UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-05742

Name of Fund: BlackRock Funds^SM

  iShares Russell Mid-Cap Index Fund

  iShares Russell Small/Mid-Cap Index Fund

  iShares Total U.S. Stock Market Index Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 07/31/2023

Date of reporting period: 07/31/2023

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

JULY 31, 2023

2023 Annual Report

BlackRock Funds^SM

· iShares Russell Mid-Cap Index Fund

· iShares Russell Small/Mid-Cap Index Fund

· iShares Total U.S. Stock Market Index Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended July 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities advanced, including large- and small-capitalization U.S. stocks and equities from developed and emerging markets.

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

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period ended July 31, 2023. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for a pause, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near-term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near-term as growth trends for emerging markets appear brighter. We also believe that stocks with an A.I. tilt should benefit from an investment cycle that is set to support revenues and margins. We are neutral on credit overall amid tightening credit and financial conditions; however, there are selective opportunities in the near term. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of July 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	13.52%	13.02%
U.S. small cap equities (Russell 2000® Index)	4.51	7.91
International equities (MSCI Europe, Australasia, Far East Index)	6.65	16.79
Emerging market equities (MSCI Emerging Markets Index)	3.26	8.35
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.34	3.96
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(2.08)	(7.56)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(1.02)	(3.37)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.20	0.93
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.92	4.42
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S  P A G E  I S  N O T  P A R T  O F  Y O U R  F U N D  R E P O R T

Table of Contents

 

	Page
The Markets in Review		2
Annual Report:
Fund Summary		4
About Fund Performance		13
Disclosure of Expenses		13
Derivative Financial Instruments		13
Financial Statements:
Schedules of Investments		14
Statements of Assets and Liabilities		79
Statements of Operations		81
Statements of Changes in Net Assets		82
Financial Highlights		84
Notes to Financial Statements		93
Report of Independent Registered Public Accounting Firm		104
Important Tax Information		105
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement		106
Trustee and Officer Information		109
Additional Information		113
Glossary of Terms Used in this Report		115

3

Fund Summary  as of July 31, 2023   iShares Russell Mid-Cap Index Fund

Investment Objective

iShares Russell Mid-Cap Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of an index composed of mid-capitalization U.S. equities.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended July 31, 2023, the Fund’s Institutional Shares returned 8.72%, Investor A Shares returned 8.39%, and Class K Shares returned 8.75%. The benchmark Russell MidCap^® Index (the “Index”) returned 8.75% for the same period.

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

Describe the market environment.

In the third quarter of 2022, the U.S. equity market rallied on the back of softened tone from the Fed signaling slower rate rise in 2023. However, the Fed’s hawkish tone later in the quarter at the Jackson Hole conference reaffirmed its commitment to fighting inflation. In their battle against a high inflation rate, the U.S. congress passed a new bill which aimed to reduce inflation by curbing the deficit.

U.S. economic data showed a decline in growth over the first two quarters of the year, but other economic data released over the third quarter highlighted the resilience of the U.S. economy. The labor market added 315,000 payroll jobs across the economy generating considerable household income gains.

The U.S. equity market rallied over the fourth quarter, despite tighter monetary policy. It posted positive returns in October and November 2022 while contractionary monetary policy targeted a higher inflation rate. The Fed reiterated their plan in December 2022 to continue tightening monetary policy as inflation remained well above target. Market performance dampened in December 2022.

After consecutive 75 basis point interest rate hikes, the Fed raised the federal funds rate by an additional 50 basis points in December 2022, bringing it to a range of 4.25% to 4.50%. Economic data released later in the quarter showed economic activities slowed down. Concerns regarding an economic recession, and its magnitude remained elevated.

In the first quarter of 2023, the U.S. equity market rallied due to cooling inflation and resilient economic data. In combination with a stronger-than-expected Gross Domestic Product (“GDP”), inflation data led investors to position for slower rate rises from the Fed. The Fed reiterated their commitment to raise the interest rate to bring the inflation rate down in February 2023, especially if macro data continued to come in stronger than expected. Later in the quarter, investors’ attention quickly switched to headline news about the banking sector which led to major sell off in the financial sectors. The overall market calmed after the central banks set out reassuring plans.

The Fed raised the interest rate by 25 basis points in February and March 2023, bringing it to the range of 4.75% and 5.00%. This represented the 9th consecutive interest rate hike. A slight shift in rhetoric was interpreted that the rate hiking cycle is nearing a pause, although Fed Chair Jerome Powell was clear that additional “policy firming” may be required.

In the second quarter of 2023, the U.S. equity market rallied despite concerns over the debt ceiling. Robust gains were supported by resilient economic data and strong performance by large-cap growth stocks. Concerns regarding the U.S. debt ceiling dampened market sentiment in May 2023 before Congress reached an agreement to suspend it. Later in the quarter, markets rallied boosted by the technology sector on the back of enthusiasm over artificial intelligence, and chipmakers.

The Fed raised the interest rate by 25 basis points over the quarter, bringing rates to the range of 5.00% and 5.25%. The Fed signaled that hike pauses will come later in the quarter but expressed the need to retain flexibility to bring inflation down.

Describe recent portfolio activity.

During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.

Describe portfolio positioning at period end.

The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.

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

4 2 0 2 3  B L A C K R O C K  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary  as of July 31, 2023 (continued)   iShares Russell Mid-Cap Index Fund

GROWTH OF $10,000 INVESTMENT

The Fund commenced operations on May 13, 2015.

^(a)  Assuming transaction costs and other operating expenses, including investment advisory fees, if any.

^(b)  The Fund generally invests at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of the Russell Midcap^® Index.

^(c)  An index that measures the performance of approximately 800 of the smallest companies in the Russell 1000^® Index, which represent approximately 27% of the total market capitalization of the Russell 1000^® Index.

Performance

	Average Annual Total Returns(a)
		1 Year		5 Years		Since Inception	(b)
Institutional		8.72	%	8.75	%	8.95	%
Investor A		8.39		8.47		8.68
Class K		8.75		8.80		9.01
Russell Midcap® Index		8.75		8.77		8.97

^(a)  See “About Fund Performance” for a detailed description of share classes, including any related fees, and how performance was calculated for certain share classes.

^(b) The Fund commenced operations on May 13, 2015.

Past performance is not an indication of future results.

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

Expense Example

		Actual				Hypothetical 5% Return
	Beginning Account Value (02/01/23)		Ending Account Value (07/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (02/01/23)	Ending Account Value (07/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
Institutional	$  1,000.00		$  1,046.60	$    0.46			$  1,000.00	$  1,024.35	$    0.45		0.09	%
Investor A	1,000.00		1,044.60	1.88			1,000.00	1,022.96	1.86		0.37
Class K	1,000.00		1,046.70	0.25			1,000.00	1,024.55	0.25		0.05

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

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

F U N D  S U M M A R Y 5

Fund Summary  as of July 31, 2023 (continued)   iShares Russell Mid-Cap Index Fund

Portfolio Information

SECTOR ALLOCATION
Sector(a)	Percent of Net Assets
Industrials		18.4	%
Financials		14.3
Information Technology		13.1
Health Care		11.1
Consumer Discretionary		10.4
Real Estate		7.6
Materials		5.9
Utilities		5.3
Energy		4.8
Consumer Staples		3.7
Communication Services		3.6
Investment Companies		1.2
Short-Term Securities		3.2
Liabilities in Excess of Other Assets		(2.6	)

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

6 2 0 2 3  B L A C K R O C K  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary  as of July 31, 2023   iShares Russell Small/Mid-Cap Index Fund

Investment Objective

iShares Russell Small/Mid-Cap Index Fund’s (the “Fund”) investment objective is to seek to track the performance of the small to mid-cap segment of the U.S. equity universe.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended July 31, 2023, the Fund’s Institutional Shares returned 8.02%, Investor A Shares returned 7.76%, and Class K Shares returned 8.07%. The benchmark Russell 2500^TM Index (the “Index”) returned 8.05% for the same period.

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

Describe the market environment.

In the third quarter of 2022, the U.S. equity market rallied on the back of softened tone from the Fed signaling slower rate rise in 2023. However, the Fed’s hawkish tone later in the quarter at the Jackson Hole conference reaffirmed its commitment to fighting inflation. In their battle against a high inflation rate, the U.S. congress passed a new bill which aimed to reduce inflation by curbing the deficit.

U.S. economic data showed a decline in growth over the first two quarters of the year, but other economic data released over the third quarter highlighted the resilience of the U.S. economy. The labor market added 315,000 payroll jobs across the economy generating considerable household income gains.

The U.S. equity market rallied over the fourth quarter, despite tighter monetary policy. It posted positive returns in October and November 2022 while contractionary monetary policy targeted a higher inflation rate. The Fed reiterated their plan in December 2022 to continue tightening monetary policy as inflation remained well above target. Market performance dampened in December 2022.

After consecutive 75 basis point interest rate hikes, the Fed raised the federal funds rate by an additional 50 basis points in December 2022, bringing it to a range of 4.25% to 4.50%. Economic data released later in the quarter showed economic activities slowed down. Concerns regarding an economic recession, and its magnitude remained elevated.

In the first quarter of 2023, the U.S. equity market rallied due to cooling inflation and resilient economic data. In combination with a stronger-than-expected Gross Domestic Product (“GDP”), inflation data led investors to position for slower rate rises from the Fed. The Fed reiterated their commitment to raise the interest rate to bring the inflation rate down in February 2023, especially if macro data continued to come in stronger than expected. Later in the quarter, investors’ attention quickly switched to headline news about the banking sector which led to major sell off in the financial sectors. The overall market calmed after the central banks set out reassuring plans.

The Fed raised the interest rate by 25 basis points in February and March 2023, bringing it to the range of 4.75% and 5.00%. This represented the 9th consecutive interest rate hike. A slight shift in rhetoric was interpreted that the rate hiking cycle is nearing a pause, although Fed Chair Jerome Powell was clear that additional “policy firming” may be required.

In the second quarter of 2023, the U.S. equity market rallied despite concerns over the debt ceiling. Robust gains were supported by resilient economic data and strong performance by large-cap growth stocks. Concerns regarding the U.S. debt ceiling dampened market sentiment in May 2023 before Congress reached an agreement to suspend it. Later in the quarter, markets rallied boosted by the technology sector on the back of enthusiasm over artificial intelligence, and chipmakers.

The Fed raised the interest rate by 25 basis points over the quarter, bringing rates to the range of 5.00% and 5.25%. The Fed signaled that hike pauses will come later in the quarter but expressed the need to retain flexibility to bring inflation down.

Describe recent portfolio activity.

During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.

Describe portfolio positioning at period end.

The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.

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

F U N D  S U M M A R Y 7

Fund Summary as of July 31, 2023 (continued)   iShares Russell Small/Mid-Cap Index Fund

GROWTH OF $10,000 INVESTMENT

  The Fund commenced operations on August 13, 2015.

^(a)  Assuming transaction costs and other operating expenses, including investment advisory fees, if any.

^(b)  The Fund generally invests at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of the Russell 2500™ Index.

^(c)  An index that measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500™ Index is a subset of the Russell 3000^® Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership.

Performance

	Average Annual Total Returns(a)
		1 Year		5 Years		Since Inception	(b)
Institutional		8.02	%	7.11	%	8.86	%
Investor A		7.76		6.86		8.61
Class K		8.07		7.16		8.91
Russell 2500™ Index		8.05		7.18		8.87

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

^(b) The Fund commenced operations on August 13, 2015.

Past performance is not an indication of future results.

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

Expense Example

		Actual				Hypothetical 5% Return
	Beginning Account Value (02/01/23)		Ending Account Value (07/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (02/01/23)	Ending Account Value (07/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
Institutional	$  1,000.00		$  1,038.50	$    0.56			$  1,000.00	$  1,024.25	$    0.55		0.11	%
Investor A	1,000.00		1,036.60	1.87			1,000.00	1,022.96	1.86		0.37
Class K	1,000.00		1,038.70	0.35			1,000.00	1,024.45	0.35		0.07

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

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

8 2 0 2 3  B L A C K R O C K  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of July 31, 2023 (continued)   iShares Russell Small/Mid-Cap Index Fund

Portfolio Information

SECTOR ALLOCATION
Sector(a)	Percent of Net Assets
Industrials		18.9	%
Financials		15.4
Information Technology		12.6
Consumer Discretionary		12.5
Health Care		12.5
Real Estate		7.0
Materials		5.4
Energy		5.1
Consumer Staples		3.1
Communication Services		2.7
Utilities		2.6
Investment Companies		1.7
Short-Term Securities		9.9
Liabilities in Excess of Other Assets		(9.4	)

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

F U N D  S U M M A R Y 9

Fund Summary as of July 31, 2023   iShares Total U.S. Stock Market Index Fund

Investment Objective

iShares Total U.S. Stock Market Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of a broad-based index composed of U.S. equities.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended July 31, 2023, the Fund’s Institutional Shares returned 12.65%, Investor A Shares returned 12.32%, and Class K Shares returned 12.70%. The benchmark Russell 3000^® Index (the “Index”) returned 12.65% for the same period.

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

Describe the market environment.

In the third quarter of 2022, the U.S. equity market rallied on the back of softened tone from the Fed signaling slower rate rise in 2023. However, the Fed’s hawkish tone later in the quarter at the Jackson Hole conference reaffirmed its commitment to fighting inflation. In their battle against a high inflation rate, the U.S. congress passed a new bill which aimed to reduce inflation by curbing the deficit.

U.S. economic data showed a decline in growth over the first two quarters of the year, but other economic data released over the third quarter highlighted the resilience of the U.S. economy. The labor market added 315,000 payroll jobs across the economy generating considerable household income gains.

The U.S. equity market rallied over the fourth quarter, despite tighter monetary policy. It posted positive returns in October and November 2022 while contractionary monetary policy targeted a higher inflation rate. The Fed reiterated their plan in December 2022 to continue tightening monetary policy as inflation remained well above target. Market performance dampened in December 2022.

After consecutive 75 basis point interest rate hikes, the Fed raised the federal funds rate by an additional 50 basis points in December 2022, bringing it to a range of 4.25% to 4.50%. Economic data released later in the quarter showed economic activities slowed down. Concerns regarding an economic recession, and its magnitude remained elevated.

In the first quarter of 2023, the U.S. equity market rallied due to cooling inflation and resilient economic data. In combination with a stronger-than-expected Gross Domestic Product (“GDP”), inflation data led investors to position for slower rate rises from the Fed. The Fed reiterated their commitment to raise the interest rate to bring the inflation rate down in February 2023, especially if macro data continued to come in stronger than expected. Later in the quarter, investors’ attention quickly switched to headline news about the banking sector which led to major sell off in the financial sectors. The overall market calmed after the central banks set out reassuring plans.

The Fed raised the interest rate by 25 basis points in February and March 2023, bringing it to the range of 4.75% and 5.00%. This represented the 9th consecutive interest rate hike. A slight shift in rhetoric was interpreted that the rate hiking cycle is nearing a pause, although Fed Chair Jerome Powell was clear that additional “policy firming” may be required.

In the second quarter of 2023, the U.S. equity market rallied despite concerns over the debt ceiling. Robust gains were supported by resilient economic data and strong performance by large-cap growth stocks. Concerns regarding the U.S. debt ceiling dampened market sentiment in May 2023 before Congress reached an agreement to suspend it. Later in the quarter, markets rallied boosted by the technology sector on the back of enthusiasm over artificial intelligence, and chipmakers.

The Fed raised the interest rate by 25 basis points over the quarter, bringing rates to the range of 5.00% and 5.25%. The Fed signaled that hike pauses will come later in the quarter but expressed the need to retain flexibility to bring inflation down.

Describe recent portfolio activity.

During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.

Describe portfolio positioning at period end.

The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.

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

10 2 0 2 3  B L A C K R O C K  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of July 31, 2023 (continued)   iShares Total U.S. Stock Market Index Fund

GROWTH OF $10,000 INVESTMENT

The Fund commenced operations on August 13, 2015.

^(a)  Assuming transaction costs and other operating expenses, including investment advisory fees, if any.

^(b)  The Fund generally invests at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of the Russell 3000^® Index.

^(c) An index that measures the performance of the 3,000 largest U.S. companies representing approximately 96% of the investable U.S. equity market.

Performance

	Average Annual Total Returns(a)
		1 Year		5 Years		Since Inception	(b)
Institutional		12.65	%	11.41	%	11.89	%
Investor A		12.32		11.16		11.62
Class K		12.70		11.46		11.93
Russell 3000® Index		12.65		11.45		11.92

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

^(b) The Fund commenced operations on August 13, 2015.

Past performance is not an indication of future results.

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

Expense Example

		Actual				Hypothetical 5% Return
	Beginning Account Value (02/01/23)		Ending Account Value (07/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (02/01/23)	Ending Account Value (07/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
Institutional	$  1,000.00		$  1,125.50	$    0.37			$  1,000.00	$  1,024.45	$    0.35		0.07	%
Investor A	1,000.00		1,124.40	1.74			1,000.00	1,023.16	1.66		0.33
Class K	1,000.00		1,125.80	0.11			1,000.00	1,024.70	0.10		0.02

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

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

F U N D  S U M M A R Y 11

Fund Summary as of July 31, 2023 (continued)   iShares Total U.S. Stock Market Index Fund

Portfolio Information

TEN LARGEST HOLDINGS
Security	Percent of Net Assets
Apple, Inc.		6.5	%
Microsoft Corp.		5.5
Amazon.com, Inc.		2.7
NVIDIA Corp.		2.5
Alphabet, Inc., Class A		1.7
Tesla, Inc.		1.6
Meta Platforms, Inc., Class A		1.6
Alphabet, Inc., Class C		1.5
Berkshire Hathaway, Inc., Class B		1.4
UnitedHealth Group, Inc.		1.1

SECTOR ALLOCATION
Sector(a)	Percent of Net Assets
Information Technology		26.0	%
Financials		13.1
Health Care		13.0
Consumer Discretionary		10.7
Industrials		9.8
Communication Services		7.9
Consumer Staples		6.0
Energy		4.3
Real Estate		2.9
Materials		2.8
Utilities		2.4
Investment Companies		0.5
Short-Term Securities		4.6
Liabilities in Excess of Other Assets		(4.0	)

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

12 2 0 2 3  B L A C K R O C K  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

About Fund Performance

 

Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors.

Investor A Shares are not subject to any sales charge and bear no ongoing distribution fee. These shares are subject to an ongoing service fee of 0.25% per year. These shares are generally available through financial intermediaries. Investor A Shares of iShares Russell Mid-Cap Index Fund performance shown prior to the Investor A Shares inception date of November 30, 2015 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Investor A Shares fees.

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

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

Disclosure of Expenses

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

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

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

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

Derivative Financial Instruments

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

A B O U T  F U N D  P E R F O R M A N C E  /  D I S C L O S U R E  O F  E X P E N S E S  /  D E R I V A T I V E  F I N A N C I A L  I N S T R U M E N T S 13

Schedule of Investments  July 31, 2023   iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.4%
Axon Enterprise, Inc.		10,904	$	2,027,381
BWX Technologies, Inc.		14,780		1,019,820
Curtiss-Wright Corp.		6,184		1,183,370
HEICO Corp.		7,257		1,277,087
HEICO Corp., Class A		12,743		1,788,480
Hexcel Corp.		13,570		959,128
Howmet Aerospace, Inc.		59,911		3,063,849
Huntington Ingalls Industries, Inc.		6,353		1,459,093
Mercury Systems, Inc.(a)		7,831		297,421
Spirit AeroSystems Holdings, Inc., Class A		16,612		528,594
Textron, Inc.		32,515		2,528,692
TransDigm Group, Inc.		8,468		7,618,829
Woodward, Inc.		9,369		1,127,840
				24,879,584
Air Freight & Logistics — 0.4%
CH Robinson Worldwide, Inc.(b)		18,791		1,882,482
Expeditors International of Washington, Inc.		24,832		3,161,114
GXO Logistics, Inc.(a)		18,890		1,266,952
				6,310,548
Automobile Components — 0.6%
Aptiv PLC(a)		43,652		4,779,457
BorgWarner, Inc.		37,795		1,757,467
Gentex Corp.		37,969		1,274,999
Lear Corp.		9,497		1,469,756
Phinia, Inc.(a)		7,559		214,449
QuantumScape Corp.(a)(b)		41,935		558,155
				10,054,283
Automobiles — 0.3%
Harley-Davidson, Inc.		21,826		842,702
Lucid Group, Inc.(a)(b)		120,270		915,255
Rivian Automotive, Inc., Class A(a)(b)		83,893		2,318,802
Thor Industries, Inc.		8,417		972,079
				5,048,838
Banks — 2.4%
Bank OZK		18,204		796,061
BOK Financial Corp.		4,599		409,679
Citizens Financial Group, Inc.		78,830		2,543,056
Columbia Banking System, Inc.		34,312		766,873
Comerica, Inc.		21,158		1,141,686
Commerce Bancshares, Inc.		18,372		977,023
Cullen/Frost Bankers, Inc.		9,434		1,024,344
East West Bancorp, Inc.		22,774		1,416,770
Fifth Third Bancorp		110,604		3,218,576
First Citizens BancShares, Inc., Class A		1,773		2,537,695
First Hawaiian, Inc.		20,332		420,669
First Horizon Corp.		85,421		1,164,288
FNB Corp.		57,224		731,895
Huntington Bancshares, Inc.		231,699		2,835,996
KeyCorp.		150,686		1,854,945
M&T Bank Corp.		26,713		3,736,080
New York Community Bancorp, Inc.		114,568		1,589,058
NU Holdings Ltd., Class A(a)		372,531		2,965,347
Pinnacle Financial Partners, Inc.		12,217		927,270
Popular, Inc.		11,339		822,644
Prosperity Bancshares, Inc.		14,190		898,511
Regions Financial Corp.		150,905		3,073,935
Synovus Financial Corp.		23,441		794,650
Webster Financial Corp.		27,924		1,321,364

Security	Shares		Value
Banks (continued)
Western Alliance Bancorp		17,241	$	895,670
Wintrust Financial Corp.		9,754		822,847
Zions Bancorp NA		23,953		916,202
				40,603,134
Beverages — 0.4%
Boston Beer Co., Inc., Class A(a)		1,503		558,274
Brown-Forman Corp., Class A		7,357		529,042
Brown-Forman Corp., Class B		29,630		2,091,878
Celsius Holdings, Inc.(a)(b)		8,778		1,270,177
Molson Coors Beverage Co., Class B		28,256		1,971,421
				6,420,792
Biotechnology(a) — 2.1%
Alnylam Pharmaceuticals, Inc.		19,926		3,893,540
Apellis Pharmaceuticals, Inc.		16,098		414,523
Biogen, Inc.		23,198		6,267,868
BioMarin Pharmaceutical, Inc.		29,792		2,619,611
Exact Sciences Corp.(b)		28,272		2,757,651
Exelixis, Inc.		51,968		1,024,289
Horizon Therapeutics PLC		35,895		3,599,192
Incyte Corp.		29,467		1,877,637
Ionis Pharmaceuticals, Inc.		22,901		948,788
Karuna Therapeutics, Inc.		5,740		1,146,680
Mirati Therapeutics, Inc.(b)		7,298		220,910
Natera, Inc.		15,848		716,647
Neurocrine Biosciences, Inc.		15,465		1,575,729
Roivant Sciences Ltd.		39,385		471,832
Sarepta Therapeutics, Inc.		14,440		1,565,152
Seagen, Inc.		22,635		4,340,940
Ultragenyx Pharmaceutical, Inc.		10,630		458,366
United Therapeutics Corp.		7,200		1,747,584
				35,646,939
Broadline Retail — 0.7%
Coupang, Inc.(a)		176,945		3,211,552
eBay, Inc.		86,319		3,842,059
Etsy, Inc.(a)		20,184		2,051,703
Kohl’s Corp.		18,477		525,671
Macy’s, Inc.		43,732		725,514
Nordstrom, Inc.		18,392		425,039
Ollie’s Bargain Outlet Holdings, Inc.(a)		10,204		743,667
				11,525,205
Building Products — 2.0%
A O Smith Corp.		20,194		1,466,690
Advanced Drainage Systems, Inc.(b)		10,199		1,244,176
Allegion PLC		14,145		1,652,985
Armstrong World Industries, Inc.		7,211		557,843
AZEK Co., Inc.(a)		20,061		625,903
Builders FirstSource, Inc.(a)		20,559		2,969,336
Carlisle Cos., Inc.		8,301		2,301,037
Carrier Global Corp.		135,313		8,057,889
Fortune Brands Innovations, Inc.		20,551		1,460,560
Hayward Holdings, Inc.(a)		11,430		152,705
Lennox International, Inc.		5,157		1,894,888
Masco Corp.		36,370		2,206,932
Owens Corning		14,497		2,029,435
Trane Technologies PLC		36,782		7,335,802
Trex Co., Inc.(a)		17,852		1,234,287
				35,190,468
Capital Markets — 4.4%
Affiliated Managers Group, Inc.		6,063		840,574
Ameriprise Financial, Inc.		17,033		5,935,149

14 2 0 2 3  B L A C K R O C K  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) July 31, 2023	iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Ares Management Corp., Class A		25,879	$	2,567,714
Bank of New York Mellon Corp.		127,640		5,789,751
Blue Owl Capital, Inc.		67,633		833,239
Carlyle Group, Inc.		33,479		1,193,526
Cboe Global Markets, Inc.		17,090		2,387,131
Coinbase Global, Inc., Class A(a)		25,777		2,541,870
Evercore, Inc., Class A		5,938		801,986
FactSet Research Systems, Inc.		6,127		2,665,490
Franklin Resources, Inc.		45,974		1,344,280
Houlihan Lokey, Inc.		8,025		801,296
Interactive Brokers Group, Inc., Class A		16,109		1,406,799
Invesco Ltd.		60,408		1,014,855
Janus Henderson Group PLC		22,221		652,186
Jefferies Financial Group, Inc.		31,889		1,173,196
KKR & Co., Inc.		104,325		6,194,819
Lazard Ltd., Class A		17,665		620,042
LPL Financial Holdings, Inc.		12,851		2,947,505
MarketAxess Holdings, Inc.		5,954		1,602,936
Morningstar, Inc.		4,034		929,756
MSCI, Inc.		12,578		6,893,750
Nasdaq, Inc.		55,788		2,816,736
Northern Trust Corp.		33,185		2,658,782
Raymond James Financial, Inc.		31,594		3,477,552
Robinhood Markets, Inc., Class A(a)		107,173		1,378,245
SEI Investments Co.		16,642		1,048,280
State Street Corp.		53,903		3,904,733
Stifel Financial Corp.		16,446		1,044,979
T Rowe Price Group, Inc.		35,525		4,378,812
TPG, Inc.		10,358		304,836
Tradeweb Markets, Inc., Class A		18,528		1,515,405
Virtu Financial, Inc., Class A		15,018		278,734
XP, Inc., Class A(a)		53,625		1,448,411
				75,393,355
Chemicals — 2.9%
Albemarle Corp.		18,897		4,011,455
Ashland, Inc.		8,214		750,431
Axalta Coating Systems Ltd.(a)		35,664		1,141,248
Celanese Corp.		15,957		2,000,848
CF Industries Holdings, Inc.		31,609		2,594,467
Chemours Co.		23,852		882,047
Corteva, Inc.		115,800		6,534,594
DuPont de Nemours, Inc.		74,276		5,766,046
Eastman Chemical Co.		19,306		1,652,207
Element Solutions, Inc.		36,704		769,316
FMC Corp.		20,334		1,956,741
Ginkgo Bioworks Holdings, Inc.(a)		247,829		622,051
Huntsman Corp.		29,596		881,073
International Flavors & Fragrances, Inc.		41,150		3,481,701
LyondellBasell Industries NV, Class A		41,492		4,101,899
Mosaic Co.		53,435		2,178,011
NewMarket Corp.		928		419,178
Olin Corp.		20,092		1,158,907
PPG Industries, Inc.		38,161		5,491,368
RPM International, Inc.		20,677		2,136,141
Scotts Miracle-Gro Co.		6,513		456,170
Westlake Corp.		5,391		741,262
				49,727,161
Commercial Services & Supplies — 1.5%
Cintas Corp.		14,012		7,034,585
Clean Harbors, Inc.(a)		8,228		1,367,987
Copart, Inc.(a)		68,999		6,098,822

Security	Shares		Value
Commercial Services & Supplies (continued)
Driven Brands Holdings, Inc.(a)		9,755	$	252,362
MSA Safety, Inc.		5,994		995,004
RB Global, Inc.		29,326		1,890,940
Republic Services, Inc.		33,407		5,048,132
Rollins, Inc.		35,692		1,457,304
Stericycle, Inc.(a)		14,947		635,098
Tetra Tech, Inc.		8,488		1,436,254
				26,216,488
Communications Equipment — 0.3%
Ciena Corp.(a)		23,784		1,003,685
F5, Inc.(a)		9,611		1,520,845
Juniper Networks, Inc.		51,588		1,434,146
Lumentum Holdings, Inc.(a)		11,136		583,081
Ubiquiti, Inc.		660		117,249
Viasat, Inc.(a)		11,687		361,596
				5,020,602
Construction & Engineering — 0.7%
AECOM		21,332		1,855,884
EMCOR Group, Inc.		7,569		1,627,638
MasTec, Inc.(a)		9,876		1,162,899
MDU Resources Group, Inc.		32,674		722,749
Quanta Services, Inc.(b)		22,973		4,631,816
Valmont Industries, Inc.		3,396		899,091
WillScot Mobile Mini Holdings Corp.(a)		31,750		1,522,412
				12,422,489
Construction Materials — 0.6%
Eagle Materials, Inc.		5,818		1,072,665
Martin Marietta Materials, Inc.		10,041		4,482,905
Vulcan Materials Co.		21,452		4,730,166
				10,285,736
Consumer Finance — 0.7%
Ally Financial, Inc.		43,682		1,334,048
Credit Acceptance Corp.(a)(b)		1,068		594,449
Discover Financial Services		40,938		4,321,006
OneMain Holdings, Inc.		18,698		850,385
SLM Corp.		39,810		644,126
SoFi Technologies, Inc.(a)		148,086		1,695,585
Synchrony Financial		68,900		2,379,806
				11,819,405
Consumer Staples Distribution & Retail — 1.3%
Albertsons Cos., Inc., Class A		67,249		1,461,321
BJ’s Wholesale Club Holdings, Inc.(a)		21,629		1,434,219
Casey’s General Stores, Inc.		5,983		1,511,665
Dollar Tree, Inc.(a)		33,835		5,221,756
Grocery Outlet Holding Corp.(a)		14,478		484,289
Kroger Co.		106,219		5,166,492
Performance Food Group Co.(a)		24,548		1,466,988
U.S. Foods Holding Corp.(a)		34,884		1,490,593
Walgreens Boots Alliance, Inc.		115,700		3,467,529
				21,704,852
Containers & Packaging — 1.3%
Amcor PLC		240,382		2,466,319
AptarGroup, Inc.		10,569		1,283,711
Ardagh Group SA(a)		2,789		16,539
Ardagh Metal Packaging SA		24,125		91,192
Avery Dennison Corp.		13,144		2,418,627
Ball Corp.		49,788		2,922,058
Berry Global Group, Inc.		19,933		1,307,007
Crown Holdings, Inc.		17,127		1,588,701
Graphic Packaging Holding Co.		49,366		1,194,657

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

Schedule of Investments (continued) July 31, 2023	iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Containers & Packaging (continued)
International Paper Co.		57,337	$	2,067,572
Packaging Corp. of America		14,286		2,190,758
Sealed Air Corp.		23,535		1,073,667
Silgan Holdings, Inc.		13,681		599,912
Sonoco Products Co.		15,748		923,463
Westrock Co.		40,912		1,361,960
				21,506,143
Distributors — 0.5%
Genuine Parts Co.		22,517		3,506,347
LKQ Corp.		43,014		2,356,737
Pool Corp.		6,142		2,363,073
				8,226,157
Diversified Consumer Services — 0.2%
ADT, Inc.		33,811		215,714
Bright Horizons Family Solutions, Inc.(a)(b)		9,357		907,910
Grand Canyon Education, Inc.(a)		4,879		529,615
H&R Block, Inc.		24,727		831,075
Mister Car Wash, Inc.(a)		13,579		134,839
Service Corp. International		24,144		1,609,198
				4,228,351
Diversified REITs — 0.1%
WP Carey, Inc.		33,923		2,290,820
Diversified Telecommunication Services — 0.1%
ESC GCI Liberty, Inc. (c)		15,053		—
Frontier Communications Parent, Inc.(a)		39,683		722,627
Iridium Communications, Inc.		20,130		1,057,832
				1,780,459
Electric Utilities — 2.6%
Alliant Energy Corp.		40,479		2,175,342
Avangrid, Inc.		11,464		425,085
Constellation Energy Corp.		52,728		5,096,161
Edison International		60,943		4,385,458
Entergy Corp.		34,186		3,510,902
Evergy, Inc.		35,891		2,152,383
Eversource Energy		55,645		4,024,803
FirstEnergy Corp.		87,680		3,453,715
Hawaiian Electric Industries, Inc.		17,713		680,002
IDACORP, Inc.		8,150		837,983
NRG Energy, Inc.		37,261		1,415,546
OGE Energy Corp.		32,234		1,165,259
PG&E Corp.(a)		290,992		5,124,369
Pinnacle West Capital Corp.		18,223		1,509,229
PPL Corp.		118,994		3,275,905
Xcel Energy, Inc.		88,312		5,539,812
				44,771,954
Electrical Equipment — 1.4%
Acuity Brands, Inc.		5,201		859,413
AMETEK, Inc.		37,308		5,917,049
ChargePoint Holdings, Inc.(a)(b)		40,775		353,111
Generac Holdings, Inc.(a)		10,068		1,547,452
Hubbell, Inc.		8,644		2,696,928
nVent Electric PLC		26,665		1,410,045
Plug Power, Inc.(a)(b)		84,332		1,106,436
Regal Rexnord Corp.		10,532		1,644,888
Rockwell Automation, Inc.		18,600		6,254,994
Sensata Technologies Holding PLC		24,407		1,031,196

Security	Shares		Value
Electrical Equipment (continued)
Sunrun, Inc.(a)(b)		33,944	$	644,257
Vertiv Holdings Co.		49,553		1,288,873
				24,754,642
Electronic Equipment, Instruments & Components — 2.3%
Amphenol Corp., Class A		94,769		8,369,050
Arrow Electronics, Inc.(a)		9,249		1,318,352
Avnet, Inc.		14,825		719,013
CDW Corp.		21,920		4,100,574
Cognex Corp.		28,048		1,531,982
Coherent Corp.(a)		19,333		915,611
Corning, Inc.		122,848		4,169,461
IPG Photonics Corp.(a)		5,329		700,497
Jabil, Inc.		21,093		2,334,362
Keysight Technologies, Inc.(a)		28,659		4,616,392
Littelfuse, Inc.		3,909		1,190,681
National Instruments Corp.		21,111		1,245,549
TD SYNNEX Corp.		6,709		662,245
Teledyne Technologies, Inc.(a)		7,516		2,890,128
Trimble, Inc.(a)		39,745		2,138,281
Vontier Corp.		25,719		795,489
Zebra Technologies Corp., Class A(a)		8,330		2,565,307
				40,262,974
Energy Equipment & Services — 0.8%
Baker Hughes Co.		163,633		5,856,425
Halliburton Co.		145,075		5,669,531
NOV, Inc.		63,179		1,268,634
TechnipFMC PLC		70,866		1,299,683
				14,094,273
Entertainment — 1.7%
AMC Entertainment Holdings, Inc., Class A(a)(b)		82,273		408,897
Electronic Arts, Inc.		44,252		6,033,760
Liberty Media Corp.-Liberty Formula One, Class A(a)		3,400		218,552
Liberty Media Corp.-Liberty Formula One, Class C(a)		31,314		2,273,396
Live Nation Entertainment, Inc.(a)		25,174		2,209,019
Madison Square Garden Sports Corp.		3,018		642,080
Playtika Holding Corp.(a)		3,804		45,420
ROBLOX Corp., Class A(a)		74,141		2,910,034
Roku, Inc.(a)		19,656		1,892,283
Spotify Technology SA(a)		22,600		3,376,666
Take-Two Interactive Software, Inc.(a)		26,683		4,080,898
Warner Bros Discovery, Inc., Class A(a)		355,878		4,651,325
World Wrestling Entertainment, Inc., Class A		7,002		735,210
				29,477,540
Financial Services — 2.2%
Affirm Holdings, Inc.(a)		36,128		700,522
Apollo Global Management, Inc.		84,271		6,885,783
Block, Inc.(a)		87,575		7,052,415
Equitable Holdings, Inc.		59,500		1,707,055
Euronet Worldwide, Inc.(a)		7,661		673,172
Fidelity National Information Services, Inc.		95,625		5,773,837
FleetCor Technologies, Inc.(a)		11,591		2,885,116
Global Payments, Inc.		42,158		4,647,920
Jack Henry & Associates, Inc.		11,716		1,963,250
MGIC Investment Corp.		47,014		787,014
Rocket Cos., Inc., Class A(a)		19,111		208,883
Shift4 Payments, Inc., Class A(a)		8,164		563,234
TFS Financial Corp.		7,886		114,426
Toast, Inc., Class A(a)		57,193		1,262,250
UWM Holdings Corp.(b)		14,183		93,040

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Financial Services (continued)
Voya Financial, Inc.		15,710	$	1,166,625
Western Union Co.		48,164		586,638
WEX, Inc.(a)		7,024		1,329,994
				38,401,174
Food Products — 1.6%
Bunge Ltd.		24,113		2,620,360
Campbell Soup Co.		31,294		1,433,891
Conagra Brands, Inc.		75,996		2,493,429
Darling Ingredients, Inc.(a)		25,828		1,788,589
Flowers Foods, Inc.		30,403		751,258
Freshpet, Inc.(a)(b)		7,429		546,329
Hormel Foods Corp.		46,409		1,897,200
Ingredion, Inc.		10,586		1,177,798
J M Smucker Co.		16,642		2,507,117
Kellogg Co.		41,163		2,753,393
Lamb Weston Holdings, Inc.		23,267		2,411,159
McCormick & Co., Inc.		40,473		3,621,524
Pilgrim’s Pride Corp.(a)		7,712		191,026
Post Holdings, Inc.(a)		8,707		742,707
Seaboard Corp.		40		144,200
Tyson Foods, Inc., Class A		45,359		2,527,404
				27,607,384
Gas Utilities — 0.3%
Atmos Energy Corp.		22,943		2,792,393
National Fuel Gas Co.		14,221		755,277
UGI Corp.		33,794		912,100
				4,459,770
Ground Transportation — 1.1%
Avis Budget Group, Inc.(a)		3,299		726,737
Hertz Global Holdings, Inc.(a)		21,705		365,729
JB Hunt Transport Services, Inc.		13,305		2,713,422
Knight-Swift Transportation Holdings, Inc.		25,182		1,529,807
Landstar System, Inc.		5,765		1,173,696
Lyft, Inc., Class A(a)(b)		52,387		665,839
Old Dominion Freight Line, Inc.		15,933		6,683,734
Ryder System, Inc.		7,914		808,415
Saia, Inc.(a)		4,287		1,814,001
Schneider National, Inc., Class B		8,698		267,985
U-Haul Holding Co.		14,643		843,037
XPO, Inc.(a)		18,388		1,273,185
				18,865,587
Health Care Equipment & Supplies — 3.5%
Align Technology, Inc.(a)		12,330		4,659,384
Baxter International, Inc.		81,646		3,692,849
Cooper Cos., Inc.		7,843		3,068,652
DENTSPLY SIRONA, Inc.		34,504		1,432,606
Dexcom, Inc.(a)(b)		62,362		7,767,811
Enovis Corp.(a)		8,059		514,970
Envista Holdings Corp.(a)		26,307		905,224
Globus Medical, Inc., Class A(a)		12,442		749,879
Hologic, Inc.(a)		39,363		3,126,210
ICU Medical, Inc.(a)(b)		3,283		584,965
IDEXX Laboratories, Inc.(a)		13,306		7,381,237
Inspire Medical Systems, Inc.(a)		4,641		1,335,726
Insulet Corp.(a)(b)		11,114		3,075,800
Integra LifeSciences Holdings Corp.(a)		11,797		536,410
Masimo Corp.(a)(b)		7,658		936,573
Novocure Ltd.(a)		16,689		544,729
Penumbra, Inc.(a)		5,756		1,746,140
QuidelOrtho Corp.(a)		7,931		692,852

