.3%
CH Robinson Worldwide, Inc., 4.20%, 04/15/28
 
350
347,707
Schedule of Investments
55
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Transportation Infrastructure (continued)
Federal Express Corp. Pass-Through Trusts,
Series 2020-1, Class AA, 1.88%, 08/20/35(a)
$
562
$ 486,088
FedEx Corp.
 
3.10%, 08/05/29
 
394
378,396
3.10%, 08/05/29(a)
 
329
315,873
4.25%, 05/15/30(a)
 
563
557,379
2.40%, 05/15/31(a)
 
1,188
1,070,554
3.90%, 02/01/35
 
300
275,978
GXO Logistics, Inc.
 
6.25%, 05/06/29
 
400
415,161
2.65%, 07/15/31(a)
 
219
195,519
6.50%, 05/06/34(a)
 
400
422,159
Ryder System, Inc.
 
4.30%, 06/15/27
 
210
209,901
5.65%, 03/01/28
 
200
204,295
5.25%, 06/01/28
 
400
406,333
6.30%, 12/01/28
 
100
104,372
5.38%, 03/15/29
 
300
307,300
5.50%, 06/01/29
 
215
220,825
4.95%, 09/01/29
 
105
106,354
4.90%, 12/01/29
 
280
283,109
5.00%, 03/15/30
 
160
162,710
4.85%, 06/15/30(a)
 
250
252,142
4.30%, 12/01/30
 
130
128,340
6.60%, 12/01/33
 
370
405,628
United Parcel Service, Inc.
 
3.05%, 11/15/27
 
701
689,795
3.40%, 03/15/29
 
450
439,681
2.50%, 09/01/29(a)
 
280
265,477
4.45%, 04/01/30
 
500
503,081
4.65%, 10/15/30
 
300
304,162
4.88%, 03/03/33(a)
 
576
586,352
5.15%, 05/22/34(a)
 
500
512,493
5.25%, 05/14/35(a)
 
790
808,962
 
 
11,366,126
Utilities — 0.2%
American Water Capital Corp.
 
2.95%, 09/01/27
 
413
406,040
3.75%, 09/01/28
 
393
388,120
3.45%, 06/01/29
 
313
304,496
2.80%, 05/01/30
 
254
238,673
2.30%, 06/01/31
 
401
359,958
4.45%, 06/01/32
 
530
522,146
5.15%, 03/01/34
 
475
482,375
5.25%, 03/01/35
 
575
583,245
5.20%, 04/01/36
 
350
350,463
Essential Utilities, Inc.
 
4.80%, 08/15/27
 
400
401,421
3.57%, 05/01/29
 
250
243,109
2.70%, 04/15/30
 
300
278,910
2.40%, 05/01/31(a)
 
129
115,936
5.38%, 01/15/34(a)
 
400
406,616
5.25%, 08/15/35
 
375
375,472
5.13%, 03/15/36
 
175
172,386
United Utilities PLC, 6.88%, 08/15/28
 
200
209,823
Vistra Operations Co. LLC(b)
 
5.00%, 04/30/31
 
700
698,111
Security
 
Par
(000)
Value
Utilities (continued)
Vistra Operations Co. LLC(b) (continued)
 
5.25%, 04/30/33
$
700
$ 697,078
5.55%, 04/30/36
 
1,000
991,416
 
 
8,225,794
Wireless Telecommunication Services — 0.9%
America Movil SAB de C.V.
 
3.63%, 04/22/29
 
516
502,588
2.88%, 05/07/30
 
582
543,571
5.00%, 01/20/33
 
200
200,327
6.38%, 03/01/35
 
592
641,760
America Movil SAB de CV, 4.70%, 07/21/32
 
550
545,892
Motorola Solutions, Inc.
 
4.60%, 02/23/28
 
413
414,297
5.00%, 04/15/29
 
400
405,016
4.60%, 05/23/29
 
399
399,113
4.85%, 08/15/30
 
425
428,551
2.30%, 11/15/30(a)
 
638
575,801
2.75%, 05/24/31
 
550
501,050
5.60%, 06/01/32
 
368
381,107
5.20%, 08/15/32
 
225
228,257
5.40%, 04/15/34
 
600
607,019
5.55%, 08/15/35
 
525
536,135
Orange SA, 9.00%, 03/01/31
 
1,589
1,870,604
Rogers Communications, Inc.
 
5.00%, 02/15/29
 
992
999,899
3.80%, 03/15/32
 
1,246
1,164,169
5.30%, 02/15/34
 
800
796,098
T-Mobile USA, Inc.
 
2.05%, 02/15/28
 
1,065
1,022,528
4.95%, 03/15/28
 
720
727,472
4.80%, 07/15/28
 
422
425,703
4.85%, 01/15/29
 
410
414,060
2.63%, 02/15/29
 
700
666,089
2.40%, 03/15/29
 
250
236,195
3.38%, 04/15/29
 
1,500
1,455,257
4.20%, 10/01/29
 
525
520,057
3.88%, 04/15/30
 
4,442
4,326,281
2.55%, 02/15/31
 
1,541
1,400,610
2.88%, 02/15/31
 
700
644,831
3.50%, 04/15/31
 
1,466
1,386,775
2.25%, 11/15/31
 
786
690,188
2.70%, 03/15/32
 
625
556,198
5.13%, 05/15/32
 
710
718,971
4.63%, 01/15/33
 
520
510,224
5.20%, 01/15/33
 
602
611,307
5.05%, 07/15/33
 
1,585
1,592,112
5.75%, 01/15/34
 
455
474,108
5.15%, 04/15/34
 
770
773,060
4.70%, 01/15/35(a)
 
925
891,228
5.30%, 05/15/35
 
700
704,178
4.95%, 11/15/35
 
625
610,061
5.00%, 02/15/36
 
785
768,649
Vodafone Group PLC
 
7.88%, 02/15/30
 
220
245,150
6.25%, 11/30/32
 
227
243,087
 
 
34,355,633
Total Corporate Bonds — 86.8%
(Cost: $3,203,813,054)
3,200,117,738
56
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Foreign Agency Obligations
Canada — 1.7%
Canada Government International Bonds
 
3.75%, 04/26/28(a)
$
1,600
$ 1,595,671
4.63%, 04/30/29(a)
 
1,800
1,835,357
4.00%, 03/18/30
 
2,400
2,401,732
Export Development Canada
 
3.00%, 05/25/27
 
1,100
1,089,090
3.88%, 02/14/28
 
1,600
1,598,217
4.13%, 02/13/29
 
2,400
2,411,509
4.00%, 06/20/30
 
1,700
1,698,958
4.75%, 06/05/34
 
700
720,256
Hydro-Quebec, Series HK, 9.38%, 04/15/30
 
300
354,668
Province of Alberta Canada
 
3.30%, 03/15/28
 
409
403,969
4.50%, 06/26/29(a)
 
1,000
1,013,514
1.30%, 07/22/30
 
1,259
1,122,681
4.50%, 01/24/34
 
1,000
1,000,304
4.30%, 11/02/35
 
1,000
975,447
Province of British Columbia Canada
 
4.70%, 01/24/28
 
2,500
2,529,064
4.80%, 11/15/28
 
1,200
1,222,160
4.90%, 04/24/29
 
1,500
1,535,798
3.90%, 08/27/30
 
1,800
1,783,109
1.30%, 01/29/31
 
100
87,714
4.20%, 07/06/33
 
1,200
1,180,130
4.75%, 06/12/34
 
1,500
1,518,114
4.80%, 06/11/35
 
1,860
1,881,875
Province of Manitoba Canada
 
4.30%, 07/27/33
 
600
592,160
4.90%, 05/31/34
 
650
663,180
Series HB, 1.50%, 10/25/28
 
159
149,543
Province of New Brunswick Canada, 3.63%,
02/24/28
 
179
177,716
Province of Ontario Canada
 
3.10%, 05/19/27
 
800
792,801
1.05%, 05/21/27(a)
 
829
803,871
4.20%, 01/18/29
 
1,800
1,808,576
3.80%, 01/29/29(a)
 
2,300
2,287,242
3.70%, 09/17/29
 
1,300
1,285,358
2.00%, 10/02/29
 
329
307,568
4.70%, 01/15/30
 
2,000
2,041,671
3.90%, 09/04/30
 
2,000
1,982,463
1.13%, 10/07/30
 
959
843,132
1.60%, 02/25/31
 
659
585,956
2.13%, 01/21/32(a)
 
1,000
889,977
5.05%, 04/24/34
 
900
931,870
4.85%, 06/11/35
 
1,610
1,639,659
4.45%, 11/20/35(a)
 
1,300
1,281,667
Province of Quebec Canada
 
3.63%, 04/13/28
 
2,200
2,185,025
4.50%, 04/03/29
 
2,200
2,227,130
1.35%, 05/28/30
 
959
860,169
1.90%, 04/21/31
 
600
538,582
4.50%, 09/08/33
 
1,000
1,001,252
4.25%, 09/05/34
 
1,300
1,271,189
4.63%, 08/28/35
 
1,300
1,298,099
Series PD, 7.50%, 09/15/29
 
900
995,464
Security
 
Par
(000)
Value
Canada (continued)
Province of Quebec Canada (continued)
 
Series RH, 3.88%, 01/14/31
$
2,850
$ 2,813,962
Province of Saskatchewan, 4.65%, 01/28/30
 
600
609,794
 
 
62,824,413
Chile — 0.2%
Chile Government International Bonds
 
3.24%, 02/06/28
 
982
964,241
4.85%, 01/22/29
 
1,100
1,113,644
2.45%, 01/31/31
 
983
896,562
4.35%, 04/13/31
 
500
493,702
2.55%, 01/27/32
 
1,078
961,890
2.55%, 07/27/33
 
1,500
1,292,286
3.50%, 01/31/34
 
800
730,008
4.95%, 01/05/36
 
1,000
998,521
 
 
7,450,854
Indonesia — 0.4%
Indonesia Government International Bonds
 
4.15%, 09/20/27
 
600
598,983
3.50%, 01/11/28
 
810
800,399
4.55%, 01/11/28
 
600
603,008
4.10%, 04/24/28
 
478
476,952
4.75%, 02/11/29
 
478
483,577
4.40%, 03/10/29
 
400
400,757
3.40%, 09/18/29(a)
 
400
389,020
5.25%, 01/15/30
 
600
613,695
2.85%, 02/14/30
 
810
760,454
3.85%, 10/15/30
 
1,310
1,270,742
4.35%, 02/21/31
 
700
691,464
1.85%, 03/12/31
 
800
702,584
4.30%, 04/16/31
 
500
493,374
2.15%, 07/28/31
 
800
706,119
3.55%, 03/31/32
 
700
655,778
4.65%, 09/20/32
 
800
793,323
4.85%, 01/11/33
 
850
844,266
4.70%, 02/10/34
 
400
391,644
4.75%, 09/10/34
 
800
781,234
5.60%, 01/15/35(a)
 
750
771,260
4.90%, 04/16/36
 
1,100
1,069,607
 
 
14,298,240
Israel — 0.3%
Israel Government International Bonds
 
Series 10Y, 3.25%, 01/17/28(a)
 
682
666,427
Series 10Y, 2.75%, 07/03/30(a)
 
858
790,727
Series 10Y, 4.50%, 01/17/33
 
1,150
1,110,983
Series 10Y, 5.50%, 03/12/34
 
1,900
1,932,326
Series 10Y, 5.63%, 02/19/35
 
1,500
1,532,924
Series 10Y, 5.00%, 01/13/36(a)
 
1,300
1,262,978
Series 5Y, 5.38%, 03/12/29
 
1,300
1,320,450
Series 5Y, 5.38%, 02/19/30
 
1,700
1,731,889
Series 5Y, 4.50%, 01/13/31
 
1,450
1,426,772
State of Israel, Series 10Y, 2.50%, 01/15/30
 
710
655,545
 
 
12,431,021
Italy — 0.0%
Republic of Italy Government International Bonds,
Series 10Y, 2.88%, 10/17/29
 
883
843,572
Japan — 0.5%
Japan Bank for International Cooperation
 
2.88%, 06/01/27
 
976
963,839
Schedule of Investments
57
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Japan (continued)
Japan Bank for International Cooperation (continued)
 
2.88%, 07/21/27
$
900
$ 886,919
4.63%, 07/22/27
 
1,000
1,005,896
4.38%, 10/05/27
 
500
501,909
2.75%, 11/16/27
 
1,200
1,176,152
3.88%, 07/03/28
 
1,000
995,621
4.63%, 07/19/28
 
950
960,797
3.25%, 07/20/28(a)
 
610
599,310
4.88%, 10/18/28(a)
 
500
509,106
3.50%, 10/31/28(a)
 
650
640,911
2.13%, 02/16/29
 
900
853,145
2.00%, 10/17/29
 
476
443,109
1.25%, 01/21/31
 
1,010
882,820
3.88%, 01/23/31
 
300
295,951
4.38%, 01/24/31
 
600
603,679
1.88%, 04/15/31
 
1,886
1,686,674
4.63%, 04/17/34
 
600
602,813
4.38%, 01/23/36
 
650
634,942
Japan International Cooperation Agency
 
3.25%, 05/25/27
 
500
495,297
4.00%, 05/23/28
 
1,000
996,720
3.38%, 06/12/28
 
500
491,920
4.75%, 05/21/29
 
800
813,408
4.25%, 05/22/30
 
700
700,090
1.00%, 07/22/30
 
300
262,764
 
 
18,003,792
Mexico — 0.7%
Mexico Government International Bonds
 
3.75%, 01/11/28
 
778
769,422
5.40%, 02/09/28
 
900
913,315
4.50%, 04/22/29
 
1,853
1,847,531
5.00%, 05/07/29
 
600
604,991
3.25%, 04/16/30
 
1,139
1,069,490
6.00%, 05/13/30
 
1,200
1,244,613
4.75%, 03/22/31
 
1,000
982,673
2.66%, 05/24/31
 
1,910
1,700,015
8.30%, 08/15/31
 
600
699,893
4.75%, 04/27/32
 
1,639
1,583,192
5.85%, 07/02/32
 
2,500
2,544,841
5.38%, 03/22/33
 
2,500
2,458,429
7.50%, 04/08/33(a)
 
500
570,607
4.88%, 05/19/33
 
1,300
1,240,418
5.63%, 02/09/34
 
2,000
1,976,574
3.50%, 02/12/34
 
1,900
1,628,799
6.75%, 09/27/34
 
900
959,095
6.35%, 02/09/35
 
1,800
1,856,615
5.63%, 09/22/35
 
1,500
1,465,647
 
 
26,116,160
Panama — 0.3%
Panama Government International Bonds
 
8.88%, 09/30/27
 
600
634,816
3.88%, 03/17/28
 
833
822,899
9.38%, 04/01/29
 
500
564,705
3.16%, 01/23/30
 
978
927,397
7.50%, 03/01/31(a)
 
600
669,930
2.25%, 09/29/32
 
1,700
1,437,366
3.30%, 01/19/33
 
600
537,731
6.40%, 02/14/35
 
1,900
2,029,798
Security
 
Par
(000)
Value
Panama (continued)
Panama Government International Bonds (continued)
 
6.70%, 01/26/36
$
1,300
$ 1,415,134
6.88%, 01/31/36
 
700
770,955
 
 
9,810,731
Peru — 0.2%
Peru Government International Bonds
 
4.13%, 08/25/27
 
180
180,049
2.84%, 06/20/30
 
282
263,833
2.78%, 01/23/31
 
2,159
1,985,663
1.86%, 12/01/32
 
620
513,437
8.75%, 11/21/33
 
1,300
1,592,832
3.00%, 01/15/34
 
1,450
1,252,952
5.38%, 02/08/35
 
750
756,459
5.50%, 03/30/36
 
1,100
1,110,516
 
 
7,655,741
Philippines — 0.4%
Philippines Government International Bonds
 
5.17%, 10/13/27
 
600
609,171
3.00%, 02/01/28
 
1,578
1,544,714
4.63%, 07/17/28
 
300
302,688
3.75%, 01/14/29
 
989
976,737
9.50%, 02/02/30
 
1,100
1,293,100
4.38%, 03/05/30
 
400
400,623
2.46%, 05/05/30
 
710
658,110
7.75%, 01/14/31
 
1,243
1,406,269
1.65%, 06/10/31
 
828
722,188
1.95%, 01/06/32
 
500
434,234
6.38%, 01/15/32
 
600
648,784
3.56%, 09/29/32
 
600
561,289
5.61%, 04/13/33
 
400
416,634
5.00%, 07/17/33
 
900
902,031
5.25%, 05/14/34
 
600
605,595
6.38%, 10/23/34
 
1,000
1,085,363
5.50%, 02/04/35
 
650
665,760
4.75%, 03/05/35
 
800
777,492
5.00%, 01/27/36(a)
 
1,000
984,135
 
 
14,994,917
Poland — 0.3%
Republic of Poland Government International Bonds
 
5.38%, 04/14/36
 
1,500
1,508,500
Series 10Y, 5.75%, 11/16/32
 
850
896,404
Series 10Y, 4.88%, 10/04/33
 
1,650
1,651,775
Series 10Y, 5.13%, 09/18/34
 
1,900
1,914,927
Series 10Y, 5.38%, 02/12/35
 
1,800
1,833,745
Series 5Y, 5.50%, 11/16/27
 
700
713,160
Series 5Y, 4.63%, 03/18/29
 
1,000
1,011,386
Series 5Y, 4.88%, 02/12/30
 
1,800
1,836,803
 
 
11,366,700
South Korea — 0.5%
Export-Import Bank of Korea
 
4.25%, 09/15/27
 
400
400,637
5.00%, 01/11/28
 
850
861,986
4.63%, 01/14/28(a)
 
500
504,059
4.50%, 01/11/29
 
900
908,666
4.00%, 09/11/29
 
700
697,536
4.88%, 01/14/30
 
850
868,866
1.25%, 09/21/30
 
300
264,610
3.75%, 09/22/30
 
1,000
981,585
1.38%, 02/09/31
 
300
263,189
58
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
South Korea (continued)
Export-Import Bank of Korea (continued)
 
2.13%, 01/18/32
$
700
$ 622,097
4.50%, 09/15/32
 
300
302,421
5.13%, 01/11/33
 
1,000
1,035,199
5.13%, 09/18/33
 
300
310,869
4.63%, 01/11/34
 
300
300,829
5.25%, 01/14/35
 
400
417,233
4.38%, 01/13/36(a)
 
700
680,254
Korea Development Bank
 
4.13%, 10/16/27
 
600
599,814
4.63%, 02/03/28
 
600
604,912
5.38%, 10/23/28
 
300
308,869
4.50%, 02/15/29
 
800
808,554
4.88%, 02/03/30
 
800
817,882
3.75%, 09/16/30
 
575
564,046
1.63%, 01/19/31
 
200
177,821
4.25%, 09/08/32(a)
 
200
198,834
4.38%, 02/15/33
 
800
793,490
5.63%, 10/23/33
 
500
534,153
Korea International Bonds
 
2.50%, 06/19/29
 
700
667,746
4.50%, 07/03/29(a)
 
700
708,253
1.00%, 09/16/30
 
400
350,455
3.63%, 10/29/30
 
650
637,157
 
 
17,192,022
Supranational — 4.7%
African Development Bank
 
4.38%, 11/03/27
 
1,500
1,509,565
3.88%, 06/12/28
 
1,300
1,298,412
3.50%, 09/18/29(a)
 
1,300
1,279,962
4.00%, 03/18/30(a)
 
1,325
1,324,468
3.63%, 03/03/31
 
150
147,143
4.50%, 06/12/35
 
620
623,951
4.13%, 01/22/36
 
735
716,908
Asian Development Bank
 
2.38%, 08/10/27
 
300
294,169
3.13%, 08/20/27
 
2,800
2,772,372
2.50%, 11/02/27
 
1,559
1,527,144
4.38%, 01/14/28
 
3,000
3,022,628
2.75%, 01/19/28
 
1,020
1,000,605
5.82%, 06/16/28
 
719
744,238
4.38%, 03/06/29
 
2,500
2,529,927
1.88%, 03/15/29(a)
 
1,500
1,417,087
3.63%, 08/28/29(a)
 
2,300
2,276,419
1.75%, 09/19/29
 
1,659
1,544,066
1.88%, 01/24/30
 
1,289
1,196,098
4.13%, 05/30/30
 
2,400
2,411,952
3.75%, 08/28/30(a)
 
1,900
1,880,745
1.50%, 03/04/31
 
1,000
889,022
3.13%, 04/27/32
 
1,000
945,898
3.88%, 09/28/32
 
900
884,382
4.38%, 03/22/35(a)
 
1,975
1,977,278
4.25%, 01/14/36
 
2,320
2,294,306
Asian Infrastructure Investment Bank
 
4.00%, 01/18/28
 
1,000
1,001,338
3.63%, 09/15/28
 
1,500
1,490,148
4.50%, 01/16/30
 
1,475
1,500,892
3.88%, 04/22/31
 
700
694,997
4.25%, 03/13/34
 
1,000
996,660
4.50%, 05/21/35
 
600
605,728
Security
 
Par
(000)
Value
Supranational (continued)
Asian Infrastructure Investment Bank (continued)
 
4.13%, 01/14/36
$
175
$ 171,307
Corp. Andina de Fomento
 
4.13%, 01/07/28
 
650
650,136
5.00%, 01/22/30
 
500
512,299
Council of Europe Development Bank
 
3.63%, 01/26/28
 
1,000
994,905
4.13%, 01/24/29
 
1,000
1,004,705
4.50%, 01/15/30
 
1,025
1,041,866
3.75%, 01/14/31(a)
 
255
251,820
European Bank for Reconstruction & Development
 
4.13%, 01/25/29
 
2,000
2,009,193
4.25%, 03/13/34
 
1,000
998,023
European Investment Bank
 
3.25%, 11/15/27
 
2,500
2,476,094
3.88%, 06/15/28
 
2,500
2,498,867
1.75%, 03/15/29(a)
 
2,100
1,977,177
4.75%, 06/15/29
 
3,000
3,071,529
1.63%, 10/09/29
 
420
388,802
3.75%, 11/15/29
 
3,200
3,177,386
4.50%, 03/14/30(a)
 
4,270
4,349,079
0.88%, 05/17/30
 
400
353,916
0.75%, 09/23/30(a)
 
1,000
869,885
3.88%, 10/15/30
 
2,405
2,391,505
1.25%, 02/14/31
 
2,400
2,111,474
3.75%, 03/13/31
 
395
390,015
4.38%, 10/10/31
 
2,600
2,638,244
4.25%, 08/16/32
 
3,410
3,425,639
4.13%, 02/13/34
 
2,400
2,376,561
4.63%, 02/12/35
 
1,855
1,892,992
4.25%, 02/08/36(a)
 
570
563,309
Inter-American Development Bank
 
2.38%, 07/07/27
 
829
814,303
0.63%, 09/16/27
 
1,000
956,381
1.13%, 07/20/28(a)
 
2,489
2,342,557
3.13%, 09/18/28(a)
 
2,000
1,964,052
2.25%, 06/18/29
 
1,784
1,695,518
3.50%, 09/14/29
 
2,000
1,970,862
4.50%, 02/15/30
 
2,625
2,671,936
3.75%, 06/14/30
 
1,200
1,188,619
1.13%, 01/13/31
 
2,073
1,816,721
3.63%, 09/17/31
 
1,300
1,270,865
4.38%, 07/17/34
 
1,600
1,605,518
4.38%, 07/16/35
 
1,860
1,857,460
4.13%, 01/23/36
 
1,790
1,748,029
Inter-American Investment Corp.
 
4.13%, 02/15/28
 
500
501,077
3.63%, 11/20/28
 
650
644,167
4.25%, 02/14/29
 
900
905,539
4.25%, 04/01/30
 
700
703,386
International Bank for Reconstruction & Development
 
3.13%, 06/15/27
 
2,000
1,982,353
2.50%, 11/22/27(a)
 
1,659
1,624,071
0.75%, 11/24/27
 
3,000
2,856,990
1.38%, 04/20/28
 
3,403
3,241,111
3.63%, 05/05/28
 
3,000
2,983,686
1.13%, 09/13/28(a)
 
3,650
3,421,430
3.63%, 09/21/29
 
2,000
1,978,485
3.88%, 10/16/29
 
3,700
3,689,124
1.75%, 10/23/29
 
2,389
2,218,875
4.13%, 03/20/30
 
3,870
3,888,608
Schedule of Investments
59
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Supranational (continued)
International Bank for Reconstruction &
Development (continued)
 
0.88%, 05/14/30
$
3,000
$ 2,654,289
0.75%, 08/26/30
 
1,900
1,656,398
3.50%, 10/28/30
 
3,200
3,131,949
1.25%, 02/10/31
 
2,150
1,892,097
4.50%, 04/10/31
 
1,900
1,938,577
1.63%, 11/03/31(a)
 
3,200
2,812,941
4.63%, 01/15/32(a)
 
3,530
3,620,646
2.50%, 03/29/32(a)
 
2,000
1,830,318
4.00%, 05/06/32(a)
 
3,400
3,375,849
3.88%, 08/28/34(a)
 
2,100
2,032,756
4.75%, 02/15/35
 
300
308,112
4.38%, 08/27/35(a)
 
3,280
3,275,644
International Finance Corp.
 
4.50%, 01/21/28
 
1,000
1,009,609
3.50%, 01/22/29(a)
 
1,300
1,285,820
4.25%, 07/02/29(a)
 
1,400
1,412,079
3.88%, 07/02/30
 
1,000
994,965
0.75%, 08/27/30(a)
 
359
312,873
Nordic Investment Bank
 
3.38%, 09/08/27
 
300
297,691
4.38%, 03/14/28
 
900
907,061
4.25%, 02/28/29
 
1,000
1,008,177
3.75%, 05/09/30
 
1,000
990,297
3.75%, 01/23/31
 
700
691,116
 
 
175,366,223
Sweden — 0.2%
Svensk Exportkredit AB
 
3.88%, 08/04/27
 
800
798,852
3.75%, 09/13/27
 
1,000
996,661
3.75%, 05/08/28
 
1,000
995,495
4.13%, 06/14/28
 
600
601,685
4.25%, 02/01/29
 
1,000
1,006,497
3.75%, 07/29/30
 
1,000
986,780
4.88%, 10/04/30
 
700
721,283
 
 
6,107,253
Uruguay — 0.1%
Uruguay Government International Bonds
 
4.38%, 10/27/27
 
553
554,051
4.38%, 01/23/31
 
1,323
1,326,436
5.75%, 10/28/34
 
1,400
1,470,758
7.63%, 03/21/36
 
600
710,833
 
 
4,062,078
Total Foreign Agency Obligations — 10.5%
(Cost: $389,996,027)
388,523,717
Municipal Bonds
California — 0.2%
Regents of the University of California Medical Center
Pooled Revenue, RB, Series Q, 4.13%, 05/15/32
 
200
195,481
State of California, GO, BAB, 7.50%, 04/01/34
 
1,700
1,948,841
State of California, Refunding GO
 
3.50%, 04/01/28(a)
 
285
282,292
2.50%, 10/01/29
 
530
503,511
4.88%, 09/01/30
 
500
513,973
Security
 
Par
(000)
Value
California (continued)
State of California, Refunding GO (continued)
 
5.75%, 10/01/31
$
150
$ 161,010
6.00%, 03/01/33
 
325
349,503
4.50%, 04/01/33
 
765
758,271
Class B, 5.10%, 09/01/35
 
330
336,729
University of California, RB
 
Series BD, 3.35%, 07/01/29
 
460
449,582
Series BG, 1.61%, 05/15/30
 
820
740,584
 
 
6,239,777
Connecticut — 0.1%
State of Connecticut, GO, Series A, 5.85%, 03/15/32
 
990
1,054,068
Florida — 0.1%
State Board of Administration Finance Corp., RB
 
Series A, 1.71%, 07/01/27
 
371
360,760
Series A, 2.15%, 07/01/30
 
795
728,347
Series A, 5.53%, 07/01/34
 
650
677,728
 
 
1,766,835
Hawaii — 0.0%
State of Hawaii, GO, Series GP, 4.21%, 04/01/31
 
240
240,038
Illinois — 0.1%
City of Chicago, GO, Series A, 5.88%, 01/01/31
 
80
80,220
State of Illinois, GO, 5.10%, 06/01/33
 
3,970
4,030,797
 
 
4,111,017
Louisiana — 0.0%
Louisiana Local Government Environmental Facilities
& Community Development Authority, RB,
Series A2, 5.05%, 12/01/34
 
105
107,340
Massachusetts — 0.0%
Commonwealth of Massachusetts, RB, Series A,
Sustainability Bonds, 3.77%, 07/15/29
 
320
316,928
New Jersey — 0.0%
New Jersey Economic Development Authority, RB,
Series A, (NPFGC), 7.43%, 02/15/29
 
890
930,867
New York — 0.0%
New York State Dormitory Authority, RB, Series B,
5.23%, 07/01/35
 
600
614,864
Port Authority of New York & New Jersey, RB,
Series 159, 6.04%, 12/01/29
 
125
133,062
 
 
747,926
Oregon — 0.0%
State of Oregon, GO, 5.89%, 06/01/27
 
613
619,348
Texas — 0.0%
Texas Department of Transportation State Highway
Fund, RB, Series B, 5.18%, 04/01/30
 
490
496,956
Virginia — 0.0%
Williamsburg Economic Development Authority,
Refunding RB, 4.96%, 11/01/35
 
95
95,211
60
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Wisconsin — 0.0%
State of Wisconsin, Refunding RB, Series C, 3.15%,
05/01/27(e)
$
230
$       228,237
Total Municipal Bonds — 0.5%
(Cost: $16,989,814)
16,954,548
Total Long-Term Investments — 97.8%
(Cost: $3,610,798,895)
3,605,596,003
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 6.5%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.83%(f)(g)(h)
 
241,439,459
241,511,891
Total Short-Term Securities — 6.5%
(Cost: $241,463,315)
241,511,891
Total Investments — 104.3%
(Cost: $3,852,262,210)
3,847,107,894
Liabilities in Excess of Other Assets — (4.3)%
(159,149,409
)
Net Assets — 100.0%
$ 3,687,958,485
 
(a)
All or a portion of this security is on loan.
(b)
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.
(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)
When-issued security.
(e)
Security is collateralized by municipal bonds or U.S. Treasury obligations.
(f)
Affiliate of the Fund.
(g)
Annualized 7-day yield as of period end.
(h)
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, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 286,798,554
$ —
$ (45,221,261
)(a)
$ (24,826
)
$ (40,576
)
$ 241,511,891
241,439,459
$ 857,400
(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
$ —
$ 3,200,117,738
$ —
$ 3,200,117,738
Foreign Agency Obligations
—
388,523,717
—
388,523,717
Municipal Bonds
—
16,954,548
—
16,954,548
Schedule of Investments
61
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Intermediate Credit Bond Index Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Short-Term Securities 
Money Market Funds
$ 241,511,891
$ —
$ —
$ 241,511,891
 
$241,511,891
$3,605,596,003
$—
$3,847,107,894
See notes to financial statements.
62
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
April 30, 2026
iShares U.S. Intermediate Government Bond Index Fund
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
U.S. Government Sponsored Agency Securities
Agency Obligations — 1.3%
Fannie Mae
 
0.88%, 12/18/26 - 08/05/30
$
7,019
$ 6,290,257
6.25%, 05/15/29
 
4,441
4,731,275
7.13%, 01/15/30(a)
 
8,302
9,186,845
7.25%, 05/15/30
 
17,063
19,123,705
6.63%, 11/15/30
 
6,096
6,742,079
Federal Farm Credit Banks Funding Corp.
 
4.75%, 09/01/26
 
1,000
1,003,119
4.00%, 04/01/30
 
500
499,372
Federal Home Loan Banks
 
3.50%, 09/09/27 - 03/03/28
 
21,755
21,618,748
4.00%, 06/09/28
 
500
500,538
2.13%, 09/14/29
 
5,000
4,704,758
Federal Home Loan Mortgage Corp.
 
6.75%, 03/15/31
 
2,323
2,596,587
6.25%, 07/15/32(a)
 
15,000
16,676,064
Private Export Funding Corp., Series RR, 4.30%,
12/15/28(a)
 
5,000
5,026,568
Tennessee Valley Authority
 
3.88%, 08/01/30
 
2,000
1,984,965
1.50%, 09/15/31
 
130
113,619
4.38%, 08/01/34
 
3,000
2,997,357
 
 
103,795,856
Total U.S. Government Sponsored Agency Securities — 1.3%
(Cost: $107,526,131)
103,795,856
U.S. Treasury Obligations
U.S. Treasury Bonds
 
6.38%, 08/15/27(a)
 
4,000
4,122,969
5.25%, 11/15/28 - 02/15/29(a)
 
11,621
11,998,032
6.13%, 08/15/29(a)
 
6,225
6,630,598
6.25%, 05/15/30
 
1,700
1,841,578
5.38%, 02/15/31
 
4,979
5,264,904
U.S. Treasury Notes
 
2.38%, 05/15/27 - 05/15/29
 
83,973
81,346,005
4.50%, 05/15/27 - 11/15/33
 
193,856
196,763,087
0.50%, 05/31/27 - 10/31/27
 
102,700
98,468,297
2.63%, 05/31/27 - 07/31/29(a)
 
89,724
87,205,764
3.88%, 05/31/27 - 08/15/34(a)
 
968,659
961,515,200
4.63%, 06/15/27 - 02/15/35(a)
 
277,767
283,302,740
3.25%, 06/30/27 - 06/30/29
 
29,500
28,966,055
3.75%, 06/30/27 - 02/28/33
 
509,943
505,214,045
4.38%, 07/15/27 - 05/15/34(a)
 
278,717
281,520,453
0.38%, 07/31/27 - 09/30/27
 
63,201
60,350,567
2.75%, 07/31/27 - 08/15/32(a)
 
171,171
163,913,247
2.25%, 08/15/27 - 11/15/27
 
60,135
58,788,330
Security
 
Par
(000)
Value
U.S. Treasury Obligations (continued)
U.S. Treasury Notes (continued)
 
3.13%, 08/31/27 - 08/31/29
$
68,684
$ 67,548,350
3.63%, 08/31/27 - 09/30/31(a)
 
492,603
486,840,744
3.38%, 09/15/27 - 05/15/33(a)
 
275,379
270,430,371
3.50%, 09/30/27 - 02/15/33(a)
 
713,478
703,367,417
4.13%, 09/30/27 - 02/15/36(a)
 
663,889
663,311,175
0.63%, 11/30/27 - 08/15/30
 
158,801
143,737,977
4.00%, 12/15/27 - 11/15/35(a)
 
698,050
693,744,238
4.25%, 01/15/28 - 08/15/35(a)
 
540,672
541,312,619
0.75%, 01/31/28
 
38,330
36,311,402
1.13%, 02/29/28 - 02/15/31(a)
 
142,309
129,942,896
1.25%, 03/31/28 - 08/15/31
 
248,570
230,083,219
2.88%, 05/15/28 - 05/15/32(a)
 
184,629
177,541,683
1.00%, 07/31/28
 
34,268
32,147,668
1.38%, 10/31/28 - 11/15/31
 
122,892
111,176,056
4.88%, 10/31/28 - 10/31/30
 
71,143
73,112,711
1.50%, 11/30/28 - 02/15/30
 
67,112
62,331,601
1.75%, 01/31/29 - 11/15/29
 
46,876
43,988,697
1.88%, 02/28/29 - 02/15/32
 
83,469
75,644,781
1.63%, 08/15/29 - 05/15/31(a)
 
87,198
78,614,249
0.88%, 11/15/30
 
61,112
53,229,507
Total U.S. Treasury Obligations — 97.6%
(Cost: $7,603,787,826)
7,511,629,232
Total Long-Term Investments — 98.9%
(Cost: $7,711,313,957)
7,615,425,088
  
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 11.5%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.83%(b)(c)(d)
 
883,489,586
883,754,633
Total Short-Term Securities — 11.5%
(Cost: $883,723,444)
883,754,633
Total Investments — 110.4%
(Cost: $8,595,037,401)
8,499,179,721
Liabilities in Excess of Other Assets — (10.4)%
(801,821,810
)
Net Assets — 100.0%
$ 7,697,357,911
 
(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
63
Schedule of Investments (unaudited)(continued)
April 30, 2026
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, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 77,826,954
$ 805,976,983
(a)
$ —
$ (80,162
)
$ 30,858
$ 883,754,633
883,489,586
$ 447,775
(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 
U.S. Government Sponsored Agency Securities
$ —
$ 103,795,856
$ —
$ 103,795,856
U.S. Treasury Obligations
—
7,511,629,232
—
7,511,629,232
Short-Term Securities 
Money Market Funds
883,754,633
—
—
883,754,633
 
$883,754,633
$7,615,425,088
$—
$8,499,179,721
See notes to financial statements.
64
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
April 30, 2026
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%
Omnicom Group, Inc.
 
3.38%, 03/01/41
$
439
$ 324,560
5.40%, 10/01/48
 
500
438,559
 
 
763,119
Aerospace & Defense — 2.8%
Boeing Co.
 
6.63%, 02/15/38
 
200
218,884
3.55%, 03/01/38
 
650
538,628
3.50%, 03/01/39
 
350
282,401
6.88%, 03/15/39
 
450
497,966
5.88%, 02/15/40
 
500
506,668
5.71%, 05/01/40
 
2,459
2,481,142
3.38%, 06/15/46
 
463
317,830
3.65%, 03/01/47
 
250
176,600
3.63%, 03/01/48
 
620
434,050
3.85%, 11/01/48
 
324
233,620
3.90%, 05/01/49
 
770
563,247
3.75%, 02/01/50
 
1,097
783,743
5.81%, 05/01/50
 
5,513
5,366,751
6.86%, 05/01/54
 
2,150
2,386,609
3.83%, 03/01/59
 
300
202,135
3.95%, 08/01/59
 
1,125
779,405
5.93%, 05/01/60
 
3,048
2,945,423
7.01%, 05/01/64
 
1,260
1,404,001
Embraer Netherlands Finance BV, 5.40%, 01/09/38
 
600
581,978
General Dynamics Corp.
 
4.25%, 04/01/40
 
804
721,224
2.85%, 06/01/41
 
497
369,833
3.60%, 11/15/42
 
500
397,679
4.25%, 04/01/50(a)
 
588
491,098
General Electric Co.
 
5.88%, 01/14/38
 
900
957,113
4.50%, 03/11/44
 
600
531,055
4.35%, 05/01/50(a)
 
450
376,940
Series A, 6.88%, 01/10/39
 
650
748,602
Honeywell Aerospace, Inc.(b)
 
5.62%, 03/16/46
 
1,360
1,338,560
5.73%, 03/16/56
 
2,315
2,273,667
5.85%, 03/16/66
 
1,725
1,697,304
Howmet Aerospace, Inc., 5.95%, 02/01/37(a)
 
500
530,345
L3Harris Technologies, Inc.
 
6.15%, 12/15/40
 
270
285,976
5.05%, 04/27/45
 
458
422,814
5.60%, 07/31/53(a)
 
515
498,854
5.50%, 08/15/54
 
680
648,894
Lockheed Martin Corp.
 
4.50%, 05/15/36
 
351
339,601
5.72%, 06/01/40(a)
 
300
315,905
4.07%, 12/15/42
 
1,261
1,063,802
3.80%, 03/01/45
 
1,268
996,683
4.70%, 05/15/46
 
1,370
1,211,137
2.80%, 06/15/50
 
675
420,593
4.09%, 09/15/52
 
1,563
1,216,630
4.15%, 06/15/53
 
560
437,698
5.70%, 11/15/54(a)
 
1,125
1,115,611
5.20%, 02/15/55(a)
 
960
887,997
4.30%, 06/15/62
 
610
470,872
5.90%, 11/15/63
 
875
886,732
5.20%, 02/15/64
 
580
524,448
Security
 
Par
(000)
Value
Aerospace & Defense (continued)
Lockheed Martin Corp. (continued)
 
Series B, 6.15%, 09/01/36
$
475
$ 516,369
Northrop Grumman Corp.
 
5.15%, 05/01/40
 
500
489,266
5.05%, 11/15/40
 
300
289,706
4.75%, 06/01/43
 
1,124
1,013,976
3.85%, 04/15/45
 
625
489,962
4.03%, 10/15/47
 
2,475
1,944,896
5.25%, 05/01/50(a)
 
979
909,010
4.95%, 03/15/53(a)
 
1,270
1,121,205
5.20%, 06/01/54(a)
 
1,300
1,191,623
RTX Corp.
 
6.05%, 06/01/36
 
300
322,632
6.13%, 07/15/38
 
550
590,014
4.45%, 11/16/38
 
1,013
933,234
5.70%, 04/15/40
 
400
410,305
4.88%, 10/15/40
 
563
532,045
4.70%, 12/15/41
 
426
387,994
4.50%, 06/01/42
 
3,974
3,515,556
4.80%, 12/15/43
 
350
312,740
4.15%, 05/15/45
 
813
661,572
3.75%, 11/01/46
 
1,120
847,485
4.35%, 04/15/47
 
629
518,690
4.05%, 05/04/47
 
738
581,942
4.63%, 11/16/48
 
1,936
1,646,718
3.13%, 07/01/50
 
1,153
755,973
2.82%, 09/01/51
 
763
464,833
3.03%, 03/15/52
 
1,300
822,889
5.38%, 02/27/53(a)
 
1,190
1,117,169
6.40%, 03/15/54
 
1,555
1,673,128
 
 
66,939,680
Automobile Components — 0.1%
Aptiv Swiss Holdings Ltd.
 
4.40%, 10/01/46(a)
 
163
128,330
5.40%, 03/15/49(a)
 
350
315,091
3.10%, 12/01/51
 
1,628
977,992
4.15%, 05/01/52(a)
 
1,063
773,731
BorgWarner, Inc., 4.38%, 03/15/45
 
470
383,677
Lear Corp.
 
5.25%, 05/15/49
 
663
587,651
3.55%, 01/15/52(a)
 
276
181,213
 
 
3,347,685
Automobiles — 0.4%
Cummins, Inc.
 
4.88%, 10/01/43
 
475
444,826
2.60%, 09/01/50
 
513
304,577
5.45%, 02/20/54(a)
 
960
924,945
Ford Motor Co.
 
4.75%, 01/15/43
 
1,900
1,462,999
7.40%, 11/01/46
 
375
386,009
5.29%, 12/08/46(a)
 
1,200
962,056
General Motors Co.
 
5.15%, 04/01/38
 
1,013
960,270
6.25%, 10/02/43
 
1,263
1,249,078
5.20%, 04/01/45
 
1,254
1,097,422
6.75%, 04/01/46(a)
 
617
641,598
5.40%, 04/01/48(a)
 
807
710,309
5.95%, 04/01/49(a)
 
763
720,596
 
 
9,864,685
Schedule of Investments
65
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks — 7.6%
Bank of America Corp.
 
