BlackRock 20/80 Target Allocation Fund, Investor A (BACPX) N-CSRS Certified semi-annual shareholder report (management investment company)

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 Funds^SM

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 Funds^SM, 50 Hudson Yards, New York, NY 10001

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 10/31/2023

Date of reporting period: 04/30/2023

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

APRIL 30, 2023

2023 Semi-Annual Report

(Unaudited)

BlackRock Funds^SM

· 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 

The Markets in Review

Dear Shareholder,

Investors faced an uncertain economic landscape during the 12-month reporting period ended April 30, 2023, amid mixed indicators and rapidly changing market conditions. The U.S. economy returned to modest growth beginning in the third quarter of 2022, although the pace of growth slowed thereafter. Inflation was elevated, reaching a 40-year high as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated as the period continued, while continued strength in consumer spending backstopped the economy.

Equity returns varied substantially, as large-capitalization U.S. stocks gained for the period amid a rebound in big tech stocks, whereas small-capitalization U.S. stocks declined. International equities from developed markets advanced strongly, while emerging market stocks declined, pressured by higher interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bonds posted a positive return as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar could provide a supportive backdrop. We also see selective, long-term opportunities in credit, where we believe that valuations are appealing, and higher yields offer attractive income. However, we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most significant opportunities in short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of April 30, 2023
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		8.63	%		2.66	%
U.S. small cap equities (Russell 2000® Index)		(3.45)			(3.65)
International equities (MSCI Europe, Australasia, Far East Index)		24.19			8.42
Emerging market equities (MSCI Emerging Markets Index)		16.36			(6.51)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.09			2.83
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		7.14			(1.68)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		6.91			(0.43)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.65			2.87
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.21			1.21
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS   PAGE   IS   NOT   PART   OF   YOUR   FUND   REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		14
Disclosure of Expenses		14
Derivative Financial Instruments		14
Financial Statements:
Schedules of Investments		15
Statements of Assets and Liabilities		97
Statements of Operations		99
Statements of Changes in Net Assets		101
Financial Highlights		104
Notes to Financial Statements		109
Statement Regarding Liquidity Risk Management Program		119
Additional Information		120
Glossary of Terms Used in this Report		122

3

Fund Summary  as of April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund

Investment Objective

iShares U.S. Intermediate Credit Bond Index Fund’s (the “Fund”) investment objective is to seek to provide investment results that correspond to the total return performance of fixed-income securities, in aggregate, as represented by the Bloomberg U.S. Intermediate Credit Bond Index.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended April 30, 2023, the Fund returned 6.30%. The Fund’s benchmark, the Bloomberg U.S. Intermediate Credit Bond Index, returned 6.28% for the same period.

Returns for the Fund’s respective share classes differ from the benchmark indexes based on individual share-class expenses.

Describe the market environment.

Intermediate-term corporate bonds delivered solid returns in the reporting period. Yields, which are higher than they have been in recent years following an extended period of rising interest rates, made a meaningful contribution to returns. In addition, prices rose as investors began to look ahead to the point at which the Fed would stop raising interest rates. Although the Fed boosted short-term rates five times for a total of two percentage points in the reporting period, bringing its benchmark fed funds rate to a range of 5.0% to 5.25%, the combination of cooling inflation, slowing economic growth, and turmoil in the banking sector raised hopes that the Fed was largely finished with its current hiking cycle.

Corporate bonds were further boosted by the fact that economic growth, while slowing, held up much better than expected in the face of rising rates. Similarly, corporate bonds earnings declined year-over-year but did fall as much as investors were anticipating in late 2022. Together, these trends helped intermediate-term corporate bonds outperform both short-term corporate issues and intermediate-term Treasuries. However, they were unable to keep pace with the double-digit returns for long-term corporate bonds.

Describe recent portfolio activity.

The Portfolio maintained its objective of seeking to provide investment results that correspond to the total return performance of the Index by selecting securities in accordance with their relative proportion within the Index. Other factors considered in security selection included transaction costs and maturity.

Describe portfolio positioning at period end.

The Portfolio remained positioned to attempt to match the risk characteristics of the Index, irrespective of the market’s future direction.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Performance

				Total Returns(a)(b)
	6-Month Total Returns			Since Inception(c)
Single Class		6.30	%		1.53	%
Bloomberg U.S. Intermediate Credit Bond Index(d)		6.28			1.43

^(a) See “About Fund Performance” for a detailed description of share classes, including any related fees.

^(b) Under normal circumstances, at least 90% of the value of the Fund’s assets, plus the amount of any borrowings for investment purposes, is invested in securities comprising the Bloomberg U.S. Intermediate Credit Bond Index, which, for the Fund, are considered bonds.

^(c) The Fund commenced operations on May 20, 2022.

^(d) An index that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets with a maturity greater than 1 year and less than 10 years. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies, sovereigns, supranationals and local authorities constrained by maturity.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

4 2 0 2 3  BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary  as of April 30, 2023 (continued) iShares U.S. Intermediate Credit Bond Index Fund

Expense Example

Actual				Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period(a)	Annualized Expense Ratio
	$      1,000.00	$      1,063.00	$        0.00		$      1,000.00	$      1,024.79	$        0.00	0.00%

^(a) Expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

See “Disclosure of Expenses” for further information on how expenses were calculated.

Portfolio Information

PORTFOLIO COMPOSITION
Asset Type(a)(b)	Percent of Total Investments
Corporate Bonds		89.1	%
Foreign Government and Agency Obligations		10.4
Other*		0.5

^(a) Excludes short-term securities.

^(b) For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

* Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details.

FUND   SUMMARY 5

Fund Summary  as of April 30, 2023 iShares U.S. Intermediate Government Bond Index Fund

Investment Objective

iShares U.S. Intermediate Government Bond Index Fund’s (the “Fund”) investment objective is to seek to provide investment results that correspond to the total return performance of fixed-income securities, in aggregate, as represented by the Bloomberg U.S. Intermediate Government Bond Index.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended April 30, 2023, the Fund returned 4.46%. The Fund’s benchmark, the Bloomberg U.S. Intermediate Government Bond Index, returned 4.32% for the same period.

Returns for the Fund’s respective share classes differ from the benchmark indexes based on individual share-class expenses.

Describe the market environment.

The U.S. bond market delivered solid returns in the reporting period. Yields, which are higher than they have been in recent years following an extended period of rising interest rates, made a meaningful contribution to returns. In addition, prices rose as investors began to look ahead to the point at which the Fed would stop raising interest rates. Although the Fed boosted short-term rates five times for a total of two percentage points in the reporting period, bringing its benchmark fed funds rate to a range of 5.0% to 5.25%, the combination of cooling inflation, slowing economic growth, and turmoil in the banking sector raised hopes that the Fed was largely finished with its current hiking cycle.

In this environment, the yield on the 10-year issue fell from 4.10% to 3.44%, while the five-year yield moved from 4.27% to 3.51%. (Prices and yields move in opposite directions). Intermediate-term bonds, while lagging longer-term issues in the reporting period, outpaced short-term debt. The U.S. Treasury yield curve remained inverted, meaning that short-term rates exceeded longer-term rates. Typically, an inverted yield curve is a precursor to a recession.

The cash position did not have a material effect on performance.

Describe recent portfolio activity.

The Portfolio maintained its objective of seeking to provide investment results that correspond to the total return performance of the Index by selecting securities in accordance with their relative proportion within the Index. Other factors considered in security selection included transaction costs and maturity.

Describe portfolio positioning at period end.

The Portfolio remained positioned to attempt to match the risk characteristics of the Index, irrespective of the market’s future direction.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Performance

				Total Returns(a)(b)
	6-Month Total Returns			Since Inception(c)
Single Class		4.46	%		0.09	%
Bloomberg U.S. Intermediate Government Bond Index(d)		4.32			(0.05	)

^(a) See “About Fund Performance” for a detailed description of share classes, including any related fees.

^(b) Under normal circumstances, at least 90% of the value of the Fund’s assets, plus the amount of any borrowings for investment purposes, is invested in securities comprising the Bloomberg U.S. Intermediate Government Bond Index, which, for the Fund, are considered bonds issued or guaranteed by the U.S. Government and its agencies or instrumentalities.

^(c) The Fund commenced operations on May 20, 2022.

^(d) An index that includes U.S. dollar-denominated, fixed-rate, nominal U.S. Treasuries and U.S. agency debentures (securities issued by U.S. government owned or government sponsored entities, and debt explicitly guaranteed by the U.S. government) with a maturity greater than 1 year and less than 10 years.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

6 2 0 2 3  BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary  as of April 30, 2023 (continued) iShares U.S. Intermediate Government Bond Index Fund

Expense Example

Actual				Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period(a)	Annualized Expense Ratio
	$        1,000.00	$        1,044.60	$        0.00		$        1,000.00	$      1,024.79	$      0.00	0.00	%

^(a) Expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

See “Disclosure of Expenses” for further information on how expenses were calculated.

Portfolio Information

PORTFOLIO COMPOSITION
Asset Type(a)	Percent of Total Investments
U.S. Treasury Obligations		97.8	%
U.S. Government Sponsored Agency Securities		2.2

^(a) Excludes short-term securities.

FUND   SUMMARY 7

Fund Summary  as of April 30, 2023 iShares U.S. Long Credit Bond Index Fund

Investment Objective

iShares U.S. Long Credit Bond Index Fund’s (the “Fund”) investment objective is to seek to provide investment results that correspond to the total return performance of fixed-income securities, in aggregate, as represented by the Bloomberg U.S. Long Credit Bond Index.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended April 30, 2023, the Fund returned 14.76%. The Fund’s benchmark, the Bloomberg U.S. Long Credit Bond Index, returned 14.61% for the same period.

Returns for the Fund’s respective share classes differ from the benchmark indexes based on individual share-class expenses.

For the six-month period ended April 30, 2023, the Fund returned 14.76%. The Fund’s benchmark, the Bloomberg US Long Credit Index, returned 14.61% for the same period.

Returns for the Fund’s respective share classes differ from the benchmark indexes based on individual share-class expenses.

Describe the market environment.

Long-term corporate bonds delivered solid returns in the reporting period. Yields, which are higher than they have been in recent years following an extended period of rising interest rates, made a meaningful contribution to returns. In addition, prices rose as investors began to look ahead to the point at which the Fed would stop raising interest rates. Although the Fed boosted short-term rates five times for a total of two percentage points in the reporting period, bringing its benchmark fed funds rate to a range of 5.0% to 5.25%, the combination of cooling inflation, slowing economic growth, and turmoil in the banking sector raised hopes that the Fed was largely finished with its current hiking cycle.

Corporate bonds were further boosted by the fact that economic growth, while slowing, held up much better than expected in the face of rising rates. Similarly, corporate bonds earnings declined year-over-year but did fall as much as investors were anticipating in late 2022. Together, these trends helped long-term corporate bonds outpace both intermediate- and short-term corporate issues, as well as longer-dated Treasuries.

The cash position did not have a material effect on performance.

Describe recent portfolio activity.

The Portfolio maintained its objective of seeking to provide investment results that correspond to the total return performance of the Index by selecting securities in accordance with their relative proportion within the Index. Other factors considered in security selection included transaction costs and maturity.

Describe portfolio positioning at period end.

The Portfolio remained positioned to attempt to match the risk characteristics of the Index, irrespective of the market’s future direction.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Performance

				Total Returns(a)(b)
	6-Month Total Returns			Since Inception(c)
Single Class		14.76	%		0.03	%
Bloomberg U.S. Long Credit Bond Index(d)		14.61			0.05

^(a) See “About Fund Performance” for a detailed description of share classes, including any related fees.

^(b) Under normal circumstances, at least 90% of the value of the Fund’s assets, plus the amount of any borrowings for investment purposes, is invested in securities comprising the Bloomberg U.S. Long Credit Bond Index, which, for the Fund, are considered bonds.

^(c) The Fund commenced operations on May 20, 2022.

^(d) An index that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets with a maturity greater than 10 years. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies, sovereigns, supranationals and local authorities constrained by maturity.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

8 2 0 2 3  BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary  as of April 30, 2023 (continued) iShares U.S. Long Credit Bond Index Fund

Expense Example

Actual				Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period(a)	Annualized Expense Ratio
	$        1,000.00	$        1,147.60	$        0.00		$        1,000.00	$      1,024.79	$      0.00	0.00	%

^(a) Expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

See “Disclosure of Expenses” for further information on how expenses were calculated.

Portfolio Information

PORTFOLIO COMPOSITION
Asset Type(a)(b)	Percent of Total Investments
Corporate Bonds		88.4	%
Foreign Government and Agency Obligations		5.8
Municipal Bonds		5.7
Capital Trust		0.1

^(a) Excludes short-term securities.

^(b) For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

FUND   SUMMARY 9

Fund Summary  as of April 30, 2023  iShares U.S. Long Government Bond Index Fund

Investment Objective

iShares U.S. Long Government Bond Index Fund’s (the “Fund”) investment objective is to seek to provide investment results that correspond to the total return performance of fixed-income securities, in aggregate, as represented by the Bloomberg U.S. Long Government Bond Index.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended April 30, 2023, the Fund returned 12.50%. The Fund’s benchmark, the Bloomberg U.S. Long Government Bond Index, returned 12.30% for the same period.

Returns for the Fund’s respective share classes differ from the benchmark indexes based on individual share-class expenses.

Describe the market environment.

The U.S. bond market delivered solid returns in the reporting period. Yields, which are higher than they have been in recent years following an extended period of rising interest rates, made a meaningful contribution to returns. In addition, prices rose as investors began to look ahead to the point at which the Fed would stop raising interest rates. Although the Fed boosted short-term rates five times for a total of two percentage points in the reporting period, bringing its benchmark fed funds rate to a range of 5.0% to 5.25%, the combination of cooling inflation, slowing economic growth, and turmoil in the banking sector raised hopes that the Fed was largely finished with its current hiking cycle.

In this environment, the yield on the 10-year issue fell from 4.10% to 3.44%, while the 30-year yield moved from 4.22% to 3.67%. (Prices and yields move in opposite directions). Intermediate-term bonds, while lagging longer-term issues in the reporting period, outpaced short-term debt. The U.S. Treasury yield curve remained inverted, meaning that short-term rates exceeded longer-term rates. Typically, an inverted yield curve is a precursor to a recession.

The cash position did not have a material effect on performance.

Describe recent portfolio activity.

The Portfolio maintained its objective of seeking to provide investment results that correspond to the total return performance of the Index by selecting securities in accordance with their relative proportion within the Index. Other factors considered in security selection included transaction costs and maturity.

Describe portfolio positioning at period end.

The Portfolio remained positioned to attempt to match the risk characteristics of the Index, irrespective of the market’s future direction.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Performance

				Total Returns(a)(b)
	6-Month Total Returns			Since Inception(c)
Single Class		12.50	%		(6.69	)%
Bloomberg U.S. Long Government Bond Index(d)		12.30			(6.69	)

^(a) See “About Fund Performance” for a detailed description of share classes, including any related fees.

^(b) Under normal circumstances, at least 90% of the value of the Fund’s assets, plus the amount of any borrowings for investment purposes, is invested in securities comprising the Bloomberg U.S. Long Government Bond Index, which, for the Fund, are considered bonds issued or guaranteed by the U.S. Government and its agencies or instrumentalities.

^(c) The Fund commenced operations on May 20, 2022.

^(d) An index that includes U.S. dollar-denominated, fixed-rate, nominal U.S. Treasuries and US agency debentures (securities issued by U.S. government owned or government sponsored entities, and debt explicitly guaranteed by the U.S. government) with a maturity greater than 10 years.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

10 2 0 2 3  BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary  as of April 30, 2023 (continued) iShares U.S. Long Government Bond Index Fund

Expense Example

Actual				Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period(a)	Annualized Expense Ratio
	$      1,000.00	$        1,125.00	$          0.00		$      1,000.00	$      1,024.79	$         0.00	0.00%

^(a) Expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

See “Disclosure of Expenses” for further information on how expenses were calculated.

Portfolio Information

PORTFOLIO COMPOSITION
Asset Type(a)	Percent of Total Investments
U.S. Treasury Obligations		98.9	%
U.S. Government Sponsored Agency Securities		1.1

^(a) Excludes short-term securities.

FUND   SUMMARY 11

Fund Summary  as of April 30, 2023  iShares U.S. Securitized Bond Index Fund

Investment Objective

iShares U.S. Securitized Bond Index Fund’s (the “Fund”) investment objective is to seek to provide investment results that correspond to the total return performance of fixed-income securities, in aggregate, as represented by the Bloomberg U.S. Securitized: MBS, ABS, and CMBS Index.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended April 30, 2023, the Fund returned 6.61%. The Fund’s benchmark, the Bloomberg U.S. Securitized: MBS, ABS, and CMBS Index, returned 6.66% for the same period.

Returns for the Fund’s respective share classes differ from the benchmark indexes based on individual share-class expenses.

Describe the market environment.

The U.S. bond market delivered solid returns in the reporting period. Yields, which are higher than they have been in recent years following an extended period of rising interest rates, made a meaningful contribution to returns. In addition, prices rose as investors began to look ahead to the point at which the Fed would stop raising interest rates. Although the Fed boosted short-term rates five times for a total of two percentage points in the reporting period, bringing its benchmark fed funds rate to a range of 5.0% to 5.25%, the combination of cooling inflation, slowing economic growth, and turmoil in the banking sector raised hopes that the Fed was largely finished with its current hiking cycle. These factors, together with economic growth that exceeded expectations, helped fuel positive returns for mortgage-backed securities, asset-backed securities, and mortgage-backed securities.

The cash position did not have a material effect on performance.

Describe recent portfolio activity.

The Portfolio maintained its objective of seeking to provide investment results that correspond to the total return performance of the Index by selecting securities in accordance with their relative proportion within the Index. Other factors considered in security selection included transaction costs and maturity.

Describe portfolio positioning at period end.

The Portfolio remained positioned to attempt to match the risk characteristics of the Index, irrespective of the market’s future direction.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Performance

				Total Returns(a)(b)
	6-Month Total Returns			Since Inception(c)
Single Class		6.61	%		(1.62	)%
Bloomberg U.S. Securitized: MBS, ABS, and CMBS Index(d)		6.66			(1.64	)

^(a) See “About Fund Performance” for a detailed description of share classes, including any related fees.

^(b) Under normal circumstances, at least 90% of the value of the Fund’s assets, plus the amount of any borrowings for investment purposes, is invested in securities comprising the Bloomberg U.S. Securitized: MBS, ABS, and CMBS Index, which, for the Fund, are considered bonds.

^(c) The Fund commenced operations on May 20, 2022.

^(d) An Index that measures the performance of residential mortgage backed securities issued by Government Sponsored Enterprises, asset backed securities and commercial mortgage backed securities.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

Actual				Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period(a)	Annualized Expense Ratio
	$        1,000.00	$          1,066.10	$        0.00		$          1,000.00	$      1,024.79	$      0.00	0.00	%

^(a) Expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

See “Disclosure of Expenses” for further information on how expenses were calculated.

12 2 0 2 3  BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary  as of April 30, 2023 (continued) iShares U.S. Securitized Bond Index Fund

Portfolio Information

PORTFOLIO COMPOSITION
Asset Type(a)(b)	Percent of Total Investments
U.S. Government Sponsored Agency Securities		96.0	%
Non-Agency Mortgage-Backed Securities		3.0
Asset-Backed Securities		1.0

^(a) Excludes short-term securities and TBA sales commitments.

^(b) For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

FUND   SUMMARY 13

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table(s) assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Fund Advisors (the “Manager”), each Fund’s investment adviser, and BlackRock Advisors, LLC (the “Administrator”), each Fund’s administrator, have contractually and/or voluntarily agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver(s) and/or reimbursement(s) each Fund’s performance would have been lower. With respect to each Fund’s voluntary waiver(s), if any, the Manager and the Administrator are under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to each Fund’s contractual waiver(s), if any, the Manager and the Administrator are under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses; and (b) operating expenses, including investment advisory fees, administration fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

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.

14 2 0 2 3  BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited)  April 30, 2023 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.
2.45%, 04/30/30	$	579	$	498,698
4.20%, 06/01/30		350		337,926
2.60%, 08/01/31(a)		317		270,946
Omnicom Group, Inc./Omnicom Capital, Inc.
3.65%, 11/01/24(a)		450		441,242
3.60%, 04/15/26		813		790,862
			2,339,674
Aerospace & Defense — 1.8%
3M Co.
2.00%, 02/14/25(a)		829		790,704
3.00%, 08/07/25		163		157,906
2.88%, 10/15/27(a)		620		582,635
3.38%, 03/01/29(a)		289		276,816
2.38%, 08/26/29(a)		816		730,374
Boeing Co.
4.88%, 05/01/25		1,659		1,657,141
2.75%, 02/01/26		829		785,744
2.20%, 02/04/26		3,073		2,856,622
3.10%, 05/01/26		829		785,865
2.70%, 02/01/27		550		510,267
2.80%, 03/01/27		129		118,988
5.04%, 05/01/27		759		762,635
3.25%, 02/01/28		400		372,705
3.20%, 03/01/29(a)		359		328,754
2.95%, 02/01/30(a)		470		417,184
5.15%, 05/01/30		2,489		2,508,154
3.63%, 02/01/31		509		465,779
6.13%, 02/15/33		200		212,606
Carlisle Cos., Inc., 2.75%, 03/01/30		311		268,038
Eaton Corp.
3.10%, 09/15/27		572		546,639
4.00%, 11/02/32		324		311,319
General Dynamics Corp.
3.25%, 04/01/25		413		402,569
3.50%, 05/15/25		829		813,488
1.15%, 06/01/26(a)		362		331,349
2.13%, 08/15/26		413		388,936
3.50%, 04/01/27		500		485,776
3.75%, 05/15/28		413		405,141
3.63%, 04/01/30		450		432,660
2.25%, 06/01/31		279		240,870
Huntington Ingalls Industries, Inc., 2.04%, 08/16/28		329		281,086
Illinois Tool Works, Inc., 2.65%, 11/15/26		389		371,743
L3Harris Technologies, Inc.
3.83%, 04/27/25(a)		413		403,730
4.40%, 06/15/28		1,163		1,152,951
2.90%, 12/15/29		579		516,389
1.80%, 01/15/31		762		619,156
Lockheed Martin Corp.
4.95%, 10/15/25		40		40,671
3.55%, 01/15/26		931		917,833
5.10%, 11/15/27		420		436,970
3.90%, 06/15/32(a)		272		264,158
5.25%, 01/15/33(a)		800		854,844
Northrop Grumman Corp.
2.93%, 01/15/25		829		804,047
3.20%, 02/01/27		400		384,660

Security	Par (000)		Value
Aerospace & Defense (continued)
Northrop Grumman Corp. (continued)
3.25%, 01/15/28	$	809	$	770,364
4.40%, 05/01/30		829		827,768
4.70%, 03/15/33		500		503,199
Parker-Hannifin Corp.
3.65%, 06/15/24		800		788,073
4.25%, 09/15/27		450		444,461
3.25%, 06/14/29		359		334,709
4.50%, 09/15/29(a)		250		247,954
Raytheon Technologies Corp.
3.95%, 08/16/25		829		817,960
5.00%, 02/27/26		215		218,627
2.65%, 11/01/26		500		471,911
3.50%, 03/15/27		829		804,377
3.13%, 05/04/27		829		791,286
4.13%, 11/16/28		1,989		1,962,126
2.25%, 07/01/30		419		362,139
1.90%, 09/01/31		829		678,965
2.38%, 03/15/32(a)		405		341,606
5.15%, 02/27/33		820		852,228
Teledyne Technologies, Inc., 2.75%, 04/01/31(a)		829		704,469
Textron, Inc.
3.00%, 06/01/30		829		741,471
2.45%, 03/15/31(a)		177		150,155
			38,809,750
Air Freight & Logistics — 0.0%
JB Hunt Transport Services, Inc., 3.88%, 03/01/26		829		811,748
Automobile Components — 0.1%
Aptiv PLC/Aptiv Corp.
2.40%, 02/18/25		300		286,173
3.25%, 03/01/32(a)		488		426,402
BorgWarner, Inc., 2.65%, 07/01/27		749		694,559
Lear Corp.
4.25%, 05/15/29		129		123,289
2.60%, 01/15/32(a)		329		260,997
Magna International, Inc.
3.63%, 06/15/24		300		294,898
2.45%, 06/15/30		55		47,432
5.50%, 03/21/33		100		103,674
			2,237,424
Automobiles — 1.9%
Advance Auto Parts, Inc., 3.50%, 03/15/32(a)		205		176,795
American Honda Finance Corp.
2.40%, 06/27/24		829		805,612
0.75%, 08/09/24		26		24,668
2.15%, 09/10/24		829		800,961
1.50%, 01/13/25		413		392,215
4.60%, 04/17/25		340		339,698
1.20%, 07/08/25		450		418,570
1.00%, 09/10/25		450		414,393
4.75%, 01/12/26		60		60,597
1.30%, 09/09/26		329		297,291
2.35%, 01/08/27		413		385,404
4.70%, 01/12/28		100		101,485
2.00%, 03/24/28		447		401,609
2.25%, 01/12/29		413		367,683
4.60%, 04/17/30		320		321,125
AutoNation, Inc.
1.95%, 08/01/28		136		113,199

S C H E D U L E    O F    I N V E S  T M E N T S 15

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Automobiles (continued)
AutoNation, Inc. (continued)
4.75%, 06/01/30	$	179	$	168,285
2.40%, 08/01/31		362		279,490
3.85%, 03/01/32(a)		150		126,813
AutoZone, Inc., 4.75%, 08/01/32		300		298,489
Cummins, Inc.
0.75%, 09/01/25		413		377,984
1.50%, 09/01/30		350		289,759
General Motors Co.
4.00%, 04/01/25		209		204,126
6.13%, 10/01/25		1,106		1,125,705
4.20%, 10/01/27(a)		829		795,452
6.80%, 10/01/27		496		524,244
5.40%, 10/15/29(a)		65		64,262
5.60%, 10/15/32(a)		650		636,809
General Motors Financial Co., Inc.
1.20%, 10/15/24		500		470,130
4.00%, 01/15/25		163		159,327
2.90%, 02/26/25		546		522,581
3.80%, 04/07/25(a)		700		680,010
4.35%, 04/09/25		600		587,394
2.75%, 06/20/25		811		769,274
4.30%, 07/13/25		829		808,449
6.05%, 10/10/25		500		505,386
5.25%, 03/01/26		476		475,671
5.40%, 04/06/26		260		260,138
1.50%, 06/10/26		829		741,815
4.35%, 01/17/27		413		399,665
2.35%, 02/26/27		829		745,638
5.00%, 04/09/27		800		791,241
2.70%, 08/20/27		829		742,640
6.00%, 01/09/28		300		306,209
2.40%, 04/10/28		416		363,499
2.40%, 10/15/28		802		688,393
5.65%, 01/17/29		163		163,346
4.30%, 04/06/29		650		605,781
5.85%, 04/06/30		165		164,918
3.60%, 06/21/30		457		400,494
2.70%, 06/10/31		588		471,781
3.10%, 01/12/32		350		285,897
6.40%, 01/09/33(a)		300		308,470
Genuine Parts Co., 1.88%, 11/01/30		200		160,353
Honda Motor Co. Ltd.
2.27%, 03/10/25		600		575,356
2.53%, 03/10/27		450		422,709
2.97%, 03/10/32(a)		637		575,616
Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31		996		1,268,659
PACCAR Financial Corp.
3.15%, 06/13/24		120		117,933
0.50%, 08/09/24		333		315,286
3.55%, 08/11/25		200		195,858
4.95%, 10/03/25		235		237,399
4.45%, 03/30/26		395		396,790
1.10%, 05/11/26		530		482,122
2.00%, 02/04/27		225		206,897
4.60%, 01/10/28		200		203,016
Toyota Motor Corp.
2.36%, 07/02/24		413		401,749
1.34%, 03/25/26		413		380,230

Security	Par (000)		Value
Automobiles (continued)
Toyota Motor Corp. (continued)
2.76%, 07/02/29	$	120	$	110,223
2.36%, 03/25/31		413		360,905
Toyota Motor Credit Corp.
0.50%, 06/18/24		829		790,108
0.63%, 09/13/24		745		705,518
4.40%, 09/20/24		500		498,572
2.00%, 10/07/24		189		182,025
4.80%, 01/10/25		750		752,570
1.45%, 01/13/25		829		786,838
1.80%, 02/13/25		600		573,042
3.00%, 04/01/25		500		485,747
3.95%, 06/30/25		565		558,915
3.65%, 08/18/25		450		442,264
0.80%, 10/16/25		900		825,082
0.80%, 01/09/26		450		410,090
1.13%, 06/18/26		390		353,783
1.90%, 01/13/27		829		761,863
3.05%, 03/22/27		829		791,781
4.55%, 09/20/27		500		505,470
5.45%, 11/10/27		450		470,899
4.63%, 01/12/28		600		610,495
1.90%, 04/06/28		311		278,198
3.65%, 01/08/29(a)		179		174,557
4.45%, 06/29/29		200		203,105
2.15%, 02/13/30		413		363,047
3.38%, 04/01/30		829		782,055
1.90%, 09/12/31		579		479,231
				41,927,226
Banks — 8.2%
African Development Bank, 4.38%, 03/14/28(a)		2,000		2,061,623
Asian Development Bank, 3.75%, 04/25/28		1,500		1,506,535
Asian Infrastructure Investment Bank, 3.38%, 06/29/25		1,500		1,472,295
Australia & New Zealand Banking Group Ltd.
3.70%, 11/16/25		450		438,695
5.09%, 12/08/25		750		756,533
Banco Bilbao Vizcaya Argentaria SA
1.13%, 09/18/25		600		546,435
(1-year CMT + 2.30%), 5.86%, 09/14/26(b)		400		398,761
(1-year CMT + 2.70%), 6.14%, 09/14/28(b)		400		408,762
Bank of America Corp.
(1-day SOFR + 1.29%), 5.08%, 01/20/27(b)		1,000		998,093
(1-day SOFR + 1.91%), 5.53%, 04/25/34		1,580		1,590,564
Bank of Montreal
2.50%, 06/28/24(a)		829		802,793
0.63%, 07/09/24		829		785,801
5.20%, 12/12/24		400		399,961
1.50%, 01/10/25		700		659,307
1.85%, 05/01/25		1,000		941,670
3.70%, 06/07/25		700		681,531
1.25%, 09/15/26		459		408,906
2.65%, 03/08/27		637		591,476
4.70%, 09/14/27		700		698,992
5.20%, 02/01/28		400		406,597
(1-day SOFR + 0.60%), 0.95%, 01/22/27(b)		500		448,863
(5-year CMT + 1.40%), 3.09%, 01/10/37(b)		659		529,796
(5-year USD Swap + 1.43%), 3.80%, 12/15/32(b)		413		373,583
Series H, 4.25%, 09/14/24		600		592,175

16 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Bank of New York Mellon, (1-day SOFR + 0.80%),
5.22%, 11/21/25(b)	$	250	$	250,391
Bank of Nova Scotia
4.75%, 02/02/26		600		598,729
4.85%, 02/01/30		600		599,124
BPCE SA, 3.38%, 12/02/26		400		376,347
Canadian Imperial Bank of Commerce
1.00%, 10/18/24		829		782,131
2.25%, 01/28/25		500		477,019
3.30%, 04/07/25		1,000		966,238
5.14%, 04/28/25		300		300,151
3.95%, 08/04/25		700		684,229
0.95%, 10/23/25		596		542,791
1.25%, 06/22/26		259		232,655
3.45%, 04/07/27		500		477,327
5.00%, 04/28/28		300		301,332
3.60%, 04/07/32		400		368,868
Citizens Bank NA/Providence RI
2.25%, 04/28/25		550		502,630
3.75%, 02/18/26		400		368,252
(1-day SOFR + 1.45%), 6.06%, 10/24/25(b)		500		483,828
(1-day SOFR + 2.00%), 4.58%, 08/09/28(a)(b)		350		324,496
Citizens Financial Group, Inc.
2.85%, 07/27/26		193		170,126
2.50%, 02/06/30		279		223,824
2.64%, 09/30/32(a)		300		223,365
(5-year CMT + 2.75%), 5.64%, 05/21/37(b)		200		184,489
Comerica, Inc., 4.00%, 02/01/29(a)		829		708,979
Commonwealth Bank of Australia
5.08%, 01/10/25		750		755,023
5.32%, 03/13/26		650		663,083
Cooperatieve Rabobank UA
1.38%, 01/10/25		261		246,299
5.00%, 01/13/25		500		501,492
3.38%, 05/21/25		500		483,306
4.38%, 08/04/25		600		579,735
3.75%, 07/21/26		1,037		976,042
Council Of Europe Development Bank, 3.00%,
06/16/25		800		780,944
Credit Suisse AG
3.63%, 09/09/24		1,000		952,220
2.95%, 04/09/25		261		242,992
7.50%, 02/15/28		500		532,500
Credit Suisse AG/New York
3.70%, 02/21/25		250		236,800
5.00%, 07/09/27		1,000		964,076
Discover Bank
2.45%, 09/12/24		300		285,173
3.45%, 07/27/26		400		370,961
4.65%, 09/13/28		350		334,658
2.70%, 02/06/30		300		246,214
European Bank for Reconstruction and Development, 4.38%, 03/09/28		1,100		1,135,842
Fifth Third Bancorp
2.55%, 05/05/27		259		230,268
(1-day SOFR + 0.69%), 1.71%, 11/01/27(b)		829		719,184
(1-day SOFR + 1.36%), 4.06%, 04/25/28(a)(b)		279		264,022
(1-day SOFR + 1.66%), 4.34%, 04/25/33(a)(b)		279		251,747
(1-day SOFR Index + 2.13%), 4.77%, 07/28/30(b) .		400		380,666
(1-day SOFR Index + 2.19%), 6.36%, 10/27/28(b) .		200		206,406

Security	Par (000)		Value
Banks (continued)
Fifth Third Bank NA
3.95%, 07/28/25(a)	$	600	$	576,954
3.85%, 03/15/26		300		282,563
(1-day SOFR + 1.23%), 5.85%, 10/27/25(b)		400		397,442
First-Citizens Bank & Trust Co., 6.13%, 03/09/28		225		224,078
HSBC USA, Inc., 5.63%, 03/17/25		290		292,227
Huntington Bancshares, Inc.
2.63%, 08/06/24		642		610,183
4.00%, 05/15/25		829		791,146
2.55%, 02/04/30		660		538,541
(1-day SOFR + 2.05%), 5.02%, 05/17/33(b)		200		185,661
Huntington National Bank
5.65%, 01/10/30		400		398,544
(1-day SOFR + 1.22%), 5.70%, 11/18/25(b)		450		439,382
(1-day SOFR Index + 1.65%), 4.55%, 05/17/28(b) .		750		716,906
ING Groep NV
3.95%, 03/29/27		1,000		960,409
4.55%, 10/02/28		478		468,235
4.05%, 04/09/29		478		456,868
(1-day SOFR + 1.01%), 1.73%, 04/01/27(b)		700		630,565
(1-day SOFR + 1.64%), 3.87%, 03/28/26(b)		800		774,619
(1-day SOFR + 1.83%), 4.02%, 03/28/28(b)		1,489		1,422,130
(1-day SOFR + 2.07%), 4.25%, 03/28/33(b)		400		369,727
Inter-American Development Bank, 3.50%, 04/12/33 .		1,100		1,084,552
International Bank for Reconstruction &
Development
3.50%, 07/12/28		2,500		2,485,047
3.88%, 02/14/30(a)		4,000		4,055,151
KeyBank NA
4.15%, 08/08/25		800		765,940
3.40%, 05/20/26		450		411,100
6.95%, 02/01/28		550		559,802
3.90%, 04/13/29		261		224,288
4.90%, 08/08/32		300		267,641
KeyBank NA/Cleveland OH
4.70%, 01/26/26(a)		350		337,903
5.85%, 11/15/27(a)		500		499,322
5.00%, 01/26/33		700		650,743
KeyCorp.
2.25%, 04/06/27(a)		163		142,135
2.55%, 10/01/29		413		336,347
(1-day SOFR + 1.25%), 3.88%, 05/23/25(b)		120		115,956
Kreditanstalt fuer Wiederaufbau, 3.75%, 02/15/28		1,650		1,658,587
M&T Bank Corp.(b)
(1-day SOFR + 1.85%), 5.05%, 01/27/34		300		281,607
(1-day SOFR Index + 1.78%), 4.55%, 08/16/28		450		425,745
Manufacturers & Traders Trust Co.
2.90%, 02/06/25		300		283,635
5.40%, 11/21/25(a)		300		293,022
4.65%, 01/27/26		300		290,566
4.70%, 01/27/28		700		664,011
Mitsubishi UFJ Financial Group, Inc.
(1-year CMT + 1.70%), 5.24%, 04/19/29		335		337,477
(1-year CMT + 1.97%), 5.41%, 04/19/34		200		201,995
Morgan Stanley Bank NA, 4.75%, 04/21/26		280		281,392
National Australia Bank Ltd.
5.13%, 11/22/24		400		402,360
3.50%, 06/09/25		300		292,292
4.97%, 01/12/26		750		759,162
3.38%, 01/14/26		500		486,242

S C H E D U L E    O F    I N V E S  T M E N T S 17

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
National Australia Bank Ltd. (continued)
2.50%, 07/12/26	$	597	$	562,666
3.91%, 06/09/27		500		488,927
4.94%, 01/12/28		700		714,213
National Bank of Canada
5.25%, 01/17/25		500		497,236
(1-day SOFR + 1.01%), 3.75%, 06/09/25(b)		600		588,588
PNC Bank NA
2.50%, 08/27/24		261		251,113
2.95%, 02/23/25		500		479,239
3.88%, 04/10/25		500		483,775
3.25%, 06/01/25		500		478,186
3.10%, 10/25/27		800		749,763
4.05%, 07/26/28		900		855,948
PNC Financial Services Group, Inc.
2.20%, 11/01/24		225		214,732
2.60%, 07/23/26		500		467,836
1.15%, 08/13/26		829		735,108
3.45%, 04/23/29		559		516,826
2.55%, 01/22/30		829		710,357
(1-day SOFR + 0.98%), 2.31%, 04/23/32(a)(b)		829		682,304
(1-day SOFR + 1.09%), 4.76%, 01/26/27(b)		370		365,773
(1-day SOFR + 1.62%), 5.35%, 12/02/28(b)		675		679,387
(1-day SOFR + 1.93%), 5.07%, 01/24/34(a)(b)		325		319,942
(1-day SOFR Index + 1.09%), 5.67%, 10/28/25(b)		400		400,586
(1-day SOFR Index + 1.85%), 4.63%, 06/06/33(b)		450		416,462
(1-day SOFR Index + 2.14%), 6.04%, 10/28/33(b)		700		732,877
Regions Financial Corp.
2.25%, 05/18/25		259		241,331
1.80%, 08/12/28		209		173,811
Royal Bank of Canada
2.55%, 07/16/24		829		804,501
0.65%, 07/29/24		309		292,670
0.75%, 10/07/24		374		351,532
5.66%, 10/25/24		1,000		1,010,247
2.25%, 11/01/24		1,243		1,192,495
3.38%, 04/14/25		231		224,582
4.95%, 04/25/25		300		300,191
1.15%, 06/10/25		800		742,344
4.88%, 01/12/26		300		301,624
0.88%, 01/20/26		1,659		1,500,318
4.65%, 01/27/26(a)		579		573,153
1.20%, 04/27/26		619		563,424
1.15%, 07/14/26		829		746,342
1.40%, 11/02/26		324		288,391
2.05%, 01/21/27		413		377,614
3.63%, 05/04/27		231		222,395
4.24%, 08/03/27		650		636,325
6.00%, 11/01/27		1,100		1,156,017
4.90%, 01/12/28		300		302,004
2.30%, 11/03/31		800		660,929
3.88%, 05/04/32		700		655,393
5.00%, 02/01/33		550		553,739
5.00%, 05/02/33		300		300,100
Santander Holdings USA, Inc.
3.45%, 06/02/25		500		473,993
4.50%, 07/17/25		1,000		974,016
3.24%, 10/05/26		359		330,769
4.40%, 07/13/27		500		476,351
(1-day SOFR + 1.25%), 2.49%, 01/06/28(b)		675		591,960
(1-day SOFR + 2.33%), 5.81%, 09/09/26(b)		300		297,438

Security	Par (000)		Value
Banks (continued)
Santander Holdings USA, Inc. (continued)
(1-day SOFR + 2.36%), 6.50%, 03/09/29(b)	$	300	$	301,552
Santander U.K. Group Holdings PLC(b)
(1-day SOFR + 0.99%), 1.67%, 06/14/27		1,179		1,032,027
(1-day SOFR + 1.22%), 2.47%, 01/11/28		650		578,330
(1-day SOFR + 1.48%), 2.90%, 03/15/32		250		205,085
(1-day SOFR + 2.60%), 6.53%, 01/10/29		800		822,066
(1-day SOFR + 2.75%), 6.83%, 11/21/26		600		610,653
(1-year CMT + 1.25%), 1.53%, 08/21/26		478		429,588
(3-mo. LIBOR US + 1.40%), 3.82%, 11/03/28		400		368,474
Synchrony Bank
5.40%, 08/22/25		500		476,817
5.63%, 08/23/27		500		475,467
Synovus Bank/Columbus GA, 5.63%, 02/15/28		250		235,103
Toronto-Dominion Bank
2.65%, 06/12/24		413		401,390
0.70%, 09/10/24		911		857,342
1.25%, 12/13/24		829		781,640
1.45%, 01/10/25(a)		413		389,870
3.77%, 06/06/25		400		390,646
0.75%, 09/11/25		550		498,303
0.75%, 01/06/26		1,493		1,341,448
1.20%, 06/03/26		493		439,933
1.25%, 09/10/26		911		811,566
1.95%, 01/12/27		413		373,964
2.80%, 03/10/27		637		591,312
4.11%, 06/08/27		400		389,263
4.69%, 09/15/27		800		796,021
5.16%, 01/10/28		750		758,595
2.00%, 09/10/31		911		738,170
2.45%, 01/12/32		413		342,038
3.20%, 03/10/32		637		565,099
4.46%, 06/08/32		1,010		974,346
(5-year USD Swap + 2.21%), 3.63%, 09/15/31(b)		413		390,318
Truist Bank
2.15%, 12/06/24		261		247,012
1.50%, 03/10/25		600		557,160
3.63%, 09/16/25		600		567,648
2.25%, 03/11/30		261		214,091
(5-year CMT + 1.15%), 2.64%, 09/17/29(b)		261		244,605
Truist Financial Corp.
2.50%, 08/01/24		1,659		1,595,075
2.85%, 10/26/24		413		397,450
4.00%, 05/01/25		1,000		969,240
1.13%, 08/03/27		745		633,929
1.95%, 06/05/30		659		530,552
(1-day SOFR + 0.61%), 1.27%, 03/02/27(b)		600		531,779
(1-day SOFR + 0.86%), 1.89%, 06/07/29(a)(b)		829		701,781
(1-day SOFR + 1.37%), 4.12%, 06/06/28(b)		255		242,964
(1-day SOFR + 1.44%), 4.87%, 01/26/29(b)		300		293,658
(1-day SOFR + 1.46%), 4.26%, 07/28/26(b)		2,000		1,936,477
(1-day SOFR + 1.63%), 5.90%, 10/28/26(b)		400		401,802
(1-day SOFR + 1.85%), 5.12%, 01/26/34(b)		415		402,386
(1-day SOFR + 2.24%), 4.92%, 07/28/33(b)		400		374,500
(1-day SOFR + 2.30%), 6.12%, 10/28/33(b)		500		519,974
U.S. Bancorp
2.40%, 07/30/24		829		800,428
1.45%, 05/12/25		1,300		1,206,457
3.10%, 04/27/26		800		750,121
3.90%, 04/26/28		1,659		1,596,768
1.38%, 07/22/30(a)		509		398,014

18 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
U.S. Bancorp (continued)
(1-day SOFR + 0.73%), 2.22%, 01/27/28(b)	$	413	$	371,223
(1-day SOFR + 1.02%), 2.68%, 01/27/33(b)		413		337,921
(1-day SOFR + 1.23%), 4.65%, 02/01/29(b)		550		535,184
(1-day SOFR + 1.43%), 5.73%, 10/21/26(b)		600		604,181
(1-day SOFR + 1.60%), 4.84%, 02/01/34(b)		1,300		1,244,962
(1-day SOFR + 1.66%), 4.55%, 07/22/28(b)		1,160		1,127,736
(1-day SOFR + 2.09%), 5.85%, 10/21/33(b)		700		720,575
(1-day SOFR + 2.11%), 4.97%, 07/22/33(b)		175		163,746
(5-year CMT + 0.95%), 2.49%, 11/03/36(b)		579		443,050
Series V, 2.38%, 07/22/26		413		383,459
Series X, 3.15%, 04/27/27		520		489,413
U.S. Bank NA
2.05%, 01/21/25		650		615,539
2.80%, 01/27/25		650		623,550
Wells Fargo & Co.
3.30%, 09/09/24		620		606,346
3.00%, 02/19/25		1,038		1,004,284
3.55%, 09/29/25		829		806,166
3.00%, 04/22/26(a)		1,450		1,380,799
4.10%, 06/03/26		925		901,493
3.00%, 10/23/26		1,450		1,364,575
4.30%, 07/22/27		1,243		1,216,177
4.15%, 01/24/29		829		797,997
(1-day SOFR + 0.51%), 0.81%, 05/19/25(b)		558		530,875
(1-day SOFR + 1.26%), 2.57%, 02/11/31(b)		1,243		1,061,581
(1-day SOFR + 1.32%), 3.91%, 04/25/26(b)		1,331		1,297,882
(1-day SOFR + 1.50%), 3.35%, 03/02/33(b)		2,363		2,062,567
(1-day SOFR + 1.51%), 3.53%, 03/24/28(b)		1,777		1,679,157
(1-day SOFR + 1.56%), 4.54%, 08/15/26(b)		1,000		985,036
(1-day SOFR + 1.98%), 4.81%, 07/25/28(b)		1,545		1,531,152
(1-day SOFR + 2.00%), 2.19%, 04/30/26(b)		1,189		1,120,081
(1-day SOFR + 2.02%), 5.39%, 04/24/34		785		798,555
(1-day SOFR + 2.10%), 2.39%, 06/02/28(b)		1,945		1,753,564
(1-day SOFR + 2.10%), 4.90%, 07/25/33(b)		2,530		2,475,911
(1-day SOFR + 4.03%), 4.48%, 04/04/31(b)		959		923,180
(3-mo. CME Term SOFR + 1.43%), 2.88%, 10/30/30(b)		1,659		1,452,005
(3-mo. LIBOR US + 0.75%), 2.16%, 02/11/26(b)		1,243		1,173,420
(3-mo. LIBOR US + 0.83%), 2.41%, 10/30/25(b)		1,229		1,175,860
(3-mo. LIBOR US + 1.17%), 3.20%, 06/17/27(b)		1,106		1,044,098
(3-mo. LIBOR US + 1.31%), 3.58%, 05/22/28(b)		1,243		1,176,245
Westpac Banking Corp.
5.35%, 10/18/24		700		706,138
1.02%, 11/18/24		416		393,018
2.35%, 02/19/25(a)		413		396,248
2.85%, 05/13/26		413		392,763
1.15%, 06/03/26		829		747,271
2.70%, 08/19/26		300		283,361
3.35%, 03/08/27		700		672,812
4.04%, 08/26/27		600		593,042
5.46%, 11/18/27		800		830,597
3.40%, 01/25/28(a)		413		394,657
1.95%, 11/20/28		829		727,905
2.65%, 01/16/30		657		588,735
2.15%, 06/03/31		360		307,171
(1-year CMT + 2.68%), 5.41%, 08/10/33(b)		550		531,257
(5-year CMT + 1.35%), 2.89%, 02/04/30(b)		1,036		971,646
(5-year CMT + 1.53%), 3.02%, 11/18/36(b)		374		294,935
(5-year CMT + 1.75%), 2.67%, 11/15/35(b)		413		324,064

Security	Par (000)		Value
Banks (continued)
Westpac Banking Corp. (continued)
(5-year CMT + 2.00%), 4.11%, 07/24/34(b)	$	700	$	628,682
(5-year USD ICE Swap + 2.24%), 4.32%, 11/23/31(b)		620		587,096
Zions Bancorp NA, 3.25%, 10/29/29		261		192,683
				181,848,687
Beverages — 1.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev
Worldwide, Inc., 3.65%, 02/01/26		1,866		1,834,231
Anheuser-Busch InBev Worldwide, Inc.
4.00%, 04/13/28(a)		1,679		1,663,594
4.75%, 01/23/29		2,853		2,917,607
3.50%, 06/01/30		703		669,351
4.90%, 01/23/31(a)		500		521,391
Brown-Forman Corp., 4.75%, 04/15/33(a)		200		204,221
Coca-Cola Co.
1.75%, 09/06/24		339		328,536
3.38%, 03/25/27(a)		400		393,034
2.90%, 05/25/27		163		156,154
1.45%, 06/01/27		1,000		909,417
1.50%, 03/05/28		829		743,191
1.00%, 03/15/28		500		436,711
2.13%, 09/06/29		829		743,856
3.45%, 03/25/30		413		397,362
1.65%, 06/01/30		600		509,345
2.00%, 03/05/31		312		268,169
1.38%, 03/15/31		500		409,948
2.25%, 01/05/32		709		619,204
Coca-Cola Femsa SAB de CV
2.75%, 01/22/30		655		586,143
1.85%, 09/01/32		482		381,774
Constellation Brands, Inc.
3.60%, 05/09/24		279		274,415
4.75%, 12/01/25		129		129,388
5.00%, 02/02/26		150		149,509
3.70%, 12/06/26		620		602,350
3.50%, 05/09/27(a)		179		173,230
3.60%, 02/15/28		350		335,235
3.15%, 08/01/29		829		761,950
2.88%, 05/01/30(a)		229		202,966
2.25%, 08/01/31		334		277,262
4.75%, 05/09/32(a)		330		328,920
4.90%, 05/01/33		340		341,131
Diageo Capital PLC
5.20%, 10/24/25		200		203,008
3.88%, 05/18/28(a)		478		473,481
2.38%, 10/24/29		216		191,859
2.00%, 04/29/30		478		412,061
2.13%, 04/29/32		478		399,766
5.50%, 01/24/33		500		544,879
Keurig Dr. Pepper, Inc.
4.60%, 05/25/28		450		452,365
3.95%, 04/15/29(a)		300		289,735
3.20%, 05/01/30		413		377,412
2.25%, 03/15/31		413		347,930
4.05%, 04/15/32(a)		329		312,531
Molson Coors Beverage Co., 3.00%, 07/15/26		695		659,737
PepsiCo, Inc.
2.25%, 03/19/25		540		520,644
2.75%, 04/30/25		829		804,648

S C H E D U L E    O F    I N V E S  T M E N T S 19

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Beverages (continued)
PepsiCo, Inc. (continued)
3.50%, 07/17/25(a)	$	163	$	160,440
4.55%, 02/13/26(a)		200		202,884
2.85%, 02/24/26		413		399,996
2.38%, 10/06/26		829		785,805
3.00%, 10/15/27		413		396,896
3.60%, 02/18/28		95		93,629
4.45%, 05/15/28(a)		200		204,923
2.63%, 07/29/29		829		761,743
2.75%, 03/19/30		509		467,074
1.63%, 05/01/30		496		422,014
1.40%, 02/25/31		244		201,216
1.95%, 10/21/31		816		693,717
3.90%, 07/18/32		585		576,010
4.45%, 02/15/33(a)		200		205,279
				29,831,277
Biotechnology — 1.1%
Amgen, Inc.
3.63%, 05/22/24		163		160,715
5.25%, 03/02/25		1,420		1,432,290
3.13%, 05/01/25		620		602,400
5.51%, 03/02/26		850		853,327
2.60%, 08/19/26		591		556,071
2.20%, 02/21/27		650		601,349
3.20%, 11/02/27		359		342,483
5.15%, 03/02/28		2,085		2,134,023
1.65%, 08/15/28		800		697,412
3.00%, 02/22/29		300		278,487
4.05%, 08/18/29(a)		600		582,799
2.45%, 02/21/30		550		481,131
5.25%, 03/02/30		1,470		1,509,757
2.30%, 02/25/31(a)		550		465,977
2.00%, 01/15/32(a)		460		372,780
3.35%, 02/22/32		342		309,664
4.20%, 03/01/33		600		575,720
5.25%, 03/02/33		2,370		2,438,489
Baxalta, Inc., 4.00%, 06/23/25		308		302,508
Biogen, Inc.
4.05%, 09/15/25		492		482,409
2.25%, 05/01/30		657		559,066
Bio-Rad Laboratories, Inc., 3.70%, 03/15/32		313		282,150
Gilead Sciences, Inc.
3.50%, 02/01/25		970		952,410
3.65%, 03/01/26		1,898		1,856,129
2.95%, 03/01/27		863		825,661
1.20%, 10/01/27		293		256,968
1.65%, 10/01/30		877		725,245
Illumina, Inc.
5.80%, 12/12/25		200		203,246
5.75%, 12/13/27		200		205,466
2.55%, 03/23/31		195		163,597
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30		670		547,331
Royalty Pharma PLC
1.20%, 09/02/25		829		755,898
1.75%, 09/02/27		343		300,712

Security	Par (000)		Value
Biotechnology (continued)
Royalty Pharma PLC (continued)
2.20%, 09/02/30	$	359	$	294,274
2.15%, 09/02/31		286		228,199
				23,336,143
Broadline Retail — 1.1%
Alibaba Group Holding Ltd.
3.60%, 11/28/24		1,432		1,397,274
3.40%, 12/06/27		1,628		1,534,675
2.13%, 02/09/31		600		495,732
Amazon.com, Inc.
0.45%, 05/12/24		1,440		1,377,269
2.80%, 08/22/24		2,443		2,390,865
4.70%, 11/29/24		500		502,316
3.80%, 12/05/24		800		792,842
3.00%, 04/13/25		1,500		1,467,179
4.60%, 12/01/25		500		505,184
1.00%, 05/12/26		1,409		1,285,653
3.30%, 04/13/27		1,210		1,176,176
1.20%, 06/03/27		509		455,912
3.15%, 08/22/27		2,231		2,149,358
4.55%, 12/01/27		500		509,101
1.65%, 05/12/28		1,409		1,254,134
3.45%, 04/13/29		552		533,439
4.65%, 12/01/29		500		511,862
1.50%, 06/03/30		839		701,297
2.10%, 05/12/31		1,159		995,259
3.60%, 04/13/32		1,726		1,641,097
4.70%, 12/01/32		1,450		1,491,218
O’Reilly Automotive, Inc.
4.35%, 06/01/28		179		178,038
3.90%, 06/01/29		179		172,979
1.75%, 03/15/31		362		293,578
4.70%, 06/15/32(a)		400		397,789
TJX Cos., Inc., 2.25%, 09/15/26		343		323,458
Tractor Supply Co., 1.75%, 11/01/30		201		161,277
				24,694,961
Building Materials — 0.3%
Carrier Global Corp.
2.24%, 02/15/25		476		453,892
2.49%, 02/15/27		142		131,499
2.72%, 02/15/30		723		633,044
2.70%, 02/15/31		350		300,668
Eagle Materials, Inc., 2.50%, 07/01/31		313		255,071
Fortune Brands Innovations, Inc.
4.00%, 06/15/25		179		175,826
3.25%, 09/15/29		413		370,159
4.00%, 03/25/32		413		371,497
Johnson Controls International PLC/Tyco Fire &
Security Finance SCA
1.75%, 09/15/30(a)		325		269,656
2.00%, 09/16/31		579		476,118
4.90%, 12/01/32		185		188,820
Martin Marietta Materials, Inc.
3.45%, 06/01/27		163		156,832
2.40%, 07/15/31		457		380,311
Series CB, 2.50%, 03/15/30		179		153,466

20 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Building Materials (continued)
Masco Corp.
1.50%, 02/15/28	$	300	$	259,755
2.00%, 10/01/30		109		87,761
2.00%, 02/15/31		413		332,345
Mohawk Industries, Inc., 3.63%, 05/15/30(a)		225		205,344
Owens Corning
4.20%, 12/01/24		163		160,912
3.88%, 06/01/30		225		211,289
Trane Technologies Financing Ltd., 5.25%, 03/03/33(a)		400		415,541
Vulcan Materials Co.
3.90%, 04/01/27		129		126,479
3.50%, 06/01/30		400		367,118
				6,483,403
Building Products — 0.7%
Allegion PLC, 3.50%, 10/01/29		413		377,671
Home Depot, Inc.
2.70%, 04/15/25		159		154,637
3.35%, 09/15/25		993		973,877
3.00%, 04/01/26		550		534,962
2.13%, 09/15/26		413		388,128
2.50%, 04/15/27		660		625,104
2.88%, 04/15/27(a)		231		221,297
2.80%, 09/14/27(a)		413		392,264
0.90%, 03/15/28		558		482,534
1.50%, 09/15/28		413		362,790
3.90%, 12/06/28		362		359,111
2.95%, 06/15/29		488		455,998
2.70%, 04/15/30		725		660,749
1.38%, 03/15/31		475		385,027
1.88%, 09/15/31		413		343,610
3.25%, 04/15/32		734		677,443
4.50%, 09/15/32(a)		600		608,522
Lowe’s Cos., Inc.
4.00%, 04/15/25		829		818,478
3.38%, 09/15/25		413		401,347
4.80%, 04/01/26		170		171,220
2.50%, 04/15/26		791		751,512
3.35%, 04/01/27(a)		350		337,366
3.10%, 05/03/27		1,000		953,460
1.30%, 04/15/28		699		604,775
1.70%, 09/15/28		458		400,235
3.65%, 04/05/29		1,013		966,146
4.50%, 04/15/30		829		820,503
1.70%, 10/15/30		371		302,780
2.63%, 04/01/31		829		713,581
3.75%, 04/01/32(a)		617		572,450
				15,817,577
Capital Markets — 3.9%
Ameriprise Financial, Inc.
3.70%, 10/15/24		179		175,529
2.88%, 09/15/26		413		391,786
4.50%, 05/13/32		313		303,760
5.15%, 05/15/33		210		211,618
Ares Capital Corp.
4.20%, 06/10/24		413		402,528
4.25%, 03/01/25		250		239,066
3.25%, 07/15/25(a)		724		670,874
3.88%, 01/15/26		829		772,712

Security	Par (000)		Value
Capital Markets (continued)
Ares Capital Corp. (continued)
2.15%, 07/15/26	$	450	$	392,946
2.88%, 06/15/27		179		156,310
2.88%, 06/15/28		402		337,777
3.20%, 11/15/31		413		320,004
Bain Capital Specialty Finance, Inc., 2.55%, 10/13/26		130		112,063
Bank of New York Mellon Corp. 2.10%, 10/24/24		1,563		1,500,285
1.60%, 04/24/25		509		478,804
3.35%, 04/25/25		572		554,680
1.05%, 10/15/26		829		734,246
2.05%, 01/26/27(a)		829		754,407
3.25%, 05/16/27		620		591,756
3.85%, 04/28/28		343		333,914
1.65%, 07/14/28(a)		225		196,811
3.85%, 04/26/29		572		547,135
3.30%, 08/23/29		829		770,682
1.80%, 07/28/31(a)		829		662,662
2.50%, 01/26/32(a)		413		346,070
(1-day SOFR + 0.57%), 3.43%, 06/13/25(b)		100		97,915
(1-day SOFR + 1.03%), 4.95%, 04/26/27(b)		440		443,178
(1-day SOFR + 1.15%), 3.99%, 06/13/28(a)(b)		100		97,393
(1-day SOFR + 1.17%), 4.54%, 02/01/29(a)(b)		300		298,169
(1-day SOFR + 1.35%), 4.41%, 07/24/26(b)		1,155		1,141,169
(1-day SOFR + 1.42%), 4.29%, 06/13/33(a)(b)		100		95,819
(1-day SOFR + 1.51%), 4.71%, 02/01/34(b)		300		298,073
(1-day SOFR + 1.61%), 4.97%, 04/26/34		440		443,424
(1-day SOFR Index + 1.80%), 5.80%, 10/25/28(a)(b)		40		41,863
(1-day SOFR Index + 2.07%), 5.83%, 10/25/33(b)		770		823,975
(3-mo. LIBOR US + 1.07%), 3.44%, 02/07/28(b)		409		391,697
Series G, 3.00%, 02/24/25		27		26,112
Series J, 0.85%, 10/25/24(a)		829		778,845
Blackstone Private Credit Fund
2.35%, 11/22/24		200		186,522
2.70%, 01/15/25		130		121,291
4.70%, 03/24/25		413		398,375
2.63%, 12/15/26		225		191,601
3.25%, 03/15/27		394		339,521
4.00%, 01/15/29		243		205,057
Blackstone Secured Lending Fund
2.75%, 09/16/26		300		262,508
2.85%, 09/30/28		240		197,728
Brookfield Corp., 4.00%, 01/15/25		166		162,324
Brookfield Finance I U.K. PLC/Brookfield Finance, Inc., 2.34%, 01/30/32		399		325,241
Brookfield Finance, Inc.
4.25%, 06/02/26		179		174,437
3.90%, 01/25/28		869		819,093
4.85%, 03/29/29		400		393,460
4.35%, 04/15/30		413		391,278
2.72%, 04/15/31		193		162,044
Charles Schwab Corp.
3.63%, 04/01/25		179		173,138
3.85%, 05/21/25		829		803,843
0.90%, 03/11/26		501		443,611
1.15%, 05/13/26		409		362,105
2.45%, 03/03/27		1,243		1,126,631
3.20%, 01/25/28		829		767,834

