# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001193125-26-005884
**Filing Date:** 2026-1
**Character Count:** 871307
**Document Hash:** 7d4b86210b3b3a18f9fd51669dbb9e5b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-005884.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001193125-26-005884

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**EFFECTIVENESS DATE**: 20260107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779

**ORGANIZATION NAME:**
- **EIN:** 510318674
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05742
- **FILM NUMBER:** 26514780

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMPASS CAPITAL FUNDS\
- **DATE OF NAME CHANGE:** 19961114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PNC FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NCP FUNDS
- **DATE OF NAME CHANGE:** 19890511

## Series and Classes Contracts Data

### iShares U.S. Long Credit Bond Index Fund (Series ID: S000075203)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000234047 | iShares U.S. Long Credit Bond Index Fund |  |

### iShares U.S. Intermediate Credit Bond Index Fund (Series ID: S000075204)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000234048 | iShares U.S. Intermediate Credit Bond Index Fund |  |

### iShares U.S. Long Government Bond Index Fund (Series ID: S000075205)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000234049 | iShares U.S. Long Government Bond Index Fund |  |

### iShares U.S. Intermediate Government Bond Index Fund (Series ID: S000075206)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000234050 | iShares U.S. Intermediate Government Bond Index Fund |  |

### iShares U.S. Securitized Bond Index Fund (Series ID: S000075207)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000234051 | iShares U.S. Securitized Bond Index Fund |  |

### iShares Enhanced Roll Yield Index Fund (Series ID: S000087850)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000253864 | iShares Enhanced Roll Yield Index Fund |  |

?xml version='1.0' encoding='ASCII'? BlackRock Funds

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:

811-05742

Name of Fund:

---

| |
|:---|
| BlackRock Funds<sup>SM</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Enhanced Roll Yield Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares U.S. Intermediate Credit Bond Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares U.S. Intermediate Government Bond Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares U.S. Long Credit Bond Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares U.S. Long Government Bond Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares U.S. Securitized Bond Index Fund |

---

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds<sup>SM</sup>, 50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(800) 441-7762

Date of fiscal year end:

10/31/2025

Date of reporting period:

10/31/2025

Item 1 — Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith

![TSR - BLK Retail Logo](g72101images_5389.jpg)

### iShares Enhanced Roll Yield Index Fund

### BERYX

#### Annual Shareholder Report — October 31, 2025

------

This annual shareholder report contains important information about iShares Enhanced Roll Yield Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the period ?
(based on a hypothetical $10,000 investment)

---

| |
|:---|
| **Fund name** |
| iShares Enhanced Roll Yield Index Fund $0<sup>(a)(b)</sup> 0.00%<sup>(c)(d)</sup> |

---

---

| | |
|:---|:---|
| <sup><sup>(a)</sup></sup> | The Fund commenced operations during the reporting period. Expenses for a full reporting period could be higher than the amount shown. |
| <sup><sup>(b)</sup></sup> | <sup>Rounds to less than $1.</sup> |
| <sup><sup>(c)</sup></sup> | <sup>Annualized.</sup> |
| <sup><sup>(d)</sup></sup> | <sup>Rounds to less than 0.01%.</sup> |

---

 **How did the Fund perform during the period ?**

* For the abbreviated reporting period beginning November 1, 2024 and ended October 31, 2025, the Fund returned 13.11%. 

* For the same period, S&P Total Market Index returned 20.41% and the Bloomberg Enhanced Roll Yield Total Return Index returned 13.30%. 

What contributed to performance?

The Fund held derivatives, primarily commodity futures used for benchmark replication and exposure management, driving positive contributions to performance for the period. Precious metals, particularly gold and silver, were significant contributors, with returns boosted by inflationary pressures and demand from investors focused on safety. Energy and industrial metal exposures also contributed positively, with returns supported by supply constraints and geopolitical factors. The Fund's cash position contributed to performance during the reporting period.

What detracted from performance?

Agriculture was the weakest commodity sector over the period, and the Fund's exposure there was the largest detractor from performance. Within agriculture, grains were the weakest component, partly offset by strength in some other segments such as soft commodities.

 *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.*

#### Fund performance
Cumulative performance: November 1, 2024 through October 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g72101chartimages_6435560.jpg)

See "Average annual total returns" for additional information on fund performance.

#### Average annual total returns
As of the date of this report, the Fund does not have a full fiscal year of performance information to report. The Fund commenced operations on November 1, 2024.

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$432747759 |
| Number of Portfolio Holdings | &nbsp;&nbsp;181 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$0 |
| Portfolio Turnover Rate | &nbsp;&nbsp;0% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| U.S. Treasury Obligations | 71.6% |
| Certificates of Deposit | 13.6% |
| Futures contracts, net cumulative appreciation | 5.0% |
| Money Market Funds | 4.8% |
| Commercial Paper | 4.7% |
| Other Assets Less Liabilities | 0.3 |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security* | *Percent of<br> Net Assets* |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 4.8% |
| U.S. Treasury Bills, 4.26%, 01/22/26 | 4.6% |
| U.S. Treasury Bills, 4.29%, 11/20/25 | 3.8% |
| U.S. Treasury Bills, 4.10%, 12/23/25 | 3.4% |
| U.S. Treasury Bills, 3.78%, 04/23/26 | 3.4 |
| U.S. Treasury Bills, 3.92%, 01/08/26 | 3.0 |
| U.S. Treasury Bills, 3.88%, 02/10/26 | 3.0 |
| U.S. Treasury Bills, 3.82%, 09/03/26 | 2.9 |
| U.S. Treasury Bills, 4.12%, 02/05/26 | 2.7 |
| U.S. Treasury Bills, 4.21%, 11/04/25 | 2.3 |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports 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 Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g72101images_5388.jpg)

iShares Enhanced Roll Yield Index Fund

BERYX

Annual Shareholder Report — October 31, 2025

BERYX-10/25-AR

![TSR - BLK Retail Logo](g72101images_5389.jpg)

### iShares U.S. Intermediate Credit Bond Index Fund

### BICBX

#### Annual Shareholder Report — October 31, 2025

------

This annual shareholder report contains important information about iShares U.S. Intermediate Credit Bond Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares U.S. Intermediate Credit Bond Index Fund | $0(a) | 0.00%(b) |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup> |
| <sup><sup>(b)</sup></sup> <sup>Rounds to less than 0.01%.</sup> |

---

 **How did the Fund perform last year ?**

* For the reporting period ended October 31, 2025, the Fund returned 7.11%. 

* For the same period, the Bloomberg U.S. Aggregate Bond Index returned 6.16% and the Bloomberg U.S. Intermediate Credit Index returned 7.04%. 

What contributed to performance?

Intermediate-term U.S. corporate bonds delivered positive total returns in the annual period, with price gains augmenting the contribution from income.

The broader U.S. bond market was well supported by the backdrop of falling inflation and steady economic growth, as well as the U.S. Federal Reserve's (Fed's) resumption of interest rate cuts late in the period. The Fed reduced rates by a quarter point at its meetings in both September and October, adding to the reductions it made in late 2024. The moves brought the federal funds rate to a range of 3.75%-4.00%, down from 5.25%-5.50% at the peak of the cycle. The Fed also announced the end of its quantitative tightening program (i.e., the shrinking of its balance sheet) that had been in place since mid-2022. Investors displayed confidence that the Fed was likely to continue easing policy over the course of the coming year, providing a further tailwind to the market.

Corporate bonds outperformed U.S Treasuries in the annual period. Corporate bonds' higher income played a role in the relative strength, as did a compression in yield spreads that was fueled by upbeat investor sentiment and robust corporate earnings.

What detracted from performance?

There were no material detractors from Fund performance for the reporting period.

 *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.*

#### Fund performance
Cumulative performance: May 20, 2022 through October 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g72101chartimages_6435692.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| iShares U.S. Intermediate Credit Bond Index Fund | 7.11% | 4.70% |
| Bloomberg U.S. Aggregate Bond Index | 6.16 | 2.61 |
| Bloomberg U.S. Intermediate Credit Index | 7.04 | 4.63 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3664243892 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5724 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$0 |
| Portfolio Turnover Rate | &nbsp;&nbsp;30% |

---

The Fund commenced operations on May 20, 2022.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Corporate Bonds | 88.8% |
| Foreign Agency Obligations | 10.7% |
| Municipal Bonds | 0.5% |
| Capital Trust | — %(b) |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup> |
| <sup><sup>(b)</sup></sup> <sup>Rounds to less than 0.1%.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports 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 Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g72101images_5388.jpg)

iShares U.S. Intermediate Credit Bond Index Fund

BICBX

Annual Shareholder Report — October 31, 2025

BICBX-10/25-AR

![TSR - BLK Retail Logo](g72101images_5389.jpg)

### iShares U.S. Intermediate Government Bond Index Fund

### BIGBX

#### Annual Shareholder Report — October 31, 2025

------

This annual shareholder report contains important information about iShares U.S. Intermediate Government Bond Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares U.S. Intermediate Government Bond Index Fund | $0(a) | 0.00%(b) |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup> |
| <sup><sup>(b)</sup></sup> <sup>Rounds to less than 0.01%.</sup> |

---

 **How did the Fund perform last year ?**

* For the reporting period ended October 31, 2025, the Fund returned 5.70%. 

* For the same period, the Bloomberg U.S. Aggregate Bond Index returned 6.16% and the Bloomberg U.S. Government: Intermediate Index returned 5.69%. 

What contributed to performance?

Intermediate-term U.S. government bonds delivered positive total returns in the annual period, with price gains augmenting the contribution from income.

The broader U.S. bond market was well supported by the backdrop of falling inflation and steady economic growth, as well as the U.S. Federal Reserve's (Fed's) resumption of interest rate cuts late in the period. The Fed reduced rates by a quarter point at its meetings in both September and October, adding to the reductions it made in late 2024. The moves brought the federal funds rate to a range of 3.75%-4.00%, down from 5.25%-5.50% at the peak of the cycle. The Fed also announced the end of its quantitative tightening program (i.e., the shrinking of its balance sheet) that had been in place since mid-2022. Investors displayed confidence that the Fed was likely to continue easing policy over the course of the coming year, providing a further tailwind to the market.

Together, these factors led to a decline in the yield on the five-year U.S. Treasury note from 4.15% to 3.71%, while the 10-year moved from 4.28% to 4.11%. (Falling yields reflect rising prices.)

What detracted from performance?

There were no material detractors from Fund performance for the reporting period.

 *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.*

#### Fund performance
Cumulative performance: May 20, 2022 through October 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g72101chartimages_6435626.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| iShares U.S. Intermediate Government Bond Index Fund | 5.70% | 2.80% |
| Bloomberg U.S. Aggregate Bond Index | 6.16 | 2.61 |
| Bloomberg U.S. Government: Intermediate Index | 5.69 | 2.77 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7561492627 |
| Number of Portfolio Holdings | &nbsp;&nbsp;215 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$0 |
| Portfolio Turnover Rate | &nbsp;&nbsp;34% |

---

The Fund commenced operations on May 20, 2022.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| U.S. Treasury Obligations | 98.8% |
| U.S. Government Sponsored Agency Securities | 1.1% |
| Corporate Bonds | 0.1% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports 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 Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g72101images_5388.jpg)

iShares U.S. Intermediate Government Bond Index Fund

BIGBX

Annual Shareholder Report — October 31, 2025

BIGBX-10/25-AR

![TSR - BLK Retail Logo](g72101images_5389.jpg)

### iShares U.S. Long Credit Bond Index Fund

### BLCBX

#### Annual Shareholder Report — October 31, 2025

------

This annual shareholder report contains important information about iShares U.S. Long Credit Bond Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares U.S. Long Credit Bond Index Fund | $0(a) | 0.00%(b) |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup> |
| <sup><sup>(b)</sup></sup> <sup>Rounds to less than 0.01%.</sup> |

---

 **How did the Fund perform last year ?**

* For the reporting period ended October 31, 2025, the Fund returned 5.87%. 

* For the same period, the Bloomberg U.S. Aggregate Bond Index returned 6.16% and the Bloomberg U.S. Long Credit Index returned 6.01%. 

What contributed to performance?

Long-term U.S. corporate bonds delivered positive total returns in the annual period, with price gains augmenting the contribution from income.

The broader U.S. bond market was well supported by the backdrop of falling inflation and steady economic growth, as well as the U.S. Federal Reserve's (Fed's) resumption of interest rate cuts late in the period. The Fed reduced rates by a quarter point at its meetings in both September and October, adding to the reductions it made in late 2024. The moves brought the federal funds rate to a range of 3.75%-4.00%, down from 5.25%-5.50% at the peak of the cycle. The Fed also announced the end of its quantitative tightening program (i.e., the shrinking of its balance sheet) that had been in place since mid-2022. Investors displayed confidence that the Fed was likely to continue easing policy over the course of the coming year, providing a further tailwind to the market.

Long-term corporate bonds outperformed U.S Treasuries of equivalent maturities in the annual period. Corporate bonds' higher income played a role in the relative strength, as did a compression in yield spreads that was fueled by upbeat investor sentiment and robust corporate earnings.

What detracted from performance?

There were no material detractors from Fund performance for the reporting period.

 *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.*

#### Fund performance
Cumulative performance: May 20, 2022 through October 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g72101chartimages_6435745.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| iShares U.S. Long Credit Bond Index Fund | 5.87% | 2.94% |
| Bloomberg U.S. Aggregate Bond Index | 6.16 | 2.61 |
| Bloomberg U.S. Long Credit Index | 6.01 | 2.98 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$2428398553 |
| Number of Portfolio Holdings | &nbsp;&nbsp;3271 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$0 |
| Portfolio Turnover Rate | &nbsp;&nbsp;27% |

---

The Fund commenced operations on May 20, 2022.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Corporate Bonds | 90.3% |
| Foreign Agency Obligations | 5.7% |
| Municipal Bonds | 4.0% |
| Capital Trust | — %(b) |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup> |
| <sup><sup>(b)</sup></sup> <sup>Rounds to less than 0.1%.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports 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 Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g72101images_5388.jpg)

iShares U.S. Long Credit Bond Index Fund

BLCBX

Annual Shareholder Report — October 31, 2025

BLCBX-10/25-AR

![TSR - BLK Retail Logo](g72101images_5389.jpg)

### iShares U.S. Long Government Bond Index Fund

### BLGBX

#### Annual Shareholder Report — October 31, 2025

------

This annual shareholder report contains important information about iShares U.S. Long Government Bond Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares U.S. Long Government Bond Index Fund | $0(a) | 0.00%(b) |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup> |
| <sup><sup>(b)</sup></sup> <sup>Rounds to less than 0.01%.</sup> |

---

 **How did the Fund perform last year ?**

* For the reporting period ended October 31, 2025, the Fund returned 3.26%. 

* For the same period, the Bloomberg U.S. Aggregate Bond Index returned 6.16% and the Bloomberg U.S. Government: Long Index returned 3.16%. 

What contributed to performance?

Long-term U.S. government bonds delivered positive total returns in the annual period, with income accounting for the majority of the gain.

The broader U.S. bond market was well supported by the backdrop of falling inflation and steady economic growth, as well as the U.S. Federal Reserve's (Fed's) resumption of interest rate cuts late in the period. The Fed reduced rates by a quarter point at its meetings in both September and October, adding to the reductions it made in late 2024. The moves brought the federal funds rate to a range of 3.75%-4.00%, down from 5.25%-5.50% at the peak of the cycle. The Fed also announced the end of its quantitative tightening program (i.e., the shrinking of its balance sheet) that had been in place since mid-2022. Investors displayed confidence that the Fed was likely to continue easing policy over the course of the coming year, providing a further tailwind to the market.

Together, these factors contributed to a decline in the yield on the 10-year U.S. Treasury note from 4.28% to 4.11%. (Falling yields reflect rising prices.) However, the yield on the 30-year bond—which is less sensitive to Fed policy than shorter-maturity issues—rose from 4.47% to 4.67%.

What detracted from performance?

There were no material detractors from Fund performance for the reporting period.

 *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.*

#### Fund performance
Cumulative performance: May 20, 2022 through October 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g72101chartimages_6435679.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| iShares U.S. Long Government Bond Index Fund | 3.26% | (2.87)% |
| Bloomberg U.S. Aggregate Bond Index | 6.16 | 2.61 |
| Bloomberg U.S. Government: Long Index | 3.16 | (2.97) |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$2918980883 |
| Number of Portfolio Holdings | &nbsp;&nbsp;102 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$0 |
| Portfolio Turnover Rate | &nbsp;&nbsp;33% |

---

The Fund commenced operations on May 20, 2022.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| U.S. Treasury Obligations | 99.2% |
| U.S. Government Sponsored Agency Securities | 0.8% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports 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 Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g72101images_5388.jpg)

iShares U.S. Long Government Bond Index Fund

BLGBX

Annual Shareholder Report — October 31, 2025

BLGBX-10/25-AR

![TSR - BLK Retail Logo](g72101images_5389.jpg)

### iShares U.S. Securitized Bond Index Fund

### BISBX

#### Annual Shareholder Report — October 31, 2025

------

This annual shareholder report contains important information about iShares U.S. Securitized Bond Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares U.S. Securitized Bond Index Fund | $0(a) | 0.00%(b) |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup> |
| <sup><sup>(b)</sup></sup> <sup>Rounds to less than 0.01%.</sup> |

---

 **How did the Fund perform last year ?**

* For the reporting period ended October 31, 2025, the Fund returned 7.35%. 

* For the same period, the Bloomberg U.S. Aggregate Bond Index returned 6.16% and the Bloomberg U.S. Securitized: MBS, ABS, and CMBS Index returned 7.29%. 

What contributed to performance?

Securitized assets delivered positive total returns in the annual period, with price gains augmenting the contribution from income.

The broader U.S. bond market was well supported by the backdrop of falling inflation and steady economic growth, as well as the U.S. Federal Reserve's (Fed's) resumption of interest rate cuts late in the period. The Fed reduced rates by a quarter point at its meetings in both September and October, adding to the reductions it made in late 2024. The moves brought the federal funds rate to a range of 3.75%-4.00%, down from 5.25%-5.50% at the peak of the cycle. The Fed also announced the end of its quantitative tightening program (i.e., the shrinking of its balance sheet) that had been in place since mid-2022. Investors displayed confidence that the Fed was likely to continue easing policy over the course of the coming year, providing a further tailwind to the market.

Residential mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities all produced positive returns. All three categories were well supported by the backdrop of falling rates, favorable credit conditions, and investors' appetite for yield. The Fund's cash position had no material impact on performance.

What detracted from performance?

There were no material detractors from Fund performance for the reporting period.

 *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.*

#### Fund performance
Cumulative performance: May 20, 2022 through October 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g72101chartimages_6435613.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| iShares U.S. Securitized Bond Index Fund | 7.35% | 2.70% |
| Bloomberg U.S. Aggregate Bond Index | 6.16 | 2.61 |
| Bloomberg U.S. Securitized: MBS, ABS, and CMBS Index | 7.29 | 2.67 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$5849897198 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1936 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$0 |
| Portfolio Turnover Rate | &nbsp;&nbsp;243% |

---

The Fund commenced operations on May 20, 2022.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 95.9% |
| Non-Agency Mortgage-Backed Securities | 2.7% |
| Asset-Backed Securities | 1.3% |
| Corporate Bonds | 0.1% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports 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 Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g72101images_5388.jpg)

iShares U.S. Securitized Bond Index Fund

BISBX

Annual Shareholder Report — October 31, 2025

BISBX-10/25-AR

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

---

| | |
|:---|:---|
| Item 2 – | Code of Ethics – The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.  |

---

Item 3 – Audit Committee Financial Expert – The registrant's board of directors (the "board of trustees"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Claire A. Walton

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for the services rendered to the Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | (b) Audit-Related<br> **Fees<sup>1</sup>** | (b) Audit-Related<br> **Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **P<u>revious</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;iShares Enhanced Roll Yield Index Fund | $20816 | $0 | $0 | $0 | $14175 | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Intermediate Credit Bond Index Fund | $33633 | $33600 | $0 | $0 | $14175 | $13500 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Intermediate Government Bond Index Fund | $33633 | $33600 | $0 | $0 | $14175 | $13500 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Long Credit Bond Index Fund | $33633 | $33600 | $0 | $0 | $14175 | $13500 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Long Government Bond Index Fund | $33633 | $33600 | $0 | $0 | $14175 | $13500 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Securitized Bond Index Fund | $33633 | $33600 | $0 | $0 | $14175 | $13500 | $0 | $0 |

---

------

The following table presents fees billed by PwC that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Fund Advisors (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

---

| | | |
|:---|:---|:---|
|  | **Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp; (b) Audit-Related Fees<sup>1</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (c) Tax Fees<sup>2</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (d) All Other Fees<sup>3</sup> | $0 | $0 |

---

<sup>1</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

<sup>2</sup> The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

<sup>3</sup> Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the Securities and Exchange Commission's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Entity Name** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Current Fiscal Year</u>** <br> **<u>End</u>** | **<u>Previous Fiscal</u> <br><u>Year End</u>** |
| &nbsp;&nbsp;&nbsp;iShares Enhanced Roll Yield Index Fund | $14175 | $0 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Intermediate Credit Bond Index Fund | $14175 | $13500 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Intermediate Government Bond Index Fund | $14175 | $13500 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Long Credit Bond Index Fund | $14175 | $13500 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Long Government Bond Index Fund | $14175 | $13500 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Securitized Bond Index Fund | $14175 | $13500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

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

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

------

![](g72101imgc09e242e1.jpg)

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock Funds**<sup>SM</sup> |
| • 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_96d73a19-ff28-4f5d-8c6f-3a9585bb66df_RskDeriv-Footer-FundBookName-1235_1)  | 3 |
| [Schedules of Investments](#xx_96d73a19-ff28-4f5d-8c6f-3a9585bb66df_SOI-Footer-FundBookName-1235_1)  | 4 |
| [Statements of Assets and Liabilities](#xx_96d73a19-ff28-4f5d-8c6f-3a9585bb66df_FS-Footer-FundBookName-1235_1)  | 108 |
| [Statements of Operations](#xx_96d73a19-ff28-4f5d-8c6f-3a9585bb66df_FS-Footer-FundBookName-1235_3)  | 110 |
| [Statements of Changes in Net Assets](#xx_96d73a19-ff28-4f5d-8c6f-3a9585bb66df_FS-Footer-FundBookName-1235_5)  | 112 |
| [Financial Highlights](#xx_96d73a19-ff28-4f5d-8c6f-3a9585bb66df_FIHI-Footer-FundBookName-1235_1)  | 115 |
| [Notes to Financial Statements](#xx_96d73a19-ff28-4f5d-8c6f-3a9585bb66df_NTF-Footer-FundBookName-1235_1)  | 120 |
| [Report of Independent Registered Public Accounting Firm](#xx_96d73a19-ff28-4f5d-8c6f-3a9585bb66df_AUDIT-1-Footer-FundBookName-1235_1)  | 131 |
| [Important Tax Information](#xx_96d73a19-ff28-4f5d-8c6f-3a9585bb66df_TAX-1-Footer-FundBookName-1235_1)  | 132 |
| [Additional Information](#xx_96d73a19-ff28-4f5d-8c6f-3a9585bb66df_ADDInfo-Footer-FundBookName-1235_1)  | 133 |
| [Disclosure of Investment Advisory Agreement](#xx_96d73a19-ff28-4f5d-8c6f-3a9585bb66df_IAA1-Footer-FundBookName-1237_1)  | 135 |
| [Glossary of Terms Used in these Financial Statements](#xx_96d73a19-ff28-4f5d-8c6f-3a9585bb66df_Terms-Footer-FundBookName-1235_1)  | 139 |

---

------

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds' successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds' investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