6.11%, 01/29/37
$
1,800
$ 1,889,384
7.75%, 05/14/38
 
1,150
1,372,869
5.88%, 02/07/42
 
1,261
1,298,035
5.00%, 01/21/44
 
1,736
1,618,454
4.88%, 04/01/44
 
429
393,019
(1-day SOFR + 1.56%), 2.97%, 07/21/52(a)(c)
 
1,705
1,079,235
(1-day SOFR + 1.58%), 3.31%, 04/22/42(c)
 
3,639
2,789,049
(1-day SOFR + 1.88%), 2.83%, 10/24/51(c)
 
975
598,978
(1-day SOFR + 1.93%), 2.68%, 06/19/41(c)
 
5,489
3,949,619
(3-mo. CME Term SOFR + 1.45%), 3.95%,
01/23/49(c)
 
1,296
1,000,350
(3-mo. CME Term SOFR + 1.58%), 4.08%,
04/23/40(c)
 
1,729
1,503,866
(3-mo. CME Term SOFR + 1.78%), 4.33%,
03/15/50(c)
 
2,559
2,081,274
(3-mo. CME Term SOFR + 2.08%), 4.24%,
04/24/38(c)
 
2,293
2,090,212
(3-mo. CME Term SOFR + 2.25%), 4.44%,
01/20/48(c)
 
1,628
1,358,390
(3-mo. CME Term SOFR + 3.41%), 4.08%,
03/20/51(c)
 
4,885
3,800,201
Series L, 4.75%, 04/21/45(a)
 
326
284,554
Series N, (1-day SOFR + 1.65%), 3.48%,
03/13/52(c)
 
716
498,447
Bank of America N.A., Series BKNT, 6.00%, 10/15/36
 
1,200
1,266,941
Barclays PLC
 
5.25%, 08/17/45
 
1,275
1,186,383
4.95%, 01/10/47
 
1,278
1,138,620
(1-day SOFR + 1.83%), 5.86%, 08/11/46(c)
 
1,120
1,108,833
(1-day SOFR + 2.42%), 6.04%, 03/12/55(a)(c)
 
700
716,335
(1-year CMT + 1.30%), 3.33%, 11/24/42(c)
 
928
689,672
(1-year CMT + 1.70%), 3.81%, 03/10/42(c)
 
950
740,404
Citigroup, Inc.
 
6.13%, 08/25/36
 
500
519,191
8.13%, 07/15/39
 
975
1,219,698
5.88%, 01/30/42
 
823
841,021
6.68%, 09/13/43
 
738
789,995
5.30%, 05/06/44
 
763
707,377
4.65%, 07/30/45
 
1,670
1,460,882
4.75%, 05/18/46
 
2,118
1,791,678
4.65%, 07/23/48
 
2,468
2,143,012
(1-day SOFR + 1.38%), 2.90%, 11/03/42(c)
 
1,008
726,664
(1-day SOFR + 1.75%), 5.61%, 03/04/56(c)
 
1,700
1,639,653
(1-day SOFR + 4.55%), 5.32%, 03/26/41(c)
 
1,440
1,400,428
(3-mo. CME Term SOFR + 1.43%), 3.88%,
01/24/39(c)
 
900
776,909
(3-mo. CME Term SOFR + 2.10%), 4.28%,
04/24/48(c)
 
1,054
857,032
Cooperatieve Rabobank UA
 
5.75%, 12/01/43
 
1,050
1,023,321
5.25%, 08/04/45
 
1,197
1,102,901
Series BKNT, 5.25%, 05/24/41
 
1,249
1,223,188
Fifth Third Bancorp, 8.25%, 03/01/38
 
475
572,625
Goldman Sachs Group, Inc.
 
6.45%, 05/01/36
 
550
586,056
6.75%, 10/01/37
 
4,774
5,182,982
6.25%, 02/01/41
 
2,354
2,487,412
4.80%, 07/08/44
 
1,461
1,298,109
5.15%, 05/22/45
 
1,743
1,579,198
4.75%, 10/21/45
 
1,725
1,497,851
(1-day SOFR + 1.32%), 5.54%, 01/21/47(c)
 
2,775
2,650,807
(1-day SOFR + 1.47%), 2.91%, 07/21/42(c)
 
1,834
1,309,041
Security
 
Par
(000)
Value
Banks (continued)
Goldman Sachs Group, Inc. (continued)
 
(1-day SOFR + 1.51%), 3.21%, 04/22/42(c)
$
2,279
$ 1,703,346
(1-day SOFR + 1.58%), 5.56%, 11/19/45(c)
 
2,500
2,403,880
(1-day SOFR + 1.63%), 3.44%, 02/24/43(c)
 
2,054
1,552,673
(1-day SOFR + 1.70%), 5.73%, 01/28/56(c)
 
2,320
2,261,840
(3-mo. CME Term SOFR + 1.63%), 4.02%,
10/31/38(c)
 
2,459
2,147,381
(3-mo. CME Term SOFR + 1.69%), 4.41%,
04/23/39(c)
 
1,404
1,263,663
HSBC Bank USA N.A., Series BKNT, 7.00%,
01/15/39
 
511
571,626
HSBC Holdings PLC
 
6.50%, 05/02/36
 
1,528
1,634,962
6.50%, 09/15/37
 
2,265
2,416,415
6.80%, 06/01/38
 
450
486,361
6.80%, 06/01/38(a)
 
400
435,813
6.10%, 01/14/42(a)
 
1,029
1,083,740
5.25%, 03/14/44(a)
 
2,118
1,990,618
(1-day SOFR + 2.65%), 6.33%, 03/09/44(a)(c)
 
2,215
2,340,828
JPMorgan Chase & Co.
 
6.40%, 05/15/38
 
2,561
2,822,146
5.50%, 10/15/40
 
859
875,175
5.60%, 07/15/41
 
704
711,734
5.40%, 01/06/42
 
429
422,617
5.63%, 08/16/43(a)
 
1,413
1,407,094
4.85%, 02/01/44
 
1,026
933,499
4.95%, 06/01/45
 
1,436
1,308,527
(1-day SOFR + 1.55%), 5.53%, 11/29/45(c)
 
1,390
1,373,869
(1-day SOFR + 1.58%), 3.33%, 04/22/52(c)
 
3,441
2,332,338
(1-day SOFR + 2.44%), 3.11%, 04/22/51(c)
 
2,909
1,910,151
(3-mo. CME Term SOFR + 1.46%), 3.16%,
04/22/42(c)
 
2,608
1,964,014
(3-mo. CME Term SOFR + 1.48%), 3.90%,
01/23/49(c)
 
1,750
1,343,583
(3-mo. CME Term SOFR + 1.51%), 2.53%,
11/19/41(c)
 
1,993
1,396,311
(3-mo. CME Term SOFR + 1.62%), 3.88%,
07/24/38(c)
 
2,800
2,461,814
(3-mo. CME Term SOFR + 1.64%), 3.96%,
11/15/48(c)
 
3,473
2,706,163
(3-mo. CME Term SOFR + 1.72%), 4.03%,
07/24/48(c)
 
1,513
1,192,259
(3-mo. CME Term SOFR + 1.84%), 4.26%,
02/22/48(c)
 
1,804
1,477,489
(3-mo. CME Term SOFR + 2.46%), 3.11%,
04/22/41(c)
 
1,361
1,038,128
Lloyds Banking Group PLC
 
5.30%, 12/01/45(a)
 
821
753,325
4.34%, 01/09/48(a)
 
1,351
1,084,747
(1-year CMT + 0.82%), 5.67%, 02/10/47(c)
 
800
776,804
(5-year CMT + 1.50%), 3.37%, 12/14/46(c)
 
1,000
723,923
Mitsubishi UFJ Financial Group, Inc.
 
4.29%, 07/26/38(a)
 
488
450,776
4.15%, 03/07/39(a)
 
450
404,192
3.75%, 07/18/39(a)
 
1,232
1,037,804
(1-year CMT + 0.98%), 5.87%, 04/21/47(c)
 
400
400,448
Mizuho Financial Group, Inc., (1-year CMT + 0.85%),
5.05%, 05/12/37(c)
 
200
196,235
Morgan Stanley
 
3.97%, 07/22/38(c)
 
2,479
2,174,761
6.38%, 07/24/42
 
299
321,829
4.30%, 01/27/45
 
2,354
1,961,180
4.38%, 01/22/47
 
2,750
2,273,145
66
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Morgan Stanley (continued)
 
(1-day SOFR + 1.43%), 2.80%, 01/25/52(c)
$
2,364
$ 1,440,818
(1-day SOFR + 1.49%), 3.22%, 04/22/42(c)
 
2,550
1,930,727
(1-day SOFR + 1.71%), 5.52%, 11/19/55(c)
 
2,425
2,306,402
(1-day SOFR + 1.78%), 5.90%, 03/13/47(c)
 
2,800
2,802,784
(1-day SOFR + 4.84%), 5.60%, 03/24/51(c)
 
1,404
1,357,287
(3-mo. CME Term SOFR + 1.69%), 4.46%,
04/22/39(c)
 
1,389
1,279,561
NatWest Group PLC, (1-year CMT + 1.30%), 5.91%,
03/03/47(c)
 
1,000
969,316
Regions Bank, Series BKNT, 6.45%, 06/26/37
 
450
471,470
Regions Financial Corp., 7.38%, 12/10/37
 
100
113,579
Sumitomo Mitsui Financial Group, Inc.
 
2.30%, 01/12/41
 
500
340,527
2.93%, 09/17/41
 
955
684,385
3.05%, 01/14/42
 
650
482,009
6.18%, 07/13/43(a)
 
825
868,187
5.84%, 07/09/44
 
900
893,658
(1-day SOFR + 1.36%), 5.57%, 01/15/47(c)
 
790
765,978
(1-day SOFR + 1.78%), 5.80%, 07/08/46(c)
 
850
828,257
UBS AG, 4.50%, 06/26/48
 
925
784,678
UBS Group AG, 4.88%, 05/15/45
 
1,757
1,574,338
Wells Fargo & Co.
 
5.38%, 11/02/43
 
1,195
1,119,017
5.61%, 01/15/44
 
2,617
2,504,657
4.65%, 11/04/44
 
1,300
1,094,652
3.90%, 05/01/45
 
2,328
1,829,169
4.90%, 11/17/45
 
1,418
1,227,334
4.40%, 06/14/46
 
2,106
1,690,077
4.75%, 12/07/46
 
1,500
1,265,852
(1-day SOFR + 1.23%), 5.43%, 01/23/47(c)
 
2,700
2,566,762
(1-day SOFR + 2.13%), 4.61%, 04/25/53(a)(c)
 
3,356
2,775,933
(1-day SOFR + 2.53%), 3.07%, 04/30/41(c)
 
3,909
2,944,570
(3-mo. CME Term SOFR + 4.50%), 5.01%,
04/04/51(c)
 
4,958
4,385,503
Wells Fargo Bank N.A.
 
5.95%, 08/26/36
 
325
337,646
Series BKNT, 5.85%, 02/01/37
 
1,350
1,397,637
Series BKNT, 6.60%, 01/15/38
 
900
983,612
Westpac Banking Corp.
 
4.42%, 07/24/39
 
979
877,165
2.96%, 11/16/40
 
925
684,100
3.13%, 11/18/41
 
801
589,182
 
 
180,536,210
Beverages — 2.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev
Worldwide, Inc., 4.90%, 02/01/46
 
7,763
7,028,396
Anheuser-Busch InBev Finance, Inc.
 
4.63%, 02/01/44
 
413
365,051
4.90%, 02/01/46
 
1,538
1,385,663
Anheuser-Busch InBev Worldwide, Inc.
 
4.38%, 04/15/38
 
679
631,525
8.20%, 01/15/39
 
753
949,126
5.45%, 01/23/39
 
1,829
1,859,589
4.95%, 01/15/42
 
1,688
1,578,590
4.60%, 04/15/48
 
650
558,765
4.44%, 10/06/48
 
3,048
2,561,531
5.55%, 01/23/49
 
4,089
3,988,573
4.50%, 06/01/50
 
600
528,494
4.75%, 04/15/58
 
675
576,821
5.80%, 01/23/59(a)
 
1,329
1,335,720
Security
 
Par
(000)
Value
Beverages (continued)
Brown-Forman Corp.
 
4.00%, 04/15/38
$
413
$ 359,581
4.50%, 07/15/45(a)
 
550
454,057
Coca-Cola Co.
 
2.50%, 06/01/40
 
979
717,277
2.88%, 05/05/41
 
638
482,543
4.20%, 03/25/50
 
375
305,448
2.60%, 06/01/50
 
1,104
669,815
3.00%, 03/05/51
 
1,570
1,024,802
2.50%, 03/15/51(a)
 
2,013
1,180,784
5.30%, 05/13/54
 
950
906,932
5.20%, 01/14/55(a)
 
1,525
1,438,738
2.75%, 06/01/60(a)
 
1,250
712,842
5.40%, 05/13/64
 
1,330
1,264,943
Coca-Cola Femsa SAB de CV, 5.25%, 11/26/43
 
400
381,380
Constellation Brands, Inc.
 
4.50%, 05/09/47
 
525
431,182
4.10%, 02/15/48(a)
 
463
355,257
5.25%, 11/15/48
 
400
361,359
3.75%, 05/01/50(a)
 
513
370,001
Diageo Capital PLC
 
5.88%, 09/30/36
 
400
423,069
3.88%, 04/29/43
 
431
341,144
Diageo Investment Corp., 4.25%, 05/11/42(a)
 
663
564,248
Keurig Dr. Pepper, Inc.
 
4.50%, 11/15/45(a)
 
600
488,626
4.42%, 12/15/46
 
263
206,824
5.09%, 05/25/48
 
225
194,142
3.80%, 05/01/50
 
713
498,967
3.35%, 03/15/51
 
663
426,452
4.50%, 04/15/52(a)
 
1,113
872,121
Maple Parent Holdings Corp., 6.63%, 03/26/56(b)
 
400
404,643
Molson Coors Beverage Co.
 
5.00%, 05/01/42
 
900
812,315
4.20%, 07/15/46
 
1,618
1,268,054
PepsiCo, Inc.
 
5.50%, 01/15/40
 
450
462,044
3.50%, 03/19/40
 
450
373,154
4.88%, 11/01/40
 
250
240,359
2.63%, 10/21/41
 
663
473,404
4.00%, 03/05/42
 
400
336,765
3.60%, 08/13/42
 
350
279,567
4.25%, 10/22/44
 
250
212,497
4.45%, 04/14/46
 
950
820,195
3.45%, 10/06/46
 
666
491,539
4.00%, 05/02/47
 
450
358,119
3.38%, 07/29/49
 
375
263,832
2.88%, 10/15/49
 
1,063
682,908
3.63%, 03/19/50
 
1,229
903,586
2.75%, 10/21/51
 
943
577,386
4.20%, 07/18/52
 
325
260,420
4.65%, 02/15/53
 
500
431,535
5.25%, 07/17/54
 
600
572,948
3.88%, 03/19/60
 
525
387,310
 
 
49,392,958
Biotechnology — 1.8%
Amgen, Inc.
 
6.38%, 06/01/37
 
400
435,324
6.40%, 02/01/39
 
300
322,083
3.15%, 02/21/40
 
1,854
1,439,974
5.75%, 03/15/40(a)
 
350
358,063
Schedule of Investments
67
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Biotechnology (continued)
Amgen, Inc. (continued)
 
2.80%, 08/15/41(a)
$
1,411
$ 1,013,338
4.95%, 10/01/41
 
650
603,323
5.15%, 11/15/41
 
663
628,178
5.65%, 06/15/42
 
350
346,011
5.60%, 03/02/43(a)
 
2,375
2,337,226
4.40%, 05/01/45
 
2,470
2,080,984
5.50%, 02/19/46
 
875
836,906
4.56%, 06/15/48
 
1,038
865,281
3.38%, 02/21/50
 
2,029
1,416,973
4.66%, 06/15/51
 
2,828
2,361,298
3.00%, 01/15/52(a)
 
985
628,512
4.20%, 02/22/52
 
1,210
934,141
4.88%, 03/01/53
 
700
600,513
5.65%, 03/02/53
 
4,025
3,865,249
2.77%, 09/01/53
 
1,879
1,096,778
5.65%, 02/19/56
 
235
225,309
4.40%, 02/22/62
 
1,025
789,659
5.75%, 03/02/63
 
1,720
1,641,270
Baxalta, Inc., 5.25%, 06/23/45
 
302
279,600
Biogen, Inc.
 
5.20%, 09/15/45
 
950
864,257
3.15%, 05/01/50
 
1,662
1,054,978
3.25%, 02/15/51(a)
 
461
295,826
6.45%, 05/15/55
 
450
469,025
Gilead Sciences, Inc.
 
4.00%, 09/01/36
 
750
689,916
2.60%, 10/01/40
 
730
527,412
5.65%, 12/01/41
 
819
829,815
4.80%, 04/01/44
 
1,786
1,606,438
4.50%, 02/01/45
 
1,753
1,508,111
4.75%, 03/01/46
 
2,018
1,783,656
4.15%, 03/01/47
 
1,803
1,451,419
2.80%, 10/01/50
 
1,594
984,169
5.55%, 10/15/53(a)
 
1,050
1,013,861
5.50%, 11/15/54
 
750
720,415
5.60%, 11/15/64
 
700
671,345
Regeneron Pharmaceuticals, Inc., 2.80%, 09/15/50
 
791
474,778
Royalty Pharma PLC
 
3.30%, 09/02/40
 
1,054
803,669
3.55%, 09/02/50
 
975
665,861
3.35%, 09/02/51
 
488
318,854
5.90%, 09/02/54
 
400
388,572
5.95%, 09/25/55
 
450
440,954
 
 
42,669,324
Broadline Retail — 0.0%
TJX Cos., Inc., 4.50%, 04/15/50(a)
 
513
437,241
Building Materials — 0.5%
Amrize Finance U.S. LLC, 4.75%, 09/22/46
 
400
344,329
Carlisle Cos., Inc., 5.55%, 09/15/40
 
450
445,136
Carrier Global Corp.
 
3.38%, 04/05/40
 
1,629
1,297,055
3.58%, 04/05/50
 
1,142
818,172
6.20%, 03/15/54(a)
 
586
615,794
CRH America Finance, Inc.
 
5.88%, 01/09/55
 
570
564,436
5.60%, 02/09/56
 
460
440,060
Fortune Brands Innovations, Inc., 4.50%, 03/25/52(a)
 
338
266,194
Johnson Controls International PLC
 
4.63%, 07/02/44
 
370
320,845
4.50%, 02/15/47
 
578
487,484
Security
 
Par
(000)
Value
Building Materials (continued)
Johnson Controls International PLC (continued)
 
4.95%, 07/02/64(d)
$
390
$ 327,076
Martin Marietta Materials, Inc.
 
4.25%, 12/15/47
 
613
491,188
3.20%, 07/15/51
 
625
406,221
5.50%, 12/01/54
 
895
844,448
Masco Corp.
 
4.50%, 05/15/47
 
250
205,733
3.13%, 02/15/51
 
322
204,583
Owens Corning
 
7.00%, 12/01/36
 
500
559,539
4.30%, 07/15/47
 
650
519,661
4.40%, 01/30/48
 
329
267,182
5.95%, 06/15/54(a)
 
585
579,090
Trane Technologies Financing Ltd.
 
4.65%, 11/01/44
 
300
264,941
4.50%, 03/21/49
 
288
242,476
Trane Technologies Holdco, Inc.
 
5.75%, 06/15/43
 
500
511,833
4.30%, 02/21/48
 
163
133,384
Vulcan Materials Co.
 
4.50%, 06/15/47
 
538
449,507
4.70%, 03/01/48
 
300
255,612
5.70%, 12/01/54
 
675
657,834
 
 
12,519,813
Building Products — 1.2%
Home Depot, Inc.
 
5.88%, 12/16/36
 
2,400
2,553,488
3.30%, 04/15/40
 
1,411
1,128,670
5.40%, 09/15/40(a)
 
463
466,962
5.95%, 04/01/41
 
938
991,846
4.20%, 04/01/43
 
945
796,959
4.88%, 02/15/44
 
650
591,678
4.40%, 03/15/45
 
1,036
877,720
4.25%, 04/01/46
 
1,629
1,344,205
3.90%, 06/15/47
 
1,094
846,522
4.50%, 12/06/48
 
1,029
864,250
3.13%, 12/15/49
 
1,396
922,432
3.35%, 04/15/50
 
1,498
1,029,926
2.38%, 03/15/51
 
1,495
833,764
2.75%, 09/15/51
 
1,038
623,695
3.63%, 04/15/52
 
1,508
1,076,197
4.95%, 09/15/52(a)
 
655
582,314
5.30%, 06/25/54
 
1,105
1,031,906
3.50%, 09/15/56
 
1,700
1,156,440
5.40%, 06/25/64(a)
 
440
411,925
Lowe’s Cos., Inc.
 
5.00%, 04/15/40
 
329
309,669
2.80%, 09/15/41
 
1,213
854,328
4.65%, 04/15/42
 
200
177,347
4.38%, 09/15/45
 
429
350,811
3.70%, 04/15/46
 
1,650
1,217,486
4.05%, 05/03/47
 
1,579
1,217,409
4.55%, 04/05/49
 
550
449,661
5.13%, 04/15/50(a)
 
300
266,718
3.00%, 10/15/50
 
1,919
1,183,948
3.50%, 04/01/51
 
629
426,750
4.25%, 04/01/52
 
1,358
1,044,420
5.63%, 04/15/53(a)
 
1,095
1,034,040
5.75%, 07/01/53
 
455
439,608
4.45%, 04/01/62
 
1,125
853,351
68
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Building Products (continued)
Lowe’s Cos., Inc. (continued)
 
5.80%, 09/15/62
$
975
$ 932,355
5.85%, 04/01/63
 
450
431,769
 
 
29,320,569
Chemicals — 1.2%
Air Products and Chemicals, Inc.
 
2.70%, 05/15/40
 
733
540,015
2.80%, 05/15/50
 
759
470,901
CF Industries, Inc.
 
4.95%, 06/01/43
 
663
594,242
5.38%, 03/15/44
 
613
574,657
Dow Chemical Co.
 
9.40%, 05/15/39
 
629
808,148
5.25%, 11/15/41
 
826
739,333
4.38%, 11/15/42
 
1,063
845,276
4.63%, 10/01/44
 
250
198,367
5.55%, 11/30/48
 
829
725,689
4.80%, 05/15/49
 
629
494,641
3.60%, 11/15/50
 
1,163
754,680
6.90%, 05/15/53(a)
 
750
772,245
5.60%, 02/15/54(a)
 
650
566,338
5.95%, 03/15/55(a)
 
550
500,689
DuPont de Nemours, Inc.
 
5.32%, 11/15/38
 
838
824,774
5.42%, 11/15/48
 
525
487,175
Eastman Chemical Co.(a)
 
4.80%, 09/01/42
 
388
340,296
4.65%, 10/15/44
 
729
611,095
Ecolab, Inc.
 
3.95%, 12/01/47
 
450
355,412
2.13%, 08/15/50
 
810
432,101
2.70%, 12/15/51
 
916
550,471
2.75%, 08/18/55(a)
 
800
471,207
International Flavors & Fragrances, Inc.
 
4.38%, 06/01/47
 
688
543,161
5.00%, 09/26/48
 
363
314,269
Linde, Inc.
 
3.55%, 11/07/42
 
725
570,031
2.00%, 08/10/50(a)
 
333
175,978
LYB International Finance BV
 
5.25%, 07/15/43
 
600
523,503
4.88%, 03/15/44(a)
 
813
674,770
LYB International Finance III LLC
 
3.38%, 10/01/40
 
841
616,083
4.20%, 10/15/49
 
966
693,735
4.20%, 05/01/50
 
813
582,247
3.63%, 04/01/51(a)
 
953
619,340
3.80%, 10/01/60
 
555
344,980
LyondellBasell Industries NV, 4.63%, 02/26/55(a)
 
895
675,080
Mosaic Co.(a)
 
4.88%, 11/15/41
 
225
198,851
5.63%, 11/15/43
 
520
486,222
Nutrien Ltd.
 
5.88%, 12/01/36
 
660
679,789
5.63%, 12/01/40
 
350
344,400
6.13%, 01/15/41
 
275
287,053
4.90%, 06/01/43
 
213
189,866
5.25%, 01/15/45
 
420
385,249
5.00%, 04/01/49
 
520
458,555
3.95%, 05/13/50
 
813
603,499
5.80%, 03/27/53
 
810
791,118
Security
 
Par
(000)
Value
Chemicals (continued)
RPM International, Inc.
 
5.25%, 06/01/45
$
263
$ 242,980
4.25%, 01/15/48
 
325
255,463
Sherwin-Williams Co.
 
4.55%, 08/01/45
 
500
419,414
4.50%, 06/01/47
 
1,104
917,666
3.80%, 08/15/49
 
577
422,996
3.30%, 05/15/50
 
400
266,587
2.90%, 03/15/52
 
725
438,262
Westlake Corp.
 
2.88%, 08/15/41
 
495
337,432
5.00%, 08/15/46
 
620
532,546
4.38%, 11/15/47
 
465
357,694
3.13%, 08/15/51
 
520
316,142
6.38%, 11/15/55(a)
 
550
541,779
3.38%, 08/15/61(a)
 
470
277,808
 
 
28,742,300
Commercial Services & Supplies — 1.3%
American University, Series 2019, 3.67%, 04/01/49
 
111
82,578
Brown University, Series A, 2.92%, 09/01/50
 
610
396,598
California Endowment, Series 2021, 2.50%, 04/01/51
 
300
172,162
California Institute of Technology
 
4.70%, 11/01/2111
 
350
278,381
3.65%, 09/01/2119
 
1,229
765,288
Case Western Reserve University, Series 2022-C,
5.41%, 06/01/2122(a)
 
279
251,373
Claremont Mckenna College, 3.78%, 01/01/2122
 
100
64,237
Duke University
 
Series 2020, 2.68%, 10/01/44
 
125
92,144
Series 2020, 2.83%, 10/01/55
 
1,280
790,133
Emory University, Series 2020, 2.97%, 09/01/50(a)
 
288
184,831
Ford Foundation, Series 2020, 2.82%, 06/01/70
 
720
398,905
GATX Corp.
 
5.20%, 03/15/44(a)
 
350
320,813
3.10%, 06/01/51
 
525
328,554
6.05%, 06/05/54(a)
 
820
819,657
George Washington University
 
4.87%, 09/15/45
 
251
227,817
Series 2014, 4.30%, 09/15/44
 
163
135,435
Series 2018, 4.13%, 09/15/48
 
606
483,768
Georgetown University
 
Series 20A, 2.94%, 04/01/50
 
202
129,042
Series B, 4.32%, 04/01/49
 
225
184,176
Global Payments, Inc.
 
4.15%, 08/15/49
 
568
404,881
5.95%, 08/15/52(a)
 
660
611,062
Howard University, Series 22A, 5.21%, 10/01/52
 
64
52,376
Johns Hopkins University
 
Series 2013, 4.08%, 07/01/53
 
225
178,899
Series A, 2.81%, 01/01/60
 
150
86,168
Leland Stanford Junior University
 
3.65%, 05/01/48
 
695
533,620
2.41%, 06/01/50
 
600
353,362
Massachusetts Institute of Technology
 
3.96%, 07/01/38
 
1,967
1,795,498
3.07%, 04/01/52
 
130
85,855
5.62%, 06/01/55(a)
 
600
606,801
5.60%, 07/01/2111
 
488
473,272
4.68%, 07/01/2114
 
275
223,949
3.89%, 07/01/2116(a)
 
300
203,147
Series F, 2.99%, 07/01/50
 
116
76,535
Schedule of Investments
69
Schedule of Investments (unaudited)(continued)
April 30, 2026
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)
 
Series G, 2.29%, 07/01/51
$
101
$ 56,351
Moody’s Corp.
 
2.75%, 08/19/41
 
697
494,623
5.25%, 07/15/44
 
525
492,842
4.88%, 12/17/48
 
250
218,512
3.25%, 05/20/50
 
339
225,337
3.75%, 02/25/52
 
366
265,982
3.10%, 11/29/61(a)
 
534
315,572
Nature Conservancy, Series A, 3.96%, 03/01/52(a)
 
391
303,993
Northeastern University, Series 2020, 2.89%,
10/01/50(a)
 
275
179,243
Northwestern University
 
4.64%, 12/01/44
 
200
186,399
Series 2017, 3.66%, 12/01/57(a)
 
1,000
717,983
PayPal Holdings, Inc.
 
3.25%, 06/01/50
 
925
594,715
5.05%, 06/01/52(a)
 
905
772,562
5.50%, 06/01/54(a)
 
300
271,652
5.25%, 06/01/62(a)
 
505
436,382
President and Fellows of Harvard College
 
4.88%, 10/15/40
 
200
196,299
3.15%, 07/15/46(a)
 
1,513
1,074,853
2.52%, 10/15/50
 
333
199,206
3.75%, 11/15/52
 
300
225,288
3.30%, 07/15/56(a)
 
579
389,362
Quanta Services, Inc., 3.05%, 10/01/41
 
551
402,817
Rockefeller Foundation, Series 2020, 2.49%,
10/01/50(a)
 
704
419,948
S&P Global, Inc.
 
3.25%, 12/01/49
 
445
302,401
3.70%, 03/01/52(a)
 
874
641,151
2.30%, 08/15/60
 
613
296,566
3.90%, 03/01/62(a)
 
275
195,942
Thomas Jefferson University, 3.85%, 11/01/57(a)
 
43
30,376
TR Finance LLC
 
5.85%, 04/15/40
 
500
487,966
5.65%, 11/23/43(a)
 
204
194,420
Trustees of Boston College, 3.13%, 07/01/52
 
413
277,531
Trustees of Princeton University
 
5.70%, 03/01/39
 
263
277,107
4.20%, 03/01/52
 
1,000
815,047
Series 2020, 2.52%, 07/01/50
 
346
211,296
Trustees of the University of Pennsylvania
 
3.61%, 02/15/2119(a)
 
228
141,251
Series 2020, 2.40%, 10/01/50
 
674
390,355
University of Chicago
 
4.00%, 10/01/53(a)
 
300
234,231
Series 20B, 2.76%, 04/01/45(a)
 
200
156,841
Series C, 2.55%, 04/01/50
 
164
103,986
University of Miami, Series 2022, 4.06%, 04/01/52(a)
 
500
388,999
University of Notre Dame du Lac
 
Series 2015, 3.44%, 02/15/45
 
400
304,454
Series 2017, 3.39%, 02/15/48
 
278
202,736
University of Southern California
 
3.03%, 10/01/39
 
780
638,400
2.81%, 10/01/50(a)
 
63
39,355
4.98%, 10/01/53
 
365
331,530
5.25%, 10/01/2111(a)
 
175
157,371
Series 2017, 3.84%, 10/01/47
 
1,000
783,144
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
University of Southern California (continued)
 
Series 21A, 2.95%, 10/01/51
$
983
$ 627,976
Series A, 3.23%, 10/01/2120(a)
 
61
33,769
Verisk Analytics, Inc.
 
5.50%, 06/15/45
 
225
210,340
3.63%, 05/15/50
 
397
276,261
Washington University
 
4.35%, 04/15/2122
 
129
95,847
Series 2022, 3.52%, 04/15/54(a)
 
1,450
1,034,738
William Marsh Rice University
 
3.57%, 05/15/45
 
375
292,341
3.77%, 05/15/55
 
265
198,175
Yale University, Series 2020, 2.40%, 04/15/50
 
113
66,184
 
 
30,669,325
Construction & Engineering — 0.0%
Valmont Industries, Inc., 5.00%, 10/01/44
 
729
647,347
Consumer Finance — 0.4%
American Express Co., 4.05%, 12/03/42(a)
 
875
728,207
Mastercard, Inc.
 
3.80%, 11/21/46
 
450
348,985
3.95%, 02/26/48
 
525
414,494
3.65%, 06/01/49
 
838
621,320
3.85%, 03/26/50
 
1,394
1,068,583
2.95%, 03/15/51
 
504
324,397
Visa, Inc.
 
2.70%, 04/15/40
 
729
552,426
4.30%, 12/14/45
 
3,100
2,638,678
3.65%, 09/15/47
 
601
458,403
2.00%, 08/15/50(a)
 
1,886
998,352
Western Union Co., 6.20%, 11/17/36(a)
 
358
370,634
 
 
8,524,479
Consumer Staples Distribution & Retail — 0.6%
Dollar General Corp.
 
4.13%, 04/03/50
 
454
343,303
5.50%, 11/01/52(a)
 
300
275,602
Dollar Tree, Inc., 3.38%, 12/01/51
 
429
277,127
Target Corp.
 
6.50%, 10/15/37
 
400
443,463
7.00%, 01/15/38
 
455
526,676
4.00%, 07/01/42
 
1,100
912,826
3.63%, 04/15/46
 
402
301,440
3.90%, 11/15/47
 
638
492,788
2.95%, 01/15/52(a)
 
1,025
644,194
4.80%, 01/15/53(a)
 
1,025
897,890
Walmart, Inc.
 
6.50%, 08/15/37
 
1,000
1,142,768
6.20%, 04/15/38
 
626
696,499
3.95%, 06/28/38
 
400
368,903
5.63%, 04/01/40
 
559
589,781
5.00%, 10/25/40
 
350
351,660
5.63%, 04/15/41(a)
 
575
604,234
2.50%, 09/22/41
 
1,004
718,657
4.00%, 04/11/43
 
175
148,461
4.30%, 04/22/44(a)
 
300
266,018
3.63%, 12/15/47
 
250
193,024
4.05%, 06/29/48
 
1,893
1,548,218
2.95%, 09/24/49
 
675
450,341
2.65%, 09/22/51
 
1,392
858,975
70
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
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)
 
4.50%, 09/09/52(a)
$
800
$ 690,664
4.50%, 04/15/53(a)
 
1,500
1,296,159
 
 
15,039,671
Containers & Packaging — 0.1%
Packaging Corp. of America
 
4.05%, 12/15/49
 
263
199,696
3.05%, 10/01/51(a)
 
545
342,736
Smurfit Kappa Treasury ULC, 5.78%, 04/03/54(a)
 
950
917,722
Sonoco Products Co., 5.75%, 11/01/40
 
575
572,358
 
 
2,032,512
Distributors — 0.1%
WW Grainger, Inc.
 
4.60%, 06/15/45
 
886
783,166
3.75%, 05/15/46
 
350
269,968
4.20%, 05/15/47
 
275
225,116
 
 
1,278,250
Diversified REITs — 0.6%
American Tower Corp.
 
3.70%, 10/15/49
 
500
360,459
3.10%, 06/15/50
 
1,003
641,903
2.95%, 01/15/51
 
1,095
679,175
Crown Castle, Inc.
 
2.90%, 04/01/41
 
1,409
1,011,043
4.75%, 05/15/47
 
225
187,229
5.20%, 02/15/49
 
325
285,298
4.00%, 11/15/49
 
175
127,167
4.15%, 07/01/50
 
450
341,805
3.25%, 01/15/51
 
850
547,817
Equinix, Inc.
 
3.00%, 07/15/50
 
414
258,918
2.95%, 09/15/51(a)
 
375
231,466
3.40%, 02/15/52
 
360
240,030
Federal Realty OP LP, 4.50%, 12/01/44
 
500
424,235
GLP Capital LP/GLP Financing II, Inc.
 
5.75%, 11/01/37
 
725
709,995
6.25%, 09/15/54(a)
 
400
393,135
Kimco Realty OP LLC
 
4.25%, 04/01/45
 
500
410,511
4.13%, 12/01/46
 
250
200,459
4.45%, 09/01/47
 
408
337,846
3.70%, 10/01/49
 
413
299,621
Prologis LP
 
4.38%, 09/15/48
 
196
160,505
3.05%, 03/01/50
 
300
195,300
3.00%, 04/15/50
 
700
452,350
2.13%, 10/15/50
 
600
316,393
5.25%, 06/15/53
 
885
824,487
5.25%, 03/15/54
 
875
813,060
Regency Centers LP
 
4.40%, 02/01/47(a)
 
388
322,919
4.65%, 03/15/49
 
225
189,512
Ventas Realty LP
 
5.70%, 09/30/43
 
275
270,476
4.38%, 02/01/45
 
350
289,621
4.88%, 04/15/49
 
200
172,052
VICI Properties LP(a)
 
5.63%, 05/15/52
 
629
570,122
Security
 
Par
(000)
Value
Diversified REITs (continued)
VICI Properties LP(a) (continued)
 
6.13%, 04/01/54
$
520
$ 504,423
Weyerhaeuser Co., 4.00%, 03/09/52(a)
 
600
442,616
 
 
13,211,948
Diversified Telecommunication Services — 4.2%
AT&T, Inc.
 
5.25%, 10/30/36
 
1,175
1,160,398
5.25%, 03/01/37
 
1,150
1,134,873
4.90%, 08/15/37
 
925
882,982
6.30%, 01/15/38
 
300
316,347
6.55%, 02/15/39(a)
 
300
324,395
4.85%, 03/01/39
 
1,500
1,389,826
5.35%, 09/01/40
 
550
529,918
6.38%, 03/01/41(a)
 
100
105,260
3.50%, 06/01/41
 
2,600
2,002,174
5.55%, 08/15/41
 
600
579,158
4.30%, 12/15/42
 
750
616,948
3.10%, 02/01/43
 
1,050
749,564
4.65%, 06/01/44
 
405
341,418
4.80%, 06/15/44
 
300
256,577
4.35%, 06/15/45
 
550
440,507
5.55%, 11/01/45
 
1,125
1,053,010
5.85%, 04/30/46
 
1,450
1,397,932
4.75%, 05/15/46
 
2,000
1,678,054
5.15%, 11/15/46
 
780
693,048
5.65%, 02/15/47(a)
 
600
568,767
5.45%, 03/01/47
 
300
275,038
4.50%, 03/09/48
 
1,150
920,413
4.55%, 03/09/49
 
950
755,832
5.15%, 02/15/50
 
500
433,488
3.65%, 06/01/51
 
2,750
1,864,939
3.30%, 02/01/52
 
1,450
912,807
3.50%, 09/15/53
 
7,664
4,963,120
5.70%, 11/01/54
 
1,700
1,576,408
3.55%, 09/15/55
 
7,333
4,717,101
6.00%, 04/30/56
 
1,575
1,519,115
6.05%, 08/15/56(a)
 
1,015
988,539
6.20%, 10/30/56
 
635
628,857
5.70%, 03/01/57(a)
 
325
303,874
3.80%, 12/01/57
 
5,899
3,930,362
3.65%, 09/15/59
 
5,936
3,783,309
3.85%, 06/01/60
 
1,250
829,808
3.50%, 02/01/61
 
400
244,946
6.30%, 10/30/66
 
855
842,479
Bell Telephone Co. of Canada or Bell Canada
 
4.46%, 04/01/48
 
1,160
935,070
4.30%, 07/29/49
 
348
273,216
3.65%, 03/17/51
 
350
246,833
3.65%, 08/15/52(a)
 
441
301,800
5.55%, 02/15/54(a)
 
850
794,459
Cisco Systems, Inc.
 
5.90%, 02/15/39
 
1,784
1,886,023
5.50%, 01/15/40
 
1,727
1,759,977
5.30%, 02/26/54
 
1,780
1,665,002
5.50%, 02/24/55(a)
 
755
727,268
5.35%, 02/26/64
 
1,010
929,978
Corning, Inc.
 
4.70%, 03/15/37(a)
 
400
381,941
5.75%, 08/15/40
 
275
279,549
4.75%, 03/15/42
 
525
473,718
5.35%, 11/15/48
 
395
369,686
Schedule of Investments
71
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Diversified Telecommunication Services (continued)
Corning, Inc. (continued)
 
3.90%, 11/15/49
$
363
$ 271,747
4.38%, 11/15/57
 
795
621,955
5.85%, 11/15/68
 
196
188,475
5.45%, 11/15/79
 
913
824,911
Juniper Networks, Inc., 5.95%, 03/15/41
 
313
308,577
Nokia OYJ, 6.63%, 05/15/39
 
350
369,390
Telefonica Emisiones SA
 
7.05%, 06/20/36
 
1,915
2,113,409
4.67%, 03/06/38
 
355
321,430
5.21%, 03/08/47
 
2,267
1,981,525
4.90%, 03/06/48
 
1,032
859,288
5.52%, 03/01/49(a)
 
1,200
1,085,619
TELUS Corp.
 
4.60%, 11/16/48(a)
 
400
331,664
4.30%, 06/15/49
 
100
78,811
Verizon Communications, Inc.
 
5.25%, 03/16/37
 
1,250
1,233,423
5.40%, 07/02/37
 
1,000
995,208
4.81%, 03/15/39
 
1,342
1,246,685
2.65%, 11/20/40
 
3,138
2,196,973
3.40%, 03/22/41
 
3,486
2,674,332
2.85%, 09/03/41
 
1,288
906,674
4.75%, 11/01/41
 
400
358,739
3.85%, 11/01/42
 
463
367,088
6.55%, 09/15/43
 
500
535,046
5.75%, 11/30/45
 
1,325
1,288,655
4.13%, 08/15/46
 
950
749,825
4.86%, 08/21/46
 
2,084
1,808,200
5.50%, 03/16/47
 
500
471,660
4.52%, 09/15/48
 
1,250
1,022,733
5.01%, 04/15/49(a)
 
400
350,520
4.00%, 03/22/50
 
1,279
960,376
2.88%, 11/20/50(a)
 
2,523
1,524,172
3.55%, 03/22/51
 
3,849
2,671,895
3.88%, 03/01/52(a)
 
1,722
1,253,389
5.50%, 02/23/54(a)
 
360
338,629
5.01%, 08/21/54
 
1,100
945,100
4.67%, 03/15/55
 
900
727,864
5.88%, 11/30/55
 
3,005
2,900,858
2.99%, 10/30/56
 
3,414
1,988,486
3.00%, 11/20/60(a)
 
2,525
1,432,579
3.70%, 03/22/61
 
3,187
2,102,227
6.00%, 11/30/65
 
1,450
1,396,928
 
 
100,541,176
Electric Utilities — 11.1%
AEP Texas, Inc.
 
3.80%, 10/01/47
 
450
327,134
3.45%, 05/15/51
 
379
250,309
5.25%, 05/15/52
 
430
383,006
5.85%, 10/15/55
 
665
638,947
Series G, 4.15%, 05/01/49
 
300
225,591
Series H, 3.45%, 01/15/50
 
463
309,450
AEP Transmission Co. LLC
 
4.00%, 12/01/46
 
200
157,149
3.75%, 12/01/47
 
450
333,221
4.25%, 09/15/48
 
200
159,810
3.80%, 06/15/49
 
629
462,304
3.15%, 09/15/49
 
164
107,264
5.40%, 03/15/53(a)
 
700
658,170
Series M, 3.65%, 04/01/50
 
413
298,536
Security
 
Par
(000)
Value
Electric Utilities (continued)
AEP Transmission Co. LLC (continued)
 
Series N, 2.75%, 08/15/51
$
379
$ 227,207
Series O, 4.50%, 06/15/52
 
400
328,271
Alabama Power Co.
 