S C H E D U L E    O F    I N V E S  T M E N T S 21

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Capital Markets (continued)
Charles Schwab Corp. (continued)
2.00%, 03/20/28	$	660	$	576,093
3.25%, 05/22/29(a)		130		118,128
2.75%, 10/01/29		179		154,717
4.63%, 03/22/30		179		175,669
1.65%, 03/11/31		413		321,324
2.30%, 05/13/31(a)		829		677,422
2.90%, 03/03/32		660		557,976
CI Financial Corp., 3.20%, 12/17/30		496		368,170
Credit Suisse AG, 7.95%, 01/09/25		500		508,880
Credit Suisse USA, Inc., 7.13%, 07/15/32(a)		300		331,915
European Investment Bank, 3.88%, 03/15/28(a)		2,000		2,021,340
Franklin Resources, Inc., 1.60%, 10/30/30(a)		400		318,777
FS KKR Capital Corp.
4.63%, 07/15/24		413		401,573
1.65%, 10/12/24		413		382,358
4.13%, 02/01/25		26		24,650
3.40%, 01/15/26		179		163,238
2.63%, 01/15/27		329		281,129
3.25%, 07/15/27		413		356,447
3.13%, 10/12/28(a)		213		176,980
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32		450		369,004
Golub Capital BDC, Inc.
2.50%, 08/24/26		130		112,406
2.05%, 02/15/27		145		120,324
Jefferies Financial Group, Inc.
4.85%, 01/15/27		829		814,470
4.15%, 01/23/30		329		305,167
2.63%, 10/15/31		329		265,107
2.75%, 10/15/32		459		363,969
Kreditanstalt fuer Wiederaufbau
1.38%, 08/05/24		2,489		2,393,078
0.50%, 09/20/24		2,000		1,893,987
2.50%, 11/20/24		1,659		1,612,149
2.00%, 05/02/25		1,659		1,589,411
3.13%, 06/10/25		3,000		2,936,769
0.38%, 07/18/25		3,319		3,067,202
0.63%, 01/22/26		1,659		1,521,646
3.00%, 05/20/27		2,000		1,948,875
2.88%, 04/03/28		1,150		1,110,852
1.75%, 09/14/29		1,243		1,117,538
0.75%, 09/30/30		789		648,997
Landwirtschaftliche Rentenbank
2.00%, 01/13/25		829		797,837
2.38%, 06/10/25		1,659		1,597,363
0.88%, 09/03/30		1,659		1,371,122
Series 40, 0.50%, 05/27/25		1,659		1,537,210
Lazard Group LLC, 4.38%, 03/11/29		179		170,713
Main Street Capital Corp., 3.00%, 07/14/26		130		114,375
Morgan Stanley
(1-day SOFR + 1.30%), 5.05%, 01/28/27(a)(b)		480		481,272
(1-day SOFR + 1.87%), 5.25%, 04/21/34		1,190		1,203,260
(5-year CMT + 2.43%), 5.95%, 01/19/38(b)		910		914,832
Morgan Stanley Domestic Holdings, Inc., 4.50%, 06/20/28		829		826,186
Nomura Holdings, Inc.
2.65%, 01/16/25		585		554,942
5.10%, 07/03/25		400		394,824
1.85%, 07/16/25		600		551,101

Security	Par (000)		Value
Capital Markets (continued)
Nomura Holdings, Inc. (continued)
5.71%, 01/09/26	$	200	$	201,101
1.65%, 07/14/26		500		443,085
2.33%, 01/22/27		478		424,815
5.39%, 07/06/27		400		396,742
5.84%, 01/18/28		200		202,942
2.17%, 07/14/28		400		336,893
2.71%, 01/22/29		478		410,053
5.61%, 07/06/29		400		398,111
3.10%, 01/16/30(a)		635		543,796
2.68%, 07/16/30		310		254,714
2.61%, 07/14/31		450		358,400
3.00%, 01/22/32		450		366,698
6.18%, 01/18/33		200		206,292
Northern Trust Corp.
3.95%, 10/30/25		300		292,512
4.00%, 05/10/27		483		474,316
3.65%, 08/03/28(a)		163		158,402
3.15%, 05/03/29		413		385,829
1.95%, 05/01/30(a)		550		465,222
6.13%, 11/02/32(a)		260		278,059
Oesterreichische Kontrollbank AG
1.50%, 02/12/25		829		788,472
0.38%, 09/17/25		700		642,417
4.63%, 11/03/25		500		507,241
0.50%, 02/02/26(a)		600		545,983
Owl Rock Capital Corp.
4.00%, 03/30/25		286		269,615
3.75%, 07/22/25		198		182,874
3.40%, 07/15/26		829		742,512
2.63%, 01/15/27		225		191,797
2.88%, 06/11/28		274		224,644
Owl Rock Capital Corp. III, 3.13%, 04/13/27		130		111,084
Owl Rock Core Income Corp.
5.50%, 03/21/25(a)		200		194,492
7.75%, 09/16/27(c)		300		301,416
Prospect Capital Corp.
3.36%, 11/15/26		393		330,595
3.44%, 10/15/28		225		174,095
S&P Global, Inc.
2.45%, 03/01/27(a)		700		656,745
4.75%, 08/01/28(a)		829		846,256
2.70%, 03/01/29		630		576,498
Sixth Street Specialty Lending, Inc., 3.88%, 11/01/24		413		396,360
State Street Corp.
3.30%, 12/16/24		333		323,690
3.55%, 08/18/25		700		679,259
2.65%, 05/19/26		829		784,401
2.40%, 01/24/30		225		195,839
2.20%, 03/03/31		450		370,089
(1-day SOFR + 0.56%), 1.68%, 11/18/27(b)		745		671,169
(1-day SOFR + 0.60%), 4.86%, 01/26/26(b)		210		209,663
(1-day SOFR + 0.73%), 2.20%, 02/07/28(b)		279		256,487
(1-day SOFR + 0.94%), 2.35%, 11/01/25(b)		351		336,643
(1-day SOFR + 1.00%), 2.62%, 02/07/33(b)		123		103,775
(1-day SOFR + 1.35%), 5.75%, 11/04/26(b)		220		223,661
(1-day SOFR + 1.49%), 3.03%, 11/01/34(b)		130		113,707
(1-day SOFR + 1.57%), 4.82%, 01/26/34(a)(b)		240		239,059
(1-day SOFR + 1.72%), 5.82%, 11/04/28(b)		115		120,151

22 2 0 2 3    B L A C K R O C K     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Capital Markets (continued)
State Street Corp. (continued)
(1-day SOFR + 1.73%), 4.16%, 08/04/33(b)	$	500	$	473,531
(1-day SOFR + 2.60%), 2.90%, 03/30/26(b)		829		797,870
(1-day SOFR + 2.65%), 3.15%, 03/30/31(b)		829		743,604
				86,490,149
Chemicals — 1.0%
Air Products and Chemicals, Inc.
1.50%, 10/15/25		483		450,484
1.85%, 05/15/27		342		314,142
2.05%, 05/15/30		355		309,702
4.80%, 03/03/33		400		417,018
Albemarle Corp.
4.65%, 06/01/27		400		395,271
5.05%, 06/01/32		300		289,312
Cabot Corp.
4.00%, 07/01/29(a)		93		87,230
5.00%, 06/30/32		100		97,674
Celanese U.S. Holdings LLC
5.90%, 07/05/24		1,000		1,001,103
6.05%, 03/15/25		500		501,887
1.40%, 08/05/26		130		113,981
6.17%, 07/15/27(a)		950		961,637
6.33%, 07/15/29(a)		410		415,355
6.38%, 07/15/32(a)		420		425,929
Dow Chemical Co.
4.80%, 11/30/28(a)		475		479,317
7.38%, 11/01/29		500		572,485
6.30%, 03/15/33(a)		600		659,906
DuPont de Nemours, Inc.
4.49%, 11/15/25		750		747,841
4.73%, 11/15/28		1,243		1,256,116
Eastman Chemical Co.
3.80%, 03/15/25		869		848,647
4.50%, 12/01/28		179		176,368
5.75%, 03/08/33		160		163,573
Ecolab, Inc.
2.70%, 11/01/26		500		476,910
3.25%, 12/01/27		179		172,873
5.25%, 01/15/28(a)		150		156,402
4.80%, 03/24/30		413		422,469
1.30%, 01/30/31		660		528,707
2.13%, 02/01/32(a)		829		699,310
EIDP, Inc.
1.70%, 07/15/25		660		619,856
2.30%, 07/15/30		660		569,516
Emerson Electric Co.
0.88%, 10/15/26(a)		350		313,640
1.80%, 10/15/27		400		360,866
2.00%, 12/21/28		413		366,340
2.20%, 12/21/31(a)		225		190,067
FMC Corp.
3.20%, 10/01/26		100		94,901
3.45%, 10/01/29		55		50,414
Huntsman International LLC
4.50%, 05/01/29		300		281,946
2.95%, 06/15/31		120		99,145
International Flavors & Fragrances, Inc., 4.45%, 09/26/28		413		399,973
Linde, Inc.
2.65%, 02/05/25		107		103,569

Security	Par (000)		Value
Chemicals (continued)
Linde, Inc. (continued)
4.70%, 12/05/25	$	200	$	201,646
3.20%, 01/30/26(a)		163		158,240
1.10%, 08/10/30		745		598,954
Linde, Inc./CT, 4.80%, 12/05/24		100		100,237
LYB International Finance III LLC
1.25%, 10/01/25		136		123,992
2.25%, 10/01/30(a)		558		461,527
Mosaic Co., 4.05%, 11/15/27(a)		829		804,744
Nutrien Ltd.
3.00%, 04/01/25		163		156,580
4.00%, 12/15/26		163		159,216
4.90%, 03/27/28		460		461,887
4.20%, 04/01/29		300		291,800
2.95%, 05/13/30		179		159,400
PPG Industries, Inc.
2.40%, 08/15/24		129		125,023
1.20%, 03/15/26		346		313,898
2.80%, 08/15/29(a)		129		116,373
RPM International, Inc., 2.95%, 01/15/32		159		128,959
Sherwin-Williams Co.
4.25%, 08/08/25		150		148,713
3.95%, 01/15/26		413		405,277
3.45%, 06/01/27		563		540,395
2.95%, 08/15/29		512		463,093
2.20%, 03/15/32		211		172,965
Westlake Corp.
3.60%, 08/15/26		413		397,141
3.38%, 06/15/30		225		200,009
				23,281,951
Commercial Services & Supplies — 0.1%
GATX Corp.
3.25%, 09/15/26(a)		620		584,360
3.85%, 03/30/27		413		395,470
4.70%, 04/01/29		179		175,976
1.90%, 06/01/31		159		125,174
3.50%, 06/01/32(a)		350		310,526
4.90%, 03/15/33		215		211,267
Republic Services, Inc., 4.88%, 04/01/29		55		56,134
Triton Container International Ltd./TAL International Container Corp., 3.25%, 03/15/32(a)		250		197,156
				2,056,063
Communications Equipment — 0.2%
Cisco Systems, Inc.
2.95%, 02/28/26		293		284,452
2.50%, 09/20/26		829		789,119
Juniper Networks, Inc., 3.75%, 08/15/29		413		388,520
Motorola Solutions, Inc.
4.60%, 02/23/28		413		409,731
4.60%, 05/23/29		799		786,029
2.30%, 11/15/30		694		568,966
2.75%, 05/24/31		550		457,780
				3,684,597
Construction & Engineering — 0.1%
Asian Development Bank, 4.00%, 01/12/33(a)		1,700		1,745,798
Jacobs Engineering Group, Inc., 5.90%, 03/01/33		265		269,045
				2,014,843

S C H E D U L E    O F    I N V E S  T M E N T S 23

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Construction Materials — 0.0%
Carlisle Cos., Inc., 2.20%, 03/01/32	$	225	$	178,149
Consumer Discretionary — 0.1%
Cintas Corp. No. 2
3.45%, 05/01/25		159		155,265
3.70%, 04/01/27		413		404,324
4.00%, 05/01/32		350		340,544
GXO Logistics, Inc.
1.65%, 07/15/26		129		111,862
2.65%, 07/15/31		413		326,549
Quanta Services, Inc.
2.90%, 10/01/30		343		297,529
2.35%, 01/15/32		150		120,823
RELX Capital, Inc.
4.00%, 03/18/29		400		391,760
3.00%, 05/22/30		450		404,621
4.75%, 05/20/32		210		210,689
				2,763,966
Consumer Finance — 2.1%
American Express Co.
3.38%, 05/03/24		123		120,708
2.50%, 07/30/24		541		524,458
3.00%, 10/30/24		829		805,127
3.63%, 12/05/24		225		220,014
2.25%, 03/04/25		1,009		960,780
3.95%, 08/01/25		1,700		1,666,954
4.90%, 02/13/26		1,000		1,005,588
3.13%, 05/20/26		989		948,329
1.65%, 11/04/26		829		751,706
2.55%, 03/04/27		983		910,426
3.30%, 05/03/27(a)		963		917,098
5.85%, 11/05/27		1,190		1,245,425
4.05%, 05/03/29(a)		399		390,711
(1-day SOFR + 1.00%), 4.99%, 05/01/26		500		499,815
(1-day SOFR + 1.76%), 4.42%, 08/03/33(b)		400		384,512
(1-day SOFR + 1.84%), 5.04%, 05/01/34		800		801,775
(1-day SOFR + 2.26%), 4.99%, 05/26/33(b)		300		296,575
Andrew W Mellon Foundation, Series 2020, 0.95%, 08/01/27(a)		29		25,480
Automatic Data Processing, Inc.
3.38%, 09/15/25		600		588,553
1.70%, 05/15/28		480		429,516
1.25%, 09/01/30(a)		409		337,245
Block Financial LLC
2.50%, 07/15/28		421		363,809
3.88%, 08/15/30		229		202,953
Capital One Financial Corp.
3.30%, 10/30/24		829		805,912
3.20%, 02/05/25		163		155,490
4.25%, 04/30/25(a)		309		299,527
4.20%, 10/29/25		929		886,931
3.75%, 07/28/26		900		843,611
3.75%, 03/09/27		413		386,914
3.65%, 05/11/27		409		382,008
3.80%, 01/31/28		829		774,389
(1-day SOFR + 0.86%), 1.88%, 11/02/27(b)		829		722,611
(1-day SOFR + 1.27%), 2.62%, 11/02/32(b)		413		320,425
(1-day SOFR + 1.29%), 2.64%, 03/03/26(b)		362		339,020
(1-day SOFR + 1.34%), 2.36%, 07/29/32(b)		829		598,462
(1-day SOFR + 1.79%), 3.27%, 03/01/30(b)		562		487,372

Security	Par (000)		Value
Consumer Finance (continued)
Capital One Financial Corp. (continued)
(1-day SOFR + 2.06%), 4.93%, 05/10/28(a)(b)	$	620	$	601,713
(1-day SOFR + 2.08%), 5.47%, 02/01/29(b)		325		319,749
(1-day SOFR + 2.16%), 4.99%, 07/24/26(b)		750		732,045
(1-day SOFR + 2.37%), 5.27%, 05/10/33(a)(b)		650		620,021
(1-day SOFR + 2.60%), 5.25%, 07/26/30(b)		300		289,111
(1-day SOFR + 2.60%), 5.82%, 02/01/34(a)(b)		285		277,695
Discover Financial Services
3.95%, 11/06/24		288		279,306
4.50%, 01/30/26(a)		400		387,028
4.10%, 02/09/27		400		380,794
6.70%, 11/29/32		300		317,425
Equifax, Inc.
2.60%, 12/01/24		829		796,119
5.10%, 12/15/27		400		405,173
2.35%, 09/15/31		829		669,909
Global Payments, Inc.
2.65%, 02/15/25		600		572,810
1.20%, 03/01/26		400		358,638
4.80%, 04/01/26		413		408,363
2.15%, 01/15/27		404		362,395
4.95%, 08/15/27		25		24,833
3.20%, 08/15/29		563		497,942
5.30%, 08/15/29		70		69,612
2.90%, 05/15/30		404		346,240
2.90%, 11/15/31		321		265,991
5.40%, 08/15/32(a)		335		331,334
Mastercard, Inc.
2.00%, 03/03/25		294		281,630
2.95%, 11/21/26		400		384,342
3.30%, 03/26/27		653		632,803
3.50%, 02/26/28		179		175,073
4.88%, 03/09/28(a)		160		165,973
2.95%, 06/01/29		393		369,721
3.35%, 03/26/30		686		653,076
1.90%, 03/15/31		425		362,939
2.00%, 11/18/31		274		232,715
Moody’s Corp.
3.75%, 03/24/25		300		293,285
3.25%, 01/15/28(a)		620		589,053
4.25%, 02/01/29		129		126,494
2.00%, 08/19/31(a)		222		181,960
PayPal Holdings, Inc.
2.40%, 10/01/24		970		938,792
1.65%, 06/01/25		362		341,082
2.65%, 10/01/26		829		784,757
2.85%, 10/01/29		506		459,490
2.30%, 06/01/30		384		330,470
4.40%, 06/01/32		430		422,014
S&P Global, Inc.
4.25%, 05/01/29		829		820,021
2.50%, 12/01/29		239		213,017
1.25%, 08/15/30		355		286,441
2.90%, 03/01/32		800		710,402
Synchrony Financial
4.88%, 06/13/25		35		33,072
4.50%, 07/23/25		473		440,741
3.70%, 08/04/26		200		178,318
3.95%, 12/01/27		229		202,765
5.15%, 03/19/29		413		383,563

24 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Consumer Finance (continued)
Synchrony Financial (continued)
2.88%, 10/28/31	$	236	$	173,802
Visa, Inc.
3.15%, 12/14/25		2,144		2,080,931
1.90%, 04/15/27		559		518,364
2.75%, 09/15/27		303		288,967
2.05%, 04/15/30		829		725,309
1.10%, 02/15/31(a)		360		288,835
Western Union Co.
1.35%, 03/15/26		745		670,880
2.75%, 03/15/31		95		76,079
				46,531,651
Consumer Staples Distribution & Retail — 1.5%
Ahold Finance USA LLC, 6.88%, 05/01/29		179		195,482
Campbell Soup Co.
3.95%, 03/15/25		450		442,277
3.30%, 03/19/25		413		401,480
4.15%, 03/15/28		500		492,321
2.38%, 04/24/30(a)		159		136,884
Conagra Brands, Inc.
4.30%, 05/01/24		829		820,700
4.60%, 11/01/25		829		823,482
1.38%, 11/01/27		323		278,349
4.85%, 11/01/28		500		499,622
Costco Wholesale Corp.
3.00%, 05/18/27		393		380,240
1.38%, 06/20/27		700		632,018
1.60%, 04/20/30		1,243		1,057,280
1.75%, 04/20/32		413		341,306
Dollar General Corp.
4.25%, 09/20/24(a)		300		297,154
4.63%, 11/01/27		270		271,238
3.50%, 04/03/30		400		370,016
5.00%, 11/01/32(a)		355		358,433
Dollar Tree, Inc.
4.00%, 05/15/25		400		393,707
4.20%, 05/15/28		829		812,797
2.65%, 12/01/31		413		348,567
General Mills, Inc.
4.00%, 04/17/25		500		493,799
3.20%, 02/10/27		163		157,311
4.20%, 04/17/28		829		824,536
2.88%, 04/15/30(a)		229		208,225
2.25%, 10/14/31		579		487,689
Ingredion, Inc., 2.90%, 06/01/30		250		220,248
Kellogg Co.
3.25%, 04/01/26		300		289,351
4.30%, 05/15/28		179		177,834
2.10%, 06/01/30		159		133,768
5.25%, 03/01/33(a)		200		205,930
Kraft Heinz Foods Co.
3.00%, 06/01/26		994		951,794
3.88%, 05/15/27		702		685,358
4.63%, 01/30/29(a)		163		165,373
3.75%, 04/01/30(a)		371		352,288
4.25%, 03/01/31		163		158,632
6.75%, 03/15/32		130		146,231
Kroger Co.
3.50%, 02/01/26		408		398,456
2.65%, 10/15/26		829		784,567

Security	Par (000)		Value
Consumer Staples Distribution & Retail (continued)
Kroger Co. (continued)
3.70%, 08/01/27(a)	$	413	$	401,521
4.50%, 01/15/29		229		229,118
2.20%, 05/01/30		193		162,803
1.70%, 01/15/31		183		146,882
McCormick & Co., Inc.
0.90%, 02/15/26		308		277,630
3.40%, 08/15/27		350		333,705
2.50%, 04/15/30		209		180,934
1.85%, 02/15/31		64		52,137
Sysco Corp.
3.75%, 10/01/25		26		25,402
3.30%, 07/15/26		520		501,669
3.25%, 07/15/27		829		790,221
5.95%, 04/01/30		529		565,820
2.45%, 12/14/31(a)		413		346,620
Target Corp.
3.50%, 07/01/24		829		818,331
2.25%, 04/15/25		527		507,209
2.50%, 04/15/26		163		156,972
1.95%, 01/15/27		346		321,877
3.38%, 04/15/29		829		799,818
2.35%, 02/15/30		811		720,136
2.65%, 09/15/30		161		144,078
4.50%, 09/15/32(a)		400		402,851
4.40%, 01/15/33		250		249,947
Walgreens Boots Alliance, Inc.
3.80%, 11/18/24		450		441,400
3.45%, 06/01/26		378		363,370
3.20%, 04/15/30(a)		159		140,425
Walmart, Inc.
2.85%, 07/08/24		1,000		981,490
3.55%, 06/26/25		350		345,625
3.90%, 09/09/25		1,300		1,292,290
4.00%, 04/15/26		270		270,076
3.05%, 07/08/26		350		340,713
1.05%, 09/17/26		156		141,309
5.88%, 04/05/27(a)		800		856,648
3.95%, 09/09/27		100		100,409
3.90%, 04/15/28		320		319,582
3.70%, 06/26/28(a)		550		547,498
1.50%, 09/22/28		453		400,683
4.00%, 04/15/30		500		497,635
1.80%, 09/22/31		734		622,891
4.15%, 09/09/32(a)		500		504,714
4.10%, 04/15/33		400		399,048
				32,896,230
Containers & Packaging — 0.4%
Amcor Flexibles North America, Inc.
4.00%, 05/17/25		313		306,081
2.63%, 06/19/30		205		173,152
2.69%, 05/25/31		213		177,677
Avery Dennison Corp.
2.25%, 02/15/32(a)		413		332,327
5.75%, 03/15/33		270		283,665
Berry Global, Inc.
1.57%, 01/15/26		829		753,347
1.65%, 01/15/27		413		362,561
Fibria Overseas Finance Ltd., 5.50%, 01/17/27		829		832,316
Georgia-Pacific LLC, 8.88%, 05/15/31		433		546,744

S C H E D U L E    O F    I N V E S  T M E N T S 25

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Containers & Packaging (continued)
Packaging Corp. of America, 3.00%, 12/15/29	$	130	$	117,881
Sonoco Products Co.
1.80%, 02/01/25		159		149,891
2.25%, 02/01/27		88		80,264
3.13%, 05/01/30		227		201,308
2.85%, 02/01/32		179		151,958
Suzano Austria GmbH
6.00%, 01/15/29		878		871,942
5.00%, 01/15/30		400		374,400
3.75%, 01/15/31		409		345,196
3.13%, 01/15/32(a)		400		317,000
WestRock MWV LLC, 8.20%, 01/15/30		26		30,551
WRKCo, Inc.
3.75%, 03/15/25		350		340,437
4.65%, 03/15/26		320		316,154
3.38%, 09/15/27		413		386,763
4.00%, 03/15/28		829		793,422
4.90%, 03/15/29(a)		829		820,353
				9,065,390
Diversified — 0.0%
Parker-Hannifin Corp., 3.25%, 03/01/27		300		287,099
Diversified Consumer Services — 0.0%
Johns Hopkins University, 4.71%, 07/01/32		125		128,243
Diversified REITs — 3.5%
Agree LP, 4.80%, 10/01/32		200		191,247
Alexandria Real Estate Equities, Inc.
4.30%, 01/15/26		620		605,929
3.95%, 01/15/27(a)		413		398,439
4.90%, 12/15/30		450		443,445
3.38%, 08/15/31		679		595,506
2.00%, 05/18/32		600		462,704
1.88%, 02/01/33		233		176,132
American Homes 4 Rent LP
4.25%, 02/15/28		200		189,414
4.90%, 02/15/29		129		125,813
3.63%, 04/15/32(a)		300		262,300
American Tower Corp.
3.38%, 05/15/24		259		253,291
2.95%, 01/15/25		413		397,621
2.40%, 03/15/25		483		459,764
4.00%, 06/01/25		500		491,069
1.60%, 04/15/26		421		382,988
1.45%, 09/15/26		191		170,487
3.38%, 10/15/26		413		393,246
2.75%, 01/15/27		359		332,730
3.65%, 03/15/27(a)		201		192,321
1.50%, 01/31/28(a)		243		209,047
5.50%, 03/15/28		290		299,096
3.95%, 03/15/29		413		390,857
3.80%, 08/15/29		413		388,013
2.90%, 01/15/30		447		394,205
2.10%, 06/15/30		309		254,371
1.88%, 10/15/30		399		320,842
2.70%, 04/15/31		496		419,216
2.30%, 09/15/31		591		479,360
4.05%, 03/15/32(a)		366		339,390
AvalonBay Communities, Inc.
3.45%, 06/01/25		26		25,235
3.20%, 01/15/28		159		148,887

Security	Par (000)		Value
Diversified REITs (continued)
AvalonBay Communities, Inc. (continued)
1.90%, 12/01/28	$	496	$	430,716
3.30%, 06/01/29		191		175,155
2.30%, 03/01/30		450		385,617
2.45%, 01/15/31		691		590,465
2.05%, 01/15/32		625		508,133
Boston Properties LP
3.20%, 01/15/25		829		790,948
3.65%, 02/01/26		123		114,649
2.75%, 10/01/26		450		401,116
4.50%, 12/01/28		829		754,281
2.90%, 03/15/30		397		322,648
3.25%, 01/30/31		829		678,939
2.55%, 04/01/32		615		462,238
Brandywine Operating Partnership LP
7.55%, 03/15/28		200		179,876
4.55%, 10/01/29		413		298,187
Brixmor Operating Partnership LP
3.85%, 02/01/25		300		289,553
4.13%, 06/15/26		163		154,726
4.13%, 05/15/29		286		261,945
4.05%, 07/01/30		400		361,531
2.50%, 08/16/31(a)		495		389,309
Broadstone Net Lease LLC, 2.60%, 09/15/31		470		344,853
Camden Property Trust
3.15%, 07/01/29		400		360,834
2.80%, 05/15/30		293		255,214
Corporate Office Properties LP
2.00%, 01/15/29		130		100,440
2.75%, 04/15/31		179		136,000
Crown Castle, Inc.
3.20%, 09/01/24		300		292,270
4.45%, 02/15/26		350		346,490
3.70%, 06/15/26		209		202,013
1.05%, 07/15/26		409		363,377
4.00%, 03/01/27		829		808,328
2.90%, 03/15/27		430		401,110
3.65%, 09/01/27		400		382,179
5.00%, 01/11/28(a)		645		652,342
3.80%, 02/15/28		409		391,717
3.30%, 07/01/30		300		270,786
2.25%, 01/15/31		829		688,837
2.10%, 04/01/31		393		320,935
CubeSmart LP
2.25%, 12/15/28		207		179,347
3.00%, 02/15/30		93		81,134
2.00%, 02/15/31(a)		413		328,027
2.50%, 02/15/32		350		283,536
Digital Realty Trust LP
3.70%, 08/15/27(a)		829		772,119
5.55%, 01/15/28		685		687,406
3.60%, 07/01/29		620		556,563
EPR Properties
4.50%, 04/01/25		130		126,081
4.75%, 12/15/26		225		204,846
4.50%, 06/01/27		225		200,288
4.95%, 04/15/28		225		200,773
3.75%, 08/15/29		225		179,433
Equinix, Inc.
2.63%, 11/18/24		691		664,423
1.25%, 07/15/25		393		361,266

26 2 0 2 3    B L A C K R O C K   S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified REITs (continued)
Equinix, Inc. (continued)
1.00%, 09/15/25	$	829	$	752,656
1.45%, 05/15/26		325		293,600
2.90%, 11/18/26		64		59,773
1.55%, 03/15/28		691		590,758
2.00%, 05/15/28		308		266,134
3.20%, 11/18/29		374		335,918
2.15%, 07/15/30		413		339,474
2.50%, 05/15/31		733		605,515
3.90%, 04/15/32		800		728,939
ERP Operating LP
3.25%, 08/01/27		413		389,610
3.50%, 03/01/28		179		169,454
3.00%, 07/01/29		607		552,756
2.50%, 02/15/30		333		289,036
1.85%, 08/01/31		229		184,416
Essex Portfolio LP
3.88%, 05/01/24		26		25,633
3.38%, 04/15/26		200		191,428
3.63%, 05/01/27(a)		150		142,582
4.00%, 03/01/29		179		169,928
3.00%, 01/15/30		130		113,647
2.55%, 06/15/31(a)		110		91,056
2.65%, 03/15/32(a)		300		246,889
Extra Space Storage LP
5.70%, 04/01/28		50		51,160
2.55%, 06/01/31		413		340,185
2.35%, 03/15/32		205		163,084
Federal Realty Investment Trust
3.25%, 07/15/27		413		382,910
3.50%, 06/01/30		660		587,280
Federal Realty OP LP, 5.38%, 05/01/28		160		159,545
GLP Capital LP/GLP Financing II, Inc.
3.35%, 09/01/24		140		135,436
4.00%, 01/15/30		311		275,839
Healthcare Realty Holdings LP
3.75%, 07/01/27		500		470,057
3.10%, 02/15/30		229		199,150
Healthpeak OP LLC
4.00%, 06/01/25		163		159,243
3.25%, 07/15/26		400		379,042
1.35%, 02/01/27		113		99,543
2.13%, 12/01/28		350		303,449
3.50%, 07/15/29		243		225,178
3.00%, 01/15/30		438		386,746
2.88%, 01/15/31		400		346,466
5.25%, 12/15/32		130		131,179
Highwoods Realty LP
4.13%, 03/15/28		163		144,680
3.05%, 02/15/30		413		321,921
Host Hotels & Resorts LP
Series E, 4.00%, 06/15/25		123		118,505
Series H, 3.38%, 12/15/29		629		539,993
Series I, 3.50%, 09/15/30		450		383,148
Series J, 2.90%, 12/15/31		329		260,502
Hudson Pacific Properties LP
3.95%, 11/01/27		300		217,654
4.65%, 04/01/29(a)		179		124,118
Invitation Homes Operating Partnership LP
2.30%, 11/15/28		231		196,458
2.00%, 08/15/31		130		100,185

Security	Par (000)		Value
Diversified REITs (continued)
Invitation Homes Operating Partnership LP (continued)
4.15%, 04/15/32(a)	$	496	$	447,587
Kilroy Realty LP
4.25%, 08/15/29(a)		160		136,031
3.05%, 02/15/30		179		137,124
2.50%, 11/15/32		308		208,577
Kimco Realty OP LLC
3.30%, 02/01/25		288		277,328
2.80%, 10/01/26		413		381,985
2.70%, 10/01/30		350		293,639
2.25%, 12/01/31		163		128,184
3.20%, 04/01/32		500		423,604
4.60%, 02/01/33		260		245,750
Life Storage LP
4.00%, 06/15/29		129		120,783
2.20%, 10/15/30		61		50,053
2.40%, 10/15/31		355		287,861
Mid-America Apartments LP
1.10%, 09/15/26		198		175,552
3.60%, 06/01/27(a)		413		396,529
3.95%, 03/15/29		413		399,080
2.75%, 03/15/30		163		142,808
1.70%, 02/15/31		126		101,158
National Retail Properties, Inc.
4.30%, 10/15/28		129		122,101
2.50%, 04/15/30		200		168,267
Omega Healthcare Investors, Inc.
4.50%, 01/15/25		150		144,443
4.50%, 04/01/27		163		152,269
4.75%, 01/15/28		413		382,726
3.63%, 10/01/29		496		416,509
3.25%, 04/15/33		400		299,939
Phillips Edison Grocery Center Operating
Partnership I LP, 2.63%, 11/15/31		95		72,160
Physicians Realty LP, 2.63%, 11/01/31		413		328,211
Piedmont Operating Partnership LP, 3.15%, 08/15/30		413		311,933
Prologis LP
4.63%, 01/15/33		465		463,280
4.75%, 06/15/33		155		155,256
Public Storage
1.50%, 11/09/26		657		590,215
1.85%, 05/01/28		198		175,979
1.95%, 11/09/28		642		563,853
2.30%, 05/01/31		219		186,011
2.25%, 11/09/31(a)		408		342,262
Rayonier LP, 2.75%, 05/17/31		591		491,500
Realty Income Corp.
0.75%, 03/15/26		475		422,688
4.13%, 10/15/26		829		810,198
3.00%, 01/15/27		829		778,208
3.95%, 08/15/27		413		398,265
3.40%, 01/15/28		413		387,569
3.25%, 06/15/29(a)		207		189,435
3.10%, 12/15/29(a)		413		376,232
3.25%, 01/15/31		554		492,449
2.85%, 12/15/32		179		149,359
Regency Centers LP
3.60%, 02/01/27		350		335,998
2.95%, 09/15/29		179		157,498

S C H E D U L E    O F    I N V E S  T M E N T S 27

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified REITs (continued)
Regency Centers LP (continued)
3.70%, 06/15/30	$	413	$	378,366
Rexford Industrial Realty LP, 5.00%, 06/15/28		120		119,235
Sabra Health Care LP
3.90%, 10/15/29(a)		129		107,518
3.20%, 12/01/31		413		309,955
Safehold Operating Partnership LP, 2.80%, 06/15/31		129		102,767
Simon Property Group LP
2.00%, 09/13/24		862		824,141
3.38%, 10/01/24		413		403,192
3.50%, 09/01/25		500		482,832
3.30%, 01/15/26		293		281,676
3.25%, 11/30/26		450		428,240
1.38%, 01/15/27		579		513,445
3.38%, 06/15/27		620		586,649
3.38%, 12/01/27		450		423,910
1.75%, 02/01/28		450		391,673
2.45%, 09/13/29		413		360,034
2.65%, 07/15/30		829		712,157
2.25%, 01/15/32		579		460,884
2.65%, 02/01/32(a)		229		190,030
5.50%, 03/08/33		500		508,939
SITE Centers Corp., 4.25%, 02/01/26		163		154,031
Spirit Realty LP
3.20%, 01/15/27		79		72,256
4.00%, 07/15/29		350		317,409
3.40%, 01/15/30		413		357,515
STORE Capital Corp., 2.70%, 12/01/31		413		297,188
Sun Communities Operating LP
2.30%, 11/01/28(a)		231		197,790
2.70%, 07/15/31		307		247,911
4.20%, 04/15/32		201		180,762
5.70%, 01/15/33		250		250,331
Tanger Properties LP, 3.88%, 07/15/27		79		71,268
Ventas Realty LP
2.65%, 01/15/25		538		511,220
4.13%, 01/15/26		186		180,537
3.25%, 10/15/26		413		386,252
4.00%, 03/01/28		243		229,832
4.40%, 01/15/29		500		477,075
3.00%, 01/15/30		229		198,686
4.75%, 11/15/30(a)		179		172,491
2.50%, 09/01/31		579		468,406
VICI Properties LP
4.38%, 05/15/25		64		62,382
4.75%, 02/15/28		558		538,130
4.95%, 02/15/30(a)		500		477,945
Vornado Realty LP
3.50%, 01/15/25		163		152,561
2.15%, 06/01/26		200		165,910
Welltower OP LLC
4.00%, 06/01/25		1,036		1,009,877
4.25%, 04/01/26		288		282,998
4.25%, 04/15/28		400		384,585
2.05%, 01/15/29		162		136,594
4.13%, 03/15/29		229		214,586
3.10%, 01/15/30		829		729,054
2.75%, 01/15/31		209		175,319
2.80%, 06/01/31		282		236,708
2.75%, 01/15/32(a)		413		339,735

Security	Par (000)		Value
Diversified REITs (continued)
Welltower OP LLC (continued)
3.85%, 06/15/32	$	231	$	207,618
Weyerhaeuser Co.
4.00%, 11/15/29		829		784,594
4.00%, 04/15/30		500		472,621
7.38%, 03/15/32		145		168,237
WP Carey, Inc.
3.85%, 07/15/29		393		365,103
2.45%, 02/01/32		572		459,638
				76,567,066
Diversified Telecommunication Services — 1.6%
AT&T, Inc.
5.54%, 02/20/26		700		700,833
1.70%, 03/25/26		2,654		2,450,549
4.25%, 03/01/27(a)		2,000		1,989,199
2.30%, 06/01/27		900		825,460
1.65%, 02/01/28(a)		750		657,867
4.10%, 02/15/28		650		635,953
4.35%, 03/01/29		1,000		982,903
4.30%, 02/15/30		1,000		970,502
2.75%, 06/01/31		1,159		999,445
2.25%, 02/01/32		800		653,615
British Telecommunications PLC
5.13%, 12/04/28		478		484,520
9.63%, 12/15/30		1,476		1,858,045
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		2,149		2,624,372
Koninklijke KPN NV, 8.38%, 10/01/30		350		415,764
Sprint Capital Corp.
6.88%, 11/15/28		1,000		1,078,082
8.75%, 03/15/32		1,000		1,222,316
Telefonica Emisiones SA, 4.10%, 03/08/27		655		634,372
Telefonica Europe BV, 8.25%, 09/15/30		525		618,178
Verizon Communications, Inc.
3.50%, 11/01/24		613		602,265
3.38%, 02/15/25		539		527,337
0.85%, 11/20/25		551		502,223
1.45%, 03/20/26		583		537,058
2.63%, 08/15/26		745		704,824
4.13%, 03/16/27		1,331		1,318,532
2.10%, 03/22/28		1,170		1,045,944
4.33%, 09/21/28		1,795		1,775,980
3.88%, 02/08/29		409		394,923
4.02%, 12/03/29		2,589		2,486,082
3.15%, 03/22/30		829		749,890
1.50%, 09/18/30(a)		450		364,073
1.68%, 10/30/30		459		370,396
1.75%, 01/20/31		889		715,836
2.55%, 03/21/31		1,738		1,479,715
2.36%, 03/15/32		3,006		2,467,742
				35,844,795
Education — 0.0%
Yale University, Series 2020, 1.48%, 04/15/30		98		82,553
Electric Utilities — 4.8%
AEP Texas, Inc.
3.95%, 06/01/28		413		400,926
4.70%, 05/15/32		130		127,950
AEP Transmission Co. LLC, 3.10%, 12/01/26		413		394,851

28 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric Utilities (continued)
AES Corp.
1.38%, 01/15/26	$	829	$	751,446
2.45%, 01/15/31		413		338,962
Alabama Power Co.
3.75%, 09/01/27		300		294,692
3.05%, 03/15/32(a)		600		535,472
3.94%, 09/01/32		300		283,880
Series 20-A, 1.45%, 09/15/30		179		144,465
Allegion U.S. Holding Co., Inc., 5.41%, 07/01/32		500		503,821
Ameren Corp.
2.50%, 09/15/24		525		505,235
1.95%, 03/15/27		637		575,906
3.50%, 01/15/31		829		755,137
Ameren Illinois Co., 3.85%, 09/01/32		200		190,346
American Electric Power Co., Inc.
5.75%, 11/01/27		400		416,980
2.30%, 03/01/30		225		190,996
5.95%, 11/01/32		200		214,116
5.63%, 03/01/33		678		710,255
Series J, 4.30%, 12/01/28(a)		413		406,627
Series N, 1.00%, 11/01/25		413		376,363
Appalachian Power Co., Series BB, 4.50%, 08/01/32		200		193,755
Arizona Public Service Co.
3.15%, 05/15/25(a)		163		157,079
2.60%, 08/15/29		413		362,788
2.20%, 12/15/31		129		103,728
6.35%, 12/15/32(a)		300		328,272
Avangrid, Inc., 3.20%, 04/15/25		300		288,023
Baltimore Gas and Electric Co.
2.40%, 08/15/26		129		121,327
2.25%, 06/15/31		239		203,255
Berkshire Hathaway Energy Co.
3.50%, 02/01/25		28		27,368
4.05%, 04/15/25		409		404,546
3.25%, 04/15/28(a)		413		394,012
3.70%, 07/15/30		413		395,914
1.65%, 05/15/31		699		565,952
Black Hills Corp.
3.95%, 01/15/26		130		126,313
5.95%, 03/15/28		200		207,276
3.05%, 10/15/29		342		302,702
CenterPoint Energy Houston Electric LLC, 4.95%, 04/01/33		60		61,526
CenterPoint Energy, Inc.
2.50%, 09/01/24		350		337,099
1.45%, 06/01/26(a)		156		141,637
2.95%, 03/01/30		129		114,327
2.65%, 06/01/31		670		571,414
Cleco Corporate Holdings LLC, 3.74%, 05/01/26		413		391,279
CMS Energy Corp.
3.45%, 08/15/27		129		123,681
(5-year CMT + 4.12%), 4.75%, 06/01/50(b)		200		175,000
Commonwealth Edison Co.
2.55%, 06/15/26		163		154,435
3.70%, 08/15/28		413		399,180
4.90%, 02/01/33(a)		120		123,474
Connecticut Light and Power Co.
Series A, 3.20%, 03/15/27		413		396,338

Security	Par (000)		Value
Electric Utilities (continued)
Connecticut Light and Power Co. (continued)
Series A, 2.05%, 07/01/31	$	660	$	555,308
Consolidated Edison Co. of New York, Inc.
3.80%, 05/15/28		413		401,814
2.40%, 06/15/31(a)		829		709,582
5.20%, 03/01/33		200		208,586
Series 20A, 3.35%, 04/01/30		193		179,191
Series D, 4.00%, 12/01/28		413		406,702
Constellation Energy Generation LLC
3.25%, 06/01/25		350		336,544
5.60%, 03/01/28		200		206,772
5.80%, 03/01/33		200		208,638
Consumers Energy Co.
4.65%, 03/01/28		250		253,803
3.60%, 08/15/32		255		237,697
4.63%, 05/15/33		350		352,029
Dominion Energy South Carolina, Inc., Series A,
2.30%, 12/01/31		130		108,422
Dominion Energy, Inc.
3.07%, 08/15/24(d)		413		401,576
3.90%, 10/01/25		259		253,867
5.38%, 11/15/32(a)		500		513,061
Series A, 1.45%, 04/15/26		130		118,207
Series A, 4.35%, 08/15/32		500		481,529
Series C, 3.38%, 04/01/30		493		449,708
Series C, 2.25%, 08/15/31(a)		388		322,476
DTE Electric Co.
5.20%, 04/01/33(a)		300		313,214
Series A, 1.90%, 04/01/28		413		368,818
Series A, 3.00%, 03/01/32		279		247,475
DTE Energy Co.
4.22%, 11/01/24(d)		200		197,062
2.95%, 03/01/30		79		69,838
Series C, 2.53%, 10/01/24(d)		229		220,481
Series C, 3.40%, 06/15/29		581		536,723
Series F, 1.05%, 06/01/25		741		684,682
Duke Energy Carolinas LLC
3.95%, 11/15/28		450		443,419
2.45%, 08/15/29		400		354,711
2.45%, 02/01/30		329		289,392
2.55%, 04/15/31		225		196,444
2.85%, 03/15/32		458		401,717
4.95%, 01/15/33		240		246,572
Series A, 6.00%, 12/01/28		413		442,990
Duke Energy Corp.
0.90%, 09/15/25		222		203,806
5.00%, 12/08/25		65		65,421
2.65%, 09/01/26		413		387,717
3.15%, 08/15/27		413		390,867
5.00%, 12/08/27		210		214,191
4.30%, 03/15/28		180		177,457
2.45%, 06/01/30		306		262,949
2.55%, 06/15/31		829		698,344
4.50%, 08/15/32		200		194,147
(5-year CMT + 2.32%), 3.25%, 01/15/82(b)		516		389,580
Duke Energy Florida LLC
3.20%, 01/15/27		400		384,306
2.50%, 12/01/29		286		253,808
1.75%, 06/15/30		388		322,979

S C H E D U L E    O F    I N V E S  T M E N T S 29

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric Utilities (continued)
Duke Energy Florida LLC (continued)
2.40%, 12/15/31	$	679	$	574,575
Duke Energy Ohio, Inc., 5.25%, 04/01/33		130		134,971
Duke Energy Progress LLC
3.70%, 09/01/28(a)		300		291,661
3.45%, 03/15/29		413		390,945
2.00%, 08/15/31		426		353,280
3.40%, 04/01/32		313		285,622
5.25%, 03/15/33		120		125,604
Edison International
3.55%, 11/15/24		113		109,894
4.70%, 08/15/25		300		296,175
5.75%, 06/15/27		201		206,294
4.13%, 03/15/28		179		170,891
6.95%, 11/15/29		245		266,113
Emera U.S. Finance LP
0.83%, 06/15/24		416		394,110
3.55%, 06/15/26		240		229,698
2.64%, 06/15/31		145		117,856
Enel Chile SA, 4.88%, 06/12/28		400		389,325
Entergy Arkansas LLC, 5.15%, 01/15/33		300		310,729
Entergy Corp.
0.90%, 09/15/25		549		500,151
2.95%, 09/01/26		829		783,063
1.90%, 06/15/28		329		288,496
2.80%, 06/15/30		231		203,032
2.40%, 06/15/31		496		415,123
Entergy Louisiana LLC
0.95%, 10/01/24		400		379,029
5.59%, 10/01/24		500		504,426
5.40%, 11/01/24		139		140,137
1.60%, 12/15/30		243		194,090
4.00%, 03/15/33		600		568,291
Entergy Mississippi LLC, 2.85%, 06/01/28		413		381,864
Evergy Kansas Central, Inc., 2.55%, 07/01/26		288		272,005
Evergy Metro, Inc.
3.65%, 08/15/25(a)		97		93,048
4.95%, 04/15/33		115		115,580
Evergy, Inc.
2.45%, 09/15/24		413		397,414
2.90%, 09/15/29		413		371,662
Eversource Energy
2.90%, 03/01/27		313		294,733
4.60%, 07/01/27		400		400,118
5.45%, 03/01/28		215		222,973
2.55%, 03/15/31		413		354,155
3.38%, 03/01/32(a)		313		281,589
Series H, 3.15%, 01/15/25		59		57,297
Series L, 2.90%, 10/01/24		500		484,401
Series M, 3.30%, 01/15/28		143		135,201
Series O, 4.25%, 04/01/29		193		189,969
Series Q, 0.80%, 08/15/25		660		602,417
Series R, 1.65%, 08/15/30		400		325,692
Series U, 1.40%, 08/15/26		413		371,731
Exelon Corp.
3.95%, 06/15/25		620		608,025
3.40%, 04/15/26		620		598,771
5.15%, 03/15/28(a)		550		562,203
4.05%, 04/15/30		829		795,798
3.35%, 03/15/32(a)		650		584,384
5.30%, 03/15/33		300		308,937

Security	Par (000)		Value
Electric Utilities (continued)
Exelon Corp. (continued)
Series WI, 2.75%, 03/15/27(a)	$	97	$	90,993
Florida Power & Light Co.
2.85%, 04/01/25		557		540,537
3.13%, 12/01/25		413		400,747
5.05%, 04/01/28		1,305		1,351,197
2.45%, 02/03/32		519		445,403
5.10%, 04/01/33		290		302,411
Fortis, Inc., 3.06%, 10/04/26		829		782,525
Georgia Power Co.
4.70%, 05/15/32(a)		430		428,976
Series A, 2.20%, 09/15/24		129		124,162
Series B, 2.65%, 09/15/29		229		203,127
Interstate Power and Light Co.
3.25%, 12/01/24		163		158,485
4.10%, 09/26/28		225		221,098
IPALCO Enterprises, Inc., 4.25%, 05/01/30		179		165,635
ITC Holdings Corp., 3.25%, 06/30/26		129		123,267
Kentucky Utilities Co., 5.45%, 04/15/33		175		182,739
Louisville Gas and Electric Co, 5.45%, 04/15/33		95		99,101
MidAmerican Energy Co., 3.65%, 04/15/29		413		397,934
Mississippi Power Co., 3.95%, 03/30/28		300		290,138
National Rural Utilities Cooperative Finance Corp.
2.85%, 01/27/25		163		157,990
1.88%, 02/07/25(a)		413		393,178
3.45%, 06/15/25		130		126,809
5.45%, 10/30/25		100		101,829
4.45%, 03/13/26		100		100,367
1.00%, 06/15/26		600		539,951
3.40%, 02/07/28		259		247,724
2.40%, 03/15/30		686		596,602
2.75%, 04/15/32		413		354,645
4.02%, 11/01/32		600		562,838
4.15%, 12/15/32		200		191,555
5.80%, 01/15/33		175		188,501
Series D, 1.00%, 10/18/24		620		583,388
Nevada Power Co., Series DD, 2.40%, 05/01/30		329		286,745
NextEra Energy Capital Holdings, Inc.
4.20%, 06/20/24		300		297,481
4.26%, 09/01/24		1,100		1,089,478
6.05%, 03/01/25		1,180		1,199,619
4.45%, 06/20/25		300		298,409
1.88%, 01/15/27		736		668,506
3.55%, 05/01/27		829		800,127
4.63%, 07/15/27		1,000		1,000,902
4.90%, 02/28/28		500		505,999
1.90%, 06/15/28		566		498,943
3.50%, 04/01/29		1,000		939,310
2.75%, 11/01/29		159		142,093
5.00%, 02/28/30		500		505,351
2.25%, 06/01/30		658		558,528
2.44%, 01/15/32		399		331,292
5.00%, 07/15/32		670		676,154
5.05%, 02/28/33		500		505,412
Northern States Power Co., 2.25%, 04/01/31		100		85,609
Ohio Power Co., Series Q, 1.63%, 01/15/31(a)		359		287,760
Oklahoma Gas and Electric Co.
3.25%, 04/01/30		79		72,034
5.40%, 01/15/33		200		208,853
Oncor Electric Delivery Co. LLC
0.55%, 10/01/25		480		436,345

30 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric Utilities (continued)
Oncor Electric Delivery Co. LLC (continued)
3.70%, 11/15/28(a)	$	293	$	286,394
2.75%, 05/15/30		829		745,910
7.00%, 05/01/32		800		934,917
4.55%, 09/15/32		145		145,157
Pacific Gas and Electric Co.
4.95%, 06/08/25		500		494,716
3.45%, 07/01/25		800		763,851
3.15%, 01/01/26		659		621,123
5.45%, 06/15/27		500		496,580
2.10%, 08/01/27		483		422,601
3.30%, 12/01/27		655		595,268
3.00%, 06/15/28		516		458,815
4.20%, 03/01/29		620		574,120
4.55%, 07/01/30		1,659		1,541,739
2.50%, 02/01/31		1,243		1,007,243
3.25%, 06/01/31		550		465,195
4.40%, 03/01/32		143		128,714
5.90%, 06/15/32		350		351,555
6.15%, 01/15/33		170		172,470
PPL Electric Utilities Corp., 5.00%, 05/15/33		500		515,281
Public Service Co. of Colorado
3.70%, 06/15/28		129		125,877
Series 35, 1.90%, 01/15/31		660		550,678
Series 38, 4.10%, 06/01/32(a)		150		145,415
Public Service Co. of Oklahoma
5.25%, 01/15/33		200		205,405
Series J, 2.20%, 08/15/31		413		341,766
Public Service Electric and Gas Co.
3.20%, 05/15/29		413		386,208
2.45%, 01/15/30		329		291,888
1.90%, 08/15/31		679		562,219
4.90%, 12/15/32		480		494,697
4.65%, 03/15/33		135		136,612
Public Service Enterprise Group, Inc.
2.88%, 06/15/24		829		807,129
0.80%, 08/15/25		209		191,339
2.45%, 11/15/31		350		291,691
Puget Energy, Inc.
3.65%, 05/15/25		163		157,856
2.38%, 06/15/28		329		292,603
4.10%, 06/15/30		413		386,999
4.22%, 03/15/32(a)		279		259,629
San Diego Gas & Electric Co.
2.50%, 05/15/26		350		331,757
Series VVV, 1.70%, 10/01/30		413		340,126
Series XXX, 3.00%, 03/15/32		350		309,209
Sempra Energy
3.30%, 04/01/25		610		592,267
3.25%, 06/15/27		500		471,215
3.40%, 02/01/28		359		338,574
3.70%, 04/01/29		159		150,003
(5-year CMT + 2.87%), 4.13%, 04/01/52(b)		413		334,465
Sierra Pacific Power Co., 2.60%, 05/01/26		136		128,861
Southern California Edison Co.
5.85%, 11/01/27		500		525,523
5.30%, 03/01/28(a)		495		508,362
6.65%, 04/01/29(a)		300		322,945
2.85%, 08/01/29		184		166,693
2.25%, 06/01/30		179		153,567

Security	Par (000)		Value
Electric Utilities (continued)
Southern California Edison Co. (continued)
2.75%, 02/01/32	$	413	$	356,493
5.95%, 11/01/32		525		571,087
Series C, 4.20%, 06/01/25(a)		276		272,618
Series D, 4.70%, 06/01/27		300		301,990
Series E, 3.70%, 08/01/25		309		302,460
Series G, 2.50%, 06/01/31		149		127,582
Series K, 0.98%, 08/01/24		350		331,951
Southern Co.
4.48%, 08/01/24(a)(d)		350		346,092
5.15%, 10/06/25		200		202,014
3.25%, 07/01/26		913		874,819
5.11%, 08/01/27		500		503,984
(5-year CMT + 2.92%), 3.75%, 09/15/51(b)		500		425,488
Series A, 3.70%, 04/30/30		450		421,421
Series B, (5-year CMT + 3.73%), 4.00%, 01/15/51(a)(b)		829		778,928
Southern Power Co., 4.15%, 12/01/25		650		637,936
Southwestern Electric Power Co.
5.30%, 04/01/33		75		76,022
Series M, 4.10%, 09/15/28		179		174,253
Tampa Electric Co., 3.88%, 07/12/24		65		63,930
Tucson Electric Power Co., 1.50%, 08/01/30		116		93,144
Union Electric Co.
2.95%, 06/15/27		129		122,543
2.15%, 03/15/32		179		147,446
Virginia Electric and Power Co.
2.30%, 11/15/31		413		344,642
2.40%, 03/30/32		530		444,293
5.00%, 04/01/33		275		278,479
Series A, 3.15%, 01/15/26		458		445,036
Series A, 3.50%, 03/15/27		620		599,720
Series A, 3.80%, 04/01/28		413		402,212
Series A, 2.88%, 07/15/29		55		50,289
Series B, 3.75%, 05/15/27		400		391,592
WEC Energy Group, Inc.
5.00%, 09/27/25		260		261,380
4.75%, 01/09/26		390		391,209
5.15%, 10/01/27		500		510,861
4.75%, 01/15/28		250		251,395
Wisconsin Electric Power Co.
1.70%, 06/15/28		159		140,015
4.75%, 09/30/32		305		307,697
Wisconsin Power and Light Co.
3.00%, 07/01/29(a)		129		118,200
1.95%, 09/16/31		194		157,583
3.95%, 09/01/32		400		380,003
4.95%, 04/01/33		40		40,912
Wisconsin Public Service Corp., 5.35%, 11/10/25		250		254,323
Xcel Energy, Inc.
3.30%, 06/01/25		218		210,797
3.35%, 12/01/26		413		396,189
1.75%, 03/15/27		413		372,140
4.00%, 06/15/28(a)		229		223,584
2.60%, 12/01/29		130		115,259
2.35%, 11/15/31		329		271,401
4.60%, 06/01/32		397		389,995
				106,141,732

S C H E D U L E    O F    I N V E S  T M E N T S 31

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electrical Equipment — 0.1%
Eaton Corp., 4.15%, 03/15/33(a)	$	700	$	673,410
Regal Rexnord Corp.(c)
6.05%, 02/15/26(a)		450		456,352
6.05%, 04/15/28		500		504,748
6.30%, 02/15/30		500		509,406
6.40%, 04/15/33		550		560,882
Tyco Electronics Group SA, 2.50%, 02/04/32		55		47,506
Vontier Corp., 1.80%, 04/01/26		496		443,562
				3,195,866
Electronic Equipment, Instruments & Components — 0.3%
Amphenol Corp.
4.75%, 03/30/26		25		25,136
2.80%, 02/15/30		829		742,404
2.20%, 09/15/31		243		203,198
Arrow Electronics, Inc.
4.00%, 04/01/25		413		401,032
2.95%, 02/15/32		329		274,171
Avnet, Inc.
6.25%, 03/15/28(a)		160		164,191
3.00%, 05/15/31		413		337,073
5.50%, 06/01/32(a)		130		126,138
CDW LLC/CDW Finance Corp.
5.50%, 12/01/24		620		618,710
2.67%, 12/01/26		660		599,475
4.25%, 04/01/28		329		306,010
3.28%, 12/01/28		660		572,232
3.25%, 02/15/29		371		320,776
3.57%, 12/01/31		300		251,060
Keysight Technologies, Inc., 3.00%, 10/30/29		660		589,664
Rockwell Automation, Inc., 1.75%, 08/15/31		159		130,839
TD SYNNEX Corp.
1.25%, 08/09/24		300		281,579
1.75%, 08/09/26		279		244,474
2.38%, 08/09/28		179		149,032
2.65%, 08/09/31		413		324,413
Teledyne Technologies, Inc., 2.25%, 04/01/28(a)		350		312,065
Tyco Electronics Group SA, 4.50%, 02/13/26		300		300,549
Vontier Corp., 2.40%, 04/01/28		200		167,394
				7,441,615
Energy Equipment & Services — 0.1%
Baker Hughes Holdings LLC/Baker Hughes Co.- Obligor, Inc.
2.06%, 12/15/26		566		519,257
3.34%, 12/15/27(a)		721		685,530
3.14%, 11/07/29		243		220,732
Halliburton Co.
3.80%, 11/15/25		151		148,217
2.92%, 03/01/30(a)		329		294,714
NOV, Inc., 3.60%, 12/01/29		179		164,070
Schlumberger Investment SA, 2.65%, 06/26/30		550		493,844
				2,526,364
Environmental, Maintenance & Security Service — 0.3%
Republic Services, Inc.
2.50%, 08/15/24		133		128,874
3.20%, 03/15/25		163		158,589
3.38%, 11/15/27		400		385,461
3.95%, 05/15/28		300		294,089
1.45%, 02/15/31		727		583,143
1.75%, 02/15/32(a)		829		672,432