Derivative Financial Instruments

------

Schedule of Investments

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Advertising Agencies — 0.1%** | **Advertising Agencies — 0.1%** | **Advertising Agencies — 0.1%** |
| Interpublic Group of Cos., Inc. |  |  |
| 4.65%, 10/01/28<sup>(a)</sup> | $326 | $323077 |
| 4.75%, 03/30/30 | 529 | 531271 |
| 2.40%, 03/01/31 | 185 | 165248 |
| 5.38%, 06/15/33 | 138 | 140593 |
| Omnicom Group, Inc. |  |  |
| 2.45%, 04/30/30 | 455 | 419130 |
| 4.20%, 06/01/30 | 350 | 347043 |
| 2.60%, 08/01/31 | 583 | 527402 |
| 5.30%, 11/01/34<sup>(a)</sup> | 375 | 384256 |
|  |  | 2838020 |
| **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
| Boeing Co. |  |  |
| 2.70%, 02/01/27 | 550 | 539786 |
| 2.80%, 03/01/27 | 129 | 126457 |
| 5.04%, 05/01/27<sup>(a)</sup> | 1359 | 1372276 |
| 6.26%, 05/01/27 | 475 | 488066 |
| 3.25%, 02/01/28 | 632 | 618841 |
| 3.25%, 03/01/28 | 300 | 293275 |
| 3.45%, 11/01/28 | 248 | 242884 |
| 3.20%, 03/01/29 | 625 | 603442 |
| 6.30%, 05/01/29 | 890 | 944399 |
| 2.95%, 02/01/30 | 470 | 443750 |
| 5.15%, 05/01/30 | 2615 | 2687379 |
| 3.63%, 02/01/31 | 875 | 839252 |
| 6.39%, 05/01/31 | 645 | 701030 |
| 6.13%, 02/15/33<sup>(a)</sup> | 200 | 215291 |
| 3.60%, 05/01/34 | 614 | 557008 |
| 6.53%, 05/01/34 | 1540 | 1704088 |
| 3.25%, 02/01/35 | 570 | 496352 |
| Embraer Netherlands Finance BV, 5.98%, 02/11/35<sup>(a)</sup> | 450 | 481833 |
| GE Capital Funding LLC, 4.55%, 05/15/32 | 250 | 252103 |
| General Dynamics Corp. |  |  |
| 3.50%, 04/01/27 | 100 | 99566 |
| 2.63%, 11/15/27 | 350 | 341752 |
| 3.75%, 05/15/28 | 687 | 685818 |
| 3.63%, 04/01/30 | 688 | 675300 |
| 2.25%, 06/01/31 | 279 | 252608 |
| 4.95%, 08/15/35 | 500 | 510943 |
| General Electric Co. |  |  |
| 4.30%, 07/29/30 | 545 | 548794 |
| 6.75%, 03/15/32 | 717 | 814828 |
| HEICO Corp. |  |  |
| 5.25%, 08/01/28 | 276 | 284263 |
| 5.35%, 08/01/33 | 380 | 395243 |
| Hexcel Corp., 5.88%, 02/26/35 | 200 | 209165 |
| Howmet Aerospace, Inc. |  |  |
| 5.90%, 02/01/27 | 287 | 293082 |
| 6.75%, 01/15/28<sup>(a)</sup> | 251 | 265096 |
| 3.00%, 01/15/29 | 576 | 556649 |
| 4.85%, 10/15/31 | 312 | 320230 |
| Huntington Ingalls Industries, Inc. |  |  |
| 3.48%, 12/01/27 | 350 | 344440 |
| 2.04%, 08/16/28 | 329 | 309709 |
| 5.35%, 01/15/30 | 350 | 361539 |
| 4.20%, 05/01/30 | 374 | 369985 |
| 5.75%, 01/15/35 | 250 | 263650 |
| L3Harris Technologies, Inc. |  |  |
| 3.85%, 12/15/26 | 398 | 397079 |
| 5.40%, 01/15/27 | 930 | 943710 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| L3Harris Technologies, Inc. (continued) |  |  |
| 4.40%, 06/15/28 | 1163 | $1169087 |
| 5.05%, 06/01/29 | 651 | 669018 |
| 2.90%, 12/15/29 | 233 | 221242 |
| 1.80%, 01/15/31 | 542 | 477551 |
| 5.25%, 06/01/31 | 650 | 676171 |
| 5.40%, 07/31/33 | 1016 | 1059154 |
| 5.35%, 06/01/34 | 451 | 467806 |
| 4.85%, 04/27/35 | 250 | 249211 |
| Lockheed Martin Corp. |  |  |
| 5.10%, 11/15/27 | 420 | 429395 |
| 4.45%, 05/15/28<sup>(a)</sup> | 294 | 297126 |
| 4.15%, 08/15/28 | 300 | 301414 |
| 4.50%, 02/15/29 | 242 | 245618 |
| 1.85%, 06/15/30 | 316 | 285486 |
| 4.40%, 08/15/30 | 390 | 393827 |
| 4.70%, 12/15/31 | 479 | 490266 |
| 3.90%, 06/15/32 | 632 | 618166 |
| 5.25%, 01/15/33 | 800 | 840298 |
| 4.75%, 02/15/34<sup>(a)</sup> | 500 | 505619 |
| 4.80%, 08/15/34 | 300 | 304077 |
| 3.60%, 03/01/35 | 382 | 353202 |
| 5.00%, 08/15/35 | 450 | 459396 |
| Northrop Grumman Corp. |  |  |
| 3.20%, 02/01/27 | 400 | 396101 |
| 3.25%, 01/15/28 | 1255 | 1234840 |
| 4.60%, 02/01/29 | 325 | 330102 |
| 4.40%, 05/01/30 | 573 | 577920 |
| 4.65%, 07/15/30 | 450 | 458151 |
| 4.70%, 03/15/33 | 778 | 784371 |
| 4.90%, 06/01/34 | 532 | 539582 |
| 5.25%, 07/15/35 | 340 | 353370 |
| RTX Corp. |  |  |
| 2.65%, 11/01/26 | 500 | 493645 |
| 5.75%, 11/08/26 | 1022 | 1038561 |
| 3.50%, 03/15/27 | 829 | 823069 |
| 3.13%, 05/04/27 | 899 | 886487 |
| 4.13%, 11/16/28 | 1821 | 1822669 |
| 5.75%, 01/15/29 | 410 | 430296 |
| 2.25%, 07/01/30 | 873 | 801509 |
| 6.00%, 03/15/31 | 830 | 895457 |
| 1.90%, 09/01/31 | 829 | 724196 |
| 2.38%, 03/15/32 | 873 | 773792 |
| 5.15%, 02/27/33 | 420 | 435433 |
| 6.10%, 03/15/34 | 1227 | 1347867 |
| 5.40%, 05/01/35 | 200 | 210725 |
|  |  | 48722234 |
| **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |
| JB Hunt Transport Services, Inc., 4.90%, 03/15/30 | 416 | 425501 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 4.35%, 03/15/29<sup>(a)</sup> | 100 | 100443 |
| 4.65%, 09/13/29 | 400 | 406261 |
| 3.25%, 03/01/32<sup>(a)</sup> | 488 | 451292 |
| 5.15%, 09/13/34 | 400 | 402453 |
| BorgWarner, Inc. |  |  |
| 2.65%, 07/01/27 | 749 | 731643 |
| 4.95%, 08/15/29 | 345 | 352902 |
| 5.40%, 08/15/34<sup>(a)</sup> | 265 | 272779 |
| Lear Corp. |  |  |
| 3.80%, 09/15/27 | 350 | 347441 |
| 4.25%, 05/15/29 | 129 | 128304 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** |
| Lear Corp. (continued) |  |  |
| 3.50%, 05/30/30 | 254 | $243762 |
| 2.60%, 01/15/32 | 209 | 185464 |
| Magna International, Inc. |  |  |
| 5.05%, 03/14/29<sup>(a)</sup> | 180 | 184535 |
| 2.45%, 06/15/30<sup>(a)</sup> | 505 | 465024 |
| 5.50%, 03/21/33<sup>(a)</sup> | 280 | 291226 |
| 5.88%, 06/01/35 | 225 | 237317 |
|  |  | 4800846 |
| **Automobiles — 2.7%** | **Automobiles — 2.7%** | **Automobiles — 2.7%** |
| American Honda Finance Corp. |  |  |
| 2.35%, 01/08/27 | 413 | 404692 |
| 4.90%, 03/12/27 | 275 | 278024 |
| 4.55%, 07/09/27 | 675 | 680544 |
| 4.90%, 07/09/27 | 300 | 303823 |
| 4.45%, 10/22/27 | 425 | 427983 |
| 4.70%, 01/12/28 | 400 | 404894 |
| 3.50%, 02/15/28 | 252 | 248843 |
| 4.55%, 03/03/28<sup>(a)</sup> | 300 | 302762 |
| 2.00%, 03/24/28 | 447 | 425933 |
| 5.13%, 07/07/28 | 400 | 409897 |
| 4.25%, 09/01/28<sup>(a)</sup> | 375 | 376151 |
| 5.65%, 11/15/28 | 750 | 781810 |
| 2.25%, 01/12/29 | 413 | 389441 |
| 4.90%, 03/13/29 | 537 | 548598 |
| 4.40%, 09/05/29 | 525 | 528705 |
| 4.80%, 03/05/30<sup>(a)</sup> | 300 | 305815 |
| 4.60%, 04/17/30 | 520 | 525315 |
| 4.50%, 09/04/30 | 375 | 375480 |
| 5.85%, 10/04/30 | 250 | 265851 |
| 1.80%, 01/13/31 | 300 | 263572 |
| 5.05%, 07/10/31 | 650 | 668297 |
| 4.85%, 10/23/31 | 425 | 432558 |
| 5.15%, 07/09/32 | 475 | 487879 |
| 4.90%, 01/10/34<sup>(a)</sup> | 511 | 516371 |
| 5.20%, 03/05/35<sup>(a)</sup> | 250 | 254931 |
| AutoNation, Inc. |  |  |
| 3.80%, 11/15/27 | 200 | 198117 |
| 1.95%, 08/01/28 | 136 | 127472 |
| 4.75%, 06/01/30<sup>(a)</sup> | 529 | 530386 |
| 2.40%, 08/01/31 | 362 | 316716 |
| 3.85%, 03/01/32 | 400 | 373331 |
| 5.89%, 03/15/35 | 325 | 335536 |
| Cummins, Inc. |  |  |
| 4.25%, 05/09/28 | 125 | 125895 |
| 4.90%, 02/20/29 | 262 | 269299 |
| 1.50%, 09/01/30 | 544 | 483202 |
| 4.70%, 02/15/31 | 475 | 484060 |
| 5.15%, 02/20/34 | 443 | 458531 |
| 5.30%, 05/09/35 | 625 | 646917 |
| Ford Motor Co. |  |  |
| 4.35%, 12/08/26 | 794 | 791106 |
| 6.63%, 10/01/28 | 283 | 299887 |
| 7.45%, 07/16/31<sup>(a)</sup> | 600 | 662483 |
| 3.25%, 02/12/32 | 1600 | 1394300 |
| 6.10%, 08/19/32<sup>(a)</sup> | 1100 | 1129853 |
| Ford Motor Credit Co. LLC |  |  |
| 5.13%, 11/05/26 | 600 | 602120 |
| 4.27%, 01/09/27 | 600 | 596357 |
| 5.80%, 03/05/27 | 985 | 996012 |
| 5.85%, 05/17/27 | 800 | 811278 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** |
| Ford Motor Credit Co. LLC (continued) |  |  |
| 4.95%, 05/28/27 | $1000 | $1000901 |
| 4.13%, 08/17/27 | 950 | 938209 |
| 3.82%, 11/02/27 | 400 | 392162 |
| 7.35%, 11/04/27 | 900 | 939884 |
| 2.90%, 02/16/28 | 400 | 382402 |
| 5.92%, 03/20/28<sup>(a)</sup> | 400 | 408607 |
| 6.80%, 05/12/28 | 1000 | 1039380 |
| 6.80%, 11/07/28 | 860 | 898689 |
| 2.90%, 02/10/29 | 400 | 372759 |
| 5.80%, 03/08/29 | 1000 | 1016972 |
| 5.11%, 05/03/29 | 900 | 896346 |
| 5.30%, 09/06/29 | 600 | 601038 |
| 5.88%, 11/07/29 | 600 | 611885 |
| 7.35%, 03/06/30 | 600 | 642548 |
| 7.20%, 06/10/30 | 500 | 535244 |
| 5.73%, 09/05/30 | 1000 | 1013765 |
| 4.00%, 11/13/30 | 1100 | 1032411 |
| 6.05%, 03/05/31 | 700 | 716304 |
| 3.63%, 06/17/31 | 800 | 727156 |
| 6.05%, 11/05/31 | 800 | 818359 |
| 6.53%, 03/19/32<sup>(a)</sup> | 500 | 521984 |
| 7.12%, 11/07/33 | 945 | 1016288 |
| 6.13%, 03/08/34<sup>(a)</sup> | 1050 | 1061118 |
| 6.50%, 02/07/35<sup>(a)</sup> | 800 | 827793 |
| General Motors Co. |  |  |
| 4.20%, 10/01/27<sup>(a)</sup> | 487 | 486828 |
| 6.80%, 10/01/27 | 696 | 725531 |
| 5.35%, 04/15/28 | 441 | 451462 |
| 5.00%, 10/01/28 | 440 | 447593 |
| 5.40%, 10/15/29 | 665 | 687841 |
| 5.63%, 04/15/30 | 275 | 286251 |
| 5.60%, 10/15/32 | 850 | 886149 |
| 5.00%, 04/01/35 | 500 | 490763 |
| 6.25%, 04/15/35 | 500 | 531348 |
| General Motors Financial Co., Inc. |  |  |
| 4.35%, 01/17/27 | 735 | 735669 |
| 2.35%, 02/26/27 | 629 | 613790 |
| 5.00%, 04/09/27 | 800 | 807670 |
| 5.40%, 05/08/27 | 764 | 776337 |
| 5.00%, 07/15/27 | 275 | 278229 |
| 5.35%, 07/15/27 | 735 | 747687 |
| 2.70%, 08/20/27 | 585 | 569315 |
| 3.85%, 01/05/28 | 284 | 281400 |
| 6.00%, 01/09/28<sup>(a)</sup> | 588 | 608390 |
| 5.05%, 04/04/28 | 800 | 813542 |
| 2.40%, 04/10/28 | 630 | 602356 |
| 5.80%, 06/23/28 | 765 | 792437 |
| 2.40%, 10/15/28 | 802 | 761477 |
| 4.20%, 10/27/28<sup>(a)</sup> | 625 | 623896 |
| 5.80%, 01/07/29 | 1032 | 1074729 |
| 5.65%, 01/17/29 | 463 | 479391 |
| 4.30%, 04/06/29 | 750 | 746999 |
| 5.55%, 07/15/29 | 913 | 945802 |
| 4.90%, 10/06/29 | 1125 | 1141448 |
| 5.35%, 01/07/30 | 695 | 714985 |
| 5.85%, 04/06/30<sup>(a)</sup> | 765 | 802494 |
| 3.60%, 06/21/30 | 735 | 704945 |
| 5.45%, 07/15/30<sup>(a)</sup> | 275 | 284895 |
| 2.35%, 01/08/31 | 750 | 669794 |
| 5.75%, 02/08/31 | 636 | 665941 |
| 2.70%, 06/10/31 | 638 | 574458 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** |
| General Motors Financial Co., Inc. (continued) |  |  |
| 5.60%, 06/18/31 | $668 | $695075 |
| 3.10%, 01/12/32 | 934 | 846247 |
| 5.63%, 04/04/32<sup>(a)</sup> | 250 | 259471 |
| 6.40%, 01/09/33 | 550 | 592265 |
| 6.10%, 01/07/34 | 768 | 811441 |
| 5.95%, 04/04/34 | 620 | 648997 |
| 5.45%, 09/06/34 | 425 | 429963 |
| 5.90%, 01/07/35 | 775 | 807649 |
| 6.15%, 07/15/35 | 275 | 289999 |
| Honda Motor Co. Ltd. |  |  |
| 2.53%, 03/10/27 | 516 | 505375 |
| 4.44%, 07/08/28 | 575 | 578752 |
| 4.69%, 07/08/30 | 575 | 580530 |
| 2.97%, 03/10/32 | 537 | 490658 |
| 5.34%, 07/08/35 | 675 | 692845 |
| Mercedes-Benz Finance North America LLC, 8.50%, <br> 01/18/31<br>| 942 | 1120493 |
| PACCAR Financial Corp. |  |  |
| 5.20%, 11/09/26 | 375 | 380087 |
| 2.00%, 02/04/27<sup>(a)</sup> | 225 | 219828 |
| 5.00%, 05/13/27 | 250 | 254238 |
| 4.25%, 06/23/27 | 225 | 226537 |
| 4.45%, 08/06/27 | 325 | 328606 |
| 4.60%, 01/10/28 | 200 | 203024 |
| 4.55%, 03/03/28 | 325 | 330077 |
| 4.00%, 08/08/28 | 125 | 125436 |
| 4.60%, 01/31/29 | 525 | 535585 |
| 4.00%, 09/26/29 | 200 | 200076 |
| 4.55%, 05/08/30 | 200 | 203563 |
| 5.00%, 03/22/34 | 375 | 388018 |
| Series R, 4.50%, 11/25/26 | 215 | 216437 |
| Toyota Motor Corp. |  |  |
| 4.19%, 06/30/27 | 300 | 301462 |
| 5.12%, 07/13/28 | 700 | 720431 |
| 3.67%, 07/20/28 | 278 | 276980 |
| 2.76%, 07/02/29 | 120 | 114714 |
| 4.45%, 06/30/30<sup>(a)</sup> | 650 | 657486 |
| 2.36%, 03/25/31<sup>(a)</sup> | 413 | 376909 |
| 5.12%, 07/13/33<sup>(a)</sup> | 175 | 182931 |
| 5.05%, 06/30/35 | 350 | 360112 |
| Toyota Motor Credit Corp. |  |  |
| 5.40%, 11/20/26 | 440 | 446507 |
| 4.60%, 01/08/27<sup>(a)</sup> | 275 | 277274 |
| 3.20%, 01/11/27 | 500 | 495647 |
| 1.90%, 01/13/27 | 515 | 502963 |
| 3.05%, 03/22/27 | 829 | 819701 |
| 4.50%, 05/14/27 | 500 | 504691 |
| 1.15%, 08/13/27 | 150 | 143043 |
| 4.55%, 09/20/27 | 500 | 506115 |
| 4.35%, 10/08/27<sup>(a)</sup> | 892 | 899518 |
| 5.45%, 11/10/27 | 450 | 463195 |
| 3.05%, 01/11/28 | 278 | 272838 |
| 4.63%, 01/12/28 | 652 | 661252 |
| 1.90%, 04/06/28 | 411 | 392409 |
| 4.05%, 09/05/28 | 400 | 401126 |
| 5.25%, 09/11/28 | 416 | 430381 |
| 4.65%, 01/05/29 | 607 | 618323 |
| 3.65%, 01/08/29 | 179 | 177110 |
| 5.05%, 05/16/29 | 712 | 734264 |
| 4.45%, 06/29/29 | 806 | 815339 |
| 4.55%, 08/09/29 | 675 | 685765 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** |
| Toyota Motor Credit Corp. (continued) |  |  |
| 4.95%, 01/09/30 | 275 | $283492 |
| 2.15%, 02/13/30<sup>(a)</sup> | 413 | 381714 |
| 3.38%, 04/01/30 | 529 | 513123 |
| 4.80%, 05/15/30 | 470 | 481815 |
| 4.55%, 05/17/30 | 380 | 386115 |
| 5.55%, 11/20/30 | 614 | 651492 |
| 1.65%, 01/10/31 | 706 | 620897 |
| 5.10%, 03/21/31 | 575 | 597100 |
| 1.90%, 09/12/31<sup>(a)</sup> | 379 | 331801 |
| 4.60%, 10/10/31 | 400 | 405611 |
| 2.40%, 01/13/32 | 350 | 313382 |
| 4.65%, 09/03/32 | 400 | 403792 |
| 4.70%, 01/12/33 | 478 | 485247 |
| 4.80%, 01/05/34 | 479 | 488140 |
| 5.35%, 01/09/35 | 535 | 561871 |
| Series B, 5.00%, 03/19/27 | 623 | 632205 |
|  |  | 97202628 |
| **Banks — 26.0%** | **Banks — 26.0%** | **Banks — 26.0%** |
| African Development Bank |  |  |
| 4.63%, 01/04/27 | 2100 | 2120127 |
| 4.38%, 03/14/28 | 1200 | 1219318 |
| Asian Development Bank |  |  |
| 3.75%, 04/25/28 | 1500 | 1503688 |
| 4.50%, 08/25/28<sup>(a)</sup> | 1900 | 1943551 |
| 4.00%, 01/12/33 | 1300 | 1301600 |
| 3.88%, 06/14/33 | 1000 | 991582 |
| 4.13%, 01/12/34 | 1300 | 1307472 |
| Asian Infrastructure Investment Bank, 4.13%, <br> 01/18/29<br>| 2000 | 2027076 |
| Associated Banc-Corp., (1-day SOFR + 3.03%), <br> 6.46%, 08/29/30<sup>(b)</sup><br>| 100 | 103755 |
| Australia & New Zealand Banking Group Ltd. |  |  |
| 4.42%, 12/16/26 | 500 | 502577 |
| 4.75%, 01/18/27 | 750 | 757505 |
| 4.90%, 07/16/27 | 380 | 386311 |
| 3.92%, 09/30/27 | 500 | 500300 |
| 4.36%, 06/18/28 | 250 | 252784 |
| 4.62%, 12/16/29 | 500 | 510858 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 5.38%, 03/13/29<sup>(a)</sup> | 600 | 620533 |
| (1-year CMT + 1.95%), 6.03%, 03/13/35<sup>(b)</sup> | 600 | 638555 |
| (1-year CMT + 2.70%), 6.14%, 09/14/28<sup>(a)(b)</sup> | 400 | 413406 |
| (1-year CMT + 3.30%), 7.88%, 11/15/34<sup>(b)</sup> | 400 | 466118 |
| Banco Santander SA |  |  |
| 4.25%, 04/11/27 | 400 | 400257 |
| 5.29%, 08/18/27 | 1000 | 1017987 |
| 3.80%, 02/23/28 | 1000 | 990198 |
| 4.38%, 04/12/28 | 800 | 802134 |
| 5.59%, 08/08/28 | 800 | 829246 |
| 6.61%, 11/07/28 | 1000 | 1067367 |
| 3.31%, 06/27/29 | 600 | 580824 |
| 5.57%, 01/17/30 | 600 | 625469 |
| 3.49%, 05/28/30 | 800 | 768659 |
| 11/06/30<sup>(c)</sup> | 400 | 400217 |
| 2.75%, 12/03/30 | 800 | 725885 |
| 2.96%, 03/25/31 | 600 | 555742 |
| 5.44%, 07/15/31 | 1150 | 1205917 |
| 6.92%, 08/08/33 | 1200 | 1331759 |
| 6.94%, 11/07/33 | 800 | 917444 |
| 6.35%, 03/14/34 | 600 | 645346 |
| 6.03%, 01/17/35 | 800 | 858278 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Banco Santander SA (continued) |  |  |
| 11/06/35<sup>(c)</sup> | $400 | $400541 |
| (1-year CMT + 0.95%), 5.37%, 07/15/28<sup>(b)</sup> | 800 | 815134 |
| (1-year CMT + 1.25%), 5.55%, 03/14/28<sup>(b)</sup> | 800 | 812901 |
| (1-year CMT + 1.45%), 5.54%, 03/14/30<sup>(b)</sup> | 800 | 827435 |
| (1-year CMT + 1.60%), 3.23%, 11/22/32<sup>(b)</sup> | 800 | 728989 |
| (1-year CMT + 1.65%), 6.53%, 11/07/27<sup>(b)</sup> | 600 | 613698 |
| (1-year CMT + 2.00%), 4.18%, 03/24/28<sup>(b)</sup> | 800 | 798691 |
| Bank of America Corp. |  |  |
| 3.25%, 10/21/27 | 1961 | 1935312 |
| (1-day SOFR + 0.83%), 4.98%, 01/24/29<sup>(b)</sup> | 1500 | 1525954 |
| (1-day SOFR + 1.00%), 5.16%, 01/24/31<sup>(b)</sup> | 1705 | 1760199 |
| (1-day SOFR + 1.05%), 2.55%, 02/04/28<sup>(b)</sup> | 766 | 751075 |
| (1-day SOFR + 1.06%), 2.09%, 06/14/29<sup>(b)</sup> | 1859 | 1765206 |
| (1-day SOFR + 1.11%), 4.62%, 05/09/29<sup>(b)</sup> | 1740 | 1759721 |
| (1-day SOFR + 1.21%), 2.57%, 10/20/32<sup>(b)</sup> | 2228 | 2003868 |
| (1-day SOFR + 1.22%), 2.30%, 07/21/32<sup>(b)</sup> | 2350 | 2090701 |
| (1-day SOFR + 1.31%), 5.51%, 01/24/36<sup>(b)</sup> | 2220 | 2323170 |
| (1-day SOFR + 1.32%), 2.69%, 04/22/32<sup>(b)</sup> | 3267 | 2985839 |
| (1-day SOFR + 1.33%), 2.97%, 02/04/33<sup>(b)</sup> | 2518 | 2295877 |
| (1-day SOFR + 1.37%), 1.92%, 10/24/31<sup>(b)</sup> | 1609 | 1435051 |
| (1-day SOFR + 1.53%), 1.90%, 07/23/31<sup>(b)</sup> | 1759 | 1576359 |
| (1-day SOFR + 1.57%), 5.82%, 09/15/29<sup>(b)</sup> | 1532 | 1599588 |
| (1-day SOFR + 1.58%), 4.38%, 04/27/28<sup>(b)</sup> | 1618 | 1622800 |
| (1-day SOFR + 1.63%), 5.20%, 04/25/29<sup>(b)</sup> | 2040 | 2089081 |
| (1-day SOFR + 1.64%), 5.46%, 05/09/36<sup>(b)</sup> | 1190 | 1244408 |
| (1-day SOFR + 1.65%), 5.47%, 01/23/35<sup>(b)</sup> | 2979 | 3112686 |
| (1-day SOFR + 1.70%), 5.74%, 02/12/36<sup>(b)</sup> | 1445 | 1503792 |
| (1-day SOFR + 1.74%), 5.52%, 10/25/35<sup>(b)</sup> | 2200 | 2257270 |
| (1-day SOFR + 1.83%), 4.57%, 04/27/33<sup>(b)</sup> | 2507 | 2503300 |
| (1-day SOFR + 1.84%), 5.87%, 09/15/34<sup>(b)</sup> | 2500 | 2679443 |
| (1-day SOFR + 1.91%), 5.29%, 04/25/34<sup>(b)</sup> | 3080 | 3185677 |
| (1-day SOFR + 1.91%), 5.43%, 08/15/35<sup>(b)</sup> | 1600 | 1633693 |
| (1-day SOFR + 1.99%), 6.20%, 11/10/28<sup>(b)</sup> | 1275 | 1326193 |
| (1-day SOFR + 2.04%), 4.95%, 07/22/28<sup>(b)</sup> | 2055 | 2082554 |
| (1-day SOFR + 2.15%), 2.59%, 04/29/31<sup>(b)</sup> | 1900 | 1766573 |
| (1-day SOFR + 2.16%), 5.02%, 07/22/33<sup>(b)</sup> | 3176 | 3251636 |
| (3-mo. CME Term SOFR + 1.25%), 2.50%, <br> 02/13/31<sup>(b)</sup><br>| 2203 | 2044483 |
| (3-mo. CME Term SOFR + 1.30%), 3.42%, <br> 12/20/28<sup>(b)</sup><br>| 3651 | 3595995 |
| (3-mo. CME Term SOFR + 1.33%), 3.97%, <br> 03/05/29<sup>(b)</sup><br>| 1513 | 1505818 |
| (3-mo. CME Term SOFR + 1.44%), 3.19%, <br> 07/23/30<sup>(b)</sup><br>| 1614 | 1556470 |
| (3-mo. CME Term SOFR + 1.45%), 2.88%, <br> 10/22/30<sup>(b)</sup><br>| 1327 | 1260338 |
| (3-mo. CME Term SOFR + 1.47%), 3.97%, <br> 02/07/30<sup>(b)</sup><br>| 1859 | 1846213 |
| (3-mo. CME Term SOFR + 1.57%), 4.27%, <br> 07/23/29<sup>(b)</sup><br>| 1817 | 1823882 |
| (3-mo. CME Term SOFR + 1.63%), 3.59%, <br> 07/21/28<sup>(b)</sup><br>| 1613 | 1598739 |
| (3-mo. CME Term SOFR + 1.77%), 3.71%, <br> 04/24/28<sup>(b)</sup><br>| 1429 | 1419647 |
| (3-mo. CME Term SOFR + 1.84%), 3.82%, <br> 01/20/28<sup>(b)</sup><br>| 1659 | 1652555 |
| (5-year CMT + 1.20%), 2.48%, 09/21/36<sup>(b)</sup> | 1229 | 1070673 |
| (5-year CMT + 2.00%), 3.85%, 03/08/37<sup>(b)</sup> | 1600 | 1501007 |
| Series L, 4.18%, 11/25/27 | 829 | 829214 |
| Series N, (1-day SOFR + 1.22%), 2.65%, <br> 03/11/32<sup>(b)</sup><br>| 1409 | 1288179 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of Montreal |  |  |
| 5.27%, 12/11/26 | $674 | $682701 |
| 2.65%, 03/08/27 | 787 | 773253 |
| 5.37%, 06/04/27<sup>(a)</sup> | 400 | 408708 |
| 5.20%, 02/01/28 | 740 | 757837 |
| 5.72%, 09/25/28 | 700 | 730622 |
| 5.51%, 06/04/31 | 528 | 555764 |
| (1-day SOFR + 1.25%), 4.64%, 09/10/30<sup>(b)</sup> | 545 | 551251 |
| (1-day SOFR Index + 0.67%), 5.00%, <br> 01/27/29<sup>(a)(b)</sup><br>| 410 | 417631 |
| (1-day SOFR Index + 0.75%), 4.06%, 09/22/28<sup>(b)</sup> | 500 | 499242 |
| (1-day SOFR Index + 1.08%), 4.35%, <br> 09/22/31<sup>(a)(b)</sup><br>| 650 | 647732 |
| (5-year CMT + 1.40%), 3.09%, 01/10/37<sup>(a)(b)</sup> | 734 | 655706 |
| (5-year USD Swap + 1.43%), 3.80%, 12/15/32<sup>(b)</sup> | 733 | 720294 |
| Series H, 4.70%, 09/14/27<sup>(a)</sup> | 700 | 708375 |
| Bank of New York Mellon, (1-day SOFR + 1.14%), <br> 4.73%, 04/20/29<sup>(b)</sup><br>| 760 | 772457 |
| Bank of New York Mellon Corp. |  |  |
| 2.05%, 01/26/27<sup>(a)</sup> | 329 | 321764 |
| 3.25%, 05/16/27 | 620 | 613747 |
| 3.40%, 01/29/28 | 563 | 557159 |
| 3.85%, 04/28/28 | 343 | 343359 |
| 1.65%, 07/14/28 | 225 | 212459 |
| 3.00%, 10/30/28 | 375 | 363905 |
| 3.85%, 04/26/29<sup>(a)</sup> | 472 | 470982 |
| 3.30%, 08/23/29 | 529 | 512421 |
| 1.65%, 01/28/31 | 575 | 506157 |
| 1.80%, 07/28/31 | 229 | 201443 |
| 2.50%, 01/26/32<sup>(a)</sup> | 413 | 373633 |
| (1-day SOFR + 0.68%), 4.44%, 06/09/28<sup>(b)</sup> | 494 | 497083 |
| (1-day SOFR + 0.84%), 4.89%, 07/21/28<sup>(b)</sup> | 525 | 532538 |
| (1-day SOFR + 0.89%), 4.94%, 02/11/31<sup>(b)</sup> | 751 | 771490 |
| (1-day SOFR + 1.09%), 4.98%, 03/14/30<sup>(a)(b)</sup> | 800 | 821138 |
| (1-day SOFR + 1.15%), 3.99%, 06/13/28<sup>(b)</sup> | 100 | 99938 |
| (1-day SOFR + 1.17%), 4.54%, 02/01/29<sup>(b)</sup> | 700 | 707531 |
| (1-day SOFR + 1.23%), 5.06%, 07/22/32<sup>(b)</sup> | 525 | 542492 |
| (1-day SOFR + 1.25%), 5.23%, 11/20/35<sup>(b)</sup> | 475 | 491687 |
| (1-day SOFR + 1.35%), 5.32%, 06/06/36<sup>(a)(b)</sup> | 500 | 517675 |
| (1-day SOFR + 1.42%), 4.29%, 06/13/33<sup>(b)</sup> | 500 | 493001 |
| (1-day SOFR + 1.42%), 5.19%, 03/14/35<sup>(b)</sup> | 600 | 617823 |
| (1-day SOFR + 1.51%), 4.71%, 02/01/34<sup>(b)</sup> | 300 | 301263 |
| (1-day SOFR + 1.60%), 6.32%, 10/25/29<sup>(b)</sup> | 575 | 611272 |
| (1-day SOFR + 1.76%), 4.60%, 07/26/30<sup>(b)</sup> | 300 | 304750 |
| (1-day SOFR + 1.77%), 5.61%, 07/21/39<sup>(b)</sup> | 300 | 313811 |
| (1-day SOFR + 1.85%), 6.47%, 10/25/34<sup>(b)</sup> | 825 | 920233 |
| (1-day SOFR Index + 1.80%), 5.80%, 10/25/28<sup>(b)</sup> | 490 | 506450 |
| (1-day SOFR Index + 2.07%), 5.83%, 10/25/33<sup>(b)</sup> | 712 | 766136 |
| (3-mo. CME Term SOFR + 1.33%), 3.44%, <br> 02/07/28<sup>(b)</sup><br>| 575 | 570998 |
| Series J, 1.90%, 01/25/29 | 250 | 234301 |
| Series J, (1-day SOFR + 1.61%), 4.97%, <br> 04/26/34<sup>(b)</sup><br>| 740 | 754043 |
| Bank of Nova Scotia |  |  |
| 5.35%, 12/07/26 | 732 | 741975 |
| 1.95%, 02/02/27 | 429 | 418502 |
| 2.95%, 03/11/27 | 372 | 366834 |
| 5.40%, 06/04/27 | 549 | 560914 |
| 5.25%, 06/12/28 | 360 | 370788 |
| 5.45%, 08/01/29 | 475 | 494641 |
| 4.85%, 02/01/30 | 900 | 919894 |
| 2.15%, 08/01/31 | 329 | 291684 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of Nova Scotia (continued) |  |  |
| 2.45%, 02/02/32 | $553 | $492087 |
| 5.65%, 02/01/34 | 550 | 584959 |
| (1-day SOFR + 0.76%), 4.04%, 09/15/28<sup>(b)</sup> | 300 | 299386 |
| (1-day SOFR + 0.89%), 4.93%, 02/14/29<sup>(b)</sup> | 864 | 878249 |
| (1-day SOFR + 1.00%), 4.40%, 09/08/28<sup>(b)</sup> | 683 | 686637 |
| (1-day SOFR + 1.07%), 5.13%, 02/14/31<sup>(b)</sup> | 750 | 770406 |
| (1-day SOFR + 1.09%), 4.34%, 09/15/31<sup>(b)</sup> | 600 | 596490 |
| (1-day SOFR + 1.44%), 4.74%, 11/10/32<sup>(b)</sup> | 475 | 480218 |
| (5-year CMT + 2.05%), 4.59%, 05/04/37<sup>(b)</sup> | 664 | 645468 |
| BankUnited, Inc., 5.13%, 06/11/30 | 150 | 149518 |
| Barclays PLC |  |  |
| 4.34%, 01/10/28 | 700 | 700241 |
| 4.84%, 05/09/28 | 1178 | 1183653 |
| (1-day SOFR + 0.96%), 5.09%, 02/25/29<sup>(b)</sup> | 800 | 813495 |
| (1-day SOFR + 1.08%), 4.48%, 11/11/29<sup>(b)</sup> | 950 | 951645 |
| (1-day SOFR + 1.23%), 5.37%, 02/25/31<sup>(b)</sup> | 1100 | 1133742 |
| (1-day SOFR + 1.34%), 4.84%, 09/10/28<sup>(b)</sup> | 600 | 606065 |
| (1-day SOFR + 1.49%), 5.67%, 03/12/28<sup>(b)</sup> | 800 | 814569 |
| (1-day SOFR + 1.56%), 4.94%, 09/10/30<sup>(b)</sup> | 1000 | 1015895 |
| (1-day SOFR + 1.59%), 5.79%, 02/25/36<sup>(a)(b)</sup> | 1200 | 1254690 |
| (1-day SOFR + 1.74%), 5.69%, 03/12/30<sup>(b)</sup> | 1200 | 1246012 |
| (1-day SOFR + 1.91%), 5.34%, 09/10/35<sup>(a)(b)</sup> | 1200 | 1215536 |
| (1-day SOFR + 2.22%), 6.49%, 09/13/29<sup>(b)</sup> | 650 | 686524 |
| (1-day SOFR + 2.62%), 6.69%, 09/13/34<sup>(b)</sup> | 1000 | 1105370 |
| (1-day SOFR + 2.98%), 6.22%, 05/09/34<sup>(b)</sup> | 1300 | 1399198 |
| (1-day SOFR + 3.57%), 7.12%, 06/27/34<sup>(b)</sup> | 900 | 1006632 |
| (1-year CMT + 1.05%), 2.28%, 11/24/27<sup>(b)</sup> | 878 | 860118 |
| (1-year CMT + 1.20%), 2.67%, 03/10/32<sup>(b)</sup> | 810 | 734181 |
| (1-year CMT + 1.30%), 2.89%, 11/24/32<sup>(b)</sup> | 600 | 542430 |
| (1-year CMT + 1.90%), 2.65%, 06/24/31<sup>(b)</sup> | 1000 | 921178 |
| (1-year CMT + 2.65%), 5.50%, 08/09/28<sup>(b)</sup> | 1100 | 1122242 |
| (1-year CMT + 3.00%), 5.75%, 08/09/33<sup>(b)</sup> | 600 | 630879 |
| (1-year CMT + 3.30%), 7.39%, 11/02/28<sup>(a)(b)</sup> | 900 | 952774 |
| (1-year CMT + 3.50%), 7.44%, 11/02/33<sup>(b)</sup> | 1200 | 1376254 |
| (3-mo. SOFR US + 2.16%), 4.97%, 05/16/29<sup>(b)</sup> | 1195 | 1212281 |
| (3-mo. SOFR US + 3.32%), 5.09%, 06/20/30<sup>(b)</sup> | 1078 | 1092836 |
| (5-year CMT + 2.90%), 3.56%, 09/23/35<sup>(b)</sup> | 678 | 635581 |
| BPCE SA, 3.38%, 12/02/26 | 400 | 396823 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.45%, 04/07/27 | 650 | 645492 |
| 5.24%, 06/28/27<sup>(a)</sup> | 1100 | 1121099 |
| 5.00%, 04/28/28 | 572 | 584344 |
| 5.99%, 10/03/28<sup>(a)</sup> | 250 | 262660 |
| 5.26%, 04/08/29 | 800 | 827011 |
| 3.60%, 04/07/32 | 664 | 630738 |
| 6.09%, 10/03/33 | 650 | 707157 |
| (1-day SOFR + 0.72%), 4.86%, 01/13/28<sup>(b)</sup> | 550 | 554408 |
| (1-day SOFR + 1.03%), 4.86%, 03/30/29<sup>(b)</sup> | 834 | 846621 |
| (1-day SOFR + 1.11%), 5.25%, 01/13/31<sup>(b)</sup> | 675 | 696869 |
| (1-day SOFR + 1.34%), 4.63%, 09/11/30<sup>(b)</sup> | 525 | 530755 |
| (1-day SOFR Index + 0.60%), 4.24%, 09/08/28<sup>(b)</sup> | 600 | 600606 |
| (1-day SOFR Index + 1.17%), 4.58%, <br> 09/08/31<sup>(a)(b)</sup><br>| 600 | 601997 |
| Capital One NA |  |  |
| Series BKNT, 4.65%, 09/13/28 | 350 | 353922 |
| Series BKNT, 2.70%, 02/06/30 | 300 | 280915 |
| Citibank N.A. |  |  |
| 5.80%, 09/29/28<sup>(a)</sup> | 1150 | 1204990 |
| 4.84%, 08/06/29 | 950 | 972383 |
| (1-day SOFR + 0.71%), 4.88%, 11/19/27<sup>(b)</sup> | 1500 | 1510496 |
| Series BKNT, 5.49%, 12/04/26 | 1500 | 1521938 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Citibank N.A. (continued) |  |  |
| Series BKNT, 5.57%, 04/30/34 | $1210 | $1283135 |
| Citibank NA |  |  |
| Class BN, 4.58%, 05/29/27 | 1500 | 1513275 |
| Class BN, 4.91%, 05/29/30 | 2080 | 2139280 |
| Citigroup, Inc. |  |  |
| 4.30%, 11/20/26 | 645 | 645698 |
| 4.45%, 09/29/27 | 2541 | 2548668 |
| 4.13%, 07/25/28 | 1138 | 1136657 |
| 6.63%, 06/15/32 | 526 | 583497 |
| 5.88%, 02/22/33<sup>(a)</sup> | 300 | 319763 |
| 6.00%, 10/31/33 | 600 | 645028 |
| (1-day SOFR + 0.87%), 4.79%, 03/04/29<sup>(a)(b)</sup> | 1750 | 1772601 |
| (1-day SOFR + 1.14%), 4.64%, 05/07/28<sup>(b)</sup> | 1497 | 1506616 |
| (1-day SOFR + 1.15%), 2.67%, 01/29/31<sup>(b)</sup> | 1429 | 1332108 |
| (1-day SOFR + 1.17%), 4.50%, 09/11/31<sup>(b)</sup> | 1855 | 1857344 |
| (1-day SOFR + 1.17%), 2.56%, 05/01/32<sup>(b)</sup> | 1948 | 1758059 |
| (1-day SOFR + 1.18%), 2.52%, 11/03/32<sup>(b)</sup> | 1200 | 1067555 |
| (1-day SOFR + 1.28%), 3.07%, 02/24/28<sup>(b)</sup> | 1329 | 1310363 |
| (1-day SOFR + 1.34%), 4.54%, 09/19/30<sup>(b)</sup> | 1875 | 1885874 |
| (1-day SOFR + 1.35%), 3.06%, 01/25/33<sup>(b)</sup> | 1913 | 1746416 |
| (1-day SOFR + 1.36%), 5.17%, 02/13/30<sup>(b)</sup> | 1420 | 1457209 |
| (1-day SOFR + 1.42%), 2.98%, 11/05/30<sup>(b)</sup> | 1320 | 1251771 |
| (1-day SOFR + 1.45%), 5.45%, 06/11/35<sup>(b)</sup> | 1500 | 1556373 |
| (1-day SOFR + 1.46%), 4.95%, 05/07/31<sup>(b)</sup> | 1200 | 1223922 |
| (1-day SOFR + 1.47%), 5.33%, 03/27/36<sup>(b)</sup> | 1550 | 1587189 |
| (1-day SOFR + 1.49%), 5.17%, 09/11/36<sup>(b)</sup> | 1810 | 1833082 |
| (1-day SOFR + 1.83%), 6.02%, 01/24/36<sup>(b)</sup> | 1955 | 2045795 |
| (1-day SOFR + 1.89%), 4.66%, 05/24/28<sup>(b)</sup> | 1700 | 1711979 |
| (1-day SOFR + 1.94%), 3.79%, 03/17/33<sup>(b)</sup> | 1877 | 1785373 |
| (1-day SOFR + 2.06%), 5.83%, 02/13/35<sup>(b)</sup> | 1625 | 1688240 |
| (1-day SOFR + 2.09%), 4.91%, 05/24/33<sup>(b)</sup> | 1550 | 1568198 |
| (1-day SOFR + 2.11%), 2.57%, 06/03/31<sup>(b)</sup> | 2143 | 1975886 |
| (1-day SOFR + 2.34%), 6.27%, 11/17/33<sup>(b)</sup> | 1400 | 1527843 |
| (1-day SOFR + 2.66%), 6.17%, 05/25/34<sup>(b)</sup> | 1935 | 2055100 |
| (1-day SOFR + 3.91%), 4.41%, 03/31/31<sup>(b)</sup> | 2579 | 2575590 |
| (3-mo. CME Term SOFR + 1.41%), 3.52%, <br> 10/27/28<sup>(a)(b)</sup><br>| 1451 | 1432497 |
| (3-mo. CME Term SOFR + 1.45%), 4.08%, <br> 04/23/29<sup>(a)(b)</sup><br>| 1300 | 1296794 |
| (3-mo. CME Term SOFR + 1.60%), 3.98%, <br> 03/20/30<sup>(b)</sup><br>| 2273 | 2247148 |
| (3-mo. CME Term SOFR + 1.65%), 3.67%, <br> 07/24/28<sup>(b)</sup><br>| 1554 | 1540500 |
| (3-mo. CME Term SOFR + 1.82%), 3.89%, <br> 01/10/28<sup>(b)</sup><br>| 1490 | 1484191 |
| (5-year CMT + 1.28%), 5.59%, 11/19/34<sup>(b)</sup> | 802 | 820729 |
| (5-year CMT + 1.73%), 5.41%, 09/19/39<sup>(b)</sup> | 700 | 702510 |
| Citizens Bank NA/Providence RI, (1-day SOFR + <br> 2.00%), 4.58%, 08/09/28<sup>(b)</sup><br>| 600 | 603308 |
| Citizens Financial Group, Inc. |  |  |
| 2.50%, 02/06/30 | 279 | 256481 |
| 3.25%, 04/30/30 | 550 | 520985 |
| 2.64%, 09/30/32 | 400 | 342159 |
| (1-day SOFR + 1.26%), 5.25%, 03/05/31<sup>(b)</sup> | 475 | 485246 |
| (1-day SOFR + 1.91%), 5.72%, 07/23/32<sup>(b)</sup> | 725 | 756124 |
| (1-day SOFR + 2.01%), 5.84%, 01/23/30<sup>(b)</sup> | 792 | 823171 |
| (1-day SOFR + 2.33%), 6.65%, 04/25/35<sup>(b)</sup> | 450 | 492976 |
| (5-year CMT + 2.75%), 5.64%, 05/21/37<sup>(b)</sup> | 200 | 202174 |
| Comerica Bank, (1-day SOFR + 2.61%), 5.33%, <br> 08/25/33<sup>(b)</sup><br>| 250 | 251419 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Comerica, Inc. |  |  |
| 4.00%, 02/01/29<sup>(a)</sup> | $429 | $424359 |
| (1-day SOFR + 2.16%), 5.98%, 01/30/30<sup>(b)</sup> | 548 | 570041 |
| Commonwealth Bank of Australia |  |  |
| 4.58%, 11/27/26 | 1000 | 1006963 |
| 4.42%, 03/14/28 | 500 | 505988 |
| 4.15%, 10/01/30 | 380 | 380933 |
| Cooperatieve Rabobank UA |  |  |
| 5.04%, 03/05/27 | 500 | 507387 |
| 4.37%, 05/27/27 | 250 | 251882 |
| 4.88%, 01/21/28 | 250 | 255359 |
| 3.96%, 10/17/28 | 250 | 250137 |
| 4.80%, 01/09/29 | 250 | 255711 |
| 4.49%, 10/17/29 | 500 | 508393 |
| Corp. Andina de Fomento, 5.00%, 01/24/29 | 1200 | 1235785 |
| Deutsche Bank AG |  |  |
| 5.41%, 05/10/29 | 480 | 498820 |
| (1-day SOFR + 1.22%), 2.31%, 11/16/27<sup>(b)</sup> | 1067 | 1045230 |
| (1-day SOFR + 1.30%), 4.95%, 08/04/31<sup>(b)</sup> | 1075 | 1085090 |
| (1-day SOFR + 1.32%), 2.55%, 01/07/28<sup>(b)</sup> | 748 | 732410 |
| (1-day SOFR + 1.59%), 5.71%, 02/08/28<sup>(b)</sup> | 600 | 609927 |
| (1-day SOFR + 1.70%), 5.00%, 09/11/30<sup>(b)</sup> | 1000 | 1013478 |
| (1-day SOFR + 1.72%), 5.30%, 05/09/31<sup>(b)</sup> | 900 | 920894 |
| (1-day SOFR + 1.72%), 3.04%, 05/28/32<sup>(b)</sup> | 655 | 599297 |
| (1-day SOFR + 2.05%), 5.40%, 09/11/35<sup>(b)</sup> | 1000 | 1016887 |
| (1-day SOFR + 2.26%), 3.74%, 01/07/33<sup>(b)</sup> | 750 | 692694 |
| (1-day SOFR + 2.51%), 6.82%, 11/20/29<sup>(b)</sup> | 750 | 800453 |
| (1-day SOFR + 2.76%), 3.73%, 01/14/32<sup>(b)</sup> | 650 | 611699 |
| (1-day SOFR + 3.04%), 3.55%, 09/18/31<sup>(b)</sup> | 959 | 910506 |
| (1-day SOFR + 3.18%), 6.72%, 01/18/29<sup>(b)</sup> | 1150 | 1205323 |
| (1-day SOFR + 3.65%), 7.08%, 02/10/34<sup>(b)</sup> | 850 | 931999 |
| (1-day SOFR + 5.44%), 5.88%, 07/08/31<sup>(b)</sup> | 400 | 414495 |
| (5-year USD SOFR ICE Swap + 2.55%), 4.88%, <br> 12/01/32<sup>(b)</sup><br>| 550 | 550046 |
| (1-day SOFR + 1.21%), 5.37%, 01/10/29<sup>(a)(b)</sup> | 750 | 765077 |
| European Bank for Reconstruction & Development, <br> 4.38%, 03/09/28<br>| 1000 | 1015785 |
| European Investment Bank |  |  |
| 3.88%, 03/15/28 | 2800 | 2815404 |
| 4.50%, 10/16/28 | 2400 | 2457514 |
| 4.00%, 02/15/29 | 3500 | 3536269 |
| 3.63%, 07/15/30 | 3200 | 3184061 |
| 3.75%, 02/14/33 | 3000 | 2961487 |
| Fifth Third Bancorp |  |  |
| 2.55%, 05/05/27 | 471 | 460146 |
| 3.95%, 03/14/28 | 500 | 497296 |
| (1-day SOFR + 0.69%), 1.71%, 11/01/27<sup>(b)</sup> | 329 | 320557 |
| (1-day SOFR + 1.36%), 4.06%, 04/25/28<sup>(b)</sup> | 279 | 278143 |
| (1-day SOFR + 1.49%), 4.90%, 09/06/30<sup>(b)</sup> | 400 | 405380 |
| (1-day SOFR + 1.66%), 4.34%, 04/25/33<sup>(a)(b)</sup> | 479 | 465751 |
| (1-day SOFR + 1.84%), 5.63%, 01/29/32<sup>(b)</sup> | 540 | 564651 |
| (1-day SOFR + 2.34%), 6.34%, 07/27/29<sup>(b)</sup> | 762 | 800961 |
| (1-day SOFR Index + 2.13%), 4.77%, 07/28/30<sup>(b)</sup> | 670 | 676381 |
| (1-day SOFR Index + 2.19%), 6.36%, 10/27/28<sup>(b)</sup> | 384 | 399232 |
| Fifth Third Bank N.A. |  |  |
| (1-day SOFR + 0.81%), 4.97%, 01/28/28<sup>(b)</sup> | 595 | 600279 |
| Series BKNT, 2.25%, 02/01/27 | 350 | 341782 |
| First Citizens BancShares, Inc.<sup>(b)</sup> <br>|  |  |
| (1-day SOFR + 1.41%), 5.23%, 03/12/31 | 972 | 982992 |
| (5-year CMT + 1.97%), 6.25%, 03/12/40 | 456 | 462103 |
| First Horizon Bank, Series BKNT, 5.75%, 05/01/30 | 250 | 257981 |
| First Horizon Corp., (1-day SOFR + 1.77%), 5.51%, <br> 03/07/31<sup>(b)</sup><br>| 304 | 313227 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| First-Citizens Bank & Trust Co., 6.13%, 03/09/28 | $225 | $232970 |
| FNB Corp., (1-day SOFR Index + 1.93%), 5.72%, <br> 12/11/30<sup>(b)</sup><br>| 295 | 300444 |
| Goldman Sachs Group, Inc. |  |  |
| 3.50%, 11/16/26 | 1659 | 1651239 |
| 5.95%, 01/15/27 | 463 | 473330 |
| 3.85%, 01/26/27 | 1959 | 1952546 |
| 2.60%, 02/07/30 | 1309 | 1226168 |
| 3.80%, 03/15/30 | 1634 | 1606527 |
| 6.13%, 02/15/33 | 518 | 567677 |
| (1-day SOFR + 0.90%), 4.15%, 10/21/29<sup>(b)</sup> | 1650 | 1644436 |
| (1-day SOFR + 1.06%), 4.37%, 10/21/31<sup>(b)</sup> | 1950 | 1943044 |
| (1-day SOFR + 1.08%), 5.21%, 01/28/31<sup>(b)</sup> | 1400 | 1444376 |
| (1-day SOFR + 1.09%), 1.99%, 01/27/32<sup>(b)</sup> | 1710 | 1513089 |
| (1-day SOFR + 1.11%), 2.64%, 02/24/28<sup>(b)</sup> | 1993 | 1953612 |
| (1-day SOFR + 1.14%), 4.69%, 10/23/30<sup>(b)</sup> | 1420 | 1437191 |
| (1-day SOFR + 1.21%), 5.05%, 07/23/30<sup>(b)</sup> | 1600 | 1638055 |
| (1-day SOFR + 1.25%), 2.38%, 07/21/32<sup>(b)</sup> | 2719 | 2423067 |
| (1-day SOFR + 1.26%), 2.65%, 10/21/32<sup>(b)</sup> | 1981 | 1780131 |
| (1-day SOFR + 1.27%), 5.73%, 04/25/30<sup>(b)</sup> | 1495 | 1562387 |
| (1-day SOFR + 1.28%), 2.62%, 04/22/32<sup>(b)</sup> | 2418 | 2195469 |
| (1-day SOFR + 1.32%), 4.94%, 04/23/28<sup>(b)</sup> | 1567 | 1584153 |
| (1-day SOFR + 1.33%), 4.94%, 10/21/36<sup>(b)</sup> | 2250 | 2238470 |
| (1-day SOFR + 1.38%), 5.54%, 01/28/36<sup>(b)</sup> | 1900 | 1979088 |
| (1-day SOFR + 1.41%), 3.10%, 02/24/33<sup>(b)</sup> | 2844 | 2608430 |
| (1-day SOFR + 1.42%), 5.02%, 10/23/35<sup>(b)</sup> | 2265 | 2279429 |
| (1-day SOFR + 1.55%), 5.85%, 04/25/35<sup>(b)</sup> | 1435 | 1528049 |
| (1-day SOFR + 1.55%), 5.33%, 07/23/35<sup>(b)</sup> | 1950 | 2005846 |
| (1-day SOFR + 1.58%), 5.22%, 04/23/31<sup>(b)</sup> | 2275 | 2348707 |
| (1-day SOFR + 1.73%), 4.48%, 08/23/28<sup>(b)</sup> | 1653 | 1661660 |
| (1-day SOFR + 1.77%), 6.48%, 10/24/29<sup>(b)</sup> | 1626 | 1727448 |
| (1-day SOFR + 1.85%), 3.62%, 03/15/28<sup>(b)</sup> | 2221 | 2204548 |
| (1-day SOFR + 1.95%), 6.56%, 10/24/34<sup>(b)</sup> | 800 | 894173 |
| (3-mo. CME Term SOFR + 1.42%), 3.81%, <br> 04/23/29<sup>(b)</sup><br>| 1659 | 1643436 |
| (3-mo. CME Term SOFR + 1.56%), 4.22%, <br> 05/01/29<sup>(b)</sup><br>| 2279 | 2280163 |
| (3-mo. CME Term SOFR + 1.77%), 3.69%, <br> 06/05/28<sup>(b)</sup><br>| 1873 | 1859558 |
| HSBC Bank USA NA, Series BKNT, 5.88%, 11/01/34 | 250 | 265351 |
| HSBC Holdings PLC |  |  |
| 4.38%, 11/23/26 | 600 | 600812 |
| 4.95%, 03/31/30 | 1586 | 1625731 |
| (1-day SOFR + 1.03%), 4.90%, 03/03/29<sup>(b)</sup> | 900 | 912162 |
| (1-day SOFR + 1.04%), 5.13%, 11/19/28<sup>(b)</sup> | 900 | 914961 |
| (1-day SOFR + 1.06%), 5.60%, 05/17/28<sup>(b)</sup> | 955 | 973492 |
| (1-day SOFR + 1.10%), 2.25%, 11/22/27<sup>(b)</sup> | 800 | 783631 |
| 11/06/31<sup>(b)(c)</sup> | 800 | 800932 |
| (1-day SOFR + 1.19%), 2.80%, 05/24/32<sup>(b)</sup> | 1864 | 1696187 |
| (1-day SOFR + 1.29%), 2.21%, 08/17/29<sup>(b)</sup> | 1250 | 1181101 |
| (1-day SOFR + 1.29%), 5.29%, 11/19/30<sup>(b)</sup> | 1450 | 1495384 |
| (1-day SOFR + 1.29%), 5.13%, 03/03/31<sup>(b)</sup> | 1320 | 1350788 |
| (1-day SOFR + 1.41%), 2.87%, 11/22/32<sup>(b)</sup> | 1310 | 1182873 |
| 11/06/36<sup>(b)(c)</sup> | 800 | 799706 |
| (1-day SOFR + 1.46%), 5.55%, 03/04/30<sup>(b)</sup> | 800 | 828961 |
| (1-day SOFR + 1.52%), 5.73%, 05/17/32<sup>(b)</sup> | 800 | 841699 |
| (1-day SOFR + 1.56%), 5.45%, 03/03/36<sup>(b)</sup> | 1400 | 1442846 |
| (1-day SOFR + 1.57%), 5.24%, 05/13/31<sup>(b)</sup> | 1400 | 1440481 |
| (1-day SOFR + 1.73%), 2.01%, 09/22/28<sup>(b)</sup> | 1278 | 1227463 |
| (1-day SOFR + 1.78%), 5.72%, 03/04/35<sup>(b)</sup> | 800 | 843971 |
| (1-day SOFR + 1.88%), 5.79%, 05/13/36<sup>(b)</sup> | 1200 | 1265850 |
| (1-day SOFR + 1.90%), 5.87%, 11/18/35<sup>(b)</sup> | 1150 | 1195371 |
| (1-day SOFR + 1.95%), 2.36%, 08/18/31<sup>(b)</sup> | 1000 | 906898 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| HSBC Holdings PLC (continued) |  |  |
| (1-day SOFR + 1.96%), 5.74%, 09/10/36<sup>(b)</sup> | $1000 | $1021948 |
| (1-day SOFR + 1.97%), 6.16%, 03/09/29<sup>(b)</sup> | 1550 | 1613836 |
| (1-day SOFR + 2.11%), 4.76%, 06/09/28<sup>(b)</sup> | 1500 | 1511800 |
| (1-day SOFR + 2.39%), 2.85%, 06/04/31<sup>(b)</sup> | 1010 | 940768 |
| (1-day SOFR + 2.39%), 6.25%, 03/09/34<sup>(b)</sup> | 1000 | 1089120 |
| (1-day SOFR + 2.53%), 4.76%, 03/29/33<sup>(b)</sup> | 1335 | 1329301 |
| (1-day SOFR + 2.61%), 5.21%, 08/11/28<sup>(b)</sup> | 1500 | 1524094 |
| (1-day SOFR + 2.87%), 5.40%, 08/11/33<sup>(b)</sup> | 1650 | 1711547 |
| (1-day SOFR + 2.98%), 6.55%, 06/20/34<sup>(b)</sup> | 1200 | 1298763 |
| (1-day SOFR + 3.02%), 7.40%, 11/13/34<sup>(b)</sup> | 1170 | 1335850 |
| (1-day SOFR + 4.25%), 8.11%, 11/03/33<sup>(b)</sup> | 1400 | 1642472 |
| (3-mo. CME Term SOFR + 1.80%), 4.58%, <br> 06/19/29<sup>(b)</sup><br>| 2289 | 2302704 |
| (3-mo. CME Term SOFR + 1.81%), 4.04%, <br> 03/13/28<sup>(b)</sup><br>| 1689 | 1683761 |
| (3-mo. CME Term SOFR + 1.87%), 3.97%, <br> 05/22/30<sup>(b)</sup><br>| 2039 | 2009130 |
| (1-day SOFR + 3.35%), 7.39%, 11/03/28<sup>(b)</sup> | 1805 | 1910691 |
| HSBC USA, Inc. |  |  |
| 5.29%, 03/04/27 | 635 | 645339 |
| 4.65%, 06/03/28<sup>(a)</sup> | 600 | 607894 |
| Huntington Bancshares, Inc. |  |  |
| 2.55%, 02/04/30 | 440 | 407622 |
| (1-day SOFR + 1.28%), 5.27%, 01/15/31<sup>(a)(b)</sup> | 706 | 727000 |
| (1-day SOFR + 1.97%), 4.44%, 08/04/28<sup>(b)</sup> | 450 | 451427 |
| (1-day SOFR + 2.02%), 6.21%, 08/21/29<sup>(b)</sup> | 600 | 629723 |
| (1-day SOFR + 2.05%), 5.02%, 05/17/33<sup>(b)</sup> | 200 | 201162 |
| (1-day SOFR Index + 1.87%), 5.71%, 02/02/35<sup>(b)</sup> | 1050 | 1090570 |
| (5-year CMT + 1.17%), 2.49%, 08/15/36<sup>(b)</sup> | 324 | 277748 |
| (5-year CMT + 1.70%), 6.14%, 11/18/39<sup>(b)</sup> | 350 | 362323 |
| Huntington National Bank |  |  |
| 5.65%, 01/10/30 | 400 | 417901 |
| (1-day SOFR + 0.72%), 4.87%, 04/12/28<sup>(b)</sup> | 500 | 504389 |
| (1-day SOFR Index + 1.65%), 4.55%, 05/17/28<sup>(b)</sup> | 500 | 502304 |
| Independent Bank Corp., (3-mo. CME Term SOFR + <br> 3.53%), 7.25%, 04/01/35<sup>(b)</sup><br>| 100 | 103749 |
| ING Groep NV |  |  |
| 3.95%, 03/29/27 | 1000 | 997570 |
| 4.55%, 10/02/28 | 878 | 887689 |
| 4.05%, 04/09/29 | 678 | 673176 |
| (1-day SOFR + 1.01%), 4.86%, 03/25/29<sup>(b)</sup> | 400 | 405312 |
| (1-day SOFR + 1.32%), 2.73%, 04/01/32<sup>(b)</sup> | 450 | 412654 |
| (1-day SOFR + 1.44%), 5.34%, 03/19/30<sup>(b)</sup> | 800 | 824726 |
| (1-day SOFR + 1.61%), 5.53%, 03/25/36<sup>(b)</sup> | 660 | 686165 |
| (1-day SOFR + 1.77%), 5.55%, 03/19/35<sup>(b)</sup> | 1000 | 1041712 |
| (1-day SOFR + 1.83%), 4.02%, 03/28/28<sup>(b)</sup> | 789 | 786726 |
| (1-day SOFR + 2.07%), 4.25%, 03/28/33<sup>(b)</sup> | 600 | 587617 |
| (1-day SOFR + 2.09%), 6.11%, 09/11/34<sup>(b)</sup> | 800 | 865399 |
| (1-day SOFR Index + 1.23%), 5.07%, 03/25/31<sup>(b)</sup> | 600 | 614730 |
| Inter-American Development Bank |  |  |
| 4.38%, 02/01/27<sup>(a)</sup> | 1000 | 1007302 |
| 4.00%, 01/12/28 | 1300 | 1309585 |
| 4.13%, 02/15/29 | 2400 | 2433712 |
| 3.50%, 04/12/33<sup>(a)</sup> | 1400 | 1355731 |
| 4.50%, 09/13/33 | 1300 | 1340680 |
| Inter-American Investment Corp., 4.75%, 09/19/28 | 200 | 205243 |
| International Bank for Reconstruction & Development |  |  |
| 4.50%, 06/26/28 | 700 | 702378 |
| 3.50%, 07/12/28 | 2500 | 2490691 |
| 4.63%, 08/01/28 | 2000 | 2050795 |
| 3.88%, 02/14/30<sup>(a)</sup> | 3000 | 3017539 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| International Bank for Reconstruction & <br> Development (continued)<br>|  |  |
| 4.00%, 07/25/30 | $2300 | $2323891 |
| 4.00%, 01/10/31 | 3300 | 3331395 |
| 4.75%, 11/14/33 | 1600 | 1677995 |
| International Finance Corp. |  |  |
| 4.38%, 01/15/27<sup>(a)</sup> | 1000 | 1006896 |
| 4.50%, 07/13/28 | 1100 | 1123983 |
| JPMorgan Chase & Co. |  |  |
| 4.13%, 12/15/26 | 989 | 989655 |
| 4.25%, 10/01/27 | 813 | 817452 |
| 3.63%, 12/01/27 | 829 | 821947 |
| (1-day SOFR + 0.80%), 4.92%, 01/24/29<sup>(b)</sup> | 995 | 1012400 |
| (1-day SOFR + 0.86%), 4.51%, 10/22/28<sup>(b)</sup> | 1700 | 1712564 |
| (1-day SOFR + 0.93%), 5.57%, 04/22/28<sup>(b)</sup> | 1150 | 1173632 |
| (1-day SOFR + 0.93%), 4.98%, 07/22/28<sup>(b)</sup> | 1030 | 1044800 |
| (1-day SOFR + 0.93%), 4.26%, 10/22/31<sup>(b)</sup> | 1245 | 1240745 |
| (1-day SOFR + 1.01%), 5.14%, 01/24/31<sup>(b)</sup> | 1505 | 1555276 |
| (1-day SOFR + 1.02%), 2.07%, 06/01/29<sup>(b)</sup> | 1210 | 1150309 |
| (1-day SOFR + 1.04%), 4.60%, 10/22/30<sup>(b)</sup> | 1700 | 1722303 |
| (1-day SOFR + 1.07%), 1.95%, 02/04/32<sup>(b)</sup> | 2059 | 1822807 |
| (1-day SOFR + 1.13%), 5.00%, 07/22/30<sup>(b)</sup> | 1725 | 1769027 |
| (1-day SOFR + 1.16%), 5.58%, 04/22/30<sup>(b)</sup> | 1950 | 2035154 |
| (1-day SOFR + 1.17%), 2.95%, 02/24/28<sup>(b)</sup> | 1034 | 1018564 |
| (1-day SOFR + 1.18%), 2.55%, 11/08/32<sup>(b)</sup> | 1872 | 1684803 |
| (1-day SOFR + 1.19%), 5.04%, 01/23/28<sup>(b)</sup> | 1571 | 1587364 |
| (1-day SOFR + 1.19%), 4.81%, 10/22/36<sup>(b)</sup> | 1885 | 1878705 |
| (1-day SOFR + 1.26%), 2.96%, 01/25/33<sup>(b)</sup> | 2457 | 2248602 |
| (1-day SOFR + 1.31%), 5.01%, 01/23/30<sup>(b)</sup> | 1550 | 1587504 |
| (1-day SOFR + 1.32%), 5.50%, 01/24/36<sup>(b)</sup> | 1705 | 1787372 |
| (1-day SOFR + 1.34%), 4.95%, 10/22/35<sup>(b)</sup> | 1960 | 1978931 |
| (1-day SOFR + 1.44%), 5.10%, 04/22/31<sup>(a)(b)</sup> | 1290 | 1332326 |
| (1-day SOFR + 1.45%), 5.30%, 07/24/29<sup>(b)</sup> | 1245 | 1281713 |
| (1-day SOFR + 1.46%), 5.29%, 07/22/35<sup>(b)</sup> | 2425 | 2506531 |
| (1-day SOFR + 1.49%), 5.77%, 04/22/35<sup>(b)</sup> | 1770 | 1888006 |
| (1-day SOFR + 1.56%), 4.32%, 04/26/28<sup>(b)</sup> | 1798 | 1803663 |
| (1-day SOFR + 1.57%), 6.09%, 10/23/29<sup>(b)</sup> | 1425 | 1502252 |
| (1-day SOFR + 1.62%), 5.34%, 01/23/35<sup>(b)</sup> | 1876 | 1944652 |
| (1-day SOFR + 1.64%), 5.58%, 07/23/36<sup>(b)</sup> | 2485 | 2575125 |
| (1-day SOFR + 1.68%), 5.57%, 04/22/36<sup>(a)(b)</sup> | 2110 | 2224005 |
| (1-day SOFR + 1.75%), 4.57%, 06/14/30<sup>(a)(b)</sup> | 1250 | 1263124 |
| (1-day SOFR + 1.80%), 4.59%, 04/26/33<sup>(b)</sup> | 1598 | 1602245 |
| (1-day SOFR + 1.81%), 6.25%, 10/23/34<sup>(b)</sup> | 1724 | 1897643 |
| (1-day SOFR + 1.85%), 5.35%, 06/01/34<sup>(b)</sup> | 2815 | 2939367 |
| (1-day SOFR + 1.89%), 2.18%, 06/01/28<sup>(b)</sup> | 1000 | 970823 |
| (1-day SOFR + 1.99%), 4.85%, 07/25/28<sup>(b)</sup> | 2600 | 2631821 |
| (1-day SOFR + 2.04%), 2.52%, 04/22/31<sup>(b)</sup> | 1605 | 1491913 |
| (1-day SOFR + 2.08%), 4.91%, 07/25/33<sup>(b)</sup> | 3188 | 3253646 |
| (1-day SOFR + 2.58%), 5.72%, 09/14/33<sup>(b)</sup> | 2102 | 2229232 |
| (3-mo. CME Term SOFR + 1.11%), 1.76%, <br> 11/19/31<sup>(b)</sup><br>| 829 | 733433 |
| (3-mo. CME Term SOFR + 1.21%), 3.51%, <br> 01/23/29<sup>(b)</sup><br>| 1529 | 1509158 |
| (3-mo. CME Term SOFR + 1.25%), 2.58%, <br> 04/22/32<sup>(b)</sup><br>| 2342 | 2132202 |
| (3-mo. CME Term SOFR + 1.38%), 4.01%, <br> 04/23/29<sup>(b)</sup><br>| 1319 | 1315142 |
| (3-mo. CME Term SOFR + 1.42%), 3.70%, <br> 05/06/30<sup>(b)</sup><br>| 1529 | 1503303 |
| (3-mo. CME Term SOFR + 1.51%), 2.74%, <br> 10/15/30<sup>(b)</sup><br>| 2791 | 2637740 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| JPMorgan Chase & Co. (continued) |  |  |
| (3-mo. CME Term SOFR + 1.52%), 4.20%, <br> 07/23/29<sup>(b)</sup><br>| $1749 | $1751172 |
| (3-mo. CME Term SOFR + 1.59%), 4.45%, <br> 12/05/29<sup>(a)(b)</sup><br>| 2105 | 2122957 |
| (3-mo. CME Term SOFR + 1.60%), 3.78%, <br> 02/01/28<sup>(b)</sup><br>| 1909 | 1900726 |
| (3-mo. CME Term SOFR + 1.64%), 3.54%, <br> 05/01/28<sup>(b)</sup><br>| 1450 | 1437515 |
| (3-mo. CME Term SOFR + 2.52%), 2.96%, <br> 05/13/31<sup>(b)</sup><br>| 2091 | 1964708 |
| (3-mo. CME Term SOFR + 3.79%), 4.49%, <br> 03/24/31<sup>(b)</sup><br>| 1959 | 1977790 |
| JPMorgan Chase Bank N.A., Class BN, 5.11%, <br> 12/08/26<br>| 1500 | 1517854 |
| KeyBank NA |  |  |
| Series BKNT, 6.95%, 02/01/28 | 550 | 579688 |
| Series BKNT, 3.90%, 04/13/29 | 261 | 255456 |
| Series BKNT, 4.90%, 08/08/32 | 550 | 543622 |
| KeyBank NA/Cleveland OH |  |  |
| 5.00%, 01/26/33 | 450 | 452484 |
| Series BKNT, 5.85%, 11/15/27 | 500 | 514605 |
| Series BKNT, 4.39%, 12/14/27 | 250 | 251004 |
| KeyCorp, (1-day SOFR Index + 1.23%), 5.12%, <br> 04/04/31<sup>(a)(b)</sup><br>| 494 | 505576 |
| KeyCorp. |  |  |
| 2.25%, 04/06/27 | 546 | 530928 |
| 4.10%, 04/30/28 | 495 | 493642 |
| 2.55%, 10/01/29 | 513 | 480961 |
| (1-day SOFR Index + 2.06%), 4.79%, 06/01/33<sup>(b)</sup> | 546 | 543046 |
| (1-day SOFR Index + 2.42%), 6.40%, 03/06/35<sup>(b)</sup> | 558 | 603796 |
| Kreditanstalt fuer Wiederaufbau |  |  |
| 4.38%, 03/01/27 | 3000 | 3025650 |
| 3.00%, 05/20/27<sup>(a)</sup> | 2700 | 2672530 |
| 4.00%, 06/28/27 | 2000 | 2010638 |
| 3.50%, 08/27/27 | 2000 | 1994785 |
| 3.75%, 02/15/28 | 1650 | 1654129 |
| 2.88%, 04/03/28<sup>(a)</sup> | 1150 | 1130008 |
| 3.88%, 06/15/28 | 3000 | 3018024 |
| 3.50%, 08/09/28 | 2000 | 1993493 |
| 4.00%, 03/15/29<sup>(a)</sup> | 3000 | 3031807 |
| 1.75%, 09/14/29 | 1243 | 1157160 |
| 4.63%, 03/18/30 | 1995 | 2067604 |
| 3.75%, 07/15/30 | 3000 | 3002044 |
| 0.75%, 09/30/30 | 789 | 683931 |
| 4.75%, 10/29/30 | 1500 | 1567058 |
| 4.13%, 07/15/33<sup>(a)</sup> | 2600 | 2620635 |
| 4.38%, 02/28/34<sup>(a)</sup> | 2000 | 2047857 |
| Series GLOB, 3.88%, 05/15/28<sup>(a)</sup> | 2000 | 2011713 |
| Landwirtschaftliche Rentenbank |  |  |
| 4.63%, 04/17/29 | 1000 | 1030030 |
| 4.13%, 05/28/30 | 955 | 970574 |
| 0.88%, 09/03/30<sup>(a)</sup> | 1559 | 1361549 |
| 5.00%, 10/24/33 | 600 | 638753 |
| Series 37, 2.50%, 11/15/27 | 1400 | 1367619 |
| Lloyds Banking Group PLC |  |  |
| 3.75%, 01/11/27 | 600 | 597735 |
| 4.38%, 03/22/28 | 678 | 680952 |
| 4.55%, 08/16/28 | 710 | 717160 |
| 11/04/31<sup>(b)(c)</sup> | 800 | 798898 |
| (1-year CMT + 0.83%), 4.82%, 06/13/29<sup>(b)</sup> | 800 | 811456 |
| (1-year CMT + 0.85%), 5.09%, 11/26/28<sup>(b)</sup> | 600 | 609992 |
| 11/04/36<sup>(b)(c)</sup> | 600 | 594627 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Lloyds Banking Group PLC (continued) |  |  |
| (1-year CMT + 1.07%), 5.72%, 06/05/30<sup>(b)</sup> | $1000 | $1046321 |
| (1-year CMT + 1.20%), 5.59%, 11/26/35<sup>(a)(b)</sup> | 800 | 834701 |
| (1-year CMT + 1.38%), 5.46%, 01/05/28<sup>(b)</sup> | 1000 | 1013724 |
| (1-year CMT + 1.60%), 6.07%, 06/13/36<sup>(b)</sup> | 800 | 837683 |
| (1-year CMT + 1.70%), 5.87%, 03/06/29<sup>(b)</sup> | 1000 | 1036869 |
| (1-year CMT + 1.75%), 5.68%, 01/05/35<sup>(b)</sup> | 1200 | 1259028 |
| (1-year CMT + 1.80%), 3.75%, 03/18/28<sup>(b)</sup> | 678 | 673778 |
| (1-year CMT + 2.30%), 4.98%, 08/11/33<sup>(a)(b)</sup> | 900 | 913400 |
| (1-year CMT + 3.75%), 7.95%, 11/15/33<sup>(b)</sup> | 500 | 582323 |
| (3-mo. SOFR US + 1.47%), 3.57%, 11/07/28<sup>(b)</sup> | 1300 | 1283699 |
| M&T Bank Corp.<sup>(b)</sup> <br>|  |  |
| (1-day SOFR + 0.93%), 4.83%, 01/16/29 | 145 | 146574 |
| (1-day SOFR + 1.40%), 5.18%, 07/08/31 | 486 | 496140 |
| (1-day SOFR + 1.61%), 5.39%, 01/16/36 | 1120 | 1135064 |
| (1-day SOFR + 1.85%), 5.05%, 01/27/34 | 500 | 500893 |
| (1-day SOFR + 2.26%), 6.08%, 03/13/32 | 466 | 492689 |
| (1-day SOFR + 2.80%), 7.41%, 10/30/29 | 400 | 433207 |
| (1-day SOFR Index + 1.78%), 4.55%, 08/16/28 | 450 | 451634 |
| (5-year CMT + 1.43%), 5.40%, 07/30/35 | 150 | 151014 |
| Manufacturers & Traders Trust Co. |  |  |
| 4.70%, 01/27/28 | 650 | 657699 |
| (1-day SOFR + 0.95%), 4.76%, 07/06/28<sup>(b)</sup> | 500 | 504196 |
| Series BKNT, 3.40%, 08/17/27 | 250 | 246219 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 3.68%, 02/22/27 | 590 | 587736 |
| 3.29%, 07/25/27 | 529 | 522886 |
| 3.96%, 03/02/28<sup>(a)</sup> | 729 | 728419 |
| 4.05%, 09/11/28<sup>(a)</sup> | 640 | 640173 |
| 3.74%, 03/07/29 | 1159 | 1145325 |
| 3.20%, 07/18/29 | 1300 | 1253244 |
| 2.56%, 02/25/30<sup>(a)</sup> | 1010 | 942886 |
| 2.05%, 07/17/30 | 910 | 822620 |
| (1-year CMT + 0.78%), 5.20%, 01/16/31<sup>(b)</sup> | 400 | 412770 |
| (1-year CMT + 0.80%), 4.53%, 09/12/31<sup>(b)</sup> | 600 | 602430 |
| (1-year CMT + 0.82%), 5.26%, 04/17/30<sup>(b)</sup> | 600 | 619332 |
| (1-year CMT + 0.83%), 2.34%, 01/19/28<sup>(b)</sup> | 750 | 733490 |
| (1-year CMT + 0.93%), 5.19%, 09/12/36<sup>(b)</sup> | 500 | 510513 |
| (1-year CMT + 0.95%), 2.31%, 07/20/32<sup>(b)</sup> | 1310 | 1164251 |
| (1-year CMT + 0.95%), 5.57%, 01/16/36<sup>(b)</sup> | 800 | 839269 |
| (1-year CMT + 0.97%), 2.49%, 10/13/32<sup>(b)</sup> | 600 | 536245 |
| (1-year CMT + 1.00%), 5.43%, 04/17/35<sup>(b)</sup> | 1000 | 1042724 |
| (1-year CMT + 1.10%), 2.85%, 01/19/33<sup>(b)</sup> | 600 | 544197 |
| (1-year CMT + 1.17%), 5.16%, 04/24/31<sup>(b)</sup> | 280 | 288772 |
| (1-year CMT + 1.27%), 5.62%, 04/24/36<sup>(b)</sup> | 1000 | 1051930 |
| (1-year CMT + 1.30%), 4.08%, 04/19/28<sup>(b)</sup> | 600 | 599079 |
| (1-year CMT + 1.38%), 5.42%, 02/22/29<sup>(b)</sup> | 980 | 1007225 |
| (1-year CMT + 1.53%), 5.48%, 02/22/31<sup>(b)</sup> | 440 | 458731 |
| (1-year CMT + 1.55%), 4.32%, 04/19/33<sup>(b)</sup> | 400 | 393741 |
| (1-year CMT + 1.63%), 5.44%, 02/22/34<sup>(b)</sup> | 755 | 791996 |
| (1-year CMT + 1.70%), 5.24%, 04/19/29<sup>(b)</sup> | 335 | 343230 |
| (1-year CMT + 1.90%), 5.35%, 09/13/28<sup>(b)</sup> | 955 | 975542 |
| (1-year CMT + 1.95%), 5.02%, 07/20/28<sup>(b)</sup> | 900 | 912820 |
| (1-year CMT + 1.97%), 5.41%, 04/19/34<sup>(b)</sup> | 600 | 629055 |
| (1-year CMT + 2.13%), 5.13%, 07/20/33<sup>(b)</sup> | 800 | 824601 |
| (1-year CMT + 2.13%), 5.47%, 09/13/33<sup>(b)</sup> | 450 | 472942 |
| Mizuho Financial Group, Inc. |  |  |
| 3.66%, 02/28/27 | 200 | 199078 |
| 3.17%, 09/11/27 | 678 | 667858 |
| 4.02%, 03/05/28 | 800 | 799937 |
| 2.56%, 09/13/31 | 610 | 542428 |
| (1-year CMT + 0.82%), 5.10%, 05/13/31<sup>(b)</sup> | 800 | 822194 |
| (1-year CMT + 0.87%), 2.17%, 05/22/32<sup>(b)</sup> | 400 | 353521 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Mizuho Financial Group, Inc. (continued) |  |  |
| (1-year CMT + 0.90%), 2.26%, 07/09/32<sup>(a)(b)</sup> | $400 | $354178 |
| (1-year CMT + 0.92%), 4.71%, 07/08/31<sup>(b)</sup> | 610 | 616994 |
| (1-year CMT + 0.98%), 5.42%, 05/13/36<sup>(b)</sup> | 400 | 414926 |
| (1-year CMT + 1.07%), 5.32%, 07/08/36<sup>(b)</sup> | 800 | 823302 |
| (1-year CMT + 1.08%), 5.38%, 07/10/30<sup>(b)</sup> | 600 | 621293 |
| (1-year CMT + 1.12%), 5.38%, 05/26/30<sup>(b)</sup> | 440 | 455230 |
| (1-year CMT + 1.25%), 3.26%, 05/22/30<sup>(b)</sup> | 200 | 193222 |
| (1-year CMT + 1.30%), 5.58%, 05/26/35<sup>(b)</sup> | 400 | 419194 |
| (1-year CMT + 1.30%), 5.59%, 07/10/35<sup>(b)</sup> | 550 | 577962 |
| (1-year CMT + 1.50%), 5.67%, 05/27/29<sup>(b)</sup> | 600 | 621802 |
| (1-year CMT + 1.65%), 5.78%, 07/06/29<sup>(b)</sup> | 800 | 832095 |
| (1-year CMT + 1.65%), 5.74%, 05/27/31<sup>(b)</sup> | 300 | 315877 |
| (1-year CMT + 1.80%), 5.75%, 05/27/34<sup>(b)</sup> | 600 | 637452 |
| (1-year CMT + 1.90%), 5.75%, 07/06/34<sup>(b)</sup> | 600 | 637761 |
| (1-year CMT + 2.05%), 5.41%, 09/13/28<sup>(b)</sup> | 600 | 613962 |
| (1-year CMT + 2.40%), 5.67%, 09/13/33<sup>(b)</sup> | 500 | 530049 |
| (3-mo. CME Term SOFR + 1.33%), 2.59%, <br> 05/25/31<sup>(b)</sup><br>| 300 | 277352 |
| (3-mo. CME Term SOFR + 1.39%), 3.15%, <br> 07/16/30<sup>(b)</sup><br>| 678 | 650852 |
| (3-mo. CME Term SOFR + 1.53%), 4.25%, <br> 09/11/29<sup>(b)</sup><br>| 600 | 600693 |
| (3-mo. CME Term SOFR + 1.53%), 1.98%, <br> 09/08/31<sup>(b)</sup><br>| 450 | 401827 |
| (3-mo. CME Term SOFR + 1.57%), 2.87%, <br> 09/13/30<sup>(b)</sup><br>| 420 | 398017 |
| (3-mo. CME Term SOFR + 1.77%), 2.20%, <br> 07/10/31<sup>(b)</sup><br>| 678 | 614314 |
| Morgan Stanley |  |  |
| 3.63%, 01/20/27<sup>(a)</sup> | 1660 | 1653645 |
| 3.95%, 04/23/27 | 1263 | 1259813 |
| 3.59%, 07/22/28<sup>(b)</sup> | 1766 | 1747672 |
| 7.25%, 04/01/32 | 400 | 462141 |
| (1-day SOFR + 1.00%), 2.48%, 01/21/28<sup>(b)</sup> | 1181 | 1157137 |
| (1-day SOFR + 1.01%), 5.65%, 04/13/28<sup>(b)</sup> | 825 | 841947 |
| (1-day SOFR + 1.02%), 1.93%, 04/28/32<sup>(b)</sup> | 1872 | 1638016 |
| (1-day SOFR + 1.03%), 1.79%, 02/13/32<sup>(b)</sup> | 1742 | 1521923 |
| (1-day SOFR + 1.10%), 4.65%, 10/18/30<sup>(b)</sup> | 1975 | 1999234 |
| (1-day SOFR + 1.11%), 5.23%, 01/15/31<sup>(b)</sup> | 1520 | 1569199 |
| (1-day SOFR + 1.14%), 2.70%, 01/22/31<sup>(b)</sup> | 2159 | 2020381 |
| (1-day SOFR + 1.18%), 2.24%, 07/21/32<sup>(b)</sup> | 2563 | 2269511 |
| (1-day SOFR + 1.20%), 2.51%, 10/20/32<sup>(b)</sup> | 1546 | 1383228 |
| (1-day SOFR + 1.22%), 5.04%, 07/19/30<sup>(b)</sup> | 1530 | 1567809 |
| (1-day SOFR + 1.26%), 5.66%, 04/18/30<sup>(b)</sup> | 1415 | 1476063 |
| (1-day SOFR + 1.29%), 2.94%, 01/21/33<sup>(b)</sup> | 1562 | 1421938 |
| (1-day SOFR + 1.36%), 2.48%, 09/16/36<sup>(b)</sup> | 1817 | 1583473 |
| (1-day SOFR + 1.38%), 4.99%, 04/12/29<sup>(b)</sup> | 1215 | 1237863 |
| (1-day SOFR + 1.42%), 5.59%, 01/18/36<sup>(b)</sup> | 1815 | 1901175 |
| (1-day SOFR + 1.45%), 5.17%, 01/16/30<sup>(b)</sup> | 1425 | 1462910 |
| (1-day SOFR + 1.51%), 5.19%, 04/17/31<sup>(b)</sup> | 2150 | 2216490 |
| (1-day SOFR + 1.56%), 5.32%, 07/19/35<sup>(b)</sup> | 2091 | 2157051 |
| (1-day SOFR + 1.58%), 5.83%, 04/19/35<sup>(b)</sup> | 1781 | 1901359 |
| (1-day SOFR + 1.59%), 5.16%, 04/20/29<sup>(b)</sup> | 1710 | 1747441 |
| (1-day SOFR + 1.61%), 4.21%, 04/20/28<sup>(b)</sup> | 1454 | 1455632 |
| (1-day SOFR + 1.63%), 5.45%, 07/20/29<sup>(b)</sup> | 1480 | 1526410 |
| (1-day SOFR + 1.73%), 5.12%, 02/01/29<sup>(b)</sup> | 1495 | 1525285 |
| (1-day SOFR + 1.73%), 5.47%, 01/18/35<sup>(b)</sup> | 1738 | 1807777 |
| (1-day SOFR + 1.76%), 5.66%, 04/17/36<sup>(b)</sup> | 1795 | 1888901 |
| (1-day SOFR + 1.83%), 6.41%, 11/01/29<sup>(b)</sup> | 1280 | 1356853 |
| (1-day SOFR + 1.87%), 5.25%, 04/21/34<sup>(b)</sup> | 1990 | 2054933 |
| (1-day SOFR + 1.88%), 5.42%, 07/21/34<sup>(b)</sup> | 1600 | 1667562 |
| (1-day SOFR + 2.05%), 6.63%, 11/01/34<sup>(b)</sup> | 1078 | 1208189 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Morgan Stanley (continued) |  |  |
| (1-day SOFR + 2.08%), 4.89%, 07/20/33<sup>(b)</sup> | $1165 | $1184743 |
| (1-day SOFR + 2.24%), 6.30%, 10/18/28<sup>(b)</sup> | 1619 | 1683714 |
| (1-day SOFR + 2.56%), 6.34%, 10/18/33<sup>(b)</sup> | 1881 | 2067560 |
| (1-day SOFR + 2.62%), 5.30%, 04/20/37<sup>(b)</sup> | 1178 | 1198537 |
| (1-day SOFR + 3.12%), 3.62%, 04/01/31<sup>(b)</sup> | 2086 | 2024821 |
| (3-mo. CME Term SOFR + 1.40%), 3.77%, <br> 01/24/29<sup>(b)</sup><br>| 1845 | 1828405 |
| (3-mo. CME Term SOFR + 1.89%), 4.43%, <br> 01/23/30<sup>(b)</sup><br>| 2017 | 2028537 |
| (5-year CMT + 1.80%), 5.94%, 02/07/39<sup>(b)</sup> | 900 | 944380 |
| (5-year CMT + 2.43%), 5.95%, 01/19/38<sup>(b)</sup> | 1210 | 1269942 |
| Series I, (1-day SOFR + 0.91%), 4.13%, <br> 10/18/29<sup>(a)(b)</sup><br>| 1305 | 1301824 |
| Series I, (1-day SOFR + 1.07%), 4.36%, <br> 10/22/31<sup>(b)</sup><br>| 1535 | 1531519 |
| Series I, (1-day SOFR + 1.31%), 4.89%, <br> 10/22/36<sup>(b)</sup><br>| 1980 | 1968941 |
| Morgan Stanley Bank N.A., Series BKNT, (1-day <br> SOFR + 0.93%), 4.97%, 07/14/28<sup>(b)</sup><br>| 925 | 937570 |
| Morgan Stanley Bank NA<sup>(b)</sup> <br>|  |  |
| Class BN, (1-day SOFR + 0.91%), 5.02%, <br> 01/12/29<br>| 1550 | 1576440 |
| Series BKNT, (1-day SOFR + 0.87%), 5.50%, <br> 05/26/28<br>| 1400 | 1428228 |
| Series BKNT, (1-day SOFR + 1.08%), 4.95%, <br> 01/14/28<br>| 1040 | 1049197 |
| Morgan Stanley Private Bank NA<sup>(b)</sup> <br>|  |  |
| (1-day SOFR + 0.77%), 4.47%, 07/06/28 | 1320 | 1326505 |
| (1-day SOFR + 1.08%), 4.73%, 07/18/31 | 2120 | 2152728 |
| National Australia Bank Ltd. |  |  |
| 4.50%, 10/26/27 | 775 | 783467 |
| 4.31%, 06/13/28 | 470 | 474298 |
| 4.90%, 06/13/28<sup>(a)</sup> | 400 | 409716 |
| 4.79%, 01/10/29 | 750 | 767221 |
| 4.90%, 01/14/30 | 500 | 516013 |
| 4.53%, 06/13/30<sup>(a)</sup> | 500 | 508821 |
| National Australia Bank Ltd./New York |  |  |
| 3.91%, 06/09/27 | 1000 | 1000026 |
| 5.09%, 06/11/27 | 630 | 641835 |
| 4.94%, 01/12/28 | 700 | 714734 |
| National Bank of Canada |  |  |
| 5.60%, 12/18/28 | 750 | 781835 |
| 4.50%, 10/10/29 | 750 | 757129 |
| (1-day SOFR + 0.80%), 4.95%, 02/01/28<sup>(b)</sup> | 250 | 252510 |
| NatWest Group PLC<sup>(b)</sup> <br>|  |  |
| (1-year CMT + 1.05%), 5.12%, 05/23/31 | 800 | 821514 |
| (1-year CMT + 1.10%), 5.58%, 03/01/28 | 600 | 610558 |
| (1-year CMT + 1.22%), 4.96%, 08/15/30<sup>(a)</sup> | 800 | 815083 |
| (1-year CMT + 1.50%), 5.78%, 03/01/35 | 1000 | 1056261 |
| (1-year CMT + 1.95%), 5.81%, 09/13/29 | 800 | 832497 |
| (1-year CMT + 2.10%), 6.02%, 03/02/34 | 700 | 751652 |
| (1-year CMT + 2.27%), 5.52%, 09/30/28 | 1325 | 1356640 |
| (1-year CMT + 2.55%), 3.07%, 05/22/28 | 650 | 639188 |
| (3-mo. SOFR US + 2.02%), 4.89%, 05/18/29 | 928 | 942084 |
| (3-mo. SOFR US + 2.13%), 4.45%, 05/08/30 | 878 | 879659 |
| (3-mo. SOFR US + 2.17%), 5.08%, 01/27/30 | 978 | 999601 |
| (5-year CMT + 2.20%), 6.48%, 06/01/34 | 600 | 628962 |
| (5-year CMT + 2.35%), 3.03%, 11/28/35 | 400 | 365913 |
| Northern Trust Corp. |  |  |
| 4.00%, 05/10/27<sup>(a)</sup> | 483 | 483595 |
| 3.65%, 08/03/28<sup>(a)</sup> | 163 | 161980 |
| 3.15%, 05/03/29 | 213 | 207010 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Northern Trust Corp. (continued) |  |  |
| 1.95%, 05/01/30 | $550 | $502090 |
| 6.13%, 11/02/32 | 610 | 666198 |
| (3-mo. SOFR US + 1.39%), 3.38%, 05/08/32<sup>(a)(b)</sup> | 600 | 589534 |
| Oesterreichische Kontrollbank AG |  |  |
| 4.75%, 05/21/27 | 920 | 933523 |
| 4.25%, 03/01/28 | 900 | 911036 |
| 4.00%, 05/28/28 | 500 | 503863 |
| 4.13%, 01/18/29 | 1000 | 1012732 |
| 3.75%, 09/05/29 | 700 | 700012 |
| 4.50%, 01/24/30<sup>(a)</sup> | 975 | 1002982 |
| 3.75%, 09/10/30 | 1000 | 998828 |
| PNC Bank NA |  |  |
| (1-day SOFR + 0.73%), 4.43%, 07/21/28<sup>(b)</sup> | 750 | 753733 |
| Series BKNT, 3.10%, 10/25/27 | 500 | 491784 |
| Series BKNT, 3.25%, 01/22/28<sup>(a)</sup> | 250 | 246517 |
| Series BKNT, 4.05%, 07/26/28 | 900 | 898495 |
| Series BKNT, 2.70%, 10/22/29 | 500 | 470108 |
| PNC Financial Services Group, Inc. |  |  |
| 3.15%, 05/19/27 | 450 | 444020 |
| 3.45%, 04/23/29 | 1073 | 1051956 |
| 2.55%, 01/22/30 | 1331 | 1246896 |
| (1-day SOFR + 0.98%), 2.31%, 04/23/32<sup>(b)</sup> | 629 | 561920 |
| (1-day SOFR + 1.07%), 5.22%, 01/29/31<sup>(b)</sup> | 510 | 527104 |
| (1-day SOFR + 1.20%), 5.49%, 05/14/30<sup>(b)</sup> | 1276 | 1326001 |
| (1-day SOFR + 1.26%), 4.81%, 10/21/32<sup>(b)</sup> | 1180 | 1196319 |
| (1-day SOFR + 1.33%), 4.90%, 05/13/31<sup>(b)</sup> | 575 | 586443 |
| (1-day SOFR + 1.34%), 5.30%, 01/21/28<sup>(b)</sup> | 831 | 841851 |
| (1-day SOFR + 1.39%), 5.58%, 01/29/36<sup>(b)</sup> | 1100 | 1148544 |
| (1-day SOFR + 1.42%), 5.37%, 07/21/36<sup>(b)</sup> | 1125 | 1155770 |
| (1-day SOFR + 1.60%), 5.40%, 07/23/35<sup>(b)</sup> | 920 | 951066 |
| (1-day SOFR + 1.62%), 5.35%, 12/02/28<sup>(b)</sup> | 675 | 690965 |
| (1-day SOFR + 1.84%), 5.58%, 06/12/29<sup>(b)</sup> | 1658 | 1715742 |
| (1-day SOFR + 1.90%), 5.68%, 01/22/35<sup>(b)</sup> | 1012 | 1067976 |
| (1-day SOFR + 1.93%), 5.07%, 01/24/34<sup>(b)</sup> | 1175 | 1198848 |
| (1-day SOFR + 1.95%), 5.94%, 08/18/34<sup>(b)</sup> | 300 | 321791 |
| (1-day SOFR + 2.28%), 6.88%, 10/20/34<sup>(b)</sup> | 1399 | 1582951 |
| (1-day SOFR Index + 1.85%), 4.63%, 06/06/33<sup>(b)</sup> | 450 | 445796 |
| (1-day SOFR Index + 2.14%), 6.04%, 10/28/33<sup>(b)</sup> | 648 | 698772 |
| Regions Financial Corp. |  |  |
| 1.80%, 08/12/28 | 363 | 340256 |
| (1-day SOFR + 1.49%), 5.72%, 06/06/30<sup>(b)</sup> | 325 | 337468 |
| (1-day SOFR + 2.06%), 5.50%, 09/06/35<sup>(b)</sup> | 600 | 614438 |
| Royal Bank of Canada |  |  |
| 1.40%, 11/02/26 | 324 | 316135 |
| 4.88%, 01/19/27 | 641 | 648015 |
| 2.05%, 01/21/27 | 313 | 306004 |
| 3.63%, 05/04/27 | 837 | 833314 |
| 4.24%, 08/03/27 | 750 | 753902 |
| 6.00%, 11/01/27 | 1100 | 1142285 |
| 4.90%, 01/12/28 | 300 | 305924 |
| 5.20%, 08/01/28 | 880 | 906728 |
| 4.95%, 02/01/29 | 433 | 444735 |
| 2.30%, 11/03/31 | 900 | 805780 |
| 3.88%, 05/04/32<sup>(a)</sup> | 700 | 679338 |
| 5.00%, 02/01/33 | 960 | 988682 |
| 5.00%, 05/02/33 | 562 | 578376 |
| 5.15%, 02/01/34<sup>(a)</sup> | 1041 | 1087220 |
| 11/03/28<sup>(b)(c)</sup> | 625 | 623630 |
| (1-day SOFR + 0.83%), 4.97%, 01/24/29<sup>(b)</sup> | 850 | 864383 |
| (1-day SOFR + 0.89%), 4.50%, 08/06/29<sup>(b)</sup> | 725 | 730591 |
| 11/03/31<sup>(b)(c)</sup> | 625 | 621684 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Royal Bank of Canada (continued) |  |  |
| (1-day SOFR + 1.03%), 5.15%, 02/04/31<sup>(b)</sup> | $950 | $978100 |
| (1-day SOFR + 1.06%), 4.70%, 08/06/31<sup>(b)</sup> | 575 | 582478 |
| (1-day SOFR + 1.10%), 4.97%, 08/02/30<sup>(b)</sup> | 700 | 716141 |
| (1-day SOFR Index + 0.81%), 4.72%, 03/27/28<sup>(b)</sup> | 775 | 782095 |
| (1-day SOFR Index + 0.86%), 4.52%, 10/18/28<sup>(b)</sup> | 350 | 353064 |
| (1-day SOFR Index + 1.08%), 4.65%, 10/18/30<sup>(b)</sup> | 1358 | 1375119 |
| (1-day SOFR Index + 1.13%), 4.97%, 05/02/31<sup>(b)</sup> | 775 | 794048 |
| Santander Holdings USA, Inc. |  |  |
| 4.40%, 07/13/27 | 500 | 500467 |
| (1-day SOFR + 1.25%), 2.49%, 01/06/28<sup>(a)(b)</sup> | 575 | 561508 |
| (1-day SOFR + 1.61%), 5.47%, 03/20/29<sup>(b)</sup> | 500 | 508539 |
| (1-day SOFR + 1.88%), 5.74%, 03/20/31<sup>(b)</sup> | 400 | 412334 |
| (1-day SOFR + 1.94%), 5.35%, 09/06/30<sup>(b)</sup> | 638 | 650006 |
| (1-day SOFR + 2.14%), 6.34%, 05/31/35<sup>(a)(b)</sup> | 510 | 541624 |
| (1-day SOFR + 2.36%), 6.50%, 03/09/29<sup>(b)</sup> | 496 | 516433 |
| (1-day SOFR + 2.50%), 6.17%, 01/09/30<sup>(b)</sup> | 611 | 635232 |
| (1-day SOFR + 2.70%), 6.57%, 06/12/29<sup>(b)</sup> | 388 | 405384 |
| (1-day SOFR + 3.28%), 7.66%, 11/09/31<sup>(b)</sup> | 300 | 335021 |
| Santander U.K. Group Holdings PLC<sup>(b)</sup> <br>|  |  |
| (1-day SOFR + 1.22%), 2.47%, 01/11/28 | 650 | 635950 |
| (1-day SOFR + 1.48%), 2.90%, 03/15/32 | 450 | 411286 |
| (1-day SOFR + 2.60%), 6.53%, 01/10/29 | 800 | 836321 |
| (1-day SOFR Index + 1.07%), 4.32%, 09/22/29 | 800 | 797760 |
| (1-day SOFR Index + 1.52%), 5.69%, 04/15/31 | 550 | 573458 |
| (1-day SOFR Index + 1.55%), 4.86%, 09/11/30 | 600 | 607181 |
| (1-day SOFR Index + 1.58%), 5.14%, 09/22/36 | 800 | 793058 |
| (3-mo. SOFR US + 1.66%), 3.82%, 11/03/28 | 600 | 594035 |
| Simmons First National Corp., (3-mo. CME Term <br> SOFR + 3.02%), 6.25%, 10/01/35<sup>(b)</sup><br>| 100 | 100289 |
| Southstate Bank Corp., (1-day SOFR + 3.19%), <br> 7.00%, 06/13/35<sup>(a)(b)</sup><br>| 200 | 208709 |
| Standard Chartered Bank, 4.85%, 12/03/27<sup>(a)</sup> | 250 | 254570 |
| State Street Bank & Trust Co. |  |  |
| 4.59%, 11/25/26 | 750 | 755129 |
| 4.78%, 11/23/29<sup>(a)</sup> | 500 | 513922 |
| State Street Corp. |  |  |
| 4.99%, 03/18/27 | 801 | 812455 |
| 4.33%, 10/22/27<sup>(a)</sup> | 841 | 848823 |
| 4.54%, 02/28/28 | 834 | 844630 |
| 2.40%, 01/24/30<sup>(a)</sup> | 489 | 459276 |
| 4.73%, 02/28/30<sup>(a)</sup> | 400 | 408928 |
| 4.83%, 04/24/30<sup>(a)</sup> | 500 | 513487 |
| 2.20%, 03/03/31 | 450 | 402811 |
| (1-day SOFR + 0.56%), 1.68%, 11/18/27<sup>(b)</sup> | 341 | 332610 |
| (1-day SOFR + 0.73%), 2.20%, 02/07/28<sup>(b)</sup> | 279 | 272553 |
| (1-day SOFR + 0.95%), 4.54%, 04/24/28<sup>(b)</sup> | 495 | 498611 |
| (1-day SOFR + 1.00%), 2.62%, 02/07/33<sup>(b)</sup> | 441 | 397662 |
| (1-day SOFR + 1.02%), 4.53%, 02/20/29<sup>(b)</sup> | 700 | 706565 |
| (1-day SOFR + 1.05%), 4.68%, 10/22/32<sup>(b)</sup> | 525 | 530976 |
| (1-day SOFR + 1.22%), 5.15%, 02/28/36<sup>(b)</sup> | 500 | 511787 |
| (1-day SOFR + 1.22%), 4.78%, 10/23/36<sup>(b)</sup> | 475 | 472892 |
| (1-day SOFR + 1.48%), 5.68%, 11/21/29<sup>(b)</sup> | 500 | 522847 |
| (1-day SOFR + 1.49%), 3.03%, 11/01/34<sup>(b)</sup> | 330 | 310258 |
| (1-day SOFR + 1.57%), 4.82%, 01/26/34<sup>(b)</sup> | 600 | 607822 |
| (1-day SOFR + 1.61%), 4.42%, 05/13/33<sup>(a)(b)</sup> | 350 | 348789 |
| (1-day SOFR + 1.72%), 5.82%, 11/04/28<sup>(b)</sup> | 115 | 118854 |
| (1-day SOFR + 1.73%), 4.16%, 08/04/33<sup>(b)</sup> | 500 | 488288 |
| (1-day SOFR + 1.89%), 5.16%, 05/18/34<sup>(b)</sup> | 550 | 568722 |
| (1-day SOFR + 1.96%), 6.12%, 11/21/34<sup>(b)</sup> | 450 | 487739 |
| (1-day SOFR + 2.65%), 3.15%, 03/30/31<sup>(b)</sup> | 335 | 321424 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| State Street Corp. (continued) |  |  |
| (3-mo. CME Term SOFR + 1.29%), 4.14%, <br> 12/03/29<sup>(b)</sup><br>| $250 | $250207 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 3.45%, 01/11/27<sup>(a)</sup> | 700 | 695580 |
| 2.17%, 01/14/27 | 200 | 195650 |
| 3.36%, 07/12/27 | 1177 | 1165250 |
| 3.35%, 10/18/27 | 413 | 407786 |
| 5.52%, 01/13/28 | 1100 | 1134193 |
| 3.54%, 01/17/28 | 309 | 305667 |
| 5.80%, 07/13/28 | 500 | 521941 |
| 3.94%, 07/19/28 | 514 | 512864 |
| 5.72%, 09/14/28 | 400 | 416876 |
| 1.90%, 09/17/28 | 1582 | 1488293 |
| 4.31%, 10/16/28 | 432 | 435087 |
| 2.47%, 01/14/29 | 400 | 380599 |
| 5.32%, 07/09/29 | 400 | 414189 |
| 3.04%, 07/16/29 | 1640 | 1571076 |
| 2.72%, 09/27/29 | 478 | 451964 |
| 5.71%, 01/13/30 | 700 | 737835 |
| 2.75%, 01/15/30 | 750 | 704908 |
| 5.24%, 04/15/30 | 400 | 414543 |
| 2.13%, 07/08/30 | 1310 | 1187928 |
| 5.85%, 07/13/30 | 500 | 531885 |
| 2.14%, 09/23/30 | 470 | 422401 |
| 1.71%, 01/12/31 | 235 | 205461 |
| 5.42%, 07/09/31 | 600 | 628284 |
| 2.22%, 09/17/31 | 600 | 530887 |
| 5.45%, 01/15/32 | 200 | 209536 |
| 5.77%, 01/13/33 | 1050 | 1121491 |
| 5.78%, 07/13/33 | 500 | 535025 |
| 5.81%, 09/14/33<sup>(a)</sup> | 600 | 644037 |
| 5.56%, 07/09/34 | 800 | 843804 |
| 5.63%, 01/15/35<sup>(a)</sup> | 600 | 638067 |
| (1-day SOFR + 1.19%), 4.66%, 07/08/31<sup>(b)</sup> | 500 | 505686 |
| (1-day SOFR + 1.38%), 4.95%, 07/08/33<sup>(b)</sup> | 500 | 509846 |
| (1-day SOFR + 1.50%), 5.25%, 07/08/36<sup>(b)</sup> | 500 | 514245 |
| Synchrony Bank, 5.63%, 08/23/27 | 500 | 510351 |
| Synovus Bank/Columbus GA, 5.63%, 02/15/28 | 250 | 255044 |
| Synovus Financial Corp., (1-day SOFR + 2.35%), <br> 6.17%, 11/01/30<sup>(b)</sup><br>| 334 | 345185 |
| Toronto-Dominion Bank |  |  |
| 5.26%, 12/11/26 | 165 | 167098 |
| 4.57%, 12/17/26 | 950 | 955223 |
| 1.95%, 01/12/27 | 413 | 403529 |
| 2.80%, 03/10/27 | 637 | 626739 |
| 4.98%, 04/05/27 | 275 | 278556 |
| 4.11%, 06/08/27 | 816 | 816615 |
| 4.69%, 09/15/27 | 674 | 681575 |
| 5.16%, 01/10/28 | 1350 | 1379711 |
| 4.86%, 01/31/28 | 998 | 1014613 |
| 4.57%, 06/02/28 | 650 | 657267 |
| 5.52%, 07/17/28 | 747 | 773590 |
| 4.11%, 10/13/28 | 425 | 424776 |
| 4.99%, 04/05/29 | 605 | 620397 |
| 4.78%, 12/17/29 | 550 | 561850 |
| 4.81%, 06/03/30 | 650 | 662855 |
| 2.00%, 09/10/31 | 595 | 529075 |
| 2.45%, 01/12/32 | 413 | 368747 |
| 5.30%, 01/30/32 | 500 | 521887 |
| 3.20%, 03/10/32 | 1015 | 943855 |
| 4.46%, 06/08/32 | 1432 | 1432469 |
| 4.93%, 10/15/35 | 725 | 726273 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Toronto-Dominion Bank (continued) |  |  |
| (5-year CMT + 1.50%), 5.15%, 09/10/34<sup>(b)</sup> | $650 | $659303 |
| Truist Bank |  |  |
| Series BKNT, 2.25%, 03/11/30 | 761 | 694698 |
| Series BKNT, (1-day SOFR + 0.91%), 4.14%, <br> 10/23/29<sup>(b)</sup><br>| 500 | 498085 |
| Series BKNT, Class BN, (1-day SOFR + 0.77%), <br> 4.42%, 07/24/28<sup>(b)</sup><br>| 1135 | 1139190 |
| Truist Financial Corp. |  |  |
| 1.13%, 08/03/27 | 435 | 413491 |
| 3.88%, 03/19/29 | 330 | 325109 |
| 1.95%, 06/05/30 | 535 | 482140 |
| (1-day SOFR + 0.86%), 1.89%, 06/07/29<sup>(b)</sup> | 529 | 498245 |
| (1-day SOFR + 1.31%), 5.07%, 05/20/31<sup>(b)</sup> | 700 | 716105 |
| (1-day SOFR + 1.37%), 4.12%, 06/06/28<sup>(b)</sup> | 123 | 122992 |
| (1-day SOFR + 1.40%), 4.96%, 10/23/36<sup>(b)</sup> | 825 | 812679 |
| (1-day SOFR + 1.44%), 4.87%, 01/26/29<sup>(b)</sup> | 1054 | 1067834 |
| (1-day SOFR + 1.57%), 5.15%, 08/05/32<sup>(b)</sup> | 625 | 640974 |
| (1-day SOFR + 1.62%), 5.44%, 01/24/30<sup>(b)</sup> | 899 | 928894 |
| (1-day SOFR + 1.85%), 5.12%, 01/26/34<sup>(b)</sup> | 999 | 1012248 |
| (1-day SOFR + 1.92%), 5.71%, 01/24/35<sup>(b)</sup> | 1248 | 1307968 |
| (1-day SOFR + 2.24%), 4.92%, 07/28/33<sup>(b)</sup> | 702 | 700738 |
| (1-day SOFR + 2.30%), 6.12%, 10/28/33<sup>(b)</sup> | 500 | 536547 |
| (1-day SOFR + 2.36%), 5.87%, 06/08/34<sup>(b)</sup> | 1165 | 1232670 |
| (1-day SOFR + 2.45%), 7.16%, 10/30/29<sup>(b)</sup> | 1035 | 1119047 |
| U.S. Bancorp |  |  |
| 3.90%, 04/26/28 | 965 | 963596 |
| 3.00%, 07/30/29 | 634 | 607501 |
| 1.38%, 07/22/30 | 969 | 852465 |
| (1-day SOFR + 0.73%), 2.22%, 01/27/28<sup>(b)</sup> | 693 | 676663 |
| (1-day SOFR + 1.02%), 2.68%, 01/27/33<sup>(b)</sup> | 413 | 369734 |
| (1-day SOFR + 1.06%), 5.05%, 02/12/31<sup>(b)</sup> | 605 | 620060 |
| (1-day SOFR + 1.23%), 4.65%, 02/01/29<sup>(b)</sup> | 847 | 855413 |
| (1-day SOFR + 1.25%), 5.10%, 07/23/30<sup>(b)</sup> | 810 | 832149 |
| (1-day SOFR + 1.30%), 5.08%, 05/15/31<sup>(b)</sup> | 750 | 770348 |
| (1-day SOFR + 1.41%), 5.42%, 02/12/36<sup>(b)</sup> | 840 | 871490 |
| (1-day SOFR + 1.56%), 5.38%, 01/23/30<sup>(b)</sup> | 1018 | 1051714 |
| (1-day SOFR + 1.60%), 4.84%, 02/01/34<sup>(b)</sup> | 1200 | 1206454 |
| (1-day SOFR + 1.66%), 4.55%, 07/22/28<sup>(b)</sup> | 760 | 764983 |
| (1-day SOFR + 1.86%), 5.68%, 01/23/35<sup>(a)(b)</sup> | 1224 | 1289730 |
| (1-day SOFR + 2.02%), 5.78%, 06/12/29<sup>(b)</sup> | 1045 | 1085387 |
| (1-day SOFR + 2.09%), 5.85%, 10/21/33<sup>(b)</sup> | 1162 | 1238682 |
| (1-day SOFR + 2.11%), 4.97%, 07/22/33<sup>(b)</sup> | 875 | 877424 |
| (1-day SOFR + 2.26%), 5.84%, 06/12/34<sup>(b)</sup> | 933 | 994841 |
| (5-year CMT + 0.95%), 2.49%, 11/03/36<sup>(b)</sup> | 1007 | 870165 |
| Series X, 3.15%, 04/27/27 | 783 | 773658 |
| U.S. Bank NA, (1-day SOFR + 0.91%), 4.73%, <br> 05/15/28<sup>(b)</sup><br>| 750 | 756238 |
| UBS AG |  |  |
| 5.65%, 09/11/28 | 1000 | 1043375 |
| (1-day SOFR + 0.72%), 4.86%, 01/10/28<sup>(b)</sup> | 750 | 755966 |
| UBS AG/Stamford CT |  |  |
| 5.00%, 07/09/27 | 650 | 661933 |
| 7.50%, 02/15/28 | 1400 | 1509286 |
| Wachovia Corp., 5.50%, 08/01/35 | 250 | 257418 |
| Webster Financial Corp., 4.10%, 03/25/29<sup>(a)</sup> | 200 | 196528 |
| Wells Fargo & Co. |  |  |
| 4.30%, 07/22/27 | 1667 | 1671420 |
| 4.15%, 01/24/29 | 1374 | 1373910 |
| (1-day SOFR + 0.88%), 4.08%, 09/15/29<sup>(b)</sup> | 1675 | 1670583 |
| (1-day SOFR + 1.07%), 5.71%, 04/22/28<sup>(b)</sup> | 1880 | 1920903 |
| (1-day SOFR + 1.11%), 5.24%, 01/24/31<sup>(b)</sup> | 2091 | 2162641 |
| (1-day SOFR + 1.34%), 4.89%, 09/15/36<sup>(a)(b)</sup> | 1675 | 1673512 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Wells Fargo & Co. (continued) |  |  |
| (1-day SOFR + 1.37%), 4.97%, 04/23/29<sup>(b)</sup> | 2000 | $2036001 |
| (1-day SOFR + 1.38%), 5.21%, 12/03/35<sup>(b)</sup> | 1650 | 1688695 |
| (1-day SOFR + 1.50%), 5.20%, 01/23/30<sup>(b)</sup> | 1320 | 1358050 |
| (1-day SOFR + 1.50%), 5.15%, 04/23/31<sup>(b)</sup> | 2875 | 2965201 |
| (1-day SOFR + 1.50%), 3.35%, 03/02/33<sup>(b)</sup> | 2463 | 2296990 |
| (1-day SOFR + 1.51%), 3.53%, 03/24/28<sup>(b)</sup> | 2167 | 2148662 |
| (1-day SOFR + 1.74%), 5.57%, 07/25/29<sup>(b)</sup> | 2394 | 2478460 |
| (1-day SOFR + 1.74%), 5.61%, 04/23/36<sup>(b)</sup> | 1795 | 1883964 |
| (1-day SOFR + 1.78%), 5.50%, 01/23/35<sup>(b)</sup> | 1965 | 2049749 |
| (1-day SOFR + 1.79%), 6.30%, 10/23/29<sup>(b)</sup> | 1571 | 1661412 |
| (1-day SOFR + 1.98%), 4.81%, 07/25/28<sup>(b)</sup> | 2045 | 2068044 |
| (1-day SOFR + 1.99%), 5.56%, 07/25/34<sup>(b)</sup> | 2556 | 2681865 |
| (1-day SOFR + 2.02%), 5.39%, 04/24/34<sup>(b)</sup> | 2335 | 2425338 |
| (1-day SOFR + 2.06%), 6.49%, 10/23/34<sup>(b)</sup> | 1966 | 2183826 |
| (1-day SOFR + 2.10%), 2.39%, 06/02/28<sup>(b)</sup> | 2045 | 1990293 |
| (1-day SOFR + 2.10%), 4.90%, 07/25/33<sup>(b)</sup> | 2873 | 2916149 |
| (3-mo. CME Term SOFR + 1.26%), 2.57%, <br> 02/11/31<sup>(b)</sup><br>| 1943 | 1809679 |
| (3-mo. CME Term SOFR + 1.43%), 2.88%, <br> 10/30/30<sup>(b)</sup><br>| 2209 | 2095633 |
| (3-mo. CME Term SOFR + 1.57%), 3.58%, <br> 05/22/28<sup>(b)</sup><br>| 2143 | 2124627 |
| (3-mo. CME Term SOFR + 4.03%), 4.48%, <br> 04/04/31<sup>(b)</sup><br>| 1559 | 1568606 |
| Series W, (1-day SOFR + 0.78%), 4.90%, <br> 01/24/28<sup>(b)</sup><br>| 1415 | 1427330 |
| Wells Fargo Bank NA, 5.25%, 12/11/26 | 1200 | 1215940 |
| Westpac Banking Corp. |  |  |
| 3.35%, 03/08/27 | 500 | 496593 |
| 4.04%, 08/26/27 | 600 | 601835 |
| 5.46%, 11/18/27 | 854 | 879954 |
| 3.40%, 01/25/28 | 935 | 925485 |
| 5.54%, 11/17/28 | 820 | 857459 |
| 1.95%, 11/20/28 | 629 | 593296 |
| 5.05%, 04/16/29 | 500 | 517536 |
| 2.65%, 01/16/30 | 571 | 539833 |
| 4.35%, 07/01/30 | 550 | 555611 |
| 2.15%, 06/03/31 | 536 | 483489 |
| 6.82%, 11/17/33 | 428 | 479769 |
| (1-year CMT + 1.20%), 5.62%, 11/20/35<sup>(b)</sup> | 950 | 982915 |
| (1-year CMT + 2.68%), 5.41%, 08/10/33<sup>(b)</sup> | 550 | 568425 |
| (5-year CMT + 1.53%), 3.02%, 11/18/36<sup>(b)</sup> | 820 | 734752 |
| (5-year CMT + 1.75%), 2.67%, 11/15/35<sup>(b)</sup> | 957 | 862193 |
| (5-year CMT + 2.00%), 4.11%, 07/24/34<sup>(a)(b)</sup> | 740 | 725649 |
| (5-year USD SOFR ICE Swap + 2.24%), 4.32%, <br> 11/23/31<sup>(b)</sup><br>| 704 | 702355 |
| Wintrust Financial Corp., 4.85%, 06/06/29 | 150 | 148619 |
| Zions Bancorp NA |  |  |
| 3.25%, 10/29/29 | 261 | 243038 |
| (1-day SOFR + 1.16%), 4.70%, 08/18/28<sup>(b)</sup> | 250 | 249687 |
| (1-day SOFR + 2.83%), 6.82%, 11/19/35<sup>(b)</sup> | 250 | 265458 |
|  |  | 953334724 |
| **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.75%, 01/23/29 | 2067 | 2111001 |
| 3.50%, 06/01/30 | 1311 | 1279572 |
| 4.90%, 01/23/31 | 400 | 413597 |
| 5.00%, 06/15/34<sup>(a)</sup> | 863 | 891473 |
| 5.88%, 06/15/35 | 200 | 219294 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Brown-Forman Corp., 4.75%, 04/15/33<sup>(a)</sup> | $400 | $405499 |
| Coca-Cola Co. |  |  |
| 3.38%, 03/25/27 | 672 | 669034 |
| 2.90%, 05/25/27 | 163 | 160875 |
| 1.45%, 06/01/27 | 900 | 868527 |
| 1.50%, 03/05/28 | 429 | 408024 |
| 1.00%, 03/15/28 | 676 | 634445 |
| 2.13%, 09/06/29 | 729 | 683775 |
| 3.45%, 03/25/30 | 745 | 727470 |
| 1.65%, 06/01/30 | 876 | 790204 |
| 2.00%, 03/05/31 | 462 | 417103 |
| 1.38%, 03/15/31 | 912 | 796274 |
| 2.25%, 01/05/32 | 1233 | 1107924 |
| 5.00%, 05/13/34 | 766 | 798809 |
| 4.65%, 08/14/34<sup>(a)</sup> | 637 | 649024 |
| Coca-Cola Consolidated, Inc. |  |  |
| 5.25%, 06/01/29 | 300 | 310703 |
| 5.45%, 06/01/34 | 300 | 314305 |
| Coca-Cola Femsa SAB de CV |  |  |
| 2.75%, 01/22/30 | 705 | 662698 |
| 1.85%, 09/01/32 | 332 | 277914 |
| 5.10%, 05/06/35 | 350 | 353428 |
| Constellation Brands, Inc. |  |  |
| 3.70%, 12/06/26 | 620 | 617569 |
| 3.50%, 05/09/27 | 179 | 177312 |
| 4.35%, 05/09/27 | 400 | 401142 |
| 3.60%, 02/15/28 | 450 | 444331 |
| 4.65%, 11/15/28 | 250 | 253016 |
| 4.80%, 01/15/29 | 175 | 177748 |
| 3.15%, 08/01/29 | 829 | 797024 |
| 2.88%, 05/01/30 | 379 | 354714 |
| 4.80%, 05/01/30 | 175 | 177535 |
| 2.25%, 08/01/31 | 652 | 576428 |
| 4.75%, 05/09/32<sup>(a)</sup> | 330 | 332042 |
| 4.90%, 05/01/33<sup>(a)</sup> | 440 | 442992 |
| 4.95%, 11/01/35 | 150 | 147747 |
| Diageo Capital PLC |  |  |
| 5.30%, 10/24/27 | 500 | 512119 |
| 3.88%, 05/18/28 | 478 | 476731 |
| 2.38%, 10/24/29 | 766 | 717806 |
| 2.00%, 04/29/30 | 678 | 618296 |
| 2.13%, 04/29/32 | 478 | 414914 |
| 5.50%, 01/24/33 | 500 | 527605 |
| 5.63%, 10/05/33 | 600 | 638424 |
| Diageo Investment Corp. |  |  |
| 5.13%, 08/15/30 | 600 | 621761 |
| 5.63%, 04/15/35 | 500 | 529069 |
| Keurig Dr. Pepper, Inc. |  |  |
| 5.10%, 03/15/27 | 543 | 548109 |
| 3.43%, 06/15/27 | 314 | 310396 |
| 4.35%, 05/15/28 | 250 | 250148 |
| 4.60%, 05/25/28 | 702 | 706006 |
| 5.05%, 03/15/29 | 543 | 553285 |
| 3.95%, 04/15/29 | 632 | 622964 |
| 3.20%, 05/01/30<sup>(a)</sup> | 413 | 390676 |
| 4.60%, 05/15/30 | 250 | 250594 |
| 4.05%, 04/15/32 | 615 | 589523 |
| 5.30%, 03/15/34 | 325 | 330488 |
| 5.15%, 05/15/35 | 450 | 449400 |
| Series 10, 5.20%, 03/15/31 | 225 | 230640 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Keurig Dr. Pepper, Inc. (continued) |  |  |
| Series 31, 2.25%, 03/15/31 | 213 | $188997 |
| Pepsico Singapore Financing I Pte. Ltd. |  |  |
| 4.65%, 02/16/27 | 225 | 227128 |
| 4.55%, 02/16/29<sup>(a)</sup> | 225 | 228912 |
| 4.70%, 02/16/34 | 325 | 326621 |
| PepsiCo, Inc. |  |  |
| 5.13%, 11/10/26 | 1800 | 1820091 |
| 4.40%, 02/07/27 | 100 | 100720 |
| 2.63%, 03/19/27 | 256 | 251960 |
| 3.00%, 10/15/27 | 963 | 949711 |
| 4.45%, 02/07/28 | 300 | 304019 |
| 3.60%, 02/18/28 | 445 | 442840 |
| 4.45%, 05/15/28 | 456 | 462815 |
| 4.10%, 01/15/29 | 575 | 577996 |
| 7.00%, 03/01/29 | 150 | 163825 |
| 4.50%, 07/17/29 | 425 | 433302 |
| 2.63%, 07/29/29 | 729 | 694220 |
| 4.60%, 02/07/30 | 700 | 715599 |
| 2.75%, 03/19/30 | 1025 | 970500 |
| 1.63%, 05/01/30 | 646 | 581966 |
| 4.30%, 07/23/30 | 235 | 236951 |
| 1.40%, 02/25/31 | 464 | 404570 |
| 1.95%, 10/21/31 | 816 | 720505 |
| 3.90%, 07/18/32 | 837 | 820514 |
| 4.65%, 07/23/32<sup>(a)</sup> | 375 | 382579 |
| 4.45%, 02/15/33 | 550 | 556802 |
| 4.80%, 07/17/34 | 425 | 433867 |
| 5.00%, 02/07/35 | 854 | 876541 |
| 5.00%, 07/23/35 | 775 | 794047 |
|  |  | 45807124 |
| **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** |
| Amgen, Inc. |  |  |
| 2.20%, 02/21/27 | 1148 | 1120837 |
| 3.20%, 11/02/27 | 865 | 851222 |
| 5.15%, 03/02/28 | 1999 | 2043539 |
| 1.65%, 08/15/28 | 1200 | 1124182 |
| 3.00%, 02/22/29 | 300 | 289406 |
| 4.05%, 08/18/29 | 942 | 937125 |
| 2.45%, 02/21/30 | 902 | 837618 |
| 5.25%, 03/02/30 | 1832 | 1900785 |
| 2.30%, 02/25/31 | 902 | 814608 |
| 2.00%, 01/15/32 | 760 | 660448 |
| 3.35%, 02/22/32 | 666 | 626941 |
| 4.20%, 03/01/33 | 600 | 585373 |
| 5.25%, 03/02/33 | 2258 | 2337878 |
| Biogen, Inc. |  |  |
| 2.25%, 05/01/30 | 1007 | 921570 |
| 5.05%, 01/15/31<sup>(a)</sup> | 120 | 123418 |
| 5.75%, 05/15/35<sup>(a)</sup> | 415 | 435323 |
| Bio-Rad Laboratories, Inc. |  |  |
| 3.30%, 03/15/27 | 250 | 246865 |
| 3.70%, 03/15/32 | 577 | 540550 |
| Gilead Sciences, Inc. |  |  |
| 2.95%, 03/01/27 | 863 | 852796 |
| 1.20%, 10/01/27 | 475 | 451991 |
| 4.80%, 11/15/29 | 380 | 390234 |
| 1.65%, 10/01/30 | 821 | 730531 |
| 5.25%, 10/15/33 | 665 | 697336 |
| 5.10%, 06/15/35 | 704 | 724088 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Gilead Sciences, Inc. (continued) |  |  |
| 4.60%, 09/01/35 | 600 | $593764 |
| Illumina, Inc. |  |  |
| 5.75%, 12/13/27 | 200 | 205668 |
| 2.55%, 03/23/31 | 395 | 355379 |
| Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30 | 670 | 593972 |
| Royalty Pharma PLC |  |  |
| 1.75%, 09/02/27 | 643 | 616084 |
| 5.15%, 09/02/29 | 300 | 307652 |
| 2.20%, 09/02/30 | 1059 | 953870 |
| 4.45%, 03/25/31 | 450 | 446757 |
| 2.15%, 09/02/31<sup>(a)</sup> | 286 | 249668 |
| 5.40%, 09/02/34 | 300 | 306442 |
| 5.20%, 09/25/35 | 550 | 551436 |
|  |  | 25425356 |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |
| TJX Cos., Inc. |  |  |
| 1.15%, 05/15/28 | 350 | 326795 |
| 3.88%, 04/15/30 | 250 | 248722 |
| 1.60%, 05/15/31<sup>(a)</sup> | 350 | 306663 |
|  |  | 882180 |
| **Building Materials — 0.6%** | **Building Materials — 0.6%** | **Building Materials — 0.6%** |
| Amrize Finance U.S. LLC<sup>(d)</sup> <br>|  |  |
| 4.60%, 04/07/27 | 125 | 125743 |
| 4.70%, 04/07/28 | 425 | 429978 |
| 4.95%, 04/07/30 | 898 | 919162 |
| 5.40%, 04/07/35 | 595 | 614120 |
| Carlisle Cos., Inc. |  |  |
| 3.75%, 12/01/27 | 400 | 397345 |
| 2.75%, 03/01/30 | 599 | 562248 |
| 2.20%, 03/01/32<sup>(a)</sup> | 325 | 281752 |
| 5.25%, 09/15/35<sup>(a)</sup> | 320 | 325605 |
| Carrier Global Corp. |  |  |
| 2.49%, 02/15/27 | 542 | 531195 |
| 2.72%, 02/15/30 | 1287 | 1207504 |
| 2.70%, 02/15/31 | 506 | 466716 |
| 5.90%, 03/15/34 | 576 | 619998 |
| CRH America Finance, Inc. |  |  |
| 4.40%, 02/09/31 | 500 | 499407 |
| 5.40%, 05/21/34 | 500 | 518131 |
| 5.50%, 01/09/35 | 650 | 678102 |
| 5.00%, 02/09/36 | 500 | 500958 |
| CRH SMW Finance DAC |  |  |
| 5.20%, 05/21/29 | 600 | 618506 |
| 5.13%, 01/09/30 | 650 | 668580 |
| Eagle Materials, Inc., 2.50%, 07/01/31 | 403 | 364442 |
| Fortune Brands Innovations, Inc. |  |  |
| 3.25%, 09/15/29 | 413 | 395727 |
| 4.00%, 03/25/32 | 479 | 457221 |
| 5.88%, 06/01/33<sup>(a)</sup> | 186 | 196655 |
| Johnson Controls International PLC/Tyco Fire & <br> Security Finance SCA<br>|  |  |
| 5.50%, 04/19/29 | 300 | 311810 |
| 1.75%, 09/15/30 | 411 | 365202 |
| 2.00%, 09/16/31 | 351 | 307155 |
| 4.90%, 12/01/32 | 475 | 483794 |
| Lennox International, Inc., 5.50%, 09/15/28 | 254 | 262377 |
| Martin Marietta Materials, Inc. |  |  |
| 3.45%, 06/01/27<sup>(a)</sup> | 163 | 161577 |
| 3.50%, 12/15/27 | 300 | 296485 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| Martin Marietta Materials, Inc. (continued) |  |  |
| 2.50%, 03/15/30 | 179 | $166750 |
| 2.40%, 07/15/31 | 561 | 503896 |
| 5.15%, 12/01/34 | 507 | 518518 |
| Masco Corp. |  |  |
| 1.50%, 02/15/28 | 300 | 282011 |
| 2.00%, 10/01/30<sup>(a)</sup> | 109 | 97618 |
| 2.00%, 02/15/31 | 413 | 363140 |
| Mohawk Industries, Inc. |  |  |
| 5.85%, 09/18/28 | 250 | 260983 |
| 3.63%, 05/15/30 | 425 | 410764 |
| Owens Corning |  |  |
| 5.50%, 06/15/27 | 299 | 304966 |
| 3.95%, 08/15/29 | 270 | 266955 |
| 3.50%, 02/15/30<sup>(a)</sup> | 290 | 279902 |
| 3.88%, 06/01/30<sup>(a)</sup> | 225 | 220304 |
| 5.70%, 06/15/34<sup>(a)</sup> | 422 | 443639 |
| Trane Technologies Financing Ltd. |  |  |
| 3.80%, 03/21/29 | 560 | 554621 |
| 5.25%, 03/03/33 | 400 | 416569 |
| 5.10%, 06/13/34 | 255 | 262147 |
| Trane Technologies Holdco, Inc., 3.75%, 08/21/28 | 300 | 298084 |
| Vulcan Materials Co. |  |  |
| 3.90%, 04/01/27<sup>(a)</sup> | 129 | 128680 |
| 4.95%, 12/01/29 | 325 | 333338 |
| 3.50%, 06/01/30 | 400 | 386469 |
| 5.35%, 12/01/34<sup>(a)</sup> | 425 | 439058 |
|  |  | 20505907 |
| **Building Products — 0.7%** | **Building Products — 0.7%** | **Building Products — 0.7%** |
| Ferguson Enterprises, Inc. |  |  |
| 4.35%, 03/15/31 | 300 | 298540 |
| 5.00%, 10/03/34 | 500 | 503735 |
| Home Depot, Inc. |  |  |
| 2.50%, 04/15/27 | 460 | 451315 |
| 2.88%, 04/15/27 | 525 | 517907 |
| 4.88%, 06/25/27 | 245 | 249017 |
| 2.80%, 09/14/27 | 671 | 658782 |
| 0.90%, 03/15/28<sup>(a)</sup> | 408 | 382022 |
| 1.50%, 09/15/28 | 555 | 520280 |
| 3.75%, 09/15/28 | 190 | 189545 |
| 3.90%, 12/06/28 | 600 | 600133 |
| 4.90%, 04/15/29 | 250 | 257364 |
| 2.95%, 06/15/29 | 1226 | 1183783 |
| 4.75%, 06/25/29 | 853 | 873447 |
| 2.70%, 04/15/30 | 1051 | 991926 |
| 3.95%, 09/15/30<sup>(a)</sup> | 235 | 233784 |
| 1.38%, 03/15/31 | 475 | 410751 |
| 4.85%, 06/25/31<sup>(a)</sup> | 595 | 614559 |
| 1.88%, 09/15/31 | 671 | 587972 |
| 3.25%, 04/15/32 | 734 | 687612 |
| 4.50%, 09/15/32 | 944 | 956994 |
| 4.95%, 06/25/34 | 1185 | 1213940 |
| 4.65%, 09/15/35 | 600 | 594169 |
| Lowe's Cos., Inc. |  |  |
| 3.35%, 04/01/27 | 628 | 622183 |
| 3.10%, 05/03/27 | 1056 | 1041467 |
| 3.95%, 10/15/27 | 600 | 599118 |
| 1.30%, 04/15/28 | 899 | 842290 |
| 1.70%, 09/15/28 | 352 | 329613 |
| 4.00%, 10/15/28 | 600 | 598755 |
| 6.50%, 03/15/29 | 260 | 279235 |
| 3.65%, 04/05/29 | 913 | 897588 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Lowe's Cos., Inc. (continued) |  |  |
| 4.50%, 04/15/30 | 829 | $838051 |
| 1.70%, 10/15/30 | 941 | 830322 |
| 4.25%, 03/15/31 | 700 | 694732 |
| 2.63%, 04/01/31 | 1129 | 1031033 |
| 3.75%, 04/01/32 | 929 | 886562 |
| 4.50%, 10/15/32 | 850 | 841901 |
| 5.00%, 04/15/33<sup>(a)</sup> | 850 | 868144 |
| 5.15%, 07/01/33 | 552 | 568247 |
| 4.85%, 10/15/35 | 750 | 740939 |
|  |  | 25487757 |
| **Capital Markets — 0.9%** | **Capital Markets — 0.9%** | **Capital Markets — 0.9%** |
| Apollo Debt Solutions BDC |  |  |
| 6.90%, 04/13/29 | 600 | 627940 |
| 5.88%, 08/30/30<sup>(d)</sup> | 300 | 303393 |
| 6.70%, 07/29/31<sup>(a)</sup> | 640 | 674183 |
| 6.55%, 03/15/32<sup>(d)</sup> | 355 | 368992 |
| Ares Capital Corp. |  |  |
| 7.00%, 01/15/27 | 482 | 495151 |
| 2.88%, 06/15/27 | 179 | 174541 |
| 2.88%, 06/15/28 | 768 | 731225 |
| 5.88%, 03/01/29 | 550 | 563132 |
| 5.95%, 07/15/29 | 565 | 579674 |
| 3.20%, 11/15/31 | 563 | 498338 |
| 5.80%, 03/08/32 | 625 | 631000 |
| ARES Capital Corp. |  |  |
| 5.50%, 09/01/30 | 615 | 620245 |
| 5.10%, 01/15/31 | 375 | 369427 |
| Bain Capital Specialty Finance, Inc., 5.95%, <br> 03/15/30<sup>(a)</sup><br>| 250 | 249127 |
| Barings BDC, Inc. |  |  |
| 3.30%, 11/23/26 | 150 | 147560 |
| 5.20%, 09/15/28 | 100 | 99520 |
| 7.00%, 02/15/29 | 250 | 258295 |
| Barings Private Credit Corp., 6.15%, 06/11/30<sup>(d)</sup> | 250 | 248225 |
| Blackstone Private Credit Fund |  |  |
| 2.63%, 12/15/26<sup>(a)</sup> | 675 | 660352 |
| 3.25%, 03/15/27 | 532 | 521957 |
| 4.95%, 09/26/27 | 250 | 251107 |
| 7.30%, 11/27/28<sup>(a)</sup> | 450 | 478104 |
| 4.00%, 01/15/29 | 393 | 381906 |
| 5.95%, 07/16/29 | 325 | 332147 |
| 5.60%, 11/22/29 | 300 | 303197 |
| 5.25%, 04/01/30 | 250 | 248776 |
| 5.05%, 09/10/30 | 300 | 294880 |
| 6.25%, 01/25/31 | 300 | 311061 |
| 6.00%, 01/29/32 | 650 | 664395 |
| 6.00%, 11/22/34<sup>(a)</sup> | 550 | 557758 |
| Blackstone Secured Lending Fund |  |  |
| 2.13%, 02/15/27 | 400 | 386804 |
| 5.88%, 11/15/27<sup>(a)</sup> | 175 | 178654 |
| 5.35%, 04/13/28<sup>(a)</sup> | 450 | 454535 |
| 2.85%, 09/30/28 | 390 | 367995 |
| 5.30%, 06/30/30 | 375 | 374902 |
| 5.13%, 01/31/31<sup>(a)</sup> | 250 | 246392 |
| Blue Owl Capital Corp. |  |  |
| 2.63%, 01/15/27 | 225 | 219162 |
| 3.13%, 04/13/27 | 130 | 126684 |
| 2.88%, 06/11/28 | 526 | 496697 |
| 5.95%, 03/15/29 | 758 | 768082 |
| 6.20%, 07/15/30 | 280 | 286209 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26 | 50 | 51665 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Blue Owl Credit Income Corp. |  |  |
| 4.70%, 02/08/27 | $252 | $251068 |
| 7.75%, 09/16/27<sup>(a)</sup> | 600 | 627053 |
| 7.95%, 06/13/28 | 398 | 422661 |
| 7.75%, 01/15/29 | 352 | 374770 |
| 6.60%, 09/15/29 | 600 | 620060 |
| 5.80%, 03/15/30 | 625 | 628426 |
| 6.65%, 03/15/31 | 470 | 488701 |
| Blue Owl Technology Finance Corp. |  |  |
| 2.50%, 01/15/27 | 150 | 145285 |
| 6.10%, 03/15/28<sup>(d)</sup> | 465 | 468457 |
| 6.75%, 04/04/29 | 400 | 408873 |
| Capital Southwest Corp., 5.95%, 09/18/30 | 250 | 250514 |
| Carlyle Secured Lending, Inc. |  |  |
| 6.75%, 02/18/30 | 150 | 154174 |
| 5.75%, 02/15/31 | 100 | 97840 |
| Franklin BSP Capital Corp. |  |  |
| 7.20%, 06/15/29 | 200 | 206146 |
| 6.00%, 10/02/30<sup>(d)</sup> | 150 | 147116 |
| FS KKR Capital Corp. |  |  |
| 2.63%, 01/15/27 | 329 | 318354 |
| 3.25%, 07/15/27 | 413 | 396693 |
| 3.13%, 10/12/28 | 431 | 397675 |
| 7.88%, 01/15/29<sup>(a)</sup> | 250 | 261194 |
| 6.88%, 08/15/29 | 372 | 377357 |
| 6.13%, 01/15/30<sup>(a)</sup> | 400 | 395465 |
| 6.13%, 01/15/31<sup>(a)</sup> | 350 | 343844 |
| Goldman Sachs BDC, Inc. |  |  |
| 6.38%, 03/11/27 | 100 | 101953 |
| 5.65%, 09/09/30 | 325 | 327116 |
| Goldman Sachs Private Credit Corp.<sup>(d)</sup> <br>|  |  |
| 5.88%, 05/06/28<sup>(a)</sup> | 225 | 228403 |
| 5.38%, 01/31/29 | 200 | 200295 |
| 6.25%, 05/06/30<sup>(a)</sup> | 475 | 485754 |
| Golub Capital BDC, Inc. |  |  |
| 2.05%, 02/15/27 | 245 | 236120 |
| 7.05%, 12/05/28 | 325 | 340933 |
| 6.00%, 07/15/29 | 502 | 509755 |
| Golub Capital Private Credit Fund |  |  |
| 5.45%, 08/15/28<sup>(a)(d)</sup> | 395 | 396869 |
| 5.80%, 09/12/29 | 300 | 304296 |
| 5.88%, 05/01/30<sup>(a)</sup> | 302 | 306949 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 6.15%, 01/15/31 | 275 | 281849 |
| 6.38%, 07/01/34 | 645 | 651238 |
| 6.75%, 07/15/35 | 275 | 281293 |
| Main Street Capital Corp. |  |  |
| 6.50%, 06/04/27 | 175 | 178442 |
| 5.40%, 08/15/28 | 300 | 299799 |
| 6.95%, 03/01/29 | 225 | 233789 |
| Morgan Stanley Direct Lending Fund<sup>(a)</sup> <br>|  |  |
| 6.15%, 05/17/29 | 250 | 256985 |
| 6.00%, 05/19/30 | 250 | 255451 |
| MSD Investment Corp., 6.25%, 05/31/30<sup>(d)</sup> | 325 | 326915 |
| New Mountain Finance Corp. |  |  |
| 6.20%, 10/15/27 | 200 | 203206 |
| 6.88%, 02/01/29<sup>(a)</sup> | 250 | 254223 |
| North Haven Private Income Fund LLC |  |  |
| 5.13%, 09/25/28<sup>(d)</sup> | 200 | 198658 |
| 5.75%, 02/01/30 | 200 | 200069 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Nuveen Churchill Direct Lending Corp., 6.65%, <br> 03/15/30<br>| 200 | $205696 |
| Oaktree Specialty Lending Corp. |  |  |
| 2.70%, 01/15/27 | 150 | 145395 |
| 7.10%, 02/15/29 | 200 | 205416 |
| 6.34%, 02/27/30 | 245 | 245940 |
| Sixth Street Lending Partners |  |  |
| 6.50%, 03/11/29 | 426 | 441267 |
| 5.75%, 01/15/30<sup>(a)</sup> | 350 | 354612 |
| 6.13%, 07/15/30<sup>(a)(d)</sup> | 500 | 513360 |
| Sixth Street Specialty Lending, Inc. |  |  |
| 6.95%, 08/14/28 | 250 | 262650 |
| 6.13%, 03/01/29<sup>(a)</sup> | 200 | 205254 |
| 5.63%, 08/15/30<sup>(a)</sup> | 190 | 191950 |
|  |  | 34217015 |
| **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
| Air Products and Chemicals, Inc. |  |  |
| 1.85%, 05/15/27 | 342 | 331892 |
| 4.30%, 06/11/28<sup>(a)</sup> | 400 | 403282 |
| 4.60%, 02/08/29 | 450 | 457802 |
| 2.05%, 05/15/30 | 623 | 570002 |
| 4.75%, 02/08/31 | 386 | 395694 |
| 4.90%, 10/11/32 | 300 | 308650 |
| 4.80%, 03/03/33 | 300 | 305421 |
| 4.85%, 02/08/34<sup>(a)</sup> | 672 | 684170 |
| Albemarle Corp. |  |  |
| 4.65%, 06/01/27 | 400 | 400058 |
| 5.05%, 06/01/32<sup>(a)</sup> | 400 | 397882 |
| Cabot Corp. |  |  |
| 4.00%, 07/01/29 | 93 | 92084 |
| 5.00%, 06/30/32 | 400 | 405799 |
| CF Industries, Inc., 5.15%, 03/15/34 | 542 | 545519 |
| Dow Chemical Co. |  |  |
| 4.80%, 11/30/28 | 375 | 378988 |
| 7.38%, 11/01/29 | 358 | 395937 |
| 2.10%, 11/15/30<sup>(a)</sup> | 550 | 487644 |
| 4.80%, 01/15/31 | 500 | 497961 |
| 6.30%, 03/15/33 | 262 | 280545 |
| 5.15%, 02/15/34<sup>(a)</sup> | 400 | 400967 |
| 4.25%, 10/01/34 | 350 | 322418 |
| 5.35%, 03/15/35<sup>(a)</sup> | 325 | 322841 |
| DuPont de Nemours, Inc., 4.73%, 11/15/28<sup>(d)</sup> | 1291 | 1313278 |
| Eastman Chemical Co. |  |  |
| 4.50%, 12/01/28 | 179 | 179890 |
| 5.00%, 08/01/29 | 615 | 626330 |
| 5.75%, 03/08/33<sup>(a)</sup> | 360 | 377675 |
| 5.63%, 02/20/34<sup>(a)</sup> | 510 | 525813 |
| Ecolab, Inc. |  |  |
| 2.70%, 11/01/26 | 500 | 493850 |
| 1.65%, 02/01/27 | 270 | 262583 |
| 3.25%, 12/01/27 | 329 | 325007 |
| 5.25%, 01/15/28<sup>(a)</sup> | 304 | 311965 |
| 4.30%, 06/15/28 | 354 | 356694 |
| 4.80%, 03/24/30 | 413 | 423747 |
| 1.30%, 01/30/31 | 490 | 422728 |
| 2.13%, 02/01/32 | 329 | 288746 |
| 5.00%, 09/01/35 | 305 | 310812 |
| EIDP, Inc. |  |  |
| 2.30%, 07/15/30 | 374 | 345025 |
| 5.13%, 05/15/32 | 300 | 308048 |
| 4.80%, 05/15/33<sup>(a)</sup> | 350 | 351065 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| FMC Corp. |  |  |
| 3.45%, 10/01/29 | 305 | $284579 |
| 5.65%, 05/18/33<sup>(a)</sup> | 370 | 353783 |
| International Flavors & Fragrances, Inc., 4.45%, <br> 09/26/28<sup>(a)</sup><br>| 263 | 263985 |
| Linde, Inc., 1.10%, 08/10/30 | 383 | 334558 |
| Lubrizol Corp., 6.50%, 10/01/34 | 100 | 113223 |
| LYB International Finance II BV, 3.50%, 03/02/27 | 380 | 376430 |
| LYB International Finance III LLC |  |  |
| 2.25%, 10/01/30 | 384 | 343072 |
| 5.63%, 05/15/33 | 420 | 428911 |
| 5.50%, 03/01/34<sup>(a)</sup> | 425 | 424106 |
| 6.15%, 05/15/35 | 300 | 310745 |
| Mosaic Co. |  |  |
| 4.05%, 11/15/27<sup>(a)</sup> | 419 | 418068 |
| 5.38%, 11/15/28 | 200 | 206183 |
| 5.45%, 11/15/33 | 272 | 279830 |
| NewMarket Corp., 2.70%, 03/18/31 | 294 | 267386 |
| Nutrien Ltd. |  |  |
| 4.00%, 12/15/26 | 213 | 212647 |
| 4.50%, 03/12/27<sup>(a)</sup> | 275 | 276321 |
| 5.20%, 06/21/27 | 300 | 304906 |
| 4.90%, 03/27/28 | 460 | 467831 |
| 4.20%, 04/01/29 | 500 | 499106 |
| 2.95%, 05/13/30 | 279 | 262934 |
| 5.25%, 03/12/32 | 400 | 412998 |
| 5.40%, 06/21/34<sup>(a)</sup> | 400 | 412884 |
| 4.13%, 03/15/35 | 284 | 264471 |
| PPG Industries, Inc. |  |  |
| 3.75%, 03/15/28 | 400 | 396965 |
| 2.80%, 08/15/29 | 129 | 122722 |
| 2.55%, 06/15/30<sup>(a)</sup> | 300 | 278370 |
| 4.38%, 03/15/31 | 300 | 298869 |
| RPM International, Inc. |  |  |
| 3.75%, 03/15/27 | 330 | 327637 |
| 4.55%, 03/01/29 | 290 | 292337 |
| 2.95%, 01/15/32 | 159 | 144279 |
| Sherwin-Williams Co. |  |  |
| 3.45%, 06/01/27 | 1045 | 1035236 |
| 4.55%, 03/01/28 | 400 | 403550 |
| 4.30%, 08/15/28 | 300 | 301535 |
| 2.95%, 08/15/29 | 512 | 489080 |
| 2.30%, 05/15/30 | 350 | 321503 |
| 4.50%, 08/15/30 | 300 | 301860 |
| 4.80%, 09/01/31 | 150 | 153090 |
| 2.20%, 03/15/32 | 411 | 359032 |
| 5.15%, 08/15/35 | 300 | 305329 |
| Westlake Corp., 3.38%, 06/15/30<sup>(a)</sup> | 225 | 214589 |
|  |  | 28873752 |
| **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** |
| Automatic Data Processing, Inc. |  |  |
| 1.70%, 05/15/28 | 574 | 544392 |
| 1.25%, 09/01/30 | 705 | 619401 |
| 4.75%, 05/08/32 | 450 | 460744 |
| 4.45%, 09/09/34 | 843 | 838300 |
| Block Financial LLC |  |  |
| 2.50%, 07/15/28<sup>(a)</sup> | 273 | 259484 |
| 3.88%, 08/15/30 | 479 | 462379 |
| 5.38%, 09/15/32 | 200 | 202951 |
| Cintas Corp. No 2, 4.20%, 05/01/28 | 275 | 276153 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Cintas Corp. No. 2 |  |  |
| 3.70%, 04/01/27 | $547 | $545143 |
| 4.00%, 05/01/32 | 350 | 342968 |
| Cornell University, 4.84%, 06/15/34 | 350 | 357586 |
| Emory University, Series 2020, 2.14%, 09/01/30<sup>(a)</sup> | 250 | 228640 |
| Equifax, Inc. |  |  |
| 5.10%, 12/15/27 | 300 | 305331 |
| 5.10%, 06/01/28 | 524 | 534575 |
| 4.80%, 09/15/29 | 324 | 328786 |
| 3.10%, 05/15/30 | 354 | 334168 |
| 2.35%, 09/15/31 | 617 | 545369 |
| GATX Corp. |  |  |
| 5.40%, 03/15/27 | 205 | 208011 |
| 3.85%, 03/30/27 | 413 | 410717 |
| 3.50%, 03/15/28 | 200 | 196359 |
| 4.55%, 11/07/28 | 200 | 201237 |
| 4.70%, 04/01/29 | 379 | 383814 |
| 4.00%, 06/30/30 | 350 | 343942 |
| 1.90%, 06/01/31 | 259 | 226016 |
| 3.50%, 06/01/32 | 250 | 232025 |
| 4.90%, 03/15/33 | 215 | 216089 |
| 5.45%, 09/15/33 | 300 | 309700 |
| 6.05%, 03/15/34 | 400 | 427360 |
| 6.90%, 05/01/34 | 250 | 281519 |
| 5.50%, 06/15/35 | 310 | 318388 |
| Global Payments, Inc. |  |  |
| 2.15%, 01/15/27 | 404 | 393632 |
| 4.95%, 08/15/27 | 275 | 277619 |
| 4.45%, 06/01/28 | 350 | 350282 |
| 3.20%, 08/15/29 | 777 | 735218 |
| 5.30%, 08/15/29 | 520 | 529371 |
| 2.90%, 05/15/30 | 504 | 465011 |
| 2.90%, 11/15/31 | 625 | 555900 |
| 5.40%, 08/15/32 | 285 | 288395 |
| GXO Logistics, Inc. |  |  |
| 6.25%, 05/06/29 | 400 | 420519 |
| 2.65%, 07/15/31 | 219 | 195691 |
| 6.50%, 05/06/34 | 400 | 429670 |
| J Paul Getty Trust, 4.91%, 04/01/35<sup>(a)</sup> | 325 | 333644 |
| Johns Hopkins University, Series A, 4.71%, <br> 07/01/32<sup>(a)</sup><br>| 125 | 127332 |
| Leland Stanford Junior University |  |  |
| 1.29%, 06/01/27 | 50 | 48060 |
| 4.68%, 03/01/35<sup>(a)</sup> | 300 | 303976 |
| Series 2025, 4.15%, 08/01/30 | 500 | 502559 |
| Moody's Corp. |  |  |
| 3.25%, 01/15/28 | 196 | 192656 |
| 4.25%, 02/01/29 | 129 | 129421 |
| 2.00%, 08/19/31<sup>(a)</sup> | 592 | 521605 |
| 4.25%, 08/08/32 | 350 | 345024 |
| 5.00%, 08/05/34 | 225 | 229892 |
| PayPal Holdings, Inc. |  |  |
| 3.90%, 06/01/27 | 250 | 249723 |
| 4.45%, 03/06/28 | 280 | 282778 |
| 2.85%, 10/01/29 | 1054 | 1004820 |
| 2.30%, 06/01/30 | 652 | 600871 |
| 4.40%, 06/01/32 | 770 | 768390 |
| 5.15%, 06/01/34<sup>(a)</sup> | 673 | 692199 |
| 5.10%, 04/01/35 | 250 | 255202 |
| President and Fellows of Harvard College |  |  |
| 4.89%, 03/15/30<sup>(a)</sup> | 400 | 413367 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| President and Fellows of Harvard College (continued) |  |  |
| 4.61%, 02/15/35 | 200 | $202052 |
| Quanta Services, Inc. |  |  |
| 4.75%, 08/09/27 | 325 | 328668 |
| 4.30%, 08/09/28 | 225 | 225868 |
| 2.90%, 10/01/30 | 537 | 502341 |
| 4.50%, 01/15/31 | 225 | 225351 |
| 2.35%, 01/15/32 | 400 | 353493 |
| 5.25%, 08/09/34 | 425 | 436886 |
| 5.10%, 08/09/35 | 325 | 327479 |
| RELX Capital, Inc. |  |  |
| 4.00%, 03/18/29 | 697 | 693181 |
| 4.75%, 03/27/30 | 522 | 532287 |
| 3.00%, 05/22/30 | 450 | 426167 |
| 4.75%, 05/20/32 | 210 | 213955 |
| 5.25%, 03/27/35 | 575 | 594069 |
| Rollins, Inc., 5.25%, 02/24/35 | 340 | 345591 |
| S&P Global, Inc. |  |  |
| 2.95%, 01/22/27 | 348 | 343847 |
| 2.45%, 03/01/27 | 966 | 946943 |
| 4.75%, 08/01/28 | 429 | 437035 |
| 2.70%, 03/01/29<sup>(a)</sup> | 758 | 725760 |
| 4.25%, 05/01/29 | 525 | 527271 |
| 2.50%, 12/01/29 | 239 | 224479 |
| 1.25%, 08/15/30<sup>(a)</sup> | 355 | 309932 |
| 2.90%, 03/01/32 | 994 | 913697 |
| 5.25%, 09/15/33 | 321 | 336814 |
| TR Finance LLC, 5.50%, 08/15/35<sup>(a)</sup> | 200 | 207854 |
| Triton Container International Ltd./TAL International <br> Container Corp., 3.25%, 03/15/32<br>| 450 | 403090 |
| Trustees of Columbia University in the City of New <br> York, Series 2024, 4.36%, 10/01/35<br>| 300 | 295462 |
| Trustees of Dartmouth College, 4.27%, 06/01/30 | 115 | 116026 |
| Trustees of Princeton University, 4.65%, 07/01/30 | 75 | 76879 |
| UL Solutions, Inc., 6.50%, 10/20/28 | 150 | 157967 |
| Verisk Analytics, Inc. |  |  |
| 4.13%, 03/15/29 | 413 | 412076 |
| 4.50%, 08/15/30 | 480 | 481733 |
| 5.75%, 04/01/33 | 285 | 301368 |
| 5.25%, 06/05/34 | 496 | 510004 |
| 5.25%, 03/15/35 | 525 | 534671 |
| Yale University |  |  |
| Series 2020, 1.48%, 04/15/30 | 98 | 88022 |
| Series 2025, 4.70%, 04/15/32 | 55 | 56568 |
|  |  | 36399260 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| Juniper Networks, Inc. |  |  |
| 3.75%, 08/15/29 | 313 | 305884 |
| 2.00%, 12/10/30 | 250 | 219417 |
| Motorola Solutions, Inc. |  |  |
| 4.60%, 02/23/28 | 413 | 417026 |
| 5.00%, 04/15/29 | 400 | 409465 |
| 4.60%, 05/23/29 | 399 | 403324 |
| 4.85%, 08/15/30 | 425 | 433335 |
| 2.30%, 11/15/30 | 638 | 576898 |
| 2.75%, 05/24/31 | 550 | 503248 |
| 5.60%, 06/01/32<sup>(a)</sup> | 368 | 387182 |