Security	Shares		Value
Health Care Equipment & Supplies (continued)
ResMed, Inc.		23,400	$	5,202,990
Shockwave Medical, Inc.(a)		5,854		1,525,552
STERIS PLC		16,111		3,633,836
Tandem Diabetes Care, Inc.(a)		10,424		364,006
Teleflex, Inc.		7,602		1,909,394
Zimmer Biomet Holdings, Inc.		33,994		4,696,271
				60,084,066
Health Care Providers & Services — 1.6%
Acadia Healthcare Co., Inc.(a)		14,387		1,137,005
agilon health, Inc.(a)		42,162		807,402
Amedisys, Inc.(a)		5,090		462,376
AmerisourceBergen Corp.		26,324		4,919,956
Cardinal Health, Inc.		41,722		3,816,311
Chemed Corp.		2,358		1,228,730
DaVita, Inc.(a)		9,041		922,092
Encompass Health Corp.		15,839		1,045,849
Henry Schein, Inc.(a)(b)		21,042		1,657,899
Laboratory Corp. of America Holdings		14,297		3,058,557
Molina Healthcare, Inc.(a)		9,247		2,815,619
Premier, Inc., Class A		19,211		533,105
Quest Diagnostics, Inc.		18,072		2,443,515
R1 RCM, Inc.(a)(b)		24,678		426,436
Tenet Healthcare Corp.(a)		17,175		1,283,488
Universal Health Services, Inc., Class B		10,015		1,391,684
				27,950,024
Health Care REITs — 0.9%
Healthcare Realty Trust, Inc.		61,202		1,195,275
Healthpeak Properties, Inc.		88,220		1,925,843
Medical Properties Trust, Inc.		96,386		972,535
Omega Healthcare Investors, Inc.		37,972		1,211,307
Ventas, Inc.		64,801		3,144,144
Welltower, Inc.		80,269		6,594,098
				15,043,202
Health Care Technology — 0.4%
Certara, Inc.(a)(b)		19,040		370,709
Doximity, Inc., Class A(a)(b)		18,265		652,609
Teladoc Health, Inc.(a)		26,164		778,902
Veeva Systems, Inc., Class A(b)		23,391		4,776,910
				6,579,130
Hotel & Resort REITs — 0.2%
Host Hotels & Resorts, Inc.		114,526		2,107,279
Park Hotels & Resorts, Inc.		36,053		491,402
				2,598,681
Hotels, Restaurants & Leisure — 3.3%
Aramark		38,045		1,535,877
Boyd Gaming Corp.		12,396		846,895
Caesars Entertainment, Inc.(a)		33,118		1,954,624
Carnival Corp.(a)		157,485		2,967,018
Choice Hotels International, Inc.		5,255		687,091
Churchill Downs, Inc.		11,516		1,334,129
Darden Restaurants, Inc.		19,764		3,338,535
Domino’s Pizza, Inc.		5,695		2,259,434
DoorDash, Inc., Class A(a)		48,726		4,423,834
DraftKings, Inc., Class A(a)		67,503		2,145,245
Expedia Group, Inc.(a)		23,191		2,841,593
Hilton Worldwide Holdings, Inc.		41,527		6,457,033
Hyatt Hotels Corp., Class A(b)		7,678		970,115
Marriott Vacations Worldwide Corp.		6,071		780,184
MGM Resorts International		48,427		2,458,639
Norwegian Cruise Line Holdings Ltd.(a)(b)		67,732		1,494,845

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Penn Entertainment, Inc.(a)(b)		25,119	$	660,379
Planet Fitness, Inc., Class A(a)		13,484		910,709
Royal Caribbean Cruises Ltd.(a)		37,798		4,124,140
Texas Roadhouse, Inc.		10,792		1,203,848
Travel & Leisure Co.		12,695		517,067
Vail Resorts, Inc.		6,493		1,529,037
Wendy’s Co.		27,831		598,088
Wingstop, Inc.		4,835		815,084
Wyndham Hotels & Resorts, Inc.		14,049		1,094,698
Wynn Resorts Ltd.		16,887		1,840,345
Yum! Brands, Inc.		45,289		6,234,937
				56,023,423
Household Durables — 1.6%
D.R. Horton, Inc.		50,262		6,384,279
Garmin Ltd.		24,889		2,635,496
Leggett & Platt, Inc.		21,672		634,123
Lennar Corp., B Shares		2,508		288,194
Lennar Corp., Class A		40,349		5,117,464
Mohawk Industries, Inc.(a)		8,536		907,718
Newell Brands, Inc.		61,359		684,766
NVR, Inc.(a)		475		2,995,559
PulteGroup, Inc.		36,591		3,087,914
Tempur Sealy International, Inc.		26,750		1,193,853
Toll Brothers, Inc.		17,845		1,433,489
TopBuild Corp.(a)		5,158		1,412,931
Whirlpool Corp.		8,610		1,242,079
				28,017,865
Household Products — 0.4%
Church & Dwight Co., Inc.		39,369		3,766,432
Clorox Co.		19,895		3,013,695
Reynolds Consumer Products, Inc.		8,665		239,847
Spectrum Brands Holdings, Inc.		6,343		497,355
				7,517,329
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp.		107,710		2,329,767
Brookfield Renewable Corp., Class A		20,800		648,336
Clearway Energy, Inc., Class A		5,595		138,029
Clearway Energy, Inc., Class C		13,222		349,193
Vistra Corp.		60,608		1,700,660
				5,165,985
Industrial REITs — 0.4%
Americold Realty Trust, Inc.		43,386		1,406,574
EastGroup Properties, Inc.		6,642		1,176,830
First Industrial Realty Trust, Inc.		21,267		1,099,504
Rexford Industrial Realty, Inc.		31,561		1,738,695
STAG Industrial, Inc.		28,986		1,052,192
				6,473,795
Insurance — 4.4%
Aflac, Inc.		97,225		7,033,257
Allstate Corp.		42,681		4,809,295
American Financial Group, Inc.		11,745		1,428,309
Arch Capital Group Ltd.(a)		57,402		4,459,561
Arthur J Gallagher & Co.		34,204		7,347,019
Assurant, Inc.		8,470		1,139,300
Assured Guaranty Ltd.		9,169		548,123
Axis Capital Holdings Ltd.		12,668		698,260
Brighthouse Financial, Inc.(a)		10,923		569,416
Brown & Brown, Inc.		38,408		2,705,844
Cincinnati Financial Corp.		24,750		2,662,605

Security	Shares		Value
Insurance (continued)
CNA Financial Corp.		4,427	$	173,361
Everest Group Ltd.		6,855		2,471,296
Fidelity National Financial, Inc.		41,930		1,642,398
First American Financial Corp.		16,314		1,033,981
Globe Life, Inc.		14,514		1,628,035
Hanover Insurance Group, Inc.		5,753		652,850
Hartford Financial Services Group, Inc.		49,184		3,535,346
Kemper Corp.		10,379		529,018
Kinsale Capital Group, Inc.		3,523		1,312,776
Lincoln National Corp.		27,746		777,998
Loews Corp.		30,564		1,914,835
Markel Group, Inc.(a)		2,139		3,100,930
Old Republic International Corp.		45,067		1,242,497
Primerica, Inc.		5,926		1,260,460
Principal Financial Group, Inc.		39,318		3,140,329
Prudential Financial, Inc.		59,463		5,737,585
Reinsurance Group of America, Inc.		10,786		1,513,815
RenaissanceRe Holdings Ltd.		7,950		1,484,742
RLI Corp.		6,492		866,098
Ryan Specialty Holdings, Inc.(a)		14,758		639,612
Unum Group		32,266		1,568,450
W.R. Berkley Corp.		33,266		2,052,180
White Mountains Insurance Group Ltd.(b)		409		632,731
Willis Towers Watson PLC		17,380		3,672,915
				75,985,227
Interactive Media & Services(a) — 0.4%
IAC, Inc.(b)		12,503		870,209
Match Group, Inc.		44,994		2,092,671
Pinterest, Inc., Class A		95,891		2,779,880
TripAdvisor, Inc.		16,518		308,060
ZoomInfo Technologies, Inc., CLass A		50,361		1,287,731
				7,338,551
IT Services — 2.0%
Akamai Technologies, Inc.(a)		25,007		2,363,162
Amdocs Ltd.		19,230		1,800,697
Cloudflare, Inc., Class A(a)		45,658		3,139,901
Cognizant Technology Solutions Corp., Class A		82,056		5,418,158
DXC Technology Co.(a)		37,234		1,029,520
EPAM Systems, Inc.(a)		8,861		2,098,373
Gartner, Inc.(a)		12,392		4,381,687
Globant SA(a)		6,582		1,150,073
GoDaddy, Inc., Class A(a)		25,261		1,947,370
Kyndryl Holdings, Inc.(a)		32,978		450,479
MongoDB, Inc.(a)		10,706		4,532,920
Okta, Inc.(a)		24,632		1,893,216
Twilio, Inc., Class A(a)(b)		28,120		1,856,764
VeriSign, Inc.(a)		14,617		3,083,456
				35,145,776
Leisure Products — 0.3%
Brunswick Corp.		11,697		1,009,568
Hasbro, Inc.		21,212		1,369,447
Mattel, Inc.(a)		56,829		1,210,458
Peloton Interactive, Inc., Class A(a)(b)		49,669		482,286
Polaris, Inc.		8,905		1,209,655
YETI Holdings, Inc.(a)		13,729		584,855
				5,866,269
Life Sciences Tools & Services — 3.0%
10X Genomics, Inc., Class A(a)		14,943		941,110
Agilent Technologies, Inc.		47,898		5,832,540
Avantor, Inc.(a)		108,950		2,241,102

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
Azenta, Inc.(a)		11,789	$	553,847
Bio-Rad Laboratories, Inc., Class A(a)		3,451		1,398,897
Bio-Techne Corp.		25,116		2,094,674
Bruker Corp.		17,267		1,186,588
Charles River Laboratories International, Inc.(a)		8,139		1,705,446
Fortrea Holdings, Inc.(a)		14,297		456,932
ICON PLC(a)		13,161		3,308,807
Illumina, Inc.(a)		25,537		4,906,935
IQVIA Holdings, Inc.(a)(b)		29,779		6,663,349
Maravai LifeSciences Holdings, Inc., Class A(a)		18,001		203,591
Medpace Holdings, Inc.(a)		3,761		952,172
Mettler-Toledo International, Inc.(a)		3,518		4,423,780
QIAGEN NV(a)		36,770		1,721,571
Repligen Corp.(a)		8,927		1,531,516
Revvity, Inc.		20,363		2,503,631
Sotera Health Co.(a)		15,853		300,890
Syneos Health, Inc.(a)		16,701		708,290
Waters Corp.(a)		9,536		2,633,939
West Pharmaceutical Services, Inc.		11,955		4,399,918
				50,669,525
Machinery — 4.6%
AGCO Corp.		10,019		1,333,529
Allison Transmission Holdings, Inc.		15,013		881,113
CNH Industrial NV		157,817		2,266,252
Crane Co.		7,691		720,570
Crane NXT Co.		7,488		442,915
Cummins, Inc.		22,829		5,953,803
Donaldson Co., Inc.		19,635		1,233,667
Dover Corp.		22,615		3,301,112
Esab Corp.		9,062		622,559
Flowserve Corp.		21,201		800,550
Fortive Corp.		57,403		4,497,525
Gates Industrial Corp. PLC(a)		19,456		264,991
Graco, Inc.		27,093		2,149,288
IDEX Corp.		12,264		2,769,334
Ingersoll Rand, Inc.		65,839		4,297,311
ITT, Inc.		13,478		1,342,409
Lincoln Electric Holdings, Inc.		9,043		1,815,021
Middleby Corp.(a)		8,631		1,310,617
Nordson Corp.		9,233		2,323,115
Oshkosh Corp.		10,651		980,638
Otis Worldwide Corp.		66,775		6,073,854
PACCAR, Inc.		82,849		7,135,784
Parker-Hannifin Corp.		20,712		8,492,127
Pentair PLC		26,560		1,845,920
RBC Bearings, Inc.(a)		4,563		1,031,466
Snap-on, Inc.		8,488		2,312,471
Stanley Black & Decker, Inc.		23,839		2,366,498
Timken Co.		9,938		922,843
Toro Co.		16,845		1,712,294
Westinghouse Air Brake Technologies Corp.		29,225		3,461,409
Xylem, Inc.		38,122		4,298,255
				78,959,240
Marine Transportation — 0.0%
Kirby Corp.(a)		9,726		792,475
Media — 1.4%
Cable One, Inc.		941		681,227
DISH Network Corp., Class A(a)(b)		39,886		316,296
Fox Corp., Class A		47,309		1,582,486
Fox Corp., Class B		22,673		712,159

Security	Shares		Value
Media (continued)
Interpublic Group of Cos., Inc.		62,642	$	2,144,236
Liberty Broadband Corp., Class A(a)		2,963		263,203
Liberty Broadband Corp., Class C(a)		19,247		1,715,485
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		11,947		378,720
Liberty Media Corp.-Liberty SiriusXM, Class C(a)		25,189		801,766
New York Times Co., Class A		26,242		1,069,624
News Corp., Class A		61,358		1,216,116
News Corp., Class B		19,502		392,185
Nexstar Media Group, Inc., Class A		5,858		1,093,806
Omnicom Group, Inc.		32,395		2,741,265
Paramount Global, Class A(b)		1,521		29,294
Paramount Global, Class B(b)		93,103		1,492,441
Sirius XM Holdings, Inc.(b)		114,638		584,654
Trade Desk, Inc., Class A(a)		71,063		6,485,209
				23,700,172
Metals & Mining — 1.1%
Alcoa Corp.		28,537		1,032,754
Cleveland-Cliffs, Inc.(a)		82,488		1,455,913
MP Materials Corp.(a)		14,443		344,466
Nucor Corp.		40,665		6,998,040
Reliance Steel & Aluminum Co.		9,427		2,760,791
Royal Gold, Inc.		10,578		1,270,841
SSR Mining, Inc.		32,792		477,451
Steel Dynamics, Inc.		25,941		2,764,792
U.S. Steel Corp.		36,952		942,276
				18,047,324
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
AGNC Investment Corp.		92,359		941,138
Annaly Capital Management, Inc.		79,706		1,601,294
Rithm Capital Corp.		70,724		712,898
Starwood Property Trust, Inc.		47,341		981,852
				4,237,182
Multi-Utilities — 1.8%
Ameren Corp.		41,557		3,560,188
CenterPoint Energy, Inc.		102,278		3,077,545
CMS Energy Corp.		46,745		2,854,717
Consolidated Edison, Inc.		56,049		5,316,808
DTE Energy Co.		33,275		3,803,333
NiSource, Inc.		65,769		1,831,009
Public Service Enterprise Group, Inc.		80,658		5,091,133
WEC Energy Group, Inc.		51,137		4,595,171
				30,129,904
Office REITs — 0.4%
Alexandria Real Estate Equities, Inc.		27,737		3,485,986
Boston Properties, Inc.		25,300		1,685,739
Cousins Properties, Inc.		24,765		605,009
Highwoods Properties, Inc.		16,462		415,995
Kilroy Realty Corp.		18,992		678,014
Vornado Realty Trust		28,087		631,396
				7,502,139
Oil, Gas & Consumable Fuels — 4.0%
Antero Midstream Corp.		54,977		656,425
Antero Resources Corp.(a)		45,786		1,224,776
APA Corp.		51,718		2,094,062
Cheniere Energy, Inc.		39,169		6,339,894
Chesapeake Energy Corp.		19,549		1,648,763
Coterra Energy, Inc.		122,277		3,367,509
Devon Energy Corp.		103,528		5,590,512
Diamondback Energy, Inc.		29,026		4,276,110
DT Midstream, Inc.(a)		15,740		842,405

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
EQT Corp.		59,603	$	2,514,055
Hess Corp.		44,891		6,811,311
HF Sinclair Corp.		21,805		1,135,822
Marathon Oil Corp.		102,205		2,684,925
New Fortress Energy, Inc.		8,810		251,526
ONEOK, Inc.		72,039		4,829,495
Ovintiv, Inc.		39,627		1,826,408
PDC Energy, Inc.		14,208		1,078,245
Phillips 66		74,444		8,304,228
Range Resources Corp.		38,057		1,196,132
Southwestern Energy Co.(a)		178,085		1,153,991
Targa Resources Corp.		36,477		2,990,749
Texas Pacific Land Corp.		924		1,391,821
Williams Cos., Inc.		197,200		6,793,540
				69,002,704
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		10,372		789,620
Passenger Airlines — 0.8%
Alaska Air Group, Inc.(a)		20,048		974,934
American Airlines Group, Inc.(a)		104,261		1,746,372
Delta Air Lines, Inc.		103,772		4,800,493
Southwest Airlines Co.		96,133		3,283,903
United Airlines Holdings, Inc.(a)		52,658		2,859,856
				13,665,558
Personal Care Products(a) — 0.0%
Coty, Inc., Class A		57,197		688,652
Olaplex Holdings, Inc.(b)		20,106		72,382
				761,034
Pharmaceuticals — 0.5%
Catalent, Inc.(a)		28,887		1,401,597
Elanco Animal Health, Inc.(a)(b)		72,573		875,956
Jazz Pharmaceuticals PLC(a)		9,938		1,296,114
Organon & Co.		41,100		903,378
Perrigo Co. PLC		21,799		798,715
Royalty Pharma PLC, Class A		60,044		1,884,181
Viatris, Inc.		195,622		2,059,900
				9,219,841
Professional Services — 3.0%
Booz Allen Hamilton Holding Corp., Class A		21,192		2,565,927
Broadridge Financial Solutions, Inc.		18,838		3,163,277
CACI International, Inc., Class A(a)(b)		3,739		1,310,295
Ceridian HCM Holding, Inc.(a)		23,813		1,686,199
Clarivate PLC(a)(b)		77,088		733,107
Concentrix Corp.		6,906		574,855
CoStar Group, Inc.(a)(b)		65,313		5,484,333
Dun & Bradstreet Holdings, Inc.		40,022		473,060
Equifax, Inc.		19,624		4,004,866
FTI Consulting, Inc.(a)		5,441		953,046
Genpact Ltd.		28,739		1,037,190
Jacobs Solutions, Inc.		20,349		2,551,968
KBR, Inc.		21,997		1,352,596
Leidos Holdings, Inc.		21,990		2,056,725
ManpowerGroup, Inc.		8,196		646,500
Paychex, Inc.		52,228		6,553,047
Paycom Software, Inc.		8,265		3,047,801
Paycor HCM, Inc.(a)		9,717		260,999
Paylocity Holding Corp.(a)		6,508		1,476,340
Robert Half, Inc.		17,020		1,262,033
Science Applications International Corp.		8,893		1,079,077
SS&C Technologies Holdings, Inc.		35,618		2,074,748

Security	Shares		Value
Professional Services (continued)
TransUnion		31,068	$	2,475,809
Verisk Analytics, Inc.		23,047		5,276,380
				52,100,178
Real Estate Management & Development — 0.5%
CBRE Group, Inc., Class A(a)		50,035		4,168,416
Howard Hughes Corp.(a)		5,925		500,248
Jones Lang LaSalle, Inc.(a)		7,713		1,284,600
Zillow Group, Inc., Class A(a)		9,310		495,478
Zillow Group, Inc., Class C		25,480		1,379,997
				7,828,739
Residential REITs — 1.7%
American Homes 4 Rent, Class A		53,763		2,015,037
Apartment Income REIT Corp.		23,831		823,123
AvalonBay Communities, Inc.		22,638		4,270,659
Camden Property Trust		16,788		1,831,403
Equity LifeStyle Properties, Inc.		28,670		2,040,730
Equity Residential		60,039		3,958,972
Essex Property Trust, Inc.		10,416		2,536,817
Invitation Homes, Inc.		98,526		3,497,673
Mid-America Apartment Communities, Inc.		18,535		2,773,948
Sun Communities, Inc.		19,640		2,559,092
UDR, Inc.		52,922		2,163,451
				28,470,905
Retail REITs — 1.3%
Agree Realty Corp.		14,366		930,629
Brixmor Property Group, Inc.		48,221		1,096,546
Federal Realty Investment Trust		12,956		1,315,293
Kimco Realty Corp.		97,503		1,975,411
NNN REIT, Inc.		29,293		1,250,225
Realty Income Corp.		106,776		6,510,133
Regency Centers Corp.		27,797		1,821,537
Simon Property Group, Inc.		52,820		6,581,372
Spirit Realty Capital, Inc.		22,549		909,401
				22,390,547
Semiconductors & Semiconductor Equipment — 3.1%
Allegro MicroSystems, Inc.(a)(b)		10,802		557,491
Cirrus Logic, Inc.(a)		8,872		716,858
Enphase Energy, Inc.(a)		21,218		3,221,529
Entegris, Inc.		23,958		2,628,432
First Solar, Inc.(a)		17,149		3,556,703
GLOBALFOUNDRIES, Inc.(a)(b)		12,662		806,443
Lattice Semiconductor Corp.(a)		21,905		1,992,041
Marvell Technology, Inc.		138,050		8,991,196
Microchip Technology, Inc.		86,152		8,093,119
MKS Instruments, Inc.		10,714		1,169,647
Monolithic Power Systems, Inc.		7,401		4,140,785
ON Semiconductor Corp.(a)		70,232		7,567,498
Qorvo, Inc.(a)		16,098		1,771,102
Skyworks Solutions, Inc.		25,753		2,945,371
Teradyne, Inc.		25,283		2,855,462
Universal Display Corp.		7,017		1,023,640
Wolfspeed, Inc.(a)		19,877		1,309,894
				53,347,211
Software — 4.4%
Alteryx, Inc., Class A(a)		9,736		403,655
ANSYS, Inc.(a)		14,091		4,820,531
AppLovin Corp., Class A(a)(b)		35,465		1,113,601
Aspen Technology, Inc.(a)		4,358		777,903
Bentley Systems, Inc., Class B(b)		31,023		1,671,519
Bills Holdings, Inc.(a)		15,963		2,000,803

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Black Knight, Inc.(a)		24,947	$	1,754,273
CCC Intelligent Solutions Holdings, Inc.(a)		27,356		301,463
Confluent, Inc., Class A(a)(b)		29,876		1,031,917
Crowdstrike Holdings, Inc., Class A(a)		34,002		5,496,763
Datadog, Inc., Class A(a)		44,106		5,148,052
DocuSign, Inc.(a)		31,892		1,716,428
Dolby Laboratories, Inc., Class A		9,714		860,758
DoubleVerify Holdings, Inc.(a)		18,150		764,115
Dropbox, Inc., Class A(a)		43,436		1,170,600
Dynatrace, Inc.(a)		34,973		1,912,673
Elastic NV(a)		12,534		832,884
Fair Isaac Corp.(a)		3,920		3,284,843
Five9, Inc.(a)		11,359		996,752
Gen Digital, Inc.		89,052		1,732,061
Gitlab, Inc., Class A(a)		7,889		391,531
Guidewire Software, Inc.(a)		13,245		1,123,441
HashiCorp, Inc., Class A(a)		14,988		443,795
HubSpot, Inc.(a)		7,475		4,339,611
Informatica, Inc., Class A(a)		6,035		114,906
Manhattan Associates, Inc.(a)		10,015		1,909,059
nCino, Inc.(a)		11,350		367,173
NCR Corp.(a)		20,560		552,653
New Relic, Inc.(a)(b)		8,605		722,648
Nutanix, Inc., Class A(a)		37,167		1,122,443
Palantir Technologies, Inc., Class A(a)		298,076		5,913,828
Pegasystems, Inc.		6,517		343,772
Procore Technologies, Inc.(a)		11,598		879,708
PTC, Inc.(a)		17,190		2,506,474
RingCentral, Inc., Class A(a)		13,990		578,626
SentinelOne, Inc., Class A(a)(b)		31,071		517,954
Smartsheet, Inc., Class A(a)		20,576		913,574
Splunk, Inc.(a)(b)		26,269		2,845,721
Teradata Corp.(a)		16,610		944,279
Tyler Technologies, Inc.(a)		6,643		2,634,813
UiPath, Inc., Class A(a)(b)		60,941		1,101,813
Unity Software, Inc.(a)(b)		46,403		2,127,114
Zoom Video Communications, Inc., Class A(a)		40,211		2,949,477
Zscaler, Inc.(a)		13,624		2,185,017
				75,321,024
Specialized REITs — 1.9%
CubeSmart		36,248		1,571,713
Digital Realty Trust, Inc.		46,958		5,851,906
EPR Properties		12,128		541,394
Extra Space Storage, Inc.		33,545		4,681,876
Gaming and Leisure Properties, Inc.		39,414		1,870,588
Iron Mountain, Inc.		46,601		2,861,301
Lamar Advertising Co., Class A		13,957		1,377,556
National Storage Affiliates Trust		13,514		456,638
Rayonier, Inc.		23,661		783,652
SBA Communications Corp.		17,219		3,770,100
VICI Properties, Inc.		162,374		5,111,534
Weyerhaeuser Co.		118,813		4,046,771
				32,925,029
Specialty Retail — 2.2%
Advance Auto Parts, Inc.		9,567		711,689
AutoNation, Inc.(a)		4,917		791,539
Bath & Body Works, Inc.		36,933		1,368,737
Best Buy Co., Inc.		32,004		2,657,932
Burlington Stores, Inc.(a)		10,482		1,861,813

Security	Shares		Value
Specialty Retail (continued)
CarMax, Inc.(a)(b)		25,487	$	2,105,481
Dick’s Sporting Goods, Inc.		9,703		1,368,123
Five Below, Inc.(a)		8,810		1,835,475
Floor & Decor Holdings, Inc., Class A(a)(b)		16,661		1,913,516
GameStop Corp., Class A(a)(b)		43,426		964,057
Gap, Inc.		30,743		316,653
Lithia Motors, Inc.		4,389		1,362,916
Murphy USA, Inc.		3,190		979,426
Penske Automotive Group, Inc.(b)		3,241		523,162
Petco Health & Wellness Co., Inc.(a)		13,018		106,227
RH(a)		2,626		1,019,334
Ross Stores, Inc.		54,247		6,218,876
Tractor Supply Co.		17,903		4,010,093
Ulta Beauty, Inc.(a)		8,137		3,619,338
Valvoline, Inc.		28,147		1,068,742
Victoria’s Secret & Co.(a)		12,913		264,587
Wayfair, Inc., Class A(a)(b)		12,908		1,005,146
Williams-Sonoma, Inc.		10,695		1,482,755
				37,555,617
Technology Hardware, Storage & Peripherals — 0.9%
Hewlett Packard Enterprise Co.		207,532		3,606,906
HP, Inc.		139,560		4,581,755
NetApp, Inc.		35,082		2,736,747
Pure Storage, Inc., Class A(a)		46,121		1,706,016
Western Digital Corp.(a)		51,419		2,188,392
				14,819,816
Textiles, Apparel & Luxury Goods — 0.7%
Capri Holdings Ltd.(a)(b)		19,990		737,831
Carter’s, Inc.		5,938		445,409
Columbia Sportswear Co.		5,709		448,785
Crocs, Inc.(a)		9,821		1,064,105
Deckers Outdoor Corp.(a)		4,251		2,311,226
PVH Corp.		10,327		925,712
Ralph Lauren Corp.		6,585		864,808
Skechers USA, Inc., Class A(a)		21,624		1,201,862
Tapestry, Inc.		38,547		1,663,303
Under Armour, Inc., Class A(a)		30,230		243,654
Under Armour, Inc., Class C(a)		32,337		239,941
VF Corp.		56,436		1,117,997
				11,264,633
Trading Companies & Distributors — 1.7%
Air Lease Corp.		16,930		716,816
Core & Main, Inc., Class A(a)(b)		11,615		367,150
Fastenal Co.		92,228		5,405,483
Ferguson PLC		33,327		5,386,310
MSC Industrial Direct Co., Inc., Class A		7,537		760,634
SiteOne Landscape Supply, Inc.(a)		7,198		1,223,660
United Rentals, Inc.		11,081		5,149,119
Univar Solutions, Inc.(a)		26,034		940,869
W.W.Grainger, Inc.		7,210		5,324,513
Watsco, Inc.		5,341		2,019,913
WESCO International, Inc.		7,205		1,264,982
				28,559,449

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Water Utilities — 0.4%
American Water Works Co., Inc.		31,262	$	4,608,957
Essential Utilities, Inc.		37,355		1,579,743
				6,188,700
Total Common Stocks — 98.2% (Cost: $1,171,002,039)				1,687,034,996
Investment Companies
Equity Funds — 1.2%
iShares Russell Mid-Cap ETF(d)		280,208		21,270,589
Total Investment Companies — 1.2% (Cost: $19,915,875)				21,270,589
Total Long-Term Investments — 99.4% (Cost: $1,190,917,914)				1,708,305,585
Short-Term Securities
Money Market Funds — 3.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(d)(e)(f)		43,569,765		43,582,836
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(d)(e)		11,395,519		11,395,519
Total Short-Term Securities — 3.2% (Cost: $54,978,046)				54,978,355
Total Investments — 102.6% (Cost: $1,245,895,960)				1,763,283,940
Liabilities in Excess of Other Assets — (2.6)%				(44,333,995	)
Net Assets — 100.0%			$1,718,949,945

^(a)  Non-income producing security.

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

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 07/31/23		Shares Held at 07/31/23		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares	$	74,908,758	$	—		$	(31,347,925	)(a)	$	22,195	$	(192	)	$	43,582,836		43,569,765	$	832,687	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		9,934,737		1,460,782	(a)		—			—		—			11,395,519		11,395,519		342,618			—
	iShares Russell Mid-Cap ETF		17,487,894		145,841,853			(143,267,462	)		992,482		215,822			21,270,589		280,208		250,303			—
										$	1,014,677	$	215,630		$	76,248,944			$	1,425,608		$	—

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

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

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Mid-Cap Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		15		09/15/23	$	3,461	$	168,884
S&P Mid 400 E-Mini Index		30		09/15/23		8,230		588,701
							$	757,585

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	757,585	$	—	$	—	$	—	$	757,585

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	1,248,937	$	—	$	—	$	—	$	1,248,937
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	68,306	$	—	$	—	$	—	$	68,306

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	11,091,075

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	24,879,584	$	—	$	—	$	24,879,584
Air Freight & Logistics		6,310,548		—		—		6,310,548
Automobile Components		10,054,283		—		—		10,054,283
Automobiles		5,048,838		—		—		5,048,838

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Mid-Cap Index Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Banks	$	40,603,134	$	—	$	—	$	40,603,134
Beverages		6,420,792		—		—		6,420,792
Biotechnology		35,646,939		—		—		35,646,939
Broadline Retail		11,525,205		—		—		11,525,205
Building Products		35,190,468		—		—		35,190,468
Capital Markets		75,393,355		—		—		75,393,355
Chemicals		49,727,161		—		—		49,727,161
Commercial Services & Supplies		26,216,488		—		—		26,216,488
Communications Equipment		5,020,602		—		—		5,020,602
Construction & Engineering		12,422,489		—		—		12,422,489
Construction Materials		10,285,736		—		—		10,285,736
Consumer Finance		11,819,405		—		—		11,819,405
Consumer Staples Distribution & Retail		21,704,852		—		—		21,704,852
Containers & Packaging		21,489,604		16,539		—		21,506,143
Distributors		8,226,157		—		—		8,226,157
Diversified Consumer Services		4,228,351		—		—		4,228,351
Diversified REITs		2,290,820		—		—		2,290,820
Diversified Telecommunication Services		1,780,459		—		—		1,780,459
Electric Utilities		44,771,954		—		—		44,771,954
Electrical Equipment		24,754,642		—		—		24,754,642
Electronic Equipment, Instruments & Components		40,262,974		—		—		40,262,974
Energy Equipment & Services		14,094,273		—		—		14,094,273
Entertainment		29,477,540		—		—		29,477,540
Financial Services		38,401,174		—		—		38,401,174
Food Products		27,607,384		—		—		27,607,384
Gas Utilities		4,459,770		—		—		4,459,770
Ground Transportation		18,865,587		—		—		18,865,587
Health Care Equipment & Supplies		60,084,066		—		—		60,084,066
Health Care Providers & Services		27,950,024		—		—		27,950,024
Health Care REITs		15,043,202		—		—		15,043,202
Health Care Technology		6,579,130		—		—		6,579,130
Hotel & Resort REITs		2,598,681		—		—		2,598,681
Hotels, Restaurants & Leisure		56,023,423		—		—		56,023,423
Household Durables		28,017,865		—		—		28,017,865
Household Products		7,517,329		—		—		7,517,329
Independent Power and Renewable Electricity Producers		5,165,985		—		—		5,165,985
Industrial REITs		6,473,795		—		—		6,473,795
Insurance		75,985,227		—		—		75,985,227
Interactive Media & Services		7,338,551		—		—		7,338,551
IT Services		35,145,776		—		—		35,145,776
Leisure Products		5,866,269		—		—		5,866,269
Life Sciences Tools & Services		50,669,525		—		—		50,669,525
Machinery		78,959,240		—		—		78,959,240
Marine Transportation		792,475		—		—		792,475
Media		23,700,172		—		—		23,700,172
Metals & Mining		18,047,324		—		—		18,047,324
Mortgage Real Estate Investment Trusts (REITs)		4,237,182		—		—		4,237,182
Multi-Utilities		30,129,904		—		—		30,129,904
Office REITs		7,502,139		—		—		7,502,139
Oil, Gas & Consumable Fuels		69,002,704		—		—		69,002,704
Paper & Forest Products		789,620		—		—		789,620
Passenger Airlines		13,665,558		—		—		13,665,558
Personal Care Products		761,034		—		—		761,034
Pharmaceuticals		9,219,841		—		—		9,219,841
Professional Services		52,100,178		—		—		52,100,178
Real Estate Management & Development		7,828,739		—		—		7,828,739
Residential REITs		28,470,905		—		—		28,470,905
Retail REITs		22,390,547		—		—		22,390,547
Semiconductors & Semiconductor Equipment		53,347,211		—		—		53,347,211
Software		75,321,024		—		—		75,321,024
Specialized REITs		32,925,029		—		—		32,925,029
Specialty Retail		37,555,617		—		—		37,555,617
Technology Hardware, Storage & Peripherals		14,819,816		—		—		14,819,816

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Mid-Cap Index Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Textiles, Apparel & Luxury Goods	$	11,264,633	$	—	$	—	$	11,264,633
Trading Companies & Distributors		28,559,449		—		—		28,559,449
Water Utilities		6,188,700		—		—		6,188,700
Investment Companies		21,270,589		—		—		21,270,589
Short-Term Securities
Money Market Funds		54,978,355		—		—		54,978,355
	$	1,763,267,401	$	16,539	$	—	$	1,763,283,940
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	757,585	$	—	$	—	$	757,585

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

See notes to financial statements.