Security	Par (000)		Value
Environmental, Maintenance & Security Service (continued)
Republic Services, Inc. (continued)
2.38%, 03/15/33	$	450	$	375,588
Waste Connections, Inc.
2.20%, 01/15/32		229		188,777
3.20%, 06/01/32		342		304,256
4.20%, 01/15/33		100		96,071
Waste Management, Inc.
0.75%, 11/15/25(a)		179		162,594
3.15%, 11/15/27		829		793,006
2.00%, 06/01/29		159		139,639
4.63%, 02/15/30		400		405,013
1.50%, 03/15/31		829		672,364
4.15%, 04/15/32(a)		500		490,822
4.63%, 02/15/33(a)		600		607,493
				6,458,211
Financial Services — 18.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
2.88%, 08/14/24(a)		289		277,548
1.65%, 10/29/24		1,214		1,135,149
3.50%, 01/15/25		300		287,412
6.50%, 07/15/25		655		661,390
1.75%, 01/30/26		655		587,642
2.45%, 10/29/26		1,464		1,314,398
3.65%, 07/21/27		655		609,464
3.00%, 10/29/28(a)		1,823		1,587,137
3.30%, 01/30/32		2,300		1,883,868
Series 3NC1, 1.75%, 10/29/24		400		374,854
Air Lease Corp.
0.80%, 08/18/24		350		328,646
4.25%, 09/15/24		163		159,768
2.30%, 02/01/25		308		291,402
3.25%, 03/01/25		259		248,276
3.38%, 07/01/25		829		794,394
2.88%, 01/15/26(a)		829		774,532
3.75%, 06/01/26		450		428,340
1.88%, 08/15/26		550		488,750
2.20%, 01/15/27		450		403,388
3.63%, 04/01/27		1,000		939,461
3.63%, 12/01/27		130		120,587
5.30%, 02/01/28		300		296,839
2.10%, 09/01/28		413		347,082
3.25%, 10/01/29		413		366,138
3.00%, 02/01/30		329		282,054
3.13%, 12/01/30		309		263,250
2.88%, 01/15/32(a)		450		368,993
Aircastle Ltd.
4.13%, 05/01/24		179		175,223
4.25%, 06/15/26		413		392,544
Ally Financial, Inc.
3.88%, 05/21/24		293		285,265
5.13%, 09/30/24		308		302,034
4.63%, 03/30/25		193		187,572
5.80%, 05/01/25(a)		293		290,460
4.75%, 06/09/27(a)		500		473,194
7.10%, 11/15/27(a)		300		309,824
2.20%, 11/02/28(a)		285		232,109
8.00%, 11/01/31(a)		929		979,925
Banco Santander SA
3.89%, 05/24/24		400		392,786

32 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Financial Services (continued)
Banco Santander SA (continued)
2.71%, 06/27/24	$	400	$	386,849
3.50%, 03/24/25		1,200		1,158,634
2.75%, 05/28/25		600		565,421
5.15%, 08/18/25		1,000		992,984
1.85%, 03/25/26		1,600		1,448,726
4.25%, 04/11/27		1,000		961,052
5.29%, 08/18/27		1,000		995,929
3.80%, 02/23/28		400		373,091
4.38%, 04/12/28		400		382,671
3.31%, 06/27/29		200		182,366
3.49%, 05/28/30		200		177,394
2.75%, 12/03/30		800		634,346
(1-year CMT + 0.90%), 1.72%, 09/14/27(b)		800		703,785
(1-year CMT + 1.60%), 3.23%, 11/22/32(b)		600		479,387
(1-year CMT + 2.00%), 4.18%, 03/24/28(b)		800		760,595
Bank of America Corp.
4.20%, 08/26/24		1,450		1,430,336
4.00%, 01/22/25		620		608,327
3.88%, 08/01/25		716		700,383
4.45%, 03/03/26		1,111		1,094,534
3.50%, 04/19/26		534		518,939
4.25%, 10/22/26		1,069		1,040,396
3.25%, 10/21/27		1,139		1,073,572
(1-day SOFR + 0.65%), 1.53%, 12/06/25(b)		829		777,704
(1-day SOFR + 0.69%), 0.98%, 04/22/25(b)		829		789,461
(1-day SOFR + 0.91%), 0.98%, 09/25/25(b)		700		654,266
(1-day SOFR + 0.96%), 1.73%, 07/22/27(b)		2,368		2,121,489
(1-day SOFR + 1.01%), 1.20%, 10/24/26(b)		911		824,148
(1-day SOFR + 1.05%), 2.55%, 02/04/28(b)		908		828,618
(1-day SOFR + 1.06%), 2.09%, 06/14/29(b)		959		828,723
(1-day SOFR + 1.15%), 1.32%, 06/19/26(b)		1,409		1,288,827
(1-day SOFR + 1.21%), 2.57%, 10/20/32(b)		1,828		1,501,076
(1-day SOFR + 1.22%), 2.30%, 07/21/32(b)		2,550		2,057,190
(1-day SOFR + 1.32%), 2.69%, 04/22/32(b)		1,859		1,553,431
(1-day SOFR + 1.33%), 3.38%, 04/02/26(a)(b)		994		958,508
(1-day SOFR + 1.33%), 2.97%, 02/04/33(b)		2,218		1,872,406
(1-day SOFR + 1.37%), 1.92%, 10/24/31(b)		1,409		1,123,759
(1-day SOFR + 1.53%), 1.90%, 07/23/31(b)		1,009		810,291
(1-day SOFR + 1.58%), 4.38%, 04/27/28(b)		1,000		970,753
(1-day SOFR + 1.63%), 5.20%, 04/25/29(b)		1,190		1,197,911
(1-day SOFR + 1.75%), 4.83%, 07/22/26(b)		1,240		1,228,074
(1-day SOFR + 1.83%), 4.57%, 04/27/33(b)		1,807		1,723,541
(1-day SOFR + 1.99%), 6.20%, 11/10/28(b)		515		536,975
(1-day SOFR + 2.04%), 4.95%, 07/22/28(b)		2,055		2,047,940
(1-day SOFR + 2.15%), 2.59%, 04/29/31(b)		1,000		847,098
(1-day SOFR + 2.16%), 5.02%, 07/22/33(a)(b)		2,030		2,001,536
(3-mo. CME Term SOFR + 1.21%), 3.97%, 02/07/30(b)		1,249		1,168,606
(3-mo. LIBOR US + 0.64%), 2.02%, 02/13/26(b)		1,160		1,091,003
(3-mo. LIBOR US + 0.81%), 3.37%, 01/23/26(b)		1,659		1,598,278
(3-mo. LIBOR US + 0.87%), 2.46%, 10/22/25(a)(b)		317		302,929
(3-mo. LIBOR US + 0.99%), 2.50%, 02/13/31(b)		1,453		1,226,631
(3-mo. LIBOR US + 1.04%), 3.42%, 12/20/28(b)		4,051		3,760,489
(3-mo. LIBOR US + 1.06%), 3.56%, 04/23/27(b)		829		790,625
(3-mo. LIBOR US + 1.07%), 3.97%, 03/05/29(b)		829		786,311
(3-mo. LIBOR US + 1.09%), 3.09%, 10/01/25(a)(b)		829		799,893
(3-mo. LIBOR US + 1.18%), 3.19%, 07/23/30(b)		1,214		1,081,867
(3-mo. LIBOR US + 1.19%), 2.88%, 10/22/30(b)		829		721,857
(3-mo. LIBOR US + 1.31%), 4.27%, 07/23/29(b)		1,201		1,151,076
(3-mo. LIBOR US + 1.37%), 3.59%, 07/21/28(b)		413		388,392

Security	Par (000)		Value
Financial Services (continued)
Bank of America Corp. (continued)
(3-mo. LIBOR US + 1.51%), 3.71%, 04/24/28(b)	$	829	$	786,035
(3-mo. LIBOR US + 1.58%), 3.82%, 01/20/28(b)		1,659		1,583,734
(5-year CMT + 1.20%), 2.48%, 09/21/36(b)		829		633,428
(5-year CMT + 2.00%), 3.85%, 03/08/37(b)		800		692,115
Series L, 3.95%, 04/21/25		1,037		1,013,053
Series L, 4.18%, 11/25/27		829		799,601
Series N, (1-day SOFR + 0.91%), 1.66%, 03/11/27(b)		1,409		1,273,294
Series N, (1-day SOFR + 1.22%), 2.65%, 03/11/32(b)		1,409		1,174,275
Bank of Nova Scotia
0.65%, 07/31/24		348		328,712
5.25%, 12/06/24		600		600,539
1.45%, 01/10/25		413		388,379
2.20%, 02/03/25		459		436,630
3.45%, 04/11/25		1,172		1,137,126
4.50%, 12/16/25		163		160,664
1.35%, 06/24/26		259		232,871
2.70%, 08/03/26		413		386,550
1.30%, 09/15/26		1,160		1,030,311
1.95%, 02/02/27(a)		829		754,976
2.15%, 08/01/31		829		677,810
2.45%, 02/02/32		829		689,198
Barclays PLC
3.65%, 03/16/25		1,150		1,100,583
4.38%, 01/12/26		1,310		1,276,470
5.20%, 05/12/26		1,178		1,149,869
4.34%, 01/10/28		700		675,005
4.84%, 05/09/28		1,178		1,117,640
(1-day SOFR + 2.71%), 2.85%, 05/07/26(b)		1,000		942,339
(1-year CMT + 1.05%), 2.28%, 11/24/27(b)		478		427,186
(1-year CMT + 1.20%), 2.67%, 03/10/32(b)		1,310		1,043,079
(1-year CMT + 1.30%), 2.89%, 11/24/32(b)		500		400,506
(1-year CMT + 1.90%), 2.65%, 06/24/31(b)		300		243,804
(1-year CMT + 2.30%), 5.30%, 08/09/26(b)		200		198,272
(1-year CMT + 2.65%), 5.50%, 08/09/28(b)		700		698,036
(1-year CMT + 3.05%), 7.33%, 11/02/26(b)		1,700		1,763,825
(1-year CMT + 3.30%), 7.39%, 11/02/28(b)		500		532,438
(1-year CMT + 3.50%), 7.44%, 11/02/33(b)		500		550,644
(3-mo. LIBOR US + 1.61%), 3.93%, 05/07/25(b)		3,319		3,245,034
(3-mo. LIBOR US + 1.90%), 4.97%, 05/16/29(b)		845		816,881
(3-mo. LIBOR US + 3.05%), 5.09%, 06/20/30(b)		478		448,214
(5-year CMT + 2.90%), 3.56%, 09/23/35(b)		478		381,638
BNP Paribas SA, 4.25%, 10/15/24		650		637,389
Cboe Global Markets, Inc.
1.63%, 12/15/30		159		128,536
3.00%, 03/16/32		579		508,185
Citigroup, Inc.
3.88%, 03/26/25		413		401,869
3.30%, 04/27/25		100		96,923
4.40%, 06/10/25		1,813		1,782,151
5.50%, 09/13/25		829		831,708
3.70%, 01/12/26		829		807,411
4.60%, 03/09/26		620		612,769
3.40%, 05/01/26		413		397,901
3.20%, 10/21/26		1,173		1,113,850
4.30%, 11/20/26		97		94,849
4.45%, 09/29/27		1,489		1,454,957
4.13%, 07/25/28		620		591,374
6.63%, 06/15/32		526		568,194

S C H E D U L E    O F    I N V E S  T M E N T S 33

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Financial Services (continued)
Citigroup, Inc. (continued)
(1-day SOFR + 0.53%), 1.28%, 11/03/25(b)	$	366	$	343,562
(1-day SOFR + 0.67%), 0.98%, 05/01/25(b)		572		544,687
(1-day SOFR + 0.69%), 2.01%, 01/25/26(b)		1,190		1,123,107
(1-day SOFR + 0.77%), 1.12%, 01/28/27(b)		974		874,957
(1-day SOFR + 0.77%), 1.46%, 06/09/27(b)		1,059		950,600
(1-day SOFR + 1.15%), 2.67%, 01/29/31(b)		829		710,595
(1-day SOFR + 1.17%), 2.56%, 05/01/32(b)		998		828,498
(1-day SOFR + 1.28%), 3.07%, 02/24/28(b)		829		775,000
(1-day SOFR + 1.35%), 3.06%, 01/25/33(b)		1,243		1,059,744
(1-day SOFR + 1.37%), 4.14%, 05/24/25(b)		700		691,437
(1-day SOFR + 1.42%), 2.98%, 11/05/30(b)		829		727,651
(1-day SOFR + 1.53%), 3.29%, 03/17/26(b)		572		551,898
(1-day SOFR + 1.55%), 5.61%, 09/29/26(b)		840		849,782
(1-day SOFR + 1.89%), 4.66%, 05/24/28(a)(b)		1,700		1,684,821
(1-day SOFR + 1.94%), 3.79%, 03/17/33(b)		2,977		2,677,500
(1-day SOFR + 2.09%), 4.91%, 05/24/33(b)		1,150		1,123,469
(1-day SOFR + 2.11%), 2.57%, 06/03/31(b)		1,243		1,051,820
(1-day SOFR + 2.34%), 6.27%, 11/17/33(b)		1,500		1,621,571
(1-day SOFR + 2.84%), 3.11%, 04/08/26(b)		1,660		1,596,948
(1-day SOFR + 3.91%), 4.41%, 03/31/31(b)		1,990		1,899,916
(3-mo. CME Term SOFR + 1.41%), 3.52%, 10/27/28(b)		859		806,357
(3-mo. CME Term SOFR + 1.45%), 4.08%, 04/23/29(b)		600		572,685
(3-mo. CME Term SOFR + 1.60%), 3.98%, 03/20/30(b)		1,873		1,757,216
(3-mo. CME Term SOFR + 1.65%), 3.67%, 07/24/28(b)		829		784,729
(3-mo. CME Term SOFR + 1.82%), 3.89%, 01/10/28(b)		829		797,408
Clorox Co.
3.10%, 10/01/27		413		393,486
4.60%, 05/01/32(a)		250		250,479
CME Group, Inc.
3.00%, 03/15/25		286		276,369
3.75%, 06/15/28		179		175,461
2.65%, 03/15/32		321		281,482
Credit Suisse Group AG
3.75%, 03/26/25		1,637		1,526,322
4.55%, 04/17/26		1,474		1,371,115
Deutsche Bank AG
3.70%, 05/30/24		140		135,736
4.50%, 04/01/25		700		656,448
4.10%, 01/13/26		288		272,134
1.69%, 03/19/26		400		358,016
(1-day SOFR + 1.13%), 1.45%, 04/01/25(b)		669		630,650
(1-day SOFR + 1.22%), 2.31%, 11/16/27(b)		667		577,316
(1-day SOFR + 1.32%), 2.55%, 01/07/28(b)		1,348		1,172,014
(1-day SOFR + 1.72%), 3.04%, 05/28/32(b)		455		362,934
(1-day SOFR + 1.87%), 2.13%, 11/24/26(b)		919		817,736
(1-day SOFR + 2.26%), 3.74%, 01/07/33(b)		950		692,269
(1-day SOFR + 2.58%), 3.96%, 11/26/25(b)		1,181		1,128,825
(1-day SOFR + 2.76%), 3.73%, 01/14/32(a)(b)		650		488,991
(1-day SOFR + 3.04%), 3.55%, 09/18/31(b)		1,159		974,262
(1-day SOFR + 3.18%), 6.72%, 01/18/29(a)(b)		150		152,514
(1-day SOFR + 3.19%), 6.12%, 07/14/26(b)		500		493,717
(1-day SOFR + 3.65%), 7.08%, 02/10/34(b)		650		608,107
European Investment Bank, 3.75%, 02/14/33		4,000		4,063,460
GE Capital Funding LLC, 4.55%, 05/15/32(a)		800		790,896

Security	Par (000)		Value
Financial Services (continued)
Goldman Sachs Group, Inc.
3.85%, 07/08/24	$	413	$	406,176
5.70%, 11/01/24		800		807,113
3.50%, 01/23/25		1,012		983,408
3.50%, 04/01/25		1,588		1,542,746
3.75%, 05/22/25		916		891,961
4.25%, 10/21/25		869		854,105
3.75%, 02/25/26		313		304,992
3.50%, 11/16/26		1,659		1,582,510
5.95%, 01/15/27		163		168,153
3.85%, 01/26/27		1,659		1,605,589
2.60%, 02/07/30		809		698,405
3.80%, 03/15/30		1,006		944,735
(1-day SOFR + 0.80%), 1.43%, 03/09/27(b)		1,223		1,097,977
(1-day SOFR + 0.82%), 1.54%, 09/10/27(b)		1,659		1,470,086
(1-day SOFR + 0.91%), 1.95%, 10/21/27(b)		2,767		2,477,823
(1-day SOFR + 1.09%), 1.99%, 01/27/32(b)		1,210		968,802
(1-day SOFR + 1.11%), 2.64%, 02/24/28(b)		943		863,329
(1-day SOFR + 1.25%), 2.38%, 07/21/32(b)		1,623		1,325,841
(1-day SOFR + 1.26%), 2.65%, 10/21/32(b)		1,981		1,648,461
(1-day SOFR + 1.28%), 2.62%, 04/22/32(b)		1,518		1,266,849
(1-day SOFR + 1.41%), 3.10%, 02/24/33(b)		1,894		1,629,725
(1-day SOFR + 1.51%), 4.39%, 06/15/27(b)		620		609,213
(1-day SOFR + 1.73%), 4.48%, 08/23/28(b)		1,000		981,138
(1-day SOFR + 1.85%), 3.62%, 03/15/28(b)		1,270		1,209,181
(3-mo. CME Term SOFR + 1.16%), 3.81%, 04/23/29(b)		1,659		1,561,925
(3-mo. CME Term SOFR + 1.20%), 3.27%, 09/29/25(b)		829		802,089
(3-mo. CME Term SOFR + 1.30%), 4.22%, 05/01/29(b)		2,279		2,189,503
(3-mo. CME Term SOFR + 1.51%), 3.69%, 06/05/28(b)		1,023		973,289
Series VAR, (1-day SOFR + 0.79%), 1.09%, 12/09/26(b)		889		795,276
Hercules Capital, Inc., 3.38%, 01/20/27(a)		130		112,229
HSBC Holdings PLC
4.30%, 03/08/26		478		469,316
3.90%, 05/25/26		2,489		2,405,610
4.38%, 11/23/26		1,310		1,268,530
4.95%, 03/31/30		886		874,130
(1-day SOFR + 0.71%), 0.98%, 05/24/25(b)		500		473,011
(1-day SOFR + 1.10%), 2.25%, 11/22/27(a)(b)		818		731,455
(1-day SOFR + 1.19%), 2.80%, 05/24/32(b)		2,264		1,853,751
(1-day SOFR + 1.29%), 2.21%, 08/17/29(b)		800		678,724
(1-day SOFR + 1.40%), 2.63%, 11/07/25(b)		1,678		1,599,568
(1-day SOFR + 1.41%), 2.87%, 11/22/32(b)		1,310		1,071,769
(1-day SOFR + 1.54%), 1.65%, 04/18/26(b)		1,140		1,054,498
(1-day SOFR + 1.73%), 2.01%, 09/22/28(b)		478		416,029
(1-day SOFR + 1.93%), 2.10%, 06/04/26(b)		1,350		1,257,038
(1-day SOFR + 1.97%), 6.16%, 03/09/29(b)		550		565,648
(1-day SOFR + 2.11%), 4.76%, 06/09/28(b)		500		489,883
(1-day SOFR + 2.39%), 2.85%, 06/04/31(b)		1,310		1,102,155
(1-day SOFR + 2.39%), 6.25%, 03/09/34(b)		1,200		1,250,422
(1-day SOFR + 2.53%), 4.76%, 03/29/33(a)(b)		535		492,051
(1-day SOFR + 2.61%), 5.21%, 08/11/28(b)		900		895,999
(1-day SOFR + 2.87%), 5.40%, 08/11/33(a)(b)		500		495,582
(1-day SOFR + 4.25%), 8.11%, 11/03/33(b)		500		564,256
(3-mo. LIBOR US + 1.35%), 4.29%, 09/12/26(b)		2,489		2,414,996
(3-mo. LIBOR US + 1.53%), 4.58%, 06/19/29(b)		1,189		1,141,859

34 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Financial Services (continued)
HSBC Holdings PLC (continued)
(3-mo. LIBOR US + 1.55%), 4.04%, 03/13/28(b)	$	989	$	942,419
(3-mo. LIBOR US + 1.61%), 3.97%, 05/22/30(b)		2,039		1,875,948
(1-day SOFR + 3.03%), 7.34%, 11/03/26(b)		1,500		1,572,897
(1-day SOFR + 3.35%), 7.39%, 11/03/28(b)		1,805		1,942,994
Intercontinental Exchange, Inc.
3.65%, 05/23/25		693		680,726
3.75%, 12/01/25		923		906,602
4.00%, 09/15/27(a)		1,145		1,132,372
4.35%, 06/15/29(a)		953		943,657
2.10%, 06/15/30		637		540,265
1.85%, 09/15/32		610		484,712
4.60%, 03/15/33(a)		800		798,922
JPMorgan Chase & Co.
3.63%, 05/13/24		829		817,715
3.88%, 09/10/24		1,077		1,058,528
3.13%, 01/23/25		1,036		1,007,855
3.90%, 07/15/25		1,866		1,838,431
3.30%, 04/01/26		413		399,952
3.20%, 06/15/26		829		800,700
2.95%, 10/01/26		1,239		1,175,662
7.63%, 10/15/26		413		449,573
4.13%, 12/15/26		163		160,095
4.25%, 10/01/27		413		406,212
3.63%, 12/01/27		829		790,046
(1-day SOFR + 0.49%), 0.77%, 08/09/25(b)		829		779,401
(1-day SOFR + 0.54%), 0.82%, 06/01/25(b)		1,081		1,027,045
(1-day SOFR + 0.61%), 1.56%, 12/10/25(b)		829		778,356
(1-day SOFR + 0.77%), 1.47%, 09/22/27(b)		829		738,187
(1-day SOFR + 0.80%), 1.05%, 11/19/26(b)		1,850		1,666,935
(1-day SOFR + 0.89%), 1.58%, 04/22/27(b)		2,375		2,151,860
(1-day SOFR + 0.92%), 2.60%, 02/24/26(b)		572		544,574
(1-day SOFR + 0.98%), 3.85%, 06/14/25(b)		200		196,353
(1-day SOFR + 1.02%), 2.07%, 06/01/29(b)		1,160		1,010,115
(1-day SOFR + 1.07%), 5.55%, 12/15/25(b)		1,000		1,004,501
(1-day SOFR + 1.07%), 1.95%, 02/04/32(b)		1,659		1,337,248
(1-day SOFR + 1.16%), 2.30%, 10/15/25(b)		413		394,477
(1-day SOFR + 1.17%), 2.95%, 02/24/28(b)		534		496,813
(1-day SOFR + 1.18%), 2.55%, 11/08/32(b)		1,244		1,035,431
(1-day SOFR + 1.26%), 2.96%, 01/25/33(b)		1,957		1,673,563
(1-day SOFR + 1.32%), 4.08%, 04/26/26(b)		2,194		2,155,962
(1-day SOFR + 1.51%), 2.74%, 10/15/30(b)		1,539		1,350,020
(1-day SOFR + 1.56%), 4.32%, 04/26/28(b)		2,298		2,254,700
(1-day SOFR + 1.75%), 4.57%, 06/14/30(b)		1,300		1,269,272
(1-day SOFR + 1.80%), 4.59%, 04/26/33(b)		898		873,769
(1-day SOFR + 1.85%), 2.08%, 04/22/26(b)		1,422		1,339,798
(1-day SOFR + 1.99%), 4.85%, 07/25/28(b)		3,000		3,008,158
(1-day SOFR + 2.04%), 2.52%, 04/22/31(b)		1,325		1,133,346
(1-day SOFR + 2.08%), 4.91%, 07/25/33(a)(b)		3,050		3,033,119
(1-day SOFR + 2.52%), 2.96%, 05/13/31(b)		859		744,453
(1-day SOFR + 2.58%), 5.72%, 09/14/33(b)		1,200		1,238,814
(3-mo. CME Term SOFR + 0.58%), 0.97%, 06/23/25(b)		829		786,065
(3-mo. CME Term SOFR + 1.11%), 1.76%, 11/19/31(b)		829		662,569
(3-mo. CME Term SOFR + 1.25%), 2.58%, 04/22/32(b)		1,000		839,977
(3-mo. CME Term SOFR + 1.59%), 2.01%, 03/13/26(b)		1,077		1,015,640
(3-mo. CME Term SOFR + 3.79%), 4.49%, 03/24/31(b)		1,659		1,616,289

Security	Par (000)		Value
Financial Services (continued)
JPMorgan Chase & Co. (continued)
(3-mo. LIBOR US + 0.95%), 3.51%, 01/23/29(b)	$	829	$	779,691
(3-mo. LIBOR US + 1.12%), 4.01%, 04/23/29(b)		919		879,597
(3-mo. LIBOR US + 1.16%), 3.70%, 05/06/30(b)		829		773,264
(3-mo. LIBOR US + 1.26%), 4.20%, 07/23/29(b)		973		937,183
(3-mo. LIBOR US + 1.33%), 4.45%, 12/05/29(b)		1,023		995,839
(3-mo. LIBOR US + 1.34%), 3.78%, 02/01/28(b)		1,659		1,592,440
(3-mo. LIBOR US + 1.38%), 3.54%, 05/01/28(b)		1,450		1,376,998
Kimberly-Clark Corp.
2.75%, 02/15/26		413		399,061
3.95%, 11/01/28		400		399,335
3.20%, 04/25/29		350		334,127
3.10%, 03/26/30		400		373,112
2.00%, 11/02/31(a)		225		190,814
4.50%, 02/16/33		400		409,948
Lloyds Banking Group PLC
4.50%, 11/04/24		1,310		1,279,856
4.45%, 05/08/25		600		589,278
4.65%, 03/24/26		1,200		1,155,360
4.38%, 03/22/28		478		461,964
4.55%, 08/16/28		1,310		1,263,271
(1-year CMT + 0.85%), 1.63%, 05/11/27(b)		800		714,510
(1-year CMT + 1.60%), 3.51%, 03/18/26(b)		1,235		1,188,053
(1-year CMT + 1.70%), 5.87%, 03/06/29(b)		500		510,451
(1-year CMT + 1.75%), 4.72%, 08/11/26(b)		600		591,946
(1-year CMT + 1.80%), 3.75%, 03/18/28(b)		478		449,601
(1-year CMT + 2.30%), 4.98%, 08/11/33(b)		500		484,723
(1-year CMT + 3.50%), 3.87%, 07/09/25(b)		478		466,520
(1-year CMT + 3.75%), 7.95%, 11/15/33(b)		450		500,067
(3-mo. LIBOR US + 1.21%), 3.57%, 11/07/28(b)		500		463,771
Mastercard, Inc., 4.85%, 03/09/33		200		208,884
Mitsubishi UFJ Financial Group, Inc.
2.80%, 07/18/24		478		462,740
2.19%, 02/25/25		1,350		1,276,946
1.41%, 07/17/25		900		827,789
3.85%, 03/01/26		1,000		968,528
3.29%, 07/25/27		829		782,945
3.96%, 03/02/28		829		798,286
3.74%, 03/07/29		1,659		1,562,148
3.20%, 07/18/29		900		810,080
2.56%, 02/25/30		1,310		1,121,697
2.05%, 07/17/30		1,310		1,076,572
(1-year CMT + 0.55%), 0.95%, 07/19/25(b)		1,883		1,778,159
(1-year CMT + 0.75%), 1.54%, 07/20/27(b)		1,500		1,334,564
(1-year CMT + 0.95%), 2.31%, 07/20/32(b)		1,310		1,057,462
(1-year CMT + 1.08%), 5.72%, 02/20/26(b)		400		402,096
(1-year CMT + 1.38%), 5.42%, 02/22/29(a)(b)		480		487,491
(1-year CMT + 1.50%), 5.54%, 04/17/26(b)		215		215,683
(1-year CMT + 1.53%), 5.48%, 02/22/31(b)		440		448,006
(1-year CMT + 1.55%), 5.06%, 09/12/25(b)		480		477,538
(1-year CMT + 1.63%), 5.44%, 02/22/34(b)		355		360,504
(1-year CMT + 1.70%), 4.79%, 07/18/25(b)		1,500		1,486,477
(1-year CMT + 1.90%), 5.35%, 09/13/28(b)		455		460,124
(1-year CMT + 1.95%), 5.02%, 07/20/28(b)		500		498,273
(1-year CMT + 2.13%), 5.13%, 07/20/33(b)		500		500,221
(1-year CMT + 2.13%), 5.47%, 09/13/33(a)(b)		450		456,429
Mizuho Financial Group, Inc.
2.84%, 09/13/26(a)		800		744,134
3.17%, 09/11/27		478		446,283
4.02%, 03/05/28		600		573,454
2.56%, 09/13/31		1,310		1,045,326

S C H E D U L E    O F    I N V E S  T M E N T S 35

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Financial Services (continued)
Mizuho Financial Group, Inc. (continued)
(1-day SOFR + 1.36%), 2.56%, 09/13/25(b)	$	236	$	225,962
(1-day SOFR + 1.77%), 2.20%, 07/10/31(b)		478		389,741
(1-year CMT + 0.67%), 1.23%, 05/22/27(b)		1,310		1,157,350
(1-year CMT + 0.75%), 1.55%, 07/09/27(b)		500		444,104
(1-year CMT + 1.50%), 5.67%, 05/27/29(b)		300		305,764
(1-year CMT + 1.65%), 5.74%, 05/27/31(b)		300		306,665
(1-year CMT + 1.80%), 5.75%, 05/27/34(b)		300		309,111
(1-year CMT + 2.05%), 5.41%, 09/13/28(b)		400		404,320
(1-year CMT + 2.40%), 5.67%, 09/13/33(b)		300		306,889
(3-mo. LIBOR US + 1.13%), 3.15%, 07/16/30(b)		478		423,721
(3-mo. LIBOR US + 1.27%), 4.25%, 09/11/29(b)		600		573,678
Morgan Stanley
3.70%, 10/23/24		1,243		1,218,891
4.00%, 07/23/25		1,662		1,638,077
5.00%, 11/24/25		1,036		1,037,724
3.88%, 01/27/26		1,450		1,415,385
3.13%, 07/27/26		1,763		1,676,167
4.35%, 09/08/26		1,243		1,215,788
3.63%, 01/20/27		1,659		1,597,082
3.95%, 04/23/27		163		156,632
7.25%, 04/01/32		400		471,792
(1-day SOFR + 0.53%), 0.79%, 05/30/25(b)		1,212		1,147,405
(1-day SOFR + 0.56%), 1.16%, 10/21/25(b)		989		925,825
(1-day SOFR + 0.72%), 0.99%, 12/10/26(b)		1,493		1,335,271
(1-day SOFR + 0.86%), 1.51%, 07/20/27(b)		1,584		1,407,433
(1-day SOFR + 0.88%), 1.59%, 05/04/27(b)		1,059		952,469
(1-day SOFR + 0.94%), 2.63%, 02/18/26(b)		676		643,415
(1-day SOFR + 1.00%), 2.48%, 01/21/28(b)		1,181		1,078,414
(1-day SOFR + 1.02%), 1.93%, 04/28/32(b)		972		773,225
(1-day SOFR + 1.03%), 1.79%, 02/13/32(b)		1,642		1,296,275
(1-day SOFR + 1.14%), 2.70%, 01/22/31(b)		1,659		1,431,799
(1-day SOFR + 1.15%), 2.72%, 07/22/25(b)		500		482,317
(1-day SOFR + 1.18%), 2.24%, 07/21/32(b)		2,063		1,665,243
(1-day SOFR + 1.20%), 2.51%, 10/20/32(b)		1,364		1,122,934
(1-day SOFR + 1.29%), 2.94%, 01/21/33(b)		1,662		1,410,071
(1-day SOFR + 1.36%), 2.48%, 09/16/36(b)		1,031		792,438
(1-day SOFR + 1.59%), 5.16%, 04/20/29(b)		760		765,479
(1-day SOFR + 1.61%), 4.21%, 04/20/28(b)		454		440,141
(1-day SOFR + 1.67%), 4.68%, 07/17/26(b)		1,715		1,700,849
(1-day SOFR + 1.73%), 5.12%, 02/01/29(b)		395		396,935
(1-day SOFR + 1.99%), 2.19%, 04/28/26(b)		1,196		1,125,928
(1-day SOFR + 2.08%), 4.89%, 07/20/33(b)		1,165		1,149,026
(1-day SOFR + 2.24%), 6.30%, 10/18/28(b)		1,800		1,890,802
(1-day SOFR + 2.56%), 6.34%, 10/18/33(b)		1,000		1,087,256
(1-day SOFR + 2.62%), 5.30%, 04/20/37(b)		546		520,141
(1-day SOFR + 3.12%), 3.62%, 04/01/31(b)		1,186		1,084,794
(3-mo. LIBOR US + 1.14%), 3.77%, 01/24/29(b)		1,189		1,126,781
(3-mo. LIBOR US + 1.34%), 3.59%, 07/22/28(b)		1,866		1,768,504
(3-mo. LIBOR US + 1.63%), 4.43%, 01/23/30(b)		1,020		985,485
Series I, (1-day SOFR + 0.75%), 0.86%, 10/21/25(b)		550		511,646
Nasdaq, Inc.
3.85%, 06/30/26		496		486,606
1.65%, 01/15/31		243		193,502
National Rural Utilities Cooperative Finance Corp.,
4.80%, 03/15/28		215		217,681
NatWest Group PLC
4.80%, 04/05/26		478		475,985
(1-year CMT + 0.90%), 1.64%, 06/14/27(b)		1,100		978,185

Security	Par (000)		Value
Financial Services (continued)
NatWest Group PLC (continued)
(1-year CMT + 1.35%), 5.85%, 03/02/27(b)	$	650	$	657,554
(1-year CMT + 2.10%), 6.02%, 03/02/34(a)(b)		500		519,652
(1-year CMT + 2.27%), 5.52%, 09/30/28(b)		525		527,224
(1-year CMT + 2.55%), 3.07%, 05/22/28(b)		650		594,913
(1-year CMT + 2.85%), 7.47%, 11/10/26(b)		800		836,921
(3-mo. LIBOR US + 1.75%), 4.89%, 05/18/29(b)		728		708,504
(3-mo. LIBOR US + 1.87%), 4.45%, 05/08/30(b)		478		453,742
(3-mo. LIBOR US + 1.91%), 5.08%, 01/27/30(b)		1,178		1,160,972
(5-year CMT + 2.10%), 3.75%, 11/01/29(b)		1,725		1,630,252
ORIX Corp.
5.00%, 09/13/27		200		201,303
2.25%, 03/09/31		413		342,712
4.00%, 04/13/32		313		290,999
5.20%, 09/13/32(a)		200		205,841
Radian Group, Inc.
4.50%, 10/01/24		150		144,750
6.63%, 03/15/25		400		398,147
Rexford Industrial Realty LP
2.13%, 12/01/30		329		266,428
2.15%, 09/01/31		366		291,942
Sumitomo Mitsui Financial Group, Inc.
2.45%, 09/27/24		1,310		1,258,265
2.35%, 01/15/25		1,310		1,245,379
1.47%, 07/08/25		1,310		1,209,965
5.46%, 01/13/26		500		505,254
3.78%, 03/09/26		2,489		2,423,490
2.63%, 07/14/26		829		774,653
1.40%, 09/17/26		982		871,980
3.01%, 10/19/26		863		808,295
3.45%, 01/11/27		700		664,910
3.36%, 07/12/27		829		788,509
3.35%, 10/18/27		413		386,211
5.52%, 01/13/28		500		511,452
3.54%, 01/17/28		309		289,843
1.90%, 09/17/28		982		838,703
3.04%, 07/16/29		1,440		1,288,355
3.20%, 09/17/29		413		367,692
2.72%, 09/27/29		478		416,619
5.71%, 01/13/30		1,000		1,035,254
2.13%, 07/08/30		1,310		1,082,609
1.71%, 01/12/31		235		185,385
2.22%, 09/17/31		400		324,551
5.77%, 01/13/33		650		682,150
Voya Financial, Inc., 3.65%, 06/15/26		288		276,447
				400,163,175
Food Products — 0.6%
Archer-Daniels-Midland Co.
2.50%, 08/11/26		350		332,211
3.25%, 03/27/30		500		469,796
2.90%, 03/01/32		523		466,210
4.50%, 08/15/33		310		310,551
Bunge Ltd. Finance Corp.
3.75%, 09/25/27		179		172,562
2.75%, 05/14/31(a)		579		496,926
General Mills, Inc., 4.95%, 03/29/33		220		224,071
Hershey Co.
2.05%, 11/15/24		413		399,057
2.45%, 11/15/29(a)		413		370,795

36 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food Products (continued)
Hormel Foods Corp.
1.70%, 06/03/28(a)	$	277	$	246,888
1.80%, 06/11/30		400		337,517
J M Smucker Co.
3.50%, 03/15/25		336		328,080
2.13%, 03/15/32(a)		179		146,708
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(c)
2.50%, 01/15/27		400		356,164
5.13%, 02/01/28		500		488,332
5.50%, 01/15/30		700		668,325
3.63%, 01/15/32		550		461,829
3.00%, 05/15/32(a)		900		706,465
5.75%, 04/01/33		550		527,095
McCormick and Co., Inc., 4.95%, 04/15/33		300		300,225
Mondelez International, Inc.
1.50%, 05/04/25		288		270,196
2.63%, 03/17/27		259		242,597
2.75%, 04/13/30		759		674,030
1.50%, 02/04/31		480		382,778
1.88%, 10/15/32		413		331,058
Pilgrim’s Pride Corp.
4.25%, 04/15/31(a)		300		260,943
3.50%, 03/01/32		360		289,800
6.25%, 07/01/33		250		247,303
Tyson Foods, Inc.
3.95%, 08/15/24		459		452,811
4.00%, 03/01/26		300		294,357
3.55%, 06/02/27		829		794,988
4.35%, 03/01/29		500		488,857
				12,539,525
Gas Utilities — 0.0%
Boardwalk Pipelines LP, 3.60%, 09/01/32		200		174,584
Southwest Gas Corp., 5.45%, 03/23/28		65		66,070
				240,654
Ground Transportation — 0.7%
Burlington Northern Santa Fe LLC
3.00%, 04/01/25		350		340,849
3.65%, 09/01/25		620		608,056
7.00%, 12/15/25		163		172,609
3.25%, 06/15/27(a)		1,450		1,403,967
Canadian National Railway Co.
2.95%, 11/21/24		229		223,004
2.75%, 03/01/26		463		444,600
3.85%, 08/05/32		400		383,837
Canadian Pacific Railway Co.
1.35%, 12/02/24		950		897,662
2.90%, 02/01/25		829		800,407
1.75%, 12/02/26		613		559,725
2.88%, 11/15/29(a)		57		52,071
2.05%, 03/05/30		179		153,241
7.13%, 10/15/31		163		186,794
2.45%, 12/02/31		566		504,983
CSX Corp.
3.35%, 11/01/25		163		158,256
3.25%, 06/01/27		309		296,216
3.80%, 03/01/28		1,023		1,003,713
4.25%, 03/15/29		500		495,922
2.40%, 02/15/30		413		363,118

Security	Par (000)		Value
Ground Transportation (continued)
CSX Corp. (continued)
4.10%, 11/15/32	$	300	$	290,846
Norfolk Southern Corp.
3.15%, 06/01/27		727		690,058
2.55%, 11/01/29		107		95,206
3.00%, 03/15/32		374		330,730
4.45%, 03/01/33(a)		500		493,337
Union Pacific Corp.
3.75%, 07/15/25		400		394,037
3.25%, 08/15/25(a)		163		158,717
4.75%, 02/21/26		500		505,292
2.75%, 03/01/26		829		795,760
2.15%, 02/05/27(a)		103		95,772
3.95%, 09/10/28		829		821,387
3.70%, 03/01/29(a)		829		809,522
2.40%, 02/05/30		312		276,770
2.38%, 05/20/31		419		363,229
2.80%, 02/14/32(a)		741		654,921
4.50%, 01/20/33(a)		500		503,475
				16,328,089
Health Care Equipment & Supplies — 1.0%
Abbott Laboratories
2.95%, 03/15/25		400		390,503
3.75%, 11/30/26		1,174		1,170,176
1.15%, 01/30/28		438		388,944
1.40%, 06/30/30(a)		366		305,488
Baxter International, Inc.
1.32%, 11/29/24		600		565,134
2.60%, 08/15/26		603		563,899
1.92%, 02/01/27		502		451,113
2.27%, 12/01/28(a)		446		389,479
3.95%, 04/01/30		413		386,727
2.54%, 02/01/32(a)		600		494,124
Becton Dickinson & Co.
3.36%, 06/06/24		374		367,492
3.73%, 12/15/24		282		276,431
3.70%, 06/06/27		701		679,156
4.69%, 02/13/28		410		414,752
2.82%, 05/20/30		388		345,002
1.96%, 02/11/31		390		322,519
4.30%, 08/22/32		190		184,435
Boston Scientific Corp., 2.65%, 06/01/30		829		733,285
Danaher Corp., 3.35%, 09/15/25(a)		225		219,700
DH Europe Finance II SARL
2.20%, 11/15/24		829		797,065
2.60%, 11/15/29(a)		366		330,334
Edwards Lifesciences Corp., 4.30%, 06/15/28		400		400,118
GE HealthCare Technologies, Inc.(c)
5.55%, 11/15/24		260		261,106
5.60%, 11/15/25		620		627,980
5.65%, 11/15/27(a)		1,000		1,032,666
5.86%, 03/15/30		500		526,162
5.91%, 11/22/32		700		749,278
Medtronic Global Holdings SCA
4.25%, 03/30/28		150		150,520
4.50%, 03/30/33		295		297,749
PerkinElmer, Inc.
0.85%, 09/15/24		350		329,407
1.90%, 09/15/28(a)		430		369,827
3.30%, 09/15/29		329		298,127

S C H E D U L E    O F    I N V E S  T M E N T S 37

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care Equipment & Supplies (continued)
PerkinElmer, Inc. (continued)
2.25%, 09/15/31	$	156	$	126,761
Smith & Nephew PLC, 2.03%, 10/14/30		360		293,521
STERIS Irish FinCo UnLtd Co., 2.70%, 03/15/31		334		280,471
Stryker Corp.
3.38%, 05/15/24		209		205,123
3.38%, 11/01/25		480		465,014
3.50%, 03/15/26		413		402,640
1.95%, 06/15/30		400		338,888
Thermo Fisher Scientific, Inc.
1.22%, 10/18/24		1,600		1,523,674
4.80%, 11/21/27		125		128,426
1.75%, 10/15/28(a)		313		278,104
2.60%, 10/01/29(a)		802		729,416
2.00%, 10/15/31		763		638,661
4.95%, 11/21/32(a)		230		239,065
Zimmer Biomet Holdings, Inc.
1.45%, 11/22/24		350		331,397
3.55%, 04/01/25		700		681,170
2.60%, 11/24/31		261		220,778
				21,701,807
Health Care Providers & Services — 2.2%
Adventist Health System/West, 5.43%, 03/01/32		500		504,734
Aetna, Inc., 3.50%, 11/15/24		239		233,164
AmerisourceBergen Corp.
3.45%, 12/15/27		620		594,590
2.80%, 05/15/30		329		289,651
2.70%, 03/15/31		413		356,531
Ascension Health, Series B, 2.53%, 11/15/29		97		86,223
Banner Health, 2.34%, 01/01/30(a)		300		262,402
Baylor Scott & White Holdings, Series 2021, 1.78%, 11/15/30		57		46,613
Bon Secours Mercy Health, Inc., 3.46%, 06/01/30		130		118,543
Cardinal Health, Inc.
3.50%, 11/15/24		163		159,011
3.75%, 09/15/25		413		402,870
3.41%, 06/15/27		829		793,225
Cedars-Sinai Health System, Series 2021, 2.29%, 08/15/31		130		110,351
Centene Corp.
4.25%, 12/15/27		1,100		1,051,182
2.45%, 07/15/28		1,700		1,477,347
4.63%, 12/15/29		1,400		1,319,500
3.38%, 02/15/30		800		706,052
3.00%, 10/15/30		900		767,016
2.50%, 03/01/31		1,000		814,898
2.63%, 08/01/31		550		450,373
CHRISTUS Health, Series C, 4.34%, 07/01/28		100		97,749
CommonSpirit Health
2.76%, 10/01/24		1,862		1,807,181
1.55%, 10/01/25		120		110,644
3.35%, 10/01/29		338		305,544
2.78%, 10/01/30		230		197,672
Elevance Health, Inc.
3.50%, 08/15/24		163		159,961
3.35%, 12/01/24		350		341,440
2.38%, 01/15/25		603		579,904
5.35%, 10/15/25		220		222,979
4.90%, 02/08/26		250		249,523
1.50%, 03/15/26		820		754,519

Security	Par (000)		Value
Health Care Providers & Services (continued)
Elevance Health, Inc. (continued)
3.65%, 12/01/27	$	829	$	804,777
4.10%, 03/01/28		600		591,127
2.88%, 09/15/29		550		502,068
2.25%, 05/15/30		649		558,022
2.55%, 03/15/31		579		499,347
5.50%, 10/15/32		600		633,721
4.75%, 02/15/33		700		704,069
HCA, Inc.
5.38%, 02/01/25		1,000		1,000,494
5.25%, 04/15/25		829		830,917
5.88%, 02/15/26		550		558,559
5.25%, 06/15/26		829		831,991
5.38%, 09/01/26		400		402,889
4.50%, 02/15/27		400		392,746
3.13%, 03/15/27(c)		942		884,538
5.63%, 09/01/28		550		561,437
5.88%, 02/01/29		600		618,568
4.13%, 06/15/29		620		587,819
3.50%, 09/01/30		1,650		1,485,151
2.38%, 07/15/31		829		676,995
3.63%, 03/15/32(c)		775		686,547
Humana, Inc.
3.85%, 10/01/24		413		406,492
1.35%, 02/03/27		633		561,499
5.75%, 03/01/28		115		119,957
3.70%, 03/23/29		288		272,600
3.13%, 08/15/29		413		375,053
2.15%, 02/03/32		384		311,362
5.88%, 03/01/33(a)		500		538,557
Kaiser Foundation Hospitals, 3.15%, 05/01/27		679		646,082
McKesson Corp.
1.30%, 08/15/26		745		668,982
3.95%, 02/16/28(a)		129		125,739
Ochsner LSU Health System of North Louisiana, Series 2021, 2.51%, 05/15/31		130		98,036
Providence St Joseph Health Obligated Group, Series 19A, 2.53%, 10/01/29		743		635,918
SSM Health Care Corp., 4.89%, 06/01/28		250		250,872
Sutter Health
Series 20A, 2.29%, 08/15/30		194		164,068
Series 20-A, 1.32%, 08/15/25		63		58,113
UnitedHealth Group, Inc.
2.38%, 08/15/24		312		302,736
5.00%, 10/15/24		900		904,800
3.75%, 07/15/25		829		817,404
5.15%, 10/15/25		50		50,966
1.25%, 01/15/26		136		125,826
3.10%, 03/15/26		413		400,735
1.15%, 05/15/26(a)		824		754,872
3.45%, 01/15/27		413		402,195
3.38%, 04/15/27		829		805,808
2.95%, 10/15/27		350		332,496
5.25%, 02/15/28		625		653,093
3.85%, 06/15/28		829		815,415
3.88%, 12/15/28		500		490,531
4.25%, 01/15/29		590		589,244
4.00%, 05/15/29		350		344,252
2.88%, 08/15/29		416		384,754
5.30%, 02/15/30		800		844,461
2.00%, 05/15/30		736		632,463

38 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care Providers & Services (continued)
UnitedHealth Group, Inc. (continued)
2.30%, 05/15/31	$	948	$	820,551
4.20%, 05/15/32		550		539,285
5.35%, 02/15/33		900		959,797
4.50%, 04/15/33		590		590,623
Universal Health Services, Inc.
1.65%, 09/01/26		745		658,411
2.65%, 10/15/30		350		291,118
2.65%, 01/15/32		195		157,833
				48,086,173
Health Care Technology — 0.2%
Laboratory Corp. of America Holdings
3.25%, 09/01/24		229		223,685
2.30%, 12/01/24		829		793,706
3.60%, 02/01/25		450		439,229
1.55%, 06/01/26		425		384,256
3.60%, 09/01/27		413		397,379
2.70%, 06/01/31		156		134,645
Quest Diagnostics, Inc.
3.50%, 03/30/25		305		296,968
4.20%, 06/30/29		163		160,149
2.95%, 06/30/30		350		314,058
2.80%, 06/30/31		329		288,160
				3,432,235
Hotels, Restaurants & Leisure — 0.6%
Choice Hotels International, Inc., 3.70%, 12/01/29		130		117,936
GLP Capital LP/GLP Financing II, Inc.
5.25%, 06/01/25		329		322,852
5.38%, 04/15/26		450		445,430
Hyatt Hotels Corp.
1.80%, 10/01/24		300		285,167
5.38%, 04/23/25		500		501,884
4.38%, 09/15/28		229		221,908
5.75%, 04/23/30		413		424,556
Marriott International, Inc.
5.00%, 10/15/27		210		212,066
4.90%, 04/15/29		40		39,766
2.85%, 04/15/31		550		468,954
Series EE, 5.75%, 05/01/25		502		508,434
Series FF, 4.63%, 06/15/30		829		805,095
Series GG, 3.50%, 10/15/32		400		350,629
Series R, 3.13%, 06/15/26		829		788,907
Series X, 4.00%, 04/15/28		829		802,104
McDonald’s Corp.
3.25%, 06/10/24(a)		329		324,721
3.38%, 05/26/25		413		404,061
3.30%, 07/01/25		55		53,736
3.70%, 01/30/26		829		817,885
3.50%, 03/01/27		829		807,695
3.50%, 07/01/27		360		350,045
3.80%, 04/01/28(a)		829		816,449
2.63%, 09/01/29		400		364,800
3.60%, 07/01/30		315		300,036
4.60%, 09/09/32(a)		400		405,718
Starbucks Corp.
3.80%, 08/15/25		829		816,989
4.75%, 02/15/26		200		201,720
4.00%, 11/15/28(a)		413		407,966
3.55%, 08/15/29		336		322,147

Security	Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Starbucks Corp. (continued)
2.25%, 03/12/30	$	179	$	154,837
2.55%, 11/15/30		660		577,824
3.00%, 02/14/32(a)		628		560,503
4.80%, 02/15/33		300		304,116
				14,286,936
Household Durables — 0.2%
D.R. Horton, Inc.
2.50%, 10/15/24		350		337,348
1.30%, 10/15/26		241		215,816
1.40%, 10/15/27		179		156,211
Leggett & Platt, Inc.
3.80%, 11/15/24(a)		130		127,332
4.40%, 03/15/29		179		174,303
Lennar Corp.
4.75%, 05/30/25		159		157,960
4.75%, 11/29/27		309		306,104
MDC Holdings, Inc., 2.50%, 01/15/31		130		102,169
NVR, Inc., 3.00%, 05/15/30		350		314,254
PulteGroup, Inc., 7.88%, 06/15/32		200		233,451
Toll Brothers Finance Corp.
4.88%, 11/15/25		26		25,485
4.88%, 03/15/27		225		220,569
4.35%, 02/15/28		225		215,413
3.80%, 11/01/29		225		205,188
Whirlpool Corp.
4.75%, 02/26/29(a)		250		249,791
2.40%, 05/15/31		159		130,872
4.70%, 05/14/32		130		125,906
5.50%, 03/01/33		150		152,508
				3,450,680
Household Products — 0.0%
Church & Dwight Co., Inc.
2.30%, 12/15/31		129		109,025
5.60%, 11/15/32		50		53,770
				162,795
Industrial Conglomerates — 0.1%
General Electric Co., Series A, 6.75%, 03/15/32		750		862,948
Pentair Finance SARL, 5.90%, 07/15/32		400		413,037
Trane Technologies Luxembourg Finance SA
3.55%, 11/01/24		413		402,745
3.80%, 03/21/29		300		287,209
				1,965,939
Insurance — 1.9%
Aegon NV, (6-mo. LIBOR US + 3.54%), 5.50%, 04/11/48(b)		300		290,940
Aflac, Inc.
1.13%, 03/15/26		129		117,958
2.88%, 10/15/26		620		586,116
3.60%, 04/01/30		450		424,231
Alleghany Corp., 3.63%, 05/15/30		579		551,837
Allstate Corp.
3.28%, 12/15/26		620		593,651
1.45%, 12/15/30(a)		193		152,932
5.25%, 03/30/33		200		203,769
American Equity Investment Life Holding Co.,
5.00%, 06/15/27(a)		200		198,322
American International Group, Inc.
2.50%, 06/30/25		553		525,152

S C H E D U L E    O F    I N V E S  T M E N T S 39

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
American International Group, Inc. (continued)
3.90%, 04/01/26	$	287	$	280,291
4.20%, 04/01/28		500		492,039
5.13%, 03/27/33		590		592,775
Aon Corp.
4.50%, 12/15/28(a)		129		127,496
3.75%, 05/02/29		279		267,442
2.80%, 05/15/30		393		345,931
Aon Corp./Aon Global Holdings PLC
2.85%, 05/28/27		450		418,730
2.05%, 08/23/31		413		335,704
2.60%, 12/02/31		286		241,734
5.00%, 09/12/32		200		202,278
5.35%, 02/28/33		400		413,769
Aon Global Ltd.
3.50%, 06/14/24		829		814,141
3.88%, 12/15/25		496		484,747
Arch Capital Finance LLC, 4.01%, 12/15/26		179		174,668
Arthur J Gallagher & Co.
2.40%, 11/09/31		413		338,761
5.50%, 03/02/33		35		36,179
Assurant, Inc.
3.70%, 02/22/30		150		132,223
2.65%, 01/15/32		143		109,083
Assured Guaranty U.S. Holdings, Inc., 5.00%, 07/01/24		28		27,916
Athene Holding Ltd.
4.13%, 01/12/28		400		363,896
6.15%, 04/03/30		659		660,566
6.65%, 02/01/33		200		203,840
AXA SA, 8.60%, 12/15/30		500		604,381
AXIS Specialty Finance PLC, 4.00%, 12/06/27		200		193,639
Berkshire Hathaway Finance Corp.
2.30%, 03/15/27(a)		637		607,560
1.85%, 03/12/30(a)		413		358,813
1.45%, 10/15/30		745		620,315
2.88%, 03/15/32		500		452,883
Berkshire Hathaway, Inc., 3.13%, 03/15/26		1,160		1,131,581
Brighthouse Financial, Inc.
3.70%, 06/22/27		400		372,519
5.63%, 05/15/30(a)		229		223,666
Brown & Brown, Inc.
2.38%, 03/15/31		829		679,003
4.20%, 03/17/32(a)		156		143,429
Chubb INA Holdings, Inc.
3.35%, 05/15/24		413		406,235
3.15%, 03/15/25(a)		829		807,261
3.35%, 05/03/26(a)		657		642,790
1.38%, 09/15/30(a)		354		287,394
CNA Financial Corp.
4.50%, 03/01/26		288		285,387
3.90%, 05/01/29		413		392,403
CNO Financial Group, Inc., 5.25%, 05/30/29		300		285,538
Corebridge Financial, Inc.(c)
3.50%, 04/04/25		425		408,345
3.65%, 04/05/27		475		448,406
3.85%, 04/05/29		425		387,500
3.90%, 04/05/32(a)		825		725,879
(5-year CMT + 3.85%), 6.88%, 12/15/52(a)(b)		350		316,916
Enstar Group Ltd., 3.10%, 09/01/31		591		466,133

Security	Par (000)		Value
Insurance (continued)
Equitable Holdings, Inc.
4.35%, 04/20/28	$	829	$	798,768
5.59%, 01/11/33		350		347,931
F&G Annuities & Life, Inc., 7.40%, 01/13/28(a)(c)		100		101,715
Fairfax Financial Holdings Ltd.
4.63%, 04/29/30(a)		229		218,901
3.38%, 03/03/31		300		255,163
5.63%, 08/16/32(c)		300		296,970
Fidelity National Financial, Inc., 3.40%, 06/15/30		413		365,476
First American Financial Corp.
4.60%, 11/15/24		130		127,929
4.00%, 05/15/30(a)		200		181,750
2.40%, 08/15/31		142		110,362
Globe Life, Inc.
2.15%, 08/15/30		129		105,197
4.80%, 06/15/32		160		155,646
Hanover Insurance Group, Inc.
4.50%, 04/15/26		496		493,743
2.50%, 09/01/30		413		333,731
Hartford Financial Services Group, Inc., 2.80%, 08/19/29		413		363,833
Jackson Financial, Inc.(a)
5.17%, 06/08/27		200		196,640
3.13%, 11/23/31		179		144,402
Kemper Corp., 3.80%, 02/23/32		226		195,382
Lincoln National Corp., 3.80%, 03/01/28(a)		1,243		1,112,546
Loews Corp.
3.75%, 04/01/26		413		405,977
3.20%, 05/15/30		541		490,424
Manulife Financial Corp.
4.15%, 03/04/26		413		406,907
2.48%, 05/19/27		179		166,602
3.70%, 03/16/32(a)		123		114,169
(5-year USD ICE Swap + 1.65%), 4.06%, 02/24/32(a)(b)		413		390,291
Markel Corp., 3.35%, 09/17/29		393		360,878
Marsh & McLennan Cos., Inc.
3.50%, 06/03/24		829		813,415
3.50%, 03/10/25		413		404,498
3.75%, 03/14/26		829		813,815
4.38%, 03/15/29		829		823,868
2.25%, 11/15/30		286		244,185
5.75%, 11/01/32		100		107,393
MetLife, Inc.
3.00%, 03/01/25		167		161,657
4.55%, 03/23/30(a)		829		830,846
Old Republic International Corp.
4.88%, 10/01/24		163		161,520
3.88%, 08/26/26		250		240,916
PartnerRe Finance B LLC, 3.70%, 07/02/29		200		189,479
Primerica, Inc., 2.80%, 11/19/31(a)		136		114,755
Principal Financial Group, Inc.
3.40%, 05/15/25		163		157,796
3.10%, 11/15/26		129		123,567
3.70%, 05/15/29		189		179,387
2.13%, 06/15/30		229		191,070
5.38%, 03/15/33		80		81,397
Progressive Corp.
2.45%, 01/15/27		413		385,807
2.50%, 03/15/27		194		181,038

40 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
Progressive Corp. (continued)
4.00%, 03/01/29	$	225	$	220,761
3.20%, 03/26/30		350		322,845
3.00%, 03/15/32(a)		190		170,951
Prudential Financial, Inc.
1.50%, 03/10/26		179		164,724
3.88%, 03/27/28		577		563,108
(3-mo. LIBOR US + 2.67%), 5.70%, 09/15/48(b)		829		805,166
(5-year CMT + 2.85%), 6.75%, 03/01/53(a)(b)		300		300,750
(5-year CMT + 3.04%), 3.70%, 10/01/50(b)		329		281,940
(5-year CMT + 3.16%), 5.13%, 03/01/52(b)		393		355,559
(5-year CMT + 3.23%), 6.00%, 09/01/52(b)		500		480,214
Prudential Funding Asia PLC
3.13%, 04/14/30		829		748,173
3.63%, 03/24/32(a)		413		374,281
Reinsurance Group of America, Inc., 3.90%, 05/15/29		393		369,601
Stewart Information Services Corp., 3.60%, 11/15/31		180		142,013
Trinity Acquisition PLC, 4.40%, 03/15/26		413		406,440
Unum Group, 4.00%, 06/15/29		129		123,950
Willis North America, Inc.
4.65%, 06/15/27		339		333,701
4.50%, 09/15/28		193		187,955
				42,756,967
Interactive Media & Services — 0.6%
Alphabet, Inc.
0.45%, 08/15/25(a)		663		611,349
2.00%, 08/15/26		1,323		1,248,899
0.80%, 08/15/27		447		394,403
1.10%, 08/15/30		1,488		1,231,226
Baidu, Inc.
3.08%, 04/07/25		560		538,230
4.13%, 06/30/25		478		467,783
1.72%, 04/09/26		350		318,426
2.38%, 08/23/31		350		288,488
eBay, Inc.
1.90%, 03/11/25		829		784,166
1.40%, 05/10/26		325		296,099
3.60%, 06/05/27		829		800,047
2.70%, 03/11/30		829		727,426
2.60%, 05/10/31		254		216,420
JD.com, Inc., 3.38%, 01/14/30		478		430,738
Meta Platforms, Inc.
3.50%, 08/15/27		1,500		1,455,604
3.85%, 08/15/32		1,590		1,500,932
Netflix, Inc., 5.88%, 11/15/28		1,500		1,575,889
Weibo Corp.
3.50%, 07/05/24		350		340,878
3.38%, 07/08/30(a)		300		241,071
				13,468,074
Internet Software & Services — 0.2%
Booking Holdings, Inc.
3.60%, 06/01/26		343		335,327
4.63%, 04/13/30		829		833,471
Expedia Group, Inc.
5.00%, 02/15/26		413		412,901
3.80%, 02/15/28		620		585,169