6.13%, 05/15/38
 
179
192,293
6.00%, 03/01/39
 
450
475,337
3.85%, 12/01/42
 
600
481,279
4.15%, 08/15/44
 
375
305,688
3.75%, 03/01/45
 
268
205,860
4.30%, 01/02/46(a)
 
213
175,602
3.45%, 10/01/49
 
570
397,044
3.13%, 07/15/51
 
921
595,979
3.00%, 03/15/52(a)
 
875
550,184
Series A, 4.30%, 07/15/48
 
100
80,842
Series B, 3.70%, 12/01/47
 
277
204,556
Ameren Illinois Co.
 
4.15%, 03/15/46
 
463
372,372
3.70%, 12/01/47(a)
 
675
502,347
4.50%, 03/15/49
 
475
394,174
3.25%, 03/15/50
 
147
98,555
2.90%, 06/15/51
 
175
107,753
5.90%, 12/01/52
 
400
403,461
5.55%, 07/01/54
 
700
671,603
5.63%, 03/01/55
 
1,050
1,020,242
American Electric Power Co., Inc., 3.25%, 03/01/50
 
329
216,204
Appalachian Power Co.
 
7.00%, 04/01/38
 
600
668,177
4.40%, 05/15/44
 
263
215,708
4.45%, 06/01/45
 
400
327,405
Series Y, 4.50%, 03/01/49
 
350
281,185
Series Z, 3.70%, 05/01/50
 
425
300,084
Arizona Public Service Co.
 
5.05%, 09/01/41
 
263
245,634
4.50%, 04/01/42
 
279
241,137
4.35%, 11/15/45
 
525
423,132
3.75%, 05/15/46
 
325
241,148
4.20%, 08/15/48
 
263
205,160
4.25%, 03/01/49
 
300
233,006
3.50%, 12/01/49
 
136
93,554
3.35%, 05/15/50
 
650
432,246
2.65%, 09/15/50(a)
 
450
265,064
5.90%, 08/15/55
 
705
692,187
Avista Corp.
 
4.35%, 06/01/48
 
421
338,000
4.00%, 04/01/52
 
201
148,493
Baltimore Gas and Electric Co.
 
6.35%, 10/01/36
 
388
421,949
3.50%, 08/15/46
 
479
345,609
3.75%, 08/15/47
 
400
298,018
4.25%, 09/15/48
 
250
200,592
3.20%, 09/15/49
 
595
391,706
2.90%, 06/15/50(a)
 
421
262,964
4.55%, 06/01/52
 
630
520,729
5.40%, 06/01/53
 
710
667,329
5.65%, 06/01/54
 
400
388,568
Basin Electric Power Cooperative, 5.85%, 10/15/55(b)
 
600
585,070
Berkshire Hathaway Energy Co.
 
5.95%, 05/15/37
 
654
692,936
5.15%, 11/15/43
 
913
854,931
4.50%, 02/01/45
 
179
152,736
3.80%, 07/15/48
 
763
561,371
4.45%, 01/15/49
 
713
580,306
72
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Berkshire Hathaway Energy Co. (continued)
 
4.25%, 10/15/50
$
1,079
$ 843,840
2.85%, 05/15/51
 
1,629
982,609
4.60%, 05/01/53
 
929
763,840
Black Hills Corp.
 
4.20%, 09/15/46
 
175
136,492
3.88%, 10/15/49(a)
 
213
154,656
CenterPoint Energy Houston Electric LLC
 
3.55%, 08/01/42
 
526
410,795
4.50%, 04/01/44
 
481
415,746
3.95%, 03/01/48
 
413
320,395
5.30%, 04/01/53
 
260
243,299
Series AC, 4.25%, 02/01/49
 
600
482,672
Series AD, 2.90%, 07/01/50
 
150
94,193
Series AF, 3.35%, 04/01/51
 
663
451,822
Series AH, 3.60%, 03/01/52
 
450
319,887
Series AJ, 4.85%, 10/01/52
 
150
131,201
Cleco Corporate Holdings LLC, 4.97%, 05/01/46
 
300
253,182
Cleveland Electric Illuminating Co., 5.95%, 12/15/36
 
180
186,063
CMS Energy Corp., 4.88%, 03/01/44
 
250
218,288
Commonwealth Edison Co.
 
6.45%, 01/15/38
 
100
109,634
3.80%, 10/01/42
 
320
257,304
4.60%, 08/15/43
 
175
152,803
3.70%, 03/01/45
 
213
162,787
4.35%, 11/15/45
 
800
662,105
3.65%, 06/15/46
 
620
462,555
4.00%, 03/01/48
 
429
332,936
4.00%, 03/01/49
 
529
403,903
3.00%, 03/01/50
 
263
167,409
5.30%, 02/01/53
 
365
338,843
5.65%, 06/01/54
 
495
480,202
5.95%, 06/01/55
 
530
535,672
Series 123, 3.75%, 08/15/47
 
400
297,953
Series 127, 3.20%, 11/15/49
 
605
401,246
Series 130, 3.13%, 03/15/51
 
879
568,055
Series 131, 2.75%, 09/01/51
 
513
306,060
Series 133, 3.85%, 03/15/52
 
659
483,399
Connecticut Light and Power Co.
 
4.30%, 04/15/44
 
600
502,216
4.00%, 04/01/48
 
785
613,527
5.25%, 01/15/53
 
475
440,049
Series A, 4.15%, 06/01/45
 
300
243,768
Consolidated Edison Co. of New York, Inc.
 
5.70%, 06/15/40
 
400
406,608
3.95%, 03/01/43
 
572
461,306
4.45%, 03/15/44
 
688
586,662
4.50%, 12/01/45
 
663
558,403
3.85%, 06/15/46
 
529
406,461
3.20%, 12/01/51
 
550
358,178
6.15%, 11/15/52
 
800
831,864
5.90%, 11/15/53
 
725
725,730
5.70%, 05/15/54
 
775
757,505
4.63%, 12/01/54
 
725
597,166
5.75%, 11/15/55
 
630
617,199
4.50%, 05/15/58
 
629
499,727
3.70%, 11/15/59
 
680
464,472
3.60%, 06/15/61(a)
 
720
481,062
Series 2006-B, 6.20%, 06/15/36
 
75
80,536
Series 2007-A, 6.30%, 08/15/37
 
493
534,421
Series 2008-B, 6.75%, 04/01/38
 
800
903,005
Series 2009-C, 5.50%, 12/01/39
 
867
871,919
Series 2012-A, 4.20%, 03/15/42
 
329
276,807
Security
 
Par
(000)
Value
Electric Utilities (continued)
Consolidated Edison Co. of New York,
Inc. (continued)
 
Series 2017, 3.88%, 06/15/47
$
600
$ 457,438
Series 20B, 3.95%, 04/01/50
 
1,154
888,805
Series A, 4.13%, 05/15/49
 
413
323,253
Series C, 4.30%, 12/01/56
 
213
164,817
Series C, 4.00%, 11/15/57
 
370
268,330
Series C, 3.00%, 12/01/60
 
660
383,549
Series E, 4.65%, 12/01/48
 
463
392,159
Constellation Energy Generation LLC
 
6.25%, 10/01/39
 
647
683,097
5.75%, 10/01/41
 
413
415,831
5.60%, 06/15/42
 
619
607,928
6.50%, 10/01/53
 
690
733,306
5.75%, 03/15/54(a)
 
1,400
1,367,296
5.88%, 01/15/66
 
495
476,306
Consumers Energy Co.
 
3.95%, 05/15/43
 
400
323,967
3.25%, 08/15/46
 
600
422,760
3.95%, 07/15/47
 
300
233,426
4.05%, 05/15/48(a)
 
650
508,415
4.35%, 04/15/49
 
429
349,609
3.75%, 02/15/50
 
250
184,108
3.10%, 08/15/50
 
590
385,392
3.50%, 08/01/51
 
529
374,429
2.65%, 08/15/52
 
134
80,498
4.20%, 09/01/52
 
710
558,943
Dayton Power & Light Co., 3.95%, 06/15/49
 
300
223,875
Delmarva Power & Light Co., 4.15%, 05/15/45
 
500
403,801
Dominion Energy South Carolina, Inc.
 
6.05%, 01/15/38
 
100
105,835
5.45%, 02/01/41
 
279
275,417
4.60%, 06/15/43
 
563
493,426
6.25%, 10/15/53
 
440
461,889
5.10%, 06/01/65
 
613
536,711
Dominion Energy, Inc.
 
7.00%, 06/15/38
 
163
180,434
4.70%, 12/01/44
 
329
280,193
Series A, 4.60%, 03/15/49
 
513
416,073
Series B, 3.30%, 04/15/41
 
325
241,714
Series B, 4.85%, 08/15/52
 
500
419,243
Series C, 4.90%, 08/01/41
 
509
458,030
Series C, 4.05%, 09/15/42
 
200
158,603
DTE Electric Co.
 
4.30%, 07/01/44
 
400
333,466
3.70%, 03/15/45
 
434
330,211
3.70%, 06/01/46
 
238
178,716
3.75%, 08/15/47
 
355
265,501
3.95%, 03/01/49
 
750
574,994
2.95%, 03/01/50
 
529
339,358
5.40%, 04/01/53(a)
 
475
448,832
5.85%, 05/15/55
 
605
605,116
Series A, 4.00%, 04/01/43
 
397
322,282
Series A, 4.05%, 05/15/48
 
463
360,897
Series B, 3.25%, 04/01/51(a)
 
479
319,142
Series B, 3.65%, 03/01/52
 
367
263,681
Series B, 5.55%, 03/01/56
 
590
565,602
Duke Energy Carolinas LLC
 
6.10%, 06/01/37
 
413
438,718
6.00%, 01/15/38
 
550
581,975
6.05%, 04/15/38
 
511
542,999
5.30%, 02/15/40
 
713
705,900
4.25%, 12/15/41
 
279
240,686
Schedule of Investments
73
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Duke Energy Carolinas LLC (continued)
 
4.00%, 09/30/42
$
513
$ 420,805
3.75%, 06/01/45
 
500
382,082
3.88%, 03/15/46
 
800
616,389
3.70%, 12/01/47
 
438
323,844
3.95%, 03/15/48
 
329
252,380
3.20%, 08/15/49
 
669
446,047
3.45%, 04/15/51
 
425
293,886
3.55%, 03/15/52
 
592
415,065
5.35%, 01/15/53
 
850
793,951
5.40%, 01/15/54
 
832
783,352
Duke Energy Corp.
 
3.30%, 06/15/41
 
579
436,389
4.80%, 12/15/45
 
663
568,095
3.75%, 09/01/46
 
1,393
1,025,326
3.95%, 08/15/47
 
413
308,127
4.20%, 06/15/49
 
613
466,980
3.50%, 06/15/51
 
679
454,197
5.00%, 08/15/52
 
1,050
896,248
6.10%, 09/15/53
 
425
423,344
5.80%, 06/15/54
 
825
788,666
5.70%, 09/15/55
 
850
800,772
Duke Energy Florida LLC
 
6.35%, 09/15/37
 
500
542,256
6.40%, 06/15/38
 
1,100
1,201,869
5.65%, 04/01/40
 
300
304,765
3.85%, 11/15/42
 
700
560,527
3.40%, 10/01/46
 
863
616,062
4.20%, 07/15/48
 
450
353,251
3.00%, 12/15/51
 
425
266,640
5.95%, 11/15/52
 
525
529,535
6.20%, 11/15/53
 
150
156,763
Duke Energy Indiana LLC
 
6.35%, 08/15/38(a)
 
275
299,195
6.45%, 04/01/39
 
200
217,670
3.75%, 05/15/46
 
463
350,062
2.75%, 04/01/50
 
500
302,359
5.40%, 04/01/53
 
500
464,546
5.90%, 05/15/55
 
260
259,187
Series WWW, 4.90%, 07/15/43
 
163
148,032
Series YYY, 3.25%, 10/01/49
 
350
235,345
Duke Energy Ohio, Inc.
 
3.70%, 06/15/46
 
163
121,080
4.30%, 02/01/49
 
300
237,580
5.65%, 04/01/53
 
225
217,168
5.55%, 03/15/54
 
475
452,065
Duke Energy Progress LLC
 
6.30%, 04/01/38
 
300
322,348
4.10%, 05/15/42
 
722
601,017
4.10%, 03/15/43
 
863
710,783
4.38%, 03/30/44
 
326
273,628
4.15%, 12/01/44
 
313
253,745
4.20%, 08/15/45
 
363
294,671
3.70%, 10/15/46
 
288
214,686
3.60%, 09/15/47
 
829
601,260
2.50%, 08/15/50
 
413
235,374
2.90%, 08/15/51
 
376
230,626
4.00%, 04/01/52(a)
 
300
226,004
5.35%, 03/15/53
 
500
464,716
5.55%, 03/15/55
 
775
742,165
Emera U.S. Finance LP, 4.75%, 06/15/46(a)
 
988
819,620
Entergy Arkansas LLC
 
4.20%, 04/01/49
 
425
333,199
Security
 
Par
(000)
Value
Electric Utilities (continued)
Entergy Arkansas LLC (continued)
 
2.65%, 06/15/51
$
975
$ 564,593
3.35%, 06/15/52
 
338
222,705
5.75%, 06/01/54
 
200
195,151
5.75%, 01/15/56
 
475
463,285
Entergy Corp., 3.75%, 06/15/50
 
714
506,011
Entergy Louisiana LLC
 
3.10%, 06/15/41
 
525
393,863
4.95%, 01/15/45
 
550
499,860
4.20%, 09/01/48
 
913
721,873
4.20%, 04/01/50
 
579
450,940
2.90%, 03/15/51
 
743
458,579
4.75%, 09/15/52(a)
 
500
422,524
5.70%, 03/15/54
 
775
751,959
5.80%, 03/15/55
 
525
515,166
5.65%, 04/15/56
 
680
652,523
Entergy Mississippi LLC
 
3.85%, 06/01/49
 
413
306,264
3.50%, 06/01/51
 
325
224,354
5.85%, 06/01/54
 
275
270,999
5.80%, 04/15/55
 
575
563,451
Entergy Texas, Inc.
 
4.50%, 03/30/39
 
425
387,158
3.55%, 09/30/49
 
405
283,552
5.00%, 09/15/52
 
300
262,128
5.80%, 09/01/53
 
175
172,717
5.55%, 09/15/54
 
125
118,044
Evergy Kansas Central, Inc.
 
4.13%, 03/01/42
 
575
478,292
4.10%, 04/01/43(a)
 
400
328,110
4.25%, 12/01/45
 
211
170,975
3.25%, 09/01/49
 
213
142,881
3.45%, 04/15/50
 
513
355,520
5.70%, 03/15/53
 
320
312,824
Evergy Metro, Inc.
 
5.30%, 10/01/41
 
340
330,162
4.20%, 06/15/47
 
225
178,418
4.20%, 03/15/48(a)
 
250
197,761
Series 2019, 4.13%, 04/01/49
 
250
197,486
Eversource Energy, 3.45%, 01/15/50
 
929
637,227
Exelon Corp.
 
5.10%, 06/15/45
 
763
689,459
4.45%, 04/15/46
 
400
327,836
4.70%, 04/15/50
 
738
612,842
4.10%, 03/15/52
 
459
345,499
5.60%, 03/15/53
 
975
918,512
5.88%, 03/15/55
 
450
437,863
FirstEnergy Corp.
 
Series C, 4.85%, 07/15/47
 
750
644,082
Series C, 3.40%, 03/01/50
 
950
633,013
Florida Power & Light Co.
 
5.65%, 02/01/37(a)
 
500
524,697
5.95%, 02/01/38
 
650
694,607
5.96%, 04/01/39
 
450
477,996
5.69%, 03/01/40
 
313
322,935
5.25%, 02/01/41
 
413
408,703
4.13%, 02/01/42
 
663
564,816
4.05%, 06/01/42
 
700
588,924
3.80%, 12/15/42
 
400
320,848
4.05%, 10/01/44
 
420
341,763
3.70%, 12/01/47
 
829
619,083
3.95%, 03/01/48
 
963
750,911
4.13%, 06/01/48
 
413
329,033
74
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Florida Power & Light Co. (continued)
 
3.99%, 03/01/49
$
663
$ 513,686
3.15%, 10/01/49
 
583
389,897
2.88%, 12/04/51(a)
 
1,150
714,956
5.30%, 04/01/53(a)
 
795
743,509
5.60%, 06/15/54
 
845
824,184
5.70%, 03/15/55
 
965
954,444
5.80%, 03/15/65
 
575
567,671
5.60%, 02/15/66
 
950
907,179
Georgia Power Co.
 
4.30%, 03/15/42
 
1,229
1,060,523
4.30%, 03/15/43
 
40
33,803
5.13%, 05/15/52(a)
 
730
665,724
5.50%, 10/01/55(a)
 
675
645,985
Series 2010-C, 4.75%, 09/01/40
 
150
140,302
Series A, 3.25%, 03/15/51
 
775
519,584
Series B, 3.70%, 01/30/50
 
529
385,657
Iberdrola International BV, 6.75%, 07/15/36(a)
 
400
451,224
Idaho Power Co.
 
5.50%, 03/15/53
 
320
306,155
5.80%, 04/01/54
 
296
294,459
5.70%, 03/15/55(a)
 
330
325,485
Series K, 4.20%, 03/01/48
 
325
259,853
Indiana Michigan Power Co.
 
4.25%, 08/15/48
 
413
326,629
3.25%, 05/01/51
 
400
261,550
5.63%, 04/01/53
 
455
439,492
5.60%, 03/15/56
 
925
890,034
Series H, 6.05%, 03/15/37
 
513
545,475
Series K, 4.55%, 03/15/46
 
346
290,418
Series L, 3.75%, 07/01/47
 
229
169,026
Interstate Power and Light Co.
 
6.25%, 07/15/39
 
260
274,449
3.70%, 09/15/46
 
313
228,980
3.50%, 09/30/49(a)
 
177
122,343
3.10%, 11/30/51
 
355
223,826
5.45%, 09/30/54
 
400
370,337
5.60%, 10/01/55
 
430
407,944
ITC Holdings Corp., 5.30%, 07/01/43
 
100
91,496
John Sevier Combined Cycle Generation LLC, 4.63%,
01/15/42
 
473
455,807
Johnsonville Aeroderivative Combustion Turbine
Generation LLC, 5.08%, 10/01/54
 
491
461,106
Kentucky Utilities Co.
 
5.13%, 11/01/40
 
450
432,477
4.38%, 10/01/45
 
829
685,294
3.30%, 06/01/50
 
375
251,830
5.85%, 08/15/55
 
860
853,356
Louisville Gas and Electric Co.
 
4.25%, 04/01/49
 
454
360,308
5.85%, 08/15/55
 
715
707,468
MidAmerican Energy Co.
 
5.80%, 10/15/36(a)
 
500
526,938
4.80%, 09/15/43
 
613
550,196
4.40%, 10/15/44
 
329
277,776
4.25%, 05/01/46
 
325
266,178
3.95%, 08/01/47
 
400
309,646
3.65%, 08/01/48
 
1,013
743,401
4.25%, 07/15/49
 
943
755,824
3.15%, 04/15/50
 
813
540,506
2.70%, 08/01/52
 
425
255,907
5.85%, 09/15/54
 
800
800,324
5.30%, 02/01/55
 
470
435,155
Security
 
Par
(000)
Value
Electric Utilities (continued)
MidAmerican Energy Co. (continued)
 
5.50%, 11/15/56
$
250
$ 238,528
Mississippi Power Co.
 
Series 12-A, 4.25%, 03/15/42
 
388
324,627
Series B, 3.10%, 07/30/51
 
413
265,836
National Rural Utilities Cooperative Finance Corp.
 
4.40%, 11/01/48
 
270
221,239
4.30%, 03/15/49
 
468
381,875
Nevada Power Co.
 
6.00%, 03/15/54
 
450
450,169
Series EE, 3.13%, 08/01/50(a)
 
429
273,921
Series GG, 5.90%, 05/01/53
 
350
345,470
NextEra Energy Capital Holdings, Inc.
 
3.00%, 01/15/52
 
754
463,960
5.25%, 02/28/53(a)
 
1,000
900,910
5.55%, 03/15/54(a)
 
700
656,106
5.90%, 03/15/55(a)
 
550
538,881
5.85%, 03/01/56
 
600
583,012
Northern States Power Co.
 
6.25%, 06/01/36
 
200
217,105
6.20%, 07/01/37
 
400
434,595
5.35%, 11/01/39(a)
 
350
348,905
3.40%, 08/15/42
 
505
387,232
3.60%, 09/15/47
 
953
703,384
2.90%, 03/01/50
 
391
251,997
2.60%, 06/01/51
 
936
561,167
3.20%, 04/01/52
 
295
198,813
4.50%, 06/01/52
 
326
270,301
5.10%, 05/15/53
 
650
587,552
5.40%, 03/15/54(a)
 
720
681,519
5.65%, 06/15/54
 
400
390,638
5.65%, 05/15/55
 
380
371,177
5.55%, 05/15/56
 
950
914,686
NorthWestern Corp., 4.18%, 11/15/44
 
275
223,730
NSTAR Electric Co.
 
5.50%, 03/15/40(a)
 
100
98,754
4.40%, 03/01/44(a)
 
250
212,256
3.10%, 06/01/51
 
250
162,474
4.55%, 06/01/52
 
431
358,752
4.95%, 09/15/52
 
425
375,868
Oglethorpe Power Corp.
 
5.95%, 11/01/39
 
350
361,466
5.38%, 11/01/40
 
300
290,914
4.50%, 04/01/47
 
379
309,234
5.05%, 10/01/48
 
329
288,147
3.75%, 08/01/50
 
263
186,479
5.25%, 09/01/50
 
400
357,954
6.20%, 12/01/53
 
325
329,952
5.80%, 06/01/54(a)
 
450
431,885
5.90%, 02/01/55
 
225
218,743
Ohio Edison Co., 6.88%, 07/15/36
 
350
391,853
Ohio Power Co.
 
4.15%, 04/01/48
 
404
311,584
4.00%, 06/01/49
 
400
296,859
Series R, 2.90%, 10/01/51
 
609
364,423
Oklahoma Gas and Electric Co.
 
4.15%, 04/01/47
 
200
158,852
3.85%, 08/15/47
 
150
114,129
5.60%, 04/01/53
 
495
474,059
5.80%, 04/01/55
 
230
226,364
5.90%, 04/01/56
 
545
544,572
Oncor Electric Delivery Co. LLC
 
5.25%, 09/30/40
 
463
449,382
Schedule of Investments
75
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Oncor Electric Delivery Co. LLC (continued)
 
4.55%, 12/01/41
$
450
$ 397,306
5.30%, 06/01/42
 
345
330,240
3.75%, 04/01/45
 
563
431,216
3.80%, 09/30/47
 
404
301,979
4.10%, 11/15/48
 
413
322,255
3.80%, 06/01/49
 
529
387,527
3.10%, 09/15/49
 
709
459,437
3.70%, 05/15/50
 
270
195,324
2.70%, 11/15/51
 
626
364,430
4.60%, 06/01/52
 
200
163,291
4.95%, 09/15/52
 
800
699,275
5.35%, 10/01/52
 
300
276,219
5.55%, 06/15/54
 
700
663,776
5.80%, 04/01/55
 
650
639,699
5.90%, 03/15/56(b)
 
1,050
1,041,185
Pacific Gas and Electric Co.
 
4.50%, 07/01/40
 
2,084
1,790,815
3.30%, 08/01/40
 
941
703,357
4.20%, 06/01/41
 
712
579,833
4.45%, 04/15/42
 
425
350,421
3.75%, 08/15/42
 
350
260,985
4.60%, 06/15/43
 
275
226,520
4.75%, 02/15/44(a)
 
613
512,169
4.30%, 03/15/45
 
376
294,293
4.25%, 03/15/46
 
325
248,998
4.00%, 12/01/46
 
510
374,395
3.95%, 12/01/47
 
905
660,111
4.95%, 07/01/50
 
3,171
2,633,014
3.50%, 08/01/50
 
2,495
1,648,529
5.25%, 03/01/52
 
543
465,108
6.75%, 01/15/53
 
930
968,970
6.70%, 04/01/53
 
665
689,377
5.90%, 10/01/54
 
850
794,966
6.15%, 03/01/55
 
475
461,179
6.10%, 10/15/55
 
1,100
1,060,211
6.00%, 05/01/56
 
560
532,646
PacifiCorp.
 
6.10%, 08/01/36
 
200
208,075
5.75%, 04/01/37(a)
 
700
707,408
6.25%, 10/15/37
 
300
314,179
6.35%, 07/15/38
 
243
255,261
6.00%, 01/15/39
 
525
534,131
4.10%, 02/01/42
 
363
289,479
4.13%, 01/15/49
 
429
322,565
4.15%, 02/15/50
 
763
572,815
3.30%, 03/15/51
 
825
528,352
2.90%, 06/15/52
 
976
572,747
5.35%, 12/01/53
 
1,150
1,014,919
5.50%, 05/15/54
 
1,135
1,023,177
5.80%, 01/15/55
 
1,150
1,082,822
PECO Energy Co.
 
5.95%, 10/01/36
 
240
255,134
4.15%, 10/01/44
 
275
224,212
3.70%, 09/15/47
 
300
223,330
3.90%, 03/01/48
 
829
632,124
3.00%, 09/15/49
 
226
145,108
2.80%, 06/15/50
 
225
137,238
3.05%, 03/15/51
 
332
212,311
2.85%, 09/15/51
 
443
270,180
4.60%, 05/15/52
 
300
249,271
4.38%, 08/15/52
 
400
322,381
5.25%, 09/15/54
 
355
326,038
Security
 
Par
(000)
Value
Electric Utilities (continued)
PECO Energy Co. (continued)
 
5.65%, 09/15/55
$
590
$ 576,998
Potomac Electric Power Co.
 
6.50%, 11/15/37
 
450
494,448
4.15%, 03/15/43
 
613
505,820
5.50%, 03/15/54(a)
 
300
283,806
PPL Electric Utilities Corp.
 
6.25%, 05/15/39
 
250
269,766
4.75%, 07/15/43(a)
 
363
324,089
4.13%, 06/15/44
 
300
246,072
4.15%, 10/01/45
 
300
244,368
3.95%, 06/01/47
 
100
77,415
4.15%, 06/15/48
 
500
396,918
3.00%, 10/01/49
 
110
70,793
5.25%, 05/15/53
 
700
647,866
5.55%, 08/15/55
 
400
386,524
Progress Energy, Inc., 6.00%, 12/01/39
 
800
826,403
Public Service Co. of Colorado
 
6.50%, 08/01/38
 
200
219,415
3.60%, 09/15/42
 
563
432,245
4.30%, 03/15/44
 
300
248,257
3.80%, 06/15/47
 
329
244,648
4.10%, 06/15/48
 
400
310,389
4.05%, 09/15/49
 
329
251,197
5.25%, 04/01/53
 
950
859,937
5.75%, 05/15/54
 
650
631,731
5.85%, 05/15/55
 
700
692,175
Series 17, 6.25%, 09/01/37
 
300
322,167
Series 34, 3.20%, 03/01/50
 
600
395,273
Series 36, 2.70%, 01/15/51
 
460
270,596
Series 39, 4.50%, 06/01/52
 
500
404,637
Public Service Co. of New Hampshire
 
3.60%, 07/01/49
 
329
237,020
5.15%, 01/15/53
 
275
250,773
Public Service Co. of Oklahoma, Series K, 3.15%,
08/15/51
 
430
273,209
Public Service Electric and Gas Co.
 
5.50%, 03/01/40
 
100
100,428
3.95%, 05/01/42
 
460
378,054
3.65%, 09/01/42(a)
 
400
315,057
3.80%, 01/01/43
 
435
346,380
3.80%, 03/01/46(a)
 
436
334,787
3.60%, 12/01/47
 
300
219,814
4.05%, 05/01/48
 
375
293,184
3.85%, 05/01/49
 
413
312,977
3.20%, 08/01/49
 
400
267,793
3.15%, 01/01/50
 
429
283,712
2.70%, 05/01/50
 
350
216,029
2.05%, 08/01/50
 
400
209,342
3.00%, 03/01/51
 
429
273,956
5.13%, 03/15/53
 
415
377,719
5.45%, 08/01/53
 
300
285,945
5.45%, 03/01/54
 
400
380,554
5.30%, 08/01/54
 
550
512,415
Series E, 5.80%, 05/01/37
 
388
411,942
Series Q, 5.50%, 03/01/55
 
265
255,056
Series R, 5.63%, 01/01/56(a)
 
330
323,573
Puget Sound Energy, Inc.
 
6.27%, 03/15/37
 
400
427,999
5.76%, 10/01/39
 
300
304,819
5.80%, 03/15/40
 
213
215,129
5.64%, 04/15/41(a)
 
250
248,534
4.30%, 05/20/45
 
200
163,509
76
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Puget Sound Energy, Inc. (continued)
 
4.22%, 06/15/48
$
513
$ 409,993
3.25%, 09/15/49
 
370
246,811
2.89%, 09/15/51
 
300
185,251
5.45%, 06/01/53
 
320
302,001
5.69%, 06/15/54
 
450
441,148
5.60%, 09/15/55
 
500
481,842
San Diego Gas & Electric Co.
 
6.00%, 06/01/39
 
400
417,169
4.50%, 08/15/40
 
400
360,181
4.15%, 05/15/48
 
229
178,405
3.70%, 03/15/52
 
375
265,513
5.35%, 04/01/53
 
895
827,138
5.55%, 04/15/54(a)
 
400
378,843
Series EEEE, 5.95%, 03/15/56
 
385
383,473
Series RRR, 3.75%, 06/01/47
 
550
406,587
Series TTT, 4.10%, 06/15/49
 
250
192,044
Series UUU, 3.32%, 04/15/50
 
200
133,543
Series WWW, 2.95%, 08/15/51
 
800
500,352
Sempra
 
3.80%, 02/01/38
 
1,129
954,135
6.00%, 10/15/39
 
659
672,875
4.00%, 02/01/48
 
779
579,758
Sierra Pacific Power Co., 5.90%, 03/15/54
 
250
246,467
Southern California Edison Co.
 
6.05%, 03/15/39
 
400
405,915
5.50%, 03/15/40
 
425
408,929
4.50%, 09/01/40
 
354
304,250
4.05%, 03/15/42
 
340
266,096
4.65%, 10/01/43
 
263
219,553
4.00%, 04/01/47
 
1,779
1,311,918
3.65%, 02/01/50
 
1,579
1,080,123
3.45%, 02/01/52
 
805
522,690
5.70%, 03/01/53
 
465
425,078
5.88%, 12/01/53(a)
 
670
629,624
5.75%, 04/15/54
 
450
412,422
5.90%, 03/01/55
 
365
343,614
6.20%, 09/15/55
 
675
661,585
Series 2006-E, 5.55%, 01/15/37
 
125
124,499
Series 2008-A, 5.95%, 02/01/38
 
513
518,370
Series 2013-A, 3.90%, 03/15/43
 
482
364,436
Series 20A, 2.95%, 02/01/51
 
900
536,933
Series B, 4.88%, 03/01/49
 
563
466,563
Series C, 3.60%, 02/01/45
 
438
308,675
Series C, 4.13%, 03/01/48
 
1,479
1,102,590
Series E, 5.45%, 06/01/52
 
268
236,621
Series H, 3.65%, 06/01/51
 
429
291,315
Southern Co.
 
4.25%, 07/01/36
 
775
712,923
4.40%, 07/01/46
 
1,920
1,580,972
Southern Power Co.
 
5.15%, 09/15/41(a)
 
725
684,197
5.25%, 07/15/43
 
113
105,537
Series F, 4.95%, 12/15/46
 
354
308,568
Southwestern Electric Power Co.
 
6.20%, 03/15/40
 
250
258,069
3.25%, 11/01/51(a)
 
979
627,393
5.90%, 04/01/56(a)
 
650
630,326
Series J, 3.90%, 04/01/45
 
440
331,952
Series L, 3.85%, 02/01/48
 
613
446,236
Southwestern Public Service Co.
 
4.50%, 08/15/41
 
200
175,017
3.40%, 08/15/46
 
150
105,204
Security
 
Par
(000)
Value
Electric Utilities (continued)
Southwestern Public Service Co. (continued)
 
3.70%, 08/15/47
$
413
$ 302,499
3.75%, 06/15/49(a)
 
429
307,985
6.00%, 06/01/54
 
500
500,953
Series 6, 4.40%, 11/15/48
 
250
200,945
Series 8, 3.15%, 05/01/50
 
704
453,370
Tampa Electric Co.
 
4.10%, 06/15/42
 
113
93,997
4.35%, 05/15/44
 
300
249,520
4.30%, 06/15/48
 
279
224,975
4.45%, 06/15/49
 
461
377,109
3.63%, 06/15/50(a)
 
425
303,555
3.45%, 03/15/51(a)
 
225
155,511
5.00%, 07/15/52(a)
 
250
223,283
Toledo Edison Co., 6.15%, 05/15/37
 
176
189,320
Tucson Electric Power Co.
 
4.85%, 12/01/48
 
163
141,054
4.00%, 06/15/50
 
500
378,287
3.25%, 05/01/51
 
230
150,905
5.50%, 04/15/53(a)
 
225
212,351
5.90%, 04/15/55(a)
 
175
173,335
Union Electric Co.
 
5.30%, 08/01/37
 
300
302,781
8.45%, 03/15/39
 
300
382,622
3.90%, 09/15/42
 
440
355,269
3.65%, 04/15/45
 
535
402,164
4.00%, 04/01/48
 
104
80,616
3.25%, 10/01/49
 
413
277,259
2.63%, 03/15/51
 
525
307,638
3.90%, 04/01/52
 
529
394,668
5.45%, 03/15/53
 
200
188,898
5.25%, 01/15/54
 
350
320,706
5.13%, 03/15/55
 
250
225,585
5.55%, 03/15/56
 
425
408,117
Virginia Electric and Power Co.
 
6.35%, 11/30/37
 
550
594,529
8.88%, 11/15/38
 
750
978,599
4.00%, 01/15/43
 
638
514,344
4.45%, 02/15/44
 
538
455,733
4.60%, 12/01/48
 
424
351,629
3.30%, 12/01/49
 
559
371,468
2.45%, 12/15/50
 
1,166
651,653
2.95%, 11/15/51
 
563
346,505
5.45%, 04/01/53
 
635
593,611
5.70%, 08/15/53(a)
 
650
629,286
5.35%, 01/15/54
 
575
529,632
5.55%, 08/15/54
 
580
547,981
5.65%, 03/15/55
 
775
742,048
5.70%, 03/15/56
 
1,400
1,347,186
Series A, 6.00%, 05/15/37
 
663
699,845
Series B, 4.20%, 05/15/45
 
300
242,310
Series B, 3.80%, 09/15/47
 
663
495,433
Series C, 4.00%, 11/15/46
 
575
441,337
Series C, 4.63%, 05/15/52(a)
 
779
642,770
Series D, 4.65%, 08/15/43
 
313
272,273
Series D, 5.60%, 09/15/55
 
1,070
1,017,467
Wisconsin Electric Power Co.
 
5.70%, 12/01/36(a)
 
250
264,265
4.30%, 10/15/48
 
245
199,598
5.05%, 10/01/54(a)
 
160
142,878
5.65%, 03/15/56
 
575
560,958
Wisconsin Power and Light Co.
 
6.38%, 08/15/37(a)
 
200
216,319
Schedule of Investments
77
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Wisconsin Power and Light Co. (continued)
 
3.65%, 04/01/50
$
300
$ 212,256
5.70%, 12/15/55(a)
 
350
338,694
Wisconsin Public Service Corp.
 
3.67%, 12/01/42
 
100
77,811
4.75%, 11/01/44
 
350
306,834
3.30%, 09/01/49
 
516
348,326
2.85%, 12/01/51
 
253
153,612
Xcel Energy, Inc.
 
6.50%, 07/01/36
 
350
377,174
3.50%, 12/01/49
 
530
368,831
 
 
265,862,053
Electronic Equipment, Instruments & Components — 0.3%
ABB Finance USA, Inc., 4.38%, 05/08/42
 
425
373,782
Amphenol Corp.
 
5.38%, 11/15/54(a)
 
425
406,719
5.30%, 11/15/55
 
1,165
1,089,814
Emerson Electric Co.
 
5.25%, 11/15/39
 
100
100,426
2.75%, 10/15/50
 
729
449,499
2.80%, 12/21/51
 
1,132
695,798
Fortive Corp., 4.30%, 06/15/46
 
575
466,132
GE Vernova, Inc., 5.50%, 02/04/56
 
645
617,876
Honeywell International, Inc.
 
3.81%, 11/21/47
 
363
275,322
2.80%, 06/01/50
 
859
545,881
Tyco Electronics Group SA, 7.13%, 10/01/37
 
425
489,180
Vertiv Holdings Co.
 
5.65%, 03/15/46
 
260
249,940
5.80%, 03/15/56
 
215
208,054
5.95%, 03/15/66
 
345
333,549
 
 
6,301,972
Energy Equipment & Services — 0.4%
Baker Hughes Holdings LLC, 5.13%, 09/15/40
 
1,001
965,976
Baker Hughes Holdings LLC/Baker Hughes Co-
Obligor, Inc.
 
4.08%, 12/15/47(a)
 
1,268
1,001,757
5.85%, 06/15/56
 
1,735
1,711,903
Halliburton Co.
 
6.70%, 09/15/38(a)
 
600
665,560
7.45%, 09/15/39
 
805
946,629
4.50%, 11/15/41
 
550
476,959
4.75%, 08/01/43
 
786
690,403
5.00%, 11/15/45
 
1,709
1,530,533
NOV, Inc., 3.95%, 12/01/42(a)
 
1,092
862,763
 
 
8,852,483
Environmental, Maintenance & Security Service — 0.2%
Republic Services, Inc.
 
6.20%, 03/01/40
 
300
325,720
5.70%, 05/15/41
 
325
335,353
3.05%, 03/01/50(a)
 
350
230,601
Waste Connections, Inc.
 
4.80%, 07/15/36
 
200
195,742
3.05%, 04/01/50
 
404
265,220
2.95%, 01/15/52(a)
 
675
425,742
Waste Management, Inc.
 
2.95%, 06/01/41
 
420
313,026
4.10%, 03/01/45
 
530
438,185
Security
 
Par
(000)
Value
Environmental, Maintenance & Security Service (continued)
Waste Management, Inc. (continued)
 
4.15%, 07/15/49(a)
$
488
$ 393,571
2.50%, 11/15/50
 
575
341,655
5.35%, 10/15/54(a)
 
1,105
1,051,760
 
 
4,316,575
Financial Services — 0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation
Trust, 3.85%, 10/29/41
 
1,325
1,064,533
Apollo Global Management, Inc., 5.80%, 05/21/54(a)
 
650
614,541
Ares Management Corp., 5.60%, 10/11/54
 
700
626,941
Blue Owl Finance LLC, 4.13%, 10/07/51(a)
 
300
200,024
Brookfield Asset Management Ltd., 6.08%, 09/15/55
 
775
765,823
Brookfield Finance LLC/Brookfield Finance, Inc.,
3.45%, 04/15/50(a)
 
725
478,662
Brookfield Finance, Inc.
 
4.70%, 09/20/47(a)
 
873
729,525
3.50%, 03/30/51
 
681
456,010
3.63%, 02/15/52
 
329
222,840
5.97%, 03/04/54
 
915
892,072
5.81%, 03/03/55
 
350
334,000
CI Financial Corp., 4.10%, 06/15/51
 
400
265,840
CME Group, Inc.
 
5.30%, 09/15/43
 
979
964,765
4.15%, 06/15/48(a)
 
400
331,641
Franklin Resources, Inc., 2.95%, 08/12/51(a)
 
325
201,087
Intercontinental Exchange, Inc.
 
2.65%, 09/15/40
 
1,229
896,508
4.25%, 09/21/48
 
1,113
899,717
3.00%, 06/15/50
 
1,159
750,788
4.95%, 06/15/52(a)
 
1,371
1,228,600
3.00%, 09/15/60
 
1,435
838,117
5.20%, 06/15/62
 
1,125
1,005,588
Invesco Finance PLC, 5.38%, 11/30/43
 
513
485,382
Jefferies Financial Group, Inc., 6.50%, 01/20/43
 
100
98,935
Legg Mason, Inc., 5.63%, 01/15/44(a)
 
616
600,389
Nasdaq, Inc.
 
2.50%, 12/21/40
 
250
174,603
3.25%, 04/28/50
 
130
86,761
3.95%, 03/07/52
 
1,102
813,261
5.95%, 08/15/53(a)
 
550
551,017
6.10%, 06/28/63
 
750
756,778
Raymond James Financial, Inc.
 
4.95%, 07/15/46
 
713
634,776
3.75%, 04/01/51
 
750
540,563
5.65%, 09/11/55(a)
 
740
707,255
Voya Financial, Inc.
 
5.70%, 07/15/43(a)
 
338
324,980
4.80%, 06/15/46
 
305
261,465
 
 
19,803,787
Food Products — 1.6%
Archer-Daniels-Midland Co.
 
4.54%, 03/26/42
 
275
243,416
4.02%, 04/16/43
 
459
376,778
3.75%, 09/15/47
 
404
305,575
4.50%, 03/15/49
 
554
467,134
2.70%, 09/15/51
 
575
342,749
Conagra Brands, Inc.
 
5.30%, 11/01/38
 
929
865,246
5.40%, 11/01/48(a)
 
873
744,957
78
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Food Products (continued)
Flowers Foods, Inc., 6.20%, 03/15/55
$
250
$ 209,895
General Mills, Inc.
 
5.40%, 06/15/40
 
450
436,537
4.15%, 02/15/43
 
450
360,168
4.70%, 04/17/48(a)
 
325
269,950
3.00%, 02/01/51(a)
 
621
379,622
Hershey Co.
 
3.38%, 08/15/46
 
275
199,502
3.13%, 11/15/49
 
313
208,975
2.65%, 06/01/50
 
200
121,064
Hormel Foods Corp., 3.05%, 06/03/51
 
613
390,114
Ingredion, Inc., 3.90%, 06/01/50
 
313
231,688
J.M. Smucker Co.
 
6.50%, 11/15/43(a)
 
800
837,646
4.38%, 03/15/45
 
513
419,298
6.50%, 11/15/53(a)
 
855
895,466
JBS NV/JBS USA Foods Group Holdings, Inc./JBS
USA Food Co. Holdings
 
5.63%, 03/10/37(b)
 
790
787,603
4.38%, 02/02/52
 
1,150
863,903
6.50%, 12/01/52
 
1,325
1,327,562
7.25%, 11/15/53
 
875
951,160
6.38%, 02/25/55
 
510
503,982
6.25%, 03/01/56
 
1,050
1,015,230
6.40%, 05/10/57(a)(b)
 
665
653,716
6.38%, 04/15/66
 
1,050
1,010,813
Kellanova
 
4.50%, 04/01/46
 
503
428,212
5.75%, 05/16/54
 
300
292,577
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40
 
400
402,385
Kraft Heinz Foods Co.
 