| 5.20%, 08/15/32 | 225 | 231762 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** |
| Motorola Solutions, Inc. (continued) |  |  |
| 5.40%, 04/15/34 | 600 | $620761 |
| 5.55%, 08/15/35 | 525 | 545529 |
|  |  | 5053831 |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |
| Jacobs Engineering Group, Inc. |  |  |
| 6.35%, 08/18/28 | 300 | 316248 |
| 5.90%, 03/01/33<sup>(a)</sup> | 265 | 278911 |
| MasTec, Inc., 5.90%, 06/15/29 | 296 | 309446 |
|  |  | 904605 |
| **Consumer Finance — 1.5%** | **Consumer Finance — 1.5%** | **Consumer Finance — 1.5%** |
| American Express Co. |  |  |
| 1.65%, 11/04/26 | 829 | 810978 |
| 2.55%, 03/04/27 | 885 | 869228 |
| 3.30%, 05/03/27 | 1109 | 1098743 |
| 5.85%, 11/05/27<sup>(a)</sup> | 990 | 1025225 |
| 4.05%, 05/03/29<sup>(a)</sup> | 709 | 711358 |
| (1-day SOFR + 0.81%), 4.35%, 07/20/29<sup>(b)</sup> | 950 | 955735 |
| (1-day SOFR + 0.93%), 5.04%, 07/26/28<sup>(b)</sup> | 554 | 562721 |
| (1-day SOFR + 1.00%), 5.10%, 02/16/28<sup>(b)</sup> | 892 | 903128 |
| (1-day SOFR + 1.22%), 4.92%, 07/20/33<sup>(b)</sup> | 1195 | 1217399 |
| (1-day SOFR + 1.24%), 4.80%, 10/24/36<sup>(b)</sup> | 925 | 914336 |
| (1-day SOFR + 1.26%), 4.73%, 04/25/29<sup>(b)</sup> | 1050 | 1065818 |
| (1-day SOFR + 1.42%), 5.28%, 07/26/35<sup>(b)</sup> | 1280 | 1320635 |
| (1-day SOFR + 1.44%), 5.02%, 04/25/31<sup>(b)</sup> | 1050 | 1080650 |
| (1-day SOFR + 1.63%), 5.92%, 04/25/35<sup>(b)</sup> | 200 | 213584 |
| (1-day SOFR + 1.76%), 4.42%, 08/03/33<sup>(b)</sup> | 722 | 715418 |
| (1-day SOFR + 1.79%), 5.67%, 04/25/36<sup>(a)(b)</sup> | 1245 | 1314907 |
| (1-day SOFR + 1.84%), 5.04%, 05/01/34<sup>(b)</sup> | 800 | 822128 |
| (1-day SOFR + 1.93%), 5.63%, 07/28/34<sup>(b)</sup> | 300 | 314532 |
| (1-day SOFR + 1.94%), 6.49%, 10/30/31<sup>(b)</sup> | 708 | 774709 |
| (1-day SOFR + 2.26%), 4.99%, 05/26/33<sup>(b)</sup> | 632 | 646396 |
| (1-day SOFR Index + 1.02%), 5.09%, 01/30/31<sup>(b)</sup> | 695 | 716264 |
| (1-day SOFR Index + 1.09%), 5.53%, 04/25/30<sup>(b)</sup> | 678 | 707746 |
| (1-day SOFR Index + 1.28%), 5.28%, 07/27/29<sup>(b)</sup> | 1063 | 1095414 |
| (1-day SOFR Index + 1.32%), 5.44%, 01/30/36<sup>(b)</sup> | 750 | 781203 |
| Andrew W Mellon Foundation, Series 2020, 0.95%, <br> 08/01/27<sup>(a)</sup><br>| 29 | 27539 |
| Capital One Financial Corp. |  |  |
| 4.10%, 02/09/27 | 664 | 662866 |
| 3.75%, 03/09/27 | 757 | 753345 |
| 3.65%, 05/11/27 | 673 | 668104 |
| 3.80%, 01/31/28 | 879 | 872664 |
| 6.70%, 11/29/32 | 500 | 551793 |
| (1-day SOFR + 0.86%), 1.88%, 11/02/27<sup>(b)</sup> | 729 | 711722 |
| (1-day SOFR + 1.25%), 4.49%, 09/11/31<sup>(b)</sup> | 735 | 729461 |
| (1-day SOFR + 1.27%), 2.62%, 11/02/32<sup>(b)</sup> | 313 | 278345 |
| (1-day SOFR + 1.34%), 2.36%, 07/29/32<sup>(b)</sup> | 629 | 545932 |
| (1-day SOFR + 1.56%), 5.46%, 07/26/30<sup>(b)</sup> | 472 | 488378 |
| (1-day SOFR + 1.63%), 5.20%, 09/11/36<sup>(b)</sup> | 1050 | 1042280 |
| (1-day SOFR + 1.79%), 3.27%, 03/01/30<sup>(b)</sup> | 792 | 763786 |
| (1-day SOFR + 1.91%), 5.70%, 02/01/30<sup>(a)(b)</sup> | 668 | 693674 |
| (1-day SOFR + 1.99%), 5.88%, 07/26/35<sup>(b)</sup> | 700 | 732421 |
| (1-day SOFR + 2.04%), 6.18%, 01/30/36<sup>(a)(b)</sup> | 1000 | 1043022 |
| (1-day SOFR + 2.06%), 4.93%, 05/10/28<sup>(a)(b)</sup> | 634 | 639789 |
| (1-day SOFR + 2.08%), 5.47%, 02/01/29<sup>(b)</sup> | 567 | 580656 |
| (1-day SOFR + 2.26%), 6.05%, 02/01/35<sup>(b)</sup> | 790 | 837697 |
| (1-day SOFR + 2.37%), 5.27%, 05/10/33<sup>(b)</sup> | 650 | 663178 |
| (1-day SOFR + 2.60%), 5.25%, 07/26/30<sup>(b)</sup> | 714 | 733518 |
| (1-day SOFR + 2.60%), 5.82%, 02/01/34<sup>(b)</sup> | 801 | 839566 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
| Capital One Financial Corp. (continued) |  |  |
| (1-day SOFR + 2.64%), 6.31%, 06/08/29<sup>(b)</sup> | 1155 | $1210590 |
| (1-day SOFR + 2.86%), 6.38%, 06/08/34<sup>(b)</sup> | 1055 | 1141783 |
| (1-day SOFR + 3.07%), 7.62%, 10/30/31<sup>(b)</sup> | 1126 | 1269948 |
| (1-day SOFR Index + 3.37%), 7.96%, 11/02/34<sup>(b)</sup> | 575 | 678017 |
| Mastercard, Inc. |  |  |
| 2.95%, 11/21/26 | 400 | 396568 |
| 3.30%, 03/26/27 | 353 | 350444 |
| 4.10%, 01/15/28 | 215 | 216137 |
| 3.50%, 02/26/28 | 179 | 177691 |
| 4.88%, 03/09/28 | 410 | 418820 |
| 4.55%, 03/15/28 | 615 | 624876 |
| 2.95%, 06/01/29 | 543 | 524909 |
| 3.35%, 03/26/30 | 902 | 878335 |
| 1.90%, 03/15/31 | 325 | 290168 |
| 2.00%, 11/18/31 | 456 | 403997 |
| 4.35%, 01/15/32 | 600 | 602639 |
| 4.95%, 03/15/32 | 325 | 337022 |
| 4.85%, 03/09/33 | 556 | 571012 |
| 4.88%, 05/09/34 | 574 | 587791 |
| 4.55%, 01/15/35 | 874 | 873362 |
| Synchrony Financial |  |  |
| 3.95%, 12/01/27 | 479 | 474990 |
| 5.15%, 03/19/29 | 413 | 418921 |
| 2.88%, 10/28/31 | 508 | 450921 |
| (1-day SOFR + 1.40%), 5.02%, 07/29/29<sup>(a)(b)</sup> | 340 | 342265 |
| (1-day SOFR + 1.68%), 5.45%, 03/06/31<sup>(a)(b)</sup> | 542 | 551056 |
| (1-day SOFR + 2.07%), 6.00%, 07/29/36<sup>(b)</sup> | 305 | 311248 |
| (1-day SOFR Index + 2.13%), 5.94%, 08/02/30<sup>(b)</sup> | 400 | 413491 |
| Visa, Inc. |  |  |
| 1.90%, 04/15/27 | 1149 | 1118695 |
| 0.75%, 08/15/27 | 250 | 237449 |
| 2.75%, 09/15/27 | 609 | 597922 |
| 2.05%, 04/15/30 | 897 | 827032 |
| 1.10%, 02/15/31 | 710 | 614021 |
| Western Union Co., 2.75%, 03/15/31<sup>(a)</sup> | 195 | 174518 |
|  |  | 53584629 |
| **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** |
| Best Buy Co., Inc.<sup>(a)</sup> <br>|  |  |
| 4.45%, 10/01/28 | 250 | 251987 |
| 1.95%, 10/01/30 | 436 | 387875 |
| Costco Wholesale Corp. |  |  |
| 3.00%, 05/18/27 | 657 | 650028 |
| 1.38%, 06/20/27 | 832 | 801268 |
| 1.60%, 04/20/30 | 843 | 762005 |
| 1.75%, 04/20/32 | 633 | 547483 |
| Dollar General Corp. |  |  |
| 4.63%, 11/01/27 | 270 | 272032 |
| 4.13%, 05/01/28 | 300 | 299005 |
| 5.20%, 07/05/28 | 140 | 143201 |
| 3.50%, 04/03/30 | 626 | 602004 |
| 5.00%, 11/01/32<sup>(a)</sup> | 455 | 458841 |
| 5.45%, 07/05/33 | 630 | 651122 |
| Dollar Tree, Inc. |  |  |
| 4.20%, 05/15/28<sup>(a)</sup> | 693 | 690175 |
| 2.65%, 12/01/31 | 513 | 458433 |
| Target Corp. |  |  |
| 1.95%, 01/15/27 | 672 | 657225 |
| 4.35%, 06/15/28 | 405 | 408777 |
| 3.38%, 04/15/29 | 829 | 812164 |
| 2.35%, 02/15/30 | 811 | 756591 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
| Target Corp. (continued) |  |  |
| 2.65%, 09/15/30<sup>(a)</sup> | 361 | $337444 |
| 4.50%, 09/15/32<sup>(a)</sup> | 672 | 676305 |
| 4.40%, 01/15/33 | 300 | 299618 |
| 4.50%, 09/15/34 | 475 | 468293 |
| 5.00%, 04/15/35<sup>(a)</sup> | 650 | 658410 |
| Walmart, Inc. |  |  |
| 5.88%, 04/05/27 | 256 | 263623 |
| 4.10%, 04/28/27 | 310 | 311783 |
| 3.95%, 09/09/27 | 640 | 642687 |
| 3.90%, 04/15/28 | 520 | 521846 |
| 3.70%, 06/26/28 | 974 | 974201 |
| 1.50%, 09/22/28 | 835 | 784483 |
| 3.25%, 07/08/29 | 500 | 490030 |
| 7.55%, 02/15/30<sup>(a)</sup> | 278 | 317358 |
| 4.00%, 04/15/30 | 342 | 344183 |
| 4.35%, 04/28/30 | 910 | 923268 |
| 1.80%, 09/22/31 | 1440 | 1273191 |
| 4.15%, 09/09/32<sup>(a)</sup> | 762 | 763818 |
| 4.10%, 04/15/33<sup>(a)</sup> | 1000 | 995364 |
| 4.90%, 04/28/35<sup>(a)</sup> | 915 | 940974 |
| 5.25%, 09/01/35 | 400 | 423257 |
| 2.38%, 09/24/29<sup>(a)</sup> | 300 | 284473 |
|  |  | 22304825 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| Amcor Finance USA, Inc. |  |  |
| 4.50%, 05/15/28 | 272 | 273321 |
| 5.63%, 05/26/33<sup>(a)</sup> | 320 | 334315 |
| Amcor Flexibles North America, Inc. |  |  |
| 4.80%, 03/17/28 | 525 | 531465 |
| 5.10%, 03/17/30 | 436 | 447494 |
| 2.63%, 06/19/30 | 405 | 374304 |
| 2.69%, 05/25/31 | 437 | 397889 |
| 5.50%, 03/17/35<sup>(a)</sup> | 490 | 506673 |
| Amcor Group Finance PLC, 5.45%, 05/23/29 | 350 | 361154 |
| AptarGroup, Inc., 3.60%, 03/15/32 | 250 | 233197 |
| Berry Global, Inc. |  |  |
| 1.65%, 01/15/27 | 413 | 399930 |
| 5.50%, 04/15/28 | 350 | 359926 |
| 5.80%, 06/15/31<sup>(a)</sup> | 590 | 625156 |
| 5.65%, 01/15/34<sup>(a)</sup> | 424 | 442772 |
| Packaging Corp. of America |  |  |
| 3.40%, 12/15/27 | 350 | 345689 |
| 3.00%, 12/15/29<sup>(a)</sup> | 388 | 370831 |
| 5.70%, 12/01/33 | 220 | 232707 |
| 5.20%, 08/15/35 | 315 | 320363 |
| Smurfit Kappa Treasury ULC |  |  |
| 5.20%, 01/15/30 | 400 | 412193 |
| 5.44%, 04/03/34 | 800 | 827009 |
| Smurfit Westrock Financing DAC, 5.42%, 01/15/35 | 600 | 618351 |
| Sonoco Products Co. |  |  |
| 2.25%, 02/01/27 | 88 | 85793 |
| 4.60%, 09/01/29 | 525 | 527961 |
| 3.13%, 05/01/30 | 277 | 261459 |
| 2.85%, 02/01/32 | 379 | 339715 |
| 5.00%, 09/01/34<sup>(a)</sup> | 455 | 448678 |
| WestRock MWV LLC, 8.20%, 01/15/30 | 289 | 329505 |
| WRKCo, Inc. |  |  |
| 3.38%, 09/15/27 | 413 | 407573 |
| 4.00%, 03/15/28 | 323 | 321599 |
| 3.90%, 06/01/28 | 264 | 261664 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
| WRKCo, Inc. (continued) |  |  |
| 4.90%, 03/15/29 | 429 | $437100 |
| 4.20%, 06/01/32 | 288 | 279561 |
| 3.00%, 06/15/33<sup>(a)</sup> | 350 | 311233 |
|  |  | 12426580 |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| LKQ Corp. |  |  |
| 5.75%, 06/15/28 | 488 | 504013 |
| 6.25%, 06/15/33 | 350 | 372897 |
| WW Grainger, Inc., 4.45%, 09/15/34 | 280 | 277701 |
|  |  | 1154611 |
| **Diversified REITs — 1.9%** | **Diversified REITs — 1.9%** | **Diversified REITs — 1.9%** |
| Agree LP |  |  |
| 2.00%, 06/15/28<sup>(a)</sup> | 258 | 244569 |
| 2.90%, 10/01/30 | 258 | 240651 |
| 4.80%, 10/01/32 | 200 | 201892 |
| 2.60%, 06/15/33 | 200 | 172302 |
| 5.63%, 06/15/34 | 334 | 348900 |
| 5.60%, 06/15/35 | 175 | 182729 |
| American Assets Trust LP |  |  |
| 3.38%, 02/01/31<sup>(a)</sup> | 372 | 339044 |
| 6.15%, 10/01/34 | 300 | 305000 |
| American Tower Corp. |  |  |
| 2.75%, 01/15/27 | 359 | 353017 |
| 3.13%, 01/15/27<sup>(a)</sup> | 270 | 266696 |
| 3.65%, 03/15/27 | 493 | 489437 |
| 3.55%, 07/15/27 | 500 | 495127 |
| 3.60%, 01/15/28 | 500 | 494183 |
| 1.50%, 01/31/28 | 243 | 229287 |
| 5.50%, 03/15/28 | 290 | 298248 |
| 5.25%, 07/15/28 | 494 | 507245 |
| 5.80%, 11/15/28 | 420 | 438178 |
| 5.20%, 02/15/29 | 300 | 307947 |
| 3.95%, 03/15/29 | 413 | 408943 |
| 3.80%, 08/15/29 | 1063 | 1043348 |
| 2.90%, 01/15/30 | 447 | 422167 |
| 5.00%, 01/31/30 | 465 | 476137 |
| 4.90%, 03/15/30 | 545 | 556192 |
| 2.10%, 06/15/30 | 609 | 550446 |
| 1.88%, 10/15/30 | 599 | 530783 |
| 2.70%, 04/15/31 | 396 | 361476 |
| 2.30%, 09/15/31 | 391 | 346268 |
| 4.05%, 03/15/32<sup>(a)</sup> | 366 | 354743 |
| 5.65%, 03/15/33 | 506 | 533359 |
| 5.55%, 07/15/33 | 524 | 548083 |
| 5.90%, 11/15/33 | 500 | 535120 |
| 5.45%, 02/15/34 | 400 | 415100 |
| 5.40%, 01/31/35 | 325 | 334774 |
| 5.35%, 03/15/35 | 506 | 519759 |
| Americold Realty Operating Partnership LP |  |  |
| 5.60%, 05/15/32 | 225 | 227345 |
| 5.41%, 09/12/34<sup>(a)</sup> | 325 | 319658 |
| Blackstone Reg Finance Co. LLC |  |  |
| 11/03/30<sup>(c)</sup> | 270 | 269207 |
| 5.00%, 12/06/34 | 456 | 457627 |
| 02/15/36<sup>(c)</sup> | 95 | 94281 |
| Brixmor Operating Partnership LP |  |  |
| 3.90%, 03/15/27 | 256 | 254753 |
| 2.25%, 04/01/28 | 270 | 257548 |
| 4.13%, 05/15/29 | 380 | 376576 |
| 4.05%, 07/01/30 | 394 | 386623 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| Brixmor Operating Partnership LP (continued) |  |  |
| 2.50%, 08/16/31 | $415 | $369358 |
| 5.20%, 04/01/32<sup>(a)</sup> | 200 | 204501 |
| 4.85%, 02/15/33 | 280 | 278966 |
| 5.50%, 02/15/34 | 225 | 231742 |
| 5.75%, 02/15/35 | 300 | 314083 |
| Broadstone Net Lease LLC |  |  |
| 2.60%, 09/15/31 | 220 | 193328 |
| 5.00%, 11/01/32 | 275 | 274367 |
| Brookfield Capital Finance LLC, 6.09%, 06/14/33 | 350 | 374983 |
| Brookfield Finance, Inc. |  |  |
| 3.90%, 01/25/28 | 619 | 614557 |
| 4.85%, 03/29/29 | 700 | 711263 |
| 4.35%, 04/15/30 | 413 | 413194 |
| 2.72%, 04/15/31 | 305 | 278595 |
| 6.35%, 01/05/34<sup>(a)</sup> | 450 | 488797 |
| 5.68%, 01/15/35 | 400 | 415392 |
| 5.33%, 01/15/36 | 170 | 171321 |
| Carlyle Group, Inc., 5.05%, 09/19/35 | 495 | 490014 |
| Crown Castle, Inc. |  |  |
| 4.00%, 03/01/27 | 321 | 319915 |
| 2.90%, 03/15/27 | 430 | 422148 |
| 3.65%, 09/01/27 | 600 | 593886 |
| 5.00%, 01/11/28 | 645 | 653879 |
| 3.80%, 02/15/28 | 709 | 701316 |
| 4.80%, 09/01/28 | 120 | 121482 |
| 4.30%, 02/15/29 | 450 | 448135 |
| 5.60%, 06/01/29 | 425 | 441528 |
| 4.90%, 09/01/29 | 260 | 263682 |
| 3.10%, 11/15/29 | 200 | 190214 |
| 3.30%, 07/01/30 | 572 | 542198 |
| 2.25%, 01/15/31 | 705 | 627981 |
| 2.10%, 04/01/31 | 593 | 520570 |
| 2.50%, 07/15/31 | 500 | 445133 |
| 5.10%, 05/01/33 | 475 | 481070 |
| 5.80%, 03/01/34 | 450 | 473769 |
| 5.20%, 09/01/34<sup>(a)</sup> | 525 | 531205 |
| Digital Realty Trust LP |  |  |
| 3.70%, 08/15/27 | 717 | 711945 |
| 5.55%, 01/15/28 | 685 | 704111 |
| 4.45%, 07/15/28 | 350 | 352090 |
| 3.60%, 07/01/29 | 620 | 605406 |
| EPR Properties |  |  |
| 4.75%, 12/15/26 | 225 | 225659 |
| 4.50%, 06/01/27 | 225 | 225102 |
| 4.95%, 04/15/28 | 225 | 226847 |
| 3.75%, 08/15/29 | 225 | 216718 |
| 3.60%, 11/15/31 | 250 | 230965 |
| Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/34<br>| 476 | 493414 |
| Equinix, Inc. |  |  |
| 2.90%, 11/18/26 | 446 | 440247 |
| 1.80%, 07/15/27 | 372 | 357603 |
| 1.55%, 03/15/28 | 545 | 513478 |
| 2.00%, 05/15/28 | 308 | 291994 |
| 3.20%, 11/18/29 | 592 | 567527 |
| 2.15%, 07/15/30 | 817 | 738937 |
| 2.50%, 05/15/31 | 819 | 739131 |
| 3.90%, 04/15/32 | 800 | 768590 |
| Federal Realty OP LP |  |  |
| 3.25%, 07/15/27 | 259 | 254848 |
| 5.38%, 05/01/28 | 160 | 164127 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| Federal Realty OP LP (continued) |  |  |
| 3.50%, 06/01/30 | $518 | $498723 |
| First Industrial LP, 5.25%, 01/15/31 | 150 | 153445 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 5.75%, 06/01/28 | 340 | 349395 |
| 5.30%, 01/15/29 | 429 | 437222 |
| 4.00%, 01/15/30 | 567 | 548407 |
| 4.00%, 01/15/31 | 400 | 382424 |
| 3.25%, 01/15/32 | 450 | 404083 |
| 5.25%, 02/15/33 | 350 | 350318 |
| 6.75%, 12/01/33 | 309 | 333857 |
| 5.63%, 09/15/34 | 545 | 550799 |
| Hercules Capital, Inc.<sup>(a)</sup> <br>|  |  |
| 3.38%, 01/20/27 | 230 | 225573 |
| 6.00%, 06/16/30 | 225 | 227875 |
| Host Hotels & Resorts LP |  |  |
| 5.70%, 06/15/32<sup>(a)</sup> | 225 | 232785 |
| 5.70%, 07/01/34 | 400 | 410156 |
| 5.50%, 04/15/35 | 450 | 453900 |
| Series H, 3.38%, 12/15/29 | 405 | 385093 |
| Series I, 3.50%, 09/15/30 | 450 | 424101 |
| Series J, 2.90%, 12/15/31 | 329 | 293969 |
| Kimco Realty OP LLC |  |  |
| 3.80%, 04/01/27 | 250 | 249118 |
| 1.90%, 03/01/28 | 166 | 158015 |
| 2.70%, 10/01/30 | 350 | 324217 |
| 2.25%, 12/01/31 | 239 | 210922 |
| 3.20%, 04/01/32 | 500 | 462610 |
| 4.60%, 02/01/33 | 372 | 370261 |
| 6.40%, 03/01/34 | 325 | 358595 |
| 4.85%, 03/01/35 | 398 | 395841 |
| Kite Realty Group LP |  |  |
| 4.95%, 12/15/31 | 200 | 202105 |
| 5.20%, 08/15/32 | 185 | 188642 |
| 5.50%, 03/01/34 | 272 | 280565 |
| Kite Realty Group Trust, 4.75%, 09/15/30 | 200 | 201253 |
| KKR & Co., Inc., 5.10%, 08/07/35 | 600 | 598240 |
| Lineage OP LP, 5.25%, 07/15/30<sup>(d)</sup> | 350 | 354472 |
| LXP Industrial Trust |  |  |
| 6.75%, 11/15/28 | 62 | 65948 |
| 2.70%, 09/15/30 | 256 | 234428 |
| 2.38%, 10/01/31 | 300 | 260613 |
| Phillips Edison Grocery Center Operating Partnership <br> I LP<br>|  |  |
| 2.63%, 11/15/31 | 245 | 218318 |
| 5.25%, 08/15/32 | 125 | 127480 |
| 5.75%, 07/15/34 | 175 | 182699 |
| 4.95%, 01/15/35 | 280 | 276313 |
| Prologis LP |  |  |
| 2.13%, 04/15/27 | 350 | 340945 |
| 3.38%, 12/15/27 | 316 | 312305 |
| 4.88%, 06/15/28<sup>(a)</sup> | 427 | 436351 |
| 3.88%, 09/15/28 | 150 | 149522 |
| 4.00%, 09/15/28<sup>(a)</sup> | 200 | 199892 |
| 4.38%, 02/01/29<sup>(a)</sup> | 261 | 263004 |
| 2.88%, 11/15/29 | 308 | 293399 |
| 2.25%, 04/15/30 | 715 | 660699 |
| 1.75%, 07/01/30<sup>(a)</sup> | 243 | 217228 |
| 1.25%, 10/15/30 | 528 | 459891 |
| 4.75%, 01/15/31 | 450 | 459029 |
| 1.75%, 02/01/31 | 191 | 168094 |
| 1.63%, 03/15/31 | 282 | 246266 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| Prologis LP (continued) |  |  |
| 2.25%, 01/15/32 | 210 | $185330 |
| 4.63%, 01/15/33<sup>(a)</sup> | 365 | 367376 |
| 4.75%, 06/15/33 | 505 | 509797 |
| 5.13%, 01/15/34 | 506 | 519517 |
| 5.00%, 03/15/34 | 471 | 478910 |
| 5.00%, 01/31/35 | 500 | 506325 |
| 5.25%, 05/15/35 | 525 | 540620 |
| Rayonier LP, 2.75%, 05/17/31 | 241 | 217159 |
| Regency Centers LP |  |  |
| 3.60%, 02/01/27 | 350 | 347748 |
| 4.13%, 03/15/28 | 254 | 254165 |
| 2.95%, 09/15/29 | 179 | 171305 |
| 3.70%, 06/15/30<sup>(a)</sup> | 413 | 403013 |
| 5.00%, 07/15/32 | 180 | 184362 |
| 5.25%, 01/15/34 | 250 | 257107 |
| 5.10%, 01/15/35 | 210 | 212708 |
| Rexford Industrial Realty LP |  |  |
| 5.00%, 06/15/28 | 120 | 122022 |
| 2.13%, 12/01/30 | 219 | 195645 |
| 2.15%, 09/01/31 | 218 | 190321 |
| Safehold GL Holdings LLC |  |  |
| 2.80%, 06/15/31<sup>(a)</sup> | 429 | 395236 |
| 6.10%, 04/01/34 | 195 | 205500 |
| 5.65%, 01/15/35 | 300 | 306441 |
| Sun Communities Operating LP |  |  |
| 2.30%, 11/01/28 | 231 | 218713 |
| 2.70%, 07/15/31 | 403 | 365341 |
| 4.20%, 04/15/32 | 429 | 418123 |
| VICI Properties LP |  |  |
| 4.75%, 02/15/28 | 868 | 875340 |
| 4.75%, 04/01/28 | 370 | 373434 |
| 4.95%, 02/15/30 | 776 | 784158 |
| 5.13%, 11/15/31 | 475 | 480619 |
| 5.13%, 05/15/32<sup>(a)</sup> | 930 | 937349 |
| 5.75%, 04/01/34 | 400 | 412856 |
| 5.63%, 04/01/35 | 535 | 544751 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 11/15/29 | 541 | 534525 |
| 4.00%, 04/15/30 | 500 | 492796 |
| 7.38%, 03/15/32 | 403 | 459908 |
| 3.38%, 03/09/33 | 250 | 228012 |
| WP Carey, Inc. |  |  |
| 3.85%, 07/15/29 | 393 | 386654 |
| 4.65%, 07/15/30 | 275 | 276817 |
| 2.40%, 02/01/31 | 304 | 272721 |
| 2.45%, 02/01/32 | 250 | 220159 |
| 2.25%, 04/01/33 | 258 | 215746 |
| 5.38%, 06/30/34 | 200 | 205329 |
|  |  | 70789442 |
| **Diversified Telecommunication Services — 1.8%** | **Diversified Telecommunication Services — 1.8%** | **Diversified Telecommunication Services — 1.8%** |
| AT&T, Inc. |  |  |
| 3.80%, 02/15/27<sup>(a)</sup> | 450 | 447982 |
| 4.25%, 03/01/27 | 1174 | 1175024 |
| 2.30%, 06/01/27<sup>(a)</sup> | 1688 | 1640534 |
| 1.65%, 02/01/28 | 1730 | 1639026 |
| 4.10%, 02/15/28 | 928 | 926469 |
| 4.35%, 03/01/29 | 1818 | 1823228 |
| 4.30%, 02/15/30 | 1752 | 1750396 |
| 4.70%, 08/15/30 | 725 | 735067 |
| 2.75%, 06/01/31 | 1809 | 1658850 |
| 2.25%, 02/01/32 | 1490 | 1302730 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| AT&T, Inc. (continued) |  |  |
| 4.55%, 11/01/32 | 750 | $744244 |
| 2.55%, 12/01/33 | 2206 | 1873732 |
| 5.40%, 02/15/34 | 1500 | 1552625 |
| 4.50%, 05/15/35 | 1500 | 1444171 |
| 5.38%, 08/15/35 | 725 | 743015 |
| 4.90%, 11/01/35 | 750 | 739411 |
| Bell Telephone Co. of Canada or Bell Canada<sup>(a)</sup> <br>|  |  |
| 2.15%, 02/15/32 | 245 | 211146 |
| 5.10%, 05/11/33 | 592 | 601180 |
| 5.20%, 02/15/34 | 400 | 404020 |
| British Telecommunications PLC |  |  |
| 5.13%, 12/04/28 | 478 | 489315 |
| 9.63%, 12/15/30 | 1526 | 1867455 |
| Cisco Systems, Inc. |  |  |
| 4.80%, 02/26/27 | 1286 | 1300265 |
| 4.55%, 02/24/28 | 600 | 608650 |
| 4.85%, 02/26/29 | 1800 | 1844415 |
| 4.75%, 02/24/30 | 650 | 665956 |
| 4.95%, 02/26/31 | 1661 | 1716938 |
| 4.95%, 02/24/32 | 550 | 567229 |
| 5.05%, 02/26/34 | 1628 | 1678391 |
| 5.10%, 02/24/35 | 775 | 797409 |
| Deutsche Telekom International Finance BV |  |  |
| 8.75%, 06/15/30 | 2218 | 2610964 |
| 9.25%, 06/01/32 | 362 | 453599 |
| Koninklijke KPN NV, 8.38%, 10/01/30 | 350 | 409069 |
| Nokia OYJ, 4.38%, 06/12/27 | 350 | 349682 |
| Sprint Capital Corp. |  |  |
| 6.88%, 11/15/28 | 1450 | 1558016 |
| 8.75%, 03/15/32 | 1100 | 1338264 |
| Telefonica Emisiones SA, 4.10%, 03/08/27 | 715 | 713543 |
| Telefonica Europe BV, 8.25%, 09/15/30 | 775 | 893126 |
| TELUS Corp. |  |  |
| 2.80%, 02/16/27 | 400 | 392744 |
| 3.70%, 09/15/27 | 400 | 396522 |
| 3.40%, 05/13/32 | 522 | 479811 |
| Verizon Communications, Inc. |  |  |
| 4.13%, 03/16/27 | 1500 | 1501017 |
| 3.00%, 03/22/27 | 700 | 691238 |
| 2.10%, 03/22/28<sup>(a)</sup> | 1832 | 1749430 |
| 4.33%, 09/21/28 | 1983 | 1992226 |
| 3.88%, 02/08/29 | 759 | 753228 |
| 4.02%, 12/03/29 | 2549 | 2524009 |
| 3.15%, 03/22/30 | 829 | 792013 |
| 1.50%, 09/18/30 | 450 | 393634 |
| 1.68%, 10/30/30 | 819 | 721564 |
| 7.75%, 12/01/30 | 367 | 421374 |
| 1.75%, 01/20/31 | 1273 | 1112849 |
| 2.55%, 03/21/31 | 2023 | 1837160 |
| 2.36%, 03/15/32 | 2962 | 2593838 |
| 5.05%, 05/09/33<sup>(a)</sup> | 629 | 642591 |
| 4.50%, 08/10/33 | 1204 | 1184204 |
| 4.40%, 11/01/34 | 1400 | 1346036 |
| 4.78%, 02/15/35 | 1500 | 1471348 |
| 5.25%, 04/02/35 | 1465 | 1481434 |
|  |  | 65753406 |
| **Electric Utilities — 6.2%** | **Electric Utilities — 6.2%** | **Electric Utilities — 6.2%** |
| AEP Texas, Inc. |  |  |
| 3.95%, 06/01/28 | 413 | 410664 |
| 5.45%, 05/15/29 | 225 | 233538 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| AEP Texas, Inc. (continued) |  |  |
| 4.70%, 05/15/32<sup>(a)</sup> | $480 | $480341 |
| 5.40%, 06/01/33 | 245 | 252726 |
| 5.70%, 05/15/34 | 450 | 469923 |
| Series I, 2.10%, 07/01/30 | 400 | 362574 |
| AEP Transmission Co. LLC |  |  |
| 3.10%, 12/01/26 | 413 | 408753 |
| 5.15%, 04/01/34 | 295 | 301391 |
| 5.38%, 06/15/35 | 598 | 619150 |
| AES Corp. |  |  |
| 5.45%, 06/01/28 | 570 | 579808 |
| 2.45%, 01/15/31 | 663 | 600447 |
| 5.80%, 03/15/32 | 488 | 499192 |
| Alabama Power Co. |  |  |
| 3.75%, 09/01/27 | 300 | 299062 |
| 3.05%, 03/15/32 | 600 | 554973 |
| 3.94%, 09/01/32 | 300 | 291264 |
| 5.85%, 11/15/33<sup>(a)</sup> | 125 | 134324 |
| 5.10%, 04/02/35<sup>(a)</sup> | 500 | 511385 |
| Series 2020-A, 1.45%, 09/15/30<sup>(a)</sup> | 483 | 425306 |
| Series C, 4.30%, 03/15/31 | 450 | 450586 |
| Ameren Corp. |  |  |
| 5.70%, 12/01/26 | 300 | 304399 |
| 1.95%, 03/15/27 | 365 | 354499 |
| 1.75%, 03/15/28 | 300 | 283491 |
| 5.00%, 01/15/29<sup>(a)</sup> | 512 | 524055 |
| 3.50%, 01/15/31 | 329 | 314616 |
| 5.38%, 03/15/35 | 565 | 580751 |
| Ameren Illinois Co. |  |  |
| 3.80%, 05/15/28 | 250 | 249073 |
| 1.55%, 11/15/30 | 250 | 219559 |
| 3.85%, 09/01/32 | 400 | 384411 |
| 4.95%, 06/01/33<sup>(a)</sup> | 250 | 256075 |
| American Electric Power Co., Inc. |  |  |
| 5.75%, 11/01/27 | 400 | 412015 |
| 3.20%, 11/13/27 | 260 | 255304 |
| 5.20%, 01/15/29 | 775 | 799179 |
| 2.30%, 03/01/30 | 525 | 481982 |
| 5.95%, 11/01/32 | 200 | 214510 |
| 5.63%, 03/01/33 | 478 | 503092 |
| Series J, 4.30%, 12/01/28 | 413 | 414850 |
| Appalachian Power Co. |  |  |
| 5.65%, 04/01/34 | 225 | 235817 |
| Series AA, 2.70%, 04/01/31 | 450 | 409933 |
| Series BB, 4.50%, 08/01/32 | 400 | 396553 |
| Series X, 3.30%, 06/01/27 | 250 | 246769 |
| Arizona Public Service Co. |  |  |
| 2.60%, 08/15/29 | 413 | 389085 |
| 2.20%, 12/15/31 | 129 | 113126 |
| 6.35%, 12/15/32 | 300 | 327358 |
| 5.55%, 08/01/33 | 375 | 392730 |
| 5.70%, 08/15/34 | 435 | 457241 |
| Atlantic City Electric Co. |  |  |
| 4.00%, 10/15/28 | 200 | 200128 |
| 2.30%, 03/15/31 | 200 | 180851 |
| Avangrid, Inc., 3.80%, 06/01/29 | 500 | 491833 |
| Baltimore Gas and Electric Co. |  |  |
| 2.25%, 06/15/31 | 509 | 457803 |
| 5.30%, 06/01/34 | 275 | 286887 |
| 5.45%, 06/01/35 | 600 | 625247 |
| Berkshire Hathaway Energy Co. |  |  |
| 3.25%, 04/15/28 | 513 | 503840 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Berkshire Hathaway Energy Co. (continued) |  |  |
| 3.70%, 07/15/30 | $733 | $718761 |
| 1.65%, 05/15/31 | 699 | 606202 |
| Black Hills Corp. |  |  |
| 5.95%, 03/15/28 | 200 | 207050 |
| 3.05%, 10/15/29 | 342 | 325437 |
| 2.50%, 06/15/30 | 300 | 276323 |
| 4.55%, 01/31/31 | 275 | 274640 |
| 4.35%, 05/01/33 | 220 | 212767 |
| 6.15%, 05/15/34 | 250 | 267489 |
| 6.00%, 01/15/35 | 300 | 319098 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 5.20%, 10/01/28 | 315 | 324624 |
| 4.80%, 03/15/30<sup>(a)</sup> | 325 | 332496 |
| 4.95%, 04/01/33 | 660 | 672688 |
| 5.15%, 03/01/34 | 310 | 318774 |
| 5.05%, 03/01/35 | 385 | 389758 |
| Series AA, 3.00%, 02/01/27 | 200 | 197483 |
| Series AE, 2.35%, 04/01/31 | 332 | 299960 |
| Series AG, 3.00%, 03/01/32 | 262 | 240570 |
| Series AI, 4.45%, 10/01/32 | 414 | 412980 |
| Series AQ, 4.95%, 08/15/35 | 410 | 412681 |
| Series K2, 6.95%, 03/15/33<sup>(a)</sup> | 273 | 311162 |
| CenterPoint Energy, Inc. |  |  |
| 5.40%, 06/01/29 | 576 | 596388 |
| 2.95%, 03/01/30 | 344 | 325903 |
| CMS Energy Corp. |  |  |
| 3.45%, 08/15/27 | 229 | 226225 |
| (5-year CMT + 2.90%), 3.75%, 12/01/50<sup>(b)</sup> | 250 | 230694 |
| (5-year CMT + 4.12%), 4.75%, 06/01/50<sup>(b)</sup> | 400 | 393521 |
| Commonwealth Edison Co. |  |  |
| 3.70%, 08/15/28 | 363 | 360896 |
| 2.20%, 03/01/30 | 300 | 277237 |
| 4.90%, 02/01/33<sup>(a)</sup> | 320 | 327289 |
| 5.30%, 06/01/34 | 335 | 350854 |
| Series 122, 2.95%, 08/15/27 | 250 | 245853 |
| Series 132, 3.15%, 03/15/32 | 200 | 185906 |
| Connecticut Light and Power Co. |  |  |
| 4.65%, 01/01/29 | 200 | 203503 |
| 4.95%, 01/15/30 | 275 | 282671 |
| 4.90%, 07/01/33 | 150 | 152520 |
| 4.95%, 08/15/34 | 200 | 202921 |
| Series A, 3.20%, 03/15/27 | 413 | 408703 |
| Series A, 2.05%, 07/01/31 | 228 | 202167 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| 3.80%, 05/15/28 | 413 | 411080 |
| 2.40%, 06/15/31 | 629 | 572076 |
| 5.20%, 03/01/33 | 500 | 520626 |
| 5.50%, 03/15/34 | 500 | 526860 |
| 5.38%, 05/15/34 | 200 | 208524 |
| 5.13%, 03/15/35<sup>(a)</sup> | 284 | 291329 |
| Series 2005-A, 5.30%, 03/01/35 | 200 | 206932 |
| Series 20A, 3.35%, 04/01/30 | 193 | 186996 |
| Series D, 4.00%, 12/01/28 | 313 | 313118 |
| Constellation Energy Generation LLC |  |  |
| 5.60%, 03/01/28 | 530 | 547731 |
| 5.80%, 03/01/33 | 400 | 427178 |
| 6.13%, 01/15/34 | 325 | 353602 |
| Consumers Energy Co. |  |  |
| 4.65%, 03/01/28<sup>(a)</sup> | 250 | 253383 |
| 3.80%, 11/15/28 | 300 | 298493 |
| 4.90%, 02/15/29 | 290 | 297543 |
| 4.60%, 05/30/29 | 477 | 484783 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Consumers Energy Co. (continued) |  |  |
| 4.70%, 01/15/30 | $613 | $626182 |
| 4.50%, 01/15/31 | 370 | 374186 |
| 3.60%, 08/15/32 | 255 | 242425 |
| 4.63%, 05/15/33 | 510 | 511543 |
| 5.05%, 05/15/35 | 690 | 704103 |
| Dayton Power & Light Co., 4.55%, 08/15/30<sup>(d)</sup> | 225 | 224042 |
| Dominion Energy South Carolina, Inc. |  |  |
| 6.63%, 02/01/32 | 200 | 223680 |
| 5.30%, 05/15/33 | 200 | 208515 |
| Series 2025, 5.30%, 01/15/35 | 320 | 332325 |
| Series A, 2.30%, 12/01/31 | 330 | 293250 |
| Dominion Energy, Inc. |  |  |
| 4.60%, 05/15/28 | 805 | 813466 |
| 4.25%, 06/01/28 | 750 | 751959 |
| 5.00%, 06/15/30<sup>(a)</sup> | 625 | 641546 |
| 5.38%, 11/15/32 | 500 | 519998 |
| 5.45%, 03/15/35<sup>(a)</sup> | 725 | 744567 |
| Series A, 4.35%, 08/15/32 | 400 | 391661 |
| Series B, 3.60%, 03/15/27 | 250 | 248259 |
| Series B, 5.95%, 06/15/35 | 300 | 319906 |
| Series C, 3.38%, 04/01/30 | 1093 | 1050377 |
| Series C, 2.25%, 08/15/31 | 588 | 521501 |
| Series E, 6.30%, 03/15/33 | 200 | 216576 |
| Series F, 5.25%, 08/01/33 | 600 | 614522 |
| DTE Electric Co. |  |  |
| 4.85%, 12/01/26 | 396 | 400101 |
| 4.25%, 05/14/27 | 25 | 25152 |
| 2.25%, 03/01/30<sup>(a)</sup> | 428 | 396385 |
| 5.20%, 04/01/33 | 500 | 520613 |
| 5.20%, 03/01/34<sup>(a)</sup> | 275 | 284979 |
| 5.25%, 05/15/35 | 300 | 309606 |
| Series A, 1.90%, 04/01/28 | 313 | 298061 |
| Series A, 3.00%, 03/01/32 | 279 | 257817 |
| Series C, 2.63%, 03/01/31 | 300 | 276243 |
| DTE Energy Co. |  |  |
| 4.95%, 07/01/27 | 475 | 480803 |
| 4.88%, 06/01/28 | 500 | 508638 |
| 5.10%, 03/01/29 | 700 | 717658 |
| 2.95%, 03/01/30 | 279 | 263212 |
| 5.20%, 04/01/30 | 650 | 670365 |
| 5.85%, 06/01/34 | 550 | 585706 |
| 5.05%, 10/01/35 | 350 | 348960 |
| Series C, 3.40%, 06/15/29 | 381 | 369235 |
| Duke Energy Carolinas LLC |  |  |
| 2.95%, 12/01/26 | 330 | 326721 |
| 3.95%, 11/15/28 | 450 | 450347 |
| 2.45%, 08/15/29 | 400 | 377278 |
| 2.45%, 02/01/30 | 329 | 307570 |
| 4.85%, 03/15/30 | 320 | 328886 |
| 2.55%, 04/15/31<sup>(a)</sup> | 425 | 390014 |
| 2.85%, 03/15/32 | 458 | 418825 |
| 6.45%, 10/15/32 | 214 | 237056 |
| 4.95%, 01/15/33 | 835 | 860243 |
| 4.85%, 01/15/34<sup>(a)</sup> | 400 | 405661 |
| 5.25%, 03/15/35 | 425 | 440214 |
| Series A, 6.00%, 12/01/28<sup>(a)</sup> | 163 | 171661 |
| Duke Energy Corp. |  |  |
| 4.85%, 01/05/27 | 464 | 468138 |
| 3.15%, 08/15/27 | 413 | 406523 |
| 5.00%, 12/08/27 | 210 | 213584 |
| 4.30%, 03/15/28 | 584 | 585916 |
| 4.85%, 01/05/29 | 546 | 556218 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Duke Energy Corp. (continued) |  |  |
| 3.40%, 06/15/29 | $388 | $377646 |
| 2.45%, 06/01/30 | 684 | 631663 |
| 2.55%, 06/15/31 | 829 | 750953 |
| 4.50%, 08/15/32 | 746 | 742171 |
| 5.75%, 09/15/33 | 375 | 397892 |
| 5.45%, 06/15/34<sup>(a)</sup> | 431 | 448881 |
| 4.95%, 09/15/35 | 760 | 755793 |
| (5-year CMT + 2.32%), 3.25%, 01/15/82<sup>(b)</sup> | 316 | 304564 |
| Duke Energy Florida LLC |  |  |
| 3.20%, 01/15/27 | 400 | 396777 |
| 3.80%, 07/15/28 | 422 | 420966 |
| 2.50%, 12/01/29 | 614 | 578584 |
| 1.75%, 06/15/30<sup>(a)</sup> | 388 | 348798 |
| 2.40%, 12/15/31 | 479 | 430901 |
| 5.88%, 11/15/33 | 501 | 542231 |
| Duke Energy Indiana LLC, 5.25%, 03/01/34 | 175 | 180907 |
| Duke Energy Ohio, Inc. |  |  |
| 3.65%, 02/01/29<sup>(a)</sup> | 300 | 296637 |
| 2.13%, 06/01/30 | 250 | 228570 |
| 5.25%, 04/01/33 | 230 | 239261 |
| 5.30%, 06/15/35 | 200 | 206783 |
| Duke Energy Progress LLC |  |  |
| 4.35%, 03/06/27 | 350 | 352071 |
| 3.70%, 09/01/28 | 300 | 298111 |
| 3.45%, 03/15/29<sup>(a)</sup> | 413 | 405861 |
| 2.00%, 08/15/31 | 426 | 376072 |
| 3.40%, 04/01/32 | 313 | 295198 |
| 5.25%, 03/15/33 | 434 | 452566 |
| 5.10%, 03/15/34 | 400 | 412797 |
| 5.05%, 03/15/35 | 800 | 815613 |
| Edison International |  |  |
| 5.75%, 06/15/27 | 370 | 374318 |
| 4.13%, 03/15/28 | 446 | 438169 |
| 5.25%, 11/15/28 | 330 | 332165 |
| 5.45%, 06/15/29 | 300 | 303181 |
| 6.95%, 11/15/29 | 245 | 260176 |
| 6.25%, 03/15/30 | 341 | 353816 |
| 5.25%, 03/15/32<sup>(a)</sup> | 397 | 392918 |
| El Paso Electric Co., 6.00%, 05/15/35 | 250 | 261245 |
| Emera U.S. Finance LP, 2.64%, 06/15/31 | 245 | 218740 |
| Enel Chile SA, 4.88%, 06/12/28 | 550 | 558916 |
| Entergy Arkansas LLC |  |  |
| 4.00%, 06/01/28 | 200 | 200160 |
| 5.15%, 01/15/33 | 300 | 310673 |
| 5.30%, 09/15/33 | 200 | 207699 |
| 5.45%, 06/01/34 | 450 | 470255 |
| Entergy Corp. |  |  |
| 1.90%, 06/15/28 | 329 | 310900 |
| 2.80%, 06/15/30 | 431 | 402452 |
| 2.40%, 06/15/31 | 496 | 444164 |
| Entergy Louisiana LLC |  |  |
| 3.12%, 09/01/27 | 256 | 252213 |
| 3.25%, 04/01/28 | 400 | 393679 |
| 1.60%, 12/15/30 | 243 | 214557 |
| 3.05%, 06/01/31 | 200 | 187453 |
| 2.35%, 06/15/32 | 550 | 483998 |
| 4.00%, 03/15/33 | 600 | 578767 |
| 5.35%, 03/15/34 | 450 | 467014 |
| 5.15%, 09/15/34 | 475 | 486659 |
| Entergy Mississippi LLC |  |  |
| 2.85%, 06/01/28 | 413 | 401438 |
| 5.00%, 09/01/33 | 240 | 244585 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Entergy Texas, Inc. |  |  |
| 4.00%, 03/30/29 | $250 | $249183 |
| 1.75%, 03/15/31 | 350 | 307592 |
| 5.25%, 04/15/35 | 325 | 334273 |
| Evergy Kansas Central, Inc. |  |  |
| 3.10%, 04/01/27 | 200 | 197440 |
| 4.70%, 03/13/28 | 215 | 217152 |
| 5.90%, 11/15/33 | 150 | 161450 |
| 5.25%, 03/15/35<sup>(a)</sup> | 250 | 255455 |
| Evergy Metro, Inc. |  |  |
| 4.95%, 04/15/33 | 215 | 219353 |
| 5.40%, 04/01/34 | 175 | 182387 |
| 5.13%, 08/15/35 | 175 | 177501 |
| Series 2020, 2.25%, 06/01/30<sup>(a)</sup> | 300 | 276281 |
| Evergy, Inc., 2.90%, 09/15/29 | 913 | 867550 |
| Eversource Energy |  |  |
| 5.00%, 01/01/27 | 175 | 176515 |
| 2.90%, 03/01/27 | 313 | 307784 |
| 4.60%, 07/01/27 | 400 | 402169 |
| 5.45%, 03/01/28 | 765 | 784438 |
| 5.95%, 02/01/29 | 550 | 575847 |
| 4.45%, 12/15/30 | 400 | 398583 |
| 2.55%, 03/15/31 | 413 | 373345 |
| 5.85%, 04/15/31 | 250 | 264343 |
| 3.38%, 03/01/32 | 463 | 428984 |
| 5.13%, 05/15/33 | 400 | 405983 |
| 5.50%, 01/01/34 | 400 | 414641 |
| 5.95%, 07/15/34 | 250 | 266115 |
| Series M, 3.30%, 01/15/28 | 343 | 336448 |
| Series O, 4.25%, 04/01/29 | 343 | 342387 |
| Series R, 1.65%, 08/15/30 | 400 | 351990 |
| Exelon Corp. |  |  |
| 2.75%, 03/15/27 | 347 | 340681 |
| 5.15%, 03/15/28 | 550 | 562682 |
| 5.15%, 03/15/29 | 585 | 601627 |
| 4.05%, 04/15/30 | 829 | 821431 |
| 5.13%, 03/15/31 | 325 | 336084 |
| 3.35%, 03/15/32 | 650 | 608597 |
| 5.30%, 03/15/33 | 622 | 646424 |
| 5.45%, 03/15/34 | 474 | 492997 |
| 4.95%, 06/15/35 | 300 | 297249 |
| 5.63%, 06/15/35 | 300 | 314289 |
| FirstEnergy Corp. |  |  |
| 2.65%, 03/01/30 | 400 | 371284 |
| Series B, 3.90%, 07/15/27 | 826 | 820763 |
| Series B, 2.25%, 09/01/30<sup>(a)</sup> | 256 | 231146 |
| FirstEnergy Transmission LLC |  |  |
| 4.55%, 01/15/30 | 135 | 135838 |
| 4.75%, 01/15/33<sup>(d)</sup> | 200 | 199796 |
| 5.00%, 01/15/35 | 260 | 260531 |
| Florida Power & Light Co. |  |  |
| 5.05%, 04/01/28 | 605 | 620312 |
| 4.40%, 05/15/28 | 470 | 474910 |
| 5.15%, 06/15/29<sup>(a)</sup> | 470 | 488167 |
| 4.63%, 05/15/30<sup>(a)</sup> | 480 | 489610 |
| 2.45%, 02/03/32 | 1219 | 1097583 |
| 5.10%, 04/01/33 | 690 | 714679 |
| 4.80%, 05/15/33 | 715 | 729201 |
| 5.63%, 04/01/34 | 1100 | 1175177 |
| 5.30%, 06/15/34 | 685 | 716960 |
| 5.00%, 08/01/34 | 300 | 306550 |
| 4.95%, 06/01/35 | 400 | 407933 |
| Series A, 3.30%, 05/30/27 | 200 | 198135 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Georgia Power Co. |  |  |
| 5.00%, 02/23/27<sup>(a)</sup> | $329 | $333380 |
| 3.25%, 03/30/27 | 250 | 247610 |
| 4.65%, 05/16/28 | 400 | 405953 |
| 4.00%, 10/01/28 | 300 | 299785 |
| 4.55%, 03/15/30<sup>(a)</sup> | 575 | 585173 |
| 4.85%, 03/15/31 | 700 | 718538 |
| 4.70%, 05/15/32<sup>(a)</sup> | 430 | 436171 |
| 4.95%, 05/17/33<sup>(a)</sup> | 754 | 769770 |
| 5.25%, 03/15/34 | 527 | 544001 |
| 5.20%, 03/15/35 | 700 | 719822 |
| Series B, 2.65%, 09/15/29 | 557 | 528659 |
| Idaho Power Co., 5.20%, 08/15/34 | 200 | 206753 |
| Indiana Michigan Power Co., 3.85%, 05/15/28 | 250 | 248876 |
| Interstate Power and Light Co. |  |  |
| 4.10%, 09/26/28 | 325 | 324273 |
| 3.60%, 04/01/29 | 252 | 246935 |
| 2.30%, 06/01/30 | 300 | 274269 |
| 5.70%, 10/15/33 | 150 | 158320 |
| 4.95%, 09/30/34 | 295 | 294758 |
| 5.60%, 06/29/35 | 350 | 365163 |
| IPALCO Enterprises, Inc. |  |  |
| 4.25%, 05/01/30 | 279 | 273041 |
| 5.75%, 04/01/34 | 250 | 254459 |
| ITC Holdings Corp., 3.35%, 11/15/27 | 350 | 344856 |
| Jersey Central Power & Light Co. |  |  |
| 4.15%, 01/15/29<sup>(d)</sup> | 250 | 249380 |
| 4.40%, 01/15/31<sup>(d)</sup> | 250 | 248921 |
| 5.10%, 01/15/35 | 470 | 476726 |
| 5.15%, 01/15/36<sup>(d)</sup> | 250 | 253548 |
| Kentucky Utilities Co., Series Kent, 5.45%, 04/15/33 | 275 | 287880 |
| Louisville Gas and Electric Co., 5.45%, 04/15/33 | 95 | 99502 |
| MidAmerican Energy Co. |  |  |
| 3.10%, 05/01/27 | 274 | 270969 |
| 3.65%, 04/15/29 | 563 | 556607 |
| 6.75%, 12/30/31 | 291 | 327787 |
| 5.35%, 01/15/34 | 175 | 182729 |
| Mississippi Power Co., 3.95%, 03/30/28 | 300 | 299452 |
| National Grid PLC |  |  |
| 5.60%, 06/12/28 | 500 | 517264 |
| 5.81%, 06/12/33 | 450 | 479451 |
| 5.42%, 01/11/34 | 595 | 617896 |
| National Grid USA, 5.80%, 04/01/35 | 150 | 156337 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| 5.60%, 11/13/26 | 150 | 152315 |
| 4.80%, 02/05/27 | 250 | 252168 |
| 3.05%, 04/25/27 | 300 | 296030 |
| 5.10%, 05/06/27 | 175 | 177685 |
| 4.12%, 09/16/27 | 150 | 150253 |
| 3.40%, 02/07/28 | 709 | 699464 |
| 4.75%, 02/07/28 | 361 | 366056 |
| 4.80%, 03/15/28 | 215 | 218472 |
| 5.05%, 09/15/28 | 575 | 589380 |
| 4.85%, 02/07/29 | 250 | 255667 |
| 3.70%, 03/15/29 | 300 | 296133 |
| 5.15%, 06/15/29<sup>(a)</sup> | 300 | 310617 |
| 4.95%, 02/07/30 | 120 | 123474 |
| 2.40%, 03/15/30 | 386 | 359816 |
| 5.00%, 02/07/31 | 200 | 205982 |
| 1.35%, 03/15/31 | 200 | 171745 |
| 1.65%, 06/15/31 | 500 | 432736 |
| 8.00%, 03/01/32 | 257 | 305106 |
| 2.75%, 04/15/32 | 413 | 372040 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| National Rural Utilities Cooperative Finance <br> Corp. (continued)<br>|  |  |
| 4.02%, 11/01/32 | $600 | $584067 |
| 4.15%, 12/15/32 | 200 | 195829 |
| 5.80%, 01/15/33 | 275 | 295283 |
| 5.00%, 08/15/34 | 275 | 280512 |
| (5-year CMT + 3.53%), 7.13%, 09/15/53<sup>(b)</sup> | 200 | 210057 |
| Series D, 4.15%, 08/25/28 | 300 | 300534 |
| Nevada Power Co. |  |  |
| Series CC, 3.70%, 05/01/29 | 472 | 464386 |
| Series DD, 2.40%, 05/01/30 | 329 | 305553 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 1.88%, 01/15/27 | 736 | 717528 |
| 3.55%, 05/01/27 | 1129 | 1120439 |
| 4.63%, 07/15/27<sup>(a)</sup> | 1000 | 1009397 |
| 4.69%, 09/01/27 | 1220 | 1233374 |
| 4.85%, 02/04/28 | 625 | 635972 |
| 4.90%, 02/28/28 | 904 | 919675 |
| 1.90%, 06/15/28 | 1116 | 1057442 |
| 4.90%, 03/15/29 | 700 | 716392 |
| 3.50%, 04/01/29 | 700 | 685267 |
| 2.75%, 11/01/29 | 1009 | 956383 |
| 5.00%, 02/28/30<sup>(a)</sup> | 500 | 516326 |
| 5.05%, 03/15/30 | 875 | 901650 |
| 2.25%, 06/01/30 | 2308 | 2114665 |
| 2.44%, 01/15/32 | 849 | 751905 |
| 5.30%, 03/15/32 | 550 | 572935 |
| 5.00%, 07/15/32 | 670 | 685514 |
| 5.05%, 02/28/33 | 700 | 716181 |
| 5.25%, 03/15/34 | 800 | 822249 |
| 5.45%, 03/15/35 | 675 | 699517 |
| (3-mo. SOFR US + 2.67%), 4.80%, 12/01/77<sup>(a)(b)</sup> | 350 | 342379 |
| Northern States Power Co. |  |  |
| 2.25%, 04/01/31 | 372 | 337530 |
| 5.05%, 05/15/35<sup>(a)</sup> | 500 | 511798 |
| NSTAR Electric Co. |  |  |
| 3.20%, 05/15/27 | 322 | 318105 |
| 3.25%, 05/15/29 | 600 | 581490 |
| 4.85%, 03/01/30 | 275 | 281908 |
| 3.95%, 04/01/30 | 300 | 296791 |
| 1.95%, 08/15/31 | 200 | 175805 |
| 5.40%, 06/01/34 | 400 | 415838 |
| 5.20%, 03/01/35 | 450 | 460758 |
| OGE Energy Corp., 5.45%, 05/15/29 | 200 | 207423 |
| Ohio Power Co. |  |  |
| 5.00%, 06/01/33<sup>(a)</sup> | 328 | 333104 |
| 5.65%, 06/01/34 | 250 | 261145 |
| Series P, 2.60%, 04/01/30 | 364 | 338796 |
| Series Q, 1.63%, 01/15/31 | 359 | 311851 |
| Oklahoma Gas and Electric Co. |  |  |
| 3.80%, 08/15/28 | 268 | 266236 |
| 3.30%, 03/15/30 | 200 | 192665 |
| 3.25%, 04/01/30 | 79 | 76034 |
| 5.40%, 01/15/33 | 300 | 314346 |
| Oncor Electric Delivery Co. LLC |  |  |
| 4.50%, 03/20/27<sup>(d)</sup> | 325 | 327241 |
| 4.30%, 05/15/28 | 488 | 491017 |
| 3.70%, 11/15/28 | 193 | 191249 |
| 4.65%, 11/01/29 | 350 | 355301 |
| 2.75%, 05/15/30 | 729 | 685401 |
| 7.00%, 05/01/32 | 300 | 340769 |
| 4.15%, 06/01/32 | 296 | 289999 |
| 4.55%, 09/15/32 | 519 | 519806 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Oncor Electric Delivery Co. LLC (continued) |  |  |
| 7.25%, 01/15/33 | $263 | $302694 |
| 5.65%, 11/15/33 | 351 | 373598 |
| 5.35%, 04/01/35<sup>(d)</sup> | 405 | 420208 |
| Pacific Gas & Electric Co., 5.05%, 10/15/32 | 250 | 250447 |
| Pacific Gas and Electric Co. |  |  |
| 3.30%, 03/15/27 | 200 | 197299 |
| 5.45%, 06/15/27 | 400 | 406576 |
| 2.10%, 08/01/27 | 483 | 464381 |
| 3.30%, 12/01/27 | 655 | 641563 |
| 5.00%, 06/04/28 | 400 | 405677 |
| 3.00%, 06/15/28 | 516 | 497614 |
| 3.75%, 07/01/28 | 550 | 540509 |
| 4.65%, 08/01/28 | 200 | 200871 |
| 6.10%, 01/15/29 | 465 | 485399 |
| 4.20%, 03/01/29 | 220 | 217797 |
| 5.55%, 05/15/29 | 400 | 411817 |
| 4.55%, 07/01/30 | 2006 | 1991221 |
| 2.50%, 02/01/31 | 1211 | 1083199 |
| 3.25%, 06/01/31 | 550 | 507764 |
| 4.40%, 03/01/32 | 293 | 284620 |
| 5.90%, 06/15/32 | 450 | 471011 |
| 6.15%, 01/15/33<sup>(a)</sup> | 428 | 454056 |
| 6.40%, 06/15/33 | 640 | 689364 |
| 6.95%, 03/15/34 | 535 | 593661 |
| 5.80%, 05/15/34 | 800 | 829416 |
| 5.70%, 03/01/35 | 775 | 795956 |
| 6.00%, 08/15/35 | 715 | 749915 |
| PacifiCorp. |  |  |
| 5.10%, 02/15/29<sup>(a)</sup> | 300 | 307768 |
| 3.50%, 06/15/29 | 354 | 345083 |
| 2.70%, 09/15/30 | 254 | 234843 |
| 5.30%, 02/15/31 | 800 | 830355 |
| 7.70%, 11/15/31 | 200 | 232273 |
| 5.45%, 02/15/34<sup>(a)</sup> | 784 | 805473 |
| 5.25%, 06/15/35 | 200 | 203181 |
| PECO Energy Co. |  |  |
| 4.90%, 06/15/33 | 264 | 270268 |
| 4.88%, 09/15/35 | 400 | 402746 |
| Pinnacle West Capital Corp. |  |  |
| 4.90%, 05/15/28 | 305 | 309591 |
| 5.15%, 05/15/30 | 125 | 128763 |
| Potomac Electric Power Co., 5.20%, 03/15/34 | 275 | 283966 |
| PPL Capital Funding, Inc. |  |  |
| 4.13%, 04/15/30 | 300 | 297939 |
| 5.25%, 09/01/34 | 455 | 466318 |
| PPL Electric Utilities Corp. |  |  |
| 5.00%, 05/15/33 | 500 | 514100 |
| 4.85%, 02/15/34 | 400 | 406501 |
| Progress Energy, Inc. |  |  |
| 7.75%, 03/01/31 | 330 | 378984 |
| 7.00%, 10/30/31 | 300 | 337091 |
| Public Service Co. of Colorado |  |  |
| 3.70%, 06/15/28 | 129 | 128283 |
| 1.88%, 06/15/31 | 450 | 394610 |
| 5.35%, 05/15/34 | 450 | 465259 |
| 5.15%, 09/15/35 | 575 | 583277 |
| Series 35, 1.90%, 01/15/31 | 160 | 142234 |
| Series 38, 4.10%, 06/01/32<sup>(a)</sup> | 150 | 147453 |
| Public Service Co. of New Hampshire |  |  |
| 4.40%, 07/01/28 | 175 | 176644 |
| 5.35%, 10/01/33 | 375 | 392329 |
| Series V, 2.20%, 06/15/31 | 450 | 402553 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Public Service Co. of Oklahoma |  |  |
| 5.25%, 01/15/33 | $400 | $411109 |
| 5.20%, 01/15/35 | 425 | 430462 |
| Series J, 2.20%, 08/15/31<sup>(a)</sup> | 413 | 364691 |
| Public Service Electric and Gas Co. |  |  |
| 3.00%, 05/15/27 | 314 | 309881 |
| 3.70%, 05/01/28 | 276 | 274287 |
| 3.65%, 09/01/28<sup>(a)</sup> | 270 | 267525 |
| 3.20%, 05/15/29 | 313 | 304156 |
| 2.45%, 01/15/30<sup>(a)</sup> | 229 | 214730 |
| 1.90%, 08/15/31 | 279 | 245463 |
| 3.10%, 03/15/32 | 400 | 370891 |
| 4.90%, 12/15/32 | 180 | 184247 |
| 4.65%, 03/15/33 | 417 | 419875 |
| 5.20%, 08/01/33 | 370 | 384483 |
| 5.20%, 03/01/34 | 275 | 285354 |
| 4.85%, 08/01/34 | 450 | 454530 |
| 4.90%, 08/15/35 | 200 | 202026 |
| Series Q, 5.05%, 03/01/35 | 260 | 265968 |
| Public Service Enterprise Group, Inc. |  |  |
| 5.85%, 11/15/27 | 400 | 413471 |
| 5.88%, 10/15/28 | 250 | 261676 |
| 5.20%, 04/01/29 | 275 | 283247 |
| 4.90%, 03/15/30<sup>(a)</sup> | 205 | 209257 |
| 1.60%, 08/15/30 | 352 | 309432 |
| 2.45%, 11/15/31 | 500 | 444944 |
| 6.13%, 10/15/33 | 250 | 269868 |
| 5.45%, 04/01/34<sup>(a)</sup> | 275 | 285624 |
| 5.40%, 03/15/35 | 250 | 257780 |
| Puget Energy, Inc. |  |  |
| 2.38%, 06/15/28 | 329 | 313284 |
| 4.10%, 06/15/30 | 413 | 404178 |
| 4.22%, 03/15/32 | 279 | 267958 |
| 5.73%, 03/15/35 | 475 | 488186 |
| Puget Sound Energy, Inc., 5.33%, 06/15/34 | 175 | 180756 |
| San Diego Gas & Electric Co. |  |  |
| 4.95%, 08/15/28 | 345 | 352972 |
| 5.40%, 04/15/35 | 550 | 570707 |
| Series VVV, 1.70%, 10/01/30 | 663 | 586296 |
| Series XXX, 3.00%, 03/15/32 | 350 | 321154 |
| Sempra |  |  |
| 3.25%, 06/15/27 | 500 | 491754 |
| 3.40%, 02/01/28 | 713 | 699730 |
| 3.70%, 04/01/29<sup>(a)</sup> | 513 | 503629 |
| 5.50%, 08/01/33<sup>(a)</sup> | 499 | 521521 |
| (5-year CMT + 2.87%), 4.13%, 04/01/52<sup>(b)</sup> | 713 | 697171 |
| Southern California Edison Co. |  |  |
| 4.88%, 02/01/27 | 175 | 175912 |
| 5.85%, 11/01/27<sup>(a)</sup> | 300 | 307635 |
| 5.30%, 03/01/28 | 495 | 504320 |
| 5.65%, 10/01/28 | 378 | 390765 |
| 6.65%, 04/01/29 | 200 | 210998 |
| 5.15%, 06/01/29 | 275 | 280156 |
| 2.85%, 08/01/29 | 384 | 361629 |
| 5.25%, 03/15/30<sup>(a)</sup> | 400 | 408991 |
| 2.25%, 06/01/30 | 432 | 389290 |
| 5.45%, 06/01/31<sup>(a)</sup> | 408 | 420639 |
| 2.75%, 02/01/32<sup>(a)</sup> | 413 | 365438 |
| 5.95%, 11/01/32 | 525 | 553685 |
| 6.00%, 01/15/34<sup>(a)</sup> | 332 | 347929 |
| 5.20%, 06/01/34 | 729 | 730198 |
| 5.45%, 03/01/35<sup>(a)</sup> | 500 | 506439 |
| Series 2005-E, 5.35%, 07/15/35<sup>(a)</sup> | 200 | 200709 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Southern California Edison Co. (continued) |  |  |
| Series A, 4.20%, 03/01/29<sup>(a)</sup> | $300 | $296821 |
| Series B, 3.65%, 03/01/28 | 275 | 270892 |
| Series D, 4.70%, 06/01/27 | 300 | 301319 |
| Series G, 2.50%, 06/01/31 | 349 | 310505 |
| Southern Co. |  |  |
| 5.11%, 08/01/27 | 500 | 507801 |
| 4.85%, 06/15/28 | 570 | 580075 |
| 5.50%, 03/15/29 | 621 | 645715 |
| 5.70%, 10/15/32 | 350 | 371313 |
| 5.20%, 06/15/33 | 570 | 586251 |
| 5.70%, 03/15/34 | 702 | 741171 |
| 4.85%, 03/15/35 | 550 | 544599 |
| Series 2021-B, 1.75%, 03/15/28 | 304 | 287661 |
| Series A, 3.70%, 04/30/30 | 758 | 740766 |
| Southern Power Co. |  |  |
| Series A, 4.25%, 10/01/30 | 500 | 497287 |
| Series B, 4.90%, 10/01/35 | 400 | 395340 |
| Southwestern Electric Power Co. |  |  |
| 5.30%, 04/01/33 | 275 | 281013 |
| Series M, 4.10%, 09/15/28 | 379 | 378051 |
| Southwestern Public Service Co., 5.30%, 05/15/35 | 325 | 333192 |
| System Energy Resources, Inc. |  |  |
| 6.00%, 04/15/28 | 400 | 415208 |
| 5.30%, 12/15/34 | 385 | 388589 |
| Tampa Electric Co. |  |  |
| 4.90%, 03/01/29 | 390 | 398734 |
| 2.40%, 03/15/31 | 306 | 277518 |
| 5.15%, 03/01/35 | 450 | 457010 |
| Tucson Electric Power Co. |  |  |
| 1.50%, 08/01/30 | 116 | 102404 |
| 3.25%, 05/15/32 | 250 | 231354 |
| 5.20%, 09/15/34 | 275 | 280871 |
| Union Electric Co. |  |  |
| 2.95%, 06/15/27 | 129 | 127188 |
| 3.50%, 03/15/29 | 250 | 245097 |
| 2.95%, 03/15/30 | 254 | 241876 |
| 2.15%, 03/15/32 | 431 | 376317 |
| 5.20%, 04/01/34 | 275 | 284183 |
| 5.25%, 04/15/35 | 325 | 335785 |
| Virginia Electric and Power Co. |  |  |
| 2.30%, 11/15/31 | 413 | 365737 |
| 2.40%, 03/30/32 | 530 | 469581 |
| 5.00%, 04/01/33 | 525 | 535974 |
| 5.30%, 08/15/33<sup>(a)</sup> | 900 | 934000 |
| 5.00%, 01/15/34 | 500 | 507153 |
| 5.05%, 08/15/34 | 595 | 603771 |
| 5.15%, 03/15/35 | 625 | 637117 |
| Series A, 3.50%, 03/15/27 | 420 | 417031 |
| Series A, 3.80%, 04/01/28 | 413 | 410950 |
| Series A, 2.88%, 07/15/29 | 429 | 410011 |
| Series B, 2.95%, 11/15/26 | 264 | 261126 |
| Series B, 3.75%, 05/15/27 | 400 | 398211 |
| Series C, 4.90%, 09/15/35 | 750 | 747771 |
| WEC Energy Group, Inc. |  |  |
| 5.15%, 10/01/27 | 500 | 509209 |
| 1.38%, 10/15/27 | 350 | 332302 |
| 4.75%, 01/15/28 | 250 | 253169 |
| 2.20%, 12/15/28 | 350 | 329832 |
| 1.80%, 10/15/30 | 203 | 179767 |
| Wisconsin Electric Power Co. |  |  |
| 1.70%, 06/15/28 | 159 | 150215 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Wisconsin Electric Power Co. (continued) |  |  |
| 5.00%, 05/15/29 | 125 | $128432 |
| 4.15%, 10/15/30 | 270 | 269153 |
| 4.75%, 09/30/32<sup>(a)</sup> | 305 | 311595 |
| 5.63%, 05/15/33 | 200 | 214569 |
| 4.60%, 10/01/34 | 185 | 184480 |
| Wisconsin Power and Light Co. |  |  |
| 3.05%, 10/15/27 | 252 | 247387 |
| 3.00%, 07/01/29 | 229 | 219763 |
| 1.95%, 09/16/31 | 194 | 168537 |
| 3.95%, 09/01/32 | 400 | 384736 |
| 4.95%, 04/01/33 | 40 | 40640 |
| 5.38%, 03/30/34 | 335 | 346960 |
| Wisconsin Public Service Corp., 4.55%, 12/01/29 | 120 | 121884 |
| Xcel Energy, Inc. |  |  |
| 3.35%, 12/01/26 | 413 | 409704 |
| 1.75%, 03/15/27 | 413 | 399707 |
| 4.75%, 03/21/28 | 175 | 177244 |
| 4.00%, 06/15/28 | 479 | 477888 |
| 2.60%, 12/01/29 | 380 | 355656 |
| 3.40%, 06/01/30 | 350 | 336076 |
| 2.35%, 11/15/31 | 179 | 158401 |
| 4.60%, 06/01/32 | 497 | 493625 |
| 5.45%, 08/15/33 | 500 | 518791 |
| 5.50%, 03/15/34 | 355 | 367604 |
| 5.60%, 04/15/35 | 475 | 493475 |
|  |  | 227432931 |
| **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** |
| ABB Finance USA, Inc., 3.80%, 04/03/28 | 260 | 261006 |
| Acuity Brands Lighting, Inc., 2.15%, 12/15/30 | 250 | 224486 |
| Allegion PLC, 3.50%, 10/01/29 | 219 | 211895 |
| Allegion U.S. Holding Co., Inc. |  |  |
| 3.55%, 10/01/27 | 250 | 246997 |
| 5.41%, 07/01/32 | 328 | 340966 |
| 5.60%, 05/29/34 | 225 | 235399 |
| Amphenol Corp. |  |  |
| 5.05%, 04/05/27 | 562 | 570155 |
| 11/15/27<sup>(c)</sup> | 530 | 528478 |
| 4.38%, 06/12/28 | 502 | 506129 |
| 11/15/28<sup>(c)</sup> | 245 | 243878 |
| 5.05%, 04/05/29<sup>(a)</sup> | 175 | 180089 |
| 4.35%, 06/01/29 | 350 | 352922 |
| 2.80%, 02/15/30 | 385 | 364251 |
| 11/15/30<sup>(c)</sup> | 505 | 501031 |
| 2.20%, 09/15/31 | 597 | 530592 |
| 02/15/33<sup>(c)</sup> | 640 | 633125 |
| 5.25%, 04/05/34<sup>(a)</sup> | 375 | 390202 |
| 5.00%, 01/15/35 | 500 | 510387 |
| 02/15/36<sup>(c)</sup> | 875 | 859947 |
| Arrow Electronics, Inc. |  |  |
| 3.88%, 01/12/28<sup>(a)</sup> | 350 | 346601 |
| 5.15%, 08/21/29<sup>(a)</sup> | 250 | 255359 |
| 2.95%, 02/15/32 | 329 | 294513 |
| 5.88%, 04/10/34 | 300 | 313126 |
| Avnet, Inc. |  |  |
| 6.25%, 03/15/28 | 160 | 166124 |
| 3.00%, 05/15/31 | 165 | 149443 |
| 5.50%, 06/01/32 | 330 | 335339 |
| CDW LLC/CDW Finance Corp. |  |  |
| 2.67%, 12/01/26 | 660 | 648190 |
| 4.25%, 04/01/28 | 379 | 376628 |
| 3.28%, 12/01/28 | 316 | 305199 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| CDW LLC/CDW Finance Corp. (continued) |  |  |
| 3.25%, 02/15/29 | $371 | $355325 |
| 5.10%, 03/01/30 | 378 | 384876 |
| 3.57%, 12/01/31<sup>(a)</sup> | 784 | 730367 |
| 5.55%, 08/22/34 | 300 | 307923 |
| Eaton Capital ULC, 4.45%, 05/09/30 | 200 | 201863 |
| Emerson Electric Co. |  |  |
| 1.80%, 10/15/27 | 400 | 384775 |
| 2.00%, 12/21/28 | 728 | 686333 |
| 1.95%, 10/15/30 | 275 | 248355 |
| 2.20%, 12/21/31 | 650 | 577564 |
| 5.00%, 03/15/35<sup>(a)</sup> | 155 | 159323 |
| Flex Ltd. |  |  |
| 6.00%, 01/15/28 | 236 | 243742 |
| 4.88%, 06/15/29 | 413 | 417926 |
| 4.88%, 05/12/30 | 243 | 245915 |
| 5.25%, 01/15/32 | 325 | 333153 |
| Honeywell International, Inc. |  |  |
| 2.50%, 11/01/26 | 804 | 792733 |
| 1.10%, 03/01/27 | 629 | 605334 |
| 4.65%, 07/30/27 | 775 | 784111 |
| 4.95%, 02/15/28 | 256 | 261355 |
| 4.25%, 01/15/29 | 536 | 538582 |
| 2.70%, 08/15/29 | 581 | 553428 |
| 4.88%, 09/01/29 | 200 | 205922 |
| 4.70%, 02/01/30 | 625 | 637346 |
| 1.95%, 06/01/30 | 747 | 677614 |
| 1.75%, 09/01/31 | 921 | 799413 |
| 4.95%, 09/01/31 | 200 | 206766 |
| 4.75%, 02/01/32 | 475 | 483614 |
| 5.00%, 02/15/33 | 652 | 670937 |
| 4.50%, 01/15/34 | 616 | 610867 |
| 5.00%, 03/01/35 | 874 | 890952 |
| Hubbell, Inc. |  |  |
| 3.15%, 08/15/27 | 254 | 249607 |
| 3.50%, 02/15/28 | 250 | 247095 |
| 2.30%, 03/15/31<sup>(a)</sup> | 254 | 229203 |
| 11/15/35<sup>(c)</sup> | 175 | 174208 |
| Jabil, Inc. |  |  |
| 4.25%, 05/15/27<sup>(a)</sup> | 305 | 305118 |
| 3.95%, 01/12/28 | 250 | 248672 |
| 5.45%, 02/01/29 | 75 | 77347 |
| 3.60%, 01/15/30 | 250 | 241512 |
| 3.00%, 01/15/31 | 219 | 202258 |
| Keysight Technologies, Inc. |  |  |
| 4.60%, 04/06/27 | 450 | 452049 |
| 3.00%, 10/30/29 | 260 | 247404 |
| 5.35%, 07/30/30<sup>(a)</sup> | 484 | 502341 |
| 4.95%, 10/15/34 | 382 | 384722 |
| TD SYNNEX Corp. |  |  |
| 2.38%, 08/09/28 | 321 | 304312 |
| 4.30%, 01/17/29 | 250 | 249455 |
| 2.65%, 08/09/31 | 273 | 243521 |
| 6.10%, 04/12/34 | 441 | 465460 |
| 5.30%, 10/10/35 | 450 | 449183 |
| Trimble, Inc. |  |  |
| 4.90%, 06/15/28 | 450 | 457282 |
| 6.10%, 03/15/33 | 500 | 535908 |
| Tyco Electronics Group SA |  |  |
| 3.13%, 08/15/27 | 250 | 246583 |
| 4.63%, 02/01/30 | 225 | 228766 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Tyco Electronics Group SA (continued) |  |  |
| 4.50%, 02/09/31 | 225 | $227078 |
| 2.50%, 02/04/32 | 405 | 363155 |
| 5.00%, 05/09/35 | 375 | 379955 |
| Vontier Corp. |  |  |
| 2.40%, 04/01/28<sup>(a)</sup> | 200 | 190661 |
| 2.95%, 04/01/31 | 350 | 318359 |
|  |  | 33100085 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Baker Hughes Holdings LLC/Baker Hughes Co-<br> Obligor, Inc.<br>|  |  |
| 2.06%, 12/15/26 | 430 | 420402 |
| 3.34%, 12/15/27 | 699 | 689795 |
| 3.14%, 11/07/29 | 243 | 234528 |
| 4.49%, 05/01/30 | 350 | 353402 |
| Halliburton Co., 2.92%, 03/01/30<sup>(a)</sup> | 611 | 576815 |
| NOV, Inc., 3.60%, 12/01/29<sup>(a)</sup> | 329 | 318556 |
| Schlumberger Investment SA, 2.65%, 06/26/30<sup>(a)</sup> | 542 | 506652 |
|  |  | 3100150 |
| **Environmental, Maintenance & Security Service — 0.5%** | **Environmental, Maintenance & Security Service — 0.5%** | **Environmental, Maintenance & Security Service — 0.5%** |
| Republic Services, Inc. |  |  |
| 3.38%, 11/15/27 | 400 | 395543 |
| 3.95%, 05/15/28 | 492 | 491625 |
| 4.88%, 04/01/29 | 455 | 466358 |
| 5.00%, 11/15/29 | 250 | 258734 |
| 2.30%, 03/01/30 | 444 | 411270 |
| 4.75%, 07/15/30 | 235 | 240820 |
| 1.45%, 02/15/31 | 727 | 631440 |
| 1.75%, 02/15/32 | 605 | 519482 |
| 2.38%, 03/15/33<sup>(a)</sup> | 450 | 392159 |
| 5.00%, 12/15/33<sup>(a)</sup> | 482 | 497471 |
| 5.00%, 04/01/34 | 400 | 410927 |
| 5.20%, 11/15/34 | 245 | 254323 |
| 5.15%, 03/15/35<sup>(a)</sup> | 470 | 485867 |
| Veralto Corp. |  |  |
| 5.35%, 09/18/28 | 325 | 335727 |
| 5.45%, 09/18/33 | 425 | 444973 |
| Waste Connections, Inc. |  |  |
| 4.25%, 12/01/28 | 200 | 201191 |
| 3.50%, 05/01/29 | 254 | 249693 |
| 2.60%, 02/01/30 | 376 | 354108 |
| 2.20%, 01/15/32 | 479 | 421696 |
| 3.20%, 06/01/32 | 274 | 254540 |
| 4.20%, 01/15/33 | 410 | 402228 |
| 5.00%, 03/01/34 | 575 | 587072 |
| 5.25%, 09/01/35 | 250 | 257755 |
| Waste Management, Inc. |  |  |
| 4.95%, 07/03/27 | 275 | 279485 |
| 3.15%, 11/15/27 | 617 | 607492 |
| 1.15%, 03/15/28<sup>(a)</sup> | 374 | 350773 |
| 4.50%, 03/15/28 | 625 | 632103 |
| 3.88%, 01/15/29<sup>(a)</sup> | 400 | 397550 |
| 4.88%, 02/15/29 | 575 | 589799 |
| 2.00%, 06/01/29<sup>(a)</sup> | 159 | 148223 |
| 4.63%, 02/15/30 | 400 | 406975 |
| 4.65%, 03/15/30 | 425 | 432901 |
| 1.50%, 03/15/31 | 707 | 613800 |
| 4.95%, 07/03/31 | 495 | 512005 |
| 4.80%, 03/15/32 | 525 | 536562 |
| 4.15%, 04/15/32 | 524 | 517578 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Environmental, Maintenance & Security Service (continued)** | **Environmental, Maintenance & Security Service (continued)** | **Environmental, Maintenance & Security Service (continued)** |
| Waste Management, Inc. (continued) |  |  |
| 4.63%, 02/15/33 | 270 | $273039 |
| 4.88%, 02/15/34 | 766 | 781836 |
| 4.95%, 03/15/35 | 950 | 964869 |
|  |  | 17009992 |
| **Financial Services — 2.1%** | **Financial Services — 2.1%** | **Financial Services — 2.1%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust<br>|  |  |
| 6.10%, 01/15/27 | 770 | 785693 |
| 6.45%, 04/15/27 | 1300 | 1337968 |
| 3.65%, 07/21/27 | 655 | 649030 |
| 4.63%, 10/15/27 | 300 | 302151 |
| 3.88%, 01/23/28 | 300 | 297775 |
| 4.88%, 04/01/28 | 650 | 659873 |
| 5.75%, 06/06/28<sup>(a)</sup> | 610 | 631367 |
| 3.00%, 10/29/28 | 2523 | 2435665 |
| 5.10%, 01/19/29 | 510 | 521764 |
| 4.63%, 09/10/29 | 850 | 856724 |
| 6.15%, 09/30/30 | 1050 | 1124160 |
| 4.38%, 11/15/30 | 220 | 218870 |
| 5.38%, 12/15/31 | 500 | 517034 |
| 3.30%, 01/30/32 | 2800 | 2585877 |
| 3.40%, 10/29/33 | 1100 | 991662 |
| 5.30%, 01/19/34 | 450 | 459660 |
| 4.95%, 09/10/34 | 750 | 746551 |
| 5.00%, 11/15/35 | 290 | 287341 |
| Affiliated Managers Group, Inc. |  |  |
| 3.30%, 06/15/30 | 264 | 251031 |
| 5.50%, 08/20/34 | 250 | 256362 |
| Air Lease Corp. |  |  |
| 2.20%, 01/15/27 | 450 | 438640 |
| 3.63%, 04/01/27 | 280 | 277178 |
| 3.63%, 12/01/27 | 130 | 127978 |
| 5.85%, 12/15/27 | 654 | 672245 |
| 5.30%, 02/01/28 | 300 | 304874 |
| 2.10%, 09/01/28 | 213 | 199569 |
| 4.63%, 10/01/28 | 400 | 401088 |
| 5.10%, 03/01/29<sup>(a)</sup> | 275 | 278960 |
| 3.25%, 10/01/29 | 413 | 392714 |
| 3.00%, 02/01/30 | 529 | 493282 |
| 3.13%, 12/01/30 | 509 | 470407 |
| 5.20%, 07/15/31 | 325 | 330748 |
| 2.88%, 01/15/32<sup>(a)</sup> | 450 | 402804 |
| Ally Financial, Inc. |  |  |
| 4.75%, 06/09/27<sup>(a)</sup> | 500 | 503009 |
| 7.10%, 11/15/27 | 550 | 577053 |
| 2.20%, 11/02/28 | 285 | 266037 |
| 8.00%, 11/01/31 | 1211 | 1376991 |
| 8.00%, 11/01/31<sup>(a)</sup> | 300 | 340443 |
| (1-day SOFR + 1.78%), 5.55%, 07/31/33<sup>(b)</sup> | 350 | 351342 |
| (1-day SOFR + 2.29%), 6.18%, 07/26/35<sup>(b)</sup> | 590 | 610009 |
| (1-day SOFR + 2.82%), 6.85%, 01/03/30<sup>(b)</sup> | 491 | 518030 |
| (1-day SOFR + 3.26%), 6.99%, 06/13/29<sup>(b)</sup> | 500 | 525398 |
| (1-day SOFR Index + 1.73%), 5.54%, 01/17/31<sup>(b)</sup> | 305 | 310287 |
| (1-day SOFR Index + 1.96%), 5.74%, 05/15/29<sup>(b)</sup> | 458 | 467058 |
| Ameriprise Financial, Inc. |  |  |
| 5.70%, 12/15/28 | 375 | 392143 |
| 4.50%, 05/13/32 | 313 | 314663 |
| 5.15%, 05/15/33 | 460 | 477440 |
| 5.20%, 04/15/35 | 475 | 485248 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Apollo Global Management, Inc. |  |  |
| 6.38%, 11/15/33 | $375 | $413022 |
| 5.15%, 08/12/35<sup>(a)</sup> | 300 | 301752 |
| Ares Management Corp., 6.38%, 11/10/28 | 254 | 267769 |
| BGC Group, Inc. |  |  |
| 8.00%, 05/25/28 | 200 | 213622 |
| 6.60%, 06/10/29 | 325 | 338311 |
| 6.15%, 04/02/30 | 425 | 438890 |
| Blue Owl Finance LLC |  |  |
| 3.13%, 06/10/31 | 398 | 360617 |
| 4.38%, 02/15/32 | 300 | 286724 |
| 6.25%, 04/18/34<sup>(a)</sup> | 670 | 695247 |
| Brookfield Asset Management Ltd., 5.80%, 04/24/35 | 450 | 470735 |
| Brookfield Finance I U.K. PLC/Brookfield Finance, <br> Inc., 2.34%, 01/30/32<br>| 399 | 347797 |
| Cboe Global Markets, Inc. |  |  |
| 3.65%, 01/12/27 | 420 | 418077 |
| 1.63%, 12/15/30 | 259 | 227863 |
| 3.00%, 03/16/32 | 217 | 200699 |
| Charles Schwab Corp. |  |  |
| 3.20%, 03/02/27 | 478 | 472911 |
| 2.45%, 03/03/27 | 943 | 924028 |
| 3.30%, 04/01/27 | 350 | 346794 |
| 3.20%, 01/25/28 | 525 | 516080 |
| 2.00%, 03/20/28 | 754 | 721613 |
| 4.00%, 02/01/29 | 442 | 442781 |
| 3.25%, 05/22/29 | 532 | 516550 |
| 2.75%, 10/01/29 | 379 | 360478 |
| 4.63%, 03/22/30<sup>(a)</sup> | 179 | 182513 |
| 1.65%, 03/11/31 | 413 | 360275 |
| 2.30%, 05/13/31 | 663 | 599431 |
| 1.95%, 12/01/31 | 700 | 609565 |
| 2.90%, 03/03/32 | 660 | 603609 |
| (1-day SOFR + 1.88%), 6.20%, 11/17/29<sup>(b)</sup> | 904 | 957196 |
| (1-day SOFR + 2.01%), 6.14%, 08/24/34<sup>(b)</sup> | 795 | 865108 |
| (1-day SOFR + 2.21%), 5.64%, 05/19/29<sup>(b)</sup> | 562 | 583026 |
| (1-day SOFR + 2.50%), 5.85%, 05/19/34<sup>(b)</sup> | 856 | 915645 |
| CI Financial Corp., 3.20%, 12/17/30 | 646 | 581957 |
| CME Group, Inc. |  |  |
| 3.75%, 06/15/28 | 433 | 431902 |
| 4.40%, 03/15/30 | 510 | 515746 |
| 2.65%, 03/15/32 | 621 | 566822 |
| Credit Suisse USA LLC, 7.13%, 07/15/32<sup>(a)</sup> | 570 | 652730 |
| Eaton Vance Corp., 3.50%, 04/06/27 | 200 | 198370 |
| Enact Holdings, Inc., 6.25%, 05/28/29 | 500 | 523335 |
| Franklin Resources, Inc., 1.60%, 10/30/30 | 500 | 438801 |
| Intercontinental Exchange, Inc. |  |  |
| 3.10%, 09/15/27 | 284 | 279730 |
| 4.00%, 09/15/27 | 935 | 936274 |
| 3.63%, 09/01/28 | 678 | 670727 |
| 3.75%, 09/21/28 | 576 | 571751 |
| 4.35%, 06/15/29 | 753 | 759357 |
| 2.10%, 06/15/30 | 787 | 717843 |
| 5.25%, 06/15/31 | 425 | 443966 |
| 1.85%, 09/15/32 | 938 | 797011 |
| 4.60%, 03/15/33 | 950 | 957550 |
| Janus Henderson U.S. Holdings, Inc., 5.45%, <br> 09/10/34<br>| 275 | 277514 |
| Jefferies Financial Group, Inc. |  |  |
| 4.85%, 01/15/27 | 409 | 410302 |
| 6.45%, 06/08/27 | 250 | 256967 |
| 5.88%, 07/21/28 | 535 | 553071 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Jefferies Financial Group, Inc. (continued) |  |  |
| 4.15%, 01/23/30 | $679 | $664056 |
| 2.63%, 10/15/31 | 629 | 552026 |
| 2.75%, 10/15/32 | 374 | 322922 |
| 6.20%, 04/14/34<sup>(a)</sup> | 925 | 970688 |
| Lazard Group LLC |  |  |
| 4.50%, 09/19/28 | 300 | 301440 |
| 4.38%, 03/11/29 | 379 | 378490 |
| 6.00%, 03/15/31 | 219 | 231454 |
| 5.63%, 08/01/35<sup>(a)</sup> | 225 | 228575 |
| LPL Holdings, Inc. |  |  |
| 5.70%, 05/20/27 | 490 | 499450 |
| 4.90%, 04/03/28 | 275 | 278168 |
| 6.75%, 11/17/28 | 550 | 585861 |
| 5.20%, 03/15/30 | 452 | 461674 |
| 5.15%, 06/15/30 | 275 | 280177 |
| 6.00%, 05/20/34<sup>(a)</sup> | 300 | 314047 |
| 5.65%, 03/15/35 | 350 | 356648 |
| 5.75%, 06/15/35 | 475 | 486910 |
| Marex Group PLC |  |  |
| 5.83%, 05/08/28 | 300 | 303618 |
| 6.40%, 11/04/29 | 450 | 462482 |
| Nasdaq, Inc. |  |  |
| 5.35%, 06/28/28 | 552 | 569251 |
| 1.65%, 01/15/31 | 543 | 476810 |
| 5.55%, 02/15/34 | 628 | 658291 |
| Nomura Holdings, Inc. |  |  |
| 2.33%, 01/22/27 | 878 | 858201 |
| 5.59%, 07/02/27 | 400 | 408467 |
| 5.39%, 07/06/27 | 400 | 407121 |
| 5.84%, 01/18/28 | 200 | 206498 |
| 6.07%, 07/12/28 | 550 | 574698 |
| 2.17%, 07/14/28 | 700 | 662449 |
| 2.71%, 01/22/29 | 478 | 454865 |
| 5.61%, 07/06/29 | 400 | 416239 |
| 3.10%, 01/16/30 | 835 | 790262 |
| 4.90%, 07/01/30 | 400 | 405447 |
| 2.68%, 07/16/30 | 510 | 469253 |
| 2.61%, 07/14/31 | 650 | 584929 |
| 3.00%, 01/22/32 | 450 | 407765 |
| 6.18%, 01/18/33 | 600 | 649580 |
| 6.09%, 07/12/33<sup>(a)</sup> | 300 | 326121 |
| 5.78%, 07/03/34<sup>(a)</sup> | 655 | 694072 |
| 5.49%, 06/29/35 | 400 | 413502 |
| (5-year CMT + 1.30%), 5.04%, 06/10/36<sup>(a)(b)</sup> | 400 | 397381 |
| ORIX Corp. |  |  |
| 3.70%, 07/18/27 | 400 | 397019 |
| 5.00%, 09/13/27 | 200 | 203120 |
| 4.65%, 09/10/29 | 525 | 532037 |
| 4.45%, 09/09/30 | 225 | 224895 |
| 2.25%, 03/09/31 | 413 | 369424 |
| 4.00%, 04/13/32 | 363 | 351861 |
| 5.20%, 09/13/32<sup>(a)</sup> | 400 | 414096 |
| 5.40%, 02/25/35 | 325 | 336392 |
| Radian Group, Inc. |  |  |
| 4.88%, 03/15/27 | 256 | 256690 |
| 6.20%, 05/15/29 | 275 | 287527 |
| Raymond James Financial, Inc. |  |  |
| 4.65%, 04/01/30 | 336 | 342226 |
| 4.90%, 09/11/35<sup>(a)</sup> | 405 | 401143 |
| Stifel Financial Corp., 4.00%, 05/15/30 | 268 | 262151 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| TPG Operating Group II LP |  |  |
| 5.88%, 03/05/34<sup>(a)</sup> | 426 | $447406 |
| 5.38%, 01/15/36 | 200 | 199973 |
| Voya Financial, Inc. |  |  |
| 5.00%, 09/20/34 | 285 | 283844 |
| (3-mo. SOFR US + 2.35%), 4.70%, 01/23/48<sup>(a)(b)</sup> | 200 | 191366 |
|  |  | 78733708 |
| **Food Products — 1.3%** | **Food Products — 1.3%** | **Food Products — 1.3%** |
| Ahold Finance USA LLC, 6.88%, 05/01/29 | 434 | 471464 |
| Archer-Daniels-Midland Co. |  |  |
| 3.25%, 03/27/30 | 700 | 673514 |
| 2.90%, 03/01/32<sup>(a)</sup> | 523 | 479342 |
| 4.50%, 08/15/33<sup>(a)</sup> | 310 | 308871 |
| Bunge Ltd. Finance Corp. |  |  |
| 4.90%, 04/21/27 | 300 | 303327 |
| 3.75%, 09/25/27 | 481 | 478651 |
| 4.10%, 01/07/28<sup>(a)</sup> | 225 | 225279 |
| 4.20%, 09/17/29 | 531 | 530378 |
| 4.55%, 08/04/30 | 225 | 226822 |
| 3.20%, 04/21/31 | 400 | 375718 |
| 2.75%, 05/14/31 | 635 | 582996 |
| 4.65%, 09/17/34 | 485 | 476684 |
| 5.15%, 08/04/35 | 425 | 430558 |
| Conagra Brands, Inc. |  |  |
| 1.38%, 11/01/27 | 597 | 563716 |
| 7.00%, 10/01/28 | 200 | 213950 |
| 4.85%, 11/01/28 | 804 | 812715 |
| 5.00%, 08/01/30 | 300 | 303798 |
| 8.25%, 09/15/30 | 200 | 230044 |
| 5.75%, 08/01/35<sup>(a)</sup> | 300 | 306852 |
| Flowers Foods, Inc.<sup>(a)</sup> <br>|  |  |
| 2.40%, 03/15/31 | 350 | 310503 |
| 5.75%, 03/15/35 | 328 | 331936 |
| General Mills, Inc. |  |  |
| 4.70%, 01/30/27 | 275 | 277110 |
| 3.20%, 02/10/27 | 487 | 481616 |
| 4.20%, 04/17/28 | 829 | 829538 |
| 5.50%, 10/17/28<sup>(a)</sup> | 365 | 378373 |
| 4.88%, 01/30/30 | 300 | 306260 |
| 2.88%, 04/15/30 | 487 | 458832 |
| 2.25%, 10/14/31<sup>(a)</sup> | 279 | 246826 |
| 4.95%, 03/29/33 | 670 | 679609 |
| 5.25%, 01/30/35<sup>(a)</sup> | 500 | 509466 |
| Hershey Co. |  |  |
| 4.55%, 02/24/28 | 220 | 223564 |
| 4.25%, 05/04/28 | 35 | 35335 |
| 2.45%, 11/15/29 | 225 | 211756 |
| 4.75%, 02/24/30 | 125 | 127845 |
| 1.70%, 06/01/30 | 258 | 231475 |
| 4.95%, 02/24/32 | 325 | 335675 |
| 4.50%, 05/04/33 | 302 | 303614 |
| 5.10%, 02/24/35 | 325 | 334809 |
| Hormel Foods Corp. |  |  |
| 4.80%, 03/30/27 | 235 | 237556 |
| 1.70%, 06/03/28 | 277 | 261812 |
| 1.80%, 06/11/30 | 650 | 584515 |
| Ingredion, Inc., 2.90%, 06/01/30<sup>(a)</sup> | 250 | 234308 |
| J.M. Smucker Co. |  |  |
| 3.38%, 12/15/27 | 250 | 246638 |
| 5.90%, 11/15/28 | 575 | 602704 |
| 2.38%, 03/15/30<sup>(a)</sup> | 250 | 231729 |
| 2.13%, 03/15/32 | 379 | 326480 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| J.M. Smucker Co. (continued) |  |  |
| 6.20%, 11/15/33<sup>(a)</sup> | $575 | $623500 |
| 4.25%, 03/15/35 | 398 | 376120 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS <br> Lux Co. SARL<br>|  |  |
| 3.00%, 02/02/29 | 322 | 308646 |
| 3.75%, 12/01/31 | 266 | 251231 |
| 3.63%, 01/15/32 | 750 | 701207 |
| 3.00%, 05/15/32 | 588 | 526227 |
| 5.75%, 04/01/33 | 1257 | 1309853 |
| 6.75%, 03/15/34 | 1022 | 1127691 |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA <br> Foods Group, 5.95%, 04/20/35<sup>(d)</sup><br>| 500 | 523176 |
| Kellanova |  |  |
| 3.40%, 11/15/27 | 450 | 444811 |
| 4.30%, 05/15/28 | 379 | 381593 |
| 2.10%, 06/01/30 | 284 | 258217 |
| 5.25%, 03/01/33<sup>(a)</sup> | 200 | 206886 |
| Series B, 7.45%, 04/01/31 | 400 | 459255 |
| Kraft Heinz Foods Co. |  |  |
| 3.88%, 05/15/27 | 888 | 883854 |
| 4.63%, 01/30/29<sup>(a)</sup> | 163 | 164695 |
| 3.75%, 04/01/30 | 641 | 623311 |
| 4.25%, 03/01/31 | 263 | 259065 |
| 5.20%, 03/15/32<sup>(a)</sup> | 325 | 333276 |
| 6.75%, 03/15/32 | 130 | 143881 |
| 5.40%, 03/15/35 | 325 | 332844 |
| 5.00%, 07/15/35<sup>(a)</sup> | 400 | 397907 |
| Kroger Co. |  |  |
| 3.70%, 08/01/27 | 413 | 411099 |
| 4.50%, 01/15/29 | 229 | 231497 |
| 2.20%, 05/01/30<sup>(a)</sup> | 393 | 360454 |
| 1.70%, 01/15/31<sup>(a)</sup> | 483 | 423380 |
| 7.50%, 04/01/31 | 252 | 288199 |
| 5.00%, 09/15/34 | 1370 | 1381370 |
| McCormick & Co., Inc. |  |  |
| 3.40%, 08/15/27 | 350 | 345799 |
| 2.50%, 04/15/30 | 209 | 193535 |
| 1.85%, 02/15/31 | 314 | 275939 |
| 4.95%, 04/15/33 | 300 | 304636 |
| 4.70%, 10/15/34 | 425 | 417530 |
| Mondelez International, Inc. |  |  |
| 2.63%, 03/17/27 | 545 | 534623 |
| 4.25%, 05/06/28 | 442 | 443526 |
| 4.13%, 05/07/28 | 260 | 260055 |
| 4.75%, 02/20/29 | 275 | 280734 |
| 2.75%, 04/13/30 | 459 | 430777 |
| 4.50%, 05/06/30 | 150 | 151108 |
| 1.50%, 02/04/31 | 240 | 207988 |
| 3.00%, 03/17/32 | 500 | 456754 |
| 1.88%, 10/15/32<sup>(a)</sup> | 413 | 353236 |
| 4.75%, 08/28/34 | 325 | 324221 |
| 5.13%, 05/06/35<sup>(a)</sup> | 350 | 357684 |
| Pilgrim's Pride Corp. |  |  |
| 4.25%, 04/15/31 | 600 | 580814 |
| 3.50%, 03/01/32 | 584 | 534762 |
| 6.25%, 07/01/33 | 550 | 586497 |
| 6.88%, 05/15/34 | 400 | 443303 |
| Sysco Corp. |  |  |
| 3.25%, 07/15/27 | 549 | 541707 |
| 5.75%, 01/17/29 | 200 | 209177 |
| 2.40%, 02/15/30 | 348 | 322535 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Sysco Corp. (continued) |  |  |
| 5.95%, 04/01/30 | 781 | $828060 |
| 5.10%, 09/23/30 | 295 | 304127 |
| 2.45%, 12/14/31 | 329 | 293138 |
| 6.00%, 01/17/34 | 200 | 216719 |
| 5.40%, 03/23/35<sup>(a)</sup> | 325 | 336165 |
| 5.38%, 09/21/35 | 300 | 309225 |
| The Campbell's Co. |  |  |
| 5.20%, 03/19/27 | 275 | 278819 |
| 4.15%, 03/15/28 | 600 | 599427 |
| 5.20%, 03/21/29<sup>(a)</sup> | 275 | 282224 |
| 2.38%, 04/24/30 | 359 | 328548 |
| 5.40%, 03/21/34 | 525 | 538167 |
| 4.75%, 03/23/35<sup>(a)</sup> | 588 | 570129 |
| Tyson Foods, Inc. |  |  |
| 3.55%, 06/02/27 | 861 | 852349 |
| 4.35%, 03/01/29 | 700 | 700692 |
| 5.40%, 03/15/29 | 475 | 490201 |
| 5.70%, 03/15/34 | 529 | 556131 |
| 4.88%, 08/15/34 | 350 | 348370 |
|  |  | 47457239 |
| **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** |
| Burlington Northern Santa Fe LLC, 3.25%, 06/15/27 | 298 | 295247 |
| Canadian National Railway Co. |  |  |
| 6.90%, 07/15/28 | 250 | 268551 |
| 3.85%, 08/05/32 | 450 | 434026 |
| 5.85%, 11/01/33<sup>(a)</sup> | 180 | 196094 |
| 6.25%, 08/01/34 | 401 | 445589 |
| 4.38%, 09/18/34 | 603 | 590935 |
| Canadian Pacific Railway Co. |  |  |
| 1.75%, 12/02/26 | 613 | 598306 |
| 4.00%, 06/01/28 | 300 | 299426 |
| 2.88%, 11/15/29 | 407 | 386617 |
| 2.05%, 03/05/30 | 179 | 163292 |
| 4.80%, 03/30/30 | 400 | 409486 |
| 7.13%, 10/15/31 | 163 | 185120 |
| 2.45%, 12/02/31 | 972 | 866271 |
| 5.20%, 03/30/35 | 400 | 412062 |
| 4.80%, 09/15/35 | 200 | 198127 |
| CSX Corp. |  |  |
| 2.60%, 11/01/26 | 400 | 394193 |
| 3.25%, 06/01/27 | 639 | 631579 |
| 3.80%, 03/01/28 | 457 | 454762 |
| 4.25%, 03/15/29 | 776 | 781048 |
| 2.40%, 02/15/30<sup>(a)</sup> | 329 | 307367 |
| 4.10%, 11/15/32 | 650 | 638227 |
| 5.20%, 11/15/33 | 300 | 312834 |
| 5.05%, 06/15/35 | 575 | 584516 |
| Kirby Corp., 4.20%, 03/01/28 | 250 | 249391 |
| Norfolk Southern Corp. |  |  |
| 7.80%, 05/15/27 | 260 | 274575 |
| 3.15%, 06/01/27 | 249 | 245556 |
| 3.80%, 08/01/28 | 446 | 443799 |
| 2.55%, 11/01/29 | 107 | 100902 |
| 5.05%, 08/01/30 | 440 | 455953 |
| 2.30%, 05/15/31 | 372 | 336539 |
| 3.00%, 03/15/32 | 174 | 160306 |
| 4.45%, 03/01/33 | 314 | 312969 |
| 5.55%, 03/15/34 | 250 | 264527 |
| 5.10%, 05/01/35 | 350 | 357622 |
| Union Pacific Corp. |  |  |
| 2.15%, 02/05/27 | 367 | 359245 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
| Union Pacific Corp. (continued) |  |  |
| 3.00%, 04/15/27 | 367 | $362215 |
| 3.95%, 09/10/28 | 629 | 628479 |
| 6.63%, 02/01/29 | 288 | 310103 |
| 3.70%, 03/01/29 | 562 | 555379 |
| 2.40%, 02/05/30 | 400 | 372662 |
| 2.38%, 05/20/31 | 533 | 486327 |
| 2.80%, 02/14/32 | 800 | 730626 |
| 4.50%, 01/20/33 | 662 | 665458 |
| 3.38%, 02/01/35 | 355 | 320679 |
| 5.10%, 02/20/35 | 500 | 514898 |
|  |  | 18361885 |
| **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** |
| Abbott Laboratories |  |  |
| 3.75%, 11/30/26 | 1074 | 1073258 |
| 1.15%, 01/30/28 | 338 | 319322 |
| 1.40%, 06/30/30 | 366 | 327095 |
| Agilent Technologies, Inc. |  |  |
| 4.20%, 09/09/27 | 483 | 483739 |
| 2.75%, 09/15/29 | 534 | 506093 |
| 2.10%, 06/04/30 | 360 | 327323 |
| 2.30%, 03/12/31 | 580 | 521423 |
| 4.75%, 09/09/34 | 325 | 324286 |
| Baxter International, Inc. |  |  |
| 1.92%, 02/01/27 | 808 | 785106 |
| 2.27%, 12/01/28 | 780 | 732074 |
| 3.95%, 04/01/30 | 413 | 402571 |
| 1.73%, 04/01/31 | 400 | 343210 |
| 2.54%, 02/01/32 | 940 | 822055 |
| Boston Scientific Corp., 2.65%, 06/01/30 | 771 | 722727 |
| Dentsply Sirona, Inc., 3.25%, 06/01/30 | 450 | 417563 |
| DH Europe Finance II SARL, 2.60%, 11/15/29 | 366 | 345590 |
| Edwards Lifesciences Corp., 4.30%, 06/15/28 | 400 | 400898 |
| GE HealthCare Technologies, Inc. |  |  |
| 5.65%, 11/15/27 | 1000 | 1029177 |
| 4.80%, 08/14/29 | 785 | 800901 |
| 5.86%, 03/15/30 | 750 | 794177 |
| 4.80%, 01/15/31 | 450 | 458077 |
| 5.91%, 11/22/32 | 1000 | 1075521 |
| 5.50%, 06/15/35 | 562 | 582199 |
| Medtronic Global Holdings SCA |  |  |
| 4.25%, 03/30/28 | 650 | 653191 |
| 4.50%, 03/30/33 | 705 | 705826 |
| Medtronic, Inc., 4.38%, 03/15/35 | 1238 | 1216700 |
| Revvity, Inc. |  |  |
| 1.90%, 09/15/28 | 330 | 308501 |
| 3.30%, 09/15/29 | 529 | 507153 |
| 2.55%, 03/15/31 | 200 | 179682 |
| 2.25%, 09/15/31 | 368 | 321188 |
| Smith & Nephew PLC |  |  |
| 5.15%, 03/20/27 | 40 | 40484 |
| 2.03%, 10/14/30 | 560 | 501375 |
| 5.40%, 03/20/34 | 390 | 403396 |
| Solventum Corp. |  |  |
| 5.45%, 02/25/27 | 141 | 143000 |
| 5.40%, 03/01/29 | 614 | 633963 |
| 5.45%, 03/13/31 | 650 | 676477 |
| 5.60%, 03/23/34 | 1084 | 1127402 |
| STERIS Irish FinCo UnLtd Co., 2.70%, 03/15/31 | 484 | 441898 |
| Stryker Corp. |  |  |
| 4.55%, 02/10/27 | 400 | 402794 |
| 4.70%, 02/10/28 | 400 | 405570 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| Stryker Corp. (continued) |  |  |
| 3.65%, 03/07/28 | 350 | $347479 |
| 4.85%, 12/08/28 | 200 | 204671 |
| 4.25%, 09/11/29<sup>(a)</sup> | 500 | 502432 |
| 4.85%, 02/10/30<sup>(a)</sup> | 400 | 410307 |
| 1.95%, 06/15/30 | 660 | 597257 |
| 4.63%, 09/11/34 | 496 | 493524 |
| 5.20%, 02/10/35 | 654 | 673809 |
| Thermo Fisher Scientific, Inc. |  |  |
| 5.00%, 12/05/26 | 644 | 650420 |
| 4.80%, 11/21/27<sup>(a)</sup> | 387 | 393313 |
| 1.75%, 10/15/28 | 575 | 539981 |
| 5.00%, 01/31/29 | 456 | 468790 |
| 2.60%, 10/01/29 | 680 | 642913 |
| 4.98%, 08/10/30 | 520 | 537122 |
| 4.20%, 03/01/31<sup>(a)</sup> | 260 | 258912 |
| 2.00%, 10/15/31<sup>(a)</sup> | 863 | 763938 |
| 4.47%, 10/07/32 | 300 | 299831 |
| 4.95%, 11/21/32<sup>(a)</sup> | 482 | 497392 |
| 5.09%, 08/10/33 | 683 | 707714 |
| 5.20%, 01/31/34 | 250 | 260049 |
| 4.79%, 10/07/35 | 500 | 499339 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 4.70%, 02/19/27 | 225 | 226459 |
| 5.35%, 12/01/28 | 250 | 258402 |
| 5.05%, 02/19/30 | 225 | 231266 |
| 2.60%, 11/24/31 | 561 | 505232 |
| 5.20%, 09/15/34 | 625 | 639982 |
| 5.50%, 02/19/35<sup>(a)</sup> | 225 | 234623 |
|  |  | 34108142 |
| **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** |
| Adventist Health System |  |  |
| 5.43%, 03/01/32 | 200 | 205885 |
| 5.76%, 12/01/34<sup>(a)</sup> | 300 | 310143 |
| Adventist Health System/West, Series 2025, 4.74%, <br> 12/01/30<br>| 165 | 166093 |
| Ascension Health, Series B, 2.53%, 11/15/29 | 797 | 751674 |
| Banner Health, 2.34%, 01/01/30 | 500 | 465235 |
| Baylor Scott & White Holdings, Series 2021, 1.78%, <br> 11/15/30<br>| 57 | 50858 |
| Bon Secours Mercy Health, Inc., 3.46%, 06/01/30<sup>(a)</sup> | 130 | 126590 |
| Cedars-Sinai Health System, Series 2021, 2.29%, <br> 08/15/31<br>| 130 | 116876 |
| Centene Corp. |  |  |
| 4.25%, 12/15/27 | 1612 | 1587692 |
| 2.45%, 07/15/28 | 1318 | 1227934 |
| 4.63%, 12/15/29 | 2258 | 2190646 |
| 3.38%, 02/15/30 | 1332 | 1226251 |
| 3.00%, 10/15/30 | 1230 | 1100037 |
| 2.50%, 03/01/31 | 1432 | 1233149 |
| 2.63%, 08/01/31 | 846 | 726087 |
| CHRISTUS Health, Series C, 4.34%, 07/01/28<sup>(a)</sup> | 100 | 100172 |
| Cigna Group |  |  |
| 3.40%, 03/01/27 | 898 | 890110 |
| 3.05%, 10/15/27 | 179 | 175755 |
| 4.38%, 10/15/28 | 2569 | 2584511 |
| 5.00%, 05/15/29<sup>(a)</sup> | 600 | 615209 |
| 2.40%, 03/15/30 | 807 | 746213 |
| 4.50%, 09/15/30 | 675 | 677688 |
| 2.38%, 03/15/31 | 790 | 711667 |
| 5.13%, 05/15/31 | 500 | 517719 |
| 4.88%, 09/15/32 | 775 | 781571 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Cigna Group (continued) |  |  |
| 5.40%, 03/15/33 | $490 | $510462 |
| 5.25%, 02/15/34 | 750 | 771257 |
| 5.25%, 01/15/36 | 475 | 482301 |
| CommonSpirit Health |  |  |
| 3.35%, 10/01/29 | 588 | 567563 |
| 4.35%, 09/01/30 | 475 | 473686 |
| 2.78%, 10/01/30 | 930 | 863329 |
| 5.21%, 12/01/31 | 500 | 516268 |
| 4.98%, 09/01/35 | 390 | 388156 |
| Elevance Health, Inc. |  |  |
| 3.65%, 12/01/27 | 1122 | 1113163 |
| 4.10%, 03/01/28 | 754 | 753170 |
| 4.00%, 09/15/28 | 375 | 373350 |
| 5.15%, 06/15/29 | 360 | 370676 |
| 2.88%, 09/15/29 | 550 | 523382 |
| 4.75%, 02/15/30 | 355 | 361542 |
| 2.25%, 05/15/30 | 926 | 846484 |
| 2.55%, 03/15/31 | 442 | 402228 |
| 4.95%, 11/01/31 | 500 | 510279 |
| 4.10%, 05/15/32 | 358 | 347710 |
| 4.60%, 09/15/32 | 675 | 672005 |
| 5.50%, 10/15/32<sup>(a)</sup> | 400 | 420343 |
| 4.75%, 02/15/33 | 600 | 602364 |
| 5.38%, 06/15/34 | 634 | 654573 |
| 5.95%, 12/15/34 | 400 | 427402 |
| 5.20%, 02/15/35 | 590 | 601579 |
| 5.00%, 01/15/36 | 375 | 373435 |
| HCA, Inc. |  |  |
| 4.50%, 02/15/27 | 384 | 384529 |
| 3.13%, 03/15/27 | 834 | 823073 |
| 5.00%, 03/01/28<sup>(a)</sup> | 475 | 483638 |
| 5.20%, 06/01/28 | 653 | 668461 |
| 5.63%, 09/01/28 | 980 | 1010604 |
| 5.88%, 02/01/29 | 600 | 624577 |
| 3.38%, 03/15/29 | 326 | 317010 |
| 4.13%, 06/15/29 | 1480 | 1468882 |
| 5.25%, 03/01/30 | 320 | 330348 |
| 3.50%, 09/01/30 | 1616 | 1551219 |
| 4.30%, 11/15/30 | 350 | 348287 |
| 5.45%, 04/01/31 | 1286 | 1338092 |
| 2.38%, 07/15/31 | 509 | 453791 |
| 5.50%, 03/01/32 | 515 | 537545 |
| 3.63%, 03/15/32 | 1305 | 1228115 |
| 4.60%, 11/15/32 | 555 | 551554 |
| 5.50%, 06/01/33 | 980 | 1020428 |
| 5.60%, 04/01/34 | 672 | 699622 |
| 5.45%, 09/15/34 | 919 | 944840 |
| 5.75%, 03/01/35 | 925 | 970210 |
| 4.90%, 11/15/35 | 485 | 477855 |
| Humana, Inc. |  |  |
| 1.35%, 02/03/27 | 633 | 611199 |
| 3.95%, 03/15/27 | 350 | 348588 |
| 5.75%, 03/01/28 | 115 | 118598 |
| 5.75%, 12/01/28 | 100 | 104008 |
| 3.70%, 03/23/29 | 410 | 401212 |
| 3.13%, 08/15/29 | 413 | 394471 |
| 4.88%, 04/01/30 | 290 | 293696 |
| 5.38%, 04/15/31 | 905 | 934866 |
| 2.15%, 02/03/32<sup>(a)</sup> | 684 | 589052 |
| 5.88%, 03/01/33 | 450 | 474245 |
| 5.95%, 03/15/34 | 496 | 522401 |
| 5.55%, 05/01/35 | 508 | 519624 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Icon Investments Six DAC |  |  |
| 5.81%, 05/08/27 | $350 | $356997 |
| 5.85%, 05/08/29 | 500 | 522560 |
| 6.00%, 05/08/34 | 400 | 419524 |
| IQVIA, Inc. |  |  |
| 5.70%, 05/15/28 | 350 | 360701 |
| 6.25%, 02/01/29 | 671 | 707297 |
| Kaiser Foundation Hospitals, 3.15%, 05/01/27 | 679 | 671749 |
| Laboratory Corp. of America Holdings |  |  |
| 3.60%, 09/01/27 | 413 | 409912 |
| 2.95%, 12/01/29 | 400 | 380168 |
| 4.35%, 04/01/30 | 375 | 375305 |
| 2.70%, 06/01/31 | 256 | 234107 |
| 4.55%, 04/01/32 | 375 | 373119 |
| 4.80%, 10/01/34 | 575 | 569417 |
| Orlando Health Obligated Group, 5.48%, 10/01/35 | 200 | 210049 |
| PeaceHealth Obligated Group<sup>(a)</sup> <br>|  |  |
| 4.34%, 11/15/28 | 55 | 55262 |
| 4.86%, 11/15/32 | 70 | 70788 |
| Providence St. Joseph Health Obligated Group |  |  |
| 5.37%, 10/01/32 | 200 | 207081 |
| 5.40%, 10/01/33 | 300 | 309839 |
| Series 19A, 2.53%, 10/01/29 | 743 | 697845 |
| Quest Diagnostics, Inc. |  |  |
| 4.60%, 12/15/27<sup>(a)</sup> | 165 | 166854 |
| 4.20%, 06/30/29 | 363 | 363703 |
| 4.63%, 12/15/29 | 475 | 482623 |
| 2.95%, 06/30/30<sup>(a)</sup> | 550 | 518404 |
| 2.80%, 06/30/31 | 329 | 302504 |
| 6.40%, 11/30/33 | 300 | 332664 |
| 5.00%, 12/15/34<sup>(a)</sup> | 633 | 639069 |
| SSM Health Care Corp., 4.89%, 06/01/28 | 250 | 253457 |
| Stanford Health Care, Series 2020, 3.31%, 08/15/30 | 250 | 240934 |
| Sutter Health |  |  |
| Series 2025, 5.21%, 08/15/32 | 105 | 109268 |
| Series 2025, 5.54%, 08/15/35 | 315 | 332009 |
| Series 20A, 2.29%, 08/15/30 | 517 | 474721 |
| UnitedHealth Group, Inc. |  |  |
| 3.45%, 01/15/27 | 413 | 410463 |
| 3.38%, 04/15/27 | 327 | 324208 |
| 4.60%, 04/15/27 | 220 | 221865 |
| 3.70%, 05/15/27 | 350 | 348888 |
| 2.95%, 10/15/27 | 554 | 544068 |
| 5.25%, 02/15/28 | 525 | 538906 |
| 3.85%, 06/15/28<sup>(a)</sup> | 629 | 626801 |
| 4.40%, 06/15/28 | 780 | 787650 |
| 3.88%, 12/15/28 | 500 | 497656 |
| 4.25%, 01/15/29<sup>(a)</sup> | 1064 | 1069461 |
| 4.70%, 04/15/29<sup>(a)</sup> | 295 | 300421 |
| 4.00%, 05/15/29<sup>(a)</sup> | 750 | 748195 |
| 2.88%, 08/15/29 | 716 | 684881 |
| 4.80%, 01/15/30 | 775 | 792820 |
| 5.30%, 02/15/30 | 800 | 833257 |
| 2.00%, 05/15/30 | 736 | 669225 |
| 4.65%, 01/15/31 | 450 | 456787 |
| 4.90%, 04/15/31 | 575 | 589552 |
| 2.30%, 05/15/31 | 1048 | 942574 |
| 4.95%, 01/15/32 | 864 | 884015 |
| 4.20%, 05/15/32 | 950 | 936392 |
| 5.35%, 02/15/33 | 1008 | 1051921 |
| 4.50%, 04/15/33 | 1024 | 1015302 |
| 5.00%, 04/15/34 | 775 | 788274 |
| 5.15%, 07/15/34<sup>(a)</sup> | 1500 | 1539819 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| UnitedHealth Group, Inc. (continued) |  |  |
| 5.30%, 06/15/35<sup>(a)</sup> | 210 | $217403 |
| 4.63%, 07/15/35 | 1000 | 988365 |
| Universal Health Services, Inc. |  |  |
| 4.63%, 10/15/29 | 325 | 325752 |
| 2.65%, 10/15/30 | 550 | 499108 |
| 2.65%, 01/15/32 | 295 | 257883 |
| 5.05%, 10/15/34 | 340 | 332918 |
| UPMC, 5.04%, 05/15/33 | 614 | 628307 |
|  |  | 86758179 |
| **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 3.95%, 01/15/27 | 233 | 231951 |
| 3.95%, 01/15/28 | 276 | 274047 |
| 4.50%, 07/30/29 | 300 | 300287 |
| 2.75%, 12/15/29 | 286 | 268139 |
| 4.70%, 07/01/30 | 294 | 296284 |
| 4.90%, 12/15/30 | 450 | 456092 |
| 3.38%, 08/15/31 | 479 | 446999 |
| 2.00%, 05/18/32 | 600 | 505669 |
| 1.88%, 02/01/33 | 583 | 476038 |
| 2.95%, 03/15/34 | 522 | 447676 |
| 4.75%, 04/15/35 | 296 | 286753 |
| 5.50%, 10/01/35 | 300 | 305504 |
| DOC Dr. LLC |  |  |
| 4.30%, 03/15/27 | 290 | 289771 |
| 3.95%, 01/15/28 | 254 | 252080 |
| 2.63%, 11/01/31 | 413 | 368134 |
| Healthcare Realty Holdings LP |  |  |
| 3.75%, 07/01/27 | 312 | 309404 |
| 3.10%, 02/15/30 | 579 | 546713 |
| 2.00%, 03/15/31 | 400 | 348662 |
| Healthpeak OP LLC |  |  |
| 1.35%, 02/01/27 | 213 | 205532 |
| 2.13%, 12/01/28 | 250 | 234325 |
| 3.50%, 07/15/29 | 531 | 514743 |
| 3.00%, 01/15/30 | 438 | 414164 |
| 2.88%, 01/15/31 | 400 | 368604 |
| 5.25%, 12/15/32 | 330 | 339036 |
| 4.75%, 01/15/33 | 175 | 174044 |
| 5.38%, 02/15/35<sup>(a)</sup> | 399 | 408125 |
| National Health Investors, Inc. |  |  |
| 3.00%, 02/01/31 | 350 | 315468 |
| 5.35%, 02/01/33 | 120 | 118831 |
| Omega Healthcare Investors, Inc. |  |  |
| 4.50%, 04/01/27 | 425 | 426383 |
| 4.75%, 01/15/28 | 413 | 415792 |
| 3.63%, 10/01/29 | 356 | 342060 |
| 5.20%, 07/01/30 | 175 | 177565 |
| 3.38%, 02/01/31 | 582 | 539375 |
| 3.25%, 04/15/33<sup>(a)</sup> | 400 | 352883 |
| Sabra Health Care LP |  |  |
| 3.90%, 10/15/29 | 129 | 125345 |
| 3.20%, 12/01/31 | 513 | 465147 |
| Ventas Realty LP |  |  |
| 3.85%, 04/01/27 | 268 | 266756 |
| 4.00%, 03/01/28 | 575 | 572517 |
| 4.40%, 01/15/29 | 500 | 501264 |
| 3.00%, 01/15/30 | 575 | 544793 |
| 4.75%, 11/15/30 | 279 | 282705 |
| 2.50%, 09/01/31 | 321 | 287633 |
| 5.10%, 07/15/32 | 300 | 307256 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care REITs (continued)** | **Health Care REITs (continued)** | **Health Care REITs (continued)** |
| Ventas Realty LP (continued) |  |  |
| 5.63%, 07/01/34 | 175 | $183004 |
| 5.00%, 01/15/35 | 375 | 375338 |
| Welltower OP LLC |  |  |
| 2.70%, 02/15/27 | 380 | 373936 |
| 4.25%, 04/15/28 | 450 | 452598 |
| 2.05%, 01/15/29 | 412 | 386669 |
| 4.13%, 03/15/29 | 229 | 228817 |
| 3.10%, 01/15/30 | 307 | 293875 |
| 4.50%, 07/01/30 | 650 | 656657 |
| 2.75%, 01/15/31 | 495 | 459135 |
| 2.80%, 06/01/31 | 570 | 525814 |
| 2.75%, 01/15/32 | 413 | 374667 |
| 3.85%, 06/15/32 | 231 | 222597 |
| 5.13%, 07/01/35 | 750 | 764859 |
|  |  | 20408515 |
| **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** |
| Choice Hotels International, Inc. |  |  |
| 3.70%, 12/01/29 | 280 | 268952 |
| 3.70%, 01/15/31 | 300 | 281155 |
| 5.85%, 08/01/34 | 400 | 406610 |
| Darden Restaurants, Inc. |  |  |
| 3.85%, 05/01/27 | 250 | 248895 |
| 4.35%, 10/15/27 | 200 | 200817 |
| 4.55%, 10/15/29 | 200 | 201045 |
| 6.30%, 10/10/33 | 250 | 270760 |
| Hyatt Hotels Corp. |  |  |
| 5.75%, 01/30/27 | 376 | 382515 |
| 5.05%, 03/30/28 | 175 | 178061 |
| 4.38%, 09/15/28 | 229 | 229435 |
| 5.25%, 06/30/29<sup>(a)</sup> | 321 | 329518 |
| 5.75%, 04/23/30 | 413 | 429865 |
| 5.38%, 12/15/31 | 260 | 265909 |
| 5.75%, 03/30/32<sup>(a)</sup> | 275 | 286935 |
| 5.50%, 06/30/34<sup>(a)</sup> | 250 | 256845 |
| Las Vegas Sands Corp. |  |  |
| 5.90%, 06/01/27 | 421 | 428899 |
| 5.63%, 06/15/28 | 543 | 555089 |
| 3.90%, 08/08/29 | 500 | 484972 |
| 6.00%, 08/15/29 | 345 | 359211 |
| 6.00%, 06/14/30 | 150 | 156867 |
| 6.20%, 08/15/34 | 285 | 299253 |
| Marriott International, Inc. |  |  |
| 4.20%, 07/15/27 | 110 | 110315 |
| 5.00%, 10/15/27 | 434 | 440918 |
| 5.55%, 10/15/28 | 542 | 562870 |
| 4.90%, 04/15/29 | 490 | 500107 |
| 4.88%, 05/15/29 | 194 | 197869 |
| 4.80%, 03/15/30 | 418 | 425942 |
| 4.50%, 10/15/31<sup>(a)</sup> | 175 | 174485 |
| 5.10%, 04/15/32<sup>(a)</sup> | 345 | 354481 |
| 5.30%, 05/15/34 | 630 | 646708 |
| 5.35%, 03/15/35 | 728 | 747856 |
| 5.25%, 10/15/35 | 375 | 379121 |
| Series AA, 4.65%, 12/01/28<sup>(a)</sup> | 150 | 151993 |
| Series FF, 4.63%, 06/15/30 | 829 | 837993 |
| Series GG, 3.50%, 10/15/32 | 676 | 628647 |
| Series HH, 2.85%, 04/15/31 | 702 | 646541 |
| Series II, 2.75%, 10/15/33 | 444 | 385737 |
| Series X, 4.00%, 04/15/28 | 431 | 430000 |
| McDonald's Corp. |  |  |
| 3.50%, 03/01/27 | 548 | 544065 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| McDonald's Corp. (continued) |  |  |
| 3.50%, 07/01/27 | 628 | $623208 |
| 3.80%, 04/01/28 | 677 | 673564 |
| 4.80%, 08/14/28 | 450 | 458501 |
| 5.00%, 05/17/29 | 200 | 205652 |
| 2.63%, 09/01/29 | 573 | 543815 |
| 2.13%, 03/01/30 | 450 | 413057 |
| 4.60%, 05/15/30 | 450 | 456995 |
| 3.60%, 07/01/30 | 574 | 560305 |
| 4.40%, 02/12/31 | 225 | 225968 |
| 4.60%, 09/09/32 | 400 | 405831 |
| 4.95%, 08/14/33<sup>(a)</sup> | 375 | 386470 |
| 5.20%, 05/17/34 | 400 | 415773 |
| 4.95%, 03/03/35<sup>(a)</sup> | 622 | 630558 |
| 5.00%, 02/13/36 | 225 | 226561 |
| Sands China Ltd. |  |  |
| 2.30%, 03/08/27 | 400 | 388623 |
| 5.40%, 08/08/28 | 1250 | 1275821 |
| 2.85%, 03/08/29 | 400 | 378681 |
| 4.38%, 06/18/30 | 400 | 393509 |
| 3.25%, 08/08/31 | 400 | 367934 |
| Starbucks Corp. |  |  |
| 4.85%, 02/08/27 | 610 | 615094 |
| 2.00%, 03/12/27 | 300 | 291804 |
| 3.50%, 03/01/28 | 350 | 345617 |
| 4.50%, 05/15/28 | 434 | 437771 |
| 4.00%, 11/15/28 | 413 | 412030 |
| 3.55%, 08/15/29 | 610 | 598157 |
| 2.25%, 03/12/30 | 457 | 419868 |
| 4.80%, 05/15/30 | 150 | 153168 |
| 2.55%, 11/15/30<sup>(a)</sup> | 860 | 794032 |
| 4.90%, 02/15/31 | 400 | 411613 |
| 3.00%, 02/14/32<sup>(a)</sup> | 628 | 577910 |
| 4.80%, 02/15/33 | 300 | 303951 |
| 5.00%, 02/15/34<sup>(a)</sup> | 400 | 407655 |
| 5.40%, 05/15/35<sup>(a)</sup> | 350 | 362820 |
|  |  | 29849572 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| DR Horton, Inc. |  |  |
| 1.40%, 10/15/27 | 379 | 360493 |
| 4.85%, 10/15/30<sup>(a)</sup> | 330 | 336527 |
| 5.00%, 10/15/34 | 450 | 454756 |
| 5.50%, 10/15/35 | 400 | 415574 |
| Leggett & Platt, Inc. |  |  |
| 3.50%, 11/15/27 | 250 | 244873 |
| 4.40%, 03/15/29 | 279 | 274703 |
| Lennar Corp. |  |  |
| 5.00%, 06/15/27 | 218 | 219649 |
| 4.75%, 11/29/27 | 309 | 311363 |
| 5.20%, 07/30/30 | 450 | 462623 |
| Meritage Homes Corp., 5.65%, 03/15/35 | 314 | 318280 |
| NVR, Inc., 3.00%, 05/15/30 | 500 | 473959 |
| PulteGroup, Inc. |  |  |
| 5.00%, 01/15/27 | 200 | 201576 |
| 7.88%, 06/15/32 | 200 | 233295 |
| 6.38%, 05/15/33 | 100 | 109282 |
| Sekisui House U.S., Inc. |  |  |
| 3.85%, 01/15/30 | 200 | 192847 |
| 2.50%, 01/15/31 | 130 | 115298 |
| Toll Brothers Finance Corp. |  |  |
| 4.88%, 03/15/27 | 225 | 226348 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| Toll Brothers Finance Corp. (continued) |  |  |
| 4.35%, 02/15/28<sup>(a)</sup> | 225 | $225494 |
| 3.80%, 11/01/29 | 225 | 220196 |
| 5.60%, 06/15/35<sup>(a)</sup> | 300 | 307802 |
|  |  | 5704938 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Avery Dennison Corp. |  |  |
| 4.88%, 12/06/28 | 350 | 356265 |
| 2.65%, 04/30/30 | 250 | 233000 |
| 2.25%, 02/15/32 | 363 | 315309 |
| 5.75%, 03/15/33 | 270 | 286124 |
| Church & Dwight Co., Inc. |  |  |
| 3.15%, 08/01/27 | 250 | 246509 |
| 2.30%, 12/15/31<sup>(a)</sup> | 229 | 203265 |
| 5.60%, 11/15/32 | 318 | 337921 |
| Clorox Co. |  |  |
| 3.10%, 10/01/27 | 249 | 244999 |
| 3.90%, 05/15/28<sup>(a)</sup> | 264 | 263146 |
| 4.40%, 05/01/29 | 302 | 304588 |
| 1.80%, 05/15/30<sup>(a)</sup> | 150 | 134581 |
| 4.60%, 05/01/32 | 400 | 403238 |
| Kimberly-Clark Corp. |  |  |
| 1.05%, 09/15/27 | 150 | 142770 |
| 3.95%, 11/01/28 | 400 | 400518 |
| 3.20%, 04/25/29 | 350 | 341515 |
| 3.10%, 03/26/30 | 500 | 480337 |
| 2.00%, 11/02/31<sup>(a)</sup> | 375 | 335003 |
| 4.50%, 02/16/33 | 244 | 247535 |
|  |  | 5276623 |
| **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
| 3M Co. |  |  |
| 2.88%, 10/15/27 | 554 | 542533 |
| 3.63%, 09/14/28 | 496 | 490803 |
| 3.38%, 03/01/29 | 551 | 538422 |
| 2.38%, 08/26/29 | 816 | 766368 |
| 4.80%, 03/15/30 | 225 | 230279 |
| 3.05%, 04/15/30 | 350 | 333692 |
| 5.15%, 03/15/35 | 325 | 333630 |
| Eaton Corp. |  |  |
| 3.10%, 09/15/27 | 272 | 268650 |
| 4.35%, 05/18/28 | 242 | 244484 |
| 4.00%, 11/02/32 | 324 | 317527 |
| 4.15%, 03/15/33 | 978 | 963644 |
| Illinois Tool Works, Inc., 2.65%, 11/15/26 | 657 | 649856 |
| Parker-Hannifin Corp. |  |  |
| 3.25%, 03/01/27 | 482 | 477347 |
| 4.25%, 09/15/27 | 614 | 616796 |
| 3.25%, 06/14/29 | 859 | 834827 |
| 4.50%, 09/15/29 | 332 | 336804 |
| 4.20%, 11/21/34 | 422 | 409753 |
| Pentair Finance SARL |  |  |
| 4.50%, 07/01/29 | 256 | 257351 |
| 5.90%, 07/15/32 | 322 | 341130 |
| Teledyne Technologies, Inc. |  |  |
| 2.25%, 04/01/28 | 602 | 575975 |
| 2.75%, 04/01/31 | 829 | 764582 |
| Textron, Inc. |  |  |
| 3.65%, 03/15/27 | 262 | 259952 |
| 3.38%, 03/01/28 | 300 | 294124 |
| 3.90%, 09/17/29 | 200 | 196624 |
| 3.00%, 06/01/30 | 329 | 310116 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** |
| Textron, Inc. (continued) |  |  |
| 2.45%, 03/15/31 | 177 | $159745 |
| 6.10%, 11/15/33 | 210 | 227090 |
| 5.50%, 05/15/35 | 440 | 455931 |
| 4.95%, 03/15/36 | 75 | 74338 |
|  |  | 12272373 |
| **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** |
| Aegon Ltd., (1-mo. SOFR US + 3.65%), 5.50%, <br> 04/11/48<sup>(b)</sup><br>| 500 | 505630 |
| Aflac, Inc., 3.60%, 04/01/30 | 716 | 701349 |
| Alleghany Corp., 3.63%, 05/15/30 | 405 | 396154 |
| Allstate Corp. |  |  |
| 3.28%, 12/15/26 | 372 | 368604 |
| 5.05%, 06/24/29 | 250 | 257311 |
| 1.45%, 12/15/30 | 393 | 340381 |
| 5.25%, 03/30/33 | 450 | 465800 |
| 5.55%, 05/09/35 | 350 | 367571 |
| American Financial Group, Inc., 5.00%, 09/23/35 | 300 | 294308 |
| American International Group, Inc. |  |  |
| 4.85%, 05/07/30 | 437 | 446813 |
| 3.40%, 06/30/30 | 252 | 241855 |
| 5.13%, 03/27/33 | 590 | 605812 |
| 3.88%, 01/15/35 | 384 | 357667 |
| 5.45%, 05/07/35<sup>(a)</sup> | 410 | 426561 |
| American National Group, Inc. |  |  |
| 5.00%, 06/15/27 | 200 | 201175 |
| 5.75%, 10/01/29 | 450 | 464668 |
| 6.00%, 07/15/35 | 500 | 508375 |
| Aon Corp. |  |  |
| 4.50%, 12/15/28 | 429 | 433689 |
| 3.75%, 05/02/29 | 575 | 567316 |
| 2.80%, 05/15/30 | 745 | 700416 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 2.85%, 05/28/27 | 450 | 441665 |
| 2.05%, 08/23/31 | 295 | 259646 |
| 2.60%, 12/02/31<sup>(a)</sup> | 286 | 257033 |
| 5.00%, 09/12/32 | 300 | 307749 |
| 5.35%, 02/28/33 | 400 | 416226 |
| Aon North America, Inc. |  |  |
| 5.13%, 03/01/27 | 390 | 394854 |
| 5.15%, 03/01/29 | 789 | 811587 |
| 5.30%, 03/01/31 | 478 | 497797 |
| 5.45%, 03/01/34 | 1052 | 1094899 |
| Arch Capital Finance LLC, 4.01%, 12/15/26 | 229 | 228499 |
| Arch Capital Group Ltd., 7.35%, 05/01/34 | 200 | 233436 |
| Arthur J Gallagher & Co. |  |  |
| 4.60%, 12/15/27 | 385 | 388666 |
| 4.85%, 12/15/29 | 515 | 525768 |
| 2.40%, 11/09/31 | 285 | 253587 |
| 5.00%, 02/15/32 | 215 | 219106 |
| 5.50%, 03/02/33<sup>(a)</sup> | 235 | 245139 |
| 6.50%, 02/15/34 | 275 | 304735 |
| 5.45%, 07/15/34 | 350 | 363333 |
| 5.15%, 02/15/35 | 975 | 984908 |
| Assurant, Inc. |  |  |
| 4.90%, 03/27/28 | 200 | 202375 |
| 3.70%, 02/22/30 | 250 | 242741 |
| 2.65%, 01/15/32 | 243 | 213934 |
| Assured Guaranty U.S. Holdings, Inc., 3.15%, <br> 06/15/31<sup>(a)</sup><br>| 350 | 327663 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Athene Holding Ltd. |  |  |
| 4.13%, 01/12/28 | $800 | $797301 |
| 6.15%, 04/03/30<sup>(a)</sup> | 273 | 290001 |
| 3.50%, 01/15/31 | 454 | 429797 |
| 6.65%, 02/01/33<sup>(a)</sup> | 200 | 217053 |
| 5.88%, 01/15/34<sup>(a)</sup> | 400 | 415248 |
| (5-year CMT + 2.61%), 6.63%, 10/15/54<sup>(b)</sup> | 400 | 397666 |
| AXA SA, 8.60%, 12/15/30 | 500 | 590564 |
| AXIS Specialty Finance LLC |  |  |
| 3.90%, 07/15/29 | 300 | 295789 |
| (5-year CMT + 3.19%), 4.90%, 01/15/40<sup>(b)</sup> | 280 | 271696 |
| AXIS Specialty Finance PLC, 4.00%, 12/06/27 | 200 | 199249 |
| Berkshire Hathaway Finance Corp. |  |  |
| 2.30%, 03/15/27 | 437 | 428360 |
| 1.85%, 03/12/30<sup>(a)</sup> | 413 | 377936 |
| 1.45%, 10/15/30 | 495 | 438532 |
| 2.88%, 03/15/32 | 758 | 707108 |
| Brighthouse Financial, Inc. |  |  |
| 3.70%, 06/22/27 | 400 | 393661 |
| 5.63%, 05/15/30<sup>(a)</sup> | 229 | 233869 |
| Brown & Brown, Inc. |  |  |
| 4.60%, 12/23/26 | 275 | 276195 |
| 4.70%, 06/23/28 | 275 | 277361 |
| 4.50%, 03/15/29 | 268 | 268277 |
| 4.90%, 06/23/30 | 525 | 531934 |
| 2.38%, 03/15/31 | 495 | 441218 |
| 4.20%, 03/17/32 | 458 | 442329 |
| 5.25%, 06/23/32 | 375 | 383773 |
| 5.65%, 06/11/34 | 300 | 310427 |
| 5.55%, 06/23/35<sup>(a)</sup> | 649 | 668464 |
| Chubb INA Holdings LLC |  |  |
| 4.65%, 08/15/29 | 450 | 459034 |
| 1.38%, 09/15/30 | 774 | 679412 |
| 5.00%, 03/15/34 | 1160 | 1188792 |
| 4.90%, 08/15/35 | 750 | 755495 |
| Cincinnati Financial Corp. |  |  |
| 6.92%, 05/15/28 | 256 | 273605 |
| 6.13%, 11/01/34 | 200 | 216466 |
| CNA Financial Corp. |  |  |
| 3.45%, 08/15/27 | 266 | 262766 |
| 3.90%, 05/01/29 | 413 | 407688 |
| 2.05%, 08/15/30 | 266 | 238231 |
| 5.50%, 06/15/33 | 400 | 414254 |
| 5.13%, 02/15/34 | 397 | 398988 |
| 5.20%, 08/15/35 | 400 | 400071 |
| CNO Financial Group, Inc. |  |  |
| 5.25%, 05/30/29 | 300 | 304837 |
| 6.45%, 06/15/34 | 450 | 476560 |
| Corebridge Financial, Inc. |  |  |
| 3.65%, 04/05/27 | 891 | 883597 |
| 3.85%, 04/05/29 | 925 | 911503 |
| 3.90%, 04/05/32 | 1025 | 974826 |
| 6.05%, 09/15/33 | 350 | 373209 |
| 5.75%, 01/15/34 | 650 | 680172 |
| (5-year CMT + 3.85%), 6.88%, 12/15/52<sup>(b)</sup> | 600 | 614838 |
| Enstar Finance LLC, (5-year CMT + 4.01%), 5.50%, <br> 01/15/42<sup>(b)</sup><br>| 304 | 300275 |
| Enstar Group Ltd. |  |  |
| 4.95%, 06/01/29 | 300 | 302634 |
| 3.10%, 09/01/31 | 373 | 334148 |
| Equitable Holdings, Inc. |  |  |
| 4.35%, 04/20/28 | 785 | 786944 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Equitable Holdings, Inc. (continued) |  |  |
| 5.59%, 01/11/33 | $484 | $507265 |
| Essent Group Ltd., 6.25%, 07/01/29 | 225 | 235556 |
| F&G Annuities & Life, Inc. |  |  |
| 7.40%, 01/13/28 | 300 | 314695 |
| 6.50%, 06/04/29 | 350 | 364965 |
| 6.25%, 10/04/34<sup>(a)</sup> | 350 | 355877 |
| Fairfax Financial Holdings Ltd. |  |  |
| 4.85%, 04/17/28 | 300 | 303825 |
| 4.63%, 04/29/30 | 429 | 430565 |
| 3.38%, 03/03/31 | 300 | 281923 |
| 5.63%, 08/16/32 | 500 | 521671 |
| 6.00%, 12/07/33 | 450 | 478451 |
| 5.75%, 05/20/35<sup>(a)(d)</sup> | 300 | 312741 |
| Fidelity National Financial, Inc. |  |  |
| 4.50%, 08/15/28 | 256 | 256993 |
| 3.40%, 06/15/30 | 355 | 337378 |
| 2.45%, 03/15/31 | 428 | 378968 |
| First American Financial Corp. |  |  |
| 4.00%, 05/15/30 | 430 | 416058 |
| 2.40%, 08/15/31 | 442 | 385190 |
| 5.45%, 09/30/34 | 225 | 226044 |
| Globe Life, Inc. |  |  |
| 4.55%, 09/15/28 | 350 | 353262 |
| 2.15%, 08/15/30 | 279 | 252086 |
| 4.80%, 06/15/32 | 260 | 261359 |
| 5.85%, 09/15/34 | 175 | 183439 |
| Hanover Insurance Group, Inc. |  |  |
| 2.50%, 09/01/30 | 213 | 193080 |
| 5.50%, 09/01/35 | 350 | 355007 |
| Hartford Insurance Group, Inc., 2.80%, 08/19/29 | 413 | 392678 |
| Horace Mann Educators Corp. |  |  |
| 7.25%, 09/15/28 | 50 | 53597 |
| 4.70%, 10/01/30 | 275 | 272849 |
| Jackson Financial, Inc. |  |  |
| 5.17%, 06/08/27 | 200 | 201912 |
| 3.13%, 11/23/31 | 379 | 343043 |
| 5.67%, 06/08/32 | 190 | 196829 |
| Kemper Corp. |  |  |
| 2.40%, 09/30/30 | 250 | 222796 |
| 3.80%, 02/23/32 | 326 | 301459 |
| Lincoln National Corp. |  |  |
| 3.80%, 03/01/28 | 275 | 272480 |
| 3.05%, 01/15/30 | 254 | 241358 |
| 3.40%, 01/15/31 | 376 | 356289 |
| 3.40%, 03/01/32 | 200 | 185105 |
| 5.85%, 03/15/34<sup>(a)</sup> | 225 | 235986 |
| Loews Corp., 3.20%, 05/15/30 | 349 | 333924 |
| Manulife Financial Corp. |  |  |
| 2.48%, 05/19/27<sup>(a)</sup> | 179 | 174810 |
| 3.70%, 03/16/32 | 573 | 549027 |
| (5-year USD SOFR ICE Swap + 1.65%), 4.06%, <br> 02/24/32<sup>(a)(b)</sup><br>| 413 | 410627 |
| Markel Group, Inc., 3.35%, 09/17/29 | 393 | 378399 |
| Marsh & McLennan Cos., Inc. |  |  |
| 4.55%, 11/08/27<sup>(a)</sup> | 525 | 530573 |
| 4.38%, 03/15/29 | 1071 | 1080456 |
| 4.65%, 03/15/30 | 700 | 711900 |
| 2.25%, 11/15/30 | 560 | 509384 |
| 4.85%, 11/15/31 | 600 | 612856 |
| 2.38%, 12/15/31 | 250 | 222574 |
| 5.75%, 11/01/32 | 374 | 401424 |
| 5.88%, 08/01/33 | 300 | 324774 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Marsh & McLennan Cos., Inc. (continued) |  |  |
| 5.40%, 09/15/33 | $400 | $419977 |
| 5.15%, 03/15/34 | 200 | 206178 |
| 5.00%, 03/15/35 | 1215 | 1232565 |
| Mercury General Corp., 4.40%, 03/15/27 | 50 | 49867 |
| MetLife, Inc. |  |  |
| 4.55%, 03/23/30 | 629 | 640198 |
| 6.50%, 12/15/32 | 400 | 451712 |
| 5.38%, 07/15/33 | 512 | 539049 |
| 6.38%, 06/15/34 | 652 | 727564 |
| 5.30%, 12/15/34<sup>(a)</sup> | 594 | 618789 |
| 5.70%, 06/15/35 | 666 | 711865 |
| Series G, (5-year CMT + 2.08%), 6.35%, <br> 03/15/55<sup>(b)</sup><br>| 570 | 605355 |
| NMI Holdings, Inc., 6.00%, 08/15/29 | 275 | 284650 |
| Old Republic International Corp., 5.75%, 03/28/34 | 200 | 207891 |
| PartnerRe Finance B LLC |  |  |
| 3.70%, 07/02/29 | 268 | 262412 |
| (5-year CMT + 3.82%), 4.50%, 10/01/50<sup>(b)</sup> | 354 | 336689 |
| Primerica, Inc., 2.80%, 11/19/31 | 424 | 383420 |
| Principal Financial Group, Inc. |  |  |
| 3.10%, 11/15/26 | 129 | 127799 |
| 3.70%, 05/15/29 | 289 | 283729 |
| 2.13%, 06/15/30 | 429 | 388937 |
| 5.38%, 03/15/33 | 200 | 208006 |
| Progressive Corp. |  |  |
| 2.45%, 01/15/27 | 413 | 406019 |
| 2.50%, 03/15/27 | 346 | 339398 |
| 4.00%, 03/01/29 | 481 | 481485 |
| 6.63%, 03/01/29 | 257 | 277627 |
| 3.20%, 03/26/30 | 350 | 336912 |
| 3.00%, 03/15/32 | 246 | 227044 |
| 6.25%, 12/01/32 | 186 | 206868 |
| 4.95%, 06/15/33 | 410 | 421371 |
| Prudential Financial, Inc. |  |  |
| 3.88%, 03/27/28 | 577 | 576822 |
| 2.10%, 03/10/30<sup>(a)</sup> | 453 | 418446 |
| 5.75%, 07/15/33 | 250 | 270186 |
| 5.20%, 03/14/35<sup>(a)</sup> | 625 | 641033 |
| (3-mo. SOFR US + 2.64%), 4.50%, 09/15/47<sup>(b)</sup> | 450 | 443320 |
| (3-mo. SOFR US + 2.93%), 5.70%, 09/15/48<sup>(a)(b)</sup> | 829 | 837393 |
| (5-year CMT + 2.85%), 6.75%, 03/01/53<sup>(b)</sup> | 700 | 749235 |
| (5-year CMT + 3.04%), 3.70%, 10/01/50<sup>(a)(b)</sup> | 643 | 598820 |
| (5-year CMT + 3.16%), 5.13%, 03/01/52<sup>(b)</sup> | 713 | 711774 |
| (5-year CMT + 3.23%), 6.00%, 09/01/52<sup>(b)</sup> | 666 | 693072 |
| Prudential Funding Asia PLC |  |  |
| 3.13%, 04/14/30<sup>(a)</sup> | 823 | 790222 |
| 3.63%, 03/24/32 | 273 | 261545 |
| Reinsurance Group of America, Inc. |  |  |
| 3.90%, 05/15/29<sup>(a)</sup> | 593 | 586180 |
| 3.15%, 06/15/30 | 450 | 425516 |
| 6.00%, 09/15/33 | 200 | 213596 |
| 5.75%, 09/15/34 | 450 | 469018 |
| (5-year CMT + 2.39%), 6.65%, 09/15/55<sup>(b)</sup> | 200 | 209191 |
| RenaissanceRe Holdings Ltd. |  |  |
| 3.60%, 04/15/29 | 300 | 293165 |
| 5.75%, 06/05/33 | 490 | 512891 |
| 5.80%, 04/01/35 | 275 | 287780 |
| Selective Insurance Group, Inc., 5.90%, 04/15/35 | 200 | 208338 |
| SiriusPoint Ltd., 7.00%, 04/05/29 | 200 | 210911 |
| Stewart Information Services Corp., 3.60%, 11/15/31 | 280 | 250660 |
| Travelers Cos., Inc., 5.05%, 07/24/35 | 320 | 326225 |
| Travelers Property Casualty Corp., 6.38%, 03/15/33 | 250 | 281328 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Unum Group, 4.00%, 06/15/29 | 179 | $176489 |
| Willis North America, Inc. |  |  |
| 4.65%, 06/15/27 | 631 | 635079 |
| 4.50%, 09/15/28 | 505 | 508128 |
| 2.95%, 09/15/29 | 450 | 427136 |
| 5.35%, 05/15/33 | 460 | 475118 |
|  |  | 82684454 |
| **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** |
| Alphabet, Inc. |  |  |
| 0.80%, 08/15/27<sup>(a)</sup> | 261 | 248210 |
| 4.00%, 05/15/30 | 645 | 647272 |
| 1.10%, 08/15/30 | 1126 | 987581 |
| 4.50%, 05/15/35<sup>(a)</sup> | 975 | 972626 |
| Baidu, Inc. |  |  |
| 3.63%, 07/06/27<sup>(a)</sup> | 200 | 198632 |
| 4.38%, 03/29/28 | 350 | 352252 |
| 4.88%, 11/14/28 | 200 | 204340 |
| 3.43%, 04/07/30<sup>(a)</sup> | 300 | 291343 |
| 2.38%, 10/09/30<sup>(a)</sup> | 200 | 184599 |
| 2.38%, 08/23/31<sup>(a)</sup> | 350 | 317659 |
| Meta Platforms, Inc. |  |  |
| 3.50%, 08/15/27 | 1874 | 1863430 |
| 4.60%, 05/15/28 | 840 | 853865 |
| 4.30%, 08/15/29 | 620 | 625801 |