Security	Par (000)		Value
Internet Software & Services (continued)
Expedia Group, Inc. (continued)
3.25%, 02/15/30(a)	$	683	$	600,243
2.95%, 03/15/31		252		213,278
VeriSign, Inc.
5.25%, 04/01/25		179		179,760
4.75%, 07/15/27(a)		179		176,045
2.70%, 06/15/31		244		207,814
				3,544,008
IT Services — 1.0%
Broadridge Financial Solutions, Inc.
3.40%, 06/27/26		201		193,891
2.90%, 12/01/29		413		363,293
2.60%, 05/01/31		381		319,658
CGI, Inc.
1.45%, 09/14/26		413		373,116
2.30%, 09/14/31		413		331,166
DXC Technology Co.(a)
1.80%, 09/15/26		496		435,819
2.38%, 09/15/28		329		279,094
Fidelity National Information Services, Inc.
4.50%, 07/15/25		300		297,003
1.15%, 03/01/26		492		443,056
4.70%, 07/15/27		85		84,544
1.65%, 03/01/28(a)		562		485,858
2.25%, 03/01/31(a)		484		391,448
5.10%, 07/15/32(a)		280		275,781
Fiserv, Inc.
2.75%, 07/01/24		808		785,159
3.85%, 06/01/25		350		342,609
3.20%, 07/01/26(a)		1,250		1,191,867
2.25%, 06/01/27		393		357,730
5.45%, 03/02/28		400		410,220
4.20%, 10/01/28(a)		829		808,619
3.50%, 07/01/29		1,864		1,736,189
2.65%, 06/01/30		291		253,634
5.60%, 03/02/33		250		260,690
Genpact Luxembourg SARL, 3.38%, 12/01/24		129		124,758
International Business Machines Corp.
3.00%, 05/15/24		1,059		1,037,408
4.00%, 07/27/25		450		445,153
4.50%, 02/06/26		300		300,380
3.45%, 02/19/26		700		681,688
3.30%, 05/15/26		1,243		1,205,122
3.30%, 01/27/27		655		631,289
1.70%, 05/15/27		881		796,168
4.15%, 07/27/27		1,000		992,348
4.50%, 02/06/28		300		300,677
3.50%, 05/15/29		1,119		1,049,978
1.95%, 05/15/30		459		387,090
4.40%, 07/27/32(a)		350		343,225
5.88%, 11/29/32(a)		163		177,136
4.75%, 02/06/33		300		299,410
Kyndryl Holdings, Inc.
2.05%, 10/15/26		300		262,900
3.15%, 10/15/31		260		200,176
Leidos, Inc.
3.63%, 05/15/25		200		194,206
2.30%, 02/15/31		620		503,097
5.75%, 03/15/33		500		511,358

S C H E D U L E    O F    I N V E S  T M E N T S 41

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
IT Services (continued)
Verisk Analytics, Inc.
4.00%, 06/15/25	$	163	$	159,634
4.13%, 03/15/29		413		399,414
5.75%, 04/01/33		285		300,444
				21,723,503
Leisure Products — 0.0%
Hasbro, Inc.
3.00%, 11/19/24		413		399,697
3.55%, 11/19/26		225		212,840
3.50%, 09/15/27		163		154,789
3.90%, 11/19/29		225		206,693
				974,019
Life Sciences Tools & Services — 0.0%
Agilent Technologies, Inc.
2.75%, 09/15/29		534		479,669
2.30%, 03/12/31		572		481,229
				960,898
Machinery — 1.2%
Brunswick Corp.
2.40%, 08/18/31		194		148,254
4.40%, 09/15/32		329		290,984
Caterpillar Financial Services Corp.
2.85%, 05/17/24		1,659		1,624,143
3.30%, 06/09/24		163		160,562
2.15%, 11/08/24		374		360,879
4.90%, 01/17/25(a)		500		503,088
3.40%, 05/13/25		1,300		1,274,707
3.65%, 08/12/25		400		393,617
0.80%, 11/13/25		829		757,988
4.80%, 01/06/26		200		203,149
1.15%, 09/14/26		745		673,413
1.70%, 01/08/27		413		379,335
3.60%, 08/12/27(a)		400		391,984
Caterpillar, Inc.
3.40%, 05/15/24		413		409,043
2.60%, 04/09/30		413		372,744
1.90%, 03/12/31		753		636,305
CNH Industrial Capital LLC
3.95%, 05/23/25		201		196,253
5.45%, 10/14/25		200		202,187
1.88%, 01/15/26		179		166,019
1.45%, 07/15/26		142		127,356
4.55%, 04/10/28		200		197,920
Deere & Co.
2.75%, 04/15/25		829		803,332
3.10%, 04/15/30		413		384,856
Dover Corp.(a)
3.15%, 11/15/25		163		157,376
2.95%, 11/04/29		110		99,372
Flowserve Corp.
3.50%, 10/01/30		200		176,503
2.80%, 01/15/32		130		105,127
Fortive Corp., 3.15%, 06/15/26		413		394,903
IDEX Corp., 2.63%, 06/15/31		123		105,144
John Deere Capital Corp.
0.45%, 06/07/24		333		318,170
0.63%, 09/10/24		103		97,595
4.55%, 10/11/24		1,300		1,302,062
2.05%, 01/09/25		179		172,066

Security	Par (000)		Value
Machinery (continued)
John Deere Capital Corp. (continued)
1.25%, 01/10/25	$	413	$	391,240
3.45%, 03/13/25		500		490,900
3.40%, 06/06/25		135		132,357
4.05%, 09/08/25		85		84,469
3.40%, 09/11/25		500		488,991
4.80%, 01/09/26		650		659,849
0.70%, 01/15/26		745		678,638
1.05%, 06/17/26(a)		209		190,614
2.25%, 09/14/26		413		388,642
1.30%, 10/13/26		425		385,198
1.70%, 01/11/27		193		176,450
4.15%, 09/15/27		950		949,967
3.05%, 01/06/28(a)		225		214,962
4.75%, 01/20/28		600		614,061
1.50%, 03/06/28		163		144,892
3.35%, 04/18/29(a)		279		266,278
2.80%, 07/18/29		520		478,802
2.45%, 01/09/30		225		200,910
1.45%, 01/15/31(a)		745		608,566
2.00%, 06/17/31		209		176,219
4.35%, 09/15/32(a)		450		452,192
Kennametal, Inc., 2.80%, 03/01/31		100		82,327
nVent Finance SARL
2.75%, 11/15/31		120		97,918
5.65%, 05/15/33(e)		50		50,491
Otis Worldwide Corp.
2.06%, 04/05/25		775		734,284
2.57%, 02/15/30		829		729,721
Stanley Black & Decker, Inc.
6.00%, 03/06/28		750		777,189
4.25%, 11/15/28		179		173,967
2.30%, 03/15/30		829		691,731
(5-year CMT + 2.66%), 4.00%, 03/15/60(b)		496		372,870
Westinghouse Air Brake Technologies Corp.
3.20%, 06/15/25		413		393,666
3.45%, 11/15/26		400		381,063
4.95%, 09/15/28		413		409,975
				26,655,835
Media — 2.0%
Bell Telephone Co. of Canada or Bell Canada,
Series US-5, 2.15%, 02/15/32(a)		413		341,327
Charter Communications Operating LLC/Charter Communications Operating Capital
4.91%, 07/23/25		3,000		2,971,917
3.75%, 02/15/28		413		384,568
4.20%, 03/15/28		500		474,289
2.25%, 01/15/29		849		712,404
5.05%, 03/30/29		829		803,323
2.80%, 04/01/31		659		531,761
2.30%, 02/01/32		393		299,237
Comcast Corp.
3.38%, 08/15/25		623		608,581
3.95%, 10/15/25		2,036		2,012,096
5.25%, 11/07/25		835		852,237
3.15%, 03/01/26		1,450		1,408,546
2.35%, 01/15/27		702		655,903
3.30%, 02/01/27		829		800,603
3.30%, 04/01/27		309		297,831
5.35%, 11/15/27(a)		175		182,190

42 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
Comcast Corp. (continued)
3.15%, 02/15/28	$	1,036	$	987,604
3.55%, 05/01/28(a)		829		799,290
4.15%, 10/15/28		2,691		2,669,003
2.65%, 02/01/30		782		700,095
3.40%, 04/01/30		648		607,485
4.25%, 10/15/30		479		474,382
1.95%, 01/15/31		699		585,047
1.50%, 02/15/31		714		577,296
5.50%, 11/15/32		200		214,347
4.25%, 01/15/33		1,150		1,125,452
4.65%, 02/15/33(a)		390		394,794
Discovery Communications LLC
3.90%, 11/15/24		163		158,837
3.45%, 03/15/25(a)		79		76,254
3.95%, 06/15/25		500		485,534
4.90%, 03/11/26		272		271,701
3.95%, 03/20/28		512		479,591
4.13%, 05/15/29		300		277,566
3.63%, 05/15/30		400		356,091
FactSet Research Systems, Inc.(a)
2.90%, 03/01/27		140		130,872
3.45%, 03/01/32		130		114,425
Fox Corp.
3.05%, 04/07/25		300		289,329
4.71%, 01/25/29		829		814,306
Grupo Televisa SAB, 4.63%, 01/30/26		200		196,350
Interpublic Group of Cos., Inc.
4.75%, 03/30/30		829		813,953
2.40%, 03/01/31		185		154,596
Paramount Global
4.75%, 05/15/25		250		247,514
4.00%, 01/15/26		293		283,686
3.38%, 02/15/28(a)		413		378,220
3.70%, 06/01/28		413		378,816
7.88%, 07/30/30		350		386,063
4.95%, 01/15/31(a)		829		770,122
4.20%, 05/19/32(a)		400		344,228
TCI Communications, Inc., 7.88%, 02/15/26		163		176,450
TELUS Corp.
3.70%, 09/15/27		400		389,208
3.40%, 05/13/32		360		318,797
Thomson Reuters Corp., 3.35%, 05/15/26		66		63,833
TWDC Enterprises 18 Corp.
3.15%, 09/17/25		107		103,951
3.00%, 02/13/26		130		125,858
1.85%, 07/30/26(a)		829		772,233
2.95%, 06/15/27		620		591,969
Walt Disney Co.
1.75%, 08/30/24		523		503,097
3.70%, 09/15/24		413		407,870
3.35%, 03/24/25		1,077		1,059,009
3.70%, 10/15/25		686		675,708
1.75%, 01/13/26		496		465,798
3.38%, 11/15/26		143		139,158
2.20%, 01/13/28(a)		829		761,539
2.00%, 09/01/29		863		754,683
3.80%, 03/22/30		829		801,992
2.65%, 01/13/31		856		758,767

Security	Par (000)		Value
Media (continued)
Warnermedia Holdings, Inc.
3.64%, 03/15/25(c)	$	613	$	593,313
6.41%, 03/15/26		600		605,175
3.76%, 03/15/27(c)		1,351		1,273,192
4.05%, 03/15/29(c)		802		742,377
4.28%, 03/15/32(c)		1,972		1,751,451
WPP Finance 2010, 3.75%, 09/19/24		163		159,072
				43,874,162
Metals & Mining — 0.6%
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30(a)		478		419,086
ArcelorMittal SA
4.55%, 03/11/26		163		160,076
6.55%, 11/29/27		500		522,231
4.25%, 07/16/29(a)		225		214,623
6.80%, 11/29/32		400		418,647
BHP Billiton Finance USA Ltd.
4.88%, 02/27/26		550		556,742
4.75%, 02/28/28		550		558,984
4.90%, 02/28/33		115		117,917
Freeport-McMoRan, Inc.
4.55%, 11/14/24		413		407,851
5.00%, 09/01/27		329		328,570
4.13%, 03/01/28		413		389,946
4.38%, 08/01/28		329		312,087
5.25%, 09/01/29(a)		329		324,556
4.25%, 03/01/30		329		305,961
4.63%, 08/01/30(a)		140		133,388
Newmont Corp.
2.80%, 10/01/29		245		218,444
2.25%, 10/01/30		413		348,058
2.60%, 07/15/32		300		252,362
Nucor Corp.
3.95%, 05/23/25		355		350,338
4.30%, 05/23/27		366		364,101
3.95%, 05/01/28(a)		179		174,414
2.70%, 06/01/30		179		157,932
3.13%, 04/01/32(a)		209		185,712
Precision Castparts Corp., 3.25%, 06/15/25		350		342,989
Rio Tinto Finance USA Ltd., 7.13%, 07/15/28(a)		829		936,902
Rio Tinto Finance USA PLC, 5.00%, 03/09/33		270		278,866
Southern Copper Corp., 3.88%, 04/23/25(a)		620		603,260
Steel Dynamics, Inc.
2.40%, 06/15/25		300		284,237
5.00%, 12/15/26		161		161,515
1.65%, 10/15/27		413		359,746
3.45%, 04/15/30		350		318,813
3.25%, 01/15/31		213		189,786
Timken Co.
4.50%, 12/15/28		413		404,148
4.13%, 04/01/32		225		208,018
Vale Overseas Ltd.
6.25%, 08/10/26(a)		279		287,802
3.75%, 07/08/30		829		737,769
				12,335,877
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Prologis LP
3.25%, 06/30/26		413		398,097
2.88%, 11/15/29		447		402,208

S C H E D U L E    O F    I N V E S  T M E N T S 43

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Prologis LP (continued)
1.75%, 07/01/30	$	243	$	199,006
1.75%, 02/01/31		191		154,516
2.25%, 01/15/32		210		173,681
				1,327,508
Multi-Utilities — 0.4%
Atmos Energy Corp.
3.00%, 06/15/27		350		331,617
2.63%, 09/15/29		136		123,442
1.50%, 01/15/31		179		144,342
CenterPoint Energy Resources Corp.
5.25%, 03/01/28		400		414,933
1.75%, 10/01/30		159		130,793
4.40%, 07/01/32(a)		200		196,137
5.40%, 03/01/33(a)		400		416,152
Eastern Energy Gas Holdings LLC
3.60%, 12/15/24		108		105,469
Series A, 2.50%, 11/15/24		408		392,586
National Fuel Gas Co.
5.20%, 07/15/25		400		398,062
2.95%, 03/01/31		413		334,512
NiSource, Inc.
0.95%, 08/15/25		721		662,052
3.49%, 05/15/27		829		793,855
5.25%, 03/30/28		495		505,589
2.95%, 09/01/29		179		161,309
3.60%, 05/01/30		450		418,183
1.70%, 02/15/31(a)		366		294,148
Piedmont Natural Gas Co., Inc., 2.50%, 03/15/31		413		347,592
Southern California Gas Co.
2.95%, 04/15/27		530		501,481
Series TT, 2.60%, 06/15/26(a)		186		177,030
Series XX, 2.55%, 02/01/30		229		200,960
Southern Co. Gas Capital Corp., Series 20-A,
1.75%, 01/15/31		413		331,116
Southwest Gas Corp.
5.80%, 12/01/27		300		310,180
2.20%, 06/15/30		129		106,851
4.05%, 03/15/32(a)		225		208,416
				8,006,807
Offshore Drilling & Other Services — 0.2%
Applied Materials, Inc.
3.90%, 10/01/25		103		101,918
3.30%, 04/01/27		829		802,694
1.75%, 06/01/30		213		179,624
KLA Corp.
4.65%, 11/01/24		467		467,114
4.10%, 03/15/29		413		408,006
4.65%, 07/15/32(a)		640		649,914
Lam Research Corp.
3.80%, 03/15/25		150		147,624
3.75%, 03/15/26		450		444,694
4.00%, 03/15/29		650		640,795
1.90%, 06/15/30		679		575,502
				4,417,885
Oil, Gas & Consumable Fuels — 5.0%
Boardwalk Pipelines LP
4.95%, 12/15/24		350		347,433
4.45%, 07/15/27		189		185,491

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Boardwalk Pipelines LP (continued)
4.80%, 05/03/29	$	413	$	408,652
BP Capital Markets America, Inc.
3.80%, 09/21/25		829		818,727
3.41%, 02/11/26		409		400,533
3.12%, 05/04/26		288		279,624
3.02%, 01/16/27		373		357,072
3.54%, 04/06/27		179		174,775
3.94%, 09/21/28		413		408,138
4.23%, 11/06/28		829		831,231
3.63%, 04/06/30		829		793,764
1.75%, 08/10/30		425		356,840
2.72%, 01/12/32		413		361,342
4.81%, 02/13/33		1,450		1,475,123
BP Capital Markets PLC
3.28%, 09/19/27		413		399,996
3.72%, 11/28/28		829		811,256
Burlington Resources LLC, 7.40%, 12/01/31		320		379,562
Canadian Natural Resources Ltd.
3.90%, 02/01/25		163		159,576
3.85%, 06/01/27		613		588,544
2.95%, 07/15/30(a)		413		363,003
Cenovus Energy, Inc., 2.65%, 01/15/32(a)		136		113,251
Cheniere Corpus Christi Holdings LLC
5.88%, 03/31/25		950		957,493
5.13%, 06/30/27		593		595,640
3.70%, 11/15/29		763		714,035
Cheniere Energy Partners LP
4.50%, 10/01/29		600		564,502
4.00%, 03/01/31		1,000		894,425
3.25%, 01/31/32(a)		500		416,541
Cheniere Energy, Inc., 4.63%, 10/15/28		600		571,920
Chevron Corp.
1.55%, 05/11/25		1,204		1,138,217
3.33%, 11/17/25		413		403,434
2.95%, 05/16/26		1,036		1,005,080
2.00%, 05/11/27		430		399,042
2.24%, 05/11/30		787		701,563
Chevron USA, Inc.
3.90%, 11/15/24		350		347,808
0.69%, 08/12/25		628		577,945
1.02%, 08/12/27(a)		541		480,310
3.85%, 01/15/28		243		242,604
CNOOC Finance 2015 USA LLC, Series 2015, 4.38%, 05/02/28		1,310		1,312,292
CNOOC Petroleum North America ULC, 7.88%, 03/15/32		176		215,493
Columbia Pipeline Group, Inc., 4.50%, 06/01/25		163		161,520
Conoco Funding Co., 7.25%, 10/15/31		350		409,579
ConocoPhillips Co.
2.40%, 03/07/25		550		528,243
6.95%, 04/15/29		450		508,109
Continental Resources, Inc.
3.80%, 06/01/24(a)		579		567,866
4.38%, 01/15/28		579		550,554
Coterra Energy, Inc.
3.90%, 05/15/27		400		384,956
4.38%, 03/15/29(a)		179		172,037
DCP Midstream Operating LP
5.38%, 07/15/25		330		330,063
5.63%, 07/15/27		200		202,856

44 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
DCP Midstream Operating LP (continued)
5.13%, 05/15/29	$	250	$	247,851
3.25%, 02/15/32		160		136,718
Devon Energy Corp.
5.85%, 12/15/25		163		165,922
5.88%, 06/15/28(a)		538		545,424
4.50%, 01/15/30		538		515,571
7.88%, 09/30/31		450		525,511
Diamondback Energy, Inc.
3.25%, 12/01/26		500		479,683
3.50%, 12/01/29		829		766,499
3.13%, 03/24/31		120		104,961
6.25%, 03/15/33		720		768,030
Eastern Gas Transmission & Storage, Inc., 3.00%, 11/15/29		179		162,900
Enbridge Energy Partners LP, 5.88%, 10/15/25		193		196,778
Enbridge, Inc.
2.50%, 01/15/25		163		156,629
2.50%, 02/14/25		59		56,457
1.60%, 10/04/26		381		345,034
4.25%, 12/01/26		829		815,983
3.70%, 07/15/27(a)		829		794,944
3.13%, 11/15/29		320		290,811
5.70%, 03/08/33		1,090		1,131,955
Energy Transfer LP
4.05%, 03/15/25		829		812,804
2.90%, 05/15/25		457		436,203
4.75%, 01/15/26		829		821,815
4.40%, 03/15/27		500		487,571
4.20%, 04/15/27		829		800,951
5.50%, 06/01/27		650		659,444
4.00%, 10/01/27		300		288,291
5.55%, 02/15/28		290		295,679
4.95%, 05/15/28(a)		829		821,736
4.95%, 06/15/28		393		391,297
5.25%, 04/15/29		593		595,040
3.75%, 05/15/30		1,029		946,052
5.75%, 02/15/33		600		611,765
Enterprise Products Operating LLC
3.75%, 02/15/25		484		477,834
5.05%, 01/10/26		350		355,707
3.70%, 02/15/26		376		368,937
3.95%, 02/15/27		209		206,393
4.15%, 10/16/28		829		816,091
3.13%, 07/31/29		600		552,357
2.80%, 01/31/30		711		635,644
5.35%, 01/31/33		350		364,436
Series E, (3-mo. LIBOR US + 3.03%), 5.25%, 08/16/77(b)		620		536,920
EOG Resources, Inc.
4.15%, 01/15/26		450		446,798
4.38%, 04/15/30(a)		829		831,460
EQT Corp.
6.13%, 02/01/25		538		539,436
3.90%, 10/01/27		660		624,393
5.70%, 04/01/28		55		55,240
5.00%, 01/15/29		130		124,441
7.00%, 02/01/30(a)		371		391,424
Equinor ASA
3.25%, 11/10/24		413		406,051
2.88%, 04/06/25		409		396,544

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Equinor ASA (continued)
3.13%, 04/06/30(a)	$	829	$	778,280
2.38%, 05/22/30		829		736,807
Exxon Mobil Corp.
2.02%, 08/16/24		413		399,977
2.71%, 03/06/25		1,036		1,005,802
2.99%, 03/19/25		1,409		1,372,172
3.04%, 03/01/26		1,062		1,033,029
2.28%, 08/16/26		413		391,359
3.29%, 03/19/27		660		646,926
2.44%, 08/16/29		413		378,212
3.48%, 03/19/30		911		874,617
2.61%, 10/15/30		1,010		912,654
Helmerich & Payne, Inc., 2.90%, 09/29/31		350		291,862
Hess Corp.
4.30%, 04/01/27		393		385,862
7.30%, 08/15/31		250		281,213
7.13%, 03/15/33		450		505,261
HF Sinclair Corp., 5.88%, 04/01/26		413		418,666
Kinder Morgan Energy Partners LP
4.30%, 05/01/24		413		409,263
4.25%, 09/01/24		100		98,966
Kinder Morgan, Inc.
4.30%, 06/01/25		739		729,975
1.75%, 11/15/26		215		194,283
4.30%, 03/01/28(a)		493		485,872
2.00%, 02/15/31(a)		745		605,881
7.80%, 08/01/31		350		400,171
7.75%, 01/15/32		829		964,255
4.80%, 02/01/33(a)		200		193,627
Magellan Midstream Partners LP
5.00%, 03/01/26		350		353,459
3.25%, 06/01/30		225		204,360
Marathon Oil Corp.
4.40%, 07/15/27		829		809,525
6.80%, 03/15/32		229		243,962
Marathon Petroleum Corp.
3.63%, 09/15/24		55		53,904
4.70%, 05/01/25		829		823,855
5.13%, 12/15/26		350		354,476
3.80%, 04/01/28		179		171,815
MPLX LP
4.88%, 12/01/24		763		760,072
4.88%, 06/01/25		763		760,307
1.75%, 03/01/26		600		551,919
4.13%, 03/01/27		829		809,346
4.25%, 12/01/27		309		302,118
4.00%, 03/15/28		829		800,938
2.65%, 08/15/30		727		621,158
4.95%, 09/01/32		500		490,804
5.00%, 03/01/33		705		692,713
ONEOK Partners LP, 4.90%, 03/15/25		163		162,112
ONEOK, Inc.
2.75%, 09/01/24		355		344,153
5.85%, 01/15/26		229		233,559
4.55%, 07/15/28		413		405,473
4.35%, 03/15/29		829		792,952
3.40%, 09/01/29		229		207,488
3.10%, 03/15/30		400		354,043
6.35%, 01/15/31		229		242,176
6.10%, 11/15/32		300		313,642

S C H E D U L E    O F    I N V E S  T M E N T S 45

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Ovintiv Exploration, Inc., 5.38%, 01/01/26	$	251	$	251,850
Ovintiv, Inc.
8.13%, 09/15/30(a)		130		144,996
7.20%, 11/01/31		145		155,133
7.38%, 11/01/31(a)		413		450,000
Phillips 66
3.85%, 04/09/25		239		234,168
4.95%, 12/01/27		170		171,582
3.90%, 03/15/28		300		290,711
2.15%, 12/15/30(a)		329		274,513
5.30%, 06/30/33(a)		230		232,901
Phillips 66 Co.(c)
3.55%, 10/01/26		413		395,307
3.15%, 12/15/29		305		275,142
Pioneer Natural Resources Co.
5.10%, 03/29/26		455		459,517
1.90%, 08/15/30		994		825,344
2.15%, 01/15/31		650		545,006
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24		620		605,441
4.65%, 10/15/25		450		445,426
4.50%, 12/15/26		413		405,525
3.55%, 12/15/29		329		297,116
3.80%, 09/15/30		200		180,973
Sabine Pass Liquefaction LLC
5.75%, 05/15/24		655		655,033
5.63%, 03/01/25		1,279		1,285,291
5.88%, 06/30/26		829		846,267
5.00%, 03/15/27		829		829,075
4.20%, 03/15/28		829		802,989
4.50%, 05/15/30		1,259		1,219,098
Shell International Finance BV
2.00%, 11/07/24		829		799,669
3.25%, 05/11/25		1,036		1,011,552
2.88%, 05/10/26		593		572,329
2.50%, 09/12/26		829		788,167
3.88%, 11/13/28(a)		829		819,914
2.38%, 11/07/29		829		741,218
2.75%, 04/06/30(a)		589		538,373
Spectra Energy Partners LP
3.50%, 03/15/25		163		158,366
3.38%, 10/15/26		829		792,199
Targa Resources Corp.
4.20%, 02/01/33(a)		374		339,785
6.13%, 03/15/33		450		469,808
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
6.50%, 07/15/27		329		335,233
5.00%, 01/15/28		329		321,703
6.88%, 01/15/29		329		336,007
5.50%, 03/01/30		496		483,193
4.88%, 02/01/31		496		467,439
4.00%, 01/15/32		496		435,870
TC PipeLines LP
4.38%, 03/13/25		163		160,106
3.90%, 05/25/27		27		26,289
TotalEnergies Capital International SA
2.43%, 01/10/25		400		386,944
3.46%, 02/19/29		489		467,661
2.83%, 01/10/30		500		457,140

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
TotalEnergies Capital SA, 3.88%, 10/11/28	$	400	$	394,546
TransCanada PipeLines Ltd.
1.00%, 10/12/24		523		491,080
4.88%, 01/15/26		702		702,780
6.20%, 03/09/26		400		402,290
4.25%, 05/15/28		620		606,422
4.10%, 04/15/30		443		422,513
2.50%, 10/12/31		413		341,742
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26		663		710,960
4.00%, 03/15/28		620		597,841
Valero Energy Corp.
2.15%, 09/15/27		209		189,854
4.35%, 06/01/28(a)		212		209,004
2.80%, 12/01/31		179		151,205
7.50%, 04/15/32		310		356,947
Valero Energy Partners LP, 4.50%, 03/15/28		413		408,342
Western Midstream Operating LP
4.30%, 02/01/30		500		456,404
6.15%, 04/01/33		400		406,724
Williams Cos., Inc.
4.55%, 06/24/24		459		455,232
3.90%, 01/15/25		163		160,081
4.00%, 09/15/25		163		159,614
5.40%, 03/02/26		220		224,416
3.75%, 06/15/27		620		598,492
3.50%, 11/15/30		829		758,613
2.60%, 03/15/31		539		457,917
8.75%, 03/15/32		400		482,555
4.65%, 08/15/32		200		194,099
5.65%, 03/15/33		600		621,754
				110,178,592
Passenger Airlines — 0.2%
American Airlines Pass-Through Trust
Series 2016-2, Class AA, 3.20%, 12/15/29		297		271,353
Series 2019-1, Class AA, 3.15%, 08/15/33(a)		694		600,694
Continental Airlines Pass-Through Trust, Series 2012- 2 A, Class A, 4.00%, 04/29/26		218		221,019
JetBlue Pass-Through Trust, 4.00%, 11/15/32(a)		261		239,908
Southwest Airlines Co.
5.25%, 05/04/25		543		544,343
5.13%, 06/15/27		1,027		1,035,306
2.63%, 02/10/30		159		136,547
United Airlines Pass-Through Trust
Series 2013-1, Class A, 4.30%, 02/15/27		75		72,089
Series 2016-1, Class AA, 3.10%, 01/07/30		293		266,680
Series 2020-1, Class A, 5.88%, 04/15/29		1,069		1,069,195
				4,457,134
Personal Care Products — 0.8%
Colgate-Palmolive Co.
4.80%, 03/02/26		80		81,775
4.60%, 03/01/28(a)		80		82,524
4.60%, 03/01/33		80		82,960
Estee Lauder Cos., Inc.
2.00%, 12/01/24		243		232,848
3.15%, 03/15/27		179		173,914
2.38%, 12/01/29		61		54,303
2.60%, 04/15/30		413		371,185
1.95%, 03/15/31		193		163,968

46 2 0 2 3    B L A C K R O C K     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Personal Care Products (continued)
Haleon U.K. Capital PLC, 3.13%, 03/24/25	$	982	$	948,484
Haleon U.S. Capital LLC
3.38%, 03/24/27		800		763,717
3.38%, 03/24/29		400		372,378
3.63%, 03/24/32		1,062		975,186
Kenvue, Inc.
5.50%, 03/22/25		430		437,262
5.35%, 03/22/26		370		379,854
5.05%, 03/22/28		515		533,379
5.00%, 03/22/30		390		404,434
4.90%, 03/22/33		690		714,510
Procter & Gamble Co.
0.55%, 10/29/25(a)		349		319,812
4.10%, 01/26/26		550		551,515
1.00%, 04/23/26		467		428,925
2.45%, 11/03/26		450		427,750
1.90%, 02/01/27		500		466,485
2.80%, 03/25/27		1,000		961,142
2.85%, 08/11/27		413		395,990
3.95%, 01/26/28		250		251,050
3.00%, 03/25/30		829		779,970
1.20%, 10/29/30		425		349,395
1.95%, 04/23/31		829		720,150
2.30%, 02/01/32		480		427,132
4.05%, 01/26/33		450		453,576
Unilever Capital Corp.
3.10%, 07/30/25		400		387,895
2.00%, 07/28/26(a)		490		460,502
2.90%, 05/05/27		490		469,086
3.50%, 03/22/28		500		489,558
2.13%, 09/06/29		655		578,358
1.38%, 09/14/30		527		431,353
1.75%, 08/12/31		200		165,101
5.90%, 11/15/32		450		507,374
				16,794,800
Pharmaceuticals — 3.3%
AbbVie, Inc.
2.60%, 11/21/24		1,534		1,480,926
3.80%, 03/15/25		1,450		1,425,465
3.60%, 05/14/25		1,793		1,751,709
3.20%, 05/14/26		1,190		1,146,322
2.95%, 11/21/26		2,709		2,571,558
4.25%, 11/14/28		723		717,489
3.20%, 11/21/29		3,714		3,432,024
Astrazeneca Finance LLC
1.20%, 05/28/26		829		758,696
4.88%, 03/03/28		400		412,987
1.75%, 05/28/28		721		642,607
4.90%, 03/03/30		500		516,875
2.25%, 05/28/31		150		129,971
4.88%, 03/03/33		500		519,482
AstraZeneca PLC
3.38%, 11/16/25		741		724,308
0.70%, 04/08/26(a)		911		826,647
3.13%, 06/12/27		413		396,989
4.00%, 01/17/29		343		340,746
1.38%, 08/06/30		911		748,722
Bristol-Myers Squibb Co.
2.90%, 07/26/24		900		881,460
0.75%, 11/13/25		450		413,419

Security	Par (000)		Value
Pharmaceuticals (continued)
Bristol-Myers Squibb Co. (continued)
3.20%, 06/15/26	$	626	$	609,747
1.13%, 11/13/27		450		396,693
3.45%, 11/15/27(a)		800		778,139
3.90%, 02/20/28		829		823,538
3.40%, 07/26/29		1,067		1,020,800
1.45%, 11/13/30		620		508,595
2.95%, 03/15/32		615		555,363
Cigna Corp.
3.50%, 06/15/24		620		609,675
3.25%, 04/15/25		225		218,380
4.13%, 11/15/25		829		818,411
4.50%, 02/25/26		163		162,597
1.25%, 03/15/26		413		376,813
3.40%, 03/01/27		620		595,393
3.05%, 10/15/27		179		168,598
4.38%, 10/15/28		2,153		2,138,341
2.40%, 03/15/30		829		718,806
2.38%, 03/15/31		590		500,023
Cigna Group, 5.40%, 03/15/33		290		301,580
CVS Health Corp.
2.63%, 08/15/24		1,014		984,283
4.10%, 03/25/25		118		117,270
3.88%, 07/20/25		1,330		1,308,602
5.00%, 02/20/26		460		465,403
2.88%, 06/01/26		700		667,824
3.63%, 04/01/27		113		109,378
1.30%, 08/21/27		1,243		1,089,882
4.30%, 03/25/28		2,075		2,049,593
3.25%, 08/15/29		709		653,214
5.13%, 02/21/30		500		508,654
3.75%, 04/01/30		597		559,173
1.75%, 08/21/30		512		418,144
1.88%, 02/28/31		1,023		833,195
2.13%, 09/15/31(a)		371		304,370
5.25%, 02/21/33		950		970,336
Eli Lilly & Co.
5.00%, 02/27/26		350		352,031
3.10%, 05/15/27		620		597,884
3.38%, 03/15/29		829		796,524
4.70%, 02/27/33		190		197,251
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29(a)		829		791,756
GlaxoSmithKline Capital, Inc.
3.63%, 05/15/25		829		819,191
3.88%, 05/15/28		829		819,001
Johnson & Johnson
2.63%, 01/15/25		300		292,596
0.55%, 09/01/25		339		313,019
2.45%, 03/01/26		715		686,782
2.95%, 03/03/27		400		387,590
0.95%, 09/01/27		600		532,887
2.90%, 01/15/28		829		798,819
1.30%, 09/01/30		650		545,531
Mead Johnson Nutrition Co., 4.13%, 11/15/25		829		815,909
Merck & Co., Inc.
2.75%, 02/10/25		1,263		1,228,668
0.75%, 02/24/26		400		366,049
1.70%, 06/10/27		775		707,554
1.90%, 12/10/28		795		709,210
3.40%, 03/07/29		750		724,515
1.45%, 06/24/30		443		368,687

S C H E D U L E     O F    I N V E  S T M E N T S 47

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
Merck & Co., Inc. (continued)
2.15%, 12/10/31	$	764	$	651,843
Mylan, Inc., 4.55%, 04/15/28		660		632,257
Novartis Capital Corp.
3.40%, 05/06/24		1,160		1,142,710
1.75%, 02/14/25		413		394,457
3.00%, 11/20/25		911		882,970
2.00%, 02/14/27		413		383,687
3.10%, 05/17/27		373		360,654
2.20%, 08/14/30		829		733,055
Pfizer, Inc.
3.40%, 05/15/24		829		817,138
0.80%, 05/28/25		285		265,698
2.75%, 06/03/26		505		487,334
3.00%, 12/15/26		620		600,451
3.60%, 09/15/28		359		352,911
3.45%, 03/15/29		660		638,802
2.63%, 04/01/30		829		750,717
1.70%, 05/28/30		683		578,304
1.75%, 08/18/31		829		691,548
Sanofi, 3.63%, 06/19/28		359		353,112
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26		1,576		1,502,140
Takeda Pharmaceutical Co. Ltd.
5.00%, 11/26/28		1,078		1,097,694
2.05%, 03/31/30		1,154		981,206
Utah Acquisition Sub, Inc., 3.95%, 06/15/26		913		873,556
Viatris, Inc.
1.65%, 06/22/25		829		764,339
2.30%, 06/22/27		829		730,933
2.70%, 06/22/30(a)		493		401,666
Zoetis, Inc.
4.50%, 11/13/25		300		298,468
3.00%, 09/12/27		350		332,985
3.90%, 08/20/28		179		175,355
2.00%, 05/15/30		329		279,256
5.60%, 11/16/32		300		322,089
				73,508,004
Real Estate — 0.0%
Prologis LP
2.25%, 04/15/30		427		367,814
1.25%, 10/15/30		300		237,468
				605,282
Real Estate Management & Development — 0.1%
CBRE Services, Inc.
4.88%, 03/01/26		163		163,120
2.50%, 04/01/31		193		154,566
Essential Properties LP, 2.95%, 07/15/31		129		95,254
VICI Properties LP, 5.13%, 05/15/32(a)		950		906,620
				1,319,560
Residential REITs — 0.0%
AvalonBay Communities, Inc., 5.00%, 02/15/33		75		76,740
UDR, Inc.
4.40%, 01/26/29		129		124,434
3.20%, 01/15/30		413		372,273
3.00%, 08/15/31(a)		413		356,955
				930,402

Security	Par (000)		Value
Retail REITs — 0.0%
Realty Income Corp.
4.70%, 12/15/28	$	220	$	217,782
4.85%, 03/15/30		40		39,811
5.63%, 10/13/32		500		517,829
4.90%, 07/15/33		340		333,811
				1,109,233
Semiconductors & Semiconductor Equipment — 2.3%
Advanced Micro Devices, Inc., 3.92%, 06/01/32(a)		430		417,477
Analog Devices, Inc.
3.50%, 12/05/26		620		603,964
3.45%, 06/15/27(c)		500		485,309
1.70%, 10/01/28		450		396,427
2.10%, 10/01/31		650		552,999
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.88%, 01/15/27		1,842		1,789,715
3.50%, 01/15/28		413		387,862
Broadcom, Inc.
3.15%, 11/15/25		294		282,112
3.46%, 09/15/26(a)		309		296,063
1.95%, 02/15/28(c)		198		173,798
4.11%, 09/15/28		700		673,552
4.00%, 04/15/29(c)		450		423,791
4.75%, 04/15/29		800		792,457
4.15%, 11/15/30		596		554,333
2.45%, 02/15/31(c)		1,715		1,405,836
4.15%, 04/15/32(c)		512		467,682
4.30%, 11/15/32		794		728,020
2.60%, 02/15/33(c)		700		552,427
3.42%, 04/15/33(c)		1,000		841,641
Flex Ltd.
4.75%, 06/15/25		250		245,984
3.75%, 02/01/26		250		239,875
6.00%, 01/15/28		300		305,025
4.88%, 06/15/29		413		399,966
4.88%, 05/12/30		243		236,363
Honeywell International, Inc.
2.30%, 08/15/24		829		804,791
4.85%, 11/01/24		100		100,568
1.35%, 06/01/25		472		443,999
2.50%, 11/01/26		600		571,130
1.10%, 03/01/27		829		746,600
4.95%, 02/15/28(a)		100		103,807
2.70%, 08/15/29		293		270,414
1.95%, 06/01/30		829		710,404
1.75%, 09/01/31		829		685,396
5.00%, 02/15/33		600		632,886
Intel Corp.
2.88%, 05/11/24		829		812,213
3.40%, 03/25/25		540		530,798
3.70%, 07/29/25		1,379		1,357,567
4.88%, 02/10/26		600		607,865
2.60%, 05/19/26		400		381,319
3.75%, 03/25/27		660		646,821
3.15%, 05/11/27(a)		400		383,533
3.75%, 08/05/27		750		734,109
4.88%, 02/10/28		1,055		1,073,541
1.60%, 08/12/28		297		260,040
4.00%, 08/05/29		350		342,052
2.45%, 11/15/29		829		731,064
5.13%, 02/10/30		600		614,536
3.90%, 03/25/30		550		527,401

48 2 0 2 3    B L A C K R O C K     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Semiconductors & Semiconductor Equipment (continued)
Intel Corp. (continued)
2.00%, 08/12/31	$	413	$	341,350
4.15%, 08/05/32(a)		810		782,477
5.20%, 02/10/33		1,000		1,021,126
Jabil, Inc.
1.70%, 04/15/26		694		630,168
4.25%, 05/15/27		145		141,388
5.45%, 02/01/29		75		75,487
3.00%, 01/15/31		219		186,768
Marvell Technology, Inc.
1.65%, 04/15/26		736		671,253
2.45%, 04/15/28		829		728,923
2.95%, 04/15/31		393		328,006
Microchip Technology, Inc.
0.98%, 09/01/24		400		376,468
4.25%, 09/01/25		829		813,932
Micron Technology, Inc.
4.98%, 02/06/26		163		162,200
4.19%, 02/15/27		400		385,711
5.38%, 04/15/28		340		338,884
5.33%, 02/06/29		163		162,313
6.75%, 11/01/29		500		526,911
4.66%, 02/15/30(a)		300		287,482
2.70%, 04/15/32		829		663,935
5.88%, 02/09/33		200		201,651
NVIDIA Corp.
3.20%, 09/16/26		829		808,257
1.55%, 06/15/28		600		533,594
2.85%, 04/01/30		946		867,575
2.00%, 06/15/31		579		490,579
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.88%, 06/18/26		239		230,912
4.40%, 06/01/27		400		392,542
4.30%, 06/18/29		829		788,845
3.40%, 05/01/30		465		416,553
2.50%, 05/11/31		311		256,342
2.65%, 02/15/32		308		252,618
5.00%, 01/15/33(a)		500		487,908
Qorvo, Inc., 4.38%, 10/15/29		454		412,945
QUALCOMM, Inc.
3.45%, 05/20/25(a)		600		588,684
3.25%, 05/20/27(a)		763		739,137
1.30%, 05/20/28		366		320,042
2.15%, 05/20/30(a)		500		437,344
1.65%, 05/20/32		700		564,550
4.25%, 05/20/32		93		92,952
5.40%, 05/20/33(a)		500		537,751
Skyworks Solutions, Inc.
1.80%, 06/01/26		107		96,435
3.00%, 06/01/31		123		102,738
Texas Instruments, Inc.
4.70%, 11/18/24		100		100,182
1.38%, 03/12/25		450		426,451
4.60%, 02/15/28		170		174,304
2.25%, 09/04/29		562		501,998
1.75%, 05/04/30		450		382,414
1.90%, 09/15/31		467		393,144
3.65%, 08/16/32		200		190,661
4.90%, 03/14/33		120		125,182

Security	Par (000)		Value
Semiconductors & Semiconductor Equipment (continued)
TSMC Arizona Corp.
1.75%, 10/25/26	$	450	$	408,087
3.88%, 04/22/27		1,000		981,125
2.50%, 10/25/31		410		350,627
4.25%, 04/22/32(a)		400		394,700
Xilinx, Inc., 2.38%, 06/01/30		260		227,861
				50,227,004
Software — 1.8%
Activision Blizzard, Inc.
3.40%, 09/15/26		350		340,050
3.40%, 06/15/27		129		124,144
1.35%, 09/15/30		61		49,645
Autodesk, Inc.
3.50%, 06/15/27(a)		209		202,307
2.85%, 01/15/30		26		23,208
2.40%, 12/15/31		637		534,250
Electronic Arts, Inc., 1.85%, 02/15/31		213		176,398
Intuit, Inc.
0.95%, 07/15/25		625		578,047
1.35%, 07/15/27(a)		683		609,546
1.65%, 07/15/30		166		138,342
Microsoft Corp.
2.70%, 02/12/25		1,450		1,413,228
3.13%, 11/03/25		1,184		1,158,533
2.40%, 08/08/26		2,553		2,433,892
3.30%, 02/06/27(a)		2,584		2,538,507
Oracle Corp.
3.40%, 07/08/24		759		744,203
2.95%, 11/15/24		2,903		2,810,242
2.50%, 04/01/25		1,479		1,412,098
2.95%, 05/15/25		413		397,954
5.80%, 11/10/25		920		942,962
1.65%, 03/25/26		741		680,415
2.65%, 07/15/26		1,315		1,234,938
2.80%, 04/01/27		1,243		1,158,119
3.25%, 11/15/27		1,820		1,715,805
2.30%, 03/25/28		1,148		1,026,949
4.50%, 05/06/28		130		128,662
6.15%, 11/09/29		205		217,518
2.95%, 04/01/30		2,200		1,948,928
4.65%, 05/06/30		130		127,441
3.25%, 05/15/30		787		706,778
2.88%, 03/25/31		1,293		1,114,325
6.25%, 11/09/32		900		971,679
4.90%, 02/06/33		730		719,209
Roper Technologies, Inc.
2.35%, 09/15/24		156		150,432
1.00%, 09/15/25		512		469,580
3.80%, 12/15/26		163		158,644
1.40%, 09/15/27		305		267,475
4.20%, 09/15/28		450		447,190
2.95%, 09/15/29		359		324,244
2.00%, 06/30/30		313		259,325
1.75%, 02/15/31		404		322,878
Salesforce, Inc.
3.70%, 04/11/28		1,009		1,001,173
1.50%, 07/15/28		450		397,548
1.95%, 07/15/31		689		578,687
ServiceNow, Inc., 1.40%, 09/01/30		670		540,638

S C H E D U L E     O F    I N V E  S T M E N T S 49

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Software (continued)
Take-Two Interactive Software, Inc.
3.55%, 04/14/25	$	388	$	377,343
5.00%, 03/28/26		300		302,282
3.70%, 04/14/27		305		294,763
4.95%, 03/28/28		300		302,539
4.00%, 04/14/32(a)		359		337,904
VMware, Inc.
1.00%, 08/15/24		800		757,399
4.50%, 05/15/25		500		494,988
1.40%, 08/15/26		909		811,688
3.90%, 08/21/27		600		577,841
1.80%, 08/15/28		500		425,922
4.70%, 05/15/30		309		297,766
2.20%, 08/15/31		600		475,676
Workday, Inc.
3.50%, 04/01/27		639		613,256
3.70%, 04/01/29		279		262,997
3.80%, 04/01/32(a)		421		384,293
				40,012,793
Specialized REITs — 0.0%
American Tower Corp., 5.65%, 03/15/33		290		301,170
Crown Castle, Inc.
4.80%, 09/01/28		220		220,304
5.10%, 05/01/33		225		225,626
				747,100
Specialty Retail — 0.2%
Advance Auto Parts, Inc.
5.90%, 03/09/26		145		148,855
5.95%, 03/09/28		400		412,951
AutoZone, Inc.
3.25%, 04/15/25		107		103,695
4.50%, 02/01/28		340		339,267
3.75%, 04/18/29		179		169,603
4.00%, 04/15/30(a)		300		285,684
4.75%, 02/01/33		350		347,831
Best Buy Co., Inc., 1.95%, 10/01/30(a)		236		193,582
Dick’s Sporting Goods, Inc., 3.15%, 01/15/32(a)		329		272,785
Lowe’s Cos., Inc., 5.15%, 07/01/33		370		377,104
O’Reilly Automotive, Inc., 3.60%, 09/01/27(a)		300		290,916
Ross Stores, Inc.
4.60%, 04/15/25		413		410,741
1.88%, 04/15/31		179		145,254
				3,498,268
Technology Hardware, Storage & Peripherals — 1.8%
Adobe, Inc.
1.90%, 02/01/25		103		98,765
3.25%, 02/01/25		500		490,538
2.15%, 02/01/27		306		284,891
2.30%, 02/01/30		994		883,164
Apple, Inc.
3.45%, 05/06/24		829		817,253
2.85%, 05/11/24		709		696,174
1.80%, 09/11/24		1,355		1,309,827
2.75%, 01/13/25		829		808,475
2.50%, 02/09/25		66		64,026
1.13%, 05/11/25		1,488		1,399,282
3.20%, 05/13/25		620		608,378
0.55%, 08/20/25		523		482,714

Security	Par (000)		Value
Technology Hardware, Storage & Peripherals (continued)
Apple, Inc. (continued)
0.70%, 02/08/26	$	1,613	$	1,473,152
3.25%, 02/23/26		1,584		1,550,414
2.45%, 08/04/26		1,169		1,115,417
2.05%, 09/11/26		900		844,528
3.35%, 02/09/27		909		888,263
3.20%, 05/11/27(a)		1,243		1,212,775
2.90%, 09/12/27		829		796,427
3.00%, 11/13/27		829		799,695
1.20%, 02/08/28		989		874,543
1.40%, 08/05/28		1,530		1,345,935
3.25%, 08/08/29		400		383,494
2.20%, 09/11/29		1,023		920,404
1.65%, 05/11/30		1,160		990,587
1.25%, 08/20/30		523		431,484
1.65%, 02/08/31		1,123		948,660
1.70%, 08/05/31		130		108,742
3.35%, 08/08/32(a)		800		759,113
Dell International LLC/EMC Corp.
4.00%, 07/15/24		829		818,362
5.85%, 07/15/25		496		506,554
6.02%, 06/15/26		2,463		2,534,805
4.90%, 10/01/26		829		829,413
5.25%, 02/01/28		550		556,796
5.30%, 10/01/29(a)		1,036		1,047,184
5.75%, 02/01/33(a)		400		405,333
Dell, Inc., 7.10%, 04/15/28(a)		329		352,461
Fortinet, Inc.
1.00%, 03/15/26		628		568,880
2.20%, 03/15/31		183		151,540
Hewlett Packard Enterprise Co.
5.90%, 10/01/24		600		606,386
4.90%, 10/15/25		1,036		1,032,089
1.75%, 04/01/26		829		766,108
HP, Inc.
2.20%, 06/17/25		413		390,696
1.45%, 06/17/26(a)		625		564,936
3.00%, 06/17/27(a)		450		419,398
4.75%, 01/15/28(a)		350		347,735
4.00%, 04/15/29		430		408,260
3.40%, 06/17/30		413		366,014
2.65%, 06/17/31		329		267,920
4.20%, 04/15/32		430		385,319
5.50%, 01/15/33		650		645,003
NetApp, Inc.
1.88%, 06/22/25		558		523,079
2.70%, 06/22/30		400		345,572
Western Digital Corp.
4.75%, 02/15/26		759		721,297
2.85%, 02/01/29(a)		26		20,566
3.10%, 02/01/32(a)		145		105,223
				39,074,049
Textiles, Apparel & Luxury Goods — 0.1%
NIKE, Inc.
2.40%, 03/27/25		400		387,567
2.38%, 11/01/26		400		377,796
2.75%, 03/27/27		359		342,536
2.85%, 03/27/30		829		766,431

50 2 0 2 3    B L A C K R O C K     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Textiles, Apparel & Luxury Goods (continued)
Tapestry, Inc., 3.05%, 03/15/32	$	200	$	165,625
VF Corp.
2.40%, 04/23/25		350		330,896
2.95%, 04/23/30(a)		413		350,032
				2,720,883
Tobacco — 1.0%
Altria Group, Inc.
2.35%, 05/06/25		656		625,249
4.40%, 02/14/26(a)		500		496,339
2.63%, 09/16/26		209		195,709
4.80%, 02/14/29(a)		1,107		1,099,226
3.40%, 05/06/30		359		320,036
2.45%, 02/04/32		607		482,815
BAT Capital Corp.
3.22%, 08/15/24		1,036		1,007,814
2.79%, 09/06/24		409		394,734
3.22%, 09/06/26		829		786,150
4.70%, 04/02/27		413		407,895
3.56%, 08/15/27		1,373		1,284,912
2.26%, 03/25/28		496		430,643
4.91%, 04/02/30		496		478,821
2.73%, 03/25/31		493		399,580
4.74%, 03/16/32		454		424,169
7.75%, 10/19/32		340		376,700
BAT International Finance PLC(a)
1.67%, 03/25/26		663		603,662
4.45%, 03/16/28		454		436,112
Philip Morris International, Inc.
3.25%, 11/10/24		829		810,888
5.13%, 11/15/24		500		503,118
1.50%, 05/01/25		300		282,227
3.38%, 08/11/25(a)		620		605,345
5.00%, 11/17/25		500		504,478
4.88%, 02/13/26		700		703,610
2.75%, 02/25/26(a)		342		326,325
0.88%, 05/01/26		300		270,466
3.13%, 08/17/27(a)		179		170,191
5.13%, 11/17/27		490		501,758
4.88%, 02/15/28		700		706,166
3.38%, 08/15/29		800		742,192
5.63%, 11/17/29		385		402,130
5.13%, 02/15/30		900		909,371
2.10%, 05/01/30		259		217,640
1.75%, 11/01/30		259		209,094
5.75%, 11/17/32		615		645,908
5.38%, 02/15/33		1,300		1,325,955
Reynolds American, Inc., 4.45%, 06/12/25		1,279		1,258,018
				21,345,446
Transportation Infrastructure — 0.3%
FedEx Corp.
3.25%, 04/01/26		450		438,269
3.10%, 08/05/29		829		764,719
4.25%, 05/15/30		309		301,608
2.40%, 05/15/31(a)		516		438,198
Ryder System, Inc.
2.50%, 09/01/24		213		205,568
1.75%, 09/01/26		404		363,745
2.90%, 12/01/26		161		150,081

Security	Par (000)		Value
Transportation Infrastructure (continued)
Ryder System, Inc. (continued)
2.85%, 03/01/27	$	103	$	95,352
4.30%, 06/15/27(a)		110		107,560
5.65%, 03/01/28		200		204,977
United Parcel Service, Inc.
3.90%, 04/01/25(a)		829		822,805
2.40%, 11/15/26		659		625,059
3.05%, 11/15/27		413		396,971
3.40%, 03/15/29		350		337,483
4.45%, 04/01/30		350		354,635
4.88%, 03/03/33(a)		400		413,853
			6,020,883
Utilities — 0.1%
American Water Capital Corp.
3.40%, 03/01/25		620		605,279
2.95%, 09/01/27		413		390,767
3.75%, 09/01/28		193		187,049
3.45%, 06/01/29		413		390,296
2.30%, 06/01/31		745		635,244
4.45%, 06/01/32(a)		430		427,370
Essential Utilities, Inc., 2.40%, 05/01/31		129		107,966
			2,743,971
Wireless Telecommunication Services — 1.1%
America Movil SAB de CV
3.63%, 04/22/29		916		862,643
2.88%, 05/07/30		982		878,460
American Tower Corp., 3.55%, 07/15/27		500		474,373
Crown Castle, Inc., 2.50%, 07/15/31		500		419,540
GLP Capital LP/GLP Financing II, Inc.
5.30%, 01/15/29		829		799,562
4.00%, 01/15/31(a)		400		349,995
Orange SA, 9.00%, 03/01/31		1,263		1,594,750
Rogers Communications, Inc.
2.95%, 03/15/25(c)		329		315,165
3.63%, 12/15/25		298		286,768
2.90%, 11/15/26		179		167,039
3.20%, 03/15/27(a)(c)		767		719,244
3.80%, 03/15/32(c)		1,222		1,100,334
T-Mobile USA, Inc.
3.50%, 04/15/25		1,166		1,134,441
1.50%, 02/15/26		829		759,661
2.25%, 02/15/26		800		744,503
2.63%, 04/15/26		450		422,080
3.75%, 04/15/27		1,653		1,591,897
4.75%, 02/01/28		700		696,538
2.05%, 02/15/28		813		721,739
4.95%, 03/15/28		170		171,817
3.38%, 04/15/29		1,500		1,374,812
3.88%, 04/15/30		3,864		3,638,157
2.55%, 02/15/31		1,041		885,606
3.50%, 04/15/31		1,200		1,084,060
2.25%, 11/15/31		286		234,262
2.70%, 03/15/32		625		527,452
5.20%, 01/15/33		320		325,823
5.05%, 07/15/33(a)		385		387,908
Vodafone Group PLC
4.13%, 05/30/25		543		536,385
4.38%, 05/30/28(a)		400		402,184

SCHEDULE    OF    INVESTMENTS 51

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Wireless Telecommunication Services (continued)
Vodafone Group PLC (continued)
7.88%, 02/15/30	$	26	$	30,403
6.25%, 11/30/32(a)		500		548,235
				24,185,836
Total Corporate Bonds — 86.7% (Cost: $2,030,553,448)				1,917,657,194
Foreign Government and Agency Obligations
Canada — 1.2%
Canada Government International Bond
1.63%, 01/22/25		1,645		1,573,776
2.88%, 04/28/25		1,000		975,861
0.75%, 05/19/26		1,200		1,095,935
Export Development Canada
3.38%, 08/26/25(a)		1,300		1,282,720
3.00%, 05/25/27		1,100		1,070,638
3.88%, 02/14/28		1,600		1,614,406
Hydro-Quebec, Series IO, 8.05%, 07/07/24		400		414,116
Province of Alberta Canada
1.88%, 11/13/24		829		796,195
1.00%, 05/20/25		739		691,564
3.30%, 03/15/28(a)		409		398,652
1.30%, 07/22/30(a)		659		550,855
Province of British Columbia Canada
2.25%, 06/02/26		829		788,879
0.90%, 07/20/26(a)		859		781,938
Series 10, 1.75%, 09/27/24		500		481,196
Province of Manitoba Canada, Series HB, 1.50%, 10/25/28		359		318,636
Province of New Brunswick Canada, 3.63%, 02/24/28		179		176,704
Province of Ontario Canada
0.63%, 01/21/26		829		756,755
1.05%, 04/14/26		1,050		964,488
2.50%, 04/27/26		2,489		2,383,187
3.10%, 05/19/27		800		776,990
1.05%, 05/21/27(a)		829		742,199
2.00%, 10/02/29(a)		829		742,871
1.13%, 10/07/30		459		378,158
1.60%, 02/25/31		1,659		1,404,380
Province of Quebec Canada
0.60%, 07/23/25(a)		1,659		1,536,378
2.50%, 04/20/26		681		653,009
2.75%, 04/12/27(a)		1,659		1,591,993
1.35%, 05/28/30		659		558,677
Series QO, 2.88%, 10/16/24		713		696,410
Series QX, 1.50%, 02/11/25		859		817,399
				27,014,965
Chile — 0.1%
Chile Government International Bond
2.75%, 01/31/27		600		565,988
3.24%, 02/06/28		982		940,142
2.45%, 01/31/31(a)		783		687,719
2.55%, 01/27/32(a)		478		415,800
				2,609,649

Security	Par (000)		Value
Germany — 0.0%
Landwirtschaftliche Rentenbank, 1.75%, 07/27/26	$	829	$	776,299
Indonesia — 0.3%
Indonesia Government International Bond
4.15%, 09/20/27		600		593,925
3.50%, 01/11/28		1,310		1,261,530
4.10%, 04/24/28		478		471,965
4.75%, 02/11/29		478		485,110
2.85%, 02/14/30		1,310		1,191,117
3.85%, 10/15/30		1,310		1,259,074
3.55%, 03/31/32		700		650,475
4.65%, 09/20/32		600		601,238
4.85%, 01/11/33		500		507,125
				7,021,559
Israel — 0.1%
Israel Government International Bond
3.25%, 01/17/28(a)		982		925,105
2.75%, 07/03/30(a)		858		775,417
4.50%, 01/17/33		600		599,363
State of Israel, 2.50%, 01/15/30		710		632,033
				2,931,918
Italy — 0.2%
Republic of Italy Government International Bond
2.38%, 10/17/24		853		816,684
1.25%, 02/17/26		2,489		2,235,396
2.88%, 10/17/29		883		775,468
				3,827,548
Japan — 0.6%
Japan Bank for International Cooperation
0.63%, 07/15/25		1,310		1,208,987
1.88%, 07/21/26(a)		800		744,249
2.88%, 06/01/27		476		454,603
2.75%, 11/16/27		1,200		1,136,757
3.25%, 07/20/28(a)		1,310		1,260,332
2.13%, 02/16/29(a)		900		809,916
2.00%, 10/17/29		476		419,504
1.25%, 01/21/31		1,310		1,067,484
1.88%, 04/15/31		986		843,100
Series DTC, 2.50%, 05/28/25		2,486		2,390,085
Series DTC, 2.38%, 04/20/26		650		617,512
Series DTC, 2.25%, 11/04/26		1,500		1,405,760
Japan International Cooperation Agency, 2.75%, 04/27/27		800		756,445
				13,114,734
Mexico — 0.4%
Mexico Government International Bond
4.13%, 01/21/26		2,489		2,454,465
4.15%, 03/28/27		1,028		1,015,343
3.75%, 01/11/28		478		461,509
5.40%, 02/09/28		750		773,344
4.50%, 04/22/29(a)		1,053		1,039,377
3.25%, 04/16/30(a)		1,139		1,029,585
2.66%, 05/24/31		2,310		1,951,661
4.75%, 04/27/32		839		817,134
4.88%, 05/19/33		200		193,662
				9,736,080

