UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05742
| Name of Fund: | BlackRock FundsSM |
| iShares U.S. Intermediate Credit bond Index Fund |
| iShares U.S. Intermediate Government Bond Index Fund |
| iShares U.S. Long Credit Bond Index Fund |
| iShares U.S. Long Government Bond Index Fund |
| iShares U.S. Securitized Bond Index Fund |
| Fund Address: | 100 Bellevue Parkway, Wilmington, DE 19809 |
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock FundsSM, 50 Hudson Yards, New York, NY 10001
Registrant’s telephone number, including area code: (800) 441-7762
Date of fiscal year end: 10/31/2023
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 FundsSM
· iShares U.S. Intermediate Credit Bond Index Fund
· iShares U.S. Intermediate Government Bond Index Fund
· iShares U.S. Long Credit Bond Index Fund
· iShares U.S. Long Government Bond Index Fund
· iShares U.S. Securitized Bond Index Fund
| Not FDIC Insured • May Lose Value • No Bank Guarantee |
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 | T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
| Page | ||||
| 2 | ||||
| Semi-Annual Report: |
||||
| 4 | ||||
| 14 | ||||
| 14 | ||||
| 14 | ||||
| Financial Statements: |
||||
| 15 | ||||
| 97 | ||||
| 99 | ||||
| 101 | ||||
| 104 | ||||
| 109 | ||||
| 119 | ||||
| 120 | ||||
| 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 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 |
| 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. |
| F U N D S U M M A R Y |
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 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 |
| 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. |
| F U N D S U M M A R Y |
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 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 |
| 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. |
| F U N D S U M M A R Y |
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 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 |
| 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. |
| F U N D S U M M A R Y |
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 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 |
| 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. |
| F U N D S U M M A R Y |
13 |
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.
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 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 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., |
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., |
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., |
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, |
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, |
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%), |
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%), |
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. |
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, |
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%), |
1,409 | 1,273,294 | ||||||
| Series N, (1-day SOFR + 1.22%), |
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%), |
859 | 806,357 | ||||||
| (3-mo. CME Term SOFR + 1.45%), |
600 | 572,685 | ||||||
| (3-mo. CME Term SOFR + 1.60%), |
1,873 | 1,757,216 | ||||||
| (3-mo. CME Term SOFR + 1.65%), |
829 | 784,729 | ||||||
| (3-mo. CME Term SOFR + 1.82%), |
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%), |
1,659 | 1,561,925 | ||||||
| (3-mo. CME Term SOFR + 1.20%), |
829 | 802,089 | ||||||
| (3-mo. CME Term SOFR + 1.30%), |
2,279 | 2,189,503 | ||||||
| (3-mo. CME Term SOFR + 1.51%), |
1,023 | 973,289 | ||||||
| Series VAR, (1-day SOFR + 0.79%), |
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%), |
2,489 | 2,414,996 | ||||||
| (3-mo. LIBOR US + 1.53%), |
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%), |
$ | 989 | $ | 942,419 | ||||
| (3-mo. LIBOR US + 1.61%), |
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%), |
829 | 786,065 | ||||||
| (3-mo. CME Term SOFR + 1.11%), |
829 | 662,569 | ||||||
| (3-mo. CME Term SOFR + 1.25%), |
1,000 | 839,977 | ||||||
| (3-mo. CME Term SOFR + 1.59%), |
1,077 | 1,015,640 | ||||||
| (3-mo. CME Term SOFR + 3.79%), |
1,659 | 1,616,289 | ||||||
| Security | Par (000) |
Value | ||||||
| Financial Services (continued) | ||||||||
| JPMorgan Chase & Co. (continued) |
||||||||
| (3-mo. LIBOR US + 0.95%), |
$ | 829 | $ | 779,691 | ||||
| (3-mo. LIBOR US + 1.12%), |
919 | 879,597 | ||||||
| (3-mo. LIBOR US + 1.16%), |
829 | 773,264 | ||||||
| (3-mo. LIBOR US + 1.26%), |
973 | 937,183 | ||||||
| (3-mo. LIBOR US + 1.33%), |
1,023 | 995,839 | ||||||
| (3-mo. LIBOR US + 1.34%), |
1,659 | 1,592,440 | ||||||
| (3-mo. LIBOR US + 1.38%), |
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%), |
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, |
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, |
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, |
130 | 98,036 | ||||||
| Providence St Joseph Health Obligated Group, |
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%), |
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., |
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., |
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, |
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, |
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., |
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%), |
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, |
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, |
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 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
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% |
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, |