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

Schedule of Investments July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
AAR Corp.(a)		3,412	$	204,038
AeroVironment, Inc.(a)		2,322		221,194
AerSale Corp.(a)		2,489		37,360
Archer Aviation, Inc., Class A(a)		15,930		107,209
Astronics Corp.(a)		2,147		45,044
Axon Enterprise, Inc.(a)		6,284		1,168,384
BWX Technologies, Inc.		8,158		562,902
Cadre Holdings, Inc.		1,840		42,817
Curtiss-Wright Corp.		3,433		656,939
Ducommun, Inc.(a)		1,058		53,048
Eve Holding, Inc.(b)		1,499		13,716
Hexcel Corp.		7,642		540,137
Huntington Ingalls Industries, Inc.		3,597		826,123
Kaman Corp.		2,423		55,462
Kratos Defense & Security Solutions, Inc.(a)		11,841		178,681
Leonardo DRS, Inc.(a)		4,274		71,333
Mercury Systems, Inc.(a)		4,366		165,821
Moog, Inc., Class A		2,517		265,392
National Presto Industries, Inc.		538		42,131
Park Aerospace Corp.		1,544		22,434
Parsons Corp.(a)		3,576		176,726
Redwire Corp.(a)(b)		1,269		4,619
Rocket Lab USA, Inc.(a)		24,516		180,683
Spirit AeroSystems Holdings, Inc., Class A		9,694		308,463
Terran Orbital Corp.(a)(b)		3,193		4,789
Textron, Inc.		18,489		1,437,889
Triumph Group, Inc.(a)		5,890		74,508
V2X, Inc.(a)		1,049		53,982
Virgin Galactic Holdings, Inc.(a)(b)		21,597		92,435
Woodward, Inc.		5,340		642,829
				8,257,088
Air Freight & Logistics — 0.3%
Air Transport Services Group, Inc.(a)		5,154		103,904
Forward Air Corp.		2,314		274,996
GXO Logistics, Inc.(a)		10,541		706,985
Hub Group, Inc., Class A(a)		3,022		272,373
Radiant Logistics, Inc.(a)		4,349		33,487
				1,391,745
Automobile Components — 1.2%
Adient PLC(a)		8,898		378,699
American Axle & Manufacturing Holdings, Inc.(a)		11,604		109,658
BorgWarner, Inc.		20,809		967,618
Cooper-Standard Holdings, Inc.(a)		238		4,384
Dana, Inc.		11,272		213,942
Dorman Products, Inc.(a)		2,300		194,787
Fox Factory Holding Corp.(a)(b)		3,909		437,417
Gentex Corp.		21,696		728,552
Gentherm, Inc.(a)		3,137		187,498
Goodyear Tire & Rubber Co.(a)		25,873		416,038
Holley, Inc.(a)		4,184		26,485
LCI Industries		2,293		312,467
Lear Corp.		5,479		847,930
Luminar Technologies, Inc.(a)(b)		24,480		181,152
Modine Manufacturing Co.(a)		4,769		179,124
Patrick Industries, Inc.		1,892		163,753
Phinia, Inc.(a)		4,088		115,976
QuantumScape Corp.(a)(b)		27,191		361,912
Solid Power, Inc.(a)		11,108		31,769
Standard Motor Products, Inc.		1,917		73,172

Security	Shares		Value
Automobile Components (continued)
Stoneridge, Inc.(a)		2,287	$	46,746
Visteon Corp.(a)		2,607		401,713
XPEL, Inc.(a)		2,034		165,222
				6,546,014
Automobiles — 0.2%
Fisker, Inc.(a)(b)		17,919		110,560
Harley-Davidson, Inc.		12,197		470,926
Livewire Group, Inc.(b)		1,368		16,580
Thor Industries, Inc.		4,721		545,228
Winnebago Industries, Inc.		2,598		178,743
Workhorse Group, Inc.(a)(b)		11,058		14,707
				1,336,744
Banks — 5.8%
1st Source Corp.		1,728		81,043
ACNB Corp.		955		33,139
Amalgamated Financial Corp.		1,709		34,112
Amerant Bancorp, Inc.		2,697		53,455
American National Bankshares, Inc.		1,039		42,890
Ameris Bancorp		5,859		255,745
Ames National Corp.		1,487		28,640
Arrow Financial Corp.		1,478		29,737
Associated Banc-Corp.		14,766		279,816
Atlantic Union Bankshares Corp.		6,737		215,449
Axos Financial, Inc.(a)		4,982		234,154
Banc of California, Inc.(b)		5,143		73,082
BancFirst Corp.		1,962		196,004
Bancorp, Inc.(a)(b)		3,411		129,277
Bank First Corp.		852		75,283
Bank of Hawaii Corp.		3,434		196,184
Bank of Marin Bancorp		1,800		37,764
Bank of NT Butterfield & Son Ltd.		4,528		145,485
Bank OZK		10,067		440,230
Bank7 Corp.		597		15,797
BankUnited, Inc.		4,384		130,819
Bankwell Financial Group, Inc.		1,060		28,991
Banner Corp.		2,097		99,838
Bar Harbor Bankshares		1,403		38,316
BayCom Corp.		1,153		23,244
BCB Bancorp, Inc.		1,620		20,817
Berkshire Hills Bancorp, Inc.		2,657		60,606
Blue Foundry Bancorp(a)		2,426		24,769
Blue Ridge Bankshares, Inc.		1,856		15,646
BOK Financial Corp.		2,643		235,438
Bridgewater Bancshares, Inc.(a)		2,254		24,140
Brookline Bancorp, Inc.		5,839		62,361
Burke & Herbert Financial Services Corp.(b)		605		32,664
Business First Bancshares, Inc.		3,594		73,497
Byline Bancorp, Inc.		2,508		55,051
C&F Financial Corp.		302		16,981
Cadence Bank		10,103		253,080
Cambridge Bancorp		732		45,047
Camden National Corp.		1,436		49,657
Capital Bancorp, Inc.		1,651		33,268
Capital City Bank Group, Inc.		1,231		39,921
Capitol Federal Financial, Inc.		10,269		68,083
Capstar Financial Holdings, Inc.		2,308		34,343
Carter Bankshares, Inc.(a)		2,657		39,031
Cathay General Bancorp		7,157		272,252
Central Pacific Financial Corp.		715		13,042
Central Valley Community Bancorp		1,115		19,067
Chemung Financial Corp.		491		20,946

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
ChoiceOne Financial Services, Inc.		665	$	16,126
Citizens & Northern Corp.		1,893		40,132
Citizens Financial Services, Inc.		369		26,005
City Holding Co.		956		94,558
Civista Bancshares, Inc.		1,960		35,750
CNB Financial Corp.		2,965		57,699
Coastal Financial Corp.(a)		973		43,950
Codorus Valley Bancorp, Inc.		1,095		24,079
Colony Bankcorp, Inc.		2,154		23,091
Columbia Banking System, Inc.		19,019		425,075
Columbia Financial, Inc.(a)		2,657		46,444
Comerica, Inc.		11,977		646,279
Commerce Bancshares, Inc.		10,567		561,953
Community Bank System, Inc.		3,796		204,339
Community Trust Bancorp, Inc.		1,841		70,658
ConnectOne Bancorp, Inc.		4,092		83,763
CrossFirst Bankshares, Inc.(a)		5,434		63,415
Cullen/Frost Bankers, Inc.		5,444		591,110
Customers Bancorp, Inc.(a)		2,158		90,593
CVB Financial Corp.		10,864		205,004
Dime Community Bancshares, Inc.		3,519		78,826
Eagle Bancorp, Inc.		1,944		53,849
East West Bancorp, Inc.		12,857		799,834
Eastern Bankshares, Inc.		14,053		198,428
Enterprise Bancorp, Inc.		816		25,981
Enterprise Financial Services Corp.		4,009		164,369
Equity Bancshares, Inc., Class A		1,507		40,930
Esquire Financial Holdings, Inc.		759		37,908
ESSA Bancorp, Inc.		950		15,789
Evans Bancorp, Inc.		816		24,252
Farmers & Merchants Bancorp, Inc.		1,124		23,964
Farmers National Banc Corp.		3,382		46,503
FB Financial Corp.		4,160		147,347
Fidelity D&D Bancorp, Inc.		438		22,224
Financial Institutions, Inc.		1,783		34,198
First Bancorp, Inc.		1,358		35,838
First BanCorp./Puerto Rico		11,069		164,375
First Bancorp/Southern Pines NC		2,657		87,894
First Bancshares, Inc.		2,845		89,077
First Bank		1,651		20,638
First Busey Corp.		5,368		116,271
First Business Financial Services, Inc.		942		32,019
First Citizens BancShares, Inc., Class A		992		1,419,850
First Commonwealth Financial Corp.		5,802		83,781
First Community Bankshares, Inc.		1,863		62,653
First Community Corp.		806		15,919
First Financial Bancorp		7,311		168,811
First Financial Bankshares, Inc.		12,173		396,718
First Financial Corp.		1,301		49,711
First Foundation, Inc.		4,769		34,861
First Hawaiian, Inc.		12,173		251,859
First Horizon Corp.		48,108		655,712
First Interstate BancSystem, Inc., Class A		7,813		224,467
First Merchants Corp.		5,659		181,767
First Mid Bancshares, Inc.		2,879		88,126
First of Long Island Corp.		2,146		29,915
First Western Financial, Inc.(a)		903		18,728
Five Star Bancorp		1,103		27,222
Flushing Financial Corp.		2,690		42,448
FNB Corp.		34,336		439,157
FS Bancorp, Inc.		686		21,266
Fulton Financial Corp.		14,719		210,482
FVCBankcorp, Inc.(a)		1,981		25,476

Security	Shares		Value
Banks (continued)
German American Bancorp, Inc.		4,243	$	124,999
Glacier Bancorp, Inc.		10,350		338,445
Great Southern Bancorp, Inc.		1,134		62,744
Greene County Bancorp, Inc.		954		32,875
Guaranty Bancshares, Inc.		871		27,689
Hancock Whitney Corp.		7,930		348,999
Hanmi Financial Corp.		1,558		29,602
HarborOne Bancorp, Inc.		4,624		48,506
HBT Financial, Inc.		2,164		42,934
Heartland Financial USA, Inc.		4,396		150,959
Heritage Commerce Corp.		5,586		53,626
Heritage Financial Corp.		2,200		41,272
Hilltop Holdings, Inc.		4,710		145,680
Hingham Institution for Savings		156		34,702
Home Bancorp, Inc.		574		20,446
Home BancShares, Inc.		17,433		423,796
HomeStreet, Inc.		1,426		13,119
HomeTrust Bancshares, Inc.		1,784		43,369
Hope Bancorp, Inc.		6,886		74,782
Horizon Bancorp, Inc.		3,931		48,705
Independent Bank Corp.		5,076		207,091
Independent Bank Group, Inc.		3,222		144,571
International Bancshares Corp.		4,875		241,995
John Marshall Bancorp, Inc.		1,078		20,482
Kearny Financial Corp.		7,424		63,772
Lakeland Bancorp, Inc.		7,912		119,550
Lakeland Financial Corp.		2,148		119,085
LCNB Corp.		1,249		21,895
Live Oak Bancshares, Inc.		3,089		116,980
Luther Burbank Corp.		2,864		29,499
Macatawa Bank Corp.		2,754		27,127
MainStreet Bancshares, Inc.		726		17,330
Mercantile Bank Corp.		1,611		56,578
Metrocity Bankshares, Inc.		1,892		40,564
Metropolitan Bank Holding Corp.(a)		972		44,022
Mid Penn Bancorp, Inc.		1,482		34,827
Middlefield Banc Corp.		713		20,862
Midland States Bancorp, Inc.		2,183		51,148
MidWestOne Financial Group, Inc.		1,385		33,974
MVB Financial Corp.		1,052		26,921
National Bank Holdings Corp., Class A		2,537		87,171
National Bankshares, Inc.		695		20,690
NBT Bancorp, Inc.		2,632		97,910
New York Community Bancorp, Inc.		65,662		910,732
Nicolet Bankshares, Inc.		1,337		111,840
Northeast Bank		725		34,539
Northeast Community Bancorp, Inc.		1,276		20,658
Northfield Bancorp, Inc.		3,761		45,809
Northrim BanCorp, Inc.		771		36,854
Northwest Bancshares, Inc.		7,141		88,263
Norwood Financial Corp.		738		23,505
Oak Valley Bancorp		584		15,996
OceanFirst Financial Corp.		5,889		109,712
OFG Bancorp		2,986		100,001
Old National Bancorp		26,618		453,305
Old Second Bancorp, Inc.		3,811		60,938
Orange County Bancorp, Inc.		525		23,646
Origin Bancorp, Inc.		3,351		109,243
Orrstown Financial Services, Inc.		845		19,773
Pacific Premier Bancorp, Inc.		6,813		174,004
PacWest Bancorp(b)		10,529		97,920
Park National Corp.		1,470		163,934
Parke Bancorp, Inc.		1,420		28,173

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Pathward Financial, Inc.		1,800	$	93,528
PCB Bancorp		1,439		23,484
Peapack-Gladstone Financial Corp.		1,734		50,685
Penns Woods Bancorp, Inc.		620		16,721
Peoples Bancorp, Inc.		3,549		99,975
Peoples Financial Services Corp.		808		37,322
Pinnacle Financial Partners, Inc.		6,936		526,442
Pioneer Bancorp, Inc.(a)		2,062		20,269
Plumas Bancorp		513		18,560
Ponce Financial Group, Inc.(a)		2,258		20,841
Popular, Inc.		6,813		494,283
Preferred Bank/Los Angeles CA		621		41,036
Premier Financial Corp.		3,656		79,189
Primis Financial Corp.		2,009		19,106
Princeton Bancorp, Inc.		518		15,493
Prosperity Bancshares, Inc.		8,356		529,102
Provident Financial Services, Inc.		5,360		99,374
QCR Holdings, Inc.(b)		1,564		80,124
RBB Bancorp		2,141		31,408
Red River Bancshares, Inc.		601		29,455
Renasant Corp.		3,359		103,927
Republic Bancorp, Inc., Class A		985		45,143
S&T Bancorp, Inc.		2,242		70,802
Sandy Spring Bancorp, Inc.		4,283		104,805
Seacoast Banking Corp. of Florida		6,671		164,840
ServisFirst Bancshares, Inc.		4,596		274,289
Shore Bancshares, Inc.		4,072		48,457
Sierra Bancorp		2,217		46,690
Simmons First National Corp., Class A		8,885		179,388
SmartFinancial, Inc.		2,588		65,011
South Plains Financial, Inc.		1,906		51,176
Southern First Bancshares, Inc.(a)		1,306		39,415
Southern Missouri Bancorp, Inc.		811		38,985
Southern States Bancshares, Inc.		697		17,530
Southside Bancshares, Inc.		1,938		64,361
SouthState Corp.		6,969		541,282
Stellar Bancorp, Inc.		4,774		118,682
Sterling Bancorp, Inc.(a)		2,210		13,127
Stock Yards Bancorp, Inc.		2,596		124,115
Summit Financial Group, Inc.		1,259		28,403
Synovus Financial Corp.		13,339		452,192
Texas Capital Bancshares, Inc.(a)		4,410		281,578
Third Coast Bancshares, Inc.(a)		1,374		28,414
Timberland Bancorp, Inc.		1,140		35,671
Tompkins Financial Corp.		1,201		72,252
Towne Bank		7,194		181,864
TriCo Bancshares		2,972		111,093
Triumph Financial, Inc.(a)		1,905		135,084
TrustCo Bank Corp./New York		1,068		32,457
Trustmark Corp.		4,312		113,233
UMB Financial Corp.		4,065		288,615
United Bankshares, Inc.		11,349		379,511
United Community Banks, Inc.		8,966		260,642
Unity Bancorp, Inc.		988		26,202
Univest Financial Corp.		3,671		71,585
USCB Financial Holdings, Inc.(a)		1,092		11,968
Valley National Bancorp		38,879		398,899
Veritex Holdings, Inc.		3,592		77,264
Virginia National Bankshares Corp.		559		20,253
Washington Federal, Inc.		5,614		174,259
Washington Trust Bancorp, Inc.		1,765		56,586
Webster Financial Corp.		15,999		757,073

Security	Shares		Value
Banks (continued)
WesBanco, Inc.		5,372	$	150,470
West BanCorp, Inc.		2,203		44,192
Westamerica BanCorp		1,623		79,835
Western Alliance Bancorp		10,007		519,864
Wintrust Financial Corp.		5,801		489,372
WSFS Financial Corp.		4,259		186,331
Zions Bancorp NA		13,713		524,522
				31,295,911
Beverages — 0.3%
Boston Beer Co., Inc., Class A(a)		872		323,896
Celsius Holdings, Inc.(a)		4,900		709,030
Coca-Cola Consolidated, Inc.		436		276,167
Duckhorn Portfolio, Inc.(a)		3,577		44,999
MGP Ingredients, Inc.(b)		1,415		161,324
National Beverage Corp.(a)		2,190		115,741
Primo Water Corp.		13,875		196,609
Vita Coco Co., Inc.(a)		2,341		61,849
Zevia PBC, Class A(a)		3,090		8,590
				1,898,205
Biotechnology — 4.3%
2seventy bio, Inc.(a)		4,921		37,350
4D Molecular Therapeutics, Inc.(a)		2,541		46,500
89bio, Inc.(a)		5,421		85,869
Aadi Bioscience, Inc.(a)		1,176		6,268
ACADIA Pharmaceuticals, Inc.(a)		11,095		324,418
Acrivon Therapeutics, Inc.(a)		791		9,840
Actinium Pharmaceuticals, Inc.(a)		2,431		17,309
Adicet Bio, Inc.(a)(b)		2,792		7,455
ADMA Biologics, Inc.(a)		19,869		82,456
Aerovate Therapeutics, Inc.(a)(b)		826		14,414
Agenus, Inc.(a)		36,200		55,024
Agios Pharmaceuticals, Inc.(a)		4,787		126,951
Akero Therapeutics, Inc.(a)		4,246		184,276
Aldeyra Therapeutics, Inc.(a)		4,115		33,393
Alector, Inc.(a)		5,540		38,004
Alkermes PLC(a)		15,110		442,421
Allakos, Inc.(a)		6,281		33,792
Allogene Therapeutics, Inc.(a)(b)		7,422		36,813
Allovir, Inc.(a)(b)		3,368		11,081
Alpine Immune Sciences, Inc.(a)		2,344		29,394
Altimmune, Inc.(a)		5,231		17,315
ALX Oncology Holdings, Inc.(a)		1,738		10,619
Amicus Therapeutics, Inc.(a)		24,808		337,885
AnaptysBio, Inc.(a)		1,790		35,281
Anavex Life Sciences Corp.(a)(b)		5,929		48,914
Anika Therapeutics, Inc.(a)		1,127		26,293
Annexon, Inc.(a)		4,619		15,936
Apellis Pharmaceuticals, Inc.(a)		8,997		231,673
Arbutus Biopharma Corp.(a)		9,788		21,240
Arcellx, Inc.(a)		3,339		114,361
Arcturus Therapeutics Holdings, Inc.(a)(b)		1,943		67,927
Arcus Biosciences, Inc.(a)		5,246		104,395
Arcutis Biotherapeutics, Inc.(a)		5,373		58,619
Ardelyx, Inc.(a)		18,720		73,757
Arrowhead Pharmaceuticals, Inc.(a)(b)		9,367		323,349
ARS Pharmaceuticals, Inc.(a)		2,393		17,589
Astria Therapeutics, Inc.(a)		2,352		21,074
Atara Biotherapeutics, Inc.(a)		7,980		17,636
Aura Biosciences, Inc.(a)		3,223		38,354
Aurinia Pharmaceuticals, Inc.(a)		12,733		147,448
Avid Bioservices, Inc.(a)		5,201		65,845
Avidity Biosciences, Inc.(a)(b)		5,816		55,310

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Avita Medical, Inc.(a)		2,241	$	45,380
Beam Therapeutics, Inc.(a)		6,168		190,406
BioAtla, Inc.(a)		4,713		14,092
BioCryst Pharmaceuticals, Inc.(a)(b)		18,161		134,210
Biohaven Ltd.(a)		5,484		109,022
Biomea Fusion, Inc.(a)(b)		1,744		38,804
Bioxcel Therapeutics, Inc.(a)(b)		1,512		13,820
Bluebird Bio, Inc.(a)(b)		12,503		49,137
Blueprint Medicines Corp.(a)		5,411		357,126
Bridgebio Pharma, Inc.(a)(b)		10,467		366,450
Cabaletta Bio, Inc.(a)(b)		2,274		30,972
CareDx, Inc.(a)		4,326		47,197
Caribou Biosciences, Inc.(a)		5,166		37,143
Carisma Therapeutics, Inc.(b)		2,521		13,992
Catalyst Pharmaceuticals, Inc.(a)		9,442		130,583
Celcuity, Inc.(a)(b)		1,519		15,008
Celldex Therapeutics, Inc.(a)(b)		4,381		154,912
Century Therapeutics, Inc.(a)		2,020		6,161
Cerevel Therapeutics Holdings, Inc.(a)		5,447		166,624
Chinook Therapeutics, Inc.(a)		5,455		213,727
Cogent Biosciences, Inc.(a)		6,832		88,748
Coherus Biosciences, Inc.(a)		6,048		29,151
Compass Therapeutics, Inc.(a)		8,222		23,597
Crinetics Pharmaceuticals, Inc.(a)		4,702		89,338
Cue Biopharma, Inc.(a)(b)		3,595		13,733
Cullinan Oncology, Inc.(a)		2,395		25,363
Cytokinetics, Inc.(a)		8,633		287,911
Day One Biopharmaceuticals, Inc.(a)		4,497		59,540
Deciphera Pharmaceuticals, Inc.(a)		4,705		63,612
Denali Therapeutics, Inc.(a)		10,886		309,489
Design Therapeutics, Inc.(a)		2,956		24,062
Disc Medicine, Inc.(a)(b)		678		33,629
Dynavax Technologies Corp.(a)(b)		11,622		162,592
Dyne Therapeutics, Inc.(a)		4,164		50,717
Eagle Pharmaceuticals, Inc.(a)		868		18,020
Editas Medicine, Inc.(a)(b)		6,346		55,718
Emergent BioSolutions, Inc.(a)		4,266		29,350
Enanta Pharmaceuticals, Inc.(a)		1,765		33,482
Entrada Therapeutics, Inc.(a)		1,908		33,142
EQRx, Inc.(a)		29,759		50,888
Erasca, Inc.(a)		5,011		13,229
Exact Sciences Corp.(a)(b)		16,115		1,571,857
Exelixis, Inc.(a)		28,788		567,411
Fate Therapeutics, Inc.(a)(b)		7,272		30,033
Fennec Pharmaceuticals, Inc.(a)		1,521		13,552
FibroGen, Inc.(a)		7,626		15,710
Foghorn Therapeutics, Inc.(a)		1,192		10,919
Genelux Corp.(a)(b)		395		8,323
Generation Bio Co.(a)(b)		3,492		17,739
Geron Corp.(a)(b)		43,633		141,371
Graphite Bio, Inc.(a)		5,778		14,618
Gritstone bio, Inc.(a)		8,838		17,411
Halozyme Therapeutics, Inc.(a)		12,170		522,823
Heron Therapeutics, Inc.(a)		7,502		12,453
HilleVax, Inc.(a)		2,319		35,295
Humacyte, Inc.(a)(b)		5,597		18,358
Icosavax, Inc.(a)		1,924		16,989
Ideaya Biosciences, Inc.(a)		4,795		107,216
IGM Biosciences, Inc.(a)(b)		1,078		11,470
Immuneering Corp., Class A(a)(b)		1,961		19,924
ImmunityBio, Inc.(a)(b)		8,039		17,686
ImmunoGen, Inc.(a)		21,334		380,172
Immunovant, Inc.(a)		4,690		107,073

Security	Shares		Value
Biotechnology (continued)
Inhibrx, Inc.(a)(b)		2,854	$	57,223
Inozyme Pharma, Inc.(a)		3,298		16,820
Insmed, Inc.(a)(b)		12,203		269,564
Intellia Therapeutics, Inc.(a)		8,165		345,624
Intercept Pharmaceuticals, Inc.(a)(b)		2,190		23,652
Ionis Pharmaceuticals, Inc.(a)		12,750		528,232
Iovance Biotherapeutics, Inc.(a)		18,526		134,499
Ironwood Pharmaceuticals, Inc.(a)		11,711		129,875
iTeos Therapeutics, Inc.(a)		2,302		32,366
Janux Therapeutics, Inc.(a)		1,375		19,250
KalVista Pharmaceuticals, Inc.(a)		2,079		20,998
Karuna Therapeutics, Inc.(a)(b)		3,207		640,662
Karyopharm Therapeutics, Inc.(a)		7,158		12,884
Keros Therapeutics, Inc.(a)		2,032		85,100
Kezar Life Sciences, Inc.(a)		4,775		10,696
Kiniksa Pharmaceuticals Ltd., Class A(a)		3,183		59,968
Kodiak Sciences, Inc.(a)		2,614		7,816
Krystal Biotech, Inc.(a)		1,980		255,618
Kura Oncology, Inc.(a)		6,957		72,631
Kymera Therapeutics, Inc.(a)		3,185		69,688
Larimar Therapeutics, Inc.(a)		4,173		17,860
Lexicon Pharmaceuticals, Inc.(a)		8,558		17,202
Lineage Cell Therapeutics, Inc.(a)(b)		13,121		20,075
Lyell Immunopharma, Inc.(a)		14,969		43,260
MacroGenics, Inc.(a)		4,926		23,497
Madrigal Pharmaceuticals, Inc.(a)		1,247		256,009
MannKind Corp.(a)		24,311		111,101
MeiraGTx Holdings PLC(a)		2,394		15,082
Merrimack Pharmaceuticals, Inc.(a)		1,167		14,016
Mersana Therapeutics, Inc.(a)(b)		7,892		9,668
MiMedx Group, Inc.(a)		9,806		79,134
Mineralys Therapeutics, Inc.(a)		1,154		16,306
Mirati Therapeutics, Inc.(a)		4,338		131,311
Mirum Pharmaceuticals, Inc.(a)(b)		2,416		62,236
Monte Rosa Therapeutics, Inc.(a)		2,258		15,964
Morphic Holding, Inc.(a)(b)		2,663		151,072
Myriad Genetics, Inc.(a)		7,357		164,429
Natera, Inc.(a)		9,550		431,851
Neurocrine Biosciences, Inc.(a)		8,701		886,545
Nkarta, Inc.(a)		3,182		7,287
Novavax, Inc.(a)(b)		7,070		65,610
Nurix Therapeutics, Inc.(a)		3,690		35,830
Nuvalent, Inc., Class A(a)(b)		2,082		103,788
Nuvectis Pharma, Inc.(b)		807		11,338
Olema Pharmaceuticals, Inc.(a)		2,578		22,300
Omega Therapeutics, Inc.(a)(b)		2,235		12,494
Organogenesis Holdings, Inc.(a)		5,244		22,392
ORIC Pharmaceuticals, Inc.(a)		3,775		31,559
Outlook Therapeutics, Inc.(a)(b)		12,799		22,142
Ovid therapeutics, Inc.(a)		5,290		18,991
PDS Biotechnology Corp.(a)		2,744		15,682
PepGen, Inc.(a)		1,425		8,536
PMV Pharmaceuticals, Inc.(a)		3,164		20,693
Point Biopharma Global, Inc.(a)		9,003		80,487
Poseida Therapeutics, Inc.(a)		7,253		12,548
Precigen, Inc.(a)		8,014		11,139
Prime Medicine, Inc.(a)		3,622		54,583
ProKidney Corp.(a)(b)		5,346		68,536
Protagonist Therapeutics, Inc.(a)		4,773		92,596
Protalix BioTherapeutics, Inc.(a)		6,426		10,282
Prothena Corp. PLC(a)		3,564		245,453
PTC Therapeutics, Inc.(a)		6,325		255,150
Rallybio Corp.(a)(b)		1,911		11,428

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
RAPT Therapeutics, Inc.(a)		2,468	$	58,985
Recursion Pharmaceuticals, Inc., Class A(a)(b)		11,650		164,498
REGENXBIO, Inc.(a)		3,492		66,348
Relay Therapeutics, Inc.(a)(b)		8,693		109,532
Reneo Pharmaceuticals, Inc.(a)		2,355		18,911
Replimune Group, Inc.(a)		3,631		76,505
REVOLUTION Medicines, Inc.(a)(b)		8,987		235,909
Rhythm Pharmaceuticals, Inc.(a)(b)		4,582		81,743
Rigel Pharmaceuticals, Inc.(a)		14,485		19,989
Rocket Pharmaceuticals, Inc.(a)		4,854		87,615
Roivant Sciences Ltd.(a)		22,793		273,060
Sage Therapeutics, Inc.(a)		4,753		164,834
Sana Biotechnology, Inc.(a)(b)		9,335		54,703
Sangamo Therapeutics, Inc.(a)		9,836		12,934
Sarepta Therapeutics, Inc.(a)(b)		8,072		874,924
Savara, Inc.(a)		6,760		24,201
Scholar Rock Holding Corp.(a)		2,731		19,390
Selecta Biosciences, Inc.(a)		12,002		13,082
Seres Therapeutics, Inc.(a)		7,933		38,158
SpringWorks Therapeutics, Inc.(a)		5,189		162,831
Stoke Therapeutics, Inc.(a)(b)		2,856		18,964
Summit Therapeutics, Inc.(a)(b)		10,694		22,457
Sutro Biopharma, Inc.(a)		4,750		21,232
Syndax Pharmaceuticals, Inc.(a)		5,494		117,132
Tango Therapeutics, Inc.(a)		3,485		11,779
Tenaya Therapeutics, Inc.(a)		4,128		19,979
TG Therapeutics, Inc.(a)		12,538		259,411
Travere Therapeutics, Inc.(a)		6,778		116,514
Twist Bioscience Corp.(a)(b)		4,817		117,246
Tyra Biosciences, Inc.(a)		1,014		15,027
Ultragenyx Pharmaceutical, Inc.(a)		6,079		262,126
United Therapeutics Corp.(a)		4,132		1,002,919
UroGen Pharma Ltd.(a)		1,783		38,620
Vanda Pharmaceuticals, Inc.(a)		4,585		26,501
Vaxcyte, Inc.(a)		8,406		403,992
Vaxxinity, Inc., Class A(a)(b)		6,803		18,300
Vera Therapeutics, Inc.(a)		3,397		63,762
Veracyte, Inc.(a)		6,775		185,974
Vericel Corp.(a)		4,429		159,090
Verve Therapeutics, Inc.(a)(b)		4,612		94,500
Vigil Neuroscience, Inc.(a)		1,473		11,990
Viking Therapeutics, Inc.(a)(b)		8,403		121,843
Vir Biotechnology, Inc.(a)		7,369		103,755
Viridian Therapeutics, Inc.(a)		3,975		74,571
Vor BioPharma, Inc.(a)		3,613		10,911
Voyager Therapeutics, Inc.(a)		2,822		26,301
X4 Pharmaceuticals, Inc.(a)		11,714		20,968
Xencor, Inc.(a)(b)		4,999		121,426
XOMA Corp.(a)		777		12,238
Y-mAbs Therapeutics, Inc.(a)		2,861		17,423
Zentalis Pharmaceuticals, Inc.(a)		4,468		119,340
Zura Bio Ltd.		1,135		7,809
Zymeworks, Inc.(a)(b)		4,863		36,278
				23,481,486
Broadline Retail — 0.3%
Big Lots, Inc.(b)		2,245		23,011
ContextLogic, Inc., Class A(a)(b)		1,574		14,953
Dillard’s, Inc., Class A		312		107,029
Kohl’s Corp.		9,758		277,615

Security	Shares		Value
Broadline Retail (continued)
Macy’s, Inc.		24,352	$	404,000
Nordstrom, Inc.		10,585		244,619
Ollie’s Bargain Outlet Holdings, Inc.(a)		5,690		414,687
				1,485,914
Building Products — 2.6%
A O Smith Corp.		11,343		823,842
AAON, Inc.		3,957		416,514
Advanced Drainage Systems, Inc.		5,603		683,510
Allegion PLC		8,051		940,840
American Woodmark Corp.(a)		1,582		121,244
Apogee Enterprises, Inc.		2,112		104,607
Armstrong World Industries, Inc.		3,952		305,727
AZEK Co., Inc.(a)		11,267		351,530
AZZ, Inc.		2,075		91,985
Builders FirstSource, Inc.(a)		11,492		1,659,790
Carlisle Cos., Inc.		4,566		1,265,695
CSW Industrials, Inc.		1,353		244,284
Fortune Brands Innovations, Inc.		11,666		829,103
Gibraltar Industries, Inc.(a)		2,823		182,563
Griffon Corp.		4,051		169,008
Hayward Holdings, Inc.(a)(b)		10,602		141,643
Insteel Industries, Inc.(b)		1,608		51,858
Janus International Group, Inc.(a)		8,280		94,558
JELD-WEN Holding, Inc.(a)		7,985		142,213
Lennox International, Inc.		2,917		1,071,822
Masonite International Corp.(a)		2,085		217,987
Masterbrand, Inc.(a)(b)		11,364		140,345
Owens Corning		8,217		1,150,298
PGT Innovations, Inc.(a)		4,919		140,733
Quanex Building Products Corp.		2,875		80,903
Resideo Technologies, Inc.(a)		13,622		255,004
Simpson Manufacturing Co., Inc.		3,791		598,978
Trex Co., Inc.(a)		9,753		674,322
UFP Industries, Inc.		5,319		546,580
Zurn Elkay Water Solutions Corp.		13,160		400,590
				13,898,076
Capital Markets — 2.7%
Affiliated Managers Group, Inc.		3,336		462,503
AlTi Global, Inc.		1,928		15,077
Artisan Partners Asset Management, Inc., Class A		5,209		216,121
AssetMark Financial Holdings, Inc.(a)		2,195		65,631
Avantax, Inc.(a)		3,588		92,857
B. Riley Financial, Inc.(b)		1,838		102,064
Bakkt Holdings, Inc.(a)(b)		8,801		14,522
BGC Group, Inc., Class A		27,707		131,885
Brightsphere Investment Group, Inc.		2,752		58,563
Carlyle Group, Inc.		19,094		680,701
Cboe Global Markets, Inc.		9,523		1,330,173
Cohen & Steers, Inc.		2,509		161,354
Diamond Hill Investment Group, Inc.		260		47,193
Donnelley Financial Solutions, Inc.(a)		2,225		105,243
Evercore, Inc., Class A		3,315		447,724
FactSet Research Systems, Inc.		3,471		1,510,024
Focus Financial Partners, Inc., Class A(a)		5,508		288,234
Forge Global Holdings, Inc.(a)		11,095		32,286
GCM Grosvenor, Inc., Class A		3,389		26,604
Hamilton Lane, Inc., Class A		3,282		290,227
Houlihan Lokey, Inc.		4,572		456,514
Invesco Ltd.		33,558		563,774

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Janus Henderson Group PLC		12,566	$	368,812
Jefferies Financial Group, Inc.		18,689		687,568
Lazard Ltd., Class A		9,850		345,735
MarketAxess Holdings, Inc.		3,351		902,156
MarketWise, Inc.		7,723		14,828
Moelis & Co., Class A		5,617		274,278
Morningstar, Inc.		2,385		549,695
Open Lending Corp., Class A(a)		9,781		110,428
P10, Inc., Class A		3,292		39,010
Patria Investments Ltd., Class A		4,906		74,669
Perella Weinberg Partners		3,120		30,826
Piper Sandler Cos		1,654		242,079
PJT Partners, Inc., Class A		2,291		181,699
Robinhood Markets, Inc., Class A(a)		59,855		769,735
Sculptor Capital Management, Inc.		2,155		23,597
SEI Investments Co.		9,219		580,705
Silvercrest Asset Management Group, Inc., Class A		1,124		23,424
StepStone Group, Inc., Class A		5,150		144,561
Stifel Financial Corp.		9,340		593,464
StoneX Group, Inc.(a)		1,631		150,068
TPG, Inc.		5,816		171,165
Value Line, Inc.		72		3,857
Victory Capital Holdings, Inc., Class A		2,603		86,315
Virtu Financial, Inc., Class A		8,234		152,823
Virtus Investment Partners, Inc.		685		140,925
WisdomTree, Inc.		11,166		77,715
XP, Inc., Class A(a)		29,973		809,571
				14,648,982
Chemicals — 1.8%
AdvanSix, Inc.		2,242		89,927
American Vanguard Corp.		2,566		46,342
Amyris, Inc.(a)(b)		17,937		15,907
Ashland, Inc.		4,416		403,446
Aspen Aerogels, Inc.(a)		4,601		38,372
Avient Corp.		7,950		322,213
Axalta Coating Systems Ltd.(a)		19,886		636,352
Balchem Corp.		2,776		374,038
Cabot Corp.		4,885		346,835
Chase Corp.		662		83,339
Chemours Co.		13,286		491,316
Core Molding Technologies, Inc.(a)		749		18,066
Danimer Scientific, Inc.(a)(b)		6,876		19,322
Ecovyst, Inc.(a)		9,308		114,395
Element Solutions, Inc.		20,658		432,992
FutureFuel Corp.		3,064		29,782
Ginkgo Bioworks Holdings, Inc.(a)		136,133		341,694
Hawkins, Inc.		1,729		80,831
HB Fuller Co.		4,815		356,454
Huntsman Corp.		16,229		483,137
Ingevity Corp.(a)(b)		3,248		207,937
Innospec, Inc.		2,202		235,922
Intrepid Potash, Inc.(a)(b)		1,016		27,940
Koppers Holdings, Inc.		1,889		72,273
Kronos Worldwide, Inc.		1,582		14,792
Livent Corp.(a)		15,953		392,763
LSB Industries, Inc.(a)		4,928		55,046
Mativ Holdings, Inc.		5,433		85,515
Minerals Technologies, Inc.		3,241		198,835
NewMarket Corp.		554		250,242
Olin Corp.		11,691		674,337
Origin Materials, Inc.(a)(b)		9,174		41,100

Security	Shares		Value
Chemicals (continued)
Orion SA		5,146	$	112,800
Perimeter Solutions SA(a)		14,650		81,454
PureCycle Technologies, Inc.(a)		10,641		125,989
Quaker Chemical Corp.		1,238		248,070
Rayonier Advanced Materials, Inc.(a)		5,389		25,490
RPM International, Inc.		11,723		1,211,103
Scotts Miracle-Gro Co.		3,838		268,814
Sensient Technologies Corp.		3,689		236,244
Stepan Co.		2,074		198,731
Trinseo PLC		2,993		52,737
Tronox Holdings PLC, Class A		11,452		152,197
Valhi, Inc.		183		2,807
				9,697,898
Commercial Services & Supplies — 1.1%
ABM Industries, Inc.		5,945		275,135
ACCO Brands Corp.		7,945		48,385
ACV Auctions, Inc., Class A(a)		11,828		206,872
Aris Water Solution, Inc., Class A		3,357		36,692
BrightView Holdings, Inc.(a)		3,342		25,767
Brink’s Co.		4,075		297,312
Casella Waste Systems, Inc., Class A(a)		4,932		397,963
CECO Environmental Corp.(a)(b)		2,849		34,302
Cimpress PLC(a)		1,510		104,945
Clean Harbors, Inc.(a)		4,638		771,114
CompX International, Inc.		59		1,336
CoreCivic, Inc.(a)		10,544		102,277
Deluxe Corp.		4,027		76,473
Driven Brands Holdings, Inc.(a)(b)		5,832		150,874
Ennis, Inc.		2,575		55,465
Enviri Corp.(a)		6,957		65,604
GEO Group, Inc.(a)		10,282		76,807
Healthcare Services Group, Inc.		6,404		80,754
Heritage-Crystal Clean, Inc.(a)		1,231		56,712
HNI Corp.		4,719		137,276
Interface, Inc.		4,863		47,511
LanzaTech Global, Inc.(a)(b)		2,548		16,511
Li-Cycle Holdings Corp.(a)(b)		11,653		70,268
Liquidity Services, Inc.(a)		1,902		31,916
Matthews International Corp., Class A		2,571		118,009
MillerKnoll, Inc.		7,590		148,536
Montrose Environmental Group, Inc.(a)(b)		2,690		108,864
MSA Safety, Inc.		3,290		546,140
NL Industries, Inc.		244		1,415
OPENLANE, Inc.(a)(b)		9,801		153,876
Performant Financial Corp.(a)		6,150		18,880
Pitney Bowes, Inc.		8,032		31,646
Quad/Graphics, Inc.(a)		4,469		26,456
SP Plus Corp.(a)		1,641		63,096
Steelcase, Inc., Class A		8,759		75,065
Stericycle, Inc.(a)		8,212		348,928
Tetra Tech, Inc.		4,766		806,455
UniFirst Corp.		1,407		228,356
Viad Corp.(a)		1,714		48,352
VSE Corp.		901		48,429
				5,940,774
Communications Equipment — 0.8%
ADTRAN Holdings, Inc.		6,850		66,651
Aviat Networks, Inc.(a)		439		13,420
Calix, Inc.(a)		5,287		238,497
Cambium Networks Corp.(a)		986		15,973
Ciena Corp.(a)		13,400		565,480