52 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Panama — 0.3%
Panama Government International Bond
3.75%, 03/16/25	$	2,903	$	2,842,763
3.88%, 03/17/28		633		609,381
3.16%, 01/23/30		1,178		1,040,542
2.25%, 09/29/32		1,000		771,750
3.30%, 01/19/33(a)		400		337,950
				5,602,386
Peru — 0.2%
Peruvian Government International Bond
7.35%, 07/21/25		510		537,349
2.39%, 01/23/26		359		338,761
4.13%, 08/25/27		829		815,425
2.84%, 06/20/30		243		215,480
2.78%, 01/23/31(a)		1,459		1,263,221
1.86%, 12/01/32(a)		620		479,260
				3,649,496
Philippines — 0.3%
Philippine Government International Bond
10.63%, 03/16/25(a)		700		779,975
3.00%, 02/01/28		478		451,501
4.63%, 07/17/28		800		810,650
3.75%, 01/14/29		489		472,282
2.46%, 05/05/30		710		620,717
7.75%, 01/14/31		1,243		1,484,064
1.65%, 06/10/31		478		386,822
1.95%, 01/06/32		500		409,938
6.38%, 01/15/32		600		675,675
3.56%, 09/29/32		400		371,950
				6,463,574
Poland — 0.1%
Republic of Poland Government International Bond
3.25%, 04/06/26		1,036		1,010,294
5.75%, 11/16/32		600		649,425
				1,659,719
South Korea — 0.6%
Export-Import Bank of Korea
2.38%, 06/25/24		478		463,966
0.63%, 06/29/24		700		667,538
1.25%, 01/18/25		500		472,200
2.88%, 01/21/25		478		463,751
1.88%, 02/12/25		478		455,233
0.63%, 02/09/26(a)		1,000		895,620
2.63%, 05/26/26		478		450,787
1.63%, 01/18/27(a)		1,000		909,330
4.25%, 09/15/27(a)		400		399,296
5.00%, 01/11/28		850		877,038
4.50%, 09/15/32		600		606,192
5.13%, 01/11/33		1,000		1,059,250
Korea Development Bank
2.13%, 10/01/24		1,200		1,157,580
4.00%, 09/08/25		850		837,650
3.38%, 09/16/25		1,000		970,500
3.00%, 01/13/26		1,310		1,254,161
4.38%, 02/15/33		800		798,760
				12,738,852

Security	Par (000)		Value
Supranational — 5.5%
African Development Bank
0.88%, 03/23/26(a)	$	1,659	$	1,522,912
0.88%, 07/22/26		950		863,656
Asian Development Bank
0.38%, 06/11/24		2,489		2,377,301
1.50%, 10/18/24(a)		3,489		3,346,477
2.00%, 01/22/25		1,000		962,766
0.63%, 04/29/25		1,500		1,399,144
0.38%, 09/03/25		1,000		917,732
4.25%, 01/09/26		2,000		2,018,076
0.50%, 02/04/26		1,659		1,514,192
1.00%, 04/14/26		1,659		1,527,182
2.00%, 04/24/26		829		785,528
2.63%, 01/12/27		829		797,755
1.50%, 01/20/27		1,400		1,292,877
3.13%, 08/20/27		2,000		1,955,253
2.50%, 11/02/27(a)		1,659		1,578,007
2.75%, 01/19/28		620		595,659
5.82%, 06/16/28		2,519		2,748,821
1.75%, 09/19/29		1,659		1,481,898
1.88%, 01/24/30		789		705,660
1.50%, 03/04/31		1,500		1,288,282
Asian Infrastructure Investment Bank
2.25%, 05/16/24		4,302		4,191,440
0.50%, 10/30/24		850		800,739
0.50%, 01/27/26		1,050		953,398
Corp. Andina de Fomento, 1.63%, 09/23/25(a)		700		651,131
European Bank for Reconstruction & Development
1.50%, 02/13/25		829		790,602
0.50%, 05/19/25		1,659		1,540,479
0.50%, 01/28/26		900		820,688
European Investment Bank
1.88%, 02/10/25		1,000		960,222
1.63%, 03/14/25(a)		3,319		3,167,647
0.63%, 07/25/25		1,659		1,543,219
2.75%, 08/15/25		1,050		1,023,186
0.38%, 12/15/25		1,350		1,224,191
0.38%, 03/26/26		3,000		2,718,972
2.13%, 04/13/26(a)		829		790,203
0.75%, 10/26/26		1,198		1,081,519
2.38%, 05/24/27		2,903		2,762,495
3.25%, 11/15/27		1,000		985,486
1.75%, 03/15/29(a)		1,100		993,817
1.63%, 10/09/29		620		550,052
0.88%, 05/17/30		400		333,541
1.25%, 02/14/31		3,000		2,551,020
Inter-American Development Bank
0.50%, 09/23/24(a)		1,400		1,326,466
2.13%, 01/15/25		829		800,255
1.75%, 03/14/25		2,489		2,379,559
0.88%, 04/03/25		2,489		2,338,018
0.63%, 07/15/25		1,350		1,255,583
0.88%, 04/20/26		2,489		2,283,166
2.00%, 06/02/26		413		390,076
2.00%, 07/23/26		1,700		1,606,164
1.50%, 01/13/27		1,500		1,382,760
2.38%, 07/07/27		829		786,029
1.13%, 07/20/28		2,489		2,192,249
2.25%, 06/18/29(a)		934		862,848
3.50%, 09/14/29		2,000		1,982,520

SCHEDULE    OF    INVESTMENTS 53

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Supranational (continued)
Inter-American Development Bank (continued)
1.13%, 01/13/31(a)	$	2,073	$	1,730,026
Inter-American Investment Corp., 4.13%, 02/15/28		500		505,240
International Bank for Reconstruction &
Development
1.63%, 01/15/25(a)		2,489		2,379,338
0.75%, 03/11/25		1,200		1,126,963
0.63%, 04/22/25		4,150		3,873,211
0.38%, 07/28/25		2,489		2,299,745
0.50%, 10/28/25		1,659		1,525,669
0.88%, 07/15/26		850		776,415
3.13%, 06/15/27(a)		2,000		1,956,520
1.38%, 04/20/28		2,903		2,607,279
1.13%, 09/13/28(a)		2,150		1,888,008
1.25%, 02/10/31(a)		4,150		3,500,011
2.50%, 03/29/32		3,000		2,747,900
Series GDIF, 1.50%, 08/28/24(a)		1,169		1,124,982
Series GDIF, 2.50%, 11/25/24		2,489		2,420,524
Series GDIF, 2.50%, 07/29/25		829		803,242
Series GDIF, 1.88%, 10/27/26		1,720		1,613,280
Series GDIF, 2.50%, 11/22/27		1,659		1,577,931
Series GDIF, 1.75%, 10/23/29(a)		2,489		2,219,270
International Finance Corp.
0.38%, 07/16/25		1,659		1,523,730
0.75%, 10/08/26		1,659		1,498,638
0.75%, 08/27/30		459		376,026
Nordic Investment Bank
2.25%, 05/21/24(a)		500		486,900
0.38%, 09/11/25		1,100		1,012,308
3.38%, 09/08/27		500		493,645
				121,765,719
Sweden — 0.1%
Svensk Exportkredit AB
3.63%, 09/03/24		500		493,296
0.63%, 05/14/25(a)		1,310		1,215,280
0.50%, 08/26/25(a)		1,310		1,203,654
				2,912,230
Uruguay — 0.1%
Uruguay Government International Bond
4.50%, 08/14/24(a)		224		224,602
4.38%, 10/27/27		829		835,891
4.38%, 01/23/31(a)		823		829,584
				1,890,077
Total Foreign Government and Agency Obligations — 10.1% (Cost: $237,440,357)				223,714,805
Municipal Bonds
California — 0.2%
Bay Area Toll Authority, Refunding RB, 2.57%, 04/01/31		286		259,903
California Earthquake Authority, RB, Series A,
5.60%, 07/01/27		250		254,787
Los Angeles Community College District, Refunding
GO, 2.11%, 08/01/32(a)		540		451,840
Los Angeles Unified School District, GO, BAB,
Series KR, 5.76%, 07/01/29		215		225,953

Security	Par (000)		Value
California (continued)
Santa Clara Valley Transportation Authority, RB,
BAB, 5.88%, 04/01/32	$	460	$	485,741
State of California, Refunding GO
3.38%, 04/01/25		25		24,489
3.50%, 04/01/28		285		278,138
2.50%, 10/01/29		530		477,431
6.00%, 03/01/33		325		367,706
University of California, RB
Series BD, 3.35%, 07/01/29		460		438,449
Series BG, 0.88%, 05/15/25		150		140,029
Series BG, 1.61%, 05/15/30		320		268,529
University of California, Refunding RB, Series AX,
3.06%, 07/01/25		25		24,351
				3,697,346
Connecticut — 0.0%
State of Connecticut, GO, Series A, 5.85%, 03/15/32(a)		490		537,207
Florida — 0.1%
State Board of Administration Finance Corp., RB
Series A, 1.26%, 07/01/25		607		567,043
Series A, 1.71%, 07/01/27		371		332,456
Series A, 2.15%, 07/01/30		795		679,551
				1,579,050
Louisiana — 0.0%
Louisiana Local Government Environmental
Facilities & Community Development Authority, RB
5.08%, 06/01/31		210		213,154
Class A-1, 3.62%, 02/01/29		507		496,253
				709,407
Massachusetts — 0.0%
Commonwealth of Massachusetts, RB, Series A,
3.77%, 07/15/29		320		311,927
Massachusetts School Building Authority, Refunding
RB, Series B, 1.75%, 08/15/30		425		362,636
				674,563
New Jersey — 0.1%
New Jersey Economic Development Authority, RB,
Series A, (NPFGC), 7.43%, 02/15/29		1,201		1,317,671
New Jersey Transportation Trust Fund Authority, RB, BAB, Series C, 5.75%, 12/15/28		580		596,723
				1,914,394
New York — 0.0%
City of New York, GO, BAB, Series A-2, 5.21%, 10/01/31		135		140,321
Port Authority of New York & New Jersey, RB, 159th
Series, 6.04%, 12/01/29		125		136,043
				276,364
Ohio — 0.0%
JobsOhio Beverage System, Refunding RB,
Series B, 3.99%, 01/01/29		25		24,696

54 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oregon — 0.1%
Oregon School Boards Association, GO, Series B, (NPFGC), 5.55%, 06/30/28	$	300	$	311,481
State of Oregon, GO, 5.89%, 06/01/27		610		635,057
				946,538
Tennessee — 0.0%
Metropolitan Government Nashville & Davidson
County Health & Educational Facilities Board, RB, Series B, 4.05%, 07/01/26		288		280,426
Texas — 0.0%
Texas Transportation Commission State Highway Fund, RB, Series B, 5.18%, 04/01/30		490		508,862
Wisconsin — 0.0%
State of Wisconsin, Refunding RB, Series C, 3.15%, 05/01/27		230		221,152
Total Municipal Bonds — 0.5% (Cost: $12,208,671)				11,370,005
Preferred Securities
Capital Trusts — 0.1%(b)
Electric Utilities — 0.0%
American Electric Power Co., Inc., 3.88%, 02/15/62		329		263,307
Insurance — 0.1%
Prudential Financial, Inc., 5.38%, 05/15/45		413		392,240
				655,547
Total Preferred Securities — 0.1% (Cost: $742,007)				655,547
Total Long-Term Investments — 97.4% (Cost: $2,280,944,483)				2,153,397,551

Security	Shares		Value
Short-Term Securities
Money Market Funds — 8.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(f)(g)(h)		190,627,707	$	190,684,896
Total Short-Term Securities — 8.6% (Cost: $190,638,463)				190,684,896
Total Investments — 106.0% (Cost: $2,471,582,946)				2,344,082,447
Liabilities in Excess of Other Assets — (6.0)%				(132,749,978	)
Net Assets — 100.0%			$	2,211,332,469

^(a)  All or a portion of this security is on loan.

^(b)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(c)  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)  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)  When-issued security.

^(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 Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 10/31/22		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23	Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	150,880,559	$	39,730,618	(a)	$	—	$	5,169	$	68,550	$	190,684,896	190,627,707	$	746,448	(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 fees and collateral investment expenses, and other payments to and from borrowers of securities.

S C H E D U L E    O F    I N V E S  T M E N T S 55

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Intermediate Credit Bond Index Fund

Derivative Financial Instruments Outstanding as of Period End

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Corporate Bonds	$	—	$	1,917,657,194	$	—	$	1,917,657,194
Foreign Government and Agency Obligations		—		223,714,805		—		223,714,805
Municipal Bonds		—		11,370,005		—		11,370,005
Preferred Securities
Capital Trusts		—		655,547		—		655,547
Short-Term Securities
Money Market Funds		190,684,896		—		—		190,684,896
	$	190,684,896	$	2,153,397,551	$	—	$	2,344,082,447

See notes to financial statements.

56 2 0 2 3    B L A C K R O C K     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments  (unaudited)  April 30, 2023 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 — 2.2%
Fannie Mae
2.63%, 09/06/24	$	4,979	$	4,857,961
0.50%, 06/17/25		16,605		15,401,605
6.25%, 05/15/29		4,441		5,054,532
7.13%, 01/15/30		8,302		9,955,609
7.25%, 05/15/30		17,063		20,799,749
0.88%, 08/05/30(a)		5,819		4,782,169
6.63%, 11/15/30		96		114,648
Federal Home Loan Banks
2.75%, 12/13/24(a)		4,145		4,034,013
3.13%, 06/13/25		7,930		7,767,911
2.13%, 09/14/29		5,000		4,526,162
Federal Home Loan Mortgage Corp.
0.25%, 12/04/23		5,129		4,987,210
0.38%, 07/21/25		243		224,067
6.75%, 03/15/31		2,323		2,802,588
Tennessee Valley Authority, 1.50%, 09/15/31		130		107,538
				85,415,762
Total U.S. Government Sponsored Agency Securities — 2.2% (Cost: $92,623,068)				85,415,762
U.S. Treasury Obligations
U.S. Treasury Bonds
7.50%, 11/15/24		4,150		4,348,422
7.63%, 02/15/25		308		326,420
6.88%, 08/15/25		6,641		7,075,519
6.00%, 02/15/26		6,359		6,727,126
6.75%, 08/15/26		6,225		6,804,703
6.63%, 02/15/27(a)		2,903		3,208,836
6.38%, 08/15/27		4,000		4,440,781
5.25%, 11/15/28 - 02/15/29(a)		11,621		12,624,769
6.13%, 08/15/29		6,225		7,128,598
5.38%, 02/15/31		4,979		5,635,995
U.S. Treasury Notes
0.38%, 04/15/24 - 09/30/27(a)		193,554		179,091,354
2.00%, 04/30/24 - 11/15/26(a)		86,917		83,911,547
2.50%, 05/15/24		18,516		18,088,541
1.75%, 06/30/24 - 12/31/24		74,729		72,172,526
3.00%, 07/31/24 - 10/31/25(a)		64,007		62,684,277
2.38%, 08/15/24 - 05/15/29(a)		92,181		87,104,071
1.88%, 08/31/24 - 02/15/32(a)		79,709		71,663,198
3.25%, 08/31/24 - 06/30/29		40,482		39,851,549
1.50%, 09/30/24 - 02/15/30(a)		178,248		168,396,862
2.13%, 09/30/24 - 05/15/25(a)		56,667		54,699,022
0.63%, 10/15/24 - 08/15/30(a)		213,381		187,403,208
2.25%, 10/31/24 - 11/15/27(a)		157,761		151,034,311

Security	Par (000)		Value
U.S. Treasury Obligations (continued)
U.S. Treasury Notes (continued)
0.75%, 11/15/24 - 08/31/26(a)	$	252,900	$	233,477,524
4.50%, 11/30/24 - 11/15/25		85,400		86,436,320
1.00%, 12/15/24 - 07/31/28(a)		66,428		60,729,723
4.25%, 12/31/24 - 10/15/25(a)		93,500		93,709,922
1.38%, 01/31/25 - 11/15/31(a)		150,650		135,166,581
2.75%, 02/28/25 - 08/15/32(a)		194,214		187,289,150
4.63%, 02/28/25 - 03/15/26(a)		8,600		8,680,594
2.63%, 04/15/25 - 07/31/29		83,389		79,996,522
2.88%, 04/30/25 - 05/15/32(a)		146,520		141,907,104
3.88%, 04/30/25 - 11/30/29(a)		192,600		194,893,265
0.25%, 05/31/25 - 08/31/25(a)		118,130		108,851,556
3.13%, 08/15/25 - 08/31/29(a)		76,803		75,302,551
3.50%, 09/15/25 - 02/15/33(a)		125,500		125,649,039
4.00%, 12/15/25 - 02/28/30(a)		89,900		91,418,777
1.63%, 02/15/26 - 05/15/31(a)		228,635		211,090,831
0.50%, 02/28/26 - 08/31/27(a)		57,521		52,239,679
3.75%, 04/15/26		17,900		17,905,594
0.88%, 06/30/26 - 11/15/30		63,103		54,969,411
1.13%, 10/31/26 - 02/15/31(a)		200,946		178,069,656
1.25%, 11/30/26 - 08/15/31(a)		318,853		284,349,185
3.63%, 03/31/30		5,000		5,046,094
4.13%, 11/15/32(a)		59,700		63,011,484
Total U.S. Treasury Obligations — 96.6% (Cost: $3,935,317,187)				3,724,612,197
Total Long-Term Investments — 98.8% (Cost: $4,027,940,255)				3,810,027,959
	Shares
Short-Term Securities
Money Market Funds — 36.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(b)(c)(d)		1,425,176,440		1,425,603,993
Total Short-Term Securities — 36.9% (Cost: $1,425,108,035)				1,425,603,993
Total Investments — 135.7% (Cost: $5,453,048,290)				5,235,631,952
Liabilities in Excess of Other Assets — (35.7)%				(1,378,501,207	)
Net Assets — 100.0%			$	3,857,130,745

^(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 57

Schedule of Investments  (unaudited) (continued) April 30, 2023 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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 10/31/22		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23	Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,242,799,616	$	182,287,467	(a)	$	—	$	(168,304	)	$	685,214	$	1,425,603,993	1,425,176,440	$	1,328,462	(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 fees and collateral investment expenses, 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. 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	$	—	$	85,415,762	$	—	$	85,415,762
U.S. Treasury Obligations		—		3,724,612,197		—		3,724,612,197
Short-Term Securities
Money Market Funds		1,425,603,993		—		—		1,425,603,993
	$	1,425,603,993	$	3,810,027,959	$	—	$	5,235,631,952

See notes to financial statements.

58 2 0 2 3    B L A C K R O C K     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments  (unaudited) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Corporate Bonds
Aerospace & Defense — 2.8%
3M Co.
5.70%, 03/15/37(a)	$	500	$	551,811
3.13%, 09/19/46(a)		363		263,254
3.63%, 10/15/47		496		388,982
4.00%, 09/14/48(a)		979		852,325
3.25%, 08/26/49(a)		805		611,194
3.70%, 04/15/50		713		579,875
Boeing Co.
3.60%, 05/01/34		800		688,103
3.25%, 02/01/35		725		593,185
3.55%, 03/01/38		650		514,991
3.50%, 03/01/39		350		272,398
6.88%, 03/15/39		450		498,127
5.88%, 02/15/40		400		408,894
5.71%, 05/01/40		2,759		2,769,114
3.38%, 06/15/46		463		328,272
3.65%, 03/01/47(a)		250		179,970
3.85%, 11/01/48		229		170,667
3.90%, 05/01/49		620		469,750
3.75%, 02/01/50		1,197		898,684
5.81%, 05/01/50		4,638		4,613,167
3.95%, 08/01/59		900		662,365
5.93%, 05/01/60		2,923		2,888,169
Eaton Corp., 4.15%, 11/02/42		913		812,277
General Dynamics Corp.
4.25%, 04/01/40		829		773,978
2.85%, 06/01/41		397		308,610
3.60%, 11/15/42(a)		450		386,601
4.25%, 04/01/50		713		663,188
General Electric Co.
5.88%, 01/14/38		800		876,707
6.88%, 01/10/39		700		820,896
4.50%, 03/11/44		500		451,482
4.35%, 05/01/50		450		394,346
Illinois Tool Works, Inc.
4.88%, 09/15/41		569		576,733
3.90%, 09/01/42		1,000		903,139
L3Harris Technologies, Inc.
4.85%, 04/27/35		883		867,449
6.15%, 12/15/40		270		291,352
Lockheed Martin Corp.
3.60%, 03/01/35(a)		450		417,933
4.50%, 05/15/36		1,159		1,155,460
5.72%, 06/01/40(a)		300		330,568
4.07%, 12/15/42		1,161		1,066,216
3.80%, 03/01/45		1,243		1,078,693
4.70%, 05/15/46		1,170		1,164,410
2.80%, 06/15/50		650		474,764
4.09%, 09/15/52		1,413		1,273,092
4.15%, 06/15/53		660		596,692
5.70%, 11/15/54		850		960,421
4.30%, 06/15/62		660		596,291
5.90%, 11/15/63		225		262,644
Northrop Grumman Corp.
5.15%, 05/01/40		500		502,532
5.05%, 11/15/40		300		298,696
4.75%, 06/01/43		774		739,182
4.03%, 10/15/47		1,893		1,631,603
5.25%, 05/01/50		829		855,007

Security	Par             (000)		Value
Aerospace & Defense (continued)
Northrop Grumman Corp. (continued)
4.95%, 03/15/53	$	970	$	958,621
Parker-Hannifin Corp.
4.20%, 11/21/34		763		720,371
6.25%, 05/15/38		295		328,656
4.45%, 11/21/44		400		367,193
4.10%, 03/01/47		613		529,475
4.00%, 06/14/49		413		346,461
Raytheon Technologies Corp.
5.40%, 05/01/35		800		835,306
6.13%, 07/15/38		550		614,876
4.45%, 11/16/38		413		393,286
4.88%, 10/15/40(a)		163		159,481
4.70%, 12/15/41		426		404,202
4.50%, 06/01/42		3,274		3,090,963
4.80%, 12/15/43		350		335,238
4.15%, 05/15/45		663		579,911
3.75%, 11/01/46		1,220		1,007,135
4.35%, 04/15/47		829		752,827
4.05%, 05/04/47		413		357,805
4.63%, 11/16/48		1,486		1,412,914
3.13%, 07/01/50		1,103		811,925
2.82%, 09/01/51		563		387,433
3.03%, 03/15/52		1,100		789,089
5.38%, 02/27/53		1,290		1,356,336
				57,273,763
Automobile Components — 0.1%
Aptiv PLC
4.40%, 10/01/46		413		324,495
3.10%, 12/01/51		1,479		938,812
Aptiv PLC/Aptiv Corp., 4.15%, 05/01/52		963		745,505
BorgWarner, Inc., 4.38%, 03/15/45		400		324,391
Lear Corp.
5.25%, 05/15/49		563		496,357
3.55%, 01/15/52(a)		136		91,103
				2,920,663
Automobiles — 0.4%
Cummins, Inc.
4.88%, 10/01/43		400		386,676
2.60%, 09/01/50(a)		613		405,768
General Motors Co.
5.00%, 04/01/35		620		565,566
6.60%, 04/01/36		1,013		1,041,416
5.15%, 04/01/38		963		862,451
6.25%, 10/02/43		1,213		1,175,305
5.20%, 04/01/45		1,029		870,718
6.75%, 04/01/46		642		647,227
5.40%, 04/01/48		563		481,813
5.95%, 04/01/49		888		822,454
				7,259,394
Banks — 1.6%
Bank of America N.A., 6.00%, 10/15/36		900		975,291
Cooperatieve Rabobank UA
5.25%, 05/24/41		1,299		1,386,093
5.75%, 12/01/43		1,050		1,069,277
5.25%, 08/04/45(a)		997		944,481
Fifth Third Bancorp, 8.25%, 03/01/38		800		923,027
HSBC Bank USA NA, 7.00%, 01/15/39		261		291,166
HSBC Holdings PLC, (1-day SOFR + 2.65%), 6.33%, 03/09/44		1,285		1,353,461

S C H E D U L E    O F    I N V E S  T M E N T S 59

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Banks (continued)
Regions Bank, 6.45%, 06/26/37	$	450	$	457,835
Wachovia Corp., 5.50%, 08/01/35		1,200		1,206,897
Wells Fargo & Co.
5.38%, 11/02/43		1,895		1,815,630
5.61%, 01/15/44		2,292		2,253,599
4.65%, 11/04/44		2,075		1,820,010
3.90%, 05/01/45		1,903		1,550,295
4.90%, 11/17/45		1,993		1,793,584
4.40%, 06/14/46		706		590,790
4.75%, 12/07/46		1,075		940,075
(1-day SOFR + 2.13%), 4.61%, 04/25/53(b)		2,481		2,221,740
(1-day SOFR + 2.53%), 3.07%, 04/30/41(b)		3,359		2,519,679
(1-day SOFR + 4.50%), 5.01%, 04/04/51(b)		4,957		4,690,764
Wells Fargo Bank NA
5.85%, 02/01/37(a)		1,550		1,615,042
6.60%, 01/15/38		1,200		1,342,964
Westpac Banking Corp.
4.42%, 07/24/39		829		703,198
2.96%, 11/16/40		1,000		686,745
3.13%, 11/18/41		926		643,754
				33,795,397
Beverages — 2.7%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev
Worldwide, Inc.
4.70%, 02/01/36		5,403		5,435,836
4.90%, 02/01/46		7,988		7,915,734
Anheuser-Busch InBev Finance, Inc.
4.70%, 02/01/36		600		603,646
4.63%, 02/01/44		538		511,053
4.90%, 02/01/46		1,463		1,449,764
Anheuser-Busch InBev Worldwide, Inc.
4.38%, 04/15/38		1,479		1,427,895
8.20%, 01/15/39		1,253		1,674,590
5.45%, 01/23/39		2,029		2,156,252
4.35%, 06/01/40		829		787,592
4.95%, 01/15/42		1,713		1,716,911
4.60%, 04/15/48		1,785		1,711,001
4.44%, 10/06/48		523		489,800
5.55%, 01/23/49		3,539		3,823,492
4.50%, 06/01/50		2,000		1,889,686
4.75%, 04/15/58		1,300		1,240,983
5.80%, 01/23/59		1,629		1,824,469
Brown-Forman Corp.
4.00%, 04/15/38		413		379,219
4.50%, 07/15/45		425		397,951
Coca-Cola Co.
2.50%, 06/01/40		829		638,483
2.88%, 05/05/41		613		493,772
4.20%, 03/25/50		450		431,250
2.60%, 06/01/50		1,279		919,667
3.00%, 03/05/51(a)		1,320		1,035,873
2.50%, 03/15/51		1,243		874,921
2.75%, 06/01/60		825		599,008
Coca-Cola Femsa SAB de CV, 5.25%, 11/26/43		500		516,031
Constellation Brands, Inc.
4.50%, 05/09/47		400		350,385
4.10%, 02/15/48		413		340,457
5.25%, 11/15/48		400		388,640
3.75%, 05/01/50		663		525,250
Diageo Capital PLC
5.88%, 09/30/36(a)		500		556,639

Security	Par             (000)		Value
Beverages (continued)
Diageo Capital PLC (continued)
3.88%, 04/29/43	$	931	$	814,370
Diageo Investment Corp., 4.25%, 05/11/42		163		154,859
Keurig Dr. Pepper, Inc.
4.50%, 11/15/45(a)		500		449,362
4.42%, 12/15/46		413		361,519
5.09%, 05/25/48		250		237,391
3.80%, 05/01/50		663		527,571
3.35%, 03/15/51		413		299,289
4.50%, 04/15/52		913		815,298
Molson Coors Beverage Co.
5.00%, 05/01/42		850		806,385
4.20%, 07/15/46		1,463		1,231,986
PepsiCo, Inc.
5.50%, 01/15/40		450		498,823
2.63%, 10/21/41		563		436,194
4.00%, 03/05/42(a)		500		463,194
4.45%, 04/14/46		800		795,820
3.45%, 10/06/46		1,399		1,194,841
4.00%, 05/02/47		450		418,437
3.38%, 07/29/49		225		187,628
2.88%, 10/15/49		813		622,996
3.63%, 03/19/50		579		502,932
2.75%, 10/21/51		1,043		766,643
4.20%, 07/18/52		675		641,356
4.65%, 02/15/53(a)		500		513,392
3.88%, 03/19/60		450		395,100
				56,241,636
Biotechnology — 1.9%
Amgen, Inc.
6.38%, 06/01/37		400		445,707
6.40%, 02/01/39		300		327,538
3.15%, 02/21/40		1,829		1,423,351
5.75%, 03/15/40		350		360,498
2.80%, 08/15/41		911		663,854
5.15%, 11/15/41		663		645,599
5.60%, 03/02/43		3,200		3,292,809
4.40%, 05/01/45		2,045		1,804,626
4.56%, 06/15/48		1,263		1,146,365
3.38%, 02/21/50		2,029		1,499,392
4.66%, 06/15/51		2,778		2,526,810
3.00%, 01/15/52		1,160		793,046
4.20%, 02/22/52		810		685,273
4.88%, 03/01/53		400		375,833
5.65%, 03/02/53		4,050		4,195,597
2.77%, 09/01/53		829		530,884
4.40%, 02/22/62		625		524,421
5.75%, 03/02/63		2,670		2,765,457
Baxalta, Inc., 5.25%, 06/23/45		427		419,714
Biogen, Inc.
5.20%, 09/15/45(a)		1,000		1,001,805
3.15%, 05/01/50		1,087		755,597
3.25%, 02/15/51		496		352,219
Gilead Sciences, Inc.
4.60%, 09/01/35		1,119		1,112,969
4.00%, 09/01/36		750		697,944
2.60%, 10/01/40		1,030		759,777
5.65%, 12/01/41		869		932,012
4.80%, 04/01/44		1,761		1,703,554
4.50%, 02/01/45		1,753		1,635,697
4.75%, 03/01/46		1,593		1,521,437

60 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Biotechnology (continued)
Gilead Sciences, Inc. (continued)
4.15%, 03/01/47	$	1,253	$	1,111,149
2.80%, 10/01/50		1,294		886,916
Regeneron Pharmaceuticals, Inc., 2.80%, 09/15/50		691		456,137
Royalty Pharma PLC
3.30%, 09/02/40		829		604,816
3.55%, 09/02/50		950		652,781
3.35%, 09/02/51		663		436,066
				39,047,650
Broadline Retail — 1.2%
Alibaba Group Holding Ltd.
4.50%, 11/28/34		500		471,656
4.00%, 12/06/37		878		758,263
2.70%, 02/09/41		950		637,866
4.20%, 12/06/47		1,451		1,157,444
3.15%, 02/09/51		1,366		888,132
4.40%, 12/06/57		678		538,810
3.25%, 02/09/61(a)		950		596,006
Amazon.com, Inc.
4.80%, 12/05/34		1,496		1,553,082
3.88%, 08/22/37(a)		2,129		1,994,125
2.88%, 05/12/41		1,660		1,303,366
4.95%, 12/05/44		1,513		1,565,833
4.05%, 08/22/47		2,773		2,518,174
2.50%, 06/03/50		2,279		1,538,848
3.10%, 05/12/51		3,309		2,501,162
3.95%, 04/13/52		1,426		1,255,587
4.25%, 08/22/57		1,209		1,097,984
2.70%, 06/03/60		2,029		1,322,196
3.25%, 05/12/61		1,779		1,312,651
4.10%, 04/13/62(a)		1,129		981,676
TJX Cos., Inc., 4.50%, 04/15/50		413		391,085
				24,383,946
Building Materials — 0.4%
Carrier Global Corp.
3.38%, 04/05/40		1,279		995,870
3.58%, 04/05/50		1,843		1,376,606
Fortune Brands Innovations, Inc., 4.50%, 03/25/52		413		319,393
Johnson Controls International PLC
6.00%, 01/15/36		300		319,649
4.63%, 07/02/44(a)		620		565,822
5.13%, 09/14/45		400		389,075
4.50%, 02/15/47		383		337,625
4.95%, 07/02/64(c)		365		329,348
Lafarge SA, 7.13%, 07/15/36(a)		400		435,780
Martin Marietta Materials, Inc.
4.25%, 12/15/47		513		435,030
3.20%, 07/15/51		725		515,365
Masco Corp.(a)
4.50%, 05/15/47		350		289,828
3.13%, 02/15/51		222		144,916
Owens Corning
7.00%, 12/01/36		300		338,033
4.30%, 07/15/47		350		288,149
4.40%, 01/30/48		329		274,310

Security	Par             (000)		Value
Building Materials (continued)
Vulcan Materials Co.
4.50%, 06/15/47	$	413	$	367,910
4.70%, 03/01/48		400		366,609
				8,089,318
Building Products — 1.3%
Home Depot, Inc.
5.88%, 12/16/36		2,776		3,131,103
3.30%, 04/15/40		1,061		884,345
5.40%, 09/15/40		413		436,306
5.95%, 04/01/41		913		1,024,268
4.20%, 04/01/43		770		705,983
4.88%, 02/15/44		900		895,789
4.40%, 03/15/45(a)		1,036		963,361
4.25%, 04/01/46		1,479		1,343,349
3.90%, 06/15/47		579		498,905
4.50%, 12/06/48		979		927,853
3.13%, 12/15/49		1,146		852,635
3.35%, 04/15/50		1,298		1,010,642
2.38%, 03/15/51		1,145		725,600
2.75%, 09/15/51		913		625,743
3.63%, 04/15/52		1,358		1,106,742
4.95%, 09/15/52(a)		780		785,317
3.50%, 09/15/56		900		704,285
Lowe’s Cos., Inc.
5.50%, 10/15/35		900		927,325
5.00%, 04/15/40		329		317,613
2.80%, 09/15/41		1,213		859,478
4.38%, 09/15/45		829		699,935
3.70%, 04/15/46		500		389,782
4.05%, 05/03/47		1,579		1,287,832
5.13%, 04/15/50(a)		750		718,312
3.00%, 10/15/50		1,719		1,148,776
3.50%, 04/01/51		829		601,331
4.25%, 04/01/52		1,108		914,156
5.63%, 04/15/53		1,145		1,151,679
5.75%, 07/01/53		130		132,657
4.45%, 04/01/62		900		739,277
5.80%, 09/15/62		700		704,375
				27,214,754
Capital Markets — 0.3%
Brookfield Finance LLC, 3.45%, 04/15/50		450		307,795
Brookfield Finance, Inc.
4.70%, 09/20/47		713		619,225
3.50%, 03/30/51		581		392,409
3.63%, 02/15/52		279		190,855
CI Financial Corp., 4.10%, 06/15/51		709		412,714
Franklin Resources, Inc., 2.95%, 08/12/51		225		146,661
Invesco Finance PLC, 5.38%, 11/30/43		413		413,461
Jefferies Financial Group, Inc., 6.25%, 01/15/36(a)		650		684,685
Legg Mason, Inc., 5.63%, 01/15/44		516		523,400
Raymond James Financial, Inc.
4.95%, 07/15/46		663		610,813
3.75%, 04/01/51		650		485,411
S&P Global, Inc., 3.70%, 03/01/52		849		709,872
				5,497,301
Chemicals — 1.6%
Air Products and Chemicals, Inc.
2.70%, 05/15/40		708		548,747

S C H E D U L E    O F    I N V E S  T M E N T S 61

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Chemicals (continued)
Air Products and Chemicals, Inc. (continued)
2.80%, 05/15/50	$	884	$	645,763
Albemarle Corp.
5.45%, 12/01/44(a)		350		328,843
5.65%, 06/01/52		400		374,382
CF Industries, Inc.
5.15%, 03/15/34		663		644,608
4.95%, 06/01/43		663		579,064
5.38%, 03/15/44		663		609,843
Dow Chemical Co.
4.25%, 10/01/34		378		354,486
9.40%, 05/15/39		129		174,633
5.25%, 11/15/41		576		562,607
4.38%, 11/15/42		1,063		934,978
4.63%, 10/01/44		400		355,194
5.55%, 11/30/48		829		822,236
4.80%, 05/15/49		829		738,710
3.60%, 11/15/50(a)		963		733,826
6.90%, 05/15/53(a)		850		980,111
DuPont de Nemours, Inc.
5.32%, 11/15/38		1,320		1,334,466
5.42%, 11/15/48		1,793		1,802,950
Eastman Chemical Co.
4.80%, 09/01/42		463		409,751
4.65%, 10/15/44(a)		879		756,551
Ecolab, Inc.
3.95%, 12/01/47		500		432,000
2.13%, 08/15/50		660		400,521
2.70%, 12/15/51		841		565,091
2.75%, 08/18/55		700		452,298
Emerson Electric Co.
2.75%, 10/15/50		829		554,910
2.80%, 12/21/51		807		545,827
FMC Corp., 4.50%, 10/01/49		407		336,658
International Flavors & Fragrances, Inc.
4.38%, 06/01/47		413		327,079
5.00%, 09/26/48		763		660,851
Linde, Inc.
3.55%, 11/07/42		500		417,301
2.00%, 08/10/50		233		137,513
LYB International Finance BV
5.25%, 07/15/43		700		641,248
4.88%, 03/15/44		938		832,848
LYB International Finance III LLC
3.38%, 10/01/40		741		547,962
4.20%, 10/15/49		786		608,342
4.20%, 05/01/50		963		746,710
3.63%, 04/01/51		953		675,889
3.80%, 10/01/60		480		328,582
LyondellBasell Industries NV, 4.63%, 02/26/55(a)		795		648,745
Mosaic Co.(a)
5.45%, 11/15/33		386		389,065
5.63%, 11/15/43		520		504,157
Nutrien Ltd.
4.13%, 03/15/35		350		319,001
5.88%, 12/01/36		410		433,117
5.63%, 12/01/40		600		602,252
4.90%, 06/01/43		413		383,536
5.25%, 01/15/45(a)		520		497,978
5.00%, 04/01/49		620		576,235

Security	Par             (000)		Value
Chemicals (continued)
Nutrien Ltd. (continued)
3.95%, 05/13/50	$	413	$	330,572
5.80%, 03/27/53		660		685,617
RPM International, Inc.
5.25%, 06/01/45		163		148,952
4.25%, 01/15/48		300		232,718
Sherwin-Williams Co.
4.50%, 06/01/47		1,079		955,465
3.80%, 08/15/49		727		565,423
3.30%, 05/15/50		500		357,526
2.90%, 03/15/52		500		326,890
Westlake Corp.
2.88%, 08/15/41		295		200,323
5.00%, 08/15/46		620		543,543
4.38%, 11/15/47		400		320,492
3.13%, 08/15/51		520		332,762
3.38%, 08/15/61		350		218,582
				32,476,330
Commercial Services & Supplies — 0.1%
GATX Corp.
5.20%, 03/15/44		300		271,524
3.10%, 06/01/51		500		321,843
Republic Services, Inc., 5.00%, 04/01/34		710		726,331
				1,319,698
Communications Equipment — 0.2%
Cisco Systems, Inc.
5.90%, 02/15/39		1,859		2,101,544
5.50%, 01/15/40		1,702		1,849,097
Juniper Networks, Inc., 5.95%, 03/15/41		413		418,033
Motorola Solutions, Inc., 5.50%, 09/01/44(a)		300		290,057
Nokia OYJ, 6.63%, 05/15/39		500		492,698
				5,151,429
Construction Materials — 0.1%
WW Grainger, Inc.
4.60%, 06/15/45		1,036		989,925
4.20%, 05/15/47		600		534,957
				1,524,882
Consumer Discretionary — 0.0%
Harley-Davidson, Inc., 4.63%, 07/28/45(a)		246		191,291
Quanta Services, Inc., 3.05%, 10/01/41		451		317,343
				508,634
Consumer Finance — 0.8%
American Express Co., 4.05%, 12/03/42(a)		900		815,777
Global Payments, Inc.
4.15%, 08/15/49		743		556,233
5.95%, 08/15/52		655		635,756
Mastercard, Inc.
3.80%, 11/21/46(a)		550		482,146
3.95%, 02/26/48(a)		450		406,174
3.65%, 06/01/49		963		827,323
3.85%, 03/26/50		1,419		1,256,992
2.95%, 03/15/51		454		343,606
Moody’s Corp.
2.75%, 08/19/41		547		397,293
5.25%, 07/15/44(a)		500		493,071
4.88%, 12/17/48		350		329,510
3.25%, 05/20/50		64		46,582
3.75%, 02/25/52		416		332,932

62 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Consumer Finance (continued)
Moody’s Corp. (continued)
3.10%, 11/29/61	$	384	$	255,720
PayPal Holdings, Inc.
3.25%, 06/01/50		900		650,065
5.05%, 06/01/52(a)		780		749,462
5.25%, 06/01/62(a)		430		414,438
S&P Global, Inc.
3.25%, 12/01/49		545		412,241
2.30%, 08/15/60		663		389,349
3.90%, 03/01/62		450		374,963
Visa, Inc.
4.15%, 12/14/35		1,413		1,390,932
2.70%, 04/15/40		829		660,207
4.30%, 12/14/45		2,881		2,796,232
3.65%, 09/15/47		676		592,030
2.00%, 08/15/50(a)		1,611		1,019,093
Western Union Co., 6.20%, 11/17/36		433		449,647
				17,077,774
Consumer Staples Distribution & Retail — 1.9%
Campbell Soup Co.
4.80%, 03/15/48		620		579,391
3.13%, 04/24/50		400		284,478
Conagra Brands, Inc.
5.30%, 11/01/38		829		818,794
5.40%, 11/01/48(a)		973		947,434
Dollar General Corp.
4.13%, 04/03/50		429		351,918
5.50%, 11/01/52(a)		250		253,741
Dollar Tree, Inc., 3.38%, 12/01/51		329		234,342
General Mills, Inc.
5.40%, 06/15/40		450		461,639
4.70%, 04/17/48		400		377,980
3.00%, 02/01/51(a)		571		414,044
Ingredion, Inc., 3.90%, 06/01/50		413		309,630
Kellogg Co., 4.50%, 04/01/46(a)		553		511,709
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40(a)		400		413,097
Kraft Heinz Foods Co.
5.00%, 07/15/35		671		674,007
6.88%, 01/26/39		813		928,973
4.63%, 10/01/39		413		380,369
6.50%, 02/09/40		421		463,063
5.00%, 06/04/42		987		946,249
5.20%, 07/15/45		1,253		1,214,733
4.38%, 06/01/46		2,700		2,362,780
4.88%, 10/01/49(a)		1,187		1,101,015
5.50%, 06/01/50		763		770,473
Kroger Co.
5.40%, 07/15/40		900		879,549
5.15%, 08/01/43		309		293,208
3.88%, 10/15/46		413		327,328
4.45%, 02/01/47		829		736,233
4.65%, 01/15/48		413		368,924
5.40%, 01/15/49(a)		413		408,724
3.95%, 01/15/50(a)		575		470,916
Sysco Corp.
5.38%, 09/21/35		350		362,410
6.60%, 04/01/40		350		384,861
4.85%, 10/01/45		397		362,500
4.50%, 04/01/46		428		373,900
4.45%, 03/15/48(a)		413		360,058

Security	Par             (000)		Value
Consumer Staples Distribution & Retail (continued)
Sysco Corp. (continued)
3.30%, 02/15/50	$	400	$	288,972
6.60%, 04/01/50		979		1,121,917
3.15%, 12/14/51		600		419,139
Target Corp.
6.50%, 10/15/37		400		471,053
7.00%, 01/15/38		655		807,507
4.00%, 07/01/42(a)		950		871,340
3.63%, 04/15/46		702		585,993
3.90%, 11/15/47		413		356,451
2.95%, 01/15/52		850		619,314
4.80%, 01/15/53		700		690,063
Walgreens Boots Alliance, Inc.
4.50%, 11/18/34(a)		300		276,777
4.65%, 06/01/46		450		376,396
4.10%, 04/15/50		829		627,876
Walmart, Inc.
5.25%, 09/01/35		1,200		1,323,795
6.50%, 08/15/37		1,000		1,219,464
3.95%, 06/28/38		500		479,216
5.63%, 04/01/40		1,659		1,850,279
5.63%, 04/15/41		550		608,274
2.50%, 09/22/41		854		652,438
4.30%, 04/22/44(a)		300		285,354
4.05%, 06/29/48		1,493		1,398,133
2.95%, 09/24/49		550		416,934
2.65%, 09/22/51		1,342		971,006
4.50%, 09/09/52		900		891,037
4.50%, 04/15/53		800		792,711
				38,529,909
Containers & Packaging — 0.3%
Celulosa Arauco y Constitucion SA, 5.50%, 11/02/47.		300		267,712
International Paper Co.
5.00%, 09/15/35		400		392,777
6.00%, 11/15/41		600		628,991
4.80%, 06/15/44		1,041		955,543
4.40%, 08/15/47		613		531,436
4.35%, 08/15/48(a)		675		583,607
Packaging Corp. of America
4.05%, 12/15/49		538		438,624
3.05%, 10/01/51		620		418,681
Sonoco Products Co., 5.75%, 11/01/40(a)		450		460,826
WRKCo, Inc., 3.00%, 06/15/33(a)		600		490,555
				5,168,752
Diversified REITs — 1.0%
Alexandria Real Estate Equities, Inc.
2.95%, 03/15/34		843		682,150
4.75%, 04/15/35		260		247,492
4.85%, 04/15/49		163		140,970
4.00%, 02/01/50		629		474,693
3.00%, 05/18/51		880		550,554
3.55%, 03/15/52		1,030		727,117
5.15%, 04/15/53		345		315,679
American Homes 4 Rent LP
3.38%, 07/15/51		450		297,697
4.30%, 04/15/52(a)		150		116,513
American Tower Corp.
3.70%, 10/15/49		600		437,381
3.10%, 06/15/50		928		619,265
2.95%, 01/15/51(a)		1,070		689,251

S C H E D U L E    O F    I N V E S  T M E N T S 63

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Diversified REITs (continued)
AvalonBay Communities, Inc., 3.90%, 10/15/46	$	663	$	525,451
Boston Properties LP, 2.45%, 10/01/33(a)		829		596,228
Corporate Office Properties LP, 2.90%, 12/01/33		413		288,342
Crown Castle, Inc.
2.90%, 04/01/41(a)		1,159		828,475
4.75%, 05/15/47		350		306,388
5.20%, 02/15/49(a)		400		373,465
3.25%, 01/15/51		900		618,314
Equinix, Inc.
3.00%, 07/15/50		514		340,613
2.95%, 09/15/51		200		128,981
3.40%, 02/15/52		660		468,690
ERP Operating LP
4.50%, 07/01/44		697		630,230
4.50%, 06/01/45		413		359,863
Essex Portfolio LP
4.50%, 03/15/48		300		252,115
2.65%, 09/01/50		329		194,271
Federal Realty Investment Trust, 4.50%, 12/01/44		500		402,881
Healthpeak Properties, Inc., 6.75%, 02/01/41		250		267,467
Invitation Homes Operating Partnership LP, 2.70%, 01/15/34		413		318,252
Kilroy Realty LP, 2.65%, 11/15/33		329		218,012
Kimco Realty OP LLC
4.25%, 04/01/45		500		393,063
4.13%, 12/01/46		250		190,405
4.45%, 09/01/47		288		233,632
3.70%, 10/01/49(a)		413		297,971
Mid-America Apartments LP, 2.88%, 09/15/51		259		170,125
National Retail Properties, Inc.
3.10%, 04/15/50		829		527,679
3.50%, 04/15/51		350		241,228
3.00%, 04/15/52(a)		378		234,936
Prologis LP, 5.25%, 06/15/53		325		325,240
Realty Income Corp., 4.65%, 03/15/47		500		456,964
Regency Centers LP, 4.40%, 02/01/47		413		342,062
Simon Property Group LP
6.75%, 02/01/40		350		392,167
4.75%, 03/15/42		476		425,513
4.25%, 10/01/44		163		133,957
4.25%, 11/30/46(a)		413		335,419
3.25%, 09/13/49		1,341		916,852
3.80%, 07/15/50		829		622,477
5.85%, 03/08/53		600		609,071
UDR, Inc., 2.10%, 06/15/33		400		303,023
Ventas Realty LP, 5.70%, 09/30/43		550		529,027
Welltower OP LLC
6.50%, 03/15/41		350		369,320
4.95%, 09/01/48		450		397,427
Weyerhaeuser Co., 4.00%, 03/09/52		350		287,137
				21,151,495
Diversified Telecommunication Services — 3.8%
AT&T, Inc.
2.55%, 12/01/33		3,580		2,882,144
4.50%, 05/15/35		2,155		2,028,942
5.25%, 03/01/37		550		549,207
4.90%, 08/15/37		375		363,564
6.30%, 01/15/38		700		765,359
4.85%, 03/01/39		1,100		1,032,207
5.35%, 09/01/40		1,000		988,695
3.50%, 06/01/41		2,300		1,812,140

Security	Par             (000)		Value
Diversified Telecommunication Services (continued)
AT&T, Inc. (continued)
4.30%, 12/15/42	$	1,350	$	1,166,502
3.10%, 02/01/43		1,300		954,036
4.65%, 06/01/44		125		110,512
4.35%, 06/15/45		1,250		1,068,594
4.75%, 05/15/46		2,000		1,791,990
5.15%, 11/15/46		680		655,003
5.65%, 02/15/47(a)		900		913,538
5.45%, 03/01/47		300		298,445
4.50%, 03/09/48		1,850		1,596,302
4.55%, 03/09/49		850		737,127
3.65%, 06/01/51		3,100		2,311,276
3.30%, 02/01/52		800		571,531
3.50%, 09/15/53		6,489		4,654,079
3.55%, 09/15/55		6,833		4,849,356
3.80%, 12/01/57		5,499		4,039,318
3.65%, 09/15/59		4,311		3,050,332
3.85%, 06/01/60		1,400		1,033,865
3.50%, 02/01/61		750		528,531
Telefonica Emisiones SA
7.05%, 06/20/36		1,640		1,822,185
4.67%, 03/06/38		655		570,928
5.21%, 03/08/47		2,267		1,969,163
4.90%, 03/06/48		1,182		981,256
5.52%, 03/01/49		1,000		901,856
Verizon Communications, Inc.
4.50%, 08/10/33		2,200		2,125,453
4.40%, 11/01/34		1,993		1,891,171
4.27%, 01/15/36		2,036		1,890,504
5.25%, 03/16/37		800		815,325
4.81%, 03/15/39		1,242		1,189,872	��
2.65%, 11/20/40		2,213		1,570,547
3.40%, 03/22/41		3,586		2,822,536
2.85%, 09/03/41		1,288		933,338
3.85%, 11/01/42		163		135,063
6.55%, 09/15/43		900		1,019,970
4.13%, 08/15/46		950		810,369
4.86%, 08/21/46		1,959		1,853,291
4.52%, 09/15/48(a)		1,250		1,129,984
4.00%, 03/22/50		779		642,669
2.88%, 11/20/50		2,823		1,872,580
3.55%, 03/22/51		3,549		2,692,044
3.88%, 03/01/52(a)		1,322		1,060,847
5.01%, 08/21/54		800		760,462
4.67%, 03/15/55		750		674,582
2.99%, 10/30/56(a)		3,089		1,997,295
3.00%, 11/20/60		2,025		1,288,266
3.70%, 03/22/61		2,312		1,717,364
				77,891,515
Education — 0.9%
American University, Series 2019, 3.67%, 04/01/49		111		91,846
Brown University, Series A, 2.92%, 09/01/50		225		172,035
California Institute of Technology
4.70%, 11/01/2111		250		225,765
3.65%, 09/01/2119		1,829		1,298,614
Case Western Reserve University, Series 22-C,
5.41%, 06/01/2122		279		273,082
Duke University
Series 2020, 2.68%, 10/01/44		225		172,035
Series 2020, 2.83%, 10/01/55		930		679,453
Emory University, Series 2020, 2.97%, 09/01/50(a)		288		216,864

64 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Education (continued)
Ford Foundation, Series 2020, 2.82%, 06/01/70	$	2,520	$	1,575,363
George Washington University
4.87%, 09/15/45		26		25,327
Series 2014, 4.30%, 09/15/44		163		149,520
Series 2018, 4.13%, 09/15/48		606		535,936
Georgetown University, Series 20A, 2.94%, 04/01/50		27		18,657
Howard University, Series 22A, 5.21%, 10/01/52		64		53,224
Leland Stanford Junior University
3.65%, 05/01/48(a)		620		544,385
2.41%, 06/01/50		225		153,431
Massachusetts Institute of Technology
3.96%, 07/01/38		1,967		1,853,175
5.60%, 07/01/2111		413		468,386
4.68%, 07/01/2114		225		214,215
3.89%, 07/01/2116		1,000		781,135
Series F, 2.99%, 07/01/50		216		168,314
Series G, 2.29%, 07/01/51(a)		101		66,659
Northwestern University, 3.87%, 12/01/48		26		23,401
President and Fellows of Harvard College
3.15%, 07/15/46		2,113		1,701,590
2.52%, 10/15/50		133		91,662
3.30%, 07/15/56		579		453,742
Rockefeller Foundation, Series 2020, 2.49%, 10/01/50		329		224,151
Thomas Jefferson University, 3.85%, 11/01/57		66		50,880
Trustees of Boston College, 3.13%, 07/01/52		413		314,318
Trustees of Princeton University
5.70%, 03/01/39		413		468,107
4.20%, 03/01/52		1,000		969,457
Series 2020, 2.52%, 07/01/50		346		246,673
Trustees of the University of Pennsylvania
3.61%, 02/15/2119		103		75,752
Series 2020, 2.40%, 10/01/50		94		61,385
University of Chicago
3.00%, 10/01/52		2,000		1,490,719
Series C, 2.55%, 04/01/50(a)		64		45,088
University of Miami, Series 2022, 4.06%, 04/01/52(a) .		500		432,911
University of Notre Dame du Lac, Series 2017,
3.39%, 02/15/48(a)		28		23,585
University of Southern California
3.03%, 10/01/39		130		109,243
2.81%, 10/01/50		63		45,567
Series 2017, 3.84%, 10/01/47		1,000		897,057
Series 21A, 2.95%, 10/01/51		883		659,225
Series A, 3.23%, 10/01/2120(a)		61		39,144
Washington University(a)
4.35%, 04/15/2122		29		24,831
Series 2022, 3.52%, 04/15/54		1,350		1,123,381
William Marsh Rice University, 3.77%, 05/15/55		215		189,938
Yale University, Series 2020, 2.40%, 04/15/50		113		76,988
				19,576,216
Electric Utilities — 10.1%
AEP Texas, Inc.
3.45%, 05/15/51		829		608,705
5.25%, 05/15/52		880		866,363
Series H, 3.45%, 01/15/50		163		121,573
AEP Transmission Co. LLC
3.75%, 12/01/47		600		496,768
3.80%, 06/15/49		829		685,575

Security	Par             (000)		Value
Electric Utilities (continued)
AEP Transmission Co. LLC (continued)
3.15%, 09/15/49(a)	$	64	$	47,020
5.40%, 03/15/53		500		526,696
Series M, 3.65%, 04/01/50		413		330,277
Series N, 2.75%, 08/15/51		329		220,195
Series O, 4.50%, 06/15/52(a)		2,000		1,850,872
Alabama Power Co.
6.13%, 05/15/38		829		913,901
3.75%, 03/01/45		618		501,788
4.30%, 01/02/46		163		142,290
3.45%, 10/01/49		120		90,448
3.13%, 07/15/51		496		353,563
3.00%, 03/15/52		550		378,229
Series B, 3.70%, 12/01/47		277		221,009
Ameren Illinois Co.
4.15%, 03/15/46		413		358,112
3.70%, 12/01/47		500		419,573
4.50%, 03/15/49		250		232,635
3.25%, 03/15/50		197		147,956
5.90%, 12/01/52		400		452,906
American Electric Power Co., Inc., 3.25%, 03/01/50		829		585,388
Appalachian Power Co.
4.40%, 05/15/44		163		141,427
4.45%, 06/01/45		250		214,930
Series Z, 3.70%, 05/01/50		650		499,698
Arizona Public Service Co.
5.05%, 09/01/41		163		153,179
4.50%, 04/01/42		829		723,816
3.75%, 05/15/46		750		570,144
4.20%, 08/15/48		163		132,492
3.50%, 12/01/49		911		658,438
3.35%, 05/15/50		500		352,849
Avista Corp.
4.35%, 06/01/48		496		444,564
4.00%, 04/01/52		300		250,925
Baltimore Gas and Electric Co.
6.35%, 10/01/36		163		183,582
3.50%, 08/15/46		579		450,051
3.75%, 08/15/47		800		642,693
3.20%, 09/15/49		145		108,042
2.90%, 06/15/50		371		258,194
4.55%, 06/01/52		630		581,867
Berkshire Hathaway Energy Co.
6.13%, 04/01/36		1,563		1,751,615
5.95%, 05/15/37		829		909,298
5.15%, 11/15/43(a)		563		564,960
4.50%, 02/01/45		679		622,396
3.80%, 07/15/48		413		339,185
4.45%, 01/15/49		413		374,753
4.25%, 10/15/50		829		723,528
2.85%, 05/15/51		1,429		986,978
4.60%, 05/01/53		1,029		958,747
Black Hills Corp.
4.35%, 05/01/33		329		304,770
4.20%, 09/15/46		250		200,349
3.88%, 10/15/49		288		219,648
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42		26		21,364
4.50%, 04/01/44		800		740,120
3.95%, 03/01/48		163		138,252
5.30%, 04/01/53		60		62,813

S C H E D U L E S    O F    I N V E  S T M E N T S 65

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Electric Utilities (continued)
CenterPoint Energy Houston Electric LLC (continued)
Class AF, 3.35%, 04/01/51	$	413	$	317,549
Sereis AJ, 4.85%, 10/01/52		500		496,451
Series AC, 4.25%, 02/01/49		950		850,928
Series AD, 2.90%, 07/01/50		250		175,623
Series AH, Class AH, 3.60%, 03/01/52		800		640,479
CenterPoint Energy, Inc., 3.70%, 09/01/49		163		125,072
Cleco Corporate Holdings LLC, 4.97%, 05/01/46		300		263,841
Cleveland Electric Illuminating Co., 5.95%, 12/15/36 .		210		217,098
Commonwealth Edison Co.
5.90%, 03/15/36		800		870,082
6.45%, 01/15/38		350		405,994
3.80%, 10/01/42		320		270,945
4.60%, 08/15/43		300		283,976
3.70%, 03/01/45		163		132,302
4.35%, 11/15/45		800		724,427
3.65%, 06/15/46		620		499,648
4.00%, 03/01/48		829		710,876
4.00%, 03/01/49		829		703,208
3.00%, 03/01/50		413		295,430
5.30%, 02/01/53		240		250,510
Series 123, 3.75%, 08/15/47		900		740,432
Series 127, 3.20%, 11/15/49		505		374,645
Series 130, 3.13%, 03/15/51		329		238,545
Series 131, 2.75%, 09/01/51		413		278,582
Series 133, 3.85%, 03/15/52		659		546,570
Connecticut Light and Power Co.
4.30%, 04/15/44		450		402,500
4.00%, 04/01/48		1,200		1,042,345
5.25%, 01/15/53		500		524,056
Series A, 4.15%, 06/01/45		600		519,600
Consolidated Edison Co. of New York, Inc.
5.70%, 06/15/40		400		412,962
3.95%, 03/01/43		547		463,082
4.45%, 03/15/44		663		601,601
4.50%, 12/01/45		563		506,103
3.85%, 06/15/46		829		673,563
3.20%, 12/01/51		450		327,060
6.15%, 11/15/52		500		563,123
4.50%, 05/15/58		829		724,743
3.70%, 11/15/59		480		362,985
3.60%, 06/15/61		620		475,063
Series 06-A, 5.85%, 03/15/36		1,000		1,063,481
Series 07-A, 6.30%, 08/15/37		393		439,467
Series 09-C, 5.50%, 12/01/39		867		879,681
Series 12-A, 4.20%, 03/15/42		329		287,254
Series 2017, 3.88%, 06/15/47		400		326,142
Series 20B, 3.95%, 04/01/50(a)		829		693,944
Series A, 4.13%, 05/15/49		413		348,024
Series C, 4.30%, 12/01/56		413		348,563
Series C, 4.00%, 11/15/57		620		504,266
Series C, 3.00%, 12/01/60		660		437,360
Series E, 4.65%, 12/01/48		413		378,299
Constellation Energy Generation LLC
6.25%, 10/01/39		697		739,000
5.75%, 10/01/41		413		408,863
5.60%, 06/15/42		869		859,230
Consumers Energy Co.
3.25%, 08/15/46		1,000		762,783
4.05%, 05/15/48		450		390,662