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, |
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 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
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 |
| |||||||
| 1.13%, 01/13/31(a) |
$ | 2,073 | $ | 1,730,026 | ||||
| Inter-American Investment Corp., |
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% |
|
223,714,805 | ||||||
|
|
|
|||||||
| Municipal Bonds |
||||||||
| California — 0.2% | ||||||||
| Bay Area Toll Authority, Refunding RB, |
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, |
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, |
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), |
$ | 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, |
288 | 280,426 | ||||||
|
|
|
|||||||
| Texas — 0.0% | ||||||||
| Texas Transportation Commission State Highway Fund, RB, Series B, |
490 | 508,862 | ||||||
|
|
|
|||||||
| Wisconsin — 0.0% | ||||||||
| State of Wisconsin, Refunding RB, Series C, |
230 | 221,152 | ||||||
|
|
|
|||||||
| Total Municipal Bonds — 0.5% |
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., |
413 | 392,240 | ||||||
|
|
|
|||||||
| 655,547 | ||||||||
|
|
|
|||||||
| Total Preferred Securities — 0.1% |
655,547 | |||||||
|
|
|
|||||||
| Total Long-Term Investments — 97.4% |
|
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% |
190,684,896 | |||||||
|
|
|
|||||||
| Total Investments — 106.0% |
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 |
|
|
Change in Unrealized Appreciation (Depreciation) |
|
|
Value at 04/30/23 |
|
|
Shares Held at |
|
Income | |
Capital Gain Distributions from Underlying Funds |
| |||||||||||
| BlackRock Cash Funds: Institutional, SL Agency |
$ | 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 |
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% |
|
3,724,612,197 | ||||||
|
|
|
|||||||
| Total Long-Term Investments — 98.8% |
|
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% |
1,425,603,993 | |||||||
|
|
|
|||||||
| Total Investments — 135.7% |
|
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. |
| S C H E D U L E O F I N V E S T M E N T S |
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 |
|
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, |
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, |
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., |
$ | 663 | $ | 525,451 | ||||
| Boston Properties LP, 2.45%, 10/01/33(a) |
829 | 596,228 | ||||||
| Corporate Office Properties LP, |
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, |
500 | 402,881 | ||||||
| Healthpeak Properties, Inc., |
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, |
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, |
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, |
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, |
$ | 2,520 | $ | 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, |
27 | 18,657 | ||||||
| Howard University, Series 22A, |
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, |
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, |
329 | 224,151 | ||||||
| Thomas Jefferson University, |
66 | 50,880 | ||||||
| Trustees of Boston College, |
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, |
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, |
215 | 189,938 | ||||||
| Yale University, Series 2020, |
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., |
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 |
||||||||
| 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, |
300 | 263,841 | ||||||
| Cleveland Electric Illuminating Co., |
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%, |
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 |
||||||||
| 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%, |
$ | 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%, |
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 |
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%, |
2,309 | 1,994,150 | ||||||
| (3-mo. CME Term SOFR + 1.43%),
4.41%, |
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., |
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, |
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, |
213 | 180,634 | ||||||
| Baylor Scott & White Holdings, Series 2021, |
2,496 | 1,737,117 | ||||||
| BHSH System Obligated Group, Series 19A, |
1,000 | 787,075 | ||||||
|
Bon Secours Mercy Health, Inc., Series
20-2, |
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, |
130 | 116,006 | ||||||
| Children’s Hospital Medical Center, |
1,000 | 932,430 | ||||||
| Children’s Hospital of Philadelphia, Series 2020, |
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, |
225 | 153,191 | ||||||
| Cottage Health Obligated Group, Series 2020, |
1,000 | 759,938 | ||||||
| Dartmouth-Hitchcock Health, Series B, |
1,164 | 950,752 | ||||||
| Dignity Health, 5.27%, 11/01/64 |
26 | 24,773 | ||||||
| Duke University Health System, Inc., |
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, |
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, |
122 | 93,041 | ||||||
| Johns Hopkins Health System Corp., 3.84%, |
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, |
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., |
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, |
66 | 47,599 | ||||||
| Piedmont Healthcare, Inc., Series 2042, |
106 | 75,369 | ||||||
| Presbyterian Healthcare Services, |
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, |
57 | 41,872 | ||||||
| RWJ Barnabas Health, Inc., 3.95%, 07/01/46 |
1,150 | 974,118 | ||||||
| Seattle Children’s Hospital, Series 2021, |
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, |
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, |