| 4.80%, 05/15/30 | 602 | 619216 |
| 4.20%, 11/15/30 | 1350 | 1348407 |
| 4.55%, 08/15/31 | 625 | 634107 |
| 3.85%, 08/15/32 | 1806 | 1742458 |
| 4.60%, 11/15/32 | 800 | 803674 |
| 4.95%, 05/15/33 | 1040 | 1066824 |
| 4.75%, 08/15/34<sup>(a)</sup> | 1633 | 1641710 |
| 4.88%, 11/15/35 | 1115 | 1118190 |
| Netflix, Inc. |  |  |
| 4.38%, 11/15/26<sup>(a)</sup> | 300 | 301234 |
| 4.88%, 04/15/28 | 914 | 933057 |
| 5.88%, 11/15/28 | 1300 | 1367081 |
| 6.38%, 05/15/29 | 500 | 536654 |
| 4.90%, 08/15/34<sup>(a)</sup> | 858 | 881320 |
| Tencent Music Entertainment Group, 2.00%, <br> 09/03/30<br>| 250 | 225463 |
| Weibo Corp., 3.38%, 07/08/30 | 300 | 285238 |
|  |  | 21252243 |
| **Internet Software & Services — 0.8%** | **Internet Software & Services — 0.8%** | **Internet Software & Services — 0.8%** |
| Alibaba Group Holding Ltd. |  |  |
| 3.40%, 12/06/27<sup>(a)</sup> | 1628 | 1610268 |
| 4.88%, 05/26/30 | 400 | 413932 |
| 2.13%, 02/09/31<sup>(a)</sup> | 900 | 817797 |
| 4.50%, 11/28/34<sup>(a)</sup> | 400 | 398362 |
| 5.25%, 05/26/35<sup>(a)</sup> | 700 | 736594 |
| Amazon.com, Inc. |  |  |
| 3.30%, 04/13/27 | 884 | 877650 |
| 1.20%, 06/03/27 | 965 | 927249 |
| 3.15%, 08/22/27 | 2057 | 2035321 |
| 4.55%, 12/01/27 | 1464 | 1484958 |
| 1.65%, 05/12/28 | 1143 | 1083740 |
| 3.45%, 04/13/29 | 1002 | 986729 |
| 4.65%, 12/01/29 | 898 | 920978 |
| 1.50%, 06/03/30 | 1165 | 1043992 |
| 2.10%, 05/12/31 | 1797 | 1616910 |
| 3.60%, 04/13/32 | 1476 | 1425931 |
| 4.70%, 12/01/32 | 1450 | 1488218 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Internet Software & Services (continued)** | **Internet Software & Services (continued)** | **Internet Software & Services (continued)** |
| Amazon.com, Inc. (continued) |  |  |
| 4.80%, 12/05/34<sup>(a)</sup> | 990 | $1019687 |
| Booking Holdings, Inc., 3.55%, 03/15/28 | 350 | 346280 |
| eBay, Inc. |  |  |
| 3.60%, 06/05/27 | 613 | 608633 |
| 5.95%, 11/22/27 | 200 | 207242 |
| 2.70%, 03/11/30 | 685 | 640937 |
| 2.60%, 05/10/31 | 518 | 471705 |
| 6.30%, 11/22/32 | 278 | 305409 |
| Expedia Group, Inc. |  |  |
| 4.63%, 08/01/27 | 500 | 503108 |
| 3.80%, 02/15/28 | 620 | 614844 |
| 3.25%, 02/15/30 | 883 | 842754 |
| 2.95%, 03/15/31 | 352 | 327134 |
| 5.40%, 02/15/35 | 650 | 665957 |
| JD.com, Inc., 3.38%, 01/14/30<sup>(a)</sup> | 478 | 464696 |
| MercadoLibre, Inc., 3.13%, 01/14/31 | 350 | 321548 |
| Uber Technologies, Inc. |  |  |
| 4.30%, 01/15/30 | 696 | 697660 |
| 4.15%, 01/15/31 | 650 | 644721 |
| 4.80%, 09/15/34<sup>(a)</sup> | 1158 | 1158355 |
| 4.80%, 09/15/35 | 750 | 744496 |
| VeriSign, Inc. |  |  |
| 4.75%, 07/15/27 | 279 | 278881 |
| 2.70%, 06/15/31 | 394 | 356205 |
| 5.25%, 06/01/32 | 364 | 372586 |
|  |  | 29461467 |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
| Accenture Capital, Inc. |  |  |
| 3.90%, 10/04/27 | 727 | 728257 |
| 4.05%, 10/04/29 | 775 | 774832 |
| 4.25%, 10/04/31 | 775 | 773380 |
| 4.50%, 10/04/34 | 1004 | 988965 |
| Amdocs Ltd., 2.54%, 06/15/30 | 400 | 367243 |
| Booz Allen Hamilton, Inc.<sup>(a)</sup> <br>|  |  |
| 5.95%, 08/04/33 | 330 | 344369 |
| 5.95%, 04/15/35 | 425 | 440038 |
| Broadridge Financial Solutions, Inc. |  |  |
| 2.90%, 12/01/29 | 413 | 390984 |
| 2.60%, 05/01/31 | 681 | 616291 |
| CGI, Inc. |  |  |
| 4.95%, 03/14/30<sup>(d)</sup> | 225 | 228321 |
| 2.30%, 09/14/31 | 213 | 188408 |
| DXC Technology Co., 2.38%, 09/15/28<sup>(a)</sup> | 329 | 310632 |
| Fidelity National Information Services, Inc. |  |  |
| 1.65%, 03/01/28 | 462 | 434991 |
| 3.75%, 05/21/29 | 234 | 228464 |
| 2.25%, 03/01/31<sup>(a)</sup> | 388 | 344315 |
| 5.10%, 07/15/32<sup>(a)</sup> | 628 | 640470 |
| Fiserv, Inc. |  |  |
| 5.15%, 03/15/27 | 599 | 603808 |
| 2.25%, 06/01/27 | 599 | 579118 |
| 5.45%, 03/02/28 | 664 | 676964 |
| 5.38%, 08/21/28 | 594 | 606410 |
| 4.20%, 10/01/28 | 629 | 623009 |
| 3.50%, 07/01/29 | 1542 | 1483958 |
| 4.75%, 03/15/30 | 325 | 324912 |
| 2.65%, 06/01/30 | 499 | 457488 |
| 4.55%, 02/15/31 | 1005 | 997619 |
| 5.35%, 03/15/31 | 275 | 281911 |
| 5.60%, 03/02/33 | 630 | 648785 |
| 5.63%, 08/21/33 | 724 | 746160 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| Fiserv, Inc. (continued) |  |  |
| 5.45%, 03/15/34<sup>(a)</sup> | 525 | $532783 |
| 5.15%, 08/12/34<sup>(a)</sup> | 585 | 580630 |
| 5.25%, 08/11/35<sup>(a)</sup> | 600 | 597900 |
| Fortinet, Inc., 2.20%, 03/15/31 | 183 | 163481 |
| Genpact Luxembourg SARL/Genpact USA, Inc., <br> 6.00%, 06/04/29<br>| 250 | 260633 |
| IBM International Capital Pte. Ltd. |  |  |
| 4.60%, 02/05/27 | 400 | 402520 |
| 4.60%, 02/05/29 | 400 | 405467 |
| 4.75%, 02/05/31 | 200 | 203783 |
| 4.90%, 02/05/34 | 600 | 605771 |
| International Business Machines Corp. |  |  |
| 3.30%, 01/27/27 | 655 | 649679 |
| 2.20%, 02/09/27 | 200 | 195555 |
| 1.70%, 05/15/27 | 381 | 368285 |
| 4.15%, 07/27/27 | 400 | 401769 |
| 6.22%, 08/01/27 | 250 | 259159 |
| 4.50%, 02/06/28 | 600 | 605913 |
| 4.65%, 02/10/28 | 700 | 709879 |
| 3.50%, 05/15/29 | 1919 | 1881202 |
| 4.80%, 02/10/30 | 800 | 819100 |
| 1.95%, 05/15/30 | 759 | 689523 |
| 2.72%, 02/09/32<sup>(a)</sup> | 250 | 227071 |
| 5.00%, 02/10/32 | 500 | 514640 |
| 4.40%, 07/27/32 | 450 | 448711 |
| 5.88%, 11/29/32 | 214 | 231648 |
| 4.75%, 02/06/33<sup>(a)</sup> | 500 | 507968 |
| 5.20%, 02/10/35<sup>(a)</sup> | 800 | 820298 |
| Kyndryl Holdings, Inc. |  |  |
| 2.70%, 10/15/28 | 200 | 190853 |
| 3.15%, 10/15/31 | 470 | 428226 |
| 6.35%, 02/20/34<sup>(a)</sup> | 260 | 276754 |
| Leidos, Inc. |  |  |
| 4.38%, 05/15/30 | 500 | 498249 |
| 2.30%, 02/15/31 | 620 | 554806 |
| 5.40%, 03/15/32 | 320 | 331979 |
| 5.75%, 03/15/33<sup>(a)</sup> | 350 | 369487 |
| 5.50%, 03/15/35 | 350 | 363036 |
| Oracle Corp. |  |  |
| 4.45%, 09/26/30 | 1900 | 1883670 |
| 4.80%, 09/26/32 | 1510 | 1494265 |
| 5.20%, 09/26/35 | 2555 | 2514374 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/30 | 908 | 933064 |
| 5.35%, 04/15/32 | 900 | 933222 |
| 5.60%, 04/15/35 | 735 | 767309 |
|  |  | 40452764 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Brunswick Corp. |  |  |
| 2.40%, 08/18/31 | 344 | 299183 |
| 4.40%, 09/15/32<sup>(a)</sup> | 265 | 252085 |
| Brunswick Corp./DE, 5.85%, 03/18/29<sup>(a)</sup> | 250 | 258128 |
| Hasbro, Inc. |  |  |
| 3.55%, 11/19/26 | 369 | 366295 |
| 3.50%, 09/15/27 | 363 | 358860 |
| 3.90%, 11/19/29 | 503 | 491754 |
| 6.05%, 05/14/34 | 275 | 289535 |
| Polaris, Inc., 6.95%, 03/15/29 | 254 | 270142 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Leisure Products (continued)** | **Leisure Products (continued)** | **Leisure Products (continued)** |
| Royal Caribbean Cruises Ltd. |  |  |
| 3.70%, 03/15/28 | 450 | $442930 |
| 5.38%, 01/15/36 | 125 | 125819 |
|  |  | 3154731 |
| **Machinery — 1.3%** | **Machinery — 1.3%** | **Machinery — 1.3%** |
| AGCO Corp. |  |  |
| 5.45%, 03/21/27 | 300 | 304140 |
| 5.80%, 03/21/34<sup>(a)</sup> | 400 | 416575 |
| Caterpillar Financial Services Corp. |  |  |
| 4.50%, 01/07/27 | 475 | 478285 |
| 1.70%, 01/08/27 | 313 | 305270 |
| 4.50%, 01/08/27 | 200 | 201453 |
| 5.00%, 05/14/27<sup>(a)</sup> | 199 | 202384 |
| 3.60%, 08/12/27<sup>(a)</sup> | 400 | 398518 |
| 1.10%, 09/14/27 | 600 | 570807 |
| 4.40%, 10/15/27 | 550 | 555555 |
| 4.60%, 11/15/27 | 1134 | 1150449 |
| 4.40%, 03/03/28 | 225 | 227454 |
| 4.85%, 02/27/29<sup>(a)</sup> | 390 | 400748 |
| 4.38%, 08/16/29<sup>(a)</sup> | 450 | 456655 |
| 4.70%, 11/15/29 | 675 | 692002 |
| 4.80%, 01/08/30<sup>(a)</sup> | 175 | 180850 |
| Series K, 4.10%, 08/15/28 | 525 | 527589 |
| Caterpillar, Inc. |  |  |
| 2.60%, 09/19/29 | 298 | 283654 |
| 2.60%, 04/09/30 | 499 | 470319 |
| 1.90%, 03/12/31 | 339 | 304069 |
| 5.20%, 05/15/35 | 1025 | 1064032 |
| 5.30%, 09/15/35 | 100 | 105372 |
| CNH Industrial Capital LLC |  |  |
| 4.50%, 10/08/27 | 343 | 345256 |
| 4.75%, 03/21/28 | 205 | 207496 |
| 4.55%, 04/10/28 | 600 | 604177 |
| 5.50%, 01/12/29<sup>(a)</sup> | 200 | 206935 |
| 5.10%, 04/20/29 | 275 | 281519 |
| 4.50%, 10/16/30 | 250 | 249622 |
| CNH Industrial NV, 3.85%, 11/15/27 | 350 | 348283 |
| Deere & Co. |  |  |
| 5.38%, 10/16/29 | 308 | 324143 |
| 3.10%, 04/15/30 | 513 | 493265 |
| 5.45%, 01/16/35<sup>(a)</sup> | 961 | 1014020 |
| Deere Funding Canada Corp., 4.15%, 10/09/30 | 225 | 224592 |
| Dover Corp. |  |  |
| 2.95%, 11/04/29 | 210 | 200208 |
| 5.38%, 10/15/35 | 150 | 156302 |
| Flowserve Corp. |  |  |
| 3.50%, 10/01/30 | 250 | 238091 |
| 2.80%, 01/15/32 | 280 | 248922 |
| IDEX Corp. |  |  |
| 4.95%, 09/01/29 | 250 | 255477 |
| 3.00%, 05/01/30 | 400 | 377481 |
| 2.63%, 06/15/31<sup>(a)</sup> | 399 | 363905 |
| Ingersoll Rand, Inc. |  |  |
| 5.20%, 06/15/27 | 586 | 594983 |
| 5.40%, 08/14/28 | 374 | 386441 |
| 5.18%, 06/15/29 | 461 | 476055 |
| 5.31%, 06/15/31<sup>(a)</sup> | 374 | 390373 |
| 5.70%, 08/14/33 | 390 | 414362 |
| 5.45%, 06/15/34 | 627 | 652739 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| John Deere Capital Corp. |  |  |
| 4.50%, 01/08/27<sup>(a)</sup> | $587 | $591206 |
| 1.70%, 01/11/27 | 193 | 188154 |
| 4.85%, 03/05/27 | 125 | 126537 |
| 2.35%, 03/08/27 | 307 | 300917 |
| 1.75%, 03/09/27 | 341 | 331665 |
| 4.90%, 06/11/27 | 400 | 406605 |
| 4.20%, 07/15/27 | 496 | 498881 |
| 2.80%, 09/08/27 | 307 | 301432 |
| 4.15%, 09/15/27 | 950 | 955193 |
| 3.05%, 01/06/28 | 125 | 122928 |
| 4.65%, 01/07/28 | 225 | 228548 |
| 4.75%, 01/20/28 | 600 | 610576 |
| 4.90%, 03/03/28 | 650 | 664579 |
| 1.50%, 03/06/28 | 163 | 154243 |
| 4.95%, 07/14/28 | 1128 | 1157700 |
| 4.50%, 01/16/29 | 506 | 513329 |
| 3.45%, 03/07/29<sup>(a)</sup> | 369 | 362996 |
| 3.35%, 04/18/29 | 379 | 371086 |
| 4.85%, 06/11/29 | 565 | 580679 |
| 2.80%, 07/18/29 | 520 | 498217 |
| 4.85%, 10/11/29 | 500 | 516039 |
| 2.45%, 01/09/30<sup>(a)</sup> | 225 | 211498 |
| 4.70%, 06/10/30 | 615 | 629865 |
| 4.38%, 10/15/30 | 600 | 604695 |
| 1.45%, 01/15/31 | 145 | 127218 |
| 4.90%, 03/07/31<sup>(a)</sup> | 580 | 597588 |
| 2.00%, 06/17/31 | 259 | 230726 |
| 4.40%, 09/08/31 | 668 | 673147 |
| 3.90%, 06/07/32 | 341 | 333430 |
| 4.35%, 09/15/32 | 450 | 451027 |
| 5.10%, 04/11/34 | 625 | 646853 |
| 5.05%, 06/12/34 | 600 | 617992 |
| 4.50%, 01/08/27 | 225 | 226621 |
| Series I, 4.25%, 06/05/28 | 425 | 428464 |
| Series I, 4.55%, 06/05/30 | 425 | 431582 |
| Series I, 5.15%, 09/08/33 | 679 | 710234 |
| Kennametal, Inc. |  |  |
| 4.63%, 06/15/28 | 200 | 201346 |
| 2.80%, 03/01/31 | 200 | 183632 |
| Nordson Corp. |  |  |
| 5.60%, 09/15/28 | 85 | 88038 |
| 4.50%, 12/15/29 | 375 | 377920 |
| 5.80%, 09/15/33 | 275 | 294159 |
| nVent Finance SARL |  |  |
| 4.55%, 04/15/28 | 354 | 354862 |
| 2.75%, 11/15/31 | 220 | 197871 |
| 5.65%, 05/15/33<sup>(a)</sup> | 274 | 286641 |
| Oshkosh Corp., 3.10%, 03/01/30 | 250 | 237429 |
| Otis Worldwide Corp. |  |  |
| 2.29%, 04/05/27 | 340 | 331815 |
| 5.25%, 08/16/28 | 410 | 422186 |
| 2.57%, 02/15/30 | 977 | 910958 |
| 5.13%, 11/19/31 | 437 | 453132 |
| 5.13%, 09/04/35 | 335 | 340036 |
| Regal Rexnord Corp. |  |  |
| 6.05%, 04/15/28 | 800 | 827036 |
| 6.30%, 02/15/30 | 700 | 740734 |
| 6.40%, 04/15/33 | 900 | 963865 |
| Rockwell Automation, Inc. |  |  |
| 3.50%, 03/01/29<sup>(a)</sup> | 288 | 282415 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Rockwell Automation, Inc. (continued) |  |  |
| 1.75%, 08/15/31 | 159 | $138943 |
| Stanley Black & Decker, Inc. |  |  |
| 6.00%, 03/06/28 | 244 | 253031 |
| 4.25%, 11/15/28 | 179 | 178781 |
| 2.30%, 03/15/30 | 579 | 527221 |
| 3.00%, 05/15/32<sup>(a)</sup> | 258 | 231876 |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 3.45%, 11/15/26 | 400 | 396921 |
| 4.70%, 09/15/28 | 871 | 881127 |
| 4.90%, 05/29/30 | 300 | 306890 |
| 5.61%, 03/11/34 | 412 | 432892 |
| 5.50%, 05/29/35 | 300 | 311524 |
| Xylem, Inc. |  |  |
| 3.25%, 11/01/26<sup>(a)</sup> | 300 | 297285 |
| 1.95%, 01/30/28 | 250 | 238959 |
| 2.25%, 01/30/31<sup>(a)</sup> | 350 | 316547 |
|  |  | 46759349 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 3.75%, 02/15/28 | 599 | 590001 |
| 4.20%, 03/15/28 | 810 | 805538 |
| 2.25%, 01/15/29 | 849 | 789948 |
| 5.05%, 03/30/29 | 829 | 836742 |
| 6.10%, 06/01/29 | 954 | 997896 |
| 2.80%, 04/01/31 | 1037 | 930835 |
| 2.30%, 02/01/32 | 647 | 552195 |
| 4.40%, 04/01/33 | 650 | 610721 |
| 6.65%, 02/01/34 | 750 | 792747 |
| 6.55%, 06/01/34 | 954 | 1003967 |
| 6.38%, 10/23/35 | 900 | 931696 |
| 5.85%, 12/01/35<sup>(a)</sup> | 350 | 348559 |
| Comcast Corp. |  |  |
| 2.35%, 01/15/27 | 752 | 737863 |
| 3.30%, 02/01/27 | 829 | 821724 |
| 3.30%, 04/01/27<sup>(a)</sup> | 309 | 305799 |
| 5.35%, 11/15/27 | 425 | 435799 |
| 3.15%, 02/15/28 | 1036 | 1016831 |
| 3.55%, 05/01/28<sup>(a)</sup> | 829 | 820545 |
| 4.15%, 10/15/28 | 2451 | 2455125 |
| 4.55%, 01/15/29 | 440 | 445737 |
| 5.10%, 06/01/29<sup>(a)</sup> | 100 | 103011 |
| 2.65%, 02/01/30 | 1210 | 1132587 |
| 3.40%, 04/01/30 | 936 | 903719 |
| 4.25%, 10/15/30 | 1005 | 1002948 |
| 1.95%, 01/15/31 | 905 | 801027 |
| 1.50%, 02/15/31 | 1300 | 1122363 |
| 4.95%, 05/15/32 | 400 | 407427 |
| 5.50%, 11/15/32<sup>(a)</sup> | 650 | 684528 |
| 4.25%, 01/15/33 | 1050 | 1023402 |
| 4.65%, 02/15/33 | 590 | 589423 |
| 7.05%, 03/15/33 | 400 | 456617 |
| 4.80%, 05/15/33 | 640 | 642529 |
| 5.30%, 06/01/34 | 732 | 751156 |
| 4.20%, 08/15/34 | 888 | 844295 |
| 5.30%, 05/15/35<sup>(a)</sup> | 500 | 509638 |
| 5.65%, 06/15/35<sup>(a)</sup> | 520 | 545288 |
| 4.40%, 08/15/35 | 500 | 475816 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| FactSet Research Systems, Inc. |  |  |
| 2.90%, 03/01/27 | 140 | $137583 |
| 3.45%, 03/01/32 | 330 | 304987 |
| Fox Corp. |  |  |
| 4.71%, 01/25/29 | 1027 | 1039261 |
| 3.50%, 04/08/30 | 350 | 338210 |
| 6.50%, 10/13/33 | 800 | 878349 |
| Grupo Televisa SAB, 8.50%, 03/11/32<sup>(a)</sup> | 150 | 164108 |
| Paramount Global |  |  |
| 2.90%, 01/15/27 | 210 | 206167 |
| 3.38%, 02/15/28 | 413 | 402167 |
| 3.70%, 06/01/28 | 413 | 404175 |
| 4.20%, 06/01/29 | 250 | 244838 |
| 7.88%, 07/30/30 | 350 | 386960 |
| 4.95%, 01/15/31 | 673 | 659951 |
| 4.20%, 05/19/32 | 600 | 555363 |
| 5.50%, 05/15/33 | 300 | 294831 |
| Time Warner Cable Enterprises LLC, 8.38%, <br> 07/15/33<br>| 450 | 522613 |
| TWDC Enterprises 18 Corp. |  |  |
| 2.95%, 06/15/27 | 632 | 623246 |
| 7.00%, 03/01/32 | 250 | 285815 |
| Walt Disney Co. |  |  |
| 3.38%, 11/15/26 | 143 | 142254 |
| 3.70%, 03/23/27<sup>(a)</sup> | 250 | 249635 |
| 2.20%, 01/13/28 | 529 | 510633 |
| 2.00%, 09/01/29 | 1475 | 1371446 |
| 3.80%, 03/22/30<sup>(a)</sup> | 829 | 820926 |
| 2.65%, 01/13/31<sup>(a)</sup> | 1686 | 1570732 |
| 6.55%, 03/15/33 | 252 | 286247 |
| 6.20%, 12/15/34 | 488 | 549837 |
|  |  | 41176376 |
| **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | 450 | 436409 |
| 3.75%, 10/01/30 | 478 | 457089 |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/27 | 700 | 728056 |
| 4.25%, 07/16/29 | 325 | 324814 |
| 6.80%, 11/29/32<sup>(a)</sup> | 666 | 742178 |
| 6.00%, 06/17/34<sup>(a)</sup> | 300 | 321671 |
| BHP Billiton Finance USA Ltd. |  |  |
| 4.75%, 02/28/28 | 686 | 696323 |
| 5.10%, 09/08/28 | 404 | 415313 |
| 5.00%, 02/21/30 | 630 | 649796 |
| 5.25%, 09/08/30 | 600 | 625153 |
| 5.13%, 02/21/32 | 550 | 569940 |
| 4.90%, 02/28/33 | 465 | 474941 |
| 5.25%, 09/08/33 | 814 | 846794 |
| 5.30%, 02/21/35 | 750 | 777624 |
| 5.00%, 02/15/36 | 125 | 126853 |
| Freeport-McMoRan, Inc. |  |  |
| 5.00%, 09/01/27 | 329 | 329170 |
| 4.13%, 03/01/28 | 335 | 333511 |
| 4.38%, 08/01/28 | 329 | 328007 |
| 5.25%, 09/01/29 | 329 | 334180 |
| 4.25%, 03/01/30 | 329 | 326372 |
| 4.63%, 08/01/30 | 398 | 398342 |
| 5.40%, 11/14/34 | 500 | 515725 |
| Gerdau Trade, Inc., 5.75%, 06/09/35 | 350 | 363222 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Kinross Gold Corp. |  |  |
| 4.50%, 07/15/27 | 356 | $357509 |
| 6.25%, 07/15/33 | 270 | 294244 |
| Newmont Corp. |  |  |
| 2.60%, 07/15/32<sup>(a)</sup> | 550 | 498560 |
| 5.88%, 04/01/35 | 364 | 394511 |
| Newmont Corp./Newcrest Finance Pty. Ltd. |  |  |
| 3.25%, 05/13/30 | 358 | 343457 |
| 5.35%, 03/15/34 | 634 | 662210 |
| Nucor Corp. |  |  |
| 4.30%, 05/23/27 | 366 | 367631 |
| 3.95%, 05/01/28 | 379 | 378413 |
| 2.70%, 06/01/30 | 379 | 355519 |
| 4.65%, 06/01/30 | 325 | 330659 |
| 3.13%, 04/01/32 | 409 | 378204 |
| 5.10%, 06/01/35 | 325 | 331869 |
| Reliance, Inc., 2.15%, 08/15/30 | 350 | 315919 |
| Rio Tinto Alcan, Inc. |  |  |
| 7.25%, 03/15/31 | 293 | 336232 |
| 6.13%, 12/15/33 | 501 | 550931 |
| Rio Tinto Finance USA Ltd., 7.13%, 07/15/28 | 623 | 672253 |
| Rio Tinto Finance USA PLC |  |  |
| 4.38%, 03/12/27 | 260 | 261799 |
| 4.50%, 03/14/28 | 525 | 530693 |
| 4.88%, 03/14/30 | 1292 | 1325563 |
| 5.00%, 03/14/32 | 891 | 918553 |
| 5.00%, 03/09/33 | 344 | 353984 |
| 5.25%, 03/14/35 | 1195 | 1235413 |
| Southern Copper Corp., 7.50%, 07/27/35 | 400 | 476149 |
| Steel Dynamics, Inc. |  |  |
| 5.00%, 12/15/26<sup>(a)</sup> | 161 | 161259 |
| 1.65%, 10/15/27 | 413 | 394528 |
| 3.45%, 04/15/30 | 450 | 433528 |
| 3.25%, 01/15/31 | 313 | 296280 |
| 5.38%, 08/15/34 | 300 | 311184 |
| 5.25%, 05/15/35 | 400 | 409627 |
| Timken Co. |  |  |
| 4.50%, 12/15/28 | 229 | 229830 |
| 4.13%, 04/01/32 | 225 | 216047 |
| Vale Overseas Ltd. |  |  |
| 3.75%, 07/08/30 | 1229 | 1185773 |
| 6.13%, 06/12/33<sup>(a)</sup> | 950 | 1018976 |
| Yamana Gold, Inc., 2.63%, 08/15/31 | 350 | 312586 |
|  |  | 27761376 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |
| Ladder Capital Finance Holdings LLLP/Ladder Capital <br> Finance Corp., 5.50%, 08/01/30<sup>(a)</sup><br>| 300 | 305769 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| Atmos Energy Corp. |  |  |
| 3.00%, 06/15/27 | 450 | 443802 |
| 2.63%, 09/15/29 | 396 | 374726 |
| 1.50%, 01/15/31<sup>(a)</sup> | 429 | 374026 |
| 5.45%, 10/15/32<sup>(a)</sup> | 200 | 211362 |
| 5.90%, 11/15/33<sup>(a)</sup> | 400 | 433513 |
| 5.20%, 08/15/35 | 235 | 241721 |
| CenterPoint Energy Resources Corp. |  |  |
| 5.25%, 03/01/28 | 515 | 527844 |
| 4.00%, 04/01/28 | 400 | 398984 |
| 1.75%, 10/01/30 | 359 | 318871 |
| 4.40%, 07/01/32 | 200 | 198205 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Multi-Utilities (continued)** | **Multi-Utilities (continued)** | **Multi-Utilities (continued)** |
| CenterPoint Energy Resources Corp. (continued) |  |  |
| 5.40%, 07/01/34 | 340 | $352290 |
| National Fuel Gas Co. |  |  |
| 3.95%, 09/15/27 | 252 | 250407 |
| 4.75%, 09/01/28 | 252 | 253854 |
| 5.50%, 03/15/30 | 490 | 506129 |
| 2.95%, 03/01/31 | 413 | 375873 |
| 5.95%, 03/15/35 | 160 | 166879 |
| NiSource, Inc. |  |  |
| 3.49%, 05/15/27 | 853 | 845491 |
| 5.25%, 03/30/28 | 821 | 841100 |
| 5.20%, 07/01/29 | 300 | 309708 |
| 2.95%, 09/01/29 | 629 | 601144 |
| 3.60%, 05/01/30 | 750 | 727041 |
| 1.70%, 02/15/31 | 666 | 579949 |
| 5.40%, 06/30/33 | 310 | 321392 |
| 5.35%, 04/01/34<sup>(a)</sup> | 725 | 746175 |
| 5.35%, 07/15/35 | 800 | 815795 |
| ONE Gas, Inc. |  |  |
| 5.10%, 04/01/29 | 367 | 378055 |
| 2.00%, 05/15/30<sup>(a)</sup> | 200 | 182569 |
| 4.25%, 09/01/32 | 200 | 197923 |
| Piedmont Natural Gas Co., Inc. |  |  |
| 3.50%, 06/01/29<sup>(a)</sup> | 500 | 488304 |
| 2.50%, 03/15/31 | 413 | 374952 |
| 5.40%, 06/15/33 | 160 | 166251 |
| 5.10%, 02/15/35 | 250 | 255087 |
| Southern California Gas Co. |  |  |
| 2.95%, 04/15/27 | 630 | 620175 |
| 5.20%, 06/01/33 | 370 | 382583 |
| 5.05%, 09/01/34 | 1175 | 1197146 |
| 5.45%, 06/15/35 | 1075 | 1118220 |
| Series XX, 2.55%, 02/01/30<sup>(a)</sup> | 529 | 495412 |
| Southern Co. Gas Capital Corp. |  |  |
| 5.15%, 09/15/32 | 350 | 359715 |
| 5.75%, 09/15/33 | 300 | 317780 |
| 4.95%, 09/15/34 | 275 | 276216 |
| Series 2020-A, 1.75%, 01/15/31 | 273 | 239586 |
| Series A, 4.05%, 09/15/28 | 285 | 284459 |
| Series B, 5.10%, 09/15/35 | 335 | 337034 |
| Southwest Gas Corp. |  |  |
| 5.80%, 12/01/27 | 300 | 309354 |
| 5.45%, 03/23/28 | 265 | 272101 |
| 3.70%, 04/01/28<sup>(a)</sup> | 100 | 98812 |
| 2.20%, 06/15/30 | 229 | 208595 |
| 4.05%, 03/15/32 | 425 | 409434 |
| Spire Missouri, Inc. |  |  |
| 4.80%, 02/15/33 | 250 | 252038 |
| Series 2034, 5.15%, 08/15/34 | 250 | 257924 |
|  |  | 20696006 |
| **Office REITs — 0.3%** | **Office REITs — 0.3%** | **Office REITs — 0.3%** |
| Boston Properties LP |  |  |
| 6.75%, 12/01/27 | 256 | 267838 |
| 4.50%, 12/01/28 | 629 | 630127 |
| 3.40%, 06/21/29 | 503 | 483909 |
| 2.90%, 03/15/30 | 397 | 370015 |
| 3.25%, 01/30/31<sup>(a)</sup> | 829 | 771978 |
| 2.55%, 04/01/32 | 569 | 492675 |
| 2.45%, 10/01/33 | 607 | 498427 |
| 6.50%, 01/15/34 | 587 | 632817 |
| 5.75%, 01/15/35<sup>(a)</sup> | 400 | 409276 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Office REITs (continued)** | **Office REITs (continued)** | **Office REITs (continued)** |
| COPT Defense Properties LP |  |  |
| 2.00%, 01/15/29<sup>(a)</sup> | 130 | $120961 |
| 4.50%, 10/15/30 | 175 | 173983 |
| 2.75%, 04/15/31 | 429 | 389556 |
| 2.90%, 12/01/33 | 250 | 213261 |
| Cousins Properties LP |  |  |
| 5.25%, 07/15/30 | 200 | 204452 |
| 5.38%, 02/15/32 | 185 | 189181 |
| 5.88%, 10/01/34 | 400 | 417467 |
| Highwoods Realty LP |  |  |
| 4.13%, 03/15/28 | 163 | 161087 |
| 3.05%, 02/15/30 | 413 | 383305 |
| 2.60%, 02/01/31 | 256 | 227279 |
| 7.65%, 02/01/34 | 200 | 228142 |
| Kilroy Realty LP |  |  |
| 4.75%, 12/15/28 | 300 | 299951 |
| 4.25%, 08/15/29 | 260 | 254001 |
| 3.05%, 02/15/30 | 329 | 303385 |
| 2.50%, 11/15/32 | 234 | 194346 |
| 2.65%, 11/15/33 | 300 | 244707 |
| 5.88%, 10/15/35 | 250 | 252038 |
| Piedmont Operating Partnership LP |  |  |
| 9.25%, 07/20/28 | 306 | 338683 |
| 6.88%, 07/15/29 | 150 | 158791 |
| 3.15%, 08/15/30 | 413 | 375639 |
| 2.75%, 04/01/32 | 150 | 127812 |
|  |  | 9815089 |
| **Oil, Gas & Consumable Fuels — 5.2%** | **Oil, Gas & Consumable Fuels — 5.2%** | **Oil, Gas & Consumable Fuels — 5.2%** |
| APA Corp. |  |  |
| 4.25%, 01/15/30<sup>(a)</sup> | 296 | 288855 |
| 6.10%, 02/15/35 | 175 | 177949 |
| Boardwalk Pipelines LP |  |  |
| 4.45%, 07/15/27 | 189 | 189441 |
| 4.80%, 05/03/29 | 313 | 317026 |
| 3.40%, 02/15/31 | 350 | 327711 |
| 3.60%, 09/01/32 | 400 | 369535 |
| 5.63%, 08/01/34 | 300 | 310972 |
| BP Capital Markets America, Inc. |  |  |
| 3.02%, 01/16/27 | 373 | 369046 |
| 3.54%, 04/06/27 | 179 | 177970 |
| 3.59%, 04/14/27 | 456 | 453513 |
| 5.02%, 11/17/27 | 530 | 540288 |
| 3.94%, 09/21/28<sup>(a)</sup> | 630 | 628840 |
| 4.23%, 11/06/28 | 1261 | 1267880 |
| 4.70%, 04/10/29 | 600 | 610682 |
| 4.97%, 10/17/29 | 500 | 514606 |
| 4.87%, 11/25/29 | 475 | 487075 |
| 3.63%, 04/06/30 | 829 | 812474 |
| 1.75%, 08/10/30 | 625 | 558819 |
| 2.72%, 01/12/32 | 1263 | 1148728 |
| 4.81%, 02/13/33 | 1450 | 1468836 |
| 4.89%, 09/11/33 | 761 | 774138 |
| 4.99%, 04/10/34 | 650 | 663942 |
| 5.23%, 11/17/34 | 1325 | 1371112 |
| BP Capital Markets PLC |  |  |
| 3.28%, 09/19/27 | 1113 | 1100087 |
| 3.72%, 11/28/28 | 504 | 499181 |
| Burlington Resources LLC, 7.20%, 08/15/31 | 250 | 284665 |
| Canadian Natural Resources Ltd. |  |  |
| 3.85%, 06/01/27 | 825 | 820215 |
| 5.00%, 12/15/29<sup>(a)(d)</sup> | 623 | 635841 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Canadian Natural Resources Ltd. (continued) |  |  |
| 2.95%, 07/15/30<sup>(a)</sup> | $413 | $387215 |
| 7.20%, 01/15/32<sup>(a)</sup> | 250 | 280979 |
| 6.45%, 06/30/33 | 259 | 280368 |
| 5.40%, 12/15/34<sup>(a)(d)</sup> | 323 | 329323 |
| 5.85%, 02/01/35<sup>(a)</sup> | 268 | 279433 |
| Cenovus Energy, Inc. |  |  |
| 4.25%, 04/15/27 | 280 | 279930 |
| 2.65%, 01/15/32<sup>(a)</sup> | 320 | 283323 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 5.13%, 06/30/27 | 905 | 914294 |
| 3.70%, 11/15/29 | 563 | 548498 |
| Cheniere Energy Partners LP |  |  |
| 4.50%, 10/01/29 | 840 | 839933 |
| 4.00%, 03/01/31 | 700 | 675699 |
| 3.25%, 01/31/32 | 726 | 663797 |
| 5.95%, 06/30/33 | 930 | 981747 |
| 5.75%, 08/15/34<sup>(a)</sup> | 952 | 990226 |
| 5.55%, 10/30/35<sup>(a)(d)</sup> | 580 | 593645 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 598 | 597435 |
| 5.65%, 04/15/34 | 912 | 944400 |
| Chevron Corp. |  |  |
| 2.00%, 05/11/27 | 798 | 776737 |
| 2.24%, 05/11/30 | 997 | 922061 |
| Chevron USA, Inc. |  |  |
| 4.41%, 02/26/27 | 524 | 528042 |
| 1.02%, 08/12/27 | 441 | 420139 |
| 3.95%, 08/13/27 | 300 | 300847 |
| 3.85%, 01/15/28 | 501 | 501107 |
| 4.48%, 02/26/28 | 450 | 455994 |
| 4.05%, 08/13/28 | 300 | 301867 |
| 3.25%, 10/15/29 | 350 | 341529 |
| 4.69%, 04/15/30 | 750 | 767609 |
| 4.30%, 10/15/30 | 775 | 781607 |
| 4.82%, 04/15/32 | 450 | 462692 |
| 4.50%, 10/15/32 | 625 | 630879 |
| 4.98%, 04/15/35<sup>(a)</sup> | 450 | 462085 |
| 4.85%, 10/15/35 | 500 | 505763 |
| CNOOC Finance 2015 USA LLC, 4.38%, 05/02/28 | 710 | 717088 |
| ConocoPhillips, 5.90%, 10/15/32 | 250 | 271910 |
| ConocoPhillips Co. |  |  |
| 6.95%, 04/15/29 | 372 | 406189 |
| 4.70%, 01/15/30 | 625 | 637652 |
| 4.85%, 01/15/32<sup>(a)</sup> | 450 | 461002 |
| 5.05%, 09/15/33 | 622 | 640598 |
| 5.00%, 01/15/35 | 875 | 886256 |
| Continental Resources, Inc., 4.38%, 01/15/28 | 579 | 576126 |
| Coterra Energy, Inc. |  |  |
| 3.90%, 05/15/27 | 300 | 298458 |
| 4.38%, 03/15/29 | 279 | 278676 |
| 5.60%, 03/15/34 | 275 | 281726 |
| 5.40%, 02/15/35 | 576 | 580173 |
| DCP Midstream Operating LP |  |  |
| 5.63%, 07/15/27 | 200 | 204119 |
| 5.13%, 05/15/29 | 502 | 513189 |
| 8.13%, 08/16/30 | 300 | 345255 |
| 3.25%, 02/15/32 | 260 | 237555 |
| Devon Energy Corp. |  |  |
| 5.25%, 10/15/27 | 200 | 200020 |
| 5.88%, 06/15/28 | 538 | 538279 |
| 4.50%, 01/15/30<sup>(a)</sup> | 288 | 288533 |
| 7.88%, 09/30/31 | 350 | 404784 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Devon Energy Corp. (continued) |  |  |
| 7.95%, 04/15/32 | $284 | $329501 |
| 5.20%, 09/15/34<sup>(a)</sup> | 850 | 844931 |
| Diamondback Energy, Inc. |  |  |
| 3.25%, 12/01/26 | 500 | 495512 |
| 5.20%, 04/18/27 | 418 | 423658 |
| 3.50%, 12/01/29 | 829 | 800184 |
| 5.15%, 01/30/30 | 318 | 326500 |
| 3.13%, 03/24/31 | 470 | 437133 |
| 6.25%, 03/15/33 | 720 | 775377 |
| 5.40%, 04/18/34 | 790 | 806256 |
| 5.55%, 04/01/35 | 775 | 795194 |
| Eastern Energy Gas Holdings LLC, 5.80%, 01/15/35 | 425 | 447985 |
| Eastern Gas Transmission & Storage, Inc., 3.00%, <br> 11/15/29<br>| 179 | 170987 |
| Enbridge, Inc. |  |  |
| 5.90%, 11/15/26 | 405 | 411701 |
| 4.25%, 12/01/26 | 429 | 429011 |
| 5.25%, 04/05/27 | 525 | 532854 |
| 3.70%, 07/15/27 | 529 | 524862 |
| 4.60%, 06/20/28 | 375 | 378661 |
| 6.00%, 11/15/28 | 570 | 598823 |
| 5.30%, 04/05/29 | 480 | 494925 |
| 3.13%, 11/15/29 | 760 | 725544 |
| 4.90%, 06/20/30<sup>(a)</sup> | 480 | 490917 |
| 6.20%, 11/15/30<sup>(a)</sup> | 571 | 615473 |
| 5.70%, 03/08/33 | 1570 | 1655575 |
| 2.50%, 08/01/33 | 760 | 648025 |
| 5.63%, 04/05/34 | 1485 | 1549180 |
| 5.55%, 06/20/35 | 550 | 568891 |
| Energy Transfer LP |  |  |
| 6.05%, 12/01/26 | 531 | 540011 |
| 4.40%, 03/15/27 | 500 | 500745 |
| 4.20%, 04/15/27 | 507 | 506475 |
| 5.50%, 06/01/27 | 650 | 660336 |
| 4.00%, 10/01/27 | 500 | 497823 |
| 5.55%, 02/15/28 | 562 | 577785 |
| 4.95%, 05/15/28 | 675 | 685006 |
| 4.95%, 06/15/28 | 731 | 742152 |
| 6.10%, 12/01/28 | 90 | 94492 |
| 5.25%, 04/15/29 | 643 | 661154 |
| 5.25%, 07/01/29<sup>(a)</sup> | 580 | 596816 |
| 4.15%, 09/15/29 | 416 | 412602 |
| 5.20%, 04/01/30 | 484 | 498867 |
| 3.75%, 05/15/30 | 1079 | 1047637 |
| 6.40%, 12/01/30 | 561 | 607428 |
| 5.75%, 02/15/33 | 976 | 1021655 |
| 6.55%, 12/01/33 | 830 | 907015 |
| 5.55%, 05/15/34 | 850 | 871637 |
| 5.60%, 09/01/34 | 800 | 822172 |
| 4.90%, 03/15/35 | 400 | 389405 |
| 5.70%, 04/01/35 | 750 | 773389 |
| Eni USA, Inc., 7.30%, 11/15/27 | 301 | 318420 |
| Enterprise Products Operating LLC |  |  |
| 4.60%, 01/11/27<sup>(a)</sup> | 808 | 813550 |
| 3.95%, 02/15/27 | 209 | 208910 |
| 4.30%, 06/20/28 | 450 | 453391 |
| 4.15%, 10/16/28 | 879 | 882416 |
| 3.13%, 07/31/29 | 410 | 396083 |
| 2.80%, 01/31/30 | 868 | 821605 |
| 4.60%, 01/15/31 | 900 | 911053 |
| 5.35%, 01/31/33 | 600 | 627915 |
| 4.85%, 01/31/34 | 708 | 717156 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Enterprise Products Operating LLC (continued) |  |  |
| 4.95%, 02/15/35<sup>(a)</sup> | $871 | $880224 |
| (3-mo. CME Term SOFR + 2.83%), 5.38%, <br> 02/15/78<sup>(b)</sup><br>| 250 | 249162 |
| Series D, 6.88%, 03/01/33 | 400 | 454093 |
| Series E, (3-mo. CME Term SOFR + 3.29%), <br> 5.25%, 08/16/77<sup>(b)</sup><br>| 620 | 618474 |
| EOG Resources, Inc. |  |  |
| 4.40%, 07/15/28 | 525 | 530145 |
| 4.38%, 04/15/30 | 535 | 539014 |
| 5.00%, 07/15/32 | 575 | 587966 |
| 3.90%, 04/01/35 | 420 | 390237 |
| EQT Corp. |  |  |
| 3.90%, 10/01/27 | 660 | 655210 |
| 5.70%, 04/01/28 | 313 | 323197 |
| 4.50%, 01/15/29 | 480 | 479780 |
| 5.00%, 01/15/29 | 230 | 232815 |
| 7.00%, 02/01/30 | 571 | 619665 |
| 7.50%, 06/01/30 | 300 | 330566 |
| 4.75%, 01/15/31 | 700 | 700791 |
| 5.75%, 02/01/34 | 475 | 497035 |
| Equinor ASA |  |  |
| 4.25%, 06/02/28 | 675 | 679746 |
| 3.63%, 09/10/28 | 600 | 594746 |
| 3.13%, 04/06/30 | 829 | 795184 |
| 2.38%, 05/22/30 | 479 | 445607 |
| 4.50%, 09/03/30<sup>(a)</sup> | 200 | 203267 |
| 5.13%, 06/03/35 | 575 | 593357 |
| Expand Energy Corp. |  |  |
| 5.38%, 02/01/29 | 396 | 396267 |
| 5.38%, 03/15/30 | 800 | 811679 |
| 4.75%, 02/01/32 | 670 | 658937 |
| 5.70%, 01/15/35 | 510 | 525043 |
| Exxon Mobil Corp. |  |  |
| 3.29%, 03/19/27 | 660 | 656115 |
| 2.44%, 08/16/29<sup>(a)</sup> | 559 | 532253 |
| 3.48%, 03/19/30 | 1397 | 1366014 |
| 2.61%, 10/15/30 | 1526 | 1426081 |
| Helmerich & Payne, Inc.<sup>(a)</sup> <br>|  |  |
| 4.65%, 12/01/27 | 100 | 100630 |
| 4.85%, 12/01/29 | 200 | 200188 |
| 2.90%, 09/29/31 | 350 | 310172 |
| 5.50%, 12/01/34 | 370 | 364125 |
| Hess Corp. |  |  |
| 4.30%, 04/01/27 | 657 | 658891 |
| 7.88%, 10/01/29<sup>(a)</sup> | 150 | 169889 |
| 7.30%, 08/15/31 | 383 | 441140 |
| 7.13%, 03/15/33 | 450 | 523419 |
| HF Sinclair Corp. |  |  |
| 5.00%, 02/01/28 | 292 | 292316 |
| 4.50%, 10/01/30 | 200 | 197512 |
| 5.75%, 01/15/31 | 335 | 347029 |
| 5.50%, 09/01/32 | 355 | 360928 |
| 6.25%, 01/15/35 | 525 | 548875 |
| Kinder Morgan Energy Partners LP |  |  |
| 7.30%, 08/15/33 | 300 | 343864 |
| 5.80%, 03/15/35 | 367 | 385781 |
| Kinder Morgan, Inc. |  |  |
| 1.75%, 11/15/26 | 215 | 209978 |
| 4.30%, 03/01/28 | 837 | 840194 |
| 5.00%, 02/01/29 | 710 | 725645 |
| 5.10%, 08/01/29<sup>(a)</sup> | 375 | 385050 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Kinder Morgan, Inc. (continued) |  |  |
| 5.15%, 06/01/30 | $753 | $776644 |
| 2.00%, 02/15/31 | 523 | 463960 |
| 7.80%, 08/01/31 | 350 | 405627 |
| 7.75%, 01/15/32 | 829 | 959315 |
| 4.80%, 02/01/33 | 562 | 562117 |
| 5.20%, 06/01/33 | 1012 | 1036167 |
| 5.40%, 02/01/34 | 808 | 831891 |
| 5.30%, 12/01/34 | 602 | 614101 |
| 5.85%, 06/01/35 | 100 | 105442 |
| Marathon Petroleum Corp. |  |  |
| 5.13%, 12/15/26 | 350 | 352889 |
| 3.80%, 04/01/28 | 479 | 474144 |
| 5.15%, 03/01/30 | 582 | 597976 |
| 5.70%, 03/01/35<sup>(a)</sup> | 650 | 672232 |
| MPLX LP |  |  |
| 4.13%, 03/01/27 | 829 | 827503 |
| 4.25%, 12/01/27 | 409 | 409528 |
| 4.00%, 03/15/28 | 829 | 825130 |
| 4.80%, 02/15/29 | 500 | 507686 |
| 2.65%, 08/15/30 | 935 | 860758 |
| 4.80%, 02/15/31 | 770 | 776580 |
| 4.95%, 09/01/32 | 656 | 657833 |
| 5.00%, 01/15/33 | 525 | 525056 |
| 5.00%, 03/01/33 | 605 | 605803 |
| 5.50%, 06/01/34 | 1050 | 1070447 |
| 5.40%, 04/01/35 | 711 | 715589 |
| 5.40%, 09/15/35 | 875 | 879053 |
| Northwest Pipeline LLC, 4.00%, 04/01/27 | 368 | 366936 |
| Occidental Petroleum Corp. |  |  |
| 8.50%, 07/15/27 | 356 | 373661 |
| 5.00%, 08/01/27 | 325 | 329634 |
| 6.38%, 09/01/28 | 268 | 280842 |
| 5.20%, 08/01/29 | 920 | 939334 |
| 8.88%, 07/15/30<sup>(a)</sup> | 600 | 693356 |
| 6.63%, 09/01/30 | 754 | 808946 |
| 6.13%, 01/01/31 | 532 | 560558 |
| 7.50%, 05/01/31 | 500 | 560628 |
| 7.88%, 09/15/31 | 252 | 288136 |
| 5.38%, 01/01/32 | 740 | 752515 |
| 5.55%, 10/01/34<sup>(a)</sup> | 880 | 891451 |
| ONEOK, Inc. |  |  |
| 5.55%, 11/01/26 | 500 | 505901 |
| 4.00%, 07/13/27 | 250 | 249137 |
| 4.25%, 09/24/27 | 750 | 750938 |
| 4.55%, 07/15/28 | 413 | 415875 |
| 5.65%, 11/01/28 | 500 | 518109 |
| 4.35%, 03/15/29 | 459 | 458444 |
| 5.38%, 06/01/29 | 270 | 277726 |
| 3.40%, 09/01/29 | 489 | 471501 |
| 4.40%, 10/15/29 | 372 | 371683 |
| 3.10%, 03/15/30 | 300 | 284004 |
| 3.25%, 06/01/30 | 225 | 213270 |
| 5.80%, 11/01/30 | 425 | 446816 |
| 6.35%, 01/15/31 | 495 | 529666 |
| 4.75%, 10/15/31 | 608 | 607674 |
| 4.95%, 10/15/32 | 575 | 575686 |
| 6.10%, 11/15/32 | 620 | 663557 |
| 6.05%, 09/01/33 | 700 | 741978 |
| 5.65%, 09/01/34 | 350 | 360194 |
| 5.05%, 11/01/34 | 1100 | 1084165 |
| 6.00%, 06/15/35 | 600 | 629142 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| ONEOK, Inc. (continued) |  |  |
| 5.40%, 10/15/35 | $275 | $276075 |
| Ovintiv, Inc. |  |  |
| 5.65%, 05/15/28 | 450 | 462637 |
| 8.13%, 09/15/30 | 180 | 205127 |
| 7.20%, 11/01/31 | 145 | 160104 |
| 7.38%, 11/01/31 | 313 | 348472 |
| 6.25%, 07/15/33 | 370 | 387793 |
| 6.50%, 08/15/34 | 400 | 424556 |
| Patterson-UTI Energy, Inc. |  |  |
| 3.95%, 02/01/28 | 250 | 245427 |
| 5.15%, 11/15/29<sup>(a)</sup> | 300 | 301122 |
| 7.15%, 10/01/33 | 300 | 319569 |
| Phillips 66 |  |  |
| 3.90%, 03/15/28 | 522 | 518501 |
| 2.15%, 12/15/30 | 661 | 590872 |
| 4.65%, 11/15/34 | 650 | 636504 |
| Phillips 66 Co. |  |  |
| 4.95%, 12/01/27 | 520 | 528220 |
| 3.75%, 03/01/28 | 352 | 348731 |
| 3.15%, 12/15/29 | 405 | 387515 |
| 5.25%, 06/15/31 | 1020 | 1058679 |
| 5.30%, 06/30/33<sup>(a)</sup> | 655 | 674322 |
| 4.95%, 03/15/35<sup>(a)</sup> | 464 | 460701 |
| Pioneer Natural Resources Co. |  |  |
| 1.90%, 08/15/30 | 926 | 834615 |
| 2.15%, 01/15/31 | 550 | 496820 |
| Plains All American Pipeline LP, 5.95%, 06/15/35 | 350 | 365517 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| 4.50%, 12/15/26 | 413 | 413810 |
| 3.55%, 12/15/29 | 553 | 535239 |
| 3.80%, 09/15/30 | 458 | 442640 |
| 4.70%, 01/15/31 | 430 | 430706 |
| 5.70%, 09/15/34 | 500 | 514097 |
| 5.60%, 01/15/36 | 250 | 252624 |
| Sabine Pass Liquefaction LLC |  |  |
| 5.00%, 03/15/27 | 879 | 884183 |
| 4.20%, 03/15/28 | 829 | 829070 |
| 4.50%, 05/15/30 | 1235 | 1239421 |
| Shell Finance U.S., Inc. |  |  |
| 2.38%, 11/07/29 | 729 | 685217 |
| 2.75%, 04/06/30 | 997 | 944214 |
| 4.13%, 05/11/35 | 750 | 723341 |
| Shell International Finance BV |  |  |
| 3.88%, 11/13/28 | 979 | 978151 |
| 2.38%, 11/07/29 | 250 | 236062 |
| 2.75%, 04/06/30 | 250 | 238002 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.91%, 09/01/27 | 479 | 482859 |
| 5.03%, 10/01/29 | 680 | 686514 |
| 5.58%, 10/01/34 | 820 | 822851 |
| Suncor Energy, Inc. |  |  |
| 7.15%, 02/01/32 | 200 | 224521 |
| 5.95%, 12/01/34 | 384 | 404797 |
| Targa Resources Corp. |  |  |
| 5.20%, 07/01/27 | 450 | 456980 |
| 6.15%, 03/01/29 | 298 | 313472 |
| 4.90%, 09/15/30 | 450 | 456343 |
| 4.20%, 02/01/33 | 374 | 356056 |
| 6.13%, 03/15/33 | 256 | 272772 |
| 6.50%, 03/30/34 | 452 | 493371 |
| 5.50%, 02/15/35 | 700 | 713376 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Targa Resources Corp. (continued) |  |  |
| 5.55%, 08/15/35 | $1125 | $1150253 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| 5.00%, 01/15/28 | 425 | 425413 |
| 6.88%, 01/15/29 | 329 | 334394 |
| 5.50%, 03/01/30 | 396 | 401673 |
| 4.88%, 02/01/31 | 684 | 686106 |
| 4.00%, 01/15/32 | 684 | 648853 |
| TC PipeLines LP, 3.90%, 05/25/27 | 285 | 283533 |
| Tennessee Gas Pipeline Co. LLC, 7.00%, 10/15/28 | 300 | 322595 |
| Texas Eastern Transmission LP, 7.00%, 07/15/32 | 256 | 287242 |
| TotalEnergies Capital International SA |  |  |
| 3.46%, 02/19/29 | 877 | 860651 |
| 2.83%, 01/10/30 | 876 | 834255 |
| TotalEnergies Capital SA |  |  |
| 3.88%, 10/11/28 | 702 | 701602 |
| 5.15%, 04/05/34<sup>(a)</sup> | 750 | 779856 |
| 4.72%, 09/10/34<sup>(a)</sup> | 525 | 529663 |
| TransCanada PipeLines Ltd. |  |  |
| 4.25%, 05/15/28 | 901 | 901004 |
| 4.10%, 04/15/30 | 929 | 915749 |
| 4.63%, 03/01/34 | 804 | 785368 |
| 5.60%, 03/31/34 | 200 | 207077 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 4.00%, 03/15/28 | 220 | 219124 |
| 3.25%, 05/15/30 | 450 | 429417 |
| Valero Energy Corp. |  |  |
| 2.15%, 09/15/27 | 277 | 267019 |
| 4.35%, 06/01/28 | 498 | 499612 |
| 4.00%, 04/01/29 | 290 | 287519 |
| 5.15%, 02/15/30<sup>(a)</sup> | 470 | 483496 |
| 2.80%, 12/01/31 | 179 | 162800 |
| 7.50%, 04/15/32 | 545 | 627151 |
| Valero Energy Partners LP, 4.50%, 03/15/28 | 341 | 343410 |
| Viper Energy Partners LLC |  |  |
| 4.90%, 08/01/30 | 320 | 322248 |
| 5.70%, 08/01/35 | 695 | 707915 |
| Western Midstream Operating LP |  |  |
| 4.50%, 03/01/28 | 200 | 200382 |
| 4.75%, 08/15/28 | 200 | 201350 |
| 6.35%, 01/15/29 | 260 | 273490 |
| 4.05%, 02/01/30 | 756 | 737391 |
| 6.15%, 04/01/33 | 450 | 474132 |
| 5.45%, 11/15/34 | 570 | 568383 |
| Williams Cos., Inc. |  |  |
| 3.75%, 06/15/27 | 818 | 813109 |
| 5.30%, 08/15/28 | 600 | 617597 |
| 4.90%, 03/15/29 | 682 | 694565 |
| 4.80%, 11/15/29 | 125 | 127164 |
| 4.63%, 06/30/30 | 480 | 483496 |
| 3.50%, 11/15/30 | 629 | 601096 |
| 2.60%, 03/15/31 | 1203 | 1092078 |
| 8.75%, 03/15/32 | 300 | 363155 |
| 4.65%, 08/15/32 | 600 | 599102 |
| 5.65%, 03/15/33 | 400 | 420633 |
| 5.15%, 03/15/34 | 802 | 814694 |
| 5.60%, 03/15/35 | 734 | 761895 |
| 5.30%, 09/30/35 | 450 | 456793 |
| Woodside Finance Ltd. |  |  |
| 4.90%, 05/19/28 | 300 | 304176 |
| 5.40%, 05/19/30 | 750 | 770093 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Woodside Finance Ltd. (continued) |  |  |
| 5.70%, 05/19/32 | 270 | $280391 |
| 5.10%, 09/12/34 | 871 | 863266 |
| 6.00%, 05/19/35 | 750 | 784168 |
|  |  | 192272374 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Celulosa Arauco y Constitucion SA, 3.88%, 11/02/27 | 200 | 198270 |
| Georgia-Pacific LLC |  |  |
| 7.75%, 11/15/29<sup>(a)</sup> | 254 | 287895 |
| 8.88%, 05/15/31 | 219 | 266203 |
| International Paper Co., 5.00%, 09/15/35 | 300 | 301368 |
| Suzano Austria GmbH |  |  |
| 2.50%, 09/15/28 | 250 | 236882 |
| 6.00%, 01/15/29 | 1128 | 1165084 |
| 5.00%, 01/15/30 | 900 | 906067 |
| 3.75%, 01/15/31 | 809 | 764302 |
| 3.13%, 01/15/32<sup>(a)</sup> | 600 | 537453 |
|  |  | 4663524 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| American Airlines Pass-Through Trust |  |  |
| Series 2015-1, Class A, 3.38%, 11/01/28 | 338 | 332199 |
| Series 2016-1, Class AA, 3.58%, 07/15/29 | 229 | 224840 |
| Series 2016-2, Class AA, 3.20%, 12/15/29<sup>(a)</sup> | 251 | 243043 |
| Series 2017-1, Class AA, 3.65%, 02/15/29<sup>(a)</sup> | 207 | 201822 |
| Series 2017-2, Class AA, 3.35%, 04/15/31 | 386 | 371627 |
| Series 2019-1, Class AA, 3.15%, 08/15/33<sup>(a)</sup> | 441 | 412776 |
| Series 2021-1, Class A, 2.88%, 01/11/36 | 419 | 380960 |
| Delta Air Lines 2020-1 Class AA Pass Through Trust, <br> Class AA, 2.00%, 12/10/29<br>| 203 | 194938 |
| Delta Air Lines, Inc. |  |  |
| 4.38%, 04/19/28<sup>(a)</sup> | 300 | 300218 |
| 4.95%, 07/10/28 | 765 | 775765 |
| 3.75%, 10/28/29<sup>(a)</sup> | 300 | 291998 |
| 5.25%, 07/10/30 | 538 | 549698 |
| JetBlue Pass-Through Trust |  |  |
| Series 1A, 4.00%, 05/15/34<sup>(a)</sup> | 353 | 332864 |
| Series 2019-1, Class AA, 2.75%, 11/15/33 | 260 | 230234 |
| Southwest Airlines Co. |  |  |
| 5.13%, 06/15/27 | 1227 | 1239829 |
| 11/15/28<sup>(c)</sup> | 475 | 473897 |
| 2.63%, 02/10/30 | 359 | 330790 |
| 11/15/35<sup>(c)</sup> | 475 | 464103 |
| United Airlines Pass-Through Trust |  |  |
| Series 2016-1, Class AA, 3.10%, 01/07/30 | 239 | 231841 |
| Series 2018-1, Class AA, 3.50%, 09/01/31 | 176 | 169044 |
| Series 2019-1, Class AA, 4.15%, 02/25/33<sup>(a)</sup> | 285 | 280353 |
| Series 2019-2, Class AA, 2.70%, 11/01/33<sup>(a)</sup> | 298 | 271963 |
| Series 2020-1, Class A, 5.88%, 04/15/29<sup>(a)</sup> | 506 | 518227 |
|  |  | 8823029 |
| **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** |
| Colgate-Palmolive Co. |  |  |
| 3.10%, 08/15/27 | 102 | 100872 |
| 4.60%, 03/01/28 | 344 | 349810 |
| 4.20%, 05/01/30 | 290 | 292588 |
| 3.25%, 08/15/32 | 302 | 284360 |
| 4.60%, 03/01/33 | 344 | 351666 |
| Estee Lauder Cos., Inc. |  |  |
| 3.15%, 03/15/27 | 179 | 176974 |
| 4.38%, 05/15/28 | 360 | 362760 |
| 2.38%, 12/01/29 | 411 | 383437 |
| 2.60%, 04/15/30 | 413 | 385710 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Personal Care Products (continued)** | **Personal Care Products (continued)** | **Personal Care Products (continued)** |
| Estee Lauder Cos., Inc. (continued) |  |  |
| 1.95%, 03/15/31<sup>(a)</sup> | 293 | $259187 |
| 4.65%, 05/15/33 | 450 | 451100 |
| 5.00%, 02/14/34<sup>(a)</sup> | 450 | 456224 |
| Haleon U.S. Capital LLC |  |  |
| 3.38%, 03/24/27 | 1400 | 1387630 |
| 3.38%, 03/24/29 | 600 | 584438 |
| 3.63%, 03/24/32 | 1212 | 1147437 |
| Kenvue, Inc. |  |  |
| 5.05%, 03/22/28 | 515 | 525680 |
| 5.00%, 03/22/30 | 660 | 677012 |
| 4.85%, 05/22/32 | 450 | 455769 |
| 4.90%, 03/22/33 | 720 | 727466 |
| Procter & Gamble Co. |  |  |
| 2.45%, 11/03/26 | 450 | 444060 |
| 1.90%, 02/01/27 | 500 | 488744 |
| 2.80%, 03/25/27 | 330 | 325710 |
| 2.85%, 08/11/27 | 413 | 406736 |
| 3.95%, 01/26/28 | 250 | 251252 |
| 4.35%, 01/29/29 | 275 | 279567 |
| 4.15%, 10/24/29 | 200 | 202429 |
| 3.00%, 03/25/30 | 985 | 946442 |
| 4.05%, 05/01/30 | 500 | 502286 |
| 1.20%, 10/29/30 | 797 | 698912 |
| 1.95%, 04/23/31 | 529 | 476620 |
| 2.30%, 02/01/32<sup>(a)</sup> | 280 | 255030 |
| 11/03/32<sup>(c)</sup> | 300 | 296961 |
| 4.05%, 01/26/33<sup>(a)</sup> | 650 | 650601 |
| 4.55%, 01/29/34 | 427 | 433768 |
| 5.80%, 08/15/34 | 275 | 301276 |
| 4.55%, 10/24/34<sup>(a)</sup> | 300 | 303771 |
| 4.60%, 05/01/35<sup>(a)</sup> | 500 | 507557 |
| 11/03/35<sup>(c)</sup> | 300 | 296464 |
| Unilever Capital Corp. |  |  |
| 2.90%, 05/05/27 | 790 | 779849 |
| 4.25%, 08/12/27 | 585 | 589201 |
| 3.50%, 03/22/28 | 600 | 595345 |
| 4.88%, 09/08/28 | 400 | 410619 |
| 2.13%, 09/06/29<sup>(a)</sup> | 555 | 518861 |
| 1.38%, 09/14/30 | 427 | 377192 |
| 1.75%, 08/12/31 | 450 | 396115 |
| 5.90%, 11/15/32 | 723 | 791362 |
| 5.00%, 12/08/33 | 600 | 623293 |
| 4.63%, 08/12/34 | 850 | 855476 |
|  |  | 23365619 |
| **Pharmaceuticals — 3.5%** | **Pharmaceuticals — 3.5%** | **Pharmaceuticals — 3.5%** |
| AbbVie, Inc. |  |  |
| 2.95%, 11/21/26 | 2709 | 2681936 |
| 4.80%, 03/15/27 | 1624 | 1640823 |
| 4.65%, 03/15/28 | 1000 | 1015641 |
| 4.25%, 11/14/28 | 1181 | 1189910 |
| 4.80%, 03/15/29 | 1176 | 1203196 |
| 3.20%, 11/21/29 | 3658 | 3530531 |
| 4.88%, 03/15/30 | 400 | 411700 |
| 4.95%, 03/15/31 | 1181 | 1220926 |
| 5.05%, 03/15/34 | 1672 | 1720494 |
| 4.55%, 03/15/35 | 1072 | 1058975 |
| 5.20%, 03/15/35 | 780 | 806404 |
| 4.50%, 05/14/35 | 1700 | 1669089 |
| Astrazeneca Finance LLC |  |  |
| 4.80%, 02/26/27 | 912 | 922575 |
| 4.88%, 03/03/28 | 676 | 690521 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Astrazeneca Finance LLC (continued) |  |  |
| 1.75%, 05/28/28 | $821 | $778245 |
| 4.85%, 02/26/29 | 900 | 922822 |
| 4.90%, 03/03/30<sup>(a)</sup> | 500 | 515224 |
| 4.90%, 02/26/31 | 750 | 774785 |
| 2.25%, 05/28/31 | 340 | 308195 |
| 4.88%, 03/03/33 | 250 | 258173 |
| 5.00%, 02/26/34 | 1060 | 1095265 |
| AstraZeneca PLC |  |  |
| 3.13%, 06/12/27<sup>(a)</sup> | 113 | 111755 |
| 4.00%, 01/17/29 | 607 | 606490 |
| 1.38%, 08/06/30<sup>(a)</sup> | 911 | 805211 |
| Becton Dickinson & Co. |  |  |
| 3.70%, 06/06/27 | 1125 | 1117512 |
| 4.69%, 02/13/28 | 410 | 414494 |
| 4.87%, 02/08/29 | 457 | 465381 |
| 5.08%, 06/07/29 | 375 | 384839 |
| 2.82%, 05/20/30 | 488 | 458059 |
| 1.96%, 02/11/31 | 614 | 542777 |
| 4.30%, 08/22/32 | 390 | 383185 |
| 5.11%, 02/08/34<sup>(a)</sup> | 302 | 308218 |
| Bristol-Myers Squibb Co. |  |  |
| 4.90%, 02/22/27 | 697 | 705774 |
| 3.25%, 02/27/27 | 306 | 303753 |
| 1.13%, 11/13/27<sup>(a)</sup> | 702 | 665791 |
| 3.45%, 11/15/27 | 330 | 327385 |
| 3.90%, 02/20/28 | 829 | 828777 |
| 4.90%, 02/22/29 | 1075 | 1103108 |
| 3.40%, 07/26/29 | 1621 | 1583080 |
| 1.45%, 11/13/30 | 740 | 650660 |
| 5.75%, 02/01/31 | 500 | 535058 |
| 5.10%, 02/22/31 | 697 | 724713 |
| 2.95%, 03/15/32 | 1225 | 1128037 |
| 5.90%, 11/15/33 | 598 | 650396 |
| 5.20%, 02/22/34 | 1511 | 1568948 |
| Cardinal Health, Inc. |  |  |
| 4.70%, 11/15/26 | 200 | 201350 |
| 3.41%, 06/15/27 | 829 | 820561 |
| 5.13%, 02/15/29 | 496 | 509752 |
| 5.00%, 11/15/29 | 626 | 642619 |
| 4.50%, 09/15/30 | 250 | 251435 |
| 5.45%, 02/15/34 | 382 | 397547 |
| 5.35%, 11/15/34 | 600 | 617594 |
| 5.15%, 09/15/35 | 250 | 252544 |
| Cencora, Inc. |  |  |
| 3.45%, 12/15/27 | 504 | 497504 |
| 4.63%, 12/15/27 | 360 | 364022 |
| 4.85%, 12/15/29 | 225 | 229878 |
| 2.80%, 05/15/30 | 329 | 309106 |
| 2.70%, 03/15/31 | 669 | 614776 |
| 5.13%, 02/15/34 | 400 | 410278 |
| 5.15%, 02/15/35<sup>(a)</sup> | 385 | 394810 |
| CVS Health Corp. |  |  |
| 3.63%, 04/01/27 | 457 | 453199 |
| 6.25%, 06/01/27 | 254 | 261720 |
| 1.30%, 08/21/27 | 1335 | 1268156 |
| 4.30%, 03/25/28 | 3177 | 3181785 |
| 5.00%, 01/30/29 | 440 | 449054 |
| 5.40%, 06/01/29<sup>(a)</sup> | 750 | 775621 |
| 3.25%, 08/15/29 | 1147 | 1102705 |
| 5.13%, 02/21/30 | 1084 | 1113021 |
| 3.75%, 04/01/30 | 1083 | 1052939 |
| 1.75%, 08/21/30 | 784 | 690986 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| CVS Health Corp. (continued) |  |  |
| 5.25%, 01/30/31 | $335 | $345463 |
| 1.88%, 02/28/31 | 823 | 717956 |
| 5.55%, 06/01/31 | 750 | 786099 |
| 2.13%, 09/15/31 | 683 | 595384 |
| 5.00%, 09/15/32<sup>(a)</sup> | 575 | 584101 |
| 5.25%, 02/21/33 | 950 | 976019 |
| 5.30%, 06/01/33 | 820 | 842283 |
| 5.70%, 06/01/34 | 750 | 783725 |
| 4.88%, 07/20/35 | 400 | 392141 |
| 5.45%, 09/15/35 | 925 | 943978 |
| Eli Lilly & Co. |  |  |
| 4.50%, 02/09/27 | 840 | 846832 |
| 5.50%, 03/15/27<sup>(a)</sup> | 264 | 270130 |
| 3.10%, 05/15/27 | 228 | 225595 |
| 4.15%, 08/14/27 | 400 | 402535 |
| 4.55%, 02/12/28 | 675 | 685354 |
| 4.00%, 10/15/28 | 690 | 692357 |
| 4.50%, 02/09/29 | 704 | 715802 |
| 3.38%, 03/15/29 | 729 | 715867 |
| 4.20%, 08/14/29 | 562 | 566130 |
| 4.75%, 02/12/30 | 773 | 794032 |
| 4.25%, 03/15/31 | 725 | 726132 |
| 4.90%, 02/12/32 | 675 | 696993 |
| 4.55%, 10/15/32 | 590 | 595311 |
| 4.70%, 02/27/33<sup>(a)</sup> | 590 | 602817 |
| 4.70%, 02/09/34 | 1006 | 1017387 |
| 4.60%, 08/14/34 | 700 | 702197 |
| 5.10%, 02/12/35 | 879 | 911208 |
| 4.90%, 10/15/35 | 725 | 737324 |
| GlaxoSmithKline Capital PLC |  |  |
| 4.32%, 03/12/27 | 250 | 251571 |
| 3.38%, 06/01/29 | 629 | 614937 |
| GlaxoSmithKline Capital, Inc. |  |  |
| 3.88%, 05/15/28 | 1225 | 1223329 |
| 4.50%, 04/15/30 | 580 | 588724 |
| 5.38%, 04/15/34 | 383 | 404913 |
| 4.88%, 04/15/35 | 450 | 455332 |
| Johnson & Johnson |  |  |
| 4.50%, 03/01/27 | 425 | 429265 |
| 2.95%, 03/03/27 | 636 | 629635 |
| 0.95%, 09/01/27 | 998 | 950943 |
| 2.90%, 01/15/28 | 1099 | 1080171 |
| 4.55%, 03/01/28 | 295 | 300410 |
| 4.80%, 06/01/29 | 600 | 618775 |
| 4.70%, 03/01/30 | 525 | 540847 |
| 1.30%, 09/01/30<sup>(a)</sup> | 1164 | 1032452 |
| 4.90%, 06/01/31 | 800 | 834582 |
| 4.85%, 03/01/32 | 625 | 649848 |
| 4.95%, 05/15/33<sup>(a)</sup> | 450 | 473776 |
| 4.38%, 12/05/33 | 378 | 383217 |
| 4.95%, 06/01/34 | 400 | 422129 |
| 5.00%, 03/01/35 | 865 | 900058 |
| McKesson Corp. |  |  |
| 3.95%, 02/16/28 | 229 | 228332 |
| 4.90%, 07/15/28 | 310 | 316907 |
| 4.25%, 09/15/29 | 325 | 326070 |
| 4.65%, 05/30/30 | 375 | 381085 |
| 4.95%, 05/30/32 | 375 | 384968 |
| 5.10%, 07/15/33 | 302 | 312009 |
| 5.25%, 05/30/35 | 475 | 491159 |
| Merck & Co., Inc. |  |  |
| 1.70%, 06/10/27 | 733 | 709443 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Merck & Co., Inc. (continued) |  |  |
| 3.85%, 09/15/27<sup>(a)</sup> | 475 | $475772 |
| 4.05%, 05/17/28 | 100 | 100515 |
| 1.90%, 12/10/28 | 695 | 654308 |
| 3.40%, 03/07/29 | 1218 | 1194198 |
| 4.30%, 05/17/30 | 400 | 403509 |
| 1.45%, 06/24/30 | 793 | 705474 |
| 4.15%, 09/15/30<sup>(a)</sup> | 475 | 475936 |
| 2.15%, 12/10/31 | 1290 | 1143022 |
| 4.55%, 09/15/32 | 675 | 680808 |
| 4.50%, 05/17/33 | 902 | 909017 |
| 6.50%, 12/01/33 | 389 | 442564 |
| 4.95%, 09/15/35 | 1175 | 1193479 |
| Mylan, Inc., 4.55%, 04/15/28 | 660 | 657066 |
| Novartis Capital Corp. |  |  |
| 2.00%, 02/14/27 | 231 | 225858 |
| 3.10%, 05/17/27 | 565 | 559328 |
| 3.80%, 09/18/29 | 635 | 631160 |
| 2.20%, 08/14/30 | 1159 | 1067924 |
| 4.00%, 09/18/31 | 475 | 471949 |
| 4.20%, 09/18/34 | 669 | 655563 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 4.45%, 05/19/28 | 2818 | 2847803 |
| 4.65%, 05/19/30 | 1788 | 1823451 |
| 4.75%, 05/19/33 | 3407 | 3448203 |
| Pfizer, Inc. |  |  |
| 3.00%, 12/15/26 | 1262 | 1250764 |
| 3.60%, 09/15/28<sup>(a)</sup> | 359 | 357383 |
| 3.45%, 03/15/29 | 1218 | 1200178 |
| 2.63%, 04/01/30 | 829 | 779832 |
| 1.70%, 05/28/30 | 683 | 615135 |
| 1.75%, 08/18/31<sup>(a)</sup> | 629 | 553328 |
| Pharmacia LLC, 6.60%, 12/01/28 | 400 | 429149 |
| Sanofi SA |  |  |
| 11/03/27<sup>(c)</sup> | 300 | 299683 |
| 3.63%, 06/19/28 | 713 | 708929 |
| 11/03/28<sup>(c)</sup> | 300 | 299423 |
| 11/03/32<sup>(c)</sup> | 300 | 297837 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 5.00%, 11/26/28 | 1278 | 1305658 |
| 2.05%, 03/31/30 | 1454 | 1324713 |
| 5.30%, 07/05/34 | 700 | 721046 |
| Takeda U.S. Financing, Inc., 5.20%, 07/07/35 | 1000 | 1017657 |
| Viatris, Inc. |  |  |
| 2.30%, 06/22/27 | 415 | 399091 |
| 2.70%, 06/22/30 | 843 | 762287 |
| Wyeth LLC, 6.50%, 02/01/34 | 500 | 564973 |
| Zoetis, Inc. |  |  |
| 3.00%, 09/12/27 | 350 | 344215 |
| 4.15%, 08/17/28<sup>(a)</sup> | 325 | 326282 |
| 3.90%, 08/20/28 | 379 | 378171 |
| 2.00%, 05/15/30 | 329 | 299631 |
| 5.60%, 11/16/32 | 300 | 318780 |
| 5.00%, 08/17/35<sup>(a)</sup> | 825 | 832856 |
|  |  | 128611740 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| CBRE Services, Inc. |  |  |
| 5.50%, 04/01/29<sup>(a)</sup> | 272 | 281850 |
| 4.80%, 06/15/30 | 450 | 456555 |
| 2.50%, 04/01/31 | 393 | 355833 |
| 5.95%, 08/15/34 | 550 | 587463 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| CBRE Services, Inc. (continued) |  |  |
| 5.50%, 06/15/35 | 350 | $361048 |
| Jones Lang LaSalle, Inc., 6.88%, 12/01/28 | 75 | 80440 |
|  |  | 2123189 |
| **Residential REITs — 0.9%** | **Residential REITs — 0.9%** | **Residential REITs — 0.9%** |
| American Homes 4 Rent LP |  |  |
| 4.25%, 02/15/28 | 100 | 100130 |
| 4.90%, 02/15/29 | 129 | 131355 |
| 4.95%, 06/15/30 | 432 | 440188 |
| 2.38%, 07/15/31<sup>(a)</sup> | 200 | 177423 |
| 3.63%, 04/15/32 | 300 | 281872 |
| 5.50%, 02/01/34 | 477 | 492587 |
| 5.50%, 07/15/34 | 275 | 284054 |
| 5.25%, 03/15/35 | 391 | 396385 |
| AvalonBay Communities, Inc. |  |  |
| 3.35%, 05/15/27<sup>(a)</sup> | 191 | 188921 |
| 3.20%, 01/15/28 | 159 | 156191 |
| 1.90%, 12/01/28 | 296 | 277592 |
| 3.30%, 06/01/29 | 291 | 282439 |
| 2.30%, 03/01/30 | 450 | 416159 |
| 2.45%, 01/15/31 | 507 | 462100 |
| 2.05%, 01/15/32<sup>(a)</sup> | 425 | 372523 |
| 5.00%, 02/15/33 | 225 | 230211 |
| 5.30%, 12/07/33 | 150 | 156128 |
| 5.35%, 06/01/34 | 360 | 374274 |
| 5.00%, 08/01/35 | 135 | 136244 |
| Camden Property Trust |  |  |
| 5.85%, 11/03/26 | 341 | 346681 |
| 4.10%, 10/15/28 | 258 | 258428 |
| 3.15%, 07/01/29 | 400 | 385452 |
| 2.80%, 05/15/30 | 615 | 578392 |
| 4.90%, 01/15/34 | 175 | 177970 |
| ERP Operating LP |  |  |
| 2.85%, 11/01/26 | 381 | 376577 |
| 3.25%, 08/01/27 | 334 | 329657 |
| 3.50%, 03/01/28 | 341 | 336891 |
| 4.15%, 12/01/28 | 305 | 306056 |
| 3.00%, 07/01/29 | 455 | 437651 |
| 2.50%, 02/15/30 | 333 | 311431 |
| 1.85%, 08/01/31 | 229 | 200702 |
| 4.95%, 06/15/32 | 300 | 307167 |
| 4.65%, 09/15/34 | 328 | 324990 |
| Essential Properties LP |  |  |
| 2.95%, 07/15/31 | 129 | 117121 |
| 5.40%, 12/01/35 | 175 | 175454 |
| Essex Portfolio LP |  |  |
| 3.63%, 05/01/27<sup>(a)</sup> | 222 | 220421 |
| 1.70%, 03/01/28 | 210 | 198440 |
| 4.00%, 03/01/29 | 179 | 177564 |
| 3.00%, 01/15/30 | 384 | 363712 |
| 1.65%, 01/15/31 | 254 | 220302 |
| 2.55%, 06/15/31 | 210 | 189013 |
| 2.65%, 03/15/32 | 400 | 357177 |
| 5.50%, 04/01/34 | 325 | 338239 |
| 5.38%, 04/01/35 | 235 | 242993 |
| Invitation Homes Operating Partnership LP |  |  |
| 2.30%, 11/15/28 | 491 | 464456 |
| 5.45%, 08/15/30<sup>(a)</sup> | 300 | 311529 |
| 2.00%, 08/15/31 | 330 | 285856 |
| 4.15%, 04/15/32 | 296 | 286188 |
| 4.95%, 01/15/33<sup>(a)</sup> | 250 | 251194 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Residential REITs (continued)** | **Residential REITs (continued)** | **Residential REITs (continued)** |
| Invitation Homes Operating Partnership <br> LP (continued)<br>|  |  |
| 5.50%, 08/15/33 | $288 | $299668 |
| 2.70%, 01/15/34 | 262 | 223167 |
| 4.88%, 02/01/35 | 397 | 392775 |
| Mid-America Apartments LP |  |  |
| 3.60%, 06/01/27 | 413 | 410392 |
| 4.20%, 06/15/28<sup>(a)</sup> | 296 | 296757 |
| 3.95%, 03/15/29 | 413 | 410831 |
| 2.75%, 03/15/30<sup>(a)</sup> | 163 | 153752 |
| 1.70%, 02/15/31 | 378 | 330042 |
| 5.30%, 02/15/32 | 175 | 182002 |
| 5.00%, 03/15/34 | 125 | 126668 |
| 4.95%, 03/01/35 | 275 | 277571 |
| NNN REIT, Inc. |  |  |
| 3.60%, 12/15/26 | 500 | 496638 |
| 3.50%, 10/15/27 | 274 | 270851 |
| 4.30%, 10/15/28 | 229 | 229580 |
| 2.50%, 04/15/30 | 300 | 277733 |
| 4.60%, 02/15/31 | 400 | 401700 |
| 5.60%, 10/15/33 | 200 | 209275 |
| 5.50%, 06/15/34 | 325 | 336686 |
| Realty Income Corp. |  |  |
| 3.00%, 01/15/27 | 503 | 496701 |
| 3.95%, 08/15/27 | 413 | 412263 |
| 3.40%, 01/15/28 | 313 | 308820 |
| 3.65%, 01/15/28 | 314 | 311286 |
| 2.10%, 03/15/28 | 374 | 357705 |
| 2.20%, 06/15/28 | 274 | 261586 |
| 4.70%, 12/15/28 | 220 | 223798 |
| 3.95%, 02/01/29 | 200 | 198917 |
| 4.75%, 02/15/29 | 225 | 229197 |
| 3.25%, 06/15/29 | 207 | 200631 |
| 4.00%, 07/15/29<sup>(a)</sup> | 350 | 348324 |
| 3.10%, 12/15/29 | 413 | 396743 |
| 3.40%, 01/15/30<sup>(a)</sup> | 413 | 400195 |
| 4.85%, 03/15/30<sup>(a)</sup> | 250 | 256211 |
| 3.25%, 01/15/31 | 554 | 524878 |
| 3.20%, 02/15/31<sup>(a)</sup> | 350 | 330207 |
| 2.70%, 02/15/32 | 292 | 262715 |
| 5.63%, 10/13/32 | 300 | 317913 |
| 2.85%, 12/15/32 | 525 | 469576 |
| 4.50%, 02/01/33 | 200 | 197751 |
| 1.80%, 03/15/33 | 300 | 248389 |
| 4.90%, 07/15/33 | 340 | 344389 |
| 5.13%, 02/15/34 | 525 | 537492 |
| 5.13%, 04/15/35 | 421 | 427646 |
| Store Capital LLC |  |  |
| 4.50%, 03/15/28 | 300 | 300098 |
| 4.63%, 03/15/29 | 200 | 198768 |
| 5.40%, 04/30/30<sup>(d)</sup> | 240 | 244545 |
| 2.75%, 11/18/30 | 250 | 227573 |
| 2.70%, 12/01/31 | 201 | 176400 |
| Tanger Properties LP |  |  |
| 3.88%, 07/15/27 | 79 | 78383 |
| 2.75%, 09/01/31<sup>(a)</sup> | 200 | 179971 |
| UDR, Inc. |  |  |
| 3.50%, 07/01/27 | 163 | 161052 |
| 3.50%, 01/15/28 | 252 | 248188 |
| 4.40%, 01/26/29 | 129 | 129710 |
| 3.20%, 01/15/30<sup>(a)</sup> | 413 | 395389 |
| 3.00%, 08/15/31 | 213 | 197036 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Residential REITs (continued)** | **Residential REITs (continued)** | **Residential REITs (continued)** |
| UDR, Inc. (continued) |  |  |
| 2.10%, 08/01/32 | 274 | $234248 |
| 1.90%, 03/15/33 | 294 | 242291 |
| 2.10%, 06/15/33<sup>(a)</sup> | 300 | 250070 |
| 5.13%, 09/01/34 | 195 | 197924 |
| 3.10%, 11/01/34 | 268 | 231611 |
|  |  | 31317158 |
| **Retail REITs — 0.2%** | **Retail REITs — 0.2%** | **Retail REITs — 0.2%** |
| Simon Property Group LP |  |  |
| 3.25%, 11/30/26 | 350 | 347550 |
| 1.38%, 01/15/27<sup>(a)</sup> | 279 | 270218 |
| 3.38%, 06/15/27 | 320 | 317192 |
| 3.38%, 12/01/27 | 200 | 197747 |
| 1.75%, 02/01/28 | 750 | 714188 |
| 2.45%, 09/13/29 | 807 | 758707 |
| 2.65%, 07/15/30<sup>(a)</sup> | 617 | 575808 |
| 4.38%, 10/01/30 | 225 | 225972 |
| 2.20%, 02/01/31 | 412 | 370709 |
| 2.25%, 01/15/32 | 579 | 508613 |
| 2.65%, 02/01/32 | 479 | 429632 |
| 5.50%, 03/08/33 | 300 | 316084 |
| 6.25%, 01/15/34 | 343 | 376634 |
| 4.75%, 09/26/34 | 685 | 680442 |
| 5.13%, 10/01/35 | 475 | 481236 |
|  |  | 6570732 |
| **Semiconductors & Semiconductor Equipment — 2.0%** | **Semiconductors & Semiconductor Equipment — 2.0%** | **Semiconductors & Semiconductor Equipment — 2.0%** |
| Advanced Micro Devices, Inc. |  |  |
| 4.32%, 03/24/28 | 300 | 303070 |
| 3.92%, 06/01/32 | 354 | 346607 |
| Analog Devices, Inc. |  |  |
| 3.50%, 12/05/26 | 620 | 616703 |
| 3.45%, 06/15/27 | 242 | 240104 |
| 4.25%, 06/15/28 | 450 | 452968 |
| 1.70%, 10/01/28 | 450 | 422198 |
| 4.50%, 06/15/30 | 425 | 431456 |
| 2.10%, 10/01/31 | 550 | 485750 |
| 4.25%, 10/01/32 | 256 | 256755 |
| 5.05%, 04/01/34 | 300 | 310988 |
| Applied Materials, Inc. |  |  |
| 3.30%, 04/01/27 | 829 | 822837 |
| 4.80%, 06/15/29 | 483 | 494674 |
| 1.75%, 06/01/30 | 423 | 380685 |
| 4.00%, 01/15/31 | 200 | 198336 |
| 4.60%, 01/15/36 | 80 | 79098 |
| Broadcom Corp./Broadcom Cayman Finance Ltd., <br> 3.50%, 01/15/28<br>| 413 | 408838 |
| Broadcom, Inc. |  |  |
| 5.05%, 07/12/27 | 950 | 965566 |
| 1.95%, 02/15/28 | 598 | 571003 |
| 4.15%, 02/15/28 | 480 | 481265 |
| 4.80%, 04/15/28 | 1000 | 1018003 |
| 4.11%, 09/15/28<sup>(a)</sup> | 700 | 700780 |
| 4.00%, 04/15/29<sup>(d)</sup> | 450 | 447948 |
| 4.75%, 04/15/29 | 976 | 993771 |
| 5.05%, 07/12/29 | 1425 | 1467623 |
| 4.35%, 02/15/30 | 1080 | 1085627 |
| 5.00%, 04/15/30 | 450 | 463578 |
| 5.05%, 04/15/30 | 400 | 413041 |
| 4.60%, 07/15/30 | 1025 | 1039462 |
| 4.20%, 10/15/30 | 220 | 219488 |
| 4.15%, 11/15/30 | 1146 | 1140883 |
| 2.45%, 02/15/31 | 1825 | 1664998 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Broadcom, Inc. (continued) |  |  |
| 5.15%, 11/15/31 | $685 | $712614 |
| 4.15%, 04/15/32<sup>(d)</sup> | 890 | 871497 |
| 5.20%, 04/15/32 | 700 | 727949 |
| 4.90%, 07/15/32 | 1000 | 1021682 |
| 4.30%, 11/15/32 | 1244 | 1228261 |
| 2.60%, 02/15/33 | 1098 | 965436 |
| 3.42%, 04/15/33 | 1620 | 1511440 |
| 3.47%, 04/15/34 | 1872 | 1713965 |
| 4.80%, 10/15/34 | 980 | 984564 |
| 5.20%, 07/15/35 | 1500 | 1544515 |
| 4.80%, 02/15/36 | 1200 | 1189812 |
| 4.55%, 02/15/32 | 580 | 583196 |
| Intel Corp. |  |  |
| 3.75%, 03/25/27 | 710 | 705986 |
| 3.15%, 05/11/27 | 400 | 393831 |
| 3.75%, 08/05/27 | 1150 | 1140714 |
| 4.88%, 02/10/28 | 1055 | 1069627 |
| 1.60%, 08/12/28 | 559 | 521872 |
| 4.00%, 08/05/29 | 550 | 543657 |
| 2.45%, 11/15/29 | 1319 | 1226873 |
| 5.13%, 02/10/30 | 850 | 872300 |
| 3.90%, 03/25/30 | 538 | 527020 |
| 5.00%, 02/21/31 | 465 | 476202 |
| 2.00%, 08/12/31 | 699 | 611221 |
| 4.15%, 08/05/32 | 810 | 781680 |
| 4.00%, 12/15/32 | 500 | 476606 |
| 5.20%, 02/10/33 | 1258 | 1283341 |
| 5.15%, 02/21/34<sup>(a)</sup> | 705 | 714958 |
| KLA Corp. |  |  |
| 4.10%, 03/15/29 | 413 | 413832 |
| 4.65%, 07/15/32 | 640 | 649937 |
| 4.70%, 02/01/34 | 225 | 226832 |
| Lam Research Corp. |  |  |
| 4.00%, 03/15/29 | 450 | 449104 |
| 1.90%, 06/15/30 | 551 | 499201 |
| Marvell Technology, Inc. |  |  |
| 2.45%, 04/15/28 | 429 | 411590 |
| 4.88%, 06/22/28<sup>(a)</sup> | 260 | 263742 |
| 5.75%, 02/15/29 | 260 | 271472 |
| 4.75%, 07/15/30 | 225 | 227744 |
| 2.95%, 04/15/31 | 393 | 363208 |
| 5.95%, 09/15/33 | 260 | 277963 |
| 5.45%, 07/15/35<sup>(a)</sup> | 525 | 538256 |
| Microchip Technology, Inc. |  |  |
| 4.90%, 03/15/28 | 602 | 609523 |
| 5.05%, 03/15/29 | 600 | 611516 |
| 5.05%, 02/15/30 | 650 | 662747 |
| Micron Technology, Inc. |  |  |
| 5.33%, 02/06/29 | 363 | 373888 |
| 4.66%, 02/15/30 | 710 | 717119 |
| 5.30%, 01/15/31 | 603 | 624358 |
| 2.70%, 04/15/32 | 603 | 537523 |
| 5.65%, 11/01/32 | 294 | 308365 |
| 5.88%, 02/09/33 | 464 | 492428 |
| 5.88%, 09/15/33 | 600 | 638056 |
| 5.80%, 01/15/35 | 643 | 678204 |
| NVIDIA Corp. |  |  |
| 1.55%, 06/15/28 | 974 | 920963 |
| 2.85%, 04/01/30 | 994 | 949774 |
| 2.00%, 06/15/31 | 773 | 694885 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| NXP BV/NXP Funding LLC, 5.55%, 12/01/28 | 400 | $413584 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 3.15%, 05/01/27 | 300 | 295475 |
| 4.40%, 06/01/27 | 400 | 401035 |
| 4.30%, 08/19/28 | 180 | 180233 |
| 4.30%, 06/18/29 | 641 | 639061 |
| 3.40%, 05/01/30 | 489 | 468836 |
| 2.50%, 05/11/31 | 661 | 595031 |
| 2.65%, 02/15/32 | 462 | 410831 |
| 4.85%, 08/19/32 | 375 | 375175 |
| 5.00%, 01/15/33 | 612 | 617932 |
| 5.25%, 08/19/35<sup>(a)</sup> | 475 | 479373 |
| Qorvo, Inc., 4.38%, 10/15/29 | 554 | 545527 |
| QUALCOMM, Inc. |  |  |
| 3.25%, 05/20/27 | 1163 | 1152907 |
| 1.30%, 05/20/28 | 526 | 492801 |
| 2.15%, 05/20/30 | 774 | 711341 |
| 4.50%, 05/20/30 | 300 | 304429 |
| 1.65%, 05/20/32<sup>(a)</sup> | 700 | 594895 |
| 4.25%, 05/20/32 | 381 | 381551 |
| 4.75%, 05/20/32 | 300 | 306049 |
| 5.40%, 05/20/33 | 500 | 530906 |
| 4.65%, 05/20/35 | 676 | 678697 |
| 5.00%, 05/20/35<sup>(a)</sup> | 300 | 306130 |
| Skyworks Solutions, Inc., 3.00%, 06/01/31 | 323 | 292310 |
| Texas Instruments, Inc. |  |  |
| 4.60%, 02/08/27 | 473 | 477016 |
| 2.90%, 11/03/27 | 306 | 300848 |
| 4.60%, 02/15/28 | 508 | 516141 |
| 4.60%, 02/08/29 | 273 | 278795 |
| 2.25%, 09/04/29 | 562 | 527054 |
| 1.75%, 05/04/30 | 524 | 473371 |
| 4.50%, 05/23/30 | 300 | 305034 |
| 1.90%, 09/15/31 | 361 | 318915 |
| 3.65%, 08/16/32 | 200 | 191929 |
| 4.90%, 03/14/33 | 520 | 535830 |
| 4.85%, 02/08/34 | 247 | 253208 |
| 5.10%, 05/23/35 | 500 | 515360 |
| TSMC Arizona Corp. |  |  |
| 3.88%, 04/22/27 | 500 | 498666 |
| 4.13%, 04/22/29 | 250 | 250471 |
| 2.50%, 10/25/31 | 1010 | 919161 |
| 4.25%, 04/22/32 | 400 | 402668 |
| Xilinx, Inc., 2.38%, 06/01/30 | 428 | 396766 |
|  |  | 75072494 |
| **Software — 1.6%** | **Software — 1.6%** | **Software — 1.6%** |
| Adobe, Inc. |  |  |
| 2.15%, 02/01/27 | 598 | 585837 |
| 4.85%, 04/04/27 | 180 | 182492 |
| 4.75%, 01/17/28 | 420 | 427972 |
| 4.80%, 04/04/29 | 609 | 624803 |
| 4.95%, 01/17/30 | 400 | 413454 |
| 2.30%, 02/01/30 | 794 | 740490 |
| 4.95%, 04/04/34 | 609 | 629162 |
| 5.30%, 01/17/35 | 350 | 368756 |
| AppLovin Corp. |  |  |
| 5.13%, 12/01/29 | 750 | 765675 |
| 5.38%, 12/01/31 | 490 | 505893 |
| 5.50%, 12/01/34 | 625 | 642448 |
| Atlassian Corp. |  |  |
| 5.25%, 05/15/29 | 200 | 205635 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Atlassian Corp. (continued) |  |  |
| 5.50%, 05/15/34 | $300 | $308559 |
| Autodesk, Inc. |  |  |
| 3.50%, 06/15/27 | 359 | 355727 |
| 2.85%, 01/15/30 | 376 | 355820 |
| 2.40%, 12/15/31 | 637 | 565021 |
| 5.30%, 06/15/35 | 220 | 225719 |
| Cadence Design Systems, Inc. |  |  |
| 4.20%, 09/10/27 | 130 | 130404 |
| 4.30%, 09/10/29 | 525 | 527032 |
| 4.70%, 09/10/34 | 685 | 685799 |
| Concentrix Corp.<sup>(a)</sup> <br>|  |  |
| 6.60%, 08/02/28 | 500 | 521087 |
| 6.85%, 08/02/33 | 350 | 355970 |
| Electronic Arts, Inc., 1.85%, 02/15/31 | 463 | 444907 |
| Intuit, Inc. |  |  |
| 1.35%, 07/15/27 | 281 | 269505 |
| 5.13%, 09/15/28 | 450 | 464160 |
| 1.65%, 07/15/30<sup>(a)</sup> | 166 | 148360 |
| 5.20%, 09/15/33 | 700 | 731114 |
| Microsoft Corp. |  |  |
| 3.30%, 02/06/27 | 2458 | 2443964 |
| 3.40%, 06/15/27<sup>(a)</sup> | 229 | 228351 |
| 1.35%, 09/15/30 | 247 | 219607 |
| 3.50%, 02/12/35<sup>(a)</sup> | 986 | 931334 |
| MSCI, Inc. |  |  |
| 5.25%, 09/01/35 | 735 | 737345 |
| 03/15/36<sup>(c)</sup> | 100 | 98961 |
| Oracle Corp. |  |  |
| 2.80%, 04/01/27 | 1407 | 1380563 |
| 3.25%, 11/15/27 | 1620 | 1589094 |
| 2.30%, 03/25/28 | 1238 | 1184242 |
| 4.50%, 05/06/28 | 430 | 432456 |
| 4.80%, 08/03/28 | 1100 | 1115673 |
| 4.20%, 09/27/29 | 975 | 967058 |
| 6.15%, 11/09/29 | 949 | 1005794 |
| 2.95%, 04/01/30 | 2056 | 1922696 |
| 4.65%, 05/06/30<sup>(a)</sup> | 430 | 432958 |
| 3.25%, 05/15/30 | 387 | 366174 |
| 2.88%, 03/25/31 | 2023 | 1843694 |
| 5.25%, 02/03/32 | 960 | 977476 |
| 6.25%, 11/09/32 | 1208 | 1293825 |
| 4.90%, 02/06/33 | 930 | 923712 |
| 4.30%, 07/08/34 | 1200 | 1125978 |
| 4.70%, 09/27/34 | 1150 | 1104431 |
| 3.90%, 05/15/35 | 1050 | 939330 |
| 5.50%, 08/03/35 | 1000 | 1010222 |
| Roper Technologies, Inc. |  |  |
| 3.80%, 12/15/26 | 413 | 411615 |
| 1.40%, 09/15/27 | 579 | 551378 |
| 4.20%, 09/15/28 | 450 | 450644 |
| 4.25%, 09/15/28 | 310 | 310891 |
| 2.95%, 09/15/29 | 359 | 342522 |
| 4.50%, 10/15/29 | 955 | 963486 |
| 2.00%, 06/30/30 | 413 | 372013 |
| 4.45%, 09/15/30<sup>(a)</sup> | 200 | 200714 |
| 1.75%, 02/15/31<sup>(a)</sup> | 686 | 598634 |
| 4.75%, 02/15/32 | 300 | 302532 |
| 4.90%, 10/15/34 | 625 | 623209 |
| 5.10%, 09/15/35 | 575 | 578738 |
| Salesforce, Inc. |  |  |
| 3.70%, 04/11/28 | 1009 | 1005558 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Salesforce, Inc. (continued) |  |  |
| 1.50%, 07/15/28 | 784 | $737127 |
| 1.95%, 07/15/31<sup>(a)</sup> | 1121 | 995491 |
| ServiceNow, Inc., 1.40%, 09/01/30 | 1038 | 910447 |
| Synopsys, Inc. |  |  |
| 4.55%, 04/01/27 | 760 | 765019 |
| 4.65%, 04/01/28<sup>(a)</sup> | 695 | 702564 |
| 4.85%, 04/01/30 | 1300 | 1322935 |
| 5.00%, 04/01/32 | 1000 | 1021806 |
| 5.15%, 04/01/35 | 1485 | 1508134 |
| Take-Two Interactive Software, Inc. |  |  |
| 3.70%, 04/14/27 | 305 | 303294 |
| 4.95%, 03/28/28 | 350 | 356187 |
| 5.40%, 06/12/29 | 150 | 155289 |
| 4.00%, 04/14/32 | 269 | 259155 |
| 5.60%, 06/12/34 | 250 | 260875 |
| VMware LLC |  |  |
| 3.90%, 08/21/27 | 1064 | 1061167 |
| 1.80%, 08/15/28 | 500 | 469558 |
| 4.70%, 05/15/30 | 657 | 666159 |
| 2.20%, 08/15/31 | 716 | 633161 |
| Workday, Inc. |  |  |
| 3.50%, 04/01/27 | 639 | 633607 |
| 3.70%, 04/01/29 | 543 | 535036 |
| 3.80%, 04/01/32 | 821 | 784602 |
|  |  | 57250286 |
| **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** |
| CubeSmart LP |  |  |
| 2.25%, 12/15/28 | 469 | 442454 |
| 4.38%, 02/15/29 | 252 | 252391 |
| 3.00%, 02/15/30 | 193 | 182728 |
| 2.00%, 02/15/31<sup>(a)</sup> | 413 | 363200 |
| 2.50%, 02/15/32 | 350 | 309355 |
| 5.13%, 11/01/35 | 80 | 79670 |
| Extra Space Storage LP |  |  |
| 3.88%, 12/15/27 | 174 | 172734 |
| 5.70%, 04/01/28 | 582 | 600885 |
| 3.90%, 04/01/29 | 286 | 281870 |
| 4.00%, 06/15/29 | 129 | 127721 |
| 5.50%, 07/01/30 | 556 | 579021 |
| 2.20%, 10/15/30 | 227 | 203457 |
| 5.90%, 01/15/31 | 374 | 397413 |
| 2.55%, 06/01/31 | 355 | 319911 |
| 2.40%, 10/15/31 | 355 | 313352 |
| 2.35%, 03/15/32 | 363 | 315754 |
| 4.95%, 01/15/33 | 395 | 397708 |
| 5.40%, 02/01/34 | 395 | 406575 |
| 5.35%, 01/15/35 | 275 | 281198 |
| 5.40%, 06/15/35 | 325 | 332590 |
| Public Storage Operating Co. |  |  |
| 1.50%, 11/09/26 | 531 | 518165 |
| 3.09%, 09/15/27 | 166 | 163617 |
| 1.85%, 05/01/28 | 374 | 355132 |
| 1.95%, 11/09/28 | 442 | 416218 |
| 5.13%, 01/15/29 | 405 | 417829 |
| 3.39%, 05/01/29 | 366 | 357559 |
| 4.38%, 07/01/30 | 300 | 301890 |
| 2.30%, 05/01/31 | 475 | 428272 |
| 2.25%, 11/09/31 | 408 | 362094 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Specialized REITs (continued)** | **Specialized REITs (continued)** | **Specialized REITs (continued)** |
| Public Storage Operating Co. (continued) |  |  |
| 5.10%, 08/01/33 | 460 | $477352 |
| 5.00%, 07/01/35 | 240 | 243152 |
|  |  | 10401267 |
| **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** |
| AutoZone, Inc. |  |  |
| 3.75%, 06/01/27 | 400 | 397714 |
| 4.50%, 02/01/28 | 240 | 242198 |
| 6.25%, 11/01/28 | 200 | 211509 |
| 3.75%, 04/18/29 | 379 | 373364 |
| 5.10%, 07/15/29<sup>(a)</sup> | 300 | 308407 |
| 4.00%, 04/15/30<sup>(a)</sup> | 560 | 553134 |
| 5.13%, 06/15/30 | 325 | 335279 |
| 1.65%, 01/15/31 | 300 | 261114 |
| 4.75%, 08/01/32 | 410 | 413209 |
| 4.75%, 02/01/33 | 350 | 350232 |
| 5.20%, 08/01/33 | 160 | 164422 |
| 6.55%, 11/01/33 | 300 | 334553 |
| 5.40%, 07/15/34<sup>(a)</sup> | 600 | 620004 |
| Dick's Sporting Goods, Inc. |  |  |
| 4.00%, 10/01/29<sup>(d)</sup> | 250 | 244542 |
| 3.15%, 01/15/32<sup>(a)</sup> | 479 | 439766 |
| Genuine Parts Co. |  |  |
| 6.50%, 11/01/28 | 200 | 210700 |
| 4.95%, 08/15/29 | 475 | 480159 |
| 1.88%, 11/01/30 | 400 | 350099 |
| 2.75%, 02/01/32 | 250 | 219602 |
| 6.88%, 11/01/33<sup>(a)</sup> | 200 | 221987 |
| O'Reilly Automotive, Inc. |  |  |
| 5.75%, 11/20/26 | 475 | 482784 |
| 3.60%, 09/01/27 | 452 | 448020 |
| 4.35%, 06/01/28 | 279 | 280535 |
| 3.90%, 06/01/29 | 329 | 325690 |
| 4.20%, 04/01/30 | 250 | 248526 |
| 1.75%, 03/15/31<sup>(a)</sup> | 362 | 315230 |
| 4.70%, 06/15/32 | 400 | 402624 |
| 5.00%, 08/19/34 | 350 | 352413 |
| Ross Stores, Inc., 1.88%, 04/15/31 | 379 | 331064 |
| Tractor Supply Co. |  |  |
| 1.75%, 11/01/30 | 349 | 307452 |
| 5.25%, 05/15/33 | 420 | 434390 |
|  |  | 10660722 |
| **Technology Hardware, Storage & Peripherals — 1.1%** | **Technology Hardware, Storage & Peripherals — 1.1%** | **Technology Hardware, Storage & Peripherals — 1.1%** |
| Apple, Inc. |  |  |
| 3.35%, 02/09/27 | 1439 | 1431050 |
| 3.20%, 05/11/27<sup>(a)</sup> | 1243 | 1232798 |
| 3.00%, 06/20/27 | 600 | 592806 |
| 2.90%, 09/12/27 | 1453 | 1429890 |
| 3.00%, 11/13/27 | 829 | 818193 |
| 1.20%, 02/08/28 | 1489 | 1407679 |
| 4.00%, 05/10/28 | 890 | 894331 |
| 4.00%, 05/12/28 | 575 | 577506 |
| 1.40%, 08/05/28 | 1530 | 1435619 |
| 3.25%, 08/08/29 | 650 | 636405 |
| 2.20%, 09/11/29 | 1241 | 1165745 |
| 4.15%, 05/10/30 | 360 | 363874 |
| 1.65%, 05/11/30 | 1160 | 1049700 |
| 4.20%, 05/12/30 | 575 | 580047 |
| 1.25%, 08/20/30 | 999 | 881845 |
| 1.65%, 02/08/31 | 1517 | 1345776 |
| 1.70%, 08/05/31 | 792 | 698828 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
| Apple, Inc. (continued) |  |  |
| 4.50%, 05/12/32<sup>(a)</sup> | 575 | $585456 |
| 3.35%, 08/08/32 | 1240 | 1183052 |
| 4.30%, 05/10/33 | 826 | 836236 |
| 4.75%, 05/12/35<sup>(a)</sup> | 575 | 588158 |
| Dell International LLC/EMC Corp. |  |  |
| 6.10%, 07/15/27 | 258 | 265411 |
| 5.25%, 02/01/28 | 450 | 460238 |
| 4.75%, 04/01/28 | 559 | 566821 |
| 4.15%, 02/15/29 | 525 | 524459 |
| 5.30%, 10/01/29 | 1036 | 1069447 |
| 4.35%, 02/01/30 | 250 | 249805 |
| 5.00%, 04/01/30 | 1265 | 1294231 |
| 6.20%, 07/15/30 | 450 | 481690 |
| 4.50%, 02/15/31 | 525 | 523732 |
| 5.30%, 04/01/32 | 500 | 515613 |
| 4.75%, 10/06/32 | 525 | 523557 |
| 5.75%, 02/01/33 | 594 | 627166 |
| 5.40%, 04/15/34 | 600 | 617975 |
| 4.85%, 02/01/35 | 500 | 491981 |
| 5.50%, 04/01/35 | 500 | 516344 |
| 5.10%, 02/15/36 | 525 | 519505 |
| Dell, Inc., 7.10%, 04/15/28 | 329 | 350784 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.05%, 09/15/27 | 450 | 449097 |
| 4.40%, 09/25/27 | 725 | 727685 |
| 5.25%, 07/01/28 | 440 | 451731 |
| 4.15%, 09/15/28<sup>(a)</sup> | 450 | 449083 |
| 4.55%, 10/15/29 | 1083 | 1088830 |
| 4.40%, 10/15/30 | 450 | 446285 |
| 4.85%, 10/15/31 | 751 | 758248 |
| 5.00%, 10/15/34 | 1390 | 1377694 |
| HP, Inc. |  |  |
| 3.00%, 06/17/27 | 712 | 698855 |
| 4.75%, 01/15/28 | 522 | 528260 |
| 4.00%, 04/15/29 | 704 | 696105 |
| 5.40%, 04/25/30 | 200 | 207566 |
| 3.40%, 06/17/30 | 310 | 295791 |
| 2.65%, 06/17/31 | 729 | 656195 |
| 4.20%, 04/15/32<sup>(a)</sup> | 477 | 462966 |
| 5.50%, 01/15/33<sup>(a)</sup> | 650 | 670121 |
| 6.10%, 04/25/35<sup>(a)</sup> | 300 | 317982 |
| NetApp, Inc. |  |  |
| 2.38%, 06/22/27 | 400 | 389019 |
| 2.70%, 06/22/30 | 400 | 371081 |
| 5.50%, 03/17/32 | 425 | 442470 |
| 5.70%, 03/17/35 | 405 | 423554 |
| Teledyne FLIR LLC, 2.50%, 08/01/30 | 226 | 208216 |
| Western Digital Corp. |  |  |
| 2.85%, 02/01/29 | 226 | 214202 |
| 3.10%, 02/01/32 | 145 | 131949 |
|  |  | 41796738 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| NIKE, Inc. |  |  |
| 2.38%, 11/01/26 | 732 | 721691 |
| 2.75%, 03/27/27 | 619 | 610148 |
| 2.85%, 03/27/30 | 999 | 950267 |
| PVH Corp., 5.50%, 06/13/30 | 350 | 356372 |
| Ralph Lauren Corp. |  |  |
| 2.95%, 06/15/30 | 350 | 330851 |
| 5.00%, 06/15/32 | 270 | 277664 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** |
| Tapestry, Inc. |  |  |
| 4.13%, 07/15/27 | 300 | $299274 |
| 5.10%, 03/11/30 | 225 | 230411 |
| 3.05%, 03/15/32 | 400 | 361447 |
| 5.50%, 03/11/35<sup>(a)</sup> | 453 | 460892 |
|  |  | 4599017 |
| **Tobacco — 1.0%** | **Tobacco — 1.0%** | **Tobacco — 1.0%** |
| Altria Group, Inc. |  |  |
| 4.88%, 02/04/28 | 320 | 325159 |
| 6.20%, 11/01/28 | 231 | 243581 |
| 4.80%, 02/14/29 | 1337 | 1357019 |
| 3.40%, 05/06/30 | 625 | 599630 |
| 4.50%, 08/06/30 | 225 | 225781 |
| 2.45%, 02/04/32 | 1019 | 895623 |
| 6.88%, 11/01/33 | 418 | 469546 |
| 5.63%, 02/06/35 | 351 | 363071 |
| 5.25%, 08/06/35 | 300 | 302304 |
| BAT Capital Corp. |  |  |
| 4.70%, 04/02/27 | 695 | 698926 |
| 3.56%, 08/15/27 | 1473 | 1457791 |
| 2.26%, 03/25/28 | 1196 | 1143834 |
| 3.46%, 09/06/29 | 328 | 318397 |
| 4.91%, 04/02/30<sup>(a)</sup> | 824 | 839885 |
| 6.34%, 08/02/30 | 600 | 646645 |
| 5.83%, 02/20/31 | 456 | 482343 |
| 2.73%, 03/25/31 | 823 | 752598 |
| 4.74%, 03/16/32 | 542 | 544999 |
| 5.35%, 08/15/32 | 650 | 671971 |
| 7.75%, 10/19/32 | 340 | 395667 |
| 4.63%, 03/22/33 | 560 | 553795 |
| 6.42%, 08/02/33 | 822 | 902586 |
| 6.00%, 02/20/34 | 485 | 517247 |
| 5.63%, 08/15/35<sup>(a)</sup> | 600 | 622177 |
| BAT International Finance PLC |  |  |
| 4.45%, 03/16/28<sup>(a)</sup> | 772 | 776313 |
| 5.93%, 02/02/29 | 600 | 629908 |
| Philip Morris International, Inc. |  |  |
| 4.75%, 02/12/27 | 300 | 302830 |
| 3.13%, 08/17/27<sup>(a)</sup> | 579 | 570451 |
| 4.38%, 11/01/27 | 400 | 402871 |
| 5.13%, 11/17/27 | 1040 | 1060891 |
| 4.88%, 02/15/28 | 1086 | 1104364 |
| 3.13%, 03/02/28 | 250 | 244787 |
| 4.13%, 04/28/28 | 390 | 390882 |
| 5.25%, 09/07/28 | 477 | 491313 |
| 3.88%, 10/27/28 | 465 | 462541 |
| 4.88%, 02/13/29 | 900 | 918611 |
| 3.38%, 08/15/29 | 800 | 778343 |
| 4.63%, 11/01/29 | 400 | 405841 |
| 5.63%, 11/17/29 | 667 | 699980 |
| 5.13%, 02/15/30 | 1300 | 1341556 |
| 4.38%, 04/30/30 | 475 | 476922 |
| 2.10%, 05/01/30 | 659 | 601490 |
| 5.50%, 09/07/30 | 443 | 465058 |
| 4.00%, 10/29/30 | 425 | 418937 |
| 1.75%, 11/01/30 | 543 | 480870 |
| 5.13%, 02/13/31 | 752 | 777809 |
| 4.75%, 11/01/31 | 500 | 507817 |
| 4.25%, 10/29/32 | 525 | 512835 |
| 5.75%, 11/17/32 | 901 | 959205 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Tobacco (continued)** | **Tobacco (continued)** | **Tobacco (continued)** |
| Philip Morris International, Inc. (continued) |  |  |
| 5.38%, 02/15/33 | 1350 | $1406806 |
| 5.63%, 09/07/33 | 575 | 608041 |
| 5.25%, 02/13/34 | 1050 | 1083463 |
| 4.90%, 11/01/34<sup>(a)</sup> | 400 | 401588 |
| 4.88%, 04/30/35 | 460 | 459107 |
| 4.63%, 10/29/35 | 575 | 561792 |
| Reynolds American, Inc., 5.70%, 08/15/35 | 400 | 416301 |
|  |  | 36050098 |
| **Transportation Infrastructure — 0.3%** | **Transportation Infrastructure — 0.3%** | **Transportation Infrastructure — 0.3%** |
| CH Robinson Worldwide, Inc., 4.20%, 04/15/28 | 350 | 350133 |
| Federal Express Corp. Pass-Through Trusts, <br> Series 2020-1, Class AA, 1.88%, 08/20/35<sup>(a)</sup><br>| 583 | 508458 |
| FedEx Corp. |  |  |
| 3.10%, 08/05/29<sup>(a)</sup> | 829 | 795695 |
| 3.10%, 08/05/29 | 394 | 377308 |
| 4.25%, 05/15/30<sup>(a)</sup> | 563 | 563771 |
| 2.40%, 05/15/31<sup>(a)</sup> | 1188 | 1063930 |
| Ryder System, Inc. |  |  |
| 2.90%, 12/01/26 | 161 | 158925 |
| 2.85%, 03/01/27 | 503 | 494390 |
| 5.30%, 03/15/27 | 145 | 146987 |
| 4.30%, 06/15/27 | 210 | 210450 |
| 5.65%, 03/01/28 | 200 | 206461 |
| 5.25%, 06/01/28 | 400 | 410399 |
| 6.30%, 12/01/28 | 100 | 105993 |
| 5.38%, 03/15/29 | 300 | 310327 |
| 5.50%, 06/01/29 | 215 | 224171 |
| 4.95%, 09/01/29 | 105 | 107382 |
| 4.90%, 12/01/29 | 280 | 286489 |
| 5.00%, 03/15/30 | 160 | 163686 |
| 4.85%, 06/15/30<sup>(a)</sup> | 250 | 254716 |
| 12/01/30<sup>(c)</sup> | 130 | 129303 |
| 6.60%, 12/01/33<sup>(a)</sup> | 370 | 411472 |
| United Parcel Service, Inc. |  |  |
| 2.40%, 11/15/26 | 359 | 353720 |
| 3.05%, 11/15/27 | 701 | 690505 |
| 3.40%, 03/15/29 | 450 | 441983 |
| 2.50%, 09/01/29 | 280 | 264476 |
| 4.45%, 04/01/30 | 500 | 508691 |
| 4.65%, 10/15/30<sup>(a)</sup> | 300 | 306855 |
| 4.88%, 03/03/33<sup>(a)</sup> | 576 | 594325 |
| 5.15%, 05/22/34<sup>(a)</sup> | 500 | 519492 |
| 5.25%, 05/14/35<sup>(a)</sup> | 790 | 819842 |
|  |  | 11780335 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American Water Capital Corp. |  |  |
| 2.95%, 09/01/27 | 413 | 405416 |
| 3.75%, 09/01/28 | 393 | 390059 |
| 3.45%, 06/01/29 | 313 | 305903 |
| 2.80%, 05/01/30 | 254 | 239602 |
| 2.30%, 06/01/31 | 401 | 361043 |
| 4.45%, 06/01/32 | 530 | 529506 |
| 5.15%, 03/01/34 | 475 | 489822 |
| 5.25%, 03/01/35 | 575 | 592236 |
| Essential Utilities, Inc. |  |  |
| 4.80%, 08/15/27 | 400 | 404082 |
| 3.57%, 05/01/29 | 250 | 244329 |
| 2.70%, 04/15/30 | 300 | 279841 |
| 2.40%, 05/01/31 | 129 | 115592 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Water Utilities (continued)** | **Water Utilities (continued)** | **Water Utilities (continued)** |
| Essential Utilities, Inc. (continued) |  |  |
| 5.38%, 01/15/34 | 400 | $411482 |
| 5.25%, 08/15/35 | 375 | 380273 |
| United Utilities PLC, 6.88%, 08/15/28 | 200 | 213636 |
|  |  | 5362822 |
| **Wireless Telecommunication Services — 1.0%** | **Wireless Telecommunication Services — 1.0%** | **Wireless Telecommunication Services — 1.0%** |
| America Movil SAB de C.V. |  |  |
| 3.63%, 04/22/29 | 516 | 505250 |
| 2.88%, 05/07/30 | 582 | 547347 |
| 5.00%, 01/20/33 | 200 | 203368 |
| 6.38%, 03/01/35 | 592 | 656653 |
| America Movil SAB de CV, 4.70%, 07/21/32 | 550 | 553658 |
| Orange SA, 9.00%, 03/01/31 | 1589 | 1922804 |
| Rogers Communications, Inc. |  |  |
| 2.90%, 11/15/26 | 179 | 176432 |
| 3.20%, 03/15/27 | 1049 | 1034266 |
| 5.00%, 02/15/29 | 992 | 1010215 |
| 3.80%, 03/15/32 | 1246 | 1174945 |
| 5.30%, 02/15/34 | 800 | 809651 |
| T-Mobile USA, Inc. |  |  |
| 3.75%, 04/15/27 | 2883 | 2866321 |
| 4.75%, 02/01/28 | 700 | 700599 |
| 2.05%, 02/15/28 | 1365 | 1303336 |
| 4.95%, 03/15/28 | 720 | 733333 |
| 4.80%, 07/15/28 | 722 | 733855 |
| 4.85%, 01/15/29 | 410 | 418156 |
| 2.63%, 02/15/29 | 700 | 665465 |
| 2.40%, 03/15/29 | 250 | 235935 |
| 3.38%, 04/15/29 | 1500 | 1458303 |
| 4.20%, 10/01/29 | 525 | 524890 |
| 3.88%, 04/15/30 | 4442 | 4349987 |
| 2.55%, 02/15/31 | 1541 | 1400937 |
| 2.88%, 02/15/31 | 700 | 646665 |
| 3.50%, 04/15/31 | 1766 | 1679535 |
| 2.25%, 11/15/31 | 786 | 691940 |
| 2.70%, 03/15/32 | 625 | 558844 |
| 5.13%, 05/15/32 | 710 | 730242 |
| 4.63%, 01/15/33 | 420 | 417287 |
| 5.20%, 01/15/33 | 602 | 619832 |
| 5.05%, 07/15/33 | 1585 | 1614432 |
| 5.75%, 01/15/34 | 455 | 481022 |
| 5.15%, 04/15/34 | 770 | 786208 |
| 4.70%, 01/15/35<sup>(a)</sup> | 925 | 907530 |
| 5.30%, 05/15/35 | 700 | 715978 |
| 4.95%, 11/15/35 | 525 | 521777 |
| Vodafone Group PLC |  |  |
| 4.38%, 05/30/28 | 289 | 292831 |
| 7.88%, 02/15/30 | 220 | 251010 |
| 6.25%, 11/30/32 | 227 | 246219 |
|  |  | 35147058 |
| **Total Corporate Bonds — 86.9%** <br>**(Cost: $3,152,183,605)** | **Total Corporate Bonds — 86.9%** <br>**(Cost: $3,152,183,605)** | 3185856391 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Canada — 1.6%** | **Canada — 1.6%** |  |
| Canada Government International Bonds |  |  |
| 3.75%, 04/26/28<sup>(a)</sup> | 1600 | 1604914 |
| 4.63%, 04/30/29 | 1800 | 1855977 |
| 4.00%, 03/18/30 | 2400 | 2427999 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Canada (continued)** | **Canada (continued)** |  |
| Export Development Canada |  |  |
| 3.00%, 05/25/27 | 1100 | $1088201 |
| 3.88%, 02/14/28 | 1600 | 1607675 |
| 4.13%, 02/13/29 | 2400 | 2433126 |
| 4.00%, 06/20/30<sup>(a)</sup> | 1700 | 1717942 |
| 4.75%, 06/05/34 | 700 | 734597 |
| Hydro-Quebec, Series HK, 9.38%, 04/15/30 | 300 | 364195 |
| Province of Alberta Canada |  |  |
| 3.30%, 03/15/28 | 409 | 404814 |
| 4.50%, 06/26/29 | 1000 | 1023595 |
| 1.30%, 07/22/30 | 1259 | 1121304 |
| 4.50%, 01/24/34 | 1000 | 1016345 |
| Province of British Columbia, 3.90%, 08/27/30 | 1800 | 1802202 |
| Province of British Columbia Canada |  |  |
| 4.70%, 01/24/28 | 2500 | 2550446 |
| 4.80%, 11/15/28 | 1200 | 1235358 |
| 4.90%, 04/24/29 | 1500 | 1554060 |
| 1.30%, 01/29/31 | 100 | 87616 |
| 4.20%, 07/06/33 | 1200 | 1195612 |
| 4.75%, 06/12/34 | 1500 | 1543762 |
| 4.80%, 06/11/35<sup>(a)</sup> | 1860 | 1909631 |
| Province of Manitoba Canada |  |  |
| 4.30%, 07/27/33 | 600 | 598504 |
| 4.90%, 05/31/34 | 650 | 674126 |
| Series HB, 1.50%, 10/25/28 | 159 | 148840 |
| Province of New Brunswick Canada, 3.63%, <br> 02/24/28<br>| 179 | 178048 |
| Province of Ontario Canada |  |  |
| 3.10%, 05/19/27<sup>(a)</sup> | 800 | 792014 |
| 1.05%, 05/21/27 | 829 | 795241 |
| 4.20%, 01/18/29<sup>(a)</sup> | 1800 | 1823746 |
| 3.70%, 09/17/29<sup>(a)</sup> | 1300 | 1295298 |
| 2.00%, 10/02/29 | 329 | 307565 |
| 4.70%, 01/15/30<sup>(a)</sup> | 2000 | 2067612 |
| 3.90%, 09/04/30 | 2000 | 2003218 |
| 1.13%, 10/07/30 | 959 | 841260 |
| 1.60%, 02/25/31 | 659 | 585878 |
| 2.13%, 01/21/32 | 1000 | 892820 |
| 5.05%, 04/24/34 | 900 | 946771 |
| 4.85%, 06/11/35<sup>(a)</sup> | 1610 | 1664412 |
| Province of Quebec Canada |  |  |
| 2.75%, 04/12/27 | 1659 | 1634456 |
| 3.63%, 04/13/28 | 2200 | 2194448 |
| 4.50%, 04/03/29 | 2200 | 2250529 |
| 1.35%, 05/28/30 | 259 | 232021 |
| 1.90%, 04/21/31 | 600 | 538903 |
| 4.50%, 09/08/33 | 1000 | 1015680 |
| 4.25%, 09/05/34 | 1300 | 1292636 |
| 4.63%, 08/28/35 | 1300 | 1320024 |
| Series PD, 7.50%, 09/15/29 | 900 | 1017334 |
| Province of Saskatchewan, 4.65%, 01/28/30 | 600 | 618420 |
|  |  | 57009175 |
| **Chile — 0.2%** | **Chile — 0.2%** |  |
| Chile Government International Bonds |  |  |
| 2.75%, 01/31/27 | 800 | 785775 |
| 3.24%, 02/06/28 | 982 | 964809 |
| 4.85%, 01/22/29 | 1100 | 1124648 |
| 2.45%, 01/31/31 | 983 | 896595 |
| 2.55%, 01/27/32 | 1078 | 964009 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Chile (continued)** | **Chile (continued)** |  |
| Chile Government International Bonds (continued) |  |  |
| 2.55%, 07/27/33 | 1500 | $1300699 |
| 3.50%, 01/31/34 | 800 | 736773 |
|  |  | 6773308 |
| **Indonesia — 0.3%** | **Indonesia — 0.3%** |  |
| Indonesia Government International Bonds |  |  |
| 4.15%, 09/20/27 | 600 | 600910 |
| 3.50%, 01/11/28 | 810 | 801119 |
| 4.55%, 01/11/28 | 600 | 604704 |
| 4.10%, 04/24/28 | 478 | 478724 |
| 4.75%, 02/11/29 | 478 | 486917 |
| 4.40%, 03/10/29 | 400 | 403680 |
| 3.40%, 09/18/29 | 400 | 390198 |
| 5.25%, 01/15/30<sup>(a)</sup> | 400 | 416272 |
| 2.85%, 02/14/30 | 810 | 767249 |
| 3.85%, 10/15/30 | 1310 | 1289244 |
| 1.85%, 03/12/31 | 800 | 705227 |
| 4.30%, 04/16/31 | 500 | 500190 |
| 2.15%, 07/28/31 | 800 | 710119 |
| 3.55%, 03/31/32 | 700 | 664586 |
| 4.65%, 09/20/32 | 800 | 807270 |
| 4.85%, 01/11/33 | 850 | 862789 |
| 4.70%, 02/10/34 | 400 | 401504 |
| 4.75%, 09/10/34 | 800 | 803190 |
| 5.60%, 01/15/35<sup>(a)</sup> | 750 | 798960 |
|  |  | 12492852 |
| **Israel — 0.3%** | **Israel — 0.3%** |  |
| Israel Government International Bonds |  |  |
| Series 10Y, 3.25%, 01/17/28<sup>(a)</sup> | 982 | 962544 |
| Series 10Y, 2.75%, 07/03/30 | 858 | 797910 |
| Series 10Y, 4.50%, 01/17/33 | 1150 | 1127936 |
| Series 10Y, 5.50%, 03/12/34 | 1700 | 1771275 |
| Series 10Y, 5.63%, 02/19/35 | 1500 | 1577451 |
| Series 5Y, 5.38%, 03/12/29 | 1300 | 1338690 |
| Series 5Y, 5.38%, 02/19/30 | 1700 | 1760173 |
| State of Israel, Series 10Y, 2.50%, 01/15/30 | 710 | 658435 |
|  |  | 9994414 |
| **Italy — 0.0%** | **Italy — 0.0%** |  |
| Republic of Italy Government International Bonds, <br> Series 10Y, 2.88%, 10/17/29<br>| 883 | 845462 |
| **Japan — 0.5%** | **Japan — 0.5%** |  |
| Japan Bank for International Cooperation |  |  |
| 2.25%, 11/04/26 | 1500 | 1475588 |
| 2.88%, 06/01/27 | 976 | 961858 |
| 2.88%, 07/21/27 | 900 | 885254 |
| 4.63%, 07/22/27 | 1000 | 1012702 |
| 4.38%, 10/05/27 | 500 | 505304 |
| 2.75%, 11/16/27 | 1200 | 1175413 |
| 3.88%, 07/03/28 | 1000 | 1002025 |
| 3.25%, 07/20/28<sup>(a)</sup> | 610 | 601441 |
| 4.88%, 10/18/28<sup>(a)</sup> | 500 | 514939 |
| 3.50%, 10/31/28<sup>(a)</sup> | 900 | 892295 |
| 2.13%, 02/16/29 | 900 | 852327 |
| 2.00%, 10/17/29 | 476 | 443348 |
| 1.25%, 01/21/31 | 1010 | 882017 |
| 4.38%, 01/24/31 | 600 | 611082 |
| 1.88%, 04/15/31 | 1886 | 1692776 |
| 4.63%, 04/17/34 | 600 | 617092 |
| Japan International Cooperation Agency |  |  |
| 2.75%, 04/27/27 | 800 | 787180 |
| 3.25%, 05/25/27<sup>(a)</sup> | 500 | 495218 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** |  |
| Japan International Cooperation Agency (continued) |  |  |
| 4.00%, 05/23/28 | 1000 | $1003016 |
| 3.38%, 06/12/28 | 500 | 494121 |
| 4.75%, 05/21/29 | 800 | 822009 |
| 4.25%, 05/22/30 | 700 | 709244 |
|  |  | 18436249 |
| **Mexico — 0.7%** | **Mexico — 0.7%** |  |
| Mexico Government International Bonds |  |  |
| 4.15%, 03/28/27 | 1028 | 1026996 |
| 3.75%, 01/11/28 | 778 | 771102 |
| 5.40%, 02/09/28 | 900 | 922054 |
| 4.50%, 04/22/29 | 1853 | 1862649 |
| 5.00%, 05/07/29 | 600 | 611515 |
| 3.25%, 04/16/30 | 1139 | 1080546 |
| 6.00%, 05/13/30 | 1200 | 1264984 |
| 4.75%, 03/22/31 | 1000 | 995302 |
| 2.66%, 05/24/31 | 2310 | 2072955 |
| 8.30%, 08/15/31<sup>(a)</sup> | 600 | 721647 |
| 4.75%, 04/27/32 | 1639 | 1611935 |
| 5.85%, 07/02/32 | 2500 | 2590123 |
| 5.38%, 03/22/33 | 2500 | 2505750 |
| 7.50%, 04/08/33 | 500 | 574815 |
| 4.88%, 05/19/33 | 1300 | 1263935 |
| 3.50%, 02/12/34 | 1900 | 1657422 |
| 6.75%, 09/27/34 | 900 | 987788 |
| 6.35%, 02/09/35 | 1800 | 1903755 |
| Series 10, 5.63%, 09/22/35 | 1700 | 1694027 |
|  |  | 26119300 |
| **Panama — 0.2%** | **Panama — 0.2%** |  |
| Panama Government International Bonds |  |  |
| 8.88%, 09/30/27 | 600 | 646904 |
| 3.88%, 03/17/28 | 833 | 820272 |
| 9.38%, 04/01/29 | 500 | 570557 |
| 3.16%, 01/23/30 | 978 | 916574 |
| 7.50%, 03/01/31 | 600 | 667229 |
| 2.25%, 09/29/32 | 1700 | 1402182 |
| 3.30%, 01/19/33 | 600 | 525620 |
| 6.40%, 02/14/35 | 1500 | 1581955 |
|  |  | 7131293 |
| **Peru — 0.2%** | **Peru — 0.2%** |  |
| Peru Government International Bonds |  |  |
| 4.13%, 08/25/27 | 180 | 180669 |
| 2.84%, 06/20/30 | 282 | 264852 |
| 2.78%, 01/23/31 | 2159 | 1998894 |
| 1.86%, 12/01/32<sup>(a)</sup> | 620 | 515465 |
| 8.75%, 11/21/33 | 1300 | 1642253 |
| 3.00%, 01/15/34 | 1450 | 1263120 |
| 5.38%, 02/08/35 | 750 | 770850 |
|  |  | 6636103 |
| **Philippines — 0.4%** | **Philippines — 0.4%** |  |
| Panama Government International Bonds |  |  |
| 5.17%, 10/13/27 | 600 | 612177 |
| 4.63%, 07/17/28<sup>(a)</sup> | 300 | 304632 |
| 3.75%, 01/14/29 | 989 | 979216 |
| 9.50%, 02/02/30 | 1100 | 1324339 |
| 4.38%, 03/05/30<sup>(a)</sup> | 400 | 405943 |
| 2.46%, 05/05/30 | 710 | 660078 |
| 1.65%, 06/10/31 | 828 | 722251 |
| 1.95%, 01/06/32 | 500 | 435331 |
| 3.56%, 09/29/32 | 600 | 569510 |
| 5.61%, 04/13/33 | 400 | 427554 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Philippines (continued)** | **Philippines (continued)** |  |
| Panama Government International Bonds (continued) |  |  |
| 4.75%, 03/05/35 | 800 | $806768 |
| Philippines Government International Bonds |  |  |
| 3.00%, 02/01/28 | 1578 | 1542800 |
| 7.75%, 01/14/31 | 1243 | 1447180 |
| 6.38%, 01/15/32 | 600 | 665325 |
| 5.00%, 07/17/33 | 900 | 926782 |
| 5.25%, 05/14/34 | 600 | 628272 |
| 6.38%, 10/23/34 | 1000 | 1128532 |
| 5.50%, 02/04/35 | 650 | 692993 |
|  |  | 14279683 |
| **Poland — 0.3%** | **Poland — 0.3%** |  |
| Republic of Poland Government International Bonds |  |  |
| Series 10Y, 5.75%, 11/16/32 | 850 | 912489 |
| Series 10Y, 4.88%, 10/04/33 | 1650 | 1678696 |
| Series 10Y, 5.13%, 09/18/34 | 1900 | 1952816 |
| Series 10Y, 5.38%, 02/12/35 | 1800 | 1881499 |
| Series 5Y, 5.50%, 11/16/27 | 700 | 721930 |
| Series 5Y, 4.63%, 03/18/29 | 1000 | 1018790 |
| Series 5Y, 4.88%, 02/12/30 | 1800 | 1853836 |
|  |  | 10020056 |
| **South Korea — 0.5%** | **South Korea — 0.5%** |  |
| Export-Import Bank of Korea |  |  |
| 1.63%, 01/18/27 | 1000 | 973350 |
| 4.25%, 09/15/27 | 400 | 402440 |
| 5.00%, 01/11/28 | 850 | 869771 |
| 4.63%, 01/14/28 | 500 | 507796 |
| 4.50%, 01/11/29 | 900 | 914485 |
| 4.00%, 09/11/29<sup>(a)</sup> | 700 | 701267 |
| 4.88%, 01/14/30 | 850 | 880177 |
| 1.25%, 09/21/30 | 300 | 264489 |
| 3.75%, 09/22/30 | 1000 | 991211 |
| 1.38%, 02/09/31 | 300 | 263182 |
| 4.50%, 09/15/32 | 300 | 306368 |
| 5.13%, 01/11/33 | 1000 | 1050909 |
| 5.13%, 09/18/33 | 300 | 316900 |
| 4.63%, 01/11/34<sup>(a)</sup> | 300 | 306772 |
| 5.25%, 01/14/35 | 400 | 428191 |
| Korea Development Bank |  |  |
| 4.63%, 02/15/27 | 2000 | 2017911 |
| 4.13%, 10/16/27 | 600 | 602597 |
| 4.63%, 02/03/28 | 600 | 609594 |
| 5.38%, 10/23/28 | 300 | 312565 |
| 4.50%, 02/15/29<sup>(a)</sup> | 800 | 813437 |
| 4.88%, 02/03/30 | 800 | 829033 |
| 3.75%, 09/16/30 | 575 | 570451 |
| 1.63%, 01/19/31 | 200 | 177960 |
| 4.25%, 09/08/32 | 200 | 201276 |
| 4.38%, 02/15/33 | 800 | 803943 |
| 5.63%, 10/23/33 | 500 | 544888 |
| Korea International Bonds |  |  |
| 2.75%, 01/19/27<sup>(a)</sup> | 600 | 592698 |
| 2.50%, 06/19/29 | 700 | 668749 |
| 4.50%, 07/03/29<sup>(a)</sup> | 700 | 716074 |
| 1.00%, 09/16/30 | 400 | 351005 |
| 3.63%, 10/29/30 | 650 | 645589 |
|  |  | 19635078 |
| **Supranational — 5.0%** | **Supranational — 5.0%** |  |
| African Development Bank |  |  |
| 4.13%, 02/25/27 | 1300 | 1306064 |
| 4.38%, 11/03/27 | 1500 | 1520324 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Supranational (continued)** | **Supranational (continued)** |  |
| African Development Bank (continued) |  |  |
| 3.88%, 06/12/28 | $1300 | $1307144 |
| 3.50%, 09/18/29 | 1300 | 1289593 |
| 4.00%, 03/18/30 | 1325 | 1338912 |
| 4.50%, 06/12/35 | 620 | 636259 |
| Asian Development Bank |  |  |
| 2.63%, 01/12/27<sup>(a)</sup> | 829 | 818082 |
| 4.13%, 01/12/27 | 1800 | 1807572 |
| 1.50%, 01/20/27 | 1400 | 1363016 |
| 2.38%, 08/10/27 | 300 | 293409 |
| 3.13%, 08/20/27 | 2800 | 2774044 |
| 2.50%, 11/02/27 | 1559 | 1524496 |
| 4.38%, 01/14/28 | 3000 | 3046832 |
| 2.75%, 01/19/28 | 1020 | 1000886 |
| 5.82%, 06/16/28 | 719 | 756339 |
| 4.38%, 03/06/29 | 2500 | 2554106 |
| 1.88%, 03/15/29<sup>(a)</sup> | 1500 | 1415205 |
| 3.63%, 08/28/29 | 2300 | 2294418 |
| 1.75%, 09/19/29 | 1659 | 1542615 |
| 1.88%, 01/24/30 | 1289 | 1196728 |
| 4.13%, 05/30/30 | 2400 | 2437605 |
| 3.75%, 08/28/30 | 1900 | 1899289 |
| 1.50%, 03/04/31 | 1000 | 889384 |
| 3.13%, 04/27/32 | 1000 | 954518 |
| 3.88%, 09/28/32 | 900 | 896095 |
| 4.38%, 03/22/35<sup>(a)</sup> | 1975 | 2014452 |
| Asian Infrastructure Investment Bank |  |  |
| 4.00%, 01/18/28 | 1000 | 1007161 |
| 3.63%, 09/15/28 | 1500 | 1499115 |
| 4.50%, 01/16/30 | 1475 | 1518544 |
| 4.25%, 03/13/34 | 1000 | 1014824 |
| 4.50%, 05/21/35 | 600 | 618290 |
| Corp. Andina de Fomento |  |  |
| 2.25%, 02/08/27 | 400 | 391035 |
| 6.00%, 04/26/27 | 1000 | 1028069 |
| 4.13%, 01/07/28 | 650 | 651984 |
| 5.00%, 01/22/30 | 500 | 517843 |
| Council of Europe Development Bank |  |  |
| 3.63%, 01/26/28 | 1000 | 998955 |
| 4.13%, 01/24/29 | 1000 | 1013379 |
| 4.50%, 01/15/30 | 1025 | 1055229 |
| European Bank for Reconstruction & Development |  |  |
| 4.13%, 01/25/29<sup>(a)</sup> | 2000 | 2027369 |
| 4.25%, 03/13/34 | 1000 | 1013438 |
| European Investment Bank |  |  |
| 1.38%, 03/15/27 | 3000 | 2907694 |
| 4.38%, 03/19/27 | 2800 | 2824881 |
| 2.38%, 05/24/27 | 2903 | 2845967 |
| 3.25%, 11/15/27 | 2500 | 2481166 |
| 3.88%, 06/15/28 | 2500 | 2515453 |
| 1.75%, 03/15/29<sup>(a)</sup> | 2100 | 1973745 |
| 4.75%, 06/15/29<sup>(a)</sup> | 3000 | 3107863 |
| 1.63%, 10/09/29 | 420 | 388606 |
| 3.75%, 11/15/29<sup>(a)</sup> | 3200 | 3205744 |
| 4.50%, 03/14/30 | 4270 | 4402591 |
| 0.88%, 05/17/30 | 400 | 352797 |
| 0.75%, 09/23/30 | 1000 | 867522 |
| 3.88%, 10/15/30 | 2405 | 2417681 |
| 1.25%, 02/14/31 | 2400 | 2111296 |
| 4.38%, 10/10/31 | 2600 | 2674849 |
| 4.25%, 08/16/32 | 3410 | 3472543 |
| 4.13%, 02/13/34<sup>(a)</sup> | 2400 | 2417743 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Supranational (continued)** | **Supranational (continued)** |  |
| European Investment Bank (continued) |  |  |
| 4.63%, 02/12/35 | 1855 | $1928235 |
| Inter-American Development Bank |  |  |
| 1.50%, 01/13/27 | 1500 | 1460643 |
| 2.38%, 07/07/27 | 829 | 811554 |
| 0.63%, 09/16/27 | 1000 | 945555 |
| 1.13%, 07/20/28<sup>(a)</sup> | 2489 | 2328584 |
| 3.13%, 09/18/28<sup>(a)</sup> | 2000 | 1971791 |
| 2.25%, 06/18/29 | 1784 | 1697751 |
| 3.50%, 09/14/29 | 2000 | 1985701 |
| 4.50%, 02/15/30<sup>(a)</sup> | 2625 | 2705165 |
| 3.75%, 06/14/30<sup>(a)</sup> | 1200 | 1200493 |
| 1.13%, 01/13/31 | 2073 | 1813784 |
| 3.63%, 09/17/31 | 1300 | 1283148 |
| 4.38%, 07/17/34 | 1600 | 1634345 |
| 4.38%, 07/16/35 | 1860 | 1890904 |
| Inter-American Investment Corp. |  |  |
| 4.13%, 02/15/28 | 500 | 503874 |
| 4.25%, 02/14/29 | 900 | 912411 |
| 4.25%, 04/01/30 | 700 | 711386 |
| International Bank for Reconstruction & Development |  |  |
| 3.13%, 06/15/27 | 2000 | 1982761 |
| 2.50%, 11/22/27 | 1659 | 1621611 |
| 0.75%, 11/24/27 | 3000 | 2828778 |
| 1.38%, 04/20/28 | 3403 | 3223012 |
| 3.63%, 05/05/28<sup>(a)</sup> | 3000 | 2999477 |
| 1.13%, 09/13/28 | 3650 | 3402179 |
| 3.63%, 09/21/29<sup>(a)</sup> | 2000 | 1994387 |
| 3.88%, 10/16/29 | 3700 | 3723020 |
| 1.75%, 10/23/29 | 2389 | 2217645 |
| 4.13%, 03/20/30 | 3870 | 3931878 |
| 0.88%, 05/14/30 | 3000 | 2645365 |
| 0.75%, 08/26/30 | 1900 | 1650588 |
| 3.50%, 10/28/30 | 3200 | 3161933 |
| 1.25%, 02/10/31 | 2150 | 1889635 |
| 4.50%, 04/10/31<sup>(a)</sup> | 1900 | 1963805 |
| 1.63%, 11/03/31<sup>(a)</sup> | 3200 | 2816712 |
| 4.63%, 01/15/32 | 3530 | 3669823 |
| 2.50%, 03/29/32<sup>(a)</sup> | 2000 | 1841742 |
| 4.00%, 05/06/32<sup>(a)</sup> | 3400 | 3417450 |
| 3.88%, 08/28/34 | 2100 | 2070232 |
| 4.75%, 02/15/35 | 300 | 314017 |
| 4.38%, 08/27/35<sup>(a)</sup> | 3280 | 3335461 |
| International Finance Corp. |  |  |
| 4.50%, 01/21/28 | 1000 | 1018049 |
| 4.25%, 07/02/29<sup>(a)</sup> | 1400 | 1426861 |
| 3.88%, 07/02/30 | 1000 | 1006069 |
| 0.75%, 08/27/30 | 359 | 311777 |
| Nordic Investment Bank |  |  |
| 3.38%, 09/08/27 | 300 | 298322 |
| 4.38%, 03/14/28 | 900 | 914510 |
| 4.25%, 02/28/29 | 1000 | 1017358 |
| 3.75%, 05/09/30 | 1000 | 1000766 |
|  |  | 183681310 |
| **Sweden — 0.2%** | **Sweden — 0.2%** |  |
| Svensk Exportkredit AB |  |  |
| 2.25%, 03/22/27 | 500 | 489250 |
| 3.88%, 08/04/27 | 800 | 801585 |
| 3.75%, 09/13/27 | 1000 | 1000226 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Sweden (continued)** | **Sweden (continued)** |  |
| Svensk Exportkredit AB (continued) |  |  |
| 3.75%, 05/08/28 | 1000 | $1000949 |
| 4.13%, 06/14/28 | 600 | 605966 |
| 4.25%, 02/01/29 | 1000 | 1015011 |
| 3.75%, 07/29/30 | 1000 | 997534 |
| 4.88%, 10/04/30 | 700 | 731649 |
|  |  | 6642170 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** |  |
| Uruguay Government International Bonds |  |  |
| 4.38%, 10/27/27 | 553 | 553923 |
| 4.38%, 01/23/31<sup>(a)</sup> | 1323 | 1338476 |
| 5.75%, 10/28/34 | 1400 | 1504946 |
|  |  | 3397345 |
| **Total Foreign Agency Obligations — 10.5%** <br>**(Cost: $380,753,153)** | **Total Foreign Agency Obligations — 10.5%** <br>**(Cost: $380,753,153)** | 383093798 |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **California — 0.2%** | **California — 0.2%** |  |
| Regents of the University of California Medical Center <br> Pooled Revenue, RB, Series Q, 4.13%, 05/15/32<br>| 200 | 197978 |
| State of California, GO, BAB, 7.50%, 04/01/34 | 1700 | 1995747 |
| State of California, Refunding GO |  |  |
| 3.50%, 04/01/28 | 285 | 283308 |
| 2.50%, 10/01/29 | 530 | 504527 |
| 4.88%, 09/01/30 | 500 | 521631 |
| 5.75%, 10/01/31<sup>(a)</sup> | 150 | 163402 |
| 6.00%, 03/01/33 | 325 | 358165 |
| 4.50%, 04/01/33 | 765 | 769783 |
| 5.10%, 09/01/35 | 330 | 344223 |
| University of California, RB |  |  |
| Series BD, 3.35%, 07/01/29 | 460 | 451835 |
| Series BG, 1.61%, 05/15/30 | 820 | 739615 |
|  |  | 6330214 |
| **Connecticut — 0.0%** | **Connecticut — 0.0%** |  |
| State of Connecticut, GO, Series A, 5.85%, 03/15/32 | 990 | 1064572 |
| **Florida — 0.1%** | **Florida — 0.1%** |  |
| State Board of Administration Finance Corp., RB |  |  |
| Series A, 1.71%, 07/01/27 | 371 | 357881 |
| Series A, 2.15%, 07/01/30 | 795 | 728874 |
| Series A, 5.53%, 07/01/34 | 650 | 687389 |
|  |  | 1774144 |
| **Illinois — 0.1%** | **Illinois — 0.1%** |  |
| State of Illinois, GO, 5.10%, 06/01/33<sup>(a)</sup> | 3970 | 4046305 |
| **Louisiana — 0.0%** | **Louisiana — 0.0%** |  |
| Louisiana Local Government Environmental Facilities <br> & Community Development Authority, RB<br>|  |  |
| Class A-1, 5.08%, 06/01/31 | 145 | 147429 |
| Series A2, 5.05%, 12/01/34 | 105 | 108789 |
|  |  | 256218 |
| **Massachusetts — 0.0%** | **Massachusetts — 0.0%** |  |
| Commonwealth of Massachusetts, RB, Series A, <br> Sustainability Bonds, 3.77%, 07/15/29<br>| 320 | 318318 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Jersey — 0.1%** | **New Jersey — 0.1%** |  |
| New Jersey Economic Development Authority, RB, <br> Series A, (NPFGC), 7.43%, 02/15/29<br>| $1201 | $1257695 |
| **New York — 0.0%** | **New York — 0.0%** |  |
| New York State Dormitory Authority, RB, Series B, <br> 5.23%, 07/01/35<br>| 600 | 626212 |
| Port Authority of New York & New Jersey, RB, <br> Series 159, 6.04%, 12/01/29<br>| 125 | 134200 |
|  |  | 760412 |
| **Oregon — 0.0%** | **Oregon — 0.0%** |  |
| State of Oregon, GO, 5.89%, 06/01/27 | 613 | 624784 |
| **Texas — 0.0%** | **Texas — 0.0%** |  |
| Texas Department of Transportation State Highway <br> Fund, RB, Series B, 5.18%, 04/01/30<br>| 490 | 500267 |
| **Virginia — 0.0%** | **Virginia — 0.0%** |  |
| Williamsburg Economic Development Authority, <br> Refunding RB, 11/01/35<sup>(c)</sup><br>| 95 | 95140 |
| **Wisconsin — 0.0%** | **Wisconsin — 0.0%** |  |
| State of Wisconsin, Refunding RB, Series C, 3.15%, <br> 05/01/27<sup>(e)</sup><br>| 230 | 227997 |
| **Total Municipal Bonds — 0.5%** <br>**(Cost: $17,196,714)** | **Total Municipal Bonds — 0.5%** <br>**(Cost: $17,196,714)** | 17256066 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trust — 0.0%** | **Capital Trust — 0.0%** | **Capital Trust — 0.0%** |
| **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |  |
| American Electric Power Co., Inc., 3.88%, 02/15/62<sup>(b)</sup> | 329 | 319988 |
| **Total Preferred Securities — 0.0%** <br>**(Cost: $329,000)** | **Total Preferred Securities — 0.0%** <br>**(Cost: $329,000)** | 319988 |
| **Total Long-Term Investments — 97.9%** <br>**(Cost: $3,550,462,472)** | **Total Long-Term Investments — 97.9%** <br>**(Cost: $3,550,462,472)** | 3586526243 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 7.8%** | **Money Market Funds — 7.8%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.27%<sup>(f)(g)(h)</sup><br>| 286655226 | $286798554 |
| **Total Short-Term Securities — 7.8%** <br>**(Cost: $286,709,403)** | **Total Short-Term Securities — 7.8%** <br>**(Cost: $286,709,403)** | 286798554 |
| **Total Investments — 105.7%** <br>**(Cost: $3,837,171,875)** | **Total Investments — 105.7%** <br>**(Cost: $3,837,171,875)** | 3873324797 |
| **Liabilities in Excess of Other Assets — (5.7)%** | **Liabilities in Excess of Other Assets — (5.7)%** | (209080905)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3664243892 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> 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. 