Security	Par             (000)		Value
Electric Utilities (continued)
Consumers Energy Co. (continued)
4.35%, 04/15/49	$	829	$	756,697
3.10%, 08/15/50		440		319,809
3.50%, 08/01/51		829		648,816
2.65%, 08/15/52(a)		59		39,857
4.20%, 09/01/52(a)		510		451,654
2.50%, 05/01/60		874		516,778
Dayton Power & Light Co., 3.95%, 06/15/49		350		273,416
Dominion Energy South Carolina, Inc.
5.45%, 02/01/41		829		851,748
4.60%, 06/15/43		163		151,289
5.10%, 06/01/65		413		418,757
Dominion Energy, Inc.
7.00%, 06/15/38		163		188,732
4.70%, 12/01/44		829		743,024
Series A, 4.60%, 03/15/49		413		366,146
Series B, 5.95%, 06/15/35		290		310,918
Series B, 4.85%, 08/15/52(a)		400		364,865
Series C, 3.30%, 04/15/41		225		173,319
Series C, 4.90%, 08/01/41		409		375,946
DTE Electric Co.
4.30%, 07/01/44		300		268,146
3.70%, 03/15/45		534		439,346
3.70%, 06/01/46		163		131,567
3.75%, 08/15/47		630		515,888
3.95%, 03/01/49		750		639,515
2.95%, 03/01/50		829		588,389
5.40%, 04/01/53		400		423,518
Series A, 4.00%, 04/01/43		97		84,365
Series A, 4.05%, 05/15/48		163		140,038
Series B, 3.25%, 04/01/51		579		432,446
Series B, 3.65%, 03/01/52		117		94,369
Duke Energy Carolinas LLC
6.10%, 06/01/37		413		453,888
6.05%, 04/15/38		511		565,133
5.30%, 02/15/40(a)		963		1,006,864
4.25%, 12/15/41		829		746,903
4.00%, 09/30/42		1,113		961,973
3.88%, 03/15/46		800		663,201
3.70%, 12/01/47		413		334,547
3.95%, 03/15/48		329		275,019
3.20%, 08/15/49		769		572,101
3.45%, 04/15/51		225		172,079
3.55%, 03/15/52		892		706,018
5.35%, 01/15/53		750		786,951
Duke Energy Corp.
3.30%, 06/15/41		279		213,308
4.80%, 12/15/45		463		429,474
3.75%, 09/01/46		1,243		976,138
3.95%, 08/15/47		413		328,588
4.20%, 06/15/49		413		341,602
3.50%, 06/15/51		829		614,702
5.00%, 08/15/52(a)		800		750,600
Duke Energy Florida LLC
6.35%, 09/15/37		450		506,814
5.65%, 04/01/40(a)		300		315,813
3.40%, 10/01/46		863		671,330
3.00%, 12/15/51		300		211,009
5.95%, 11/15/52(a)		75		85,386
Duke Energy Indiana LLC
6.12%, 10/15/35		500		541,679

66 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Electric Utilities (continued)
Duke Energy Indiana LLC (continued)
6.35%, 08/15/38(a)	$	450	$	515,033
6.45%, 04/01/39		200		226,538
3.75%, 05/15/46		413		334,391
2.75%, 04/01/50		500		333,268
5.40%, 04/01/53		450		465,054
Series WWW, 4.90%, 07/15/43		163		158,624
Series YYY, 3.25%, 10/01/49		800		590,373
Duke Energy Ohio, Inc.
3.70%, 06/15/46		163		127,364
5.65%, 04/01/53		125		132,718
Duke Energy Progress LLC
6.30%, 04/01/38		300		337,319
4.10%, 05/15/42		797		699,565
4.10%, 03/15/43		863		751,323
4.38%, 03/30/44		326		293,697
4.15%, 12/01/44		413		359,217
4.20%, 08/15/45		963		838,291
3.70%, 10/15/46		413		329,660
3.60%, 09/15/47		829		648,720
2.50%, 08/15/50		413		262,176
2.90%, 08/15/51		1,026		703,882
4.00%, 04/01/52		100		84,471
5.35%, 03/15/53		300		312,101
El Paso Electric Co., 6.00%, 05/15/35(a)		413		432,091
Emera U.S. Finance LP, 4.75%, 06/15/46		988		821,009
Entergy Arkansas LLC
4.20%, 04/01/49		450		389,139
2.65%, 06/15/51		975		636,061
3.35%, 06/15/52		413		307,412
Entergy Corp., 3.75%, 06/15/50		464		355,272
Entergy Louisiana LLC
3.10%, 06/15/41		400		312,039
4.95%, 01/15/45		350		333,282
4.20%, 09/01/48		613		533,983
4.20%, 04/01/50		829		718,671
2.90%, 03/15/51		493		338,139
4.75%, 09/15/52		500		474,910
Entergy Mississippi LLC, 3.85%, 06/01/49		413		330,599
Entergy Texas, Inc.
4.50%, 03/30/39		400		369,229
3.55%, 09/30/49		130		99,156
5.00%, 09/15/52		200		195,105
Evergy Kansas Central, Inc.
4.13%, 03/01/42		400		345,963
4.25%, 12/01/45		829		713,816
3.25%, 09/01/49		413		300,081
3.45%, 04/15/50		413		310,685
5.70%, 03/15/53		145		153,379
Evergy Metro, Inc.
5.30%, 10/01/41		340		338,791
Series 2019, 4.13%, 04/01/49		550		460,597
Eversource Energy, 3.45%, 01/15/50		329		250,719
Exelon Corp.
4.95%, 06/15/35		700		699,984
5.63%, 06/15/35		300		316,217
5.10%, 06/15/45		163		154,301
4.45%, 04/15/46		600		523,109
4.70%, 04/15/50		413		376,055
5.60%, 03/15/53		670		689,696

Security	Par             (000)		Value
Electric Utilities (continued)
Exelon Corp. (continued)
Series WI, 4.10%, 03/15/52	$	959	$	796,695
Florida Power & Light Co.
4.95%, 06/01/35		1,055		1,076,169
5.95%, 02/01/38		800		890,733
5.96%, 04/01/39		250		275,448
5.69%, 03/01/40		413		448,884
5.25%, 02/01/41		413		425,758
4.13%, 02/01/42		413		371,527
4.05%, 06/01/42		700		625,309
4.05%, 10/01/44		620		548,103
3.70%, 12/01/47		829		699,320
3.95%, 03/01/48		1,013		881,647
4.13%, 06/01/48		413		368,137
3.99%, 03/01/49		413		359,290
3.15%, 10/01/49		733		553,118
2.88%, 12/04/51		1,200		855,893
5.30%, 04/01/53		445		474,093
Georgia Power Co.
4.30%, 03/15/42		829		735,394
4.30%, 03/15/43		340		297,059
5.13%, 05/15/52		930		920,490
Series A, 3.25%, 03/15/51		600		431,809
Series B, 3.70%, 01/30/50(a)		829		649,198
Iberdrola International BV, 6.75%, 07/15/36(a)		400		463,725
Idaho Power Co.
5.50%, 03/15/53		220		233,568
Series K, 4.20%, 03/01/48		400		348,888
Indiana Michigan Power Co.
6.05%, 03/15/37		113		122,993
4.25%, 08/15/48		163		140,682
5.63%, 04/01/53		305		324,470
Series K, 4.55%, 03/15/46		96		85,402
Series L, 3.75%, 07/01/47		829		642,895
Interstate Power and Light Co.
6.25%, 07/15/39		260		281,719
3.70%, 09/15/46		413		321,131
3.50%, 09/30/49		477		354,800
3.10%, 11/30/51		355		242,747
ITC Holdings Corp., 5.30%, 07/01/43		200		192,765
John Sevier Combined Cycle Generation LLC,
4.63%, 01/15/42(a)		658		641,470
Kentucky Utilities Co.
5.13%, 11/01/40		850		840,762
4.38%, 10/01/45		829		726,174
3.30%, 06/01/50		225		163,391
Louisville Gas and Electric Co., 4.25%, 04/01/49		829		722,216
MidAmerican Energy Co.
5.80%, 10/15/36		300		330,413
4.80%, 09/15/43		163		158,435
4.40%, 10/15/44(a)		829		769,192
4.25%, 05/01/46		300		266,670
3.65%, 08/01/48		413		339,374
4.25%, 07/15/49		1,243		1,119,717
3.15%, 04/15/50		163		121,634
2.70%, 08/01/52		225		153,382
Mississippi Power Co.
Series 12-A, 4.25%, 03/15/42		413		356,035
Series B, 3.10%, 07/30/51		413		284,712

S C H E D U L E    O F    I N V E S  T M E N T S 67

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Electric Utilities (continued)
National Rural Utilities Cooperative Finance Corp.
4.40%, 11/01/48	$	270	$	238,556
4.30%, 03/15/49		413		364,193
Nevada Power Co.
Series EE, 3.13%, 08/01/50		329		236,279
Series GG, 5.90%, 05/01/53		100		112,141
Series N, 6.65%, 04/01/36		600		687,922
NextEra Energy Capital Holdings, Inc.
3.00%, 01/15/52		454		311,035
5.25%, 02/28/53		950		940,127
Northern States Power Co.
6.20%, 07/01/37		400		448,784
5.35%, 11/01/39		350		364,714
3.40%, 08/15/42		130		106,538
4.13%, 05/15/44		250		222,075
4.00%, 08/15/45		250		215,619
3.60%, 05/15/46		500		401,539
3.60%, 09/15/47		953		779,884
2.90%, 03/01/50		366		262,073
3.20%, 04/01/52		145		108,041
4.50%, 06/01/52		626		588,046
NorthWestern Corp., 4.18%, 11/15/44(a)		350		308,109
NSTAR Electric Co., 4.55%, 06/01/52		381		360,900
Oglethorpe Power Corp.
5.95%, 11/01/39		350		354,657
5.38%, 11/01/40(a)		300		287,604
4.50%, 04/01/47(a)(d)		479		408,440
5.05%, 10/01/48		829		760,495
3.75%, 08/01/50		163		127,082
Ohio Edison Co., 6.88%, 07/15/36		300		346,437
Ohio Power Co.
4.15%, 04/01/48		829		715,721
Series R, 2.90%, 10/01/51		359		246,366
Oklahoma Gas and Electric Co.
4.15%, 04/01/47		500		419,007
5.60%, 04/01/53		170		176,222
Oncor Electric Delivery Co. LLC
5.25%, 09/30/40		163		166,291
4.55%, 12/01/41		350		332,593
5.30%, 06/01/42(a)		295		305,041
3.75%, 04/01/45		163		136,930
3.80%, 09/30/47		279		232,275
4.10%, 11/15/48		413		364,188
3.80%, 06/01/49		829		689,787
3.10%, 09/15/49		809		595,089
2.70%, 11/15/51		626		421,255
4.60%, 06/01/52		500		469,078
4.95%, 09/15/52		500		492,664
Pacific Gas and Electric Co.
4.50%, 07/01/40		1,659		1,348,129
3.30%, 08/01/40		741		518,570
4.20%, 06/01/41		362		278,955
4.45%, 04/15/42		450		352,268
4.60%, 06/15/43		350		274,595
4.75%, 02/15/44		413		336,446
4.30%, 03/15/45		476		356,052
4.25%, 03/15/46		700		518,358
4.00%, 12/01/46		510		361,962
3.95%, 12/01/47		655		463,529
4.95%, 07/01/50		2,646		2,152,909

Security	Par             (000)		Value
Electric Utilities (continued)
Pacific Gas and Electric Co. (continued)
3.50%, 08/01/50	$	1,745	$	1,137,325
5.25%, 03/01/52		543		456,097
6.75%, 01/15/53		550		563,029
6.70%, 04/01/53		665		677,791
PacifiCorp.
5.25%, 06/15/35		163		169,350
5.75%, 04/01/37		500		538,767
6.25%, 10/15/37		700		790,825
6.35%, 07/15/38		243		274,350
6.00%, 01/15/39		500		543,749
4.10%, 02/01/42(a)		163		143,942
4.13%, 01/15/49		829		713,874
4.15%, 02/15/50		413		355,772
3.30%, 03/15/51		1,000		747,043
2.90%, 06/15/52		926		645,780
5.35%, 12/01/53		950		989,055
PECO Energy Co.
5.95%, 10/01/36		260		283,835
3.90%, 03/01/48		829		707,921
3.00%, 09/15/49		126		91,173
3.05%, 03/15/51		57		40,782
2.85%, 09/15/51		243		166,949
4.60%, 05/15/52		300		286,242
4.38%, 08/15/52(a)		200		184,062
Potomac Electric Power Co.
6.50%, 11/15/37		450		515,749
4.15%, 03/15/43		563		505,170
PPL Electric Utilities Corp.
6.25%, 05/15/39		250		278,530
4.75%, 07/15/43		163		156,943
4.15%, 10/01/45		300		264,023
3.95%, 06/01/47		400		344,900
4.15%, 06/15/48		400		358,702
3.00%, 10/01/49		110		80,208
5.25%, 05/15/53		500		520,787
Progress Energy, Inc., 6.00%, 12/01/39		800		828,993
Public Service Co. of Colorado
3.60%, 09/15/42		163		135,501
3.80%, 06/15/47		829		691,126
4.05%, 09/15/49		829		710,490
5.25%, 04/01/53		1,000		1,028,559
Series 36, 2.70%, 01/15/51		660		444,790
Series 39, 4.50%, 06/01/52		300		279,175
Public Service Co. of New Hampshire
3.60%, 07/01/49		229		185,357
5.15%, 01/15/53(a)		350		362,991
Public Service Co. of Oklahoma, Series K, 3.15%, 08/15/51		130		89,027
Public Service Electric and Gas Co.
5.80%, 05/01/37		288		313,404
3.95%, 05/01/42(a)		385		335,992
3.80%, 01/01/43		260		220,899
3.80%, 03/01/46		1,036		862,545
3.60%, 12/01/47(a)		250		202,122
3.85%, 05/01/49		413		346,475
3.20%, 08/01/49		300		227,141
3.15%, 01/01/50		329		244,662
2.70%, 05/01/50		300		205,209
2.05%, 08/01/50		300		178,111

68 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Electric Utilities (continued)
Public Service Electric and Gas Co. (continued)
3.00%, 03/01/51	$	829	$	597,489
Puget Sound Energy, Inc.
6.27%, 03/15/37		400		439,304
5.76%, 10/01/39		300		313,285
5.80%, 03/15/40		413		436,649
4.30%, 05/20/45		400		342,926
4.22%, 06/15/48		413		361,725
3.25%, 09/15/49		620		460,790
2.89%, 09/15/51		300		204,975
San Diego Gas & Electric Co.
6.00%, 06/01/39		400		426,030
4.15%, 05/15/48		829		721,914
3.70%, 03/15/52		400		324,599
5.35%, 04/01/53		470		486,981
Series RRR, 3.75%, 06/01/47		300		244,663
Series TTT, 4.10%, 06/15/49		300		256,153
Series UUU, 3.32%, 04/15/50		300		225,067
Series WWW, 2.95%, 08/15/51		600		423,270
Sempra Energy
3.80%, 02/01/38		1,329		1,166,821
6.00%, 10/15/39		700		739,035
4.00%, 02/01/48		829		675,229
Southern California Edison Co.
6.00%, 01/15/34(a)		1,243		1,348,568
5.63%, 02/01/36		300		311,443
6.05%, 03/15/39		700		748,472
4.50%, 09/01/40		829		746,535
4.05%, 03/15/42		340		285,032
4.65%, 10/01/43		1,038		954,276
4.00%, 04/01/47		1,479		1,222,370
3.65%, 02/01/50		1,029		800,581
3.45%, 02/01/52(a)		880		650,610
5.70%, 03/01/53(a)		115		120,376
Series 04-G, 5.75%, 04/01/35		300		317,922
Series 05-E, 5.35%, 07/15/35		300		303,633
Series 08-A, 5.95%, 02/01/38(a)		413		446,381
Series 13-A, 3.90%, 03/15/43		307		254,026
Series 20A, 2.95%, 02/01/51		1,000		677,840
Series B, 4.88%, 03/01/49		413		387,579
Series C, 3.60%, 02/01/45		163		124,529
Series C, 4.13%, 03/01/48		829		703,494
Series E, 5.45%, 06/01/52(a)		243		245,850
Series H, 3.65%, 06/01/51(a)		229		177,809
Southern Co.
4.25%, 07/01/36(a)		550		509,402
4.40%, 07/01/46		1,570		1,378,460
Southern Power Co.
5.15%, 09/15/41		900		858,050
5.25%, 07/15/43(a)		413		392,138
Series F, 4.95%, 12/15/46		829		745,194
Southwestern Electric Power Co.
6.20%, 03/15/40		300		319,545
3.25%, 11/01/51		329		228,803
Series J, 3.90%, 04/01/45		340		270,968
Series L, 3.85%, 02/01/48		413		318,836
Southwestern Public Service Co.
3.40%, 08/15/46		250		187,924
3.70%, 08/15/47		413		327,960
3.75%, 06/15/49		829		657,107

Security	Par             (000)		Value
Electric Utilities (continued)
Southwestern Public Service Co. (continued)
Series 8, 3.15%, 05/01/50	$	329	$	238,324
Tampa Electric Co.
4.10%, 06/15/42		163		140,415
4.35%, 05/15/44		300		261,005
4.30%, 06/15/48		329		280,681
4.45%, 06/15/49		1,036		894,293
5.00%, 07/15/52(a)		175		169,369
Toledo Edison Co., 6.15%, 05/15/37		26		28,121
Tucson Electric Power Co.
4.85%, 12/01/48		163		148,832
4.00%, 06/15/50		500		405,830
3.25%, 05/01/51		130		91,171
5.50%, 04/15/53		250		255,017
Union Electric Co.
5.30%, 08/01/37(a)		300		308,539
3.90%, 09/15/42(a)		1,000		849,943
3.65%, 04/15/45		285		228,236
4.00%, 04/01/48		829		695,649
3.25%, 10/01/49		413		305,604
3.90%, 04/01/52		579		487,358
5.45%, 03/15/53(a)		300		315,745
Virginia Electric and Power Co.
6.35%, 11/30/37		1,000		1,119,416
8.88%, 11/15/38		950		1,325,899
4.00%, 01/15/43		463		394,160
4.45%, 02/15/44		538		480,435
4.60%, 12/01/48		374		337,879
3.30%, 12/01/49		209		155,215
2.45%, 12/15/50		591		363,597
2.95%, 11/15/51		413		284,078
5.45%, 04/01/53		1,010		1,034,579
Series A, 6.00%, 05/15/37		863		932,226
Series B, 6.00%, 01/15/36(a)		829		900,872
Series B, 4.20%, 05/15/45		300		257,364
Series B, 3.80%, 09/15/47		413		330,572
Series C, 4.00%, 11/15/46		225		186,288
Series C, 4.63%, 05/15/52		529		484,852
Series D, 4.65%, 08/15/43		413		376,694
Wisconsin Electric Power Co.
5.70%, 12/01/36(a)		500		531,285
4.30%, 10/15/48		620		550,941
Wisconsin Power and Light Co., 6.38%, 08/15/37(a)		200		221,501
Wisconsin Public Service Corp.
4.75%, 11/01/44		400		374,095
3.30%, 09/01/49		516		387,670
2.85%, 12/01/51		153		104,644
Xcel Energy, Inc.
6.50%, 07/01/36		650		724,462
3.50%, 12/01/49		680		522,114
				208,718,168
Electrical Equipment — 0.1%
Eaton Corp., 4.70%, 08/23/52(a)		800		770,209
Fortive Corp., 4.30%, 06/15/46		500		405,173
Rockwell Automation, Inc., 4.20%, 03/01/49		479		432,890
				1,608,272
Electronic Equipment, Instruments & Components — 0.2%
ABB Finance USA, Inc., 4.38%, 05/08/42		550		507,097
Corning, Inc.
4.75%, 03/15/42		550		521,136

S C H E D U L E    O F    I N V E S  T M E N T S 69

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Electronic Equipment, Instruments & Components (continued)
Corning, Inc. (continued)
5.35%, 11/15/48	$	620	$	616,098
3.90%, 11/15/49		163		126,657
4.38%, 11/15/57		620		524,977
5.85%, 11/15/68		496		492,156
5.45%, 11/15/79		963		903,625
Rockwell Automation, Inc., 2.80%, 08/15/61		410		270,623
Tyco Electronics Group SA, 7.13%, 10/01/37		400		474,235
				4,436,604
Energy Equipment & Services — 0.4%
Baker Hughes Holdings LLC, 5.13%, 09/15/40		976		955,943
Baker Hughes Holdings LLC/Baker Hughes Co.-
Obligor, Inc., 4.08%, 12/15/47(a)		1,243		1,019,754
Halliburton Co.
4.85%, 11/15/35		829		809,973
6.70%, 09/15/38		800		890,699
7.45%, 09/15/39		850		1,001,894
4.50%, 11/15/41		450		389,513
4.75%, 08/01/43		736		656,362
5.00%, 11/15/45(a)		1,659		1,522,374
NOV, Inc., 3.95%, 12/01/42		847		630,865
				7,877,377
Environmental, Maintenance & Security Service — 0.1%
Nature Conservancy, Series A, 3.96%, 03/01/52		66		56,006
Republic Services, Inc.
5.70%, 05/15/41(a)		600		647,402
3.05%, 03/01/50		350		254,516
Waste Connections, Inc.
3.05%, 04/01/50		379		264,684
2.95%, 01/15/52		650		449,607
Waste Management, Inc.
2.95%, 06/01/41		470		360,701
4.10%, 03/01/45		355		315,681
4.15%, 07/15/49		413		374,277
2.50%, 11/15/50		450		293,747
				3,016,621
Financial Services — 6.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.40%, 10/29/33		1,350		1,084,756
3.85%, 10/29/41(a)		1,350		1,013,926
Bank of America Corp.
6.11%, 01/29/37		1,500		1,607,927
7.75%, 05/14/38		1,550		1,880,594
5.88%, 02/07/42		1,661		1,789,262
5.00%, 01/21/44		2,186		2,115,219
4.88%, 04/01/44		829		801,241
(1-day SOFR + 1.56%), 2.97%, 07/21/52(b)		1,630		1,112,240
(1-day SOFR + 1.58%), 3.31%, 04/22/42(b)		1,789		1,377,482
(1-day SOFR + 1.88%), 2.83%, 10/24/51(b)		825		543,766
(1-day SOFR + 1.93%), 2.68%, 06/19/41(b)		4,139		2,936,483
(3-mo. LIBOR US + 1.19%), 3.95%, 01/23/49(b)		496		402,776
(3-mo. LIBOR US + 1.32%), 4.08%, 04/23/40(b)		1,579		1,365,900
(3-mo. LIBOR US + 1.52%), 4.33%, 03/15/50(b)		2,809		2,415,259
(3-mo. LIBOR US + 1.81%), 4.24%, 04/24/38(b)		2,243		2,009,703
(3-mo. LIBOR US + 1.99%), 4.44%, 01/20/48(b)		2,053		1,820,418
(3-mo. LIBOR US + 3.15%), 4.08%, 03/20/51(b)		4,235		3,552,165

Security	Par             (000)		Value
Financial Services (continued)
Bank of America Corp. (continued)
Series N, (1-day SOFR + 1.65%), 3.48%, 03/13/52(b)	$	841	$	631,497
Barclays PLC
5.25%, 08/17/45		1,250		1,172,779
4.95%, 01/10/47(a)		1,478		1,321,696
(1-year CMT + 1.30%), 3.33%, 11/24/42(b)		928		672,275
(1-year CMT + 1.70%), 3.81%, 03/10/42(b)		950		689,378
Citigroup, Inc.
8.13%, 07/15/39		1,975		2,552,597
5.88%, 01/30/42		1,623		1,730,931
6.68%, 09/13/43		163		182,226
5.30%, 05/06/44		413		392,593
4.65%, 07/30/45		2,070		1,900,908
4.75%, 05/18/46		2,243		1,964,536
4.65%, 07/23/48		2,393		2,207,283
(1-day SOFR + 1.38%), 2.90%, 11/03/42(b)		1,208		870,935
(1-day SOFR + 4.55%), 5.32%, 03/26/41(b)		990		978,064
(3-mo. CME Term SOFR + 2.10%), 4.28%, 04/24/48(b)		829		719,789
CME Group, Inc.
5.30%, 09/15/43		829		877,300
4.15%, 06/15/48(a)		650		596,700
Credit Suisse Group AG, 4.88%, 05/15/45		1,682		1,430,524
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		1,000		975,526
Goldman Sachs Group, Inc.
6.45%, 05/01/36		500		538,317
6.75%, 10/01/37		4,949		5,416,136
6.25%, 02/01/41		2,529		2,791,599
4.80%, 07/08/44		1,636		1,523,545
5.15%, 05/22/45		2,243		2,118,149
(1-day SOFR + 1.47%), 2.91%, 07/21/42(b)		1,659		1,191,464
(1-day SOFR + 1.51%), 3.21%, 04/22/42(b)		2,279		1,712,499
(1-day SOFR + 1.63%), 3.44%, 02/24/43(b)		1,504		1,160,814
(3-mo. CME Term SOFR + 1.37%), 4.02%, 10/31/38(b)		2,309		1,994,150
(3-mo. CME Term SOFR + 1.43%), 4.41%, 04/23/39(b)		1,579		1,423,816
HSBC Holdings PLC
6.50%, 05/02/36		1,803		1,854,419
6.50%, 09/15/37		2,440		2,480,289
6.80%, 06/01/38		1,350		1,417,400
6.10%, 01/14/42		1,529		1,639,078
5.25%, 03/14/44		1,418		1,291,346
Intercontinental Exchange, Inc.
2.65%, 09/15/40		1,029		753,556
4.25%, 09/21/48		1,013		892,798
3.00%, 06/15/50		1,259		899,816
4.95%, 06/15/52		1,046		1,036,360
3.00%, 09/15/60		1,285		854,120
5.20%, 06/15/62(a)		1,025		1,043,359
JPMorgan Chase & Co.
6.40%, 05/15/38(a)		2,561		2,897,104
5.50%, 10/15/40		1,259		1,305,016
5.60%, 07/15/41		1,804		1,881,373
5.40%, 01/06/42		1,329		1,371,594
5.63%, 08/16/43		1,413		1,472,570
4.85%, 02/01/44(a)		1,026		986,893
4.95%, 06/01/45		1,536		1,464,527

70 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Financial Services (continued)
JPMorgan Chase & Co. (continued)
(1-day SOFR + 1.46%), 3.16%, 04/22/42(b)	$	908	$	692,928
(1-day SOFR + 1.51%), 2.53%, 11/19/41(b)		1,493		1,046,459
(1-day SOFR + 1.58%), 3.33%, 04/22/52(b)		2,791		2,083,878
(1-day SOFR + 2.44%), 3.11%, 04/22/51(b)		2,109		1,499,432
(1-day SOFR + 2.46%), 3.11%, 04/22/41(b)		1,661		1,268,377
(3-mo. LIBOR US + 1.22%), 3.90%, 01/23/49(b)		1,900		1,549,506
(3-mo. LIBOR US + 1.38%), 3.96%, 11/15/48(b)		2,073		1,726,551
(3-mo. LIBOR US + 1.46%), 4.03%, 07/24/48(b)		1,513		1,274,884
(3-mo. LIBOR US + 1.58%), 4.26%, 02/22/48(b)		2,029		1,778,868
Kimberly-Clark Corp.
6.63%, 08/01/37		600		737,892
5.30%, 03/01/41(a)		163		172,465
3.20%, 07/30/46(a)		136		105,045
3.90%, 05/04/47		620		540,234
2.88%, 02/07/50(a)		660		488,154
Lloyds Banking Group PLC
5.30%, 12/01/45(a)		971		865,855
4.34%, 01/09/48		1,001		771,298
(5-year CMT + 1.50%), 3.37%, 12/14/46(b)		1,150		767,252
Mitsubishi UFJ Financial Group, Inc.
4.29%, 07/26/38		163		150,167
3.75%, 07/18/39		1,832		1,586,031
Morgan Stanley
6.38%, 07/24/42		1,719		1,946,011
4.30%, 01/27/45		2,479		2,226,205
4.38%, 01/22/47		1,000		897,084
(1-day SOFR + 1.43%), 2.80%, 01/25/52(b)		2,064		1,376,267
(1-day SOFR + 4.84%), 5.60%, 03/24/51(b)		1,579		1,670,235
(3-mo. LIBOR US + 1.43%), 4.46%, 04/22/39(b)		2,489		2,285,118
(3-mo. LIBOR US + 1.46%), 3.97%, 07/22/38(b)		1,979		1,742,989
Nasdaq, Inc.
2.50%, 12/21/40		600		402,892
3.25%, 04/28/50		430		299,055
3.95%, 03/07/52		500		394,643
Sumitomo Mitsui Financial Group, Inc.
2.30%, 01/12/41		500		338,465
2.93%, 09/17/41(a)		780		558,261
3.05%, 01/14/42		450		333,500
Voya Financial, Inc.
5.70%, 07/15/43		413		404,940
4.80%, 06/15/46		255		216,089
				129,305,791
Food Products — 0.5%
Archer-Daniels-Midland Co.
5.38%, 09/15/35		700		752,473
4.02%, 04/16/43		59		52,174
3.75%, 09/15/47		429		365,782
4.50%, 03/15/49		829		792,126
2.70%, 09/15/51		600		419,087
Hershey Co.
3.13%, 11/15/49		413		313,564
2.65%, 06/01/50(a)		300		210,141
Hormel Foods Corp., 3.05%, 06/03/51		413		302,042
J M Smucker Co.
4.25%, 03/15/35		513		484,050
2.75%, 09/15/41		300		216,984
4.38%, 03/15/45		413		365,752
3.55%, 03/15/50		330		247,590

Security	Par             (000)		Value
Food Products (continued)
JBS USA LUX SA/JBS USA Food Co./JBS USA
Finance, Inc.(d)
4.38%, 02/02/52	$	850	$	600,722
6.50%, 12/01/52(a)		1,450		1,373,807
Mondelez International, Inc., 2.63%, 09/04/50		880		587,976
Tyson Foods, Inc.
4.88%, 08/15/34		425		424,366
5.15%, 08/15/44		413		396,338
4.55%, 06/02/47		663		576,071
5.10%, 09/28/48		1,393		1,320,412
				9,801,457
Ground Transportation — 2.5%
Burlington Northern Santa Fe LLC
6.20%, 08/15/36		250		282,810
6.15%, 05/01/37		650		740,556
5.75%, 05/01/40		750		809,457
5.05%, 03/01/41		450		451,087
5.40%, 06/01/41		500		520,774
4.95%, 09/15/41		250		248,605
4.40%, 03/15/42		97		90,159
4.38%, 09/01/42		563		523,794
4.45%, 03/15/43		830		775,517
5.15%, 09/01/43		713		728,309
4.90%, 04/01/44		1,013		998,454
4.55%, 09/01/44		813		769,962
4.15%, 04/01/45		1,013		904,361
4.70%, 09/01/45		413		396,737
3.90%, 08/01/46		309		263,633
4.13%, 06/15/47		763		675,727
4.05%, 06/15/48		829		729,257
4.15%, 12/15/48		413		366,832
3.55%, 02/15/50		931		753,478
3.05%, 02/15/51		329		240,227
3.30%, 09/15/51		829		633,460
2.88%, 06/15/52		650		456,595
4.45%, 01/15/53		800		752,420
Canadian National Railway Co.
6.25%, 08/01/34		400		459,757
6.20%, 06/01/36		450		511,353
6.38%, 11/15/37		250		289,935
3.20%, 08/02/46		660		508,581
3.65%, 02/03/48		493		411,943
2.45%, 05/01/50		1,174		768,438
4.40%, 08/05/52		580		548,527
Canadian Pacific Railway Co.
4.80%, 09/15/35		163		164,497
5.95%, 05/15/37		500		540,813
3.00%, 12/02/41(a)		992		823,969
4.30%, 05/15/43		400		357,921
4.80%, 08/01/45		519		506,445
4.95%, 08/15/45		450		443,580
4.70%, 05/01/48		413		384,403
3.50%, 05/01/50		413		320,679
3.10%, 12/02/51(a)		1,792		1,284,084
4.20%, 11/15/69		377		300,005
6.13%, 09/15/2115		763		811,912
CSX Corp.
6.00%, 10/01/36		300		328,629
6.15%, 05/01/37		300		332,181

S C H E D U L E    O F    I N V E S  T M E N T S 71

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Ground Transportation (continued)
CSX Corp. (continued)
6.22%, 04/30/40	$	200	$	222,549
5.50%, 04/15/41		500		514,332
4.75%, 05/30/42		911		864,168
4.10%, 03/15/44		750		660,860
3.80%, 11/01/46		750		620,183
4.30%, 03/01/48		620		550,032
4.75%, 11/15/48		600		567,305
4.50%, 03/15/49		829		760,105
3.35%, 09/15/49		140		105,558
3.80%, 04/15/50		454		368,524
3.95%, 05/01/50		371		308,970
2.50%, 05/15/51(a)		425		277,488
4.50%, 11/15/52		800		736,056
4.50%, 08/01/54		413		372,033
4.25%, 11/01/66		663		553,146
4.65%, 03/01/68(a)		413		369,136
Norfolk Southern Corp.
4.84%, 10/01/41		600		568,043
3.95%, 10/01/42		626		536,372
4.45%, 06/15/45		163		144,966
4.65%, 01/15/46		600		547,885
3.94%, 11/01/47		745		615,182
4.15%, 02/28/48		713		604,276
3.40%, 11/01/49		276		204,733
3.05%, 05/15/50		750		526,052
2.90%, 08/25/51		626		418,577
4.05%, 08/15/52		829		695,376
3.70%, 03/15/53		272		212,187
4.55%, 06/01/53		675		612,019
3.16%, 05/15/55		829		567,559
4.10%, 05/15/2121		579		414,853
Union Pacific Corp.
3.38%, 02/01/35		413		364,284
2.89%, 04/06/36		700		583,223
3.60%, 09/15/37		436		384,952
3.55%, 08/15/39		500		430,250
3.20%, 05/20/41		975		783,713
3.38%, 02/14/42		493		408,655
4.05%, 11/15/45		163		140,822
4.05%, 03/01/46		466		401,762
4.50%, 09/10/48		413		378,517
3.25%, 02/05/50		1,711		1,306,103
3.80%, 10/01/51		1,013		848,320
2.95%, 03/10/52		1,086		773,052
4.95%, 09/09/52		550		560,859
3.50%, 02/14/53		1,216		964,850
4.95%, 05/15/53(a)		1,400		1,412,852
3.95%, 08/15/59		645		532,897
3.84%, 03/20/60		1,151		936,409
3.55%, 05/20/61		977		747,080
2.97%, 09/16/62		1,000		662,807
5.15%, 01/20/63		200		204,473
3.80%, 04/06/71		1,159		905,761
3.85%, 02/14/72		451		359,115
				51,819,144
Health Care Equipment & Supplies — 1.1%
Abbott Laboratories
4.75%, 11/30/36		1,466		1,521,187
6.15%, 11/30/37		500		578,172
5.30%, 05/27/40		613		658,534

Security	Par             (000)		Value
Health Care Equipment & Supplies (continued)
Abbott Laboratories (continued)
4.75%, 04/15/43	$	563	$	568,343
4.90%, 11/30/46		2,959		3,043,995
Baxter International, Inc.
3.50%, 08/15/46		413		301,403
3.13%, 12/01/51(a)		671		443,442
Becton Dickinson & Co.
4.69%, 12/15/44		944		882,899
4.67%, 06/06/47		1,313		1,225,121
3.79%, 05/20/50		347		281,333
Boston Scientific Corp.
4.55%, 03/01/39		615		579,229
7.38%, 01/15/40		250		304,805
4.70%, 03/01/49		489		464,419
Danaher Corp.
4.38%, 09/15/45		475		441,359
2.60%, 10/01/50		813		551,815
2.80%, 12/10/51		660		460,314
DH Europe Finance II SARL
3.25%, 11/15/39		729		610,094
3.40%, 11/15/49(a)		708		560,731
GE HealthCare Technologies, Inc., 6.38%, 11/22/52(d)		915		1,027,617
Koninklijke Philips NV
6.88%, 03/11/38		529		614,386
5.00%, 03/15/42		413		392,683
Medtronic, Inc.
4.38%, 03/15/35		1,638		1,633,090
4.63%, 03/15/45		1,850		1,869,929
PerkinElmer, Inc., 3.63%, 03/15/51		300		222,005
STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/51(a)		500		372,914
Stryker Corp.
4.10%, 04/01/43		300		262,794
4.63%, 03/15/46		736		696,898
2.90%, 06/15/50		713		506,079
Thermo Fisher Scientific, Inc.
2.80%, 10/15/41		1,177		902,427
4.10%, 08/15/47		663		604,388
Zimmer Biomet Holdings, Inc.
5.75%, 11/30/39		250		255,362
4.45%, 08/15/45(a)		413		354,307
				23,192,074
Health Care Providers & Services — 4.6%
AdventHealth Obligated Group, Series E, 2.80%, 11/15/51		66		44,736
Adventist Health System, 3.63%, 03/01/49		127		95,730
Advocate Health & Hospitals Corp.
4.27%, 08/15/48		27		24,528
3.39%, 10/15/49		1,585		1,237,128
Series 2020, 3.01%, 06/15/50		198		142,102
Aetna, Inc.
6.63%, 06/15/36		700		777,032
6.75%, 12/15/37		475		529,938
4.50%, 05/15/42		428		382,949
4.75%, 03/15/44		849		772,509
3.88%, 08/15/47		869		687,035
AHS Hospital Corp., Series 2021, 2.78%, 07/01/51		961		643,773
Allina Health System, Series 2019, 3.89%, 04/15/49		142		116,843
AmerisourceBergen Corp.
4.25%, 03/01/45		363		305,369
4.30%, 12/15/47		413		356,068

72 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Health Care Providers & Services (continued)
Ascension Health
3.95%, 11/15/46	$	1,243	$	1,085,964
Series B, 3.11%, 11/15/39		1,500		1,206,296
Banner Health
2.91%, 01/01/42		1,640		1,241,091
2.91%, 01/01/51		231		160,269
Series 2020, 3.18%, 01/01/50		118		85,412
BayCare Health System, Inc., Series 2020, 3.83%, 11/15/50		213		180,634
Baylor Scott & White Holdings, Series 2021, 2.84%, 11/15/50		2,496		1,737,117
BHSH System Obligated Group, Series 19A, 3.49%, 07/15/49		1,000		787,075
Bon Secours Mercy Health, Inc., Series  20-2, 3.21%, 06/01/50		110		77,829
Cardinal Health, Inc.
4.50%, 11/15/44		400		343,876
4.90%, 09/15/45		320		286,559
4.37%, 06/15/47		413		345,889
Children’s Hospital Corp., Series 2017, 4.12%, 01/01/47		130		116,006
Children’s Hospital Medical Center, 4.27%, 05/15/44		1,000		932,430
Children’s Hospital of Philadelphia, Series 2020, 2.70%, 07/01/50		93		62,914
City of Hope, Series 2013, 5.62%, 11/15/43(a)		610		623,262
CommonSpirit Health
3.82%, 10/01/49		1,437		1,143,495
4.19%, 10/01/49		1,761		1,448,555
6.46%, 11/01/52(a)		343		405,145
Community Health Network, Inc., Series 20-A, 3.10%, 05/01/50		225		153,191
Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49		1,000		759,938
Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48		1,164		950,752
Dignity Health, 5.27%, 11/01/64		26		24,773
Duke University Health System, Inc., Series 2017, 3.92%, 06/01/47		862		749,618
Elevance Health, Inc.
5.95%, 12/15/34		350		375,951
6.38%, 06/15/37		350		392,146
4.63%, 05/15/42		900		837,290
4.65%, 01/15/43		859		807,823
5.10%, 01/15/44		745		724,199
4.65%, 08/15/44		788		726,960
4.38%, 12/01/47(a)		879		781,486
4.55%, 03/01/48		620		561,094
3.70%, 09/15/49		800		636,328
3.13%, 05/15/50		999		722,016
3.60%, 03/15/51		1,220		951,446
4.55%, 05/15/52(a)		1,029		933,691
6.10%, 10/15/52		610		680,392
5.13%, 02/15/53		700		695,614
Fred Hutchinson Cancer Center, Series 2022,
4.97%, 01/01/52		326		330,856
Hackensack Meridian Health, Inc.
4.50%, 07/01/57		1,000		903,355
Series 2020, 2.68%, 09/01/41		126		90,524
Series 2020, 2.88%, 09/01/50		657		447,819
Hartford HealthCare Corp., 3.45%, 07/01/54		113		82,373

Security	Par             (000)		Value
Health Care Providers & Services (continued)
HCA, Inc.
5.13%, 06/15/39	$	829	$	779,497
4.38%, 03/15/42(d)		500		419,561
5.50%, 06/15/47		1,479		1,391,196
5.25%, 06/15/49		1,856		1,680,800
3.50%, 07/15/51		1,145		799,212
4.63%, 03/15/52(d)		1,576		1,307,236
Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52		1,127		937,835
Humana, Inc.
4.63%, 12/01/42		829		755,973
4.95%, 10/01/44		563		527,974
4.80%, 03/15/47		480		436,086
3.95%, 08/15/49		400		329,311
Indiana University Health, Inc. Obligated Group,
Series 2021, 2.85%, 11/01/51		1,413		961,700
Inova Health System Foundation, 4.07%, 05/15/52		25		21,944
Integris Baptist Medical Center, Inc., Series A, 3.88%, 08/15/50		122		93,041
Johns Hopkins Health System Corp., 3.84%, 05/15/46		1,113		950,136
Kaiser Foundation Hospitals
4.15%, 05/01/47		919		832,489
Series 2019, 3.27%, 11/01/49		243		188,497
Series 2021, 2.81%, 06/01/41		1,430		1,070,023
Series 2021, 3.00%, 06/01/51		3,055		2,172,993
Mass General Brigham, Inc.
Series 2017, 3.77%, 07/01/48		600		493,359
Series 2020, 3.19%, 07/01/49		913		682,315
Series 2020, 3.34%, 07/01/60		329		235,698
Mayo Clinic
Series 2016, 4.13%, 11/15/52(a)		225		197,695
Series 2021, 3.20%, 11/15/61		301		209,789
MedStar Health, Inc., Series 20A, 3.63%, 08/15/49		25		19,417
Memorial Health Services, 3.45%, 11/01/49		323		249,245
Memorial Sloan-Kettering Cancer Center
5.00%, 07/01/42		130		130,523
4.13%, 07/01/52		130		113,444
Series 2020, 2.96%, 01/01/50		2,505		1,793,671
Methodist Hospital, Series 20A, 2.71%, 12/01/50		942		626,588
Montefiore Obligated Group, 4.29%, 09/01/50		300		186,774
Mount Nittany Medical Center Obligated Group, Series 2022, 3.80%, 11/15/52		103		82,412
Mount Sinai Hospitals Group, Inc.
Series 2017, 3.98%, 07/01/48		1,500		1,225,341
Series 2019, 3.74%, 07/01/49(a)		225		176,822
Series 2020, 3.39%, 07/01/50		120		84,661
MultiCare Health System, 2.80%, 08/15/50		200		126,308
Nationwide Children’s Hospital, Inc., 4.56%, 11/01/52		25		23,601
New York and Presbyterian Hospital
2.26%, 08/01/40		413		287,133
4.02%, 08/01/45		97		86,255
2.61%, 08/01/60		413		253,745
Series 2019, 3.95%, 08/01/2119		270		202,458
Northwell Healthcare, Inc.
3.98%, 11/01/46		130		105,254
3.81%, 11/01/49		1,544		1,188,360
Novant Health, Inc.
2.64%, 11/01/36		66		52,075

S C H E D U L E    O F    I N V E S  T M E N T S 73

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Health Care Providers & Services (continued)
Novant Health, Inc. (continued)
3.17%, 11/01/51	$	1,858	$	1,362,477
3.32%, 11/01/61		141		99,116
NYU Langone Hospitals
4.37%, 07/01/47(a)		645		574,253
Series 13-A, 5.75%, 07/01/43(a)		500		532,264
Series 2020, 3.38%, 07/01/55		500		365,371
OhioHealth Corp., 2.83%, 11/15/41		272		207,375
Orlando Health Obligated Group, 3.33%, 10/01/50		125		88,539
PeaceHealth Obligated Group, Series 2020, 3.22%, 11/15/50		66		47,599
Piedmont Healthcare, Inc., Series 2042, 2.72%, 01/01/42		106		75,369
Presbyterian Healthcare Services, 4.88%, 08/01/52		108		109,284
Providence St Joseph Health Obligated Group,
Series 21A, 2.70%, 10/01/51		1,749		1,088,678
Queen’s Health Systems, 4.81%, 07/01/52		60		59,174
Rady Children’s Hospital-San Diego, Series 21A, 3.15%, 08/15/51		57		41,872
RWJ Barnabas Health, Inc., 3.95%, 07/01/46		1,150		974,118
Seattle Children’s Hospital, Series 2021, 2.72%, 10/01/50		113		76,932
Sentara Healthcare, Series 2021, 2.93%, 11/01/51		63		44,677
Stanford Health Care, 3.03%, 08/15/51		579		415,546
Summa Health, 3.51%, 11/15/51		130		93,869
Sutter Health
Series 2018, 4.09%, 08/15/48		27		22,487
Series 20A, 3.16%, 08/15/40		115		87,983
Series 20A, 3.36%, 08/15/50		276		200,810
Texas Health Resources, 2.33%, 11/15/50		107		64,874
Trinity Health Corp.
4.13%, 12/01/45		1,500		1,332,409
Series 2019, 3.43%, 12/01/48		64		51,649
Series 2021, 2.63%, 12/01/40		29		21,287
UMass Memorial Health Care Obligated Group,
5.36%, 07/01/52(a)		212		213,490
UnitedHealth Group, Inc.
4.63%, 07/15/35		58		58,541
5.80%, 03/15/36		1,000		1,102,777
6.50%, 06/15/37		1,000		1,162,027
6.63%, 11/15/37		800		944,187
6.88%, 02/15/38(a)		926		1,125,666
3.50%, 08/15/39		1,384		1,186,434
2.75%, 05/15/40		1,175		902,109
5.95%, 02/15/41		26		28,730
3.05%, 05/15/41		1,639		1,301,999
4.63%, 11/15/41		496		480,085
4.38%, 03/15/42		650		601,972
3.95%, 10/15/42		597		525,275
4.25%, 03/15/43		663		619,168
4.75%, 07/15/45		1,143		1,116,083
4.20%, 01/15/47		620		551,263
4.25%, 04/15/47		829		748,158
3.75%, 10/15/47		1,113		931,013
4.25%, 06/15/48		1,160		1,050,496
4.45%, 12/15/48		1,579		1,465,281
3.70%, 08/15/49		1,243		1,022,203
2.90%, 05/15/50		1,069		763,434

Security	Par             (000)		Value
Health Care Providers & Services (continued)
UnitedHealth Group, Inc. (continued)
3.25%, 05/15/51	$	2,558	$	1,942,631
5.88%, 02/15/53		2,400		2,710,397
5.05%, 04/15/53		1,350		1,371,038
3.88%, 08/15/59		379		307,232
3.13%, 05/15/60		1,150		818,238
4.95%, 05/15/62		1,250		1,229,238
6.05%, 02/15/63		1,400		1,609,889
5.20%, 04/15/63		900		917,758
WakeMed, Series A, 3.29%, 10/01/52		59		42,134
Willis-Knighton Medical Center, Series 2018, 4.81%, 09/01/48		528		481,401
Yale-New Haven Health Services Corp.,
Series 2020, 2.50%, 07/01/50		57		36,325
				94,598,324
Health Care Technology — 0.0%
Catholic Health Services of Long Island Obligated
Group, Series 2020, 3.37%, 07/01/50		145		102,630
Laboratory Corp. of America Holdings, 4.70%, 02/01/45		721		654,613
Quest Diagnostics, Inc., 4.70%, 03/30/45		163		147,105
				904,348
Hotels, Restaurants & Leisure — 0.6%
Darden Restaurants, Inc., 4.55%, 02/15/48		213		181,098
Marriott International, Inc., Series II, 2.75%, 10/15/33(a)		550		446,328
McDonald’s Corp.
4.70%, 12/09/35		586		585,684
6.30%, 10/15/37		600		685,997
6.30%, 03/01/38		829		945,593
5.70%, 02/01/39		300		317,011
3.70%, 02/15/42		726		602,810
4.60%, 05/26/45		829		767,054
4.88%, 12/09/45		1,379		1,334,610
4.45%, 03/01/47		1,113		1,017,750
4.45%, 09/01/48		600		548,939
3.63%, 09/01/49(a)		1,974		1,566,172
4.20%, 04/01/50		552		482,290
5.15%, 09/09/52		400		406,303
Starbucks Corp.
3.75%, 12/01/47		829		672,329
4.50%, 11/15/48		800		725,652
4.45%, 08/15/49(a)		400		361,689
3.35%, 03/12/50		829		619,333
3.50%, 11/15/50		1,010		780,516
				13,047,158
Household Durables — 0.1%
Leggett & Platt, Inc., 3.50%, 11/15/51		500		371,791
MDC Holdings, Inc.
6.00%, 01/15/43		329		289,857
3.97%, 08/06/61		300		182,232
PulteGroup, Inc., 6.38%, 05/15/33		300		319,903
Whirlpool Corp.
5.15%, 03/01/43		130		116,842

74 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Household Durables (continued)
Whirlpool Corp. (continued)
4.50%, 06/01/46	$	413	$	340,402
4.60%, 05/15/50(a)		496		414,411
				2,035,438
Household Products — 0.0%
Church & Dwight Co., Inc.
3.95%, 08/01/47		300		251,027
5.00%, 06/15/52		400		401,069
				652,096
Industrial Conglomerates — 0.1%
Trane Technologies Global Holding Co. Ltd., 4.30%,
02/21/48		413		356,130
Trane Technologies Luxembourg Finance SA
4.65%, 11/01/44		500		449,873
4.50%, 03/21/49(a)		413		371,344
				1,177,347
Insurance — 3.3%
Aflac, Inc.
4.00%, 10/15/46		340		274,932
4.75%, 01/15/49(a)		543		500,760
Alleghany Corp., 3.25%, 08/15/51		429		310,335
Allstate Corp.
5.55%, 05/09/35		450		471,783
5.95%, 04/01/36		350		391,715
4.50%, 06/15/43		397		357,993
4.20%, 12/15/46		529		445,447
3.85%, 08/10/49		379		302,289
(3-mo. LIBOR US + 2.12%), 6.50%, 05/15/67(b)		425		412,934
American Financial Group, Inc., 4.50%, 06/15/47		620		519,334
American International Group, Inc.
3.88%, 01/15/35(a)		500		445,766
6.25%, 05/01/36		750		801,826
4.50%, 07/16/44		700		612,606
4.80%, 07/10/45		620		563,395
4.75%, 04/01/48		829		753,130
4.38%, 06/30/50		963		824,689
Aon Corp., 6.25%, 09/30/40(a)		255		276,309
Aon Corp./Aon Global Holdings PLC
2.90%, 08/23/51		600		396,102
3.90%, 02/28/52		889		715,818
Aon Global Ltd.
4.60%, 06/14/44		563		502,948
4.75%, 05/15/45		413		377,650
Arch Capital Finance LLC, 5.03%, 12/15/46		500		455,949
Arch Capital Group Ltd.
7.35%, 05/01/34(a)		250		291,985
3.64%, 06/30/50		829		628,032
Arch Capital Group U.S., Inc., 5.14%, 11/01/43		259		242,282
Arthur J Gallagher & Co.
3.50%, 05/20/51		763		558,389
3.05%, 03/09/52		300		196,613
5.75%, 03/02/53		494		507,028
Assured Guaranty U.S. Holdings, Inc., 3.60%,
09/15/51		300		207,732
Athene Holding Ltd.
3.95%, 05/25/51		194		131,215
3.45%, 05/15/52		700		442,969
Berkshire Hathaway Finance Corp.
5.75%, 01/15/40		700		785,436

Security	Par             (000)		Value
Insurance (continued)
Berkshire Hathaway Finance Corp. (continued)
4.40%, 05/15/42	$	676	$	655,527
4.30%, 05/15/43		463		435,009
4.20%, 08/15/48		1,909		1,765,158
4.25%, 01/15/49		1,879		1,769,426
2.85%, 10/15/50		1,629		1,167,308
2.50%, 01/15/51		628		423,071
3.85%, 03/15/52		2,217		1,889,959
Berkshire Hathaway, Inc., 4.50%, 02/11/43		911		885,704
Brighthouse Financial, Inc.
4.70%, 06/22/47		985		743,207
3.85%, 12/22/51		350		217,614
Brown & Brown, Inc., 4.95%, 03/17/52		570		491,398
Chubb Corp.
6.00%, 05/11/37		1,100		1,225,418
Series 1, 6.50%, 05/15/38		526		611,365
Chubb INA Holdings, Inc.
4.15%, 03/13/43		97		87,005
4.35%, 11/03/45		1,109		1,024,500
2.85%, 12/15/51		413		291,057
3.05%, 12/15/61		936		645,249
Cincinnati Financial Corp., 6.13%, 11/01/34(a)		310		337,372
Corebridge Financial, Inc.(d)
4.35%, 04/05/42		525		433,652
4.40%, 04/05/52		1,155		904,020
Equitable Holdings, Inc., 5.00%, 04/20/48		1,379		1,193,521
Everest Reinsurance Holdings, Inc.
3.50%, 10/15/50		1,113		804,261
3.13%, 10/15/52(a)		865		579,834
Fidelity National Financial, Inc., 3.20%, 09/17/51		422		259,981
Hartford Financial Services Group, Inc.
5.95%, 10/15/36		500		525,749
6.10%, 10/01/41		26		26,865
4.30%, 04/15/43		500		419,272
3.60%, 08/19/49		656		496,495
2.90%, 09/15/51		629		415,864
Jackson Financial, Inc., 4.00%, 11/23/51		400		267,847
Lincoln National Corp.
6.30%, 10/09/37(a)		163		160,600
7.00%, 06/15/40(a)		375		379,510
4.35%, 03/01/48		280		197,689
4.38%, 06/15/50(a)		413		293,370
Loews Corp., 6.00%, 02/01/35(a)		300		323,900
Manulife Financial Corp., 5.38%, 03/04/46		579		583,242
Markel Corp.
5.00%, 04/05/46		400		366,195
4.30%, 11/01/47		220		184,260
5.00%, 05/20/49		600		543,486
4.15%, 09/17/50		413		330,625
3.45%, 05/07/52		475		340,773
Marsh & McLennan Cos., Inc.
5.88%, 08/01/33(a)		400		434,926
4.75%, 03/15/39		450		426,308
4.35%, 01/30/47		513		449,562
4.20%, 03/01/48		413		356,006
4.90%, 03/15/49		1,279		1,233,999
2.90%, 12/15/51		343		235,279
6.25%, 11/01/52		450		515,930
5.45%, 03/15/53(a)		160		166,618
MetLife, Inc.
6.38%, 06/15/34(a)		613		692,379

S C H E D U L E    O F    I N V E S  T M E N T S 75

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Insurance (continued)
MetLife, Inc. (continued)
5.70%, 06/15/35	$	1,050	$	1,118,515
5.88%, 02/06/41		655		689,281
4.13%, 08/13/42		825		712,449
4.88%, 11/13/43		1,036		975,937
4.72%, 12/15/44		450		414,089
4.05%, 03/01/45		1,013		854,069
4.60%, 05/13/46		443		398,974
5.00%, 07/15/52		910		866,769
5.25%, 01/15/54		1,000		988,711
Nationwide Financial Services, Inc., 6.75%,
05/15/67		340		327,019
Old Republic International Corp., 3.85%, 06/11/51		600		439,124
Principal Financial Group, Inc.
6.05%, 10/15/36		450		475,806
4.63%, 09/15/42(a)		250		220,277
4.30%, 11/15/46		213		176,294
5.50%, 03/15/53		175		169,853
Progressive Corp.
4.35%, 04/25/44		26		23,348
3.70%, 01/26/45		130		105,566
4.13%, 04/15/47		713		621,580
4.20%, 03/15/48		413		363,134
3.95%, 03/26/50		413		345,480
3.70%, 03/15/52		655		526,911
Prudential Financial, Inc.
5.70%, 12/14/36		1,000		1,076,701
3.00%, 03/10/40		379		288,995
4.60%, 05/15/44		763		689,680
3.91%, 12/07/47		813		659,325
4.42%, 03/27/48		450		388,131
3.94%, 12/07/49		752		608,513
4.35%, 02/25/50		1,329		1,141,534
3.70%, 03/13/51		1,386		1,069,763
Transatlantic Holdings, Inc., 8.00%, 11/30/39		300		380,491
Travelers Cos., Inc.
6.75%, 06/20/36		163		190,723
6.25%, 06/15/37		1,113		1,261,273
5.35%, 11/01/40		300		316,018
4.60%, 08/01/43		702		659,375
4.30%, 08/25/45		163		147,769
3.75%, 05/15/46		450		367,468
4.00%, 05/30/47		563		485,298
4.05%, 03/07/48		450		388,212
4.10%, 03/04/49		163		141,864
2.55%, 04/27/50		450		297,488
3.05%, 06/08/51		829		598,346
Unum Group
5.75%, 08/15/42		163		152,159
4.50%, 12/15/49		163		122,866
4.13%, 06/15/51		975		707,690
W R Berkley Corp.
4.00%, 05/12/50		413		332,128
3.55%, 03/30/52		413		301,369
3.15%, 09/30/61		300		193,082

Security	Par             (000)		Value
Insurance (continued)
Willis North America, Inc.
5.05%, 09/15/48	$	300	$	259,155
3.88%, 09/15/49		480		350,480
				68,301,838
Interactive Media & Services — 0.4%
Alphabet, Inc.
1.90%, 08/15/40(a)		1,141		803,713
2.05%, 08/15/50(a)		2,510		1,598,497
2.25%, 08/15/60		1,643		1,019,517
eBay, Inc.
4.00%, 07/15/42		600		490,819
3.65%, 05/10/51		813		604,713
Meta Platforms, Inc.
4.45%, 08/15/52		2,250		1,982,936
4.65%, 08/15/62		1,250		1,107,172
				7,607,367
IT Services — 0.6%
Fidelity National Information Services, Inc.
3.10%, 03/01/41		666		468,695
4.50%, 08/15/46		300		247,461
5.63%, 07/15/52(a)		440		422,631
Fiserv, Inc., 4.40%, 07/01/49		1,677		1,427,262
International Business Machines Corp.
4.15%, 05/15/39		1,650		1,464,176
5.60%, 11/30/39		850		883,396
2.85%, 05/15/40		655		485,655
4.00%, 06/20/42(a)		902		772,445
4.70%, 02/19/46		491		449,704
4.25%, 05/15/49		2,495		2,154,505
2.95%, 05/15/50		564		381,531
3.43%, 02/09/52		550		403,467
4.90%, 07/27/52(a)		800		746,634
5.10%, 02/06/53(a)		750		726,556
Kyndryl Holdings, Inc., 4.10%, 10/15/41		479		323,513
Verisk Analytics, Inc.
5.50%, 06/15/45		300		294,076
3.63%, 05/15/50		472		347,264
				11,998,971
Leisure Products — 0.0%
Hasbro, Inc.
6.35%, 03/15/40		413		418,086
5.10%, 05/15/44(a)		255		223,436
				641,522
Machinery — 0.6%
Brunswick Corp., 5.10%, 04/01/52		329		244,951
Caterpillar, Inc.
6.05%, 08/15/36		690		785,389
5.20%, 05/27/41		994		1,060,106
3.80%, 08/15/42		1,951		1,750,329
3.25%, 09/19/49(a)		829		664,579
3.25%, 04/09/50(a)		829		668,760
4.75%, 05/15/64		400		393,378