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
Clearfield, Inc.(a)		1,347	$	62,959
CommScope Holding Co., Inc.(a)		18,195		81,877
Comtech Telecommunications Corp.		2,159		21,935
Digi International, Inc.(a)		3,036		127,299
DZS, Inc.(a)(b)		3,069		11,570
Extreme Networks, Inc.(a)		11,081		294,644
F5, Inc.(a)		5,473		866,048
Harmonic, Inc.(a)		9,692		144,605
Infinera Corp.(a)(b)		19,781		89,014
Juniper Networks, Inc.		28,880		802,864
KVH Industries, Inc.(a)		1,802		15,425
Lumentum Holdings, Inc.(a)(b)		6,322		331,020
NETGEAR, Inc.(a)		2,697		36,787
NetScout Systems, Inc.(a)		6,049		169,070
Ribbon Communications, Inc.(a)		5,976		19,004
Viasat, Inc.(a)		6,666		206,246
Viavi Solutions, Inc.(a)		19,908		216,400
				4,396,788
Construction & Engineering — 1.4%
AECOM		11,840		1,030,080
Ameresco, Inc., Class A(a)(b)		3,075		178,996
APi Group Corp.(a)		19,004		546,555
Arcosa, Inc.		4,424		341,444
Argan, Inc.		1,277		48,577
Bowman Consulting Group Ltd.(a)		853		29,556
Comfort Systems USA, Inc.		3,138		545,918
Concrete Pumping Holdings, Inc.(a)		1,782		14,381
Construction Partners, Inc., Class A(a)		3,499		102,871
Dycom Industries, Inc.(a)(b)		2,526		251,539
EMCOR Group, Inc.		4,234		910,479
Fluor Corp.(a)		13,126		406,643
Granite Construction, Inc.		4,338		177,554
Great Lakes Dredge & Dock Corp.(a)		5,100		42,840
IES Holdings, Inc.(a)		696		39,895
Innovate Corp.(a)(b)		488		805
Limbach Holdings, Inc.(a)		823		21,744
MasTec, Inc.(a)(b)		5,594		658,694
MDU Resources Group, Inc.		18,066		399,620
MYR Group, Inc.(a)		1,530		218,117
Northwest Pipe Co.(a)		1,028		33,492
Primoris Services Corp.		5,105		162,135
Sterling Infrastructure, Inc.(a)		2,723		163,353
Tutor Perini Corp.(a)		3,489		29,482
Valmont Industries, Inc.		1,859		492,170
WillScot Mobile Mini Holdings Corp.(a)		18,109		868,327
				7,715,267
Construction Materials — 0.2%
Eagle Materials, Inc.		3,195		589,062
Knife River Corp.(a)		4,516		196,311
Summit Materials, Inc., Class A(a)		10,496		379,745
U.S. Lime & Minerals, Inc.		137		28,169
				1,193,287
Consumer Finance — 0.9%
Ally Financial, Inc.		24,601		751,314
Atlanticus Holdings Corp.(a)		357		14,530
Bread Financial Holdings, Inc.		3,807		158,257
Consumer Portfolio Services, Inc.(a)(b)		679		8,698
Credit Acceptance Corp.(a)(b)		589		327,837
Encore Capital Group, Inc.(a)(b)		2,138		114,383
Enova International, Inc.(a)		2,964		163,287

Security	Shares		Value
Consumer Finance (continued)
FirstCash Holdings, Inc.		3,460	$	329,669
Green Dot Corp., Class A(a)		3,218		62,912
LendingClub Corp.(a)		10,465		87,801
LendingTree, Inc.(a)		1,057		25,791
Navient Corp.		8,295		157,937
Nelnet, Inc., Class A		1,256		123,942
NerdWallet, Inc., Class A(a)		3,624		40,625
OneMain Holdings, Inc.		10,412		473,538
PRA Group, Inc.(a)		3,905		93,173
PROG Holdings, Inc.(a)		4,033		163,659
Regional Management Corp.		751		24,400
SLM Corp.		21,743		351,802
SoFi Technologies, Inc.(a)(b)		82,706		946,984
Upstart Holdings, Inc.(a)(b)		6,343		435,701
World Acceptance Corp.(a)		315		49,735
				4,905,975
Consumer Staples Distribution & Retail — 1.0%
Albertsons Cos., Inc., Class A		37,513		815,157
Andersons, Inc.		2,791		136,257
BJ’s Wholesale Club Holdings, Inc.(a)		11,994		795,322
Casey’s General Stores, Inc.		3,347		845,653
Chefs’ Warehouse, Inc.(a)		3,385		123,011
Grocery Outlet Holding Corp.(a)(b)		8,538		285,596
HF Foods Group, Inc.(a)		5,359		28,028
Ingles Markets, Inc., Class A		1,261		106,933
Natural Grocers by Vitamin Cottage, Inc.		452		5,627
Performance Food Group Co.(a)		13,877		829,290
PriceSmart, Inc.		2,495		193,936
SpartanNash Co.		3,030		67,993
Sprouts Farmers Market, Inc.(a)(b)		9,081		356,429
U.S. Foods Holding Corp.(a)		20,550		878,102
United Natural Foods, Inc.(a)		5,551		115,461
Village Super Market, Inc., Class A		548		12,757
Weis Markets, Inc.		1,489		98,780
				5,694,332
Containers & Packaging — 1.6%
AptarGroup, Inc.		5,900		716,614
Ardagh Group SA(a)		1,258		7,460
Ardagh Metal Packaging SA		12,024		45,451
Avery Dennison Corp.		7,394		1,360,570
Berry Global Group, Inc.		10,949		717,926
Crown Holdings, Inc.		9,572		887,899
Graphic Packaging Holding Co.		27,495		665,379
Greif, Inc., Class A		2,052		151,786
Greif, Inc., Class B		651		51,475
Myers Industries, Inc.		3,021		59,242
O-I Glass, Inc.(a)		14,304		328,420
Packaging Corp. of America		8,155		1,250,569
Pactiv Evergreen, Inc.		5,470		47,097
Ranpak Holdings Corp.(a)		3,933		25,210
Sealed Air Corp.		12,868		587,038
Silgan Holdings, Inc.		7,727		338,829
Sonoco Products Co.		9,081		532,510
TriMas Corp.		3,978		102,473
Westrock Co.		23,187		771,895
				8,647,843
Distributors — 0.2%
Funko, Inc., Class A(a)		3,070		25,051

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Distributors (continued)
Pool Corp.		3,422	$	1,316,580
Weyco Group, Inc.		661		18,046
				1,359,677
Diversified Consumer Services — 0.9%
2U, Inc.(a)		6,437		30,769
ADT, Inc.		18,066		115,261
Adtalem Global Education, Inc.(a)		3,907		168,939
Bright Horizons Family Solutions, Inc.(a)(b)		5,107		495,532
Carriage Services, Inc.		1,293		41,854
Chegg, Inc.(a)		10,781		109,211
Coursera, Inc.(a)		11,993		188,170
Duolingo, Inc.(a)		2,526		392,010
European Wax Center, Inc., Class A(a)		3,136		60,744
Frontdoor, Inc.(a)		7,527		262,843
Graham Holdings Co., Class B		332		194,801
Grand Canyon Education, Inc.(a)		2,691		292,108
H&R Block, Inc.		13,982		469,935
Laureate Education, Inc., Class A		11,541		147,956
Lincoln Educational Services Corp.(a)		2,207		15,692
Mister Car Wash, Inc.(a)		6,992		69,431
Nerdy, Inc.(a)		6,648		32,841
OneSpaWorld Holdings Ltd.(a)		6,724		86,370
Perdoceo Education Corp.(a)		5,709		76,215
Rover Group, Inc.(a)		7,950		43,566
Service Corp. International		13,334		888,711
Strategic Education, Inc.		1,929		144,868
Stride, Inc.(a)		3,955		151,120
Udemy, Inc.(a)		7,949		93,878
Universal Technical Institute, Inc.(a)		2,735		19,911
WW International, Inc.(a)(b)		4,188		48,790
				4,641,526
Diversified REITs — 0.2%
Alexander & Baldwin, Inc.		6,421		123,283
Alpine Income Property Trust, Inc.		1,746		29,665
American Assets Trust, Inc.		4,268		96,030
Armada Hoffler Properties, Inc.		6,122		76,035
Broadstone Net Lease, Inc.		17,473		284,810
CTO Realty Growth, Inc.		2,063		36,103
Empire State Realty Trust, Inc., Class A		10,861		97,206
Essential Properties Realty Trust, Inc.		13,773		338,127
Gladstone Commercial Corp.		3,405		45,287
Global Net Lease, Inc.		9,163		97,952
NexPoint Diversified Real Estate Trust		3,334		38,974
One Liberty Properties, Inc.		1,851		37,816
Star Holdings(a)		1,012		15,777
				1,317,065
Diversified Telecommunication Services — 0.4%
Anterix, Inc.(a)		1,497		42,021
AST SpaceMobile, Inc.(a)(b)		5,804		24,899
ATN International, Inc.		895		32,524
Bandwidth, Inc., Class A(a)		2,869		43,465
Charge Enterprises, Inc.(a)		8,933		8,494
Cogent Communications Holdings, Inc.		3,801		232,773
Consolidated Communications Holdings, Inc.(a)		6,031		21,591
EchoStar Corp., Class A(a)		2,906		56,464
ESC GCI Liberty, Inc. (c)		6,184		—
Frontier Communications Parent, Inc.(a)		21,921		399,181
Globalstar, Inc.(a)		59,742		64,521
IDT Corp., Class B(a)		1,333		31,619
Iridium Communications, Inc.		11,259		591,660
Liberty Latin America Ltd., Class A(a)		4,237		35,591

Security	Shares		Value
Diversified Telecommunication Services (continued)
Liberty Latin America Ltd., Class C(a)		11,347	$	94,407
Lumen Technologies, Inc.		90,568		162,117
Ooma, Inc.(a)(b)		1,841		27,615
Radius Global Infrastructure, Inc., Class A(a)		7,648		114,032
				1,982,974
Electric Utilities — 0.9%
ALLETE, Inc.		5,124		294,271
Genie Energy Ltd., Class B		1,682		22,556
Hawaiian Electric Industries, Inc.		10,281		394,688
IDACORP, Inc.		4,686		481,814
MGE Energy, Inc.		3,178		255,003
NRG Energy, Inc.		20,861		792,509
OGE Energy Corp.		18,281		660,858
Otter Tail Corp.		3,777		305,975
Pinnacle West Capital Corp.		10,280		851,390
PNM Resources, Inc.		7,844		351,568
Portland General Electric Co.		8,985		428,315
				4,838,947
Electrical Equipment — 2.0%
Acuity Brands, Inc.(b)		2,858		472,256
Allied Motion Technologies, Inc.		1,123		43,685
Array Technologies, Inc.(a)		13,874		264,300
Atkore, Inc.(a)(b)		3,517		558,042
Babcock & Wilcox Enterprises, Inc.(a)		4,750		26,030
Blink Charging Co.(a)(b)		4,428		28,339
Bloom Energy Corp., Class A(a)		17,171		306,674
ChargePoint Holdings, Inc.(a)(b)		25,227		218,466
Encore Wire Corp.(b)		1,477		252,109
Energy Vault Holdings, Inc.(a)(b)		7,336		24,576
EnerSys		3,642		394,501
Enovix Corp.(a)		12,141		261,274
Eos Energy Enterprises, Inc.(a)(b)		10,433		25,665
ESS Tech, Inc.(a)(b)		7,607		14,682
Fluence Energy, Inc.(a)		3,786		110,703
FTC Solar, Inc.(a)		3,742		14,220
FuelCell Energy, Inc.(a)		35,341		77,397
Generac Holdings, Inc.(a)		5,492		844,120
GrafTech International Ltd.		19,752		104,291
Hubbell, Inc.		4,833		1,507,896
LSI Industries, Inc.		2,447		30,832
NEXTracker, Inc., Class A(a)		4,044		171,263
NuScale Power Corp.(a)		5,028		38,112
nVent Electric PLC		14,832		784,316
Plug Power, Inc.(a)		46,475		609,752
Powell Industries, Inc.		745		45,281
Preformed Line Products Co.		205		35,570
Regal Rexnord Corp.		5,964		931,458
Sensata Technologies Holding PLC		13,592		574,262
SES AI Corp.(a)		12,887		40,465
Shoals Technologies Group, Inc., Class A(a)(b)		15,725		408,221
SKYX Platforms Corp.(a)		5,493		11,645
Stem, Inc.(a)(b)		12,417		87,788
SunPower Corp.(a)(b)		8,783		86,688
Sunrun, Inc.(a)(b)		18,917		359,045
Thermon Group Holdings, Inc.(a)		2,845		78,550
TPI Composites, Inc.(a)(b)		3,470		20,612
Vertiv Holdings Co.		29,157		758,374
Vicor Corp.(a)		2,120		195,612
				10,817,072
Electronic Equipment, Instruments & Components — 2.3%
908 Devices, Inc.(a)		1,646		11,456

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Advanced Energy Industries, Inc.		3,292	$	412,093
Aeva Technologies, Inc.(a)		8,010		10,012
Akoustis Technologies, Inc.(a)(b)		4,542		10,855
Arlo Technologies, Inc.(a)		7,377		83,803
Arrow Electronics, Inc.(a)		5,183		738,785
Avnet, Inc.		8,169		396,196
Badger Meter, Inc.		2,682		441,564
Bel Fuse, Inc., Class B		933		50,055
Belden, Inc.		3,899		376,799
Benchmark Electronics, Inc.		3,639		96,470
Climb Global Solutions, Inc.		389		18,820
Cognex Corp.		15,597		851,908
Coherent Corp.(a)		10,987		520,344
CTS Corp.		2,851		127,240
Daktronics, Inc.(a)		3,526		25,352
ePlus, Inc.(a)		2,584		145,608
Evolv Technologies Holdings, Inc.(a)		10,114		66,550
Fabrinet(a)		3,245		401,212
FARO Technologies, Inc.(a)(b)		1,527		25,333
Insight Enterprises, Inc.(a)(b)		2,637		386,822
IPG Photonics Corp.(a)		2,688		353,338
Iteris, Inc.(a)(b)		4,146		17,247
Itron, Inc.(a)		4,210		331,201
Jabil, Inc.		11,695		1,294,286
Kimball Electronics, Inc.(a)		2,023		59,031
Knowles Corp.(a)(b)		8,766		160,155
Lightwave Logic, Inc.(a)(b)		11,666		78,395
Littelfuse, Inc.		2,178		663,419
Luna Innovations, Inc.(a)(b)		2,954		26,704
Methode Electronics, Inc.		3,134		105,428
MicroVision, Inc.(a)(b)		15,033		60,132
Mirion Technologies, Inc.(a)(b)		18,067		136,406
Napco Security Technologies, Inc.		2,900		108,692
National Instruments Corp.		11,821		697,439
nLight, Inc.(a)		3,525		50,760
Novanta, Inc.(a)		3,179		562,365
OSI Systems, Inc.(a)		1,395		166,326
PAR Technology Corp.(a)(b)		2,396		82,878
PC Connection, Inc.		1,027		49,717
Plexus Corp.(a)		2,361		232,535
Richardson Electronics Ltd.		1,153		15,911
Rogers Corp.(a)		1,619		272,980
Sanmina Corp.(a)		5,041		309,820
ScanSource, Inc.(a)		2,893		87,050
SmartRent, Inc.(a)		17,310		68,894
TD SYNNEX Corp.		3,776		372,729
TTM Technologies, Inc.(a)		8,814		126,569
Vishay Intertechnology, Inc.		11,266		317,138
Vishay Precision Group, Inc.(a)		1,053		39,393
Vontier Corp.		13,858		428,628
				12,472,843
Energy Equipment & Services — 1.4%
Archrock, Inc.		13,488		157,270
Atlas Energy Solutions, Inc., Class A		1,665		32,884
Borr Drilling Ltd.(a)		19,971		175,345
Bristow Group, Inc.(a)		2,083		64,094
Cactus, Inc., Class A		5,666		287,720
ChampionX Corp.		17,774		632,754
Core Laboratories, Inc.		4,237		110,120
Diamond Offshore Drilling, Inc.(a)		8,757		138,623
DMC Global, Inc.(a)		1,549		29,214

Security	Shares		Value
Energy Equipment & Services (continued)
Dril-Quip, Inc.(a)		2,900	$	75,081
Expro Group Holdings NV(a)		8,443		187,350
Forum Energy Technologies, Inc.(a)		870		23,673
Helix Energy Solutions Group, Inc.(a)		12,508		120,077
Helmerich & Payne, Inc.		9,505		425,539
KLX Energy Services Holdings, Inc.(a)		1,764		20,692
Liberty Energy, Inc., Class A		14,958		246,358
Mammoth Energy Services, Inc.(a)		3,130		15,306
Nabors Industries Ltd.(a)		774		94,807
Newpark Resources, Inc.(a)		7,114		39,269
NexTier Oilfield Solutions, Inc.(a)		17,262		205,763
Noble Corp. PLC(a)		9,549		499,126
NOV, Inc.		35,854		719,948
Oceaneering International, Inc.(a)		9,537		214,106
Oil States International, Inc.(a)		5,105		41,044
Patterson-UTI Energy, Inc.		18,457		292,359
ProFrac Holding Corp., Class A(a)		2,052		26,409
ProPetro Holding Corp.(a)		8,069		84,240
Ranger Energy Services, Inc.(a)		1,414		14,847
RPC, Inc.		8,334		69,339
SEACOR Marine Holdings, Inc.(a)		2,135		24,531
Seadrill Ltd.(a)		4,767		233,154
Select Water Solutions, Inc., Class A		8,144		68,491
Solaris Oilfield Infrastructure, Inc., Class A		3,187		34,834
TechnipFMC PLC(a)		39,592		726,117
TETRA Technologies, Inc.(a)		10,502		47,154
Tidewater, Inc.(a)		4,279		270,048
U.S. Silica Holdings, Inc.(a)		6,759		87,935
Valaris Ltd.(a)		5,487		421,402
Weatherford International PLC(a)		6,517		541,563
				7,498,586
Entertainment — 0.6%
AMC Entertainment Holdings, Inc., Class A(a)(b)		48,356		240,329
Atlanta Braves Holdings, Inc.(b)		890		42,133
Atlanta Braves Holdings, Inc., Class C(a)		3,287		133,847
Cinemark Holdings, Inc.(a)		9,514		158,789
IMAX Corp.(a)		3,856		70,989
Lions Gate Entertainment Corp., Class A(a)(b)		2,891		22,203
Lions Gate Entertainment Corp., Class B(a)		12,858		94,120
Loop Media, Inc.(a)(b)		4,685		10,775
Madison Square Garden Entertainment Corp.(a)		3,875		135,005
Madison Square Garden Sports Corp.		1,659		352,952
Marcus Corp.		2,987		46,597
Playstudios, Inc.(a)		6,469		31,892
Playtika Holding Corp.(a)		2,538		30,304
Reservoir Media, Inc.(a)(b)		1,932		10,549
Roku, Inc.(a)		11,156		1,073,988
Sphere Entertainment Co.(a)(b)		2,294		97,380
Vivid Seats, Inc., Class A(a)		2,502		20,842
World Wrestling Entertainment, Inc., Class A		3,969		416,745
				2,989,439
Financial Services — 2.1%
Acacia Research Corp.(a)(b)		3,963		15,812
Affirm Holdings, Inc.(a)(b)		19,427		376,689
Alerus Financial Corp.		2,255		44,604
A-Mark Precious Metals, Inc.		1,576		64,285
AvidXchange Holdings, Inc.(a)		14,194		176,148
Banco Latinoamericano de Comercio Exterior SA, Class E		2,413		56,271
Cannae Holdings, Inc.(a)		6,186		126,071
Cantaloupe, Inc.(a)		4,940		38,087

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Financial Services (continued)
Cass Information Systems, Inc.		1,394	$	52,902
Compass Diversified Holdings		5,535		124,704
Enact Holdings, Inc.		2,775		75,480
Equitable Holdings, Inc.		33,181		951,963
Essent Group Ltd.		9,858		488,957
Euronet Worldwide, Inc.(a)		4,267		374,941
EVERTEC, Inc.		5,861		230,513
Federal Agricultural Mortgage Corp., Class C		850		136,637
Finance of America Cos., Inc., Class A(a)		1,542		3,069
Flywire Corp.(a)		8,911		304,222
Home Point Capital, Inc.(a)		696		1,615
I3 Verticals, Inc., Class A(a)		1,955		48,895
International Money Express, Inc.(a)		2,814		68,183
Jack Henry & Associates, Inc.		6,663		1,116,519
Jackson Financial, Inc., Class A		7,611		251,315
Marqeta, Inc., Class A(a)		44,032		245,699
Merchants Bancorp		1,499		47,383
MGIC Investment Corp.		25,574		428,109
Mr. Cooper Group, Inc.(a)(b)		6,113		354,371
NewtekOne, Inc.(b)		2,325		41,385
NMI Holdings, Inc., Class A(a)		7,922		211,597
Ocwen Financial Corp.(a)		650		21,944
Pagseguro Digital Ltd., Class A(a)		17,538		199,232
Payoneer Global, Inc.(a)		21,351		113,587
Paysafe Ltd.(a)		3,921		47,170
Paysign, Inc.(a)		6,533		12,543
PennyMac Financial Services, Inc.		2,383		179,273
Priority Technology Holdings, Inc.(a)		789		3,550
Radian Group, Inc.		13,594		366,086
Remitly Global, Inc.(a)		7,466		143,944
Repay Holdings Corp.(a)		8,242		68,821
Security National Financial Corp., Class A(a)		1,775		15,158
Shift4 Payments, Inc., Class A(a)(b)		4,811		331,911
StoneCo Ltd., Class A(a)		26,664		386,361
TFS Financial Corp.		5,043		73,174
Toast, Inc., Class A(a)(b)		32,061		707,586
UWM Holdings Corp.(b)		8,390		55,038
Velocity Financial, Inc.(a)		531		6,574
Voya Financial, Inc.		8,491		630,542
Walker & Dunlop, Inc.		2,808		255,472
Waterstone Financial, Inc.		2,085		29,086
Western Union Co.		25,339		308,629
WEX, Inc.(a)		3,856		730,134
				11,142,241
Food Products — 1.0%
Alico, Inc.		665		17,223
B&G Foods, Inc.		6,401		84,877
Benson Hill, Inc.(a)		15,385		21,385
Beyond Meat, Inc.(a)(b)		5,249		90,283
BRC, Inc.(a)		2,634		12,064
Calavo Growers, Inc.		1,546		58,331
Cal-Maine Foods, Inc.		3,579		165,314
Darling Ingredients, Inc.(a)		14,285		989,236
Dole PLC		6,354		83,936
Flowers Foods, Inc.		17,204		425,111
Fresh Del Monte Produce, Inc.		3,235		85,986
Freshpet, Inc.(a)(b)		4,222		310,486
Hain Celestial Group, Inc.(a)		7,856		99,536
Hostess Brands, Inc.(a)		11,993		288,312
Ingredion, Inc.		6,027		670,564
J & J Snack Foods Corp.		1,294		207,454

Security	Shares		Value
Food Products (continued)
John B Sanfilippo & Son, Inc.		770	$	83,861
Lancaster Colony Corp.		1,781		343,074
Limoneira Co.		1,676		26,012
Mission Produce, Inc.(a)		4,680		54,382
Pilgrim’s Pride Corp.(a)		4,149		102,771
Post Holdings, Inc.(a)		4,876		415,923
Seaboard Corp.		22		79,310
Seneca Foods Corp., Class A(a)		468		18,048
Simply Good Foods Co.(a)		8,281		320,557
Sovos Brands, Inc.(a)		3,563		63,421
SunOpta, Inc.(a)		8,146		54,008
TreeHouse Foods, Inc.(a)		4,742		244,735
Utz Brands, Inc.		6,479		108,523
Vital Farms, Inc.(a)		2,735		31,999
Westrock Coffee Co.(a)(b)		2,565		28,459
				5,585,181
Gas Utilities — 0.6%
Brookfield Infrastructure Corp., Class A		9,029		421,835
Chesapeake Utilities Corp.		1,524		180,198
National Fuel Gas Co.		8,001		424,933
New Jersey Resources Corp.		8,668		387,460
Northwest Natural Holding Co.		3,316		142,489
ONE Gas, Inc.		5,108		404,196
RGC Resources, Inc.		698		14,044
Southwest Gas Holdings, Inc.		5,492		362,142
Spire, Inc.		4,553		289,434
UGI Corp.		18,984		512,378
				3,139,109
Ground Transportation — 1.2%
ArcBest Corp.		2,262		263,116
Avis Budget Group, Inc.(a)(b)		1,881		414,365
Covenant Logistics Group, Inc.		777		42,548
Daseke, Inc.(a)		3,249		25,277
FTAI Infrastructure, Inc.		9,147		32,472
Heartland Express, Inc.(b)		3,946		64,517
Hertz Global Holdings, Inc.(a)(b)		11,978		201,829
Knight-Swift Transportation Holdings, Inc.		14,137		858,823
Landstar System, Inc.		3,235		658,614
Lyft, Inc., Class A(a)(b)		27,484		349,322
Marten Transport Ltd.		5,059		114,637
PAM Transportation Services, Inc.(a)		732		18,930
RXO, Inc.(a)		10,347		228,151
Ryder System, Inc.		4,246		433,729
Saia, Inc.(a)		2,393		1,012,574
Schneider National, Inc., Class B		5,233		161,229
TuSimple Holdings, Inc., Class A(a)		13,022		30,471
U-Haul Holding Co.(b)		7,143		408,651
U-Haul Holding Co.		915		55,687
Universal Logistics Holdings, Inc.		635		19,742
Werner Enterprises, Inc.		5,557		261,290
XPO, Inc.(a)		10,233		708,533
				6,364,507
Health Care Equipment & Supplies — 2.6%
Accuray, Inc.(a)(b)		8,603		36,649
Alphatec Holdings, Inc.(a)		7,340		129,698
AngioDynamics, Inc.(a)		3,024		26,279
Artivion, Inc.(a)		3,333		58,061
AtriCure, Inc.(a)		4,293		237,617
Atrion Corp.		113		63,349
Avanos Medical, Inc.(a)		4,030		98,614
Axogen, Inc.(a)		3,861		33,359

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Axonics, Inc.(a)(b)		4,532	$	273,597
Beyond Air, Inc.(a)		2,919		10,538
Butterfly Network, Inc.(a)(b)		12,367		31,783
Cerus Corp.(a)		14,502		44,521
ClearPoint Neuro, Inc.(a)		2,678		18,398
CONMED Corp.		2,784		337,003
Cutera, Inc.(a)		1,662		33,257
CVRx, Inc.(a)		1,038		18,611
DENTSPLY SIRONA, Inc.		19,004		789,046
Embecta Corp.		5,066		108,108
Enovis Corp.(a)		4,838		309,148
Envista Holdings Corp.(a)		15,105		519,763
Glaukos Corp.(a)		4,254		328,153
Globus Medical, Inc., Class A(a)		7,292		439,489
Haemonetics Corp.(a)		4,572		421,721
ICU Medical, Inc.(a)(b)		1,771		315,557
Inari Medical, Inc.(a)		4,594		262,180
Inmode Ltd.(a)(b)		6,859		294,320
Inogen, Inc.(a)		2,259		18,456
Inspire Medical Systems, Inc.(a)		2,594		746,579
Integer Holdings Corp.(a)(b)		2,872		265,602
Integra LifeSciences Holdings Corp.(a)		6,589		299,602
iRadimed Corp.		566		24,864
iRhythm Technologies, Inc.(a)(b)		2,710		284,713
KORU Medical Systems, Inc.(a)		3,733		9,706
Lantheus Holdings, Inc.(a)		6,033		521,794
LeMaitre Vascular, Inc.		1,873		118,430
LivaNova PLC(a)		4,970		290,496
Masimo Corp.(a)		4,273		522,588
Merit Medical Systems, Inc.(a)		4,988		372,454
Mesa Laboratories, Inc.		475		61,113
Nano-X Imaging Ltd.(a)(b)		4,692		58,181
Neogen Corp.(a)		19,834		459,950
Nevro Corp.(a)		3,029		75,695
Novocure Ltd.(a)		9,327		304,433
NuVasive, Inc.(a)		4,942		203,660
Omnicell, Inc.(a)		4,213		266,051
OraSure Technologies, Inc.(a)		6,064		28,622
Orthofix Medical, Inc.(a)		2,865		56,412
OrthoPediatrics Corp.(a)		1,544		64,462
Outset Medical, Inc.(a)(b)		4,223		86,909
Paragon 28, Inc.(a)		3,871		68,401
Penumbra, Inc.(a)		3,273		992,897
PROCEPT BioRobotics Corp.(a)		3,252		111,999
Pulmonx Corp.(a)		2,921		40,894
Pulse Biosciences, Inc.(a)(b)		2,389		18,873
QuidelOrtho Corp.(a)		4,746		414,610
RxSight, Inc.(a)		2,526		84,293
Sanara Medtech, Inc.(a)(b)		346		14,484
Semler Scientific, Inc.(a)		563		13,822
Shockwave Medical, Inc.(a)(b)		3,321		865,453
SI-BONE, Inc.(a)		2,903		74,781
Sight Sciences, Inc.(a)		1,934		17,019
Silk Road Medical, Inc.(a)		3,232		73,819
STAAR Surgical Co.(a)(b)		4,354		238,469
Surmodics, Inc.(a)		1,069		34,283
Tactile Systems Technology, Inc.(a)(b)		2,279		52,212
Tandem Diabetes Care, Inc.(a)(b)		6,173		215,561
Tela Bio, Inc.(a)		1,497		14,656
TransMedics Group, Inc.(a)		2,806		261,463
Treace Medical Concepts, Inc.(a)		4,034		91,935
UFP Technologies, Inc.(a)		660		128,479

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Utah Medical Products, Inc.		250	$	24,582
Varex Imaging Corp.(a)(b)		3,308		77,043
Vicarious Surgical, Inc.(a)		5,566		9,128
Zimvie, Inc.(a)		1,812		24,861
Zynex, Inc.(a)		1,666		16,260
				14,359,868
Health Care Providers & Services — 2.2%
23andMe Holding Co., Class A(a)		22,960		44,083
Acadia Healthcare Co., Inc.(a)		8,060		636,982
Accolade, Inc.(a)(b)		5,919		88,903
AdaptHealth Corp.(a)(b)		6,288		86,397
Addus HomeCare Corp.(a)		1,435		131,403
Agiliti, Inc.(a)		2,280		39,148
agilon health, Inc.(a)(b)		25,475		487,846
AirSculpt Technologies, Inc.(b)		1,598		14,494
Alignment Healthcare, Inc.(a)		6,496		40,340
Amedisys, Inc.(a)		2,965		269,341
AMN Healthcare Services, Inc.(a)		3,709		397,419
Apollo Medical Holdings, Inc.(a)		3,866		141,612
Aveanna Healthcare Holdings, Inc.(a)		2,434		4,211
Brookdale Senior Living, Inc.(a)(b)		16,156		56,869
Cano Health, Inc.(a)		24,047		35,349
CareMax, Inc.(a)		5,496		13,135
Castle Biosciences, Inc.(a)		2,129		35,874
Chemed Corp.		1,332		694,092
Community Health Systems, Inc.(a)		10,482		46,016
CorVel Corp.(a)		765		156,488
Cross Country Healthcare, Inc.(a)		3,381		87,230
DaVita, Inc.(a)(b)		4,979		507,808
DocGo, Inc.(a)		6,893		57,832
Encompass Health Corp.		9,052		597,704
Enhabit, Inc.(a)(b)		4,308		59,149
Ensign Group, Inc.		4,814		466,332
Fulgent Genetics, Inc.(a)		1,832		71,137
Guardant Health, Inc.(a)		9,799		382,357
HealthEquity, Inc.(a)		7,673		521,304
Henry Schein, Inc.(a)		11,687		920,819
Hims & Hers Health, Inc.(a)		10,833		97,172
InfuSystem Holdings, Inc.(a)		1,767		18,235
Innovage Holding Corp.(a)		2,921		21,031
Invitae Corp.(a)(b)		21,028		29,860
Joint Corp.(a)		1,125		15,187
LifeStance Health Group, Inc.(a)		9,298		87,308
ModivCare, Inc.(a)		1,111		48,595
National HealthCare Corp.		1,076		63,505
National Research Corp.		1,346		57,757
NeoGenomics, Inc.(a)		11,782		204,182
OPKO Health, Inc.(a)		41,274		76,770
Option Care Health, Inc.(a)		15,546		525,144
Owens & Minor, Inc.(a)		7,087		136,354
P3 Health Partners, Inc.(a)		3,386		7,517
Patterson Cos., Inc.		8,002		263,186
Pediatrix Medical Group, Inc.(a)		8,309		114,083
Pennant Group, Inc.(a)		2,217		25,451
PetIQ, Inc.(a)		2,381		39,858
Premier, Inc., Class A		10,465		290,404
Privia Health Group, Inc.(a)		6,021		168,106
Progyny, Inc.(a)		6,910		288,562
Quipt Home Medical Corp.(a)		3,438		18,256
R1 RCM, Inc.(a)(b)		13,684		236,459
RadNet, Inc.(a)		4,656		154,020
Select Medical Holdings Corp.		8,987		269,700

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Surgery Partners, Inc.(a)		5,961	$	230,273
Tenet Healthcare Corp.(a)		9,106		680,491
U.S. Physical Therapy, Inc.		1,177		136,850
Universal Health Services, Inc., Class B		5,458		758,444
Viemed Healthcare, Inc.(a)		2,808		23,728
				12,178,162
Health Care REITs — 0.6%
CareTrust REIT, Inc.		9,042		187,983
Community Healthcare Trust, Inc.		2,048		72,171
Diversified Healthcare Trust		21,017		43,926
Global Medical REIT, Inc.		5,068		50,173
Healthcare Realty Trust, Inc.		34,221		668,336
LTC Properties, Inc.		3,659		122,796
Medical Properties Trust, Inc.		54,900		553,941
National Health Investors, Inc.		3,735		205,089
Omega Healthcare Investors, Inc.		21,604		689,168
Physicians Realty Trust		20,956		308,891
Sabra Health Care REIT, Inc.		20,401		265,009
Universal Health Realty Income Trust		1,190		56,799
				3,224,282
Health Care Technology — 0.4%
American Well Corp., Class A(a)		26,639		65,266
Babylon Holdings Ltd./Jersey, Class A(a)		515		15
Certara, Inc.(a)		11,094		216,000
Computer Programs and Systems, Inc.(a)		1,293		33,902
Definitive Healthcare Corp.(a)(b)		4,523		53,507
Doximity, Inc., Class A(a)(b)		9,643		344,544
Evolent Health, Inc., Class A(a)		9,700		294,783
Health Catalyst, Inc.(a)		4,693		65,843
HealthStream, Inc.		2,051		46,107
Multiplan Corp.(a)		38,302		82,349
NextGen Healthcare, Inc.(a)		5,101		84,830
OptimizeRx Corp.(a)		1,521		21,218
Phreesia, Inc.(a)		4,840		153,525
Schrodinger, Inc.(a)		5,056		264,479
Sharecare, Inc.(a)		27,303		37,951
Simulations Plus, Inc.		1,652		82,270
Teladoc Health, Inc.(a)(b)		15,074		448,753
Veradigm, Inc.(a)		9,506		128,521
				2,423,863
Hotel & Resort REITs — 0.6%
Apple Hospitality REIT, Inc.		20,016		310,248
Braemar Hotels & Resorts, Inc.		5,143		19,029
Chatham Lodging Trust		4,196		40,282
DiamondRock Hospitality Co.		18,011		153,093
Hersha Hospitality Trust, Class A		2,849		17,835
Host Hotels & Resorts, Inc.		64,817		1,192,633
Park Hotels & Resorts, Inc.		20,642		281,350
Pebblebrook Hotel Trust(b)		11,160		172,422
RLJ Lodging Trust		14,583		150,205
Ryman Hospitality Properties, Inc.		5,136		489,409
Service Properties Trust		13,687		116,203
Summit Hotel Properties, Inc.		8,770		56,479
Sunstone Hotel Investors, Inc.		18,529		188,810
Xenia Hotels & Resorts, Inc.		9,654		122,606
				3,310,604
Hotels, Restaurants & Leisure — 2.7%
Accel Entertainment, Inc.(a)		4,658		53,101
Aramark		21,114		852,372
Bally’s Corp.(a)		2,337		38,046

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Biglari Holdings, Inc., Class B(a)		53	$	10,767
BJ’s Restaurants, Inc.(a)		1,894		71,328
Bloomin’ Brands, Inc.		7,684		206,469
Bluegreen Vacations Holding Corp.		1,141		44,602
Bowlero Corp.(a)		2,427		29,440
Boyd Gaming Corp.		6,908		471,955
Brinker International, Inc.(a)		3,927		154,253
Carrols Restaurant Group, Inc.(a)		3,247		19,125
Century Casinos, Inc.(a)		1,954		15,534
Cheesecake Factory, Inc.		4,273		157,161
Choice Hotels International, Inc.		2,771		362,308
Churchill Downs, Inc.		6,378		738,891
Chuy’s Holdings, Inc.(a)(b)		1,543		64,173
Cracker Barrel Old Country Store, Inc.		2,003		186,680
Dave & Buster’s Entertainment, Inc.(a)		4,077		186,727
Denny’s Corp.(a)		4,696		55,225
Dine Brands Global, Inc.		1,667		100,553
El Pollo Loco Holdings, Inc.		2,705		28,808
Everi Holdings, Inc.(a)		7,371		109,386
Fiesta Restaurant Group, Inc.(a)		1,673		12,882
First Watch Restaurant Group, Inc.(a)(b)		1,718		32,024
Full House Resorts, Inc.(a)		3,313		21,269
Global Business Travel Group I(a)(b)		2,686		18,909
Golden Entertainment, Inc.(a)		1,736		73,502
Hilton Grand Vacations, Inc.(a)		7,130		331,545
Hyatt Hotels Corp., Class A		4,313		544,948
Inspired Entertainment, Inc.(a)		2,141		26,955
International Game Technology PLC		9,957		336,845
Jack in the Box, Inc.		1,881		186,990
Krispy Kreme, Inc.		7,638		117,625
Kura Sushi USA, Inc., Class A(a)		525		52,243
Life Time Group Holdings, Inc.(a)(b)		4,361		78,891
Light & Wonder, Inc., Class A(a)		8,304		583,771
Lindblad Expeditions Holdings, Inc.(a)(b)		2,950		34,869
Marriott Vacations Worldwide Corp.		3,303		424,469
Monarch Casino & Resort, Inc.		1,230		85,264
Mondee Holdings, Inc.		4,008		34,309
Nathan’s Famous, Inc.		181		14,498
Noodles & Co.(a)		3,368		12,293
Norwegian Cruise Line Holdings Ltd.(a)(b)		38,146		841,882
ONE Group Hospitality, Inc.(a)(b)		2,056		15,153
Papa John’s International, Inc.		3,119		257,941
Penn Entertainment, Inc.(a)(b)		14,323		376,552
Planet Fitness, Inc., Class A(a)		7,632		515,465
PlayAGS, Inc.(a)		3,517		23,283
Portillo’s, Inc., Class A(a)		3,869		89,180
Potbelly Corp.(a)		2,295		21,917
RCI Hospitality Holdings, Inc.		737		51,406
Red Robin Gourmet Burgers, Inc.(a)		1,528		22,232
Red Rock Resorts, Inc., Class A		4,214		204,379
Rush Street Interactive, Inc.(a)		6,429		24,623
Sabre Corp.(a)		29,112		119,359
SeaWorld Entertainment, Inc.(a)		3,443		190,639
Shake Shack, Inc., Class A(a)(b)		3,371		261,792
Six Flags Entertainment Corp.(a)		6,700		160,130
Super Group SGHC Ltd.(a)		12,370		37,481
Sweetgreen, Inc., Class A(a)		8,936		134,666
Target Hospitality Corp.(a)		2,521		32,193
Texas Roadhouse, Inc.		5,967		665,619
Travel & Leisure Co.		7,041		286,780
Vail Resorts, Inc.		3,656		860,951
Wendy’s Co.		16,054		345,000