6.88%, 01/26/39
 
813
883,490
4.63%, 10/01/39
 
388
342,604
6.50%, 02/09/40
 
321
336,063
5.00%, 06/04/42
 
1,237
1,092,102
5.20%, 07/15/45
 
1,428
1,250,085
4.38%, 06/01/46
 
2,452
1,920,274
4.88%, 10/01/49
 
1,537
1,258,837
5.50%, 06/01/50
 
863
771,961
Kroger Co.
 
6.90%, 04/15/38
 
350
395,033
5.40%, 07/15/40(a)
 
500
487,734
5.00%, 04/15/42
 
350
321,968
5.15%, 08/01/43
 
209
192,779
3.88%, 10/15/46
 
613
462,095
4.45%, 02/01/47
 
729
595,678
4.65%, 01/15/48(a)
 
213
178,010
5.40%, 01/15/49
 
713
662,172
3.95%, 01/15/50
 
725
538,683
5.50%, 09/15/54
 
1,640
1,519,484
5.65%, 09/15/64
 
1,445
1,341,337
McCormick & Co., Inc., 4.20%, 08/15/47
 
360
280,083
Mondelez International, Inc., 2.63%, 09/04/50
 
1,055
622,479
Sysco Corp.
 
6.60%, 04/01/40
 
650
696,356
4.85%, 10/01/45
 
372
317,674
4.50%, 04/01/46
 
328
266,245
4.45%, 03/15/48
 
213
169,878
3.30%, 02/15/50
 
600
392,541
6.60%, 04/01/50(a)
 
979
1,021,052
3.15%, 12/14/51
 
1,000
621,778
Security
 
Par
(000)
Value
Food Products (continued)
The Campbell’s Co.
 
4.80%, 03/15/48
$
720
$ 570,077
3.13%, 04/24/50
 
540
321,954
5.25%, 10/13/54(a)
 
275
225,166
Tyson Foods, Inc.
 
5.15%, 08/15/44
 
413
379,797
4.55%, 06/02/47
 
713
601,245
5.10%, 09/28/48(a)
 
1,268
1,146,219
 
 
38,725,856
Gas Utilities — 0.0%
Washington Gas Light Co.
 
3.65%, 09/15/49
 
338
240,736
Series K, 3.80%, 09/15/46
 
275
206,834
 
 
447,570
Ground Transportation — 2.5%
Burlington Northern Santa Fe LLC
 
6.20%, 08/15/36
 
250
272,406
6.15%, 05/01/37
 
650
707,562
5.75%, 05/01/40
 
750
781,686
5.05%, 03/01/41
 
750
727,724
5.40%, 06/01/41
 
500
500,091
4.95%, 09/15/41
 
350
334,702
4.40%, 03/15/42
 
347
305,894
4.38%, 09/01/42
 
613
533,620
4.45%, 03/15/43
 
330
287,834
5.15%, 09/01/43
 
963
914,042
4.90%, 04/01/44
 
1,013
929,398
4.55%, 09/01/44
 
813
707,991
4.15%, 04/01/45
 
1,063
873,336
4.70%, 09/01/45
 
738
652,366
3.90%, 08/01/46
 
809
631,540
4.13%, 06/15/47
 
763
613,513
4.05%, 06/15/48
 
529
415,131
4.15%, 12/15/48
 
913
728,352
3.55%, 02/15/50
 
931
666,815
3.05%, 02/15/51
 
679
436,256
3.30%, 09/15/51
 
1,129
759,988
2.88%, 06/15/52
 
175
107,344
4.45%, 01/15/53
 
850
697,679
5.20%, 04/15/54
 
810
745,827
5.50%, 03/15/55
 
1,360
1,309,769
5.55%, 03/15/56
 
700
676,615
5.80%, 03/15/56(a)
 
1,125
1,126,420
Canadian National Railway Co.
 
6.20%, 06/01/36
 
350
379,450
6.38%, 11/15/37
 
200
220,457
3.20%, 08/02/46
 
460
323,909
3.65%, 02/03/48
 
393
293,335
4.45%, 01/20/49
 
700
585,986
2.45%, 05/01/50
 
524
305,697
4.40%, 08/05/52(a)
 
693
575,482
6.13%, 11/01/53
 
185
193,823
Canadian Pacific Railway Co.
 
5.95%, 05/15/37
 
350
372,383
3.00%, 12/02/41
 
892
657,237
4.30%, 05/15/43
 
325
276,934
4.80%, 08/01/45
 
619
552,162
4.95%, 08/15/45
 
325
295,465
4.70%, 05/01/48
 
413
357,614
3.50%, 05/01/50
 
438
308,983
3.10%, 12/02/51(a)
 
1,492
971,727
5.50%, 03/15/56
 
700
667,204
Schedule of Investments
79
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Ground Transportation (continued)
Canadian Pacific Railway Co. (continued)
 
4.20%, 11/15/69
$
177
$ 130,381
6.13%, 09/15/2115
 
913
920,898
CSX Corp.
 
6.00%, 10/01/36(a)
 
125
134,030
6.15%, 05/01/37
 
650
702,463
6.22%, 04/30/40
 
750
811,015
5.50%, 04/15/41(a)
 
550
553,985
4.75%, 05/30/42
 
511
466,642
4.40%, 03/01/43
 
100
87,183
4.10%, 03/15/44
 
650
535,646
3.80%, 11/01/46
 
750
575,350
4.30%, 03/01/48
 
995
812,974
4.75%, 11/15/48
 
525
456,398
4.50%, 03/15/49
 
429
357,250
3.35%, 09/15/49
 
590
406,240
3.80%, 04/15/50
 
554
411,088
3.95%, 05/01/50
 
871
663,327
2.50%, 05/15/51
 
675
394,886
4.50%, 11/15/52(a)
 
925
770,099
4.50%, 08/01/54
 
413
340,234
4.90%, 03/15/55(a)
 
610
539,452
4.25%, 11/01/66
 
513
385,039
4.65%, 03/01/68
 
513
413,499
Norfolk Southern Corp.
 
4.84%, 10/01/41
 
600
555,478
3.95%, 10/01/42
 
626
510,549
4.45%, 06/15/45
 
563
479,111
4.65%, 01/15/46
 
525
456,378
3.94%, 11/01/47
 
745
575,092
4.15%, 02/28/48
 
713
568,561
4.10%, 05/15/49
 
50
38,839
3.40%, 11/01/49
 
476
327,124
3.05%, 05/15/50
 
875
562,462
2.90%, 08/25/51
 
626
384,758
4.05%, 08/15/52
 
829
631,474
3.70%, 03/15/53
 
422
300,159
4.55%, 06/01/53
 
875
724,111
5.35%, 08/01/54(a)
 
1,100
1,025,749
3.16%, 05/15/55
 
954
603,584
5.95%, 03/15/64
 
425
423,532
5.10%, 08/01/2118
 
275
234,306
4.10%, 05/15/2121
 
279
188,840
Union Pacific Corp.
 
3.60%, 09/15/37
 
561
492,418
3.55%, 08/15/39
 
500
421,303
3.20%, 05/20/41
 
1,050
811,718
3.38%, 02/14/42
 
493
382,368
4.05%, 11/15/45
 
388
311,324
4.05%, 03/01/46
 
516
412,761
3.35%, 08/15/46
 
275
195,767
4.00%, 04/15/47
 
500
392,334
4.50%, 09/10/48
 
413
346,783
4.30%, 03/01/49
 
750
611,891
3.25%, 02/05/50
 
1,611
1,095,823
3.80%, 10/01/51
 
1,213
895,895
2.95%, 03/10/52
 
786
492,690
4.95%, 09/09/52
 
575
517,033
3.50%, 02/14/53
 
1,216
846,657
4.95%, 05/15/53
 
625
555,453
5.60%, 12/01/54(a)
 
825
805,597
3.88%, 02/01/55
 
400
294,687
Security
 
Par
(000)
Value
Ground Transportation (continued)
Union Pacific Corp. (continued)
 
3.95%, 08/15/59
$
445
$ 322,882
3.84%, 03/20/60
 
1,376
976,358
3.55%, 05/20/61
 
577
381,420
2.97%, 09/16/62
 
2,100
1,207,446
5.15%, 01/20/63
 
200
178,311
4.10%, 09/15/67
 
300
216,798
3.75%, 02/05/70(a)
 
475
315,670
3.80%, 04/06/71
 
559
377,566
3.85%, 02/14/72(a)
 
451
307,261
 
 
58,406,149
Health Care Equipment & Supplies — 1.3%
Abbott Laboratories
 
4.75%, 11/30/36(a)
 
1,492
1,459,752
6.15%, 11/30/37
 
650
708,889
4.75%, 03/15/38
 
2,675
2,581,650
6.00%, 04/01/39
 
250
268,109
5.30%, 05/27/40
 
613
616,942
4.75%, 04/15/43(a)
 
463
422,616
4.90%, 11/30/46
 
3,075
2,800,462
5.50%, 03/15/56
 
2,775
2,682,691
5.60%, 03/15/66
 
2,675
2,577,766
Baxter International, Inc.
 
3.50%, 08/15/46
 
418
275,353
3.13%, 12/01/51(a)
 
726
417,665
Boston Scientific Corp.
 
4.55%, 03/01/39
 
365
339,535
7.38%, 01/15/40
 
200
235,310
4.70%, 03/01/49(a)
 
864
755,156
Danaher Corp.
 
4.38%, 09/15/45
 
650
553,237
2.60%, 10/01/50(a)
 
988
587,247
2.80%, 12/10/51
 
910
557,850
DH Europe Finance II SARL
 
3.25%, 11/15/39
 
754
605,631
3.40%, 11/15/49
 
658
461,753
GE HealthCare Technologies, Inc., 6.38%,
11/22/52(a)
 
915
961,621
Koninklijke Philips NV
 
6.88%, 03/11/38
 
550
606,303
5.00%, 03/15/42
 
413
375,682
Medtronic, Inc.
 
4.00%, 04/01/43
 
200
166,332
4.63%, 03/15/45
 
1,825
1,619,538
Revvity, Inc., 3.63%, 03/15/51
 
400
278,860
Solventum Corp., 5.90%, 04/30/54(a)
 
1,125
1,090,283
STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/51
 
700
496,674
Stryker Corp.
 
4.10%, 04/01/43
 
400
329,533
4.38%, 05/15/44(a)
 
300
253,235
4.63%, 03/15/46
 
986
853,526
2.90%, 06/15/50(a)
 
588
372,165
Thermo Fisher Scientific, Inc.
 
4.89%, 10/07/37
 
650
638,226
2.80%, 10/15/41
 
1,477
1,073,644
5.40%, 08/10/43
 
435
428,342
5.30%, 02/01/44
 
150
144,680
5.55%, 02/12/46
 
405
397,241
4.10%, 08/15/47
 
613
497,881
80
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care Equipment & Supplies (continued)
Zimmer Biomet Holdings, Inc.
 
5.75%, 11/30/39
$
300
$ 302,292
4.45%, 08/15/45
 
313
268,506
 
 
30,062,178
Health Care Providers & Services — 4.9%
AdventHealth Obligated Group, Series E, 2.80%,
11/15/51
 
66
40,114
Adventist Health System, 3.63%, 03/01/49
 
227
153,680
Advocate Health & Hospitals Corp.
 
4.27%, 08/15/48
 
27
22,054
3.39%, 10/15/49
 
1,585
1,114,862
Series 2020, 3.01%, 06/15/50
 
198
129,035
Aetna, Inc.
 
6.63%, 06/15/36
 
700
756,515
6.75%, 12/15/37
 
500
543,983
4.50%, 05/15/42
 
528
441,731
4.75%, 03/15/44
 
449
378,400
3.88%, 08/15/47
 
425
307,922
AHS Hospital Corp.
 
5.02%, 07/01/45
 
100
92,413
Series 2021, 2.78%, 07/01/51
 
961
585,945
Allina Health System
 
Series 2019, 3.89%, 04/15/49
 
142
107,989
Series 2021, 2.90%, 11/15/51
 
350
221,636
Ascension Health
 
3.95%, 11/15/46
 
1,043
825,674
Series B, 3.11%, 11/15/39
 
1,150
906,108
Banner Health(a)
 
2.91%, 01/01/42
 
1,140
824,198
2.91%, 01/01/51
 
231
144,815
Series 2020, 3.18%, 01/01/50
 
118
79,588
BayCare Health System, Inc., Series 2020, 3.83%,
11/15/50
 
538
403,646
Baylor Scott & White Holdings, Series 2021, 2.84%,
11/15/50
 
2,096
1,310,032
Catholic Health Services of Long Island Obligated
Group, Series 2020, 3.37%, 07/01/50
 
145
97,523
Children’s Hospital Corp., Series 2017, 4.12%,
01/01/47
 
130
106,969
Children’s Hospital Medical Center, Series 2014T,
4.27%, 05/15/44
 
1,000
854,143
Children’s Hospital of Philadelphia, Series 2020,
2.70%, 07/01/50
 
93
57,270
Cigna Group
 
4.80%, 08/15/38
 
2,104
1,977,840
3.20%, 03/15/40
 
929
720,368
6.13%, 11/15/41
 
325
336,486
4.80%, 07/15/46
 
1,261
1,091,487
3.88%, 10/15/47
 
695
522,716
4.90%, 12/15/48
 
2,893
2,503,376
3.40%, 03/15/50
 
1,204
819,034
3.40%, 03/15/51
 
1,261
850,003
5.60%, 02/15/54(a)
 
1,325
1,249,283
6.00%, 01/15/56
 
620
618,840
City of Hope, Series 2013, 5.62%, 11/15/43
 
510
494,027
Cleveland Clinic Foundation, 4.86%, 01/01/2114(a)
 
250
206,646
CommonSpirit Health
 
4.35%, 11/01/42
 
100
85,813
5.58%, 09/01/45
 
90
86,574
3.82%, 10/01/49
 
1,087
796,631
4.19%, 10/01/49
 
1,361
1,052,728
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
CommonSpirit Health (continued)
 
3.91%, 10/01/50
$
200
$ 146,633
6.46%, 11/01/52
 
343
365,482
5.55%, 12/01/54
 
805
752,512
5.66%, 09/01/55
 
95
90,467
Community Health Network, Inc., Series 2020-A,
3.10%, 05/01/50(a)
 
225
141,725
Corewell Health Obligated Group, Series 19A, 3.49%,
07/15/49(a)
 
1,000
707,848
Cottage Health Obligated Group, Series 2020, 3.30%,
11/01/49
 
1,000
684,272
Dartmouth-Hitchcock Health, Series B, 4.18%,
08/01/48
 
664
509,893
Dignity Health, 5.27%, 11/01/64(a)
 
151
133,553
Duke University Health System, Inc., Series 2017,
3.92%, 06/01/47
 
862
677,737
Elevance Health, Inc.
 
6.38%, 06/15/37(a)
 
350
375,440
4.63%, 05/15/42
 
975
857,085
4.65%, 01/15/43
 
259
226,475
5.10%, 01/15/44
 
745
680,354
4.65%, 08/15/44
 
888
764,328
4.38%, 12/01/47
 
1,179
952,773
4.55%, 03/01/48
 
820
679,249
3.70%, 09/15/49
 
450
320,567
3.13%, 05/15/50
 
999
641,948
3.60%, 03/15/51
 
1,470
1,023,533
4.55%, 05/15/52
 
679
548,681
6.10%, 10/15/52
 
810
816,200
5.13%, 02/15/53
 
900
791,145
5.65%, 06/15/54
 
940
888,092
5.70%, 02/15/55
 
1,375
1,313,021
5.70%, 09/15/55(a)
 
825
788,575
5.85%, 11/01/64
 
700
670,529
Franciscan Missionaries of Our Lady Health System,
Inc., Series B, 3.91%, 07/01/49(a)
 
350
262,958
Fred Hutchinson Cancer Center, Series 2022, 4.97%,
01/01/52
 
426
381,972
Hackensack Meridian Health, Inc.
 
4.21%, 07/01/48
 
100
81,432
4.50%, 07/01/57(a)
 
700
586,258
Series 2020, 2.68%, 09/01/41
 
526
372,165
Series 2020, 2.88%, 09/01/50
 
357
221,191
Hartford HealthCare Corp., 3.45%, 07/01/54
 
113
78,786
HCA, Inc.
 
5.13%, 06/15/39
 
979
924,591
4.38%, 03/15/42
 
500
418,365
5.50%, 06/15/47
 
1,479
1,354,801
5.25%, 06/15/49
 
2,056
1,813,891
3.50%, 07/15/51
 
1,645
1,083,554
4.63%, 03/15/52
 
1,856
1,475,970
5.90%, 06/01/53
 
985
935,830
6.00%, 04/01/54
 
1,540
1,485,505
5.95%, 09/15/54
 
705
675,969
6.20%, 03/01/55(a)
 
755
747,959
5.70%, 11/15/55(a)
 
875
812,551
6.10%, 04/01/64(a)
 
700
675,414
Hoag Memorial Hospital Presbyterian, 3.80%,
07/15/52
 
527
392,692
Humana, Inc.
 
4.63%, 12/01/42
 
454
373,663
4.95%, 10/01/44
 
838
707,242
Schedule of Investments
81
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
Humana, Inc. (continued)
 
4.80%, 03/15/47
$
480
$ 385,773
3.95%, 08/15/49
 
400
279,703
5.50%, 03/15/53(a)
 
650
567,258
5.75%, 04/15/54
 
800
723,497
6.00%, 05/01/55
 
400
373,330
Indiana University Health, Inc. Obligated Group,
Series 2021, 2.85%, 11/01/51(a)
 
913
566,310
Inova Health System Foundation, 4.07%, 05/15/52
 
25
19,486
Integris Baptist Medical Center, Inc., Series A, 3.88%,
08/15/50
 
222
161,148
Johns Hopkins Health System Corp., 3.84%,
05/15/46
 
1,113
871,022
Kaiser Foundation Hospitals
 
4.15%, 05/01/47
 
1,119
906,479
Series 2019, 3.27%, 11/01/49
 
643
440,384
Series 2021, 2.81%, 06/01/41
 
1,530
1,113,261
Series 2021, 3.00%, 06/01/51
 
2,855
1,820,955
Laboratory Corp. of America Holdings, 4.70%,
02/01/45(a)
 
821
721,214
Mass General Brigham, Inc.
 
Series 2017, 3.77%, 07/01/48
 
600
454,820
Series 2020, 3.19%, 07/01/49(a)
 
913
617,754
Series 2020, 3.34%, 07/01/60
 
429
275,739
Mayo Clinic
 
Series 2016, 4.13%, 11/15/52
 
225
178,646
Series 2021, 3.20%, 11/15/61
 
1,001
630,986
McLaren Health Care Corp., Series A, 4.39%,
05/15/48
 
250
205,565
MedStar Health, Inc., Series 20A, 3.63%, 08/15/49(a)
 
325
235,152
Memorial Health Services, 3.45%, 11/01/49
 
423
295,921
Memorial Sloan-Kettering Cancer Center
 
5.00%, 07/01/42
 
130
123,495
4.13%, 07/01/52
 
330
262,583
Series 2015, 4.20%, 07/01/55
 
100
79,798
Series 2020, 2.96%, 01/01/50
 
1,505
972,083
Methodist Hospital, Series 20A, 2.71%, 12/01/50
 
942
570,023
Montefiore Obligated Group, 4.29%, 09/01/50(a)
 
300
206,093
Mount Nittany Medical Center Obligated Group,
Series 2022, 3.80%, 11/15/52
 
103
75,648
MyMichigan Health, Series 2020, 3.41%, 06/01/50
 
350
238,854
Nationwide Children’s Hospital, Inc., 4.56%, 11/01/52
 
25
21,256
New York and Presbyterian Hospital
 
2.26%, 08/01/40
 
513
351,166
4.02%, 08/01/45
 
597
486,276
2.61%, 08/01/60(a)
 
413
224,938
Series 2019, 3.95%, 08/01/2119
 
270
183,469
Northwell Healthcare, Inc.
 
3.98%, 11/01/46(a)
 
130
100,555
4.26%, 11/01/47
 
100
80,434
3.81%, 11/01/49
 
1,544
1,126,921
Northwestern Memorial Healthcare Obligated Group,
Series 2021, 2.63%, 07/15/51
 
100
60,988
Novant Health, Inc.
 
2.64%, 11/01/36
 
66
52,285
3.17%, 11/01/51
 
1,058
687,006
3.32%, 11/01/61(a)
 
341
212,975
NY Society for Relief of Ruptured & Crippled
Maintaining Hosp Special Surgery, Series 2020,
2.67%, 10/01/50
 
375
225,853
NYU Langone Hospitals
 
4.78%, 07/01/44
 
200
178,890
4.37%, 07/01/47
 
645
548,554
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
NYU Langone Hospitals (continued)
 
Series 13-A, 5.75%, 07/01/43
$
600
$ 602,617
Series 2020, 3.38%, 07/01/55
 
500
335,789
OhioHealth Corp., 2.83%, 11/15/41
 
272
198,649
Orlando Health Obligated Group
 
4.09%, 10/01/48(a)
 
100
80,929
3.33%, 10/01/50
 
125
87,560
PeaceHealth Obligated Group
 
Series 2018, 4.79%, 11/15/48
 
250
215,527
Series 2020, 3.22%, 11/15/50
 
366
239,189
Piedmont Healthcare, Inc.
 
2.86%, 01/01/52
 
375
231,211
Series 2042, 2.72%, 01/01/42
 
106
74,433
Presbyterian Healthcare Services, 4.88%, 08/01/52
 
108
94,419
Providence St. Joseph Health Obligated Group,
Series 21A, 2.70%, 10/01/51
 
1,399
810,795
Queen’s Health Systems, 4.81%, 07/01/52
 
60
52,577
Quest Diagnostics, Inc., 4.70%, 03/30/45
 
263
232,074
Rady Children’s Hospital-San Diego, Series 21A,
3.15%, 08/15/51(a)
 
257
170,949
Seattle Children’s Hospital, Series 2021, 2.72%,
10/01/50
 
213
130,673
Sentara Health, Series 2021, 2.93%, 11/01/51
 
63
39,547
Stanford Health Care
 
3.03%, 08/15/51
 
579
373,907
Series 2018, 3.80%, 11/15/48
 
500
380,491
Summa Health, 3.51%, 11/15/51
 
130
94,975
Sutter Health
 
5.55%, 08/15/53
 
915
889,813
Series 2018, 4.09%, 08/15/48
 
27
21,408
Series 20A, 3.16%, 08/15/40
 
115
88,649
Series 20A, 3.36%, 08/15/50
 
800
551,813
Texas Health Resources
 
2.33%, 11/15/50
 
382
212,691
4.33%, 11/15/55
 
125
102,948
Trinity Health Corp.
 
4.13%, 12/01/45
 
1,000
815,640
Series 2019, 3.43%, 12/01/48(a)
 
64
47,042
Series 2021, 2.63%, 12/01/40
 
29
20,760
UMass Memorial Health Care Obligated Group,
5.36%, 07/01/52
 
212
193,892
UnitedHealth Group, Inc.
 
6.50%, 06/15/37
 
500
549,420
6.63%, 11/15/37
 
800
889,325
6.88%, 02/15/38
 
726
822,560
3.50%, 08/15/39
 
1,784
1,456,758
2.75%, 05/15/40
 
1,175
860,819
5.95%, 02/15/41
 
226
233,006
3.05%, 05/15/41
 
1,239
923,727
4.63%, 11/15/41
 
496
443,303
4.38%, 03/15/42
 
650
561,091
3.95%, 10/15/42
 
597
484,762
4.25%, 03/15/43
 
1,163
974,206
5.50%, 07/15/44
 
900
873,425
4.75%, 07/15/45
 
1,943
1,706,154
4.20%, 01/15/47
 
620
495,871
4.25%, 04/15/47
 
829
666,787
3.75%, 10/15/47
 
1,113
828,833
4.25%, 06/15/48
 
1,410
1,125,163
4.45%, 12/15/48
 
779
641,233
3.70%, 08/15/49
 
1,443
1,044,591
2.90%, 05/15/50
 
1,319
826,241
3.25%, 05/15/51
 
2,358
1,561,045
82
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
UnitedHealth Group, Inc. (continued)
 
4.75%, 05/15/52
$
2,000
$ 1,691,292
5.88%, 02/15/53
 
1,400
1,384,820
5.05%, 04/15/53
 
1,900
1,679,312
5.38%, 04/15/54
 
1,500
1,386,614
5.63%, 07/15/54
 
2,400
2,300,214
5.95%, 06/15/55(a)
 
85
85,890
3.88%, 08/15/59
 
1,354
947,318
3.13%, 05/15/60(a)
 
1,200
717,843
4.95%, 05/15/62
 
850
718,236
6.05%, 02/15/63
 
625
626,782
5.20%, 04/15/63
 
1,805
1,581,701
5.50%, 04/15/64
 
1,200
1,103,252
5.75%, 07/15/64
 
1,950
1,865,332
UPMC, 5.38%, 05/15/43
 
500
475,781
WakeMed, Series A, 3.29%, 10/01/52
 
159
105,130
West Virginia United Health System Obligated Group,
Series 2020, 3.13%, 06/01/50
 
100
63,065
Willis-Knighton Medical Center
 
Series 2018, 4.81%, 09/01/48
 
278
239,806
Series 2021, 3.07%, 03/01/51
 
200
126,121
Yale-New Haven Health Services Corp., Series 2020,
2.50%, 07/01/50(a)
 
257
150,155
 
 
117,851,470
Health Care REITs — 0.1%
Alexandria Real Estate Equities, Inc.
 
5.25%, 05/15/36
 
265
257,882
4.85%, 04/15/49
 
263
219,598
4.00%, 02/01/50
 
379
276,761
3.00%, 05/18/51
 
200
123,370
3.55%, 03/15/52(a)
 
565
379,549
5.15%, 04/15/53
 
445
382,864
5.63%, 05/15/54(a)
 
500
461,621
Healthpeak OP LLC, 6.75%, 02/01/41
 
275
298,296
Welltower OP LLC
 
6.50%, 03/15/41(a)
 
450
492,705
4.95%, 09/01/48
 
550
497,778
 
 
3,390,424
Hotels, Restaurants & Leisure — 0.6%
Darden Restaurants, Inc., 4.55%, 02/15/48(a)
 
213
172,508
Marriott International, Inc.
 
5.50%, 04/15/37
 
1,400
1,400,999
5.10%, 05/01/38
 
725
694,872
McDonald’s Corp.
 
6.30%, 10/15/37
 
875
955,140
5.70%, 02/01/39
 
300
310,665
4.88%, 07/15/40
 
139
130,635
3.70%, 02/15/42
 
826
661,035
3.63%, 05/01/43
 
275
211,760
4.60%, 05/26/45
 
579
497,542
4.88%, 12/09/45
 
1,479
1,317,669
4.45%, 03/01/47
 
1,163
970,103
4.45%, 09/01/48
 
475
392,008
3.63%, 09/01/49
 
1,999
1,437,899
4.20%, 04/01/50
 
622
491,366
5.15%, 09/09/52(a)
 
700
631,610
5.45%, 08/14/53(a)
 
640
602,781
Series I, 6.30%, 03/01/38
 
579
630,921
Starbucks Corp.
 
4.30%, 06/15/45
 
200
163,098
3.75%, 12/01/47
 
679
500,727
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
Starbucks Corp. (continued)
 
4.50%, 11/15/48
$
755
$ 619,792
4.45%, 08/15/49
 
1,075
874,793
3.35%, 03/12/50
 
554
373,838
3.50%, 11/15/50(a)
 
1,135
784,892
 
 
14,826,653
Household Durables — 0.0%
Leggett & Platt, Inc., 3.50%, 11/15/51
 
450
279,236
Sekisui House U.S., Inc.
 
6.00%, 01/15/43
 
529
485,234
3.97%, 08/06/61(a)
 
200
130,339
 
 
894,809
Household Products — 0.1%
Church & Dwight Co., Inc.
 
3.95%, 08/01/47
 
270
209,569
5.00%, 06/15/52
 
426
383,243
Kimberly-Clark Corp.
 
6.63%, 08/01/37(a)
 
800
909,317
5.30%, 03/01/41
 
413
413,420
3.20%, 07/30/46
 
511
358,330
3.90%, 05/04/47
 
470
365,777
2.88%, 02/07/50
 
360
230,668
 
 
2,870,324
Industrial Conglomerates — 0.4%
3M Co.
 
5.70%, 03/15/37(a)
 
550
571,127
3.88%, 06/15/44
 
300
234,063
3.13%, 09/19/46(a)
 
563
380,211
3.63%, 10/15/47(a)
 
400
289,777
4.00%, 09/14/48
 
1,079
831,152
3.25%, 08/26/49
 
955
643,633
3.70%, 04/15/50(a)
 
518
376,076
Eaton Corp.
 
4.15%, 11/02/42
 
988
847,850
3.92%, 09/15/47
 
250
197,377
4.70%, 08/23/52(a)
 
625
545,852
5.45%, 03/06/56
 
1,350
1,305,192
Illinois Tool Works, Inc.
 
4.88%, 09/15/41
 
569
537,225
3.90%, 09/01/42
 
1,275
1,060,364
Parker-Hannifin Corp.
 
4.45%, 11/21/44
 
425
366,539
4.10%, 03/01/47
 
413
331,195
4.00%, 06/14/49
 
663
519,468
Series A, 6.25%, 05/15/38
 
295
321,565
 
 
9,358,666
Insurance — 3.4%
Aflac, Inc.
 
4.00%, 10/15/46
 
340
264,156
4.75%, 01/15/49
 
418
357,947
Alleghany Corp.
 
4.90%, 09/15/44
 
150
133,163
3.25%, 08/15/51
 
404
263,917
Allstate Corp.
 
4.50%, 06/15/43
 
497
424,565
4.20%, 12/15/46
 
504
400,946
3.85%, 08/10/49(a)
 
534
394,817
(3-mo. SOFR US + 2.38%), 6.50%, 05/15/67(c)
 
325
333,154
American Financial Group, Inc., 4.50%, 06/15/47
 
645
522,025
American International Group, Inc.
 
4.50%, 07/16/44
 
650
555,355
Schedule of Investments
83
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Insurance (continued)
American International Group, Inc. (continued)
 
4.80%, 07/10/45
$
375
$ 329,716
4.75%, 04/01/48(a)
 
854
737,049
4.38%, 06/30/50(a)
 
1,013
817,861
Aon Corp., 6.25%, 09/30/40
 
105
111,735
Aon Corp./Aon Global Holdings PLC
 
2.90%, 08/23/51
 
1,100
667,083
3.90%, 02/28/52
 
1,139
830,934
Aon Global Ltd.
 
4.60%, 06/14/44
 
588
504,271
4.75%, 05/15/45
 
463
400,074
Aon North America, Inc., 5.75%, 03/01/54
 
1,520
1,460,766
Arch Capital Finance LLC, 5.03%, 12/15/46
 
350
315,127
Arch Capital Group Ltd., 3.64%, 06/30/50
 
779
557,118
Arch Capital Group U.S., Inc., 5.14%, 11/01/43
 
384
354,158
Arthur J Gallagher & Co.
 
3.50%, 05/20/51
 
963
652,952
3.05%, 03/09/52(a)
 
200
122,537
5.75%, 03/02/53
 
624
593,643
6.75%, 02/15/54
 
535
576,332
5.75%, 07/15/54
 
455
434,176
5.55%, 02/15/55(a)
 
1,405
1,303,115
Assured Guaranty U.S. Holdings, Inc., 3.60%,
09/15/51(a)
 
400
268,738
Athene Holding Ltd.
 
3.95%, 05/25/51
 
444
300,455
3.45%, 05/15/52(a)
 
475
290,103
6.25%, 04/01/54
 
800
733,339
6.63%, 05/19/55(a)
 
450
434,537
Berkshire Hathaway Finance Corp.
 
5.75%, 01/15/40
 
500
535,303
4.40%, 05/15/42
 
676
605,302
4.30%, 05/15/43(a)
 
563
493,333
4.20%, 08/15/48
 
2,159
1,762,098
4.25%, 01/15/49
 
1,879
1,536,396
2.85%, 10/15/50
 
1,604
1,007,383
2.50%, 01/15/51(a)
 
928
545,205
3.85%, 03/15/52
 
2,492
1,881,059
Berkshire Hathaway, Inc., 4.50%, 02/11/43(a)
 
911
822,264
Brighthouse Financial, Inc.
 
4.70%, 06/22/47(a)
 
485
336,659
3.85%, 12/22/51
 
250
145,189
Brown & Brown, Inc.(a)
 
4.95%, 03/17/52
 
620
514,111
6.25%, 06/23/55
 
970
964,305
Chubb INA Holdings LLC
 
6.70%, 05/15/36(a)
 
275
308,179
6.00%, 05/11/37
 
625
666,422
4.15%, 03/13/43
 
397
333,543
4.35%, 11/03/45
 
1,559
1,324,872
2.85%, 12/15/51(a)
 
838
519,894
3.05%, 12/15/61
 
886
529,792
Series 1, 6.50%, 05/15/38
 
526
584,509
Corebridge Financial, Inc.(a)
 
4.35%, 04/05/42
 
225
187,327
4.40%, 04/05/52
 
1,230
974,140
Equitable Holdings, Inc., 5.00%, 04/20/48
 
1,267
1,093,732
Everest Reinsurance Holdings, Inc.
 
4.87%, 06/01/44
 
375
321,079
3.50%, 10/15/50
 
913
609,794
3.13%, 10/15/52
 
815
496,139
Fairfax Financial Holdings Ltd.
 
6.35%, 03/22/54
 
890
907,320
Security
 
Par
(000)
Value
Insurance (continued)
Fairfax Financial Holdings Ltd. (continued)
 
6.10%, 03/15/55
$
500
$ 489,254
Fidelity National Financial, Inc., 3.20%, 09/17/51
 
422
259,515
Hartford Insurance Group, Inc.
 
5.95%, 10/15/36
 
200
211,741
6.10%, 10/01/41
 
376
393,650
4.30%, 04/15/43
 
400
335,123
4.40%, 03/15/48
 
500
412,484
3.60%, 08/19/49
 
856
614,896
2.90%, 09/15/51(a)
 
629
389,731
Jackson Financial, Inc., 4.00%, 11/23/51
 
500
332,575
Lincoln National Corp.
 
6.30%, 10/09/37(a)
 
413
430,299
7.00%, 06/15/40
 
575
623,612
4.35%, 03/01/48
 
115
86,395
Loews Corp., 4.13%, 05/15/43
 
375
308,468
Manulife Financial Corp., 5.38%, 03/04/46
 
704
673,903
Markel Group, Inc.
 
5.00%, 04/05/46
 
525
458,880
4.30%, 11/01/47
 
145
111,918
5.00%, 05/20/49
 
575
492,678
4.15%, 09/17/50
 
538
400,803
3.45%, 05/07/52
 
525
343,203
6.00%, 05/16/54(a)
 
615
600,823
Marsh & McLennan Cos., Inc.
 
4.75%, 03/15/39
 
575
540,072
5.35%, 11/15/44
 
330
312,855
4.35%, 01/30/47
 
513
419,228
4.20%, 03/01/48
 
538
429,039
4.90%, 03/15/49
 
1,329
1,165,296
2.90%, 12/15/51
 
518
317,236
6.25%, 11/01/52(a)
 
400
417,852
5.45%, 03/15/53
 
460
431,940
5.70%, 09/15/53
 
825
805,131
5.45%, 03/15/54(a)
 
550
515,637
5.40%, 03/15/55
 
1,360
1,266,520
MetLife, Inc.
 
5.88%, 02/06/41
 
855
881,032
4.13%, 08/13/42
 
825
686,646
4.88%, 11/13/43
 
1,036
938,124
4.72%, 12/15/44
 
450
392,706
4.05%, 03/01/45
 
1,013
818,581
4.60%, 05/13/46
 
593
515,434
5.00%, 07/15/52(a)
 
1,185
1,050,819
5.25%, 01/15/54(a)
 
900
833,443
6.40%, 12/15/66
 
1,050
1,077,111
Nationwide Financial Services, Inc., 6.75%, 05/15/87
 
340
337,494
Old Republic International Corp., 3.85%, 06/11/51
 
750
529,384
Principal Financial Group, Inc.
 
6.05%, 10/15/36
 
575
615,323
4.63%, 09/15/42
 
250
216,996
4.35%, 05/15/43
 
250
208,435
4.30%, 11/15/46
 
213
173,076
5.50%, 03/15/53
 
325
304,864
Progressive Corp.
 
4.35%, 04/25/44
 
351
293,686
3.70%, 01/26/45
 
330
250,264
4.13%, 04/15/47
 
713
566,942
4.20%, 03/15/48
 
438
350,357
3.95%, 03/26/50
 
563
426,894
3.70%, 03/15/52(a)
 
655
472,992
Prudential Financial, Inc.
 
3.00%, 03/10/40
 
579
437,765
84
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
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)
 
6.63%, 06/21/40
$
200
$ 220,676
4.60%, 05/15/44
 
663
571,753
3.91%, 12/07/47
 
663
498,318
4.42%, 03/27/48
 
450
365,693
3.94%, 12/07/49
 
1,077
805,995
4.35%, 02/25/50
 
1,054
845,860
3.70%, 03/13/51(a)
 
1,211
867,262
Series D, 5.70%, 12/14/36
 
900
934,391
Series D, 6.63%, 12/01/37
 
375
414,749
Selective Insurance Group, Inc., 5.38%, 03/01/49(a)
 
325
291,448
Transatlantic Holdings, Inc., 8.00%, 11/30/39
 
426
515,381
Travelers Cos., Inc.
 
6.75%, 06/20/36
 
163
185,002
6.25%, 06/15/37(a)
 
963
1,054,238
5.35%, 11/01/40
 
750
745,150
4.60%, 08/01/43
 
302
267,273
4.30%, 08/25/45
 
363
301,458
3.75%, 05/15/46
 
550
419,784
4.00%, 05/30/47
 
713
561,747
4.05%, 03/07/48
 
350
276,703
4.10%, 03/04/49
 
488
383,745
2.55%, 04/27/50(a)
 
575
338,656
3.05%, 06/08/51
 
929
599,876
5.45%, 05/25/53(a)
 
650
622,756
5.70%, 07/24/55(a)
 
570
567,132
Unum Group
 
5.75%, 08/15/42
 
413
403,713
4.50%, 12/15/49
 
388
309,060
4.13%, 06/15/51
 
600
439,556
6.00%, 06/15/54
 
530
510,837
W.R. Berkley Corp.
 
4.75%, 08/01/44
 
275
241,075
4.00%, 05/12/50
 
363
273,959
3.55%, 03/30/52
 
463
317,053
3.15%, 09/30/61
 
350
202,461
Willis North America, Inc.
 
5.05%, 09/15/48
 
300
261,578
3.88%, 09/15/49
 
630
457,861
5.90%, 03/05/54
 
850
829,988
XL Group Ltd., 5.25%, 12/15/43
 
300
275,557
 
 
80,598,082
Interactive Media & Services — 1.9%
Alphabet, Inc.
 
1.90%, 08/15/40(a)
 
1,091
722,282
5.35%, 11/15/45
 
1,850
1,789,938
5.50%, 02/15/46
 
2,090
2,053,811
2.05%, 08/15/50(a)
 
2,409
1,288,446
5.25%, 05/15/55
 
1,505
1,398,169
5.45%, 11/15/55
 
3,810
3,642,224
5.65%, 02/15/56
 
1,420
1,391,748
2.25%, 08/15/60(a)
 
2,251
1,121,768
5.30%, 05/15/65
 
1,335
1,215,330
5.75%, 02/15/66
 
1,565
1,524,856
5.70%, 11/15/75
 
2,615
2,504,738
Meta Platforms, Inc.
 
5.50%, 11/15/45
 
5,900
5,484,030
4.45%, 08/15/52
 
2,749
2,131,003
5.60%, 05/15/53
 
2,170
1,993,940
5.40%, 08/15/54(a)
 
2,840
2,524,083
5.63%, 11/15/55
 
3,800
3,481,740
Security
 
Par
(000)
Value
Interactive Media & Services (continued)
Meta Platforms, Inc. (continued)
 
4.65%, 08/15/62
$
1,500
$ 1,135,507
5.75%, 05/15/63
 
1,740
1,595,907
5.55%, 08/15/64
 
1,975
1,742,818
5.75%, 11/15/65
 
5,180
4,705,987
Netflix, Inc., 5.40%, 08/15/54(a)
 
750
719,215
 
 
44,167,540
Internet Software & Services — 1.6%
Alibaba Group Holding Ltd.
 
4.00%, 12/06/37
 
1,078
978,822
2.70%, 02/09/41(a)
 
950
698,589
4.20%, 12/06/47
 
1,751
1,445,800
3.15%, 02/09/51
 
1,166
778,446
5.63%, 11/26/54(a)
 
400
397,330
4.40%, 12/06/57(a)
 
878
713,208
3.25%, 02/09/61(a)
 
1,150
726,517
Amazon.com, Inc.
 
3.88%, 08/22/37
 
2,229
2,004,683
2.88%, 05/12/41
 
2,185
1,611,920
4.95%, 12/05/44(a)
 
1,438
1,336,531
5.65%, 03/13/46
 
1,875
1,846,965
4.05%, 08/22/47
 
3,048
2,420,558
2.50%, 06/03/50
 
3,029
1,752,902
3.10%, 05/12/51
 
3,759
2,429,186
3.95%, 04/13/52
 
1,951
1,478,968
5.45%, 11/20/55
 
2,525
2,384,310
5.80%, 03/13/56
 
2,090
2,056,259
4.25%, 08/22/57
 
1,834
1,416,676
2.70%, 06/03/60
 
2,029
1,095,705
3.25%, 05/12/61
 
1,879
1,152,858
4.10%, 04/13/62
 
1,054
777,333
5.55%, 11/20/65
 
1,825
1,699,114
5.95%, 03/13/66
 
1,345
1,326,777
6.05%, 03/13/76
 
2,525
2,483,875
AppLovin Corp., 5.95%, 12/01/54
 
415
381,228
eBay, Inc.
 
4.00%, 07/15/42
 
700
563,252
3.65%, 05/10/51
 
913
645,560
JD.com, Inc., 4.13%, 01/14/50
 
250
202,930
Uber Technologies, Inc., 5.35%, 09/15/54(a)
 
1,210
1,115,026
 
 
37,921,328
IT Services — 0.6%
Fidelity National Information Services, Inc.
 
3.10%, 03/01/41
 
766
551,302
4.50%, 08/15/46
 
200
161,351
Fiserv, Inc., 4.40%, 07/01/49(a)
 
1,677
1,268,823
IBM International Capital Pte. Ltd.(a)
 
5.25%, 02/05/44
 
950
869,921
5.30%, 02/05/54
 
1,350
1,191,132
International Business Machines Corp.
 