76 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Machinery (continued)
Deere & Co.
3.90%, 06/09/42(a)	$	1,104	$	1,019,082
2.88%, 09/07/49		517		397,711
3.75%, 04/15/50(a)		750		674,522
Dover Corp., 5.38%, 03/01/41		400		406,307
Otis Worldwide Corp.
3.11%, 02/15/40		829		650,596
3.36%, 02/15/50		676		503,674
Snap-on, Inc.
4.10%, 03/01/48		350		313,074
3.10%, 05/01/50		429		324,971
Stanley Black & Decker, Inc.
5.20%, 09/01/40		350		321,735
4.85%, 11/15/48(a)		463		399,645
2.75%, 11/15/50		675		408,268
Valmont Industries, Inc., 5.00%, 10/01/44(a)		829		746,446
Xylem, Inc., 4.38%, 11/01/46		413		362,648
				12,096,171
Media — 5.0%
Bell Telephone Co. of Canada or Bell Canada
4.46%, 04/01/48		1,085		960,444
4.30%, 07/29/49		498		430,316
3.65%, 08/15/52		658		514,357
Series US-4, 3.65%, 03/17/51(a)		500		392,691
Series US-6, 3.20%, 02/15/52		559		396,290
Charter Communications Operating LLC/Charter
Communications Operating Capital
6.38%, 10/23/35		2,013		1,989,891
5.38%, 04/01/38		829		718,586
3.50%, 06/01/41		979		668,949
3.50%, 03/01/42		1,363		920,408
6.48%, 10/23/45		2,943		2,726,813
5.38%, 05/01/47		2,043		1,672,113
5.75%, 04/01/48		1,459		1,240,071
5.13%, 07/01/49		1,229		960,565
4.80%, 03/01/50		2,226		1,685,724
3.70%, 04/01/51		2,046		1,297,590
3.90%, 06/01/52		2,425		1,579,822
5.25%, 04/01/53		1,252		1,002,038
6.83%, 10/23/55		163		154,674
3.85%, 04/01/61		1,417		867,318
4.40%, 12/01/61		1,429		957,805
3.95%, 06/30/62		1,243		765,098
5.50%, 04/01/63		1,000		798,880
Comcast Corp.
4.20%, 08/15/34		953		916,268
5.65%, 06/15/35		900		972,589
4.40%, 08/15/35		163		159,851
3.20%, 07/15/36		1,163		988,248
6.45%, 03/15/37		350		400,625
3.90%, 03/01/38		1,213		1,092,372
4.60%, 10/15/38		1,370		1,323,560
3.25%, 11/01/39		1,579		1,281,310
3.75%, 04/01/40		1,629		1,405,922
4.65%, 07/15/42		475		449,878
4.75%, 03/01/44		308		290,423
4.60%, 08/15/45		1,036		959,905
3.40%, 07/15/46		1,413		1,100,126
4.00%, 08/15/47		1,163		980,917
3.97%, 11/01/47		643		545,106

Security	Par             (000)		Value
Media (continued)
Comcast Corp. (continued)
4.00%, 03/01/48	$	1,163	$	981,227
4.70%, 10/15/48(a)		2,036		1,931,071
4.00%, 11/01/49		2,039		1,718,646
3.45%, 02/01/50		500		386,645
2.80%, 01/15/51		1,000		675,111
2.89%, 11/01/51		4,459		3,047,236
2.45%, 08/15/52		1,409		883,355
4.05%, 11/01/52		1,047		884,462
2.94%, 11/01/56(a)		4,551		3,025,547
4.95%, 10/15/58(a)		829		814,134
2.65%, 08/15/62(a)		1,300		796,205
2.99%, 11/01/63		4,079		2,641,135
Discovery Communications LLC
5.00%, 09/20/37		463		405,443
6.35%, 06/01/40		700		682,352
4.88%, 04/01/43(a)		500		403,135
5.20%, 09/20/47		1,099		900,432
5.30%, 05/15/49		413		337,675
4.65%, 05/15/50		829		626,341
4.00%, 09/15/55(a)		1,575		1,035,130
Fox Corp.
5.48%, 01/25/39		1,129		1,069,965
5.58%, 01/25/49		1,129		1,048,677
Grupo Televisa SAB
6.63%, 01/15/40		463		491,359
5.00%, 05/13/45(a)		650		574,153
6.13%, 01/31/46(a)		702		722,095
5.25%, 05/24/49(a)		600		551,610
Interpublic Group of Cos., Inc.
3.38%, 03/01/41		329		248,617
5.40%, 10/01/48		500		478,271
NBCUniversal Media LLC
5.95%, 04/01/41		516		561,921
4.45%, 01/15/43		130		119,210
Paramount Global
6.88%, 04/30/36		1,263		1,298,368
5.90%, 10/15/40		400		356,766
4.85%, 07/01/42		243		187,168
4.38%, 03/15/43		1,186		846,739
5.85%, 09/01/43		1,061		908,766
5.25%, 04/01/44		163		128,868
4.90%, 08/15/44		379		288,192
4.60%, 01/15/45		600		437,777
4.95%, 05/19/50		929		702,716
TELUS Corp.
4.60%, 11/16/48		630		557,935
4.30%, 06/15/49		413		345,605
Thomson Reuters Corp.
5.85%, 04/15/40		400		399,196
5.65%, 11/23/43		279		270,219
Time Warner Cable Enterprises LLC, 8.38%,
07/15/33		763		862,210
Time Warner Cable LLC
6.55%, 05/01/37		1,288		1,255,345
7.30%, 07/01/38		1,150		1,191,743
6.75%, 06/15/39		1,701		1,653,793
5.88%, 11/15/40		913		812,153
5.50%, 09/01/41		900		768,534
4.50%, 09/15/42		963		733,472

S C H E D U L E    O F    I N V E S  T M E N T S 77

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Media (continued)
TWDC Enterprises 18 Corp.
4.38%, 08/16/41	$	500	$	464,010
4.13%, 06/01/44		813		735,122
3.00%, 07/30/46		600		440,563
Series E, 4.13%, 12/01/41		513		462,161
Walt Disney Co.
6.20%, 12/15/34		788		900,633
6.40%, 12/15/35		733		846,975
6.65%, 11/15/37		1,036		1,230,696
4.63%, 03/23/40		829		812,483
3.50%, 05/13/40		1,625		1,381,657
6.15%, 02/15/41		550		617,719
5.40%, 10/01/43		550		573,198
4.75%, 09/15/44		413		405,267
4.95%, 10/15/45		450		444,139
7.75%, 12/01/45		250		328,597
4.75%, 11/15/46(a)		293		282,606
2.75%, 09/01/49		1,629		1,130,852
4.70%, 03/23/50(a)		1,727		1,683,206
3.60%, 01/13/51		2,524		2,041,873
3.80%, 05/13/60		1,229		998,726
Warnermedia Holdings, Inc.(d)
5.05%, 03/15/42		4,150		3,432,466
5.14%, 03/15/52		5,064		4,046,427
5.39%, 03/15/62		2,750		2,208,023
				103,081,667
Metals & Mining — 1.3%
ArcelorMittal SA
7.00%, 10/15/39(a)		771		810,920
6.75%, 03/01/41		225		227,697
Barrick Gold Corp., 6.45%, 10/15/35		250		276,450
Barrick North America Finance LLC
5.70%, 05/30/41		1,063		1,118,249
5.75%, 05/01/43		713		753,672
Barrick PD Australia Finance Pty. Ltd., 5.95%,
10/15/39		713		765,920
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42		913		832,741
5.00%, 09/30/43		2,234		2,275,655
Freeport-McMoRan, Inc.
5.40%, 11/14/34(a)		613		604,401
5.45%, 03/15/43		1,344		1,261,557
Newmont Corp.
5.88%, 04/01/35		563		593,676
6.25%, 10/01/39		800		869,788
4.88%, 03/15/42(a)		827		794,955
5.45%, 06/09/44		380		386,179
Nucor Corp.
6.40%, 12/01/37		550		636,042
5.20%, 08/01/43		350		353,602
3.85%, 04/01/52		550		449,448
2.98%, 12/15/55		413		275,091
Precision Castparts Corp., 4.38%, 06/15/45		413		380,421
Rio Tinto Alcan, Inc.
6.13%, 12/15/33		700		774,318
5.75%, 06/01/35		250		266,073
Rio Tinto Finance USA Ltd.
5.20%, 11/02/40		1,088		1,124,668
2.75%, 11/02/51		1,039		727,160
Rio Tinto Finance USA PLC
4.75%, 03/22/42		288		282,253

Security	Par             (000)		Value
Metals & Mining (continued)
Rio Tinto Finance USA PLC (continued)
4.13%, 08/21/42	$	713	$	646,510
5.13%, 03/09/53		680		700,629
Southern Copper Corp.
7.50%, 07/27/35		750		877,500
6.75%, 04/16/40		869		971,977
5.25%, 11/08/42		950		921,975
5.88%, 04/23/45		1,338		1,395,116
Steel Dynamics, Inc., 3.25%, 10/15/50		496		341,700
Teck Resources Ltd.
6.13%, 10/01/35		240		250,006
6.25%, 07/15/41		630		656,553
5.20%, 03/01/42		300		278,671
5.40%, 02/01/43		560		532,967
Vale Overseas Ltd.
8.25%, 01/17/34		410		477,343
6.88%, 11/21/36		1,250		1,294,625
6.88%, 11/10/39(a)		1,036		1,075,044
Vale SA, 5.63%, 09/11/42		379		363,082
				27,624,634
Multi-Utilities — 0.6%
Atmos Energy Corp.
4.15%, 01/15/43		26		23,095
4.13%, 10/15/44		640		559,811
4.30%, 10/01/48		413		368,485
4.13%, 03/15/49		1,243		1,068,936
3.38%, 09/15/49		520		396,986
2.85%, 02/15/52		450		308,404
5.75%, 10/15/52		200		219,299
CenterPoint Energy Resources Corp., 5.85%,
01/15/41		163		171,318
NiSource, Inc.
5.95%, 06/15/41		319		335,202
5.25%, 02/15/43		301		299,865
4.80%, 02/15/44		163		152,663
5.65%, 02/01/45		428		445,666
4.38%, 05/15/47		963		846,464
3.95%, 03/30/48		500		411,121
5.00%, 06/15/52		450		426,629
ONE Gas, Inc.
4.66%, 02/01/44		563		520,534
4.50%, 11/01/48		350		311,070
Piedmont Natural Gas Co., Inc.
4.65%, 08/01/43		255		230,487
3.64%, 11/01/46		255		189,758
3.35%, 06/01/50		329		234,346
5.05%, 05/15/52		500		472,294
Public Service Electric and Gas Co., 5.13%,
03/15/53		140		144,874
Southern California Gas Co.
3.75%, 09/15/42(a)		600		496,132
6.35%, 11/15/52		400		466,043
Series UU, 4.13%, 06/01/48		163		136,510
Series VV, 4.30%, 01/15/49		379		333,637
Series WW, 3.95%, 02/15/50		350		284,825
Southern Co. Gas Capital Corp.
5.88%, 03/15/41		550		577,977
4.40%, 06/01/43		261		224,132
3.95%, 10/01/46		620		492,816
4.40%, 05/30/47		350		297,846
Series 21A, 3.15%, 09/30/51		745		515,676

78 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 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., 3.18%, 08/15/51	$	745	$	496,947
Washington Gas Light Co.
3.65%, 09/15/49		413		316,876
Series K, 3.80%, 09/15/46		350		280,179
				13,056,903
Offshore Drilling & Other Services — 0.3%
Applied Materials, Inc.
5.10%, 10/01/35		400		420,434
5.85%, 06/15/41		625		695,465
4.35%, 04/01/47		720		681,264
2.75%, 06/01/50		763		554,569
KLA Corp.
5.00%, 03/15/49		400		393,629
3.30%, 03/01/50		486		370,899
4.95%, 07/15/52		1,045		1,034,301
5.25%, 07/15/62		720		731,995
Lam Research Corp.
4.88%, 03/15/49		829		816,690
2.88%, 06/15/50		779		550,159
3.13%, 06/15/60		250		173,251
				6,422,656
Oil, Gas & Consumable Fuels — 7.6%
BP Capital Markets America, Inc.
3.06%, 06/17/41		1,430		1,115,142
3.00%, 02/24/50		1,829		1,310,221
2.77%, 11/10/50		409		280,033
2.94%, 06/04/51(a)		2,067		1,451,047
3.00%, 03/17/52(a)		1,263		896,743
3.38%, 02/08/61		1,827		1,355,975
Burlington Resources LLC, 5.95%, 10/15/36(a)		250		275,230
Canadian Natural Resources Ltd.
6.45%, 06/30/33		350		365,234
5.85%, 02/01/35(a)		300		302,401
6.50%, 02/15/37		400		421,161
6.25%, 03/15/38		925		986,395
4.95%, 06/01/47		643		585,132
Cenovus Energy, Inc.
5.25%, 06/15/37		504		484,443
6.80%, 09/15/37		413		444,542
6.75%, 11/15/39		489		530,973
5.40%, 06/15/47		683		636,367
3.75%, 02/15/52(a)		609		442,432
Cheniere Corpus Christi Holdings LLC, 2.74%,
12/31/39(a)		763		625,753
Chevron Corp., 3.08%, 05/11/50		500		386,005
Chevron USA, Inc.
6.00%, 03/01/41		350		392,038
5.25%, 11/15/43		300		312,007
2.34%, 08/12/50(a)		613		403,066
CNOOC Petroleum North America ULC
5.88%, 03/10/35		1,000		1,060,188
6.40%, 05/15/37		1,329		1,478,512
7.50%, 07/30/39		1,000		1,223,750
Columbia Pipeline Group, Inc., 5.80%, 06/01/45		400		409,678
ConocoPhillips, 6.50%, 02/01/39		1,450		1,702,663
ConocoPhillips Co.
3.76%, 03/15/42		630		540,134
4.30%, 11/15/44		829		757,645
5.95%, 03/15/46		300		335,447

Security	Par             (000)		Value
Oil, Gas & Consumable Fuels (continued)
ConocoPhillips Co. (continued)
3.80%, 03/15/52(a)	$	988	$	827,141
4.03%, 03/15/62(a)		1,530		1,300,866
Continental Resources, Inc., 4.90%, 06/01/44		613		477,249
DCP Midstream Operating LP, 5.60%, 04/01/44		350		335,704
Devon Energy Corp.
5.60%, 07/15/41		1,263		1,231,066
4.75%, 05/15/42		419		368,120
5.00%, 06/15/45		763		683,172
Diamondback Energy, Inc.
4.40%, 03/24/51(a)		613		499,013
4.25%, 03/15/52		700		552,512
6.25%, 03/15/53(a)		550		574,800
Eastern Gas Transmission & Storage, Inc., 4.60%,
12/15/44		500		434,919
Enbridge Energy Partners LP
5.50%, 09/15/40		500		483,783
7.38%, 10/15/45		660		783,487
Series B, 7.50%, 04/15/38		350		407,148
Enbridge, Inc.
2.50%, 08/01/33		829		670,252
4.50%, 06/10/44		413		353,300
5.50%, 12/01/46		250		243,364
4.00%, 11/15/49		454		354,017
3.40%, 08/01/51		989		698,399
Energy Transfer LP
4.90%, 03/15/35		463		435,951
7.50%, 07/01/38		500		565,351
6.05%, 06/01/41		700		703,288
6.50%, 02/01/42		963		1,001,376
6.10%, 02/15/42		250		242,630
4.95%, 01/15/43		163		137,710
5.15%, 02/01/43		413		361,631
5.95%, 10/01/43		397		383,224
5.30%, 04/01/44		626		554,125
5.00%, 05/15/44		413		357,141
5.15%, 03/15/45		829		722,600
5.35%, 05/15/45		813		724,156
6.13%, 12/15/45		736		719,044
5.30%, 04/15/47		920		805,992
5.40%, 10/01/47		1,479		1,316,989
6.00%, 06/15/48		500		477,491
6.25%, 04/15/49		1,779		1,764,779
5.00%, 05/15/50		2,036		1,728,221
Enterprise Products Operating LLC
6.13%, 10/15/39		600		651,863
6.45%, 09/01/40		600		655,841
5.95%, 02/01/41		597		633,147
4.85%, 08/15/42		1,100		1,024,020
4.45%, 02/15/43		1,133		1,009,061
4.85%, 03/15/44(a)		1,129		1,053,325
5.10%, 02/15/45(a)		1,036		997,379
4.90%, 05/15/46		911		847,171
4.25%, 02/15/48		1,279		1,088,822
4.80%, 02/01/49		679		626,854
4.20%, 01/31/50		978		818,565
3.70%, 01/31/51		1,025		787,691
3.20%, 02/15/52		1,029		724,527
3.30%, 02/15/53		981		706,291
4.95%, 10/15/54		300		275,370

S C H E D U L E    O F    I N V E S  T M E N T S 79

Schedule of Investments  (unaudited) (continued) April 30, 2023 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)
3.95%, 01/31/60	$	1,000	$	779,453
Series H, 6.65%, 10/15/34		300		332,892
EOG Resources, Inc.
3.90%, 04/01/35		450		416,911
4.95%, 04/15/50		713		718,502
Equinor ASA
3.63%, 04/06/40		829		719,016
5.10%, 08/17/40(a)		911		941,869
4.25%, 11/23/41		225		210,482
3.95%, 05/15/43		1,650		1,478,658
3.25%, 11/18/49		620		480,924
3.70%, 04/06/50		1,429		1,205,217
Exxon Mobil Corp.
3.00%, 08/16/39(a)		713		578,191
4.23%, 03/19/40		1,844		1,736,782
3.57%, 03/06/45(a)		600		501,202
4.11%, 03/01/46(a)		2,029		1,825,480
3.10%, 08/16/49		1,243		937,202
4.33%, 03/19/50		2,218		2,065,003
3.45%, 04/15/51		2,365		1,894,776
Hess Corp.
6.00%, 01/15/40(a)		750		763,333
5.60%, 02/15/41		954		927,582
5.80%, 04/01/47(a)		429		424,719
Kinder Morgan Energy Partners LP
7.30%, 08/15/33		500		561,484
5.80%, 03/15/35		829		846,932
6.50%, 02/01/37		576		604,852
6.95%, 01/15/38		1,086		1,227,989
6.50%, 09/01/39		600		636,354
6.55%, 09/15/40		350		361,680
7.50%, 11/15/40		650		740,384
6.38%, 03/01/41		413		426,806
5.00%, 08/15/42		400		353,614
4.70%, 11/01/42		400		342,541
5.00%, 03/01/43		513		451,750
5.50%, 03/01/44		620		580,405
5.40%, 09/01/44		463		427,154
Kinder Morgan, Inc.
5.30%, 12/01/34		763		749,848
5.55%, 06/01/45		1,736		1,637,256
5.05%, 02/15/46		620		544,871
5.20%, 03/01/48		686		612,479
3.25%, 08/01/50		500		327,355
3.60%, 02/15/51		1,029		722,944
5.45%, 08/01/52		700		645,940
Magellan Midstream Partners LP
5.15%, 10/15/43		400		361,899
4.25%, 09/15/46		563		446,813
4.20%, 10/03/47		660		527,938
3.95%, 03/01/50		636		490,144
Marathon Oil Corp.
6.60%, 10/01/37		763		785,765
5.20%, 06/01/45		513		443,998
Marathon Petroleum Corp.
6.50%, 03/01/41		1,150		1,214,844
4.75%, 09/15/44		763		661,634
4.50%, 04/01/48		379		308,377

Security	Par            (000)		Value
Oil, Gas & Consumable Fuels (continued)
MPLX LP
4.50%, 04/15/38	$	1,700	$	1,526,182
5.20%, 03/01/47		829		747,811
5.20%, 12/01/47		413		371,058
4.70%, 04/15/48		1,386		1,158,419
5.50%, 02/15/49		1,479		1,368,614
4.95%, 03/14/52		771		667,411
5.65%, 03/01/53		440		421,045
4.90%, 04/15/58		500		413,608
ONEOK Partners LP
6.65%, 10/01/36(a)		500		528,104
6.85%, 10/15/37		400		428,469
6.13%, 02/01/41		575		573,152
6.20%, 09/15/43(a)		350		350,089
ONEOK, Inc.
6.00%, 06/15/35		300		299,066
4.95%, 07/13/47		579		491,825
5.20%, 07/15/48		863		755,438
4.45%, 09/01/49		625		490,962
4.50%, 03/15/50		413		324,504
7.15%, 01/15/51		250		272,577
Ovintiv, Inc.
6.50%, 08/15/34(a)		413		423,100
6.63%, 08/15/37		725		737,525
6.50%, 02/01/38		243		243,004
Phillips 66
4.65%, 11/15/34		872		844,032
5.88%, 05/01/42		1,176		1,247,128
4.88%, 11/15/44		1,636		1,541,024
3.30%, 03/15/52		967		680,915
Phillips 66 Co.(d)
4.68%, 02/15/45		400		355,033
4.90%, 10/01/46		413		373,563
Plains All American Pipeline LP/PAA Finance Corp.
6.65%, 01/15/37		500		519,912
5.15%, 06/01/42		450		380,465
4.30%, 01/31/43		300		227,107
4.70%, 06/15/44		620		490,285
4.90%, 02/15/45		579		470,098
Sabine Pass Liquefaction LLC, 5.90%, 09/15/37(d)		400		411,802
Shell International Finance BV
4.13%, 05/11/35		1,220		1,172,481
6.38%, 12/15/38(a)		2,575		2,998,281
5.50%, 03/25/40		775		826,616
2.88%, 11/26/41		413		319,173
3.63%, 08/21/42		600		506,412
4.55%, 08/12/43		979		931,506
4.38%, 05/11/45		2,823		2,624,671
4.00%, 05/10/46		1,736		1,519,640
3.75%, 09/12/46		1,095		922,441
3.13%, 11/07/49		778		582,371
3.25%, 04/06/50		1,439		1,102,227
3.00%, 11/26/51		750		543,039
Spectra Energy Partners LP, 4.50%, 03/15/45		660		561,749
Suncor Energy, Inc.
5.95%, 12/01/34		400		415,310
6.80%, 05/15/38		750		826,221
6.50%, 06/15/38		893		961,978
6.85%, 06/01/39		613		669,995
4.00%, 11/15/47		829		666,604

80 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par            (000)		Value
Oil, Gas & Consumable Fuels (continued)
Suncor Energy, Inc. (continued)
3.75%, 03/04/51(a)	$	621	$	472,523
Targa Resources Corp.
4.95%, 04/15/52		602		498,893
6.25%, 07/01/52		400		395,714
6.50%, 02/15/53		800		817,192
TotalEnergies Capital International SA
2.99%, 06/29/41		700		549,170
3.46%, 07/12/49		763		610,537
3.13%, 05/29/50		1,979		1,479,597
3.39%, 06/29/60		829		624,264
TransCanada PipeLines Ltd.
4.63%, 03/01/34		1,120		1,065,485
5.60%, 03/31/34(a)		413		419,145
5.85%, 03/15/36		500		514,394
6.20%, 10/15/37		880		932,320
4.75%, 05/15/38		386		364,700
7.25%, 08/15/38		163		188,505
7.63%, 01/15/39		1,363		1,623,280
6.10%, 06/01/40		500		523,211
5.00%, 10/16/43		517		475,266
4.88%, 05/15/48		470		429,202
5.10%, 03/15/49		1,370		1,289,526
Transcontinental Gas Pipe Line Co. LLC
5.40%, 08/15/41		400		397,385
4.45%, 08/01/42		163		144,130
4.60%, 03/15/48		550		484,754
3.95%, 05/15/50		413		330,955
Valero Energy Corp.
6.63%, 06/15/37		1,375		1,508,780
4.90%, 03/15/45		413		374,572
3.65%, 12/01/51		875		623,639
4.00%, 06/01/52(a)		519		398,812
Western Midstream Operating LP
5.30%, 03/01/48		1,000		843,902
5.50%, 02/01/50		1,100		933,210
Williams Cos., Inc.
6.30%, 04/15/40		1,113		1,174,252
5.80%, 11/15/43		350		348,881
5.40%, 03/04/44		429		405,207
5.75%, 06/24/44		529		524,183
4.90%, 01/15/45		413		368,882
5.10%, 09/15/45		745		681,123
4.85%, 03/01/48		713		633,306
3.50%, 10/15/51		600		427,689
5.30%, 08/15/52(a)		720		678,329
				157,511,496
Passenger Airlines — 0.0%
American Airlines Pass-Through Trust, Series 2021-1, Class A, 2.88%, 01/11/36		563		471,105
Personal Care Products — 0.4%
Colgate-Palmolive Co.
4.00%, 08/15/45		500		465,378
3.70%, 08/01/47		620		557,742
Estee Lauder Cos., Inc.
6.00%, 05/15/37		300		341,772
4.38%, 06/15/45		500		469,600
4.15%, 03/15/47(a)		413		377,618
3.13%, 12/01/49		566		438,152

Security	Par            (000)		Value
Personal Care Products (continued)
Haleon US Capital LLC, 4.00%, 03/24/52	$	1,000	$	845,089
Kenvue, Inc.
5.10%, 03/22/43		630		652,884
5.05%, 03/22/53		1,100		1,141,933
5.20%, 03/22/63(d)		700		727,908
Procter & Gamble Co.
5.55%, 03/05/37		950		1,087,073
3.55%, 03/25/40		463		415,191
3.60%, 03/25/50		829		730,628
Unilever Capital Corp., Series 30Y, 2.63%, 08/12/51		704		493,664
				8,744,632
Pharmaceuticals — 6.0%
AbbVie, Inc.
4.55%, 03/15/35		1,720		1,684,749
4.50%, 05/14/35		2,001		1,947,446
4.30%, 05/14/36		1,030		975,354
4.05%, 11/21/39		3,437		3,040,270
4.40%, 11/06/42		2,910		2,650,768
4.85%, 06/15/44		1,036		986,466
4.75%, 03/15/45		552		521,042
4.70%, 05/14/45		2,423		2,273,080
4.45%, 05/14/46		1,486		1,341,713
4.88%, 11/14/48		829		795,622
4.25%, 11/21/49		5,431		4,760,645
AstraZeneca PLC
6.45%, 09/15/37		2,275		2,694,677
4.00%, 09/18/42		850		777,031
4.38%, 11/16/45		1,037		994,687
4.38%, 08/17/48		745		709,430
2.13%, 08/06/50		348		220,845
3.00%, 05/28/51		650		492,834
Bristol-Myers Squibb Co.
4.13%, 06/15/39		1,663		1,558,324
2.35%, 11/13/40		650		470,773
3.55%, 03/15/42		1,040		886,107
3.25%, 08/01/42		750		598,239
4.63%, 05/15/44		650		629,611
5.00%, 08/15/45		650		659,162
4.35%, 11/15/47		960		889,544
4.55%, 02/20/48		1,042		991,375
4.25%, 10/26/49		3,153		2,860,398
2.55%, 11/13/50		1,589		1,062,795
3.70%, 03/15/52		1,493		1,238,570
3.90%, 03/15/62		864		716,534
Cigna Corp.
4.80%, 08/15/38		1,679		1,629,117
3.20%, 03/15/40		829		652,896
4.80%, 07/15/46		1,536		1,419,259
3.88%, 10/15/47		620		501,009
4.90%, 12/15/48		2,243		2,109,739
3.40%, 03/15/50		1,229		904,063
Cigna Group, 3.40%, 03/15/51		1,436		1,058,519
CVS Health Corp.
4.88%, 07/20/35		829		812,504
4.78%, 03/25/38		3,923		3,746,066
6.13%, 09/15/39		200		210,337
4.13%, 04/01/40(a)		1,010		864,320
2.70%, 08/21/40		1,283		918,991
5.30%, 12/05/43		750		731,866
5.13%, 07/20/45		2,981		2,820,299

S C H E D U L E    O F    I N V E S  T M E N T S 81

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par            (000)		Value
Pharmaceuticals (continued)
CVS Health Corp. (continued)
5.05%, 03/25/48	$	6,742	$	6,293,828
4.25%, 04/01/50		496		413,756
5.63%, 02/21/53(a)		1,275		1,281,072
Eli Lilly & Co.
5.55%, 03/15/37(a)		400		446,269
3.70%, 03/01/45(a)		829		722,530
3.95%, 03/15/49		800		733,932
2.25%, 05/15/50		1,659		1,123,125
4.88%, 02/27/53		560		585,190
4.15%, 03/15/59		500		456,536
2.50%, 09/15/60		796		519,318
4.95%, 02/27/63		940		981,254
GlaxoSmithKline Capital, Inc.
5.38%, 04/15/34		463		499,601
6.38%, 05/15/38		2,141		2,542,484
4.20%, 03/18/43		496		453,389
Johnson & Johnson
4.38%, 12/05/33		713		738,299
3.55%, 03/01/36		970		906,716
3.63%, 03/03/37		1,263		1,181,931
5.95%, 08/15/37		850		1,002,082
3.40%, 01/15/38		850		770,479
5.85%, 07/15/38		600		698,063
2.10%, 09/01/40		793		576,540
4.50%, 09/01/40		291		290,863
4.85%, 05/15/41		250		259,121
4.50%, 12/05/43		620		623,441
3.70%, 03/01/46		1,663		1,488,802
3.75%, 03/03/47		850		764,783
3.50%, 01/15/48		586		510,409
2.25%, 09/01/50		850		574,914
2.45%, 09/01/60		1,243		829,864
Mead Johnson Nutrition Co.
5.90%, 11/01/39		360		383,272
4.60%, 06/01/44		463		430,228
Merck & Co., Inc.
6.50%, 12/01/33		600		699,849
6.55%, 09/15/37		350		419,507
3.90%, 03/07/39		913		836,249
2.35%, 06/24/40		809		596,926
3.60%, 09/15/42		450		385,935
4.15%, 05/18/43		1,120		1,047,785
3.70%, 02/10/45		1,626		1,418,375
4.00%, 03/07/49		1,329		1,194,891
2.45%, 06/24/50		1,129		763,925
2.75%, 12/10/51		1,671		1,184,118
2.90%, 12/10/61		1,329		905,943
Merck Sharp & Dohme Corp., 5.75%, 11/15/36		300		329,057
Mylan, Inc.
5.40%, 11/29/43		413		339,648
5.20%, 04/15/48		754		579,981
Novartis Capital Corp.
3.70%, 09/21/42		450		397,285
4.40%, 05/06/44		1,636		1,607,087
4.00%, 11/20/45		1,120		1,032,240
2.75%, 08/14/50(a)		1,110		817,137
Pfizer, Inc.
4.00%, 12/15/36(a)		763		734,700
4.10%, 09/15/38		829		784,840

Security	Par            (000)		Value
Pharmaceuticals (continued)
Pfizer, Inc. (continued)
3.90%, 03/15/39	$	813	$	743,155
7.20%, 03/15/39		2,166		2,735,971
2.55%, 05/28/40		1,109		839,308
5.60%, 09/15/40		400		435,628
4.30%, 06/15/43		663		626,211
4.40%, 05/15/44		813		786,046
4.13%, 12/15/46		1,243		1,146,491
4.20%, 09/15/48		813		762,834
4.00%, 03/15/49		829		752,234
2.70%, 05/28/50		1,160		836,699
Takeda Pharmaceutical Co. Ltd.
3.03%, 07/09/40		1,391		1,083,099
3.18%, 07/09/50		1,833		1,319,710
3.38%, 07/09/60		1,078		760,736
Utah Acquisition Sub, Inc., 5.25%, 06/15/46		1,013		785,090
Viatris, Inc.
3.85%, 06/22/40		1,179		814,198
4.00%, 06/22/50		1,443		936,105
Wyeth LLC
6.50%, 02/01/34(a)		813		938,861
5.95%, 04/01/37		1,563		1,764,315
Zoetis, Inc.
4.70%, 02/01/43		1,129		1,060,536
3.95%, 09/12/47		413		346,012
4.45%, 08/20/48		413		372,977
3.00%, 05/15/50		329		237,151
				123,048,012
Real Estate — 0.1%
Prologis LP
4.38%, 09/15/48		496		440,968
3.00%, 04/15/50		700		485,891
2.13%, 10/15/50		400		230,507
VICI Properties LP, 5.63%, 05/15/52		629		569,085
				1,726,451
Semiconductors & Semiconductor Equipment — 2.3%
Advanced Micro Devices, Inc., 4.39%, 06/01/52		430		400,268
Analog Devices, Inc.
2.80%, 10/01/41		701		538,414
2.95%, 10/01/51		950		690,060
Broadcom, Inc.(d)
3.47%, 04/15/34		2,881		2,380,187
3.14%, 11/15/35		2,643		2,046,105
3.19%, 11/15/36		2,700		2,054,710
4.93%, 05/15/37		2,400		2,190,703
3.50%, 02/15/41		2,466		1,849,915
3.75%, 02/15/51		1,385		1,020,103
Honeywell International, Inc.
5.70%, 03/15/36		250		275,855
5.70%, 03/15/37		400		441,914
5.38%, 03/01/41(a)		400		426,286
3.81%, 11/21/47		413		361,008
2.80%, 06/01/50		659		496,721
Intel Corp.
4.60%, 03/25/40(a)		600		564,400
2.80%, 08/12/41		657		476,807
5.63%, 02/10/43		1,380		1,416,258
4.10%, 05/19/46		1,123		951,366
4.10%, 05/11/47		1,113		936,881
3.73%, 12/08/47		1,909		1,507,303

82 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par            (000)		Value
Semiconductors & Semiconductor Equipment (continued)
Intel Corp. (continued)
3.25%, 11/15/49	$	1,750	$	1,234,976
4.75%, 03/25/50		2,156		1,960,295
3.05%, 08/12/51		1,050		714,155
4.90%, 08/05/52		1,500		1,385,896
5.70%, 02/10/53(a)		1,860		1,902,452
3.10%, 02/15/60		813		526,057
4.95%, 03/25/60(a)		579		535,853
3.20%, 08/12/61		1,257		829,905
5.05%, 08/05/62		800		736,199
5.90%, 02/10/63		800		823,889
Massachusetts Institute of Technology, 3.07%, 04/01/52		230		179,743
Micron Technology, Inc.
3.37%, 11/01/41		413		292,158
3.48%, 11/01/51		413		272,247
NVIDIA Corp.
3.50%, 04/01/40		988		850,823
3.50%, 04/01/50		1,593		1,300,416
3.70%, 04/01/60		493		397,967
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.25%, 05/11/41		963		701,365
3.13%, 02/15/42		413		292,533
3.25%, 11/30/51		475		316,578
QUALCOMM, Inc.
5.40%, 05/20/33(a)		600		645,301
4.65%, 05/20/35(a)		963		971,199
4.80%, 05/20/45		1,170		1,159,927
4.30%, 05/20/47		1,243		1,154,836
3.25%, 05/20/50(a)		660		506,807
4.50%, 05/20/52		942		875,636
6.00%, 05/20/53(a)		1,020		1,159,842
Texas Instruments, Inc.
3.88%, 03/15/39		829		760,966
4.15%, 05/15/48		1,479		1,365,623
2.70%, 09/15/51		500		352,991
4.10%, 08/16/52		95		86,596
5.00%, 03/14/53		270		279,537
TSMC Arizona Corp.
3.13%, 10/25/41		916		741,649
3.25%, 10/25/51(a)		750		585,937
4.50%, 04/22/52(a)		700		683,375
				47,608,993
Software — 2.7%
Activision Blizzard, Inc.
4.50%, 06/15/47		350		328,998
2.50%, 09/15/50		1,060		692,047
Electronic Arts, Inc., 2.95%, 02/15/51		571		389,856
Microsoft Corp.
3.50%, 02/12/35		1,515		1,447,247
4.20%, 11/03/35(a)		700		713,353
3.45%, 08/08/36		1,742		1,618,184
4.10%, 02/06/37(a)		850		847,838
4.45%, 11/03/45		1,000		1,003,912
3.70%, 08/08/46		1,729		1,567,480
4.25%, 02/06/47		1,500		1,477,385
2.53%, 06/01/50		5,711		4,051,969
2.92%, 03/17/52		4,677		3,584,073
4.50%, 02/06/57		709		730,901
2.68%, 06/01/60(a)		3,708		2,568,780

Security	Par            (000)		Value
Software (continued)
Microsoft Corp. (continued)
3.04%, 03/17/62	$	2,165	$	1,631,083
Oracle Corp.
4.30%, 07/08/34		1,066		982,946
3.90%, 05/15/35		1,213		1,064,162
3.85%, 07/15/36		1,370		1,170,792
3.80%, 11/15/37		1,670		1,397,187
6.50%, 04/15/38		1,200		1,310,913
6.13%, 07/08/39		1,413		1,490,783
3.60%, 04/01/40		2,884		2,239,505
5.38%, 07/15/40		1,679		1,617,513
3.65%, 03/25/41		1,185		918,993
4.50%, 07/08/44		413		348,030
4.13%, 05/15/45		1,866		1,470,301
4.00%, 07/15/46		2,866		2,199,894
4.00%, 11/15/47		1,743		1,338,778
3.60%, 04/01/50		3,619		2,573,152
3.95%, 03/25/51		2,234		1,686,692
6.90%, 11/09/52		2,350		2,632,770
5.55%, 02/06/53		2,125		2,041,564
4.38%, 05/15/55		1,036		827,089
3.85%, 04/01/60		2,791		1,958,007
4.10%, 03/25/61		1,450		1,079,579
Salesforce, Inc.
2.70%, 07/15/41		1,179		881,784
2.90%, 07/15/51		1,648		1,170,075
3.05%, 07/15/61		1,020		700,668
				55,754,283
Specialty Retail — 0.1%
Dick’s Sporting Goods, Inc., 4.10%, 01/15/52		580		406,735
Lowe’s Cos., Inc., 5.85%, 04/01/63		1,000		1,005,502
				1,412,237
Technology Hardware, Storage & Peripherals — 1.6%
Apple, Inc.
4.50%, 02/23/36(a)		1,263		1,311,210
2.38%, 02/08/41		1,500		1,125,259
3.85%, 05/04/43		3,000		2,738,551
4.45%, 05/06/44		1,163		1,165,052
3.45%, 02/09/45		619		528,900
4.38%, 05/13/45		2,013		1,949,620
4.65%, 02/23/46		3,042		3,061,169
3.85%, 08/04/46		2,020		1,807,699
4.25%, 02/09/47		1,163		1,114,786
3.75%, 09/12/47		500		437,591
3.75%, 11/13/47		1,036		907,146
2.95%, 09/11/49		1,386		1,050,755
2.65%, 05/11/50		2,494		1,769,920
2.40%, 08/20/50		523		355,380
2.65%, 02/08/51		1,436		1,009,260
2.70%, 08/05/51		1,815		1,284,100
3.95%, 08/08/52		1,950		1,739,787
2.55%, 08/20/60(a)		1,829		1,211,972
2.80%, 02/08/61		973		660,539
2.85%, 08/05/61		1,430		984,985
4.10%, 08/08/62		1,000		886,516
Dell International LLC/EMC Corp.
8.10%, 07/15/36		901		1,057,637
3.38%, 12/15/41(d)		779		552,982
8.35%, 07/15/46		725		893,117

S C H E D U L E    O F    I N V E S  T M E N T S 83

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long 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)
3.45%, 12/15/51(d)	$	1,113	$	731,611
Dell, Inc., 6.50%, 04/15/38		329		336,898
Hewlett Packard Enterprise Co.
6.20%, 10/15/35(a)		663		716,706
6.35%, 10/15/45		1,220		1,263,168
HP, Inc., 6.00%, 09/15/41(a)		988		1,001,963
				33,654,279
Textiles, Apparel & Luxury Goods — 0.1%
NIKE, Inc.
3.25%, 03/27/40(a)		829		699,629
3.88%, 11/01/45(a)		763		687,033
3.38%, 11/01/46		343		282,015
3.38%, 03/27/50(a)		1,150		947,358
				2,616,035
Tobacco — 1.2%
Altria Group, Inc.
5.80%, 02/14/39		1,793		1,770,303
3.40%, 02/04/41		1,029		727,563
4.25%, 08/09/42		850		669,543
4.50%, 05/02/43		629		510,415
5.38%, 01/31/44(a)		1,644		1,505,748
3.88%, 09/16/46(a)		1,036		742,869
5.95%, 02/14/49(a)		2,393		2,258,553
4.45%, 05/06/50		541		403,377
3.70%, 02/04/51		745		498,933
4.00%, 02/04/61		979		688,271
BAT Capital Corp.
4.39%, 08/15/37		2,016		1,644,775
3.73%, 09/25/40		730		524,044
4.54%, 08/15/47		2,369		1,768,849
4.76%, 09/06/49		970		741,120
5.28%, 04/02/50		463		384,373
3.98%, 09/25/50		946		648,588
5.65%, 03/16/52		454		399,133
Philip Morris International, Inc.
6.38%, 05/16/38		1,250		1,382,757
4.38%, 11/15/41		600		520,697
4.50%, 03/20/42		510		446,152
3.88%, 08/21/42		788		631,746
4.13%, 03/04/43		671		553,741
4.88%, 11/15/43		663		605,915
4.25%, 11/10/44		1,150		960,682
Reynolds American, Inc.
5.70%, 08/15/35		593		568,175
6.15%, 09/15/43		497		483,687
5.85%, 08/15/45		1,950		1,763,398
				23,803,407
Transportation Infrastructure — 0.7%
FedEx Corp.
4.90%, 01/15/34(a)		400		398,977
3.90%, 02/01/35		423		381,240
3.25%, 05/15/41		708		540,453
3.88%, 08/01/42		500		407,971
4.10%, 04/15/43		500		414,868
5.10%, 01/15/44		650		613,762
4.10%, 02/01/45		500		411,515
4.75%, 11/15/45		946		855,610
4.55%, 04/01/46		1,220		1,066,491

Security	Par            (000)		Value
Transportation Infrastructure (continued)
FedEx Corp. (continued)
4.40%, 01/15/47	$	763	$	648,789
4.05%, 02/15/48		513		417,951
4.95%, 10/17/48		829		773,142
5.25%, 05/15/50(a)		1,129		1,102,465
FedEx Corp. Pass-Through Trust, Series 2020-1, Class AA,
1.88%, 08/20/35		780		650,670
United Parcel Service, Inc.
6.20%, 01/15/38		1,226		1,408,822
5.20%, 04/01/40		379		395,653
4.88%, 11/15/40		400		401,511
3.63%, 10/01/42		163		139,095
3.40%, 11/15/46		142		113,740
3.75%, 11/15/47		963		832,467
4.25%, 03/15/49		579		529,399
3.40%, 09/01/49(a)		575		464,171
5.30%, 04/01/50(a)		1,129		1,212,669
5.05%, 03/03/53		1,000		1,030,341
				15,211,772
Utilities — 0.2%
American Water Capital Corp.
6.59%, 10/15/37		800		918,970
4.30%, 12/01/42		500		449,331
4.30%, 09/01/45		163		144,565
4.00%, 12/01/46		200		165,684
3.75%, 09/01/47		413		338,799
4.15%, 06/01/49		413		355,958
3.45%, 05/01/50(a)		600		464,863
3.25%, 06/01/51(a)		745		549,681
Essential Utilities, Inc.
4.28%, 05/01/49		400		335,514
3.35%, 04/15/50		429		307,313
5.30%, 05/01/52		279		272,658
				4,303,336
Wireless Telecommunication Services — 1.6%
America Movil SAB de CV
6.38%, 03/01/35(a)		900		997,481
6.13%, 11/15/37		300		329,306
6.13%, 03/30/40		1,450		1,572,616
4.38%, 07/16/42(a)		971		873,900
4.38%, 04/22/49(a)		1,028		918,325
Crown Castle, Inc., 4.15%, 07/01/50		500		403,800
Orange SA
5.38%, 01/13/42		812		838,318
5.50%, 02/06/44		750		793,099
Rogers Communications, Inc.
7.50%, 08/15/38		200		226,635
4.50%, 03/15/42(d)		726		615,772
5.45%, 10/01/43		500		472,126
5.00%, 03/15/44		1,013		919,349
4.30%, 02/15/48		636		503,813
4.35%, 05/01/49		1,036		832,072
3.70%, 11/15/49		979		709,604
4.55%, 03/15/52(d)		1,760		1,443,149
T-Mobile USA, Inc.
4.38%, 04/15/40		2,036		1,828,696
3.00%, 02/15/41		1,959		1,456,324
4.50%, 04/15/50		2,200		1,928,059
3.30%, 02/15/51		2,600		1,855,491
3.40%, 10/15/52		2,859		2,068,601

84 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par            (000)		Value
Wireless Telecommunication Services (continued)
T-Mobile USA, Inc. (continued)
5.65%, 01/15/53	$	1,650	$	1,701,935
3.60%, 11/15/60		1,606		1,145,783
5.80%, 09/15/62		650		672,856
Vodafone Group PLC
6.15%, 02/27/37(a)		1,263		1,360,621
5.00%, 05/30/38(a)		500		484,779
4.38%, 02/19/43		1,187		1,004,870
4.88%, 06/19/49		1,493		1,339,574
4.25%, 09/17/50		1,135		930,118
5.63%, 02/10/53		1,700		1,678,238
5.13%, 06/19/59		496		451,169
5.75%, 02/10/63		400		395,845
				32,752,324
Total Corporate Bonds — 86.8% (Cost: $2,024,580,026)				1,793,740,766
Foreign Government and Agency Obligations
Chile — 0.5%
Chile Government International Bond
2.55%, 07/27/33		1,610		1,349,180
3.50%, 01/31/34(a)		1,300		1,176,338
3.10%, 05/07/41		2,500		1,930,156
4.34%, 03/07/42(a)		1,900		1,725,794
3.86%, 06/21/47		1,300		1,081,681
3.50%, 01/25/50(a)		1,578		1,214,370
4.00%, 01/31/52		710		588,989
3.10%, 01/22/61(a)		1,932		1,294,198
3.25%, 09/21/71		708		471,838
				10,832,544
Hungary — 0.1%
Hungary Government International Bond, 7.63%, 03/29/41		1,516		1,724,734
Indonesia — 0.4%
Indonesia Government International Bond
4.35%, 01/11/48(a)		1,266		1,139,242
5.35%, 02/11/49		900		919,012
3.70%, 10/30/49(a)		1,000		804,875
3.50%, 02/14/50(a)		478		368,150
4.20%, 10/15/50(a)		1,178		1,025,449
3.05%, 03/12/51		1,589		1,176,158
4.30%, 03/31/52(a)		750		658,031
5.45%, 09/20/52		575		587,865
5.65%, 01/11/53		630		664,768
3.20%, 09/23/61		478		328,715
4.45%, 04/15/70		1,000		861,125
3.35%, 03/12/71		750		512,953
				9,046,343
Israel — 0.3%
Israel Government International Bond
4.50%, 01/30/43		1,585		1,487,225
4.13%, 01/17/48		778		676,520
3.88%, 07/03/50		1,778		1,482,185

Security	Par            (000)		Value
Israel (continued)
Israel Government International Bond (continued)
4.50%, 04/03/2120	$	850	$	708,847
State of Israel, 3.38%, 01/15/50		1,778		1,350,502
				5,705,279
Italy — 0.2%
Republic of Italy Government International Bond
5.38%, 06/15/33(a)		1,670		1,681,269
4.00%, 10/17/49		1,783		1,356,785
3.88%, 05/06/51		2,178		1,555,676
				4,593,730
Mexico — 1.6%
Mexico Government International Bond
4.88%, 05/19/33		1,000		968,313
3.50%, 02/12/34		3,150		2,695,809
6.75%, 09/27/34		1,497		1,663,822
6.35%, 02/09/35		2,605		2,787,838
6.05%, 01/11/40		2,406		2,483,894
4.28%, 08/14/41		2,582		2,164,523
4.75%, 03/08/44		3,272		2,845,208
5.55%, 01/21/45(a)		2,565		2,470,897
4.60%, 01/23/46		2,082		1,749,921
4.35%, 01/15/47(a)		722		583,376
4.60%, 02/10/48(a)		672		560,196
4.50%, 01/31/50(a)		1,279		1,058,213
5.00%, 04/27/51(a)		2,110		1,849,283
4.40%, 02/12/52		1,750		1,395,406
6.34%, 05/04/53		2,864		2,952,784
3.77%, 05/24/61		2,410		1,669,377
5.75%, 10/12/2110		2,312		2,056,669
				31,955,529
Panama — 0.6%
Panama Government International Bond
6.40%, 02/14/35		1,600		1,691,800
6.70%, 01/26/36		1,938		2,085,530
4.50%, 05/15/47		1,150		921,653
4.50%, 04/16/50		2,268		1,771,592
4.30%, 04/29/53		1,578		1,181,823
6.85%, 03/28/54		350		364,875
4.50%, 04/01/56(a)		1,808		1,371,594
3.87%, 07/23/60		2,903		1,941,019
4.50%, 01/19/63		1,500		1,103,250
				12,433,136
Peru — 0.5%
Peruvian Government International Bond
8.75%, 11/21/33		1,414		1,807,092
3.00%, 01/15/34(a)		2,187		1,829,289
6.55%, 03/14/37(a)		813		905,885
3.30%, 03/11/41(a)		909		699,816
5.63%, 11/18/50		2,110		2,182,267
3.55%, 03/10/51(a)		1,725		1,301,081
2.78%, 12/01/60		1,686		1,031,411
3.60%, 01/15/72		925		635,244
3.23%, 07/28/2121		913		556,816
				10,948,901

S C H E D U L E    O F    I N V E S  T M E N T S 85

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par            (000)		Value
Philippines — 0.7%
Philippines Government International Bond
6.38%, 10/23/34	$	1,750	$	1,978,375
5.00%, 01/13/37		1,128		1,141,254
3.95%, 01/20/40		1,850		1,620,831
3.70%, 03/01/41(a)		1,926		1,630,238
3.70%, 02/02/42		2,903		2,436,343
2.95%, 05/05/45		478		350,822
2.65%, 12/10/45		1,310		908,649
3.20%, 07/06/46		1,910		1,444,199
4.20%, 03/29/47		900		792,450
5.95%, 10/13/47		700		767,725
5.50%, 01/17/48		900		938,981
				14,009,867
Poland — 0.2%
Republic of Poland Government International Bond
4.88%, 10/04/33		2,100		2,131,894
5.50%, 04/04/53		2,100		2,180,456
				4,312,350
South Korea — 0.1%
Export-Import Bank of Korea, 2.50%, 06/29/41		478		359,038
Korea International Bond
4.13%, 06/10/44		600		577,188
3.88%, 09/20/48		345		317,300
				1,253,526
Supranational — 0.1%
European Investment Bank, 4.88%, 02/15/36(a)		750		835,458
Inter-American Development Bank
3.20%, 08/07/42		370		324,591
4.38%, 01/24/44(a)		225		231,716
International Bank for Reconstruction & Development, 4.75%, 02/15/35(a)		413		447,121
				1,838,886
Uruguay — 0.4%
Uruguay Government International Bond
5.75%, 10/28/34		1,300		1,443,244
7.63%, 03/21/36(a)		1,050		1,330,416
4.13%, 11/20/45(a)		800		745,650
5.10%, 06/18/50(a)		2,866		2,935,500
4.98%, 04/20/55(a)		2,324		2,333,877
				8,788,687
Total Foreign Government and Agency Obligations — 5.7%
(Cost: $130,180,053)				117,443,512
Municipal Bonds
Arizona — 0.1%
Salt River Project Agricultural Improvement & Power District, RB, BAB,
4.84%, 01/01/41		910		914,444
California — 1.7%
Bay Area Toll Authority, RB, BAB
Series F-2, 6.26%, 04/01/49		610		749,017
Series S-1, 6.92%, 04/01/40		500		602,195
Series S-1, 7.04%, 04/01/50		25		32,969
Series S-3, 6.91%, 10/01/50		1,540		2,026,688
Bay Area Toll Authority, Refunding RB, Series F-3, 3.13%, 04/01/55		845		623,544

Security	Par            (000)		Value
California (continued)
California State University, RB, Series E, 2.90%, 11/01/51	$	125	$	93,288
California State University, Refunding RB
Series B, 2.98%, 11/01/51		835		614,445
Series B, 2.72%, 11/01/52		270		187,366
City of Los Angeles Department of Airports Customer Facility Charge Revenue, Refunding ARB,
Class A, (AGM), 4.24%, 05/15/48		540		489,899
City of San Francisco California Public Utilities
Commission Water Revenue, RB, BAB, 6.95%, 11/01/50		25		31,684
City of San Francisco California Public Utilities
Commission Water Revenue, Refunding RB,
Series A, 3.30%, 11/01/39		140		118,919
East Bay Municipal Utility District Water System
Revenue, RB, BAB, 5.87%, 06/01/40		25		28,486
Foothill-Eastern Transportation Corridor Agency,
Refunding RB
Series A, 4.09%, 01/15/49		195		164,186
Series A, (AGM), 3.92%, 01/15/53		110		90,759
Golden State Tobacco Securitization Corp.,
Refunding RB
Class B, (SAP), 3.29%, 06/01/42		1,420		1,119,298
Class B, (SAP), 3.00%, 06/01/46		100		93,554
Series A-1, 3.71%, 06/01/41		210		161,688
Series A-1, 4.21%, 06/01/50		210		163,784
Los Angeles Community College District, GO, BAB, 6.75%, 08/01/49		1,315		1,657,124
Los Angeles County Metropolitan Transportation
Authority Sales Tax Revenue, RB, BAB, 5.74%,
06/01/39		25		27,425
Los Angeles County Public Works Financing
Authority, Refunding RB, BAB, 7.62%, 08/01/40		25		32,405
Los Angeles Department of Water & Power, RB, BAB 5.72%, 07/01/39		125		139,639
6.57%, 07/01/45		1,300		1,584,996
Los Angeles Unified School District, GO, BAB
Series KR, 5.75%, 07/01/34		690		758,192
Series RY, 6.76%, 07/01/34		1,775		2,064,526
Regents of the University of California Medical
Center Pooled Revenue, RB
Series N, 3.26%, 05/15/60		290		212,170
Series N, 3.71%, 05/15/2120		1,400		965,483
Series Q, 4.56%, 05/15/53		1,135		1,082,535
Regents of the University of California Medical
Center Pooled Revenue, RB, BAB, Series H,
6.55%, 05/15/48		55		66,476
Regents of the University of California Medical
Center Pooled Revenue, Refunding RB, BAB,
Series F, 6.58%, 05/15/49		490		587,639
San Diego County Regional Transportation
Commission, RB, BAB, 5.91%, 04/01/48		190		216,134
San Diego County Regional Transportation Commission, Refunding RB, Series A,
3.25%, 04/01/48		113		89,813
San Diego County Water Authority, RB, BAB,
Series B, 6.14%, 05/01/49		1,030		1,203,276
San Joaquin Hills Transportation Corridor Agency, Refunding RB, Series B, (AGM),
3.49%, 01/15/50		225		179,076

86 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par            (000)		Value
California (continued)
State of California, GO, BAB
7.50%, 04/01/34	$	520	$	652,168
7.55%, 04/01/39		1,965		2,586,294
7.30%, 10/01/39		3,390		4,229,537
7.35%, 11/01/39		1,270		1,599,006
7.63%, 03/01/40		2,480		3,248,545
7.60%, 11/01/40(a)		1,525		2,026,135
State of California, Refunding GO
4.50%, 04/01/33		125		126,162
4.60%, 04/01/38		100		99,152
5.20%, 03/01/43		265		267,895
University of California, RB
Series AD, 4.86%, 05/15/2112		225		207,448
Series AQ, 4.77%, 12/31/99		333		303,730
University of California, RB, BAB
5.77%, 05/15/43		115		127,562
5.95%, 05/15/45		400		451,248
				34,183,560
Colorado — 0.0%
Regional Transportation District Sales Tax Revenue, RB, BAB, Series B, 5.84%, 11/01/50		25		28,900
District of Columbia — 0.1%
District of Columbia Water & Sewer Authority, RB, Series A, Senior Lien, 4.81%, 10/01/2114		530		500,278
District of Columbia Water & Sewer Authority,
Refunding RB, Series D, Subordinate Lien,
3.21%, 10/01/48		95		73,617
District of Columbia, RB, BAB, Series E, 5.59%, 12/01/34		1,125		1,204,797
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, RB, BAB, 7.46%, 10/01/46		25		32,468
				1,811,160
Florida — 0.0%
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series C, 4.28%, 10/01/41		540		503,542
County of Miami-Dade Florida Transit System, Refunding RB, Series B, 2.60%, 07/01/42		90		68,062
				571,604
Georgia — 0.1%
City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 2.26%, 11/01/35		150		121,608
Municipal Electric Authority of Georgia, Refunding RB, BAB
6.64%, 04/01/57		1,015		1,154,241
6.66%, 04/01/57		823		942,392
				2,218,241
Idaho — 0.0%
Idaho Energy Resources Authority, RB, 2.86%, 09/01/46		25		18,815
Illinois — 0.7%
Chicago O’Hare International Airport, ARB(a)
Series C, Senior Lien, 4.47%, 01/01/49		100		94,232
Series C, Senior Lien, 4.57%, 01/01/54		100		93,333
Chicago O’Hare International Airport, Refunding ARB, BAB, Series B, 6.40%, 01/01/40		890		1,042,267
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, RB
Series A, 6.90%, 12/01/40		420		486,367

Security	Par            (000)		Value
Illinois (continued)
Chicago Transit Authority Sales & Transfer Tax
Receipts Revenue, RB (continued)
Series B, 6.90%, 12/01/40	$	1,140	$	1,330,925
Chicago Transit Authority Sales Tax Receipts Fund, RB, BAB, Series B, 6.20%, 12/01/40		345		389,191
Illinois State Toll Highway Authority, RB, BAB,
Series A, 6.18%, 01/01/34		163		183,602
Metropolitan Water Reclamation District of Greater Chicago, GO, BAB, 5.72%, 12/01/38		670		743,664
Sales Tax Securitization Corp., Refunding RB,
Series B, 2nd Lien, 3.24%, 01/01/42		1,030		824,775
State of Illinois, GO, 5.10%, 06/01/33		7,105		7,117,057
State of Illinois, GO, BAB, 7.35%, 07/01/35		970		1,062,968
				13,368,381
Indiana — 0.0%
Indiana Finance Authority, Refunding RB, 3.05%, 01/01/51(a)		55		42,537
Kansas — 0.0%
Kansas Development Finance Authority, RB,
Series K, (BAM), 2.77%, 05/01/51		90		64,518
Louisiana — 0.1%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB Class A-4, 4.48%, 08/01/39		1,460		1,418,138
Series A3, 5.20%, 12/01/39		495		516,754
State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, Series A, 2.95%, 05/01/41		150		118,127
				2,053,019
Massachusetts — 0.1%
Commonwealth of Massachusetts, GO, Series H, 2.90%, 09/01/49		25		18,107
Commonwealth of Massachusetts, GO, BAB, 5.46%, 12/01/39		820		894,037
Commonwealth of Massachusetts, Refunding GO Series D, 2.66%, 09/01/39		642		530,960
Series D, 2.81%, 09/01/43		820		627,637
Massachusetts School Building Authority, RB, BAB, 5.72%, 08/15/39		670		740,287
Massachusetts School Building Authority, Refunding RB, Sub-Series B, 3.40%, 10/15/40		55		46,647
Massachusetts Water Resources Authority,
Refunding RB, Series C, 2.82%, 08/01/41		110		90,980
				2,948,655
Michigan — 0.2%
Michigan Finance Authority, Refunding RB
3.08%, 12/01/34		90		78,342
3.38%, 12/01/40		1,555		1,310,210
Michigan State Building Authority, Refunding RB, 2nd Series, 2.71%, 10/15/40		155		120,356
Michigan State University, RB, Series A, 4.17%,
08/15/2122		243		198,768
University of Michigan, RB
Series A, 3.50%, 04/01/52(a)		55		46,322
Series A, 4.45%, 04/01/2122		1,547		1,402,365
Series B, 2.44%, 04/01/40		475		358,001
University of Michigan, Refunding RB, Series C,
3.60%, 04/01/47		1,000		902,260
				4,416,624