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Wingstop, Inc.		2,677	$	451,289
Wyndham Hotels & Resorts, Inc.		7,564		589,387
Wynn Resorts Ltd.		9,372		1,021,361
Xponential Fitness, Inc., Class A(a)		2,323		49,062
				14,630,727
Household Durables — 2.0%
Beazer Homes USA, Inc.(a)		2,976		100,083
Cavco Industries, Inc.(a)		765		226,172
Century Communities, Inc.		2,749		212,278
Cricut, Inc., Class A, Class A(b)		4,189		49,682
Dream Finders Homes, Inc., Class A(a)(b)		2,017		51,434
Ethan Allen Interiors, Inc.		2,152		67,723
GoPro, Inc., Class A(a)		11,108		45,432
Green Brick Partners, Inc.(a)		2,304		130,222
Helen of Troy Ltd.(a)		2,210		312,273
Hooker Furnishings Corp.		1,245		24,987
Hovnanian Enterprises, Inc., Class A(a)		450		47,979
Installed Building Products, Inc.		2,077		307,438
iRobot Corp.(a)		2,647		105,880
KB Home		6,493		350,427
Landsea Homes Corp.(a)		110		1,086
La-Z-Boy, Inc.		4,252		133,385
Legacy Housing Corp.(a)		600		14,232
Leggett & Platt, Inc.		11,768		344,332
LGI Homes, Inc.(a)		1,769		245,449
Lovesac Co.(a)		1,199		35,107
M/I Homes, Inc.(a)		2,578		257,800
MDC Holdings, Inc.		5,100		261,528
Meritage Homes Corp.		3,180		473,661
Mohawk Industries, Inc.(a)		4,886		519,577
Newell Brands, Inc.		34,117		380,746
PulteGroup, Inc.		19,893		1,678,770
Purple Innovation, Inc.		4,336		13,528
Skyline Champion Corp.(a)		4,901		341,404
Snap One Holdings Corp.(a)		2,384		23,220
Sonos, Inc.(a)		11,180		191,625
Taylor Morrison Home Corp.(a)		9,384		454,373
Tempur Sealy International, Inc.		15,335		684,401
Toll Brothers, Inc.		10,186		818,241
TopBuild Corp.(a)		2,854		781,796
Traeger, Inc.(a)(b)		3,244		14,468
Tri Pointe Homes, Inc.(a)		9,114		290,554
United Homes Group, Inc.(a)(b)		1,384		15,736
Vizio Holding Corp., Class A(a)		7,948		59,213
VOXX International Corp.(a)		1,266		11,698
Vuzix Corp.(a)(b)		4,194		22,144
Whirlpool Corp.		4,815		694,612
				10,794,696
Household Products — 0.2%
Central Garden & Pet Co.(a)(b)		915		37,039
Central Garden & Pet Co., Class A(a)		3,396		129,795
Energizer Holdings, Inc.		6,486		231,550
Oil-Dri Corp. of America		420		26,363
Reynolds Consumer Products, Inc.		4,936		136,629
Spectrum Brands Holdings, Inc.		3,714		291,215
WD-40 Co.(b)		1,174		269,433
				1,122,024
Independent Power and Renewable Electricity Producers — 0.4%
Altus Power, Inc.(a)		5,233		35,637
Brookfield Renewable Corp., Class A		11,991		373,760
Clearway Energy, Inc., Class A		2,933		72,357

Security	Shares		Value
Independent Power and Renewable Electricity Producers (continued)
Clearway Energy, Inc., Class C		7,540	$	199,131
Montauk Renewables, Inc.(a)		5,882		51,468
Ormat Technologies, Inc.(b)		4,914		399,508
Sunnova Energy International, Inc.(a)(b)		9,502		167,805
Vistra Corp.		33,932		952,132
				2,251,798
Industrial Conglomerates — 0.0%
Brookfield Business Corp., Class A		2,209		45,329
Industrial REITs — 0.9%
Americold Realty Trust, Inc.		24,317		788,357
EastGroup Properties, Inc.		3,965		702,519
First Industrial Realty Trust, Inc.		11,655		602,563
Innovative Industrial Properties, Inc.		2,417		191,499
LXP Industrial Trust		26,693		268,799
Plymouth Industrial REIT, Inc.		4,007		91,239
Rexford Industrial Realty, Inc.		18,041		993,879
STAG Industrial, Inc.		16,050		582,615
Terreno Realty Corp.		7,173		425,646
				4,647,116
Insurance — 3.0%
Ambac Financial Group, Inc.(a)		3,758		53,138
American Equity Investment Life Holding Co.(a)		7,105		381,325
American Financial Group, Inc.		7,000		851,270
AMERISAFE, Inc.		1,764		91,940
Argo Group International Holdings Ltd.		2,813		83,546
Assurant, Inc.		4,596		618,208
Assured Guaranty Ltd.		5,251		313,905
Axis Capital Holdings Ltd.		7,423		409,156
Brighthouse Financial, Inc.(a)		6,351		331,078
BRP Group, Inc., Class A(a)(b)		5,321		132,546
CNO Financial Group, Inc.		11,514		296,140
Crawford & Co., Class A		1,507		14,482
Donegal Group, Inc., Class A		2,178		31,733
eHealth, Inc.(a)		1,827		13,812
Employers Holdings, Inc.		1,304		50,374
Enstar Group Ltd.(a)		1,127		288,377
Everest Group Ltd.		3,861		1,391,929
F&G Annuities & Life, Inc.		1,633		42,785
First American Financial Corp.		9,231		585,061
Genworth Financial, Inc., Class A(a)		32,819		192,319
Globe Life, Inc.		8,585		962,979
GoHealth, Inc., Class A(a)		784		14,520
Goosehead Insurance, Inc., Class A(a)		1,932		129,193
Greenlight Capital Re Ltd., Class A(a)(b)		2,446		25,145
Hanover Insurance Group, Inc.		3,411		387,080
HCI Group, Inc.		656		41,203
Hippo Holdings, Inc.(a)(b)		588		10,114
Horace Mann Educators Corp.		2,534		76,349
Investors Title Co.		146		22,856
James River Group Holdings Ltd.		2,003		37,035
Kemper Corp.		5,609		285,891
Kingsway Financial Services, Inc.(a)		1,645		13,769
Kinsale Capital Group, Inc.		1,968		733,336
Lemonade, Inc.(a)(b)		4,817		111,995
Lincoln National Corp.		15,292		428,788
Maiden Holdings Ltd.(a)		9,593		18,706
MBIA, Inc.(a)(b)		4,394		38,404
Mercury General Corp.		2,379		76,556
National Western Life Group, Inc., Class A		203		85,599
NI Holdings, Inc.(a)		788		10,977
Old Republic International Corp.		25,808		711,527

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Oscar Health, Inc., Class A(a)		13,922	$	104,693
Palomar Holdings, Inc.(a)		2,349		142,255
Primerica, Inc.		3,405		724,243
ProAssurance Corp.		2,856		47,981
Reinsurance Group of America, Inc.		6,132		860,626
RenaissanceRe Holdings Ltd.		4,461		833,136
RLI Corp.		3,616		482,411
Ryan Specialty Holdings, Inc.(a)		8,561		371,034
Safety Insurance Group, Inc.		854		61,488
Selective Insurance Group, Inc.		5,447		562,076
Selectquote, Inc.(a)		12,310		23,266
SiriusPoint Ltd.(a)		7,962		74,365
Skyward Specialty Insurance Group, Inc.(a)		1,132		26,817
Stewart Information Services Corp.		1,624		76,539
Tiptree, Inc.		2,041		30,146
Trupanion, Inc.(a)		4,019		123,986
United Fire Group, Inc.		1,943		46,710
Universal Insurance Holdings, Inc.		1,866		28,979
Unum Group		18,199		884,653
White Mountains Insurance Group Ltd.(b)		229		354,268
				16,254,818
Interactive Media & Services — 0.6%
Bumble, Inc., Class A(a)		9,581		177,440
Cargurus, Inc.(a)		9,016		204,303
Cars.com, Inc.(a)		5,810		132,526
DHI Group, Inc.(a)		3,723		14,036
Eventbrite, Inc., Class A(a)(b)		6,684		76,933
EverQuote, Inc., Class A(a)		1,762		12,475
fuboTV, Inc.(a)		18,041		60,798
Grindr, Inc.(a)(b)		3,721		21,954
IAC, Inc.(a)		7,160		498,336
MediaAlpha, Inc., Class A(a)		2,009		20,371
Nextdoor Holdings, Inc.(a)		14,622		45,474
Outbrain, Inc.(a)		4,296		22,812
QuinStreet, Inc.(a)		4,519		40,129
Shutterstock, Inc.		2,368		121,834
System1, Inc.(a)		3,286		9,398
TripAdvisor, Inc.(a)		9,787		182,528
TrueCar, Inc.(a)		6,796		16,650
Vimeo, Inc.(a)		10,895		44,887
Yelp, Inc.(a)		6,008		270,660
Ziff Davis, Inc.(a)		4,194		304,149
ZipRecruiter, Inc., Class A(a)		6,039		111,842
ZoomInfo Technologies, Inc., CLass A(a)		28,196		720,972
				3,110,507
IT Services — 0.7%
Amdocs Ltd.		10,887		1,019,459
BigBear.ai Holdings, Inc.(a)(b)		224		450
BigCommerce Holdings, Inc., Series-1(a)		7,011		75,789
Brightcove, Inc.(a)		2,788		12,518
DigitalOcean Holdings, Inc.(a)(b)		5,613		277,956
DXC Technology Co.(a)		20,600		569,590
Fastly, Inc., Class A(a)(b)		10,594		194,612
Globant SA(a)(b)		3,808		665,372
Grid Dynamics Holdings, Inc.(a)		4,733		49,318
Hackett Group, Inc.		2,311		53,731
Information Services Group, Inc.		3,455		17,793
Kyndryl Holdings, Inc.(a)		17,954		245,252
Perficient, Inc.(a)		3,165		201,895
Rackspace Technology, Inc.(a)		4,794		11,122
Squarespace, Inc., Class A(a)		3,940		130,571

Security	Shares		Value
IT Services (continued)
Thoughtworks Holding, Inc.(a)(b)		8,984	$	63,696
Tucows, Inc., Class A(a)(b)		720		22,241
Unisys Corp.(a)		6,488		35,295
				3,646,660
Leisure Products — 0.8%
Acushnet Holdings Corp.		2,897		172,748
AMMO, Inc.(a)(b)		6,541		13,605
Brunswick Corp.		6,324		545,824
Clarus Corp.		1,641		14,605
Escalade, Inc.		1,074		15,680
Hasbro, Inc.		11,784		760,775
JAKKS Pacific, Inc.(a)		654		13,629
Johnson Outdoors, Inc., Class A		523		30,920
Latham Group, Inc.(a)		3,286		12,947
Malibu Boats, Inc., Class A(a)		1,737		104,133
Marine Products Corp.		440		7,058
MasterCraft Boat Holdings, Inc.(a)		1,528		46,833
Mattel, Inc.(a)		31,579		672,633
Peloton Interactive, Inc., Class A(a)		28,475		276,492
Polaris, Inc.		4,942		671,321
Smith & Wesson Brands, Inc.		3,961		50,424
Solo Brands, Inc., Class A(a)		1,709		10,015
Sturm Ruger & Co., Inc.		1,584		83,873
Topgolf Callaway Brands Corp.(a)		12,808		255,776
Vista Outdoor, Inc.(a)		5,405		163,771
YETI Holdings, Inc.(a)		7,978		339,863
				4,262,925
Life Sciences Tools & Services — 1.4%
10X Genomics, Inc., Class A(a)		8,480		534,070
Adaptive Biotechnologies Corp.(a)		9,586		80,906
Akoya Biosciences, Inc.(a)		1,301		8,977
Azenta, Inc.(a)		6,327		297,242
BioLife Solutions, Inc.(a)		2,972		59,083
Bio-Techne Corp.		14,037		1,170,686
Bruker Corp.		9,545		655,932
Charles River Laboratories International, Inc.(a)		4,576		958,855
Codexis, Inc.(a)		4,539		16,340
CryoPort, Inc.(a)(b)		3,836		61,645
Cytek Biosciences, Inc.(a)		11,649		104,375
Harvard Bioscience, Inc.(a)		3,631		16,884
Maravai LifeSciences Holdings, Inc., Class A(a)		9,647		109,108
MaxCyte, Inc.(a)		7,255		32,430
Medpace Holdings, Inc.(a)		2,081		526,847
NanoString Technologies, Inc.(a)		4,005		19,064
Nautilus Biotechnology, Inc.(a)		3,652		12,015
OmniAb, Inc.(a)		9,388		51,634
OmniAb, Inc., 12.50 Earnout Shares(c)		494		—
OmniAb, Inc., 15.00 Earnout Shares(c)		494		—
Pacific Biosciences of California, Inc.(a)		23,016		304,041
QIAGEN NV(a)		20,751		971,562
Quanterix Corp.(a)		2,920		72,533
Quantum-Si, Inc.(a)		8,727		33,948
Repligen Corp.(a)(b)		5,009		859,344
Seer, Inc., Class A(a)		4,339		21,955
SomaLogic, Inc.(a)(b)		14,520		35,574
Sotera Health Co.(a)(b)		8,559		162,450
Syneos Health, Inc.(a)		9,229		391,402
				7,568,902
Machinery — 4.0%
374Water, Inc.(a)		5,305		10,557
3D Systems Corp.(a)		10,669		92,927

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
AGCO Corp.		5,646	$	751,483
Alamo Group, Inc.		956		185,235
Albany International Corp., Class A		2,898		279,019
Allison Transmission Holdings, Inc.		8,282		486,071
Astec Industries, Inc.		1,953		96,478
Barnes Group, Inc.		4,454		175,042
Blue Bird Corp.(a)		1,719		35,996
Chart Industries, Inc.(a)(b)		3,857		702,591
CIRCOR International, Inc.(a)		1,593		88,730
Columbus McKinnon Corp.		2,396		101,447
Commercial Vehicle Group, Inc.(a)		3,178		33,369
Crane Co.		4,424		414,485
Crane NXT Co.		4,340		256,711
Desktop Metal, Inc., Class A(a)(b)		23,107		42,055
Donaldson Co., Inc.		10,893		684,407
Douglas Dynamics, Inc.		1,889		58,653
Energy Recovery, Inc.(a)		4,872		148,499
Enerpac Tool Group Corp.		5,515		151,552
EnPro Industries, Inc.		1,821		252,718
Esab Corp.		5,179		355,797
ESCO Technologies, Inc.		2,376		238,907
Federal Signal Corp.		5,386		329,031
Flowserve Corp.		11,687		441,301
Franklin Electric Co., Inc.		4,040		399,233
Gates Industrial Corp. PLC(a)		10,866		147,995
Gencor Industries, Inc.(a)		1,044		15,921
Gorman-Rupp Co.		2,064		65,429
Graco, Inc.(b)		15,217		1,207,165
Greenbrier Cos., Inc.		3,038		140,325
Helios Technologies, Inc.(b)		3,026		191,243
Hillenbrand, Inc.		6,317		328,105
Hillman Solutions Corp.(a)		15,652		154,016
Hyliion Holdings Corp.(a)(b)		11,844		23,333
Hyster-Yale Materials Handling, Inc.		957		45,706
ITT, Inc.		7,429		739,928
John Bean Technologies Corp.		2,903		358,840
Kadant, Inc.(b)		1,007		224,410
Kennametal, Inc.		7,897		240,701
Lincoln Electric Holdings, Inc.		5,008		1,005,156
Lindsay Corp.		1,084		143,662
Luxfer Holdings PLC		2,124		26,890
Manitowoc Co., Inc.(a)		2,941		53,291
Mayville Engineering Co., Inc.(a)		1,163		14,061
Microvast Holdings, Inc.(a)(b)		6,177		17,728
Middleby Corp.(a)		4,756		722,199
Miller Industries, Inc.		863		32,742
Mueller Industries, Inc.		4,927		399,383
Mueller Water Products, Inc., Class A		14,411		231,873
Nikola Corp.(a)(b)		56,210		150,081
Nordson Corp.		5,240		1,318,436
Omega Flex, Inc.		303		27,125
Oshkosh Corp.		6,040		556,103
Park-Ohio Holdings Corp.		887		17,092
Pentair PLC		15,115		1,050,492
Proterra, Inc.(a)(b)		18,350		31,011
Proto Labs, Inc.(a)		2,487		82,444
RBC Bearings, Inc.(a)		2,537		573,489
REV Group, Inc.		2,927		37,846
Shyft Group, Inc.		3,287		47,431
Snap-on, Inc.		4,750		1,294,090
SPX Technologies, Inc.(a)		4,023		340,386
Standex International Corp.		1,049		155,850

Security	Shares		Value
Machinery (continued)
Tennant Co.		1,621	$	130,069
Terex Corp.		6,126		359,167
Timken Co.		5,579		518,066
Titan International, Inc.(a)		4,554		56,879
Toro Co.		9,529		968,623
Trinity Industries, Inc.		7,213		189,125
Velo3D, Inc.(a)(b)		11,124		25,474
Wabash National Corp.		4,105		97,206
Watts Water Technologies, Inc., Class A		2,401		447,858
				21,816,739
Marine Transportation — 0.2%
Costamare, Inc.		4,332		48,388
Eagle Bulk Shipping, Inc.		1,169		53,996
Eneti, Inc.		2,040		25,867
Genco Shipping & Trading Ltd.		4,343		62,973
Golden Ocean Group Ltd.		11,014		86,350
Himalaya Shipping Ltd.(b)		2,508		15,123
Kirby Corp.(a)		5,483		446,755
Matson, Inc.		3,322		310,474
Pangaea Logistics Solutions Ltd.		2,775		19,342
Safe Bulkers, Inc.		6,947		23,134
				1,092,402
Media — 1.1%
Advantage Solutions, Inc.(a)		7,451		19,298
AMC Networks, Inc., Class A(a)		2,693		33,986
Boston Omaha Corp., Class A(a)		1,772		34,589
Cable One, Inc.		528		382,240
Cardlytics, Inc.(a)		2,516		29,362
Clear Channel Outdoor Holdings, Inc.(a)		32,054		57,697
Daily Journal Corp.(a)		101		29,241
DISH Network Corp., Class A(a)(b)		22,834		181,074
Entravision Communications Corp., Class A		4,697		22,452
EW Scripps Co., Class A(a)		5,145		50,730
Gambling.com Group Ltd.(a)		698		8,550
Gannett Co., Inc.(a)(b)		11,852		33,423
Gray Television, Inc.		6,876		65,116
iHeartMedia, Inc., Class A(a)		10,087		47,711
Integral Ad Science Holding Corp.(a)		3,147		65,615
Interpublic Group of Cos., Inc.		35,257		1,206,847
John Wiley & Sons, Inc., Class A		4,174		142,876
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		6,842		216,891
Liberty Media Corp.-Liberty SiriusXM, Class C(a)		13,790		438,936
Magnite, Inc.(a)		12,691		192,015
New York Times Co., Class A		14,518		591,754
News Corp., Class A		35,670		706,979
News Corp., Class B		9,344		187,908
Nexstar Media Group, Inc., Class A		3,078		574,724
PubMatic, Inc., Class A(a)		3,747		74,903
Quotient Technology, Inc.(a)		7,726		30,440
Scholastic Corp.		2,611		112,769
Sinclair, Inc.(b)		3,646		50,716
Stagwell, Inc.(a)(b)		9,642		64,698
TechTarget, Inc.(a)		2,353		76,425
TEGNA, Inc.		19,988		337,797
Thryv Holdings, Inc.(a)		2,534		60,056
Townsquare Media, Inc., Class A		1,221		14,628
Urban One, Inc.(a)		2,941		16,833
WideOpenWest, Inc.(a)		5,083		41,884
				6,201,163
Metals & Mining — 1.7%
5E Advanced Materials, Inc.(a)		2,976		10,446

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
Alcoa Corp.		16,061	$	581,248
Alpha Metallurgical Resources, Inc.		1,228		212,714
Arconic Corp.(a)		9,062		270,863
ATI, Inc.(a)(b)		11,424		544,696
Caledonia Mining Corp. PLC		1,412		16,633
Carpenter Technology Corp.		4,437		265,599
Century Aluminum Co.(a)		4,172		38,800
Cleveland-Cliffs, Inc.(a)		45,988		811,688
Coeur Mining, Inc.(a)		29,077		89,557
Commercial Metals Co.		10,700		612,254
Compass Minerals International, Inc.		2,977		112,739
Constellium SE(a)		11,730		223,926
Contango ORE, Inc.(a)(b)		488		9,077
Dakota Gold Corp.(a)		5,742		16,881
Haynes International, Inc.		1,262		63,302
Hecla Mining Co.(b)		53,038		305,499
i-80 Gold Corp.(a)		17,174		35,035
Ivanhoe Electric, Inc.(a)(b)		4,960		80,650
Kaiser Aluminum Corp.		1,403		113,924
Materion Corp.		1,898		226,128
MP Materials Corp.(a)(b)		9,327		222,449
Novagold Resources, Inc.(a)		20,882		94,178
Olympic Steel, Inc.		817		45,580
Perpetua Resources Corp.(a)		3,812		14,409
Piedmont Lithium, Inc.(a)		1,784		97,870
PolyMet Mining Corp.(a)		3,101		6,450
Ramaco Resources, Inc.		367		5,222
Ramaco Resources, Inc., Class A		1,835		16,882
Reliance Steel & Aluminum Co.		5,325		1,559,479
Royal Gold, Inc.		5,869		705,102
Ryerson Holding Corp.		2,094		88,974
Schnitzer Steel Industries, Inc., Class A		2,242		81,183
SSR Mining, Inc.		19,219		279,829
SunCoke Energy, Inc.		7,151		63,501
TimkenSteel Corp.(a)		3,741		87,165
Tredegar Corp.		2,462		17,037
U.S. Steel Corp.		20,257		516,553
Warrior Met Coal, Inc.		4,860		215,055
Worthington Industries, Inc.		2,775		207,071
				8,965,648
Mortgage Real Estate Investment Trusts (REITs) — 1.0%
AFC Gamma, Inc.		1,189		16,432
AGNC Investment Corp.		53,023		540,304
Angel Oak Mortgage REIT, Inc.		836		7,925
Annaly Capital Management, Inc.		45,546		915,019
Apollo Commercial Real Estate Finance, Inc.		12,477		147,229
Arbor Realty Trust, Inc.(b)		15,209		257,184
Ares Commercial Real Estate Corp.		4,447		47,405
ARMOUR Residential REIT, Inc.		20,248		103,467
Blackstone Mortgage Trust, Inc., Class A		15,158		348,482
BrightSpire Capital, Inc.		13,451		98,999
Chicago Atlantic Real Estate Finance, Inc.		924		14,082
Chimera Investment Corp.		20,121		126,360
Claros Mortgage Trust, Inc.		8,019		98,794
Dynex Capital, Inc.		5,088		66,398
Ellington Financial, Inc.		5,619		75,969
Franklin BSP Realty Trust, Inc.		7,126		101,902
Granite Point Mortgage Trust, Inc.		3,724		21,339
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		9,588		250,343
Invesco Mortgage Capital, Inc.		3,464		41,603

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
KKR Real Estate Finance Trust, Inc.		4,907	$	61,141
Ladder Capital Corp.		10,059		110,548
MFA Financial, Inc.		10,442		117,577
New York Mortgage Trust, Inc.		7,849		79,667
Nexpoint Real Estate Finance, Inc.		971		16,614
Orchid Island Capital, Inc.		3,741		38,981
PennyMac Mortgage Investment Trust		7,548		96,464
Ready Capital Corp.		14,178		164,040
Redwood Trust, Inc.		10,354		77,966
Rithm Capital Corp.		43,313		436,595
Starwood Property Trust, Inc.		26,461		548,801
TPG RE Finance Trust, Inc.		6,458		50,372
Two Harbors Investment Corp.		8,368		112,215
				5,190,217
Multi-Utilities — 0.4%
Avista Corp.		5,781		223,378
Black Hills Corp.		5,970		360,170
NiSource, Inc.		37,806		1,052,519
NorthWestern Corp.		5,536		312,618
Unitil Corp.		1,373		71,451
				2,020,136
Office REITs — 0.7%
Boston Properties, Inc.		14,164		943,747
Brandywine Realty Trust		13,623		68,796
City Office REIT, Inc.		3,573		19,544
Corporate Office Properties Trust		9,837		255,762
Cousins Properties, Inc.		14,056		343,388
Douglas Emmett, Inc.		14,995		220,427
Easterly Government Properties, Inc.		8,719		128,692
Equity Commonwealth		9,300		182,187
Highwoods Properties, Inc.		9,976		252,094
Hudson Pacific Properties, Inc.		12,119		71,139
JBG SMITH Properties		9,721		162,632
Kilroy Realty Corp.		10,415		371,816
Office Properties Income Trust		5,013		38,600
Orion Office REIT, Inc.		4,549		29,569
Paramount Group, Inc.		16,731		87,670
Peakstone Realty Trust		2,485		62,970
Piedmont Office Realty Trust, Inc., Class A		11,137		82,859
Postal Realty Trust, Inc., Class A		1,528		23,027
SL Green Realty Corp.		5,710		215,324
Vornado Realty Trust		16,437		369,504
				3,929,747
Oil, Gas & Consumable Fuels — 3.7%
Amplify Energy Corp.(a)		3,118		22,886
Antero Midstream Corp.		31,514		376,277
Antero Resources Corp.(a)		25,581		684,292
APA Corp.		27,973		1,132,627
Arch Resources, Inc.		1,603		205,889
Ardmore Shipping Corp.		3,942		55,503
Berry Corp.		6,916		53,945
California Resources Corp.		6,598		352,003
Callon Petroleum Co.(a)(b)		5,670		212,965
Centrus Energy Corp., Class A(a)(b)		592		22,259
Chesapeake Energy Corp.		11,587		977,248
Chord Energy Corp.		3,718		583,131
Civitas Resources, Inc.		6,175		462,261
Clean Energy Fuels Corp.(a)(b)		14,369		70,839
CNX Resources Corp.(a)(b)		14,549		296,800
Comstock Resources, Inc.		7,996		101,949
CONSOL Energy, Inc.		2,968		221,175

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Crescent Energy Co., Class A		4,553	$	54,044
CVR Energy, Inc.		3,248		119,332
Delek U.S. Holdings, Inc.		6,322		174,424
Denbury, Inc.(a)		4,627		406,760
DHT Holdings, Inc.		11,752		115,757
Dorian LPG Ltd.		2,691		80,030
DT Midstream, Inc.(a)		8,535		456,793
Earthstone Energy, Inc., Class A(a)		5,298		84,662
Empire Petroleum Corp.(a)		1,078		9,702
Encore Energy Corp.		12,424		31,433
Energy Fuels, Inc.(a)(b)		14,345		91,521
Enviva, Inc.		2,638		35,534
EQT Corp.		32,890		1,387,300
Equitrans Midstream Corp.		39,909		413,856
Evolution Petroleum Corp.		2,595		24,237
Excelerate Energy, Inc., Class A		1,901		40,339
FLEX LNG Ltd.(a)		2,946		93,742
Gevo, Inc.(a)(b)		19,154		32,945
Golar LNG Ltd.(b)		8,719		210,302
Granite Ridge Resources, Inc.		2,155		15,710
Green Plains, Inc.(a)		2,103		74,678
Gulfport Energy Corp.(a)(b)		941		96,406
Hallador Energy Co.(a)		1,901		17,527
HF Sinclair Corp.		13,577		707,226
HighPeak Energy, Inc.(b)		723		10,953
International Seaways, Inc.		3,559		152,646
Kinetik Holdings, Inc., Class A		1,497		53,892
Kosmos Energy Ltd.(a)		40,786		289,581
Magnolia Oil & Gas Corp., Class A		16,085		356,283
Matador Resources Co.		10,423		579,832
Murphy Oil Corp.		13,313		576,054
NACCO Industries, Inc., Class A		484		17,903
New Fortress Energy, Inc.		5,800		165,590
NextDecade Corp.(a)		3,676		20,475
Nordic American Tankers Ltd.		17,834		78,291
Northern Oil and Gas, Inc.		6,932		272,913
Overseas Shipholding Group, Inc., Class A(a)		4,318		17,661
Ovintiv, Inc.		21,911		1,009,878
Par Pacific Holdings, Inc.(a)		5,277		166,120
PBF Energy, Inc., Class A		10,669		506,137
PDC Energy, Inc.		8,063		611,901
Peabody Energy Corp.		11,003		246,907
Permian Resources Corp.		23,445		274,072
PrimeEnergy Resources Corp.(a)		168		16,155
Range Resources Corp.		21,103		663,267
REX American Resources Corp.(a)		1,512		55,974
Riley Exploration Permian, Inc.		901		33,742
Ring Energy, Inc.(a)(b)		7,446		18,019
SandRidge Energy, Inc.		1,535		26,218
Scorpio Tankers, Inc.		4,915		231,202
SFL Corp. Ltd.		9,365		92,339
SilverBow Resources, Inc.(a)		1,671		59,839
Sitio Royalties Corp., Class A		7,559		206,663
SM Energy Co.		11,121		403,581
Southwestern Energy Co.(a)		98,670		639,382
Talos Energy, Inc.(a)		10,124		161,984
Teekay Corp.(a)		5,790		38,561
Teekay Tankers Ltd., Class A		2,361		102,963
Tellurian, Inc.(a)(b)		45,722		78,642
Texas Pacific Land Corp.		520		783,276
Uranium Energy Corp.(a)(b)		32,042		115,351
VAALCO Energy, Inc.		8,995		40,028

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Vertex Energy, Inc.(a)		7,152	$	37,691
Vital Energy, Inc.(a)		1,439		75,950
Vitesse Energy, Inc.		2,022		50,934
W&T Offshore, Inc.(a)		9,251		40,519
World Kinect Corp.		5,396		121,626
				20,107,304
Paper & Forest Products — 0.1%
Clearwater Paper Corp.(a)		1,527		49,215
Glatfelter Corp.		3,535		12,019
Louisiana-Pacific Corp.		5,740		436,986
Sylvamo Corp.		3,222		158,104
				656,324
Passenger Airlines — 0.5%
Alaska Air Group, Inc.(a)		11,258		547,477
Allegiant Travel Co.(a)		1,499		185,426
American Airlines Group, Inc.(a)		59,079		989,573
Blade Air Mobility, Inc.(a)		4,942		20,608
Frontier Group Holdings, Inc.(a)		3,328		30,950
Hawaiian Holdings, Inc.(a)		4,347		50,382
JetBlue Airways Corp.(a)		30,705		238,578
Joby Aviation, Inc.(a)		24,451		218,836
SkyWest, Inc.(a)		4,465		196,415
Spirit Airlines, Inc.		10,355		189,497
Sun Country Airlines Holdings, Inc.(a)		3,548		76,495
				2,744,237
Personal Care Products — 0.4%
Beauty Health Co.(a)		7,546		62,556
BellRing Brands, Inc.(a)		12,182		437,943
Coty, Inc., Class A(a)(b)		33,225		400,029
Edgewell Personal Care Co.		4,523		178,252
elf Beauty, Inc.(a)		4,585		535,161
Herbalife Ltd.(a)		8,526		138,462
Inter Parfums, Inc.		1,625		243,035
Medifast, Inc.		951		96,897
Nature’s Sunshine Products, Inc.(a)		822		11,467
Nu Skin Enterprises, Inc., Class A		5,054		148,537
Olaplex Holdings, Inc.(a)		11,336		40,810
Thorne HealthTech, Inc.(a)		3,015		18,000
USANA Health Sciences, Inc.(a)		1,062		68,934
Waldencast PLC(b)		1,684		9,346
				2,389,429
Pharmaceuticals — 1.4%
Aclaris Therapeutics, Inc.(a)		7,259		71,646
Amneal Pharmaceuticals, Inc.(a)		8,878		28,410
Amphastar Pharmaceuticals, Inc.(a)		3,338		202,583
Amylyx Pharmaceuticals, Inc.(a)		4,442		104,165
ANI Pharmaceuticals, Inc.(a)		1,069		56,176
Arvinas, Inc.(a)		4,095		101,228
Assertio Holdings, Inc.(a)		5,000		28,450
Atea Pharmaceuticals, Inc.(a)		6,727		23,074
Axsome Therapeutics, Inc.(a)		3,019		236,901
Biote Corp., Class A(a)		2,285		15,584
Cara Therapeutics, Inc.(a)		4,328		14,412
Cassava Sciences, Inc.(a)(b)		3,393		74,578
Catalent, Inc.(a)		16,564		803,685
Citius Pharmaceuticals, Inc.(a)(b)		11,887		11,767
Collegium Pharmaceutical, Inc.(a)		2,815		64,069
Corcept Therapeutics, Inc.(a)		7,543		192,196
CorMedix, Inc.(a)		4,098		18,113
Cymabay Therapeutics, Inc.(a)		8,555		111,643
DICE Therapeutics, Inc.(a)		3,502		164,594

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Edgewise Therapeutics, Inc.(a)		2,935	$	21,396
Elanco Animal Health, Inc.(a)		44,208		533,591
Enliven Therapeutics, Inc.(a)(b)		2,085		39,490
Evolus, Inc.(a)(b)		3,407		34,138
EyePoint Pharmaceuticals, Inc.(a)		2,424		30,300
Harmony Biosciences Holdings, Inc.(a)		2,978		105,332
Harrow Health, Inc.(a)		2,244		49,548
Ikena Oncology, Inc.(a)		2,181		11,232
Innoviva, Inc.(a)		5,483		74,295
Intra-Cellular Therapies, Inc.(a)		8,313		514,076
Jazz Pharmaceuticals PLC(a)		5,478		714,441
Ligand Pharmaceuticals, Inc.(a)		1,499		100,328
Liquidia Corp.(a)		4,969		38,361
Longboard Pharmaceuticals, Inc.(a)		1,665		11,988
Marinus Pharmaceuticals, Inc.(a)		4,463		47,486
NGM Biopharmaceuticals, Inc.(a)		3,413		8,089
Nuvation Bio, Inc.(a)		11,978		22,159
Ocular Therapeutix, Inc.(a)(b)		8,299		37,678
Omeros Corp.(a)(b)		5,484		23,855
Optinose, Inc.(a)		12,558		15,132
Organon & Co.		22,976		505,013
Pacira BioSciences, Inc.(a)		4,285		155,760
Perrigo Co. PLC		12,494		457,780
Phathom Pharmaceuticals, Inc.(a)		2,441		37,128
Phibro Animal Health Corp., Class A		1,994		28,873
Pliant Therapeutics, Inc.(a)		5,017		89,503
Prestige Consumer Healthcare, Inc.(a)		4,466		291,228
Reata Pharmaceuticals, Inc., Class A(a)		2,666		441,436
Revance Therapeutics, Inc.(a)		7,424		175,429
Scilex Holding Lock Up, (Acquired 01/06/23, Cost: $50,126)(d)		4,783		25,930
scPharmaceuticals, Inc.(a)		2,577		21,724
SIGA Technologies, Inc.		4,478		25,704
Supernus Pharmaceuticals, Inc.(a)		4,300		131,967
Taro Pharmaceutical Industries Ltd.(a)		732		26,755
Tarsus Pharmaceuticals, Inc.(a)		2,120		46,661
Terns Pharmaceuticals, Inc.(a)		3,857		27,848
Theravance Biopharma, Inc.(a)		5,461		54,009
Theseus Pharmaceuticals, Inc.(a)(b)		2,332		7,859
Third Harmonic Bio, Inc.(a)		1,194		8,465
Trevi Therapeutics, Inc.(a)(b)		5,359		12,754
Ventyx Biosciences, Inc.(a)(b)		4,132		153,091
Verrica Pharmaceuticals, Inc.(a)(b)		2,416		14,109
WaVe Life Sciences Ltd.(a)		5,473		23,917
Xeris Biopharma Holdings, Inc.(a)		13,971		36,464
Zevra Therapeutics, Inc.(a)		3,233		15,777
				7,571,373
Professional Services — 2.6%
Alight, Inc., Class A(a)		36,497		356,941
ASGN, Inc.(a)		4,275		326,268
Asure Software, Inc.(a)		1,149		15,672
Barrett Business Services, Inc.		555		50,355
BlackSky Technology, Inc.(a)		12,150		24,179
Booz Allen Hamilton Holding Corp., Class A		11,838		1,433,345
CACI International, Inc., Class A(a)		2,030		711,393
CBIZ, Inc.(a)		4,205		222,402
Ceridian HCM Holding, Inc.(a)(b)		13,334		944,181
Clarivate PLC(a)(b)		43,537		414,037
Concentrix Corp.		3,903		324,886
Conduent, Inc.(a)		14,456		50,018
CRA International, Inc.		643		64,358
CSG Systems International, Inc.		2,831		146,051

Security	Shares		Value
Professional Services (continued)
Dun & Bradstreet Holdings, Inc.		24,817	$	293,337
ExlService Holdings, Inc.(a)		2,868		404,245
Exponent, Inc.		4,632		414,935
First Advantage Corp.(a)(b)		5,203		78,045
FiscalNote Holdings, Inc.(a)		6,358		20,854
Forrester Research, Inc.(a)		977		31,137
Franklin Covey Co.(a)		1,083		51,605
FTI Consulting, Inc.(a)		3,067		537,216
Genpact Ltd.		16,188		584,225
Heidrick & Struggles International, Inc.		1,687		46,004
HireQuest, Inc.		514		12,855
HireRight Holdings Corp.(a)		1,067		11,428
Huron Consulting Group, Inc.(a)		1,649		155,946
IBEX Holdings Ltd.(a)		872		17,309
ICF International, Inc.		1,754		206,253
Innodata, Inc.(a)		2,217		28,444
Insperity, Inc.		3,224		379,304
KBR, Inc.		12,208		750,670
Kelly Services, Inc., Class A		2,917		53,439
Kforce, Inc.		1,763		111,845
Korn Ferry		4,673		246,174
Legalzoom.com, Inc.(a)		9,454		144,457
ManpowerGroup, Inc.		4,567		360,245
Maximus, Inc.		5,398		452,136
Mistras Group, Inc.(a)		1,891		14,636
NV5 Global, Inc.(a)		1,310		143,510
Paycor HCM, Inc.(a)(b)		5,510		147,999
Paylocity Holding Corp.(a)(b)		3,790		859,761
Planet Labs PBC(a)(b)		17,056		63,448
Red Violet, Inc.(a)		922		19,095
Resources Connection, Inc.		2,762		44,137
Robert Half, Inc.		9,465		701,830
Science Applications International Corp.		4,956		601,361
Skillsoft Corp.(a)		6,984		9,219
Sterling Check Corp.(a)		1,746		20,969
TriNet Group, Inc.(a)		3,457		363,780
TrueBlue, Inc.(a)		2,952		44,132
TTEC Holdings, Inc.		1,703		58,651
Upwork, Inc.(a)		10,595		110,506
Verra Mobility Corp.(a)		12,404		260,360
Willdan Group, Inc.(a)		1,011		20,402
				13,959,990
Real Estate Management & Development — 0.7%
American Realty Investors, Inc.(a)		667		12,606
Anywhere Real Estate, Inc.(a)		9,661		80,959
Compass, Inc., Class A(a)		28,098		117,731
Cushman & Wakefield PLC(a)		13,512		132,823
DigitalBridge Group, Inc.		15,055		241,181
Douglas Elliman, Inc.		8,342		18,436
eXp World Holdings, Inc.(b)		5,840		145,650
Forestar Group, Inc.(a)		1,439		42,422
FRP Holdings, Inc.(a)		397		22,776
Howard Hughes Corp.(a)		2,989		252,361
Jones Lang LaSalle, Inc.(a)(b)		4,300		716,165
Kennedy-Wilson Holdings, Inc.		11,254		185,691
Marcus & Millichap, Inc.		2,265		83,080
Maui Land & Pineapple Co., Inc.(a)		1,085		16,177
Newmark Group, Inc., Class A		12,314		85,213
Opendoor Technologies, Inc.(a)		48,850		249,623
RE/MAX Holdings, Inc., Class A		1,639		32,305
Redfin Corp.(a)		9,154		137,127
RMR Group, Inc., Class A		1,281		30,206