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, |
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, |
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, |
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, |
$ | 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, |
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., |
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, |
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, |
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., |
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., |
580 | 406,735 | ||||||
| Lowe’s Cos., Inc., |
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., |
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% |
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, |
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, |
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 & |
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, |
845 | 623,544 | ||||||
| Security | Par (000) |
Value | ||||||
|
California (continued) |
||||||||
| California State University, RB, Series E, |
$ | 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, |
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, |
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 |
25 | 28,900 | ||||||
|
|
|
|||||||
| District of Columbia — 0.1% | ||||||||
| District of Columbia Water & Sewer Authority, |
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, |
1,125 | 1,204,797 | ||||||
| Metropolitan Washington Airports Authority |
25 | 32,468 | ||||||
|
|
|
|||||||
|
|
1,811,160 |
| ||||||
| Florida — 0.0% | ||||||||
| County of Miami-Dade Florida Aviation |
540 | 503,542 | ||||||
| County of Miami-Dade Florida Transit |
90 | 68,062 | ||||||
|
|
|
|||||||
|
|
571,604 |
| ||||||
| Georgia — 0.1% | ||||||||
| City of Atlanta Georgia Water & Wastewater |
150 | 121,608 | ||||||
| Municipal Electric Authority of Georgia, |
||||||||
| 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, |
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 |
890 | 1,042,267 | ||||||
| Chicago Transit Authority Sales & Transfer |
||||||||
| 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, |
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 |
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, |
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 |
1,460 | 1,418,138 | ||||||
| Series A3, 5.20%, 12/01/39 |
495 | 516,754 | ||||||
| State of Louisiana Gasoline & Fuels Tax |
150 | 118,127 | ||||||
|
|
|
|||||||
|
|
2,053,019 |
| ||||||
| Massachusetts — 0.1% | ||||||||
| Commonwealth of Massachusetts, GO, |
25 | 18,107 | ||||||
| Commonwealth of Massachusetts, GO, |
820 | 894,037 | ||||||
| Commonwealth of Massachusetts, Refunding |
642 | 530,960 | ||||||
| Series D, 2.81%, 09/01/43 |
820 | 627,637 | ||||||
| Massachusetts School Building Authority, |
670 | 740,287 | ||||||
| Massachusetts School Building Authority, |
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 |
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, |
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 |
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, |
||||||||
| Series F, 5.63%, 03/15/39 |
$ | 350 | $ | 374,590 | ||||
| New York State Dormitory Authority, Refunding |
1,030 | 857,817 | ||||||
| New York State Thruway Authority, Refunding RB |
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 |
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 |
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, |
60 | 44,002 | ||||||
|
|
|
|||||||
| Ohio — 0.3% | ||||||||
| American Municipal Power, Inc., RB |
525 | 669,628 | ||||||
| Series B, 8.08%, 02/15/50 |
400 | 558,038 | ||||||
| American Municipal Power, Inc., RB, BAB, |
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, |
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, |
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, |
490 | 460,082 | ||||||
|
|
|
|||||||
| Total Municipal Bonds — 5.6% |
|
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% |
|
1,253,750 | ||||||
|
|
|
|||||||
| Total Long-Term Investments — 98.1% |
|
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% |
|
118,300,398 | ||||||
|
|
|
|||||||
| Total Investments — 103.8% |
|
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 |
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% |
|
2,071,253,350 | ||||||
|
|
|
|||||||
| Total Long-Term Investments — 97.9% |
|
2,095,195,601 | ||||||
|
|
|
|||||||
| Shares | ||||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 27.0% | ||||||||
| BlackRock Cash Funds: Institutional, SL |
578,346,098 | 578,519,602 | ||||||
|
|
|
|||||||
| Total Short-Term Securities — 27.0% |
|
578,519,602 | ||||||
|
|
|
|||||||
| Total Investments — 124.9% |
|
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 |
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% |
|
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 |
2,903 | 2,705,777 | ||||||
| JPMDB Commercial Mortgage Securities |
4,979 | 4,652,551 | ||||||
| Morgan Stanley Bank of America Merrill Lynch |
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% |
|
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, |
$ | 195 | $ | 190,210 | ||||
| Series 2016-M5, Class A2, |
5,071 | 4,818,507 | ||||||
| Series 2016-M6, Class A2, |
5,089 | 4,847,390 | ||||||
| Series 2017-M15, Class A2, |
3,081 | 2,945,042 | ||||||
| Series 2018-M12, Class A2, |
2,489 | 2,395,905 | ||||||
| Series 2018-M3, Class A2, |
7,274 | 6,814,134 | ||||||
| Series 2019-M22, Class A2, |
3,716 | 3,369,494 | ||||||
| Series 2020-M46, Class A2, |
4,549 | 3,783,430 | ||||||
| Series 2021-M17, Class A2, |
2,489 | 2,082,932 | ||||||
| Series 2022-M21, Class A2, |
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%), |