S C H E D U L E    O F    I N V E S  T M E N T S 87

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par            (000)		Value
Minnesota — 0.0%
University of Minnesota, RB, 4.05%, 04/01/52	$	118	$	109,189
Missouri — 0.0%
Health & Educational Facilities Authority of the State of Missouri, RB, Series A, 3.65%, 08/15/57		350		286,360
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, Class A, 3.23%, 05/15/50		155		122,595
				408,955
Nebraska — 0.0%
University of Nebraska Facilities Corp., Refunding RB, Series A, 3.04%, 10/01/49(a)		125		99,467
Nevada — 0.0%
County of Clark Department of Aviation, ARB, BAB, Series C, 6.82%, 07/01/45		355		443,183
New Jersey — 0.3%
New Jersey Transportation Trust Fund Authority, RB, BAB, Series B, 6.56%, 12/15/40		1,025		1,193,787
New Jersey Transportation Trust Fund Authority, Refunding RB
4.08%, 06/15/39		125		111,782
4.13%, 06/15/42		865		764,875
New Jersey Turnpike Authority, RB, BAB
Series A, 7.10%, 01/01/41		620		776,567
Series F, 7.41%, 01/01/40(a)		1,505		1,942,195
Rutgers The State University of New Jersey, RB, Series P, 3.92%, 05/01/2119		463		348,563
Rutgers The State University of New Jersey, Refunding RB, Series R, 3.27%, 05/01/43		345		283,351
				5,421,120
New York — 1.0%
City of New York, GO, 5.26%, 10/01/52		780		843,719
City of New York, GO, BAB
5.52%, 10/01/37(a)		400		432,490
Series F-1, 6.27%, 12/01/37		215		246,155
Metropolitan Transportation Authority, RB, BAB
6.67%, 11/15/39		1,855		2,012,271
7.34%, 11/15/39		400		513,509
6.81%, 11/15/40		320		347,083
Metropolitan Transportation Authority, Refunding RB, Series C-2, 5.18%, 11/15/49		125		118,212
New York City Municipal Water Finance Authority, RB, BAB
5.75%, 06/15/41		2,825		3,202,852
5.95%, 06/15/42		55		63,621
New York City Municipal Water Finance Authority, Refunding RB, 5.88%, 06/15/44		25		28,780
New York City Municipal Water Finance Authority, Refunding RB, BAB
5.72%, 06/15/42		215		242,912
6.01%, 06/15/42		490		571,200
5.44%, 06/15/43(a)		125		136,602
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, BAB
5.77%, 08/01/36		25		26,785
5.57%, 11/01/38		520		554,697
New York State Dormitory Authority, RB, BAB Series D, 5.60%, 03/15/40		1,110		1,202,376

Security	Par            (000)		Value
New York (continued)
New York State Dormitory Authority, RB, BAB (continued)
Series F, 5.63%, 03/15/39	$	350	$	374,590
New York State Dormitory Authority, Refunding RB, Series F, 3.11%, 02/15/39		1,030		857,817
New York State Thruway Authority, Refunding RB Series M, 2.90%, 01/01/35		400		343,798
Series M, 3.50%, 01/01/42		95		80,246
New York State Urban Development Corp., RB, BAB, 5.77%, 03/15/39		1,125		1,196,614
Port Authority of New York & New Jersey, ARB 3.14%, 02/15/51		1,600		1,224,293
3.18%, 07/15/60		270		197,602
192nd Series, 4.81%, 10/15/65		125		126,049
215th Series, 3.29%, 08/01/69		125		91,494
Series 20, 4.23%, 10/15/57		1,070		979,677
Port Authority of New York & New Jersey, RB 165th Series, 5.65%, 11/01/40		1,025		1,141,149
168th Series, 4.93%, 10/01/51		1,030		1,057,385
181st Series, 4.96%, 08/01/46		110		113,012
182nd Series, 5.31%, 08/01/46		25		25,065
Port Authority of New York & New Jersey, Refunding RB, 174th Series, 4.46%, 10/01/62		2,315		2,198,907
				20,550,962
North Carolina — 0.0%
Charlotte-Mecklenburg Hospital Authority, RB, Series S, 3.20%, 01/15/51		60		44,002
Ohio — 0.3%
American Municipal Power, Inc., RB Series B, 7.83%, 02/15/41		525		669,628
Series B, 8.08%, 02/15/50		400		558,038
American Municipal Power, Inc., RB, BAB, 5.94%, 02/15/47		1,025		1,135,761
JobsOhio Beverage System, Refunding RB
Series A, 2.83%, 01/01/38		400		331,313
Series B, 4.53%, 01/01/35		280		281,055
Ohio State University, RB, Series A, 3.80%, 12/01/46		1,515		1,311,060
Ohio State University, RB, BAB, Series C, 4.91%, 06/01/40		660		678,350
Ohio Turnpike & Infrastructure Commission, Refunding RB, Series A, Junior Lien, 3.22%, 02/15/48		155		117,002
Ohio Water Development Authority Water Pollution Control Loan Fund, RB, Series B-2, 4.88%, 12/01/34		25		25,318
				5,107,525
Oklahoma — 0.1%
Oklahoma Development Finance Authority, RB 4.38%, 11/01/45		290		278,573
Class A3, 4.71%, 05/01/52		115		113,494
Series A2, 4.62%, 06/01/44		580		573,041
Series A-3, 5.09%, 02/01/52		265		275,202
				1,240,310

88 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par            (000)		Value
Oregon — 0.0%
Oregon State University, RB, (BAM), 3.42%, 03/01/60	$	113	$	85,726
State of Oregon Department of Transportation, RB, BAB, Series A, 5.83%, 11/15/34		55		61,276
				147,002
Pennsylvania — 0.1%
City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB, Series B, 2.93%, 07/01/45		115		84,039
Commonwealth Financing Authority, RB, Series A, 2.99%, 06/01/42		1,540		1,183,505
Pennsylvania State University, Refunding RB
Series D, 2.79%, 09/01/43		400		312,953
Series D, 2.84%, 09/01/50		95		68,727
Pennsylvania Turnpike Commission, RB, BAB,
Series B, 5.51%, 12/01/45(a)		610		667,106
University of Pittsburgh-of the Commonwealth System of Higher Education, RB, 3.56%, 09/15/2119		113		78,393
				2,394,723
South Carolina — 0.0%
South Carolina Public Service Authority, RB, BAB, Series C, 6.45%, 01/01/50		26		29,886
Texas — 0.7%
Board of Regents of the University of Texas System, RB, BAB, Series C, 4.79%, 08/15/46		2,505		2,591,317
City of San Antonio Texas Electric & Gas Systems Revenue, RB, 4.43%, 02/01/42		180		175,933
City of San Antonio Texas Electric & Gas Systems Revenue, RB, BAB, Junior Lien, 5.81%, 02/01/41		155		172,914
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, 2.91%, 02/01/48		215		166,901
Dallas Area Rapid Transit, RB, BAB
5.02%, 12/01/48		455		467,036
Series B, 6.00%, 12/01/44		200		231,079
Dallas Area Rapid Transit, Refunding RB, Series A, Senior Lien, 2.61%, 12/01/48(a)		455		322,167
Dallas Fort Worth International Airport, ARB
Series A, 4.09%, 11/01/51		1,300		1,172,375
Series A, 4.51%, 11/01/51		190		181,012
Dallas Fort Worth International Airport, Refunding RB
Series A, 2.99%, 11/01/38		125		105,020
Series A, 3.14%, 11/01/45		190		149,118
Series C, 3.09%, 11/01/40		1,065		861,451
Series C, 2.92%, 11/01/50		720		530,855
Grand Parkway Transportation Corp., Refunding RB, Subordinate, 3.24%, 10/01/52		890		669,065
North Texas Tollway Authority, RB, BAB, Series B, 6.72%, 01/01/49		1,160		1,489,665
Permanent University Fund - University of Texas System, Refunding RB, Series A, 3.38%, 07/01/47		850		697,780
State of Texas, GO, BAB
5.52%, 04/01/39		945		1,043,419
Series A, Class A, 4.68%, 04/01/40		1,500		1,524,864
Texas Natural Gas Securitization Finance Corp., RB
Series 2023-1, 5.10%, 04/01/35		855		893,287
Series 2023-1, 5.17%, 04/01/41		630		681,930
Texas Private Activity Bond Surface Transportation Corp., RB, Series B, 3.92%, 12/31/49		345		292,033

Security	Par            (000)		Value
Texas (continued)
Texas Transportation Commission State Highway Fund, Refunding RB, 4.00%, 10/01/33	$	400	$	385,292
Texas Transportation Commission, Refunding GO, 2.47%, 10/01/44		800		569,622
				15,374,135
Virginia — 0.0%
University of Virginia, Refunding RB
2.26%, 09/01/50		500		328,869
Series A, 3.23%, 12/31/99		55		35,511
Series U, 2.58%, 11/01/51		215		151,210
				515,590
Washington — 0.0%
State of Washington, GO, BAB, Series B, 5.14%, 08/01/40		325		342,319
Wisconsin — 0.0%
State of Wisconsin, Refunding RB, Series A, 3.95%, 05/01/36		490		460,082
Total Municipal Bonds — 5.6% (Cost: $126,308,454)				115,328,908
Preferred Securities
Capital Trust — 0.0%
Insurance — 0.0%
MetLife, Inc., 6.40%, 12/15/66(a)		1,250		1,253,750
Total Preferred Securities — 0.0% (Cost: $1,300,565)				1,253,750
Total Long-Term Investments — 98.1% (Cost: $2,282,369,098)				2,027,766,936
	Shares
Short-Term Securities
Money Market Funds — 5.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(e)(f)(g)		118,264,919		118,300,398
Total Short-Term Securities — 5.7% (Cost: $118,262,348)				118,300,398
Total Investments — 103.8% (Cost: $2,400,631,446)				2,146,067,334
Liabilities in Excess of Other Assets — (3.8)%				(79,293,114	)
Net Assets — 100.0%			$	2,066,774,220

^(a)  All or a portion of this security is on loan.

^(b)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(c)  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(d)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period end.

^(g)  All or a portion of this security was purchased with the cash collateral from loaned securities.

S C H E D U L E    O F    I N V E S  T M E N T S 89

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Long Credit Bond Index Fund

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	104,925,359	$	13,321,364	(a)	$	—	$	(1,191	)	$	54,866	$	118,300,398		118,264,919	$	733,399	(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 fees and collateral investment expenses, 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. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Corporate Bonds	$	—	$	1,793,740,766	$	—	$	1,793,740,766
Foreign Government and Agency Obligations		—		117,443,512		—		117,443,512
Municipal Bonds		—		115,328,908		—		115,328,908
Preferred Securities
Capital Trust		—		1,253,750		—		1,253,750
Short-Term Securities
Money Market Funds		118,300,398		—		—		118,300,398
	$	118,300,398	$	2,027,766,936	$	—	$	2,146,067,334

See notes to financial statements.

90 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited)  April 30, 2023 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 — 1.1%
Fannie Mae, 5.63%, 07/15/37	$	4,000	$	4,719,805
Federal Home Loan Banks, 5.50%, 07/15/36		4,730		5,471,641
Tennessee Valley Authority
5.88%, 04/01/36		11,841		13,694,438
3.50%, 12/15/42		66		56,367
				23,942,251
Total U.S. Government Sponsored Agency Securities —1.1%
(Cost: $25,079,176)				23,942,251
U.S. Treasury Obligations
U.S. Treasury Bonds
4.50%, 02/15/36 - 08/15/39		19,166		21,379,371
4.75%, 02/15/37 - 02/15/41(a)		34,628		39,657,150
5.00%, 05/15/37(a)		28,315		33,168,368
4.38%, 02/15/38 - 05/15/41		16,770		18,387,177
3.50%, 02/15/39		9,761		9,699,231
4.25%, 05/15/39 - 11/15/40		20,025		21,670,366
4.63%, 02/15/40		13,475		15,234,645
1.13%, 05/15/40 - 08/15/40		91,555		61,142,131
3.88%, 08/15/40 - 02/15/43		7,803		7,946,338
1.38%, 11/15/40 - 08/15/50		104,289		64,651,417
1.88%, 02/15/41 - /15/51(a)		242,985		174,309,134
2.25%, 05/15/41 - 02/15/52(a)		334,378		258,887,047
1.75%, 08/15/41		34,909		25,392,206
3.75%, 08/15/41 - 11/15/43		47,466		47,194,220
2.00%, 11/15/41 - 08/15/51(a)		174,541		124,444,764
3.13%, 11/15/41 - 05/15/48		56,536		51,179,102
2.38%, 02/15/42 - 05/15/51(a)		67,460		52,506,641
3.00%, 05/15/42 - 08/15/52(a)		298,392		261,499,380
3.25%, 05/15/42		16,347		15,136,939
2.75%, 08/15/42 - 11/15/47(a)		157,938		133,277,945

Security	Par (000)		Value
U.S. Treasury Obligations (continued)
U.S. Treasury Bonds (continued)
3.38%, 08/15/42 - 11/15/48	$	39,277	$	36,893,448
4.00%, 11/15/42 - 11/15/52		45,000		47,717,078
2.88%, 05/15/43 - 05/15/52(a)		120,608		103,434,878
3.63%, 08/15/43 - 02/15/53		52,356		51,631,182
2.50%, 02/15/45 - 05/15/46		268,330		214,426,688
1.25%, 05/15/50(a)		23,928		13,948,342
1.63%, 11/15/50(a)		258,969		166,438,162
Total U.S. Treasury Obligations — 96.8% (Cost: $2,382,480,061)				2,071,253,350
Total Long-Term Investments — 97.9% (Cost: $2,407,559,237)				2,095,195,601
	Shares
Short-Term Securities
Money Market Funds — 27.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(b)(c)(d)		578,346,098		578,519,602
Total Short-Term Securities — 27.0% (Cost: $578,277,365)				578,519,602
Total Investments — 124.9% (Cost: $2,985,836,602)				2,673,715,203
Liabilities in Excess of Other Assets — (24.9)%				(533,860,704	)
Net Assets — 100.0%			$	2,139,854,499

^(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	667,911,530	$	—	$	(89,763,688	)(a)	$	8,020	$	363,740	$	578,519,602		578,346,098	$	843,053	(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 fees and collateral investment expenses, and other payments to and from borrowers of securities.

S C H E D U L E    O F    I N V E S  T M E N T S 91

Schedule of Investments  (unaudited) (continued) April 30, 2023 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		41		06/21/23	$	5,805	$	261,453

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
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	261,453	$	—	$	261,453

^(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, 2023, 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	$	—	$	—	$	—	$	—	$	(590,090	)	$	—	$	(590,090	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	1,093,024		$	—	$	1,093,024

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,835,453

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. 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	$	—	$	23,942,251	$	—	$	23,942,251
U.S. Treasury Obligations		—		2,071,253,350		—		2,071,253,350
Short-Term Securities
Money Market Funds		578,519,602		—		—		578,519,602
	$	578,519,602	$	2,095,195,601	$	—	$	2,673,715,203

92 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 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)
Assets
Interest Rate Contracts	$	261,453	$	—	$	—	$	261,453

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E    O F    I N V E S  T M E N T S 93

Schedule of Investments  (unaudited)  April 30, 2023 iShares U.S. Securitized Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
American Express Credit Account Master Trust
Series 2022-1, Class A, 2.21%, 03/15/27	$	3,750	$	3,582,825
Series 2022-2, Class A, 3.39%, 05/15/27		8,302		8,120,342
BA Credit Card Trust, Series 2021, Class A1, 0.44%, 09/15/26		4,166		3,982,096
Carmax Auto Owner Trust, Series 2021-1, Class A4, 0.53%, 10/15/26		852		790,161
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A4, 1.74%, 08/18/25		1,962		1,914,912
Honda Auto Receivables Owner Trust, Series 2020-2, Class A4, 1.09%, 10/15/26		4,150		4,063,575
Hyundai Auto Receivables Trust
Series 2022-B, Class A3, 3.72%, 11/16/26		620		609,281
Series 2022-B, Class A4, 3.80%, 08/15/28		450		441,159
Santander Drive Auto Receivables Trust,
Series 2022-4, Class A3, 4.14%, 02/16/27		790		779,428
Toyota Auto Receivables Owner Trust
Series 2021-B, Class A3, 0.26%, 11/17/25		2,484		2,398,413
Series 2021-B, Class A4, 0.53%, 10/15/26		2,073		1,914,419
Series 2022-B, Class A3, 2.93%, 09/15/26		10,000		9,711,144
Verizon Master Trust, Series 2021-1, Class A, 0.50%, 05/20/27		2,382		2,265,476
Total Asset-Backed Securities — 1.0% (Cost: $41,840,710)				40,573,231
Non-Agency Mortgage-Backed Securities
Commercial Mortgage-Backed Securities — 3.1%
Bank
Series 2019-BN18, Class A4, 3.58%, 05/15/62		1,659		1,516,204
Series 2019-BN21, Class A5, 2.85%, 10/17/52		4,564		4,004,471
Series 2020-BN27, Class A5, 2.14%, 04/15/63		4,515		3,732,624
BBCMS Mortgage Trust
Series 2017-C1, Class A4, 3.67%, 02/15/50		1,908		1,803,864
Series 2020-C7, Class A5, 2.04%, 04/15/53		5,536		4,601,646
BBCMS Trust, Series 2021-C10, Class A5, 2.49%, 07/15/54		7,713		6,518,584
Benchmark Mortgage Trust
Series 2018-B5, Class A4, 4.21%, 07/15/51		2,489		2,381,472
Series 2019-B10, Class A4, 3.72%, 03/15/62		2,654		2,467,819
Series 2019-B11, Class A4, 3.28%, 05/15/52		3,319		3,031,558
Series 2019-B13, Class A4, 2.95%, 08/15/57		7,093		6,267,163
Series 2019-B9, Class A5, 4.02%, 03/15/52		2,489		2,341,101
Series 2020-B19, Class B, 2.35%, 09/15/53		937		696,126
Series 2020-B21, Class A4, 1.70%, 12/17/53		2,988		2,409,077
Series 2020-B21, Class A5, 1.98%, 12/17/53		1,990		1,607,477
Series 2021-B29, Class A5, 2.39%, 09/15/54		2,763		2,280,934
Citigroup Commercial Mortgage Trust
Series 2013-GC17, Class A4, 4.13%, 11/10/46		620		613,147
Series 2014-GC25, Class A4, 3.64%, 10/10/47		413		399,333
Series 2014-GC25, Class AS, 4.02%, 10/10/47		1,243		1,182,365
Series 2016-GC37, Class A4, 3.31%, 04/10/49		2,903		2,748,575
Series 2016-P5, Class A4, 2.94%, 10/10/49		829		766,186
Series 2017-C4, Class A4, 3.47%, 10/12/50		7,905		7,306,064
Series 2017-P7, Class A4, 3.71%, 04/14/50		1,866		1,765,986
Commercial Mortgage Trust
Series 2013-CR12, Class A4, 4.05%, 10/10/46		1,077		1,064,613
Series 2014-CR20, Class A3, 3.33%, 11/10/47		3,389		3,274,163
Series 2014-UBS2, Class A5, 3.96%, 03/10/47		413		405,587
Series 2015-PC1, Class A5, 3.90%, 07/10/50		1,243		1,199,564

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Commercial Mortgage Trust (continued)
Series 2016-CR28, Class A4, 3.76%, 02/10/49	$	620	$	594,075
CSAIL Commercial Mortgage Trust
Series 2015-C3, Class A4, 3.72%, 08/15/48		829		802,815
Series 2016-C7, Class A5, 3.50%, 11/15/49		3,984		3,761,646
Series 2018-CX11, Class A5, 4.03%, 04/15/51(a)		3,319		3,159,096
DBJPM Mortgage Trust, Series 2016-C3, Class A5, 2.89%, 08/10/49		6,225		5,787,559
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K146, Class A2, 2.92%, 06/25/32		2,000		1,811,288
GS Mortgage Securities Corp. II, Series 2018-GS10, Class A5, 4.16%, 07/10/51(a)		2,489		2,387,934
GS Mortgage Securities Trust
Series 2014-GC24, Class A5, 3.93%, 09/10/47		5,809		5,621,293
Series 2015-GC30, Class A4, 3.38%, 05/10/50		496		474,547
Series 2015-GS1, Class A3, 3.73%, 11/10/48		1,908		1,822,934
JPMBB Commercial Mortgage Securities Trust
Series 2014-C18, Class A5, 4.08%, 02/15/47		163		159,688
Series 2014-C22, Class A4, 3.80%, 09/15/47		225		217,914
Series 2015-C31, Class A3, 3.80%, 08/15/48		1,620		1,550,230
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP7, Class A5, 3.45%, 09/15/50		2,903		2,705,777
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.41%, 10/15/50		4,979		4,652,551
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C10, Class AS, 4.19%, 07/15/46(a)		2,073		2,062,730
Series 2014-C16, Class A4, 3.60%, 06/15/47		2,384		2,338,727
Series 2015-C24, Class A4, 3.73%, 05/15/48		620		596,628
Series 2016-C28, Class A4, 3.54%, 01/15/49		5,621		5,346,574
Morgan Stanley Capital I Trust
Series 2015-UBS8, Class A4, 3.81%, 12/15/48		978		936,129
Series 2018-H3, Class A4, 3.91%, 07/15/51		2,489		2,355,809
Series 2019-H6, Class A4, 3.42%, 06/15/52		488		445,437
Series 2019-L3, Class AS, 3.49%, 11/15/52		628		553,401
Wells Fargo Commercial Mortgage Trust
Series 2015-C27, Class A5, 3.45%, 02/15/48		1,243		1,191,871
Series 2015-SG1, Class A4, 3.79%, 09/15/48		4,028		3,875,597
Series 2019-C49, Class A5, 4.02%, 03/15/52		3,195		3,027,787
Series 2020-C56, Class A5, 2.45%, 06/15/53		2,580		2,175,075
Series 2020-C58, Class A4, 2.09%, 07/15/53		2,349		1,913,122
Total Non-Agency Mortgage-Backed Securities — 3.1% (Cost: $144,415,580)				128,713,937
U.S. Government Sponsored Agency Securities
Agency Obligations — 2.2%
Fannie Mae Mortgage-Backed Securities
2.00%, 09/01/50 - 12/01/50		9,933		8,290,862
4.50%, 09/01/52		4,972		4,922,233
5.00%, 02/01/53 - 05/01/53		35,494		35,351,504
5.50%, 02/01/53		19,882		20,354,745
Freddie Mac Mortgage-Backed Securities
3.00%, 05/01/51		1,505		1,360,695
4.00%, 02/01/53		7,942		7,673,501
5.00%, 04/01/53		7,000		6,971,415
5.50%, 04/01/53		7,800		7,889,095
				92,814,050

94 2 0 2 3    B L A C K R O C K    S E M I - A N N  U A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Securitized Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Mortgage-Backed Securities — 2.6%
Fannie Mae
Series 2014-M13, Class A2, 3.02%, 08/25/24(a)	$	195	$	190,210
Series 2016-M5, Class A2, 2.47%, 04/25/26		5,071		4,818,507
Series 2016-M6, Class A2, 2.49%, 05/25/26		5,089		4,847,390
Series 2017-M15, Class A2, 3.06%, 09/25/27(a)		3,081		2,945,042
Series 2018-M12, Class A2, 3.76%, 08/25/30(a)		2,489		2,395,905
Series 2018-M3, Class A2, 3.17%, 02/25/30(a)		7,274		6,814,134
Series 2019-M22, Class A2, 2.52%, 08/25/29		3,716		3,369,494
Series 2020-M46, Class A2, 1.32%, 05/25/30		4,549		3,783,430
Series 2021-M17, Class A2, 1.71%, 07/25/31(a)		2,489		2,082,932
Series 2022-M21, Class A2, 1.66%, 04/25/31(a)		3,536		2,912,327
Freddie Mac Multifamily Structured Pass-Through Certificates
Series K041, Class A2, 3.17%, 10/25/24		6,225		6,067,220
Series K052, Class A2, 3.15%, 11/25/25		620		601,892
Series K063, Class A2, 3.43%, 01/25/27(a)		4,150		4,040,891
Series K066, Class A2, 3.12%, 06/25/27		2,903		2,789,453
Series K067, Class A1, 2.90%, 03/25/27		2,242		2,177,170
Series K076, Class A2, 3.90%, 04/25/28		1,659		1,643,404
Series K081, Class A2, 3.90%, 08/25/28(a)		8,302		8,222,298
Series K088, Class A2, 3.69%, 01/25/29		413		404,011
Series K100, Class A2, 2.67%, 09/25/29		8,302		7,631,562
Series K101, Class A2, 2.52%, 10/25/29		4,690		4,267,060
Series K110, Class A2, 1.48%, 04/25/30		2,190		1,846,389
Series K111, Class A2, 1.35%, 05/25/30		829		690,012
Series K123, Class A2, 1.62%, 12/25/30		8,302		6,949,148
Series K126, Class A2, 2.07%, 01/25/31		9,074		7,841,852
Series K144, Class A2, 2.45%, 04/25/32		5,000		4,366,769
Series K-1521, Class A2, 2.18%, 08/25/36		3,967		3,086,657
Series K727, Class A2, 2.95%, 07/25/24		3,561		3,475,536
Series K730, Class A2, 3.59%, 01/25/25(a)		7,173		7,021,162
Series K734, Class A2, 3.21%, 02/25/26		4,731		4,591,018
				111,872,875
Mortgage-Backed Securities — 90.7%
Fannie Mae Mortgage-Backed Securities
3.00%, 02/01/47		986		926,752
4.00%, 02/01/47 - 02/01/57		3,387		3,263,262
3.50%, 11/01/51		5,197		4,893,671
(12-mo. LIBOR US + 1.53%), 3.21%, 05/01/43(a)		46		45,121
(12-mo. LIBOR US + 1.54%), 3.39%, 06/01/43(a)		58		58,571
(12-mo. LIBOR US + 1.70%), 3.95%, 08/01/42(a)		13		13,371
(12-mo. LIBOR US + 1.75%), 4.00%, 08/01/41(a)		4		3,864
(12-mo. LIBOR US + 1.83%), 4.08%, 11/01/40(a)		2		2,369
Freddie Mac Mortgage-Backed Securities
8.00%, 12/01/24		5		5,125
3.00%, 03/01/27 - 10/01/47		36,835		34,038,736
2.50%, 07/01/28 - 01/01/33		8,923		8,429,431
3.50%, 03/01/32 - 06/01/49		36,026		34,181,883
5.00%, 04/01/33 - 04/01/49		1,635		1,658,121
4.00%, 05/01/33 - 01/01/49		12,342		12,034,122
5.50%, 06/01/35 - 01/01/39		53		54,842
4.50%, 06/01/38 - 01/01/49		5,121		5,112,840
(12-mo. LIBOR US + 1.50%), 3.25%, 06/01/43(a)		1		1,003
(12-mo. LIBOR US + 1.70%), 3.97%, 08/01/41(a)		3		2,728
(12-mo. LIBOR US + 1.84%), 4.13%, 09/01/40(a)		5		5,287
Ginnie Mae Mortgage-Backed Securities
7.50%, 12/15/23		1		802
5.50%, 12/15/32 - 05/18/53(b)		39,174		39,445,705
6.00%, 03/15/35 - 10/20/38		57		60,289

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
Ginnie Mae Mortgage-Backed Securities (continued)
6.50%, 09/15/36	$	42		$	42,687
4.50%, 07/15/39 - 05/18/53(b)		61,601			60,674,533
5.00%, 11/15/39 - 05/18/53(b)		44,466			44,387,876
4.00%, 03/15/41 - 05/18/53(b)		86,205			83,268,289
3.50%, 09/20/42 - 09/20/52(b)		127,322			120,495,092
3.00%, 01/20/43 - 09/20/52(b)		164,149			150,882,636
2.50%, 05/20/45 - 05/18/53(b)		220,353			194,471,547
2.00%, 07/20/50 - 05/18/53(b)		202,340			173,602,593
1.50%, 10/20/51		809			665,177
Uniform Mortgage-Backed Securities
4.50%, 05/01/24 - 12/01/52(b)		135,603			133,125,596
4.00%, 10/01/25 - 10/01/52(b)		214,368			207,028,839
3.50%, 02/01/26 - 07/01/52(b)		269,396			253,493,538
3.00%, 01/01/27 - 05/01/52(b)		417,577			381,755,910
2.50%, 09/01/28 - 05/11/53(b)		768,606			674,583,866
7.00%, 02/01/32		8			7,940
6.50%, 07/01/32		35			36,608
5.00%, 11/01/33 - 05/11/53(b)		65,251			65,020,546
6.00%, 03/01/34 - 02/01/49		1,263			1,329,102
2.00%, 12/01/35 - 05/11/53(b)		1,130,637			961,785,712
1.50%, 03/01/36 - 11/01/51		133,405			110,525,122
5.50%, 04/01/36 - 05/11/53(b)		79,787			80,580,020
					3,842,001,124
Total U.S. Government Sponsored Agency Securities — 95.5% (Cost: $4,422,784,783)					4,046,688,049
Total Long-Term Investments — 99.6% (Cost: $4,609,041,073)					4,215,975,217
	Shares
Short-Term Securities
Money Market Funds — 16.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(c)(d)		699,752,220			699,962,146
Total Short-Term Securities — 16.5% (Cost: $699,759,829)					699,962,146
Total Investments Before TBA Sale Commitments — 116.1% (Cost: $5,308,800,902)					4,915,937,363
	Par (000)
TBA Sale Commitments(b)
Mortgage-Backed Securities — (0.7)%
Uniform Mortgage-Backed Securities
2.50%, 05/11/53	$	(3,850	)		(3,333,483	)
3.00%, 02/25/52		(1,500	)		(1,347,305	)
4.00%, 06/25/52		(7,800	)		(7,455,703	)

S C H E D U L E    O F    I N V E S  T M E N T S 95

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares U.S. Securitized Bond Index Fund (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities (continued)
5.00%, 05/11/53		$        (10,000	)	$	(9,942,578	)
5.50%, 05/11/53		(7,800	)		(7,863,985	)
Total TBA Sale Commitments — (0.7)% (Proceeds: $(29,989,156))					(29,943,054	)
Total Investments, Net of TBA Sale Commitments — 115.4% (Cost: $5,278,811,746)					4,885,994,309
Liabilities in Excess of Other Assets — (15.4)%					(650,302,077	)
Net Assets — 100.0%				$	4,235,692,232

^(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	629,253,363	$	70,403,286	(a)	$	—	$	(9,486	)	$	314,983	$	699,962,146		699,752,220	$	15,380,014	$	—

^(a)   Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. 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	$	—	$	40,573,231		$	—	$	40,573,231
Non-Agency Mortgage-Backed Securities		—		128,713,937			—		128,713,937
U.S. Government Sponsored Agency Securities		—		4,046,688,049			—		4,046,688,049
Short-Term Securities
Money Market Funds		699,962,146		—			—		699,962,146
Liabilities
Investments
TBA Sale Commitments		—		(29,943,054	)		—		(29,943,054	)
	$	699,962,146	$	4,186,032,163		$	—	$	4,885,994,309

See notes to financial statements.

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Statements of Assets and Liabilities  (unaudited) 

April 30, 2023

	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)	$	2,153,397,551		$	3,810,027,959		$	2,027,766,936		$	2,095,195,601
Investments, at value — affiliated(c)		190,684,896			1,425,603,993			118,300,398			578,519,602
Cash		—			—			9,107			—
Cash pledged for futures contracts		—			—			—			297,000
Receivables:
Investments sold		1,410,546			54,836,281			1,351,220			8,889,436
Securities lending income — affiliated		44,420			128,673			40,644			48,340
Capital shares sold		13,414,848			13,400,000			1,042,097			4,754,390
Dividends — affiliated		138,343			96,595			88,011			64,639
Interest — unaffiliated		18,860,931			25,723,392			26,532,466			21,946,478
Variation margin on futures contracts		—			—			—			85,833
Prepaid expenses		3,491			4,024			2,901			2,784
Total assets		2,377,955,026			5,329,820,917			2,175,133,780			2,709,804,103
LIABILITIES
Collateral on securities loaned		148,099,197			1,400,067,543			100,607,624			561,528,240
Payables:
Investments purchased		18,503,922			71,542,652			3,435,710			8,393,498
Capital shares redeemed		—			1,056,952			4,291,140			—
Trustees’ and Officer’s fees		4,978			8,853			10,635			13,617
Professional fees		14,460			14,172			14,451			14,249
Total liabilities		166,622,557			1,472,690,172			108,359,560			569,949,604
NET ASSETS	$	2,211,332,469		$	3,857,130,745		$	2,066,774,220		$	2,139,854,499
NET ASSETS CONSIST OF
Paid-in capital(d)(e)(f)	$	2,415,532,285		$	4,147,905,118		$	2,387,796,233		$	2,475,628,657
Accumulated loss		(204,199,816	)		(290,774,373	)		(321,022,013	)		(335,774,158	)
NET ASSETS	$	2,211,332,469		$	3,857,130,745		$	2,066,774,220		$	2,139,854,499
Net asset value	$	9.86		$	9.83		$	9.55		$	9.05
(a) Investments, at cost — unaffiliated	$	2,280,944,483		$	4,027,940,255		$	2,282,369,098		$	2,407,559,237
(b) Securities loaned, at value	$	144,343,455		$	1,370,040,629		$	98,259,031		$	551,925,617
(c)  Investments, at cost — affiliated	$	190,638,463		$	1,425,108,035		$	118,262,348		$	578,277,365
(d) Shares outstanding		224,243,356			392,528,771			216,423,443			236,543,285
(e) Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
(f)  Par value	$	0.001		$	0.001		$	0.001		$	0.001

See notes to financial statements.

F I N A N C I A L    S T A T E M E N  T S 97

Statements of Assets and Liabilities  (unaudited) (continued)

April 30, 2023

	iShares U.S. Securitized Bond Index Fund
ASSETS
Investments, at value — unaffiliated(a)	$	4,215,975,217
Investments, at value — affiliated(b)		699,962,146
Cash		12,184
Receivables:
Investments sold		1,170,606
TBA sale commitments		29,989,156
Dividends — unaffiliated		2,722,829
Interest — unaffiliated		9,874,543
Principal paydowns		123,749
Prepaid expenses		3,174
Total assets		4,959,833,604
LIABILITIES
Cash received as collateral for TBA commitments		10,000
TBA sale commitments, at value(c)		29,943,054
Payables:
Investments purchased		690,539,907
Capital shares redeemed		3,616,632
Trustees’ and Officer’s fees		17,531
Professional fees		14,248
Total liabilities		724,141,372
NET ASSETS	$	4,235,692,232
NET ASSETS CONSIST OF
Paid-in capital(d)(e)(f)	$	4,673,662,700
Accumulated loss		(437,970,468	)
NET ASSETS	$	4,235,692,232
Net asset value	$	9.56
(a) Investments, at cost — unaffiliated	$	4,609,041,073
(b) Investments, at cost — affiliated	$	699,759,829
(c)  Proceeds from TBA sale commitments	$	29,989,156
(d) Shares outstanding		443,085,957
(e) Shares authorized		Unlimited
(f)  Par value	$	0.001

See notes to financial statements.

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Statements of Operations  (unaudited) 

Six Months Ended April 30, 2023

	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	$	499,998		$	320,266		$	488,226		$	363,476
Interest — unaffiliated		30,822,322			38,606,839			51,733,845			33,480,166
Securities lending income — affiliated — net		246,450			1,008,196			245,173			479,577
Foreign taxes withheld		(1,635	)		—			—			—
Total investment income		31,567,135			39,935,301			52,467,244			34,323,219
EXPENSES
Administration		566,603			924,356			627,655			503,510
Investment advisory		566,603			924,356			627,655			503,510
Professional		14,354			14,416			14,354			14,416
Trustees and Officer		12,630			22,129			17,626			19,712
Miscellaneous		1,068			1,068			1,068			1,068
Total expenses		1,161,258			1,886,325			1,288,358			1,042,216
Less:
Fees waived and/or reimbursed by the Administrator/Manager		(1,160,190	)		(1,885,257	)		(1,287,290	)		(1,041,148	)
Total expenses after fees waived and/or reimbursed		1,068			1,068			1,068			1,068
Net investment income		31,566,067			39,934,233			52,466,176			34,322,151
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(7,854,175	)		(18,338,921	)		(42,403,564	)		(13,951,215	)
Investments — affiliated		5,169			(168,304	)		(1,191	)		8,020
Futures contracts		—			—			—			(590,090	)
		(7,849,006	)		(18,507,225	)		(42,404,755	)		(14,533,285	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		91,585,363			135,966,863			271,750,529			212,453,288
Investments — affiliated		68,550			685,214			54,866			363,740
Futures contracts		—			—			—			1,093,024
		91,653,913			136,652,077			271,805,395			213,910,052
Net realized and unrealized gain		83,804,907			118,144,852			229,400,640			199,376,767
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	115,370,974		$	158,079,085		$	281,866,816		$	233,698,918

See notes to financial statements.

F I N A N C I A L    S T A T E M E N  T S 99

Statements of Operations  (unaudited) (continued)

Six Months Ended April 30, 2023

	iShares U.S. Securitized Bond Index Fund
INVESTMENT INCOME
Dividends — affiliated	$	15,380,014
Interest — unaffiliated		50,656,880
Total investment income		66,036,894
EXPENSES
Administration		1,224,629
Investment advisory		1,224,629
Trustees and Officer		30,127
Professional		14,416
Miscellaneous		1,068
Total expenses		2,494,869
Less:
Fees waived and/or reimbursed by the Administrator/Manager		(2,493,801	)
Total expenses after fees waived and/or reimbursed		1,068
Net investment income		66,035,826
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		11,697,224
Investments — affiliated		(9,486	)
		11,687,738
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		177,551,705
Investments — affiliated		314,983
		177,866,688
Net realized and unrealized gain		189,554,426
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	255,590,252

See notes to financial statements.

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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 04/30/23 (unaudited)			Period from 05/20/22(a) to 10/31/22			Six Months Ended 04/30/23 (unaudited)			Period from 05/20/22(a) to 10/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	31,566,067		$	23,149,963		$	39,934,233		$	27,621,404
Net realized loss		(7,849,006	)		(66,202,940	)		(18,507,225	)		(54,656,754	)
Net change in unrealized appreciation (depreciation)		91,653,913			(35,394,589	)		136,652,077			(126,789,563	)
Net increase (decrease) in net assets resulting from operations		115,370,974			(78,447,566	)		158,079,085			(153,824,913	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(31,653,222	)		(23,303,934	)		(39,372,924	)		(27,048,669	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		357,513,100			1,871,853,117			275,460,134			3,643,838,032
NET ASSETS
Total increase in net assets		441,230,852			1,770,101,617			394,166,295			3,462,964,450
Beginning of period		1,770,101,617			—			3,462,964,450			—
										��
End of period	$	2,211,332,469		$	1,770,101,617		$	3,857,130,745		$	3,462,964,450

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L    S T A T E M E N  T S 101

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 04/30/23 (unaudited)			Period from 05/20/22(a) to 10/31/22			Six Months Ended 04/30/23 (unaudited)			Period from 05/20/22(a) to 10/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	52,466,176		$	42,486,679		$	34,322,151		$	25,501,108
Net realized loss		(42,404,755	)		(21,571,184	)		(14,533,285	)		(6,608,515	)
Net change in unrealized appreciation (depreciation)		271,805,395			(315,076,386	)		213,910,052			(353,582,214	)
Net increase (decrease) in net assets resulting from operations		281,866,816			(294,160,891	)		233,698,918			(334,689,621	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(52,371,070	)		(42,348,892	)		(34,060,140	)		(25,264,214	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(87,088,874	)		2,260,877,131			79,692,085			2,220,477,471
NET ASSETS
Total increase in net assets		142,406,872			1,924,367,348			279,330,863			1,860,523,636
Beginning of period		1,924,367,348			—			1,860,523,636			—
End of period	$	2,066,774,220		$	1,924,367,348		$	2,139,854,499		$	1,860,523,636

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Statements of Changes in Net Assets  (continued)

	iShares U.S. Securitized Bond Index Fund
	Six Months Ended 04/30/23 (unaudited)			Period from 05/20/22(a) to 10/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	66,035,826		$	44,751,001
Net realized gain (loss)		11,687,738			(49,850,568	)
Net change in unrealized appreciation (depreciation)		177,866,688			(311,838,720	)
Net increase (decrease) in net assets resulting from operations		255,590,252			(316,938,287	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(69,545,683	)		(47,023,066	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		181,933,757			4,231,675,259
NET ASSETS
Total increase in net assets		367,978,326			3,867,713,906
Beginning of period		3,867,713,906			—
End of period	$	4,235,692,232		$	3,867,713,906

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L    S T A T E M E N  T S 103

Financial Highlights

(For a share outstanding throughout each period)

	iShares U.S. Intermediate Credit Bond Index Fund
	Six Months Ended 04/30/23 (unaudited)			Period from 05/20/22(a) to 10/31/22
Net asset value, beginning of period	$	9.43		$	10.00
Net investment income(b)		0.16			0.12
Net realized and unrealized gain (loss)		0.43			(0.57	)
Net increase (decrease) from investment operations		0.59			(0.45	)
Distributions from net investment income(c)		(0.16	)		(0.12	)
Net asset value, end of period	$	9.86		$	9.43
Total Return(d)
Based on net asset value		6.30	%(e)		(4.49	)%(e)
Ratios to Average Net Assets(f)
Total expenses		0.12	%(g)		0.12	%(g)
Total expenses after fees waived and/or reimbursed		0.00	%(g)(h)		—	%(g)
Net investment income		3.34	%(g)		2.84	%(g)
Supplemental Data
Net assets, end of period (000)	$	2,211,332		$	1,770,102
Portfolio turnover rate		7	%		19	%(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.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Intermediate Government Bond Index Fund
	Six Months Ended 04/30/23 (unaudited)			Period from 05/20/22(a) to 10/31/22
Net asset value, beginning of period	$	9.51		$	10.00
Net investment income(b)		0.10			0.08
Net realized and unrealized gain (loss)		0.32			(0.50	)
Net increase (decrease) from investment operations		0.42			(0.42	)
Distributions from net investment income(c)		(0.10	)		(0.07	)
Net asset value, end of period	$	9.83		$	9.51
Total Return(d)
Based on net asset value		4.46	%(e)		(4.18	)%(e)
Ratios to Average Net Assets(f)
Total expenses		0.10	%(g)		0.10	%(g)
Total expenses after fees waived and/or reimbursed		0.00	%(g)(h)		—	%(g)
Net investment income		2.16	%(g)		1.73	%(g)
Supplemental Data
Net assets, end of period (000)	$	3,857,131		$	3,462,964
Portfolio turnover rate		13	%		16	%(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 105

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Long Credit Bond Index Fund
	Six Months Ended 04/30/23 (unaudited)			Period from 05/20/22(a) to 10/31/22
Net asset value, beginning of period	$	8.53		$	10.00
Net investment income(b)		0.23			0.20
Net realized and unrealized gain (loss)		1.02			(1.47	)
Net increase (decrease) from investment operations		1.25			(1.27	)
Distributions from net investment income(c)		(0.23	)		(0.20	)
Net asset value, end of period	$	9.55		$	8.53
Total Return(d)
Based on net asset value		14.76	%(e)		(12.84	)%(e)
Ratios to Average Net Assets(f)
Total expenses		0.12	%(g)		0.12	%(g)
Total expenses after fees waived and/or reimbursed		0.00	%(g)(h)		—	%(g)
Net investment income		5.02	%(g)		4.79	%(g)
Supplemental Data
Net assets, end of period (000)	$	2,066,774		$	1,924,367
Portfolio turnover rate		7	%		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.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Long Government Bond Index Fund
	Six Months Ended 04/30/23 (unaudited)			Period from 05/20/22(a) to 10/31/22
Net asset value, beginning of period	$	8.18		$	10.00
Net investment income(b)		0.15			0.13
Net realized and unrealized gain (loss)		0.87			(1.82	)
Net increase (decrease) from investment operations		1.02			(1.69	)
Distributions from net investment income(c)		(0.15	)		(0.13	)
Net asset value, end of period	$	9.05		$	8.18
Total Return(d)
Based on net asset value		12.50	%(e)		(17.06	)%(e)
Ratios to Average Net Assets(f)
Total expenses		0.10	%(g)		0.10	%(g)
Total expenses after fees waived and/or reimbursed		0.00	%(g)(h)		—	%(g)
Net investment income		3.41	%(g)		3.09	%(g)
Supplemental Data
Net assets, end of period (000)	$	2,139,854		$	1,860,524
Portfolio turnover rate		3	%		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.

FINANCIAL    HIGHLIGHTS 107

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Securitized Bond Index Fund
	Six Months Ended 04/30/23 (unaudited)			Period from 05/20/22(a) to 10/31/22
Net asset value, beginning of period	$	9.12		$	10.00
Net investment income(b)		0.15			0.11
Net realized and unrealized gain (loss)		0.45			(0.88	)
Net increase (decrease) from investment operations		0.60			(0.77	)
Distributions from net investment income(c)		(0.16	)		(0.11	)
Net asset value, end of period	$	9.56		$	9.12
Total Return(d)
Based on net asset value		6.61	%(e)		(7.71	)%(e)
Ratios to Average Net Assets(f)
Total expenses		0.12	%(g)		0.12	%(g)
Total expenses after fees waived and/or reimbursed		0.00	%(g)(h)		—	%(g)
Net investment income		3.24	%(g)		2.53	%(g)
Supplemental Data
Net assets, end of period (000)	$	4,235,692		$	3,867,714
Portfolio turnover rate(i)		168	%		150	%(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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Amount is less than 0.005%.

⁽ⁱ⁾  Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

	Six Months Ended 04/30/23 (unaudited)			Period from 05/20/22(a) to 10/31/22
Portfolio turnover rate (excluding MDRs)		77	%		150	%

^(j)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements  (unaudited)

1. ORGANIZATION

BlackRock Funds^SM (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.

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 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.

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.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations 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 may trade at lower prices than institutional round lots. 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

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Notes to Financial Statements  (unaudited) (continued)

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 published 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.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. 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 for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (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 ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed

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Notes to Financial Statements  (unaudited) (continued)

to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.

Forward Commitments, When-Issued and Delayed Delivery Securities: The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

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.

Securities Lending: Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds’ Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Funds’ securities on loan by counterparty which are subject to offset under an MSLA:

Fund Name/Counterparty	Securities Loaned at Value		Cash  Collateral Received(a)			Non-Cash Collateral Received, at Fair Value(a)		Net Amount
U.S. Intermediate Credit Bond
Barclays Capital, Inc.	$	13,067,380	$	(13,067,380	)	$	—	$	—
BMO Capital Markets Corp.		6,645,027		(6,645,027	)		—		—
BNP Paribas SA		38,604,617		(38,604,617	)		—		—
BofA Securities, Inc.		5,969,295		(5,969,295	)		—		—
HSBC Securities (USA), Inc.		1,210,042		(1,210,042	)		—		—
J.P. Morgan Securities LLC		43,605,770		(43,605,770	)		—		—
Jefferies LLC		3,433,719		(3,433,719	)		—		—

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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. Intermediate Credit Bond (continued)
Nomura Securities International, Inc.	$	7,922,718	$	(7,922,718	)	$	—	$	—
Scotia Capital (USA), Inc.		2,034,851		(2,034,851	)		—		—
State Street Bank & Trust Co		4,421,346		(4,421,346	)		—		—
Toronto-Dominion Bank		689,361		(689,361	)		—		—
UBS Securities LLC		782,477		(782,477	)		—		—
Wells Fargo Bank N.A		617,068		(617,068	)		—		—
Wells Fargo Securities LLC		15,339,784		(15,339,784	)		—		—
	$	144,343,455	$	(144,343,455	)	$	—	$	—

Fund Name/Counterparty	Securities Loaned at Value		Cash Collateral Received(a)			Non-Cash Collateral Received, at Fair Value(a)		Net Amount
U.S. Intermediate Government Bond
Barclays Capital, Inc.	$	3,024,844	$	(3,024,844	)	$	—	$	—
BofA Securities, Inc.		130,446,921		(130,446,921	)		—		—
Citigroup Global Markets, Inc.		233,195,847		(233,195,847	)		—		—
Credit Agricole Corporate & Investment Bank SA		701,275,728		(701,275,728	)		—		—
HSBC Securities (USA), Inc.		132,395,505		(132,395,505	)		—		—
Morgan Stanley		166,782,113		(166,782,113	)		—		—
Wells Fargo Securities LLC		2,919,671		(2,919,671	)		—		—
	$	1,370,040,629	$	(1,370,040,629	)	$	—	$	—
Fund Name/Counterparty	Securities Loaned at Value		Cash Collateral Received(a)			Non-Cash Collateral Received, at Fair Value(a)		Net Amount
U.S. Long Credit Bond
Barclays Capital, Inc.	$	19,281,190	$	(19,281,190	)	$	—	$	—
BMO Capital Markets Corp.		1,078,721		(1,078,721	)		—		—
BNP Paribas SA		25,265,044		(25,265,044	)		—		—
BofA Securities, Inc.		7,250,879		(7,250,879	)		—		—
HSBC Securities (USA), Inc.		2,274,370		(2,274,370	)		—		—
J.P. Morgan Securities LLC		30,749,055		(30,749,055	)		—		—
Jefferies LLC		1,085,476		(1,085,476	)		—		—
Nomura Securities International, Inc.		2,861,733		(2,861,733	)		—		—
Scotia Capital (USA), Inc.		900,839		(900,839	)		—		—
State Street Bank & Trust Co		1,873,090		(1,873,090	)		—		—
Wells Fargo Bank N.A		1,654,584		(1,654,584	)		—		—
Wells Fargo Securities LLC		3,984,050		(3,984,050	)		—		—
	$	98,259,031	$	(98,259,031	)	$	—	$	—
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
Citigroup Global Markets, Inc.	$	179,297,867	$	(179,297,867	)	$	—	$	—
Credit Agricole Corporate & Investment Bank SA		210,631,598		(210,631,598	)		—		—
HSBC Securities (USA), Inc.		17,953,835		(17,953,835	)		—		—
Morgan Stanley		144,042,317		(144,042,317	)		—		—
	$	551,925,617	$	(551,925,617	)	$	—	$	—

^(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, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’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 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.

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Notes to Financial Statements  (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets:

Fund Name	Investment Advisory Fees
U.S. Intermediate Credit Bond		0.06	%
U.S. Intermediate Government Bond		0.05
U.S. Long Credit Bond		0.06
U.S. Long Government Bond		0.05
U.S. Securitized Bond		0.06

The Manager contractually agreed to waive each Fund’s investment advisory fees through June 30, 2033. 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, 2023, the amounts were as follows:

Fund Name	Fees Waived and/or Reimbursed by the  Administrator/Manager
U.S. Intermediate Credit Bond	$	566,603
U.S. Intermediate Government Bond		924,356
U.S. Long Credit Bond		627,655
U.S. Long Government Bond		503,510
U.S. Securitized Bond		1,224,629

Administration: The Trust, on behalf of each Fund, entered into an Administration Agreement with the BlackRock Advisors, LLC (the “Administrator”), an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of each Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below.

	Administration Fees
U.S. Intermediate Credit Bond		0.06	%
U.S. Intermediate Government Bond		0.05
U.S. Long Credit Bond		0.06
U.S. Long Government Bond		0.05
U.S. Securitized Bond		0.06

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Notes to Financial Statements  (unaudited) (continued)

The Administrator contractually agreed to waive each Fund’s administration fees through June 30, 2033. 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, 2023, the amounts were as follows:

Fund Name	Fees Waived and/or Reimbursed by the  Administrator/Manager
U.S. Intermediate Credit Bond	$	566,603
U.S. Intermediate Government Bond		924,356
U.S. Long Credit Bond		627,655
U.S. Long Government Bond		503,510
U.S. Securitized Bond		1,224,629

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, 2033. 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, 2023, the amounts waived were as follows:

Fund Name	Fees Waived and/or Reimbursed by the  Administrator/Manager
U.S. Intermediate Credit Bond	$	26,984
U.S. Intermediate Government Bond		36,545
U.S. Long Credit Bond		31,980
U.S. Long Government Bond		34,128
U.S. Securitized Bond		44,543

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. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits a remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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 specified 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.

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, 2023, each Fund paid BTC the following amounts for securities lending agent services:

Fund Name	Amounts
U.S. Intermediate Credit Bond	$	76,646
U.S. Intermediate Government Bond		422,220
U.S. Long Credit Bond		72,170
U.S. Long Government Bond		203,658
U.S. Securitized Bond		—

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any

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Notes to Financial Statements  (unaudited) (continued)

lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended April 30, 2023, the Funds did not participate in the Interfund Lending Program.

Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

7. PURCHASES AND SALES

For the six months ended April 30, 2023, purchases and sales of investments, including paydowns/payups and 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	$	—	$	—	$	477,857,370	$	132,861,377
U.S. Intermediate Government Bond		767,022,088		495,421,426		4,414,796		—
U.S. Long Credit Bond		—		—		146,363,538		226,782,572
U.S. Long Government Bond		120,386,709		51,533,917		5,901,414		5,789,450
U.S. Securitized Bond		—		—		3,299,255,493		3,132,155,397

For the six months ended April 30, 2023, purchases and sales related to mortgage dollar rolls were as follows:

Fund Name	Purchases		Sales
U.S. Securitized Bond	$	3,693,647,533	$	3,692,713,836

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, 2023, 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.

As of October 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

Fund Name	Non-Expiring
U.S. Intermediate Credit Bond	$	67,255,386
U.S. Intermediate Government Bond		54,838,816
U.S. Long Credit Bond		17,156,831
U.S. Long Government Bond		7,671,716
U.S. Securitized Bond		52,197,371

As of April 30, 2023, 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	$	2,473,831,047	$	6,559,591	$	(136,308,191	)	$	(129,748,600	)
U.S. Intermediate Government Bond		5,456,315,522		8,500,269		(229,183,838	)		(220,683,569	)
U.S. Long Credit Bond		2,408,027,169		9,524,360		(271,484,196	)		(261,959,836	)
U.S. Long Government Bond		2,989,177,880		6,634,028		(321,835,252	)		(315,201,224	)
U.S. Securitized Bond		5,313,803,259		7,454,049		(405,273,843	)		(397,819,794	)

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Notes to Financial Statements  (unaudited) (continued)

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, $2.50 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 2024 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, 2023, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

The Manager uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. The Manager does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by the Manager.

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 redemption gates or 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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

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Notes to Financial Statements  (unaudited) (continued)

Concentration 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 due to the recent period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, 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.

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.

LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:

	Six Months Ended 04/30/23						Period from 05/20/22(a) to 10/31/22
Fund Name	Shares			Amounts			Shares			Amounts
U.S. Intermediate Credit Bond
Shares sold		37,710,374		$	369,556,666			271,911,778		$	2,718,174,088
Shares issued in reinvestment of distributions		3,244,594			31,653,222			2,392,662			23,304,023
Shares redeemed		(4,499,365	)		(43,696,788	)		(86,516,687	)		(869,624,994	)
		36,455,603		$	357,513,100			187,787,753		$	1,871,853,117
	Six Months Ended 04/30/23						Period from 05/20/22(a) to 10/31/22
Fund Name	Shares			Amounts			Shares			Amounts
U.S. Intermediate Government Bond
Shares sold		49,235,185		$	477,975,789			474,514,308		$	4,743,912,073
Shares issued in reinvestment of distributions		4,054,976			39,372,925			2,769,160			27,048,669
Shares redeemed		(24,816,815	)		(241,888,580	)		(113,228,043	)		(1,127,122,710	)
		28,473,346		$	275,460,134			364,055,425		$	3,643,838,032

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Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 04/30/23						Period from 05/20/22(a) to 10/31/22
Fund Name	Shares			Amounts			Shares			Amounts
U.S. Long Credit Bond
Shares sold		12,475,424		$	116,858,698			237,144,897		$	2,377,357,132
Shares issued in reinvestment of distributions		5,592,973			52,371,069			4,539,345			42,348,843
Shares redeemed		(27,239,822	)		(256,318,641	)		(16,089,374	)		(158,828,844	)
		(9,171,425	)	$	(87,088,874	)		225,594,868		$	2,260,877,131
	Six Months Ended 04/30/23						Period from 05/20/22(a) to 10/31/22
Fund Name	Shares			Amounts			Shares			Amounts
U.S. Long Government Bond
Shares sold		10,960,445		$	97,152,933			234,116,473		$	2,285,383,527
Shares issued in reinvestment of distributions		3,854,066			34,060,140			2,761,471			25,264,214
Shares redeemed		(5,830,345	)		(51,520,988	)		(9,318,825	)		(90,170,270	)
		8,984,166		$	79,692,085			227,559,119		$	2,220,477,471
	Six Months Ended 04/30/23						Period from 05/20/22(a) to 10/31/22
Fund Name	Shares			Amounts			Shares			Amounts
U.S. Securitized Bond
Shares sold		24,248,874		$	229,972,960			437,111,769		$	4,362,411,151
Shares issued in reinvestment of distributions		7,325,157			69,545,681			4,888,972			47,023,064
Shares redeemed		(12,432,176	)		(117,584,884	)		(18,056,639	)		(177,758,956	)
		19,141,855		$	181,933,757			423,944,102		$	4,231,675,259

^(a)  Commencement of operations.

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.

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Statement Regarding Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), BlackRock FundsSM (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for 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 and iShares U.S. Securitized Bond Index Fund (the “Funds”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on November 8-9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain BlackRock funds, as the program administrator for each Fund’s Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the imposition of capital controls in certain countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a fund participated in borrowings for investment purposes (such as tender option bonds or reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a fund’s liquidity bucketing. A fund’s derivative exposure was also considered in such calculation.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size utilized for liquidity classifications. Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered the terms of the credit facility committed to each Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the aggregate commitment amount is specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V, and BlackRock Floating Rate Loan ETF, a series of BlackRock ETF Trust II). The Committee also considered other types of borrowing available to the Funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Additional Information

General Information

Quarterly performance, semi-annual and annual reports, 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.

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

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.

Automatic Investment Plans

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

Systematic Withdrawal Plans

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

Retirement Plans

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

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Additional Information  (continued)

BlackRock Privacy Principles (continued)

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

Fund and Service Providers

Investment Adviser	Distributor
BlackRock Fund Advisors	BlackRock Investments, LLC
San Francisco, CA 94105	New York, NY 10001
Administrator	Independent Registered Public Accounting Firm
BlackRock Advisors, LLC	PricewaterhouseCoopers LLP
Wilmington, DE 19809	Philadelphia, PA 19103
Accounting Agent and Custodian	Legal Counsel
State Street Bank and Trust Company	Sidley Austin LLP
Boston, MA 02114	New York, NY 10019
Transfer Agent	Address of the Funds
BNY Mellon Investment Servicing (US) Inc.	100 Bellevue Parkway
Wilmington, DE 19809	Wilmington, DE 19809

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Glossary of Terms Used in this Report

Currency Abbreviation

AGM	Assured Guaranty Municipal Corp.
ARB	Airport Revenue Bonds
BAB	Build America Bond
BAM	Build America Mutual Assurance Co.
CMT	Constant Maturity Treasury
DAC	Designated Activity Company
GO	General Obligation Bonds
IO	Interest Only
LIBOR	London Interbank Offered Rate
NPFGC	National Public Finance Guarantee Corp.
RB	Revenue Bond
S&P	Standard & Poor’s
SAB	Special Assessment Bonds
SAP	Subject to Appropriations
SCA	Societe en Commandite par Actions
SOFR	Secured Overnight Financing Rate
TBA	To-Be-Announced

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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 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.

ISUSCGSB-04/23-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 Report to Stockholders filed under Item 1(a) 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 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 – 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 of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

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

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

2

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

3

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 Funds^SM

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock FundsSM

Date: June 21, 2023

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 21, 2023

By:	/s/ Trent Walker
	Trent Walker
	Chief Financial Officer (principal financial officer) of
	BlackRock FundsSM

Date: June 21, 2023