<sup>(c)</sup> When-issued security.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Security is collateralized by municipal bonds or U.S. Treasury obligations.

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $257392262<br> $29468632 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $(16597)<br>| $(45743)<br>| $286798554 | 286655226<br> $2443562 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Credit Bond Index Fund** 

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3185856391 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3185856391 |
| Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 383093798 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 383093798 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17256066 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17256066 |
| Preferred Securities |  |  |  |  |
| Capital Trust | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 319988 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 319988 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 286798554 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 286798554 |
|  | &nbsp;&nbsp; $286798554 | &nbsp;&nbsp;&nbsp;&nbsp; $3586526243 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3873324797 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

October 31, 2025

**iShares U.S. Intermediate Government Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
| Private Export Funding Corp., Series RR, 4.30%, <br> 12/15/28<br>| $5000 | $5048152 |
| **Total Corporate Bonds — 0.1%** <br>**(Cost: $5,025,719)** | **Total Corporate Bonds — 0.1%** <br>**(Cost: $5,025,719)** | 5048152 |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Agency Obligations — 1.1%** | **Agency Obligations — 1.1%** |  |
| Fannie Mae |  |  |
| 0.88%, 12/18/26 - 08/05/30 | 7019 | 6266681 |
| 6.25%, 05/15/29 | 4441 | 4818804 |
| 7.13%, 01/15/30 | 8302 | 9394100 |
| 7.25%, 05/15/30 | 17063 | 19580064 |
| 6.63%, 11/15/30 | 96 | 108636 |
| Federal Farm Credit Banks Funding Corp., 4.00%, <br> 04/01/30<br>| 500 | 505397 |
| Federal Home Loan Banks |  |  |
| 3.50%, 09/09/27 - 10/04/27 | 11995 | 11965271 |
| 4.00%, 06/09/28 | 500 | 504416 |
| 2.13%, 09/14/29 | 5000 | 4713287 |
| Federal Home Loan Mortgage Corp. |  |  |
| 6.75%, 03/15/31 | 2323 | 2657125 |
| 6.25%, 07/15/32 | 15000 | 17040300 |
| Tennessee Valley Authority |  |  |
| 3.88%, 08/01/30 | 2000 | 2008586 |
| 1.50%, 09/15/31 | 130 | 113560 |
| 4.38%, 08/01/34<sup>(a)</sup> | 3000 | 3039345 |
|  |  | 82715572 |
| **Total U.S. Government Sponsored Agency Securities — 1.1%** <br>**(Cost: $85,474,564)** | **Total U.S. Government Sponsored Agency Securities — 1.1%** <br>**(Cost: $85,474,564)** | 82715572 |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |
| U.S. Treasury Bonds |  |  |
| 6.38%, 08/15/27 | 4000 | 4183281 |
| 5.25%, 11/15/28 - 02/15/29 | 11621 | 12168456 |
| 6.13%, 08/15/29 | 6225 | 6754611 |
| 6.25%, 05/15/30 | 1700 | 1877836 |
| 5.38%, 02/15/31 | 4979 | 5358649 |
| U.S. Treasury Notes |  |  |
| 2.00%, 11/15/26 | 23954 | 23534805 |
| 4.63%, 11/15/26 - 02/15/35 | 310783 | 320959810 |
| 1.25%, 11/30/26 - 08/15/31 | 334238 | 311666806 |
| 1.63%, 11/30/26 - 05/15/31 | 112107 | 103222167 |
| 4.25%, 11/30/26 - 08/15/35 | 668387 | 677979788 |
| 4.38%, 12/15/26 - 05/15/34 | 318517 | 325471081 |
| 1.75%, 12/31/26 - 11/15/29<sup>(a)</sup> | 59338 | 56182738 |
| 4.00%, 01/15/27 - 02/15/34 | 639606 | 645431012 |
| 1.50%, 01/31/27 - 02/15/30 | 111501 | 105481152 |
| 4.13%, 01/31/27 - 11/15/32<sup>(a)</sup> | 694280 | 703287088 |
| 2.25%, 02/15/27 - 11/15/27 | 77653 | 75837638 |
| 1.88%, 02/28/27 - 02/15/32 | 119384 | 110973414 |
| 0.63%, 03/31/27 - 08/15/30 | 204015 | 183402065 |
| 2.50%, 03/31/27 | 32983 | 32460009 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| U.S. Treasury Notes (continued) |  |  |
| 3.88%, 03/31/27 - 08/15/34<sup>(a)</sup> | 783795 | $786002268 |
| 4.50%, 04/15/27 - 11/15/33 | 244856 | 251237990 |
| 0.50%, 04/30/27 - 10/31/27 | 132700 | 125916153 |
| 2.75%, 04/30/27 - 08/15/32 | 181171 | 175096463 |
| 3.75%, 04/30/27 - 10/31/32 | 410928 | 411350407 |
| 2.38%, 05/15/27 - 05/15/29 | 84039 | 81374251 |
| 2.63%, 05/31/27 - 07/31/29 | 91135 | 88683679 |
| 3.25%, 06/30/27 - 06/30/29 | 29500 | 29131602 |
| 0.38%, 07/31/27 - 09/30/27 | 63201 | 59601292 |
| 3.13%, 08/31/27 - 08/31/29 | 68684 | 67803333 |
| 3.63%, 08/31/27 - 09/30/31 | 447667 | 446718147 |
| 3.38%, 09/15/27 - 05/15/33 | 143135 | 140429810 |
| 3.50%, 09/30/27 - 02/15/33 | 385474 | 382685211 |
| 0.75%, 01/31/28 | 38330 | 35999973 |
| 1.13%, 02/29/28 - 02/15/31 | 144782 | 131990380 |
| 2.88%, 05/15/28 - 05/15/32 | 187403 | 181357085 |
| 1.00%, 07/31/28 | 39442 | 36786201 |
| 1.38%, 10/31/28 - 11/15/31 | 136696 | 123195746 |
| 4.88%, 10/31/28 - 10/31/30 | 73500 | 76583711 |
| 0.88%, 11/15/30 | 67459 | 58758105 |
| **Total U.S. Treasury Obligations — 97.8%** <br>**(Cost: $7,430,375,321)** | **Total U.S. Treasury Obligations — 97.8%** <br>**(Cost: $7,430,375,321)** | 7396934213 |
| **Total Long-Term Investments — 99.0%** <br>**(Cost: $7,520,875,604)** | **Total Long-Term Investments — 99.0%** <br>**(Cost: $7,520,875,604)** | 7484697937 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.0%** | **Money Market Funds — 1.0%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.27%<sup>(b)(c)(d)</sup><br>| 77788060 | 77826954 |