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development (continued)
St. Joe Co.		2,958	$	187,774
Stratus Properties, Inc.		583		16,546
Tejon Ranch Co.(a)		2,103		37,034
Zillow Group, Inc., Class A(a)		4,938		262,800
Zillow Group, Inc., Class C(a)(b)		14,031		759,919
				3,866,605
Residential REITs — 0.9%
American Homes 4 Rent, Class A		30,400		1,139,392
Apartment Income REIT Corp.		13,290		459,037
Apartment Investment and Management Co., Class A		13,716		114,254
BRT Apartments Corp.		862		16,783
Camden Property Trust		9,542		1,040,937
Centerspace		1,383		85,926
Clipper Realty, Inc.		722		4,621
Elme Communities		7,345		119,356
Equity LifeStyle Properties, Inc.		16,119		1,147,350
Independence Realty Trust, Inc.		20,420		347,957
NexPoint Residential Trust, Inc.		1,966		81,707
UMH Properties, Inc.		4,823		80,303
Veris Residential, Inc.(a)		7,557		141,165
				4,778,788
Retail REITs — 1.5%
Acadia Realty Trust		7,051		110,771
Agree Realty Corp.		8,144		527,568
Alexander’s, Inc.		191		36,934
Brixmor Property Group, Inc.		26,874		611,115
CBL & Associates Properties, Inc.		2,282		49,679
Federal Realty Investment Trust		7,262		737,238
Getty Realty Corp.		4,495		145,278
InvenTrust Properties Corp.		6,004		146,137
Kimco Realty Corp.		54,790		1,110,045
Kite Realty Group Trust		19,777		452,498
Macerich Co.		20,233		257,971
Necessity Retail REIT, Inc.		12,262		87,060
NETSTREIT Corp.		5,734		102,581
NNN REIT, Inc.		16,323		696,666
Phillips Edison & Co., Inc.		10,629		375,310
Regency Centers Corp.		15,361		1,006,606
Retail Opportunity Investments Corp.		11,995		176,686
RPT Realty		7,049		76,623
Saul Centers, Inc.		1,202		46,337
SITE Centers Corp.		16,752		235,366
Spirit Realty Capital, Inc.		12,699		512,151
Tanger Factory Outlet Centers, Inc.		9,304		217,807
Urban Edge Properties		10,244		174,251
Urstadt Biddle Properties, Inc., Class A		2,298		52,119
Whitestone REIT		3,929		40,547
				7,985,344
Semiconductors & Semiconductor Equipment — 2.5%
ACM Research, Inc., Class A(a)		4,029		52,780
Aehr Test Systems(a)		2,280		118,925
Allegro MicroSystems, Inc.(a)		6,159		317,866
Alpha & Omega Semiconductor Ltd.(a)		2,348		77,202
Ambarella, Inc.(a)		3,350		279,457
Amkor Technology, Inc.		9,374		272,690
Atomera, Inc.(a)(b)		1,787		15,422
Axcelis Technologies, Inc.(a)		2,891		579,588
CEVA, Inc.(a)		1,900		51,604
Cirrus Logic, Inc.(a)		4,949		399,879
Cohu, Inc.(a)		4,250		185,513

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Credo Technology Group Holding Ltd.(a)		8,484	$	143,973
Diodes, Inc.(a)		3,999		377,866
Entegris, Inc.		13,620		1,494,250
FormFactor, Inc.(a)		7,126		264,802
Ichor Holdings Ltd.(a)(b)		2,461		95,290
Impinj, Inc.(a)		2,020		134,572
indie Semiconductor, Inc., Class A(a)		12,385		117,410
inTEST Corp.(a)		985		20,843
Kulicke & Soffa Industries, Inc.		4,796		287,184
Lattice Semiconductor Corp.(a)(b)		12,297		1,118,289
MACOM Technology Solutions Holdings, Inc., Class H(a)		4,826		337,434
Maxeon Solar Technologies Ltd.(a)		2,297		56,713
MaxLinear, Inc.(a)		6,939		171,185
MKS Instruments, Inc.		5,977		652,509
Navitas Semiconductor Corp.(a)		9,116		96,447
NVE Corp.		444		35,169
Onto Innovation, Inc.(a)		4,471		555,835
PDF Solutions, Inc.(a)		2,572		118,286
Photronics, Inc.(a)		5,761		152,378
Power Integrations, Inc.		5,029		488,517
Qorvo, Inc.(a)		9,035		994,031
Rambus, Inc.(a)		9,747		610,260
Semtech Corp.(a)		5,565		162,498
Silicon Laboratories, Inc.(a)		2,820		420,575
SiTime Corp.(a)(b)		1,550		199,965
SkyWater Technology, Inc.(a)		2,527		24,714
SMART Global Holdings, Inc.(a)		4,451		118,397
Synaptics, Inc.(a)		3,659		330,444
Transphorm, Inc.(a)		1,700		5,304
Ultra Clean Holdings, Inc.(a)		3,915		149,162
Universal Display Corp.		4,221		615,759
Veeco Instruments, Inc.(a)		4,421		124,495
Wolfspeed, Inc.(a)(b)		11,173		736,301
				13,561,783
Software — 5.7%
8x8, Inc.(a)		10,183		48,267
A10 Networks, Inc.		6,687		103,782
ACI Worldwide, Inc.(a)		9,657		223,946
Adeia, Inc.		10,511		126,342
Agilysys, Inc.(a)		1,927		141,885
Alarm.com Holdings, Inc.(a)		4,194		231,551
Alkami Technology, Inc.(a)(b)		3,086		52,092
Altair Engineering, Inc., Class A(a)(b)		4,934		369,754
Alteryx, Inc., Class A(a)		5,515		228,652
American Software, Inc., Class A		2,858		32,953
Amplitude, Inc., Class A(a)		6,540		75,733
Appfolio, Inc., Class A(a)		1,676		302,669
Appian Corp., Class A(a)		3,484		179,496
Applied Digital Corp.(a)		6,189		59,291
AppLovin Corp., Class A(a)(b)		21,027		660,248
Asana, Inc., Class A(a)		7,020		170,446
Aspen Technology, Inc.(a)		2,576		459,816
Aurora Innovation, Inc.(a)		27,580		90,462
AvePoint, Inc.(a)		13,759		85,306
Bentley Systems, Inc., Class B(b)		17,302		932,232
Bills Holdings, Inc.(a)		9,260		1,160,648
Bit Digital, Inc.(a)(b)		6,989		30,961
Black Knight, Inc.(a)		14,227		1,000,443
Blackbaud, Inc.(a)		4,035		304,441
Blackline, Inc.(a)		5,183		301,029

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Box, Inc., Class A(a)(b)		12,926	$	403,938
Braze, Inc., Class A(a)		3,087		140,335
C3.ai, Inc., Class A(a)(b)		5,183		217,686
CCC Intelligent Solutions Holdings, Inc.(a)(b)		17,486		192,696
Cerence, Inc.(a)		3,942		109,627
Cipher Mining, Inc.(a)(b)		6,457		24,537
Cleanspark, Inc.(a)		5,973		35,898
Clear Secure, Inc., Class A		7,404		175,549
CommVault Systems, Inc.(a)		3,914		305,018
Confluent, Inc., Class A(a)(b)		16,616		573,917
Consensus Cloud Solutions, Inc.(a)		2,134		69,163
CoreCard Corp.(a)		736		17,686
Couchbase, Inc.(a)		3,209		53,558
CS Disco, Inc.(a)		1,938		18,876
Digimarc Corp.(a)(b)		1,146		33,922
Digital Turbine, Inc.(a)		8,227		89,181
Dolby Laboratories, Inc., Class A		5,530		490,013
Domo, Inc., Class B(a)		2,863		51,162
DoubleVerify Holdings, Inc.(a)		9,975		419,948
Dropbox, Inc., Class A(a)		23,399		630,603
Dynatrace, Inc.(a)		19,750		1,080,127
E2open Parent Holdings, Inc.(a)(b)		17,189		88,523
Ebix, Inc.		2,248		69,598
eGain Corp.(a)		1,349		9,942
Elastic NV(a)		7,244		481,364
Enfusion, Inc., Class A(a)		2,593		28,134
EngageSmart, Inc.(a)(b)		4,428		83,955
Envestnet, Inc.(a)		3,481		215,752
Everbridge, Inc.(a)		3,474		107,138
EverCommerce, Inc.(a)		2,329		27,203
Expensify, Inc., Class A(a)(b)		5,465		44,048
Five9, Inc.(a)		6,370		558,967
ForgeRock, Inc., Class A(a)		4,192		86,565
Freshworks, Inc., Class A(a)(b)		14,320		267,211
Gen Digital, Inc.		49,847		969,524
Gitlab, Inc., Class A(a)		4,352		215,990
Guidewire Software, Inc.(a)		7,375		625,547
HashiCorp, Inc., Class A(a)(b)		8,307		245,970
Informatica, Inc., Class A(a)(b)		4,085		77,778
Instructure Holdings, Inc.(a)(b)		1,483		40,293
Intapp, Inc.(a)		1,383		56,786
InterDigital, Inc.		2,545		235,896
Jamf Holding Corp.(a)(b)		6,712		145,785
Kaltura, Inc.(a)		8,322		16,810
LivePerson, Inc.(a)		5,836		27,721
LiveRamp Holdings, Inc.(a)		5,773		164,761
LiveVox Holdings, Inc.(a)		4,247		12,359
Manhattan Associates, Inc.(a)		5,636		1,074,334
Marathon Digital Holdings, Inc.(a)(b)		14,977		260,150
Matterport, Inc.(a)		24,608		83,421
MeridianLink, Inc.(a)		2,528		56,476
MicroStrategy, Inc., Class A(a)(b)		975		426,933
Mitek Systems, Inc.(a)		3,619		36,950
Model N, Inc.(a)		3,216		107,157
N-able, Inc.(a)		5,685		79,988
nCino, Inc.(a)(b)		6,593		213,284
NCR Corp.(a)		11,899		319,845
New Relic, Inc.(a)		4,843		406,715
NextNav, Inc.(a)(b)		2,193		7,040
Nutanix, Inc., Class A(a)		20,697		625,049
Olo, Inc., Class A(a)		9,917		77,948
ON24, Inc.		3,909		34,595

Security	Shares		Value
Software (continued)
OneSpan, Inc.(a)		3,402	$	46,743
PagerDuty, Inc.(a)(b)		8,117		210,393
Pegasystems, Inc.		3,898		205,620
PowerSchool Holdings, Inc., Class A(a)		4,915		118,796
Procore Technologies, Inc.(a)(b)		7,020		532,467
Progress Software Corp.		3,923		235,615
PROS Holdings, Inc.(a)		4,223		160,474
PTC, Inc.(a)		9,951		1,450,955
Q2 Holdings, Inc.(a)		5,356		189,977
Qualys, Inc.(a)(b)		3,434		476,639
Rapid7, Inc.(a)		5,521		253,469
Rimini Street, Inc.(a)		5,015		13,641
RingCentral, Inc., Class A(a)		8,060		333,362
Riot Platforms, Inc.(a)(b)		13,972		258,761
Sapiens International Corp. NV		2,809		75,674
SEMrush Holdings, Inc., Class A(a)		3,194		33,888
SentinelOne, Inc., Class A(a)(b)		17,517		292,008
Smartsheet, Inc., Class A(a)		11,221		498,212
SolarWinds Corp.(a)		4,532		47,767
SoundHound AI, Inc., Class A(a)(b)		13,148		30,635
SoundThinking, Inc.(a)		960		21,811
Sprinklr, Inc., Class A(a)		7,639		107,252
Sprout Social, Inc., Class A(a)(b)		4,417		252,387
SPS Commerce, Inc.(a)		3,264		588,793
Tenable Holdings, Inc.(a)		10,112		492,050
Teradata Corp.(a)		9,099		517,278
Terawulf, Inc.(a)		4,847		14,153
UiPath, Inc., Class A(a)		33,853		612,062
Varonis Systems, Inc.(a)		10,071		289,038
Verint Systems, Inc.(a)		6,043		225,827
Veritone, Inc.(a)		1,635		7,546
Viant Technology, Inc., Class A(a)		704		3,407
Weave Communications, Inc.(a)		3,631		43,572
Workiva, Inc.(a)		4,326		455,485
Xperi, Inc.(a)		3,506		45,999
Yext, Inc.(a)		9,760		94,867
Zeta Global Holdings Corp., Class A(a)		12,041		111,018
Zuora, Inc., Class A(a)		11,892		139,493
				30,706,524
Specialized REITs — 0.9%
CubeSmart		20,449		886,669
EPR Properties		6,909		308,418
Extra Space Storage, Inc.		1		140
Farmland Partners, Inc.		4,302		49,430
Four Corners Property Trust, Inc.		7,965		209,479
Gaming and Leisure Properties, Inc.		23,095		1,096,089
Gladstone Land Corp.		3,048		51,024
Lamar Advertising Co., Class A(b)		7,975		787,132
National Storage Affiliates Trust		7,213		243,727
Outfront Media, Inc.		13,951		215,682
PotlatchDeltic Corp.		7,164		384,205
Rayonier, Inc.		13,067		432,779
Safehold, Inc.(b)		3,071		75,946
Uniti Group, Inc.		20,962		116,968
				4,857,688
Specialty Retail — 2.8%
1-800-Flowers.com, Inc., Class A(a)(b)		2,137		18,549
Aaron’s Co., Inc.		2,311		36,560
Abercrombie & Fitch Co., Class A(a)		4,347		172,185
Academy Sports & Outdoors, Inc.		6,842		409,083
Advance Auto Parts, Inc.		5,496		408,847
American Eagle Outfitters, Inc.		16,599		233,216

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
America’s Car-Mart, Inc.(a)		542	$	64,563
Arko Corp.		8,041		67,062
Asbury Automotive Group, Inc.(a)(b)		1,983		447,365
AutoNation, Inc.(a)(b)		2,805		451,549
BARK, Inc.(a)		11,542		16,621
Bath & Body Works, Inc.		20,697		767,031
Big 5 Sporting Goods Corp.		1,833		17,542
Boot Barn Holdings, Inc.(a)		2,760		259,164
Buckle, Inc.		2,622		95,860
Build-A-Bear Workshop, Inc.		1,166		28,625
Caleres, Inc.		3,064		82,851
Camping World Holdings, Inc., Class A		3,704		118,639
CarParts.com, Inc.(a)		4,235		21,260
Carvana Co.(a)(b)		8,242		378,720
Cato Corp., Class A		1,422		12,087
Chico’s FAS, Inc.(a)		10,071		61,433
Children’s Place, Inc.(a)		1,106		34,773
Designer Brands, Inc., Class A(b)		4,442		44,198
Destination XL Group, Inc.(a)		5,308		27,389
Dick’s Sporting Goods, Inc.		5,435		766,335
Duluth Holdings, Inc., Class B(a)		688		4,995
EVgo, Inc.(a)		5,827		25,464
Five Below, Inc.(a)(b)		4,951		1,031,491
Floor & Decor Holdings, Inc., Class A(a)(b)		9,398		1,079,360
Foot Locker, Inc.		7,303		196,232
Franchise Group, Inc.		2,248		66,901
GameStop Corp., Class A(a)(b)		24,767		549,827
Gap, Inc.		17,309		178,283
Genesco, Inc.(a)		1,083		30,551
Group 1 Automotive, Inc.		1,222		315,924
GrowGeneration Corp.(a)(b)		4,901		19,506
Guess?, Inc.		2,312		48,529
Haverty Furniture Cos., Inc.		1,178		41,937
Hibbett, Inc.		1,169		54,242
J Jill, Inc.(a)		721		16,367
Lands’ End, Inc.(a)(b)		1,371		12,860
Lazydays Holdings, Inc.(a)		1,336		17,515
Leslie’s, Inc.(a)(b)		16,794		106,978
Lithia Motors, Inc.		2,441		758,004
MarineMax, Inc.(a)		1,817		73,280
Monro, Inc.		2,771		101,557
Murphy USA, Inc.		1,819		558,488
National Vision Holdings, Inc.(a)		6,849		148,144
ODP Corp.(a)		3,135		156,374
OneWater Marine, Inc., Class A(a)		945		35,579
Overstock.com, Inc.(a)(b)		4,218		153,830
Penske Automotive Group, Inc.(b)		1,853		299,111
Petco Health & Wellness Co., Inc.(a)(b)		7,307		59,625
PetMed Express, Inc.		1,754		25,696
Rent the Runway, Inc., Class A(a)(b)		4,623		8,553
Revolve Group, Inc.(a)(b)		3,606		71,110
RH(a)(b)		1,454		564,399
Sally Beauty Holdings, Inc.(a)		9,384		112,327
Shoe Carnival, Inc.		1,497		39,835
Signet Jewelers Ltd.		3,968		319,384
Sleep Number Corp.(a)		1,883		52,140
Sonic Automotive, Inc., Class A		1,540		73,751
Sportsman’s Warehouse Holdings, Inc.(a)		3,501		22,056
Stitch Fix, Inc., Class A(a)(b)		7,148		36,526
ThredUp, Inc., Class A(a)		5,918		20,831
Tile Shop Holdings, Inc.(a)		1,369		8,707
Tilly’s, Inc., Class A(a)		1,735		15,042

Security	Shares		Value
Specialty Retail (continued)
Torrid Holdings, Inc.(a)		1,152	$	3,133
Upbound Group, Inc., Class A		5,010		173,496
Urban Outfitters, Inc.(a)		5,992		217,929
Valvoline, Inc.(b)		15,869		602,546
Victoria’s Secret & Co.(a)(b)		7,528		154,249
Warby Parker, Inc., Class A(a)		7,027		104,983
Wayfair, Inc., Class A(a)(b)		7,366		573,590
Williams-Sonoma, Inc.		5,889		816,451
Winmark Corp.		259		94,136
Zumiez, Inc.(a)		1,465		27,630
				15,320,961
Technology Hardware, Storage & Peripherals — 0.6%
Avid Technology, Inc.(a)		3,013		71,830
CompoSecure, Inc.(a)		2,066		15,330
Corsair Gaming, Inc.(a)(b)		3,296		60,910
CPI Card Group, Inc.(a)		570		13,914
Eastman Kodak Co.(a)		5,301		29,102
Immersion Corp.		1,684		11,889
Intevac, Inc.(a)		3,753		13,436
IonQ, Inc.(a)		14,237		274,062
Pure Storage, Inc., Class A(a)		25,769		953,195
Super Micro Computer, Inc.(a)		4,211		1,390,767
Turtle Beach Corp.(a)		1,439		16,189
Xerox Holdings Corp.		10,195		162,916
				3,013,540
Textiles, Apparel & Luxury Goods — 1.4%
Allbirds, Inc., Class A(a)(b)		7,995		11,992
Capri Holdings Ltd.(a)		10,962		404,607
Carter’s, Inc.		3,276		245,733
Columbia Sportswear Co.		3,146		247,307
Crocs, Inc.(a)		5,471		592,783
Deckers Outdoor Corp.(a)		2,361		1,283,652
Figs, Inc., Class A(a)		12,738		93,752
Fossil Group, Inc.(a)		3,602		10,014
G-III Apparel Group Ltd.(a)		3,721		77,062
Hanesbrands, Inc.		33,948		178,906
Kontoor Brands, Inc.		5,170		219,001
Movado Group, Inc.		1,443		41,414
Oxford Industries, Inc.		1,449		156,275
PVH Corp.		5,598		501,805
Ralph Lauren Corp.		3,606		473,576
Rocky Brands, Inc.		446		8,973
Skechers USA, Inc., Class A(a)		12,352		686,524
Steven Madden Ltd.		7,064		235,796
Tapestry, Inc.		21,384		922,720
Under Armour, Inc., Class A(a)		16,859		135,883
Under Armour, Inc., Class C(a)		16,742		124,226
Vera Bradley, Inc.(a)		2,876		19,384
VF Corp.		31,588		625,758
Wolverine World Wide, Inc.		6,804		86,207
				7,383,350
Tobacco — 0.1%
Turning Point Brands, Inc.		1,818		43,359
Universal Corp.		2,187		110,597
Vector Group Ltd.		12,720		166,886
				320,842
Trading Companies & Distributors — 1.6%
Air Lease Corp.		9,618		407,226
Alta Equipment Group, Inc.		1,616		26,098
Applied Industrial Technologies, Inc.		3,529		511,670
Beacon Roofing Supply, Inc.(a)		4,299		368,295

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

Schedule of Investments (continued) July 31, 2023   iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
BlueLinx Holdings, Inc.(a)		776	$	73,130
Boise Cascade Co.		3,625		375,151
Core & Main, Inc., Class A(a)(b)		7,537		238,245
Custom Truck One Source, Inc.(a)		5,253		36,351
Distribution Solutions Group, Inc.(a)		278		15,412
DXP Enterprises, Inc.(a)		1,267		48,121
EVI Industries, Inc.(a)		632		16,078
FTAI Aviation Ltd.		9,196		296,203
GATX Corp.		3,116		390,622
Global Industrial Co.		1,047		29,840
GMS, Inc.(a)		3,645		268,600
H&E Equipment Services, Inc.		3,083		149,772
Herc Holdings, Inc.		2,545		340,597
Hudson Technologies, Inc.(a)		3,844		34,942
Karat Packaging, Inc.		226		4,595
McGrath RentCorp		2,330		224,565
MRC Global, Inc.(a)		7,335		82,812
MSC Industrial Direct Co., Inc., Class A		4,243		428,204
NOW, Inc.(a)		10,893		124,071
Rush Enterprises, Inc., Class A		3,849		248,953
Rush Enterprises, Inc., Class B		502		34,493
SiteOne Landscape Supply, Inc.(a)(b)		3,989		678,130
Textainer Group Holdings Ltd.		3,741		153,755
Titan Machinery, Inc.(a)		1,776		56,690
Transcat, Inc.(a)		774		64,923
Triton International Ltd.		4,990		420,707
Univar Solutions, Inc.(a)		13,948		504,081
Veritiv Corp.		1,140		159,748
Watsco, Inc.		2,991		1,131,166
WESCO International, Inc.		3,993		701,051
Willis Lease Finance Corp.(a)		327		13,829
Xometry, Inc., Class A(a)(b)		3,013		62,550
				8,720,676
Water Utilities — 0.4%
American States Water Co.		3,397		300,329
Artesian Resources Corp., Class A		747		34,033
Cadiz, Inc.(a)		3,791		15,695
California Water Service Group		5,248		278,249
Consolidated Water Co. Ltd.		1,279		25,017
Essential Utilities, Inc.		22,066		933,171
Global Water Resources, Inc.		1,533		19,469
Middlesex Water Co.		1,541		123,927
Pure Cycle Corp.(a)		1,157		14,254
SJW Group		2,758		194,329
York Water Co.		1,248		51,580
				1,990,053
Wireless Telecommunication Services — 0.0%
Gogo, Inc.(a)		6,068		91,445
Shenandoah Telecommunications Co.		4,339		81,009
Spok Holdings, Inc.		1,706		25,010
Telephone and Data Systems, Inc.		8,841		70,905
				268,369
Total Common Stocks — 97.8% (Cost: $436,798,612)				529,833,009

Security	Shares		Value
Investment Companies
Equity Funds(e) — 1.7%
iShares Russell 2000 ETF(b)		28,273	$	5,618,128
iShares Russell Mid-Cap ETF		48,474		3,679,661
				9,297,789
Total Investment Companies — 1.7% (Cost: $8,603,609)				9,297,789
Rights
Biotechnology(c) — 0.0%
Aduro Biotech, Inc.		658		1,671
Gtx, Inc.(b)		23		23
				1,694
Total Rights — 0.0% (Cost: $47)				1,694
Total Long-Term Investments — 99.5% (Cost: $445,402,268)				539,132,492
Short-Term Securities
Money Market Funds — 9.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(e)(f)(g)		51,511,250		51,526,703
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(e)(f)		1,953,744		1,953,744
Total Short-Term Securities — 9.9% (Cost: $53,476,619)				53,480,447
Total Investments — 109.4% (Cost: $498,878,887)				592,612,939
Liabilities in Excess of Other Assets — (9.4)%				(51,043,387	)
Net Assets — 100.0%			$	541,569,552

^(a)  Non-income producing security.

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

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $25,930, representing less than 0.05% of its net assets as of period end, and an original cost of $50,126.

^(e)  Affiliate of the Fund.

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

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

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

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

Schedule of Investments (continued) July 31, 2023 iShares Russell Small/Mid-Cap Index Fund

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 07/31/23		Shares Held at 07/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	54,333,029	$	—		$	(2,828,577	)(a)	$	15,939		$	6,312	$	51,526,703		51,511,250	$	673,273	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,668,772		284,972	(a)		—			—			—		1,953,744		1,953,744		88,066			—
iShares Russell 2000 ETF		4,705,593		37,755,981			(36,941,131	)		(43,438	)		141,123		5,618,128		28,273		41,472			—
iShares Russell Mid-Cap ETF		2,872,901		24,062,761			(23,336,295	)		27,168			53,126		3,679,661		48,474		29,519			—
									$	(331	)	$	200,561	$	62,778,236			$	832,330		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		11		09/15/23	$	1,107	$	30,946
S&P Mid 400 E-Mini Index		4		09/15/23		1,097		15,183
							$	46,129

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	46,129	$	—	$	—	$	—	$	46,129

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	(26,581	)	$	—	$	—	$	(86,135	)	$	(112,716	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(54,428	)	$	—	$	—	$	—		$	(54,428	)

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

Schedule of Investments (continued) July 31, 2023 iShares Russell Small/Mid-Cap Index Fund

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,709,378

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	8,257,088	$	—	$	—	$	8,257,088
Air Freight & Logistics		1,391,745		—		—		1,391,745
Automobile Components		6,546,014		—		—		6,546,014
Automobiles		1,336,744		—		—		1,336,744
Banks		31,295,911		—		—		31,295,911
Beverages		1,898,205		—		—		1,898,205
Biotechnology		23,481,486		—		—		23,481,486
Broadline Retail		1,485,914		—		—		1,485,914
Building Products		13,898,076		—		—		13,898,076
Capital Markets		14,648,982		—		—		14,648,982
Chemicals		9,697,898		—		—		9,697,898
Commercial Services & Supplies		5,940,774		—		—		5,940,774
Communications Equipment		4,396,788		—		—		4,396,788
Construction & Engineering		7,715,267		—		—		7,715,267
Construction Materials		1,193,287		—		—		1,193,287
Consumer Finance		4,905,975		—		—		4,905,975
Consumer Staples Distribution & Retail		5,694,332		—		—		5,694,332
Containers & Packaging		8,640,383		7,460		—		8,647,843
Distributors		1,359,677		—		—		1,359,677
Diversified Consumer Services		4,641,526		—		—		4,641,526
Diversified REITs		1,317,065		—		—		1,317,065
Diversified Telecommunication Services		1,982,974		—		—		1,982,974
Electric Utilities		4,838,947		—		—		4,838,947
Electrical Equipment		10,817,072		—		—		10,817,072
Electronic Equipment, Instruments & Components		12,472,843		—		—		12,472,843
Energy Equipment & Services		7,498,586		—		—		7,498,586
Entertainment		2,989,439		—		—		2,989,439
Financial Services		11,142,241		—		—		11,142,241
Food Products		5,585,181		—		—		5,585,181
Gas Utilities		3,139,109		—		—		3,139,109
Ground Transportation		6,364,507		—		—		6,364,507
Health Care Equipment & Supplies		14,359,868		—		—		14,359,868
Health Care Providers & Services		12,178,162		—		—		12,178,162
Health Care REITs		3,224,282		—		—		3,224,282
Health Care Technology		2,423,863		—		—		2,423,863
Hotel & Resort REITs		3,310,604		—		—		3,310,604
Hotels, Restaurants & Leisure		14,630,727		—		—		14,630,727
Household Durables		10,794,696		—		—		10,794,696
Household Products		1,122,024		—		—		1,122,024
Independent Power and Renewable Electricity Producers		2,251,798		—		—		2,251,798
Industrial Conglomerates		45,329		—		—		45,329
Industrial REITs		4,647,116		—		—		4,647,116
Insurance		16,254,818		—		—		16,254,818
Interactive Media & Services		3,110,507		—		—		3,110,507
IT Services		3,646,660		—		—		3,646,660
Leisure Products		4,262,925		—		—		4,262,925

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

Schedule of Investments (continued) July 31, 2023 iShares Russell Small/Mid-Cap Index Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Life Sciences Tools & Services	$	7,568,902	$	—	$	—	$	7,568,902
Machinery		21,816,739		—		—		21,816,739
Marine Transportation		1,092,402		—		—		1,092,402
Media		6,201,163		—		—		6,201,163
Metals & Mining		8,965,648		—		—		8,965,648
Mortgage Real Estate Investment Trusts (REITs)		5,190,217		—		—		5,190,217
Multi-Utilities		2,020,136		—		—		2,020,136
Office REITs		3,929,747		—		—		3,929,747
Oil, Gas & Consumable Fuels		20,107,304		—		—		20,107,304
Paper & Forest Products		656,324		—		—		656,324
Passenger Airlines		2,744,237		—		—		2,744,237
Personal Care Products		2,389,429		—		—		2,389,429
Pharmaceuticals		7,545,443		25,930		—		7,571,373
Professional Services		13,959,990		—		—		13,959,990
Real Estate Management & Development		3,866,605		—		—		3,866,605
Residential REITs		4,778,788		—		—		4,778,788
Retail REITs		7,985,344		—		—		7,985,344
Semiconductors & Semiconductor Equipment		13,561,783		—		—		13,561,783
Software		30,706,524		—		—		30,706,524
Specialized REITs		4,857,688		—		—		4,857,688
Specialty Retail		15,320,961		—		—		15,320,961
Technology Hardware, Storage & Peripherals		3,013,540		—		—		3,013,540
Textiles, Apparel & Luxury Goods		7,383,350		—		—		7,383,350
Tobacco		320,842		—		—		320,842
Trading Companies & Distributors		8,720,676		—		—		8,720,676
Water Utilities		1,990,053		—		—		1,990,053
Wireless Telecommunication Services		268,369		—		—		268,369
Investment Companies		9,297,789		—		—		9,297,789
Rights		—		—		1,694		1,694
Short-Term Securities
Money Market Funds		53,480,447		—		—		53,480,447
	$	592,577,855	$	33,390	$	1,694	$	592,612,939
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	46,129	$	—	$	—	$	46,129

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

See notes to financial statements.

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

Schedule of Investments July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
AAR Corp.(a)		2,943	$	175,991
AeroVironment, Inc.(a)		1,729		164,704
AerSale Corp.(a)		1,566		23,506
Archer Aviation, Inc., Class A(a)(b)		8,285		55,758
Astronics Corp.(a)		1,490		31,260
Axon Enterprise, Inc.(a)		4,453		827,946
Boeing Co.(a)		35,334		8,439,526
BWX Technologies, Inc.		5,896		406,824
Cadre Holdings, Inc.		1,180		27,459
Curtiss-Wright Corp.		2,464		471,511
Ducommun, Inc.(a)		926		46,430
General Dynamics Corp.		15,418		3,447,156
HEICO Corp.(b)		2,991		526,356
HEICO Corp., Class A		5,010		703,153
Hexcel Corp.		5,166		365,133
Howmet Aerospace, Inc.		23,750		1,214,575
Huntington Ingalls Industries, Inc.		2,508		576,012
Kaman Corp.		1,670		38,226
Kratos Defense & Security Solutions, Inc.(a)		8,184		123,497
L3Harris Technologies, Inc.		12,005		2,274,827
Leonardo DRS, Inc.(a)		2,880		48,067
Lockheed Martin Corp.		14,264		6,367,022
Mercury Systems, Inc.(a)		3,148		119,561
Moog, Inc., Class A		1,740		183,466
Northrop Grumman Corp.		9,037		4,021,465
Parsons Corp.(a)		2,481		122,611
Rocket Lab USA, Inc.(a)		18,254		134,532
RTX Corp.		92,714		8,152,342
Spirit AeroSystems Holdings, Inc., Class A		6,835		217,490
Textron, Inc.		13,247		1,030,219
TransDigm Group, Inc.		3,330		2,996,068
Triumph Group, Inc.(a)		3,986		50,423
V2X, Inc.(a)		802		41,271
Virgin Galactic Holdings, Inc.(a)(b)		14,613		62,544
Woodward, Inc.		3,660		440,591
				43,927,522
Air Freight & Logistics — 0.5%
Air Transport Services Group, Inc.(a)		4,072		82,092
CH Robinson Worldwide, Inc.		7,216		722,899
Expeditors International of Washington, Inc.		9,627		1,225,517
FedEx Corp.		14,678		3,962,326
Forward Air Corp.		1,607		190,976
GXO Logistics, Inc.(a)(b)		7,589		508,994
Hub Group, Inc., Class A(a)		2,086		188,011
Radiant Logistics, Inc.(a)		1,065		8,201
United Parcel Service, Inc., Class B		45,771		8,565,127
				15,454,143
Automobile Components — 0.2%
Adient PLC(a)		5,612		238,847
American Axle & Manufacturing Holdings, Inc.(a)		6,123		57,862
Aptiv PLC(a)		17,220		1,885,418
BorgWarner, Inc.		14,630		680,295
Cooper-Standard Holdings, Inc.(a)(b)		173		3,187
Dana, Inc.		8,323		157,971
Dorman Products, Inc.(a)		1,596		135,165
Fox Factory Holding Corp.(a)(b)		2,625		293,738
Gentex Corp.		15,232		511,491
Gentherm, Inc.(a)		2,298		137,351
Goodyear Tire & Rubber Co.(a)		17,489		281,223

Security	Shares		Value
Automobile Components (continued)
Holley, Inc.(a)(b)		3,298	$	20,876
LCI Industries		1,481		201,816
Lear Corp.		3,670		567,969
Luminar Technologies, Inc.(a)(b)		19,074		141,148
Modine Manufacturing Co.(a)		3,006		112,905
Patrick Industries, Inc.		1,396		120,824
Phinia, Inc.(a)		2,926		83,011
QuantumScape Corp.(a)(b)		19,247		256,178
Solid Power, Inc.(a)(b)		8,899		25,451
Standard Motor Products, Inc.		1,696		64,736
Stoneridge, Inc.(a)		1,548		31,641
Visteon Corp.(a)		1,648		253,940
XPEL, Inc.(a)		1,523		123,713
				6,386,756
Automobiles — 1.9%
Fisker, Inc.(a)(b)		13,305		82,092
Ford Motor Co.		248,876		3,287,652
General Motors Co.		88,060		3,378,862
Harley-Davidson, Inc.		8,019		309,614
Lucid Group, Inc.(a)(b)		48,306		367,609
Rivian Automotive, Inc., Class A(a)(b)		32,221		890,588
Tesla, Inc.(a)		174,759		46,735,799
Thor Industries, Inc.		3,278		378,576
Winnebago Industries, Inc.		2,035		140,008
Workhorse Group, Inc.(a)(b)		13,953		18,558
				55,589,358
Banks — 3.5%
1st Source Corp.		1,608		75,415
ACNB Corp.		658		22,833
Amalgamated Financial Corp.		666		13,293
Amerant Bancorp, Inc.		1,476		29,254
American National Bankshares, Inc.		234		9,660
Ameris Bancorp		3,711		161,985
Arrow Financial Corp.		510		10,261
Associated Banc-Corp.		9,965		188,837
Atlantic Union Bankshares Corp.		5,090		162,778
Axos Financial, Inc.(a)		3,469		163,043
Banc of California, Inc.		6,112		86,852
BancFirst Corp.		1,304		130,270
Bancorp, Inc.(a)(b)		1,904		72,162
Bank First Corp.		578		51,072
Bank of America Corp.		442,059		14,145,888
Bank of Hawaii Corp.		3,114		177,903
Bank of Marin Bancorp		1,301		27,295
Bank of NT Butterfield & Son Ltd.		3,623		116,407
Bank OZK		6,920		302,612
BankUnited, Inc.		2,969		88,595
Banner Corp.		981		46,705
Bar Harbor Bankshares		1,349		36,841
BayCom Corp.		1,314		26,490
BCB Bancorp, Inc.		1,342		17,245
Berkshire Hills Bancorp, Inc.		1,900		43,339
Blue Foundry Bancorp(a)		1,829		18,674
Blue Ridge Bankshares, Inc.		1,301		10,967
BOK Financial Corp.		2,215		197,312
Bridgewater Bancshares, Inc.(a)		1,355		14,512
Brookline Bancorp, Inc.		3,524		37,636
Burke & Herbert Financial Services Corp.		504		27,211
Business First Bancshares, Inc.		1,155		23,620
Byline Bancorp, Inc.		1,662		36,481
Cadence Bank		6,933		173,672

S C H E D U L E  O F  I N V E S T M E N T S 51

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Cambridge Bancorp		547	$	33,662
Camden National Corp.		1,025		35,445
Capital Bancorp, Inc.		643		12,956
Capital City Bank Group, Inc.		1,111		36,030
Capitol Federal Financial, Inc.		5,759		38,182
Capstar Financial Holdings, Inc.		1,127		16,770
Carter Bankshares, Inc.(a)		1,048		15,395
Cathay General Bancorp		5,920		225,197
Central Pacific Financial Corp.		427		7,788
Citigroup, Inc.		123,075		5,865,754
Citizens & Northern Corp.		1,802		38,202
Citizens Financial Group, Inc.		31,783		1,025,320
Citizens Financial Services, Inc.		359		25,301
City Holding Co.		442		43,718
Civista Bancshares, Inc.		808		14,738
CNB Financial Corp.		1,531		29,793
Coastal Financial Corp.(a)		714		32,251
Colony Bankcorp, Inc.		1,564		16,766
Columbia Banking System, Inc.		13,708		306,374
Columbia Financial, Inc.(a)		2,444		42,721
Comerica, Inc.		8,384		452,401
Commerce Bancshares, Inc.		7,375		392,202
Community Bank System, Inc.		1,925		103,623
Community Trust Bancorp, Inc.		1,932		74,150
ConnectOne Bancorp, Inc.		2,102		43,028
CrossFirst Bankshares, Inc.(a)		2,745		32,034
Cullen/Frost Bankers, Inc.		4,094		444,527
Customers Bancorp, Inc.(a)		1,668		70,023
CVB Financial Corp.		7,213		136,109
Dime Community Bancshares, Inc.		1,767		39,581
Eagle Bancorp, Inc.		1,044		28,919
East West Bancorp, Inc.		9,257		575,878
Eastern Bankshares, Inc.		10,087		142,428
Enterprise Bancorp, Inc.		214		6,814
Enterprise Financial Services Corp.		2,436		99,876
Equity Bancshares, Inc., Class A		1,265		34,357
Esquire Financial Holdings, Inc.		654		32,664
Farmers & Merchants Bancorp, Inc.		828		17,653
Farmers National Banc Corp.		1,865		25,644
FB Financial Corp.		3,630		128,575
Fifth Third Bancorp		44,299		1,289,101
Financial Institutions, Inc.		1,577		30,247
First Bancorp, Inc.		314		8,286
First BanCorp./Puerto Rico		4,714		70,003
First Bancorp/Southern Pines NC		1,011		33,444
First Bancshares, Inc.		3,335		104,419
First Bank		1,767		22,088
First Busey Corp.		4,173		90,387
First Business Financial Services, Inc.		758		25,764
First Citizens BancShares, Inc., Class A		688		984,734
First Commonwealth Financial Corp.		3,047		43,999
First Community Bankshares, Inc.		1,878		63,157
First Financial Bancorp		3,434		79,291
First Financial Bankshares, Inc.		8,460		275,711
First Financial Corp.		1,022		39,051
First Foundation, Inc.		3,066		22,412
First Hawaiian, Inc.		9,199		190,327
First Horizon Corp.		34,433		469,322
First Interstate BancSystem, Inc., Class A		5,159		148,218
First Merchants Corp.		5,056		162,399
First Mid Bancshares, Inc.		1,619		49,558
First of Long Island Corp.		1,705		23,768
Five Star Bancorp		948		23,397