4.15%, 05/15/39
 
2,270
1,962,092
5.60%, 11/30/39(a)
 
850
854,446
2.85%, 05/15/40
 
655
473,376
4.00%, 06/20/42
 
852
686,294
4.70%, 02/19/46
 
691
583,472
4.25%, 05/15/49
 
2,595
1,989,533
2.95%, 05/15/50
 
964
586,414
3.43%, 02/09/52
 
350
227,891
4.90%, 07/27/52(a)
 
800
665,835
5.10%, 02/06/53
 
450
388,414
5.70%, 02/10/55(a)
 
800
747,615
Schedule of Investments
85
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
IT Services (continued)
International Business Machines Corp. (continued)
 
5.80%, 02/03/56(a)
$
565
$ 535,139
7.13%, 12/01/96
 
250
278,461
Kyndryl Holdings, Inc., 4.10%, 10/15/41(a)
 
429
308,250
 
 
14,329,761
Leisure Products — 0.1%
Harley-Davidson, Inc., 4.63%, 07/28/45(a)
 
446
352,115
Hasbro, Inc.
 
6.35%, 03/15/40
 
488
505,791
5.10%, 05/15/44(a)
 
155
140,625
Mattel, Inc., 5.45%, 11/01/41
 
250
227,688
Royal Caribbean Cruises Ltd., 5.25%, 02/27/38
 
900
860,398
 
 
2,086,617
Machinery — 0.5%
Caterpillar, Inc.
 
6.05%, 08/15/36(a)
 
590
646,182
5.20%, 05/27/41
 
594
590,252
3.80%, 08/15/42
 
1,603
1,328,691
4.30%, 05/15/44
 
325
280,110
3.25%, 09/19/49
 
829
579,180
3.25%, 04/09/50
 
929
645,606
5.50%, 05/15/55
 
180
180,497
4.75%, 05/15/64(a)
 
475
410,796
Deere & Co.
 
3.90%, 06/09/42
 
1,029
869,911
2.88%, 09/07/49
 
292
190,834
3.75%, 04/15/50
 
650
493,497
5.70%, 01/19/55(a)
 
680
690,322
Dover Corp., 5.38%, 03/01/41
 
300
299,312
Ingersoll Rand, Inc., 5.70%, 06/15/54
 
565
551,439
Otis Worldwide Corp.
 
3.11%, 02/15/40
 
754
575,928
3.36%, 02/15/50
 
576
393,682
Rockwell Automation, Inc.
 
4.20%, 03/01/49
 
429
347,018
2.80%, 08/15/61(a)
 
410
229,290
Snap-on, Inc.
 
4.10%, 03/01/48(a)
 
350
279,807
3.10%, 05/01/50
 
404
268,399
Stanley Black & Decker, Inc.
 
5.20%, 09/01/40
 
350
327,795
4.85%, 11/15/48
 
463
388,073
2.75%, 11/15/50
 
775
443,342
Xylem, Inc., 4.38%, 11/01/46
 
413
339,878
 
 
11,349,841
Media — 3.4%
Charter Communications Operating LLC/Charter
Communications Operating Capital
 
5.38%, 04/01/38
 
729
655,319
3.50%, 06/01/41
 
1,179
816,966
3.50%, 03/01/42
 
1,263
856,771
6.48%, 10/23/45
 
3,001
2,763,007
5.38%, 05/01/47
 
2,543
2,038,402
5.75%, 04/01/48
 
2,134
1,789,430
5.13%, 07/01/49
 
1,229
939,824
4.80%, 03/01/50
 
2,626
1,928,452
3.70%, 04/01/51
 
2,271
1,391,362
3.90%, 06/01/52
 
2,225
1,398,669
5.25%, 04/01/53(a)
 
1,152
894,809
6.83%, 10/23/55
 
263
246,573
6.70%, 12/01/55
 
550
518,422
Security
 
Par
(000)
Value
Media (continued)
Charter Communications Operating LLC/Charter
Communications Operating Capital (continued)
 
3.85%, 04/01/61
$
2,042
$ 1,180,245
4.40%, 12/01/61
 
1,379
880,660
3.95%, 06/30/62
 
1,593
931,170
5.50%, 04/01/63
 
900
688,126
Comcast Corp.
 
3.20%, 07/15/36(a)
 
1,213
1,013,290
5.17%, 01/15/37(b)
 
400
389,299
6.45%, 03/15/37
 
550
595,514
6.95%, 08/15/37
 
200
224,341
3.90%, 03/01/38
 
1,363
1,170,054
4.60%, 10/15/38
 
1,070
976,043
6.55%, 07/01/39
 
200
215,070
3.25%, 11/01/39
 
1,579
1,212,819
3.75%, 04/01/40
 
1,529
1,236,892
4.65%, 07/15/42
 
375
321,923
4.75%, 03/01/44
 
308
261,848
4.60%, 08/15/45
 
436
362,051
3.40%, 07/15/46
 
1,413
962,005
4.00%, 08/15/47
 
963
710,684
3.97%, 11/01/47
 
1,993
1,461,975
4.00%, 03/01/48
 
1,263
923,687
4.70%, 10/15/48(a)
 
1,536
1,249,550
4.00%, 11/01/49(a)
 
2,339
1,688,878
3.45%, 02/01/50
 
1,600
1,045,136
2.80%, 01/15/51(a)
 
1,950
1,104,674
2.89%, 11/01/51
 
4,559
2,616,082
2.45%, 08/15/52(a)
 
2,184
1,128,912
4.05%, 11/01/52
 
597
425,228
5.35%, 05/15/53(a)
 
990
868,462
5.65%, 06/01/54(a)
 
890
812,149
6.05%, 05/15/55(a)
 
700
687,137
2.94%, 11/01/56
 
5,826
3,207,459
4.95%, 10/15/58
 
829
673,132
2.65%, 08/15/62
 
1,050
512,565
2.99%, 11/01/63
 
4,029
2,117,906
5.50%, 05/15/64
 
1,065
927,748
Fox Corp.
 
5.48%, 01/25/39
 
1,054
1,026,293
5.58%, 01/25/49(a)
 
1,404
1,294,285
Meta Platforms, Inc.
 
6.20%, 05/15/46
 
1,500
1,501,813
6.30%, 05/15/56
 
1,500
1,502,310
6.45%, 05/15/66
 
1,500
1,496,782
NBCUniversal Media LLC
 
6.40%, 04/30/40(a)
 
300
316,819
5.95%, 04/01/41
 
516
522,050
4.45%, 01/15/43
 
680
562,991
Time Warner Cable LLC
 
6.55%, 05/01/37
 
1,463
1,470,636
7.30%, 07/01/38
 
1,425
1,489,828
6.75%, 06/15/39
 
1,326
1,313,790
5.88%, 11/15/40
 
1,188
1,072,600
5.50%, 09/01/41
 
1,275
1,098,685
4.50%, 09/15/42
 
1,263
950,230
TWDC Enterprises 18 Corp.
 
4.38%, 08/16/41
 
200
176,860
3.70%, 12/01/42
 
500
395,354
4.13%, 06/01/44
 
788
648,555
3.00%, 07/30/46
 
600
408,506
Series E, 4.13%, 12/01/41
 
488
418,160
86
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Media (continued)
Walt Disney Co.
 
6.15%, 03/01/37
$
300
$ 326,965
6.65%, 11/15/37
 
1,186
1,336,010
4.63%, 03/23/40(a)
 
854
799,649
3.50%, 05/13/40
 
1,475
1,210,043
6.15%, 02/15/41(a)
 
650
696,410
5.40%, 10/01/43
 
650
637,076
4.75%, 09/15/44
 
413
367,739
4.95%, 10/15/45
 
150
136,583
7.75%, 12/01/45
 
250
309,223
4.75%, 11/15/46
 
373
327,925
2.75%, 09/01/49
 
2,379
1,468,502
4.70%, 03/23/50(a)
 
1,352
1,177,434
3.60%, 01/13/51
 
2,724
1,972,325
3.80%, 05/13/60
 
1,439
1,024,573
 
 
80,477,724
Metals & Mining — 1.2%
ArcelorMittal SA
 
7.00%, 10/15/39
 
696
765,492
6.75%, 03/01/41(a)
 
425
458,495
6.35%, 06/17/54(a)
 
475
486,735
Barrick Gold Corp., 5.25%, 04/01/42(a)
 
450
434,292
Barrick North America Finance LLC
 
5.70%, 05/30/41
 
713
715,860
5.75%, 05/01/43
 
663
660,314
Barrick PD Australia Finance Pty. Ltd., 5.95%,
10/15/39
 
688
707,883
BHP Billiton Finance USA Ltd.
 
4.13%, 02/24/42
 
813
690,253
5.00%, 09/30/43
 
2,434
2,272,796
5.50%, 09/08/53(a)
 
685
664,224
5.75%, 09/05/55
 
1,210
1,214,607
Freeport-McMoRan, Inc., 5.45%, 03/15/43(a)
 
1,644
1,569,765
Newmont Corp.
 
4.88%, 03/15/42(a)
 
413
382,756
5.45%, 06/09/44
 
305
293,351
Newmont Corp./Newcrest Finance Pty. Ltd., 4.20%,
05/13/50
 
375
295,835
Nucor Corp.
 
6.40%, 12/01/37
 
550
608,092
5.20%, 08/01/43
 
350
333,306
4.40%, 05/01/48(a)
 
350
291,720
3.85%, 04/01/52
 
650
489,883
2.98%, 12/15/55
 
238
146,035
Precision Castparts Corp.
 
3.90%, 01/15/43
 
325
266,671
4.38%, 06/15/45
 
338
286,332
Rio Tinto Finance USA Ltd.
 
5.20%, 11/02/40
 
1,188
1,163,645
2.75%, 11/02/51
 
1,189
720,257
Rio Tinto Finance USA PLC
 
4.75%, 03/22/42
 
463
422,699
4.13%, 08/21/42
 
788
665,267
5.13%, 03/09/53
 
1,280
1,171,583
5.75%, 03/14/55
 
1,455
1,456,070
5.88%, 03/14/65
 
600
603,367
Southern Copper Corp.
 
6.75%, 04/16/40
 
919
1,022,481
5.25%, 11/08/42
 
1,300
1,234,246
5.88%, 04/23/45
 
1,338
1,352,295
Security
 
Par
(000)
Value
Metals & Mining (continued)
Steel Dynamics, Inc.
 
3.25%, 10/15/50
$
721
$ 472,741
5.75%, 05/15/55
 
350
339,989
Vale Overseas Ltd.
 
6.88%, 11/21/36(a)
 
929
1,043,460
6.88%, 11/10/39
 
236
262,729
6.40%, 06/28/54
 
1,675
1,716,653
Vale SA, 5.63%, 09/11/42
 
579
573,798
 
 
28,255,977
Multi-Utilities — 0.7%
Atmos Energy Corp.
 
5.50%, 06/15/41
 
450
450,599
4.15%, 01/15/43
 
476
398,983
4.13%, 10/15/44
 
815
676,018
4.30%, 10/01/48
 
488
396,541
4.13%, 03/15/49
 
315
247,916
3.38%, 09/15/49
 
570
394,682
2.85%, 02/15/52
 
400
245,143
5.75%, 10/15/52(a)
 
500
496,489
6.20%, 11/15/53
 
550
580,403
5.00%, 12/15/54
 
500
444,493
5.45%, 01/15/56
 
565
537,274
CenterPoint Energy Resources Corp., 5.85%,
01/15/41
 
363
370,198
NiSource, Inc.
 
5.95%, 06/15/41
 
519
529,039
5.25%, 02/15/43
 
151
140,635
4.80%, 02/15/44
 
663
579,334
5.65%, 02/01/45
 
678
654,365
4.38%, 05/15/47
 
688
557,556
3.95%, 03/30/48
 
775
584,233
5.00%, 06/15/52(a)
 
250
215,822
5.85%, 04/01/55
 
1,500
1,457,937
ONE Gas, Inc.
 
4.66%, 02/01/44
 
488
427,146
4.50%, 11/01/48
 
275
232,980
Piedmont Natural Gas Co., Inc.
 
4.65%, 08/01/43
 
255
219,055
3.64%, 11/01/46
 
180
130,792
3.35%, 06/01/50
 
554
371,752
5.05%, 05/15/52
 
450
395,423
Southern California Gas Co.
 
3.75%, 09/15/42
 
400
312,099
6.35%, 11/15/52(a)
 
625
658,264
5.75%, 06/01/53(a)
 
520
504,406
5.60%, 04/01/54
 
450
427,898
6.00%, 06/15/55
 
550
551,377
Series MM, 5.13%, 11/15/40(a)
 
75
72,087
Series UU, 4.13%, 06/01/48
 
413
318,168
Series VV, 4.30%, 01/15/49
 
404
320,916
Series WW, 3.95%, 02/15/50
 
150
112,246
Southern Co. Gas Capital Corp.
 
5.88%, 03/15/41
 
650
663,446
4.40%, 06/01/43
 
436
364,553
3.95%, 10/01/46
 
470
357,310
4.40%, 05/30/47
 
350
284,468
Series 2021-A, 3.15%, 09/30/51(a)
 
695
443,268
Southwest Gas Corp.
 
4.15%, 06/01/49
 
300
229,132
Schedule of Investments
87
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Multi-Utilities (continued)
Southwest Gas Corp. (continued)
 
3.18%, 08/15/51(a)
$
345
$ 223,558
Spire Missouri, Inc., 3.30%, 06/01/51
 
200
133,711
 
 
17,711,715
Oil, Gas & Consumable Fuels — 8.2%
APA Corp.
 
6.00%, 01/15/37
 
300
304,613
5.10%, 09/01/40
 
375
340,644
5.35%, 07/01/49
 
350
298,543
6.75%, 02/15/55(a)
 
400
409,329
BP Capital Markets America, Inc.
 
3.06%, 06/17/41
 
1,405
1,058,541
3.00%, 02/24/50
 
1,679
1,080,854
2.77%, 11/10/50
 
1,584
967,260
2.94%, 06/04/51
 
1,967
1,237,054
3.00%, 03/17/52
 
963
606,383
3.38%, 02/08/61
 
2,077
1,331,785
Burlington Resources LLC, 5.95%, 10/15/36(a)
 
250
265,904
Canadian Natural Resources Ltd.
 
6.50%, 02/15/37
 
500
536,394
6.25%, 03/15/38
 
900
952,501
6.75%, 02/01/39
 
350
381,259
4.95%, 06/01/47
 
643
561,726
Cenovus Energy, Inc.
 
5.25%, 06/15/37
 
365
354,296
6.75%, 11/15/39
 
578
632,374
5.40%, 06/15/47
 
777
710,693
3.75%, 02/15/52(a)
 
709
500,339
Cheniere Corpus Christi Holdings LLC, 2.74%,
12/31/39
 
563
477,737
Cheniere Energy, Inc.(b)
 
5.20%, 07/30/36
 
200
197,749
6.00%, 07/30/56
 
610
600,679
Chevron Corp., 3.08%, 05/11/50
 
1,200
802,664
Chevron USA, Inc.
 
6.00%, 03/01/41(a)
 
350
377,294
5.25%, 11/15/43
 
250
246,722
2.34%, 08/12/50(a)
 
838
479,314
CNOOC Finance 2013 Ltd.
 
4.25%, 05/09/43
 
250
225,734
3.30%, 09/30/49
 
600
452,798
CNOOC Finance 2015 Australia Pty. Ltd., 4.20%,
05/05/45
 
200
178,082
CNOOC Petroleum North America ULC
 
6.40%, 05/15/37
 
550
631,474
7.50%, 07/30/39
 
200
255,179
Columbia Pipeline Group, Inc., 5.80%, 06/01/45
 
450
439,328
ConocoPhillips
 
5.90%, 05/15/38
 
225
238,269
6.50%, 02/01/39
 
1,650
1,827,261
4.88%, 10/01/47
 
500
440,550
ConocoPhillips Co.
 
3.76%, 03/15/42
 
830
671,755
4.30%, 11/15/44
 
529
444,926
5.95%, 03/15/46
 
400
411,060
3.80%, 03/15/52
 
1,388
1,013,977
5.30%, 05/15/53
 
680
627,933
5.55%, 03/15/54
 
940
901,730
5.50%, 01/15/55(a)
 
1,215
1,155,760
4.03%, 03/15/62
 
1,555
1,118,394
5.70%, 09/15/63
 
600
577,128
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
ConocoPhillips Co. (continued)
 
5.65%, 01/15/65
$
590
$ 563,412
Continental Resources, Inc., 4.90%, 06/01/44
 
743
594,731
Coterra Energy, Inc., 5.90%, 02/15/55
 
685
658,927
DCP Midstream Operating LP, 5.60%, 04/01/44
 
250
236,786
Devon Energy Corp.
 
5.60%, 07/15/41
 
1,013
986,840
4.75%, 05/15/42
 
769
676,468
5.00%, 06/15/45
 
688
605,886
5.75%, 09/15/54(a)
 
1,195
1,126,588
Diamondback Energy, Inc.
 
6.25%, 03/15/53
 
675
688,629
5.75%, 04/18/54(a)
 
1,385
1,326,065
5.90%, 04/18/64
 
900
867,468
Eastern Energy Gas Holdings LLC
 
5.65%, 10/15/54
 
850
800,594
6.20%, 01/15/55
 
130
131,937
Eastern Gas Transmission & Storage, Inc.
 
4.80%, 11/01/43
 
225
195,698
4.60%, 12/15/44
 
400
338,882
Enbridge Energy Partners LP
 
5.50%, 09/15/40
 
375
366,247
7.38%, 10/15/45
 
335
383,681
Series B, 7.50%, 04/15/38
 
350
404,867
Enbridge, Inc.
 
4.50%, 06/10/44
 
613
515,132
5.50%, 12/01/46
 
1,050
998,219
4.00%, 11/15/49
 
454
341,514
3.40%, 08/01/51
 
1,139
764,441
6.70%, 11/15/53
 
1,135
1,233,170
5.95%, 04/05/54(a)
 
1,060
1,055,334
Energy Transfer LP
 
6.63%, 10/15/36
 
370
399,482
7.50%, 07/01/38
 
500
576,027
6.05%, 06/01/41
 
700
706,087
6.50%, 02/01/42
 
963
1,004,062
6.10%, 02/15/42
 
250
247,565
4.95%, 01/15/43
 
438
383,372
5.15%, 02/01/43
 
413
368,500
5.95%, 10/01/43
 
397
385,978
5.30%, 04/01/44
 
826
742,418
5.00%, 05/15/44
 
413
359,293
5.15%, 03/15/45
 
1,279
1,120,633
5.35%, 05/15/45
 
913
818,249
6.13%, 12/15/45
 
1,036
1,012,805
5.30%, 04/15/47
 
820
723,200
5.40%, 10/01/47
 
1,079
962,968
6.00%, 06/15/48
 
1,000
959,142
6.25%, 04/15/49
 
1,629
1,602,340
5.00%, 05/15/50
 
2,200
1,834,219
5.95%, 05/15/54
 
1,675
1,579,419
6.05%, 09/01/54
 
1,175
1,121,801
6.20%, 04/01/55
 
750
729,189
6.30%, 01/15/56
 
800
788,487
Series 20Y, 5.80%, 06/15/38
 
450
457,720
Enterprise Products Operating LLC
 
7.55%, 04/15/38
 
400
475,300
6.13%, 10/15/39
 
600
641,012
6.45%, 09/01/40
 
600
661,080
5.95%, 02/01/41
 
697
729,579
4.85%, 08/15/42
 
850
777,459
4.45%, 02/15/43
 
1,308
1,138,294
88
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Enterprise Products Operating LLC (continued)
 
4.85%, 03/15/44
$
1,829
$ 1,661,278
5.10%, 02/15/45
 
1,186
1,100,345
4.90%, 05/15/46
 
1,161
1,037,569
4.25%, 02/15/48
 
1,279
1,036,373
4.80%, 02/01/49
 
929
809,791
4.20%, 01/31/50
 
1,078
859,851
3.70%, 01/31/51
 
625
454,019
3.20%, 02/15/52
 
1,204
787,910
3.30%, 02/15/53
 
631
417,583
4.95%, 10/15/54
 
550
483,155
5.55%, 02/16/55(a)
 
1,225
1,176,457
3.95%, 01/31/60
 
1,000
723,830
EOG Resources, Inc.
 
4.95%, 04/15/50
 
613
542,995
5.65%, 12/01/54(a)
 
855
829,306
5.95%, 07/15/55
 
720
728,150
Equinor ASA
 
3.63%, 04/06/40
 
829
689,721
5.10%, 08/17/40
 
911
895,302
4.25%, 11/23/41
 
500
433,184
3.95%, 05/15/43
 
750
614,704
4.80%, 11/08/43
 
450
412,512
3.25%, 11/18/49
 
945
651,667
3.70%, 04/06/50
 
1,004
750,355
Exxon Mobil Corp.
 
3.00%, 08/16/39
 
713
567,469
4.23%, 03/19/40
 
1,719
1,553,705
3.57%, 03/06/45
 
1,025
793,144
4.11%, 03/01/46
 
2,204
1,823,853
3.10%, 08/16/49
 
1,243
840,074
4.33%, 03/19/50
 
2,468
2,051,802
3.45%, 04/15/51
 
2,665
1,896,531
Hess Corp.
 
6.00%, 01/15/40
 
600
634,943
5.60%, 02/15/41
 
1,054
1,072,680
5.80%, 04/01/47(a)
 
454
458,858
Kinder Morgan Energy Partners LP
 
6.50%, 02/01/37
 
576
625,080
6.95%, 01/15/38
 
1,286
1,437,629
6.50%, 09/01/39
 
600
645,239
6.55%, 09/15/40
 
550
591,158
7.50%, 11/15/40
 
300
348,624
6.38%, 03/01/41
 
413
435,815
5.63%, 09/01/41
 
300
293,720
5.00%, 08/15/42
 
650
587,066
4.70%, 11/01/42
 
400
348,881
5.00%, 03/01/43
 
763
685,999
5.50%, 03/01/44
 
745
705,125
5.40%, 09/01/44
 
363
338,751
Kinder Morgan, Inc.
 
5.55%, 06/01/45
 
1,486
1,417,035
5.05%, 02/15/46
 
770
686,680
5.20%, 03/01/48
 
486
438,242
3.25%, 08/01/50
 
500
325,531
3.60%, 02/15/51
 
1,829
1,264,922
5.45%, 08/01/52
 
225
207,247
5.95%, 08/01/54(a)
 
820
807,429
Marathon Petroleum Corp.
 
6.50%, 03/01/41
 
1,225
1,311,478
4.75%, 09/15/44
 
663
568,036
4.50%, 04/01/48
 
359
284,250
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Marathon Petroleum Corp. (continued)
 
5.00%, 09/15/54(a)
$
400
$ 335,201
MPLX LP
 
4.50%, 04/15/38
 
1,425
1,284,766
5.20%, 03/01/47
 
1,029
907,380
5.20%, 12/01/47
 
813
716,042
4.70%, 04/15/48
 
1,586
1,297,028
5.50%, 02/15/49
 
1,504
1,365,770
4.95%, 03/14/52
 
1,321
1,098,235
5.65%, 03/01/53
 
690
631,829
5.95%, 04/01/55(a)
 
900
857,755
6.20%, 09/15/55
 
755
744,072
6.10%, 04/01/56
 
500
485,814
4.90%, 04/15/58
 
400
324,747
Occidental Petroleum Corp.
 
6.45%, 09/15/36
 
1,600
1,719,858
7.95%, 06/15/39
 
275
324,756
6.20%, 03/15/40(a)
 
700
723,405
6.60%, 03/15/46
 
1,050
1,095,966
4.40%, 04/15/46
 
575
457,714
4.20%, 03/15/48
 
200
151,463
6.05%, 10/01/54
 
990
963,372
ONEOK Partners LP
 
6.65%, 10/01/36
 
500
541,865
6.85%, 10/15/37
 
700
763,172
6.13%, 02/01/41
 
575
586,800
6.20%, 09/15/43
 
250
249,668
ONEOK, Inc.
 
5.15%, 10/15/43
 
600
530,344
5.60%, 04/01/44
 
300
277,163
5.05%, 04/01/45
 
400
344,007
4.25%, 09/15/46
 
563
432,038
5.45%, 06/01/47
 
350
316,328
4.95%, 07/13/47
 
504
429,979
4.20%, 10/03/47
 
460
346,104
5.20%, 07/15/48
 
763
669,602
4.85%, 02/01/49
 
550
452,911
4.45%, 09/01/49(a)
 
625
494,365
3.95%, 03/01/50
 
1,011
716,348
7.15%, 01/15/51
 
250
271,932
6.63%, 09/01/53
 
1,150
1,183,838
5.70%, 11/01/54
 
1,400
1,276,248
6.25%, 10/15/55
 
1,400
1,377,672
5.85%, 11/01/64
 
575
528,322
Ovintiv, Inc.
 
6.63%, 08/15/37
 
575
612,483
6.50%, 02/01/38
 
443
465,497
7.10%, 07/15/53(a)
 
400
435,986
Phillips 66
 
5.88%, 05/01/42
 
1,326
1,329,834
4.88%, 11/15/44
 
1,636
1,433,973
3.30%, 03/15/52
 
1,067
690,018
Phillips 66 Co.
 
4.68%, 02/15/45
 
600
509,032
4.90%, 10/01/46
 
713
619,257
5.65%, 06/15/54(a)
 
450
421,170
5.50%, 03/15/55
 
525
482,123
Plains All American Pipeline LP/PAA Finance Corp.
 
6.65%, 01/15/37
 
800
862,517
5.15%, 06/01/42
 
350
314,981
4.30%, 01/31/43(a)
 
300
243,848
4.70%, 06/15/44
 
720
609,260
Schedule of Investments
89
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Plains All American Pipeline LP/PAA Finance
Corp. (continued)
 
4.90%, 02/15/45
$
579
$ 501,691
Sabine Pass Liquefaction LLC, 5.90%, 09/15/37
 
377
394,867
Shell Finance U.S., Inc.
 
6.38%, 12/15/38(b)
 
2,676
2,941,251
5.50%, 03/25/40(b)
 
525
531,447
5.13%, 10/15/41(b)
 
200
192,076
4.55%, 08/12/43
 
1,259
1,109,408
4.38%, 05/11/45
 
2,373
2,008,224
4.00%, 05/10/46
 
1,736
1,381,132
3.75%, 09/12/46
 
895
684,356
3.13%, 11/07/49(a)(b)
 
1,378
912,216
3.25%, 04/06/50(a)
 
1,239
845,182
3.00%, 11/26/51(b)
 
625
399,532
Shell International Finance BV
 
6.38%, 12/15/38
 
100
110,134
2.88%, 11/26/41
 
563
410,338
3.63%, 08/21/42
 
600
473,908
4.38%, 05/11/45
 
500
421,737
3.25%, 04/06/50(a)
 
600
407,240
South Bow USA Infrastructure Holdings LLC, 6.18%,
10/01/54
 
525
496,303
Spectra Energy Partners LP
 
5.95%, 09/25/43
 
100
98,928
4.50%, 03/15/45
 
810
681,108
Suncor Energy, Inc.
 
6.80%, 05/15/38
 
683
746,109
6.50%, 06/15/38
 
650
694,098
6.85%, 06/01/39
 
413
454,965
4.00%, 11/15/47
 
829
626,166
3.75%, 03/04/51(a)
 
721
510,116
Targa Resources Corp.
 
5.40%, 07/30/36
 
825
821,118
4.95%, 04/15/52
 
852
716,757
6.25%, 07/01/52
 
350
349,334
6.50%, 02/15/53(a)
 
750
774,210
6.13%, 05/15/55
 
920
903,351
6.05%, 05/15/56
 
550
533,355
TotalEnergies Capital International SA
 
2.99%, 06/29/41
 
750
561,689
3.46%, 07/12/49
 
813
574,935
3.13%, 05/29/50(a)
 
2,204
1,461,217
3.39%, 06/29/60
 
629
404,782
TotalEnergies Capital SA
 
5.49%, 04/05/54
 
1,575
1,510,952
5.28%, 09/10/54
 
850
792,549
5.64%, 04/05/64
 
1,100
1,057,889
5.43%, 09/10/64
 
1,225
1,139,978
TransCanada PipeLines Ltd.
 
6.20%, 10/15/37
 
930
987,022
7.25%, 08/15/38
 
513
585,678
7.63%, 01/15/39
 
1,063
1,252,898
6.10%, 06/01/40
 
800
830,898
5.00%, 10/16/43
 
200
184,112
4.88%, 05/15/48(a)
 
475
416,261
5.10%, 03/15/49
 
1,185
1,095,699
Transcontinental Gas Pipe Line Co. LLC
 
5.40%, 08/15/41
 
150
144,868
4.45%, 08/01/42
 
438
376,760
4.60%, 03/15/48
 
780
653,745
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Transcontinental Gas Pipe Line Co. LLC (continued)
 
3.95%, 05/15/50
$
513
$ 383,421
5.75%, 03/15/56
 
550
534,978
Valero Energy Corp.
 
6.63%, 06/15/37
 
1,525
1,671,914
4.90%, 03/15/45(a)
 
513
449,020
3.65%, 12/01/51
 
625
428,070
4.00%, 06/01/52(a)
 
319
231,269
Western Midstream Operating LP
 
5.45%, 04/01/44
 
605
542,213
5.30%, 03/01/48
 
725
616,081
5.50%, 08/15/48
 
375
325,425
5.25%, 02/01/50
 
950
803,933
Williams Cos., Inc.
 
6.30%, 04/15/40
 
1,313
1,389,066
5.80%, 11/15/43
 
200
195,624
5.40%, 03/04/44
 
229
214,893
5.75%, 06/24/44
 
779
761,730
4.90%, 01/15/45
 
363
318,766
5.10%, 09/15/45
 
845
765,354
4.85%, 03/01/48
 
613
525,591
3.50%, 10/15/51
 
800
543,000
5.30%, 08/15/52
 
1,020
921,188
5.80%, 11/15/54
 
900
866,852
6.00%, 03/15/55
 
395
390,803
5.95%, 03/15/56(a)
 
715
700,943
Woodside Finance Ltd., 5.70%, 09/12/54
 
725
676,638
 
 
196,357,457
Paper & Forest Products — 0.1%
Celulosa Arauco y Constitucion SA, 5.50%, 11/02/47
 
300
265,741
International Paper Co.
 
7.30%, 11/15/39
 
400
450,810
6.00%, 11/15/41(a)
 
350
352,496
4.80%, 06/15/44(a)
 
716
610,523
5.15%, 05/15/46(a)
 
450
400,163
4.40%, 08/15/47
 
563
446,813
4.35%, 08/15/48(a)
 
825
641,644
 
 
3,168,190
Passenger Airlines(a) — 0.0%
United Airlines Pass-Through Trust
 
Series 2024-1, Class A, 5.88%, 08/15/38
 
329
330,340
Series 2024-1, Class AA, 5.45%, 08/15/38
 
658
671,333
 
 
1,001,673
Personal Care Products — 0.3%
Colgate-Palmolive Co.
 
4.00%, 08/15/45
 
550
459,465
3.70%, 08/01/47
 
445
341,323
Estee Lauder Cos., Inc.
 
6.00%, 05/15/37
 
300
317,788
4.38%, 06/15/45
 
475
387,034
4.15%, 03/15/47
 
463
358,244
3.13%, 12/01/49
 
591
376,648
5.15%, 05/15/53
 
505
443,282
Haleon U.S. Capital LLC, 4.00%, 03/24/52
 
900
687,721
Kenvue, Inc.
 
5.10%, 03/22/43
 
580
550,111
5.05%, 03/22/53(a)
 
1,350
1,217,302
5.20%, 03/22/63
 
750
670,334
Procter & Gamble Co.
 
5.55%, 03/05/37
 
650
689,823
90
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Personal Care Products (continued)
Procter & Gamble Co. (continued)
 
3.55%, 03/25/40
$
363
$ 308,843
3.50%, 10/25/47(a)
 
250
188,781
3.60%, 03/25/50(a)
 
504
382,324
Unilever Capital Corp., Series 30Y, 2.63%, 08/12/51
 
504
306,222
 
 
7,685,245
Pharmaceuticals — 6.5%
AbbVie, Inc.
 
4.30%, 05/14/36
 
1,130
1,066,645
4.05%, 11/21/39
 
3,587
3,144,017
4.63%, 10/01/42
 
275
245,563
4.40%, 11/06/42
 
2,610
2,283,470
5.35%, 03/15/44
 
575
556,142
4.85%, 06/15/44
 
1,036
939,520
4.75%, 03/15/45
 
752
667,896
4.70%, 05/14/45
 
2,698
2,383,104
4.45%, 05/14/46
 
1,961
1,667,927
4.88%, 11/14/48
 
1,504
1,337,485
4.25%, 11/21/49
 
5,581
4,506,587
5.40%, 03/15/54
 
2,890
2,739,471
5.60%, 03/15/55
 
730
713,480
5.55%, 03/15/56
 
355
343,585
5.50%, 03/15/64
 
1,440
1,363,164
5.65%, 03/15/66
 
1,085
1,047,774
AstraZeneca PLC
 
6.45%, 09/15/37
 
2,850
3,173,756
4.00%, 09/18/42
 
800
671,219
4.38%, 11/16/45
 
462
397,865
4.38%, 08/17/48
 
546
463,356
2.13%, 08/06/50
 
998
543,667
3.00%, 05/28/51(a)
 
925
611,419
Becton Dickinson & Co.
 
4.69%, 12/15/44
 
200
173,290
4.67%, 06/06/47
 
100
86,817
Bristol-Myers Squibb Co.
 
4.13%, 06/15/39
 
2,213
1,970,752
2.35%, 11/13/40(a)
 
925
646,203
3.55%, 03/15/42
 
1,440
1,135,776
3.25%, 08/01/42
 
500
375,517
5.50%, 02/22/44
 
240
236,419
4.50%, 03/01/44
 
250
216,119
4.63%, 05/15/44
 
350
307,446
5.00%, 08/15/45
 
775
709,080
4.35%, 11/15/47
 
1,360
1,119,308
4.55%, 02/20/48
 
1,142
963,690
4.25%, 10/26/49
 
3,476
2,782,151
2.55%, 11/13/50
 
1,739
1,008,866
3.70%, 03/15/52
 
1,693
1,218,802
6.25%, 11/15/53(a)
 
400
422,215
5.55%, 02/22/54
 
2,465
2,365,438
3.90%, 03/15/62
 
914
643,687
6.40%, 11/15/63
 
100
107,889
5.65%, 02/22/64(a)
 
300
290,490
Cardinal Health, Inc.
 
4.60%, 03/15/43
 
200
171,986
4.50%, 11/15/44
 
500
416,779
4.90%, 09/15/45
 
470
411,975
4.37%, 06/15/47(a)
 
513
415,182
5.75%, 11/15/54
 
500
487,096
Cencora, Inc.
 
4.25%, 03/01/45
 
538
442,552
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
Cencora, Inc. (continued)
 
4.30%, 12/15/47
$
363
$ 296,685
5.65%, 02/13/56(a)
 
415
402,463
CVS Health Corp.
 
4.78%, 03/25/38
 
4,773
4,426,844
6.13%, 09/15/39
 
200
205,570
4.13%, 04/01/40
 
610
513,376
2.70%, 08/21/40
 
500
349,697
5.30%, 12/05/43
 
700
639,980
6.00%, 06/01/44
 
625
616,436
5.13%, 07/20/45
 
3,106
2,742,945
5.05%, 03/25/48(a)
 
7,392
6,375,223
4.25%, 04/01/50(a)
 
521
396,805
5.63%, 02/21/53
 
1,275
1,172,396
5.88%, 06/01/53(a)
 
1,040
987,854
6.05%, 06/01/54
 
825
803,167
6.20%, 09/15/55
 
1,100
1,095,453
6.00%, 06/01/63
 
615
582,970
6.25%, 09/15/65
 
560
548,860
Eli Lilly & Co.
 
5.55%, 03/15/37(a)
 
400
419,760
3.70%, 03/01/45
 
529
411,720
3.95%, 05/15/47
 
550
434,096
3.95%, 03/15/49
 
900
703,683
2.25%, 05/15/50
 
1,775
989,080
4.88%, 02/27/53
 
1,210
1,073,155
5.00%, 02/09/54
 
1,660
1,499,371
5.05%, 08/14/54
 
1,250
1,137,605
5.50%, 02/12/55
 
1,315
1,280,424
5.55%, 10/15/55(a)
 
405
396,978
4.15%, 03/15/59
 
1,025
787,777
2.50%, 09/15/60
 
796
420,951
4.95%, 02/27/63
 
965
840,180
5.10%, 02/09/64
 
1,375
1,229,121
5.20%, 08/14/64(a)
 
630
571,250
5.60%, 02/12/65
 
545
527,184
5.65%, 10/15/65
 
820
800,735
GlaxoSmithKline Capital, Inc.
 
6.38%, 05/15/38
 
2,526
2,797,326
4.20%, 03/18/43
 
396
340,617
Johnson & Johnson
 
3.63%, 03/03/37
 
1,113
997,181
5.95%, 08/15/37
 
825
905,898
3.40%, 01/15/38
 
1,025
886,870
5.85%, 07/15/38
 
700
762,823
2.10%, 09/01/40
 
476
332,897
4.50%, 09/01/40
 
391
370,247
4.85%, 05/15/41
 
550
538,567
4.50%, 12/05/43(a)
 
620
569,287
3.70%, 03/01/46
 
1,713
1,358,773
3.75%, 03/03/47
 
1,150
909,114
3.50%, 01/15/48
 
736
554,502
2.25%, 09/01/50(a)
 
625
358,288
5.25%, 06/01/54(a)
 
1,020
1,005,155
2.45%, 09/01/60
 
1,093
584,395
Mead Johnson Nutrition Co., 4.60%, 06/01/44
 
463
401,172
Merck & Co., Inc.
 
6.55%, 09/15/37
 
330
370,313
3.90%, 03/07/39
 
963
843,129
2.35%, 06/24/40
 
1,059
748,581
3.60%, 09/15/42
 
550
434,444
4.15%, 05/18/43
 
1,095
922,007
Schedule of Investments
91
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
Merck & Co., Inc. (continued)
 
4.90%, 05/17/44
$
600
$ 548,189
3.70%, 02/10/45
 
1,551
1,199,687
5.50%, 03/15/46
 
690
672,348
4.00%, 03/07/49
 
1,854
1,444,230
2.45%, 06/24/50
 
979
562,412
2.75%, 12/10/51
 
1,721
1,039,680
5.00%, 05/17/53
 
1,320
1,178,333
5.70%, 09/15/55
 
1,175
1,154,165
5.55%, 12/04/55
 
1,375
1,325,218
2.90%, 12/10/61
 
1,404
797,298
5.15%, 05/17/63
 
1,015
902,919
5.70%, 12/04/65
 
925
894,179
Merck Sharp & Dohme Corp., 5.75%, 11/15/36
 
500
532,874
Mylan, Inc.
 
5.40%, 11/29/43
 
538
460,089
5.20%, 04/15/48
 
404
321,426
Novartis Capital Corp.
 
3.70%, 09/21/42
 
550
446,625
4.40%, 05/06/44
 
1,636
1,428,483
5.20%, 11/05/45
 
225
214,617
4.00%, 11/20/45
 
1,220
998,210
5.60%, 03/18/46
 
660
660,595
2.75%, 08/14/50
 
1,385
865,426
4.70%, 09/18/54
 
520
450,644
5.30%, 11/05/55(a)
 
475
451,735
5.70%, 03/18/56
 
700
700,301
Pfizer Investment Enterprises Pte. Ltd.
 
5.11%, 05/19/43
 
2,750
2,587,480
5.30%, 05/19/53
 
5,505
5,098,535
5.34%, 05/19/63
 
3,675
3,326,889
Pfizer, Inc.
 
4.00%, 12/15/36(a)
 
863
793,894
4.10%, 09/15/38
 
829
749,662
3.90%, 03/15/39
 
813
704,424
7.20%, 03/15/39
 
2,166
2,524,462
2.55%, 05/28/40
 
1,159
840,553
5.60%, 09/15/40
 
400
409,737
4.30%, 06/15/43
 
963
822,459
4.40%, 05/15/44
 
813
702,531
4.13%, 12/15/46
 
1,243
1,005,002
4.20%, 09/15/48
 
713
575,277
4.00%, 03/15/49
 
1,279
999,209
2.70%, 05/28/50(a)
 
1,160
708,237
5.60%, 11/15/55(a)
 
600
588,452
5.70%, 11/15/65
 
500
480,790
Takeda Pharmaceutical Co. Ltd.
 
3.03%, 07/09/40
 
1,491
1,121,231
5.65%, 07/05/44
 
650
635,888
3.18%, 07/09/50
 
2,108
1,377,516
5.65%, 07/05/54
 
600
575,300
3.38%, 07/09/60(a)
 
1,278
797,823
5.80%, 07/05/64
 
400
383,237
Takeda U.S. Financing, Inc., 5.90%, 07/07/55
 
650
643,122
Utah Acquisition Sub, Inc., 5.25%, 06/15/46
 
588
478,004
Viatris, Inc.
 
3.85%, 06/22/40
 
1,429
1,095,742
4.00%, 06/22/50
 
1,268
841,030
Wyeth LLC, 5.95%, 04/01/37
 
1,563
1,663,867
Zoetis, Inc.
 
4.70%, 02/01/43
 
1,004
893,869
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
Zoetis, Inc. (continued)
 
3.95%, 09/12/47
$
513
$ 399,860
4.45%, 08/20/48
 
263
218,405
3.00%, 05/15/50
 
379
242,848
 
 
156,199,035
Residential REITs — 0.2%
American Homes 4 Rent LP
 
3.38%, 07/15/51
 
250
163,122
4.30%, 04/15/52
 
250
191,552
AvalonBay Communities, Inc.
 
3.90%, 10/15/46
 
263
203,430
4.15%, 07/01/47
 
300
239,542
4.35%, 04/15/48
 
200
163,408
Camden Property Trust, 3.35%, 11/01/49
 
250
170,133
ERP Operating LP
 
4.50%, 07/01/44
 
772
673,319
4.50%, 06/01/45
 
363
309,171
4.00%, 08/01/47(a)
 
150
118,109
Essex Portfolio LP
 
4.50%, 03/15/48
 
275
224,560
2.65%, 09/01/50
 
229
132,562
Mid-America Apartments LP, 2.88%, 09/15/51(a)
 
459
285,429
NNN REIT, Inc.
 
4.80%, 10/15/48
 
200
171,836
3.10%, 04/15/50
 
429
272,163
3.50%, 04/15/51
 
350
241,477
3.00%, 04/15/52
 
528
323,235
Realty Income Corp.
 