---

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **U.S. Government Sponsored Agency Securities — 0.0%** | **U.S. Government Sponsored Agency Securities — 0.0%** |  |
| Federal Farm Credit Banks Funding Corp., 4.75%, <br> 09/01/26<br>| $1000 | 1007881 |
| **Total Short-Term Securities — 1.0%** <br>**(Cost: $78,824,888)** | **Total Short-Term Securities — 1.0%** <br>**(Cost: $78,824,888)** | 78834835 |
| **Total Investments — 100.0%** <br>**(Cost: $7,599,700,492)** | **Total Investments — 100.0%** <br>**(Cost: $7,599,700,492)** | 7563532772 |
| **Liabilities in Excess of Other Assets — 0.0%** | **Liabilities in Excess of Other Assets — 0.0%** | (2040145)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $7561492627 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Affiliate of the Fund.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Intermediate Government Bond Index Fund** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $344392526 | $—<br> $(266368167 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(150442)<br>| $(46963)<br>| $77826954 | 77788060<br> $989569 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5048152 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5048152 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82715572 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82715572 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7396934213 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7396934213 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 77826954 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77826954 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1007881 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1007881 |
|  | &nbsp;&nbsp; $77826954 | &nbsp;&nbsp;&nbsp;&nbsp; $7485705818 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7563532772 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Advertising Agencies — 0.0%** | **Advertising Agencies — 0.0%** | **Advertising Agencies — 0.0%** |
| Interpublic Group of Cos., Inc. |  |  |
| 3.38%, 03/01/41 | $539 | $408196 |
| 5.40%, 10/01/48 | 300 | 280819 |
|  |  | 689015 |
| **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** |
| Boeing Co. |  |  |
| 6.63%, 02/15/38<sup>(a)</sup> | 200 | 223492 |
| 3.55%, 03/01/38 | 650 | 545485 |
| 3.50%, 03/01/39 | 350 | 285910 |
| 6.88%, 03/15/39 | 450 | 512241 |
| 5.88%, 02/15/40 | 500 | 518037 |
| 5.71%, 05/01/40 | 2259 | 2304049 |
| 3.38%, 06/15/46 | 463 | 332075 |
| 3.65%, 03/01/47 | 250 | 183806 |
| 3.63%, 03/01/48<sup>(a)</sup> | 620 | 449235 |
| 3.85%, 11/01/48 | 324 | 242580 |
| 3.90%, 05/01/49 | 770 | 582206 |
| 3.75%, 02/01/50 | 1097 | 814393 |
| 5.81%, 05/01/50 | 5513 | 5484370 |
| 6.86%, 05/01/54 | 2150 | 2450092 |
| 3.83%, 03/01/59 | 300 | 211515 |
| 3.95%, 08/01/59 | 1225 | 881296 |
| 5.93%, 05/01/60 | 2748 | 2729144 |
| 7.01%, 05/01/64 | 1510 | 1725140 |
| GE Capital International Funding Co. Unlimited Co., <br> 4.42%, 11/15/35<br>| 900 | 882939 |
| General Dynamics Corp. |  |  |
| 4.25%, 04/01/40 | 829 | 762718 |
| 2.85%, 06/01/41 | 297 | 224951 |
| 3.60%, 11/15/42 | 550 | 451927 |
| 4.25%, 04/01/50 | 663 | 572745 |
| General Electric Co. |  |  |
| 4.90%, 01/29/36<sup>(a)</sup> | 760 | 774777 |
| 5.88%, 01/14/38 | 900 | 983389 |
| 6.88%, 01/10/39 | 450 | 533480 |
| 4.50%, 03/11/44 | 600 | 547340 |
| 4.35%, 05/01/50 | 450 | 393333 |
| Howmet Aerospace, Inc., 5.95%, 02/01/37<sup>(a)</sup> | 600 | 652051 |
| L3Harris Technologies, Inc. |  |  |
| 6.15%, 12/15/40<sup>(a)</sup> | 270 | 294781 |
| 5.05%, 04/27/45 | 458 | 440275 |
| 5.60%, 07/31/53<sup>(a)</sup> | 515 | 520629 |
| 5.50%, 08/15/54<sup>(a)</sup> | 680 | 678194 |
| Lockheed Martin Corp. |  |  |
| 4.50%, 05/15/36 | 351 | 344862 |
| 5.72%, 06/01/40<sup>(a)</sup> | 300 | 319938 |
| 4.07%, 12/15/42 | 1261 | 1095380 |
| 3.80%, 03/01/45 | 1268 | 1035975 |
| 4.70%, 05/15/46 | 1370 | 1260041 |
| 2.80%, 06/15/50 | 675 | 438479 |
| 4.09%, 09/15/52 | 1563 | 1270347 |
| 4.15%, 06/15/53 | 560 | 458013 |
| 5.70%, 11/15/54<sup>(a)</sup> | 1125 | 1163243 |
| 5.20%, 02/15/55<sup>(a)</sup> | 1260 | 1217652 |
| 4.30%, 06/15/62 | 660 | 535329 |
| 5.90%, 11/15/63 | 875 | 930813 |
| 5.20%, 02/15/64 | 480 | 456586 |
| Series B, 6.15%, 09/01/36<sup>(a)</sup> | 475 | 530924 |
| Northrop Grumman Corp. |  |  |
| 5.15%, 05/01/40 | 500 | 498966 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| Northrop Grumman Corp. (continued) |  |  |
| 5.05%, 11/15/40 | 300 | $295983 |
| 4.75%, 06/01/43 | 1324 | 1229665 |
| 3.85%, 04/15/45 | 625 | 509436 |
| 4.03%, 10/15/47 | 2475 | 2024985 |
| 5.25%, 05/01/50<sup>(a)</sup> | 979 | 945299 |
| 4.95%, 03/15/53 | 1270 | 1168338 |
| 5.20%, 06/01/54<sup>(a)</sup> | 1300 | 1240921 |
| RTX Corp. |  |  |
| 6.05%, 06/01/36 | 300 | 329423 |
| 6.13%, 07/15/38 | 550 | 606061 |
| 4.45%, 11/16/38 | 1013 | 957711 |
| 5.70%, 04/15/40 | 600 | 632878 |
| 4.88%, 10/15/40 | 563 | 545744 |
| 4.70%, 12/15/41 | 426 | 398902 |
| 4.50%, 06/01/42 | 4274 | 3883278 |
| 4.80%, 12/15/43 | 350 | 325825 |
| 4.15%, 05/15/45 | 813 | 690253 |
| 3.75%, 11/01/46 | 1120 | 884556 |
| 4.35%, 04/15/47 | 629 | 540940 |
| 4.05%, 05/04/47 | 738 | 605838 |
| 4.63%, 11/16/48 | 1936 | 1715763 |
| 3.13%, 07/01/50 | 1153 | 790159 |
| 2.82%, 09/01/51 | 763 | 489532 |
| 3.03%, 03/15/52<sup>(a)</sup> | 1300 | 860187 |
| 5.38%, 02/27/53 | 1190 | 1166598 |
| 6.40%, 03/15/54 | 1555 | 1747462 |
|  |  | 65330880 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 4.40%, 10/01/46 | 163 | 132846 |
| 5.40%, 03/15/49<sup>(a)</sup> | 350 | 323297 |
| 3.10%, 12/01/51 | 1428 | 930718 |
| 4.15%, 05/01/52 | 1063 | 822398 |
| 5.75%, 09/13/54 | 300 | 291074 |
| BorgWarner, Inc., 4.38%, 03/15/45 | 400 | 341978 |
| Lear Corp.<sup>(a)</sup> <br>|  |  |
| 5.25%, 05/15/49 | 463 | 420730 |
| 3.55%, 01/15/52 | 376 | 256972 |
|  |  | 3520013 |
| **Automobiles — 0.5%** | **Automobiles — 0.5%** | **Automobiles — 0.5%** |
| Cummins, Inc. |  |  |
| 4.88%, 10/01/43 | 275 | 267247 |
| 2.60%, 09/01/50<sup>(a)</sup> | 613 | 379786 |
| 5.45%, 02/20/54<sup>(a)</sup> | 785 | 782567 |
| Ford Motor Co. |  |  |
| 4.75%, 01/15/43 | 1950 | 1571177 |
| 7.40%, 11/01/46 | 375 | 407537 |
| 5.29%, 12/08/46 | 1200 | 1014836 |
| General Motors Co. |  |  |
| 6.60%, 04/01/36 | 1063 | 1157264 |
| 5.15%, 04/01/38 | 1013 | 979441 |
| 6.25%, 10/02/43 | 1063 | 1088754 |
| 5.20%, 04/01/45 | 1654 | 1501319 |
| 6.75%, 04/01/46 | 617 | 665728 |
| 5.40%, 04/01/48<sup>(a)</sup> | 807 | 742018 |
| 5.95%, 04/01/49 | 663 | 653371 |
|  |  | 11211045 |
| **Banks — 7.3%** | **Banks — 7.3%** | **Banks — 7.3%** |
| Bank of America Corp. |  |  |
| 6.11%, 01/29/37 | 1600 | 1725589 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of America Corp. (continued) |  |  |
| 7.75%, 05/14/38 | $950 | $1162650 |
| 5.88%, 02/07/42 | 1261 | 1353278 |
| 5.00%, 01/21/44 | 1736 | 1701040 |
| 4.88%, 04/01/44 | 429 | 411056 |
| (1-day SOFR + 1.56%), 2.97%, 07/21/52<sup>(a)(b)</sup> | 1805 | 1202850 |
| (1-day SOFR + 1.58%), 3.31%, 04/22/42<sup>(b)</sup> | 3939 | 3137889 |
| (1-day SOFR + 1.88%), 2.83%, 10/24/51<sup>(b)</sup> | 1225 | 793625 |
| (1-day SOFR + 1.93%), 2.68%, 06/19/41<sup>(b)</sup> | 5489 | 4071894 |
| (3-mo. CME Term SOFR + 1.45%), 3.95%, <br> 01/23/49<sup>(b)</sup><br>| 1296 | 1051039 |
| (3-mo. CME Term SOFR + 1.58%), 4.08%, <br> 04/23/40<sup>(b)</sup><br>| 1729 | 1550242 |
| (3-mo. CME Term SOFR + 1.78%), 4.33%, <br> 03/15/50<sup>(b)</sup><br>| 2559 | 2184033 |
| (3-mo. CME Term SOFR + 2.08%), 4.24%, <br> 04/24/38<sup>(b)</sup><br>| 2293 | 2145548 |
| (3-mo. CME Term SOFR + 2.25%), 4.44%, <br> 01/20/48<sup>(b)</sup><br>| 2328 | 2048304 |
| (3-mo. CME Term SOFR + 3.41%), 4.08%, <br> 03/20/51<sup>(b)</sup><br>| 4885 | 3990328 |
| Series L, 4.75%, 04/21/45 | 350 | 318178 |
| Series N, (1-day SOFR + 1.65%), 3.48%, <br> 03/13/52<sup>(b)</sup><br>| 716 | 529750 |
| Bank of America N.A., Series BKNT, 6.00%, 10/15/36 | 1200 | 1302139 |
| Barclays PLC |  |  |
| 5.25%, 08/17/45<sup>(a)</sup> | 1475 | 1428204 |
| 4.95%, 01/10/47<sup>(a)</sup> | 1078 | 996103 |
| (1-day SOFR + 1.83%), 5.86%, 08/11/46<sup>(b)</sup> | 920 | 953158 |
| (1-day SOFR + 2.42%), 6.04%, 03/12/55<sup>(b)</sup> | 900 | 956146 |
| (1-year CMT + 1.30%), 3.33%, 11/24/42<sup>(b)</sup> | 728 | 567377 |
| (1-year CMT + 1.70%), 3.81%, 03/10/42<sup>(b)</sup> | 950 | 765980 |
| Citigroup, Inc. |  |  |
| 6.13%, 08/25/36 | 300 | 318900 |
| 8.13%, 07/15/39 | 675 | 864732 |
| 5.88%, 01/30/42 | 1123 | 1190454 |
| 6.68%, 09/13/43 | 738 | 834624 |
| 5.30%, 05/06/44 | 763 | 743256 |
| 4.65%, 07/30/45 | 1670 | 1513029 |
| 4.75%, 05/18/46 | 2118 | 1886014 |
| 4.65%, 07/23/48 | 2468 | 2201930 |
| (1-day SOFR + 1.38%), 2.90%, 11/03/42<sup>(a)(b)</sup> | 1108 | 818092 |
| (1-day SOFR + 1.75%), 5.61%, 03/04/56<sup>(b)</sup> | 2250 | 2284580 |
| (1-day SOFR + 4.55%), 5.32%, 03/26/41<sup>(b)</sup> | 1440 | 1437386 |
| (3-mo. CME Term SOFR + 1.43%), 3.88%, <br> 01/24/39<sup>(b)</sup><br>| 625 | 552128 |
| (3-mo. CME Term SOFR + 2.10%), 4.28%, <br> 04/24/48<sup>(b)</sup><br>| 1054 | 894929 |
| Cooperatieve Rabobank UA |  |  |
| 5.75%, 12/01/43 | 1300 | 1333355 |
| 5.25%, 08/04/45<sup>(a)</sup> | 947 | 909020 |
| Series BKNT, 5.25%, 05/24/41 | 1149 | 1160099 |
| Fifth Third Bancorp, 8.25%, 03/01/38 | 475 | 584946 |
| Goldman Sachs Group, Inc. |  |  |
| 6.45%, 05/01/36 | 650 | 713578 |
| 6.75%, 10/01/37 | 4974 | 5573105 |
| 6.25%, 02/01/41 | 2354 | 2593266 |
| 4.80%, 07/08/44 | 1461 | 1362372 |
| 5.15%, 05/22/45 | 1843 | 1744255 |
| 4.75%, 10/21/45 | 2125 | 1949114 |
| (1-day SOFR + 1.47%), 2.91%, 07/21/42<sup>(b)</sup> | 2134 | 1584996 |
| (1-day SOFR + 1.51%), 3.21%, 04/22/42<sup>(b)</sup> | 2279 | 1767463 |
| (1-day SOFR + 1.58%), 5.56%, 11/19/45<sup>(b)</sup> | 2300 | 2329996 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Goldman Sachs Group, Inc. (continued) |  |  |
| (1-day SOFR + 1.63%), 3.44%, 02/24/43<sup>(b)</sup> | $2154 | $1701354 |
| (1-day SOFR + 1.70%), 5.73%, 01/28/56<sup>(b)</sup> | 2020 | 2091134 |
| (3-mo. CME Term SOFR + 1.63%), 4.02%, <br> 10/31/38<sup>(b)</sup><br>| 2559 | 2298282 |
| (3-mo. CME Term SOFR + 1.69%), 4.41%, <br> 04/23/39<sup>(b)</sup><br>| 1404 | 1305225 |
| HSBC Bank USA NA, Series BKNT, 7.00%, 01/15/39 | 511 | 601927 |
| HSBC Holdings PLC |  |  |
| 6.50%, 05/02/36 | 1328 | 1434204 |
| 6.50%, 09/15/37 | 2265 | 2459296 |
| 6.80%, 06/01/38 | 450 | 502007 |
| 6.10%, 01/14/42<sup>(a)</sup> | 1029 | 1123127 |
| 5.25%, 03/14/44 | 2118 | 2075183 |
| (1-day SOFR + 2.65%), 6.33%, 03/09/44<sup>(a)(b)</sup> | 2215 | 2443152 |
| JPMorgan Chase & Co. |  |  |
| 6.40%, 05/15/38 | 2561 | 2914008 |
| 5.50%, 10/15/40 | 859 | 899915 |
| 5.60%, 07/15/41 | 604 | 634306 |
| 5.40%, 01/06/42 | 429 | 439317 |
| 5.63%, 08/16/43<sup>(a)</sup> | 1413 | 1462662 |
| 4.85%, 02/01/44 | 1026 | 982829 |
| 4.95%, 06/01/45 | 1636 | 1556861 |
| (1-day SOFR + 1.55%), 5.53%, 11/29/45<sup>(b)</sup> | 1190 | 1225239 |
| (1-day SOFR + 1.58%), 3.33%, 04/22/52<sup>(b)</sup> | 3341 | 2403163 |
| (1-day SOFR + 2.44%), 3.11%, 04/22/51<sup>(b)</sup> | 2909 | 2028660 |
| (3-mo. CME Term SOFR + 1.46%), 3.16%, <br> 04/22/42<sup>(b)</sup><br>| 2608 | 2041716 |
| (3-mo. CME Term SOFR + 1.48%), 3.90%, <br> 01/23/49<sup>(b)</sup><br>| 2050 | 1658550 |
| (3-mo. CME Term SOFR + 1.51%), 2.53%, <br> 11/19/41<sup>(b)</sup><br>| 1993 | 1448508 |
| (3-mo. CME Term SOFR + 1.62%), 3.88%, <br> 07/24/38<sup>(b)</sup><br>| 2800 | 2520800 |
| (3-mo. CME Term SOFR + 1.64%), 3.96%, <br> 11/15/48<sup>(b)</sup><br>| 3473 | 2848433 |
| (3-mo. CME Term SOFR + 1.72%), 4.03%, <br> 07/24/48<sup>(b)</sup><br>| 1763 | 1463661 |
| (3-mo. CME Term SOFR + 1.84%), 4.26%, <br> 02/22/48<sup>(b)</sup><br>| 1904 | 1641550 |
| (3-mo. CME Term SOFR + 2.46%), 3.11%, <br> 04/22/41<sup>(b)</sup><br>| 1261 | 994567 |
| Lloyds Banking Group PLC |  |  |
| 5.30%, 12/01/45 | 621 | 590984 |
| 4.34%, 01/09/48 | 1151 | 945498 |
| (5-year CMT + 1.50%), 3.37%, 12/14/46<sup>(a)(b)</sup> | 1000 | 745994 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 4.29%, 07/26/38<sup>(a)</sup> | 238 | 227488 |
| 4.15%, 03/07/39<sup>(a)</sup> | 400 | 376735 |
| 3.75%, 07/18/39 | 1232 | 1084690 |
| Morgan Stanley |  |  |
| 3.97%, 07/22/38<sup>(a)(b)</sup> | 2479 | 2234692 |
| 6.38%, 07/24/42 | 99 | 111459 |
| 4.30%, 01/27/45 | 2379 | 2089075 |
| 4.38%, 01/22/47 | 2750 | 2408422 |
| (1-day SOFR + 1.43%), 2.80%, 01/25/52<sup>(b)</sup> | 2664 | 1725778 |
| (1-day SOFR + 1.49%), 3.22%, 04/22/42<sup>(b)</sup> | 2550 | 1998708 |
| (1-day SOFR + 1.71%), 5.52%, 11/19/55<sup>(b)</sup> | 2425 | 2452001 |
| (1-day SOFR + 4.84%), 5.60%, 03/24/51<sup>(b)</sup> | 1704 | 1734418 |
| (3-mo. CME Term SOFR + 1.69%), 4.46%, <br> 04/22/39<sup>(b)</sup><br>| 2089 | 1964573 |
| Regions Bank, Series BKNT, 6.45%, 06/26/37 | 450 | 491264 |
| Regions Financial Corp., 7.38%, 12/10/37 | 100 | 115491 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 2.30%, 01/12/41 | 500 | $354353 |
| 2.93%, 09/17/41 | 1055 | 784877 |
| 3.05%, 01/14/42 | 850 | 660491 |
| 6.18%, 07/13/43<sup>(a)</sup> | 675 | 742562 |
| 5.84%, 07/09/44 | 800 | 840962 |
| (1-day SOFR + 1.78%), 5.80%, 07/08/46<sup>(a)(b)</sup> | 900 | 928331 |
| UBS AG, 4.50%, 06/26/48 | 925 | 827646 |
| UBS Group AG, 4.88%, 05/15/45 | 1757 | 1653476 |
| Wells Fargo & Co. |  |  |
| 5.38%, 11/02/43 | 1095 | 1069004 |
| 5.61%, 01/15/44 | 2617 | 2630814 |
| 4.65%, 11/04/44 | 1300 | 1151248 |
| 3.90%, 05/01/45 | 2328 | 1909259 |
| 4.90%, 11/17/45 | 1218 | 1116732 |
| 4.40%, 06/14/46 | 2106 | 1785394 |
| 4.75%, 12/07/46 | 2300 | 2043538 |
| (1-day SOFR + 2.13%), 4.61%, 04/25/53<sup>(b)</sup> | 3606 | 3161590 |
| (1-day SOFR + 2.53%), 3.07%, 04/30/41<sup>(b)</sup> | 4009 | 3125036 |
| (3-mo. CME Term SOFR + 4.50%), 5.01%, <br> 04/04/51<sup>(b)</sup><br>| 4858 | 4528733 |
| Wells Fargo Bank NA |  |  |
| 5.95%, 08/26/36 | 325 | 346602 |
| Series BKNT, 5.85%, 02/01/37 | 1350 | 1429900 |
| Series BKNT, 6.60%, 01/15/38 | 900 | 1012489 |
| Westpac Banking Corp. |  |  |
| 4.42%, 07/24/39 | 729 | 677139 |
| 2.96%, 11/16/40 | 925 | 710969 |
| 3.13%, 11/18/41 | 1001 | 760898 |
|  |  | 178240968 |
| **Beverages — 2.3%** | **Beverages — 2.3%** | **Beverages — 2.3%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev <br> Worldwide, Inc.<br>|  |  |
| 4.70%, 02/01/36 | 5403 | 5349052 |
| 4.90%, 02/01/46 | 7563 | 7111392 |
| Anheuser-Busch InBev Finance, Inc. |  |  |
| 4.70%, 02/01/36 | 600 | 594377 |
| 4.63%, 02/01/44 | 413 | 377688 |
| 4.90%, 02/01/46 | 1538 | 1441606 |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.38%, 04/15/38 | 479 | 458302 |
| 8.20%, 01/15/39 | 753 | 973544 |
| 5.45%, 01/23/39 | 1829 | 1897926 |
| 4.95%, 01/15/42 | 1688 | 1629535 |
| 4.60%, 04/15/48<sup>(a)</sup> | 650 | 592230 |
| 4.44%, 10/06/48 | 3048 | 2669273 |
| 5.55%, 01/23/49 | 4089 | 4142695 |
| 4.50%, 06/01/50 | 600 | 548635 |
| 4.75%, 04/15/58 | 1775 | 1592977 |
| 5.80%, 01/23/59 | 1229 | 1283805 |
| Brown-Forman Corp. |  |  |
| 4.00%, 04/15/38 | 413 | 372742 |
| 4.50%, 07/15/45 | 550 | 485524 |
| Coca-Cola Co. |  |  |
| 2.50%, 06/01/40 | 979 | 730198 |
| 2.88%, 05/05/41 | 663 | 511306 |
| 4.20%, 03/25/50 | 450 | 384849 |
| 2.60%, 06/01/50 | 1104 | 699304 |
| 3.00%, 03/05/51 | 1570 | 1070882 |
| 2.50%, 03/15/51 | 2013 | 1238387 |
| 5.30%, 05/13/54 | 975 | 971866 |
| 5.20%, 01/14/55 | 1525 | 1497569 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Coca-Cola Co. (continued) |  |  |
| 2.75%, 06/01/60 | 1550 | $931247 |
| 5.40%, 05/13/64 | 1330 | 1319938 |
| Coca-Cola Femsa SAB de CV, 5.25%, 11/26/43 | 400 | 393677 |
| Constellation Brands, Inc. |  |  |
| 4.50%, 05/09/47 | 550 | 462756 |
| 4.10%, 02/15/48 | 363 | 289341 |
| 5.25%, 11/15/48 | 250 | 233390 |
| 3.75%, 05/01/50 | 313 | 232422 |
| Diageo Capital PLC |  |  |
| 5.88%, 09/30/36<sup>(a)</sup> | 400 | 434163 |
| 3.88%, 04/29/43 | 731 | 605491 |
| Diageo Investment Corp., 4.25%, 05/11/42 | 663 | 578308 |
| Keurig Dr. Pepper, Inc. |  |  |
| 4.50%, 11/15/45 | 600 | 504048 |
| 4.42%, 12/15/46 | 113 | 92598 |
| 5.09%, 05/25/48 | 250 | 224392 |
| 3.80%, 05/01/50 | 738 | 543813 |
| 3.35%, 03/15/51 | 563 | 379734 |
| 4.50%, 04/15/52 | 938 | 763770 |
| Molson Coors Beverage Co. |  |  |
| 5.00%, 05/01/42 | 725 | 673728 |
| 4.20%, 07/15/46 | 1518 | 1241256 |
| PepsiCo, Inc. |  |  |
| 5.50%, 01/15/40 | 250 | 263476 |
| 3.50%, 03/19/40 | 250 | 211143 |
| 4.88%, 11/01/40 | 250 | 245942 |
| 2.63%, 10/21/41 | 663 | 484350 |
| 4.00%, 03/05/42 | 200 | 174615 |
| 3.60%, 08/13/42 | 400 | 329191 |
| 4.25%, 10/22/44 | 250 | 220646 |
| 4.45%, 04/14/46 | 850 | 765103 |
| 3.45%, 10/06/46 | 716 | 551794 |
| 4.00%, 05/02/47 | 450 | 374811 |
| 3.38%, 07/29/49 | 400 | 295102 |
| 2.88%, 10/15/49 | 863 | 581297 |
| 3.63%, 03/19/50 | 1229 | 945790 |
| 2.75%, 10/21/51<sup>(a)</sup> | 943 | 606882 |
| 4.20%, 07/18/52 | 375 | 313520 |
| 4.65%, 02/15/53 | 500 | 450615 |
| 5.25%, 07/17/54<sup>(a)</sup> | 800 | 790961 |
| 3.88%, 03/19/60 | 275 | 213120 |
|  |  | 56348094 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| Amgen, Inc. |  |  |
| 6.38%, 06/01/37 | 400 | 444599 |
| 6.40%, 02/01/39 | 300 | 329529 |
| 3.15%, 02/21/40 | 1854 | 1463159 |
| 5.75%, 03/15/40 | 350 | 363289 |
| 2.80%, 08/15/41 | 1411 | 1039287 |
| 4.95%, 10/01/41 | 650 | 615014 |
| 5.15%, 11/15/41 | 663 | 646310 |
| 5.65%, 06/15/42 | 350 | 358565 |
| 5.60%, 03/02/43 | 2375 | 2406814 |
| 4.40%, 05/01/45 | 2470 | 2141820 |
| 4.56%, 06/15/48<sup>(a)</sup> | 1038 | 898269 |
| 3.38%, 02/21/50 | 2029 | 1472208 |
| 4.66%, 06/15/51 | 2828 | 2468830 |
| 3.00%, 01/15/52 | 985 | 654173 |
| 4.20%, 02/22/52 | 1210 | 974721 |
| 4.88%, 03/01/53 | 700 | 627362 |
| 5.65%, 03/02/53 | 4025 | 4016218 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Amgen, Inc. (continued) |  |  |
| 2.77%, 09/01/53<sup>(a)</sup> | 1879 | $1137961 |
| 4.40%, 02/22/62 | 1575 | 1257632 |
| 5.75%, 03/02/63 | 1520 | 1518946 |
| Baxalta, Inc., 5.25%, 06/23/45 | 302 | 291643 |
| Biogen, Inc. |  |  |
| 5.20%, 09/15/45 | 850 | 787419 |
| 3.15%, 05/01/50 | 1687 | 1107184 |
| 3.25%, 02/15/51 | 461 | 306015 |
| 6.45%, 05/15/55 | 150 | 159981 |
| Gilead Sciences, Inc. |  |  |
| 4.00%, 09/01/36 | 750 | 699820 |
| 2.60%, 10/01/40 | 730 | 538469 |
| 5.65%, 12/01/41 | 619 | 646773 |
| 4.80%, 04/01/44 | 1786 | 1669367 |
| 4.50%, 02/01/45 | 1753 | 1573621 |
| 4.75%, 03/01/46 | 2318 | 2134743 |
| 4.15%, 03/01/47 | 2003 | 1688815 |
| 2.80%, 10/01/50 | 1594 | 1033087 |
| 5.55%, 10/15/53 | 1050 | 1063435 |
| 5.50%, 11/15/54 | 750 | 755720 |
| 5.60%, 11/15/64 | 650 | 657165 |
| Regeneron Pharmaceuticals, Inc., 2.80%, 09/15/50 | 691 | 433834 |
| Royalty Pharma PLC |  |  |
| 3.30%, 09/02/40 | 1054 | 814932 |
| 3.55%, 09/02/50 | 650 | 458143 |
| 3.35%, 09/02/51 | 513 | 347850 |
| 5.90%, 09/02/54 | 225 | 224697 |
| 5.95%, 09/25/55 | 450 | 452089 |
|  |  | 42679508 |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |
| TJX Cos., Inc., 4.50%, 04/15/50<sup>(a)</sup> | 513 | 454621 |
| **Building Materials — 0.6%** | **Building Materials — 0.6%** | **Building Materials — 0.6%** |
| Carlisle Cos., Inc., 5.55%, 09/15/40 | 400 | 405768 |
| Carrier Global Corp. |  |  |
| 3.38%, 04/05/40 | 1679 | 1365940 |
| 3.58%, 04/05/50 | 1217 | 918398 |
| 6.20%, 03/15/54<sup>(a)</sup> | 311 | 342462 |
| CRH America Finance, Inc. |  |  |
| 5.00%, 02/09/36 | 1375 | 1377636 |
| 5.88%, 01/09/55 | 370 | 387268 |
| 5.60%, 02/09/56 | 510 | 509205 |
| Fortune Brands Innovations, Inc., 4.50%, 03/25/52<sup>(a)</sup> | 413 | 339056 |
| Johnson Controls International PLC |  |  |
| 6.00%, 01/15/36 | 300 | 326195 |
| 4.63%, 07/02/44 | 370 | 331218 |
| 4.50%, 02/15/47 | 453 | 394579 |
| 4.95%, 07/02/64<sup>(c)</sup> | 290 | 254454 |
| Martin Marietta Materials, Inc. |  |  |
| 4.25%, 12/15/47 | 613 | 517311 |
| 3.20%, 07/15/51 | 625 | 430066 |
| 5.50%, 12/01/54 | 895 | 893797 |
| Masco Corp.<sup>(a)</sup> <br>|  |  |
| 4.50%, 05/15/47 | 350 | 298108 |
| 3.13%, 02/15/51 | 197 | 131510 |
| Owens Corning |  |  |
| 7.00%, 12/01/36 | 500 | 573934 |
| 4.30%, 07/15/47 | 650 | 540401 |
| 4.40%, 01/30/48 | 329 | 275942 |
| 5.95%, 06/15/54<sup>(a)</sup> | 385 | 394532 |
| Trane Technologies Financing Ltd. |  |  |
| 4.65%, 11/01/44<sup>(a)</sup> | 300 | 273451 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| Trane Technologies Financing Ltd. (continued) |  |  |
| 4.50%, 03/21/49 | 213 | $185799 |
| Trane Technologies Holdco, Inc. |  |  |
| 5.75%, 06/15/43 | 450 | 472375 |
| 4.30%, 02/21/48 | 238 | 203044 |
| Vulcan Materials Co. |  |  |
| 4.50%, 06/15/47 | 713 | 624424 |
| 4.70%, 03/01/48 | 550 | 495534 |
| 5.70%, 12/01/54 | 600 | 613694 |
|  |  | 13876101 |
| **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** |
| Home Depot, Inc. |  |  |
| 5.88%, 12/16/36 | 2300 | 2497834 |
| 3.30%, 04/15/40 | 1411 | 1157953 |
| 5.40%, 09/15/40 | 463 | 478821 |
| 5.95%, 04/01/41 | 938 | 1009604 |
| 4.20%, 04/01/43 | 945 | 823158 |
| 4.88%, 02/15/44 | 650 | 614922 |
| 4.40%, 03/15/45 | 1036 | 913981 |
| 4.25%, 04/01/46 | 1629 | 1401178 |
| 3.90%, 06/15/47 | 1094 | 883309 |
| 4.50%, 12/06/48 | 729 | 640239 |
| 3.13%, 12/15/49 | 1396 | 967833 |
| 3.35%, 04/15/50 | 1298 | 935230 |
| 2.38%, 03/15/51 | 1695 | 991528 |
| 2.75%, 09/15/51 | 1038 | 654593 |
| 3.63%, 04/15/52 | 1808 | 1350563 |
| 4.95%, 09/15/52<sup>(a)</sup> | 1055 | 981115 |
| 5.30%, 06/25/54 | 1005 | 977917 |
| 3.50%, 09/15/56 | 1700 | 1213928 |
| 5.40%, 06/25/64 | 440 | 433013 |
| Lowe's Cos., Inc. |  |  |
| 5.00%, 04/15/40 | 329 | 319192 |
| 2.80%, 09/15/41 | 1213 | 877911 |
| 4.65%, 04/15/42 | 200 | 183711 |
| 4.38%, 09/15/45 | 429 | 364676 |
| 3.70%, 04/15/46 | 1650 | 1266208 |
| 4.05%, 05/03/47 | 1579 | 1268017 |
| 4.55%, 04/05/49 | 550 | 468097 |
| 5.13%, 04/15/50 | 500 | 460385 |
| 3.00%, 10/15/50 | 1919 | 1244492 |
| 3.50%, 04/01/51 | 829 | 588396 |
| 4.25%, 04/01/52 | 1658 | 1324825 |
| 5.63%, 04/15/53<sup>(a)</sup> | 1095 | 1079876 |
| 5.75%, 07/01/53<sup>(a)</sup> | 455 | 456345 |
| 4.45%, 04/01/62 | 1250 | 998077 |
| 5.80%, 09/15/62 | 700 | 697914 |
| 5.85%, 04/01/63 | 375 | 377151 |
|  |  | 30901992 |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
| Air Products and Chemicals, Inc. |  |  |
| 2.70%, 05/15/40 | 633 | 475460 |
| 2.80%, 05/15/50 | 934 | 610514 |
| Albemarle Corp. |  |  |
| 5.45%, 12/01/44<sup>(a)</sup> | 375 | 344610 |
| 5.65%, 06/01/52 | 100 | 88667 |
| CF Industries, Inc. |  |  |
| 4.95%, 06/01/43 | 663 | 607518 |
| 5.38%, 03/15/44<sup>(a)</sup> | 688 | 661610 |
| Dow Chemical Co. |  |  |
| 5.65%, 03/15/36<sup>(a)</sup> | 575 | 575422 |
| 9.40%, 05/15/39 | 629 | 816630 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Dow Chemical Co. (continued) |  |  |
| 5.25%, 11/15/41 | $826 | $758690 |
| 4.38%, 11/15/42 | 863 | 699070 |
| 4.63%, 10/01/44 | 50 | 41132 |
| 5.55%, 11/30/48<sup>(a)</sup> | 829 | 751590 |
| 4.80%, 05/15/49 | 629 | 513952 |
| 3.60%, 11/15/50 | 1463 | 988231 |
| 6.90%, 05/15/53<sup>(a)</sup> | 550 | 583146 |
| 5.60%, 02/15/54<sup>(a)</sup> | 950 | 854205 |
| 5.95%, 03/15/55 | 550 | 521099 |
| DuPont de Nemours, Inc. |  |  |
| 5.32%, 11/15/38 | 838 | 871504 |
| 5.42%, 11/15/48 | 2018 | 2029801 |
| Eastman Chemical Co. |  |  |
| 4.80%, 09/01/42<sup>(a)</sup> | 663 | 587292 |
| 4.65%, 10/15/44 | 629 | 539354 |
| Ecolab, Inc. |  |  |
| 3.95%, 12/01/47 | 700 | 572086 |
| 2.13%, 08/15/50 | 810 | 454618 |
| 2.70%, 12/15/51 | 916 | 580439 |
| 2.75%, 08/18/55<sup>(a)</sup> | 800 | 493512 |
| FMC Corp. |  |  |
| 4.50%, 10/01/49 | 607 | 433362 |
| 6.38%, 05/18/53<sup>(a)</sup> | 270 | 242774 |
| International Flavors & Fragrances, Inc. |  |  |
| 4.38%, 06/01/47 | 688 | 557424 |
| 5.00%, 09/26/48<sup>(a)</sup> | 363 | 322928 |
| Linde, Inc. |  |  |
| 3.55%, 11/07/42 | 725 | 588442 |
| 2.00%, 08/10/50 | 333 | 181962 |
| LYB International Finance BV |  |  |
| 5.25%, 07/15/43 | 700 | 625326 |
| 4.88%, 03/15/44 | 838 | 713580 |
| LYB International Finance III LLC |  |  |
| 3.38%, 10/01/40 | 741 | 548305 |
| 4.20%, 10/15/49 | 1166 | 859070 |
| 4.20%, 05/01/50<sup>(a)</sup> | 1063 | 784579 |
| 3.63%, 04/01/51 | 853 | 566219 |
| 3.80%, 10/01/60 | 355 | 227469 |
| LyondellBasell Industries NV, 4.63%, 02/26/55<sup>(a)</sup> | 945 | 736454 |
| Mosaic Co. |  |  |
| 4.88%, 11/15/41 | 300 | 271958 |
| 5.63%, 11/15/43 | 420 | 411425 |
| Nutrien Ltd. |  |  |
| 5.88%, 12/01/36 | 660 | 697335 |
| 5.63%, 12/01/40 | 400 | 405873 |
| 6.13%, 01/15/41 | 350 | 370128 |
| 4.90%, 06/01/43 | 213 | 196588 |
| 5.25%, 01/15/45 | 220 | 209704 |
| 5.00%, 04/01/49 | 520 | 477812 |
| 3.95%, 05/13/50 | 813 | 629717 |
| 5.80%, 03/27/53<sup>(a)</sup> | 810 | 826090 |
| RPM International, Inc. |  |  |
| 5.25%, 06/01/45 | 163 | 158389 |
| 4.25%, 01/15/48 | 400 | 334623 |
| Sherwin-Williams Co. |  |  |
| 4.55%, 08/01/45 | 500 | 438389 |
| 4.50%, 06/01/47 | 1104 | 959388 |
| 3.80%, 08/15/49 | 577 | 441994 |
| 3.30%, 05/15/50 | 200 | 139519 |
| 2.90%, 03/15/52 | 725 | 460199 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Westlake Corp. |  |  |
| 2.88%, 08/15/41 | 295 | $205984 |
| 5.00%, 08/15/46 | 820 | 724739 |
| 4.38%, 11/15/47 | 265 | 210685 |
| 3.13%, 08/15/51 | 520 | 327080 |
| 3.38%, 08/15/61 | 470 | 291916 |
|  |  | 32597581 |
| **Commercial Services & Supplies — 1.3%** | **Commercial Services & Supplies — 1.3%** | **Commercial Services & Supplies — 1.3%** |
| American University, Series 2019, 3.67%, 04/01/49 | 111 | 85916 |
| Brown University, Series A, 2.92%, 09/01/50 | 610 | 414248 |
| California Endowment, Series 2021, 2.50%, 04/01/51 | 300 | 182044 |
| California Institute of Technology |  |  |
| 4.70%, 11/01/2111 | 350 | 293962 |
| 3.65%, 09/01/2119 | 1229 | 804887 |
| Case Western Reserve University, Series 2022-C, <br> 5.41%, 06/01/2122<br>| 279 | 265073 |
| Claremont Mckenna College, 3.78%, 01/01/2122 | 100 | 66858 |
| Duke University |  |  |
| Series 2020, 2.68%, 10/01/44 | 125 | 92203 |
| Series 2020, 2.83%, 10/01/55 | 1280 | 831237 |
| Emory University, Series 2020, 2.97%, 09/01/50 | 288 | 195325 |
| Ford Foundation, Series 2020, 2.82%, 06/01/70<sup>(a)</sup> | 620 | 364748 |
| GATX Corp. |  |  |
| 5.20%, 03/15/44<sup>(a)</sup> | 150 | 142645 |
| 3.10%, 06/01/51 | 400 | 260418 |
| 6.05%, 06/05/54 | 1020 | 1050240 |
| George Washington University |  |  |
| 4.87%, 09/15/45<sup>(a)</sup> | 251 | 234473 |
| Series 2014, 4.30%, 09/15/44<sup>(a)</sup> | 163 | 141813 |
| Series 2018, 4.13%, 09/15/48 | 606 | 502573 |
| Georgetown University |  |  |
| Series 20A, 2.94%, 04/01/50 | 102 | 67721 |
| Series B, 4.32%, 04/01/49 | 225 | 191163 |
| Global Payments, Inc. |  |  |
| 4.15%, 08/15/49 | 543 | 409329 |
| 5.95%, 08/15/52<sup>(a)</sup> | 685 | 664273 |
| Howard University, Series 22A, 5.21%, 10/01/52 | 64 | 57049 |
| Johns Hopkins University |  |  |
| Series 2013, 4.08%, 07/01/53 | 225 | 184148 |
| Series A, 2.81%, 01/01/60 | 150 | 89294 |
| Leland Stanford Junior University |  |  |
| 3.65%, 05/01/48 | 695 | 555436 |
| 2.41%, 06/01/50 | 600 | 369571 |
| Massachusetts Institute of Technology |  |  |
| 3.96%, 07/01/38<sup>(a)</sup> | 1967 | 1824454 |
| 3.07%, 04/01/52 | 130 | 90477 |
| 5.60%, 07/01/2111 | 488 | 500975 |
| 4.68%, 07/01/2114 | 275 | 238159 |
| 3.89%, 07/01/2116<sup>(a)</sup> | 300 | 216409 |
| Series F, 2.99%, 07/01/50 | 116 | 80587 |
| Series G, 2.29%, 07/01/51 | 101 | 59512 |
| Moody's Corp. |  |  |
| 2.75%, 08/19/41 | 697 | 505393 |
| 5.25%, 07/15/44 | 600 | 584935 |
| 4.88%, 12/17/48 | 300 | 272947 |
| 3.25%, 05/20/50<sup>(a)</sup> | 364 | 253785 |
| 3.75%, 02/25/52 | 316 | 241953 |
| 3.10%, 11/29/61 | 384 | 244200 |
| Northeastern University, Series 2020, 2.89%, <br> 10/01/50<sup>(a)</sup><br>| 275 | 190650 |
| Northwestern University |  |  |
| 4.94%, 12/01/35 | 550 | 567207 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Northwestern University (continued) |  |  |
| Series 2017, 3.66%, 12/01/57<sup>(a)</sup> | $1000 | $746252 |
| PayPal Holdings, Inc. |  |  |
| 3.25%, 06/01/50 | 1175 | 820211 |
| 5.05%, 06/01/52 | 830 | 780139 |
| 5.50%, 06/01/54<sup>(a)</sup> | 350 | 349753 |
| 5.25%, 06/01/62 | 555 | 524480 |
| President and Fellows of Harvard College |  |  |
| 4.88%, 10/15/40 | 200 | 199424 |
| 3.15%, 07/15/46 | 1513 | 1126141 |
| 2.52%, 10/15/50 | 133 | 83032 |
| 3.75%, 11/15/52 | 100 | 78801 |
| 3.30%, 07/15/56 | 579 | 409436 |
| Quanta Services, Inc., 3.05%, 10/01/41 | 151 | 113157 |
| Rockefeller Foundation, Series 2020, 2.49%, <br> 10/01/50<br>| 704 | 438534 |
| S&P Global, Inc. |  |  |
| 3.25%, 12/01/49 | 545 | 393140 |
| 3.70%, 03/01/52 | 849 | 655727 |
| 2.30%, 08/15/60<sup>(a)</sup> | 763 | 398388 |
| 3.90%, 03/01/62 | 225 | 173198 |
| Thomas Jefferson University, 3.85%, 11/01/57 | 43 | 31191 |
| TR Finance LLC |  |  |
| 5.85%, 04/15/40 | 500 | 522190 |
| 5.65%, 11/23/43<sup>(a)</sup> | 279 | 282069 |
| Trustees of Boston College, 3.13%, 07/01/52<sup>(a)</sup> | 413 | 293906 |
| Trustees of Princeton University |  |  |
| 5.70%, 03/01/39 | 263 | 285142 |
| 4.20%, 03/01/52 | 1000 | 862144 |
| Series 2020, 2.52%, 07/01/50<sup>(a)</sup> | 346 | 218294 |
| Trustees of the University of Pennsylvania |  |  |
| 3.61%, 02/15/2119 | 228 | 149788 |
| Series 2020, 2.40%, 10/01/50 | 674 | 406414 |
| University of Chicago |  |  |
| 4.00%, 10/01/53 | 100 | 79677 |
| Series C, 2.55%, 04/01/50 | 164 | 107865 |
| University of Miami, Series 2022, 4.06%, 04/01/52 | 500 | 410452 |
| University of Notre Dame du Lac |  |  |
| Series 2015, 3.44%, 02/15/45 | 400 | 315329 |
| Series 2017, 3.39%, 02/15/48 | 278 | 211261 |
| University of Southern California |  |  |
| 3.03%, 10/01/39 | 780 | 651911 |
| 2.81%, 10/01/50 | 63 | 41450 |
| 4.98%, 10/01/53<sup>(a)</sup> | 365 | 346058 |
| 5.25%, 10/01/2111 | 175 | 169080 |
| Series 2017, 3.84%, 10/01/47 | 1000 | 819279 |
| Series 21A, 2.95%, 10/01/51 | 983 | 656904 |
| Series A, 3.23%, 10/01/2120<sup>(a)</sup> | 61 | 36675 |
| Verisk Analytics, Inc. |  |  |
| 5.13%, 02/15/36 | 575 | 578176 |
| 5.50%, 06/15/45 | 300 | 297790 |
| 3.63%, 05/15/50 | 372 | 275365 |
| Washington University |  |  |
| 4.35%, 04/15/2122 | 129 | 100667 |
| Series 2022, 3.52%, 04/15/54 | 1450 | 1077462 |
| William Marsh Rice University |  |  |
| 3.57%, 05/15/45 | 375 | 303595 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| William Marsh Rice University (continued) |  |  |
| 3.77%, 05/15/55 | 265 | $205316 |
| Yale University, Series 2020, 2.40%, 04/15/50 | 113 | 69359 |
|  |  | 31482912 |
| **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |
| Juniper Networks, Inc., 5.95%, 03/15/41 | 413 | 416339 |
| Motorola Solutions, Inc., 5.50%, 09/01/44 | 300 | 297521 |
|  |  | 713860 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| American Express Co., 4.05%, 12/03/42 | 825 | 715651 |
| Mastercard, Inc. |  |  |
| 3.80%, 11/21/46 | 650 | 530136 |
| 3.95%, 02/26/48 | 550 | 453132 |
| 3.65%, 06/01/49 | 713 | 553767 |
| 3.85%, 03/26/50 | 1444 | 1154275 |
| 2.95%, 03/15/51<sup>(a)</sup> | 404 | 269772 |
| Visa, Inc. |  |  |
| 4.15%, 12/14/35 | 1213 | 1175894 |
| 2.70%, 04/15/40 | 729 | 561478 |
| 4.30%, 12/14/45 | 2700 | 2388836 |
| 3.65%, 09/15/47 | 976 | 772543 |
| 2.00%, 08/15/50<sup>(a)</sup> | 1936 | 1076374 |
| Western Union Co., 6.20%, 11/17/36<sup>(a)</sup> | 433 | 451556 |
|  |  | 10103414 |
| **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** |
| Dollar General Corp. |  |  |
| 4.13%, 04/03/50 | 454 | 359418 |
| 5.50%, 11/01/52<sup>(a)</sup> | 600 | 577839 |
| Dollar Tree, Inc., 3.38%, 12/01/51 | 429 | 293041 |
| Target Corp. |  |  |
| 5.25%, 02/15/36 | 300 | 308557 |
| 6.50%, 10/15/37 | 400 | 456220 |
| 7.00%, 01/15/38 | 455 | 534223 |
| 4.00%, 07/01/42 | 1100 | 945691 |
| 3.63%, 04/15/46 | 452 | 349011 |
| 3.90%, 11/15/47 | 638 | 508974 |
| 2.95%, 01/15/52<sup>(a)</sup> | 1025 | 672172 |
| 4.80%, 01/15/53<sup>(a)</sup> | 1025 | 928915 |
| Walmart, Inc. |  |  |
| 6.50%, 08/15/37 | 1000 | 1160534 |
| 6.20%, 04/15/38<sup>(a)</sup> | 650 | 737329 |
| 3.95%, 06/28/38<sup>(a)</sup> | 200 | 186975 |
| 5.63%, 04/01/40 | 359 | 387350 |
| 5.00%, 10/25/40<sup>(a)</sup> | 350 | 355992 |
| 5.63%, 04/15/41<sup>(a)</sup> | 575 | 614731 |
| 2.50%, 09/22/41 | 1004 | 727152 |
| 4.00%, 04/11/43 | 175 | 154296 |
| 4.30%, 04/22/44 | 300 | 271652 |
| 3.63%, 12/15/47 | 250 | 199126 |
| 4.05%, 06/29/48 | 2093 | 1768348 |
| 2.95%, 09/24/49 | 675 | 470876 |
| 2.65%, 09/22/51 | 1292 | 827335 |
| 4.50%, 09/09/52 | 800 | 717855 |
| 4.50%, 04/15/53<sup>(a)</sup> | 1500 | 1343755 |
|  |  | 15857367 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Packaging Corp. of America |  |  |
| 4.05%, 12/15/49 | $538 | $433317 |
| 3.05%, 10/01/51 | 445 | 293439 |
| Smurfit Kappa Treasury ULC, 5.78%, 04/03/54<sup>(a)</sup> | 950 | 966331 |
| Sonoco Products Co., 5.75%, 11/01/40<sup>(a)</sup> | 450 | 459209 |
|  |  | 2152296 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| WW Grainger, Inc. |  |  |
| 4.60%, 06/15/45 | 686 | 627165 |
| 3.75%, 05/15/46 | 350 | 280842 |
| 4.20%, 05/15/47 | 450 | 380998 |
|  |  | 1289005 |
| **Diversified REITs — 0.7%** | **Diversified REITs — 0.7%** | **Diversified REITs — 0.7%** |
| American Tower Corp. |  |  |
| 3.70%, 10/15/49 | 500 | 376018 |
| 3.10%, 06/15/50 | 1278 | 860297 |
| 2.95%, 01/15/51 | 1345 | 869170 |
| Blackstone Reg Finance Co. LLC, 02/15/36<sup>(d)</sup> | 280 | 277882 |
| Brookfield Finance LLC/Brookfield Finance, Inc., <br> 3.45%, 04/15/50<br>| 725 | 507899 |
| Brookfield Finance, Inc. |  |  |
| 4.70%, 09/20/47 | 873 | 762520 |
| 3.50%, 03/30/51 | 481 | 338614 |
| 3.63%, 02/15/52 | 329 | 235357 |
| 5.97%, 03/04/54 | 915 | 941107 |
| 5.81%, 03/03/55 | 375 | 375077 |
| Crown Castle, Inc. |  |  |
| 2.90%, 04/01/41 | 1609 | 1179166 |
| 4.75%, 05/15/47<sup>(a)</sup> | 300 | 264480 |
| 5.20%, 02/15/49 | 450 | 414709 |
| 4.00%, 11/15/49 | 250 | 192259 |
| 4.15%, 07/01/50 | 500 | 396778 |
| 3.25%, 01/15/51 | 1050 | 704719 |
| Equinix, Inc. |  |  |
| 3.00%, 07/15/50<sup>(a)</sup> | 664 | 434746 |
| 2.95%, 09/15/51 | 350 | 224099 |
| 3.40%, 02/15/52 | 535 | 375125 |
| Federal Realty OP LP, 4.50%, 12/01/44 | 100 | 88181 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 5.75%, 11/01/37 | 225 | 223099 |
| 6.25%, 09/15/54<sup>(a)</sup> | 200 | 199085 |
| Kimco Realty OP LLC |  |  |
| 5.30%, 02/01/36 | 350 | 358244 |
| 4.25%, 04/01/45 | 500 | 426880 |
| 4.13%, 12/01/46<sup>(a)</sup> | 250 | 207570 |
| 4.45%, 09/01/47 | 408 | 354140 |
| 3.70%, 10/01/49 | 413 | 311656 |
| Prologis LP |  |  |
| 4.38%, 09/15/48 | 196 | 167946 |
| 3.05%, 03/01/50<sup>(a)</sup> | 100 | 67966 |
| 3.00%, 04/15/50 | 700 | 470402 |
| 2.13%, 10/15/50 | 300 | 166192 |
| 5.25%, 06/15/53<sup>(a)</sup> | 985 | 958735 |
| 5.25%, 03/15/54 | 875 | 849652 |
| Regency Centers LP |  |  |
| 4.40%, 02/01/47 | 463 | 400936 |
| 4.65%, 03/15/49 | 300 | 264950 |
| VICI Properties LP |  |  |
| 5.63%, 05/15/52 | 629 | 595077 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| VICI Properties LP (continued) |  |  |
| 6.13%, 04/01/54 | 720 | $726311 |
| Weyerhaeuser Co., 4.00%, 03/09/52<sup>(a)</sup> | 600 | 469614 |
|  |  | 17036658 |
| **Diversified Telecommunication Services — 3.7%** | **Diversified Telecommunication Services — 3.7%** | **Diversified Telecommunication Services — 3.7%** |
| AT&T, Inc. |  |  |
| 5.25%, 03/01/37 | 950 | 962607 |
| 4.90%, 08/15/37 | 925 | 901689 |
| 6.30%, 01/15/38 | 300 | 325533 |
| 6.55%, 02/15/39<sup>(a)</sup> | 300 | 333630 |
| 4.85%, 03/01/39 | 1500 | 1432187 |
| 5.35%, 09/01/40 | 550 | 542713 |
| 6.38%, 03/01/41 | 100 | 107960 |
| 3.50%, 06/01/41 | 2600 | 2055559 |
| 5.55%, 08/15/41 | 500 | 503576 |
| 4.30%, 12/15/42 | 750 | 641572 |
| 3.10%, 02/01/43 | 1050 | 776018 |
| 4.65%, 06/01/44 | 405 | 358575 |
| 4.80%, 06/15/44 | 200 | 179341 |
| 4.35%, 06/15/45 | 250 | 210165 |
| 5.55%, 11/01/45 | 1025 | 1005108 |
| 4.75%, 05/15/46 | 2000 | 1770637 |
| 5.15%, 11/15/46 | 780 | 726849 |
| 5.65%, 02/15/47 | 900 | 921106 |
| 5.45%, 03/01/47 | 300 | 289218 |
| 4.50%, 03/09/48 | 650 | 547952 |
| 4.55%, 03/09/49 | 1050 | 885458 |
| 5.15%, 02/15/50 | 500 | 462039 |
| 3.65%, 06/01/51 | 3050 | 2188573 |
| 3.30%, 02/01/52 | 1450 | 966555 |
| 3.50%, 09/15/53 | 7664 | 5257231 |
| 5.70%, 11/01/54 | 1700 | 1663702 |
| 3.55%, 09/15/55 | 7333 | 5008717 |
| 6.05%, 08/15/56 | 1315 | 1350944 |
| 5.70%, 03/01/57<sup>(a)</sup> | 350 | 347179 |
| 3.80%, 12/01/57 | 5899 | 4159834 |
| 3.65%, 09/15/59 | 5986 | 4049173 |
| 3.85%, 06/01/60 | 1300 | 916902 |
| 3.50%, 02/01/61<sup>(a)</sup> | 850 | 558645 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 4.46%, 04/01/48 | 1035 | 864458 |
| 4.30%, 07/29/49 | 273 | 220326 |
| 3.65%, 03/17/51<sup>(a)</sup> | 200 | 146059 |
| 3.65%, 08/15/52 | 441 | 317983 |
| 5.55%, 02/15/54<sup>(a)</sup> | 975 | 949278 |
| Cisco Systems, Inc. |  |  |
| 5.90%, 02/15/39 | 1609 | 1744446 |
| 5.50%, 01/15/40 | 1777 | 1848021 |
| 5.30%, 02/26/54 | 1805 | 1764744 |
| 5.50%, 02/24/55 | 555 | 559767 |
| 5.35%, 02/26/64 | 860 | 835257 |
| Nokia OYJ, 6.63%, 05/15/39<sup>(a)</sup> | 400 | 432297 |
| Telefonica Emisiones SA |  |  |
| 7.05%, 06/20/36 | 1915 | 2156001 |
| 4.67%, 03/06/38 | 355 | 324157 |
| 5.21%, 03/08/47 | 1867 | 1671901 |
| 4.90%, 03/06/48 | 882 | 755644 |
| 5.52%, 03/01/49 | 1200 | 1115642 |
| Verizon Communications, Inc. |  |  |
| 4.27%, 01/15/36 | 950 | 887100 |
| 5.25%, 03/16/37 | 1250 | 1257214 |
| 5.40%, 07/02/37<sup>(e)</sup> | 1000 | 1012443 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| Verizon Communications, Inc. (continued) |  |  |
| 4.81%, 03/15/39 | 1342 | $1272372 |
| 2.65%, 11/20/40 | 3138 | 2247979 |
| 3.40%, 03/22/41 | 3486 | 2737432 |
| 2.85%, 09/03/41 | 1288 | 930586 |
| 4.75%, 11/01/41 | 400 | 365838 |
| 3.85%, 11/01/42 | 463 | 375657 |
| 6.55%, 09/15/43 | 500 | 552804 |
| 4.13%, 08/15/46 | 950 | 771418 |
| 4.86%, 08/21/46 | 2084 | 1876842 |
| 5.50%, 03/16/47 | 500 | 492094 |
| 4.52%, 09/15/48 | 1250 | 1064102 |
| 5.01%, 04/15/49 | 400 | 370195 |
| 4.00%, 03/22/50 | 1279 | 1002144 |
| 2.88%, 11/20/50<sup>(a)</sup> | 2123 | 1338935 |
| 3.55%, 03/22/51 | 3849 | 2773067 |
| 3.88%, 03/01/52 | 1722 | 1299376 |
| 5.50%, 02/23/54<sup>(a)</sup> | 360 | 348915 |
| 5.01%, 08/21/54 | 1100 | 988906 |
| 4.67%, 03/15/55 | 900 | 767640 |
| 2.99%, 10/30/56 | 4114 | 2499534 |
| 3.00%, 11/20/60<sup>(a)</sup> | 2525 | 1504917 |
| 3.70%, 03/22/61 | 3287 | 2282571 |
|  |  | 89133009 |
| **Electric Utilities — 11.3%** | **Electric Utilities — 11.3%** | **Electric Utilities — 11.3%** |
| AEP Texas, Inc. |  |  |
| 3.80%, 10/01/47 | 250 | 187525 |
| 3.45%, 05/15/51 | 379 | 262247 |
| 5.25%, 05/15/52 | 280 | 260469 |
| 5.85%, 10/15/55 | 665 | 665354 |
| Series G, 4.15%, 05/01/49 | 300 | 235686 |
| Series H, 3.45%, 01/15/50 | 263 | 183516 |
| AEP Transmission Co. LLC |  |  |
| 4.00%, 12/01/46 | 200 | 163230 |
| 3.75%, 12/01/47 | 600 | 468933 |
| 4.25%, 09/15/48 | 200 | 167733 |
| 3.80%, 06/15/49 | 829 | 641329 |
| 3.15%, 09/15/49 | 164 | 113329 |
| 5.40%, 03/15/53 | 700 | 695236 |
| Series M, 3.65%, 04/01/50 | 413 | 313588 |
| Series N, 2.75%, 08/15/51 | 379 | 240925 |
| Series O, 4.50%, 06/15/52 | 450 | 390100 |
| Alabama Power Co. |  |  |
| 6.13%, 05/15/38 | 179 | 196338 |
| 6.00%, 03/01/39 | 450 | 488942 |
| 3.85%, 12/01/42 | 600 | 500932 |
| 4.15%, 08/15/44 | 375 | 321408 |
| 3.75%, 03/01/45 | 268 | 214399 |
| 4.30%, 01/02/46 | 213 | 183414 |
| 3.45%, 10/01/49 | 570 | 417733 |
| 3.13%, 07/15/51 | 921 | 627539 |
| 3.00%, 03/15/52 | 1075 | 716436 |
| Series A, 4.30%, 07/15/48<sup>(a)</sup> | 100 | 85237 |
| Series B, 3.70%, 12/01/47<sup>(a)</sup> | 277 | 215660 |
| Ameren Illinois Co. |  |  |
| 4.15%, 03/15/46 | 463 | 391641 |
| 3.70%, 12/01/47 | 675 | 527092 |
| 4.50%, 03/15/49 | 475 | 414649 |
| 3.25%, 03/15/50 | 147 | 104086 |
| 2.90%, 06/15/51 | 175 | 114414 |
| 5.90%, 12/01/52 | 400 | 423563 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Ameren Illinois Co. (continued) |  |  |
| 5.55%, 07/01/54 | $950 | $961381 |
| 5.63%, 03/01/55 | 1050 | 1072730 |
| American Electric Power Co., Inc., 3.25%, 03/01/50 | 529 | 355507 |
| Appalachian Power Co. |  |  |
| 7.00%, 04/01/38 | 400 | 455842 |
| 4.40%, 05/15/44 | 263 | 223903 |
| 4.45%, 06/01/45 | 400 | 340471 |
| Series Y, 4.50%, 03/01/49 | 350 | 293959 |
| Series Z, 3.70%, 05/01/50<sup>(a)</sup> | 425 | 313857 |
| Arizona Public Service Co. |  |  |
| 5.05%, 09/01/41<sup>(a)</sup> | 263 | 251109 |
| 4.50%, 04/01/42 | 329 | 291211 |
| 4.35%, 11/15/45 | 350 | 298056 |
| 3.75%, 05/15/46 | 325 | 252354 |
| 4.20%, 08/15/48 | 263 | 215907 |
| 4.25%, 03/01/49 | 300 | 246357 |
| 3.50%, 12/01/49 | 211 | 151863 |
| 3.35%, 05/15/50 | 650 | 458292 |
| 2.65%, 09/15/50<sup>(a)</sup> | 450 | 278205 |
| 5.90%, 08/15/55 | 705 | 725907 |
| Avista Corp. |  |  |
| 4.35%, 06/01/48 | 496 | 416814 |
| 4.00%, 04/01/52 | 300 | 233973 |
| Baltimore Gas and Electric Co. |  |  |
| 6.35%, 10/01/36 | 388 | 434272 |
| 3.50%, 08/15/46 | 279 | 211284 |
| 3.75%, 08/15/47 | 400 | 314060 |
| 4.25%, 09/15/48 | 250 | 210287 |
| 3.20%, 09/15/49 | 595 | 414654 |
| 2.90%, 06/15/50 | 421 | 276439 |
| 4.55%, 06/01/52 | 630 | 548228 |
| 5.40%, 06/01/53 | 710 | 700952 |
| 5.65%, 06/01/54 | 400 | 409777 |
| Basin Electric Power Cooperative, 5.85%, 10/15/55<sup>(e)</sup> | 700 | 701277 |
| Berkshire Hathaway Energy Co. |  |  |
| 6.13%, 04/01/36 | 1188 | 1290313 |
| 5.95%, 05/15/37<sup>(a)</sup> | 454 | 489491 |
| 5.15%, 11/15/43 | 713 | 691674 |
| 4.50%, 02/01/45 | 179 | 158334 |
| 3.80%, 07/15/48 | 763 | 591471 |
| 4.45%, 01/15/49 | 1113 | 953446 |
| 4.25%, 10/15/50 | 1079 | 885150 |
| 2.85%, 05/15/51<sup>(a)</sup> | 1629 | 1041519 |
| 4.60%, 05/01/53 | 1129 | 977132 |
| Black Hills Corp. |  |  |
| 4.20%, 09/15/46 | 250 | 202286 |
| 3.88%, 10/15/49 | 213 | 160638 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 3.55%, 08/01/42 | 526 | 424158 |
| 4.50%, 04/01/44 | 531 | 475276 |
| 3.95%, 03/01/48 | 413 | 332986 |
| 5.30%, 04/01/53<sup>(a)</sup> | 260 | 256512 |
| Series AD, 2.90%, 07/01/50 | 25 | 16572 |
| Series AF, 3.35%, 04/01/51 | 663 | 474766 |
| Series AH, 3.60%, 03/01/52 | 450 | 336725 |
| Series AJ, 4.85%, 10/01/52 | 200 | 183895 |
| Cleco Corporate Holdings LLC, 4.97%, 05/01/46 | 300 | 263542 |
| Cleveland Electric Illuminating Co., 5.95%, 12/15/36 | 280 | 296527 |
| CMS Energy Corp., 4.88%, 03/01/44 | 250 | 227335 |
| Commonwealth Edison Co. |  |  |
| 5.90%, 03/15/36 | 900 | 973997 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Commonwealth Edison Co. (continued) |  |  |
| 6.45%, 01/15/38 | $100 | $112480 |
| 3.80%, 10/01/42 | 320 | 264618 |
| 4.60%, 08/15/43 | 175 | 159912 |
| 3.70%, 03/01/45 | 213 | 169615 |
| 4.35%, 11/15/45 | 800 | 694809 |
| 3.65%, 06/15/46 | 620 | 484956 |
| 4.00%, 03/01/48 | 429 | 349236 |
| 4.00%, 03/01/49 | 529 | 424706 |
| 3.00%, 03/01/50 | 263 | 176558 |
| 5.30%, 02/01/53 | 365 | 355678 |
| 5.65%, 06/01/54 | 495 | 505330 |
| 5.95%, 06/01/55 | 530 | 564896 |
| Series 123, 3.75%, 08/15/47 | 400 | 312629 |
| Series 127, 3.20%, 11/15/49 | 605 | 421240 |
| Series 130, 3.13%, 03/15/51 | 879 | 599562 |
| Series 131, 2.75%, 09/01/51 | 513 | 325910 |
| Series 133, 3.85%, 03/15/52 | 659 | 510165 |
| Connecticut Light and Power Co. |  |  |
| 4.30%, 04/15/44 | 600 | 525605 |
| 4.00%, 04/01/48 | 710 | 577818 |
| 5.25%, 01/15/53 | 400 | 387460 |
| Series A, 4.15%, 06/01/45 | 300 | 252549 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| 5.70%, 06/15/40 | 400 | 414747 |
| 3.95%, 03/01/43 | 572 | 478658 |
| 4.45%, 03/15/44 | 688 | 608004 |
| 4.50%, 12/01/45 | 663 | 584310 |
| 3.85%, 06/15/46 | 429 | 343760 |
| 3.20%, 12/01/51 | 550 | 376380 |
| 6.15%, 11/15/52 | 800 | 862455 |
| 5.90%, 11/15/53 | 725 | 759164 |
| 5.70%, 05/15/54<sup>(a)</sup> | 775 | 795608 |
| 4.63%, 12/01/54 | 725 | 626369 |
| 4.50%, 05/15/58 | 629 | 528637 |
| 3.70%, 11/15/59 | 680 | 490787 |
| 3.60%, 06/15/61 | 720 | 505145 |
| Series 2006-A, 5.85%, 03/15/36 | 625 | 667458 |
| Series 2006-B, 6.20%, 06/15/36 | 75 | 82494 |
| Series 2007-A, 6.30%, 08/15/37 | 493 | 545805 |
| Series 2008-B, 6.75%, 04/01/38<sup>(a)</sup> | 800 | 919623 |
| Series 2009-C, 5.50%, 12/01/39 | 867 | 888817 |
| Series 2012-A, 4.20%, 03/15/42 | 329 | 286482 |
| Series 2017, 3.88%, 06/15/47 | 600 | 475124 |
| Series 20B, 3.95%, 04/01/50 | 1154 | 922838 |
| Series A, 4.13%, 05/15/49 | 313 | 254876 |
| Series C, 4.30%, 12/01/56 | 213 | 173360 |
| Series C, 4.00%, 11/15/57 | 370 | 283737 |
| Series C, 3.00%, 12/01/60 | 660 | 405406 |
| Series E, 4.65%, 12/01/48 | 463 | 411900 |
| Constellation Energy Generation LLC |  |  |
| 6.25%, 10/01/39 | 647 | 707319 |
| 5.75%, 10/01/41 | 413 | 423533 |
| 5.60%, 06/15/42 | 619 | 626312 |
| 6.50%, 10/01/53 | 490 | 542025 |
| 5.75%, 03/15/54 | 1000 | 1013818 |
| Consumers Energy Co. |  |  |
| 3.95%, 05/15/43 | 300 | 251701 |
| 3.25%, 08/15/46 | 600 | 446706 |
| 3.95%, 07/15/47 | 300 | 244962 |
| 4.05%, 05/15/48 | 650 | 538557 |
| 4.35%, 04/15/49 | 429 | 368304 |
| 3.75%, 02/15/50 | 250 | 193253 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Consumers Energy Co. (continued) |  |  |
| 3.10%, 08/15/50 | $590 | $408060 |
| 3.50%, 08/01/51 | 529 | 393561 |
| 2.65%, 08/15/52 | 134 | 85671 |
| 4.20%, 09/01/52 | 710 | 588248 |
| Dayton Power & Light Co., 3.95%, 06/15/49 | 300 | 226432 |
| Delmarva Power & Light Co., 4.15%, 05/15/45<sup>(a)</sup> | 500 | 427034 |
| Dominion Energy South Carolina, Inc. |  |  |
| 6.05%, 01/15/38 | 100 | 108246 |
| 5.45%, 02/01/41 | 579 | 589066 |
| 4.60%, 06/15/43 | 563 | 513908 |
| 6.25%, 10/15/53 | 440 | 486452 |
| 5.10%, 06/01/65 | 613 | 561465 |
| Dominion Energy, Inc. |  |  |
| 7.00%, 06/15/38 | 163 | 186396 |
| 4.70%, 12/01/44 | 329 | 291960 |
| Series A, 4.60%, 03/15/49 | 513 | 435612 |
| Series B, 3.30%, 04/15/41 | 325 | 248088 |
| Series B, 4.85%, 08/15/52 | 800 | 704552 |
| Series C, 4.90%, 08/01/41 | 509 | 473820 |
| DTE Electric Co. |  |  |
| 4.30%, 07/01/44 | 400 | 347728 |
| 3.70%, 03/15/45 | 434 | 345297 |
| 3.70%, 06/01/46 | 163 | 128323 |
| 3.75%, 08/15/47 | 330 | 258499 |
| 3.95%, 03/01/49 | 750 | 606600 |
| 2.95%, 03/01/50 | 529 | 358578 |
| 5.40%, 04/01/53<sup>(a)</sup> | 500 | 497922 |
| 5.85%, 05/15/55<sup>(a)</sup> | 445 | 470530 |
| Series A, 4.00%, 04/01/43 | 397 | 336190 |
| Series A, 4.05%, 05/15/48 | 463 | 383762 |
| Series B, 3.25%, 04/01/51 | 479 | 339893 |
| Series B, 3.65%, 03/01/52 | 367 | 276923 |
| Duke Energy Carolinas LLC |  |  |
| 6.10%, 06/01/37 | 413 | 447643 |
| 6.00%, 01/15/38 | 900 | 978031 |
| 6.05%, 04/15/38 | 511 | 555811 |
| 5.30%, 02/15/40 | 713 | 726487 |
| 4.25%, 12/15/41 | 279 | 247846 |
| 4.00%, 09/30/42 | 513 | 437224 |
| 3.75%, 06/01/45 | 500 | 398390 |
| 3.88%, 03/15/46 | 800 | 646721 |
| 3.70%, 12/01/47 | 438 | 338998 |
| 3.95%, 03/15/48 | 329 | 264667 |
| 3.20%, 08/15/49 | 669 | 468195 |
| 3.45%, 04/15/51 | 425 | 308540 |
| 3.55%, 03/15/52 | 392 | 289153 |
| 5.35%, 01/15/53 | 950 | 934676 |
| 5.40%, 01/15/54 | 1232 | 1226664 |
| Duke Energy Corp. |  |  |
| 3.30%, 06/15/41 | 579 | 449175 |
| 4.80%, 12/15/45 | 663 | 595306 |
| 3.75%, 09/01/46 | 1393 | 1075108 |
| 3.95%, 08/15/47<sup>(a)</sup> | 413 | 324334 |
| 4.20%, 06/15/49 | 613 | 492784 |
| 3.50%, 06/15/51 | 679 | 480878 |
| 5.00%, 08/15/52 | 850 | 768711 |
| 6.10%, 09/15/53 | 425 | 447899 |
| 5.80%, 06/15/54 | 825 | 835017 |
| 5.70%, 09/15/55 | 1350 | 1346703 |
| Duke Energy Florida LLC |  |  |
| 6.35%, 09/15/37 | 500 | 559218 |
| 6.40%, 06/15/38 | 1100 | 1239442 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Duke Energy Florida LLC (continued) |  |  |
| 5.65%, 04/01/40 | $300 | $314388 |
| 3.85%, 11/15/42 | 700 | 580620 |
| 3.40%, 10/01/46 | 863 | 642993 |
| 4.20%, 07/15/48 | 450 | 372342 |
| 3.00%, 12/15/51 | 425 | 280571 |
| 5.95%, 11/15/52 | 525 | 554314 |
| 6.20%, 11/15/53 | 150 | 164661 |
| Duke Energy Indiana LLC |  |  |
| 6.35%, 08/15/38 | 275 | 305097 |
| 6.45%, 04/01/39 | 200 | 223812 |
| 3.75%, 05/15/46 | 463 | 365934 |
| 2.75%, 04/01/50 | 500 | 318758 |
| 5.40%, 04/01/53 | 500 | 489320 |
| 5.90%, 05/15/55 | 260 | 273565 |
| Series WWW, 4.90%, 07/15/43 | 163 | 153850 |
| Series YYY, 3.25%, 10/01/49 | 800 | 564255 |
| Duke Energy Ohio, Inc. |  |  |
| 3.70%, 06/15/46 | 163 | 127130 |
| 4.30%, 02/01/49 | 300 | 251623 |
| 5.65%, 04/01/53 | 225 | 227601 |
| 5.55%, 03/15/54 | 475 | 477439 |
| Duke Energy Progress LLC |  |  |
| 6.30%, 04/01/38 | 300 | 334835 |
| 4.10%, 05/15/42 | 922 | 795294 |
| 4.10%, 03/15/43 | 863 | 738649 |
| 4.38%, 03/30/44 | 326 | 285858 |
| 4.15%, 12/01/44 | 313 | 266657 |
| 4.20%, 08/15/45 | 363 | 308703 |
| 3.70%, 10/15/46 | 288 | 224401 |
| 3.60%, 09/15/47 | 829 | 632338 |
| 2.50%, 08/15/50 | 413 | 248862 |
| 2.90%, 08/15/51 | 576 | 371803 |
| 4.00%, 04/01/52 | 300 | 238522 |
| 5.35%, 03/15/53 | 500 | 489894 |
| 5.55%, 03/15/55 | 475 | 480640 |
| Emera U.S. Finance LP, 4.75%, 06/15/46 | 988 | 858132 |
| Entergy Arkansas LLC |  |  |
| 4.20%, 04/01/49 | 425 | 349134 |
| 2.65%, 06/15/51 | 975 | 595081 |
| 3.35%, 06/15/52<sup>(a)</sup> | 338 | 235484 |
| 5.75%, 06/01/54 | 200 | 206418 |
| Entergy Corp., 3.75%, 06/15/50 | 714 | 526785 |
| Entergy Louisiana LLC |  |  |
| 3.10%, 06/15/41 | 525 | 400401 |
| 4.95%, 01/15/45 | 450 | 418341 |
| 4.20%, 09/01/48 | 913 | 752919 |
| 4.20%, 04/01/50 | 479 | 390711 |
| 2.90%, 03/15/51 | 643 | 413809 |
| 4.75%, 09/15/52 | 500 | 445626 |
| 5.70%, 03/15/54 | 775 | 784180 |
| 5.80%, 03/15/55 | 525 | 540101 |
| Entergy Mississippi LLC |  |  |
| 3.85%, 06/01/49 | 413 | 320336 |
| 3.50%, 06/01/51 | 325 | 233499 |
| 5.85%, 06/01/54 | 275 | 282638 |
| 5.80%, 04/15/55 | 375 | 385552 |
| Entergy Texas, Inc. |  |  |
| 4.50%, 03/30/39 | 425 | 398116 |
| 3.55%, 09/30/49 | 405 | 296072 |
| 5.00%, 09/15/52 | 300 | 273156 |
| 5.80%, 09/01/53 | 75 | 76440 |
| 5.55%, 09/15/54 | 125 | 123566 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Evergy Kansas Central, Inc. |  |  |
| 4.13%, 03/01/42 | $575 | $492882 |
| 4.10%, 04/01/43 | 400 | 339842 |
| 4.25%, 12/01/45 | 311 | 262770 |
| 3.25%, 09/01/49 | 113 | 78744 |
| 3.45%, 04/15/50 | 513 | 370543 |
| 5.70%, 03/15/53 | 345 | 350066 |
| Evergy Metro, Inc. |  |  |
| 5.30%, 10/01/41 | 340 | 337715 |
| 4.20%, 06/15/47 | 250 | 208477 |
| 4.20%, 03/15/48 | 150 | 124466 |
| Series 2019, 4.13%, 04/01/49 | 350 | 284144 |
| Eversource Energy, 3.45%, 01/15/50 | 929 | 673624 |
| Exelon Corp. |  |  |
| 5.10%, 06/15/45 | 763 | 716025 |
| 4.45%, 04/15/46 | 300 | 256790 |
| 4.70%, 04/15/50 | 738 | 641408 |
| 4.10%, 03/15/52 | 459 | 360548 |
| 5.60%, 03/15/53 | 975 | 960517 |
| 5.88%, 03/15/55 | 800 | 819025 |
| FirstEnergy Corp. |  |  |
| Series C, 4.85%, 07/15/47 | 750 | 667808 |
| Series C, 3.40%, 03/01/50 | 750 | 525034 |
| Florida Power & Light Co. |  |  |
| 5.65%, 02/01/37 | 300 | 320244 |
| 5.95%, 02/01/38 | 450 | 491030 |
| 5.96%, 04/01/39<sup>(a)</sup> | 450 | 488768 |
| 5.69%, 03/01/40 | 513 | 542480 |
| 5.25%, 02/01/41 | 413 | 416100 |
| 4.13%, 02/01/42 | 663 | 581110 |
| 4.05%, 06/01/42 | 700 | 607398 |
| 3.80%, 12/15/42 | 400 | 333319 |
| 4.05%, 10/01/44 | 620 | 524329 |
| 3.70%, 12/01/47 | 829 | 649828 |
| 3.95%, 03/01/48 | 963 | 784919 |
| 4.13%, 06/01/48 | 413 | 343172 |
| 3.99%, 03/01/49 | 663 | 539577 |
| 3.15%, 10/01/49 | 883 | 616864 |
| 2.88%, 12/04/51 | 1450 | 946840 |
| 5.30%, 04/01/53 | 795 | 781149 |
| 5.60%, 06/15/54 | 845 | 868155 |
| 5.70%, 03/15/55 | 965 | 1004207 |
| 5.80%, 03/15/65 | 600 | 631735 |
| Georgia Power Co. |  |  |
| 4.30%, 03/15/42 | 1229 | 1088702 |
| 4.30%, 03/15/43 | 40 | 35269 |
| 5.13%, 05/15/52<sup>(a)</sup> | 730 | 697956 |
| 5.50%, 10/01/55 | 675 | 674903 |
| Series 2010-C, 4.75%, 09/01/40 | 150 | 143556 |
| Series A, 3.25%, 03/15/51 | 775 | 544397 |
| Series B, 3.70%, 01/30/50 | 829 | 635132 |
| Iberdrola International BV, 6.75%, 07/15/36 | 500 | 568427 |
| Idaho Power Co. |  |  |
| 5.50%, 03/15/53 | 220 | 219038 |
| 5.80%, 04/01/54 | 321 | 332225 |
| 5.70%, 03/15/55 | 430 | 438667 |
| Series K, 4.20%, 03/01/48 | 400 | 334623 |
| Indiana Michigan Power Co. |  |  |
| 6.05%, 03/15/37 | 513 | 560124 |
| 4.25%, 08/15/48 | 413 | 338563 |
| 3.25%, 05/01/51 | 400 | 273079 |
| 5.63%, 04/01/53 | 455 | 461479 |
| Series K, 4.55%, 03/15/46 | 346 | 302048 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Indiana Michigan Power Co. (continued) |  |  |
| Series L, 3.75%, 07/01/47 | $229 | $175873 |
| Interstate Power and Light Co. |  |  |
| 6.25%, 07/15/39 | 260 | 281061 |
| 3.70%, 09/15/46 | 313 | 238520 |
| 3.50%, 09/30/49<sup>(a)</sup> | 177 | 129271 |
| 3.10%, 11/30/51 | 355 | 233562 |
| 5.45%, 09/30/54 | 400 | 387953 |
| 5.60%, 10/01/55 | 550 | 541872 |
| ITC Holdings Corp., 5.30%, 07/01/43 | 100 | 96618 |
| John Sevier Combined Cycle Generation LLC, 4.63%, <br> 01/15/42<br>| 576 | 563107 |
| Johnsonville Aeroderivative Combustion Turbine <br> Generation LLC, 5.08%, 10/01/54<br>| 494 | 480830 |
| Kentucky Utilities Co. |  |  |
| 5.13%, 11/01/40 | 450 | 444086 |
| 4.38%, 10/01/45 | 829 | 715721 |
| 3.30%, 06/01/50 | 375 | 264252 |
| 5.85%, 08/15/55 | 860 | 886761 |
| Louisville Gas and Electric Co. |  |  |
| 4.25%, 04/01/49 | 454 | 374016 |
| 5.85%, 08/15/55 | 715 | 737885 |
| MidAmerican Energy Co. |  |  |
| 5.75%, 11/01/35 | 200 | 214656 |
| 5.80%, 10/15/36 | 300 | 323717 |
| 4.80%, 09/15/43 | 613 | 569479 |
| 4.40%, 10/15/44 | 829 | 728287 |
| 4.25%, 05/01/46 | 325 | 279284 |
| 3.95%, 08/01/47 | 400 | 323359 |
| 3.65%, 08/01/48 | 1013 | 774616 |
| 4.25%, 07/15/49 | 943 | 788532 |
| 3.15%, 04/15/50 | 613 | 425467 |
| 2.70%, 08/01/52 | 425 | 269236 |
| 5.85%, 09/15/54 | 1100 | 1158715 |
| 5.30%, 02/01/55 | 470 | 457292 |
| Mississippi Power Co. |  |  |
| Series 12-A, 4.25%, 03/15/42 | 388 | 339322 |
| Series B, 3.10%, 07/30/51 | 413 | 279321 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| 4.40%, 11/01/48 | 270 | 231454 |
| 4.30%, 03/15/49 | 388 | 332025 |
| Nevada Power Co. |  |  |
| 6.00%, 03/15/54 | 450 | 469341 |
| Series EE, 3.13%, 08/01/50<sup>(a)</sup> | 429 | 285132 |
| Series GG, 5.90%, 05/01/53 | 350 | 359568 |
| Series N, 6.65%, 04/01/36 | 100 | 112814 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 3.00%, 01/15/52 | 554 | 359236 |
| 5.25%, 02/28/53<sup>(a)</sup> | 1300 | 1233597 |
| 5.55%, 03/15/54<sup>(a)</sup> | 700 | 688957 |
| 5.90%, 03/15/55 | 550 | 568124 |
| Northern States Power Co. |  |  |
| 6.20%, 07/01/37 | 400 | 442722 |
| 5.35%, 11/01/39 | 350 | 360678 |
| 3.40%, 08/15/42 | 505 | 396224 |
| 4.13%, 05/15/44 | 250 | 214292 |
| 4.00%, 08/15/45 | 350 | 291192 |
| 3.60%, 05/15/46 | 500 | 390097 |
| 3.60%, 09/15/47 | 953 | 734882 |
| 2.90%, 03/01/50 | 391 | 262048 |
| 2.60%, 06/01/51 | 936 | 589005 |
| 3.20%, 04/01/52 | 495 | 350333 |
| 4.50%, 06/01/52 | 626 | 544800 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Northern States Power Co. (continued) |  |  |
| 5.10%, 05/15/53 | $650 | $620683 |
| 5.40%, 03/15/54 | 420 | 419013 |
| 5.65%, 06/15/54<sup>(a)</sup> | 400 | 415095 |
| 5.65%, 05/15/55 | 380 | 392726 |
| NorthWestern Corp., 4.18%, 11/15/44 | 350 | 293202 |
| NSTAR Electric Co. |  |  |
| 5.50%, 03/15/40 | 100 | 103027 |
| 4.40%, 03/01/44 | 250 | 220684 |
| 3.10%, 06/01/51<sup>(a)</sup> | 250 | 172599 |
| 4.55%, 06/01/52 | 231 | 199915 |
| 4.95%, 09/15/52 | 425 | 393826 |
| Oglethorpe Power Corp. |  |  |
| 5.95%, 11/01/39 | 450 | 475667 |
| 5.38%, 11/01/40 | 300 | 297252 |
| 4.50%, 04/01/47 | 479 | 408206 |
| 5.05%, 10/01/48 | 329 | 300499 |
| 3.75%, 08/01/50 | 163 | 119900 |
| 5.25%, 09/01/50 | 400 | 367541 |
| 6.20%, 12/01/53 | 425 | 448479 |
| 5.80%, 06/01/54 | 450 | 447984 |
| 5.90%, 02/01/55 | 125 | 126346 |
| Ohio Edison Co., 6.88%, 07/15/36 | 200 | 230140 |
| Ohio Power Co. |  |  |
| 4.15%, 04/01/48 | 404 | 322570 |
| 4.00%, 06/01/49 | 400 | 309864 |
| Series R, 2.90%, 10/01/51 | 609 | 382006 |
| Oklahoma Gas and Electric Co. |  |  |
| 4.15%, 04/01/47 | 450 | 373583 |
| 3.85%, 08/15/47 | 150 | 119084 |
| 5.60%, 04/01/53<sup>(a)</sup> | 395 | 397837 |
| 5.80%, 04/01/55<sup>(a)</sup> | 380 | 390430 |
| Oncor Electric Delivery Co. LLC |  |  |
| 5.25%, 09/30/40 | 463 | 465189 |
| 4.55%, 12/01/41 | 450 | 409953 |
| 5.30%, 06/01/42 | 345 | 341723 |
| 3.75%, 04/01/45 | 563 | 449633 |
| 3.80%, 09/30/47 | 404 | 317527 |
| 4.10%, 11/15/48 | 413 | 337599 |
| 3.80%, 06/01/49 | 679 | 527310 |
| 3.10%, 09/15/49<sup>(a)</sup> | 1009 | 687023 |
| 3.70%, 05/15/50 | 470 | 354366 |
| 2.70%, 11/15/51 | 626 | 386083 |
| 4.60%, 06/01/52 | 200 | 171765 |
| 4.95%, 09/15/52 | 950 | 869736 |
| 5.35%, 10/01/52 | 300 | 291305 |
| 5.55%, 06/15/54 | 700 | 696692 |
| 5.80%, 04/01/55<sup>(e)</sup> | 650 | 671860 |
| Pacific Gas and Electric Co. |  |  |
| 4.50%, 07/01/40 | 2084 | 1812432 |
| 3.30%, 08/01/40 | 941 | 714555 |
| 4.20%, 06/01/41 | 712 | 589869 |
| 4.45%, 04/15/42 | 425 | 355441 |
| 3.75%, 08/15/42 | 350 | 267307 |
| 4.60%, 06/15/43 | 275 | 232433 |
| 4.75%, 02/15/44 | 613 | 523142 |
| 4.30%, 03/15/45 | 376 | 302733 |
| 4.25%, 03/15/46 | 325 | 256829 |
| 4.00%, 12/01/46 | 510 | 385652 |
| 3.95%, 12/01/47 | 905 | 681117 |
| 4.95%, 07/01/50 | 3171 | 2724363 |
| 3.50%, 08/01/50 | 2495 | 1709286 |
| 5.25%, 03/01/52 | 543 | 482829 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Pacific Gas and Electric Co. (continued) |  |  |
| 6.75%, 01/15/53 | $930 | $1003581 |
| 6.70%, 04/01/53 | 665 | 712767 |
| 5.90%, 10/01/54 | 850 | 826965 |
| 6.15%, 03/01/55 | 475 | 477826 |
| 6.10%, 10/15/55 | 1100 | 1098801 |
| PacifiCorp. |  |  |
| 6.10%, 08/01/36 | 400 | 430386 |
| 5.75%, 04/01/37 | 500 | 520191 |
| 6.25%, 10/15/37 | 100 | 107695 |
| 6.35%, 07/15/38 | 243 | 261586 |
| 6.00%, 01/15/39 | 125 | 131185 |
| 4.10%, 02/01/42 | 363 | 300778 |
| 4.13%, 01/15/49 | 429 | 335094 |
| 4.15%, 02/15/50 | 763 | 595017 |
| 3.30%, 03/15/51 | 625 | 413223 |
| 2.90%, 06/15/52 | 976 | 593603 |
| 5.35%, 12/01/53 | 1150 | 1058065 |
| 5.50%, 05/15/54 | 1135 | 1069100 |
| 5.80%, 01/15/55 | 1400 | 1363686 |
| PECO Energy Co. |  |  |
| 5.95%, 10/01/36 | 360 | 391562 |
| 4.15%, 10/01/44 | 275 | 234873 |
| 3.70%, 09/15/47 | 300 | 235198 |
| 3.90%, 03/01/48 | 829 | 668769 |
| 3.00%, 09/15/49 | 226 | 153122 |
| 2.80%, 06/15/50 | 225 | 145884 |
| 3.05%, 03/15/51 | 332 | 220636 |
| 2.85%, 09/15/51 | 443 | 285792 |
| 4.60%, 05/15/52 | 300 | 265883 |
| 4.38%, 08/15/52 | 400 | 339549 |
| 5.25%, 09/15/54 | 655 | 637107 |
| 5.65%, 09/15/55 | 1190 | 1222692 |
| Potomac Electric Power Co. |  |  |
| 6.50%, 11/15/37 | 450 | 508031 |
| 4.15%, 03/15/43 | 613 | 527976 |
| 5.50%, 03/15/54 | 300 | 299524 |
| PPL Electric Utilities Corp. |  |  |
| 6.25%, 05/15/39 | 250 | 279171 |
| 4.75%, 07/15/43 | 363 | 337521 |
| 4.13%, 06/15/44 | 300 | 257003 |
| 4.15%, 10/01/45 | 300 | 256207 |
| 3.95%, 06/01/47 | 100 | 81766 |
| 4.15%, 06/15/48 | 500 | 419350 |
| 3.00%, 10/01/49 | 110 | 74362 |
| 5.25%, 05/15/53 | 700 | 684755 |
| 5.55%, 08/15/55 | 900 | 912932 |
| Progress Energy, Inc., 6.00%, 12/01/39 | 800 | 852098 |
| Public Service Co. of Colorado |  |  |
| 6.50%, 08/01/38 | 200 | 223758 |
| 3.60%, 09/15/42 | 463 | 368585 |
| 4.30%, 03/15/44 | 300 | 257604 |
| 3.80%, 06/15/47 | 229 | 178422 |
| 4.10%, 06/15/48 | 300 | 243243 |
| 4.05%, 09/15/49 | 329 | 260617 |
| 5.25%, 04/01/53 | 950 | 905202 |
| 5.75%, 05/15/54 | 650 | 665026 |
| 5.85%, 05/15/55 | 1200 | 1242950 |
| Series 17, 6.25%, 09/01/37 | 300 | 327984 |
| Series 34, 3.20%, 03/01/50 | 600 | 414596 |
| Series 36, 2.70%, 01/15/51 | 360 | 222786 |
| Series 39, 4.50%, 06/01/52 | 500 | 427741 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Public Service Co. of New Hampshire |  |  |
| 3.60%, 07/01/49 | $129 | $98069 |
| 5.15%, 01/15/53 | 275 | 262218 |
| Public Service Co. of Oklahoma |  |  |
| 5.45%, 01/15/36 | 900 | 922790 |
| Series K, 3.15%, 08/15/51 | 430 | 286208 |
| Public Service Electric and Gas Co. |  |  |
| 5.80%, 05/01/37 | 388 | 416812 |
| 5.50%, 03/01/40 | 100 | 103317 |
| 3.95%, 05/01/42<sup>(a)</sup> | 460 | 390863 |
| 3.65%, 09/01/42 | 400 | 325463 |
| 3.80%, 01/01/43 | 435 | 358636 |
| 3.80%, 03/01/46 | 636 | 511760 |
| 3.60%, 12/01/47 | 300 | 230630 |
| 4.05%, 05/01/48 | 375 | 308904 |
| 3.85%, 05/01/49 | 413 | 326530 |
| 3.20%, 08/01/49 | 400 | 283131 |
| 3.15%, 01/01/50 | 429 | 301392 |
| 2.70%, 05/01/50 | 350 | 222042 |
| 2.05%, 08/01/50 | 200 | 110075 |
| 3.00%, 03/01/51 | 429 | 289527 |
| 5.13%, 03/15/53 | 415 | 397990 |
| 5.45%, 08/01/53 | 300 | 300802 |
| 5.45%, 03/01/54 | 400 | 400375 |
| 5.30%, 08/01/54 | 550 | 539250 |
| Series Q, 5.50%, 03/01/55 | 65 | 65525 |
| Puget Sound Energy, Inc. |  |  |
| 6.27%, 03/15/37 | 400 | 439429 |
| 5.76%, 10/01/39 | 300 | 314825 |
| 5.80%, 03/15/40 | 213 | 221524 |
| 5.64%, 04/15/41<sup>(a)</sup> | 250 | 253234 |
| 4.30%, 05/20/45 | 400 | 333869 |
| 4.22%, 06/15/48 | 413 | 341423 |
| 3.25%, 09/15/49 | 470 | 327526 |
| 2.89%, 09/15/51 | 300 | 192568 |
| 5.45%, 06/01/53 | 320 | 314427 |
| 5.69%, 06/15/54 | 450 | 460989 |
| 5.60%, 09/15/55 | 900 | 899824 |
| San Diego Gas & Electric Co. |  |  |
| 6.00%, 06/01/39 | 400 | 433494 |
| 4.50%, 08/15/40<sup>(a)</sup> | 500 | 462625 |
| 4.15%, 05/15/48 | 229 | 186801 |
| 3.70%, 03/15/52 | 400 | 296129 |
| 5.35%, 04/01/53 | 895 | 864633 |
| 5.55%, 04/15/54 | 300 | 298164 |
| Series RRR, 3.75%, 06/01/47 | 450 | 348059 |
| Series TTT, 4.10%, 06/15/49 | 350 | 281857 |
| Series UUU, 3.32%, 04/15/50 | 100 | 70296 |
| Series WWW, 2.95%, 08/15/51<sup>(a)</sup> | 800 | 523030 |
| Sempra |  |  |
| 3.80%, 02/01/38 | 1429 | 1227967 |
| 6.00%, 10/15/39 | 659 | 688995 |
| 4.00%, 02/01/48 | 979 | 758759 |
| Sierra Pacific Power Co., 5.90%, 03/15/54 | 250 | 254724 |
| Southern California Edison Co. |  |  |
| 5.63%, 02/01/36 | 400 | 405322 |
| 6.05%, 03/15/39 | 400 | 412048 |
| 5.50%, 03/15/40 | 425 | 417572 |
| 4.50%, 09/01/40 | 354 | 312357 |
| 4.05%, 03/15/42 | 340 | 274003 |
| 4.65%, 10/01/43 | 263 | 225512 |
| 4.00%, 04/01/47 | 1779 | 1355964 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Southern California Edison Co. (continued) |  |  |
| 3.65%, 02/01/50 | $1579 | $1114200 |
| 3.45%, 02/01/52<sup>(a)</sup> | 805 | 541616 |
| 5.70%, 03/01/53 | 465 | 440343 |
| 5.88%, 12/01/53 | 670 | 651306 |
| 5.75%, 04/15/54 | 450 | 429292 |
| 5.90%, 03/01/55 | 365 | 358082 |
| 6.20%, 09/15/55<sup>(a)</sup> | 675 | 689352 |
| Series 2006-E, 5.55%, 01/15/37<sup>(a)</sup> | 125 | 125842 |
| Series 2008-A, 5.95%, 02/01/38 | 513 | 526086 |
| Series 2013-A, 3.90%, 03/15/43 | 482 | 376677 |
| Series 20A, 2.95%, 02/01/51<sup>(a)</sup> | 900 | 555308 |
| Series B, 4.88%, 03/01/49<sup>(a)</sup> | 563 | 480974 |
| Series C, 3.60%, 02/01/45 | 438 | 320346 |
| Series C, 4.13%, 03/01/48 | 1479 | 1144833 |
| Series E, 5.45%, 06/01/52<sup>(a)</sup> | 268 | 246441 |
| Series H, 3.65%, 06/01/51 | 629 | 439854 |
| Southern Co. |  |  |
| 4.25%, 07/01/36 | 775 | 725773 |
| 4.40%, 07/01/46 | 1920 | 1646656 |
| Southern Power Co. |  |  |
| 5.15%, 09/15/41<sup>(a)</sup> | 725 | 702064 |
| 5.25%, 07/15/43 | 113 | 108872 |
| Series F, 4.95%, 12/15/46 | 354 | 319264 |
| Southwestern Electric Power Co. |  |  |
| 6.20%, 03/15/40 | 50 | 53177 |
| 3.25%, 11/01/51 | 979 | 658551 |
| Series J, 3.90%, 04/01/45 | 240 | 187928 |
| Series L, 3.85%, 02/01/48 | 413 | 312358 |
| Southwestern Public Service Co. |  |  |
| 4.50%, 08/15/41 | 200 | 180762 |
| 3.40%, 08/15/46 | 150 | 108183 |
| 3.70%, 08/15/47 | 413 | 314315 |
| 3.75%, 06/15/49 | 429 | 322459 |
| 6.00%, 06/01/54 | 500 | 521025 |
| Series 6, 4.40%, 11/15/48 | 250 | 209314 |
| Series 8, 3.15%, 05/01/50 | 704 | 473140 |
| Tampa Electric Co. |  |  |
| 4.10%, 06/15/42 | 113 | 96378 |
| 4.35%, 05/15/44 | 300 | 258025 |
| 4.30%, 06/15/48 | 329 | 277298 |
| 4.45%, 06/15/49 | 461 | 392167 |
| 3.63%, 06/15/50 | 150 | 110849 |
| 3.45%, 03/15/51 | 300 | 215637 |
| 5.00%, 07/15/52 | 175 | 160573 |
| Toledo Edison Co., 6.15%, 05/15/37 | 276 | 301487 |
| Tucson Electric Power Co. |  |  |
| 4.85%, 12/01/48 | 163 | 145929 |
| 4.00%, 06/15/50 | 500 | 386411 |
| 3.25%, 05/01/51 | 130 | 88330 |
| 5.50%, 04/15/53 | 450 | 439852 |
| 5.90%, 04/15/55 | 225 | 230825 |
| Union Electric Co. |  |  |
| 5.30%, 08/01/37 | 300 | 305697 |
| 8.45%, 03/15/39 | 300 | 390551 |
| 3.90%, 09/15/42 | 440 | 368026 |
| 3.65%, 04/15/45 | 535 | 421790 |
| 4.00%, 04/01/48 | 104 | 83631 |
| 3.25%, 10/01/49 | 413 | 288238 |
| 2.63%, 03/15/51 | 525 | 324006 |
| 3.90%, 04/01/52 | 529 | 415271 |
| 5.45%, 03/15/53 | 200 | 196811 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Union Electric Co. (continued) |  |  |
| 5.25%, 01/15/54 | 350 | $336427 |
| 5.13%, 03/15/55 | 250 | 236764 |
| Virginia Electric and Power Co. |  |  |
| 6.35%, 11/30/37 | 550 | 609571 |
| 8.88%, 11/15/38 | 750 | 1010092 |
| 4.00%, 01/15/43 | 638 | 535201 |
| 4.45%, 02/15/44 | 788 | 693152 |
| 4.60%, 12/01/48 | 424 | 371280 |
| 3.30%, 12/01/49 | 359 | 250514 |
| 2.45%, 12/15/50 | 1166 | 683765 |
| 2.95%, 11/15/51 | 563 | 363680 |
| 5.45%, 04/01/53 | 635 | 619970 |
| 5.70%, 08/15/53 | 650 | 659376 |
| 5.35%, 01/15/54 | 575 | 554369 |
| 5.55%, 08/15/54 | 580 | 575554 |
| 5.65%, 03/15/55 | 375 | 377119 |
| Series A, 6.00%, 05/15/37 | 663 | 716746 |
| Series B, 6.00%, 01/15/36 | 829 | 894979 |
| Series B, 4.20%, 05/15/45 | 300 | 252528 |
| Series B, 3.80%, 09/15/47 | 663 | 516782 |
| Series C, 4.00%, 11/15/46 | 575 | 465045 |
| Series C, 4.63%, 05/15/52 | 779 | 674874 |
| Series D, 4.65%, 08/15/43 | 313 | 283982 |
| Series D, 5.60%, 09/15/55 | 1070 | 1072897 |
| Wisconsin Electric Power Co. |  |  |
| 5.70%, 12/01/36 | 250 | 267950 |
| 4.30%, 10/15/48<sup>(a)</sup> | 270 | 230279 |
| 5.05%, 10/01/54<sup>(a)</sup> | 210 | 198471 |
| Wisconsin Power and Light Co. |  |  |
| 6.38%, 08/15/37 | 200 | 220478 |
| 3.65%, 04/01/50 | 300 | 222127 |
| Wisconsin Public Service Corp. |  |  |
| 3.67%, 12/01/42 | 100 | 80565 |
| 4.75%, 11/01/44 | 400 | 366334 |
| 3.30%, 09/01/49 | 516 | 366230 |
| 2.85%, 12/01/51<sup>(a)</sup> | 453 | 290516 |
| Xcel Energy, Inc. |  |  |
| 6.50%, 07/01/36 | 250 | 277531 |
| 3.50%, 12/01/49 | 530 | 383617 |
|  |  | 274167151 |
| **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
| ABB Finance USA, Inc., 4.38%, 05/08/42 | 525 | 475543 |
| Amphenol Corp. |  |  |
| 02/15/36<sup>(d)</sup> | 875 | 859947 |
| 5.38%, 11/15/54<sup>(a)</sup> | 425 | 420972 |
| 11/15/55<sup>(d)</sup> | 765 | 744193 |
| Corning, Inc. |  |  |
| 4.70%, 03/15/37 | 400 | 392807 |
| 5.75%, 08/15/40 | 350 | 365453 |
| 4.75%, 03/15/42 | 550 | 513634 |
| 5.35%, 11/15/48 | 420 | 411535 |
| 3.90%, 11/15/49 | 413 | 326734 |
| 4.38%, 11/15/57 | 795 | 656600 |
| 5.85%, 11/15/68 | 196 | 195260 |
| 5.45%, 11/15/79 | 1163 | 1086771 |
| Emerson Electric Co. |  |  |
| 5.25%, 11/15/39 | 100 | 102260 |
| 2.75%, 10/15/50 | 529 | 345162 |
| 2.80%, 12/21/51 | 932 | 606864 |
| Fortive Corp., 4.30%, 06/15/46 | 375 | 315558 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Honeywell International, Inc. |  |  |
| 5.70%, 03/15/36 | 450 | $480271 |
| 5.70%, 03/15/37 | 400 | 427955 |
| 5.38%, 03/01/41 | 400 | 414426 |
| 3.81%, 11/21/47 | 413 | 329122 |
| 2.80%, 06/01/50 | 859 | 562346 |
| 5.25%, 03/01/54 | 1775 | 1697663 |
| 5.35%, 03/01/64 | 625 | 606468 |
| Tyco Electronics Group SA, 7.13%, 10/01/37 | 525 | 622801 |
|  |  | 12960345 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |
| Baker Hughes Holdings LLC, 5.13%, 09/15/40 | 1101 | 1078745 |
| Baker Hughes Holdings LLC/Baker Hughes Co-<br> Obligor, Inc., 4.08%, 12/15/47<br>| 1143 | 921197 |
| Halliburton Co. |  |  |
| 4.85%, 11/15/35 | 1179 | 1165609 |
| 6.70%, 09/15/38 | 300 | 336826 |
| 7.45%, 09/15/39 | 930 | 1113262 |
| 4.50%, 11/15/41 | 550 | 484503 |
| 4.75%, 08/01/43 | 836 | 746951 |
| 5.00%, 11/15/45<sup>(a)</sup> | 1309 | 1193023 |
| NOV, Inc., 3.95%, 12/01/42 | 1092 | 861890 |
|  |  | 7902006 |
| **Environmental, Maintenance & Security Service — 0.2%** | **Environmental, Maintenance & Security Service — 0.2%** | **Environmental, Maintenance & Security Service — 0.2%** |
| Nature Conservancy, Series A, 3.96%, 03/01/52<sup>(a)</sup> | 391 | 313849 |
| Republic Services, Inc. |  |  |
| 6.20%, 03/01/40 | 400 | 442363 |
| 5.70%, 05/15/41 | 400 | 421052 |
| 3.05%, 03/01/50 | 500 | 347139 |
| Waste Connections, Inc. |  |  |
| 3.05%, 04/01/50 | 604 | 409865 |
| 2.95%, 01/15/52<sup>(a)</sup> | 875 | 575731 |
| Waste Management, Inc. |  |  |
| 2.95%, 06/01/41 | 570 | 434066 |
| 4.10%, 03/01/45 | 530 | 449919 |
| 4.15%, 07/15/49 | 663 | 555532 |
| 2.50%, 11/15/50 | 600 | 365922 |
| 5.35%, 10/15/54 | 1005 | 990948 |
|  |  | 5306386 |
| **Financial Services — 0.7%** | **Financial Services — 0.7%** | **Financial Services — 0.7%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust, 3.85%, 10/29/41<br>| 1125 | 929256 |
| Apollo Global Management, Inc., 5.80%, 05/21/54 | 850 | 852217 |
| Ares Management Corp., 5.60%, 10/11/54 | 850 | 811576 |
| Blue Owl Finance LLC, 4.13%, 10/07/51<sup>(a)</sup> | 300 | 213653 |
| Brookfield Asset Management Ltd., 6.08%, 09/15/55 | 750 | 773289 |
| CI Financial Corp., 4.10%, 06/15/51 | 400 | 286893 |
| CME Group, Inc. |  |  |
| 5.30%, 09/15/43 | 979 | 1004116 |
| 4.15%, 06/15/48<sup>(a)</sup> | 400 | 342860 |
| Franklin Resources, Inc., 2.95%, 08/12/51 | 325 | 207681 |
| Intercontinental Exchange, Inc. |  |  |
| 2.65%, 09/15/40 | 1129 | 839189 |
| 4.25%, 09/21/48 | 1113 | 941116 |
| 3.00%, 06/15/50 | 1159 | 777915 |
| 4.95%, 06/15/52<sup>(a)</sup> | 1321 | 1231649 |
| 3.00%, 09/15/60 | 1435 | 887043 |
| 5.20%, 06/15/62 | 1125 | 1065265 |
| Invesco Finance PLC, 5.38%, 11/30/43 | 513 | 507616 |
| Jefferies Financial Group, Inc., 6.25%, 01/15/36 | 950 | 999531 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Legg Mason, Inc., 5.63%, 01/15/44 | 616 | $621040 |
| Nasdaq, Inc. |  |  |
| 2.50%, 12/21/40 | 250 | 178389 |
| 3.25%, 04/28/50 | 30 | 21090 |
| 3.95%, 03/07/52 | 1102 | 861967 |
| 5.95%, 08/15/53<sup>(a)</sup> | 350 | 367604 |
| 6.10%, 06/28/63 | 800 | 848428 |
| Raymond James Financial, Inc. |  |  |
| 4.95%, 07/15/46 | 713 | 659038 |
| 3.75%, 04/01/51 | 575 | 432777 |
| 5.65%, 09/11/55 | 740 | 730399 |
| Voya Financial, Inc. |  |  |
| 5.70%, 07/15/43 | 413 | 416279 |
| 4.80%, 06/15/46 | 305 | 274858 |
|  |  | 18082734 |
| **Food Products — 1.6%** | **Food Products — 1.6%** | **Food Products — 1.6%** |
| Archer-Daniels-Midland Co. |  |  |
| 4.54%, 03/26/42 | 350 | 319627 |
| 4.02%, 04/16/43 | 459 | 388195 |
| 3.75%, 09/15/47 | 254 | 198253 |
| 4.50%, 03/15/49 | 529 | 463259 |
| 2.70%, 09/15/51 | 600 | 377470 |
| Conagra Brands, Inc. |  |  |
| 5.30%, 11/01/38 | 729 | 698792 |
| 5.40%, 11/01/48 | 1373 | 1251175 |
| General Mills, Inc. |  |  |
| 5.40%, 06/15/40 | 300 | 300357 |
| 4.70%, 04/17/48<sup>(a)</sup> | 400 | 356142 |
| 3.00%, 02/01/51 | 646 | 424945 |
| Hershey Co. |  |  |
| 3.38%, 08/15/46 | 275 | 207155 |
| 3.13%, 11/15/49 | 413 | 287390 |
| 2.65%, 06/01/50 | 400 | 252419 |
| Hormel Foods Corp., 3.05%, 06/03/51 | 513 | 346524 |
| Ingredion, Inc., 3.90%, 06/01/50 | 413 | 312278 |
| J.M. Smucker Co. |  |  |
| 6.50%, 11/15/43 | 625 | 679569 |
| 4.38%, 03/15/45 | 563 | 474286 |
| 6.50%, 11/15/53<sup>(a)</sup> | 705 | 781793 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS <br> Lux Co. SARL<br>|  |  |
| 4.38%, 02/02/52 | 1175 | 922359 |
| 6.50%, 12/01/52 | 1325 | 1375211 |
| 7.25%, 11/15/53 | 700 | 791398 |
| JBS USA Holding Lux SARL/JBS USA Foods Group <br> Holdings, Inc./JBS USA Food Co.<sup>(e)</sup> <br>|  |  |
| 5.50%, 01/15/36 | 1100 | 1114595 |
| 6.25%, 03/01/56 | 1100 | 1106950 |
| 6.38%, 04/15/66<sup>(a)</sup> | 1100 | 1116385 |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA <br> Foods Group, 6.38%, 02/25/55<sup>(e)</sup><br>| 410 | 422023 |
| Kellanova |  |  |
| 4.50%, 04/01/46 | 678 | 599313 |
| 5.75%, 05/16/54<sup>(a)</sup> | 275 | 281717 |
| Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40 | 400 | 416930 |
| Kraft Heinz Foods Co. |  |  |
| 6.88%, 01/26/39 | 813 | 904803 |
| 4.63%, 10/01/39 | 88 | 80120 |
| 6.50%, 02/09/40 | 321 | 347985 |
| 5.00%, 06/04/42 | 1237 | 1140875 |
| 5.20%, 07/15/45 | 1428 | 1323280 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Kraft Heinz Foods Co. (continued) |  |  |
| 4.38%, 06/01/46 | 2452 | $2045478 |
| 4.88%, 10/01/49 | 1737 | 1521107 |
| 5.50%, 06/01/50 | 863 | 817832 |
| Kroger Co. |  |  |
| 6.90%, 04/15/38 | 350 | 401108 |
| 5.40%, 07/15/40 | 500 | 502258 |
| 5.00%, 04/15/42 | 250 | 237936 |
| 5.15%, 08/01/43 | 209 | 199037 |
| 3.88%, 10/15/46 | 513 | 402547 |
| 4.45%, 02/01/47 | 729 | 624511 |
| 4.65%, 01/15/48 | 213 | 185741 |
| 5.40%, 01/15/49 | 713 | 694381 |
| 3.95%, 01/15/50 | 725 | 564890 |
| 5.50%, 09/15/54 | 1240 | 1205672 |
| 5.65%, 09/15/64 | 1495 | 1458623 |
| McCormick & Co., Inc., 4.20%, 08/15/47 | 360 | 295437 |
| Mondelez International, Inc., 2.63%, 09/04/50<sup>(a)</sup> | 1155 | 700868 |
| Sysco Corp. |  |  |
| 6.60%, 04/01/40 | 650 | 726522 |
| 4.85%, 10/01/45 | 397 | 362409 |
| 4.50%, 04/01/46 | 128 | 110874 |
| 4.45%, 03/15/48 | 213 | 182004 |
| 3.30%, 02/15/50<sup>(a)</sup> | 600 | 420023 |
| 6.60%, 04/01/50<sup>(a)</sup> | 779 | 863340 |
| 3.15%, 12/14/51<sup>(a)</sup> | 1000 | 669739 |
| The Campbell's Co. |  |  |
| 4.80%, 03/15/48 | 620 | 550520 |
| 3.13%, 04/24/50<sup>(a)</sup> | 590 | 394165 |
| 5.25%, 10/13/54 | 350 | 327062 |
| Tyson Foods, Inc. |  |  |
| 5.15%, 08/15/44 | 288 | 272148 |
| 4.55%, 06/02/47 | 763 | 655224 |
| 5.10%, 09/28/48<sup>(a)</sup> | 1318 | 1215673 |
|  |  | 38670702 |
| **Ground Transportation — 2.5%** | **Ground Transportation — 2.5%** | **Ground Transportation — 2.5%** |
| Burlington Northern Santa Fe LLC |  |  |
| 6.20%, 08/15/36 | 250 | 280006 |
| 6.15%, 05/01/37 | 650 | 724020 |
| 5.75%, 05/01/40 | 750 | 794520 |
| 5.05%, 03/01/41 | 750 | 741809 |
| 5.40%, 06/01/41 | 500 | 511473 |
| 4.95%, 09/15/41 | 350 | 339668 |
| 4.40%, 03/15/42 | 347 | 313205 |
| 4.38%, 09/01/42 | 613 | 549325 |
| 4.45%, 03/15/43 | 330 | 297449 |
| 5.15%, 09/01/43 | 963 | 947154 |
| 4.90%, 04/01/44 | 1013 | 962168 |
| 4.55%, 09/01/44 | 813 | 731943 |
| 4.15%, 04/01/45 | 1063 | 905337 |
| 4.70%, 09/01/45 | 738 | 676378 |
| 3.90%, 08/01/46 | 809 | 656361 |
| 4.13%, 06/15/47 | 763 | 639253 |
| 4.05%, 06/15/48 | 529 | 434908 |
| 4.15%, 12/15/48 | 913 | 758992 |
| 3.55%, 02/15/50 | 931 | 696312 |
| 3.05%, 02/15/51 | 679 | 459543 |
| 3.30%, 09/15/51 | 1129 | 796792 |
| 2.88%, 06/15/52 | 175 | 112412 |
| 4.45%, 01/15/53 | 1150 | 987263 |
| 5.20%, 04/15/54 | 810 | 775371 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
| Burlington Northern Santa Fe LLC (continued) |  |  |
| 5.50%, 03/15/55 | $1360 | $1362066 |
| 5.80%, 03/15/56 | 1125 | 1168648 |
| Canadian National Railway Co. |  |  |
| 6.20%, 06/01/36 | 550 | 614740 |
| 6.38%, 11/15/37 | 50 | 56134 |
| 3.20%, 08/02/46 | 585 | 427474 |
| 3.65%, 02/03/48 | 393 | 305021 |
| 4.45%, 01/20/49 | 800 | 701055 |
| 2.45%, 05/01/50 | 724 | 434150 |
| 4.40%, 08/05/52<sup>(a)</sup> | 793 | 681607 |
| 6.13%, 11/01/53 | 210 | 230865 |
| Canadian Pacific Railway Co. |  |  |
| 5.95%, 05/15/37 | 250 | 268926 |
| 3.00%, 12/02/41 | 892 | 671168 |
| 4.30%, 05/15/43 | 400 | 349270 |
| 4.80%, 08/01/45 | 619 | 573342 |
| 4.95%, 08/15/45 | 450 | 423877 |
| 4.70%, 05/01/48 | 513 | 460245 |
| 3.50%, 05/01/50 | 738 | 543255 |
| 3.10%, 12/02/51<sup>(a)</sup> | 1442 | 976614 |
| 4.20%, 11/15/69 | 177 | 136188 |
| 6.13%, 09/15/2115 | 913 | 940723 |
| CSX Corp. |  |  |
| 6.00%, 10/01/36<sup>(a)</sup> | 125 | 136080 |
| 6.15%, 05/01/37 | 650 | 717857 |
| 6.22%, 04/30/40 | 750 | 828023 |
| 5.50%, 04/15/41 | 550 | 564107 |
| 4.75%, 05/30/42 | 1011 | 950858 |
| 4.10%, 03/15/44 | 650 | 554934 |
| 3.80%, 11/01/46 | 750 | 599773 |
| 4.30%, 03/01/48 | 995 | 845152 |
| 4.75%, 11/15/48 | 325 | 293982 |
| 4.50%, 03/15/49 | 429 | 373993 |
| 3.35%, 09/15/49 | 590 | 423958 |
| 3.80%, 04/15/50 | 554 | 431600 |
| 3.95%, 05/01/50 | 871 | 696071 |
| 2.50%, 05/15/51 | 475 | 286707 |
| 4.50%, 11/15/52<sup>(a)</sup> | 925 | 799632 |
| 4.50%, 08/01/54 | 413 | 353781 |
| 4.90%, 03/15/55<sup>(a)</sup> | 610 | 559715 |
| 4.25%, 11/01/66 | 313 | 246423 |
| 4.65%, 03/01/68 | 513 | 431646 |
| Norfolk Southern Corp. |  |  |
| 4.84%, 10/01/41 | 600 | 570970 |
| 3.95%, 10/01/42 | 626 | 530121 |
| 4.45%, 06/15/45 | 563 | 497804 |
| 4.65%, 01/15/46 | 525 | 474096 |
| 3.94%, 11/01/47 | 745 | 602306 |
| 4.15%, 02/28/48 | 713 | 593092 |
| 4.10%, 05/15/49 | 50 | 40792 |
| 3.40%, 11/01/49 | 476 | 342446 |
| 3.05%, 05/15/50 | 875 | 591888 |
| 2.90%, 08/25/51 | 626 | 407610 |
| 4.05%, 08/15/52 | 829 | 662469 |
| 3.70%, 03/15/53 | 422 | 314636 |
| 4.55%, 06/01/53 | 875 | 756865 |
| 5.35%, 08/01/54<sup>(a)</sup> | 1100 | 1077076 |
| 3.16%, 05/15/55 | 954 | 629708 |
| 5.95%, 03/15/64 | 325 | 343089 |
| 5.10%, 08/01/2118 | 300 | 264755 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
| Norfolk Southern Corp. (continued) |  |  |
| 4.10%, 05/15/2121 | 279 | $195938 |
| Union Pacific Corp. |  |  |
| 2.89%, 04/06/36 | 775 | 654224 |
| 3.60%, 09/15/37 | 561 | 499615 |
| 3.55%, 08/15/39 | 500 | 426824 |
| 3.20%, 05/20/41 | 1050 | 825492 |
| 3.38%, 02/14/42 | 493 | 392345 |
| 4.05%, 11/15/45 | 388 | 324373 |
| 4.05%, 03/01/46 | 516 | 427583 |
| 3.35%, 08/15/46 | 275 | 203917 |
| 4.00%, 04/15/47 | 500 | 406759 |
| 4.50%, 09/10/48 | 413 | 359206 |
| 4.30%, 03/01/49 | 750 | 631831 |
| 3.25%, 02/05/50 | 1911 | 1350054 |
| 3.80%, 10/01/51 | 1213 | 934650 |
| 2.95%, 03/10/52 | 786 | 514397 |
| 4.95%, 09/09/52<sup>(a)</sup> | 575 | 535738 |
| 3.50%, 02/14/53 | 1516 | 1101370 |
| 4.95%, 05/15/53 | 625 | 583412 |
| 5.60%, 12/01/54 | 825 | 833757 |
| 3.88%, 02/01/55 | 400 | 307040 |
| 3.95%, 08/15/59 | 645 | 489860 |
| 3.84%, 03/20/60 | 1076 | 795471 |
| 3.55%, 05/20/61 | 577 | 397043 |
| 2.97%, 09/16/62 | 2100 | 1258882 |
| 5.15%, 01/20/63 | 200 | 188286 |
| 4.10%, 09/15/67 | 300 | 228024 |
| 3.75%, 02/05/70 | 475 | 329400 |
| 3.80%, 04/06/71 | 559 | 393540 |
| 3.85%, 02/14/72 | 451 | 321380 |
|  |  | 61121456 |
| **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** |
| Abbott Laboratories |  |  |
| 4.75%, 11/30/36 | 1416 | 1429509 |
| 6.15%, 11/30/37 | 550 | 619265 |
| 6.00%, 04/01/39 | 250 | 278319 |
| 5.30%, 05/27/40 | 863 | 896164 |
| 4.75%, 04/15/43<sup>(a)</sup> | 263 | 252307 |
| 4.90%, 11/30/46 | 2875 | 2755799 |
| Baxter International, Inc.<sup>(a)</sup> <br>|  |  |
| 3.50%, 08/15/46 | 238 | 172171 |
| 3.13%, 12/01/51 | 946 | 611108 |
| Boston Scientific Corp. |  |  |
| 6.50%, 11/15/35 | 140 | 156521 |
| 4.55%, 03/01/39 | 465 | 445319 |
| 7.38%, 01/15/40 | 50 | 60784 |
| 4.70%, 03/01/49<sup>(a)</sup> | 914 | 832502 |
| Danaher Corp. |  |  |
| 4.38%, 09/15/45 | 675 | 594588 |
| 2.60%, 10/01/50 | 1188 | 741060 |
| 2.80%, 12/10/51<sup>(a)</sup> | 960 | 619135 |
| DH Europe Finance II SARL |  |  |
| 3.25%, 11/15/39 | 854 | 701239 |
| 3.40%, 11/15/49 | 658 | 485332 |
| GE HealthCare Technologies, Inc., 6.38%, 11/22/52 | 915 | 1005218 |
| Koninklijke Philips NV |  |  |
| 6.88%, 03/11/38 | 824 | 930349 |
| 5.00%, 03/15/42 | 313 | 295526 |
| Medtronic, Inc., 4.63%, 03/15/45 | 1900 | 1746644 |
| Revvity, Inc., 3.63%, 03/15/51 | 300 | 214922 |
| Solventum Corp., 5.90%, 04/30/54<sup>(a)</sup> | 825 | 840158 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/51 | 150 | $110939 |
| Stryker Corp. |  |  |
| 4.10%, 04/01/43 | 425 | 365521 |
| 4.38%, 05/15/44 | 175 | 154504 |
| 4.63%, 03/15/46 | 836 | 759414 |
| 2.90%, 06/15/50 | 438 | 294194 |
| Thermo Fisher Scientific, Inc. |  |  |
| 4.89%, 10/07/37 | 675 | 670016 |
| 2.80%, 10/15/41 | 1477 | 1093244 |
| 5.40%, 08/10/43 | 435 | 440724 |
| 5.30%, 02/01/44 | 150 | 149597 |
| 4.10%, 08/15/47 | 663 | 559510 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 5.75%, 11/30/39 | 300 | 313078 |
| 4.45%, 08/15/45<sup>(a)</sup> | 388 | 341155 |
|  |  | 21935835 |
| **Health Care Providers & Services — 5.3%** | **Health Care Providers & Services — 5.3%** | **Health Care Providers & Services — 5.3%** |
| AdventHealth Obligated Group, Series E, 2.80%, <br> 11/15/51<br>| 66 | 42175 |
| Adventist Health System, 3.63%, 03/01/49 | 227 | 158195 |
| Advocate Health & Hospitals Corp. |  |  |
| 4.27%, 08/15/48 | 27 | 22945 |
| 3.39%, 10/15/49 | 1585 | 1164008 |
| Series 2020, 3.01%, 06/15/50<sup>(a)</sup> | 198 | 134181 |
| Aetna, Inc. |  |  |
| 6.63%, 06/15/36 | 500 | 547449 |
| 6.75%, 12/15/37 | 550 | 609404 |
| 4.50%, 05/15/42 | 553 | 477836 |
| 4.75%, 03/15/44 | 449 | 389339 |
| 3.88%, 08/15/47 | 500 | 378017 |
| AHS Hospital Corp. |  |  |
| 5.02%, 07/01/45 | 100 | 95964 |
| Series 2021, 2.78%, 07/01/51 | 961 | 614432 |
| Allina Health System<sup>(a)</sup> <br>|  |  |
| Series 2019, 3.89%, 04/15/49 | 142 | 112203 |
| Series 2021, 2.90%, 11/15/51 | 350 | 225298 |
| Ascension Health |  |  |
| 3.95%, 11/15/46 | 943 | 776371 |
| Series B, 3.11%, 11/15/39 | 1150 | 914431 |
| Banner Health |  |  |
| 2.91%, 01/01/42 | 1140 | 852341 |
| 2.91%, 01/01/51 | 231 | 151271 |
| Series 2020, 3.18%, 01/01/50<sup>(a)</sup> | 118 | 82543 |
| BayCare Health System, Inc., Series 2020, 3.83%, <br> 11/15/50<br>| 538 | 423523 |
| Baylor Scott & White Holdings, Series 2021, 2.84%, <br> 11/15/50<br>| 2096 | 1368849 |
| Catholic Health Services of Long Island Obligated <br> Group, Series 2020, 3.37%, 07/01/50<br>| 145 | 101839 |
| Children's Hospital Corp., Series 2017, 4.12%, <br> 01/01/47<br>| 130 | 110124 |
| Children's Hospital Medical Center, 4.27%, 05/15/44 | 1000 | 888571 |
| Children's Hospital of Philadelphia, Series 2020, <br> 2.70%, 07/01/50<sup>(a)</sup><br>| 93 | 59551 |
| Cigna Group |  |  |
| 5.25%, 01/15/36 | 1075 | 1091524 |
| 4.80%, 08/15/38 | 2104 | 2002973 |
| 3.20%, 03/15/40 | 929 | 725172 |
| 6.13%, 11/15/41 | 350 | 372315 |
| 4.80%, 07/15/46 | 1261 | 1127850 |
| 3.88%, 10/15/47 | 695 | 539535 |
| 4.90%, 12/15/48 | 2493 | 2233822 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Cigna Group (continued) |  |  |
| 3.40%, 03/15/50 | $1404 | $983441 |
| 3.40%, 03/15/51 | 1561 | 1090398 |
| 5.60%, 02/15/54 | 1025 | 1008021 |
| 6.00%, 01/15/56 | 820 | 848005 |
| City of Hope, Series 2013, 5.62%, 11/15/43<sup>(a)</sup> | 610 | 610115 |
| Cleveland Clinic Foundation, 4.86%, 01/01/2114<sup>(a)</sup> | 250 | 218761 |
| CommonSpirit Health |  |  |
| 4.35%, 11/01/42 | 100 | 87326 |
| 5.58%, 09/01/45<sup>(a)</sup> | 90 | 89410 |
| 3.82%, 10/01/49<sup>(a)</sup> | 1087 | 828719 |
| 4.19%, 10/01/49<sup>(a)</sup> | 1361 | 1097227 |
| 3.91%, 10/01/50 | 200 | 152448 |
| 6.46%, 11/01/52 | 343 | 376689 |
| 5.55%, 12/01/54 | 805 | 786139 |
| 5.66%, 09/01/55 | 95 | 94487 |
| Community Health Network, Inc., Series 2020-A, <br> 3.10%, 05/01/50<sup>(a)</sup><br>| 225 | 147633 |
| Corewell Health Obligated Group, Series 19A, 3.49%, <br> 07/15/49<sup>(a)</sup><br>| 1000 | 741008 |
| Cottage Health Obligated Group, Series 2020, 3.30%, <br> 11/01/49<br>| 1000 | 714538 |
| Dartmouth-Hitchcock Health, Series B, 4.18%, <br> 08/01/48<br>| 664 | 529659 |
| Dignity Health, 5.27%, 11/01/64<sup>(a)</sup> | 151 | 138067 |
| Duke University Health System, Inc., Series 2017, <br> 3.92%, 06/01/47<br>| 862 | 702872 |
| Elevance Health, Inc. |  |  |
| 5.00%, 01/15/36 | 825 | 821556 |
| 5.85%, 01/15/36 | 200 | 212079 |
| 6.38%, 06/15/37 | 350 | 384536 |
| 4.63%, 05/15/42 | 975 | 883908 |
| 4.65%, 01/15/43 | 259 | 233431 |
| 5.10%, 01/15/44 | 745 | 705194 |
| 4.65%, 08/15/44 | 888 | 790116 |
| 4.38%, 12/01/47 | 1179 | 985986 |
| 4.55%, 03/01/48 | 820 | 702518 |
| 3.70%, 09/15/49 | 450 | 333619 |
| 3.13%, 05/15/50 | 999 | 665620 |
| 3.60%, 03/15/51 | 1470 | 1059204 |
| 4.55%, 05/15/52 | 679 | 570430 |
| 6.10%, 10/15/52<sup>(a)</sup> | 810 | 847029 |
| 5.13%, 02/15/53 | 900 | 822543 |
| 5.65%, 06/15/54 | 1440 | 1417684 |
| 5.70%, 02/15/55<sup>(a)</sup> | 1375 | 1357686 |
| 5.70%, 09/15/55<sup>(a)</sup> | 825 | 820995 |
| 5.85%, 11/01/64 | 850 | 846158 |
| Franciscan Missionaries of Our Lady Health System, <br> Inc., Series B, 3.91%, 07/01/49<sup>(a)</sup><br>| 350 | 272023 |
| Fred Hutchinson Cancer Center, Series 2022, 4.97%, <br> 01/01/52<br>| 426 | 392688 |
| Hackensack Meridian Health, Inc. |  |  |
| 4.21%, 07/01/48 | 100 | 84065 |
| 4.50%, 07/01/57 | 700 | 601069 |
| Series 2020, 2.68%, 09/01/41 | 126 | 91507 |
| Series 2020, 2.88%, 09/01/50 | 457 | 298119 |
| Hartford HealthCare Corp., 3.45%, 07/01/54<sup>(a)</sup> | 113 | 82373 |
| HCA, Inc. |  |  |
| 5.13%, 06/15/39 | 979 | 951603 |
| 4.38%, 03/15/42 | 500 | 431511 |
| 5.50%, 06/15/47 | 1479 | 1419580 |
| 5.25%, 06/15/49 | 2056 | 1882826 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| HCA, Inc. (continued) |  |  |
| 3.50%, 07/15/51 | $1645 | $1137398 |
| 4.63%, 03/15/52 | 1856 | 1540379 |
| 5.90%, 06/01/53 | 985 | 978852 |
| 6.00%, 04/01/54<sup>(a)</sup> | 1690 | 1703519 |
| 5.95%, 09/15/54 | 705 | 706651 |
| 6.20%, 03/01/55 | 755 | 783505 |
| 5.70%, 11/15/55 | 1375 | 1334207 |
| 6.10%, 04/01/64 | 1300 | 1313520 |
| Hoag Memorial Hospital Presbyterian, 3.80%, <br> 07/15/52<sup>(a)</sup><br>| 627 | 488062 |
| Humana, Inc. |  |  |
| 4.63%, 12/01/42 | 379 | 329306 |
| 4.95%, 10/01/44 | 838 | 746899 |
| 4.80%, 03/15/47 | 380 | 325739 |
| 3.95%, 08/15/49 | 450 | 336042 |
| 5.50%, 03/15/53 | 800 | 740592 |
| 5.75%, 04/15/54 | 875 | 837912 |
| Indiana University Health, Inc. Obligated Group, <br> Series 2021, 2.85%, 11/01/51<br>| 913 | 591823 |
| Inova Health System Foundation, 4.07%, 05/15/52 | 25 | 20327 |
| Integris Baptist Medical Center, Inc., Series A, 3.88%, <br> 08/15/50<br>| 222 | 163894 |
| Johns Hopkins Health System Corp., 3.84%, <br> 05/15/46<br>| 1113 | 905131 |
| Kaiser Foundation Hospitals |  |  |
| 4.15%, 05/01/47 | 1119 | 946744 |
| Series 2019, 3.27%, 11/01/49 | 643 | 459692 |
| Series 2021, 2.81%, 06/01/41 | 1530 | 1143493 |
| Series 2021, 3.00%, 06/01/51 | 2855 | 1914094 |
| Laboratory Corp. of America Holdings, 4.70%, <br> 02/01/45<br>| 721 | 649783 |
| Mass General Brigham, Inc. |  |  |
| Series 2017, 3.77%, 07/01/48 | 600 | 471771 |
| Series 2020, 3.19%, 07/01/49 | 913 | 644693 |
| Series 2020, 3.34%, 07/01/60 | 429 | 289555 |
| Mayo Clinic |  |  |
| Series 2016, 4.13%, 11/15/52 | 225 | 185129 |
| Series 2021, 3.20%, 11/15/61 | 1001 | 657761 |
| McLaren Health Care Corp., Series A, 4.39%, <br> 05/15/48<br>| 350 | 295559 |
| MedStar Health, Inc., Series 20A, 3.63%, 08/15/49 | 325 | 240462 |
| Memorial Health Services, 3.45%, 11/01/49 | 423 | 307565 |
| Memorial Sloan-Kettering Cancer Center |  |  |
| 5.00%, 07/01/42 | 130 | 126623 |
| 4.13%, 07/01/52<sup>(a)</sup> | 330 | 272472 |
| Series 2015, 4.20%, 07/01/55 | 100 | 84255 |
| Series 2020, 2.96%, 01/01/50 | 1505 | 1022905 |
| Methodist Hospital, Series 20A, 2.71%, 12/01/50 | 942 | 595150 |
| Montefiore Obligated Group, 4.29%, 09/01/50 | 300 | 209462 |
| Mount Nittany Medical Center Obligated Group, <br> Series 2022, 3.80%, 11/15/52<sup>(a)</sup><br>| 103 | 79099 |
| MyMichigan Health, Series 2020, 3.41%, 06/01/50 | 350 | 249575 |
| Nationwide Children's Hospital, Inc., 4.56%, 11/01/52 | 25 | 22059 |
| New York and Presbyterian Hospital |  |  |
| 2.26%, 08/01/40 | 513 | 362903 |
| 4.02%, 08/01/45<sup>(a)</sup> | 597 | 503640 |
| 2.61%, 08/01/60<sup>(a)</sup> | 413 | 233652 |
| Series 2019, 3.95%, 08/01/2119<sup>(a)</sup> | 270 | 190759 |
| Northwell Healthcare, Inc. |  |  |
| 3.98%, 11/01/46<sup>(a)</sup> | 130 | 103201 |
| 4.26%, 11/01/47 | 100 | 83270 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Northwell Healthcare, Inc. (continued) |  |  |
| 3.81%, 11/01/49 | $1544 | $1161707 |
| Northwestern Memorial Healthcare Obligated Group, <br> Series 2021, 2.63%, 07/15/51<sup>(a)</sup><br>| 100 | 62852 |
| Novant Health, Inc. |  |  |
| 2.64%, 11/01/36 | 66 | 53064 |
| 3.17%, 11/01/51 | 1058 | 726307 |
| 3.32%, 11/01/61<sup>(a)</sup> | 141 | 93164 |
| NY Society for Relief of Ruptured & Crippled <br> Maintaining Hosp Special Surgery, Series 2020, <br> 2.67%, 10/01/50<br>| 375 | 234173 |
| NYU Langone Hospitals |  |  |
| 4.78%, 07/01/44 | 200 | 184843 |
| 4.37%, 07/01/47 | 645 | 568647 |
| Series 13-A, 5.75%, 07/01/43 | 600 | 623530 |
| Series 2020, 3.38%, 07/01/55 | 500 | 352407 |
| OhioHealth Corp., 2.83%, 11/15/41 | 272 | 201363 |
| Orlando Health Obligated Group |  |  |
| 4.09%, 10/01/48 | 100 | 82542 |
| 3.33%, 10/01/50 | 125 | 90666 |
| PeaceHealth Obligated Group |  |  |
| Series 2018, 4.79%, 11/15/48 | 250 | 220049 |
| Series 2020, 3.22%, 11/15/50 | 166 | 110208 |
| Piedmont Healthcare, Inc. |  |  |
| 2.86%, 01/01/52 | 375 | 241023 |
| Series 2042, 2.72%, 01/01/42 | 106 | 76094 |
| Presbyterian Healthcare Services, 4.88%, 08/01/52<sup>(a)</sup> | 108 | 98141 |
| Providence St. Joseph Health Obligated Group, <br> Series 21A, 2.70%, 10/01/51<br>| 1599 | 966495 |
| Queen's Health Systems, 4.81%, 07/01/52 | 60 | 54585 |
| Quest Diagnostics, Inc., 4.70%, 03/30/45<sup>(a)</sup> | 363 | 331247 |
| Rady Children's Hospital-San Diego, Series 21A, <br> 3.15%, 08/15/51<br>| 257 | 175948 |
| Seattle Children's Hospital, Series 2021, 2.72%, <br> 10/01/50<sup>(a)</sup><br>| 213 | 135965 |
| Sentara Health, Series 2021, 2.93%, 11/01/51<sup>(a)</sup> | 63 | 41180 |
| Stanford Health Care |  |  |
| 3.03%, 08/15/51 | 579 | 388532 |
| Series 2018, 3.80%, 11/15/48 | 500 | 394388 |
| Summa Health, 3.51%, 11/15/51 | 130 | 105966 |
| Sutter Health |  |  |
| 5.55%, 08/15/53<sup>(a)</sup> | 915 | 932478 |
| Series 2018, 4.09%, 08/15/48 | 27 | 22354 |
| Series 20A, 3.16%, 08/15/40 | 115 | 91311 |
| Series 20A, 3.36%, 08/15/50 | 800 | 575076 |
| Texas Health Resources |  |  |
| 2.33%, 11/15/50 | 382 | 222234 |
| 4.33%, 11/15/55<sup>(a)</sup> | 125 | 106596 |
| Trinity Health Corp. |  |  |
| 4.13%, 12/01/45 | 1000 | 852716 |
| Series 2019, 3.43%, 12/01/48<sup>(a)</sup> | 64 | 49208 |
| Series 2021, 2.63%, 12/01/40 | 29 | 21272 |
| UMass Memorial Health Care Obligated Group, <br> 5.36%, 07/01/52<sup>(a)</sup><br>| 212 | 202879 |
| UnitedHealth Group, Inc. |  |  |
| 5.80%, 03/15/36 | 1000 | 1068835 |
| 6.50%, 06/15/37 | 500 | 561300 |
| 6.63%, 11/15/37 | 800 | 909933 |
| 6.88%, 02/15/38 | 726 | 841776 |
| 3.50%, 08/15/39 | 1784 | 1488454 |
| 2.75%, 05/15/40 | 1175 | 878064 |
| 5.95%, 02/15/41 | 226 | 239694 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| UnitedHealth Group, Inc. (continued) |  |  |
| 3.05%, 05/15/41 | 1239 | $944003 |
| 4.63%, 11/15/41 | 496 | 458331 |
| 4.38%, 03/15/42 | 650 | 580464 |
| 3.95%, 10/15/42 | 597 | 501622 |
| 4.25%, 03/15/43 | 1163 | 1010270 |
| 5.50%, 07/15/44 | 900 | 902446 |
| 4.75%, 07/15/45 | 1943 | 1771630 |
| 4.20%, 01/15/47 | 620 | 515515 |
| 4.25%, 04/15/47 | 829 | 694619 |
| 3.75%, 10/15/47 | 1113 | 859348 |
| 4.25%, 06/15/48 | 1410 | 1168888 |
| 4.45%, 12/15/48 | 779 | 663673 |
| 3.70%, 08/15/49 | 1443 | 1085547 |
| 2.90%, 05/15/50 | 1319 | 852245 |
| 3.25%, 05/15/51 | 2358 | 1613932 |
| 4.75%, 05/15/52 | 2000 | 1762060 |
| 5.88%, 02/15/53 | 1400 | 1437139 |
| 5.05%, 04/15/53 | 2400 | 2203708 |
| 5.38%, 04/15/54 | 1800 | 1729391 |
| 5.63%, 07/15/54 | 2400 | 2390332 |
| 5.95%, 06/15/55 | 85 | 88480 |
| 3.88%, 08/15/59 | 1379 | 1014426 |
| 3.13%, 05/15/60<sup>(a)</sup> | 1200 | 747642 |
| 4.95%, 05/15/62 | 1000 | 882218 |
| 6.05%, 02/15/63 | 625 | 653222 |
| 5.20%, 04/15/63 | 1805 | 1652837 |
| 5.50%, 04/15/64 | 1200 | 1154014 |
| 5.75%, 07/15/64 | 1950 | 1947250 |
| UPMC, 5.38%, 05/15/43<sup>(a)</sup> | 500 | 495225 |
| WakeMed, Series A, 3.29%, 10/01/52<sup>(a)</sup> | 159 | 110569 |
| West Virginia United Health System Obligated Group, <br> Series 2020, 3.13%, 06/01/50<br>| 100 | 64195 |
| Willis-Knighton Medical Center, Series 2018, 4.81%, <br> 09/01/48<br>| 278 | 247967 |
| Yale-New Haven Health Services Corp., Series 2020, <br> 2.50%, 07/01/50<br>| 57 | 34133 |
|  |  | 127412361 |
| **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 5.25%, 05/15/36 | 365 | 362741 |
| 4.85%, 04/15/49 | 263 | 226374 |
| 4.00%, 02/01/50 | 379 | 285731 |
| 3.00%, 05/18/51 | 830 | 510760 |
| 3.55%, 03/15/52<sup>(a)</sup> | 1130 | 774721 |
| 5.15%, 04/15/53 | 545 | 482966 |
| 5.63%, 05/15/54 | 750 | 712472 |
| Healthpeak OP LLC, 6.75%, 02/01/41 | 250 | 278165 |
| Ventas Realty LP |  |  |
| 5.70%, 09/30/43 | 350 | 350824 |
| 4.38%, 02/01/45 | 400 | 340942 |
| 4.88%, 04/15/49 | 100 | 88811 |
| Welltower OP LLC |  |  |
| 6.50%, 03/15/41 | 450 | 504148 |
| 4.95%, 09/01/48 | 550 | 520864 |
|  |  | 5439519 |
| **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** |
| Darden Restaurants, Inc., 4.55%, 02/15/48 | 363 | 303003 |
| Marriott International, Inc., 5.50%, 04/15/37 | 1100 | 1128434 |
| McDonald's Corp. |  |  |
| 4.70%, 12/09/35 | 421 | 417879 |
| 5.00%, 02/13/36 | 500 | 503469 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| McDonald's Corp. (continued) |  |  |
| 6.30%, 10/15/37 | 875 | $971238 |
| 6.30%, 03/01/38 | 579 | 641970 |
| 5.70%, 02/01/39 | 300 | 318673 |
| 4.88%, 07/15/40 | 139 | 134314 |
| 3.70%, 02/15/42 | 826 | 677901 |
| 3.63%, 05/01/43 | 275 | 219293 |
| 4.60%, 05/26/45 | 579 | 516860 |
| 4.88%, 12/09/45 | 1479 | 1365111 |
| 4.45%, 03/01/47 | 1163 | 1005077 |
| 4.45%, 09/01/48 | 475 | 408766 |
| 3.63%, 09/01/49 | 1999 | 1494897 |
| 4.20%, 04/01/50 | 622 | 509871 |
| 5.15%, 09/09/52<sup>(a)</sup> | 700 | 663170 |
| 5.45%, 08/14/53<sup>(a)</sup> | 940 | 927218 |
| Starbucks Corp. |  |  |
| 3.75%, 12/01/47 | 679 | 520492 |
| 4.50%, 11/15/48 | 755 | 642455 |
| 4.45%, 08/15/49<sup>(a)</sup> | 1075 | 903941 |
| 3.35%, 03/12/50 | 554 | 385140 |
| 3.50%, 11/15/50<sup>(a)</sup> | 1135 | 813633 |
|  |  | 15472805 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| Leggett & Platt, Inc., 3.50%, 11/15/51<sup>(a)</sup> | 450 | 295663 |
| Sekisui House U.S., Inc. |  |  |
| 6.00%, 01/15/43 | 529 | 498218 |
| 3.97%, 08/06/61 | 200 | 135766 |
|  |  | 929647 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Church & Dwight Co., Inc. |  |  |
| 3.95%, 08/01/47 | 470 | 378582 |
| 5.00%, 06/15/52 | 400 | 371760 |
| Kimberly-Clark Corp. |  |  |
| 6.63%, 08/01/37 | 600 | 699389 |
| 5.30%, 03/01/41 | 413 | 420309 |
| 3.20%, 07/30/46 | 311 | 227738 |
| 3.90%, 05/04/47 | 470 | 380111 |
| 2.88%, 02/07/50 | 660 | 445264 |
|  |  | 2923153 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co. |  |  |
| 5.70%, 03/15/37<sup>(a)</sup> | 350 | 372636 |
| 3.88%, 06/15/44 | 300 | 245876 |
| 3.13%, 09/19/46 | 563 | 399119 |
| 3.63%, 10/15/47 | 600 | 457495 |
| 4.00%, 09/14/48 | 1279 | 1040860 |
| 3.25%, 08/26/49<sup>(a)</sup> | 955 | 670488 |
| 3.70%, 04/15/50<sup>(a)</sup> | 518 | 391411 |
| Eaton Corp. |  |  |
| 4.15%, 11/02/42 | 813 | 719445 |
| 3.92%, 09/15/47 | 250 | 204257 |
| 4.70%, 08/23/52<sup>(a)</sup> | 500 | 457510 |
| Illinois Tool Works, Inc. |  |  |
| 4.88%, 09/15/41<sup>(a)</sup> | 569 | 554226 |
| 3.90%, 09/01/42 | 1275 | 1090388 |
| Parker-Hannifin Corp. |  |  |
| 6.25%, 05/15/38<sup>(a)</sup> | 295 | 330290 |
| 4.45%, 11/21/44 | 525 | 467188 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** |
| Parker-Hannifin Corp. (continued) |  |  |
| 4.10%, 03/01/47 | 613 | $515981 |
| 4.00%, 06/14/49<sup>(a)</sup> | 463 | 379015 |
| Textron, Inc., 4.95%, 03/15/36 | 220 | 218059 |
|  |  | 8514244 |
| **Insurance — 3.5%** | **Insurance — 3.5%** | **Insurance — 3.5%** |
| Aflac, Inc. |  |  |
| 4.00%, 10/15/46 | 515 | 421599 |
| 4.75%, 01/15/49 | 293 | 264812 |
| Alleghany Corp. |  |  |
| 4.90%, 09/15/44 | 250 | 234014 |
| 3.25%, 08/15/51 | 504 | 350906 |
| Allstate Corp. |  |  |
| 5.95%, 04/01/36 | 350 | 375728 |
| 4.50%, 06/15/43 | 547 | 485441 |
| 4.20%, 12/15/46 | 879 | 737421 |
| 3.85%, 08/10/49 | 559 | 437359 |
| (3-mo. SOFR US + 2.38%), 6.50%, 05/15/67<sup>(b)</sup> | 325 | 342164 |
| American Financial Group, Inc., 4.50%, 06/15/47 | 445 | 376572 |
| American International Group, Inc. |  |  |
| 4.50%, 07/16/44 | 500 | 444537 |
| 4.80%, 07/10/45 | 200 | 183986 |
| 4.75%, 04/01/48<sup>(a)</sup> | 929 | 835304 |
| 4.38%, 06/30/50 | 1038 | 877422 |
| Aon Corp., 6.25%, 09/30/40 | 105 | 115018 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 2.90%, 08/23/51 | 1100 | 694349 |
| 3.90%, 02/28/52 | 1339 | 1017216 |
| Aon Global Ltd. |  |  |
| 4.60%, 06/14/44 | 588 | 520842 |
| 4.75%, 05/15/45 | 663 | 599191 |
| Aon North America, Inc., 5.75%, 03/01/54 | 1520 | 1534223 |
| Arch Capital Finance LLC, 5.03%, 12/15/46 | 600 | 565684 |
| Arch Capital Group Ltd., 3.64%, 06/30/50 | 629 | 472657 |
| Arch Capital Group U.S., Inc., 5.14%, 11/01/43 | 459 | 441133 |
| Arthur J Gallagher & Co. |  |  |
| 3.50%, 05/20/51 | 963 | 684437 |
| 3.05%, 03/09/52 | 200 | 129561 |
| 5.75%, 03/02/53 | 844 | 841676 |
| 6.75%, 02/15/54 | 535 | 602623 |
| 5.75%, 07/15/54 | 455 | 454924 |
| 5.55%, 02/15/55 | 1405 | 1367973 |
| Assured Guaranty U.S. Holdings, Inc., 3.60%, <br> 09/15/51<br>| 400 | 287402 |
| Athene Holding Ltd. |  |  |
| 3.95%, 05/25/51 | 494 | 355178 |
| 3.45%, 05/15/52<sup>(a)</sup> | 500 | 325851 |
| 6.25%, 04/01/54 | 875 | 870745 |
| 6.63%, 05/19/55 | 400 | 418554 |
| Berkshire Hathaway Finance Corp. |  |  |
| 5.75%, 01/15/40 | 300 | 326811 |
| 4.40%, 05/15/42 | 676 | 632078 |
| 4.30%, 05/15/43 | 563 | 506912 |
| 4.20%, 08/15/48 | 2159 | 1841828 |
| 4.25%, 01/15/49 | 1879 | 1614870 |
| 2.85%, 10/15/50<sup>(a)</sup> | 2004 | 1319306 |
| 2.50%, 01/15/51<sup>(a)</sup> | 928 | 569349 |
| 3.85%, 03/15/52 | 2392 | 1879694 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Berkshire Hathaway, Inc., 4.50%, 02/11/43<sup>(a)</sup> | $911 | $865375 |
| Brighthouse Financial, Inc. |  |  |
| 4.70%, 06/22/47<sup>(a)</sup> | 485 | 379859 |
| 3.85%, 12/22/51 | 250 | 163155 |
| Brown & Brown, Inc. |  |  |
| 4.95%, 03/17/52 | 470 | 415022 |
| 6.25%, 06/23/55 | 1020 | 1072688 |
| Chubb Corp. |  |  |
| 6.00%, 05/11/37 | 700 | 764055 |
| Series 1, 6.50%, 05/15/38 | 326 | 369857 |
| Chubb INA Holdings LLC |  |  |
| 6.70%, 05/15/36 | 300 | 343782 |
| 4.15%, 03/13/43 | 447 | 391452 |
| 4.35%, 11/03/45 | 1559 | 1382804 |
| 2.85%, 12/15/51<sup>(a)</sup> | 838 | 549325 |
| 3.05%, 12/15/61 | 1286 | 809548 |
| Corebridge Financial, Inc. |  |  |
| 4.35%, 04/05/42 | 225 | 194607 |
| 4.40%, 04/05/52<sup>(a)</sup> | 1405 | 1162782 |
| Equitable Holdings, Inc., 5.00%, 04/20/48 | 942 | 865031 |
| Everest Reinsurance Holdings, Inc. |  |  |
| 4.87%, 06/01/44 | 375 | 341709 |
| 3.50%, 10/15/50 | 1113 | 787457 |
| 3.13%, 10/15/52 | 715 | 458626 |
| Fairfax Financial Holdings Ltd. |  |  |
| 6.35%, 03/22/54 | 890 | 941767 |
| 6.10%, 03/15/55 | 500 | 514853 |
| Fidelity National Financial, Inc., 3.20%, 09/17/51 | 522 | 336328 |
| Hartford Insurance Group, Inc. |  |  |
| 5.95%, 10/15/36 | 200 | 216519 |
| 6.10%, 10/01/41 | 376 | 403896 |
| 4.30%, 04/15/43 | 200 | 174521 |
| 4.40%, 03/15/48 | 500 | 434124 |
| 3.60%, 08/19/49 | 656 | 496559 |
| 2.90%, 09/15/51 | 629 | 410133 |
| Jackson Financial, Inc., 4.00%, 11/23/51 | 500 | 357179 |
| Lincoln National Corp. |  |  |
| 6.30%, 10/09/37 | 363 | 390128 |
| 7.00%, 06/15/40 | 450 | 510188 |
| 4.35%, 03/01/48 | 115 | 94423 |
| Loews Corp., 4.13%, 05/15/43 | 675 | 580983 |
| Manulife Financial Corp., 5.38%, 03/04/46 | 679 | 682013 |
| Markel Group, Inc. |  |  |
| 5.00%, 04/05/46 | 525 | 477611 |
| 4.30%, 11/01/47 | 220 | 181274 |
| 5.00%, 05/20/49 | 600 | 539485 |
| 4.15%, 09/17/50 | 213 | 167753 |
| 3.45%, 05/07/52 | 575 | 397633 |
| 6.00%, 05/16/54 | 615 | 631555 |
| Marsh & McLennan Cos., Inc. |  |  |
| 4.75%, 03/15/39 | 375 | 364363 |
| 5.35%, 11/15/44 | 230 | 228197 |
| 4.35%, 01/30/47 | 513 | 441156 |
| 4.20%, 03/01/48 | 538 | 451239 |
| 4.90%, 03/15/49 | 2029 | 1867392 |
| 2.90%, 12/15/51<sup>(a)</sup> | 518 | 334066 |
| 6.25%, 11/01/52<sup>(a)</sup> | 400 | 440022 |
| 5.45%, 03/15/53 | 460 | 454531 |
| 5.70%, 09/15/53 | 625 | 641405 |
| 5.45%, 03/15/54 | 550 | 545785 |
| 5.40%, 03/15/55<sup>(a)</sup> | 1360 | 1338220 |
| MetLife, Inc. |  |  |
| 5.88%, 02/06/41 | 655 | 693496 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| MetLife, Inc. (continued) |  |  |
| 4.13%, 08/13/42 | $825 | $710626 |
| 4.88%, 11/13/43 | 1036 | 974634 |
| 4.72%, 12/15/44 | 450 | 413025 |
| 4.05%, 03/01/45 | 1013 | 848661 |
| 4.60%, 05/13/46 | 893 | 820525 |
| 5.00%, 07/15/52 | 1185 | 1106427 |
| 5.25%, 01/15/54<sup>(a)</sup> | 900 | 871468 |
| Nationwide Financial Services, Inc., 6.75%, 05/15/87 | 340 | 342903 |
| Old Republic International Corp., 3.85%, 06/11/51 | 550 | 404045 |
| Principal Financial Group, Inc. |  |  |
| 6.05%, 10/15/36 | 300 | 326528 |
| 4.63%, 09/15/42 | 250 | 229458 |
| 4.35%, 05/15/43 | 300 | 263243 |
| 4.30%, 11/15/46 | 288 | 247678 |
| 5.50%, 03/15/53 | 325 | 327440 |
| Progressive Corp. |  |  |
| 4.35%, 04/25/44 | 376 | 332276 |
| 3.70%, 01/26/45 | 130 | 104542 |
| 4.13%, 04/15/47 | 763 | 644374 |
| 4.20%, 03/15/48 | 513 | 435915 |
| 3.95%, 03/26/50 | 563 | 454407 |
| 3.70%, 03/15/52 | 655 | 507459 |
| Prudential Financial, Inc. |  |  |
| 5.70%, 12/14/36<sup>(a)</sup> | 900 | 955575 |
| 6.63%, 12/01/37 | 375 | 427787 |
| 3.00%, 03/10/40 | 579 | 452742 |
| 6.63%, 06/21/40<sup>(a)</sup> | 200 | 229473 |
| 4.60%, 05/15/44 | 463 | 415757 |
| 3.91%, 12/07/47 | 663 | 529900 |
| 4.42%, 03/27/48 | 450 | 387158 |
| 3.94%, 12/07/49 | 1077 | 852617 |
| 4.35%, 02/25/50<sup>(a)</sup> | 1054 | 894194 |
| 3.70%, 03/13/51 | 1211 | 916370 |
| Selective Insurance Group, Inc., 5.38%, 03/01/49 | 300 | 278688 |
| Transatlantic Holdings, Inc., 8.00%, 11/30/39 | 300 | 378290 |
| Travelers Cos., Inc. |  |  |
| 6.75%, 06/20/36 | 163 | 187904 |
| 6.25%, 06/15/37 | 963 | 1073068 |
| 5.35%, 11/01/40 | 750 | 764581 |
| 4.60%, 08/01/43 | 302 | 277178 |
| 4.30%, 08/25/45 | 363 | 315655 |
| 3.75%, 05/15/46 | 550 | 439559 |
| 4.00%, 05/30/47 | 713 | 590532 |
| 4.05%, 03/07/48 | 350 | 289472 |
| 4.10%, 03/04/49 | 488 | 404732 |
| 2.55%, 04/27/50 | 575 | 354013 |
| 3.05%, 06/08/51 | 1229 | 831107 |
| 5.45%, 05/25/53 | 650 | 654286 |
| 5.70%, 07/24/55 | 570 | 591187 |
| Unum Group |  |  |
| 5.75%, 08/15/42 | 463 | 463313 |
| 4.50%, 12/15/49 | 313 | 256400 |
| 4.13%, 06/15/51 | 475 | 363719 |
| 6.00%, 06/15/54<sup>(a)</sup> | 530 | 534382 |
| W R Berkley Corp. |  |  |
| 4.75%, 08/01/44 | 350 | 325127 |
| 4.00%, 05/12/50 | 313 | 247141 |
| 3.55%, 03/30/52 | 363 | 261432 |
| 3.15%, 09/30/61 | 500 | 318882 |
| Willis North America, Inc. |  |  |
| 5.05%, 09/15/48 | 100 | 91289 |
| 3.88%, 09/15/49 | 630 | 480701 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Willis North America, Inc. (continued) |  |  |
| 5.90%, 03/05/54 | 850 | $860298 |
| XL Group Ltd., 5.25%, 12/15/43 | 300 | 291890 |
|  |  | 83765314 |
| **Interactive Media & Services — 1.5%** | **Interactive Media & Services — 1.5%** | **Interactive Media & Services — 1.5%** |
| Alphabet, Inc. |  |  |
| 1.90%, 08/15/40 | 1091 | 746276 |
| 2.05%, 08/15/50<sup>(a)</sup> | 2310 | 1300783 |
| 5.25%, 05/15/55 | 1505 | 1490781 |
| 2.25%, 08/15/60<sup>(a)</sup> | 2251 | 1196384 |
| 5.30%, 05/15/65 | 1335 | 1311516 |
| Meta Platforms, Inc. |  |  |
| 5.50%, 11/15/45 | 6400 | 6340641 |
| 4.45%, 08/15/52 | 3274 | 2741271 |
| 5.60%, 05/15/53 | 2395 | 2374918 |
| 5.40%, 08/15/54 | 3015 | 2899513 |
| 5.63%, 11/15/55 | 3100 | 3076163 |
| 4.65%, 08/15/62 | 1500 | 1245999 |
| 5.75%, 05/15/63 | 1740 | 1735158 |
| 5.55%, 08/15/64 | 1925 | 1863414 |
| 5.75%, 11/15/65 | 5680 | 5620789 |
| Netflix, Inc., 5.40%, 08/15/54 | 1200 | 1189605 |
|  |  | 35133211 |
| **Internet Software & Services — 1.1%** | **Internet Software & Services — 1.1%** | **Internet Software & Services — 1.1%** |
| Alibaba Group Holding Ltd. |  |  |
| 4.00%, 12/06/37 | 1078 | 1004323 |
| 2.70%, 02/09/41<sup>(a)</sup> | 950 | 719891 |
| 4.20%, 12/06/47 | 1751 | 1524296 |
| 3.15%, 02/09/51 | 1166 | 828381 |
| 5.63%, 11/26/54 | 200 | 211486 |
| 4.40%, 12/06/57 | 478 | 416540 |
| 3.25%, 02/09/61<sup>(a)</sup> | 1150 | 788491 |
| Amazon.com, Inc. |  |  |
| 3.88%, 08/22/37 | 2129 | 1956607 |
| 2.88%, 05/12/41 | 2185 | 1672990 |
| 4.95%, 12/05/44<sup>(a)</sup> | 1438 | 1409835 |
| 4.05%, 08/22/47 | 3048 | 2559811 |
| 2.50%, 06/03/50 | 3029 | 1859287 |
| 3.10%, 05/12/51 | 3759 | 2578077 |
| 3.95%, 04/13/52 | 1951 | 1570219 |
| 4.25%, 08/22/57 | 1634 | 1354746 |
| 2.70%, 06/03/60 | 2529 | 1477821 |
| 3.25%, 05/12/61<sup>(a)</sup> | 1879 | 1245928 |
| 4.10%, 04/13/62 | 1054 | 837434 |
| eBay, Inc. |  |  |
| 4.00%, 07/15/42 | 800 | 666663 |
| 3.65%, 05/10/51 | 913 | 685713 |
| JD.com, Inc., 4.13%, 01/14/50<sup>(a)</sup> | 450 | 379178 |
| Uber Technologies, Inc., 5.35%, 09/15/54 | 1310 | 1266106 |
|  |  | 27013823 |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| Fidelity National Information Services, Inc. |  |  |
| 3.10%, 03/01/41 | 766 | 571683 |
| 4.50%, 08/15/46<sup>(a)</sup> | 100 | 84457 |
| Fiserv, Inc., 4.40%, 07/01/49 | 1727 | 1385577 |
| IBM International Capital Pte. Ltd. |  |  |
| 5.25%, 02/05/44 | 950 | 927881 |
| 5.30%, 02/05/54 | 1350 | 1278928 |
| International Business Machines Corp. |  |  |
| 4.15%, 05/15/39 | 2270 | 2040670 |
| 5.60%, 11/30/39 | 850 | 885526 |
| 2.85%, 05/15/40 | 655 | 495426 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| International Business Machines Corp. (continued) |  |  |
| 4.00%, 06/20/42 | 1152 | $976657 |
| 4.70%, 02/19/46 | 691 | 625661 |
| 4.25%, 05/15/49 | 2595 | 2141069 |
| 2.95%, 05/15/50 | 764 | 500363 |
| 3.43%, 02/09/52 | 350 | 247216 |
| 4.90%, 07/27/52<sup>(a)</sup> | 800 | 721380 |
| 5.10%, 02/06/53 | 450 | 418174 |
| 5.70%, 02/10/55 | 600 | 597424 |
| 7.13%, 12/01/96<sup>(a)</sup> | 150 | 183262 |
| Kyndryl Holdings, Inc., 4.10%, 10/15/41 | 529 | 425046 |
| Oracle Corp. |  |  |
| 5.88%, 09/26/45 | 2890 | 2780805 |
| 5.95%, 09/26/55 | 3455 | 3275097 |
| 6.10%, 09/26/65 | 2205 | 2095626 |
|  |  | 22657928 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Brunswick Corp., 5.10%, 04/01/52<sup>(a)</sup> | 329 | 265341 |
| Harley-Davidson, Inc., 4.63%, 07/28/45 | 246 | 203822 |
| Hasbro, Inc. |  |  |
| 6.35%, 03/15/40 | 463 | 488188 |
| 5.10%, 05/15/44 | 255 | 226923 |
| Mattel, Inc., 5.45%, 11/01/41 | 250 | 232830 |
|  |  | 1417104 |
| **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
| Caterpillar, Inc. |  |  |
| 6.05%, 08/15/36<sup>(a)</sup> | 690 | 770649 |
| 5.20%, 05/27/41 | 394 | 399465 |
| 3.80%, 08/15/42 | 1703 | 1448558 |
| 4.30%, 05/15/44 | 175 | 156016 |
| 3.25%, 09/19/49 | 1029 | 749933 |
| 3.25%, 04/09/50 | 1054 | 768190 |
| 5.50%, 05/15/55 | 80 | 82188 |
| 4.75%, 05/15/64 | 325 | 295313 |
| Deere & Co. |  |  |
| 3.90%, 06/09/42 | 1179 | 1025323 |
| 2.88%, 09/07/49 | 317 | 217074 |
| 3.75%, 04/15/50 | 675 | 537229 |
| 5.70%, 01/19/55<sup>(a)</sup> | 630 | 662668 |
| Dover Corp., 5.38%, 03/01/41 | 200 | 201048 |
| Ingersoll Rand, Inc., 5.70%, 06/15/54 | 440 | 448013 |
| Otis Worldwide Corp. |  |  |
| 3.11%, 02/15/40 | 654 | 511386 |
| 3.36%, 02/15/50 | 676 | 485428 |
| Rockwell Automation, Inc. |  |  |
| 4.20%, 03/01/49 | 504 | 429308 |
| 2.80%, 08/15/61 | 260 | 156619 |
| Snap-on, Inc. |  |  |
| 4.10%, 03/01/48<sup>(a)</sup> | 350 | 292255 |
| 3.10%, 05/01/50 | 404 | 281203 |
| Stanley Black & Decker, Inc. |  |  |
| 5.20%, 09/01/40 | 350 | 339339 |
| 4.85%, 11/15/48 | 263 | 230165 |
| 2.75%, 11/15/50 | 775 | 461684 |
| Xylem, Inc., 4.38%, 11/01/46<sup>(a)</sup> | 213 | 182411 |
|  |  | 11131465 |
| **Media — 3.6%** | **Media — 3.6%** | **Media — 3.6%** |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 5.38%, 04/01/38 | 629 | 582237 |
| 3.50%, 06/01/41 | 779 | 560395 |
| 3.50%, 03/01/42 | 1263 | 894927 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital (continued)<br>|  |  |
| 6.48%, 10/23/45 | $3301 | $3188569 |
| 5.38%, 05/01/47 | 2243 | 1902114 |
| 5.75%, 04/01/48 | 2134 | 1884023 |
| 5.13%, 07/01/49 | 1229 | 996302 |
| 4.80%, 03/01/50 | 2526 | 1964482 |
| 3.70%, 04/01/51 | 2271 | 1476866 |
| 3.90%, 06/01/52 | 2525 | 1657762 |
| 5.25%, 04/01/53<sup>(a)</sup> | 1502 | 1222926 |
| 6.83%, 10/23/55<sup>(a)</sup> | 263 | 261605 |
| 6.70%, 12/01/55<sup>(a)</sup> | 450 | 444062 |
| 3.85%, 04/01/61<sup>(a)</sup> | 2667 | 1630764 |
| 4.40%, 12/01/61 | 1429 | 967776 |
| 3.95%, 06/30/62 | 1943 | 1202171 |
| 5.50%, 04/01/63 | 500 | 406369 |
| Comcast Corp. |  |  |
| 6.50%, 11/15/35 | 200 | 222019 |
| 3.20%, 07/15/36<sup>(a)</sup> | 1213 | 1023122 |
| 6.45%, 03/15/37 | 350 | 388607 |
| 3.90%, 03/01/38 | 1363 | 1189040 |
| 4.60%, 10/15/38 | 1070 | 996491 |
| 6.55%, 07/01/39 | 200 | 224649 |
| 3.25%, 11/01/39 | 1579 | 1243028 |
| 3.75%, 04/01/40 | 1529 | 1271986 |
| 4.65%, 07/15/42 | 375 | 333133 |
| 4.75%, 03/01/44 | 308 | 272001 |
| 4.60%, 08/15/45 | 436 | 375587 |
| 3.40%, 07/15/46 | 1413 | 1009045 |
| 4.00%, 08/15/47 | 1163 | 903431 |
| 3.97%, 11/01/47 | 2393 | 1838632 |
| 4.00%, 03/01/48 | 1263 | 974495 |
| 4.70%, 10/15/48 | 1536 | 1310419 |
| 4.00%, 11/01/49 | 2339 | 1770344 |
| 3.45%, 02/01/50 | 2000 | 1374563 |
| 2.80%, 01/15/51 | 1950 | 1166792 |
| 2.89%, 11/01/51 | 4559 | 2756701 |
| 2.45%, 08/15/52<sup>(a)</sup> | 2384 | 1293613 |
| 4.05%, 11/01/52 | 597 | 448059 |
| 5.35%, 05/15/53<sup>(a)</sup> | 1590 | 1463394 |
| 5.65%, 06/01/54 | 690 | 660631 |
| 6.05%, 05/15/55<sup>(a)</sup> | 1000 | 1009971 |
| 2.94%, 11/01/56 | 5851 | 3398177 |
| 4.95%, 10/15/58 | 629 | 541143 |
| 2.65%, 08/15/62 | 1300 | 667244 |
| 2.99%, 11/01/63 | 3329 | 1854314 |
| 5.50%, 05/15/64 | 1065 | 981093 |
| Fox Corp. |  |  |
| 5.48%, 01/25/39 | 879 | 883908 |
| 5.58%, 01/25/49<sup>(a)</sup> | 1129 | 1096260 |
| Grupo Televisa SAB |  |  |
| 6.63%, 01/15/40 | 513 | 470565 |
| 5.00%, 05/13/45<sup>(a)</sup> | 650 | 452044 |
| 6.13%, 01/31/46 | 902 | 723278 |
| 5.25%, 05/24/49 | 601 | 418370 |
| NBCUniversal Media LLC |  |  |
| 6.40%, 04/30/40 | 300 | 327966 |
| 5.95%, 04/01/41<sup>(a)</sup> | 516 | 538023 |
| 4.45%, 01/15/43 | 680 | 582351 |
| Paramount Global |  |  |
| 6.88%, 04/30/36 | 563 | 591339 |
| 5.90%, 10/15/40 | 200 | 183692 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Paramount Global (continued) |  |  |
| 4.85%, 07/01/42 | 443 | $356457 |
| 4.38%, 03/15/43 | 686 | 519056 |
| 5.85%, 09/01/43 | 161 | 144462 |
| 5.25%, 04/01/44 | 163 | 135035 |
| 4.90%, 08/15/44 | 279 | 220578 |
| 4.60%, 01/15/45 | 600 | 458247 |
| 4.95%, 05/19/50 | 629 | 490723 |
| Time Warner Cable LLC |  |  |
| 6.55%, 05/01/37 | 1463 | 1498860 |
| 7.30%, 07/01/38 | 1425 | 1535398 |
| 6.75%, 06/15/39 | 1626 | 1666595 |
| 5.88%, 11/15/40 | 1188 | 1103662 |
| 5.50%, 09/01/41 | 1275 | 1145960 |
| 4.50%, 09/15/42 | 1663 | 1315453 |
| TWDC Enterprises 18 Corp. |  |  |
| 4.38%, 08/16/41 | 225 | 204144 |
| 3.70%, 12/01/42 | 500 | 409719 |
| 4.13%, 06/01/44 | 488 | 415734 |
| 3.00%, 07/30/46 | 600 | 422335 |
| Series E, 4.13%, 12/01/41 | 538 | 471083 |
| Walt Disney Co. |  |  |
| 6.40%, 12/15/35 | 903 | 1024729 |
| 6.15%, 03/01/37 | 300 | 332353 |
| 6.65%, 11/15/37 | 1186 | 1371102 |
| 4.63%, 03/23/40 | 854 | 821785 |
| 3.50%, 05/13/40<sup>(a)</sup> | 1275 | 1069162 |
| 6.15%, 02/15/41<sup>(a)</sup> | 650 | 715919 |
| 5.40%, 10/01/43 | 650 | 658967 |
| 4.75%, 09/15/44 | 513 | 476730 |
| 4.95%, 10/15/45 | 150 | 141833 |
| 7.75%, 12/01/45 | 250 | 325218 |
| 4.75%, 11/15/46 | 373 | 343757 |
| 2.75%, 09/01/49 | 2379 | 1536056 |
| 4.70%, 03/23/50<sup>(a)</sup> | 1552 | 1416144 |
| 3.60%, 01/13/51 | 2724 | 2074463 |
| 3.80%, 05/13/60 | 1189 | 893878 |
|  |  | 86188467 |
| **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** |
| ArcelorMittal SA |  |  |
| 7.00%, 10/15/39 | 696 | 784376 |
| 6.75%, 03/01/41 | 225 | 246003 |
| 6.35%, 06/17/54<sup>(a)</sup> | 475 | 497928 |
| Barrick Gold Corp., 5.25%, 04/01/42 | 500 | 495531 |
| Barrick North America Finance LLC |  |  |
| 5.70%, 05/30/41 | 613 | 630619 |
| 5.75%, 05/01/43 | 663 | 685643 |
| Barrick PD Australia Finance Pty. Ltd., 5.95%, <br> 10/15/39<br>| 913 | 970385 |
| BHP Billiton Finance USA Ltd. |  |  |
| 5.00%, 02/15/36<sup>(a)</sup> | 445 | 451598 |
| 4.13%, 02/24/42 | 813 | 715639 |
| 5.00%, 09/30/43 | 2434 | 2344232 |
| 5.50%, 09/08/53<sup>(a)</sup> | 685 | 696571 |
| 5.75%, 09/05/55 | 1210 | 1261986 |
| Freeport-McMoRan, Inc., 5.45%, 03/15/43 | 1344 | 1304211 |
| Newmont Corp. |  |  |
| 4.88%, 03/15/42 | 413 | 400091 |
| 5.45%, 06/09/44 | 330 | 333460 |
| Newmont Corp./Newcrest Finance Pty. Ltd., 4.20%, <br> 05/13/50<sup>(a)</sup><br>| 325 | 273313 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Nucor Corp. |  |  |
| 6.40%, 12/01/37 | 550 | $617311 |
| 5.20%, 08/01/43 | 350 | 344797 |
| 4.40%, 05/01/48 | 350 | 301663 |
| 3.85%, 04/01/52 | 650 | 502923 |
| 2.98%, 12/15/55<sup>(a)</sup> | 238 | 149322 |
| Precision Castparts Corp. |  |  |
| 3.90%, 01/15/43 | 400 | 338361 |
| 4.38%, 06/15/45 | 213 | 187857 |
| Rio Tinto Finance USA Ltd. |  |  |
| 5.20%, 11/02/40 | 1188 | 1193375 |
| 2.75%, 11/02/51 | 1189 | 749114 |
| Rio Tinto Finance USA PLC |  |  |
| 4.75%, 03/22/42 | 663 | 624032 |
| 4.13%, 08/21/42 | 788 | 687207 |
| 5.13%, 03/09/53 | 1280 | 1217898 |
| 5.75%, 03/14/55 | 1455 | 1503369 |
| 5.88%, 03/14/65 | 625 | 654831 |
| Southern Copper Corp. |  |  |
| 6.75%, 04/16/40 | 719 | 820334 |
| 5.25%, 11/08/42 | 1300 | 1261030 |
| 5.88%, 04/23/45 | 1238 | 1291413 |
| Steel Dynamics, Inc. |  |  |
| 3.25%, 10/15/50 | 721 | 499830 |
| 5.75%, 05/15/55<sup>(a)</sup> | 350 | 357040 |
| Vale Overseas Ltd. |  |  |
| 6.88%, 11/21/36 | 929 | 1053918 |
| 6.88%, 11/10/39<sup>(a)</sup> | 236 | 267827 |
| 6.40%, 06/28/54 | 1675 | 1745460 |
| Vale SA, 5.63%, 09/11/42 | 579 | 593682 |
| Valmont Industries, Inc., 5.00%, 10/01/44 | 729 | 686315 |
|  |  | 29740495 |
| **Multi-Utilities — 0.8%** | **Multi-Utilities — 0.8%** | **Multi-Utilities — 0.8%** |
| Atmos Energy Corp. |  |  |
| 5.50%, 06/15/41 | 450 | 465527 |
| 4.15%, 01/15/43<sup>(a)</sup> | 476 | 412222 |
| 4.13%, 10/15/44 | 815 | 696360 |
| 4.30%, 10/01/48 | 788 | 670250 |
| 4.13%, 03/15/49 | 115 | 94385 |
| 3.38%, 09/15/49 | 570 | 414403 |
| 2.85%, 02/15/52<sup>(a)</sup> | 200 | 128401 |
| 5.75%, 10/15/52 | 500 | 516469 |
| 6.20%, 11/15/53<sup>(a)</sup> | 550 | 605912 |
| 5.00%, 12/15/54<sup>(a)</sup> | 400 | 372160 |
| 5.45%, 01/15/56<sup>(a)</sup> | 565 | 560510 |
| CenterPoint Energy Resources Corp., 5.85%, <br> 01/15/41<br>| 163 | 170083 |
| NiSource, Inc. |  |  |
| 5.95%, 06/15/41<sup>(a)</sup> | 519 | 544621 |
| 5.25%, 02/15/43 | 151 | 146999 |
| 4.80%, 02/15/44 | 963 | 877599 |
| 5.65%, 02/01/45 | 678 | 678673 |
| 4.38%, 05/15/47 | 688 | 582134 |
| 3.95%, 03/30/48<sup>(a)</sup> | 775 | 618338 |
| 5.00%, 06/15/52 | 450 | 408321 |
| 5.85%, 04/01/55 | 1500 | 1530514 |
| ONE Gas, Inc. |  |  |
| 4.66%, 02/01/44 | 563 | 510910 |
| 4.50%, 11/01/48 | 350 | 303134 |
| Piedmont Natural Gas Co., Inc. |  |  |
| 4.65%, 08/01/43 | 255 | 233122 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Multi-Utilities (continued)** | **Multi-Utilities (continued)** | **Multi-Utilities (continued)** |
| Piedmont Natural Gas Co., Inc. (continued) |  |  |
| 3.64%, 11/01/46 | 255 | $193057 |
| 3.35%, 06/01/50<sup>(a)</sup> | 604 | 424909 |
| 5.05%, 05/15/52 | 125 | 113696 |
| Southern California Gas Co. |  |  |
| 5.13%, 11/15/40 | 75 | 74055 |
| 3.75%, 09/15/42 | 600 | 486960 |
| 6.35%, 11/15/52<sup>(a)</sup> | 625 | 686523 |
| 5.75%, 06/01/53 | 520 | 529028 |
| 5.60%, 04/01/54 | 450 | 453667 |
| 6.00%, 06/15/55 | 750 | 787960 |
| Series UU, 4.13%, 06/01/48 | 413 | 335102 |
| Series VV, 4.30%, 01/15/49 | 304 | 253274 |
| Series WW, 3.95%, 02/15/50 | 150 | 117001 |
| Southern Co. Gas Capital Corp. |  |  |
| 5.88%, 03/15/41 | 625 | 653859 |
| 4.40%, 06/01/43<sup>(a)</sup> | 236 | 204346 |
| 3.95%, 10/01/46 | 720 | 576638 |
| 4.40%, 05/30/47 | 400 | 338546 |
| Series 2021-A, 3.15%, 09/30/51 | 695 | 456305 |
| Southwest Gas Corp. |  |  |
| 4.15%, 06/01/49 | 400 | 325478 |
| 3.18%, 08/15/51 | 345 | 241069 |
| Spire Missouri, Inc., 3.30%, 06/01/51 | 400 | 277763 |
| Washington Gas Light Co. |  |  |
| 3.65%, 09/15/49 | 513 | 377480 |
| Series K, 3.80%, 09/15/46 | 350 | 271020 |
|  |  | 19718783 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| Kilroy Realty LP, 6.25%, 01/15/36 | 300 | 309325 |
| **Oil, Gas & Consumable Fuels — 8.2%** | **Oil, Gas & Consumable Fuels — 8.2%** | **Oil, Gas & Consumable Fuels — 8.2%** |
| APA Corp. |  |  |
| 5.35%, 07/01/49 | 375 | 311357 |
| 6.75%, 02/15/55<sup>(a)</sup> | 400 | 399160 |
| BP Capital Markets America, Inc. |  |  |
| 3.06%, 06/17/41 | 1530 | 1172032 |
| 3.00%, 02/24/50 | 1929 | 1283901 |
| 2.77%, 11/10/50<sup>(a)</sup> | 1684 | 1067310 |
| 2.94%, 06/04/51<sup>(a)</sup> | 2042 | 1328930 |
| 3.00%, 03/17/52<sup>(a)</sup> | 963 | 630806 |
| 3.38%, 02/08/61 | 2077 | 1386876 |
| Burlington Resources LLC, 5.95%, 10/15/36 | 250 | 270151 |
| Canadian Natural Resources Ltd. |  |  |
| 6.50%, 02/15/37 | 400 | 434959 |
| 6.25%, 03/15/38 | 1000 | 1064020 |
| 6.75%, 02/01/39 | 250 | 275370 |
| 4.95%, 06/01/47 | 843 | 749416 |
| Cenovus Energy, Inc. |  |  |
| 5.25%, 06/15/37 | 390 | 380603 |
| 6.75%, 11/15/39<sup>(a)</sup> | 628 | 693370 |
| 5.40%, 06/15/47 | 777 | 721379 |
| 3.75%, 02/15/52<sup>(a)</sup> | 209 | 148484 |
| Cheniere Corpus Christi Holdings LLC, 2.74%, <br> 12/31/39<br>| 563 | 470248 |
| Chevron Corp., 3.08%, 05/11/50 | 1600 | 1112087 |
| Chevron USA, Inc. |  |  |
| 6.00%, 03/01/41 | 350 | 384086 |
| 5.25%, 11/15/43 | 250 | 253053 |
| 2.34%, 08/12/50 | 838 | 498802 |
| CNOOC Finance 2013 Ltd. |  |  |
| 4.25%, 05/09/43 | 250 | 233538 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| CNOOC Finance 2013 Ltd. (continued) |  |  |
| 3.30%, 09/30/49 | $600 | $471845 |
| CNOOC Finance 2015 Australia Pty. Ltd., 4.20%, <br> 05/05/45<br>| 200 | 184630 |
| CNOOC Petroleum North America ULC |  |  |
| 6.40%, 05/15/37 | 550 | 653439 |
| 7.50%, 07/30/39 | 200 | 265365 |
| Columbia Pipeline Group, Inc., 5.80%, 06/01/45 | 425 | 422110 |
| ConocoPhillips |  |  |
| 5.90%, 05/15/38 | 25 | 27001 |
| 6.50%, 02/01/39 | 1650 | 1859532 |
| 4.88%, 10/01/47 | 500 | 456043 |
| ConocoPhillips Co. |  |  |
| 3.76%, 03/15/42 | 830 | 685475 |
| 4.30%, 11/15/44 | 529 | 457246 |
| 5.95%, 03/15/46 | 400 | 422116 |
| 3.80%, 03/15/52 | 1388 | 1046028 |
| 5.30%, 05/15/53<sup>(a)</sup> | 480 | 455859 |
| 5.55%, 03/15/54<sup>(a)</sup> | 940 | 927004 |
| 5.50%, 01/15/55<sup>(a)</sup> | 1415 | 1380585 |
| 4.03%, 03/15/62 | 1555 | 1159286 |
| 5.70%, 09/15/63 | 850 | 841673 |
| 5.65%, 01/15/65 | 590 | 580221 |
| Continental Resources, Inc., 4.90%, 06/01/44 | 543 | 438451 |
| Coterra Energy, Inc., 5.90%, 02/15/55 | 760 | 730178 |
| DCP Midstream Operating LP, 5.60%, 04/01/44 | 250 | 242810 |
| Devon Energy Corp. |  |  |
| 5.60%, 07/15/41 | 513 | 494029 |
| 4.75%, 05/15/42 | 819 | 710389 |
| 5.00%, 06/15/45 | 763 | 659419 |
| 5.75%, 09/15/54 | 1220 | 1122552 |
| Diamondback Energy, Inc. |  |  |
| 4.40%, 03/24/51<sup>(a)</sup> | 663 | 538911 |
| 4.25%, 03/15/52 | 475 | 375708 |
| 6.25%, 03/15/53 | 800 | 819019 |
| 5.75%, 04/18/54 | 1360 | 1308365 |
| 5.90%, 04/18/64 | 950 | 910787 |
| Eastern Energy Gas Holdings LLC |  |  |
| 5.65%, 10/15/54 | 1175 | 1156057 |
| 6.20%, 01/15/55 | 130 | 137243 |
| Eastern Gas Transmission & Storage, Inc. |  |  |
| 4.80%, 11/01/43 | 300 | 271017 |
| 4.60%, 12/15/44 | 600 | 528359 |
| Enbridge Energy Partners LP |  |  |
| 5.50%, 09/15/40 | 375 | 375402 |
| 7.38%, 10/15/45 | 335 | 396090 |
| Series B, 7.50%, 04/15/38 | 350 | 412964 |
| Enbridge, Inc. |  |  |
| 4.50%, 06/10/44 | 613 | 525027 |
| 5.50%, 12/01/46 | 1050 | 1041686 |
| 4.00%, 11/15/49 | 454 | 350239 |
| 3.40%, 08/01/51 | 1139 | 785648 |
| 6.70%, 11/15/53 | 1135 | 1265911 |
| 5.95%, 04/05/54<sup>(a)</sup> | 1260 | 1296048 |
| Energy Transfer LP |  |  |
| 6.63%, 10/15/36 | 370 | 402692 |
| 7.50%, 07/01/38 | 500 | 579340 |
| 6.05%, 06/01/41 | 700 | 707404 |
| 6.50%, 02/01/42 | 963 | 1012447 |
| 6.10%, 02/15/42 | 250 | 253565 |
| 4.95%, 01/15/43 | 438 | 390013 |
| 5.15%, 02/01/43 | 413 | 373320 |
| 5.95%, 10/01/43 | 397 | 390666 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Energy Transfer LP (continued) |  |  |
| 5.30%, 04/01/44 | $826 | $749853 |
| 5.00%, 05/15/44 | 413 | 363493 |
| 5.15%, 03/15/45 | 1279 | 1139360 |
| 5.35%, 05/15/45 | 913 | 833744 |
| 6.13%, 12/15/45 | 1036 | 1033911 |
| 5.30%, 04/15/47 | 1020 | 916349 |
| 5.40%, 10/01/47 | 1079 | 975236 |
| 6.00%, 06/15/48 | 1000 | 975612 |
| 6.25%, 04/15/49 | 1629 | 1625304 |
| 5.00%, 05/15/50 | 2200 | 1869006 |
| 5.95%, 05/15/54 | 1975 | 1905308 |
| 6.05%, 09/01/54 | 875 | 850880 |
| 6.20%, 04/01/55 | 750 | 745366 |
| Series 20Y, 5.80%, 06/15/38 | 350 | 355938 |
| Enterprise Products Operating LLC |  |  |
| 5.20%, 01/15/36 | 1325 | 1350030 |
| 7.55%, 04/15/38 | 400 | 484241 |
| 6.13%, 10/15/39 | 600 | 653435 |
| 6.45%, 09/01/40 | 600 | 671379 |
| 5.95%, 02/01/41 | 697 | 739381 |
| 4.85%, 08/15/42 | 850 | 793368 |
| 4.45%, 02/15/43 | 1308 | 1162690 |
| 4.85%, 03/15/44 | 1829 | 1696528 |
| 5.10%, 02/15/45 | 1186 | 1127932 |
| 4.90%, 05/15/46 | 1161 | 1068428 |
| 4.25%, 02/15/48 | 1279 | 1067782 |
| 4.80%, 02/01/49 | 929 | 833810 |
| 4.20%, 01/31/50 | 1078 | 883165 |
| 3.70%, 01/31/51 | 625 | 468173 |
| 3.20%, 02/15/52 | 1204 | 817742 |
| 3.30%, 02/15/53 | 631 | 431862 |
| 4.95%, 10/15/54 | 550 | 498343 |
| 5.55%, 02/16/55 | 1225 | 1213673 |
| 3.95%, 01/31/60 | 800 | 599315 |
| EOG Resources, Inc. |  |  |
| 5.35%, 01/15/36 | 775 | 796773 |
| 4.95%, 04/15/50 | 613 | 558899 |
| 5.65%, 12/01/54<sup>(a)</sup> | 855 | 855360 |
| 5.95%, 07/15/55 | 340 | 354782 |
| Equinor ASA |  |  |
| 3.63%, 04/06/40 | 829 | 705992 |
| 5.10%, 08/17/40 | 911 | 913806 |
| 4.25%, 11/23/41 | 500 | 452970 |
| 3.95%, 05/15/43 | 1250 | 1062451 |
| 4.80%, 11/08/43 | 450 | 428281 |
| 3.25%, 11/18/49 | 945 | 677005 |
| 3.70%, 04/06/50 | 1004 | 780422 |
| Exxon Mobil Corp. |  |  |
| 3.00%, 08/16/39 | 713 | 573085 |
| 4.23%, 03/19/40 | 1844 | 1697226 |
| 3.57%, 03/06/45 | 1025 | 818477 |
| 4.11%, 03/01/46 | 2504 | 2135244 |
| 3.10%, 08/16/49 | 1318 | 920161 |
| 4.33%, 03/19/50 | 2518 | 2162660 |
| 3.45%, 04/15/51 | 2465 | 1812884 |
| Hess Corp. |  |  |
| 6.00%, 01/15/40 | 675 | 735272 |
| 5.60%, 02/15/41 | 1079 | 1126898 |
| 5.80%, 04/01/47<sup>(a)</sup> | 604 | 631479 |
| Kinder Morgan Energy Partners LP |  |  |
| 6.50%, 02/01/37 | 576 | 628245 |
| 6.95%, 01/15/38 | 1286 | 1450401 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Kinder Morgan Energy Partners LP (continued) |  |  |
| 6.50%, 09/01/39 | $600 | $653806 |
| 6.55%, 09/15/40 | 550 | 599623 |
| 7.50%, 11/15/40 | 300 | 354077 |
| 6.38%, 03/01/41 | 413 | 441076 |
| 5.63%, 09/01/41 | 300 | 299274 |
| 5.00%, 08/15/42 | 650 | 600961 |
| 4.70%, 11/01/42 | 400 | 355166 |
| 5.00%, 03/01/43 | 763 | 703751 |
| 5.50%, 03/01/44 | 745 | 723589 |
| 5.40%, 09/01/44 | 363 | 347091 |
| Kinder Morgan, Inc. |  |  |
| 5.55%, 06/01/45 | 1486 | 1445357 |
| 5.05%, 02/15/46 | 770 | 699291 |
| 5.20%, 03/01/48 | 486 | 447738 |
| 3.25%, 08/01/50 | 500 | 332969 |
| 3.60%, 02/15/51<sup>(a)</sup> | 1829 | 1291946 |
| 5.45%, 08/01/52 | 225 | 212574 |
| 5.95%, 08/01/54<sup>(a)</sup> | 820 | 828840 |
| Marathon Petroleum Corp. |  |  |
| 6.50%, 03/01/41 | 1425 | 1529979 |
| 4.75%, 09/15/44 | 763 | 662622 |
| 4.50%, 04/01/48 | 259 | 209762 |
| 5.00%, 09/15/54<sup>(a)</sup> | 650 | 552347 |
| MPLX LP |  |  |
| 4.50%, 04/15/38 | 1425 | 1293055 |
| 5.20%, 03/01/47 | 1029 | 923435 |
| 5.20%, 12/01/47 | 813 | 729580 |
| 4.70%, 04/15/48 | 1586 | 1324209 |
| 5.50%, 02/15/49 | 1504 | 1394504 |
| 4.95%, 03/14/52 | 1321 | 1127279 |
| 5.65%, 03/01/53 | 690 | 648559 |
| 5.95%, 04/01/55 | 900 | 875905 |
| 6.20%, 09/15/55 | 755 | 761105 |
| 4.90%, 04/15/58 | 250 | 208459 |
| Occidental Petroleum Corp. |  |  |
| 6.45%, 09/15/36 | 1300 | 1379730 |
| 7.95%, 06/15/39 | 275 | 323995 |
| 6.20%, 03/15/40 | 700 | 715738 |
| 6.60%, 03/15/46<sup>(a)</sup> | 750 | 781098 |
| 4.40%, 04/15/46 | 575 | 456547 |
| 4.20%, 03/15/48 | 450 | 339219 |
| 6.05%, 10/01/54<sup>(a)</sup> | 990 | 966448 |
| ONEOK Partners LP |  |  |
| 6.65%, 10/01/36 | 500 | 543578 |
| 6.85%, 10/15/37 | 500 | 551007 |
| 6.13%, 02/01/41 | 575 | 589536 |
| 6.20%, 09/15/43 | 250 | 254795 |
| ONEOK, Inc. |  |  |
| 5.15%, 10/15/43 | 600 | 549218 |
| 5.60%, 04/01/44 | 300 | 283719 |
| 5.05%, 04/01/45 | 400 | 352913 |
| 4.25%, 09/15/46 | 563 | 442353 |
| 5.45%, 06/01/47 | 350 | 320922 |
| 4.95%, 07/13/47 | 504 | 436463 |
| 4.20%, 10/03/47 | 460 | 357963 |
| 5.20%, 07/15/48 | 763 | 681167 |
| 4.85%, 02/01/49<sup>(a)</sup> | 550 | 469289 |
| 4.45%, 09/01/49 | 625 | 500785 |
| 3.95%, 03/01/50 | 811 | 592289 |
| 4.50%, 03/15/50 | 413 | 336432 |
| 7.15%, 01/15/51 | 250 | 276956 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| ONEOK, Inc. (continued) |  |  |
| 6.63%, 09/01/53 | $950 | $1000179 |
| 5.70%, 11/01/54 | 1700 | 1594457 |
| 6.25%, 10/15/55 | 1400 | 1404664 |
| 5.85%, 11/01/64 | 975 | 919260 |
| Ovintiv, Inc. |  |  |
| 6.63%, 08/15/37 | 375 | 395585 |
| 6.50%, 02/01/38 | 443 | 464392 |
| 7.10%, 07/15/53 | 200 | 213821 |
| Phillips 66 |  |  |
| 5.88%, 05/01/42 | 1326 | 1350448 |
| 4.88%, 11/15/44 | 1636 | 1457742 |
| 3.30%, 03/15/52<sup>(a)</sup> | 1067 | 709554 |
| Phillips 66 Co. |  |  |
| 4.68%, 02/15/45 | 600 | 513641 |
| 4.90%, 10/01/46 | 713 | 629344 |
| 5.65%, 06/15/54 | 450 | 430769 |
| 5.50%, 03/15/55<sup>(a)</sup> | 775 | 727203 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| 5.60%, 01/15/36 | 335 | 338516 |
| 6.65%, 01/15/37 | 800 | 868805 |
| 5.15%, 06/01/42 | 350 | 319128 |
| 4.30%, 01/31/43 | 300 | 244969 |
| 4.70%, 06/15/44 | 720 | 616648 |
| 4.90%, 02/15/45 | 579 | 508686 |
| Sabine Pass Liquefaction LLC, 5.90%, 09/15/37 | 389 | 407676 |
| Shell Finance U.S., Inc. |  |  |
| 4.55%, 08/12/43 | 1259 | 1145647 |
| 4.38%, 05/11/45 | 2373 | 2080648 |
| 4.00%, 05/10/46 | 1736 | 1433887 |
| 3.75%, 09/12/46 | 1295 | 1029220 |
| 3.25%, 04/06/50<sup>(a)</sup> | 1239 | 878893 |
| Shell International Finance BV |  |  |
| 6.38%, 12/15/38 | 2676 | 3023296 |
| 5.50%, 03/25/40 | 525 | 544905 |
| 2.88%, 11/26/41 | 563 | 418420 |
| 3.63%, 08/21/42 | 600 | 487977 |
| 4.38%, 05/11/45 | 500 | 442798 |
| 3.13%, 11/07/49 | 1378 | 952794 |
| 3.25%, 04/06/50 | 600 | 418595 |
| 3.00%, 11/26/51<sup>(a)</sup> | 650 | 434036 |
| South Bow USA Infrastructure Holdings LLC, 6.18%, <br> 10/01/54<br>| 550 | 532756 |
| Spectra Energy Partners LP |  |  |
| 5.95%, 09/25/43 | 100 | 102142 |
| 4.50%, 03/15/45 | 810 | 700996 |
| Suncor Energy, Inc. |  |  |
| 6.80%, 05/15/38 | 483 | 532998 |
| 6.50%, 06/15/38 | 250 | 270553 |
| 6.85%, 06/01/39 | 613 | 682867 |
| 4.00%, 11/15/47 | 829 | 635126 |
| 3.75%, 03/04/51<sup>(a)</sup> | 721 | 520518 |
| Targa Resources Corp. |  |  |
| 5.65%, 02/15/36<sup>(a)</sup> | 675 | 692233 |
| 4.95%, 04/15/52 | 852 | 729059 |
| 6.25%, 07/01/52 | 350 | 357751 |
| 6.50%, 02/15/53 | 850 | 893712 |
| 6.13%, 05/15/55 | 620 | 622612 |
| TotalEnergies Capital International SA |  |  |
| 2.99%, 06/29/41 | 350 | 265194 |
| 3.46%, 07/12/49 | 863 | 633805 |
| 3.13%, 05/29/50 | 1804 | 1236333 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| TotalEnergies Capital International SA (continued) |  |  |
| 3.39%, 06/29/60 | 429 | $286804 |
| TotalEnergies Capital SA |  |  |
| 5.49%, 04/05/54<sup>(a)</sup> | 1575 | 1553458 |
| 5.28%, 09/10/54 | 950 | 911336 |
| 5.64%, 04/05/64 | 925 | 919159 |
| 5.43%, 09/10/64 | 1250 | 1198944 |
| TransCanada PipeLines Ltd. |  |  |
| 5.85%, 03/15/36 | 600 | 629972 |
| 6.20%, 10/15/37 | 880 | 944793 |
| 7.25%, 08/15/38 | 513 | 593594 |
| 7.63%, 01/15/39 | 863 | 1035726 |
| 6.10%, 06/01/40 | 800 | 846829 |
| 4.88%, 05/15/48 | 500 | 451993 |
| 5.10%, 03/15/49 | 1185 | 1113186 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 5.40%, 08/15/41 | 150 | 148322 |
| 4.45%, 08/01/42 | 438 | 383416 |
| 4.60%, 03/15/48 | 780 | 679270 |
| 3.95%, 05/15/50 | 513 | 401824 |
| Valero Energy Corp. |  |  |
| 6.63%, 06/15/37 | 1750 | 1938366 |
| 4.90%, 03/15/45<sup>(a)</sup> | 413 | 370412 |
| 3.65%, 12/01/51 | 675 | 474037 |
| 4.00%, 06/01/52<sup>(a)</sup> | 119 | 88381 |
| Western Midstream Operating LP |  |  |
| 5.45%, 04/01/44 | 580 | 523217 |
| 5.30%, 03/01/48 | 575 | 496289 |
| 5.50%, 08/15/48 | 400 | 351846 |
| 5.25%, 02/01/50 | 800 | 691005 |
| Williams Cos., Inc. |  |  |
| 6.30%, 04/15/40 | 1313 | 1416389 |
| 5.80%, 11/15/43 | 100 | 100821 |
| 5.40%, 03/04/44 | 229 | 222013 |
| 5.75%, 06/24/44 | 779 | 784876 |
| 4.90%, 01/15/45 | 263 | 238579 |
| 5.10%, 09/15/45 | 845 | 783026 |
| 4.85%, 03/01/48 | 613 | 543665 |
| 3.50%, 10/15/51 | 800 | 568161 |
| 5.30%, 08/15/52 | 1020 | 957886 |
| 5.80%, 11/15/54<sup>(a)</sup> | 900 | 903807 |
| 6.00%, 03/15/55 | 395 | 407691 |
| Woodside Finance Ltd., 5.70%, 09/12/54<sup>(a)</sup> | 600 | 576088 |
|  |  | 199177090 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Celulosa Arauco y Constitucion SA, 5.50%, 11/02/47 | 300 | 276762 |
| International Paper Co. |  |  |
| 6.00%, 11/15/41 | 350 | 364019 |
| 4.80%, 06/15/44 | 716 | 641804 |
| 5.15%, 05/15/46 | 650 | 607325 |
| 4.40%, 08/15/47 | 563 | 470323 |
| 4.35%, 08/15/48 | 825 | 678997 |
|  |  | 3039230 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| United Airlines 2024-1 Class AA Pass Through Trust, <br> Series 2024-1, Class AA, 5.45%, 08/15/38<sup>(a)</sup><br>| 676 | 696296 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** |
| United Airlines Pass-Through Trust |  |  |
| Series 2023-1, Class A, 5.80%, 07/15/37 | 1119 | $1173032 |
| Series 2024-1, Class A, 5.88%, 08/15/38 | 338 | 345030 |
|  |  | 2214358 |
| **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
| Colgate-Palmolive Co. |  |  |
| 4.00%, 08/15/45 | 550 | 470375 |
| 3.70%, 08/01/47 | 720 | 577809 |
| Estee Lauder Cos., Inc. |  |  |
| 6.00%, 05/15/37<sup>(a)</sup> | 300 | 326508 |
| 4.38%, 06/15/45 | 500 | 422122 |
| 4.15%, 03/15/47 | 263 | 212426 |
| 3.13%, 12/01/49 | 391 | 261028 |
| 5.15%, 05/15/53<sup>(a)</sup> | 330 | 314377 |
| Haleon U.S. Capital LLC, 4.00%, 03/24/52 | 650 | 522698 |
| Kenvue, Inc. |  |  |
| 5.10%, 03/22/43<sup>(a)</sup> | 630 | 601431 |
| 5.05%, 03/22/53<sup>(a)</sup> | 1100 | 1004268 |
| 5.20%, 03/22/63 | 600 | 547495 |
| Procter & Gamble Co. |  |  |
| 5.55%, 03/05/37 | 350 | 379469 |
| 3.55%, 03/25/40 | 163 | 141783 |
| 3.50%, 10/25/47 | 100 | 78140 |
| 3.60%, 03/25/50 | 529 | 414156 |
| Unilever Capital Corp., Series 30Y, 2.63%, 08/12/51 | 304 | 191715 |
|  |  | 6465800 |
| **Pharmaceuticals — 6.6%** | **Pharmaceuticals — 6.6%** | **Pharmaceuticals — 6.6%** |
| AbbVie, Inc. |  |  |
| 4.30%, 05/14/36 | 1130 | 1084326 |
| 4.05%, 11/21/39 | 3587 | 3209648 |
| 4.63%, 10/01/42 | 275 | 255242 |
| 4.40%, 11/06/42 | 3110 | 2807747 |
| 5.35%, 03/15/44 | 575 | 577018 |
| 4.85%, 06/15/44 | 1036 | 975038 |
| 4.75%, 03/15/45 | 752 | 698416 |
| 4.70%, 05/14/45 | 2198 | 2018534 |
| 4.45%, 05/14/46<sup>(a)</sup> | 1961 | 1734744 |
| 4.88%, 11/14/48 | 1754 | 1628485 |
| 4.25%, 11/21/49 | 5581 | 4696802 |
| 5.40%, 03/15/54 | 3190 | 3166708 |
| 5.60%, 03/15/55 | 730 | 747471 |
| 5.50%, 03/15/64 | 1390 | 1388152 |
| AstraZeneca PLC |  |  |
| 6.45%, 09/15/37 | 2850 | 3259081 |
| 4.00%, 09/18/42 | 800 | 698959 |
| 4.38%, 11/16/45 | 462 | 413177 |
| 4.38%, 08/17/48 | 595 | 526344 |
| 2.13%, 08/06/50 | 998 | 574583 |
| 3.00%, 05/28/51 | 950 | 654951 |
| Becton Dickinson & Co. |  |  |
| 4.69%, 12/15/44 | 844 | 755281 |
| 4.67%, 06/06/47 | 1538 | 1360212 |
| 3.79%, 05/20/50 | 897 | 683205 |
| Bristol-Myers Squibb Co. |  |  |
| 4.13%, 06/15/39 | 2213 | 2010385 |
| 2.35%, 11/13/40 | 925 | 655777 |
| 3.55%, 03/15/42 | 1440 | 1166863 |
| 3.25%, 08/01/42 | 500 | 387167 |
| 5.50%, 02/22/44 | 240 | 243493 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Bristol-Myers Squibb Co. (continued) |  |  |
| 4.50%, 03/01/44 | $250 | $223296 |
| 4.63%, 05/15/44 | 350 | 318095 |
| 5.00%, 08/15/45 | 775 | 737858 |
| 4.35%, 11/15/47 | 1360 | 1162974 |
| 4.55%, 02/20/48 | 1142 | 1000367 |
| 4.25%, 10/26/49 | 3976 | 3315423 |
| 2.55%, 11/13/50 | 1739 | 1051316 |
| 3.70%, 03/15/52 | 1693 | 1269426 |
| 6.25%, 11/15/53 | 780 | 850920 |
| 5.55%, 02/22/54 | 2465 | 2449300 |
| 3.90%, 03/15/62 | 1064 | 780076 |
| 6.40%, 11/15/63<sup>(a)</sup> | 880 | 974480 |
| 5.65%, 02/22/64 | 1325 | 1314737 |
| Cardinal Health, Inc. |  |  |
| 4.60%, 03/15/43 | 300 | 264231 |
| 4.50%, 11/15/44 | 500 | 432223 |
| 4.90%, 09/15/45 | 770 | 700096 |
| 4.37%, 06/15/47 | 513 | 431518 |
| 5.75%, 11/15/54 | 400 | 406151 |
| Cencora, Inc. |  |  |
| 4.25%, 03/01/45 | 363 | 307604 |
| 4.30%, 12/15/47 | 338 | 282341 |
| CVS Health Corp. |  |  |
| 4.78%, 03/25/38 | 4573 | 4292438 |
| 6.13%, 09/15/39 | 200 | 208948 |
| 4.13%, 04/01/40 | 610 | 521960 |
| 2.70%, 08/21/40 | 300 | 214368 |
| 5.30%, 12/05/43 | 700 | 661887 |
| 6.00%, 06/01/44 | 875 | 886434 |
| 5.13%, 07/20/45 | 3106 | 2818291 |
| 5.05%, 03/25/48 | 6992 | 6259316 |
| 4.25%, 04/01/50 | 521 | 411302 |
| 5.63%, 02/21/53 | 1275 | 1207278 |
| 5.88%, 06/01/53 | 1340 | 1315293 |
| 6.05%, 06/01/54<sup>(a)</sup> | 1075 | 1084921 |
| 6.20%, 09/15/55<sup>(a)</sup> | 1000 | 1026866 |
| 6.00%, 06/01/63 | 615 | 605698 |
| 6.25%, 09/15/65 | 560 | 569840 |
| Eli Lilly & Co. |  |  |
| 5.55%, 03/15/37 | 400 | 430608 |
| 3.70%, 03/01/45 | 529 | 430775 |
| 3.95%, 05/15/47 | 550 | 455150 |
| 3.95%, 03/15/49 | 900 | 736143 |
| 2.25%, 05/15/50 | 1775 | 1037111 |
| 4.88%, 02/27/53 | 1210 | 1127591 |
| 5.00%, 02/09/54 | 1660 | 1571787 |
| 5.05%, 08/14/54 | 1250 | 1188351 |
| 5.50%, 02/12/55<sup>(a)</sup> | 1315 | 1339641 |
| 5.55%, 10/15/55 | 405 | 414893 |
| 4.15%, 03/15/59 | 1025 | 829498 |
| 2.50%, 09/15/60 | 796 | 448203 |
| 4.95%, 02/27/63 | 1265 | 1167172 |
| 5.10%, 02/09/64 | 1375 | 1301825 |
| 5.20%, 08/14/64 | 830 | 796929 |
| 5.60%, 02/12/65 | 545 | 560831 |
| 5.65%, 10/15/65 | 820 | 844466 |
| GlaxoSmithKline Capital, Inc. |  |  |
| 6.38%, 05/15/38 | 2226 | 2508607 |
| 4.20%, 03/18/43 | 196 | 172591 |
| Johnson & Johnson |  |  |
| 3.55%, 03/01/36 | 994 | 913338 |
| 3.63%, 03/03/37 | 1113 | 1013208 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Johnson & Johnson (continued) |  |  |
| 5.95%, 08/15/37 | $825 | $925665 |
| 3.40%, 01/15/38 | 1025 | 904592 |
| 5.85%, 07/15/38 | 700 | 773685 |
| 2.10%, 09/01/40 | 476 | 336858 |
| 4.50%, 09/01/40<sup>(a)</sup> | 391 | 378907 |
| 4.85%, 05/15/41 | 550 | 547274 |
| 4.50%, 12/05/43 | 620 | 584985 |
| 3.70%, 03/01/46 | 1313 | 1081334 |
| 3.75%, 03/03/47 | 1150 | 943058 |
| 3.50%, 01/15/48 | 736 | 577429 |
| 2.25%, 09/01/50 | 425 | 254894 |
| 5.25%, 06/01/54 | 1020 | 1043456 |
| 2.45%, 09/01/60 | 693 | 394102 |
| Mead Johnson Nutrition Co. |  |  |
| 5.90%, 11/01/39 | 235 | 250722 |
| 4.60%, 06/01/44 | 463 | 417481 |
| Merck & Co., Inc. |  |  |
| 6.55%, 09/15/37<sup>(a)</sup> | 350 | 404174 |
| 3.90%, 03/07/39 | 763 | 683199 |
| 2.35%, 06/24/40 | 1059 | 766735 |
| 3.60%, 09/15/42 | 550 | 448730 |
| 4.15%, 05/18/43 | 795 | 692484 |
| 4.90%, 05/17/44 | 800 | 760323 |
| 3.70%, 02/10/45 | 1551 | 1248701 |
| 4.00%, 03/07/49 | 1854 | 1508983 |
| 2.45%, 06/24/50 | 979 | 589930 |
| 2.75%, 12/10/51 | 1921 | 1215076 |
| 5.00%, 05/17/53 | 1570 | 1476701 |
| 5.70%, 09/15/55<sup>(a)</sup> | 1275 | 1314693 |
| 2.90%, 12/10/61 | 1404 | 840202 |
| 5.15%, 05/17/63 | 715 | 673269 |
| Merck Sharp & Dohme Corp., 5.75%, 11/15/36 | 300 | 324475 |
| Mylan, Inc. |  |  |
| 5.40%, 11/29/43 | 538 | 466415 |
| 5.20%, 04/15/48 | 404 | 328446 |
| Novartis Capital Corp. |  |  |
| 3.70%, 09/21/42 | 550 | 457629 |
| 4.40%, 05/06/44 | 1436 | 1304917 |
| 4.00%, 11/20/45 | 1120 | 950077 |
| 2.75%, 08/14/50 | 1385 | 910571 |
| 4.70%, 09/18/54 | 520 | 473610 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.11%, 05/19/43 | 2750 | 2669713 |
| 5.30%, 05/19/53 | 5905 | 5692791 |
| 5.34%, 05/19/63 | 3725 | 3531646 |
| Pfizer, Inc. |  |  |
| 4.00%, 12/15/36<sup>(a)</sup> | 863 | 806181 |
| 4.10%, 09/15/38 | 829 | 756808 |
| 3.90%, 03/15/39 | 813 | 721859 |
| 7.20%, 03/15/39 | 2166 | 2605067 |
| 2.55%, 05/28/40 | 1159 | 856912 |
| 5.60%, 09/15/40 | 400 | 415123 |
| 4.30%, 06/15/43 | 1463 | 1285349 |
| 4.40%, 05/15/44 | 813 | 728747 |
| 4.13%, 12/15/46 | 1243 | 1038492 |
| 4.20%, 09/15/48 | 713 | 598677 |
| 4.00%, 03/15/49<sup>(a)</sup> | 1279 | 1038943 |
| 2.70%, 05/28/50<sup>(a)</sup> | 1160 | 737718 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 3.03%, 07/09/40 | 1491 | 1143111 |
| 5.65%, 07/05/44 | 650 | 665354 |
| 3.18%, 07/09/50 | 2108 | 1431424 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Takeda Pharmaceutical Co. Ltd. (continued) |  |  |
| 5.65%, 07/05/54 | 400 | $402082 |
| 3.38%, 07/09/60 | 1278 | 837344 |
| 5.80%, 07/05/64 | 400 | 402340 |
| Takeda U.S. Financing, Inc., 5.90%, 07/07/55<sup>(a)</sup> | 1200 | 1242287 |
| Utah Acquisition Sub, Inc., 5.25%, 06/15/46<sup>(a)</sup> | 588 | 487825 |
| Viatris, Inc. |  |  |
| 3.85%, 06/22/40 | 1429 | 1084614 |
| 4.00%, 06/22/50 | 1768 | 1192963 |
| Wyeth LLC |  |  |
| 6.00%, 02/15/36 | 100 | 109130 |
| 5.95%, 04/01/37 | 1563 | 1692966 |
| Zoetis, Inc. |  |  |
| 4.70%, 02/01/43 | 829 | 767526 |
| 3.95%, 09/12/47 | 363 | 295641 |
| 4.45%, 08/20/48 | 313 | 272078 |
| 3.00%, 05/15/50 | 279 | 188563 |
|  |  | 160976855 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| American Homes 4 Rent LP |  |  |
| 3.38%, 07/15/51 | 250 | 170623 |
| 4.30%, 04/15/52 | 450 | 361662 |
| AvalonBay Communities, Inc. |  |  |
| 3.90%, 10/15/46 | 263 | 213001 |
| 4.15%, 07/01/47 | 300 | 250401 |
| 4.35%, 04/15/48 | 500 | 429919 |
| Camden Property Trust, 3.35%, 11/01/49 | 400 | 287216 |
| ERP Operating LP |  |  |
| 4.50%, 07/01/44 | 447 | 398784 |
| 4.50%, 06/01/45 | 413 | 367778 |
| 4.00%, 08/01/47 | 200 | 163113 |
| Essex Portfolio LP |  |  |
| 4.50%, 03/15/48<sup>(a)</sup> | 350 | 304378 |
| 2.65%, 09/01/50 | 329 | 201752 |
| Mid-America Apartments LP, 2.88%, 09/15/51 | 259 | 167104 |
| NNN REIT, Inc. |  |  |
| 4.80%, 10/15/48 | 200 | 178115 |
| 3.10%, 04/15/50<sup>(a)</sup> | 429 | 282229 |
| 3.50%, 04/15/51 | 350 | 247683 |
| 3.00%, 04/15/52 | 528 | 336097 |
| Realty Income Corp. |  |  |
| 4.65%, 03/15/47 | 800 | 717995 |
| 5.38%, 09/01/54 | 455 | 446376 |
|  |  | 5524226 |
| **Retail REITs — 0.2%** | **Retail REITs — 0.2%** | **Retail REITs — 0.2%** |
| Simon Property Group LP |  |  |
| 6.75%, 02/01/40 | 600 | 691003 |
| 4.75%, 03/15/42 | 526 | 485903 |
| 4.25%, 10/01/44<sup>(a)</sup> | 163 | 139589 |
| 4.25%, 11/30/46<sup>(a)</sup> | 488 | 412175 |
| 3.25%, 09/13/49<sup>(a)</sup> | 1541 | 1078455 |
| 3.80%, 07/15/50 | 1429 | 1093727 |
| 5.85%, 03/08/53 | 600 | 619354 |
| 6.65%, 01/15/54<sup>(a)</sup> | 115 | 130898 |
|  |  | 4651104 |
| **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** |
| Advanced Micro Devices, Inc., 4.39%, 06/01/52 | 655 | 564791 |
| Analog Devices, Inc. |  |  |
| 2.80%, 10/01/41 | 351 | 259664 |
| 5.30%, 12/15/45 | 350 | 345739 |
| 2.95%, 10/01/51 | 1275 | 842175 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Analog Devices, Inc. (continued) |  |  |
| 5.30%, 04/01/54 | $350 | $343576 |
| Applied Materials, Inc. |  |  |
| 4.60%, 01/15/36 | 180 | 177970 |
| 5.85%, 06/15/41 | 375 | 400642 |
| 4.35%, 04/01/47 | 895 | 780512 |
| 2.75%, 06/01/50<sup>(a)</sup> | 838 | 547296 |
| Broadcom, Inc. |  |  |
| 3.14%, 11/15/35<sup>(e)</sup> | 3168 | 2744811 |
| 4.80%, 02/15/36 | 2295 | 2275515 |
| 3.19%, 11/15/36<sup>(e)</sup> | 3025 | 2581869 |
| 4.93%, 05/15/37<sup>(e)</sup> | 2250 | 2245558 |
| 4.90%, 02/15/38 | 1630 | 1609831 |
| 3.50%, 02/15/41<sup>(a)</sup> | 2766 | 2282087 |
| 3.75%, 02/15/51<sup>(a)</sup> | 1935 | 1499698 |
| Intel Corp. |  |  |
| 4.60%, 03/25/40 | 725 | 656017 |
| 2.80%, 08/12/41 | 657 | 462197 |
| 4.80%, 10/01/41 | 740 | 667840 |
| 4.25%, 12/15/42 | 500 | 413491 |
| 5.63%, 02/10/43 | 980 | 964125 |
| 4.90%, 07/29/45 | 750 | 665895 |
| 4.10%, 05/19/46 | 1073 | 841222 |
| 4.10%, 05/11/47 | 1113 | 860434 |
| 3.73%, 12/08/47 | 2009 | 1475836 |
| 3.25%, 11/15/49 | 1775 | 1175641 |
| 4.75%, 03/25/50 | 2356 | 1990985 |
| 3.05%, 08/12/51 | 1250 | 790921 |
| 4.90%, 08/05/52 | 1775 | 1520879 |
| 5.70%, 02/10/53 | 1585 | 1523249 |
| 5.60%, 02/21/54<sup>(a)</sup> | 1235 | 1181774 |
| 3.10%, 02/15/60 | 813 | 475497 |
| 4.95%, 03/25/60 | 979 | 832095 |
| 3.20%, 08/12/61 | 775 | 461484 |
| 5.05%, 08/05/62 | 200 | 168735 |
| 5.90%, 02/10/63 | 1150 | 1116598 |
| KLA Corp. |  |  |
| 5.00%, 03/15/49 | 350 | 330414 |
| 3.30%, 03/01/50 | 761 | 543197 |
| 4.95%, 07/15/52 | 1645 | 1534742 |
| 5.25%, 07/15/62 | 820 | 789254 |
| Lam Research Corp. |  |  |
| 4.88%, 03/15/49 | 729 | 679440 |
| 2.88%, 06/15/50<sup>(a)</sup> | 829 | 551798 |
| 3.13%, 06/15/60 | 475 | 305493 |
| Micron Technology, Inc. |  |  |
| 6.05%, 11/01/35<sup>(a)</sup> | 675 | 722850 |
| 3.37%, 11/01/41 | 563 | 434158 |
| 3.48%, 11/01/51 | 513 | 366032 |
| NVIDIA Corp. |  |  |
| 3.50%, 04/01/40 | 1188 | 1018889 |
| 3.50%, 04/01/50 | 2093 | 1596739 |
| 3.70%, 04/01/60 | 193 | 146551 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 3.25%, 05/11/41 | 913 | 692606 |
| 3.13%, 02/15/42 | 813 | 604120 |
| 3.25%, 11/30/51 | 175 | 117261 |
| QUALCOMM, Inc. |  |  |
| 4.80%, 05/20/45 | 1170 | 1091862 |
| 4.30%, 05/20/47 | 1293 | 1108766 |
| 3.25%, 05/20/50 | 910 | 644211 |
| 4.50%, 05/20/52 | 1417 | 1227669 |
| 6.00%, 05/20/53 | 1170 | 1253750 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Texas Instruments, Inc. |  |  |
| 3.88%, 03/15/39 | 829 | $739679 |
| 4.15%, 05/15/48 | 1504 | 1254153 |
| 2.70%, 09/15/51 | 450 | 281082 |
| 4.10%, 08/16/52 | 345 | 279970 |
| 5.00%, 03/14/53 | 795 | 743972 |
| 5.15%, 02/08/54 | 575 | 550757 |
| 5.05%, 05/18/63 | 950 | 872437 |
| TSMC Arizona Corp. |  |  |
| 3.13%, 10/25/41<sup>(a)</sup> | 916 | 753209 |
| 3.25%, 10/25/51<sup>(a)</sup> | 750 | 582448 |
| 4.50%, 04/22/52 | 880 | 845157 |
|  |  | 60409315 |
| **Software — 2.6%** | **Software — 2.6%** | **Software — 2.6%** |
| AppLovin Corp., 5.95%, 12/01/54 | 115 | 115197 |
| Electronic Arts, Inc., 2.95%, 02/15/51<sup>(a)</sup> | 346 | 316299 |
| Intuit, Inc., 5.50%, 09/15/53<sup>(a)</sup> | 985 | 986422 |
| Microsoft Corp. |  |  |
| 4.20%, 11/03/35<sup>(a)</sup> | 675 | 675990 |
| 3.45%, 08/08/36 | 1592 | 1454320 |
| 4.10%, 02/06/37 | 850 | 821331 |
| 5.30%, 02/08/41 | 750 | 792020 |
| 3.50%, 11/15/42 | 200 | 164910 |
| 3.75%, 02/12/45 | 100 | 84919 |
| 4.45%, 11/03/45<sup>(a)</sup> | 1000 | 935385 |
| 3.70%, 08/08/46 | 1229 | 1007995 |
| 4.25%, 02/06/47 | 1150 | 1035103 |
| 4.50%, 06/15/47 | 350 | 321813 |
| 2.53%, 06/01/50 | 6111 | 3837158 |
| 2.50%, 09/15/50 | 1860 | 1160097 |
| 2.92%, 03/17/52<sup>(a)</sup> | 5402 | 3634299 |
| 4.00%, 02/12/55 | 450 | 369396 |
| 3.95%, 08/08/56 | 400 | 323951 |
| 4.50%, 02/06/57 | 1309 | 1190412 |
| 2.68%, 06/01/60<sup>(a)</sup> | 3208 | 1903988 |
| 3.04%, 03/17/62 | 1940 | 1247925 |
| MSCI, Inc., 03/15/36<sup>(d)</sup> | 450 | 445325 |
| Oracle Corp. |  |  |
| 3.85%, 07/15/36 | 1370 | 1194613 |
| 3.80%, 11/15/37 | 670 | 567676 |
| 6.50%, 04/15/38 | 1200 | 1285477 |
| 6.13%, 07/08/39 | 1413 | 1457493 |
| 3.60%, 04/01/40 | 3009 | 2358582 |
| 5.38%, 07/15/40 | 2329 | 2221040 |
| 3.65%, 03/25/41 | 2560 | 1991106 |
| 4.50%, 07/08/44 | 913 | 754588 |
| 4.13%, 05/15/45 | 1041 | 804483 |
| 4.00%, 07/15/46 | 3191 | 2389838 |
| 4.00%, 11/15/47 | 1918 | 1435330 |
| 3.60%, 04/01/50 | 4569 | 3096175 |
| 3.95%, 03/25/51 | 3484 | 2479779 |
| 6.90%, 11/09/52 | 1250 | 1333021 |
| 5.55%, 02/06/53 | 2375 | 2131857 |
| 5.38%, 09/27/54 | 1555 | 1362798 |
| 4.38%, 05/15/55 | 1711 | 1290649 |
| 6.00%, 08/03/55 | 900 | 860737 |
| 3.85%, 04/01/60 | 4191 | 2769908 |
| 4.10%, 03/25/61 | 2300 | 1589870 |
| 5.50%, 09/27/64 | 1275 | 1110537 |
| 6.13%, 08/03/65 | 750 | 718216 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Salesforce, Inc. |  |  |
| 2.70%, 07/15/41 | 1179 | $864976 |
| 2.90%, 07/15/51<sup>(a)</sup> | 1873 | 1221930 |
| 3.05%, 07/15/61<sup>(a)</sup> | 1270 | 793167 |
| Synopsys, Inc., 5.70%, 04/01/55 | 1450 | 1458714 |
|  |  | 62366815 |
| **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** |
| Public Storage Operating Co., 5.35%, 08/01/53 | 675 | 665596 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| Dick's Sporting Goods, Inc., 4.10%, 01/15/52 | 680 | 506707 |
| **Technology Hardware, Storage & Peripherals — 1.5%** | **Technology Hardware, Storage & Peripherals — 1.5%** | **Technology Hardware, Storage & Peripherals — 1.5%** |
| Apple, Inc. |  |  |
| 4.50%, 02/23/36<sup>(a)</sup> | 1263 | 1278379 |
| 2.38%, 02/08/41 | 600 | 430939 |
| 3.85%, 05/04/43 | 3325 | 2835398 |
| 4.45%, 05/06/44<sup>(a)</sup> | 713 | 663476 |
| 3.45%, 02/09/45 | 1269 | 1003237 |
| 4.38%, 05/13/45 | 1013 | 912966 |
| 4.65%, 02/23/46 | 4092 | 3813163 |
| 3.85%, 08/04/46 | 1520 | 1248658 |
| 4.25%, 02/09/47 | 1163 | 1016016 |
| 3.75%, 09/12/47 | 1250 | 1004920 |
| 3.75%, 11/13/47 | 1186 | 953902 |
| 2.95%, 09/11/49 | 1586 | 1086126 |
| 2.65%, 05/11/50 | 1944 | 1237521 |
| 2.40%, 08/20/50 | 1473 | 892321 |
| 2.65%, 02/08/51 | 2186 | 1386904 |
| 2.70%, 08/05/51 | 2065 | 1314537 |
| 3.95%, 08/08/52<sup>(a)</sup> | 1850 | 1497881 |
| 4.85%, 05/10/53<sup>(a)</sup> | 1080 | 1043605 |
| 2.55%, 08/20/60 | 829 | 482111 |
| 2.80%, 02/08/61 | 2773 | 1673950 |
| 2.85%, 08/05/61 | 1105 | 670175 |
| 4.10%, 08/08/62 | 1150 | 925418 |
| Dell International LLC/EMC Corp. |  |  |
| 5.10%, 02/15/36 | 800 | 791626 |
| 8.10%, 07/15/36<sup>(a)</sup> | 951 | 1156773 |
| 3.38%, 12/15/41 | 1429 | 1099048 |
| 8.35%, 07/15/46<sup>(a)</sup> | 260 | 336580 |
| 3.45%, 12/15/51<sup>(a)</sup> | 1253 | 876357 |
| Dell, Inc., 6.50%, 04/15/38 | 229 | 249155 |
| Hewlett Packard Enterprise Co. |  |  |
| 6.35%, 10/15/45 | 1520 | 1582178 |
| 5.60%, 10/15/54 | 1425 | 1344051 |
| HP, Inc., 6.00%, 09/15/41<sup>(a)</sup> | 838 | 858442 |
|  |  | 35665813 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| NIKE, Inc. |  |  |
| 3.25%, 03/27/40 | 1154 | 937394 |
| 3.63%, 05/01/43 | 100 | 80855 |
| 3.88%, 11/01/45 | 738 | 603347 |
| 3.38%, 11/01/46 | 718 | 538730 |
| 3.38%, 03/27/50 | 1050 | 766369 |
|  |  | 2926695 |
| **Tobacco — 1.3%** | **Tobacco — 1.3%** | **Tobacco — 1.3%** |
| Altria Group, Inc. |  |  |
| 5.80%, 02/14/39 | 1643 | 1690279 |
| 3.40%, 02/04/41 | 1929 | 1489990 |
| 4.25%, 08/09/42 | 950 | 793724 |
| 4.50%, 05/02/43 | 829 | 707717 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Tobacco (continued)** | **Tobacco (continued)** | **Tobacco (continued)** |
| Altria Group, Inc. (continued) |  |  |
| 5.38%, 01/31/44<sup>(a)</sup> | 1544 | $1501184 |
| 3.88%, 09/16/46 | 1636 | 1245009 |
| 5.95%, 02/14/49<sup>(a)</sup> | 2343 | 2378058 |
| 4.45%, 05/06/50 | 741 | 599416 |
| 3.70%, 02/04/51 | 895 | 642362 |
| 4.00%, 02/04/61<sup>(a)</sup> | 1229 | 896942 |
| BAT Capital Corp. |  |  |
| 4.39%, 08/15/37 | 2566 | 2349409 |
| 3.73%, 09/25/40 | 500 | 404480 |
| 7.08%, 08/02/43 | 550 | 619600 |
| 4.54%, 08/15/47 | 2345 | 1960141 |
| 4.76%, 09/06/49 | 1470 | 1250500 |
| 5.28%, 04/02/50 | 463 | 422654 |
| 3.98%, 09/25/50 | 400 | 298255 |
| 5.65%, 03/16/52 | 104 | 99296 |
| 7.08%, 08/02/53 | 1000 | 1144259 |
| 6.25%, 08/15/55<sup>(a)</sup> | 400 | 415509 |
| Philip Morris International, Inc. |  |  |
| 6.38%, 05/16/38 | 1700 | 1899472 |
| 4.38%, 11/15/41 | 795 | 707759 |
| 4.50%, 03/20/42 | 460 | 413678 |
| 3.88%, 08/21/42 | 713 | 589398 |
| 4.13%, 03/04/43 | 971 | 827556 |
| 4.88%, 11/15/43 | 988 | 919331 |
| 4.25%, 11/10/44 | 1050 | 898840 |
| Reynolds American, Inc. |  |  |
| 7.25%, 06/15/37 | 400 | 461093 |
| 6.15%, 09/15/43 | 297 | 304661 |
| 5.85%, 08/15/45 | 2350 | 2319330 |
|  |  | 30249902 |
| **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** |
| FedEx Corp. |  |  |
| 3.25%, 05/15/41 | 733 | 548208 |
| 3.88%, 08/01/42 | 500 | 386807 |
| 4.10%, 04/15/43 | 500 | 401218 |
| 4.10%, 02/01/45 | 625 | 487595 |
| 4.40%, 01/15/47 | 763 | 613428 |
| 4.95%, 10/17/48<sup>(a)</sup> | 979 | 843258 |
| United Parcel Service, Inc. |  |  |
| 6.20%, 01/15/38 | 1426 | 1576904 |
| 5.20%, 04/01/40<sup>(a)</sup> | 429 | 433672 |
| 4.88%, 11/15/40 | 400 | 388296 |
| 3.63%, 10/01/42 | 463 | 375947 |
| 3.40%, 11/15/46 | 467 | 348724 |
| 3.75%, 11/15/47 | 605 | 475268 |
| 4.25%, 03/15/49 | 879 | 737429 |
| 3.40%, 09/01/49 | 600 | 434283 |
| 5.30%, 04/01/50<sup>(a)</sup> | 679 | 663669 |
| 5.05%, 03/03/53<sup>(a)</sup> | 700 | 653184 |
| 5.50%, 05/22/54 | 1125 | 1116115 |
| 5.95%, 05/14/55 | 1100 | 1153200 |
| 5.60%, 05/22/64 | 525 | 517892 |
| 6.05%, 05/14/65 | 900 | 946772 |
|  |  | 13101869 |
| **Water Utilities — 0.3%** | **Water Utilities — 0.3%** | **Water Utilities — 0.3%** |
| American Water Capital Corp. |  |  |
| 6.59%, 10/15/37 | 800 | 906387 |
| 4.30%, 12/01/42 | 325 | 284908 |
| 4.30%, 09/01/45<sup>(a)</sup> | 213 | 185794 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Water Utilities (continued)** | **Water Utilities (continued)** | **Water Utilities (continued)** |
| American Water Capital Corp. (continued) |  |  |
| 4.00%, 12/01/46 | 280 | $230040 |
| 3.75%, 09/01/47 | 713 | 558451 |
| 4.20%, 09/01/48 | 375 | 310354 |
| 4.15%, 06/01/49<sup>(a)</sup> | 513 | 421468 |
| 3.45%, 05/01/50<sup>(a)</sup> | 550 | 399754 |
| 3.25%, 06/01/51 | 745 | 517552 |
| 5.45%, 03/01/54 | 450 | 444510 |
| 5.70%, 09/01/55 | 870 | 885135 |
| Essential Utilities, Inc. |  |  |
| 4.28%, 05/01/49 | 600 | 488801 |
| 3.35%, 04/15/50<sup>(a)</sup> | 604 | 417940 |
| 5.30%, 05/01/52 | 179 | 168288 |
|  |  | 6219382 |
| **Wireless Telecommunication Services — 1.6%** | **Wireless Telecommunication Services — 1.6%** | **Wireless Telecommunication Services — 1.6%** |
| America Movil SAB de C.V. |  |  |
| 6.13%, 11/15/37 | 425 | 460106 |
| 6.13%, 03/30/40 | 1675 | 1801906 |
| 4.38%, 07/16/42 | 671 | 593316 |
| 4.38%, 04/22/49<sup>(a)</sup> | 1078 | 925161 |
| Orange SA |  |  |
| 5.38%, 01/13/42 | 862 | 855569 |
| 5.50%, 02/06/44 | 700 | 699441 |
| Rogers Communications, Inc. |  |  |
| 7.50%, 08/15/38 | 275 | 320646 |
| 4.50%, 03/15/42 | 826 | 716999 |
| 4.50%, 03/15/43<sup>(a)</sup> | 500 | 431188 |
| 5.45%, 10/01/43 | 625 | 601157 |
| 5.00%, 03/15/44 | 1088 | 999864 |
| 4.30%, 02/15/48<sup>(a)</sup> | 986 | 802479 |
| 3.70%, 11/15/49 | 589 | 434996 |
| 4.55%, 03/15/52 | 1923 | 1577732 |
| T-Mobile USA, Inc. |  |  |
| 4.38%, 04/15/40 | 2211 | 1982029 |
| 3.00%, 02/15/41 | 2359 | 1763979 |
| 4.50%, 04/15/50 | 2550 | 2135106 |
| 3.30%, 02/15/51 | 3500 | 2363975 |
| 3.40%, 10/15/52 | 2259 | 1539637 |
| 5.65%, 01/15/53 | 1850 | 1816235 |
| 5.75%, 01/15/54<sup>(a)</sup> | 1150 | 1143627 |
| 6.00%, 06/15/54 | 830 | 854382 |
| 5.50%, 01/15/55 | 590 | 567991 |
| 5.25%, 06/15/55 | 800 | 741038 |
| 5.88%, 11/15/55 | 1075 | 1092012 |
| 5.70%, 01/15/56 | 1150 | 1136285 |
| 3.60%, 11/15/60 | 2406 | 1627087 |
| 5.80%, 09/15/62 | 850 | 851114 |
| Vodafone Group PLC |  |  |
| 6.15%, 02/27/37 | 449 | 489724 |
| 5.00%, 05/30/38 | 550 | 541019 |
| 4.38%, 02/19/43 | 475 | 412470 |
| 5.25%, 05/30/48 | 1350 | 1269786 |
| 4.88%, 06/19/49 | 1693 | 1496248 |
| 4.25%, 09/17/50 | 717 | 572950 |
| 5.63%, 02/10/53<sup>(a)</sup> | 875 | 851576 |
| 5.75%, 06/28/54 | 1800 | 1763018 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |
| Vodafone Group PLC (continued) |  |  |
| 5.75%, 02/10/63 | 625 | $603938 |
| 5.88%, 06/28/64 | 925 | 914659 |
|  |  | 39750445 |
| **Total Corporate Bonds — 88.8%** <br>**(Cost: $2,295,721,839)** | **Total Corporate Bonds — 88.8%** <br>**(Cost: $2,295,721,839)** | 2155443800 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Chile — 0.6%** | **Chile — 0.6%** |  |
| Chile Government International Bonds |  |  |
| 4.95%, 01/05/36 | 1500 | 1518148 |
| 5.65%, 01/13/37 | 1600 | 1696978 |
| 3.10%, 05/07/41 | 2850 | 2208017 |
| 4.34%, 03/07/42 | 2125 | 1908873 |
| 3.63%, 10/30/42<sup>(a)</sup> | 450 | 370934 |
| 3.86%, 06/21/47<sup>(a)</sup> | 775 | 629529 |
| 3.50%, 01/25/50 | 2453 | 1828129 |
| 4.00%, 01/31/52 | 960 | 772846 |
| 5.33%, 01/05/54 | 1070 | 1058670 |
| 3.10%, 01/22/61 | 1832 | 1167704 |
| 3.25%, 09/21/71 | 608 | 388110 |
|  |  | 13547938 |
| **Hungary — 0.1%** | **Hungary — 0.1%** |  |
| Hungary Government International Bonds, <br> Series 30Y, 7.63%, 03/29/41<br>| 1416 | 1702227 |
| **Indonesia — 0.5%** | **Indonesia — 0.5%** |  |
| Indonesia Government International Bonds |  |  |
| 4.35%, 01/11/48<sup>(a)</sup> | 1516 | 1333591 |
| 5.35%, 02/11/49 | 900 | 914220 |
| 3.70%, 10/30/49 | 1200 | 932197 |
| 3.50%, 02/14/50 | 1178 | 882431 |
| 4.20%, 10/15/50 | 1728 | 1452240 |
| 3.05%, 03/12/51 | 2139 | 1466683 |
| 4.30%, 03/31/52 | 200 | 169331 |
| 5.45%, 09/20/52<sup>(a)</sup> | 525 | 528988 |
| 5.65%, 01/11/53<sup>(a)</sup> | 830 | 856203 |
| 5.10%, 02/10/54<sup>(a)</sup> | 950 | 922875 |
| 5.15%, 09/10/54<sup>(a)</sup> | 200 | 196168 |
| 3.20%, 09/23/61 | 500 | 331656 |
| 4.45%, 04/15/70 | 1200 | 998930 |
| 3.35%, 03/12/71 | 200 | 134295 |
|  |  | 11119808 |
| **Israel — 0.3%** | **Israel — 0.3%** |  |
| Israel Government International Bonds |  |  |
| Series 100Y, 4.50%, 12/31/99 | 1250 | 937150 |
| Series 30Y, 4.50%, 01/30/43 | 1535 | 1375302 |
| Series 30Y, 4.13%, 01/17/48 | 1178 | 937810 |
| Series 30Y, 3.88%, 07/03/50 | 2178 | 1618378 |
| Series 30Y, 5.75%, 03/12/54 | 1950 | 1907808 |
| State of Israel, Series 30Y, 3.38%, 01/15/50 | 1578 | 1081268 |
|  |  | 7857716 |
| **Italy — 0.1%** | **Italy — 0.1%** |  |
| Republic of Italy Government International Bonds |  |  |
| Series 10Y, 4.00%, 10/17/49 | 2258 | 1712038 |
| Series 30Y, 3.88%, 05/06/51 | 1978 | 1455032 |
|  |  | 3167070 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Mexico — 1.7%** | **Mexico — 1.7%** |  |
| Mexico Government International Bonds |  |  |
| 6.00%, 05/07/36 | $4400 | $4520498 |
| 6.88%, 05/13/37 | 3070 | 3326441 |
| 6.63%, 01/29/38 | 925 | 977266 |
| 6.05%, 01/11/40<sup>(a)</sup> | 2656 | 2694593 |
| 4.28%, 08/14/41 | 2832 | 2330288 |
| 4.75%, 03/08/44 | 3672 | 3104764 |
| 5.55%, 01/21/45 | 2965 | 2801572 |
| 4.60%, 01/23/46 | 1982 | 1615857 |
| 4.35%, 01/15/47<sup>(a)</sup> | 1297 | 1018444 |
| 4.60%, 02/10/48<sup>(a)</sup> | 1922 | 1541618 |
| 4.50%, 01/31/50 | 2329 | 1831867 |
| 5.00%, 04/27/51 | 2510 | 2101036 |
| 4.40%, 02/12/52 | 2475 | 1876954 |
| 6.34%, 05/04/53 | 2564 | 2546757 |
| 6.40%, 05/07/54 | 2500 | 2500483 |
| 7.38%, 05/13/55 | 2015 | 2261513 |
| 3.77%, 05/24/61 | 2710 | 1754528 |
| 5.75%, 12/31/99 | 2472 | 2169286 |
|  |  | 40973765 |
| **Panama — 0.5%** | **Panama — 0.5%** |  |
| Panama Government International Bonds |  |  |
| 6.70%, 01/26/36 | 1413 | 1518875 |
| 6.88%, 01/31/36<sup>(a)</sup> | 820 | 889899 |
| 8.00%, 03/01/38 | 1100 | 1283234 |
| 4.50%, 05/15/47 | 1150 | 920311 |
| 4.50%, 04/16/50 | 1468 | 1149347 |
| 4.30%, 04/29/53 | 1778 | 1360218 |
| 6.85%, 03/28/54<sup>(a)</sup> | 650 | 689226 |
| 4.50%, 04/01/56 | 2208 | 1686584 |
| 7.88%, 03/01/57 | 650 | 764990 |
| 3.87%, 07/23/60 | 2003 | 1359110 |
| 4.50%, 01/19/63 | 1500 | 1140183 |
|  |  | 12761977 |
| **Peru — 0.5%** | **Peru — 0.5%** |  |
| Peru Government International Bonds |  |  |
| 5.50%, 03/30/36 | 1275 | 1310309 |
| 6.55%, 03/14/37 | 688 | 769553 |
| 3.30%, 03/11/41 | 1409 | 1099206 |
| 5.63%, 11/18/50 | 2035 | 2025863 |
| 3.55%, 03/10/51 | 1800 | 1299983 |
| 5.88%, 08/08/54 | 1475 | 1495097 |
| 6.20%, 06/30/55 | 1475 | 1555712 |
| 2.78%, 12/01/60 | 2236 | 1266371 |
| 3.60%, 01/15/72 | 1025 | 661805 |
| 3.23%, 12/31/99 | 1088 | 619637 |
|  |  | 12103536 |
| **Philippines — 0.6%** | **Philippines — 0.6%** |  |
| Panama Government International Bonds |  |  |
| 5.50%, 01/17/48 | 1200 | 1231567 |
| 5.60%, 05/14/49 | 950 | 979356 |
| 5.18%, 09/05/49 | 1000 | 978383 |
| Philippines Government International Bonds |  |  |
| 5.00%, 01/13/37<sup>(a)</sup> | 1328 | 1350036 |
| 3.95%, 01/20/40 | 1450 | 1302052 |
| 3.70%, 03/01/41 | 1926 | 1642750 |
| 3.70%, 02/02/42 | 1903 | 1597640 |
| 2.95%, 05/05/45 | 1478 | 1057694 |
| 2.65%, 12/10/45 | 1710 | 1153359 |
| 3.20%, 07/06/46 | 1810 | 1331042 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Philippines (continued)** | **Philippines (continued)** |  |
| Philippines Government International <br> Bonds (continued)<br>|  |  |
| 4.20%, 03/29/47 | 900 | $771286 |
| 5.95%, 10/13/47 | 200 | 215283 |
| 5.90%, 02/04/50 | 1000 | 1069639 |
|  |  | 14680087 |
| **Poland — 0.2%** | **Poland — 0.2%** |  |
| Republic of Poland Government International Bonds |  |  |
| Series 30Y, 5.50%, 04/04/53 | 2100 | 2063839 |
| Series 30Y, 5.50%, 03/18/54 | 3300 | 3244120 |
|  |  | 5307959 |
| **South Korea — 0.1%** | **South Korea — 0.1%** |  |
| Export-Import Bank of Korea, 2.50%, 06/29/41 | 403 | 297721 |
| Korea International Bonds<sup>(a)</sup> <br>|  |  |
| 4.13%, 06/10/44 | 1000 | 909861 |
| 3.88%, 09/20/48 | 345 | 295780 |
|  |  | 1503362 |
| **Supranational — 0.0%** | **Supranational — 0.0%** |  |
| European Investment Bank, 4.88%, 02/15/36<sup>(a)</sup> | 600 | 635631 |
| Inter-American Development Bank<sup>(a)</sup> <br>|  |  |
| 3.20%, 08/07/42 | 370 | 305887 |
| 4.38%, 01/24/44 | 325 | 310397 |
|  |  | 1251915 |
| **Uruguay — 0.4%** | **Uruguay — 0.4%** |  |
| Oriental Republic of Uruguay, 5.25%, 09/10/60 | 985 | 943162 |
| Uruguay Government International Bonds |  |  |
| 7.63%, 03/21/36 | 1150 | 1405474 |
| 5.44%, 02/14/37 | 1010 | 1059278 |
| 4.13%, 11/20/45 | 850 | 759466 |
| 5.10%, 06/18/50 | 3281 | 3164673 |
| 4.98%, 04/20/55 | 2724 | 2535459 |
|  |  | 9867512 |
| **Total Foreign Agency Obligations — 5.6%** <br>**(Cost: $142,010,478)** | **Total Foreign Agency Obligations — 5.6%** <br>**(Cost: $142,010,478)** | 135844872 |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Arizona — 0.0%** | **Arizona — 0.0%** |  |
| Salt River Project Agricultural Improvement & Power <br> District, RB, BAB, 4.84%, 01/01/41<sup>(a)</sup><br>| 910 | 899494 |
| **California — 1.2%** | **California — 1.2%** |  |
| Bay Area Toll Authority, RB, BAB |  |  |
| Series F-2, 6.26%, 04/01/49 | 1210 | 1320491 |
| Series S-1, 7.04%, 04/01/50 | 175 | 204549 |
| Series S-3, 6.91%, 10/01/50 | 540 | 625932 |
| Bay Area Toll Authority, Refunding RB, Series F-3, <br> 3.13%, 04/01/55<br>| 845 | 595690 |
| California Health Facilities Financing Authority, RB, <br> M/F Housing<sup>(a)</sup> <br>|  |  |
| Sustainability Bonds, 4.19%, 06/01/37 | 500 | 478120 |
| Sustainability Bonds, 4.35%, 06/01/41 | 500 | 466151 |
| California State University, RB |  |  |
| Series B, 5.18%, 11/01/53 | 495 | 485001 |
| Series E, 2.90%, 11/01/51 | 375 | 270911 |
| California State University, Refunding RB |  |  |
| Series B, 3.90%, 11/01/47 | 200 | 169654 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| California State University, Refunding RB (continued) |  |  |
| Series B, 2.98%, 11/01/51 | $835 | $588700 |
| Series B, 2.72%, 11/01/52 | 270 | 182017 |
| City of Los Angeles Department of Airports Customer <br> Facility Charge Revenue, Refunding ARB, Class A, <br> Sustainability Bonds, (AGM), 4.24%, 05/15/48<sup>(a)</sup><br>| 540 | 470200 |
| City of San Francisco California Public Utilities <br> Commission Water Revenue, RB, BAB, 6.95%, <br> 11/01/50<br>| 525 | 592527 |
| East Bay Municipal Utility District Water System <br> Revenue, RB, BAB, 5.87%, 06/01/40<br>| 1025 | 1092853 |
| Foothill-Eastern Transportation Corridor Agency, <br> Refunding RB<br>|  |  |
| Series A, 4.09%, 01/15/49 | 595 | 478527 |
| Series A, (AGM), 3.92%, 01/15/53 | 110 | 84986 |
| Golden State Tobacco Securitization Corp., Refunding <br> RB<br>|  |  |
| Class B, (SAP), 3.29%, 06/01/42 | 920 | 766673 |
| Class B, (SAP), 3.00%, 06/01/46 | 70 | 63372 |
| Series A-1, 3.71%, 06/01/41 | 910 | 717420 |
| Series A-1, 4.21%, 06/01/50 | 210 | 155772 |
| Los Angeles Community College District, GO, BAB, <br> 6.75%, 08/01/49<br>| 815 | 922385 |
| Los Angeles County Public Works Financing <br> Authority, Refunding RB, BAB, 7.62%, 08/01/40<br>| 25 | 29919 |
| Los Angeles Department of Water & Power, RB, BAB, <br> 6.57%, 07/01/45<br>| 1300 | 1404542 |
| Regents of the University of California Medical Center <br> Pooled Revenue, RB<br>|  |  |
| Series N, 3.26%, 05/15/60 | 290 | 189678 |
| Series N, 3.71%, 05/15/2120 | 1400 | 908850 |
| Series Q, 4.56%, 05/15/53 | 1135 | 996476 |
| Regents of the University of California Medical Center <br> Pooled Revenue, RB, BAB, Series H, 6.55%, <br> 05/15/48<br>| 55 | 60146 |
| Regents of the University of California Medical Center <br> Pooled Revenue, Refunding RB, BAB, Series F, <br> 6.58%, 05/15/49<br>| 490 | 532281 |
| San Diego County Regional Transportation <br> Commission, RB, BAB, 5.91%, 04/01/48<br>| 190 | 197422 |
| San Diego County Water Authority, RB, BAB, <br> Series B, 6.14%, 05/01/49<sup>(a)</sup><br>| 1025 | 1080733 |
| San Joaquin Hills Transportation Corridor Agency, <br> Refunding RB, Series B, (AGM), 3.49%, 01/15/50<br>| 225 | 174588 |
| State of California, GO, BAB |  |  |
| 7.55%, 04/01/39 | 3115 | 3797399 |
| 7.30%, 10/01/39 | 2390 | 2803363 |
| 7.35%, 11/01/39 | 1020 | 1202006 |
| 7.63%, 03/01/40 | 1230 | 1500916 |
| 7.60%, 11/01/40 | 1525 | 1889529 |
| State of California, Refunding GO |  |  |
| 4.60%, 04/01/28<sup>(f)</sup> | 200 | 203997 |
| 5.88%, 10/01/41 | 400 | 419524 |
| 5.20%, 03/01/43 | 265 | 264682 |
| University of California, RB |  |  |
| Series AD, 4.86%, 05/15/2112 | 225 | 196058 |
| Series AQ, 4.77%, 05/15/2115 | 333 | 282438 |
|  |  | 28866478 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Colorado — 0.0%** | **Colorado — 0.0%** |  |
| Regional Transportation District Sales Tax Revenue, <br> RB, BAB, Series B, 5.84%, 11/01/50<br>| $25 | $25822 |
| **District of Columbia — 0.0%** | **District of Columbia — 0.0%** |  |
| District of Columbia Water & Sewer Authority, RB, <br> Series A, Senior Lien, Sustainability Bonds, 4.81%, <br> 10/01/2114<sup>(a)</sup><br>| 530 | 471761 |
| Metropolitan Washington Airports Authority Dulles Toll <br> Road Revenue, RB, BAB, 7.46%, 10/01/46<br>| 25 | 30143 |
|  |  | 501904 |
| **Florida — 0.1%** | **Florida — 0.1%** |  |
| County of Miami-Dade Florida Aviation Revenue, <br> Refunding RB, Series C, 4.28%, 10/01/41<br>| 540 | 504030 |
| County of Miami-Dade Florida Transit System, <br> Refunding RB, Series B, 2.60%, 07/01/42<br>| 90 | 69633 |
| County of Miami-Dade Seaport Department, ARB, <br> 6.22%, 11/01/55<br>| 585 | 608149 |
|  |  | 1181812 |
| **Georgia — 0.1%** | **Georgia — 0.1%** |  |
| City of Atlanta Georgia Water & Wastewater Revenue, <br> Refunding RB, 2.26%, 11/01/35<br>| 510 | 433209 |
| Municipal Electric Authority of Georgia, Refunding RB, <br> BAB<br>|  |  |
| 6.64%, 04/01/57 | 989 | 1085977 |
| 6.66%, 04/01/57 | 802 | 884102 |
| 7.06%, 04/01/57 | 148 | 168365 |
|  |  | 2571653 |
| **Idaho — 0.0%** | **Idaho — 0.0%** |  |
| Idaho Energy Resources Authority, RB, 2.86%, <br> 09/01/46<br>| 225 | 161236 |
| **Illinois — 0.2%** | **Illinois — 0.2%** |  |
| Chicago O'Hare International Airport, ARB<sup>(a)</sup> <br>|  |  |
| Series C, Senior Lien, 4.47%, 01/01/49 | 250 | 223540 |
| Series C, Senior Lien, 4.57%, 01/01/54 | 100 | 88769 |
| Chicago O'Hare International Airport, Refunding ARB, <br> BAB, Series B, 6.40%, 01/01/40<br>| 890 | 997100 |
| Chicago Transit Authority Sales & Transfer Tax <br> Receipts Revenue, RB<br>|  |  |
| Series A, 6.90%, 12/01/40 | 394 | 444410 |
| Series B, 6.90%, 12/01/40 | 1070 | 1205941 |
| Chicago Transit Authority Sales Tax Receipts Fund, <br> RB, BAB, Series B, 6.20%, 12/01/40<br>| 345 | 361896 |
| Metropolitan Water Reclamation District of Greater <br> Chicago, GOL, BAB, 5.72%, 12/01/38<br>| 670 | 704111 |
| Sales Tax Securitization Corp., Refunding RB |  |  |
| Series A, 4.79%, 01/01/48 | 150 | 138736 |
| Series B, 3.59%, 01/01/43 | 320 | 277239 |
| Series B, 3.82%, 01/01/48 | 65 | 52317 |
| Series B, 2nd Lien, 3.24%, 01/01/42 | 1030 | 848837 |
|  |  | 5342896 |
| **Indiana — 0.0%** | **Indiana — 0.0%** |  |
| Indiana Finance Authority, Refunding RB, <br> Sustainability Bonds, 3.05%, 01/01/51<br>| 555 | 418874 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Kansas — 0.0%** | **Kansas — 0.0%** |  |
| Kansas Development Finance Authority, RB, <br> Series K, (BAM), 2.77%, 05/01/51<br>| $90 | $64851 |
| **Louisiana — 0.1%** | **Louisiana — 0.1%** |  |
| Louisiana Local Government Environmental Facilities <br> & Community Development Authority, RB<br>|  |  |
| Series A-3, 5.20%, 12/01/39 | 495 | 513841 |
| Series A-4, 4.48%, 08/01/39 | 1460 | 1430934 |
|  |  | 1944775 |
| **Maryland — 0.1%** | **Maryland — 0.1%** |  |
| Maryland Economic Development Corp., RB |  |  |
| Sustainability Bonds, 5.43%, 05/31/56<sup>(a)</sup> | 780 | 761401 |
| Sustainability Bonds, 5.94%, 05/31/57 | 180 | 183284 |
|  |  | 944685 |
| **Massachusetts — 0.1%** | **Massachusetts — 0.1%** |  |
| Commonwealth of Massachusetts, GOL, Series H, <br> 2.90%, 09/01/49<sup>(a)</sup><br>| 25 | 17362 |
| Commonwealth of Massachusetts, GOL, BAB, 5.46%, <br> 12/01/39<br>| 570 | 588453 |
| Massachusetts School Building Authority, RB, BAB, <br> 5.72%, 08/15/39<br>| 670 | 701989 |
|  |  | 1307804 |
| **Michigan — 0.2%** | **Michigan — 0.2%** |  |
| Michigan Finance Authority, Refunding RB, 3.38%, <br> 12/01/40<br>| 1055 | 889677 |
| Michigan State University, RB, Series A, 4.17%, <br> 08/15/2122<br>| 343 | 258374 |
| Michigan State University, Refunding RB, Series A, <br> 4.50%, 08/15/48<br>| 1000 | 914892 |
| University of Michigan, RB |  |  |
| Series A, 3.50%, 04/01/52 | 55 | 41638 |
| Series A, 4.45%, 04/01/2122 | 1547 | 1253691 |
| Series B, 2.44%, 04/01/40 | 625 | 475787 |
| Series B, 2.56%, 04/01/50 | 663 | 425536 |
| University of Michigan, Refunding RB, Series C, <br> 3.60%, 04/01/47<br>| 600 | 517429 |
|  |  | 4777024 |
| **Minnesota — 0.0%** | **Minnesota — 0.0%** |  |
| University of Minnesota, RB, 4.05%, 04/01/52 | 318 | 262094 |
| **Missouri — 0.0%** | **Missouri — 0.0%** |  |
| Health & Educational Facilities Authority of the State <br> of Missouri, RB, Series A, 3.65%, 08/15/57<br>| 750 | 563975 |
| Health & Educational Facilities Authority of the State <br> of Missouri, Refunding RB, Class A, 3.23%, <br> 05/15/50<br>| 355 | 257499 |
|  |  | 821474 |
| **Nebraska — 0.0%** | **Nebraska — 0.0%** |  |
| University of Nebraska Facilities Corp., Refunding <br> RB, Series A, 3.04%, 10/01/49<br>| 125 | 91243 |
| **Nevada — 0.0%** | **Nevada — 0.0%** |  |
| County of Clark Department of Aviation, ARB, BAB, <br> Series C, 6.82%, 07/01/45<br>| 355 | 400093 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Jersey — 0.2%** | **New Jersey — 0.2%** |  |
| New Jersey Transportation Trust Fund Authority, RB, <br> BAB, Series B, 6.56%, 12/15/40<br>| $1025 | $1147613 |
| New Jersey Turnpike Authority, RB, BAB |  |  |
| Series A, 7.10%, 01/01/41 | 820 | 958922 |
| Series F, 7.41%, 01/01/40 | 1505 | 1820898 |
| Rutgers The State University of New Jersey, RB, <br> Series P, 3.92%, 05/01/2119<br>| 563 | 388908 |
| Rutgers The State University of New Jersey, <br> Refunding RB, Series R, 3.27%, 05/01/43<br>| 345 | 284374 |
|  |  | 4600715 |
| **New York — 0.7%** | **New York — 0.7%** |  |
| City of New York, GO |  |  |
| Series C-2, 4.61%, 09/01/37 | 400 | 397390 |
| Series D-2, 5.26%, 10/01/44 | 250 | 250352 |
| Series E-1, 5.56%, 10/01/45 | 195 | 195782 |
| Series E-1, 5.37%, 10/01/51 | 325 | 325551 |
| Series H, 5.94%, 02/01/55<sup>(a)</sup> | 75 | 81299 |
| Sustainability Bonds, 5.26%, 10/01/52 | 780 | 774523 |
| Series B-1, Sustainability Bonds, 5.83%, <br> 10/01/53<sup>(a)</sup><br>| 100 | 106360 |
| Series D-1, Sustainability Bonds, 5.11%, <br> 10/01/54<sup>(a)</sup><br>| 1400 | 1362367 |
| City of New York, GO, BAB |  |  |
| 5.52%, 10/01/37 | 400 | 411243 |
| Series F-1, 6.27%, 12/01/37 | 415 | 451797 |
| Empire State Development Corp., RB, BAB, 5.77%, <br> 03/15/39<br>| 880 | 914331 |
| Metropolitan Transportation Authority Dedicated Tax <br> Fund, RB, BAB, 7.34%, 11/15/39<br>| 350 | 416393 |
| Metropolitan Transportation Authority, RB, BAB |  |  |
| 6.67%, 11/15/39 | 855 | 937707 |
| 6.81%, 11/15/40 | 160 | 177572 |
| New York City Municipal Water Finance Authority, RB, <br> 5.95%, 06/15/42<br>| 55 | 57931 |
| New York City Municipal Water Finance Authority, RB, <br> BAB, 5.75%, 06/15/41<br>| 1125 | 1166057 |
| New York City Municipal Water Finance Authority, <br> Refunding RB, 5.88%, 06/15/44<br>| 25 | 25844 |
| New York City Municipal Water Finance Authority, <br> Refunding RB, BAB<br>|  |  |
| 5.72%, 06/15/42 | 215 | 220716 |
| 6.01%, 06/15/42 | 490 | 519757 |
| 5.44%, 06/15/43 | 125 | 124813 |
| New York State Dormitory Authority, RB, BAB |  |  |
| Series D, 5.60%, 03/15/40 | 610 | 633599 |
| Series F, 5.63%, 03/15/39<sup>(a)</sup> | 350 | 363729 |
| Port Authority of New York & New Jersey, ARB |  |  |
| Series 192, 4.81%, 10/15/65 | 275 | 254167 |
| Series 20, 4.23%, 10/15/57 | 1070 | 891408 |
| Series 215, 3.29%, 08/01/69<sup>(a)</sup> | 125 | 82898 |
| Series 225, 3.18%, 07/15/60 | 370 | 245684 |
| Series 229, 3.14%, 02/15/51 | 1600 | 1185373 |
| Port Authority of New York & New Jersey, RB |  |  |
| Series 165, 5.65%, 11/01/40 | 1025 | 1101559 |
| Series 168, 4.93%, 10/01/51 | 1030 | 972121 |
| Series 181, 4.96%, 08/01/46 | 110 | 106285 |
| Series 182, 5.31%, 08/01/46 | 25 | 24744 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| Port Authority of New York & New Jersey, Refunding <br> RB, Series 174, 4.46%, 10/01/62<sup>(a)</sup><br>| 1565 | $1350004 |
| United Nations Development Corp., Refunding RB, <br> Series A, 6.54%, 08/01/55<br>| 200 | 216208 |
|  |  | 16345564 |
| **North Carolina — 0.0%** | **North Carolina — 0.0%** |  |
| Charlotte-Mecklenburg Hospital Authority, RB, <br> Series S, 3.20%, 01/15/51<br>| 60 | 42263 |
| **Ohio — 0.1%** | **Ohio — 0.1%** |  |
| American Municipal Power, Inc., RB |  |  |
| Series B, 7.83%, 02/15/41 | 525 | 628841 |
| Series B, 8.08%, 02/15/50 | 400 | 514465 |
| JobsOhio Beverage System, Refunding RB, Series A, <br> 2.83%, 01/01/38<br>| 400 | 340877 |
| Ohio State University, RB, BAB, Series C, 4.91%, <br> 06/01/40<br>| 1760 | 1738241 |
| Ohio Turnpike & Infrastructure Commission, <br> Refunding RB, Series A, Junior Lien, 3.22%, <br> 02/15/48<br>| 155 | 116143 |
|  |  | 3338567 |
| **Oklahoma — 0.1%** | **Oklahoma — 0.1%** |  |
| Oklahoma Development Finance Authority, RB |  |  |
| Series A2, 4.38%, 11/01/45 | 290 | 280441 |
| Series A-2, 4.62%, 06/01/44<sup>(a)</sup> | 580 | 574720 |
| Series A-2, 4.85%, 02/01/45<sup>(a)</sup> | 500 | 505417 |
| Series A-3, 5.09%, 02/01/52 | 265 | 258215 |
| Series A-3, 4.71%, 05/01/52 | 115 | 108831 |
|  |  | 1727624 |
| **Oregon — 0.0%** | **Oregon — 0.0%** |  |
| Oregon State University, RB, (BAM), 3.42%, <br> 03/01/60<br>| 113 | 81712 |
| Port of Morrow Oregon, RB, 2.54%, 09/01/40 | 625 | 489818 |
|  |  | 571530 |
| **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** |  |
| Commonwealth Financing Authority, RB |  |  |
| Series A, 4.14%, 06/01/38 | 250 | 236461 |
| Series A, 2.99%, 06/01/42 | 1040 | 800595 |
| Pennsylvania Economic Development Financing <br> Authority, RB, 5.69%, 06/01/54<br>| 465 | 474299 |
| Pennsylvania State University, Refunding RB |  |  |
| Series D, 2.79%, 09/01/43 | 400 | 312118 |
| Series D, 2.84%, 09/01/50 | 95 | 64585 |
| Pennsylvania Turnpike Commission, RB, BAB, <br> Series B, 5.51%, 12/01/45<br>| 610 | 608524 |
| University of Pittsburgh-of the Commonwealth System <br> of Higher Education, RB, 3.56%, 09/15/2119<sup>(a)</sup><br>| 113 | 74646 |
|  |  | 2571228 |
| **South Carolina — 0.0%** | **South Carolina — 0.0%** |  |
| South Carolina Public Service Authority, RB, BAB, <br> Series C, 6.45%, 01/01/50<br>| 26 | 28569 |
| **Texas — 0.6%** | **Texas — 0.6%** |  |
| Board of Regents of the University of Texas System, <br> RB, BAB, Series C, 4.79%, 08/15/46<br>| 1505 | 1460020 |
| City of Houston Texas, GOL, 3.96%, 03/01/47 | 105 | 92946 |
| City of San Antonio Texas Electric & Gas Systems <br> Revenue, RB, 4.43%, 02/01/42<br>| 180 | 170590 |
| City of San Antonio Texas Electric & Gas Systems <br> Revenue, RB, BAB, Junior Lien, 5.81%, 02/01/41<br>| 1155 | 1202775 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| City of San Antonio Texas Electric & Gas Systems <br> Revenue, Refunding RB<sup>(d)</sup> <br>|  |  |
| Series A, 02/01/45 | 85 | $85035 |
| Series A, 02/01/50 | 215 | 215751 |
| Dallas Area Rapid Transit, RB, BAB |  |  |
| 5.02%, 12/01/48 | 455 | 437601 |
| Series B, 6.00%, 12/01/44<sup>(a)</sup> | 450 | 478147 |
| Dallas Area Rapid Transit, Refunding RB, Series A, <br> Senior Lien, 2.61%, 12/01/48<br>| 455 | 315990 |
| Dallas Convention Center Hotel Development Corp., <br> RB, BAB, 7.09%, 01/01/42<br>| 250 | 282107 |
| Dallas Fort Worth International Airport, ARB |  |  |
| Series A, 4.09%, 11/01/51<sup>(a)</sup> | 550 | 456434 |
| Series A, 4.51%, 11/01/51 | 190 | 168061 |
| Dallas Fort Worth International Airport, Refunding RB |  |  |
| Series A, 2.99%, 11/01/38<sup>(a)</sup> | 125 | 109384 |
| Series A, 3.14%, 11/01/45 | 190 | 146800 |
| Series C, 3.09%, 11/01/40 | 1065 | 876992 |
| Series C, 2.92%, 11/01/50 | 720 | 516547 |
| Grand Parkway Transportation Corp., Refunding RB, <br> Subordinate, 3.24%, 10/01/52<br>| 1490 | 1060565 |
| North Texas Tollway Authority, RB, BAB, Series B, <br> 6.72%, 01/01/49<br>| 1160 | 1306621 |
| Permanent University Fund - University of Texas <br> System, Refunding RB, Series A, 3.38%, 07/01/47<br>| 850 | 651126 |
| State of Texas, GO, BAB |  |  |
| 5.52%, 04/01/39 | 945 | 983182 |
| Series A, 4.68%, 04/01/40 | 1000 | 971157 |
| Texas Natural Gas Securitization Finance Corp., RB, <br> Series 2023-1, Class A2, 5.17%, 04/01/41<br>| 1450 | 1489048 |
| Texas Private Activity Bond Surface Transportation <br> Corp., RB, Series B, 3.92%, 12/31/49<sup>(a)</sup><br>| 875 | 711553 |
| Texas Transportation Commission, Refunding GO, <br> 2.47%, 10/01/44<br>| 800 | 574196 |
|  |  | 14762628 |
| **Virginia — 0.0%** | **Virginia — 0.0%** |  |
| University of Virginia, Refunding RB |  |  |
| 2.26%, 09/01/50 | 500 | 298727 |
| Series A, 3.23%, 09/01/2119 | 55 | 32888 |
| Series U, 2.58%, 11/01/51 | 215 | 136210 |
|  |  | 467825 |
| **Wisconsin — 0.0%** | **Wisconsin — 0.0%** |  |
| State of Wisconsin, Refunding RB, Series A, 3.95%, <br> 05/01/36<br>| 490 | 472746 |
| **Total Municipal Bonds — 3.9%** <br>**(Cost: $105,199,030)** | **Total Municipal Bonds — 3.9%** <br>**(Cost: $105,199,030)** | 95513471 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trust — 0.0%** | **Capital Trust — 0.0%** | **Capital Trust — 0.0%** |
| **Insurance — 0.0%** | **Insurance — 0.0%** |  |
| MetLife, Inc., 6.40%, 12/15/66 | $1050 | $1107661 |
| **Total Preferred Securities — 0.0%** <br>**(Cost: $1,091,939)** | **Total Preferred Securities — 0.0%** <br>**(Cost: $1,091,939)** | 1107661 |
| **Total Long-Term Investments — 98.3%** <br>**(Cost: $2,544,023,286)** | **Total Long-Term Investments — 98.3%** <br>**(Cost: $2,544,023,286)** | 2387909804 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 7.3%** | **Money Market Funds — 7.3%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.27%<sup>(g)(h)(i)</sup><br>| 176658402 | 176746731 |
| **Total Short-Term Securities — 7.3%** <br>**(Cost: $176,679,421)** | **Total Short-Term Securities — 7.3%** <br>**(Cost: $176,679,421)** | 176746731 |
| **Total Investments — 105.6%** <br>**(Cost: $2,720,702,707)** | **Total Investments — 105.6%** <br>**(Cost: $2,720,702,707)** | 2564656535 |
| **Liabilities in Excess of Other Assets — (5.6)%** | **Liabilities in Excess of Other Assets — (5.6)%** | (136257982)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $2428398553 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> When-issued security.