Security	Shares		Value
Banks (continued)
Flushing Financial Corp.		1,802	$	28,436
FNB Corp.		23,738		303,609
Fulton Financial Corp.		11,311		161,747
German American Bancorp, Inc.		2,925		86,170
Glacier Bancorp, Inc.		7,503		245,348
Great Southern Bancorp, Inc.		1,489		82,386
Greene County Bancorp, Inc.		778		26,810
Guaranty Bancshares, Inc.		297		9,442
Hancock Whitney Corp.		5,243		230,744
Hanmi Financial Corp.		907		17,233
HarborOne Bancorp, Inc.		5,173		54,265
HBT Financial, Inc.		1,273		25,256
Heartland Financial USA, Inc.		2,831		97,217
Heritage Commerce Corp.		3,436		32,986
Heritage Financial Corp.		1,053		19,754
Hilltop Holdings, Inc.		3,539		109,461
Hingham Institution for Savings(b)		79		17,574
Home Bancorp, Inc.		190		6,768
Home BancShares, Inc.		13,023		316,589
HomeStreet, Inc.		954		8,777
HomeTrust Bancshares, Inc.		642		15,607
Hope Bancorp, Inc.		3,638		39,509
Horizon Bancorp, Inc.		2,632		32,610
Huntington Bancshares, Inc.		93,907		1,149,422
Independent Bank Corp.		2,993		144,499
Independent Bank Group, Inc.		2,212		99,252
International Bancshares Corp.		3,841		190,667
John Marshall Bancorp, Inc.		759		14,421
JPMorgan Chase & Co.		185,210		29,255,772
Kearny Financial Corp.		5,495		47,202
KeyCorp.		59,970		738,231
Lakeland Bancorp, Inc.		4,929		74,477
Lakeland Financial Corp.		1,478		81,940
Live Oak Bancshares, Inc.		2,391		90,547
Luther Burbank Corp.		1,915		19,725
M&T Bank Corp.		10,647		1,489,089
Macatawa Bank Corp.		816		8,038
Mercantile Bank Corp.		497		17,455
Metrocity Bankshares, Inc.		1,908		40,908
Metropolitan Bank Holding Corp.(a)		533		24,140
Mid Penn Bancorp, Inc.		806		18,941
Midland States Bancorp, Inc.		963		22,563
MidWestOne Financial Group, Inc.		1,021		25,045
MVB Financial Corp.		865		22,135
National Bank Holdings Corp., Class A		2,275		78,169
NBT Bancorp, Inc.		1,281		47,653
New York Community Bancorp, Inc.		44,825		621,723
Nicolet Bankshares, Inc.		940		78,631
Northeast Bank		629		29,966
Northfield Bancorp, Inc.		2,756		33,568
Northwest Bancshares, Inc.		4,246		52,481
NU Holdings Ltd., Class A(a)		146,849		1,168,918
OceanFirst Financial Corp.		4,668		86,965
OFG Bancorp		1,912		64,033
Old National Bancorp		19,289		328,492
Old Second Bancorp, Inc.		5,066		81,005
Origin Bancorp, Inc.		1,892		61,679
Orrstown Financial Services, Inc.		348		8,143
Pacific Premier Bancorp, Inc.		3,852		98,380
PacWest Bancorp(b)		7,512		69,862
Park National Corp.		1,046		116,650
Pathward Financial, Inc.		1,236		64,223
PCB Bancorp		1,231		20,090

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Peapack-Gladstone Financial Corp.		1,216	$	35,544
Peoples Bancorp, Inc.		3,439		96,877
Peoples Financial Services Corp.		546		25,220
Pinnacle Financial Partners, Inc.		4,868		369,481
PNC Financial Services Group, Inc.		25,582		3,501,920
Popular, Inc.		4,790		347,514
Preferred Bank/Los Angeles CA		305		20,154
Premier Financial Corp.		1,940		42,020
Primis Financial Corp.		1,942		18,468
Prosperity Bancshares, Inc.		6,254		396,003
Provident Financial Services, Inc.		3,731		69,173
QCR Holdings, Inc.		904		46,312
RBB Bancorp		350		5,135
Red River Bancshares, Inc.		282		13,821
Regions Financial Corp.		61,689		1,256,605
Renasant Corp.		1,899		58,755
Republic Bancorp, Inc., Class A		1,265		57,975
S&T Bancorp, Inc.		1,247		39,380
Sandy Spring Bancorp, Inc.		2,975		72,798
Seacoast Banking Corp. of Florida		3,711		91,699
ServisFirst Bancshares, Inc.		3,496		208,641
Shore Bancshares, Inc.		2,166		25,775
Sierra Bancorp		1,347		28,368
Simmons First National Corp., Class A		6,948		140,280
SmartFinancial, Inc.		1,272		31,953
South Plains Financial, Inc.		1,099		29,508
Southern First Bancshares, Inc.(a)		161		4,859
Southern Missouri Bancorp, Inc.		347		16,680
Southside Bancshares, Inc.		1,208		40,118
SouthState Corp.		4,925		382,525
Stellar Bancorp, Inc.		2,975		73,958
Stock Yards Bancorp, Inc.		2,417		115,557
Summit Financial Group, Inc.		488		11,009
Synovus Financial Corp.		9,052		306,863
Texas Capital Bancshares, Inc.(a)		3,412		217,856
Third Coast Bancshares, Inc.(a)		1,211		25,043
Tompkins Financial Corp.		1,151		69,244
Towne Bank		6,068		153,399
TriCo Bancshares		2,838		106,084
Triumph Financial, Inc.(a)		1,335		94,665
Truist Financial Corp.		84,476		2,806,293
TrustCo Bank Corp./New York		719		21,850
Trustmark Corp.		3,530		92,698
U.S. Bancorp		97,525		3,869,792
UMB Financial Corp.		3,024		214,704
United Bankshares, Inc.		8,494		284,039
United Community Banks, Inc.		3,642		105,873
Univest Financial Corp.		4,249		82,855
USCB Financial Holdings, Inc.(a)		1,758		19,268
Valley National Bancorp		28,846		295,960
Veritex Holdings, Inc.		2,661		57,238
Washington Federal, Inc.		4,414		137,011
Washington Trust Bancorp, Inc.		2,282		73,161
Webster Financial Corp.		10,916		516,545
Wells Fargo & Co.		240,109		11,083,431
WesBanco, Inc.		4,292		120,219
West BanCorp, Inc.		1,337		26,820
Westamerica BanCorp.		987		48,551
Western Alliance Bancorp		6,952		361,156

Security	Shares		Value
Banks (continued)
Wintrust Financial Corp.		4,914	$	414,545
WSFS Financial Corp.		3,434		150,237
Zions Bancorp NA		8,968		343,026
				100,164,961
Beverages — 1.5%
Boston Beer Co., Inc., Class A(a)		590		219,150
Brown-Forman Corp., Class A		2,982		214,436
Brown-Forman Corp., Class B		12,157		858,284
Celsius Holdings, Inc.(a)(b)		3,490		505,003
Coca-Cola Co.		245,904		15,228,835
Coca-Cola Consolidated, Inc.		278		176,088
Constellation Brands, Inc., Class A		9,691		2,643,705
Duckhorn Portfolio, Inc.(a)		2,594		32,632
Keurig Dr. Pepper, Inc.		60,899		2,071,175
MGP Ingredients, Inc.(b)		1,116		127,235
Molson Coors Beverage Co., Class B		11,203		781,633
Monster Beverage Corp.(a)		47,159		2,711,171
National Beverage Corp.(a)		1,540		81,389
PepsiCo, Inc.		86,726		16,257,656
Primo Water Corp.		10,816		153,263
Vita Coco Co., Inc.(a)		2,013		53,183
				42,114,838
Biotechnology — 2.4%
2seventy bio, Inc.(a)		3,031		23,005
4D Molecular Therapeutics, Inc.(a)		2,112		38,650
89bio, Inc.(a)		4,301		68,128
Aadi Bioscience, Inc.(a)		1,787		9,525
AbbVie, Inc.		111,735		16,713,321
ACADIA Pharmaceuticals, Inc.(a)		7,957		232,663
Adicet Bio, Inc.(a)(b)		1,548		4,133
ADMA Biologics, Inc.(a)		12,578		52,199
Aerovate Therapeutics, Inc.(a)		433		7,556
Agenus, Inc.(a)		23,370		35,522
Agios Pharmaceuticals, Inc.(a)		3,560		94,411
Akero Therapeutics, Inc.(a)		2,931		127,205
Aldeyra Therapeutics, Inc.(a)		3,447		27,972
Alector, Inc.(a)		2,986		20,484
Alkermes PLC(a)		10,139		296,870
Allakos, Inc.(a)		6,302		33,905
Allogene Therapeutics, Inc.(a)		5,719		28,366
Allovir, Inc.(a)(b)		1,851		6,090
Alnylam Pharmaceuticals, Inc.(a)		7,892		1,542,097
Alpine Immune Sciences, Inc.(a)		2,578		32,328
ALX Oncology Holdings, Inc.(a)		841		5,138
Amgen, Inc.		33,849		7,925,743
Amicus Therapeutics, Inc.(a)		17,257		235,040
AnaptysBio, Inc.(a)		865		17,049
Anavex Life Sciences Corp.(a)(b)		5,000		41,250
Anika Therapeutics, Inc.(a)		1,304		30,422
Apellis Pharmaceuticals, Inc.(a)		6,186		159,289
Arbutus Biopharma Corp.(a)		7,498		16,271
Arcellx, Inc.(a)		2,807		96,140
Arcturus Therapeutics Holdings, Inc.(a)(b)		1,279		44,714
Arcus Biosciences, Inc.(a)		3,707		73,769
Arcutis Biotherapeutics, Inc.(a)		2,914		31,792
Ardelyx, Inc.(a)		14,077		55,463
Arrowhead Pharmaceuticals, Inc.(a)		6,489		224,000
Astria Therapeutics, Inc.(a)(b)		2,797		25,061
Atara Biotherapeutics, Inc.(a)		4,529		10,009

S C H E D U L E  O F  I N V E S T M E N T S 53

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Aura Biosciences, Inc.(a)		1,601	$	19,052
Aurinia Pharmaceuticals, Inc.(a)		8,475		98,140
Avid Bioservices, Inc.(a)		3,513		44,475
Avidity Biosciences, Inc.(a)(b)		3,751		35,672
Avita Medical, Inc.(a)		1,749		35,417
Beam Therapeutics, Inc.(a)		4,047		124,931
BioCryst Pharmaceuticals, Inc.(a)(b)		11,882		87,808
Biogen, Inc.(a)		9,168		2,477,102
Biohaven Ltd.(a)		4,113		81,766
BioMarin Pharmaceutical, Inc.(a)		12,084		1,062,546
Biomea Fusion, Inc.(a)(b)		1,375		30,594
Bioxcel Therapeutics, Inc.(a)(b)		1,041		9,515
Bluebird Bio, Inc.(a)(b)		6,924		27,211
Blueprint Medicines Corp.(a)		3,677		242,682
Bridgebio Pharma, Inc.(a)(b)		7,623		266,881
Cabaletta Bio, Inc.(a)		2,282		31,081
CareDx, Inc.(a)		2,931		31,977
Caribou Biosciences, Inc.(a)(b)		4,018		28,889
Catalyst Pharmaceuticals, Inc.(a)		6,801		94,058
Celldex Therapeutics, Inc.(a)(b)		3,354		118,597
Century Therapeutics, Inc.(a)(b)		1,185		3,614
Cerevel Therapeutics Holdings, Inc.(a)(b)		4,252		130,069
Chinook Therapeutics, Inc.(a)		3,836		150,294
Cogent Biosciences, Inc.(a)		4,083		53,038
Coherus Biosciences, Inc.(a)		6,286		30,299
Compass Therapeutics, Inc.(a)		8,157		23,411
Crinetics Pharmaceuticals, Inc.(a)		3,550		67,450
Cullinan Oncology, Inc.(a)		2,878		30,478
Cytokinetics, Inc.(a)		5,660		188,761
Day One Biopharmaceuticals, Inc.(a)(b)		2,141		28,347
Deciphera Pharmaceuticals, Inc.(a)		3,552		48,023
Denali Therapeutics, Inc.(a)		7,099		201,825
Design Therapeutics, Inc.(a)		2,613		21,270
Disc Medicine, Inc.(a)		618		30,653
Dynavax Technologies Corp.(a)(b)		8,014		112,116
Dyne Therapeutics, Inc.(a)		1,550		18,879
Eagle Pharmaceuticals, Inc.(a)		611		12,684
Editas Medicine, Inc.(a)		3,741		32,846
Emergent BioSolutions, Inc.(a)		2,980		20,502
Enanta Pharmaceuticals, Inc.(a)		1,355		25,704
Entrada Therapeutics, Inc.(a)		1,826		31,718
EQRx, Inc.(a)		13,686		23,403
Erasca, Inc.(a)		3,958		10,449
Exact Sciences Corp.(a)(b)		11,418		1,113,712
Exelixis, Inc.(a)		20,298		400,074
Fate Therapeutics, Inc.(a)		5,497		22,703
FibroGen, Inc.(a)		6,075		12,514
Foghorn Therapeutics, Inc.(a)		1,251		11,459
Generation Bio Co.(a)		2,726		13,848
Geron Corp.(a)		34,343		111,271
Gilead Sciences, Inc.		79,251		6,034,171
Halozyme Therapeutics, Inc.(a)		8,051		345,871
Heron Therapeutics, Inc.(a)		5,088		8,446
HilleVax, Inc.(a)(b)		1,399		21,293
Horizon Therapeutics PLC(a)		14,277		1,431,555
Humacyte, Inc.(a)		4,049		13,281
Icosavax, Inc.(a)		890		7,859
Ideaya Biosciences, Inc.(a)		3,778		84,476
IGM Biosciences, Inc.(a)(b)		534		5,682
ImmunityBio, Inc.(a)(b)		7,947		17,483
ImmunoGen, Inc.(a)		15,645		278,794
Immunovant, Inc.(a)		3,713		84,768
Incyte Corp.(a)		11,560		736,603

Security	Shares		Value
Biotechnology (continued)
Inhibrx, Inc.(a)(b)		2,243	$	44,972
Insmed, Inc.(a)(b)		9,212		203,493
Intellia Therapeutics, Inc.(a)(b)		5,528		234,000
Intercept Pharmaceuticals, Inc.(a)(b)		1,312		14,170
Ionis Pharmaceuticals, Inc.(a)		8,793		364,294
Iovance Biotherapeutics, Inc.(a)		14,438		104,820
Ironwood Pharmaceuticals, Inc.(a)		8,803		97,625
iTeos Therapeutics, Inc.(a)		2,020		28,401
Janux Therapeutics, Inc.(a)		958		13,412
KalVista Pharmaceuticals, Inc.(a)(b)		2,567		25,927
Karuna Therapeutics, Inc.(a)		2,175		434,500
Karyopharm Therapeutics, Inc.(a)		2,939		5,290
Keros Therapeutics, Inc.(a)		1,105		46,277
Kezar Life Sciences, Inc.(a)		2,971		6,655
Kiniksa Pharmaceuticals Ltd., Class A(a)		1,991		37,510
Kodiak Sciences, Inc.(a)(b)		1,928		5,765
Krystal Biotech, Inc.(a)		1,376		177,642
Kura Oncology, Inc.(a)		3,414		35,642
Kymera Therapeutics, Inc.(a)		2,658		58,157
Lexicon Pharmaceuticals, Inc.(a)		1,529		3,073
Lyell Immunopharma, Inc.(a)(b)		11,179		32,307
MacroGenics, Inc.(a)		3,347		15,965
Madrigal Pharmaceuticals, Inc.(a)		838		172,041
MannKind Corp.(a)(b)		15,218		69,546
MeiraGTx Holdings PLC(a)		2,029		12,783
Mersana Therapeutics, Inc.(a)(b)		6,910		8,465
MiMedx Group, Inc.(a)		5,597		45,168
Mirati Therapeutics, Inc.(a)		2,788		84,393
Mirum Pharmaceuticals, Inc.(a)(b)		1,260		32,458
Moderna, Inc.(a)		21,350		2,512,041
Monte Rosa Therapeutics, Inc.(a)(b)		998		7,056
Morphic Holding, Inc.(a)		2,051		116,353
Myriad Genetics, Inc.(a)		5,141		114,901
Natera, Inc.(a)		6,287		284,298
Neurocrine Biosciences, Inc.(a)		6,030		614,397
Nkarta, Inc.(a)		2,544		5,826
Novavax, Inc.(a)(b)		4,770		44,266
Nurix Therapeutics, Inc.(a)		3,236		31,422
Nuvalent, Inc., Class A(a)(b)		1,542		76,869
Organogenesis Holdings, Inc.(a)		6,610		28,225
ORIC Pharmaceuticals, Inc.(a)		3,677		30,740
Outlook Therapeutics, Inc.(a)		10,081		17,440
PepGen, Inc.(a)		1,713		10,261
PMV Pharmaceuticals, Inc.(a)		2,919		19,090
Point Biopharma Global, Inc.(a)		4,612		41,231
Precigen, Inc.(a)(b)		5,740		7,979
Prime Medicine, Inc.(a)(b)		2,694		40,599
ProKidney Corp.(a)(b)		3,973		50,934
Protagonist Therapeutics, Inc.(a)		3,310		64,214
Prothena Corp. PLC(a)		2,491		171,555
PTC Therapeutics, Inc.(a)		4,623		186,492
Rallybio Corp.(a)		1,815		10,854
RAPT Therapeutics, Inc.(a)		2,050		48,995
Recursion Pharmaceuticals, Inc., Class A(a)(b)		9,184		129,678
Regeneron Pharmaceuticals, Inc.(a)		6,576		4,878,800
REGENXBIO, Inc.(a)		2,116		40,204
Relay Therapeutics, Inc.(a)		5,448		68,645
Replimune Group, Inc.(a)(b)		3,154		66,455
REVOLUTION Medicines, Inc.(a)(b)		6,263		164,404
Rhythm Pharmaceuticals, Inc.(a)(b)		3,753		66,954
Rigel Pharmaceuticals, Inc.(a)		11,055		15,256
Rocket Pharmaceuticals, Inc.(a)		3,412		61,587
Roivant Sciences Ltd.(a)		15,751		188,697

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

Schedule of Investments (continued) July 31, 2023	iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Sage Therapeutics, Inc.(a)		3,162	$	109,658
Sana Biotechnology, Inc.(a)		5,009		29,353
Sangamo Therapeutics, Inc.(a)		6,311		8,299
Sarepta Therapeutics, Inc.(a)		5,540		600,481
Seagen, Inc.(a)		8,943		1,715,089
Seres Therapeutics, Inc.(a)		3,540		17,027
SpringWorks Therapeutics, Inc.(a)		4,138		129,850
Stoke Therapeutics, Inc.(a)(b)		1,062		7,052
Summit Therapeutics, Inc.(a)(b)		11,141		23,396
Sutro Biopharma, Inc.(a)		2,510		11,220
Syndax Pharmaceuticals, Inc.(a)		3,759		80,142
Tango Therapeutics, Inc.(a)		5,222		17,650
Tenaya Therapeutics, Inc.(a)		1,213		5,871
TG Therapeutics, Inc.(a)(b)		8,484		175,534
Travere Therapeutics, Inc.(a)		5,719		98,310
Twist Bioscience Corp.(a)(b)		3,793		92,322
Ultragenyx Pharmaceutical, Inc.(a)		4,121		177,697
United Therapeutics Corp.(a)		2,835		688,111
UroGen Pharma Ltd.(a)		1,616		35,003
Vanda Pharmaceuticals, Inc.(a)		2,945		17,022
Vaxcyte, Inc.(a)		5,906		283,842
Vera Therapeutics, Inc.(a)		2,336		43,847
Veracyte, Inc.(a)		5,067		139,089
Vericel Corp.(a)		3,406		122,343
Vertex Pharmaceuticals, Inc.(a)		16,385		5,773,091
Verve Therapeutics, Inc.(a)(b)		3,190		65,363
Viking Therapeutics, Inc.(a)(b)		6,423		93,133
Vir Biotechnology, Inc.(a)		5,579		78,552
Viridian Therapeutics, Inc.(a)(b)		2,902		54,442
Voyager Therapeutics, Inc.(a)		2,518		23,468
X4 Pharmaceuticals, Inc.(a)		13,369		23,930
Xencor, Inc.(a)		3,868		93,954
Y-mAbs Therapeutics, Inc.(a)		1,877		11,431
Zentalis Pharmaceuticals, Inc.(a)		3,109		83,041
Zymeworks, Inc.(a)(b)		3,388		25,274
				68,971,026
Broadline Retail — 2.8%
Amazon.com, Inc.(a)		570,603		76,278,209
Big Lots, Inc.		1,787		18,317
ContextLogic, Inc., Class A(a)		1,206		11,457
Coupang, Inc.(a)		69,601		1,263,258
Dillard’s, Inc., Class A(b)		252		86,446
eBay, Inc.		34,021		1,514,275
Etsy, Inc.(a)		7,611		773,658
Kohl’s Corp.		7,436		211,554
Macy’s, Inc.		16,842		279,409
Nordstrom, Inc.		7,722		178,455
Ollie’s Bargain Outlet Holdings, Inc.(a)		4,045		294,800
				80,909,838
Building Products — 0.7%
A O Smith Corp.		7,494		544,289
AAON, Inc.		2,769		291,465
Advanced Drainage Systems, Inc.(b)		3,872		472,345
Allegion PLC		5,645		659,675
American Woodmark Corp.(a)		907		69,512
Apogee Enterprises, Inc.		1,427		70,679
Armstrong World Industries, Inc.		2,644		204,540
AZEK Co., Inc.(a)		7,549		235,529
AZZ, Inc.		1,415		62,727
Builders FirstSource, Inc.(a)		8,071		1,165,695
Carlisle Cos., Inc.		3,215		891,198

Security	Shares		Value
Building Products (continued)
Carrier Global Corp.		52,884	$	3,149,242
CSW Industrials, Inc.		854		154,190
Fortune Brands Innovations, Inc.		8,097		575,454
Gibraltar Industries, Inc.(a)		2,248		145,378
Griffon Corp.		2,530		105,552
Hayward Holdings, Inc.(a)(b)		7,862		105,036
Insteel Industries, Inc.		1,232		39,732
Janus International Group, Inc.(a)		5,152		58,836
JELD-WEN Holding, Inc.(a)		6,029		107,377
Johnson Controls International PLC		43,576		3,030,711
Lennox International, Inc.		2,025		744,066
Masco Corp.		14,184		860,685
Masonite International Corp.(a)		1,365		142,711
Masterbrand, Inc.(a)(b)		8,295		102,443
Owens Corning		5,762		806,622
PGT Innovations, Inc.(a)		3,833		109,662
Quanex Building Products Corp.		1,892		53,241
Resideo Technologies, Inc.(a)		9,442		176,754
Simpson Manufacturing Co., Inc.		2,694		425,652
Trane Technologies PLC		14,428		2,877,520
Trex Co., Inc.(a)		7,010		484,671
UFP Industries, Inc.		3,637		373,738
Zurn Elkay Water Solutions Corp.		9,531		290,124
				19,587,051
Capital Markets — 2.9%
Affiliated Managers Group, Inc.		2,310		320,258
Ameriprise Financial, Inc.		6,626		2,308,830
Ares Management Corp., Class A		10,186		1,010,655
Artisan Partners Asset Management, Inc., Class A		3,613		149,903
AssetMark Financial Holdings, Inc.(a)		965		28,854
Avantax, Inc.(a)		2,865		74,146
B. Riley Financial, Inc.		1,480		82,184
Bank of New York Mellon Corp.		50,126		2,273,715
BGC Group, Inc., Class A(b)		17,841		84,923
BlackRock, Inc.(c)		9,404		6,948,145
Blackstone, Inc., Class A		44,627		4,676,463
Blue Owl Capital, Inc.		28,528		351,465
Brightsphere Investment Group, Inc.		3,261		69,394
Carlyle Group, Inc.		12,785		455,785
Cboe Global Markets, Inc.		6,711		937,393
Charles Schwab Corp.		93,841		6,202,890
CME Group, Inc., Class A		22,726		4,521,565
Cohen & Steers, Inc.		1,830		117,687
Coinbase Global, Inc., Class A(a)(b)		10,586		1,043,886
Diamond Hill Investment Group, Inc.		101		18,333
Donnelley Financial Solutions, Inc.(a)		2,020		95,546
Evercore, Inc., Class A		2,312		312,259
FactSet Research Systems, Inc.		2,431		1,057,582
Focus Financial Partners, Inc., Class A(a)		3,910		204,610
Franklin Resources, Inc.		17,524		512,402
GCM Grosvenor, Inc., Class A		2,165		16,995
Goldman Sachs Group, Inc.		20,384		7,254,054
Hamilton Lane, Inc., Class A		2,385		210,906
Houlihan Lokey, Inc.		3,056		305,142
Interactive Brokers Group, Inc., Class A		6,345		554,109
Intercontinental Exchange, Inc.		35,167		4,037,172
Invesco Ltd.		23,471		394,313
Janus Henderson Group PLC		8,874		260,452
Jefferies Financial Group, Inc.		12,836		472,236
KKR & Co., Inc.		40,792		2,422,229
Lazard Ltd., Class A		6,791		238,364
LPL Financial Holdings, Inc.		4,936		1,132,121

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
MarketAxess Holdings, Inc.		2,273	$	611,937
Moelis & Co., Class A		4,116		200,984
Moody’s Corp.		10,053		3,546,196
Morgan Stanley		75,944		6,953,433
Morningstar, Inc.		1,635		376,835
MSCI, Inc.		4,917		2,694,909
Nasdaq, Inc.		21,809		1,101,136
Northern Trust Corp.		13,016		1,042,842
Open Lending Corp., Class A(a)		5,715		64,522
P10, Inc., Class A		2,388		28,298
Patria Investments Ltd., Class A		4,257		64,792
Perella Weinberg Partners		3,888		38,413
Piper Sandler Cos		1,151		168,460
PJT Partners, Inc., Class A		1,652		131,020
Raymond James Financial, Inc.		12,372		1,361,786
Robinhood Markets, Inc., Class A(a)		42,880		551,437
S&P Global, Inc.		20,304		8,010,131
Sculptor Capital Management, Inc.		904		9,899
SEI Investments Co.		6,621		417,057
State Street Corp.		21,209		1,536,380
StepStone Group, Inc., Class A		3,324		93,305
Stifel Financial Corp.		6,908		438,934
StoneX Group, Inc.(a)		1,163		107,008
T Rowe Price Group, Inc.		13,943		1,718,614
TPG, Inc.		4,082		120,133
Tradeweb Markets, Inc., Class A		7,368		602,629
Victory Capital Holdings, Inc., Class A		2,170		71,957
Virtu Financial, Inc., Class A		5,659		105,031
Virtus Investment Partners, Inc.		369		75,914
WisdomTree, Inc.		8,155		56,759
XP, Inc., Class A(a)		21,090		569,641
				84,027,358
Chemicals — 1.7%
AdvanSix, Inc.		1,773		71,115
Air Products and Chemicals, Inc.		14,042		4,287,444
Albemarle Corp.		7,455		1,582,547
American Vanguard Corp.		1,236		22,322
Amyris, Inc.(a)(b)		10,201		9,046
Ashland, Inc.		3,046		278,282
Aspen Aerogels, Inc.(a)		3,713		30,966
Avient Corp.		5,515		223,523
Axalta Coating Systems Ltd.(a)		13,507		432,224
Balchem Corp.		2,008		270,558
Cabot Corp.		3,476		246,796
Celanese Corp.		6,272		786,446
CF Industries Holdings, Inc.		12,383		1,016,397
Chase Corp.		398		50,104
Chemours Co.		9,206		340,438
Corteva, Inc.		45,342		2,558,649
Danimer Scientific, Inc.(a)(b)		6,007		16,880
Dow, Inc.		45,021		2,542,336
DuPont de Nemours, Inc.		29,147		2,262,682
Eastman Chemical Co.		7,617		651,863
Ecolab, Inc.		15,751		2,884,638
Ecovyst, Inc.(a)		5,243		64,436
Element Solutions, Inc.		14,301		299,749
FMC Corp.		8,028		772,534
FutureFuel Corp.		1,697		16,495
Ginkgo Bioworks Holdings, Inc.(a)(b)		100,397		251,996
Hawkins, Inc.		1,121		52,407
HB Fuller Co.		3,352		248,149
Huntsman Corp.		10,842		322,766

Security	Shares		Value
Chemicals (continued)
Ingevity Corp.(a)		2,428	$	155,441
Innospec, Inc.		1,590		170,353
International Flavors & Fragrances, Inc.		16,260		1,375,759
Intrepid Potash, Inc.(a)(b)		1,114		30,635
Koppers Holdings, Inc.		1,501		57,428
Kronos Worldwide, Inc.		777		7,265
Linde PLC		31,026		12,120,927
Livent Corp.(a)(b)		11,419		281,136
LSB Industries, Inc.(a)		3,652		40,793
LyondellBasell Industries NV, Class A		16,404		1,621,699
Mativ Holdings, Inc.		4,082		64,251
Minerals Technologies, Inc.		2,032		124,663
Mosaic Co.		20,968		854,656
NewMarket Corp.		374		168,936
Olin Corp.		8,297		478,571
Origin Materials, Inc.(a)(b)		7,098		31,799
Orion SA		3,373		73,936
Perimeter Solutions SA(a)		7,347		40,849
PPG Industries, Inc.		14,894		2,143,247
PureCycle Technologies, Inc.(a)		6,987		82,726
Quaker Chemical Corp.		858		171,926
Rayonier Advanced Materials, Inc.(a)(b)		5,464		25,845
RPM International, Inc.		7,968		823,174
Scotts Miracle-Gro Co.		2,518		176,361
Sensient Technologies Corp.		2,722		174,317
Sherwin-Williams Co.		15,026		4,154,689
Stepan Co.		1,403		134,435
Trinseo PLC		2,403		42,341
Tronox Holdings PLC, Class A		6,792		90,266
Westlake Corp.		2,070		284,625
				48,596,837
Commercial Services & Supplies — 0.6%
ABM Industries, Inc.		3,812		176,419
ACCO Brands Corp.		3,640		22,168
ACV Auctions, Inc., Class A(a)		7,474		130,720
Aris Water Solution, Inc., Class A		1,316		14,384
BrightView Holdings, Inc.(a)		2,533		19,529
Brink’s Co.		2,649		193,271
Casella Waste Systems, Inc., Class A(a)		3,457		278,945
CECO Environmental Corp.(a)(b)		2,391		28,788
Cimpress PLC(a)		966		67,137
Cintas Corp.		5,453		2,737,624
Clean Harbors, Inc.(a)(b)		3,129		520,228
Copart, Inc.(a)		27,387		2,420,737
CoreCivic, Inc.(a)		8,030		77,891
Deluxe Corp.		2,249		42,709
Driven Brands Holdings, Inc.(a)		3,595		93,003
Ennis, Inc.		1,476		31,793
Enviri Corp.(a)		4,861		45,839
GEO Group, Inc.(a)		8,758		65,422
Healthcare Services Group, Inc.		5,673		71,537
Heritage-Crystal Clean, Inc.(a)		1,201		55,330
HNI Corp.		2,472		71,911
Interface, Inc.		3,303		32,270
Li-Cycle Holdings Corp.(a)		8,180		49,325
Liquidity Services, Inc.(a)		1,769		29,684
Matthews International Corp., Class A		2,063		94,692
MillerKnoll, Inc.		5,129		100,375
Montrose Environmental Group, Inc.(a)		1,946		78,755
MSA Safety, Inc.		2,318		384,788
OPENLANE, Inc.(a)(b)		7,187		112,836
Pitney Bowes, Inc.		4,309		16,977

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Quad/Graphics, Inc.(a)		7,294	$	43,180
RB Global, Inc.		11,523		743,003
Republic Services, Inc.		13,031		1,969,114
Rollins, Inc.		14,246		581,664
SP Plus Corp.(a)		1,356		52,138
Steelcase, Inc., Class A		4,806		41,187
Stericycle, Inc.(a)		5,859		248,949
Tetra Tech, Inc.		3,242		548,579
UniFirst Corp.		954		154,834
Viad Corp.(a)		1,234		34,811
VSE Corp.		682		36,658
Waste Management, Inc.		25,646		4,200,558
				16,719,762
Communications Equipment — 0.8%
ADTRAN Holdings, Inc.		5,274		51,316
Arista Networks, Inc.(a)		15,930		2,470,584
Aviat Networks, Inc.(a)		336		10,271
Calix, Inc.(a)		3,408		153,735
Cambium Networks Corp.(a)		644		10,433
Ciena Corp.(a)		9,307		392,755
Cisco Systems, Inc.		259,887		13,524,519
Clearfield, Inc.(a)		817		38,187
CommScope Holding Co., Inc.(a)		13,802		62,109
Comtech Telecommunications Corp.		1,632		16,581
Digi International, Inc.(a)		2,062		86,460
DZS, Inc.(a)		990		3,732
Extreme Networks, Inc.(a)		7,642		203,201
F5, Inc.(a)		4,066		643,404
Harmonic, Inc.(a)(b)		6,424		95,846
Infinera Corp.(a)		11,106		49,977
Juniper Networks, Inc.		20,024		556,667
Lumentum Holdings, Inc.(a)		4,472		234,154
Motorola Solutions, Inc.		10,514		3,013,628
NETGEAR, Inc.(a)		1,767		24,102
NetScout Systems, Inc.(a)		4,617		129,045
Ribbon Communications, Inc.(a)(b)		4,557		14,491
Ubiquiti, Inc.		252		44,768
Viasat, Inc.(a)		4,544		140,591
Viavi Solutions, Inc.(a)		14,749		160,322
				22,130,878
Construction & Engineering — 0.3%
AECOM		8,550		743,850
Ameresco, Inc., Class A(a)(b)		1,722		100,238
APi Group Corp.(a)		13,460		387,110
Arcosa, Inc.		3,111		240,107
Argan, Inc.		963		36,632
Bowman Consulting Group Ltd.(a)		812		28,136
Comfort Systems USA, Inc.		2,143		372,818
Concrete Pumping Holdings, Inc.(a)(b)		1,884		15,204
Construction Partners, Inc., Class A(a)		2,954		86,848
Dycom Industries, Inc.(a)		1,865		185,717
EMCOR Group, Inc.		2,933		630,712
Fluor Corp.(a)		9,240		286,255
Granite Construction, Inc.		3,545		145,097
Great Lakes Dredge & Dock Corp.(a)		4,898		41,143
IES Holdings, Inc.(a)		991		56,804
MasTec, Inc.(a)		3,885		457,459
MDU Resources Group, Inc.		12,061		266,789
MYR Group, Inc.(a)		942		134,291
Northwest Pipe Co.(a)		487		15,866
Primoris Services Corp.		3,014		95,725

Security	Shares		Value
Construction & Engineering (continued)
Quanta Services, Inc.		9,141	$	1,843,008
Sterling Infrastructure, Inc.(a)		1,738		104,263
Tutor Perini Corp.(a)		1,983		16,756
Valmont Industries, Inc.		1,253		331,732
WillScot Mobile Mini Holdings Corp.(a)		12,097		580,051
				7,202,611
Construction Materials — 0.2%
Eagle Materials, Inc.		2,307		425,342
Knife River Corp.(a)		3,335		144,972
Martin Marietta Materials, Inc.		3,928		1,753,695
Summit Materials, Inc., Class A(a)(b)		7,815		282,747
U.S. Lime & Minerals, Inc.		114		23,439
Vulcan Materials Co.		8,398		1,851,759
				4,481,954
Consumer Finance — 0.5%
Ally Financial, Inc.		17,475		533,686
American Express Co.		37,465		6,327,089
Atlanticus Holdings Corp.(a)		526		21,408
Bread Financial Holdings, Inc.		2,726		113,320
Capital One Financial Corp.		24,051		2,814,448
Consumer Portfolio Services, Inc.(a)		1,875		24,019
Credit Acceptance Corp.(a)(b)		378		210,395
Discover Financial Services		16,085		1,697,772
Encore Capital Group, Inc.(a)(b)		1,672		89,452
Enova International, Inc.(a)		2,095		115,414
FirstCash Holdings, Inc.		2,474		235,723
Green Dot Corp., Class A(a)		1,798		35,151
LendingClub Corp.(a)		7,657		64,242
LendingTree, Inc.(a)		601		14,664
Navient Corp.		6,130		116,715
Nelnet, Inc., Class A		903		89,108
NerdWallet, Inc., Class A(a)		2,065		23,149
OneMain Holdings, Inc.		6,710		305,171
PRA Group, Inc.(a)		2,429		57,956
PROG Holdings, Inc.(a)		3,501		142,071
Regional Management Corp.		728		23,653
SLM Corp.		14,925		241,486
SoFi Technologies, Inc.(a)(b)		58,325		667,821
Synchrony Financial		27,191		939,177
Upstart Holdings, Inc.(a)(b)		4,483		307,937
World Acceptance Corp.(a)		213		33,631
				15,244,658
Consumer Staples Distribution & Retail — 1.7%
Albertsons Cos., Inc., Class A		25,643		557,222
Andersons, Inc.		2,210		107,892
BJ’s Wholesale Club Holdings, Inc.(a)(b)		8,171		541,819
Casey’s General Stores, Inc.		2,373		599,562
Chefs’ Warehouse, Inc.(a)		2,601		94,520
Costco Wholesale Corp.		28,043		15,722,869
Dollar General Corp.		13,873		2,342,595
Dollar Tree, Inc.(a)		13,215		2,039,471
Grocery Outlet Holding Corp.(a)		6,304		210,869
HF Foods Group, Inc.(a)		1,854		9,696
Ingles Markets, Inc., Class A		1,069		90,651
Kroger Co.		41,341		2,010,826
Natural Grocers by Vitamin Cottage, Inc.		357		4,445
Performance Food Group Co.(a)		9,464		565,569
PriceSmart, Inc.		1,657		128,799
SpartanNash Co.		2,523		56,616
Sprouts Farmers Market, Inc.(a)(b)		6,331		248,492
Sysco Corp.		32,235		2,459,853