4.65%, 03/15/47
 
500
429,141
5.38%, 09/01/54(a)
 
455
432,464
 
 
4,744,653
Retail REITs — 0.2%
Simon Property Group LP
 
6.75%, 02/01/40(a)
 
600
673,311
4.75%, 03/15/42
 
526
473,988
4.25%, 10/01/44
 
163
134,734
4.25%, 11/30/46
 
488
396,527
3.25%, 09/13/49(a)
 
1,541
1,044,314
3.80%, 07/15/50(a)
 
1,129
835,779
5.85%, 03/08/53(a)
 
600
597,751
6.65%, 01/15/54(a)
 
115
126,895
 
 
4,283,299
Semiconductors & Semiconductor Equipment — 2.3%
Advanced Micro Devices, Inc., 4.39%, 06/01/52
 
480
397,728
Analog Devices, Inc.
 
2.80%, 10/01/41
 
551
399,486
5.30%, 12/15/45
 
200
192,224
2.95%, 10/01/51
 
1,250
796,327
5.30%, 04/01/54
 
350
332,517
Applied Materials, Inc.
 
5.85%, 06/15/41
 
525
548,235
4.35%, 04/01/47
 
820
691,793
2.75%, 06/01/50(a)
 
613
386,168
Broadcom, Inc.
 
3.19%, 11/15/36(b)
 
3,025
2,540,823
4.93%, 05/15/37(b)
 
2,250
2,191,084
4.90%, 02/15/38
 
1,630
1,574,232
3.50%, 02/15/41
 
2,766
2,210,828
3.75%, 02/15/51
 
1,935
1,436,142
92
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Semiconductors & Semiconductor Equipment (continued)
Broadcom, Inc. (continued)
 
5.70%, 01/15/56(a)
$
1,260
$ 1,250,925
Intel Corp.
 
4.60%, 03/25/40
 
725
647,060
2.80%, 08/12/41
 
657
457,341
4.80%, 10/01/41
 
740
655,997
4.25%, 12/15/42
 
500
408,246
5.63%, 02/10/43
 
980
943,168
4.90%, 07/29/45
 
750
644,946
4.10%, 05/19/46
 
1,073
823,523
4.10%, 05/11/47
 
1,113
845,102
3.73%, 12/08/47
 
2,009
1,434,216
3.25%, 11/15/49
 
1,775
1,142,538
4.75%, 03/25/50
 
2,356
1,931,680
3.05%, 08/12/51
 
1,250
770,243
4.90%, 08/05/52
 
1,775
1,475,330
5.70%, 02/10/53
 
1,585
1,481,964
5.60%, 02/21/54(a)
 
635
590,345
6.13%, 05/15/56
 
1,555
1,545,221
3.10%, 02/15/60
 
913
513,748
4.95%, 03/25/60
 
854
695,970
3.20%, 08/12/61(a)
 
775
444,149
5.05%, 08/05/62
 
450
370,463
5.90%, 02/10/63
 
1,100
1,039,597
6.20%, 05/15/66
 
1,175
1,157,409
KLA Corp.
 
5.00%, 03/15/49
 
275
249,075
3.30%, 03/01/50
 
686
469,036
4.95%, 07/15/52(a)
 
1,620
1,451,715
5.25%, 07/15/62
 
770
699,490
Lam Research Corp.
 
4.88%, 03/15/49
 
554
498,003
2.88%, 06/15/50
 
754
477,754
3.13%, 06/15/60(a)
 
625
379,075
Micron Technology, Inc.
 
3.37%, 11/01/41
 
363
280,267
3.48%, 11/01/51
 
413
287,570
NVIDIA Corp.
 
3.50%, 04/01/40
 
888
739,373
3.50%, 04/01/50(a)
 
1,818
1,335,695
3.70%, 04/01/60
 
443
317,167
NXP BV/NXP Funding LLC/NXP USA, Inc.
 
3.25%, 05/11/41(a)
 
813
611,529
3.13%, 02/15/42
 
563
401,727
3.25%, 11/30/51(a)
 
275
177,886
QUALCOMM, Inc.
 
4.80%, 05/20/45
 
1,170
1,043,628
4.30%, 05/20/47
 
1,293
1,055,190
3.25%, 05/20/50
 
910
611,083
4.50%, 05/20/52
 
817
671,785
6.00%, 05/20/53
 
1,170
1,195,727
Texas Instruments, Inc.
 
3.88%, 03/15/39
 
779
684,712
4.15%, 05/15/48
 
1,479
1,212,791
2.70%, 09/15/51
 
375
225,430
4.10%, 08/16/52
 
345
271,106
5.00%, 03/14/53
 
795
723,465
5.15%, 02/08/54(a)
 
575
537,665
5.05%, 05/18/63
 
1,350
1,196,922
Security
 
Par
(000)
Value
Semiconductors & Semiconductor Equipment (continued)
TSMC Arizona Corp.
 
3.13%, 10/25/41
$
916
$ 743,310
3.25%, 10/25/51
 
950
709,025
4.50%, 04/22/52
 
880
812,223
 
 
55,036,192
Software — 3.2%
Intuit, Inc., 5.50%, 09/15/53
 
1,110
1,001,204
Microsoft Corp.
 
3.45%, 08/08/36(a)
 
1,692
1,514,981
4.10%, 02/06/37
 
750
710,769
5.30%, 02/08/41(a)
 
750
763,547
3.50%, 11/15/42
 
400
319,340
3.75%, 02/12/45
 
100
80,521
4.45%, 11/03/45(a)
 
1,000
879,830
3.70%, 08/08/46
 
1,429
1,119,507
4.25%, 02/06/47(a)
 
1,150
977,283
4.50%, 06/15/47
 
350
304,597
2.53%, 06/01/50
 
6,111
3,605,179
2.50%, 09/15/50
 
1,860
1,093,466
2.92%, 03/17/52
 
5,577
3,550,266
4.00%, 02/12/55(a)
 
425
326,455
3.95%, 08/08/56
 
400
302,862
4.50%, 02/06/57(a)
 
1,309
1,105,003
2.68%, 06/01/60
 
3,208
1,767,122
3.04%, 03/17/62(a)
 
1,940
1,158,578
Oracle Corp.
 
3.85%, 07/15/36(a)
 
1,370
1,127,203
3.80%, 11/15/37
 
970
767,026
6.50%, 04/15/38(a)
 
1,200
1,198,865
6.13%, 07/08/39
 
813
783,407
3.60%, 04/01/40
 
3,009
2,167,045
5.38%, 07/15/40
 
2,229
1,940,285
3.65%, 03/25/41
 
2,560
1,810,783
4.50%, 07/08/44
 
913
671,802
4.13%, 05/15/45
 
1,041
714,096
5.88%, 09/26/45
 
2,140
1,843,838
6.55%, 02/04/46
 
4,000
3,712,497
4.00%, 07/15/46(a)
 
2,891
1,928,977
4.00%, 11/15/47
 
2,118
1,393,725
3.60%, 04/01/50
 
4,369
2,609,549
3.95%, 03/25/51
 
2,984
1,876,587
6.90%, 11/09/52
 
1,650
1,558,780
5.55%, 02/06/53
 
2,375
1,883,731
5.38%, 09/27/54
 
1,555
1,198,117
4.38%, 05/15/55
 
1,111
729,119
6.00%, 08/03/55
 
900
753,021
5.95%, 09/26/55
 
3,155
2,643,385
6.70%, 02/04/56
 
3,850
3,547,482
3.85%, 04/01/60(a)
 
4,191
2,422,531
4.10%, 03/25/61
 
1,500
908,640
5.50%, 09/27/64
 
1,275
968,566
6.13%, 08/03/65(a)
 
750
621,660
6.10%, 09/26/65
 
1,605
1,321,500
6.85%, 02/04/66
 
3,000
2,749,290
Salesforce, Inc.
 
2.70%, 07/15/41
 
1,279
872,466
6.40%, 03/15/46
 
1,200
1,198,757
2.90%, 07/15/51
 
1,773
1,024,670
6.55%, 03/15/56
 
3,200
3,178,868
Schedule of Investments
93
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Software (continued)
Salesforce, Inc. (continued)
 
3.05%, 07/15/61(a)
$
1,320
$ 733,125
6.70%, 03/15/66
 
1,160
1,164,707
Synopsys, Inc., 5.70%, 04/01/55
 
1,850
1,771,892
 
 
76,376,502
Specialized REITs — 0.0%
Public Storage Operating Co., 5.35%, 08/01/53
 
800
751,789
Specialty Retail — 0.0%
Dick’s Sporting Goods, Inc., 4.10%, 01/15/52
 
680
482,947
Technology Hardware, Storage & Peripherals — 1.4%
Apple, Inc.
 
2.38%, 02/08/41
 
600
425,241
3.85%, 05/04/43
 
3,325
2,749,333
4.45%, 05/06/44(a)
 
713
632,658
3.45%, 02/09/45
 
1,269
963,700
4.38%, 05/13/45
 
1,413
1,230,591
4.65%, 02/23/46
 
4,092
3,675,257
3.85%, 08/04/46
 
1,620
1,287,436
4.25%, 02/09/47
 
1,163
974,504
3.75%, 09/12/47
 
1,250
966,793
3.75%, 11/13/47
 
1,186
912,632
2.95%, 09/11/49(a)
 
1,586
1,044,677
2.65%, 05/11/50
 
2,144
1,311,716
2.40%, 08/20/50(a)
 
1,473
850,830
2.65%, 02/08/51
 
2,386
1,449,352
2.70%, 08/05/51(a)
 
2,065
1,259,059
3.95%, 08/08/52
 
1,850
1,433,602
4.85%, 05/10/53(a)
 
1,080
988,960
2.55%, 08/20/60
 
1,129
603,777
2.80%, 02/08/61
 
2,473
1,407,589
2.85%, 08/05/61(a)
 
1,105
639,106
4.10%, 08/08/62
 
1,150
876,024
Dell International LLC/EMC Corp.
 
8.10%, 07/15/36
 
951
1,131,598
3.38%, 12/15/41
 
1,429
1,076,491
8.35%, 07/15/46
 
360
446,399
3.45%, 12/15/51(a)
 
1,253
855,582
Dell, Inc., 6.50%, 04/15/38
 
229
246,053
Hewlett Packard Enterprise Co.
 
6.35%, 10/15/45
 
1,445
1,455,825
5.60%, 10/15/54
 
950
856,764
HP, Inc., 6.00%, 09/15/41(a)
 
988
989,817
 
 
32,741,366
Textiles, Apparel & Luxury Goods — 0.1%
NIKE, Inc.
 
3.25%, 03/27/40
 
1,129
894,217
3.63%, 05/01/43
 
500
389,472
3.88%, 11/01/45
 
938
731,357
3.38%, 11/01/46
 
468
334,392
3.38%, 03/27/50
 
1,225
848,565
 
 
3,198,003
Tobacco — 1.2%
Altria Group, Inc.
 
5.80%, 02/14/39
 
1,643
1,655,639
3.40%, 02/04/41
 
1,529
1,161,017
4.25%, 08/09/42
 
950
775,762
4.50%, 05/02/43
 
829
691,338
5.38%, 01/31/44(a)
 
1,544
1,437,600
3.88%, 09/16/46
 
1,636
1,205,202
5.95%, 02/14/49(a)
 
2,143
2,087,943
Security
 
Par
(000)
Value
Tobacco (continued)
Altria Group, Inc. (continued)
 
4.45%, 05/06/50
$
491
$ 384,190
3.70%, 02/04/51
 
895
615,166
4.00%, 02/04/61(a)
 
1,229
858,598
BAT Capital Corp.
 
4.39%, 08/15/37
 
2,566
2,334,501
3.73%, 09/25/40
 
500
398,255
7.08%, 08/02/43
 
550
607,240
4.54%, 08/15/47
 
2,345
1,908,311
4.76%, 09/06/49
 
1,070
886,089
5.28%, 04/02/50
 
463
409,305
3.98%, 09/25/50
 
400
287,748
5.65%, 03/16/52
 
104
96,331
7.08%, 08/02/53
 
1,000
1,106,418
6.25%, 08/15/55(a)
 
400
403,261
Philip Morris International, Inc.
 
6.38%, 05/16/38
 
1,700
1,856,918
4.38%, 11/15/41
 
795
691,643
4.50%, 03/20/42
 
460
402,104
3.88%, 08/21/42
 
713
574,342
4.13%, 03/04/43
 
971
803,761
4.88%, 11/15/43
 
988
888,907
4.25%, 11/10/44
 
1,050
871,242
Reynolds American, Inc.
 
7.25%, 06/15/37
 
400
454,390
6.15%, 09/15/43
 
297
298,368
5.85%, 08/15/45
 
2,350
2,276,139
 
 
28,427,728
Transportation Infrastructure — 0.6%
FedEx Corp.
 
3.25%, 05/15/41
 
833
609,780
3.88%, 08/01/42
 
500
377,852
4.10%, 04/15/43
 
500
393,306
4.10%, 02/01/45
 
1,025
789,842
4.75%, 11/15/45
 
100
85,665
4.55%, 04/01/46
 
200
166,112
4.40%, 01/15/47
 
763
591,121
4.05%, 02/15/48
 
200
152,708
4.95%, 10/17/48(a)
 
979
824,006
5.25%, 05/15/50
 
400
364,965
United Parcel Service, Inc.
 
6.20%, 01/15/38
 
1,226
1,331,530
5.20%, 04/01/40
 
429
424,382
4.88%, 11/15/40
 
400
379,712
3.63%, 10/01/42
 
463
362,862
3.40%, 11/15/46
 
667
475,937
3.75%, 11/15/47
 
705
528,012
4.25%, 03/15/49
 
579
465,560
3.40%, 09/01/49(a)
 
800
555,903
5.30%, 04/01/50(a)
 
879
825,146
5.05%, 03/03/53
 
1,100
981,001
5.50%, 05/22/54(a)
 
1,125
1,071,925
5.95%, 05/14/55(a)
 
1,100
1,115,918
5.60%, 05/22/64
 
525
496,298
6.05%, 05/14/65
 
900
907,131
 
 
14,276,674
Utilities — 0.3%
American Water Capital Corp.
 
6.59%, 10/15/37
 
800
896,231
4.30%, 12/01/42
 
325
279,939
4.30%, 09/01/45(a)
 
213
175,955
4.00%, 12/01/46
 
280
218,358
94
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Utilities (continued)
American Water Capital Corp. (continued)
 
3.75%, 09/01/47
$
713
$ 535,615
4.20%, 09/01/48
 
575
458,894
4.15%, 06/01/49
 
513
402,126
3.45%, 05/01/50
 
550
382,768
3.25%, 06/01/51(a)
 
745
496,720
5.45%, 03/01/54
 
450
425,243
5.70%, 09/01/55
 
870
850,284
Essential Utilities, Inc.
 
4.28%, 05/01/49
 
350
275,540
3.35%, 04/15/50
 
529
351,341
5.30%, 05/01/52
 
379
342,898
 
 
6,091,912
Wireless Telecommunication Services — 1.6%
America Movil SAB de C.V.
 
6.13%, 11/15/37
 
425
448,387
6.13%, 03/30/40
 
1,675
1,761,981
4.38%, 07/16/42
 
671
580,195
4.38%, 04/22/49(a)
 
1,078
889,546
Motorola Solutions, Inc., 5.50%, 09/01/44
 
325
309,271
Orange SA
 
5.38%, 01/13/42
 
787
757,181
5.50%, 02/06/44(a)
 
775
752,253
Rogers Communications, Inc.
 
7.50%, 08/15/38
 
225
255,755
4.50%, 03/15/42
 
626
528,765
4.50%, 03/15/43(a)
 
400
329,962
5.45%, 10/01/43
 
550
509,703
5.00%, 03/15/44
 
788
692,721
4.30%, 02/15/48
 
986
769,084
3.70%, 11/15/49(a)
 
539
392,265
4.55%, 03/15/52
 
1,898
1,493,084
T-Mobile USA, Inc.
 
4.38%, 04/15/40
 
2,211
1,932,321
3.00%, 02/15/41
 
2,359
1,722,366
4.50%, 04/15/50(a)
 
2,550
2,040,786
3.30%, 02/15/51
 
3,400
2,199,678
3.40%, 10/15/52(a)
 
2,259
1,472,210
5.65%, 01/15/53
 
1,650
1,548,577
5.75%, 01/15/54(a)
 
1,150
1,090,991
6.00%, 06/15/54
 
830
815,134
5.50%, 01/15/55
 
565
515,580
5.25%, 06/15/55
 
700
615,317
5.88%, 11/15/55
 
1,075
1,038,523
5.70%, 01/15/56
 
700
660,351
5.85%, 02/15/56
 
950
912,661
3.60%, 11/15/60
 
2,281
1,471,242
5.80%, 09/15/62
 
700
664,261
Vodafone Group PLC
 
6.15%, 02/27/37
 
849
912,101
5.00%, 05/30/38(a)
 
625
612,291
4.38%, 02/19/43
 
475
399,633
5.25%, 05/30/48
 
1,250
1,127,446
4.88%, 06/19/49
 
1,093
932,406
4.25%, 09/17/50
 
667
513,809
Security
 
Par
(000)
Value
Wireless Telecommunication Services (continued)
Vodafone Group PLC (continued)
 
5.63%, 02/10/53
$
875
$ 818,960
5.75%, 06/28/54(a)
 
1,725
1,632,371
5.13%, 06/19/59(a)
 
250
218,083
5.75%, 02/10/63
 
500
464,488
5.88%, 06/28/64(a)
 
725
686,163
 
 
37,487,902
Total Corporate Bonds — 88.9%
(Cost: $2,331,845,478)
2,123,658,413
Foreign Agency Obligations
Chile — 0.5%
Chile Government International Bonds
 
5.65%, 01/13/37
 
1,600
1,675,139
3.10%, 05/07/41
 
2,650
2,032,555
4.34%, 03/07/42
 
1,925
1,704,616
3.63%, 10/30/42
 
450
362,840
3.86%, 06/21/47
 
975
768,409
3.50%, 01/25/50
 
2,153
1,555,508
4.00%, 01/31/52(a)
 
960
752,947
5.33%, 01/05/54(a)
 
1,270
1,215,838
3.10%, 01/22/61
 
2,032
1,255,828
3.25%, 09/21/71
 
608
378,690
 
 
11,702,370
Hungary — 0.1%
Hungary Government International Bonds,
Series 30Y, 7.63%, 03/29/41
 
1,416
1,663,056
Indonesia — 0.5%
Indonesia Government International Bonds
 
4.35%, 01/11/48(a)
 
1,716
1,406,709
5.35%, 02/11/49(a)
 
900
861,443
3.70%, 10/30/49
 
1,200
873,747
3.50%, 02/14/50
 
878
616,783
4.20%, 10/15/50
 
1,728
1,359,482
3.05%, 03/12/51
 
2,139
1,357,604
4.30%, 03/31/52
 
700
557,135
5.45%, 09/20/52(a)
 
525
499,521
5.65%, 01/11/53
 
830
811,355
5.10%, 02/10/54(a)
 
750
690,249
5.15%, 09/10/54(a)
 
200
183,705
5.48%, 02/21/56(a)
 
400
380,221
3.20%, 09/23/61
 
500
306,016
4.45%, 04/15/70
 
1,000
783,410
3.35%, 03/12/71
 
200
123,242
 
 
10,810,622
Israel — 0.3%
Israel Government International Bonds
 
Series 100Y, 4.50%, 12/31/99
 
1,250
894,098
Series 30Y, 4.50%, 01/30/43
 
1,535
1,306,721
Series 30Y, 4.13%, 01/17/48
 
1,178
897,570
Series 30Y, 3.88%, 07/03/50
 
2,178
1,557,215
Schedule of Investments
95
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Israel (continued)
Israel Government International Bonds (continued)
 
Series 30Y, 5.75%, 03/12/54
$
1,950
$ 1,836,328
State of Israel, Series 30Y, 3.38%, 01/15/50
 
1,578
1,033,309
 
 
7,525,241
Italy — 0.1%
Republic of Italy Government International Bonds
 
Series 10Y, 4.00%, 10/17/49
 
2,258
1,700,202
Series 30Y, 3.88%, 05/06/51
 
1,978
1,435,715
 
 
3,135,917
Mexico — 1.9%
Mexico Government International Bonds
 
6.00%, 05/07/36
 
4,400
4,421,872
6.88%, 05/13/37
 
4,070
4,302,004
6.63%, 01/29/38
 
1,925
1,983,210
6.13%, 02/09/38
 
3,880
3,839,067
6.05%, 01/11/40
 
2,656
2,612,571
4.28%, 08/14/41
 
2,832
2,242,788
4.75%, 03/08/44
 
3,672
2,979,482
5.55%, 01/21/45(a)
 
2,765
2,515,595
4.60%, 01/23/46
 
2,182
1,699,086
4.35%, 01/15/47(a)
 
1,097
812,095
4.60%, 02/10/48
 
1,722
1,310,599
4.50%, 01/31/50
 
1,629
1,213,687
5.00%, 04/27/51
 
2,310
1,827,857
4.40%, 02/12/52
 
2,075
1,489,625
6.34%, 05/04/53
 
2,564
2,419,549
6.40%, 05/07/54
 
2,500
2,367,232
7.38%, 05/13/55(a)
 
2,015
2,149,652
6.75%, 02/09/56(a)
 
1,200
1,183,890
3.77%, 05/24/61
 
2,710
1,635,229
5.75%, 12/31/99(a)
 
2,472
2,030,992
 
 
45,036,082
Panama — 0.5%
Panama Government International Bonds
 
5.66%, 02/23/38
 
1,200
1,206,990
8.00%, 03/01/38
 
1,100
1,306,573
4.50%, 05/15/47
 
1,150
950,569
4.50%, 04/16/50
 
1,968
1,580,016
4.30%, 04/29/53(a)
 
1,778
1,369,231
6.85%, 03/28/54(a)
 
1,050
1,131,201
4.50%, 04/01/56(a)
 
2,208
1,721,844
7.88%, 03/01/57
 
650
785,552
3.87%, 07/23/60
 
2,003
1,382,032
4.50%, 01/19/63
 
1,500
1,151,313
 
 
12,585,321
Peru — 0.4%
Peru Government International Bonds
 
6.55%, 03/14/37
 
888
971,996
3.30%, 03/11/41
 
1,209
926,660
5.63%, 11/18/50(a)
 
2,435
2,350,163
3.55%, 03/10/51
 
1,600
1,110,044
5.88%, 08/08/54(a)
 
1,575
1,533,221
6.20%, 06/30/55
 
1,175
1,193,589
2.78%, 12/01/60(a)
 
2,236
1,207,288
3.60%, 01/15/72
 
1,025
643,425
3.23%, 12/31/99
 
1,088
593,572
 
 
10,529,958
Philippines — 0.6%
Philippines Government International Bonds
 
5.00%, 01/13/37
 
1,328
1,295,007
Security
 
Par
(000)
Value
Philippines (continued)
Philippines Government International
Bonds (continued)
 
3.95%, 01/20/40
$
1,850
$ 1,567,435
3.70%, 03/01/41
 
1,926
1,557,358
3.70%, 02/02/42
 
1,903
1,519,950
2.95%, 05/05/45
 
1,278
859,518
2.65%, 12/10/45
 
1,710
1,079,570
3.20%, 07/06/46
 
1,810
1,247,511
4.20%, 03/29/47
 
900
722,881
5.95%, 10/13/47
 
600
608,975
5.50%, 01/17/48
 
1,200
1,154,825
5.60%, 05/14/49
 
950
922,945
5.18%, 09/05/49
 
1,000
916,570
5.90%, 02/04/50(a)
 
1,000
1,012,829
5.75%, 01/27/51(a)
 
700
695,882
 
 
15,161,256
Poland — 0.2%
Republic of Poland Government International Bonds
 
6.13%, 04/14/56
 
100
100,302
Series 30Y, 5.50%, 04/04/53
 
2,300
2,145,706
Series 30Y, 5.50%, 03/18/54
 
3,300
3,071,051
 
 
5,317,059
South Korea — 0.1%
Export-Import Bank of Korea, 2.50%, 06/29/41
 
603
441,199
Korea International Bonds(a)
 
4.13%, 06/10/44
 
1,000
893,021
3.88%, 09/20/48
 
545
454,458
 
 
1,788,678
Supranational — 0.0%
Inter-American Development Bank(a)
 
3.20%, 08/07/42
 
370
296,144
4.38%, 01/24/44
 
325
300,206
 
 
596,350
Uruguay — 0.4%
Oriental Republic of Uruguay, 5.25%, 09/10/60
 
985
906,303
Uruguay Government International Bonds
 
5.44%, 02/14/37
 
1,810
1,866,594
4.13%, 11/20/45(a)
 
850
734,479
5.10%, 06/18/50
 
3,381
3,138,959
4.98%, 04/20/55
 
2,724
2,449,445
 
 
9,095,780
Total Foreign Agency Obligations — 5.6%
(Cost: $145,552,000)
134,947,690
Municipal Bonds
Arizona — 0.0%
Salt River Project Agricultural Improvement & Power
District, RB, BAB, 4.84%, 01/01/41(a)
 
910
870,064
California — 1.2%
Bay Area Toll Authority, RB, BAB
 
Series F-2, 6.26%, 04/01/49
 
1,210
1,249,811
Series S-1, 7.04%, 04/01/50
 
131
147,028
Series S-3, 6.91%, 10/01/50
 
540
596,341
Bay Area Toll Authority, Refunding RB, Series F-3,
3.13%, 04/01/55
 
845
549,238
California Health Facilities Financing Authority, RB,
M/F Housing
 
Sustainability Bonds, 4.19%, 06/01/37
 
500
465,347
96
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
California (continued)
California Health Facilities Financing Authority, RB,
M/F Housing (continued)
 
Sustainability Bonds, 4.35%, 06/01/41
$
500
$ 451,281
California State University, RB
 
Series B, 5.18%, 11/01/53
 
495
464,899
Series E, 2.90%, 11/01/51
 
375
262,885
California State University, Refunding RB
 
Series B, 3.90%, 11/01/47(a)
 
200
167,950
Series B, 2.98%, 11/01/51
 
835
558,235
Series B, 2.72%, 11/01/52(a)
 
470
307,246
City of Los Angeles Department of Airports Customer
Facility Charge Revenue, Refunding ARB, Class A,
Sustainability Bonds, (AG), 4.24%, 05/15/48(a)
 
540
459,594
City of San Francisco California Public Utilities
Commission Water Revenue, RB, BAB, 6.95%,
11/01/50
 
525
573,800
East Bay Municipal Utility District Water System
Revenue, RB, BAB, 5.87%, 05/06/26
 
1,025
1,066,044
Foothill-Eastern Transportation Corridor Agency,
Refunding RB
 
Series A, 4.09%, 01/15/49(a)
 
595
481,610
Series A, (AG), 3.92%, 01/15/53
 
110
83,614
Golden State Tobacco Securitization Corp., Refunding
RB
 
Class B, (SAP), 3.00%, 06/01/46
 
70
63,964
Series A-1, 3.71%, 06/01/41
 
910
712,404
Series A-1, 4.21%, 06/01/50(a)
 
210
151,060
Los Angeles Community College District, GO, BAB,
6.75%, 08/01/49
 
815
895,163
Los Angeles County Public Works Financing
Authority, Refunding RB, BAB, 7.62%, 08/01/40
 
25
29,358
Los Angeles Department of Water & Power, RB, BAB,
6.57%, 07/01/45(a)
 
1,300
1,364,983
Regents of the University of California Medical Center
Pooled Revenue, RB
 
Series N, 3.01%, 05/15/50
 
100
64,484
Series N, 3.26%, 05/15/60
 
290
181,633
Series N, 3.71%, 05/15/2120
 
1,400
862,775
Series Q, 4.56%, 05/15/53(a)
 
1,135
954,930
Regents of the University of California Medical Center
Pooled Revenue, RB, BAB, Series H, 6.55%,
05/15/48
 
255
266,769
Regents of the University of California Medical Center
Pooled Revenue, Refunding RB, BAB, Series F,
6.58%, 05/15/49
 
490
517,502
San Diego County Regional Transportation
Commission, RB, BAB, 5.91%, 04/01/48
 
190
188,397
San Diego County Water Authority, RB, BAB,
Series B, 6.14%, 05/01/49(a)
 
1,025
1,031,773
San Joaquin Hills Transportation Corridor Agency,
Refunding RB, Series B, (AG), 3.49%, 01/15/50
 
225
167,653
State of California, GO, BAB
 
7.55%, 04/01/39
 
3,115
3,689,337
7.30%, 10/01/39
 
2,390
2,731,851
7.35%, 11/01/39
 
1,020
1,172,653
7.63%, 03/01/40
 
1,230
1,457,710
7.60%, 11/01/40
 
1,525
1,824,036
State of California, Refunding GO
 
4.60%, 04/01/28(e)
 
200
202,487
5.88%, 10/01/41(a)
 
400
413,468
Security
 
Par
(000)
Value
California (continued)
State of California, Refunding GO (continued)
 
5.20%, 03/01/43
$
265
$ 257,488
University of California, RB
 
Series AD, 4.86%, 05/15/2112
 
225
182,224
Series AQ, 4.77%, 05/15/2115
 
333
266,549
 
 
27,535,574
Colorado — 0.0%
Regional Transportation District Sales Tax Revenue,
RB, BAB, Series B, 5.84%, 11/01/50(a)
 
25
24,696
District of Columbia — 0.0%
District of Columbia Water & Sewer Authority, RB,
Series A, Senior Lien, Sustainability Bonds, 4.81%,
10/01/2114
 
530
434,526
Metropolitan Washington Airports Authority Dulles Toll
Road Revenue, RB, BAB, 7.46%, 10/01/46
 
125
145,368
 
 
579,894
Florida — 0.1%
County of Broward Florida Airport System Revenue,
Refunding RB, Series C, 3.48%, 10/01/43
 
200
166,330
County of Miami-Dade Florida Aviation Revenue,
Refunding RB, Series C, 4.28%, 10/01/41
 
540
490,695
County of Miami-Dade Florida Transit System,
Refunding RB, Series B, 2.60%, 07/01/42
 
90
68,864
County of Miami-Dade Seaport Department, ARB,
6.22%, 11/01/55
 
585
598,539
 
 
1,324,428
Georgia — 0.1%
Municipal Electric Authority of Georgia, Refunding RB,
BAB
 
6.64%, 04/01/57
 
975
1,040,209
6.66%, 04/01/57
 
791
854,243
7.06%, 04/01/57
 
146
161,137
 
 
2,055,589
Idaho — 0.0%
Idaho Energy Resources Authority, RB, 2.86%,
09/01/46
 
225
154,629
Illinois — 0.2%
Chicago O’Hare International Airport, ARB(a)
 
Series C, Senior Lien, 4.47%, 01/01/49
 
250
213,714
Series C, Senior Lien, 4.57%, 01/01/54
 
100
84,745
Chicago O’Hare International Airport, Refunding ARB,
BAB, Series B, 6.40%, 01/01/40
 
890
966,783
Chicago Transit Authority Sales & Transfer Tax
Receipts Revenue, RB
 
Series A, 6.90%, 12/01/40
 
380
422,232
Series B, 6.90%, 12/01/40
 
1,031
1,145,576
Chicago Transit Authority Sales Tax Receipts Fund,
RB, BAB, Series B, 6.20%, 12/01/40
 
333
349,521
Metropolitan Water Reclamation District of Greater
Chicago, GOL, BAB, 5.72%, 12/01/38
 
670
684,426
Sales Tax Securitization Corp., Refunding RB
 
Series A, 4.79%, 01/01/48
 
150
135,470
Series B, 3.59%, 01/01/43
 
320
274,242
Series B, 3.82%, 01/01/48
 
65
51,177
Series B, 2nd Lien, 3.24%, 01/01/42
 
1,030
841,946
 
 
5,169,832
Schedule of Investments
97
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Indiana — 0.0%
Indiana Finance Authority, Refunding RB,
Sustainability Bonds, 3.05%, 01/01/51
$
555
$ 395,039
Kansas — 0.0%
Kansas Development Finance Authority, RB,
Series K, (BAM), 2.77%, 05/01/51
 
290
198,572
Louisiana — 0.1%
Louisiana Local Government Environmental Facilities
& Community Development Authority, RB
 
Series A-3, 5.20%, 12/01/39
 
595
602,158
Series A-4, 4.48%, 08/01/39
 
1,460
1,393,894
 
 
1,996,052
Maryland — 0.0%
Maryland Economic Development Corp., RB
 
Sustainability Bonds, 5.43%, 05/31/56
 
780
743,500
Sustainability Bonds, 5.94%, 05/31/57
 
180
178,554
Maryland Health & Higher Educational Facilities
Authority, Refunding RB, Series D, 3.05%,
07/01/40
 
200
154,841
 
 
1,076,895
Massachusetts — 0.1%
Commonwealth of Massachusetts, GOL, Series H,
2.90%, 09/01/49(a)
 
125
84,344
Commonwealth of Massachusetts, GOL, BAB, 5.46%,
12/01/39
 
570
572,790
Massachusetts School Building Authority, RB, BAB,
5.72%, 08/15/39
 
670
696,276
 
 
1,353,410
Michigan — 0.2%
Michigan Finance Authority, Refunding RB, 3.38%,
12/01/40
 
1,055
895,591
Michigan State University, RB, Series A, 4.17%,
08/15/2122
 
343
241,477
Michigan State University, Refunding RB, Series A,
4.50%, 08/15/48
 
1,000
901,336
University of Michigan, RB
 
Series A, 3.50%, 04/01/52
 
55
39,092
Series A, 4.45%, 04/01/2122
 
1,547
1,184,811
Series B, 2.44%, 04/01/40
 
625
464,258
Series B, 2.56%, 04/01/50(a)
 
663
405,275
University of Michigan, Refunding RB, Series C,
3.60%, 04/01/47
 
600
491,997
 
 
4,623,837
Minnesota — 0.0%
University of Minnesota, RB, 4.05%, 04/01/52
 
318
249,504
Missouri — 0.0%
Health & Educational Facilities Authority of the State
of Missouri, RB, Series A, 3.65%, 08/15/57
 
750
533,674
Health & Educational Facilities Authority of the State
of Missouri, Refunding RB, Class A, 3.23%,
05/15/50
 
555
384,515
 
 
918,189
Nebraska — 0.0%
University of Nebraska Facilities Corp., Refunding
RB, Series A, 3.04%, 10/01/49
 
125
88,533
Security
 
Par
(000)
Value
Nevada — 0.0%
County of Clark Department of Aviation, ARB, BAB,
Series C, 6.82%, 07/01/45
$
355
$ 387,747
New Jersey — 0.2%
New Jersey Transportation Trust Fund Authority, RB,
BAB, Series B, 6.56%, 12/15/40
 
1,025
1,115,606
New Jersey Turnpike Authority, RB, BAB
 
Series A, 7.10%, 01/01/41
 
1,020
1,165,889
Series F, 7.41%, 01/01/40
 
1,505
1,765,058
Rutgers The State University of New Jersey, RB,
Series P, 3.92%, 05/01/2119(a)
 
563
367,092
Rutgers The State University of New Jersey,
Refunding RB, Series R, 3.27%, 05/01/43
 
345
274,987
 
 
4,688,632
New York — 0.7%
City of New York, GO
 
Series C-2, 4.61%, 09/01/37
 
400
391,605
Series D-2, 5.26%, 10/01/44
 
250
239,201
Series E-1, 5.56%, 10/01/45
 
195
190,621
Series E-1, 5.37%, 10/01/51
 
325
307,283
Series H, 6.29%, 02/01/45
 
200
206,365
Series H, 5.94%, 02/01/55
 
275
278,384
Series H-1, 5.65%, 02/01/46
 
320
317,529
Series H-1, 5.80%, 02/01/52
 
1,090
1,086,115
Sustainability Bonds, 5.26%, 10/01/52(a)
 
780
722,731
Series B-1, Sustainability Bonds, 5.83%, 10/01/53
 
100
100,968
Series D-1, Sustainability Bonds, 5.11%,
10/01/54(a)
 
1,400
1,267,985
City of New York, GO, BAB
 
5.52%, 10/01/37
 
400
401,054
Series F-1, 6.27%, 12/01/37
 
415
436,928
Empire State Development Corp., RB, BAB, 5.77%,
03/15/39
 
750
768,379
Metropolitan Transportation Authority Dedicated Tax
Fund, RB, BAB, 7.34%, 11/15/39
 
350
405,328
Metropolitan Transportation Authority, RB, BAB,
6.67%, 11/15/39
 
855
919,904
New York City Municipal Water Finance Authority, RB,
5.95%, 06/15/42
 
55
56,182
New York City Municipal Water Finance Authority,
Refunding RB, 5.88%, 06/15/44(a)
 
125
125,401
New York City Municipal Water Finance Authority,
Refunding RB, BAB
 
5.72%, 06/15/42
 
215
214,182
6.01%, 06/15/42
 
490
503,933
5.44%, 06/15/43
 
125
119,829
New York State Dormitory Authority, RB, Series B,
5.83%, 07/01/55
 
100
102,216
New York State Dormitory Authority, RB, BAB,
Series F, 5.63%, 03/15/39
 
320
326,447
Port Authority of New York & New Jersey, ARB
 
Series 192, 4.81%, 10/15/65
 
275
239,935
Series 20, 4.23%, 10/15/57
 
1,070
851,227
Series 215, 3.29%, 08/01/69
 
125
77,530
Series 225, 3.18%, 07/15/60
 
370
231,413
Series 229, 3.14%, 02/15/51
 
1,600
1,141,392
Port Authority of New York & New Jersey, RB
 
Series 165, 5.65%, 11/01/40
 
1,025
1,070,717
Series 168, 4.93%, 10/01/51
 
1,030
935,374
98
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New York (continued)
Port Authority of New York & New Jersey,
RB (continued)
 
Series 181, 4.96%, 08/01/46
$
110
$ 102,897
Series 182, 5.31%, 08/01/46
 
25
24,168
Port Authority of New York & New Jersey, Refunding
RB, Series 174, 4.46%, 10/01/62(a)
 
1,565
1,286,863
United Nations Development Corp., Refunding RB,
Series A, 6.54%, 08/01/55
 
200
209,425
 
 
15,659,511
North Carolina — 0.0%
Charlotte-Mecklenburg Hospital Authority, RB,
Series S, 3.20%, 01/15/51
 
60
40,086
Ohio — 0.1%
American Municipal Power, Inc., RB
 
Series B, 7.83%, 02/15/41
 
525
627,129
Series B, 8.08%, 02/15/50
 
500
619,273
JobsOhio Beverage System, Refunding RB, Series A,
2.83%, 01/01/38(f)
 
395
330,369
Ohio Turnpike & Infrastructure Commission,
Refunding RB, Series A, Junior Lien, 3.22%,
02/15/48
 
155
110,820
 
 
1,687,591
Oklahoma — 0.1%
Oklahoma Development Finance Authority, RB
 
Series A2, 4.38%, 11/01/45
 
290
273,231
Series A-2, 4.62%, 06/01/44
 
580
553,629
Series A-2, 4.85%, 02/01/45(a)
 
500
487,366
Series A-3, 5.09%, 02/01/52(a)
 
265
250,210
Series A-3, 4.71%, 05/01/52
 
215
195,398
 
 
1,759,834
Oregon — 0.0%
Oregon State University, RB, (BAM), 3.42%,
03/01/60
 
113
76,027
Port of Morrow Oregon, RB, 2.54%, 09/01/40
 
625
475,746
 
 
551,773
Pennsylvania — 0.1%
Commonwealth Financing Authority, RB
 
Series A, 4.14%, 06/01/38
 
250
232,310
Series A, 2.99%, 06/01/42
 
1,040
776,390
Pennsylvania Economic Development Financing
Authority, RB, 5.69%, 06/01/54
 
465
465,064
Pennsylvania State University, Refunding RB
 
Series D, 2.79%, 09/01/43
 
400
303,299
Series D, 2.84%, 09/01/50
 
95
61,991
Pennsylvania Turnpike Commission, RB, BAB,
Series B, 5.51%, 12/01/45
 
610
598,968
University of Pittsburgh-of the Commonwealth System
of Higher Education, RB, 3.56%, 09/15/2119(a)
 
113
68,543
 
 
2,506,565
South Carolina — 0.0%
South Carolina Public Service Authority, RB, BAB,
Series C, 6.45%, 01/01/50
 
26
27,872
Security
 
Par
(000)
Value
Texas — 0.6%
Board of Regents of the University of Texas System,
RB, BAB, Series C, 4.79%, 08/15/46
$
1,505
$ 1,401,417
City of Houston Texas, GOL, 3.96%, 03/01/47
 
105
89,084
City of San Antonio Texas Electric & Gas Systems
Revenue, RB, 4.43%, 02/01/42
 
180
170,955
City of San Antonio Texas Electric & Gas Systems
Revenue, RB, BAB, Junior Lien, 5.81%,
02/01/41(a)
 
1,155
1,202,978
City of San Antonio Texas Electric & Gas Systems
Revenue, Refunding RB
 
Series A, 5.47%, 02/01/45
 
85
85,052
Series A, 5.57%, 02/01/50(a)
 
415
412,677
Dallas Area Rapid Transit, RB, BAB
 
5.02%, 12/01/48
 
455
419,700
Series B, 6.00%, 12/01/44(a)
 
450
456,113
Dallas Area Rapid Transit, Refunding RB, Series A,
Senior Lien, 2.61%, 12/01/48
 
455
305,025
Dallas Convention Center Hotel Development Corp.,
RB, BAB, 7.09%, 01/01/42
 
245
269,003
Dallas Fort Worth International Airport, ARB
 
Series A, 4.09%, 11/01/51
 
550
445,084
Series A, 4.51%, 11/01/51
 
190
162,509
Dallas Fort Worth International Airport, Refunding RB
 
Series A, 2.99%, 11/01/38(a)
 
125
107,578
Series A, 3.14%, 11/01/45
 
190
142,417
Series C, 3.09%, 11/01/40
 
1,065
852,945
Series C, 2.92%, 11/01/50(a)
 
720
495,825
Grand Parkway Transportation Corp., Refunding RB,
Subordinate, 3.24%, 10/01/52
 
1,490
1,023,401
North Texas Tollway Authority, RB, BAB, Series B,
6.72%, 01/01/49
 
1,160
1,260,663
Permanent University Fund - University of Texas
System, Refunding RB, Series A, 3.38%, 07/01/47
 
850
636,054
State of Texas, GO, BAB
 
5.52%, 04/01/39
 
886
896,754
Series A, 4.68%, 04/01/40
 
1,000
966,535
Texas Natural Gas Securitization Finance Corp., RB,
Series 2023-1, Class A2, 5.17%, 04/01/41
 
1,550
1,558,393
Texas Private Activity Bond Surface Transportation
Corp., RB, Series B, 3.92%, 12/31/49
 
875
685,687
Texas Transportation Commission, Refunding GO,
2.47%, 10/01/44
 
800
557,089
 
 
14,602,938
Virginia — 0.0%
University of Virginia, Refunding RB
 
2.26%, 09/01/50
 
500
285,770
Series A, 3.23%, 09/01/2119
 
55
30,195
Series B, 2.58%, 11/01/51
 
215
128,301
 
 
444,266
Schedule of Investments
99
Schedule of Investments (unaudited)(continued)
April 30, 2026
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
$       461,472
Total Municipal Bonds — 3.8%
(Cost: $103,493,920)
91,433,024
Total Long-Term Investments — 98.3%
(Cost: $2,580,891,398)
2,350,039,127
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 9.9%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.83%(g)(h)(i)
 