46 | 45,121 | ||||||
| (12-mo. LIBOR US + 1.54%), |
58 | 58,571 | ||||||
| (12-mo. LIBOR US + 1.70%), |
13 | 13,371 | ||||||
| (12-mo. LIBOR US + 1.75%), |
4 | 3,864 | ||||||
| (12-mo. LIBOR US + 1.83%), |
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%), |
1 | 1,003 | ||||||
| (12-mo. LIBOR US + 1.70%), |
3 | 2,728 | ||||||
| (12-mo. LIBOR US + 1.84%), |
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% |
|
4,046,688,049 | ||||||
|
|
|
|||||||
| Total Long-Term Investments — 99.6% |
|
4,215,975,217 | ||||||
|
|
|
|||||||
| Shares | ||||||||
| Short-Term Securities |
| |||||||
| Money Market Funds — 16.5% | ||||||||
| BlackRock Cash Funds: Institutional, |
699,752,220 | 699,962,146 | ||||||
|
|
|
|||||||
| Total Short-Term Securities — 16.5% |
|
699,962,146 | ||||||
|
|
|
|||||||
|
Total Investments Before TBA Sale Commitments — 116.1% |
|
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)% |
|
(29,943,054 | ) | |||||
|
|
|
|||||||
|
Total Investments, Net of TBA Sale |
|
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.
| 96 | 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 |
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.
| 98 | 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 |
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 |
iShares U.S. Long Government |
|||||||||||||
|
|
||||||||||||||||
| 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.
| 100 | 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 |
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.
| 102 | 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 |
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 |
(For a share outstanding throughout each period)
| iShares U.S. Intermediate Credit Bond Index Fund | ||||||||
| Six Months Ended (unaudited) |
Period from 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.
| 104 | 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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares U.S. Intermediate Government Bond Index Fund | ||||||||
| Six Months Ended (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.
| F I N A N C I A L H I G H L I G H T S |
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.
| 106 | 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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares U.S. Long Government Bond Index Fund | ||||||||
| Six Months Ended (unaudited) |
Period from 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.
| F I N A N C I A L H I G H L I G H T S |
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.
| 108 | 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 |
Notes to Financial Statements (unaudited)
| 1. | ORGANIZATION |
BlackRock FundsSM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”:
| Fund Name | Herein Referred To As | Diversification Classification | ||
| iShares U.S. Intermediate Credit Bond Index Fund |
U.S. Intermediate Credit Bond | Diversified | ||
| iShares U.S. Intermediate Government Bond Index Fund |
U.S. Intermediate Government Bond | Diversified | ||
| iShares U.S. Long Credit Bond Index Fund |
U.S. Long Credit Bond | Diversified | ||
| iShares U.S. Long Government Bond Index Fund |
U.S. Long Government Bond | Diversified | ||
| iShares U.S. Securitized Bond Index Fund |
U.S. Securitized Bond | Diversified |
The Funds, together with certain other registered investment companies advised by BlackRock Fund Advisors (“BFA” or the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex. Shares of each Fund may be purchased and held only by or on behalf of mutual funds advised by BFA or its affiliates.
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the “trade dates”). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
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 |
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
109 |
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
| 110 | 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 |
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 | ) | — | — | |||||||||||
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
111 |
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.
| 112 | 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 |
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 | |||
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
113 |
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
| 114 | 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 |
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 | ) | ||||||||||
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
115 |
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.
| 116 | 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 |
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 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
117 |
Notes to Financial Statements (unaudited) (continued)
| Six Months Ended 04/30/23 |
Period from 05/20/22(a) |
|||||||||||||||
| 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) |
|||||||||||||||
| 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.
| 118 | 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 |
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.
|
S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M |
119 |
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.
| 120 | 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 |
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 | |
|
A D D I T I O N A L I N F O R M A T I O N |
121 |
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 | |
| 122 | 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 |
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 FundsSM
| 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