<sup>(e)</sup> 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. 

<sup>(f)</sup> U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. 

<sup>(g)</sup> Affiliate of the Fund.

<sup>(h)</sup> Annualized 7-day yield as of period end.

<sup>(i)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Credit Bond Index Fund** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $240404557 | $—<br> $(63611447 )<sup>(a)</sup><br>| &nbsp;&nbsp; $3357 | $(49736)<br>| $176746731 | 176658402<br> $1412956 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2155443800 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2155443800 |
| Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135844872 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135844872 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95513471 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95513471 |
| Preferred Securities |  |  |  |  |
| Capital Trust | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1107661 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1107661 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 176746731 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 176746731 |
|  | &nbsp;&nbsp; $176746731 | &nbsp;&nbsp;&nbsp;&nbsp; $2387909804 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2564656535 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

October 31, 2025

**iShares U.S. Long Government Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Agency Obligations — 0.8%** | **Agency Obligations — 0.8%** |  |
| Fannie Mae, 5.63%, 07/15/37<sup>(a)</sup> | $4000 | $4438902 |
| Federal Home Loan Banks |  |  |
| 5.63%, 03/14/36 | 1000 | 1100276 |
| 5.50%, 07/15/36 | 4730 | 5193477 |
| Tennessee Valley Authority |  |  |
| 5.88%, 04/01/36 | 11841 | 13295970 |
| 3.50%, 12/15/42 | 66 | 55783 |
|  |  | 24084408 |
| **Total U.S. Government Sponsored Agency Securities — 0.8%** <br>**(Cost: $24,796,328)** | **Total U.S. Government Sponsored Agency Securities — 0.8%** <br>**(Cost: $24,796,328)** | 24084408 |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |
| U.S. Treasury Bonds |  |  |
| 4.50%, 02/15/36 - 11/15/54 | 138010 | 135866717 |
| 4.75%, 02/15/37 - 08/15/55<sup>(a)</sup> | 240870 | 244601492 |
| 5.00%, 05/15/37 - 05/15/45 | 44663 | 46878818 |
| 4.38%, 02/15/38 - 08/15/43 | 85639 | 84345942 |
| 3.50%, 02/15/39 | 7161 | 6589239 |
| 4.25%, 05/15/39 - 08/15/54 | 174271 | 163731377 |
| 4.63%, 02/15/40 - 02/15/55 | 230220 | 229392941 |
| 1.13%, 05/15/40 - 08/15/40 | 86349 | 55214839 |
| 3.88%, 08/15/40 - 05/15/43 | 91979 | 84410946 |
| 1.38%, 11/15/40 - 08/15/50 | 121943 | 70343954 |
| 1.88%, 02/15/41 - 11/15/51<sup>(a)</sup> | 199466 | 123208734 |
| 2.25%, 05/15/41 - 02/15/52 | 184376 | 124108092 |
| 1.75%, 08/15/41 | 71781 | 49158632 |
| 3.75%, 08/15/41 - 11/15/43 | 46963 | 42220837 |
| 2.00%, 11/15/41 - 08/15/51 | 189256 | 120150334 |
| 3.13%, 11/15/41 - 05/15/48 | 121446 | 97931932 |
| 2.38%, 02/15/42 - 05/15/51 | 166366 | 113611514 |
| 3.00%, 05/15/42 - 08/15/52<sup>(a)</sup> | 326061 | 249879961 |
| 3.25%, 05/15/42 | 44977 | 38117923 |
| 2.75%, 08/15/42 - 11/15/47 | 90186 | 68042402 |
| 3.38%, 08/15/42 - 11/15/48<sup>(a)</sup> | 109305 | 91243192 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| U.S. Treasury Bonds (continued) |  |  |
| 4.00%, 11/15/42 - 11/15/52 | 83390 | $75917205 |
| 2.88%, 05/15/43 - 05/15/52<sup>(a)</sup> | 167090 | 124564895 |
| 3.63%, 08/15/43 - 05/15/53<sup>(a)</sup> | 195438 | 165389495 |
| 4.13%, 08/15/44 - 08/15/53 | 106369 | 98057955 |
| 2.50%, 02/15/45 - 05/15/46 | 101758 | 72994986 |
| 4.88%, 08/15/45 | 13000 | 13390000 |
| 1.25%, 05/15/50 | 60567 | 30094476 |
| 1.63%, 11/15/50<sup>(a)</sup> | 58158 | 31623304 |
| **Total U.S. Treasury Obligations — 97.7%** <br>**(Cost: $3,058,865,868)** | **Total U.S. Treasury Obligations — 97.7%** <br>**(Cost: $3,058,865,868)** | 2851082134 |
| **Total Long-Term Investments — 98.5%** <br>**(Cost: $3,083,662,196)** | **Total Long-Term Investments — 98.5%** <br>**(Cost: $3,083,662,196)** | 2875166542 |

---

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.27%<sup>(b)(c)(d)</sup><br>| 15544798 | 15552571 |
| **Total Short-Term Securities — 0.5%** <br>**(Cost: $15,547,814)** | **Total Short-Term Securities — 0.5%** <br>**(Cost: $15,547,814)** | 15552571 |
| **Total Investments — 99.0%** <br>**(Cost: $3,099,210,010)** | **Total Investments — 99.0%** <br>**(Cost: $3,099,210,010)** | 2890719113 |
| **Other Assets Less Liabilities — 1.0%** | **Other Assets Less Liabilities — 1.0%** | 28261770 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $2918980883 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Affiliate of the Fund.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> 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 year ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $61316339 | $—<br> $(45733679 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(25291)<br>| $(4798)<br>| $15552571 | 15544798<br> $601019 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Government Bond Index Fund** 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $121 | &nbsp;&nbsp;&nbsp;&nbsp; $4584 |

---

**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* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4584 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4584 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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 October 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16161)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16161)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12507 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12507 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $119531 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $24084408 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $24084408 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2851082134 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2851082134 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 15552571 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15552571 |
|  | &nbsp;&nbsp; $15552571 | &nbsp;&nbsp;&nbsp;&nbsp; $2875166542 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2890719113 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Long Government Bond Index Fund** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; $4584 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4584 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments

October 31, 2025

**iShares U.S. Securitized Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| Ally Auto Receivables Trust, Series 2025-1, Class A3, <br> 3.96%, 03/15/30<br>| $1000 | $999800 |
| American Express Credit Account Master Trust |  |  |
| Series 2024-2, Class A, 5.24%, 04/15/31 | 3000 | 3127342 |
| Series 2024-3, Class A, 4.65%, 07/15/29 | 1000 | 1012648 |
| Series 2025-2, Class A, 4.28%, 04/15/30 | 1400 | 1413702 |
| Series 2025-3, Class A, 4.51%, 04/15/32 | 1000 | 1021603 |
| Series 2025-4, Class A, 4.30%, 07/15/30 | 4500 | 4552383 |
| Capital One Multi-Asset Execution Trust |  |  |
| Series 2025-A1, Class A, 3.82%, 09/16/30 | 1000 | 998469 |
| Series 2025-A3, Class A, 4.65%, 10/15/37 | 230 | 228897 |
| CarMax Auto Owner Trust |  |  |
| Series 2024-1, Class A4, 4.94%, 08/15/29 | 1000 | 1016207 |
| Series 2024-4, Class A4, 4.64%, 04/15/30 | 860 | 872134 |
| Series 2025-2, Class A3, 4.48%, 03/15/30 | 800 | 806258 |
| Series 2025-2, Class B, 4.96%, 11/15/30 | 500 | 507936 |
| Carvana Auto Receivables Trust |  |  |
| Series 2024-P3, Class A3, 4.26%, 10/10/29 | 940 | 939641 |
| Series 2025-P3, Class A3, 4.04%, 11/11/30 | 1000 | 996147 |
| Chase Issuance Trust |  |  |
| Series 2024-A1I, Class A, 4.60%, 01/15/29 | 1520 | 1531908 |
| Series 2024-A2, Class A, 4.63%, 01/15/31 | 500 | 510571 |
| Citibank Credit Card Issuance Trust |  |  |
| Series 2007-A3, Class A3, 6.15%, 06/15/39 | 500 | 556385 |
| Series 2025-A2, Class A, 4.49%, 06/21/32 | 500 | 509236 |
| CNH Equipment Trust, Series 2024-B, Class A3, <br> 5.19%, 09/17/29<br>| 1600 | 1621455 |
| Drive Auto Receivables Trust, Series 2024-2, Class D, <br> 4.94%, 05/17/32<br>| 1000 | 996366 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2024-2A, Class B, 5.61%, 04/17/28 | 745 | 745951 |
| Series 2024-2A, Class C, 5.74%, 05/15/29 | 3000 | 3024223 |
| Series 2024-2A, Class D, 5.92%, 02/15/30 | 2000 | 2023712 |
| Series 2025-4A, Class A3, 4.39%, 09/17/29 | 625 | 626670 |
| First National Master Note Trust, Series 2025-1, <br> Class A, 4.85%, 02/15/30<br>| 2000 | 2038899 |
| Ford Credit Auto Owner Trust |  |  |
| Series 2024-C, Class A3, 4.07%, 07/15/29 | 3000 | 3004930 |
| Series 2024-D, Class B, 4.88%, 09/15/30 | 500 | 507716 |
| Ford Credit Floorplan Master Owner Trust A |  |  |
| Series 2025-1, Class A1, 4.63%, 04/15/30 | 1000 | 1013615 |
| Series 2025-2, Class A1, 4.06%, 09/15/30 | 500 | 499846 |
| GM Financial Automobile Leasing Trust, <br> Series 2025-1, Class A3, 4.66%, 02/21/28<br>| 600 | 604308 |
| GM Financial Consumer Automobile Receivables <br> Trust<br>|  |  |
| Series 2024-1, Class B, 5.16%, 08/16/29 | 1000 | 1015899 |
| Series 2024-2, Class B, 5.28%, 10/16/29 | 850 | 865266 |
| Series 2024-4, Class A3, 4.40%, 08/16/29 | 1000 | 1005477 |
| Series 2025-1, Class A3, 4.62%, 12/17/29 | 500 | 504343 |
| Series 2025-3, Class A3, 4.18%, 08/16/30 | 1000 | 1004571 |
| Series 2025-3, Class A4, 4.30%, 09/16/31 | 500 | 504261 |
| Series 2025-4, Class A3, 3.84%, 02/18/31 | 2000 | 1996145 |
| Hyundai Auto Receivables Trust |  |  |
| Series 2022-B, Class A3, 3.72%, 11/16/26 | 1 | 871 |
| Series 2024-B, Class B, 5.04%, 09/16/30 | 560 | 568973 |
| Series 2025-C, Class A3, 3.88%, 04/15/30 | 3250 | 3244321 |
| John Deere Owner Trust |  |  |
| Series 2024-A, Class A3, 4.96%, 11/15/28 | 650 | 655177 |
| Series 2024-A, Class A4, 4.91%, 02/18/31 | 610 | 620616 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Mercedes-Benz Auto Receivables Trust, <br> Series 2025-1, Class A3, 4.78%, 12/17/29<br>| 3000 | $3030895 |
| Nissan Auto Receivables Owner Trust |  |  |
| Series 2024-B, Class A4, 4.35%, 09/15/31 | 500 | 503910 |
| Series 2025-A, Class A, 4.57%, 11/15/30 | 500 | 508189 |
| Series 2025-A, Class A3, 4.49%, 12/17/29 | 1000 | 1010344 |
| PG&E Wildfire Recovery Funding LLC, Series 2022-1, <br> Class A4, 4.45%, 12/01/49<br>| 500 | 451298 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2024-4, Class D, 5.32%, 12/15/31 | 500 | 505893 |
| Series 2025-2, Class A3, 4.67%, 08/15/29 | 500 | 502601 |
| Synchrony Card Funding LLC |  |  |
| Series 2024-A1, Class A, 5.04%, 03/15/30 | 1740 | 1763121 |
| Series 2025-A2, Class A, 4.49%, 05/15/31 | 2000 | 2025396 |
| Toyota Auto Receivables Owner Trust, Series 2025-B, <br> Class A3, 4.34%, 11/15/29<br>| 200 | 201474 |
| Verizon Master Trust |  |  |
| Series 2024-3, Class A1A, 5.34%, 04/22/30 | 7000 | 7135496 |
| Series 2025-7, Class A1A, 3.96%, 08/20/31 | 800 | 799231 |
| Virginia Power Fuel Securitization LLC, Series 2020-<br> 24, Class A2, 4.88%, 05/01/33<br>| 2000 | 2051946 |
| WF Card Issuance Trust, Series 2024-A2, Class A, <br> 4.29%, 10/15/29<br>| 700 | 705590 |
| World Omni Auto Receivables Trust |  |  |
| Series 2022-A, Class A4, 1.90%, 03/15/28 | 1000 | 992981 |
| Series 2025-A, Class A3, 4.73%, 03/15/30 | 500 | 504298 |
| Series 2025-A, Class A4, 4.86%, 11/15/30 | 500 | 511665 |
| Series 2025-B, Class A3, 4.34%, 09/16/30 | 500 | 504280 |
| World Omni Automobile Lease Securitization Trust, <br> Series 2025-A, Class A3, 4.42%, 04/17/28<br>| 400 | 402266 |
| **Total Asset-Backed Securities — 1.3%** <br>**(Cost: $73,690,338)** | **Total Asset-Backed Securities — 1.3%** <br>**(Cost: $73,690,338)** | 74405752 |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** |
| Duke Energy Carolinas Nc Storm Funding II LLC, <br> Series A-1, 4.23%, 07/01/37<br>| 500 | 499550 |
| NYSEG Storm Funding LLC, Series A-2, 4.87%, <br> 05/01/32<br>| 500 | 513029 |
| PG&E Energy Recovery Funding LLC, Series A-3, <br> 2.82%, 07/15/46<br>| 79 | 58025 |
| PG&E Recovery Funding LLC |  |  |
| Series 2024-1, Class A3, 5.53%, 06/01/51 | 900 | 913872 |
| Series 2024-A, Class A2, 5.23%, 06/01/42 | 1235 | 1266878 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| Series 2022-1, Class A2, 4.26%, 06/01/38 | 1000 | 963765 |
| Series 2022-1, Class A3, 4.38%, 06/03/41 | 1060 | 1011693 |
| Series 2022-1, Class A5, 4.67%, 12/01/53 | 500 | 452481 |
| Series 2022-B, Class A2, 4.72%, 06/01/37 | 500 | 497576 |
| Series 2022-B, Class A3, 5.08%, 06/01/43 | 500 | 496922 |
| SCE Recovery Funding LLC, Series 2023-A, <br> Class A2, 5.11%, 12/14/49<br>| 280 | 273159 |
| **Total Corporate Bonds — 0.1%** <br>**(Cost: $7,499,582)** | **Total Corporate Bonds — 0.1%** <br>**(Cost: $7,499,582)** | 6946950 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Commercial Mortgage-Backed Securities — 2.7%** | **Commercial Mortgage-Backed Securities — 2.7%** | **Commercial Mortgage-Backed Securities — 2.7%** |
| Bank |  |  |
| Series 2018-BN11, Class B, 4.34%, 03/15/61<sup>(a)</sup> | 500 | 482291 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Securitized Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Bank (continued) |  |  |
| Series 2019-BN16, Class C, 4.79%, 02/15/52<sup>(a)</sup> | $500 | $453254 |
| Series 2019-BN18, Class A4, 3.58%, 05/15/62 | 1659 | 1590922 |
| Series 2019-BN21, Class A5, 2.85%, 10/17/52 | 4564 | 4302822 |
| Series 2020-BN25, Class C, 3.35%, 01/15/63<sup>(a)</sup> | 200 | 174187 |
| Series 2020-BN27, Class A5, 2.14%, 04/15/63 | 4515 | 4023421 |
| Series 2021-BN36, Class C, 3.20%, 09/15/64<sup>(a)</sup> | 250 | 206248 |
| Series 2022-BNK40, Class B, 3.39%, 03/15/64<sup>(a)</sup> | 500 | 439369 |
| Series 2022-BNK43, Class A5, 4.40%, 08/15/55 | 1000 | 984691 |
| Series 2023-5YR4, Class A3, 6.50%, 12/15/56 | 433 | 455970 |
| Series 2024-5YR7, Class A3, 5.77%, 06/15/57 | 2860 | 2984452 |
| Series 2024-5YR7, Class AS, 6.49%, 06/15/57<sup>(a)</sup> | 1180 | 1242322 |
| Series 2024-5YR7, Class B, 6.94%, 06/15/57 | 1150 | 1212330 |
| Series 2025-BNK49, Class A5, 5.62%, 03/15/58<sup>(a)</sup> | 1000 | 1062951 |
| BANK 2021-BNK35, Series 2021-BN35, Class AS, <br> 2.46%, 06/15/64<br>| 500 | 430639 |
| Bank of America Merrill Lynch Commercial Mortgage <br> Trust, Series 2017-BNK3, Class B, 3.88%, <br> 02/15/50<sup>(a)</sup><br>| 500 | 487543 |
| BANK5 2025-5YR16, Series 2025-5YR16, Class A3, <br> 5.28%, 08/15/63<br>| 1000 | 1033704 |
| BBCMS Mortgage Trust |  |  |
| Series 2017-C1, Class A4, 3.67%, 02/15/50 | 908 | 900602 |
| Series 2018-C2, Class A4, 4.05%, 12/15/51 | 500 | 494861 |
| Series 2020-C7, Class A5, 2.04%, 04/15/53 | 2010 | 1801618 |
| Series 2021-C12, Class A5, 2.69%, 11/15/54 | 1171 | 1049276 |
| Series 2021-C12, Class AS, 2.90%, 11/15/54 | 250 | 215126 |
| Series 2021-C9, Class C, 3.19%, 02/15/54<sup>(a)</sup> | 250 | 208407 |
| Series 2022-C16, Class A5, 4.60%, 06/15/55<sup>(a)</sup> | 3000 | 2969875 |
| Series 2022-C17, Class A5, 4.44%, 09/15/55 | 1000 | 986757 |
| Series 2022-C18, Class C, 6.17%, 12/15/55<sup>(a)</sup> | 300 | 299678 |
| Series 2024-5C25, Class AS, 6.36%, 03/15/57<sup>(a)</sup> | 410 | 428728 |
| Series 2024-5C25, Class C, 6.64%, 03/15/57<sup>(a)</sup> | 500 | 513055 |
| Series 2024-5C31, Class A3, 5.61%, 12/15/57 | 500 | 521173 |
| Series 2024-C30, Class A2, 6.13%, 11/15/57 | 400 | 419831 |
| Series 2024-C30, Class AS, 5.83%, 11/15/57<sup>(a)</sup> | 250 | 259774 |
| Series 2025-5C34, Class A3, 5.66%, 05/15/58 | 300 | 314445 |
| Series 2025-C32, Class A5, 5.72%, 02/15/62 | 1000 | 1069182 |
| Series 2025-C35, Class A5, 5.59%, 07/15/58<sup>(a)</sup> | 500 | 528364 |
| BBCMS Trust |  |  |
| Series 2021-C10, Class A5, 2.49%, 07/15/54 | 7682 | 6969510 |
| Series 2021-C10, Class ASB, 2.27%, 07/15/54 | 500 | 472380 |
| Benchmark Mortgage Trust |  |  |
| Series 2018-B5, Class A4, 4.21%, 07/15/51 | 2489 | 2474684 |
| Series 2019-B10, Class A4, 3.72%, 03/15/62 | 2654 | 2591555 |
| Series 2019-B11, Class A4, 3.28%, 05/15/52 | 3319 | 3203908 |
| Series 2019-B13, Class A4, 2.95%, 08/15/57 | 4093 | 3866619 |
| Series 2019-B9, Class A5, 4.02%, 03/15/52 | 2489 | 2443285 |
| Series 2020-B18, Class A5, 1.93%, 07/15/53 | 1000 | 884957 |
| Series 2020-B19, Class B, 2.35%, 09/15/53 | 937 | 722236 |
| Series 2020-B21, Class A4, 1.70%, 12/17/53 | 2988 | 2654444 |
| Series 2020-B21, Class A5, 1.98%, 12/17/53 | 1990 | 1758467 |
| Series 2021-B28, Class A5, 2.22%, 08/15/54 | 7100 | 6253710 |
| Series 2021-B29, Class A4, 2.14%, 09/15/54 | 500 | 436977 |
| Series 2021-B29, Class A5, 2.39%, 09/15/54 | 2763 | 2453607 |
| Series 2021-B30, Class B, 2.53%, 11/15/54<sup>(a)</sup> | 250 | 199953 |
| Series 2022-B33, Class A5, 3.46%, 03/15/55 | 476 | 442478 |
| Series 2024-5C8, Class A2, 5.15%, 12/15/57 | 1000 | 1023811 |
| Series 2024-V12, Class AS, 6.03%, 12/15/57<sup>(a)</sup> | 500 | 520075 |
| Series 2024-V5, Class B, 6.06%, 01/10/57<sup>(a)</sup> | 500 | 509250 |
| Series 2024-V6, Class A3, 5.93%, 03/15/57 | 2000 | 2087679 |
| Series 2024-V6, Class AS, 6.38%, 03/15/57 | 920 | 960800 |
| Series 2024-V6, Class B, 6.79%, 03/15/57 | 500 | 523094 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Benchmark Mortgage Trust (continued) |  |  |
| Series 2024-V7, Class A2, 5.77%, 05/15/56 | $1000 | $1038600 |
| Series 2024-V8, Class B, 6.95%, 07/15/57<sup>(a)</sup> | 500 | 530956 |
| Series 2025-V13, Class A2, 5.33%, 02/15/58 | 1500 | 1527272 |
| Series 2025-V14, Class A3, 5.18%, 04/15/57 | 500 | 513930 |
| Series 2025-V14, Class AM, 6.09%, 04/15/57<sup>(a)</sup> | 250 | 261389 |
| Series 2025-V18, Class A3, 5.18%, 10/15/58 | 800 | 823227 |
| BMARK, Series 2023-V4, Class B, 7.46%, 11/15/56<sup>(a)</sup> | 500 | 531393 |
| BMO Mortgage Trust |  |  |
| Series 2023-C7, Class AS, 6.67%, 12/15/56<sup>(a)</sup> | 500 | 541964 |
| Series 2024-5C3, Class AS, 6.29%, 02/15/57<sup>(a)</sup> | 1000 | 1044500 |
| Series 2024-5C5, Class A3, 5.86%, 02/15/57 | 1400 | 1463138 |
| Series 2024-5C6, Class AS, 5.75%, 09/15/57<sup>(a)</sup> | 500 | 510341 |
| Series 2024-5C8, Class C, 5.74%, 12/15/57<sup>(a)</sup> | 500 | 493128 |
| Series 2024-C8, Class A5, 5.60%, 03/15/57<sup>(a)</sup> | 2720 | 2867522 |
| Series 2024-C8, Class AS, 5.91%, 03/15/57<sup>(a)</sup> | 2000 | 2100884 |
| Series 2024-C8, Class B, 6.14%, 03/15/57<sup>(a)</sup> | 1470 | 1524620 |
| Series 2024-C8, Class C, 6.23%, 03/15/57<sup>(a)</sup> | 250 | 253435 |
| Series 2025-5C11, Class C, 6.01%, 07/15/58 | 250 | 253881 |
| Series 2025-C11, Class A5, 5.69%, 02/15/58 | 1000 | 1061075 |
| CD Mortgage Trust<sup>(a)</sup> <br>|  |  |
| Series 2017-CD6, Class AM, 3.71%, 11/13/50 | 500 | 490053 |
| Series 2018-CD7, Class B, 4.66%, 08/15/51 | 400 | 384979 |
| CGMS Commercial Mortgage Trust, Series 2017-B1, <br> Class C, 4.10%, 08/15/50<sup>(a)</sup><br>| 500 | 475887 |
| Citigroup Commercial Mortgage Trust |  |  |
| Series 2017-C4, Class A4, 3.47%, 10/12/50 | 7905 | 7784336 |
| Series 2017-P7, Class A4, 3.71%, 04/14/50 | 1866 | 1843460 |
| Series 2019-C7, Class C, 3.92%, 12/15/72<sup>(a)</sup> | 1000 | 905927 |
| CSAIL Commercial Mortgage Trust |  |  |
| Series 2016-C7, Class A5, 3.50%, 11/15/49 | 3984 | 3950088 |
| Series 2016-C7, Class AS, 3.96%, 11/15/49<sup>(a)</sup> | 500 | 489671 |
| Series 2018-CX11, Class A5, 4.03%, 04/15/51<sup>(a)</sup> | 3319 | 3290344 |
| Series 2018-CX11, Class B, 4.45%, 04/15/51<sup>(a)</sup> | 500 | 483532 |
| Series 2020-C19, Class A3, 2.56%, 03/15/53 | 1000 | 911462 |
| DBJPM Mortgage Trust |  |  |
| Series 2016-C3, Class A5, 2.89%, 08/10/49 | 6225 | 6153529 |
| Series 2017-C6, Class AM, 3.56%, 06/10/50<sup>(a)</sup> | 1500 | 1449501 |
| Series 2020-C9, Class AM, 2.34%, 08/15/53 | 200 | 173951 |
| GS Mortgage Securities Trust |  |  |
| Series 2018-GS10, Class A5, 4.16%, 07/10/51<sup>(a)</sup> | 2489 | 2451360 |
| Series 2019-GC38, Class A3, 3.70%, 02/10/52 | 1000 | 978966 |
| Series 2021-GSA3, Class A4, 2.37%, 12/15/54 | 900 | 791461 |
| JPMCC Commercial Mortgage Securities Trust |  |  |
| Series 2017-JP7, Class A5, 3.45%, 09/15/50 | 2903 | 2858131 |
| Series 2019-COR4, Class A5, 4.03%, 03/10/52 | 1000 | 965910 |
| JPMDB Commercial Mortgage Securities Trust, <br> Series 2017-C7, Class A5, 3.41%, 10/15/50<br>| 4979 | 4891241 |
| Morgan Stanley Bank of America Merrill Lynch Trust, <br> Series 2025-5C2, Class A3, 11/15/58<sup>(b)</sup><br>| 150 | 153866 |
| Morgan Stanley Capital I Trust |  |  |
| Series 2018-H3, Class A4, 3.91%, 07/15/51 | 1868 | 1847245 |
| Series 2019-L3, Class AS, 3.49%, 11/15/52 | 628 | 591483 |
| Series 2019-L3, Class B, 3.65%, 11/15/52<sup>(a)</sup> | 250 | 229837 |
| Series 2020-HR8, Class B, 2.70%, 07/15/53 | 63 | 52814 |
| Series 2021-L6, Class AS, 2.75%, 06/15/54<sup>(a)</sup> | 1634 | 1434886 |
| Series 2021-L6, Class C, 3.43%, 06/15/54<sup>(a)</sup> | 250 | 207476 |
| MSWF Commercial Mortgage Trust, Series 2023-2, <br> Class A5, 6.01%, 12/15/56<sup>(a)</sup><br>| 502 | 543988 |
| UBS Commercial Mortgage Trust<sup>(a)</sup> <br>|  |  |
| Class AS, 4.75%, 12/15/51 | 500 | 494507 |
| Series 2018-C14, Class B, 5.10%, 12/15/51 | 250 | 241666 |
| Series 2018-C15, Class AS, 4.67%, 12/15/51 | 250 | 246508 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Securitized Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Wells Fargo Commercial Mortgage Trust |  |  |
| Series 2017-C41, Class C, 4.49%, 11/15/50<sup>(a)</sup> | 155 | $142014 |
| Series 2018-C43, Class AS, 4.15%, 03/15/51<sup>(a)</sup> | 750 | 735974 |
| Series 2018-C43, Class ASB, 3.95%, 03/15/51<sup>(a)</sup> | 468 | 466554 |
| Series 2018-C44, Class ASB, 4.17%, 05/15/51 | 496 | 495055 |
| Series 2018-C46, Class AS, 4.38%, 08/15/51 | 500 | 493465 |
| Series 2018-C47, Class A4, 4.44%, 09/15/61 | 1000 | 1003099 |
| Series 2018-C47, Class AS, 4.67%, 09/15/61<sup>(a)</sup> | 2000 | 1976051 |
| Series 2019-C49, Class A5, 4.02%, 03/15/52 | 3195 | 3161940 |
| Series 2020-C56, Class A5, 2.45%, 06/15/53 | 2580 | 2383914 |
| Series 2020-C58, Class A4, 2.09%, 07/15/53 | 2349 | 2100603 |
| Series 2021-C59, Class ASB, 2.30%, 04/15/54 | 830 | 795763 |
| Series 2021-C61, Class C, 3.31%, 11/15/54 | 500 | 425748 |
| Series 2025-5C3, Class C, 6.23%, 01/15/58<sup>(a)</sup> | 500 | 509669 |
| Series 2025-5C5, Class A3, 5.59%, 07/15/58 | 200 | 209142 |
| Series 2025-5C5, Class AS, 5.92%, 07/15/58 | 500 | 520135 |
| Series 2025-5C6, Class A3, 5.19%, 10/15/58 | 1000 | 1029435 |
| Series 2025-C64, Class A5, 5.65%, 02/15/58 | 500 | 530985 |
| **Total Non-Agency Mortgage-Backed Securities — 2.7%** <br>**(Cost: $163,465,481)** | **Total Non-Agency Mortgage-Backed Securities — 2.7%** <br>**(Cost: $163,465,481)** | 160090213 |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Agency Obligations — 1.0%** | **Agency Obligations — 1.0%** |  |
| Ginnie Mae Mortgage-Backed Securities, 4.50%, <br> 09/20/53<br>| 10000 | 9803283 |
| Uniform Mortgage-Backed Securities |  |  |
| 4.00%, 09/01/40 | 6714 | 6612390 |
| 2.50%, 09/01/52 | 5970 | 5100243 |
| 2.00%, 12/01/53 | 8163 | 6658304 |
| 5.50%, 02/01/55 - 10/01/55 | 23226 | 23577360 |
| 6.50%, 09/01/55 | 6000 | 6274001 |
|  |  | 58025581 |
| **Commercial Mortgage-Backed Securities — 2.7%** | **Commercial Mortgage-Backed Securities — 2.7%** |  |
| Fannie Mae-Aces |  |  |
| Series 2017-M12, Class A2, 3.06%, 06/25/27<sup>(a)</sup> | 1066 | 1051629 |
| Series 2017-M15, Class A2, 2.97%, 09/25/27<sup>(a)</sup> | 2646 | 2605166 |
| Series 2017-M7, Class A2, 2.96%, 02/25/27<sup>(a)</sup> | 383 | 378350 |
| Series 2018-M12, Class A2, 3.63%, 08/25/30<sup>(a)</sup> | 2485 | 2445291 |
| Series 2018-M3, Class A2, 3.07%, 02/25/30<sup>(a)</sup> | 4766 | 4617900 |
| Series 2019-M22, Class A2, 2.52%, 08/25/29 | 3627 | 3454612 |
| Series 2020-M46, Class A2, 1.32%, 05/25/30 | 4437 | 4005983 |
| Series 2021-M13, Class A2, 1.60%, 04/25/31<sup>(a)</sup> | 3536 | 3103614 |
| Series 2021-M17, Class A2, 1.71%, 07/25/31<sup>(a)</sup> | 2489 | 2194757 |
| Freddie Mac Multifamily Structured Pass Through <br> Certificates<br>|  |  |
| Series K063, Class A2, 3.43%, 01/25/27<sup>(a)</sup> | 4150 | 4121558 |
| Series K071, Class A2, 3.29%, 11/25/27 | 10000 | 9875542 |
| Series K072, Class A2, 3.44%, 12/25/27 | 2000 | 1980702 |
| Series K076, Class A2, 3.90%, 04/25/28 | 659 | 658407 |
| Series K080, Class A2, 3.93%, 07/25/28<sup>(a)</sup> | 1000 | 999725 |
| Series K081, Class A2, 3.90%, 08/25/28<sup>(a)</sup> | 6302 | 6296440 |
| Series K088, Class A2, 3.69%, 01/25/29 | 413 | 410135 |
| Series K100, Class A2, 2.67%, 09/25/29 | 12302 | 11742310 |
| Series K101, Class A2, 2.52%, 10/25/29 | 4690 | 4448477 |
| Series K109, Class A2, 1.56%, 04/25/30 | 8471 | 7659076 |
| Series K110, Class A2, 1.48%, 04/25/30 | 2190 | 1975716 |
| Series K111, Class A2, 1.35%, 05/25/30 | 829 | 740782 |
| Series K117, Class A2, 1.41%, 08/25/30 | 3000 | 2664765 |
| Series K120, Class A2, 1.50%, 10/25/30 | 2000 | 1774443 |
| Series K123, Class A2, 1.62%, 12/25/30 | 8302 | 7389031 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |  |
| Freddie Mac Multifamily Structured Pass Through <br> Certificates (continued)<br>|  |  |
| Series K126, Class A2, 2.07%, 01/25/31 | 5074 | $4609811 |
| Series K128, Class A2, 2.02%, 03/25/31 | 2000 | 1809403 |
| Series K136, Class A2, 2.13%, 11/25/31 | 2000 | 1787437 |
| Series K143, Class A2, 2.35%, 03/25/32 | 3425 | 3079831 |
| Series K144, Class A2, 2.45%, 04/25/32 | 5000 | 4513911 |
| Series K146, Class A2, 2.92%, 06/25/32 | 2000 | 1853537 |
| Series K149, Class AM, 3.53%, 09/25/32 | 500 | 477444 |
| Series K-150, Class A2, 3.71%, 09/25/32<sup>(a)</sup> | 2000 | 1937340 |
| Series K-151, Class A2, 3.80%, 10/25/32<sup>(a)</sup> | 3750 | 3649103 |
| Series K-1521, Class A2, 2.18%, 08/25/36 | 3967 | 3198573 |
| Series K-154, Class A2, 4.35%, 01/25/33<sup>(a)</sup> | 1500 | 1508614 |
| Series K-156, Class A2, 4.43%, 02/25/33<sup>(a)</sup> | 2500 | 2523736 |
| Series K-157, Class A2, 4.20%, 05/25/33 | 1000 | 994198 |
| Series K-158, Class A2, 4.05%, 07/25/33 | 1500 | 1476419 |
| Series K-159, Class A2, 4.50%, 07/25/33<sup>(a)</sup> | 3000 | 3039711 |
| Series K-160, Class A2, 4.50%, 08/25/33<sup>(a)</sup> | 2000 | 2025338 |
| Series K-162, Class A2, 5.15%, 12/25/33<sup>(a)</sup> | 1000 | 1054361 |
| Series K-166, Class A2, 4.58%, 10/25/34<sup>(a)</sup> | 500 | 507074 |
| Series K-167, Class A2, 4.76%, 10/25/34 | 3600 | 3699045 |
| Series K-169, Class A2, 4.66%, 12/25/34<sup>(a)</sup> | 1500 | 1529443 |
| Series K-171, Class A2, 4.40%, 06/25/35<sup>(a)</sup> | 1000 | 998271 |
| Series K-172, Class A2, 4.58%, 08/25/35<sup>(a)</sup> | 1800 | 1820088 |
| Series K-173, Class A2, 4.60%, 09/25/35<sup>(a)</sup> | 2000 | 2025672 |
| Series K506, Class A2, 4.65%, 08/25/28<sup>(a)</sup> | 1825 | 1857187 |
| Series K507, Class A2, 4.80%, 09/25/28<sup>(a)</sup> | 2000 | 2043597 |
| Series K510, Class A2, 5.07%, 10/25/28<sup>(a)</sup> | 1000 | 1029454 |
| Series K541, Class A2, 4.35%, 02/25/30<sup>(a)</sup> | 900 | 910960 |
| Series K543, Class A2, 4.33%, 06/25/30<sup>(a)</sup> | 2000 | 2022368 |
| Series K739, Class A2, 1.34%, 09/25/27 | 2946 | 2826317 |
| Series K748, Class A2, 2.26%, 01/25/29<sup>(a)</sup> | 10000 | 9504852 |
| Series K753, Class A2, 4.40%, 10/25/30 | 1928 | 1955222 |
|  |  | 158862728 |
| **Mortgage-Backed Securities — 92.4%** | **Mortgage-Backed Securities — 92.4%** |  |
| Fannie Mae Mortgage-Backed Securities |  |  |
| 3.00%, 02/01/47 | 721 | 666818 |
| 4.00%, 02/01/47 - 02/01/57 | 2675 | 2547371 |
| 3.50%, 11/01/51 | 4178 | 3919563 |
| (12-mo. RFUCCT US + 1.53%), 6.36%, <br> 05/01/43<sup>(a)</sup><br>| 27 | 27002 |
| (12-mo. RFUCCT US + 1.54%), 6.25%, <br> 06/01/43<sup>(a)</sup><br>| 37 | 37510 |
| (12-mo. RFUCCT US + 1.70%), 6.32%, <br> 08/01/42<sup>(a)</sup><br>| 8 | 8129 |
| (12-mo. RFUCCT US + 1.75%), 6.47%, <br> 08/01/41<sup>(a)</sup><br>| 2 | 1600 |
| (12-mo. RFUCCT US + 1.83%), 6.36%, <br> 11/01/40<sup>(a)</sup><br>| 1 | 1084 |
| Freddie Mac Mortgage-Backed Securities |  |  |
| 3.00%, 03/01/27 - 10/01/47 | 27914 | 25717173 |
| 2.50%, 07/01/28 - 01/01/33 | 5164 | 4985688 |
| 3.50%, 03/01/32 - 06/01/49 | 27577 | 26099561 |
| 5.00%, 04/01/33 - 04/01/49 | 1105 | 1119931 |
| 4.00%, 05/01/33 - 01/01/49 | 9409 | 9122388 |
| 5.50%, 06/01/35 - 01/01/39 | 36 | 37357 |
| 4.50%, 06/01/38 - 01/01/49 | 3839 | 3820396 |
| (12-mo. RFUCCT US + 1.67%), 6.48%, <br> 08/01/41<sup>(a)</sup><br>| 2 | 1678 |
| (12-mo. RFUCCT US + 1.85%), 6.67%, <br> 09/01/40<sup>(a)</sup><br>| 3 | 3445 |

---

Schedule of Investments

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Securitized Bond Index Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |  |
| Ginnie Mae Mortgage-Backed Securities |  |  |
| 5.50%, 12/15/32 - 06/20/55<sup>(c)</sup> | 167339 | $169221072 |
| 6.00%, 03/15/35 - 09/20/55<sup>(c)</sup> | 100927 | 102974361 |
| 6.50%, 09/15/36 - 09/20/55<sup>(c)</sup> | 54416 | 56225509 |
| 4.50%, 07/15/39 - 11/20/55<sup>(c)</sup> | 111680 | 109539969 |
| 5.00%, 11/15/39 - 12/20/54<sup>(c)</sup> | 130218 | 130232127 |
| 4.00%, 03/15/41 - 11/20/55<sup>(c)</sup> | 89285 | 85269641 |
| 3.50%, 09/20/42 - 11/20/55<sup>(c)</sup> | 122354 | 113788262 |
| 3.00%, 01/20/43 - 11/20/55<sup>(c)</sup> | 161227 | 145562644 |
| 2.50%, 05/20/45 - 11/20/55<sup>(c)</sup> | 226958 | 196604784 |
| 2.00%, 07/20/50 - 06/20/52 | 238844 | 198707426 |
| 1.50%, 10/20/51 | 677 | 535675 |
| Uniform Mortgage-Backed Securities |  |  |
| 3.00%, 01/01/27 - 11/13/55<sup>(c)</sup> | 422286 | 382102286 |
| 3.50%, 01/01/27 - 11/13/55<sup>(c)</sup> | 268519 | 251219612 |
| 2.50%, 09/01/28 - 11/13/55<sup>(c)</sup> | 806281 | 700328893 |
| 7.00%, 02/01/32 | 6 | 6519 |
| 4.00%, 07/01/32 - 11/13/55<sup>(c)</sup> | 264273 | 254607648 |
| 6.50%, 07/01/32 - 09/01/55<sup>(c)</sup> | 168712 | 176506678 |
| 5.00%, 11/01/33 - 11/13/55<sup>(c)</sup> | 238254 | 238197162 |
| 6.00%, 03/01/34 - 09/01/55<sup>(c)</sup> | 361722 | 372093793 |
| 2.00%, 12/01/35 - 11/13/55<sup>(c)</sup> | 1236212 | 1037976850 |
| 1.50%, 03/01/36 - 11/01/51<sup>(c)</sup> | 116753 | 96773230 |
| 5.50%, 04/01/36 - 10/01/55<sup>(c)</sup> | 332283 | 337604677 |
| 4.50%, 09/01/39 - 11/13/55<sup>(c)</sup> | 171622 | 168444713 |
|  |  | 5402640225 |
| **Total U.S. Government Sponsored Agency Securities — 96.1%** <br>**(Cost: $5,886,887,117)** | **Total U.S. Government Sponsored Agency Securities — 96.1%** <br>**(Cost: $5,886,887,117)** | 5619528534 |
| **Total Long-Term Investments — 100.2%** <br>**(Cost: $6,131,542,518)** | **Total Long-Term Investments — 100.2%** <br>**(Cost: $6,131,542,518)** | 5860971449 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 10.4%** | **Money Market Funds — 10.4%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.27%<sup>(d)(e)</sup><br>| 609611456 | 609916262 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **U.S. Government Sponsored Agency Securities — 0.0%** | **U.S. Government Sponsored Agency Securities — 0.0%** |  |
| Uniform Mortgage-Backed Securities |  |  |
| 3.50%, 02/01/26 | $1 | $426 |
| 4.00%, 05/01/26 | 2 | 2236 |
|  |  | 2662 |
| **Total Short-Term Securities — 10.4%** <br>**(Cost: $609,783,376)** | **Total Short-Term Securities — 10.4%** <br>**(Cost: $609,783,376)** | 609918924 |
| **Total Investments Before TBA Sale Commitments — 110.6%** <br>**(Cost: $6,741,325,894)** | **Total Investments Before TBA Sale Commitments — 110.6%** <br>**(Cost: $6,741,325,894)** | 6470890373 |
| **TBA Sale Commitments**<sup>(c)</sup> | **TBA Sale Commitments**<sup>(c)</sup> | **TBA Sale Commitments**<sup>(c)</sup> |
| **Mortgage-Backed Securities — (0.9)%** | **Mortgage-Backed Securities — (0.9)%** |  |
| Ginnie Mae Mortgage-Backed Securities |  |  |
| 2.50%, 11/20/55 | (2000)<br>| (1730858)<br>|
| 4.50%, 11/20/55 | (4050)<br>| (3952116)<br>|
| 6.50%, 11/15/54 | (10700)<br>| (11031513)<br>|
| Uniform Mortgage-Backed Securities |  |  |
| 2.00%, 11/13/55 | (8000)<br>| (6485980)<br>|
| 2.50%, 11/13/55 | (5425)<br>| (4605100)<br>|
| 4.00%, 11/15/39 | (5000)<br>| (4920218)<br>|
| 4.50%, 11/13/55 | (2000)<br>| (1949243)<br>|
| 5.00%, 11/13/55 | (2000)<br>| (1989774)<br>|
| 5.50%, 11/15/54 | (6950)<br>| (7021562)<br>|
| 6.00%, 11/15/54 | (7975)<br>| (8154892)<br>|
| **Total TBA Sale Commitments — (0.9)%** <br>**(Proceeds: $(51976198))** | **Total TBA Sale Commitments — (0.9)%** <br>**(Proceeds: $(51976198))** | (51841256)<br>|
| **Total Investments, Net of TBA Sale Commitments — 109.7%** <br>**(Cost: $6,689,349,696)** | **Total Investments, Net of TBA Sale Commitments — 109.7%** <br>**(Cost: $6,689,349,696)** | 6419049117 |
| **Liabilities in Excess of Other Assets — (9.7)%** | **Liabilities in Excess of Other Assets — (9.7)%** | (569151919)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $5849897198 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> When-issued security.

<sup>(c)</sup> Represents or includes a TBA transaction.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $423165358<br> $186831323 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $20773 | $(101192)<br>| $609916262 | 609611456 | $23953854 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

October 31, 2025

**iShares U.S. Securitized Bond Index Fund** 

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $74405752 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $74405752 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6946950 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6946950 |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 160090213 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 160090213 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5619528534 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5619528534 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 609916262 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 609916262 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2662 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2662 |
| Liabilities |  |  |  |  |
| Investments  |  |  |  |  |
| TBA Sale Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (51841256)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (51841256)<br>|
|  | &nbsp;&nbsp; $609916262 | &nbsp;&nbsp;&nbsp;&nbsp; $5809132855 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6419049117 |

---

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares U.S. <br>Intermediate Credit <br>Bond Index Fund<br>| iShares U.S. <br>Intermediate Government <br>Bond Index Fund<br>| iShares U.S. <br>Long Credit Bond <br>Index Fund<br>| iShares U.S. <br>Long Government <br>Bond Index Fund<br>|
| **ASSETS** |  |  |  |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $3586526243 | $7485705818 | $2387909804 | $2875166542 |
| Investments, at value — affiliated<sup>(c)</sup> | 286798554 | 77826954 | 176746731 | 15552571 |
| Cash pledged for futures contracts |  |  |  | 6000 |
| Receivables: |  |  |  |  |
| Investments sold | 14221369 | 121149664 | 7767377 | 9587823 |
| Securities lending income — affiliated | 60363 | 19832 | 44951 | 3578 |
| Capital shares sold | 49592214 | 119389016 | 355187 | 6036269 |
| Dividends — affiliated | 223651 | 53487 | 71210 | 6708 |
| Interest — unaffiliated | 36970500 | 60854968 | 31805437 | 38192675 |
| From affiliate |  | 8219 |  |  |
| Prepaid expenses | 11098 | 26939 | 7595 | 8339 |
| Total assets | 3974403992 | 7865034897 | 2604708292 | 2944560505 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned | 228272291 | 55000000 | 157745805 | 13585000 |
| Payables: |  |  |  |  |
| Investments purchased | 80962525 | 247085046 | 17822428 | 11262329 |
| Income dividend distributions | 882431 | 1408346 | 699750 | 689049 |
| Trustees' and Officer's fees | 3839 | 5600 | 3161 | 3556 |
| Professional fees | 39014 | 43278 | 38595 | 39301 |
| Variation margin on futures contracts |  |  |  | 387 |
| Total liabilities | 310160100 | 303542270 | 176309739 | 25579622 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $3664243892 | $7561492627 | $2428398553 | $2918980883 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital<sup>(d)(e)(f)</sup> | $3738250377 | $7745370993 | $2819875160 | $3537613746 |
| Accumulated loss | (74006485) | (183878366) | (391476607) | (618632863) |
| NET ASSETS | $3664243892 | $7561492627 | $2428398553 | $2918980883 |
| Net asset value | $10.23 | $10.02 | $9.25 | $7.93 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $3550462472 | $7521873869 | $2544023286 | $3083662196 |
| <sup>(b)</sup> Securities loaned, at value | $221926103 | $53195459 | $151086709 | $13087810 |
| <sup>(c)</sup> Investments, at cost—affiliated | $286709403 | $77826623 | $176679421 | $15547814 |
| <sup>(d)</sup> Shares outstanding | 358290814 | 754434269 | 262398888 | 368223160 |
| <sup>(e)</sup> Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| <sup>(f)</sup> Par value | $0.001 | $0.001 | $0.001 | $0.001 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (continued)

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares U.S. <br>Securitized Bond <br>Index Fund<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)</sup> | $5860974111 |
| Investments, at value — affiliated<sup>(b)</sup> | 609916262 |
| Receivables: |  |
| Investments sold | 103288 |
| TBA sale commitments | 51976198 |
| Capital shares sold | 49785757 |
| Dividends — affiliated | 2280648 |
| Interest — unaffiliated | 17147637 |
| Principal paydowns | 22 |
| Prepaid expenses | 12896 |
| Total assets | 6592196819 |
| **LIABILITIES** |  |
| Bank overdraft | 6431 |
| Cash received as collateral for TBA commitments | 1560301 |
| TBA sale commitments, at value<sup>(c)</sup> | 51841256 |
| Payables: |  |
| Investments purchased | 687706987 |
| Income dividend distributions | 1137172 |
| Trustees' and Officer's fees | 5256 |
| Professional fees | 42218 |
| Total liabilities | 742299621 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $5849897198 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital<sup>(d)(e)(f)</sup> | $6183414392 |
| Accumulated loss | (333517194) |
| NET ASSETS | $5849897198 |
| Net asset value | $9.69 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $6131616285 |
| <sup>(b)</sup> Investments, at cost—affiliated | $609709609 |
| <sup>(c)</sup> Proceeds from TBA sale commitments | $51976198 |
| <sup>(d)</sup> Shares outstanding | 603981492 |
| <sup>(e)</sup> Shares authorized | Unlimited |
| <sup>(f)</sup> Par value | $0.001 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares U.S. <br>Intermediate Credit <br>Bond Index Fund<br>| &nbsp;&nbsp; iShares U.S. <br>Intermediate Government <br>Bond Index Fund<br>| &nbsp;&nbsp; iShares U.S. <br>Long Credit Bond <br>Index Fund<br>| &nbsp;&nbsp; iShares U.S. <br>Long Government <br>Bond Index Fund<br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends — affiliated | &nbsp;&nbsp; $1817601 | &nbsp;&nbsp;&nbsp; $530450 | &nbsp;&nbsp;&nbsp; $857671 | &nbsp;&nbsp;&nbsp; $399793 |
| Interest — unaffiliated | &nbsp;&nbsp; 155768908 | &nbsp;&nbsp;&nbsp; 197547862 | &nbsp;&nbsp;&nbsp; 132708299 | &nbsp;&nbsp;&nbsp; 132508472 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 625961 | &nbsp;&nbsp;&nbsp; 459119 | &nbsp;&nbsp;&nbsp; 555285 | &nbsp;&nbsp;&nbsp; 201226 |
| Other income — affiliated | &nbsp;&nbsp; 8094 | &nbsp;&nbsp;&nbsp; 16464 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 158220564 | &nbsp;&nbsp;&nbsp; 198553895 | &nbsp;&nbsp;&nbsp; 134121255 | &nbsp;&nbsp;&nbsp; 133109491 |
| EXPENSES |  |  |  |  |
| Administration | &nbsp;&nbsp; 2098334 | &nbsp;&nbsp;&nbsp; 2927991 | &nbsp;&nbsp;&nbsp; 1484987 | &nbsp;&nbsp;&nbsp; 1521040 |
| Investment advisory | &nbsp;&nbsp; 2098334 | &nbsp;&nbsp;&nbsp; 2927991 | &nbsp;&nbsp;&nbsp; 1484987 | &nbsp;&nbsp;&nbsp; 1521040 |
| Professional | &nbsp;&nbsp; 49167 | &nbsp;&nbsp;&nbsp; 56596 | &nbsp;&nbsp;&nbsp; 46173 | &nbsp;&nbsp;&nbsp; 47740 |
| Trustees and Officer | &nbsp;&nbsp; 35037 | &nbsp;&nbsp;&nbsp; 53105 | &nbsp;&nbsp;&nbsp; 27101 | &nbsp;&nbsp;&nbsp; 32170 |
| Miscellaneous | &nbsp;&nbsp; 7635 | &nbsp;&nbsp;&nbsp; 7760 | &nbsp;&nbsp;&nbsp; 7635 | &nbsp;&nbsp;&nbsp; 7635 |
| Total expenses | &nbsp;&nbsp; 4288507 | &nbsp;&nbsp;&nbsp; 5973443 | &nbsp;&nbsp;&nbsp; 3050883 | &nbsp;&nbsp;&nbsp; 3129625 |
| Less fees waived and/or reimbursed by the Administrator/Manager | &nbsp;&nbsp; (4280872)<br>| &nbsp;&nbsp;&nbsp; (5965683)<br>| &nbsp;&nbsp;&nbsp; (3043248)<br>| &nbsp;&nbsp;&nbsp; (3121990)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 7635 | &nbsp;&nbsp;&nbsp; 7760 | &nbsp;&nbsp;&nbsp; 7635 | &nbsp;&nbsp;&nbsp; 7635 |
| Net investment income | &nbsp;&nbsp; 158212929 | &nbsp;&nbsp;&nbsp; 198546135 | &nbsp;&nbsp;&nbsp; 134113620 | &nbsp;&nbsp;&nbsp; 133101856 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; (12533739)<br>| &nbsp;&nbsp;&nbsp; (39715829)<br>| &nbsp;&nbsp;&nbsp; (119882171)<br>| &nbsp;&nbsp;&nbsp; (293538799)<br>|
| Investments — affiliated | &nbsp;&nbsp; (16597)<br>| &nbsp;&nbsp;&nbsp; (150442)<br>| &nbsp;&nbsp;&nbsp; 3357 | &nbsp;&nbsp;&nbsp; (25291)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16161)<br>|
| Payment by affiliate | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32927 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (12550336)<br>| &nbsp;&nbsp;&nbsp; (39833344)<br>| &nbsp;&nbsp;&nbsp; (119878814)<br>| &nbsp;&nbsp;&nbsp; (293580251)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; 96423048 | &nbsp;&nbsp;&nbsp; 152654546 | &nbsp;&nbsp;&nbsp; 116634339 | &nbsp;&nbsp;&nbsp; 261760489 |
| Investments — affiliated | &nbsp;&nbsp; (45743)<br>| &nbsp;&nbsp;&nbsp; (46963)<br>| &nbsp;&nbsp;&nbsp; (49736)<br>| &nbsp;&nbsp;&nbsp; (4798)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12507 |
|  | &nbsp;&nbsp; 96377305 | &nbsp;&nbsp;&nbsp; 152607583 | &nbsp;&nbsp;&nbsp; 116584603 | &nbsp;&nbsp;&nbsp; 261768198 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 83826969 | &nbsp;&nbsp;&nbsp; 112774239 | &nbsp;&nbsp;&nbsp; (3294211)<br>| &nbsp;&nbsp;&nbsp; (31812053)<br>|
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $242039898 | &nbsp;&nbsp;&nbsp; $311320374 | &nbsp;&nbsp;&nbsp; $130819409 | &nbsp;&nbsp;&nbsp; $101289803 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Operations (continued)

Year Ended October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares U.S. <br>Securitized Bond <br>Index Fund<br>|
| **INVESTMENT INCOME** |  |
| Dividends — affiliated | &nbsp;&nbsp; $23953854 |
| Interest — unaffiliated | &nbsp;&nbsp; 197734272 |
| Total investment income | &nbsp;&nbsp; 221688126 |
| EXPENSES |  |
| Administration | &nbsp;&nbsp; 3254180 |
| Investment advisory | &nbsp;&nbsp; 3254180 |
| Professional | &nbsp;&nbsp; 55169 |
| Trustees and Officer | &nbsp;&nbsp; 50407 |
| Miscellaneous | &nbsp;&nbsp; 7635 |
| Total expenses | &nbsp;&nbsp; 6621571 |
| Less fees waived and/or reimbursed by the Administrator/Manager | &nbsp;&nbsp; (6613936)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 7635 |
| Net investment income | &nbsp;&nbsp; 221680491 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (4355658)<br>|
| Investments — affiliated | &nbsp;&nbsp; 20773 |
|  | &nbsp;&nbsp; (4334885)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 170717913 |
| Investments — affiliated | &nbsp;&nbsp; (101192)<br>|
|  | &nbsp;&nbsp; 170616721 |
| Net realized and unrealized gain | &nbsp;&nbsp; 166281836 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $387962327 |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares U.S. <br>Intermediate Credit <br>Bond Index Fund | iShares U.S. <br>Intermediate Credit <br>Bond Index Fund | iShares U.S. <br>Intermediate Government <br>Bond Index Fund | iShares U.S. <br>Intermediate Government <br>Bond Index Fund |
|  | Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 |
|  | Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $158212929 | &nbsp;&nbsp;&nbsp; $129515015 | &nbsp;&nbsp;&nbsp; $198546135 | &nbsp;&nbsp;&nbsp; $137882051 |
| Net realized loss | &nbsp;&nbsp; (12550336)<br>| &nbsp;&nbsp;&nbsp; (13647121)<br>| &nbsp;&nbsp;&nbsp; (39833344)<br>| &nbsp;&nbsp;&nbsp; (20108241)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 96377305 | &nbsp;&nbsp;&nbsp; 169070519 | &nbsp;&nbsp;&nbsp; 152607583 | &nbsp;&nbsp;&nbsp; 171545177 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 242039898 | &nbsp;&nbsp;&nbsp; 284938413 | &nbsp;&nbsp;&nbsp; 311320374 | &nbsp;&nbsp;&nbsp; 289318987 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (158758426)<br>| &nbsp;&nbsp;&nbsp; (129388167)<br>| &nbsp;&nbsp;&nbsp; (198260872)<br>| &nbsp;&nbsp;&nbsp; (136403941)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 196880409 | &nbsp;&nbsp;&nbsp; 804523675 | &nbsp;&nbsp;&nbsp; 2324205437 | &nbsp;&nbsp;&nbsp; 1048413221 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 280161881 | &nbsp;&nbsp;&nbsp; 960073921 | &nbsp;&nbsp;&nbsp; 2437264939 | &nbsp;&nbsp;&nbsp; 1201328267 |
| Beginning of year | &nbsp;&nbsp; 3384082011 | &nbsp;&nbsp;&nbsp; 2424008090 | &nbsp;&nbsp;&nbsp; 5124227688 | &nbsp;&nbsp;&nbsp; 3922899421 |
| End of year | &nbsp;&nbsp; $3664243892 | &nbsp;&nbsp;&nbsp; $3384082011 | &nbsp;&nbsp;&nbsp; $7561492627 | &nbsp;&nbsp;&nbsp; $5124227688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares U.S. <br>Long Credit Bond <br>Index Fund | iShares U.S. <br>Long Credit Bond <br>Index Fund | iShares U.S. <br>Long Government <br>Bond Index Fund | iShares U.S. <br>Long Government <br>Bond Index Fund |
|  | Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 |
|  | Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $134113620 | &nbsp;&nbsp;&nbsp; $118113089 | &nbsp;&nbsp;&nbsp; $133101856 | &nbsp;&nbsp;&nbsp; $96704415 |
| Net realized loss | &nbsp;&nbsp; (119878814)<br>| &nbsp;&nbsp;&nbsp; (45862241)<br>| &nbsp;&nbsp;&nbsp; (293580251)<br>| &nbsp;&nbsp;&nbsp; (79645321)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 116584603 | &nbsp;&nbsp;&nbsp; 302100414 | &nbsp;&nbsp;&nbsp; 261768198 | &nbsp;&nbsp;&nbsp; 316149597 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 130819409 | &nbsp;&nbsp;&nbsp; 374351262 | &nbsp;&nbsp;&nbsp; 101289803 | &nbsp;&nbsp;&nbsp; 333208691 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (134491429)<br>| &nbsp;&nbsp;&nbsp; (117856364)<br>| &nbsp;&nbsp;&nbsp; (133169952)<br>| &nbsp;&nbsp;&nbsp; (96037633)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (67611731)<br>| &nbsp;&nbsp;&nbsp; 259621932 | &nbsp;&nbsp;&nbsp; (7810255)<br>| &nbsp;&nbsp;&nbsp; 576087086 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (71283751)<br>| &nbsp;&nbsp;&nbsp; 516116830 | &nbsp;&nbsp;&nbsp; (39690404)<br>| &nbsp;&nbsp;&nbsp; 813258144 |
| Beginning of year | &nbsp;&nbsp; 2499682304 | &nbsp;&nbsp;&nbsp; 1983565474 | &nbsp;&nbsp;&nbsp; 2958671287 | &nbsp;&nbsp;&nbsp; 2145413143 |
| End of year | &nbsp;&nbsp; $2428398553 | &nbsp;&nbsp;&nbsp; $2499682304 | &nbsp;&nbsp;&nbsp; $2918980883 | &nbsp;&nbsp;&nbsp; $2958671287 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares U.S. <br>Securitized Bond <br>Index Fund | iShares U.S. <br>Securitized Bond <br>Index Fund |
|  | Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 |
|  | Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $221680491 | &nbsp;&nbsp;&nbsp; $184768135 |
| Net realized gain (loss) | &nbsp;&nbsp; (4334885)<br>| &nbsp;&nbsp;&nbsp; 19077928 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 170616721 | &nbsp;&nbsp;&nbsp; 281030261 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 387962327 | &nbsp;&nbsp;&nbsp; 484876324 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (216178443)<br>| &nbsp;&nbsp;&nbsp; (176885720)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 555424021 | &nbsp;&nbsp;&nbsp; 589662685 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 727207905 | &nbsp;&nbsp;&nbsp; 897653289 |
| Beginning of year | &nbsp;&nbsp; 5122689293 | &nbsp;&nbsp;&nbsp; 4225036004 |
| End of year | &nbsp;&nbsp; $5849897198 | &nbsp;&nbsp;&nbsp; $5122689293 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares U.S. Intermediate Credit Bond Index Fund | iShares U.S. Intermediate Credit Bond Index Fund | iShares U.S. Intermediate Credit Bond Index Fund | iShares U.S. Intermediate Credit Bond Index Fund |
|  | Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Period from <br>05/20/22<sup>(a)</sup> <br>to 10/31/22 |
|  | Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Period from <br>05/20/22<sup>(a)</sup> <br>to 10/31/22 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.99 | &nbsp;&nbsp;&nbsp; $9.42 | &nbsp;&nbsp;&nbsp; $9.43 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>|
| Net increase (decrease) from investment operations | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; (0.45)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.23 | &nbsp;&nbsp;&nbsp; $9.99 | &nbsp;&nbsp;&nbsp; $9.42 | &nbsp;&nbsp;&nbsp; $9.43 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |
| Based on net asset value | 7.11 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.53<br> %<br>| &nbsp;&nbsp;&nbsp; (4.49 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |
| Total expenses | 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12 %<sup>(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.00 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp; — %<sup>(h)</sup><br>|
| Net investment income | 4.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3664244 | &nbsp;&nbsp;&nbsp; $3384082 | &nbsp;&nbsp;&nbsp; $2424008 | &nbsp;&nbsp;&nbsp; $1770102 |
| Portfolio turnover rate | &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 19 %<sup>(j)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Amount is less than 0.005%.

<sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares U.S. Intermediate Government Bond Index Fund | iShares U.S. Intermediate Government Bond Index Fund | iShares U.S. Intermediate Government Bond Index Fund | iShares U.S. Intermediate Government Bond Index Fund |
|  | Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Period from <br>05/20/22<sup>(a)</sup> <br>to 10/31/22 |
|  | Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Period from <br>05/20/22<sup>(a)</sup> <br>to 10/31/22 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.80 | &nbsp;&nbsp;&nbsp; $9.44 | &nbsp;&nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>|
| Net increase (decrease) from investment operations | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (0.42)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp;&nbsp; $9.80 | &nbsp;&nbsp;&nbsp; $9.44 | &nbsp;&nbsp;&nbsp; $9.51 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |
| Based on net asset value | 5.70 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp; (4.18 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |
| Total expenses | 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10 %<sup>(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.00 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp; — %<sup>(h)</sup><br>|
| Net investment income | 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $7561493 | &nbsp;&nbsp;&nbsp; $5124228 | &nbsp;&nbsp;&nbsp; $3922899 | &nbsp;&nbsp;&nbsp; $3462964 |
| Portfolio turnover rate | &nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 16 %<sup>(j)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Amount is less than 0.005%.

<sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares U.S. Long Credit Bond Index Fund | iShares U.S. Long Credit Bond Index Fund | iShares U.S. Long Credit Bond Index Fund | iShares U.S. Long Credit Bond Index Fund |
|  | Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Period from <br>05/20/22<sup>(a)</sup> <br>to 10/31/22 |
|  | Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Period from <br>05/20/22<sup>(a)</sup> <br>to 10/31/22 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.22 | &nbsp;&nbsp;&nbsp; $8.17 | &nbsp;&nbsp;&nbsp; $8.53 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (1.47)<br>|
| Net increase (decrease) from investment operations | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp; (1.27)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.25 | &nbsp;&nbsp;&nbsp; $9.22 | &nbsp;&nbsp;&nbsp; $8.17 | &nbsp;&nbsp;&nbsp; $8.53 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |
| Based on net asset value | 5.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp; (12.84 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |
| Total expenses | 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12 %<sup>(g)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.00 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; — %<sup>(g)</sup><br>|
| Net investment income | 5.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.79 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $2428399 | &nbsp;&nbsp;&nbsp; $2499682 | &nbsp;&nbsp;&nbsp; $1983565 | &nbsp;&nbsp;&nbsp; $1924367 |
| Portfolio turnover rate | &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 7 %<sup>(i)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Amount is less than 0.005%.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares U.S. Long Government Bond Index Fund | iShares U.S. Long Government Bond Index Fund | iShares U.S. Long Government Bond Index Fund | iShares U.S. Long Government Bond Index Fund |
|  | Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Period from <br>05/20/22<sup>(a)</sup> <br>to 10/31/22 |
|  | Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Period from <br>05/20/22<sup>(a)</sup> <br>to 10/31/22 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.02 | &nbsp;&nbsp;&nbsp; $7.25 | &nbsp;&nbsp;&nbsp; $8.18 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (1.82)<br>|
| Net increase (decrease) from investment operations | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (1.69)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $7.93 | &nbsp;&nbsp;&nbsp; $8.02 | &nbsp;&nbsp;&nbsp; $7.25 | &nbsp;&nbsp;&nbsp; $8.18 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |
| Based on net asset value | 3.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.01<br> %<br>| &nbsp;&nbsp;&nbsp; (8.17)%<br>| &nbsp;&nbsp;&nbsp; (17.06 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |
| Total expenses | 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10 %<sup>(g)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.00 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; — %<sup>(g)</sup><br>|
| Net investment income | 4.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.09 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $2918981 | &nbsp;&nbsp;&nbsp; $2958671 | &nbsp;&nbsp;&nbsp; $2145413 | &nbsp;&nbsp;&nbsp; $1860524 |
| Portfolio turnover rate | &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 5 %<sup>(i)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Amount is less than 0.005%.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares U.S. Securitized Bond Index Fund | iShares U.S. Securitized Bond Index Fund | iShares U.S. Securitized Bond Index Fund | iShares U.S. Securitized Bond Index Fund |
|  | Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Period from <br>05/20/22<sup>(a)</sup> <br>to 10/31/22 |
|  | Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Period from <br>05/20/22<sup>(a)</sup> <br>to 10/31/22 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp;&nbsp; $8.76 | &nbsp;&nbsp;&nbsp; $9.12 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.88)<br>|
| Net increase (decrease) from investment operations | 0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $9.39 | &nbsp;&nbsp;&nbsp; $8.76 | &nbsp;&nbsp;&nbsp; $9.12 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |
| Based on net asset value | 7.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.25<br> %<br>| &nbsp;&nbsp;&nbsp; (0.53)%<br>| &nbsp;&nbsp;&nbsp; (7.71 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |
| Total expenses | 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12 %<sup>(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.00 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp; — %<sup>(h)</sup><br>|
| Net investment income | 4.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $5849897 | &nbsp;&nbsp;&nbsp; $5122689 | &nbsp;&nbsp;&nbsp; $4225036 | &nbsp;&nbsp;&nbsp; $3867714 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 243<br> %<br>| &nbsp;&nbsp;&nbsp; 252<br> %<br>| &nbsp;&nbsp;&nbsp; 341<br> %<br>| &nbsp;&nbsp;&nbsp; 150 %<sup>(k)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Amount is less than 0.005%.

<sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Period from <br>05/20/22<sup>(a)</sup> <br>to 10/31/22 |
|  | Year Ended <br>10/31/25 | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Period from <br>05/20/22<sup>(a)</sup> <br>to 10/31/22 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp;&nbsp; 132<br> %<br>| &nbsp;&nbsp;&nbsp; 163<br> %<br>| &nbsp;&nbsp;&nbsp; 150<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.*

Financial Highlights

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

BlackRock Funds<sup>SM</sup> (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*  | &nbsp;&nbsp; *Diversification* <br>*Classification* <br>|
| iShares U.S. Intermediate Credit Bond Index Fund | U.S. Intermediate Credit Bond | Diversified |
| iShares U.S. Intermediate Government Bond Index Fund | U.S. Intermediate Government Bond | Diversified |
| iShares U.S. Long Credit Bond Index Fund | U.S. Long Credit Bond | Diversified |
| iShares U.S. Long Government Bond Index Fund | U.S. Long Government Bond | Diversified |
| iShares U.S. Securitized Bond Index Fund | U.S. Securitized Bond | Diversified |

---

The Funds, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex. Shares of each Fund may be purchased and held only by or on behalf of mutual funds advised by BFA or its affiliates.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the "trade dates"). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund's current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to a Fund are charged to that Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") has approved the designation of each Fund's Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;•Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Capital Securities and Trust Preferred Securities:** Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company's senior debt securities and are freely callable at the issuer's option.

**Forward Commitments, When-Issued and Delayed Delivery Securities:** The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds' maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Funds to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations.

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an "MSFTA"). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedules of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

**Mortgage Dollar Roll Transactions:** The Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

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

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name/Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<sup>(b)</sup> <br>|
| U.S. Intermediate Credit Bond |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $10296432 | &nbsp;&nbsp; $(10296432)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 6118729 | &nbsp;&nbsp; (6118729)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 14688032 | &nbsp;&nbsp; (14247191)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 440841 |
| BofA Securities, Inc. | &nbsp;&nbsp; 10252270 | &nbsp;&nbsp; (10252270)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 9042155 | &nbsp;&nbsp; (9042155)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 10717368 | &nbsp;&nbsp; (10717368)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp; 5431950 | &nbsp;&nbsp; (5431950)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 48958872 | &nbsp;&nbsp; (48958872)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 372572 | &nbsp;&nbsp; (372572)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 6228093 | &nbsp;&nbsp; (6228093)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 20800926 | &nbsp;&nbsp; (20800926)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| National Bank of Canada | &nbsp;&nbsp; 29519950 | &nbsp;&nbsp; (29519950)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 2723224 | &nbsp;&nbsp; (2723224)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 21741723 | &nbsp;&nbsp; (21741723)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 2555165 | &nbsp;&nbsp; (2555165)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Scotia Capital, Inc. | &nbsp;&nbsp; 338986 | &nbsp;&nbsp; (338986)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 368892 | &nbsp;&nbsp; (368892)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp; 492308 | &nbsp;&nbsp; (492308)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 224779 | &nbsp;&nbsp; (224779)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 32175 | &nbsp;&nbsp; (32175)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 9735863 | &nbsp;&nbsp; (9735863)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 1140120 | &nbsp;&nbsp; (1140120)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 10145519 | &nbsp;&nbsp; (10145519)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $221926103 | &nbsp;&nbsp; $(221485262)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $440841 |
| U.S. Intermediate Government Bond |  |  |  |  |
| Morgan Stanley | &nbsp;&nbsp; $52182344 | &nbsp;&nbsp; $(52182344)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| TD Securities (USA) LLC | &nbsp;&nbsp; 1013115 | &nbsp;&nbsp; (1013115)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $53195459 | &nbsp;&nbsp; $(53195459)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| U.S. Long Credit Bond |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $7571027 | &nbsp;&nbsp; $(7571027)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 1701367 | &nbsp;&nbsp; (1701367)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 27843366 | &nbsp;&nbsp; (27843366)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 7811406 | &nbsp;&nbsp; (7811406)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 2699232 | &nbsp;&nbsp; (2699232)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 20280871 | &nbsp;&nbsp; (20280871)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp; 2655822 | &nbsp;&nbsp; (2655822)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 36351859 | &nbsp;&nbsp; (36351859)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 272005 | &nbsp;&nbsp; (272005)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 3879149 | &nbsp;&nbsp; (3879149)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 7285803 | &nbsp;&nbsp; (7285803)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| National Bank of Canada | &nbsp;&nbsp; 2754783 | &nbsp;&nbsp; (2754783)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 723277 | &nbsp;&nbsp; (723277)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 19073343 | &nbsp;&nbsp; (19073343)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 585974 | &nbsp;&nbsp; (585974)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Scotia Capital, Inc. | &nbsp;&nbsp; 623228 | &nbsp;&nbsp; (623228)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 767665 | &nbsp;&nbsp; (767665)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 2799640 | &nbsp;&nbsp; (2799640)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 5406892 | &nbsp;&nbsp; (5406892)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $151086709 | &nbsp;&nbsp; $(151086709)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name/Counterparty* | *Securities*<br> *Loaned at Value*<br>| *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net*<br> *Amount*<sup>(b)</sup><br>|
| U.S. Long Government Bond |  |  |  |  |
| RBC Capital Markets LLC | &nbsp;&nbsp; $8648908 | &nbsp;&nbsp; $(8648908)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 4438902 | &nbsp;&nbsp; (4438902)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $13087810 | &nbsp;&nbsp; $(13087810)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> The market value of the loaned securities is determined as of October 31, 2025. Additional collateral is delivered to each Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Funds.

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

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

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

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

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

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

---

| | |
|:---|:---|
| *Fund Name* | *Investment* <br>*Advisory Fees*<br>|
| U.S. Intermediate Credit Bond | 0.06<br> % <br>|
| U.S. Intermediate Government Bond | 0.05 |
| U.S. Long Credit Bond | 0.06 |
| U.S. Long Government Bond | 0.05 |
| U.S. Securitized Bond | 0.06 |

---

The Manager contractually agreed to waive each Fund's investment advisory fees through June 30, 2035. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of each Fund. These amounts waived and/or reimbursed are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the year ended October 31, 2025, the amounts were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Administrator/Manager*<br>|
| U.S. Intermediate Credit Bond | &nbsp;&nbsp; $2098334 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed*<br> *by the Administrator/Manager*<br>|
| U.S. Intermediate Government Bond | &nbsp;&nbsp; $2927991 |
| U.S. Long Credit Bond | &nbsp;&nbsp; 1484987 |
| U.S. Long Government Bond | &nbsp;&nbsp; 1521040 |
| U.S. Securitized Bond | &nbsp;&nbsp; 3254180 |

---

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

---

| | |
|:---|:---|
|  | *Administration Fees*  |
| U.S. Intermediate Credit Bond | 0.06<br> % <br>|
| U.S. Intermediate Government Bond | 0.05 |
| U.S. Long Credit Bond | 0.06 |
| U.S. Long Government Bond | 0.05 |
| U.S. Securitized Bond | 0.06 |

---

The Administrator contractually agreed to waive each Fund's administration fees through June 30, 2035. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of each Fund. These amounts waived and/or reimbursed are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the year ended October 31, 2025, the amounts were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Administrator/Manager*<br>|
| U.S. Intermediate Credit Bond | &nbsp;&nbsp; $2098334 |
| U.S. Intermediate Government Bond | &nbsp;&nbsp; 2927991 |
| U.S. Long Credit Bond | &nbsp;&nbsp; 1484987 |
| U.S. Long Government Bond | &nbsp;&nbsp; 1521040 |
| U.S. Securitized Bond | &nbsp;&nbsp; 3254180 |

---

**Expense Waivers and Reimbursements:** The fees and expenses of the Independent Trustees, counsel to the Independent Trustees and the Funds' independent registered public accounting firm (together, the "independent expenses") are paid directly by each Fund. The Administrator and the Manager have contractually agreed to reimburse each Fund or provide an offsetting credit to each Fund in an amount equal to these independent expenses as applicable, through June 30, 2035. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of each Fund. The amounts waived are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the year ended October 31 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Administrator/Manager*<br>|
| U.S. Intermediate Credit Bond | &nbsp;&nbsp; $84204 |
| U.S. Intermediate Government Bond | &nbsp;&nbsp; 109701 |
| U.S. Long Credit Bond | &nbsp;&nbsp; 73274 |
| U.S. Long Government Bond | &nbsp;&nbsp; 79910 |
| U.S. Securitized Bond | &nbsp;&nbsp; 105576 |

---

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

Notes to Financial Statements

------

Notes to Financial Statements (continued)

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 specified thresholds, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended October 31, 2025, each Fund paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name*  | *Amounts* |
| U.S. Intermediate Credit Bond | &nbsp;&nbsp; $232095 |
| U.S. Intermediate Government Bond | &nbsp;&nbsp; 183162 |
| U.S. Long Credit Bond | &nbsp;&nbsp; 195154 |
| U.S. Long Government Bond | &nbsp;&nbsp; 76924 |

---

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, each Fund could 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. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Funds did not participate in the Interfund Lending Program.

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

**Other Transactions:** During the year ended October 31, 2025, iShares U.S. Intermediate Credit Bond and iShares U.S. Intermediate Government Bond received a reimbursement of $8,094 and $16,464, respectively, from an affiliate, which is included in other income in the Statements of Operations, related to an operating event.

During the year ended October 31, 2025, iShares U.S. Intermediate Government Bond received a reimbursement of $32,927 from an affiliate, which is included in payment by affiliate in the Statements of Operations, related to an operating event.

***7.*** ***PURCHASES AND SALES*** 

For the year ended October 31, 2025, purchases and sales of investments, including paydowns/payups, mortgage dollar rolls and excluding short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government Securities  | U.S. Government Securities  | Other Securities  | Other Securities  |
| *Fund Name*  | *Purchases* | *Sales* | *Purchases* | *Sales* |
| U.S. Intermediate Credit Bond | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1210346544 | &nbsp;&nbsp; $1028397691 |
| U.S. Intermediate Government Bond | &nbsp;&nbsp; 4297775368 | &nbsp;&nbsp; 2036575251 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Long Credit Bond | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 646796931 | &nbsp;&nbsp; 714850431 |
| U.S. Long Government Bond | &nbsp;&nbsp; 990171987 | &nbsp;&nbsp; 1011810021 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Securitized Bond | &nbsp;&nbsp; 13678364523 | &nbsp;&nbsp; 13179219182 | &nbsp;&nbsp; 84881599 | &nbsp;&nbsp; 79039597 |

---

For the year ended October 31, 2025, purchases and sales related to mortgage dollar rolls were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
| U.S. Securitized Bond | &nbsp;&nbsp; $5762536162 | &nbsp;&nbsp; $5763470634 |

---

***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 October 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to distributions paid in excess of taxable income were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| U.S. Intermediate Government Bond | &nbsp;&nbsp; $(3629)<br>| &nbsp;&nbsp; $3629 |
| U.S. Long Credit Bond | &nbsp;&nbsp; (27035)<br>| &nbsp;&nbsp; 27035 |
| U.S. Long Government Bond | &nbsp;&nbsp; (2306)<br>| &nbsp;&nbsp; 2306 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*10/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*10/31/24*<br>|
| U.S. Intermediate Credit Bond |  |  |
| Ordinary income | &nbsp;&nbsp; $158758426 | &nbsp;&nbsp;&nbsp; $129388167 |
| U.S. Intermediate Government Bond |  |  |
| Ordinary income | &nbsp;&nbsp; $198260872 | &nbsp;&nbsp;&nbsp; $136403941 |
| U.S. Long Credit Bond |  |  |
| Ordinary income | &nbsp;&nbsp; $134491429 | &nbsp;&nbsp;&nbsp; $117856364 |
| U.S. Long Government Bond |  |  |
| Ordinary income | &nbsp;&nbsp; $133169952 | &nbsp;&nbsp;&nbsp; $96037633 |
| U.S. Securitized Bond |  |  |
| Ordinary income | &nbsp;&nbsp; $216178443 | &nbsp;&nbsp;&nbsp; $176885720 |

---

As of October 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed* <br>*Ordinary Income*<br>| *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| U.S. Intermediate Credit Bond | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(107321239)<br>| &nbsp;&nbsp; $33314754 | &nbsp;&nbsp; $(74006485)<br>|
| U.S. Intermediate Government Bond | &nbsp;&nbsp; — | &nbsp;&nbsp; (143543362)<br>| &nbsp;&nbsp; (40335004)<br>| &nbsp;&nbsp; (183878366)<br>|
| U.S. Long Credit Bond | &nbsp;&nbsp; — | &nbsp;&nbsp; (216323740)<br>| &nbsp;&nbsp; (175152867)<br>| &nbsp;&nbsp; (391476607)<br>|
| U.S. Long Government Bond | &nbsp;&nbsp; — | &nbsp;&nbsp; (392103138)<br>| &nbsp;&nbsp; (226529725)<br>| &nbsp;&nbsp; (618632863)<br>|
| U.S. Securitized Bond | &nbsp;&nbsp; 11215761 | &nbsp;&nbsp; (72207841)<br>| &nbsp;&nbsp; (272525114)<br>| &nbsp;&nbsp; (333517194)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, amortization methods of premiums and discounts on fixed income securities, the realization for tax purposes of unrealized gains (losses) on certain futures contracts and the classification of investments. 

As of October 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| U.S. Intermediate Credit Bond | &nbsp;&nbsp; $3839141886 | &nbsp;&nbsp; $63784934 | &nbsp;&nbsp; $(29602023)<br>| &nbsp;&nbsp; $34182911 |
| U.S. Intermediate Government Bond | &nbsp;&nbsp; 7602459430 | &nbsp;&nbsp; 44595525 | &nbsp;&nbsp; (83522183)<br>| &nbsp;&nbsp; (38926658)<br>|
| U.S. Long Credit Bond | &nbsp;&nbsp; 2739109652 | &nbsp;&nbsp; 19947197 | &nbsp;&nbsp; (194400314)<br>| &nbsp;&nbsp; (174453117)<br>|
| U.S. Long Government Bond | &nbsp;&nbsp; 3116559789 | &nbsp;&nbsp; 11447332 | &nbsp;&nbsp; (237288008)<br>| &nbsp;&nbsp; (225840676)<br>|
| U.S. Securitized Bond | &nbsp;&nbsp; 6691574231 | &nbsp;&nbsp; 54881720 | &nbsp;&nbsp; (327406835)<br>| &nbsp;&nbsp; (272525115)<br>|

---

***9.*** ***BANK BORROWINGS*** 

The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended October 31, 2025, the Funds did not borrow under the credit agreement.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***10.*** ***PRINCIPAL RISKS*** 

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

The Manager uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and the Manager generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

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

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

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

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds' performance.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

Certain Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedules of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>10/31/25 | Year Ended <br>10/31/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *Fund Name*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| U.S. Intermediate Credit Bond  |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 89211620 | &nbsp;&nbsp;&nbsp; $898150194 | &nbsp;&nbsp;&nbsp; 116043502 | &nbsp;&nbsp;&nbsp; $1149188261 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 15654496 | &nbsp;&nbsp;&nbsp; 157873896 | &nbsp;&nbsp;&nbsp; 13046775 | &nbsp;&nbsp;&nbsp; 129390883 |
| Shares redeemed | &nbsp;&nbsp; (85447699) | &nbsp;&nbsp;&nbsp; (859143681) | &nbsp;&nbsp;&nbsp; (47515004) | &nbsp;&nbsp;&nbsp; (474055469) |
|  | &nbsp;&nbsp; 19418417 | &nbsp;&nbsp;&nbsp; $196880409 | &nbsp;&nbsp;&nbsp; 81575273 | &nbsp;&nbsp;&nbsp; $804523675 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>10/31/25 | Year Ended <br>10/31/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *Fund Name*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| U.S. Intermediate Government Bond  |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 348997028 | &nbsp;&nbsp;&nbsp; $3474331089 | &nbsp;&nbsp;&nbsp; 161128773 | &nbsp;&nbsp;&nbsp; $1576805200 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 19827614 | &nbsp;&nbsp;&nbsp; 196850907 | &nbsp;&nbsp;&nbsp; 13979191 | &nbsp;&nbsp;&nbsp; 136405929 |
| Shares redeemed | &nbsp;&nbsp; (137094291) | &nbsp;&nbsp;&nbsp; (1346976559) | &nbsp;&nbsp;&nbsp; (67979118) | &nbsp;&nbsp;&nbsp; (664797908) |
|  | &nbsp;&nbsp; 231730351 | &nbsp;&nbsp;&nbsp; $2324205437 | &nbsp;&nbsp;&nbsp; 107128846 | &nbsp;&nbsp;&nbsp; $1048413221 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>10/31/25 | Year Ended <br>10/31/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *Fund Name*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| U.S. Long Credit Bond  |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 60316427 | &nbsp;&nbsp;&nbsp; $547409855 | &nbsp;&nbsp;&nbsp; 48481864 | &nbsp;&nbsp;&nbsp; $447673310 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 14776031 | &nbsp;&nbsp;&nbsp; 133791116 | &nbsp;&nbsp;&nbsp; 12734587 | &nbsp;&nbsp;&nbsp; 117861748 |
| Shares redeemed | &nbsp;&nbsp; (83888276) | &nbsp;&nbsp;&nbsp; (748812702) | &nbsp;&nbsp;&nbsp; (32785715) | &nbsp;&nbsp;&nbsp; (305913126) |
|  | &nbsp;&nbsp; (8795818) | &nbsp;&nbsp;&nbsp; $(67611731) | &nbsp;&nbsp;&nbsp; 28430736 | &nbsp;&nbsp;&nbsp; $259621932 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>10/31/25 | Year Ended <br>10/31/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *Fund Name*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| U.S. Long Government Bond  |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 119594284 | &nbsp;&nbsp;&nbsp; $933827873 | &nbsp;&nbsp;&nbsp; 104763814 | &nbsp;&nbsp;&nbsp; $844394639 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 16952696 | &nbsp;&nbsp;&nbsp; 132479337 | &nbsp;&nbsp;&nbsp; 11828036 | &nbsp;&nbsp;&nbsp; 96040154 |
| Shares redeemed | &nbsp;&nbsp; (137085735) | &nbsp;&nbsp;&nbsp; (1074117465) | &nbsp;&nbsp;&nbsp; (43821409) | &nbsp;&nbsp;&nbsp; (364347707) |
|  | &nbsp;&nbsp; (538755) | &nbsp;&nbsp;&nbsp; $(7810255) | &nbsp;&nbsp;&nbsp; 72770441 | &nbsp;&nbsp;&nbsp; $576087086 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>10/31/25 | Year Ended <br>10/31/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *Fund Name*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| U.S. Securitized Bond  |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 102991034 | &nbsp;&nbsp;&nbsp; $972404804 | &nbsp;&nbsp;&nbsp; 84590471 | &nbsp;&nbsp;&nbsp; $791061967 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 22688927 | &nbsp;&nbsp;&nbsp; 215039734 | &nbsp;&nbsp;&nbsp; 18885455 | &nbsp;&nbsp;&nbsp; 176887577 |
| Shares redeemed | &nbsp;&nbsp; (67056785) | &nbsp;&nbsp;&nbsp; (632020517) | &nbsp;&nbsp;&nbsp; (40224462) | &nbsp;&nbsp;&nbsp; (378286859) |
|  | &nbsp;&nbsp; 58623176 | &nbsp;&nbsp;&nbsp; $555424021 | &nbsp;&nbsp;&nbsp; 63251464 | &nbsp;&nbsp;&nbsp; $589662685 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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.

2025 BlackRock Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of BlackRock Funds and Shareholders of each of the five funds listed in the table below

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting BlackRock Funds, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares U.S. Intermediate Credit Bond Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares U.S. Intermediate Government Bond Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares U.S. Long Credit Bond Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares U.S. Long Government Bond Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares U.S. Securitized Bond Index Fund |

---

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2025

We have served as the auditor of one or more BlackRock investment companies since 2000.

Report of Independent Registered Public Accounting Firm

------

Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Federal Obligation* <br>*Interest*<br>|
| U.S. Intermediate Credit Bond | &nbsp;&nbsp; $59981 |
| U.S. Intermediate Government Bond | &nbsp;&nbsp; 191274734 |
| U.S. Long Credit Bond | &nbsp;&nbsp; 28303 |
| U.S. Long Government Bond | &nbsp;&nbsp; 129988419 |
| U.S. Securitized Bond | &nbsp;&nbsp; 790477 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2025:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *Fund Name*  | *Interest* <br>*Dividends*<br>|
| U.S. Intermediate Credit Bond | &nbsp;&nbsp; $141765618 |
| U.S. Intermediate Government Bond | &nbsp;&nbsp; 179297625 |
| U.S. Long Credit Bond | &nbsp;&nbsp; 127995040 |
| U.S. Long Government Bond | &nbsp;&nbsp; 117343585 |
| U.S. Securitized Bond | &nbsp;&nbsp; 203208096 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Interest-* <br>*Related* <br>*Dividends*<br>|
| U.S. Intermediate Credit Bond | &nbsp;&nbsp; $109373271 |
| U.S. Intermediate Government Bond | &nbsp;&nbsp; 179198006 |
| U.S. Long Credit Bond | &nbsp;&nbsp; 109727323 |
| U.S. Long Government Bond | &nbsp;&nbsp; 117268504 |
| U.S. Securitized Bond | &nbsp;&nbsp; 198709563 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others**

Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Funds for the Funds' allocable portion of the fees and expenses of the independent trustees of the Trust, counsel to such independent trustees and the independent registered public accounting firm.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Funds may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**BlackRock's Mutual Fund Family**

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges**

**Account Information**

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

**Retirement Plans**

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

**Fund and Service Providers**

**Investment Adviser**

BlackRock Fund Advisors

San Francisco, CA 94105

**Administrator**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

Additional Information

------

Additional Information (continued)

**Fund and Service Providers (continued)** 

**Legal Counsel**

Ropes & Gray LLP

New York, NY 10036

**Address of the Funds**

100 Bellevue Parkway

Wilmington, DE 19809

2025 BlackRock Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement

The Board of Trustees (the "Board", the members of which are referred to as "Board Members") of BlackRock Funds (the "Trust") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Agreement") between the Trust, on behalf of iShares U.S. Intermediate Credit Bond Index Fund ("Intermediate Credit Bond Index Fund"), iShares U.S. Intermediate Government Bond Index Fund ("Intermediate Government Bond Index Fund"), iShares U.S. Long Credit Bond Index Fund ("Long Credit Bond Index Fund"), iShares U.S. Long Government Bond Index Fund ("Long Government Bond Index Fund") and iShares U.S. Securitized Bond Index Fund ("Securitized Bond Index Fund" and, together with Intermediate Credit Bond Index Fund, Intermediate Government Bond Index Fund, Long Credit Bond Index Fund and Long Government Bond Index Fund, the "Funds" and each, a "Fund"), and BlackRock Fund Advisors (the "Manager" or "BlackRock"), each Fund's investment advisor.

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreement for each Fund on an annual basis. The Board Members who are not "interested persons" of the Trust, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreement. In considering the renewal of the Agreement, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to each Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of each Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and each Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) execution quality of portfolio transactions; (j) BlackRock's implementation of each Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding each Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of each Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Funds; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and each Fund's operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Funds; (d) each Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Funds; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more

Disclosure of Investment Advisory Agreement

------

Disclosure of Investment Advisory Agreement (continued)

information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared each Fund's performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund's portfolio management team discussing each Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of each Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to each Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers, including, among others, each Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Funds, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

***B. The Investment Performance of the Funds***

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the April Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and the performance of each Fund as compared with its benchmark. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

The Board noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-year period reported, each of Intermediate Credit Bond Index Fund's and Securitized Bond Index Fund's net performance was within the tolerance range of its benchmark.

The Board noted that for the one-year period reported, each of Intermediate Government Bond Index Fund's, Long Credit Bond Index Fund's and Long Government Bond Index Fund's net performance was above the tolerance range of its benchmark. The Board and BlackRock reviewed each Fund's above tolerance performance relative to its benchmark over the period.

The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for each Fund, and that BlackRock has explained its rationale for this belief to the Board.

***C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds***

The Board, including the Independent Board Members, reviewed each Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for

2025 BlackRock Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement (continued)

each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock's estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Funds, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that Intermediate Government Bond Index Fund's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers.

The Board noted that each of Intermediate Credit Bond Index Fund's, Long Credit Bond Index Fund's, Long Government Bond Index Fund's and Securitized Bond Index Fund's contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers.

The Board also noted that BlackRock has contractually agreed to waive the administration and advisory fees payable by each Fund. The Board further noted that BlackRock and its affiliates have contractually agreed to reimburse or otherwise compensate each Fund for certain other fees and expenses.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of the Funds increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered each Fund's asset levels and whether the current fee schedule was appropriate.

***E. Other Factors Deemed Relevant by the Board Members***

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the Funds, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Funds, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

**Conclusion**

At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and the Trust, on behalf of each Fund, for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and

Disclosure of Investment Advisory Agreement

------

Disclosure of Investment Advisory Agreement (continued)

different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

2025 BlackRock Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGM | Assured Guaranty Municipal Corp. |
| ARB | Airport Revenue Bonds  |
| BAB | Build America Bond |
| BAM | Build America Mutual Assurance Co. |
| BMO | BMO Capital Markets |
| CD | Certificate of Deposit  |
| CME | Chicago Mercantile Exchange  |
| CMT | Constant Maturity Treasury |
| DAC | Designated Activity Company  |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |
| M/F | Multi-Family |
| MSCI | Morgan Stanley Capital International |
| NPFGC | National Public Finance Guarantee Corp. |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| RFUCCT | Refinitiv USD IBOR Consumer Cash Fallbacks Term |
| SAB | Special Assessment Bonds |
| SAP | Subject to Appropriations |
| SCA | Societe en Commandite par Actions |
| SOFR | Secured Overnight Financing Rate  |
| TBA | To-Be-Announced |

---

Glossary of Terms Used in these Financial Statements

------

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.

![](g72101img31f368852.jpg)

![](g72101imgc09e242e1.jpg)

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![](g72101img883f31d71.jpg)

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock Funds**<sup>SM</sup> |
| • iShares Enhanced Roll Yield Index Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_39dedcf8-d2a6-46d4-94f6-b5b7885702a6_RskDeriv-Footer-FundBookName-790_1)  | 3 |
| [Consolidated Schedule of Investments](#xx_39dedcf8-d2a6-46d4-94f6-b5b7885702a6_SOI-Footer-FundBookName-790_1)  | 4 |
| [Consolidated Statement of Assets and Liabilities](#xx_39dedcf8-d2a6-46d4-94f6-b5b7885702a6_FS-Footer-FundBookName-790_1)  | 9 |
| [Consolidated Statement of Operations](#xx_39dedcf8-d2a6-46d4-94f6-b5b7885702a6_FS-Footer-FundBookName-790_2)  | 10 |
| [Consolidated Statement of Changes in Net Assets](#xx_39dedcf8-d2a6-46d4-94f6-b5b7885702a6_FS-Footer-FundBookName-790_3)  | 11 |
| [Consolidated Financial Highlights](#xx_39dedcf8-d2a6-46d4-94f6-b5b7885702a6_FIHI-Footer-FundBookName-790_1)  | 12 |
| [Notes to Consolidated Financial Statements](#xx_39dedcf8-d2a6-46d4-94f6-b5b7885702a6_NTF-Footer-FundBookName-790_1)  | 13 |
| [Report of Independent Registered Public Accounting Firm](#xx_39dedcf8-d2a6-46d4-94f6-b5b7885702a6_AUDIT-1-Footer-FundBookName-790_1)  | 19 |
| [Important Tax Information](#xx_39dedcf8-d2a6-46d4-94f6-b5b7885702a6_TAX-1-Footer-FundBookName-790_1)  | 20 |
| [Additional Information](#xx_39dedcf8-d2a6-46d4-94f6-b5b7885702a6_ADDInfo-Footer-FundBookName-790_1)  | 21 |

---

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Derivative Financial Instruments

The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund's successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund's investments in these instruments, if any, are discussed in detail in the Notes to Consolidated Financial Statements.

**iShares Enhanced Roll Yield Index Fund**

Derivative Financial Instruments

------

Consolidated Schedule of Investments

October 31, 2025

**iShares Enhanced Roll Yield Index Fund** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Certificates of Deposit — 13.6%** | **Certificates of Deposit — 13.6%** |  |
| Banco Santander SA, 4.40%, 06/02/26 | $2880 | $2886192 |
| Banco Santander SA/New York, 4.28%, 02/09/26 | 3690 | 3692453 |
| Bank of America N.A., 4.50%, 01/02/26 | 2540 | 2541653 |
| Bank of Montreal, 4.49%, 01/13/26 | 2250 | 2251509 |
| Bank of Nova Scotia, 4.46%, 01/02/26<sup>(a)</sup> | 3000 | 3001113 |
| BNP Paribas SA, 4.32%, 07/14/26 | 2850 | 2855391 |
| Credit Industriel et Commercial/New York, 4.46%, <br> 12/12/25<br>| 3500 | 3501618 |
| Deutsche Bank AG, 4.40%, 07/17/26 | 1420 | 1423625 |
| HSBC Bank USA NA, 4.43%, 12/04/25<sup>(a)</sup> | 1750 | 1750229 |
| Mizuho Bank Ltd. |  |  |
| 4.61%, 01/14/26 | 2640 | 2642404 |
| (1-day SOFR + 0.35%), 4.62%, 02/06/26<sup>(a)</sup> | 1000 | 1000555 |
| MUFG Bank Ltd. |  |  |
| 4.44%, 12/03/25 | 2000 | 2000823 |
| 4.51%, 01/13/26<sup>(a)</sup> | 2280 | 2280544 |
| Nordea Bank Abp, 4.29%, 03/17/26<sup>(a)</sup> | 3760 | 3761346 |
| Royal Bank of Canada |  |  |
| 4.60%, 11/25/25 | 1400 | 1400455 |
| 4.44%, 12/12/25 | 2000 | 2000719 |
| 4.65%, 05/01/26<sup>(a)</sup> | 3980 | 3983203 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 4.36%, 02/23/26<sup>(a)</sup> | 2000 | 2000427 |
| 4.45%, 03/10/26 | 2740 | 2742947 |
| Svenska Handelsbanken AB, 4.58%, 01/13/26<sup>(a)</sup> | 2580 | 2581141 |
| Svenska Handelsbanken/New York NY |  |  |
| 4.42%, 11/07/25 | 3380 | 3380204 |
| 4.60%, 11/12/25 | 900 | 900133 |
| Swedbank AB, 4.36%, 04/09/26 | 2250 | 2253460 |
| Toronto-Dominion Bank, 4.50%, 11/17/25 | 1110 | 1110194 |
| UBS AG, 4.63%, 11/03/25<sup>(a)</sup> | 1120 | 1120047 |
|  |  | 59062385 |
| **Commercial Paper — 4.7%** | **Commercial Paper — 4.7%** |  |
| Aquitaine Funding Co. LLC, 4.13%, 03/02/26<sup>(b)(c)</sup> | 1850 | 1824738 |
| Australia & New Zealand Banking Group Ltd., 4.31%, <br> 06/22/26<sup>(b)</sup><br>| 3960 | 3861570 |
| CDP Financial, Inc., 4.41%, 03/09/26<sup>(b)(c)</sup> | 1630 | 1606689 |
| Citigroup Global Markets, Inc., 4.60%, 11/14/25<sup>(b)(c)</sup> | 1010 | 1008465 |
| DNB Bank ASA, 4.59%, 11/10/25<sup>(b)(c)</sup> | 940 | 938980 |
| Macquarie Bank Ltd.<sup>(b)(c)</sup> <br>|  |  |
| 4.48%, 11/10/25 | 3000 | 2996714 |
| 4.62%, 01/13/26 | 2760 | 2737609 |
| 4.39%, 03/19/26 | 930 | 915849 |
| National Bank of Canada, 4.34%, 04/24/26<sup>(a)(c)</sup> | 3080 | 3080437 |
| Swedbank AB, 4.01%, 06/10/26<sup>(b)(c)</sup> | 1250 | 1220382 |
|  |  | 20191433 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | <br>*Shares*<br>|
| **Money Market Funds — 4.8%** | **Money Market Funds — 4.8%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.05%<sup>(d)(e)</sup><br>| 20708697 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **U.S. Treasury Obligations — 71.6%** | **U.S. Treasury Obligations — 71.6%** |  |
| U.S. Treasury Bills<sup>(b)</sup> <br>|  |  |
| 4.21%, 11/04/25 | $10000 | $9998938 |
| 4.23%, 11/06/25 | 7000 | 6997779 |
| 4.22%, 11/13/25 | 10000 | 9989269 |
| 4.35%, 11/18/25 | 5000 | 4991935 |
| 4.29%, 11/20/25 | 16500 | 16469710 |
| 4.31%, 11/28/25 | 9800 | 9773702 |
| 4.32%, 12/02/25 | 5000 | 4984386 |
| 4.01%, 12/04/25 | 8000 | 7973292 |
| 4.22%, 12/09/25 | 5000 | 4980724 |
| 4.14%, 12/16/25 | 2000 | 1990798 |
| 4.10%, 12/23/25 | 15000 | 14919223 |
| 3.92%, 01/08/26 | 13000 | 12909850 |
| 3.94%, 01/13/26 | 5000 | 4963376 |
| 4.27%, 01/15/26 - 01/29/26 | 12500 | 12397638 |
| 3.92%, 01/20/26 | 5000 | 4959608 |
| 4.26%, 01/22/26 | 20000 | 19833000 |
| 3.92%, 01/27/26 | 10000 | 9911435 |
| 3.89%, 02/03/26 | 10000 | 9903980 |
| 4.12%, 02/05/26 | 12000 | 11882453 |
| 3.88%, 02/10/26 | 13000 | 12865736 |
| 4.11%, 02/19/26 - 05/14/26 | 15000 | 14791188 |
| 4.05%, 02/26/26 | 10000 | 9880560 |
| 3.87%, 03/03/26 | 10000 | 9875513 |
| 3.84%, 03/19/26 | 10000 | 9859498 |
| 3.86%, 03/26/26 | 8000 | 7881755 |
| 3.82%, 04/09/26 | 5500 | 5410956 |
| 3.78%, 04/23/26 | 15000 | 14736072 |
| 3.76%, 04/30/26 | 5000 | 4908559 |
| 4.12%, 06/11/26 | 10000 | 9779267 |
| 4.08%, 07/09/26 | 10000 | 9752999 |
| 3.82%, 09/03/26 | 13000 | 12607215 |
| 3.63%, 10/01/26 | 8000 | 7735534 |
|  |  | 309915948 |
| **Total Short-Term Securities — 94.7%** <br>**(Cost: $409,667,100)** | **Total Short-Term Securities — 94.7%** <br>**(Cost: $409,667,100)** | 409878463 |
| **Total Investments — 94.7%** <br>**(Cost: $409,667,100)** | **Total Investments — 94.7%** <br>**(Cost: $409,667,100)** | 409878463 |
| **Other Assets Less Liabilities — 5.3%** | **Other Assets Less Liabilities — 5.3%** | 22869296 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $432747759 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> Rates are discount rates or a range of discount rates as of period end.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

October 31, 2025

**iShares Enhanced Roll Yield Index Fund** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*11/01/24*<sup>(a)</sup><br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $—<br> &nbsp;&nbsp; $20708697 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $20708697 | 20708697 | $849975 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| Cotton No.2<sup>(a)</sup> | &nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; $2327 | &nbsp;&nbsp;&nbsp;&nbsp; $(183866)<br>|
| Corn<sup>(a)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3668 | &nbsp;&nbsp;&nbsp;&nbsp; (260452)<br>|
| KC HRW Wheat<sup>(a)</sup> | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1888 | &nbsp;&nbsp;&nbsp;&nbsp; (362794)<br>|
| Lean Hogs<sup>(a)</sup> | &nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2016 | &nbsp;&nbsp;&nbsp;&nbsp; 61430 |
| Soybean Meal<sup>(a)</sup> | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3087 | &nbsp;&nbsp;&nbsp;&nbsp; 96488 |
| Soybean Oil<sup>(a)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3359 | &nbsp;&nbsp;&nbsp;&nbsp; 347026 |
| Wheat<sup>(a)</sup> | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2083 | &nbsp;&nbsp;&nbsp;&nbsp; (328561)<br>|
| LME Aluminium Premiums<sup>(a)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3603 | &nbsp;&nbsp;&nbsp;&nbsp; 346566 |
| LME Lead<sup>(a)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2007 | &nbsp;&nbsp;&nbsp;&nbsp; (42181)<br>|
| LME Nickel<sup>(a)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2179 | &nbsp;&nbsp;&nbsp;&nbsp; (28083)<br>|
| LME Tin<sup>(a)</sup> | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2347 | &nbsp;&nbsp;&nbsp;&nbsp; 170842 |
| LME Zinc<sup>(a)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2621 | &nbsp;&nbsp;&nbsp;&nbsp; 279914 |
| Coffee C<sup>(a)</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3087 | &nbsp;&nbsp;&nbsp;&nbsp; 228008 |
| WTI Crude Oil<sup>(a)</sup> | &nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6242 | &nbsp;&nbsp;&nbsp;&nbsp; (261710)<br>|
| Copper<sup>(a)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 12/29/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4962 | &nbsp;&nbsp;&nbsp;&nbsp; (264749)<br>|
| Gold 100 OZ<sup>(a)</sup> | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 12/29/25 | &nbsp;&nbsp;&nbsp;&nbsp; 25578 | &nbsp;&nbsp;&nbsp;&nbsp; 5663985 |
| Natural Gas<sup>(a)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 12/29/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2840 | &nbsp;&nbsp;&nbsp;&nbsp; (155272)<br>|
| Silver<sup>(a)</sup> | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 12/29/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7465 | &nbsp;&nbsp;&nbsp;&nbsp; 2282581 |
| Brent Crude Oil<sup>(a)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 12/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10593 | &nbsp;&nbsp;&nbsp;&nbsp; (356134)<br>|
| Gasoline RBOB<sup>(a)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3049 | &nbsp;&nbsp;&nbsp;&nbsp; 4537 |
| Live Cattle<sup>(a)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2572 | &nbsp;&nbsp;&nbsp;&nbsp; 349021 |
| NY Harbor ULSD<sup>(a)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3783 | &nbsp;&nbsp;&nbsp;&nbsp; 174422 |
| Low Sulphur Gasoil<sup>(a)</sup> | &nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 01/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4163 | &nbsp;&nbsp;&nbsp;&nbsp; 220694 |
| Soybean<sup>(a)</sup> | &nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; 7361 | &nbsp;&nbsp;&nbsp;&nbsp; 348498 |
| Soybean Meal<sup>(a)</sup> | &nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2976 | &nbsp;&nbsp;&nbsp;&nbsp; 32592 |
| Soybean Oil<sup>(a)</sup> | &nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3327 | &nbsp;&nbsp;&nbsp;&nbsp; 173963 |
| LME Aluminium Premiums<sup>(a)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 01/19/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3608 | &nbsp;&nbsp;&nbsp;&nbsp; 350883 |
| LME Lead<sup>(a)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 01/19/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2015 | &nbsp;&nbsp;&nbsp;&nbsp; 4446 |
| LME Nickel<sup>(a)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 01/19/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2190 | &nbsp;&nbsp;&nbsp;&nbsp; (13132)<br>|
| LME Tin<sup>(a)</sup> | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 01/19/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2348 | &nbsp;&nbsp;&nbsp;&nbsp; 163774 |
| LME Zinc<sup>(a)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 01/19/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2607 | &nbsp;&nbsp;&nbsp;&nbsp; 211605 |
| WTI Crude Oil<sup>(a)</sup> | &nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 6207 | &nbsp;&nbsp;&nbsp;&nbsp; (181673)<br>|
| Copper<sup>(a)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4855 | &nbsp;&nbsp;&nbsp;&nbsp; 531608 |
| Natural Gas<sup>(a)</sup> | &nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2726 | &nbsp;&nbsp;&nbsp;&nbsp; 37965 |
| Cattle Feeder<sup>(a)</sup> | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 01/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1991 | &nbsp;&nbsp;&nbsp;&nbsp; 164552 |
| Brent Crude Oil<sup>(a)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10537 | &nbsp;&nbsp;&nbsp;&nbsp; (268452)<br>|
| Gasoline RBOB<sup>(a)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2971 | &nbsp;&nbsp;&nbsp;&nbsp; 47128 |
| NY Harbor ULSD<sup>(a)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3744 | &nbsp;&nbsp;&nbsp;&nbsp; 193713 |
| Low Sulphur Gasoil<sup>(a)</sup> | &nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 02/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4166 | &nbsp;&nbsp;&nbsp;&nbsp; 207993 |
| Lean Hogs<sup>(a)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; (79602)<br>|
| LME Aluminium Premiums<sup>(a)</sup> | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 02/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3538 | &nbsp;&nbsp;&nbsp;&nbsp; 296008 |
| LME Lead<sup>(a)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 02/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1975 | &nbsp;&nbsp;&nbsp;&nbsp; 7627 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

October 31, 2025

**iShares Enhanced Roll Yield Index Fund** 

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration*<br> *Date*<br>| &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts (continued) |  |  |  |  |
| LME Nickel<sup>(a)</sup> | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 02/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; $2106 | &nbsp;&nbsp;&nbsp;&nbsp; $(17778)<br>|
| LME Tin<sup>(a)</sup> | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 02/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2347 | &nbsp;&nbsp;&nbsp;&nbsp; 103318 |
| LME Zinc<sup>(a)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 02/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2595 | &nbsp;&nbsp;&nbsp;&nbsp; 138612 |
| WTI Crude Oil<sup>(a)</sup> | &nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 6186 | &nbsp;&nbsp;&nbsp;&nbsp; (214418)<br>|
| Copper<sup>(a)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4878 | &nbsp;&nbsp;&nbsp;&nbsp; 446703 |
| Gold 100 OZ<sup>(a)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp; 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp; 25386 | &nbsp;&nbsp;&nbsp;&nbsp; 3792526 |
| Natural Gas<sup>(a)</sup> | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2595 | &nbsp;&nbsp;&nbsp;&nbsp; 93664 |
| Brent Crude Oil<sup>(a)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10511 | &nbsp;&nbsp;&nbsp;&nbsp; (355425)<br>|
| Gasoline RBOB<sup>(a)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2996 | &nbsp;&nbsp;&nbsp;&nbsp; (9006)<br>|
| Live Cattle<sup>(a)</sup> | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2641 | &nbsp;&nbsp;&nbsp;&nbsp; 211504 |
| NY Harbor ULSD<sup>(a)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3782 | &nbsp;&nbsp;&nbsp;&nbsp; 107807 |
| Sugar 11<sup>(a)</sup> | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1988 | &nbsp;&nbsp;&nbsp;&nbsp; (510447)<br>|
| Cotton No.2<sup>(a)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 03/09/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2269 | &nbsp;&nbsp;&nbsp;&nbsp; (108134)<br>|
| Low Sulphur Gasoil<sup>(a)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4180 | &nbsp;&nbsp;&nbsp;&nbsp; 97228 |
| Corn<sup>(a)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3552 | &nbsp;&nbsp;&nbsp;&nbsp; (115938)<br>|
| KC HRW Wheat<sup>(a)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1825 | &nbsp;&nbsp;&nbsp;&nbsp; (257507)<br>|
| Soybean<sup>(a)</sup> | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; 7192 | &nbsp;&nbsp;&nbsp;&nbsp; 633435 |
| Soybean Meal<sup>(a)</sup> | &nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2869 | &nbsp;&nbsp;&nbsp;&nbsp; 169137 |
| Soybean Oil<sup>(a)</sup> | &nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3305 | &nbsp;&nbsp;&nbsp;&nbsp; 187846 |
| Wheat<sup>(a)</sup> | &nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2002 | &nbsp;&nbsp;&nbsp;&nbsp; (196029)<br>|
| LME Aluminium Premiums<sup>(a)</sup> | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3541 | &nbsp;&nbsp;&nbsp;&nbsp; 179331 |
| LME Lead<sup>(a)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1986 | &nbsp;&nbsp;&nbsp;&nbsp; 1622 |
| LME Nickel<sup>(a)</sup> | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2114 | &nbsp;&nbsp;&nbsp;&nbsp; (22078)<br>|
| LME Tin<sup>(a)</sup> | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2345 | &nbsp;&nbsp;&nbsp;&nbsp; (13397)<br>|
| LME Zinc<sup>(a)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2590 | &nbsp;&nbsp;&nbsp;&nbsp; 46377 |
| Coffee C<sup>(a)</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 03/19/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3071 | &nbsp;&nbsp;&nbsp;&nbsp; 288618 |
| WTI Crude Oil<sup>(a)</sup> | &nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 6239 | &nbsp;&nbsp;&nbsp;&nbsp; 694 |
| Cattle Feeder<sup>(a)</sup> | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 03/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1963 | &nbsp;&nbsp;&nbsp;&nbsp; 3348 |
| Copper<sup>(a)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4899 | &nbsp;&nbsp;&nbsp;&nbsp; 53290 |
| Natural Gas<sup>(a)</sup> | &nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2453 | &nbsp;&nbsp;&nbsp;&nbsp; 50069 |
| Silver<sup>(a)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 7313 | &nbsp;&nbsp;&nbsp;&nbsp; 1680633 |
| Brent Crude Oil<sup>(a)</sup> | &nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10568 | &nbsp;&nbsp;&nbsp;&nbsp; (15639)<br>|
| Gasoline RBOB<sup>(a)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3047 | &nbsp;&nbsp;&nbsp;&nbsp; 74546 |
| NY Harbor ULSD<sup>(a)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3709 | &nbsp;&nbsp;&nbsp;&nbsp; 159174 |
| Low Sulphur Gasoil<sup>(a)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp; 04/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4120 | &nbsp;&nbsp;&nbsp;&nbsp; 141882 |
| Lean Hogs<sup>(a)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1759 | &nbsp;&nbsp;&nbsp;&nbsp; (36388)<br>|
| Gold 100 OZ<sup>(a)</sup> | &nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 04/28/26 | &nbsp;&nbsp;&nbsp;&nbsp; 24760 | &nbsp;&nbsp;&nbsp;&nbsp; 3629728 |
| Cattle Feeder<sup>(a)</sup> | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 04/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1954 | &nbsp;&nbsp;&nbsp;&nbsp; (97834)<br>|
| Live Cattle<sup>(a)</sup> | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 04/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2630 | &nbsp;&nbsp;&nbsp;&nbsp; 128520 |
| Sugar 11<sup>(a)</sup> | &nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp; 04/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2140 | &nbsp;&nbsp;&nbsp;&nbsp; (560818)<br>|
| Cotton No.2<sup>(a)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 05/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2207 | &nbsp;&nbsp;&nbsp;&nbsp; (70173)<br>|
| Corn<sup>(a)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 05/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3505 | &nbsp;&nbsp;&nbsp;&nbsp; (100985)<br>|
| KC HRW Wheat<sup>(a)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 05/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1778 | &nbsp;&nbsp;&nbsp;&nbsp; (151726)<br>|
| Soybean<sup>(a)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 05/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; 7029 | &nbsp;&nbsp;&nbsp;&nbsp; 426432 |
| Soybean Meal<sup>(a)</sup> | &nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 05/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2834 | &nbsp;&nbsp;&nbsp;&nbsp; 125158 |
| Soybean Oil<sup>(a)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 05/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp;&nbsp; 49572 |
| Wheat<sup>(a)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 05/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1952 | &nbsp;&nbsp;&nbsp;&nbsp; (148202)<br>|
| Coffee C<sup>(a)</sup> | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 05/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3083 | &nbsp;&nbsp;&nbsp;&nbsp; 239762 |
| Cattle Feeder<sup>(a)</sup> | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 05/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1940 | &nbsp;&nbsp;&nbsp;&nbsp; (193640)<br>|
| Silver<sup>(a)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 05/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 7370 | &nbsp;&nbsp;&nbsp;&nbsp; 1444635 |
| Lean Hogs<sup>(a)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 06/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; (84433)<br>|
| Live Cattle<sup>(a)</sup> | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2545 | &nbsp;&nbsp;&nbsp;&nbsp; (123452)<br>|
| Sugar 11<sup>(a)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2192 | &nbsp;&nbsp;&nbsp;&nbsp; (429174)<br>|
| Cotton No.2<sup>(a)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 07/09/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2243 | &nbsp;&nbsp;&nbsp;&nbsp; (69730)<br>|
| Corn<sup>(a)</sup> | &nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp; 07/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3693 | &nbsp;&nbsp;&nbsp;&nbsp; 161812 |
| KC HRW Wheat<sup>(a)</sup> | &nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 07/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1704 | &nbsp;&nbsp;&nbsp;&nbsp; (47473)<br>|
| Soybean<sup>(a)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 07/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; 7079 | &nbsp;&nbsp;&nbsp;&nbsp; 419970 |
| Wheat<sup>(a)</sup> | &nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; 07/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; (11465)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

October 31, 2025

**iShares Enhanced Roll Yield Index Fund** 

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration*<br> *Date*<br>| &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts (continued) |  |  |  |  |
| Coffee C<sup>(a)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 07/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; $3090 | &nbsp;&nbsp;&nbsp;&nbsp; $532848 |
| Sugar 11<sup>(a)</sup> | &nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2201 | &nbsp;&nbsp;&nbsp;&nbsp; (317504)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $21752216 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of the security is held by a wholly-owned subsidiary.

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $28817670 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28817670 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $7065454 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7065454 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Consolidated Schedule of Investments. In the Consolidated Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended October 31, 2025, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $13111562 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13111562 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $21752216 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21752216 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $391016171 |
| Average notional value of contracts — short | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

October 31, 2025

**iShares Enhanced Roll Yield Index Fund** 

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Short-Term Securities  |  |  |  |  |
| Certificates of Deposit | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $59062385 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $59062385 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20191433 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20191433 |
| Money Market Funds | &nbsp;&nbsp; 20708697 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20708697 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 309915948 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 309915948 |
|  | &nbsp;&nbsp; $20708697 | &nbsp;&nbsp;&nbsp;&nbsp; $389169766 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $409878463 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Commodity Contracts | &nbsp;&nbsp; $28817670 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $28817670 |
| Liabilities |  |  |  |  |
| Commodity Contracts | &nbsp;&nbsp; (7065454)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7065454)<br>|
|  | &nbsp;&nbsp; $21752216 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $21752216 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to consolidated financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Statement of Assets and Liabilities

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares Enhanced <br>Roll Yield <br>Index Fund<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)</sup> | $389169766 |
| Investments, at value — affiliated<sup>(b)</sup> | 20708697 |
| Cash pledged for futures contracts | 24271000 |
| Receivables: |  |
| Capital shares sold | 4105307 |
| Dividends — affiliated | 1143606 |
| Variation margin on futures contracts | 4371320 |
| Prepaid expenses | 3595 |
| Total assets | 443773291 |
| **LIABILITIES** |  |
| Payables: |  |
| Investments purchased | 9875513 |
| Trustees' and Officer's fees | 2078 |
| Professional fees | 21018 |
| Variation margin on futures contracts | 1126923 |
| Total liabilities | 11025532 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $432747759 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital<sup>(c)(d)(e)</sup> | $364366670 |
| Accumulated earnings | 68381089 |
| NET ASSETS | $432747759 |
| Net asset value | $11.24 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $388958403 |
| <sup>(b)</sup> Investments, at cost—affiliated | $20708697 |
| <sup>(c)</sup> Shares outstanding | 38516320 |
| <sup>(d)</sup> Shares authorized | Unlimited |
| <sup>(e)</sup> Par value | $0.001 |

---

*See notes to consolidated financial statements.*

Consolidated Financial Statements

------

Consolidated Statement of Operations

Period Ended October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares Enhanced <br>Roll Yield <br>Index Fund<sup>(a)</sup> <br>|
| **INVESTMENT INCOME** |  |
| Dividends — affiliated | &nbsp;&nbsp; $849975 |
| Interest — unaffiliated | &nbsp;&nbsp; 14431909 |
| Total investment income | &nbsp;&nbsp; 15281884 |
| EXPENSES |  |
| Administration | &nbsp;&nbsp; 533472 |
| Investment advisory | &nbsp;&nbsp; 533472 |
| Professional | &nbsp;&nbsp; 21418 |
| Trustees and Officer | &nbsp;&nbsp; 10439 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 1098801 |
| Interest expense — unaffiliated | &nbsp;&nbsp; 438 |
| Total expenses | &nbsp;&nbsp; 1099239 |
| Less: |  |
| Fees waived and/or reimbursed by the Administrator | &nbsp;&nbsp; (533472)<br>|
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (565329)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 438 |
| Net investment income | &nbsp;&nbsp; 15281446 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 627 |
| Futures contracts | &nbsp;&nbsp; 13111562 |
|  | &nbsp;&nbsp; 13112189 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 211363 |
| Futures contracts | &nbsp;&nbsp; 21752216 |
|  | &nbsp;&nbsp; 21963579 |
| Net realized and unrealized gain | &nbsp;&nbsp; 35075768 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $50357214 |
| <sup>(a)</sup> For the period from November 01, 2024 (commencement of operations) to October 31, 2025. | <sup>(a)</sup> For the period from November 01, 2024 (commencement of operations) to October 31, 2025. |

---

*See notes to consolidated financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares Enhanced Roll Yield Index Fund |
|  | Period from <br>11/01/24<sup>(a)</sup> <br>|
|  | to 10/31/25 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |
| **OPERATIONS** |  |
| Net investment income | &nbsp;&nbsp; $15281446 |
| Net realized gain | &nbsp;&nbsp; 13112189 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 21963579 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 50357214 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1564064)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 383954609 |
| *NET ASSETS* |  |
| Total increase in net assets | &nbsp;&nbsp; 432747759 |
| Beginning of period | &nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $432747759 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations. <br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to consolidated financial statements.*

Consolidated Financial Statements

------

Consolidated Financial Highlights

(For a share outstanding throughout the period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares Enhanced Roll Yield Index Fund |
|  | Period from <br>11/01/24<sup>(a)</sup> <br>|
|  | to 10/31/25 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.45 |
| Net realized and unrealized gain | 0.85 |
| Net increase from investment operations | 1.30 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.06)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.24 |
| **Total Return**<sup>(d)</sup> <br>|  |
| Based on net asset value | 13.11 %<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |
| Total expenses | 0.31<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.00 %<sup>(g)</sup><br>|
| Net investment income | 4.31<br> %<br>|
| **Supplemental Data** |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $432748 |
| Portfolio turnover rate | &nbsp;&nbsp; 0<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Amount is less than 0.005%.

*See notes to consolidated financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

BlackRock Funds<sup>SM</sup> (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. iShares Enhanced Roll Yield Index Fund (the "Fund") is a series of the Trust. The Fund is classified as a non-diversified fund under the 1940 Act.

The Fund, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex. Shares of the Fund may be purchased and held only by or on behalf of mutual funds advised by BFA or its affiliates.

**Basis of Consolidation:** The accompanying consolidated financial statements of Fund include the account of iShares Cayman Enhanced Roll Yield Index Fund (the "Cayman Subsidiary"), which is a wholly-owned subsidiary of Fund and primarily invests in commodity-related instruments and other derivatives. The Cayman Subsidiary enables the Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Cayman Subsidiary. The net assets of the Cayman Subsidiary as of period end were $27,515,396, which is 6.4% of Fund's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Cayman Subsidiary is subject to the same investment policies and restrictions that apply to the Fund, except that the Cayman Subsidiary may invest without limitation in commodity-related instruments.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the consolidated financial statements, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Consolidated Statement of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions from net investment income are declared and paid annually. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Net income and realized gains from investments held by the Cayman Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Cayman Subsidiary in any taxable year, the loss will generally not be available to offset the Fund's ordinary income and/or capital gains for that year.

**Indemnifications:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Fund are charged to the Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations.

The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Fund's investments are valued at fair value (also referred to as "market value" within the consolidated financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") has approved the designation of the Fund's Manager as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;•Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

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

Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Consolidated Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (continued)

receivable (or payable) on futures contracts in the Consolidated Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

***5.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

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

For such services, the Fund pays the Manager a monthly fee at an annual rate equal to 0.15% of the average daily value of the Fund's net assets.

The Manager provides investment management and other services to the Cayman Subsidiary. The Manager does not receive separate compensation from the Cayman Subsidiary for providing investment management or administrative services. However, the Fund pays the Manager based on the Fund's net assets, which includes the assets of the Cayman Subsidiary.

With respect to the Fund, the Manager entered into a sub-advisory agreement with BlackRock International Limited ("BIL" or, the "Sub-Adviser"), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of the Fund for which BIL acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.

**Administration:** The Trust, on behalf of the Fund, entered into an Administration Agreement with the BlackRock Advisors, LLC ("BAL" or the "Administrator"), an indirect, majority-owned subsidiary of BlackRock, to provide administrative services. For these services, the Administrator receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of the Fund. The administration fee, which is shown as administration in the Statement of Operations, is paid at the annual rate equal to 0.15% of the average daily value of the Fund's net assets.

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the period ended October 31, 2025, the Fund did not pay any amounts to affiliates in return for these services.

**Expense Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fees payable by the Fund through June 30, 2035. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the period ended October 31, 2025, the Manager waived $533,472 pursuant to this agreement.

The Administrator contractually agreed to waive its administration fees payable by the Fund through June 30, 2035. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. This amount is shown as administration fees waived in the Statement of Operations. For the period ended October 31, 2025, the Administrator waived $533,472 pursuant to this agreement.

The fees and expenses of the Independent Trustees, counsel to the Independent Trustees and the Fund's independent registered public accounting firm (together, the "independent expenses") are paid directly by the Fund. The Administrator and the Manager have contractually agreed to reimburse the Fund or provide an offsetting credit to the Fund in an amount equal to these independent expenses as applicable, through June 30, 2035. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. The amount waived is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the period ended October 31, 2025, the amount waived was $31,857.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the U.S. Securities and Exchange Commission ("SEC"), the Fund could 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 the Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Fund did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

***6.*** ***PURCHASES AND SALES*** 

For the period ended October 31, 2025, there were no purchases and sales, excluding short-term securities..

***7.*** ***INCOME TAX INFORMATION*** 

It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's consolidated financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to income recognized from the Fund's wholly owned subsidiary were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| iShares Enhanced Roll Yield Index Fund | &nbsp;&nbsp; $(19587939)<br>| &nbsp;&nbsp; $19587939 |

---

The tax character of distributions paid was as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Period Ended* <br>*10/31/25*<br>|
| iShares Enhanced Roll Yield Index Fund |  |
| Ordinary income | &nbsp;&nbsp; $1564064 |

---

As of October 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Undistributed* <br>*Ordinary Income*<br>| *Net Unrealized* <br>*Gains (Losses)*<br>| *Total* |
| iShares Enhanced Roll Yield Index Fund | &nbsp;&nbsp; $46417510 | &nbsp;&nbsp; $21963579 | &nbsp;&nbsp; $68381089 |

---

As of October 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| iShares Enhanced Roll Yield Index Fund | &nbsp;&nbsp; $409667100 | &nbsp;&nbsp; $29038885 | &nbsp;&nbsp; $(7075306)<br>| &nbsp;&nbsp; $21963579 |

---

***8.*** ***BANK BORROWINGS*** 

The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the period ended October 31, 2025, the Fund did not borrow under the credit agreement.

***9.*** ***PRINCIPAL RISKS*** 

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

The Manager uses an indexing approach to try to achieve the Fund's investment objective. The Fund is not actively managed, and the Manager generally does not attempt to take defensive positions under any market conditions, including declining markets.

**Market Risk:** The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (continued)

from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio's current earnings rate.

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

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

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

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund's portfolio are disclosed in its Consolidated Schedule of Investments.

The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund's performance.

The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.

The Fund has substantial exposure to certain commodity markets through investments in commodity-linked instruments and through commodity-related equities. Any negative changes in commodity markets that may be due to changes in supply and demand for the commodities, market events, regulatory developments or other factors that the Fund cannot control could have an adverse impact on the Fund's portfolio.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***10.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Period from <br>11/01/24<sup>(a)</sup> <br>to 10/31/25 | Period from <br>11/01/24<sup>(a)</sup> <br>to 10/31/25 |
| *Fund Name*  | *Shares*  | *Amounts*  |
| iShares Enhanced Roll Yield Index Fund  |  |  |
| Shares sold | &nbsp;&nbsp; 42042208 | &nbsp;&nbsp;&nbsp; $421385769 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 160747 | &nbsp;&nbsp;&nbsp; 1564064 |
| Shares redeemed | &nbsp;&nbsp; (3686635) | &nbsp;&nbsp;&nbsp; (38995224) |
|  | &nbsp;&nbsp; 38516320 | &nbsp;&nbsp;&nbsp; $383954609 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***11.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the consolidated financial statements.

2025 BlackRock Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of BlackRock Funds and Shareholders of iShares Enhanced Roll Yield Index Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of iShares Enhanced Roll Yield Index Fund (one of the funds constituting BlackRock Funds, referred to hereafter as the "Fund") as of October 31, 2025, and the related consolidated statements of operations and changes in net assets, including the related notes, and the consolidated financial highlights for the period November 1, 2024 (commencement of operations) through October 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations, changes in its net assets and the financial highlights for the period November 1, 2024 (commencement of operations) through October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2025

We have served as the auditor of one or more BlackRock investment companies since 2000.

Report of Independent Registered Public Accounting Firm

------

Important Tax Information (unaudited)

The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Federal Obligation* <br>*Interest*<br>|
| iShares Enhanced Roll Yield Index Fund | &nbsp;&nbsp; $10035175 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Interest* <br>*Dividends*<br>|
| iShares Enhanced Roll Yield Index Fund | &nbsp;&nbsp; $3826301 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Interest-* <br>*Related* <br>*Dividends*<br>|
| iShares Enhanced Roll Yield Index Fund | &nbsp;&nbsp; $3826302 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others**

Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Fund for the Fund's allocable portion of the fees and expenses of the independent trustees of the Trust, counsel to such independent trustees and the independent registered public accounting firm.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**BlackRock's Mutual Fund Family**

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges**

**Account Information**

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

**Retirement Plans**

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

**Fund and Service Providers**

**Investment Adviser**

BlackRock Fund Advisors

Wilmington, DE 19809

**Administrator**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Sub-Adviser**

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

Additional Information

------

Additional Information (continued)

**Fund and Service Providers (continued)** 

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

**Legal Counsel**

Ropes & Gray LLP

New York, NY 10036

**Address of the Fund**

100 Bellevue Parkway

Wilmington, DE 19809

2025 BlackRock Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| SOFR | Secured Overnight Financing Rate |

---

Glossary of Terms Used in these Financial Statements

------

Want to know more?

blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

![](g72101img8775081d2.jpg)

![](g72101img883f31d71.jpg)

------

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – Controls and Procedures

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

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

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](#item2)

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

[(a)(3) Section 302 Certifications are attached](d72101dex99cert.htm)

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

(a)(5) Change in registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d72101dex99906cert.htm)

------

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

BlackRock Funds<sup>SM</sup>

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: December 22, 2025

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

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: December 22, 2025

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: December 22, 2025

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds<sup>SM</sup> certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds<sup>SM</sup>;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 22, 2025

---

| |
|:---|
| <u>/s/ John M. Perlowski</u>  |
| John M. Perlowski |
| Chief Executive Officer (principal executive officer) of |
| BlackRock Funds<sup>SM</sup> |

---

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Funds<sup>SM</sup>, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds<sup>SM</sup>;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 22, 2025

---

| |
|:---|
| <u>/s/ Trent Walker</u>  |
| Trent Walker |
| Chief Financial Officer (principal financial officer) of |
| BlackRock Funds<sup>SM</sup> |

---

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds<sup>SM</sup> (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: December 22, 2025

---

| |
|:---|
| <u>/s/ John M. Perlowski</u>  |
| John M. Perlowski |
| Chief Executive Officer (principal executive officer) of |
| BlackRock Funds<sup>SM</sup> |

---

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds<sup>SM</sup> (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: December 22, 2025

---

| |
|:---|
| <u>/s/ Trent Walker</u>  |
| Trent Walker |
| Chief Financial Officer (principal financial officer) of |
| BlackRock Funds<sup>SM</sup> |

---

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.