236,773,978
236,845,010
Total Short-Term Securities — 9.9%
(Cost: $236,806,706)
236,845,010
Total Investments — 108.2%
(Cost: $2,817,698,104)
2,586,884,137
Liabilities in Excess of Other Assets — (8.2)%
(196,890,682
)
Net Assets — 100.0%
$ 2,389,993,455
 
(a)
All or a portion of this security is on loan.
(b)
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.
(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)
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.
(e)
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.
(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, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 176,746,731
$ 60,150,655
(a)
$ —
$ (23,370
)
$ (29,006
)
$ 236,845,010
236,773,978
$ 596,406
(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
$ —
$ 2,123,658,413
$ —
$ 2,123,658,413
Foreign Agency Obligations
—
134,947,690
—
134,947,690
Municipal Bonds
—
91,433,024
—
91,433,024
100
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Long Credit Bond Index Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Short-Term Securities 
Money Market Funds
$ 236,845,010
$ —
$ —
$ 236,845,010
 
$236,845,010
$2,350,039,127
$—
$2,586,884,137
See notes to financial statements.
Schedule of Investments
101
Schedule of Investments (unaudited)
April 30, 2026
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 — 0.8%
Fannie Mae, 5.63%, 07/15/37
$
4,000
$ 4,348,826
Federal Home Loan Banks
 
5.63%, 03/14/36
 
1,000
1,081,626
5.50%, 07/15/36
 
4,730
5,105,557
Tennessee Valley Authority
 
5.88%, 04/01/36
 
11,841
13,082,988
3.50%, 12/15/42
 
66
54,195
 
 
23,673,192
Total U.S. Government Sponsored Agency Securities — 0.8%
(Cost: $25,148,525)
23,673,192
U.S. Treasury Obligations
U.S. Treasury Bonds
 
5.00%, 05/15/37 - 05/15/45
 
44,734
45,021,952
4.38%, 02/15/38 - 08/15/43
 
86,488
82,212,084
4.50%, 05/15/38 - 11/15/54
 
131,211
123,347,047
3.50%, 02/15/39
 
5,106
4,576,342
4.25%, 05/15/39 - 08/15/54
 
165,278
147,929,066
4.63%, 02/15/40 - 11/15/55(a)
 
374,019
355,499,662
1.13%, 05/15/40 - 08/15/40
 
84,589
52,592,255
3.88%, 08/15/40 - 05/15/43
 
92,025
81,360,982
1.38%, 11/15/40 - 08/15/50
 
118,165
65,403,059
1.88%, 02/15/41 - 11/15/51
 
205,590
120,808,448
4.75%, 02/15/41 - 02/15/56(a)
 
376,814
364,110,084
2.25%, 05/15/41 - 02/15/52
 
187,873
120,386,482
1.75%, 08/15/41
 
70,905
47,063,393
3.75%, 08/15/41 - 11/15/43
 
37,976
32,945,190
2.00%, 11/15/41 - 08/15/51
 
189,377
114,993,769
3.13%, 11/15/41 - 05/15/48
 
115,249
89,489,016
2.38%, 02/15/42 - 05/15/51
 
164,196
107,083,901
3.00%, 05/15/42 - 08/15/52
 
314,863
230,348,119
3.25%, 05/15/42
 
41,237
33,743,137
2.75%, 08/15/42 - 11/15/47
 
103,838
74,873,544
3.38%, 08/15/42 - 11/15/48
 
108,112
86,677,620
Security
 
Par
(000)
Value
U.S. Treasury Obligations (continued)
U.S. Treasury Bonds (continued)
 
4.00%, 11/15/42 - 11/15/52
$
97,550
$ 84,772,760
2.88%, 05/15/43 - 05/15/52(a)
 
171,490
122,181,852
3.63%, 08/15/43 - 05/15/53(a)
 
170,879
137,854,557
4.13%, 08/15/44 - 08/15/53
 
106,369
93,520,554
2.50%, 02/15/45 - 05/15/46
 
80,206
55,073,536
4.88%, 08/15/45
 
34,013
33,603,386
1.25%, 05/15/50
 
58,340
27,355,944
1.63%, 11/15/50
 
64,134
33,049,000
Total U.S. Treasury Obligations — 97.7%
(Cost: $3,263,265,439)
2,967,876,741
Total Long-Term Investments — 98.5%
(Cost: $3,288,413,964)
2,991,549,933
  
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.83%(b)(c)(d)
 
4,264,444
4,265,723
Total Short-Term Securities — 0.1%
(Cost: $4,264,035)
4,265,723
Total Investments — 98.6%
(Cost: $3,292,677,999)
2,995,815,656
Other Assets Less Liabilities — 1.4%
41,855,163
Net Assets — 100.0%
$ 3,037,670,819
 
(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, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 15,552,571
$ —
$ (11,281,237
)(a)
$ (2,542
)
$ (3,069
)
$ 4,265,723
4,264,444
$ 220,519
(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.
102
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
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
06/18/26
$ 115
$ (4,568
)
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)
$ —
$ —
$ —
$ —
$ 4,568
$ —
$ 4,568
 
(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, 2026, 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
$ —
$ —
$ —
$ —
$ 4,299
$ —
$ 4,299
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ —
$ —
$ (9,152
)
$ —
$ (9,152
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$115,938
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
$ —
$ 23,673,192
$ —
$ 23,673,192
U.S. Treasury Obligations
—
2,967,876,741
—
2,967,876,741
Short-Term Securities 
Money Market Funds
4,265,723
—
—
4,265,723
 
$4,265,723
$2,991,549,933
$—
$2,995,815,656
Schedule of Investments
103
Schedule of Investments (unaudited)(continued)
April 30, 2026
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
$ (4,568
)
$ —
$ —
$ (4,568
)
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
104
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
April 30, 2026
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 2025-1, Class A3,
3.96%, 03/15/30
$
1,000
$ 997,068
American Express Credit Account Master Trust
 
Series 2024-2, Class A, 5.24%, 04/15/31
 
3,000
3,087,298
Series 2024-3, Class A, 4.65%, 07/15/29
 
1,000
1,007,457
Series 2025-2, Class A, 4.28%, 04/15/30
 
1,400
1,403,114
Series 2025-3, Class A, 4.51%, 04/15/32
 
1,000
1,006,770
Series 2025-4, Class A, 4.30%, 07/15/30
 
4,500
4,510,983
Series 2025-5, Class A, 4.51%, 07/15/32
 
587
591,499
Capital One Multi-Asset Execution Trust
 
Series 2025-A1, Class A, 3.82%, 09/15/30
 
1,000
992,270
Series 2025-A3, Class A, 4.65%, 10/15/37
 
1,230
1,211,915
CarMax Auto Owner Trust
 
Series 2024-1, Class A4, 4.94%, 08/15/29
 
1,000
1,010,359
Series 2024-4, Class A4, 4.64%, 04/15/30
 
860
865,188
Series 2025-2, Class A3, 4.48%, 03/15/30
 
5,100
5,122,251
Series 2025-2, Class B, 4.96%, 11/15/30
 
500
505,014
Series 2025-3, Class A3, 4.35%, 07/15/30
 
4,000
4,008,872
CarMax Select Receivables Trust, Series 2026-A,
Class C, 4.43%, 05/17/32
 
900
883,558
Carvana Auto Receivables Trust, Series 2025-P3,
Class A3, 4.04%, 11/11/30
 
1,000
995,560
Chase Issuance Trust, Series 2024-A2, Class A,
4.63%, 01/15/31
 
500
505,810
Citibank Credit Card Issuance Trust
 
Series 2007-A3, Class A3, 6.15%, 06/15/39
 
500
547,352
Series 2025-A2, Class A, 4.49%, 06/21/32
 
500
502,890
Drive Auto Receivables Trust, Series 2024-2, Class D,
4.94%, 05/17/32
 
1,000
1,007,538
Exeter Automobile Receivables Trust
 
Series 2024-2A, Class C, 5.74%, 05/15/29
 
2,352
2,367,506
Series 2024-2A, Class D, 5.92%, 02/15/30
 
2,000
2,031,665
Series 2025-5A, Class C, 4.68%, 03/15/32
 
300
298,930
Series 2025-5A, Class D, 5.16%, 03/15/32
 
500
500,325
First National Master Note Trust, Series 2025-1,
Class A, 4.85%, 02/15/30
 
2,000
2,018,871
Ford Credit Auto Owner Trust, Series 2024-D,
Class B, 4.88%, 09/15/30
 
500
504,790
Ford Credit Floorplan Master Owner Trust A
 
Series 2025-1, Class A1, 4.63%, 04/15/30
 
1,000
1,006,261
Series 2025-2, Class A1, 4.06%, 09/15/30
 
500
497,462
GM Financial Consumer Automobile Receivables
Trust
 
Series 2024-1, Class B, 5.16%, 08/16/29
 
1,000
1,011,210
Series 2024-2, Class B, 5.28%, 10/16/29
 
850
861,873
Series 2025-3, Class A3, 4.18%, 08/16/30
 
1,000
999,949
Series 2025-3, Class A4, 4.30%, 09/16/31
 
500
500,789
Series 2025-4, Class A3, 3.84%, 02/18/31
 
2,000
1,984,261
Honda Auto Receivables Owner Trust
 
Series 2025-4, Class A3, 3.98%, 06/17/30
 
2,250
2,240,175
Series 2025-4, Class A4, 4.05%, 02/17/32
 
1,000
994,993
Hyundai Auto Receivables Trust
 
Series 2024-B, Class B, 5.04%, 09/16/30
 
560
566,074
Series 2025-C, Class A3, 3.88%, 04/15/30
 
3,250
3,231,529
Series 2026-A, Class C, 4.31%, 06/15/33
 
900
884,622
John Deere Owner Trust, Series 2024-A, Class A4,
4.91%, 02/18/31
 
610
615,957
Mercedes-Benz Auto Receivables Trust,
Series 2025-1, Class A3, 4.78%, 12/17/29
 
3,000
3,023,260
Nissan Auto Receivables Owner Trust
 
Series 2025-A, Class A, 4.57%, 11/15/30
 
500
503,734
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Nissan Auto Receivables Owner Trust (continued)
 
Series 2025-A, Class A3, 4.49%, 12/17/29
$
1,000
$ 1,004,208
PG&E Wildfire Recovery Funding LLC, Series A-
44.45%, 12/01/49
 
500
437,497
Santander Drive Auto Receivables Trust
 
Series 2024-4, Class D, 5.32%, 12/15/31
 
500
504,145
Series 2024-5, Class D, 5.14%, 02/17/32
 
2,000
2,010,505
Series 2025-4, Class A3, 4.17%, 04/15/30
 
1,300
1,299,586
Series 2025-4, Class B, 4.27%, 01/15/32
 
500
497,533
Series 2026-1, Class A3, 3.93%, 07/15/30
 
500
497,020
Series 2026-1, Class C, 4.26%, 04/15/32
 
600
589,579
Synchrony Card Funding LLC, Series 2025-A2,
Class A, 4.49%, 05/15/31
 
2,000
2,006,208
Toyota Auto Receivables Owner Trust, Series 2025-B,
Class A3, 4.34%, 11/15/29
 
200
200,560
Verizon Master Trust
 
Series 2024-3, Class A1A, 5.34%, 04/22/30
 
7,000
7,081,877
Series 2025-7, Class A1A, 3.96%, 08/20/31
 
800
794,981
Virginia Power Fuel Securitization LLC, Series A-
24.88%, 05/01/33
 
2,000
2,019,926
WF Card Issuance Trust
 
Series 2024-A2, Class A, 4.29%, 10/15/29
 
700
702,748
Series 2025-A1, Class A, 4.34%, 05/15/30
 
1,000
1,003,282
Series 2026-A1, Class A, 4.08%, 04/15/31
 
1,000
996,869
World Omni Auto Receivables Trust
 
Series 2025-A, Class A4, 4.86%, 11/15/30
 
500
505,654
Series 2025-B, Class A3, 4.34%, 09/16/30
 
500
501,425
World Omni Automobile Lease Securitization Trust,
Series 2025-A, Class A3, 4.42%, 04/17/28
 
400
401,287
Total Asset-Backed Securities — 1.4%
(Cost: $80,384,687)
80,461,892
Corporate Bonds
Electric Utilities — 0.1%
Duke Energy Carolinas Nc Storm Funding II LLC,
Series A-1, 4.23%, 07/01/37
 
500
490,658
NYSEG Storm Funding LLC, Series A-2, 4.87%,
05/01/32
 
500
508,237
PG&E Energy Recovery Funding LLC, Series A-3,
2.82%, 07/15/46
 
579
425,966
PG&E Recovery Funding LLC
 
Series 2024-1, Class A3, 5.53%, 06/01/51
 
2,000
1,982,185
Series 2024-A, Class A2, 5.23%, 06/01/42
 
1,235
1,235,907
PG&E Wildfire Recovery Funding LLC
 
Series 2022-1, Class A2, 4.26%, 06/01/38
 
1,140
1,097,873
Series 2022-1, Class A3, 4.38%, 06/03/41
 
1,060
990,208
Series 2022-B, Class A2, 4.72%, 06/01/37
 
500
489,428
Series 2022-B, Class A3, 5.08%, 06/01/43
 
500
486,630
SCE Recovery Funding LLC
 
4.45%, 03/15/36
 
500
494,341
Series 2023-A, Class A2, 5.11%, 12/14/49
 
280
259,646
Series 2025-A, Class A3, 5.54%, 09/15/52
 
1,000
981,508
Total Corporate Bonds — 0.1%
(Cost: $9,602,915)
9,442,587
Non-Agency Mortgage-Backed Securities
Commercial Mortgage-Backed Securities — 2.5%
Bank
 
Series 2018-BN11, Class B, 4.48%, 03/15/61(a)
 
500
481,933
Schedule of Investments
105
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Securitized Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
Bank (continued)
 
Series 2019-BN16, Class C, 4.79%, 02/15/52(a)
$
500
$ 455,170
Series 2019-BN18, Class A4, 3.58%, 05/15/62
 
1,659
1,593,466
Series 2019-BN21, Class A5, 2.85%, 10/17/52
 
1,964
1,851,304
Series 2020-BN25, Class C, 3.46%, 01/15/63(a)
 
200
172,617
Series 2020-BN27, Class A5, 2.14%, 04/15/63
 
4,515
4,052,941
Series 2021-BN35, Class AS, 2.46%, 06/15/64
 
500
429,160
Series 2021-BN36, Class C, 3.30%, 09/15/64(a)
 
250
205,505
Series 2022-BNK40, Class B, 3.50%, 03/15/64(a)
 
500
440,110
Series 2022-BNK43, Class A5, 4.40%, 08/15/55
 
1,000
972,164
Series 2023-5YR4, Class A3, 6.50%, 12/15/56
 
433
448,536
Series 2024-5YR7, Class A3, 5.77%, 06/15/57
 
2,860
2,946,085
Series 2024-5YR7, Class AS, 6.49%, 06/15/57(a)
 
1,180
1,227,960
Series 2024-5YR7, Class B, 6.94%, 06/15/57
 
1,150
1,197,459
Series 2024-5YR8, Class A3, 5.88%, 08/15/57
 
1,000
1,033,272
Series 2025-5YR16, Class A3, 5.28%, 08/15/63
 
1,000
1,020,076
Series 2025-BNK49, Class A5, 5.62%, 03/15/58(a)
 
1,000
1,042,142
Series 2025-BNK51, Class AS, 5.54%, 12/25/67
 
1,000
1,005,930
BBCMS Mortgage Trust
 
Series 2018-C2, Class A4, 4.05%, 12/15/51
 
500
495,029
Series 2020-C7, Class A5, 2.04%, 04/15/53
 
2,010
1,813,344
Series 2021-C12, Class A5, 2.69%, 11/15/54
 
1,171
1,040,836
Series 2021-C12, Class AS, 2.90%, 11/15/54
 
250
214,662
Series 2021-C9, Class C, 3.19%, 02/15/54(a)
 
250
204,224
Series 2022-C16, Class A5, 4.60%, 06/15/55(a)
 
3,000
2,933,025
Series 2022-C17, Class A5, 4.44%, 09/15/55
 
1,000
973,515
Series 2022-C18, Class C, 6.37%, 12/15/55(a)
 
300
291,709
Series 2024-5C25, Class AS, 6.36%, 03/15/57(a)
 
410
423,770
Series 2024-5C25, Class C, 6.64%, 03/15/57(a)
 
500
512,807
Series 2024-5C31, Class A3, 5.61%, 12/15/57
 
500
514,433
Series 2024-C30, Class A2, 6.13%, 11/15/57
 
400
413,745
Series 2024-C30, Class AS, 5.83%, 11/15/57(a)
 
250
255,552
Series 2025-5C34, Class A3, 5.66%, 05/15/58
 
300
309,685
Series 2025-5C38, Class AS, 5.48%, 11/15/58
 
900
913,756
Series 2025-C32, Class A5, 5.72%, 02/15/62
 
1,000
1,048,439
Series 2025-C35, Class A5, 5.59%, 07/15/58(a)
 
500
518,229
Series 2025-C35, Class B, 6.12%, 07/15/58(a)
 
500
512,179
Series 2025-C39, Class A5, 5.30%, 12/15/58
 
2,600
2,644,433
Series 2026-5C40, Class A3, 5.25%, 02/15/59
 
1,800
1,835,837
Series 2026-5C40, Class C, 5.81%, 02/15/59(a)
 
500
498,052
BBCMS Trust, Series 2021-C10, Class A5, 2.49%,
07/15/54
 
5,500
4,983,810
Benchmark Mortgage Trust
 
Series 2018-B5, Class A4, 4.21%, 07/15/51
 
1,000
989,586
Series 2019-B10, Class A4, 3.72%, 03/15/62
 
2,654
2,586,669
Series 2019-B11, Class A4, 3.28%, 05/15/52
 
3,092
2,996,231
Series 2019-B13, Class A4, 2.95%, 08/15/57
 
4,093
3,865,562
Series 2019-B9, Class A5, 4.02%, 03/15/52
 
2,489
2,436,671
Series 2020-B18, Class A5, 1.93%, 07/15/53
 
1,000
889,039
Series 2020-B19, Class B, 2.35%, 09/15/53
 
937
723,762
Series 2020-B21, Class A4, 1.70%, 12/17/53
 
2,988
2,684,740
Series 2020-B21, Class A5, 1.98%, 12/17/53
 
1,990
1,764,093
Series 2021-B28, Class A5, 2.22%, 08/15/54
 
7,100
6,239,976
Series 2021-B29, Class A4, 2.14%, 09/15/54
 
500
443,280
Series 2021-B29, Class A5, 2.39%, 09/15/54
 
2,763
2,440,640
Series 2021-B30, Class B, 2.63%, 11/15/54(a)
 
250
204,623
Series 2022-B33, Class A5, 3.46%, 03/15/55(a)
 
476
441,015
Series 2024-V12, Class AS, 6.03%, 12/15/57(a)
 
500
514,081
Series 2024-V5, Class B, 6.06%, 01/10/57(a)
 
500
506,682
Series 2024-V6, Class A3, 5.93%, 03/15/57
 
2,000
2,060,107
Series 2024-V6, Class AS, 6.38%, 03/15/57
 
920
951,410
Series 2024-V6, Class B, 6.79%, 03/15/57
 
500
517,305
Series 2024-V7, Class A2, 5.77%, 05/15/56
 
1,000
1,025,208
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
Benchmark Mortgage Trust (continued)
 
Series 2025-V13, Class A2, 5.33%, 02/15/58
$
1,500
$ 1,512,897
Series 2025-V14, Class A3, 5.18%, 04/15/57
 
500
506,370
Series 2025-V14, Class AM, 6.09%, 04/15/57(a)
 
250
258,512
Series 2025-V18, Class A3, 5.18%, 10/15/58
 
800
813,230
Series 2025-V19, Class A3, 5.25%, 01/15/58
 
800
815,920
BMARK, Series 2023-V4, Class B, 7.71%, 11/15/56(a)
 
500
526,946
BMO Mortgage Trust
 
Series 2023-C7, Class AS, 6.67%, 12/15/56(a)
 
500
534,126
Series 2024-5C3, Class AS, 6.29%, 02/15/57(a)
 
1,000
1,029,425
Series 2024-5C6, Class AS, 5.75%, 09/15/57(a)
 
500
506,381
Series 2024-5C8, Class A2, 5.15%, 12/15/57
 
1,000
1,010,702
Series 2024-5C8, Class C, 5.74%, 12/15/57(a)
 
500
488,496
Series 2024-C8, Class A5, 5.60%, 03/15/57(a)
 
2,720
2,815,867
Series 2024-C8, Class AS, 5.91%, 03/15/57(a)
 
2,000
2,055,171
Series 2024-C8, Class B, 6.14%, 03/15/57(a)
 
1,470
1,497,425
Series 2024-C8, Class C, 6.23%, 03/15/57(a)
 
250
241,117
Series 2025-5C10, Class A3, 5.58%, 05/15/58
 
500
513,872
Series 2025-5C11, Class C, 6.01%, 07/15/58
 
250
249,475
Series 2025-5C9, Class A3, 5.78%, 04/15/58(a)
 
1,000
1,032,893
Series 2025-C11, Class A5, 5.69%, 02/15/58
 
1,000
1,040,462
Series 2026-5C14, Class A3, 5.21%, 03/15/59
 
1,500
1,524,480
CD Mortgage Trust(a)
 
Series 2017-CD6, Class AM, 3.71%, 11/13/50
 
500
490,470
Series 2018-CD7, Class B, 4.66%, 08/15/51
 
400
385,871
CGMS Commercial Mortgage Trust, Series 2017-B1,
Class C, 4.24%, 08/15/50(a)
 
500
483,409
Citigroup Commercial Mortgage Trust
 
Series 2017-C4, Class A4, 3.47%, 10/12/50
 
6,000
5,931,240
Series 2019-C7, Class C, 4.05%, 12/15/72(a)
 
1,000
885,395
Series 2019-GC41, Class A5, 2.87%, 08/10/56
 
1,800
1,699,994
CSAIL Commercial Mortgage Trust
 
Series 2016-C7, Class AS, 3.96%, 11/15/49(a)
 
500
494,199
Series 2018-CX11, Class A5, 4.03%, 04/15/51(a)
 
3,319
3,293,470
Series 2018-CX11, Class B, 4.45%, 04/15/51(a)
 
500
483,630
Series 2020-C19, Class A3, 2.56%, 03/15/53
 
1,000
907,450
DBJPM Mortgage Trust
 
Series 2017-C6, Class AM, 3.56%, 06/10/50(a)
 
1,500
1,460,522
Series 2020-C9, Class AM, 2.34%, 08/15/53
 
200
177,101
GS Mortgage Securities Trust
 
Series 2018-GS10, Class A5, 4.16%, 07/10/51(a)
 
2,489
2,464,303
Series 2019-GC38, Class A3, 3.70%, 02/10/52
 
1,000
979,612
Series 2020-GC47, Class A5, 2.38%, 05/12/53
 
2,000
1,839,386
Series 2021-GSA3, Class A4, 2.37%, 12/15/54
 
900
789,728
JPMCC Commercial Mortgage Securities Trust,
Series 2019-COR4, Class A5, 4.03%, 03/10/52
 
1,000
959,665
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2025-5C2, Class A3, 5.11%, 11/15/58
 
150
152,030
Morgan Stanley Capital I Trust
 
Series 2018-H3, Class A4, 3.91%, 07/15/51
 
1,566
1,546,602
Series 2019-L3, Class AS, 3.49%, 11/15/52
 
628
592,366
Series 2019-L3, Class B, 3.77%, 11/15/52(a)
 
250
226,382
Series 2020-HR8, Class B, 2.70%, 07/15/53
 
62
52,596
Series 2021-L6, Class AS, 2.75%, 06/15/54(a)
 
1,634
1,419,618
Series 2021-L6, Class C, 3.55%, 06/15/54(a)
 
250
207,291
MSWF Commercial Mortgage Trust, Series 2023-2,
Class A5, 6.01%, 12/15/56(a)
 
502
531,668
UBS Commercial Mortgage Trust(a)
 
Series 2018-C14, Class AS, 4.75%, 12/15/51
 
500
493,160
Series 2018-C14, Class B, 5.10%, 12/15/51
 
250
243,569
Series 2018-C15, Class AS, 4.67%, 12/15/51
 
250
242,638
Wells Fargo Commercial Mortgage Trust
 
Series 2017-C41, Class C, 4.63%, 11/15/50(a)
 
155
145,494
106
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Securitized Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust (continued)
 
Series 2018-C43, Class AS, 4.15%, 03/15/51(a)
$
750
$ 737,897
Series 2018-C43, Class ASB, 3.95%, 03/15/51(a)
 
369
367,499
Series 2018-C46, Class AS, 4.38%, 08/15/51
 
500
488,577
Series 2018-C47, Class A4, 4.44%, 09/15/61
 
1,000
997,779
Series 2018-C47, Class AS, 4.67%, 09/15/61(a)
 
2,000
1,966,559
Series 2019-C49, Class A5, 4.02%, 03/15/52
 
3,195
3,153,047
Series 2020-C56, Class A5, 2.45%, 06/15/53
 
2,580
2,381,949
Series 2020-C58, Class A4, 2.09%, 07/15/53
 
2,349
2,100,120
Series 2021-C59, Class ASB, 2.30%, 04/15/54
 
798
764,701
Series 2021-C61, Class C, 3.31%, 11/15/54
 
500
411,660
Series 2025-5C3, Class C, 6.23%, 01/15/58(a)
 
500
504,847
Series 2025-5C5, Class A3, 5.59%, 07/15/58
 
200
206,185
Series 2025-5C5, Class AS, 5.92%, 07/15/58
 
500
515,485
Series 2025-5C6, Class A3, 5.19%, 10/15/58
 
1,000
1,016,967
Series 2025-C64, Class A5, 5.65%, 02/15/58
 
500
520,721
Total Non-Agency Mortgage-Backed Securities — 2.5%
(Cost: $146,805,067)
142,894,200
U.S. Government Sponsored Agency Securities
Commercial Mortgage-Backed Securities — 2.8%
Fannie Mae-Aces
 
Series 2017-M12, Class A2, 3.17%, 06/25/27(a)
 
960
949,837
Series 2017-M15, Class A2, 3.06%, 09/25/27(a)
 
2,617
2,584,477
Series 2018-M12, Class A2, 3.78%, 08/25/30(a)
 
2,237
2,186,705
Series 2018-M3, Class A2, 3.18%, 02/25/30(a)
 
4,729
4,556,932
Series 2019-M22, Class A2, 2.52%, 08/25/29
 
3,294
3,131,240
Series 2020-M46, Class A2, 1.32%, 05/25/30
 
4,408
3,988,815
Series 2021-M13, Class A2, 1.65%, 04/25/31(a)
 
3,536
3,116,519
Series 2021-M17, Class A2, 1.71%, 07/25/31(a)
 
2,489
2,202,384
Series 2023-M6, Class A2, 4.19%, 07/25/28(a)
 
2,749
2,743,893
Freddie Mac Multifamily Structured Pass Through
Certificates
 
Series K071, Class A2, 3.29%, 11/25/27
 
10,000
9,868,409
Series K072, Class A2, 3.44%, 12/25/27
 
2,000
1,977,337
Series K076, Class A2, 3.90%, 04/25/28
 
659
654,957
Series K080, Class A2, 3.93%, 07/25/28(a)
 
1,000
993,194
Series K081, Class A2, 3.90%, 08/25/28(a)
 
6,302
6,254,502
Series K085, Class A2, 4.06%, 10/25/28(a)
 
4,000
3,982,134
Series K088, Class A2, 3.69%, 01/25/29
 
413
407,333
Series K100, Class A2, 2.67%, 09/25/29
 
12,302
11,704,139
Series K101, Class A2, 2.52%, 10/25/29
 
4,690
4,436,405
Series K109, Class A2, 1.56%, 04/25/30
 
8,471
7,664,012
Series K110, Class A2, 1.48%, 04/25/30
 
2,190
1,978,225
Series K111, Class A2, 1.35%, 05/25/30
 
829
741,884
Series K117, Class A2, 1.41%, 08/25/30
 
3,000
2,668,922
Series K120, Class A2, 1.50%, 10/25/30
 
2,000
1,776,443
Series K123, Class A2, 1.62%, 12/25/30
 
8,302
7,394,600
Series K126, Class A2, 2.07%, 01/25/31
 
5,074
4,603,035
Series K128, Class A2, 2.02%, 03/25/31
 
3,000
2,710,043
Series K136, Class A2, 2.13%, 11/25/31
 
2,000
1,782,557
Series K143, Class A2, 2.35%, 03/25/32
 
3,425
3,065,645
Series K144, Class A2, 2.45%, 04/25/32
 
5,000
4,492,199
Series K146, Class A2, 2.92%, 06/25/32
 
2,000
1,840,335
Series K149, Class AM, 3.53%, 09/25/32
 
500
472,987
Series K-150, Class A2, 3.71%, 09/25/32(a)
 
2,000
1,917,428
Series K-151, Class A2, 3.80%, 10/25/32(a)
 
3,750
3,608,303
Series K-1521, Class A2, 2.18%, 08/25/36
 
3,967
3,155,363
Series K-154, Class A2, 4.35%, 01/25/33(a)
 
2,500
2,478,660
Series K-156, Class A2, 4.43%, 02/25/33(a)
 
2,500
2,490,516
Series K-157, Class A2, 4.20%, 05/25/33
 
1,000
981,037
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
Freddie Mac Multifamily Structured Pass Through
Certificates (continued)
 
Series K-158, Class A2, 4.05%, 07/25/33
$
1,500
$ 1,456,717
Series K-159, Class A2, 4.50%, 07/25/33(a)
 
2,500
2,493,849
Series K-160, Class A2, 4.50%, 08/25/33(a)
 
2,000
1,994,338
Series K-162, Class A2, 5.15%, 12/25/33(a)
 
1,000
1,035,691
Series K-166, Class A2, 4.58%, 10/25/34(a)
 
500
498,691
Series K-167, Class A2, 4.76%, 10/25/34
 
3,600
3,634,287
Series K-169, Class A2, 4.66%, 12/25/34(a)
 
1,500
1,503,106
Series K-171, Class A2, 4.40%, 06/25/35(a)
 
3,000
2,943,530
Series K-172, Class A2, 4.58%, 08/25/35(a)
 
1,800
1,788,989
Series K-173, Class A2, 4.60%, 09/25/35(a)
 
2,000
1,990,015
Series K-174, Class A2, 4.53%, 10/25/35(a)
 
1,000
989,294
Series K-179, Class A2, 1.00%, 03/25/36(a)
 
1,500
1,456,319
Series K506, Class A2, 4.65%, 08/25/28(a)
 
1,825
1,837,819
Series K507, Class A2, 4.80%, 09/25/28(a)
 
2,000
2,021,213
Series K510, Class A2, 5.07%, 10/25/28(a)
 
1,000
1,016,921
Series K541, Class A2, 4.35%, 02/25/30(a)
 
900
901,392
Series K543, Class A2, 4.33%, 06/25/30(a)
 
2,000
2,000,924
Series K739, Class A2, 1.34%, 09/25/27
 
2,926
2,838,962
Series K748, Class A2, 2.26%, 01/25/29(a)
 
10,000
9,514,302
Series K753, Class A2, 4.40%, 10/25/30
 
1,928
1,933,158
 
 
165,410,923
Mortgage-Backed Securities — 92.9%
Fannie Mae Mortgage-Backed Securities
 
3.00%, 02/01/47
 
679
619,343
4.00%, 02/01/47 - 02/01/57
 
2,554
2,423,004
3.50%, 11/01/51
 
3,965
3,690,728
(12-mo. RFUCCT US + 1.53%), 6.07%,
05/01/43(a)
 
24
24,525
(12-mo. RFUCCT US + 1.54%), 6.25%,
06/01/43(a)
 
36
37,356
(12-mo. RFUCCT US + 1.70%), 6.32%,
08/01/42(a)
 
8
8,031
(12-mo. RFUCCT US + 1.75%), 6.47%,
08/01/41(a)
 
2
1,592
(12-mo. RFUCCT US + 1.83%), 6.30%,
11/01/40(a)
 
1
1,022
Freddie Mac Mortgage-Backed Securities
 
3.00%, 03/01/27 - 10/01/47
 
26,418
24,031,104
2.50%, 07/01/28 - 01/01/33
 
4,522
4,357,381
3.50%, 03/01/32 - 06/01/49
 
26,140
24,391,508
5.00%, 04/01/33 - 04/01/49
 
1,041
1,047,387
4.00%, 05/01/33 - 01/01/49
 
8,964
8,569,772
5.50%, 06/01/35 - 01/01/39
 
33
33,790
4.50%, 06/01/38 - 01/01/49
 
3,626
3,568,486
(12-mo. RFUCCT US + 1.62%), 6.27%,
08/01/41(a)
 
1
1,361
(12-mo. RFUCCT US + 1.85%), 6.31%,
09/01/40(a)
 
3
3,373
Ginnie Mae Mortgage-Backed Securities
 
5.50%, 12/15/32 - 05/20/56(b)
 
170,195
172,221,855
6.00%, 03/15/35 - 05/20/56(b)
 
82,910
84,721,676
6.50%, 09/15/36 - 12/20/55(b)
 
36,775
38,415,679
4.50%, 07/15/39 - 05/20/56(b)
 
115,482
112,077,433
5.00%, 11/15/39 - 05/20/56(b)
 
178,144
177,224,365
4.00%, 03/15/41 - 05/20/56(b)
 
89,467
84,377,853
3.50%, 09/20/42 - 05/20/56(b)
 
130,351
119,597,542
3.00%, 01/20/43 - 05/20/56(b)
 
157,867
141,030,431
2.50%, 05/20/45 - 05/20/56(b)
 
216,779
185,745,912
2.00%, 07/20/50 - 05/20/56(b)
 
211,866
174,639,803
Schedule of Investments
107
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Securitized Bond Index Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Mortgage-Backed Securities (continued)
Ginnie Mae Mortgage-Backed Securities (continued)
 
1.50%, 10/20/51
$
647
$ 507,316
Uniform Mortgage-Backed Securities
 
4.00%, 05/01/26 - 05/13/56(b)
 
276,590
263,421,400
3.00%, 01/01/27 - 05/13/56(b)
 
400,216
357,756,526
3.50%, 01/01/27 - 05/13/56(b)
 
259,256
239,185,141
2.50%, 09/01/28 - 05/13/56(b)
 
761,509
653,529,144
7.00%, 02/01/32
 
6
6,159
6.50%, 07/01/32 - 09/01/55
 
145,909
152,645,868
5.00%, 11/01/33 - 05/13/56(b)
 
331,371
328,298,998
6.00%, 03/01/34 - 06/11/56(b)
 
339,035
348,208,509
2.00%, 12/01/35 - 05/13/56(b)
 
1,213,189
1,006,972,292
1.50%, 03/01/36 - 11/01/51(b)
 
112,299
92,544,236
5.50%, 04/01/36 - 05/13/56(b)
 
398,369
403,081,906
4.50%, 09/01/39 - 05/13/56(b)
 
182,762
177,007,224
 
 
5,386,027,031
Total U.S. Government Sponsored Agency Securities — 95.7%
(Cost: $5,857,493,535)
5,551,437,954
Total Long-Term Investments — 99.7%
(Cost: $6,094,286,204)
5,784,236,633
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 8.0%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.83%(c)(d)
 
460,752,488
460,890,714
Total Short-Term Securities — 8.0%
(Cost: $460,756,567)
460,890,714
Total Investments Before TBA Sale Commitments — 107.7%
(Cost: $6,555,042,771)
6,245,127,347
 
Security
 
Par
(000)
Value
TBA Sale Commitments(b)
Mortgage-Backed Securities — (0.6)%
Ginnie Mae Mortgage-Backed Securities, 5.50%,
05/20/56
$
(2,325
)
$ (2,341,338
)
Uniform Mortgage-Backed Securities
 
2.50%, 05/18/41
 
(1,750
)
(1,646,579
)
3.00%, 03/25/37 - 05/13/56
 
(6,500
)
(5,766,332
)
3.50%, 05/13/56
 
(3,000
)
(2,730,409
)
4.00%, 05/13/56
 
(3,900
)
(3,657,012
)
5.00%, 05/13/56
 
(1,375
)
(1,354,499
)
5.50%, 05/13/56
 
(650
)
(653,233
)
6.00%, 05/13/56
 
(14,675
)
(14,980,718
)
Total TBA Sale Commitments — (0.6)%
(Proceeds: $(33,311,677))
(33,130,120
)
Total Investments, Net of TBA Sale Commitments — 107.1%
(Cost: $6,521,731,094)
6,211,997,227
Liabilities in Excess of Other Assets — (7.1)%
(412,475,929
)
Net Assets — 100.0%
$ 5,799,521,298
 
(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)
Represents or includes a TBA transaction.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 609,916,262
$ —
$ (148,905,391
)(a)
$ (47,651
)
$ (72,506
)
$ 460,890,714
460,752,488
$ 10,020,679
$ —
 
(a)
Represents net amount purchased (sold).
108
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares U.S. Securitized 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 
Asset-Backed Securities
$ —
$ 80,461,892
$ —
$ 80,461,892
Corporate Bonds
—
9,442,587
—
9,442,587
Non-Agency Mortgage-Backed Securities
—
142,894,200
—
142,894,200
U.S. Government Sponsored Agency Securities
—
5,551,437,954
—
5,551,437,954
Short-Term Securities 
Money Market Funds
460,890,714
—
—
460,890,714
Liabilities
Investments 
TBA Sale Commitments
—
(33,130,120
)
—
(33,130,120
)
 
$460,890,714
$5,751,106,513
$—
$6,211,997,227
See notes to financial statements.
Schedule of Investments
109
Statements of Assets and Liabilities (unaudited)
April 30, 2026
 
 
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)
$ 3,605,596,003
$ 7,615,425,088
$ 2,350,039,127
$ 2,991,549,933
Investments, at value — affiliated(c)
241,511,891
883,754,633
236,845,010
4,265,723
Cash
5,839
—
212,801
—
Cash pledged for futures contracts
—
—
—
6,000
Receivables:
Investments sold
7,465,584
99,872,695
—
—
Securities lending income — affiliated
61,975
56,265
55,444
15,806
Capital shares sold
104,952,741
337,454,898
40,093,316
118,367,834
Dividends — affiliated
76,170
39,091
38,074
2,667
Interest — unaffiliated
38,258,809
63,848,306
33,059,808
41,881,959
From affiliate
—
8,219
—
—
Prepaid expenses
15,884
14,964
8,902
9,623
Total assets
3,997,944,896
9,000,474,159
2,660,352,482
3,156,099,545
LIABILITIES
Bank overdraft
—
25,785
—
—
Collateral on securities loaned
238,534,491
860,651,232
230,367,700
2,987,500
Payables:
Investments purchased
71,428,270
442,412,241
39,968,820
115,417,984
Professional fees
23,650
26,990
22,507
23,042
Variation margin on futures contracts
—
—
—
200
Total liabilities
309,986,411
1,303,116,248
270,359,027
118,428,726
Commitments and contingent liabilities
NET ASSETS
$ 3,687,958,485
$ 7,697,357,911
$ 2,389,993,455
$ 3,037,670,819
NET ASSETS CONSIST OF
Paid-in capital(d)(e)(f)
$ 3,801,975,391
$ 7,947,695,538
$ 2,876,832,981
$ 3,790,621,249
Accumulated loss
(114,016,906)
(250,337,627)
(486,839,526)
(752,950,430)
NET ASSETS
$ 3,687,958,485
$ 7,697,357,911
$ 2,389,993,455
$ 3,037,670,819
Net asset value
$ 10.12
$ 9.93
$ 8.90
$ 7.57
(a) Investments, at cost—unaffiliated
$3,610,798,894
$7,711,313,957
$2,580,891,398
$3,288,413,964
(b) Securities loaned, at value
$231,255,869
$835,181,181
$221,796,771
$2,862,345
(c) Investments, at cost—affiliated
$241,463,316
$883,723,444
$236,806,706
$4,264,035
(d) Shares outstanding
364,552,646
774,821,124
268,575,609
401,265,694
(e) Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
(f) Par value
$0.001
$0.001
$0.001
$0.001
See notes to financial statements.
110
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Assets and Liabilities (unaudited) (continued)
April 30, 2026
 
 
iShares U.S.
Securitized Bond
Index Fund
ASSETS
Investments, at value — unaffiliated(a)
$ 5,784,236,633
Investments, at value — affiliated(b)
460,890,714
Receivables:
Investments sold
6,598,444
TBA sale commitments
33,311,677
Capital shares sold
172,169,561
Dividends — affiliated
1,270,666
Interest — unaffiliated
17,605,360
Principal paydowns
79,617
Prepaid expenses
13,043
Total assets
6,476,175,715
LIABILITIES
Bank overdraft
1,059,867
TBA sale commitments, at value(c)
33,130,120
Payables:
Investments purchased
642,438,867
Professional fees
25,563
Total liabilities
676,654,417
Commitments and contingent liabilities
NET ASSETS
$ 5,799,521,298
NET ASSETS CONSIST OF
Paid-in capital(d)(e)(f)
$ 6,179,807,240
Accumulated loss
(380,285,942)
NET ASSETS
$ 5,799,521,298
Net asset value
$ 9.61
(a) Investments, at cost—unaffiliated
$6,094,286,204
(b) Investments, at cost—affiliated
$460,756,567
(c) Proceeds from TBA sale commitments
$33,311,677
(d) Shares outstanding
603,682,235
(e) Shares authorized
Unlimited
(f) Par value
$0.001
See notes to financial statements.
Statements of Assets and Liabilities
111
Statements of Operations (unaudited)
Six Months Ended April 30, 2026
 
 
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
$473,348
$163,447
$303,397
$110,802
Interest — unaffiliated
82,424,346
132,909,316
65,246,624
66,524,200
Securities lending income — affiliated — net
384,052
284,328
293,009
109,717
Total investment income
83,281,746
133,357,091
65,843,030
66,744,719
EXPENSES
Administration
1,087,287
1,871,704
721,293
735,971
Investment advisory
1,087,287
1,871,704
721,293
735,971
Professional
20,007
22,592
19,140
19,510
Trustees and Officer
14,900
27,277
11,194
12,699
Miscellaneous
4,235
4,240
4,385
4,235
Total expenses excluding interest expense
2,213,716
3,797,517
1,477,305
1,508,386
Interest expense — unaffiliated
662
—
—
983
Total expenses
2,214,378
3,797,517
1,477,305
1,509,369
Less fees waived and/or reimbursed by the Administrator/Manager
(2,209,481
)
(3,793,278
)
(1,472,920
)
(1,504,151
)
Total expenses after fees waived and/or reimbursed
4,897
4,239
4,385
5,218
Net investment income
83,276,849
133,352,852
65,838,645
66,739,501
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated
215,685
(9,012,095
)
(21,372,670
)
(46,783,971
)
Investments — affiliated
(24,826
)
(80,162
)
(23,370
)
(2,542
)
Futures contracts
—
—
—
4,299
 
190,859
(9,092,257
)
(21,396,040
)
(46,782,214
)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated
(41,266,662
)
(59,720,818
)
(74,738,789
)
(88,368,377
)
Investments — affiliated
(40,576
)
30,858
(29,006
)
(3,069
)
Futures contracts
—
—
—
(9,152
)
 
(41,307,238
)
(59,689,960
)
(74,767,795
)
(88,380,598
)
Net realized and unrealized loss
(41,116,379
)
(68,782,217
)
(96,163,835
)
(135,162,812
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$42,160,470
$64,570,635
$(30,325,190
)
$(68,423,311
)
See notes to financial statements.
112
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Operations (unaudited) (continued)
Six Months Ended April 30, 2026
 
 
iShares U.S.
Securitized Bond
Index Fund
INVESTMENT INCOME
Dividends — affiliated
$10,020,679
Interest — unaffiliated
106,704,457
Total investment income
116,725,136
EXPENSES
Administration
1,729,071
Investment advisory
1,729,071
Trustees and Officer
21,936
Professional
21,216
Miscellaneous
4,385
Total expenses excluding interest expense
3,505,679
Interest expense — unaffiliated
240
Total expenses
3,505,919
Less fees waived and/or reimbursed by the Administrator/Manager
(3,501,293
)
Total expenses after fees waived and/or reimbursed
4,626
Net investment income
116,720,510
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized loss from:
Investments — unaffiliated
(1,871,623
)
Investments — affiliated
(47,651
)
 
(1,919,274
)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated
(39,360,782
)
Investments — affiliated
(72,506
)
 
(39,433,288
)
Net realized and unrealized loss
(41,352,562
)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$75,367,948
See notes to financial statements.
Statements of Operations
113
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
04/30/26
(unaudited)
Year Ended
10/31/25
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$83,276,849
$158,212,929
$133,352,852
$198,546,135
Net realized gain (loss)
190,859
(12,550,336
)
(9,092,257
)
(39,833,344
)
Net change in unrealized appreciation (depreciation)
(41,307,238
)
96,377,305
(59,689,960
)
152,607,583
Net increase in net assets resulting from operations
42,160,470
242,039,898
64,570,635
311,320,374
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(82,170,891
)
(158,758,426
)
(131,029,896
)
(198,260,872
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
63,725,014
196,880,409
202,324,545
2,324,205,437
NET ASSETS
Total increase in net assets
23,714,593
280,161,881
135,865,284
2,437,264,939
Beginning of period
3,664,243,892
3,384,082,011
7,561,492,627
5,124,227,688
End of period
$3,687,958,485
$3,664,243,892
$7,697,357,911
$7,561,492,627
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
114
2026 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
04/30/26
(unaudited)
Year Ended
10/31/25
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$65,838,645
$134,113,620
$66,739,501
$133,101,856
Net realized loss
(21,396,040
)
(119,878,814
)
(46,782,214
)
(293,580,251
)
Net change in unrealized appreciation (depreciation)
(74,767,795
)
116,584,603
(88,380,598
)
261,768,198
Net increase (decrease) in net assets resulting from operations
(30,325,190
)
130,819,409
(68,423,311
)
101,289,803
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(65,037,729
)
(134,491,429
)
(65,894,256
)
(133,169,952
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
56,957,821
(67,611,731
)
253,007,503
(7,810,255
)
NET ASSETS
Total increase (decrease) in net assets
(38,405,098
)
(71,283,751
)
118,689,936
(39,690,404
)
Beginning of period
2,428,398,553
2,499,682,304
2,918,980,883
2,958,671,287
End of period
$2,389,993,455
$2,428,398,553
$3,037,670,819
$2,918,980,883
 
(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
115
Statements of Changes in Net Assets (continued)
 
 
iShares U.S.
Securitized Bond
Index Fund
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$116,720,510
$221,680,491
Net realized loss
(1,919,274
)
(4,334,885
)
Net change in unrealized appreciation (depreciation)
(39,433,288
)
170,616,721
Net increase in net assets resulting from operations
75,367,948
387,962,327
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(122,136,696
)
(216,178,443
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(3,607,152
)
555,424,021
NET ASSETS
Total increase (decrease) in net assets
(50,375,900
)
727,207,905
Beginning of period
5,849,897,198
5,122,689,293
End of period
$5,799,521,298
$5,849,897,198
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
116
2026 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
04/30/26
(unaudited)
Year Ended
10/31/25
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
$10.23
$9.99
$9.42
$9.43
$10.00
Net investment income(b)
0.23
0.45
0.42
0.35
0.12
Net realized and unrealized gain (loss)
(0.11
)
0.24
0.57
(0.01
)
(0.57
)
Net increase (decrease) from investment operations
0.12
0.69
0.99
0.34
(0.45
)
Distributions from net investment income(c)
(0.23
)
(0.45
)
(0.42
)
(0.35
)
(0.12
)
Net asset value, end of period
$10.12
$10.23
$9.99
$9.42
$9.43
Total Return(d)
Based on net asset value
1.19
%(e)
7.11
%(f)
10.62
%
3.53
%
(4.49
)%(e)
Ratios to Average Net Assets(g)
Total expenses
0.12
%(h)
0.12
%
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)
0.00
%(i)
—
%(h)
Net investment income
4.60
%(h)
4.52
%
4.25
%
3.61
%
2.84
%(h)
Supplemental Data
Net assets, end of period (000)
$3,687,958
$3,664,244
$3,384,082
$2,424,008
$1,770,102
Portfolio turnover rate
11
%
30
%
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)
Not annualized.
(f)
Includes payment from an affiliate, which had no impact on the Fund’s total return.
(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
117
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares U.S. Intermediate Government Bond Index Fund
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
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
$10.02
$9.80
$9.44
$9.51
$10.00
Net investment income(b)
0.18
0.34
0.29
0.23
0.08
Net realized and unrealized gain (loss)
(0.09
)
0.21
0.36
(0.08
)
(0.50
)
Net increase (decrease) from investment operations
0.09
0.55
0.65
0.15
(0.42
)
Distributions from net investment income(c)
(0.18
)
(0.33
)
(0.29
)
(0.22
)
(0.07
)
Net asset value, end of period
$9.93
$10.02
$9.80
$9.44
$9.51
Total Return(d)
Based on net asset value
0.85
%(e)
5.70
%(f)
6.92
%
1.59
%
(4.18
)%(e)
Ratios to Average Net Assets(g)
Total expenses
0.10
%(h)
0.10
%
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)
0.00
%(i)
—
%(h)
Net investment income
3.56
%(h)
3.39
%
3.00
%
2.35
%
1.73
%(h)
Supplemental Data
Net assets, end of period (000)
$7,697,358
$7,561,493
$5,124,228
$3,922,899
$3,462,964
Portfolio turnover rate
16
%
34
%
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)
Not annualized.
(f)
Includes payment from an affiliate, which had no impact on the Fund’s total return.
(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.
118
2026 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
04/30/26
(unaudited)
Year Ended
10/31/25
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
$9.25
$9.22
$8.17
$8.53
$10.00
Net investment income(b)
0.25
0.49
0.48
0.47
0.20
Net realized and unrealized gain (loss)
(0.35
)
0.03
1.05
(0.36
)
(1.47
)
Net increase (decrease) from investment operations
(0.10
)
0.52
1.53
0.11
(1.27
)
Distributions from net investment income(c)
(0.25
)
(0.49
)
(0.48
)
(0.47
)
(0.20
)
Net asset value, end of period
$8.90
$9.25
$9.22
$8.17
$8.53
Total Return(d)
Based on net asset value
(1.14
)%(e)
5.87
%
18.83
%
0.80
%
(12.84
)%(e)
Ratios to Average Net Assets(f)
Total expenses
0.12
%(g)
0.12
%
0.12
%
0.12
%
0.12
%(g)
Total expenses after fees waived and/or reimbursed
0.00
%(g)(h)
0.00
%(h)
0.00
%(h)
0.00
%(h)
—
%(g)
Net investment income
5.48
%(g)
5.42
%
5.19
%
5.11
%
4.79
%(g)
Supplemental Data
Net assets, end of period (000)
$2,389,993
$2,428,399
$2,499,682
$1,983,565
$1,924,367
Portfolio turnover rate
9
%
27
%
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
119
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
iShares U.S. Long Government Bond Index Fund
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
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
$7.93
$8.02
$7.25
$8.18
$10.00
Net investment income(b)
0.17
0.34
0.32
0.30
0.13
Net realized and unrealized gain (loss)
(0.36
)
(0.09
)
0.77
(0.93
)
(1.82
)
Net increase (decrease) from investment operations
(0.19
)
0.25
1.09
(0.63
)
(1.69
)
Distributions from net investment income(c)
(0.17
)
(0.34
)
(0.32
)
(0.30
)
(0.13
)
Net asset value, end of period
$7.57
$7.93
$8.02
$7.25
$8.18
Total Return(d)
Based on net asset value
(2.38
)%(e)
3.26
%
15.01
%
(8.17
)%
(17.06
)%(e)
Ratios to Average Net Assets(f)
Total expenses
0.10
%(g)
0.10
%
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)
0.00
%(h)
—
%(g)
Net investment income
4.53
%(g)
4.38
%
3.92
%
3.57
%
3.09
%(g)
Supplemental Data
Net assets, end of period (000)
$3,037,671
$2,918,981
$2,958,671
$2,145,413
$1,860,524
Portfolio turnover rate
7
%
33
%
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.
120
2026 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
04/30/26
(unaudited)
Year Ended
10/31/25
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
$9.69
$9.39
$8.76
$9.12
$10.00
Net investment income(b)
0.19
0.39
0.36
0.32
0.11
Net realized and unrealized gain (loss)
(0.06
)
0.28
0.62
(0.35
)
(0.88
)
Net increase (decrease) from investment operations
0.13
0.67
0.98
(0.03
)
(0.77
)
Distributions(c)
 
 
 
 
 
From net investment income
(0.19
)
(0.37
)
(0.35
)
(0.33
)
(0.11
)
From net realized gain
(0.02
)
—
—
—
—
Return of capital
—
—
—
(0.00
)(d)
—
Total distributions
(0.21
)
(0.37
)
(0.35
)
(0.33
)
(0.11
)
Net asset value, end of period
$9.61
$9.69
$9.39
$8.76
$9.12
Total Return(e)
Based on net asset value
1.30
%(f)
7.35
%
11.25
%
(0.53
)%
(7.71
)%(f)
Ratios to Average Net Assets(g)
Total expenses
0.12
%(h)
0.12
%
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)
0.00
%(i)
—
%(h)
Net investment income
4.05
%(h)
4.09
%
3.89
%
3.43
%
2.53
%(h)
Supplemental Data
Net assets, end of period (000)
$5,799,521
$5,849,897
$5,122,689
$4,225,036
$3,867,714
Portfolio turnover rate(j)
110
%
243
%
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
04/30/26
(unaudited)
Year Ended
10/31/25
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)
59
%
138
%
132
%
163
%
150
%
 
(k)
Portfolio turnover rate excludes in-kind transactions.
See notes to financial statements.
Financial Highlights
121
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 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 its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund’s 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 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.
122
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
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 and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price (including evaluated prices) 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.
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
Notes to Financial Statements
123
Notes to Financial Statements (unaudited) (continued)
 
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.
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 an approved 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 market 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 is 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 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.
124
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
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.
12,929,248
(12,929,248
)
—
—
BMO Capital Markets Corp.
877,827
(877,827
)
—
—
BNP Paribas SA
20,935,559
(20,935,559
)
—
—
BofA Securities, Inc.
6,206,273
(6,206,273
)
—
—
Citigroup Global Markets, Inc.
7,450,596
(7,450,596
)
—
—
Goldman Sachs & Co. LLC
22,584,030
(22,584,030
)
—
—
HSBC Securities (USA), Inc.
2,973,417
(2,973,417
)
—
—
J.P. Morgan Securities LLC
63,699,419
(63,699,419
)
—
—
Jefferies LLC
201,623
(201,623
)
—
—
Mitsubishi UFJ Securities Holdings Co., Ltd.
3,769,540
(3,769,540
)
—
—
Morgan Stanley
7,605,069
(7,605,069
)
—
—
National Bank of Canada
26,516,162
(26,516,162
)
—
—
Nomura Securities International, Inc.
2,832,624
(2,832,624
)
—
—
RBC Capital Markets LLC
20,296,491
(20,296,491
)
—
—
Scotia Capital (USA), Inc.
2,767,157
(2,767,157
)
—
—
Scotia Capital, Inc.
417,651
(417,651
)
—
—
State Street Bank & Trust Co.
362,793
(362,793
)
—
—
TD Securities (USA) LLC
572,789
(572,789
)
—
—
UBS Securities LLC
734,452
(734,452
)
—
—
Wells Fargo Bank N.A.
5,804,407
(5,804,407
)
—
—
Wells Fargo Securities LLC
21,718,742
(21,718,742
)
—
—
 
$ 231,255,869
$ (231,255,869
)
$ —
$ —
U.S. Intermediate Government Bond
Barclays Capital, Inc.
$ 1,111,738
$ (1,111,738
)
$ —
$ —
BofA Securities, Inc.
7,699,216
(7,699,216
)
—
—
J.P. Morgan Securities LLC
582,908,040
(582,908,040
)
—
—
Morgan Stanley
20,166,563
(20,166,563
)
—
—
Nomura Securities International, Inc.
3,873,037
(3,873,037
)
—
—
RBC Capital Markets LLC
4,906,797
(4,906,797
)
—
—
State Street Bank & Trust Co.
165,100,188
(165,100,188
)
—
—
TD Securities (USA) LLC
49,415,602
(49,415,602
)
—
—
 
$ 835,181,181
$ (835,181,181
)
$ —
$ —
U.S. Long Credit Bond
 
$ —
$ —
$ —
$ —
Barclays Capital, Inc.
13,069,916
(13,069,916
)
—
—
BMO Capital Markets Corp.
135,079
(135,079
)
—
—
BNP Paribas SA
36,226,632
(36,226,632
)
—
—
BofA Securities, Inc.
2,520,947
(2,520,947
)
—
—
Citigroup Global Markets, Inc.
8,738,812
(8,738,812
)
—
—
Goldman Sachs & Co. LLC
68,083,572
(68,083,572
)
—
—
HSBC Securities (USA), Inc.
403,816
(403,816
)
—
—
J.P. Morgan Securities LLC
50,727,779
(50,727,779
)
—
—
Jefferies LLC
257,693
(257,693
)
—
—
Mitsubishi UFJ Securities Holdings Co., Ltd.
1,593,362
(1,593,362
)
—
—
Morgan Stanley
2,216,031
(2,216,031
)
—
—
National Bank of Canada
6,618,083
(6,618,083
)
—
—
Nomura Securities International, Inc.
4,708,240
(4,708,240
)
—
—
RBC Capital Markets LLC
9,483,506
(9,483,506
)
—
—
Scotia Capital (USA), Inc.
5,843,597
(5,843,597
)
—
—
Scotia Capital, Inc.
1,036,966
(1,036,966
)
—
—
State Street Bank & Trust Co.
868,775
(868,775
)
—
—
UBS Securities LLC
300,206
(300,206
)
—
—
Wells Fargo Bank N.A.
313,069
(313,069
)
—
—
Wells Fargo Securities LLC
8,650,690
(8,650,690
)
—
—
 
$ 221,796,771
$ (221,796,771
)
$ —
$ —
Notes to Financial Statements
125
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
RBC Capital Markets LLC
$ 2,862,345
$ (2,862,345
)
$ —
$ —
 
(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 the Funds.
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, majority-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, 2036. 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, 2026, the amounts were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
U.S. Intermediate Credit Bond
$ 1,087,287
U.S. Intermediate Government Bond
1,871,704
U.S. Long Credit Bond
721,293
U.S. Long Government Bond
735,971
U.S. Securitized Bond
1,729,071
126
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
Administration:  The Trust, on behalf of each Fund, entered into an Administration Agreement with BlackRock Advisors, LLC (the "Administrator") , an indirect, majority-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 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, 2036. 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, 2026, the amounts were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
U.S. Intermediate Credit Bond
$ 1,087,287
U.S. Intermediate Government Bond
1,871,704
U.S. Long Credit Bond
721,293
U.S. Long Government Bond
735,971
U.S. Securitized Bond
1,729,071
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, 2036. 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, 2026, the amounts waived were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
U.S. Intermediate Credit Bond
$ 34,907
U.S. Intermediate Government Bond
49,870
U.S. Long Credit Bond
30,334
U.S. Long Government Bond
32,209
U.S. Securitized Bond
43,151
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 securities lending agreement effective as of January 1, 2026, 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.
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specific threshold, 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.
Notes to Financial Statements
127
Notes to Financial Statements (unaudited) (continued)
 
Pursuant to the securities lending agreement effective as of January 1, 2025, identical securities lending arrangements were in place for each Fund for the calendar year ended December 31, 2025.
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, 2026, each Fund paid BTC the following amounts for securities lending agent services: 
Fund Name
Amounts
U.S. Intermediate Credit Bond
$ 127,921
U.S. Intermediate Government Bond
110,907
U.S. Long Credit Bond
98,954
U.S. Long Government Bond
45,585
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.
7.
 PURCHASES AND SALES
For the six months ended April 30, 2026, 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
$ —
$ —
$ 442,921,110
$ 387,496,577
U.S. Intermediate Government Bond
1,417,581,051
1,225,927,777
—
—
U.S. Long Credit Bond
—
—
273,930,382
217,276,526
U.S. Long Government Bond
441,287,019
196,908,523
—
—
U.S. Securitized Bond
6,369,206,226
6,386,401,823
43,493,600
50,763,591
For the six months ended April 30, 2026, purchases and sales related to mortgage dollar rolls were as follows: 
Fund Name
Purchases
Sales
U.S. Securitized Bond
$ 2,963,077,517
$ 2,964,740,477
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, 2026, 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.
As of October 31, 2025, the Funds had non-expiring capital loss carryforwards as follows: 
Fund Name
Non-Expiring
Capital Loss
Carryforwards(a)
U.S. Intermediate Credit Bond
$ (107,321,239
)
U.S. Intermediate Government Bond
(143,543,362
)
U.S. Long Credit Bond
(216,323,740
)
U.S. Long Government Bond
(392,103,138
)
U.S. Securitized Bond
(72,207,841
)
 
(a)
Amounts available to offset future realized capital gains.
128
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
As of April 30, 2026, 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
$ 3,854,135,514
$ 33,213,157
$ (40,240,777
)
$ (7,027,620
)
U.S. Intermediate Government Bond
8,597,629,193
8,767,326
(107,216,798
)
(98,449,472
)
U.S. Long Credit Bond
2,836,128,619
5,757,803
(255,002,285
)
(249,244,482
)
U.S. Long Government Bond
3,310,316,466
100,816
(314,606,194
)
(314,505,378
)
U.S. Securitized Bond
6,557,706,060
34,872,299
(347,094,685
)
(312,222,386
)
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 2027 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, 2026, the Funds did not borrow under the credit agreement.
10.
PRINCIPAL RISKS
In the normal course of business, each Fund invests 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 or 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.
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
Notes to Financial Statements
129
Notes to Financial Statements (unaudited) (continued)
 
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
04/30/26
Year Ended
10/31/25
Fund Name  
Shares 
Amounts 
Shares 
Amounts 
U.S. Intermediate Credit Bond 
Shares sold
28,127,077
$ 286,669,021
 89,211,620
$ 898,150,194
Shares issued in reinvestment of distributions
8,137,206
83,062,320
 15,654,496
157,873,896
Shares redeemed
(30,002,451)
(306,006,327)
(85,447,699)
(859,143,681)
 
6,261,832
$ 63,725,014
19,418,417
$ 196,880,409
 
 
Six Months Ended
04/30/26
Year Ended
10/31/25
Fund Name  
Shares 
Amounts 
Shares 
Amounts 
U.S. Intermediate Government Bond 
Shares sold
67,584,047
$ 674,349,919
 348,997,028
$ 3,474,331,089
Shares issued in reinvestment of distributions
13,225,998
132,441,801
 19,827,614
196,850,907
Shares redeemed
(60,423,190)
(604,467,175)
(137,094,291)
(1,346,976,559)
 
20,386,855
$ 202,324,545
231,730,351
$ 2,324,205,437
 
 
Six Months Ended
04/30/26
Year Ended
10/31/25
Fund Name  
Shares 
Amounts 
Shares 
Amounts 
U.S. Long Credit Bond 
Shares sold
19,932,654
$ 180,767,062
 60,316,427
$ 547,409,855
Shares issued in reinvestment of distributions
7,239,946
65,740,947
 14,776,031
133,791,116
Shares redeemed
(20,995,879)
(189,550,188)
(83,888,276)
(748,812,702)
 
6,176,721
$ 56,957,821
(8,795,818)
$ (67,611,731)
130
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
 
 
Six Months Ended
04/30/26
Year Ended
10/31/25
Fund Name  
Shares 
Amounts 
Shares 
Amounts 
U.S. Long Government Bond 
Shares sold
49,756,219
$ 383,217,475
 119,594,284
$ 933,827,873
Shares issued in reinvestment of distributions
8,580,558
66,587,095
 16,952,696
132,479,337
Shares redeemed
(25,294,243)
(196,797,067)
(137,085,735)
(1,074,117,465)
 
33,042,534
$ 253,007,503
(538,755)
$ (7,810,255)
 
 
Six Months Ended
04/30/26
Year Ended
10/31/25
Fund Name  
Shares 
Amounts 
Shares 
Amounts 
U.S. Securitized Bond 
Shares sold
36,657,154
$ 353,776,939
 102,991,034
$ 972,404,804
Shares issued in reinvestment of distributions
12,723,023
123,278,297
 22,688,927
215,039,734
Shares redeemed
(49,679,434)
(480,662,388)
(67,056,785)
(632,020,517)
 
(299,257)
$ (3,607,152)
58,623,176
$ 555,424,021
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
131
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.
Westborough, MA 01581
Distributor
BlackRock Investments, LLC
New York, NY 10001
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
132
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Additional Information (continued)
 
Fund and Service Providers (continued) 
Legal Counsel
Ropes & Gray LLP
New York, NY 10036
 
Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809
Additional Information
133
Glossary of Terms Used in these Financial Statements
 
 
Portfolio Abbreviation 
ARB
 Airport Revenue Bonds
BAB
 Build America Bond
BAM
 Build America Mutual Assurance Co.
BMO
 BMO Capital Markets
CD
 Certificate of Deposit
CME
 Chicago Mercantile Exchange
CMT
 Constant Maturity Treasury
DAC
 Designated Activity Company
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
M/F
 Multi-Family
MSCI
 Morgan Stanley Capital International
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
134
2026 BlackRock Semi-Annual Financial Statements and Additional Information
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Want to know more?
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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 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, 2026 
2026 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
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, 2026
iShares Enhanced Roll Yield Index Fund
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Short-Term Securities
Certificates of Deposit — 20.3%
Banco Santander SA
 
4.40%, 06/02/26
$
2,880
$ 2,881,326
4.00%, 08/14/26
 
1,490
1,490,349
Bank of America N.A., Series GLOB, Class BN, 3.79%,
08/24/26
 
4,260
4,259,112
Bank of Montreal, (1-day SOFR + 0.38%), 4.03%,
02/19/27(a)
 
3,500
3,501,293
Barclays Bank PLC(a)
 
(1-day SOFR + 0.33%), 3.98%, 08/10/26
 
4,000
4,001,803
(1-day SOFR + 0.40%), 4.05%, 11/13/26
 
4,000
4,000,942
BNP Paribas SA, 4.32%, 07/14/26
 
2,850
2,852,165
Canadian Imperial Bank of Commerce
 
3.90%, 09/14/26
 
4,650
4,649,990
3.75%, 02/05/27
 
2,730
2,724,085
Deutsche Bank AG
 
4.40%, 07/17/26
 
1,420
1,421,392
3.85%, 10/15/26
 
4,000
3,997,169
4.02%, 11/17/26
 
1,000
999,719
3.90%, 01/22/27
 
2,220
2,216,804
Mizuho Bank Ltd., 3.83%, 08/24/26(a)
 
1,280
1,279,846
MUFG Bank Ltd.(a)
 
3.98%, 09/10/26
 
2,500
2,500,848
3.86%, 09/15/26
 
4,250
4,249,270
(1-day SOFR + 0.28%), 3.93%, 07/02/26
 
1,840
1,840,472
Natixis SA, 3.80%, 07/08/26
 
4,260
4,259,365
Nordea Bank Abp, 3.97%, 08/14/26
 
4,100
4,100,785
Oversea-Chinese Banking Corp. Ltd., (1-day SOFR +
0.28%), 3.93%, 08/14/26(a)
 
4,000
4,001,336
Royal Bank of Canada
 
3.74%, 10/05/26
 
2,080
2,078,454
(1-day SOFR + 0.38%), 4.03%, 05/01/26(a)
 
3,980
3,980,027
Standard Chartered Bank, (1-day SOFR + 0.44%),
4.09%, 11/23/26(a)
 
3,090
3,091,500
Svenska Handelsbanken AB
 
3.94%, 11/17/26
 
1,000
999,622
(1-day SOFR + 0.34%), 3.99%, 11/25/26(a)
 
2,750
2,750,318
Toronto-Dominion Bank, (1-day SOFR + 0.40%), 4.05%,
12/14/26(a)
 
3,100
3,101,455
Wells Fargo Bank N.A.
 
3.93%, 03/24/27(a)
 
1,000
999,116
3.75%, 03/25/27
 
3,500
3,489,605
4.07%, 04/09/27
 
3,590
3,589,731
Westpac Banking Corp.
 
3.89%, 08/12/26
 
3,000
2,999,598
3.91%, 08/14/26
 
4,000
3,999,624
 
92,307,121
Commercial Paper — 3.2%
Australia & New Zealand Banking Group Ltd., 4.31%,
06/22/26(b)(c)
 
3,960
3,937,959
Intrepid Funding Co. LLC, 3.87%, 07/24/26(b)(c)
 
4,420
4,379,943
Macquarie Bank Ltd., (1-day SOFR + 0.40%), 4.05%,
01/07/27(a)(c)
 
3,090
3,090,884
National Bank of Canada, (1-day SOFR + 0.40%),
4.05%, 12/29/26(a)(c)
 
2,000
2,001,537
Swedbank AB, 4.01%, 06/10/26(b)(c)
 
1,250
1,244,696
 
14,655,019
 
Security
 
 
Shares
Value
Money Market Funds — 9.3%
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.61%(d)(e)
 
42,085,957
$  42,085,957
 
 
 
Par
(000)
 
U.S. Treasury Obligations — 59.8%
U.S. Treasury Bills(b)
 
3.80%, 05/07/26
$
10,000
9,994,004
4.11%, 05/14/26
 
5,000
4,993,532
3.70%, 05/26/26 - 10/22/26
 
40,000
39,528,031
3.68%, 06/02/26
 
15,000
14,952,066
3.69%, 06/04/26
 
18,000
17,938,863
4.03%, 06/11/26
 
10,000
9,959,000
3.60%, 06/25/26
 
15,000
14,916,847
3.59%, 07/09/26
 
10,000
9,930,923
3.63%, 07/16/26 - 10/01/26
 
23,000
22,764,487
3.64%, 07/30/26
 
10,000
9,910,247
3.61%, 08/13/26 - 11/27/26
 
22,000
21,692,750
3.74%, 09/03/26
 
13,000
12,838,121
3.65%, 09/10/26
 
15,000
14,802,743
3.51%, 12/24/26
 
10,000
9,766,226
3.54%, 01/21/27
 
15,000
14,608,683
3.52%, 02/18/27
 
10,000
9,710,594
3.55%, 02/18/27
 
5,000
4,855,297
3.67%, 03/18/27
 
15,000
14,524,296
3.71%, 04/15/27
 
15,000
14,480,979
 
272,167,689
Total Short-Term Securities — 92.6%
(Cost: $421,286,576)
421,215,786
Total Investments — 92.6%
(Cost: $421,286,576)
421,215,786
Other Assets Less Liabilities — 7.4%
33,808,432
Net Assets — 100.0%
$ 455,024,218
 
(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)
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.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
4
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares Enhanced Roll Yield Index Fund
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Treasury, SL Agency Shares
$ 20,708,697
$ 21,377,260
(a)
$ —
$ —
$ —
$ 42,085,957
42,085,957
$ 465,646
$ —
 
(a)
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(a) 
Lean Hogs
56
06/12/26
$ 2,291
$ (56,180
)
LME Aluminium Premiums
42
06/15/26
3,683
359,220
LME Lead
37
06/15/26
1,807
(116,635
)
LME Nickel
21
06/15/26
2,443
162,400
LME Tin
9
06/15/26
2,212
75,845
LME Zinc
29
06/15/26
2,446
103,794
WTI Crude Oil
105
06/22/26
10,410
4,255,355
Copper
25
06/26/26
3,720
(63,852
)
Gold 100 OZ
39
06/26/26
18,055
1,487,264
Natural Gas
50
06/26/26
1,522
(170,992
)
Brent Crude Oil
172
06/30/26
17,783
7,125,236
Gasoline RBOB
35
06/30/26
5,068
2,122,766
Live Cattle
27
06/30/26
2,743
272,232
NY Harbor ULSD
33
06/30/26
5,389
2,448,817
Sugar 11
137
06/30/26
2,242
(205,509
)
Cotton No.2
58
07/09/26
2,384
325,843
Low Sulphur Gasoil
57
07/10/26
6,536
3,058,845
LME Aluminium Premiums
42
07/13/26
3,662
396,319
LME Lead
37
07/13/26
1,807
(43,136
)
LME Nickel
21
07/13/26
2,451
247,704
LME Tin
9
07/13/26
2,214
46,389
LME Zinc
29
07/13/26
2,443
11,968
Corn
147
07/14/26
3,489
255,268
KC HRW Wheat
69
07/14/26
2,393
433,717
Soybean
102
07/14/26
6,097
589,302
Soybean Meal
83
07/14/26
2,647
(76,671
)
Soybean Oil
82
07/14/26
3,667
1,120,901
Wheat
76
07/14/26
2,420
279,937
Lean Hogs
48
07/15/26
2,017
88,384
Coffee C
19
07/21/26
2,035
(124,167
)
WTI Crude Oil
111
07/21/26
10,375
3,372,139
Copper
24
07/29/26
3,588
(2,255
)
Natural Gas
47
07/29/26
1,463
(230,014
)
Silver
15
07/29/26
5,552
1,400,403
Brent Crude Oil
181
07/31/26
17,725
5,690,962
Gasoline RBOB
36
07/31/26
4,953
1,755,781
NY Harbor ULSD
35
07/31/26
5,462
2,136,814
Low Sulphur Gasoil
60
08/12/26
6,438
2,476,538
Lean Hogs
48
08/14/26
2,025
4,014
LME Aluminium Premiums
43
08/17/26
3,727
99,240
LME Lead
36
08/17/26
1,764
(8,135
)
LME Nickel
20
08/17/26
2,343
229,402
LME Tin
9
08/17/26
2,218
(20,581
)
Consolidated Schedule of Investments
5
Consolidated Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares Enhanced Roll Yield Index Fund
 
Futures Contracts (continued)
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts(a) (continued)
LME Zinc
29
08/17/26
$ 2,441
$ 46,547
WTI Crude Oil
116
08/20/26
10,298
1,590,793
Cattle Feeder
11
08/27/26
2,054
200,016
Copper
24
08/27/26
3,606
42,913
Gold 100 OZ
38
08/27/26
17,725
57,625
Natural Gas
45
08/27/26
1,396
(194,866
)
Brent Crude Oil
187
08/28/26
17,507
2,807,606
Gasoline RBOB
38
08/31/26
4,952
1,057,506
Live Cattle
28
08/31/26
2,785
368,896
NY Harbor ULSD
37
08/31/26
5,579
1,173,529
Low Sulphur Gasoil
63
09/10/26
6,459
1,400,818
Corn
144
09/14/26
3,454
167,934
KC HRW Wheat
66
09/14/26
2,329
427,930
LME Aluminium Premiums
43
09/14/26
3,704
(8,368
)
LME Lead
36
09/14/26
1,773
3,519
LME Nickel
20
09/14/26
2,350
238,877
LME Tin
9
09/14/26
2,220
60,556
LME Zinc
29
09/14/26
2,438
36,953
Wheat
73
09/14/26
2,379
273,561
Coffee C
21
09/18/26
2,168
(499,909
)
WTI Crude Oil
120
09/22/26
10,198
961,052
Cattle Feeder
11
09/24/26
2,046
88,149
Copper
24
09/28/26
3,623
70,681
Natural Gas
41
09/28/26
1,303
(30,428
)
Silver
15
09/28/26
5,591
(539,160
)
Brent Crude Oil
192
09/30/26
17,351
1,616,702
Gasoline RBOB
42
09/30/26
4,921
563,589
NY Harbor ULSD
38
09/30/26
5,556
510,473
Sugar 11
137
09/30/26
2,309
(110,510
)
Low Sulphur Gasoil
64
10/12/26
6,333
495,397
Lean Hogs
57
10/14/26
2,064
(64,827
)
Cattle Feeder
12
10/29/26
2,219
162,707
Live Cattle
29
10/30/26
2,824
177,766
Soybean
103
11/13/26
6,041
360,853
Cattle Feeder
12
11/19/26
2,201
21,659
Cotton No.2
55
12/08/26
2,279
402,052
Corn
138
12/14/26
3,410
234,734
KC HRW Wheat
63
12/14/26
2,268
374,203
Soybean Meal
83
12/14/26
2,585
(106,070
)
Soybean Oil
86
12/14/26
3,583
891,933
Wheat
70
12/14/26
2,356
305,923
Coffee C
22
12/18/26
2,208
(112,685
)
Gold 100 OZ
37
12/29/26
17,508
(2,044,770
)
Silver
14
12/29/26
5,272
(131,335
)
Live Cattle
29
12/31/26
2,814
170,928
Soybean
100
01/14/27
5,924
346,279
Soybean Meal
81
01/14/27
2,526
(28,420
)
Soybean Oil
86
01/14/27
3,553
681,585
Sugar 11
132
02/26/27
2,345
154,531
Cotton No.2
54
03/08/27
2,260
385,182
Corn
136
03/12/27
3,449
123,960
KC HRW Wheat
60
03/12/27
2,191
178,477
Soybean
102
03/12/27
6,028
111,552
Soybean Meal
80
03/12/27
2,488
(17,463
)
Soybean Oil
87
03/12/27
3,553
259,901
Wheat
67
03/12/27
2,312
143,778
Coffee C
22
03/18/27
2,186
(5,083
)
6
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Consolidated Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares Enhanced Roll Yield Index Fund
 
Futures Contracts (continued)
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts(a) (continued)
Sugar 11
132
04/30/27
$ 2,314
$ 38,210
Cotton No.2
52
05/06/27
2,182
164,603
 
$ 57,373,216
 
(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)
$ 62,385,237
$ —
$ —
$ —
$ —
$ —
$ 62,385,237
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ 5,012,021
$ —
$ —
$ —
$ —
$ —
$ 5,012,021
 
(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, 2026, 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
$ 92,827,751
$ —
$ —
$ —
$ —
$ —
$ 92,827,751
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ 35,621,000
$ —
$ —
$ —
$ —
$ —
$ 35,621,000
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$466,926,143
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated 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 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
$ —
$ 92,307,121
$ —
$ 92,307,121
Commercial Paper
—
14,655,019
—
14,655,019
Consolidated Schedule of Investments
7
Consolidated Schedule of Investments (unaudited)(continued)
April 30, 2026
iShares Enhanced Roll Yield Index Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Money Market Funds
$ 42,085,957
$ —
$ —
$ 42,085,957
U.S. Treasury Obligations
—
272,167,689
—
272,167,689
 
$ 42,085,957
$ 379,129,829
$ —
$ 421,215,786
Derivative Financial Instruments(a)
Assets
Commodity Contracts
$ 62,385,237
$ —
$ —
$ 62,385,237
Liabilities
Commodity Contracts
(5,012,021
)
—
—
(5,012,021
)
 
$ 57,373,216
$ —
$ —
$ 57,373,216
 
(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
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Consolidated Statement of Assets and Liabilities (unaudited)
April 30, 2026
 
 
iShares Enhanced
Roll Yield
Index Fund
ASSETS
Investments, at value — unaffiliated(a)
$ 379,129,829
Investments, at value — affiliated(b)
42,085,957
Cash
1,123
Cash pledged for futures contracts
28,236,000
Receivables:
Dividends — affiliated
87,061
Interest — unaffiliated
982,163
Variation margin on futures contracts
6,025,165
Prepaid expenses
2,829
Total assets
456,550,127
LIABILITIES
Payables:
Professional fees
10,506
Variation margin on futures contracts
1,515,403
Total liabilities
1,525,909
Commitments and contingent liabilities
NET ASSETS
$ 455,024,218
NET ASSETS CONSIST OF
Paid-in capital(c)(d)(e)
$ 298,184,852
Accumulated earnings
156,839,366
NET ASSETS
$ 455,024,218
Net asset value
$ 13.41
(a) Investments, at cost—unaffiliated
$379,200,619
(b) Investments, at cost—affiliated
$42,085,957
(c) Shares outstanding
33,920,244
(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, 2026
 
 
iShares Enhanced
Roll Yield
Index Fund
INVESTMENT INCOME
Dividends — affiliated
$465,646
Interest — unaffiliated
8,107,109
Total investment income
8,572,755
EXPENSES
Administration
338,944
Investment advisory
338,944
Professional
10,628
Trustees and Officer
5,009
Miscellaneous
4,135
Total expenses excluding interest expense
697,660
Interest expense — unaffiliated
420
Total expenses
698,080
Less:
Fees waived and/or reimbursed by the Administrator
(338,944
)
Fees waived and/or reimbursed by the Manager
(354,580
)
Total expenses after fees waived and/or reimbursed
4,556
Net investment income
8,568,199
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain from:
Investments — unaffiliated
2,859
Futures contracts
92,827,751
 
92,830,610
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated
(282,153
)
Futures contracts
35,621,000
 
35,338,847
Net realized and unrealized gain
128,169,457
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$136,737,656
See notes to consolidated financial statements.
10
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Consolidated Statement of Changes in Net Assets
 
 
iShares Enhanced Roll Yield Index Fund
 
Six Months Ended
04/30/26
(unaudited)
Period from
11/01/24(a)
to 10/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$8,568,199
$15,281,446
Net realized gain
92,830,610
13,112,189
Net change in unrealized appreciation (depreciation)
35,338,847
21,963,579
Net increase in net assets resulting from operations
136,737,656
50,357,214
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders
(48,279,379
)
(1,564,064
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(66,181,818
)
383,954,609
NET ASSETS
Total increase in net assets
22,276,459
432,747,759
Beginning of period
432,747,759
—
End of period
$455,024,218
$432,747,759
 
(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 each period)
 
 
iShares Enhanced Roll Yield Index Fund
 
Six Months Ended
04/30/26
(unaudited)
Period from
11/01/24(a)
to 10/31/25
 
Net asset value, beginning of period
$11.24
$10.00
Net investment income(b)
0.22
0.45
Net realized and unrealized gain
3.23
0.85
Net increase from investment operations
3.45
1.30
Distributions from net investment income(c)
(1.28
)
(0.06
)
Net asset value, end of period
$13.41
$11.24
Total Return(d)
Based on net asset value
34.36
%(e)
13.11
%(e)
Ratios to Average Net Assets(f)
Total expenses
0.31
%(g)
0.31
%(g)
Total expenses after fees waived and/or reimbursed
0.00
%(g)(h)
0.00
%(g)(h)
Net investment income
3.79
%(g)
4.31
%(g)
Supplemental Data
Net assets, end of period (000)
$455,024
$432,748
Portfolio turnover rate
0
%
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
2026 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 a non-diversified fund under the 1940 Act.
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, Ltd. (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 $32,745,762, which is 7.2% of Fund’s consolidated net assets.  Intercompany accounts and transactions, if any, have been eliminated.
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 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 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.
Notes to Consolidated Financial Statements
13
Notes to Consolidated Financial Statements (unaudited) (continued)
 
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 and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price (including evaluated prices) 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 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) or to the applicable commodities market (commodities price 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 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
14
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Consolidated Financial Statements (unaudited) (continued)
 
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, majority-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” or, the “Sub-Adviser”), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of the Fund for which BIL 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, majority-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 six months ended April 30, 2026, 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, 2036. 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 six months ended April 30, 2026, the Manager waived $338,944 pursuant to this agreement.
The Administrator contractually agreed to waive its administration fees payable by the Fund through June 30, 2036. 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 six months April 30, 2026, the Administrator waived $338,944 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, 2036. 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 six months ended April 30, 2026, the amount waived was $15,636.
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 six months ended April 30, 2026, there were no purchases and sales, excluding short-term securities.
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.
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, 2026, 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 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.
Notes to Consolidated Financial Statements
15
Notes to Consolidated Financial Statements (unaudited) (continued)
 
As of April 30, 2026, 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
$ 421,286,576
$ 62,418,291
$ (5,115,865
)
$ 57,302,426
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 2027 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, 2026, 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 or 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.
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.
16
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Consolidated Financial Statements (unaudited) (continued)
 
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.
The Fund has substantial exposure to certain commodity markets through investments in commodity-linked instruments and through commodity-related equities. Any negative changes in commodity markets that may be due to changes in supply and demand for the commodities, market events, regulatory developments or other factors that the Fund cannot control could have an adverse impact on the Fund’s portfolio.
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: 
 
Six Months Ended
04/30/26
Period from
11/01/24(a)
to 10/31/25
Fund Name  
Shares 
Amounts 
Shares 
Amounts 
iShares Enhanced Roll Yield Index Fund 
Shares sold
962,698
$ 10,176,309
 42,042,208
$ 421,385,769
Shares issued in reinvestment of distributions
4,765,980
48,279,379
 160,747
1,564,064
Shares redeemed
(10,324,754)
(124,637,506)
(3,686,635)
(38,995,224)
 
(4,596,076)
$ (66,181,818)
38,516,320
$ 383,954,609
 
(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 5PP
United Kingdom
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Westborough, MA 01581
Distributor
BlackRock Investments, LLC
New York, NY 10001
18
2026 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
Ropes & Gray LLP
New York, NY 10036
 
Address of the Fund
100 Bellevue Parkway
Wilmington, DE 19809
Additional Information
19
Glossary of Terms Used in these Financial Statements
 
 
Portfolio Abbreviation 
SOFR
 Secured Overnight Financing Rate
20
2026 BlackRock Semi-Annual Financial Statements and Additional Information
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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 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 – Not Applicable

 

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 (the “Exchange Act”).

(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 23, 2026

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 23, 2026

 

By:    /s/ Trent Walker
  Trent Walker
 

Chief Financial Officer (principal financial officer) of

BlackRock FundsSM

Date: June 23, 2026

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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