S C H E D U L E  O F  I N V E S T M E N T S 57

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Staples Distribution & Retail (continued)
Target Corp.		29,128	$	3,975,098
U.S. Foods Holding Corp.(a)		13,836		591,212
United Natural Foods, Inc.(a)		3,544		73,715
Village Super Market, Inc., Class A		1,208		28,122
Walgreens Boots Alliance, Inc.		45,596		1,366,512
Walmart, Inc.		90,196		14,418,733
Weis Markets, Inc.		1,178		78,149
				48,323,307
Containers & Packaging — 0.3%
Amcor PLC		92,090		944,843
AptarGroup, Inc.		4,202		510,375
Ardagh Group SA(a)		1,250		7,413
Ardagh Metal Packaging SA		8,206		31,019
Avery Dennison Corp.		5,121		942,315
Ball Corp.		19,511		1,145,101
Berry Global Group, Inc.		7,590		497,676
Crown Holdings, Inc.		6,719		623,254
Graphic Packaging Holding Co.		19,776		478,579
Greif, Inc., Class A		1,857		137,362
Greif, Inc., Class B		150		11,861
International Paper Co.		21,865		788,452
Myers Industries, Inc.		2,006		39,338
O-I Glass, Inc.(a)		9,817		225,398
Packaging Corp. of America		5,619		861,674
Pactiv Evergreen, Inc.		2,722		23,436
Ranpak Holdings Corp.(a)		2,577		16,519
Sealed Air Corp.		9,053		412,998
Silgan Holdings, Inc.		5,129		224,907
Sonoco Products Co.		5,883		344,979
TriMas Corp.		2,253		58,037
Westrock Co.		16,273		541,728
				8,867,264
Distributors — 0.1%
Funko, Inc., Class A(a)		2,563		20,914
Genuine Parts Co.		8,907		1,386,998
LKQ Corp.		17,093		936,525
Pool Corp.		2,409		926,839
Weyco Group, Inc.		929		25,362
				3,296,638
Diversified Consumer Services — 0.1%
2U, Inc.(a)		3,716		17,762
ADT, Inc.		14,416		91,974
Adtalem Global Education, Inc.(a)(b)		2,748		118,824
Bright Horizons Family Solutions, Inc.(a)(b)		3,636		352,801
Carriage Services, Inc.		750		24,278
Chegg, Inc.(a)		7,981		80,848
Coursera, Inc.(a)		7,465		117,126
Duolingo, Inc.(a)		1,833		284,463
European Wax Center, Inc., Class A(a)		2,320		44,938
Frontdoor, Inc.(a)		4,969		173,518
Graham Holdings Co., Class B		237		139,060
Grand Canyon Education, Inc.(a)		1,933		209,827
H&R Block, Inc.		9,236		310,422
Laureate Education, Inc., Class A		9,584		122,867
Mister Car Wash, Inc.(a)		4,380		43,493
Nerdy, Inc.(a)		3,456		17,073
OneSpaWorld Holdings Ltd.(a)		4,480		57,546
Perdoceo Education Corp.(a)		4,729		63,132
Rover Group, Inc.(a)		6,057		33,192
Service Corp. International		9,540		635,841
Strategic Education, Inc.		1,286		96,579

Security	Shares		Value
Diversified Consumer Services (continued)
Stride, Inc.(a)		2,478	$	94,684
Udemy, Inc.(a)(b)		4,678		55,247
Universal Technical Institute, Inc.(a)		3,497		25,458
WW International, Inc.(a)		2,679		31,210
				3,242,163
Diversified REITs — 0.1%
Alexander & Baldwin, Inc.		4,091		78,547
American Assets Trust, Inc.		2,957		66,533
Armada Hoffler Properties, Inc.		4,860		60,361
Broadstone Net Lease, Inc.		11,612		189,276
CTO Realty Growth, Inc.		1,428		24,990
Empire State Realty Trust, Inc., Class A		7,712		69,022
Essential Properties Realty Trust, Inc.		9,144		224,485
Gladstone Commercial Corp.		2,038		27,105
Global Net Lease, Inc.		5,657		60,473
One Liberty Properties, Inc.		1,518		31,013
Star Holdings(a)		701		10,929
WP Carey, Inc.		13,255		895,110
				1,737,844
Diversified Telecommunication Services — 0.6%
Anterix, Inc.(a)		1,444		40,533
AST SpaceMobile, Inc.(a)(b)		4,773		20,476
AT&T, Inc.		454,635		6,601,300
ATN International, Inc.		370		13,446
Bandwidth, Inc., Class A(a)		1,206		18,271
Charge Enterprises, Inc.(a)		6,537		6,215
Cogent Communications Holdings, Inc.		2,894		177,229
Consolidated Communications Holdings, Inc.(a)		4,659		16,679
EchoStar Corp., Class A(a)		2,032		39,482
ESC GCI Liberty, Inc. (d)		3,941		—
Frontier Communications Parent, Inc.(a)(b)		14,934		271,948
Globalstar, Inc.(a)		47,986		51,825
IDT Corp., Class B(a)		1,059		25,119
Iridium Communications, Inc.		7,701		404,688
Liberty Latin America Ltd., Class A(a)		4,385		36,834
Liberty Latin America Ltd., Class C(a)		7,372		61,335
Lumen Technologies, Inc.		67,212		120,310
Ooma, Inc.(a)		719		10,785
Radius Global Infrastructure, Inc., Class A(a)		5,304		79,083
Verizon Communications, Inc.		266,953		9,097,758
				17,093,316
Electric Utilities — 1.5%
ALLETE, Inc.		3,794		217,889
Alliant Energy Corp.		16,068		863,494
American Electric Power Co., Inc.		32,313		2,738,204
Avangrid, Inc.		4,309		159,778
Constellation Energy Corp.		20,796		2,009,933
Duke Energy Corp.		48,333		4,524,935
Edison International		24,155		1,738,194
Entergy Corp.		13,465		1,382,856
Evergy, Inc.		14,379		862,309
Eversource Energy		22,334		1,615,418
Exelon Corp.		62,813		2,629,352
FirstEnergy Corp.		35,015		1,379,241
Genie Energy Ltd., Class B		1,945		26,082
Hawaiian Electric Industries, Inc.		7,119		273,298
IDACORP, Inc.		3,073		315,966
MGE Energy, Inc.		2,196		176,207
NextEra Energy, Inc.		128,263		9,401,678
NRG Energy, Inc.		14,747		560,239
OGE Energy Corp.		12,559		454,008

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
Otter Tail Corp.		2,546	$	206,251
PG&E Corp.(a)		114,467		2,015,764
Pinnacle West Capital Corp.		7,063		584,958
PNM Resources, Inc.		5,519		247,362
Portland General Electric Co.		6,057		288,737
PPL Corp.		47,009		1,294,158
Southern Co.		68,618		4,963,826
Xcel Energy, Inc.		34,992		2,195,048
				43,125,185
Electrical Equipment — 0.7%
Acuity Brands, Inc.		1,961		324,036
Allied Motion Technologies, Inc.		976		37,966
AMETEK, Inc.		14,918		2,365,995
Array Technologies, Inc.(a)		9,308		177,317
Atkore, Inc.(a)(b)		2,492		395,406
Babcock & Wilcox Enterprises, Inc.(a)		2,924		16,024
Blink Charging Co.(a)(b)		2,352		15,053
Bloom Energy Corp., Class A(a)(b)		12,009		214,481
ChargePoint Holdings, Inc.(a)(b)		18,288		158,374
Eaton Corp. PLC		25,328		5,200,345
Emerson Electric Co.		36,213		3,308,058
Encore Wire Corp.		986		168,300
Energy Vault Holdings, Inc.(a)(b)		6,389		21,403
EnerSys		2,662		288,348
Enovix Corp.(a)		9,039		194,519
Eos Energy Enterprises, Inc.(a)		7,915		19,471
ESS Tech, Inc.(a)(b)		6,406		12,364
Fluence Energy, Inc.(a)(b)		2,273		66,463
FuelCell Energy, Inc.(a)		31,425		68,821
Generac Holdings, Inc.(a)(b)		3,756		577,297
GrafTech International Ltd.		9,922		52,388
Hubbell, Inc.		3,427		1,069,224
LSI Industries, Inc.		2,248		28,325
NEXTracker, Inc., Class A(a)		2,995		126,838
NuScale Power Corp.(a)(b)		1,721		13,045
nVent Electric PLC		10,325		545,986
Plug Power, Inc.(a)		31,835		417,675
Powell Industries, Inc.		401		24,373
Preformed Line Products Co.		83		14,401
Regal Rexnord Corp.		4,086		638,151
Rockwell Automation, Inc.		7,328		2,464,333
Sensata Technologies Holding PLC		9,360		395,460
SES AI Corp.(a)		9,902		31,092
Shoals Technologies Group, Inc., Class A(a)(b)		10,860		281,926
Stem, Inc.(a)(b)		8,334		58,921
SunPower Corp.(a)(b)		5,371		53,012
Sunrun, Inc.(a)(b)		13,791		261,753
Thermon Group Holdings, Inc.(a)		2,167		59,831
TPI Composites, Inc.(a)(b)		2,227		13,228
Vertiv Holdings Co.		20,661		537,393
Vicor Corp.(a)		1,638		151,138
				20,868,534
Electronic Equipment, Instruments & Components — 0.7%
908 Devices, Inc.(a)		1,976		13,753
Advanced Energy Industries, Inc.		2,357		295,049
Aeva Technologies, Inc.(a)		4,909		6,136
Akoustis Technologies, Inc.(a)(b)		1,380		3,298
Amphenol Corp., Class A		36,995		3,267,028
Arlo Technologies, Inc.(a)		4,365		49,586
Arrow Electronics, Inc.(a)		3,600		513,144
Avnet, Inc.		5,505		266,993

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Badger Meter, Inc.		1,788	$	294,376
Bel Fuse, Inc., Class B		688		36,911
Belden, Inc.		2,549		246,335
Benchmark Electronics, Inc.		2,953		78,284
CDW Corp.		8,597		1,608,241
Cognex Corp.		11,137		608,303
Coherent Corp.(a)		7,242		342,981
Corning, Inc.		48,579		1,648,771
CTS Corp.		1,973		88,055
Daktronics, Inc.(a)		4,121		29,630
ePlus, Inc.(a)		1,893		106,671
Evolv Technologies Holdings, Inc.(a)		6,676		43,928
Fabrinet(a)		2,435		301,063
FARO Technologies, Inc.(a)		883		14,649
Insight Enterprises, Inc.(a)		1,855		272,110
IPG Photonics Corp.(a)		1,805		237,267
Itron, Inc.(a)		2,707		212,960
Jabil, Inc.		8,287		917,122
Keysight Technologies, Inc.(a)		11,287		1,818,110
Kimball Electronics, Inc.(a)		2,170		63,321
Knowles Corp.(a)		5,726		104,614
Lightwave Logic, Inc.(a)(b)		7,025		47,208
Littelfuse, Inc.		1,463		445,630
Luna Innovations, Inc.(a)(b)		2,595		23,459
Methode Electronics, Inc.		2,506		84,302
MicroVision, Inc.(a)		9,988		39,952
Mirion Technologies, Inc.(a)(b)		13,907		104,998
Napco Security Technologies, Inc.		2,262		84,780
National Instruments Corp.		8,306		490,054
nLight, Inc.(a)		2,689		38,722
Novanta, Inc.(a)		2,219		392,541
OSI Systems, Inc.(a)		1,125		134,134
PAR Technology Corp.(a)(b)		1,911		66,101
PC Connection, Inc.		993		48,071
Plexus Corp.(a)		1,781		175,411
Rogers Corp.(a)		1,036		174,680
Sanmina Corp.(a)		3,539		217,507
ScanSource, Inc.(a)		945		28,435
SmartRent, Inc.(a)(b)		7,900		31,442
TD SYNNEX Corp.		2,536		250,329
Teledyne Technologies, Inc.(a)		3,003		1,154,744
Trimble, Inc.(a)		15,299		823,086
TTM Technologies, Inc.(a)		7,528		108,102
Vishay Intertechnology, Inc.		7,799		219,542
Vontier Corp.		9,338		288,824
Zebra Technologies Corp., Class A(a)		3,269		1,006,721
				19,967,464
Energy Equipment & Services — 0.5%
Archrock, Inc.		10,294		120,028
Atlas Energy Solutions, Inc., Class A		1,769		34,938
Baker Hughes Co.		64,417		2,305,485
Borr Drilling Ltd.(a)		13,940		122,393
Bristow Group, Inc.(a)		1,094		33,662
Cactus, Inc., Class A		3,908		198,448
ChampionX Corp.		12,014		427,698
Core Laboratories, Inc.(b)		3,218		83,636
Diamond Offshore Drilling, Inc.(a)		6,633		105,000
DMC Global, Inc.(a)		948		17,879
Dril-Quip, Inc.(a)(b)		2,080		53,851
Expro Group Holdings NV(a)		5,586		123,953
Halliburton Co.		57,215		2,235,962
Helix Energy Solutions Group, Inc.(a)		9,071		87,082

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Energy Equipment & Services (continued)
Helmerich & Payne, Inc.		6,046	$	270,679
Liberty Energy, Inc., Class A		11,212		184,662
Nabors Industries Ltd.(a)		626		76,679
Newpark Resources, Inc.(a)		8,375		46,230
NexTier Oilfield Solutions, Inc.(a)		11,391		135,781
Noble Corp. PLC(a)		6,668		348,536
NOV, Inc.		24,363		489,209
Oceaneering International, Inc.(a)		6,547		146,980
Oil States International, Inc.(a)		5,562		44,719
Patterson-UTI Energy, Inc.		12,949		205,112
ProFrac Holding Corp., Class A(a)		1,185		15,251
ProPetro Holding Corp.(a)		6,951		72,569
RPC, Inc.		4,947		41,159
Schlumberger NV		90,330		5,269,852
Seadrill Ltd.(a)		3,193		156,170
Select Water Solutions, Inc., Class A		4,294		36,113
Solaris Oilfield Infrastructure, Inc., Class A		2,770		30,276
TechnipFMC PLC(a)		27,985		513,245
TETRA Technologies, Inc.(a)		6,116		27,461
Tidewater, Inc.(a)		3,312		209,020
U.S. Silica Holdings, Inc.(a)		4,387		57,075
Valaris Ltd.(a)		3,989		306,355
Weatherford International PLC(a)		4,602		382,426
				15,015,574
Entertainment — 1.4%
Activision Blizzard, Inc.(a)		49,270		4,570,285
AMC Entertainment Holdings, Inc., Class A(a)(b)		33,553		166,758
Atlanta Braves Holdings, Inc.(b)		602		28,499
Atlanta Braves Holdings, Inc., Class C(a)		2,589		105,424
Cinemark Holdings, Inc.(a)		6,744		112,557
Electronic Arts, Inc.		17,328		2,362,673
IMAX Corp.(a)		2,341		43,098
Liberty Media Corp.-Liberty Formula One, Class A(a)		1,820		116,990
Liberty Media Corp.-Liberty Formula One, Class C(a)		12,406		900,676
Lions Gate Entertainment Corp., Class A(a)		4,773		36,657
Lions Gate Entertainment Corp., Class B(a)		5,862		42,910
Live Nation Entertainment, Inc.(a)		10,009		878,290
Madison Square Garden Entertainment Corp.(a)		2,969		103,440
Madison Square Garden Sports Corp.		1,142		242,961
Marcus Corp.		914		14,258
Netflix, Inc.(a)		27,780		12,194,587
Playstudios, Inc.(a)		4,630		22,826
Playtika Holding Corp.(a)		2,080		24,835
ROBLOX Corp., Class A(a)(b)		29,178		1,145,236
Roku, Inc.(a)		7,930		763,421
Sphere Entertainment Co.(a)		1,765		74,924
Spotify Technology SA(a)		8,963		1,339,162
Take-Two Interactive Software, Inc.(a)		10,471		1,601,435
Vivid Seats, Inc., Class A(a)		2,759		22,982
Walt Disney Co.(a)		116,060		10,316,573
Warner Bros Discovery, Inc., Class A(a)		140,087		1,830,937
World Wrestling Entertainment, Inc., Class A		2,716		285,180
			39,347,574
Financial Services — 4.0%
Affirm Holdings, Inc.(a)(b)		14,237		276,055
Alerus Financial Corp.		1,174		23,222
A-Mark Precious Metals, Inc.		876		35,732
Apollo Global Management, Inc.		33,146		2,708,360
AvidXchange Holdings, Inc.(a)		9,286		115,239
Banco Latinoamericano de Comercio Exterior SA,
Class E		1,539		35,890

Security	Shares		Value
Financial Services (continued)
Berkshire Hathaway, Inc., Class B(a)		115,679	$	40,714,381
Block, Inc.(a)		34,361		2,767,091
Cannae Holdings, Inc.(a)		5,113		104,203
Cantaloupe, Inc.(a)		2,911		22,444
Cass Information Systems, Inc.		1,157		43,908
Compass Diversified Holdings		4,320		97,330
Enact Holdings, Inc.		1,946		52,931
Equitable Holdings, Inc.		22,590		648,107
Essent Group Ltd.		6,810		337,776
Euronet Worldwide, Inc.(a)		3,033		266,510
EVERTEC, Inc.		4,185		164,596
Federal Agricultural Mortgage Corp., Class C		776		124,742
Fidelity National Information Services, Inc.		37,524		2,265,699
Fiserv, Inc.(a)		39,006		4,922,947
FleetCor Technologies, Inc.(a)		4,590		1,142,497
Flywire Corp.(a)		6,181		211,019
Global Payments, Inc.		16,594		1,829,489
I3 Verticals, Inc., Class A(a)		1,114		27,861
International Money Express, Inc.(a)		2,474		59,945
Jack Henry & Associates, Inc.		4,633		776,352
Jackson Financial, Inc., Class A		5,409		178,605
Marqeta, Inc., Class A(a)		29,185		162,852
Mastercard, Inc., Class A		53,064		20,922,074
Merchants Bancorp		607		19,187
MGIC Investment Corp.		17,365		290,690
Mr. Cooper Group, Inc.(a)		4,356		252,517
NewtekOne, Inc.(b)		1,733		30,847
NMI Holdings, Inc., Class A(a)		5,784		154,491
Pagseguro Digital Ltd., Class A(a)		12,586		142,977
Payoneer Global, Inc.(a)		16,041		85,338
PayPal Holdings, Inc.(a)		71,115		5,391,939
Paysafe Ltd.(a)		1,495		17,985
PennyMac Financial Services, Inc.		1,461		109,911
Radian Group, Inc.		9,790		263,645
Remitly Global, Inc.(a)		6,039		116,432
Repay Holdings Corp.(a)		5,002		41,767
Rocket Cos., Inc., Class A(a)(b)		8,299		90,708
Shift4 Payments, Inc., Class A(a)(b)		3,291		227,046
StoneCo Ltd., Class A(a)		18,850		273,137
TFS Financial Corp.		4,986		72,347
Toast, Inc., Class A(a)(b)		22,821		503,660
UWM Holdings Corp.(b)		6,038		39,609
Visa, Inc., Class A		102,441		24,353,299
Voya Financial, Inc.		6,293		467,318
Walker & Dunlop, Inc.		1,979		180,049
Western Union Co.		20,244		246,572
WEX, Inc.(a)		2,646		501,020
			114,910,348
Food Products — 1.0%
Archer-Daniels-Midland Co.		34,235		2,908,606
B&G Foods, Inc.		4,306		57,098
Benson Hill, Inc.(a)		11,400		15,846
Beyond Meat, Inc.(a)(b)		4,136		71,139
BRC, Inc.(a)		2,764		12,659
Bunge Ltd.		9,326		1,013,456
Calavo Growers, Inc.		1,112		41,956
Cal-Maine Foods, Inc.		2,254		104,112
Campbell Soup Co.		12,267		562,074
Conagra Brands, Inc.		30,430		998,408
Darling Ingredients, Inc.(a)(b)		9,748		675,049
Dole PLC		5,443		71,902
Flowers Foods, Inc.		12,222		302,006

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Fresh Del Monte Produce, Inc.		2,317	$	61,586
Freshpet, Inc.(a)(b)		3,087		227,018
General Mills, Inc.		37,350		2,791,539
Hain Celestial Group, Inc.(a)		6,528		82,710
Hershey Co.		9,324		2,156,734
Hormel Foods Corp.		18,554		758,487
Hostess Brands, Inc.(a)		9,038		217,274
Ingredion, Inc.		4,008		445,930
J & J Snack Foods Corp.		1,069		171,382
J M Smucker Co.		6,581		991,428
John B Sanfilippo & Son, Inc.		672		73,188
Kellogg Co.		16,145		1,079,939
Kraft Heinz Co.		51,160		1,850,969
Lamb Weston Holdings, Inc.		9,272		960,857
Lancaster Colony Corp.		1,204		231,927
McCormick & Co., Inc.		15,961		1,428,190
Mission Produce, Inc.(a)		1,882		21,869
Mondelez International, Inc., Class A		86,057		6,379,405
Pilgrim’s Pride Corp.(a)		2,884		71,437
Post Holdings, Inc.(a)		3,274		279,272
Seaboard Corp.		12		43,260
Seneca Foods Corp., Class A(a)		699		26,957
Simply Good Foods Co.(a)		5,858		226,763
Sovos Brands, Inc.(a)		2,778		49,448
SunOpta, Inc.(a)		6,076		40,284
TreeHouse Foods, Inc.(a)		3,444		177,745
Tyson Foods, Inc., Class A		17,599		980,616
Utz Brands, Inc.		4,872		81,606
Vital Farms, Inc.(a)		3,080		36,036
Westrock Coffee Co.(a)(b)		2,383		26,439
				28,804,606
Gas Utilities — 0.1%
Atmos Energy Corp.		9,167		1,115,715
Brookfield Infrastructure Corp., Class A		6,222		290,692
Chesapeake Utilities Corp.		1,026		121,314
National Fuel Gas Co.		5,623		298,637
New Jersey Resources Corp.		6,393		285,767
Northwest Natural Holding Co.		2,475		106,351
ONE Gas, Inc.		3,452		273,157
Southwest Gas Holdings, Inc.		3,757		247,737
Spire, Inc.		3,161		200,945
UGI Corp.		12,770		344,662
				3,284,977
Ground Transportation — 1.1%
ArcBest Corp.		1,534		178,435
Avis Budget Group, Inc.(a)		1,311		288,800
Covenant Logistics Group, Inc.		878		48,079
CSX Corp.		128,312		4,275,356
Daseke, Inc.(a)		1,895		14,743
Heartland Express, Inc.(b)		3,436		56,179
Hertz Global Holdings, Inc.(a)(b)		8,951		150,824
JB Hunt Transport Services, Inc.		5,237		1,068,034
Knight-Swift Transportation Holdings, Inc.		9,826		596,929
Landstar System, Inc.		2,285		465,203
Lyft, Inc., Class A(a)		19,191		243,918
Marten Transport Ltd.		4,841		109,697
Norfolk Southern Corp.		14,380		3,359,024
Old Dominion Freight Line, Inc.(b)		6,233		2,614,681
PAM Transportation Services, Inc.(a)		886		22,912
RXO, Inc.(a)		6,858		151,219
Ryder System, Inc.		2,987		305,122

Security	Shares		Value
Ground Transportation (continued)
Saia, Inc.(a)		1,687	$	713,837
Schneider National, Inc., Class B		3,106		95,696
TuSimple Holdings, Inc., Class A(a)		10,700		25,038
Uber Technologies, Inc.(a)		123,039		6,085,509
U-Haul Holding Co.(b)		5,166		295,547
U-Haul Holding Co.		574		34,934
Union Pacific Corp.		38,551		8,944,603
Universal Logistics Holdings, Inc.		345		10,726
Werner Enterprises, Inc.		3,887		182,767
XPO, Inc.(a)		7,218		499,774
				30,837,586
Health Care Equipment & Supplies — 2.7%
Abbott Laboratories		109,506		12,191,303
Accuray, Inc.(a)(b)		6,907		29,424
Align Technology, Inc.(a)		4,844		1,830,499
Alphatec Holdings, Inc.(a)		5,618		99,270
AngioDynamics, Inc.(a)		2,055		17,858
Artivion, Inc.(a)		2,287		39,840
AtriCure, Inc.(a)		3,211		177,729
Atrion Corp.		93		52,137
Avanos Medical, Inc.(a)(b)		2,746		67,195
Axogen, Inc.(a)		2,915		25,186
Axonics, Inc.(a)		2,947		177,910
Baxter International, Inc.		32,073		1,450,662
Becton Dickinson & Co.		17,926		4,994,542
Boston Scientific Corp.(a)		91,383		4,738,209
Butterfly Network, Inc.(a)(b)		9,583		24,628
Cerus Corp.(a)		10,433		32,029
CONMED Corp.		1,948		235,805
Cooper Cos., Inc.		3,117		1,219,557
Cutera, Inc.(a)		1,121		22,431
DENTSPLY SIRONA, Inc.		13,056		542,085
Dexcom, Inc.(a)(b)		24,514		3,053,464
Edwards Lifesciences Corp.(a)		38,169		3,132,530
Embecta Corp.		3,199		68,267
Enovis Corp.(a)		3,332		212,915
Envista Holdings Corp.(a)		10,236		352,221
GE HealthCare Technologies, Inc.(a)		24,741		1,929,798
Glaukos Corp.(a)		3,038		234,351
Globus Medical, Inc., Class A(a)		5,189		312,741
Haemonetics Corp.(a)		3,257		300,426
Hologic, Inc.(a)		15,333		1,217,747
ICU Medical, Inc.(a)(b)		1,216		216,667
IDEXX Laboratories, Inc.(a)(b)		5,213		2,891,807
Inari Medical, Inc.(a)		3,207		183,023
Inmode Ltd.(a)		4,808		206,311
Inogen, Inc.(a)		1,013		8,276
Inspire Medical Systems, Inc.(a)		1,783		513,165
Insulet Corp.(a)		4,414		1,221,575
Integer Holdings Corp.(a)(b)		1,962		181,446
Integra LifeSciences Holdings Corp.(a)		4,290		195,066
Intuitive Surgical, Inc.(a)		22,128		7,178,323
iRhythm Technologies, Inc.(a)		1,872		196,672
Lantheus Holdings, Inc.(a)(b)		4,236		366,372
LeMaitre Vascular, Inc.		1,369		86,562
LivaNova PLC(a)		3,277		191,541
Masimo Corp.(a)(b)		2,889		353,325
Medtronic PLC		84,122		7,382,547
Merit Medical Systems, Inc.(a)		3,518		262,689
Mesa Laboratories, Inc.		342		44,002
Nano-X Imaging Ltd.(a)(b)		2,926		36,282
Neogen Corp.(a)		14,114		327,304

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Nevro Corp.(a)(b)		2,489	$	62,200
Novocure Ltd.(a)(b)		6,754		220,451
NuVasive, Inc.(a)		3,253		134,056
Omnicell, Inc.(a)		2,769		174,862
OraSure Technologies, Inc.(a)		4,522		21,344
Orthofix Medical, Inc.(a)		1,626		32,016
OrthoPediatrics Corp.(a)(b)		1,412		58,951
Outset Medical, Inc.(a)		2,818		57,994
Paragon 28, Inc.(a)		2,936		51,879
Penumbra, Inc.(a)		2,240		679,526
PROCEPT BioRobotics Corp.(a)(b)		2,503		86,203
Pulmonx Corp.(a)		2,572		36,008
QuidelOrtho Corp.(a)		3,388		295,976
ResMed, Inc.		9,223		2,050,734
RxSight, Inc.(a)		1,911		63,770
Shockwave Medical, Inc.(a)		2,336		608,762
SI-BONE, Inc.(a)		2,624		67,594
Sight Sciences, Inc.(a)		33		290
Silk Road Medical, Inc.(a)(b)		2,576		58,836
STAAR Surgical Co.(a)		3,016		165,186
STERIS PLC		6,304		1,421,867
Stryker Corp.		22,517		6,381,543
Surmodics, Inc.(a)		823		26,394
Tactile Systems Technology, Inc.(a)		1,111		25,453
Tandem Diabetes Care, Inc.(a)		4,223		147,467
Teleflex, Inc.		3,011		756,273
TransMedics Group, Inc.(a)		1,883		175,458
Treace Medical Concepts, Inc.(a)		3,386		77,167
UFP Technologies, Inc.(a)		514		100,058
Utah Medical Products, Inc.		90		8,850
Varex Imaging Corp.(a)		2,011		46,836
Vicarious Surgical, Inc.(a)(b)		7,131		11,695
Zimmer Biomet Holdings, Inc.		13,196		1,823,027
Zimvie, Inc.(a)		1,143		15,682
Zynex, Inc.(a)		2,679		26,147
				76,796,269
Health Care Providers & Services — 2.7%
23andMe Holding Co., Class A(a)		12,498		23,996
Acadia Healthcare Co., Inc.(a)		5,959		470,940
Accolade, Inc.(a)		4,551		68,356
AdaptHealth Corp.(a)		4,211		57,859
Addus HomeCare Corp.(a)		862		78,933
Agiliti, Inc.(a)		1,187		20,381
agilon health, Inc.(a)(b)		17,802		340,908
Alignment Healthcare, Inc.(a)		5,964		37,036
Amedisys, Inc.(a)		1,965		178,501
AmerisourceBergen Corp.		10,194		1,905,259
AMN Healthcare Services, Inc.(a)		2,547		272,911
Apollo Medical Holdings, Inc.(a)		2,670		97,802
Aveanna Healthcare Holdings, Inc.(a)		1,972		3,412
Brookdale Senior Living, Inc.(a)(b)		14,257		50,185
Cano Health, Inc.(a)		10,355		15,222
Cardinal Health, Inc.		16,501		1,509,346
CareMax, Inc.(a)		4,295		10,265
Castle Biosciences, Inc.(a)		1,921		32,369
Centene Corp.(a)		35,120		2,391,321
Chemed Corp.		916		477,318
Cigna Group		18,512		5,462,891
Community Health Systems, Inc.(a)		6,300		27,657
CorVel Corp.(a)		587		120,077
Cross Country Healthcare, Inc.(a)		2,722		70,228

Security	Shares		Value
Health Care Providers & Services (continued)
CVS Health Corp.		81,149	$	6,061,019
DaVita, Inc.(a)		3,313		337,893
DocGo, Inc.(a)		4,887		41,002
Elevance Health, Inc.		15,031		7,089,070
Encompass Health Corp.		6,145		405,754
Enhabit, Inc.(a)(b)		3,056		41,959
Ensign Group, Inc.		3,257		315,506
Fulgent Genetics, Inc.(a)		1,533		59,526
Guardant Health, Inc.(a)		7,188		280,476
HCA Healthcare, Inc.		13,006		3,548,167
HealthEquity, Inc.(a)		5,146		349,619
Henry Schein, Inc.(a)		8,394		661,363
Hims & Hers Health, Inc.(a)		8,208		73,626
Humana, Inc.		7,931		3,623,119
Innovage Holding Corp.(a)		978		7,042
Invitae Corp.(a)(b)		19,431		27,592
Joint Corp.(a)		820		11,070
Laboratory Corp. of America Holdings		5,591		1,196,083
LifeStance Health Group, Inc.(a)		6,871		64,519
McKesson Corp.		8,675		3,490,820
ModivCare, Inc.(a)		878		38,404
Molina Healthcare, Inc.(a)		3,694		1,124,786
National HealthCare Corp.		1,106		65,276
National Research Corp.		1,109		47,587
NeoGenomics, Inc.(a)		8,616		149,315
OPKO Health, Inc.(a)		22,404		41,671
Option Care Health, Inc.(a)		10,313		348,373
Owens & Minor, Inc.(a)		4,320		83,117
Patterson Cos., Inc.		5,305		174,481
Pediatrix Medical Group, Inc.(a)		5,332		73,208
Pennant Group, Inc.(a)		1,158		13,294
PetIQ, Inc.(a)		1,413		23,654
Premier, Inc., Class A		7,029		195,055
Privia Health Group, Inc.(a)		4,419		123,378
Progyny, Inc.(a)(b)		5,002		208,883
Quest Diagnostics, Inc.		7,249		980,137
R1 RCM, Inc.(a)(b)		9,585		165,629
RadNet, Inc.(a)		3,480		115,118
Select Medical Holdings Corp.		6,381		191,494
Surgery Partners, Inc.(a)(b)		4,295		165,916
Tenet Healthcare Corp.(a)		6,549		489,407
U.S. Physical Therapy, Inc.		849		98,713
UnitedHealth Group, Inc.		58,772		29,760,378
Universal Health Services, Inc., Class B		3,933		546,530
			76,632,202
Health Care REITs — 0.2%
CareTrust REIT, Inc.		6,801		141,393
Community Healthcare Trust, Inc.		1,398		49,266
Diversified Healthcare Trust		14,315		29,918
Global Medical REIT, Inc.		3,155		31,234
Healthcare Realty Trust, Inc.		24,203		472,685
Healthpeak Properties, Inc.		34,853		760,841
LTC Properties, Inc.		2,807		94,203
Medical Properties Trust, Inc.		37,105		374,389
National Health Investors, Inc.		2,865		157,317
Omega Healthcare Investors, Inc.		14,949		476,873
Physicians Realty Trust		14,761		217,577
Sabra Health Care REIT, Inc.		15,945		207,126
Universal Health Realty Income Trust		517		24,676

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care REITs (continued)
Ventas, Inc.		25,360	$	1,230,467
Welltower, Inc.		31,532		2,590,354
				6,858,319
Health Care Technology — 0.1%
American Well Corp., Class A(a)		14,687		35,983
Certara, Inc.(a)		7,090		138,042
Computer Programs and Systems, Inc.(a)		440		11,537
Definitive Healthcare Corp.(a)(b)		2,101		24,855
Doximity, Inc., Class A(a)(b)		6,727		240,356
Evolent Health, Inc., Class A(a)		7,059		214,523
Health Catalyst, Inc.(a)		2,795		39,214
HealthStream, Inc.		1,619		36,395
Multiplan Corp.(a)		23,893		51,370
NextGen Healthcare, Inc.(a)		3,477		57,822
OptimizeRx Corp.(a)		814		11,355
Phreesia, Inc.(a)		3,516		111,528
Schrodinger, Inc.(a)		3,581		187,322
Sharecare, Inc.(a)		16,795		23,345
Simulations Plus, Inc.		1,116		55,577
Teladoc Health, Inc.(a)(b)		10,028		298,534
Veeva Systems, Inc., Class A(a)		9,193		1,877,394
Veradigm, Inc.(a)		7,214		97,533
				3,512,685
Hotel & Resort REITs — 0.1%
Apple Hospitality REIT, Inc.		13,033		202,012
Braemar Hotels & Resorts, Inc.		3,646		13,490
Chatham Lodging Trust		2,016		19,354
DiamondRock Hospitality Co.		11,505		97,793
Hersha Hospitality Trust, Class A		1,059		6,629
Host Hotels & Resorts, Inc.		45,012		828,221
Park Hotels & Resorts, Inc.		14,578		198,698
Pebblebrook Hotel Trust(b)		7,963		123,028
RLJ Lodging Trust		11,744		120,963
Ryman Hospitality Properties, Inc.		3,591		342,186
Service Properties Trust		8,692		73,795
Summit Hotel Properties, Inc.		5,580		35,935
Sunstone Hotel Investors, Inc.		14,339		146,114
Xenia Hotels & Resorts, Inc.		7,531		95,644
				2,303,862
Hotels, Restaurants & Leisure — 2.3%
Accel Entertainment, Inc.(a)(b)		4,065		46,341
Airbnb, Inc., Class A(a)(b)		25,680		3,908,239
Aramark		15,135		611,000
Bally’s Corp.(a)		3,342		54,408
Biglari Holdings, Inc., Class B(a)		32		6,501
BJ’s Restaurants, Inc.(a)		1,084		40,823
Bloomin’ Brands, Inc.		5,912		158,855
Bluegreen Vacations Holding Corp.		764		29,865
Booking Holdings, Inc.(a)		2,349		6,978,409
Bowlero Corp.(a)(b)		2,290		27,778
Boyd Gaming Corp.		4,500		307,440
Brinker International, Inc.(a)		2,824		110,927
Caesars Entertainment, Inc.(a)		12,701		749,613
Carnival Corp.(a)		63,070		1,188,239
Century Casinos, Inc.(a)		1,395		11,090
Cheesecake Factory, Inc.		3,485		128,178
Chipotle Mexican Grill, Inc.(a)		1,742		3,418,292
Choice Hotels International, Inc.		2,003		261,892
Churchill Downs, Inc.		4,425		512,636

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Chuy’s Holdings, Inc.(a)		1,136	$	47,246
Cracker Barrel Old Country Store, Inc.		1,446		134,767
Darden Restaurants, Inc.		7,773		1,313,015
Dave & Buster’s Entertainment, Inc.(a)		2,569		117,660
Denny’s Corp.(a)		3,384		39,796
Dine Brands Global, Inc.		887		53,504
Domino’s Pizza, Inc.		2,228		883,937
DoorDash, Inc., Class A(a)		19,238		1,746,618
DraftKings, Inc., Class A(a)		26,649		846,905
El Pollo Loco Holdings, Inc.		399		4,249
Everi Holdings, Inc.(a)		5,012		74,378
Expedia Group, Inc.(a)		9,186		1,125,561
First Watch Restaurant Group, Inc.(a)(b)		1,553		28,948
Full House Resorts, Inc.(a)		2,239		14,374
Golden Entertainment, Inc.(a)		1,082		45,812
Hilton Grand Vacations, Inc.(a)		4,987		231,896
Hilton Worldwide Holdings, Inc.		16,245		2,525,935
Hyatt Hotels Corp., Class A(b)		2,928		369,953
Inspired Entertainment, Inc.(a)		902		11,356
International Game Technology PLC		6,271		212,148
Jack in the Box, Inc.		1,529		151,998
Krispy Kreme, Inc.		6,214		95,696
Kura Sushi USA, Inc., Class A(a)		372		37,018
Las Vegas Sands Corp.(a)		21,017		1,257,027
Life Time Group Holdings, Inc.(a)		2,249		40,684
Light & Wonder, Inc., Class A(a)(b)		5,727		402,608
Lindblad Expeditions Holdings, Inc.(a)		2,077		24,550
Marriott International, Inc., Class A		15,977		3,224,318
Marriott Vacations Worldwide Corp.		2,247		288,762
McDonald’s Corp.		46,065		13,506,258
MGM Resorts International		19,168		973,159
Monarch Casino & Resort, Inc.		999		69,251
Mondee Holdings, Inc.		3,139		26,870
Noodles & Co.(a)		1,836		6,701
Norwegian Cruise Line Holdings Ltd.(a)		26,269		579,757
ONE Group Hospitality, Inc.(a)		2,463		18,152
Papa John’s International, Inc.		2,240		185,248
Penn Entertainment, Inc.(a)		10,233		269,026
Planet Fitness, Inc., Class A(a)		5,262		355,395
Portillo’s, Inc., Class A(a)		3,505		80,790
RCI Hospitality Holdings, Inc.		626		43,664
Red Rock Resorts, Inc., Class A		3,336		161,796
Royal Caribbean Cruises Ltd.(a)(b)		14,882		1,623,775
Rush Street Interactive, Inc.(a)		2,591		9,924
Sabre Corp.(a)		21,234		87,059
SeaWorld Entertainment, Inc.(a)(b)		2,631		145,678
Shake Shack, Inc., Class A(a)		2,297		178,385
Six Flags Entertainment Corp.(a)		4,559		108,960
Starbucks Corp.		71,348		7,246,816
Super Group SGHC Ltd.(a)		8,184		24,798
Sweetgreen, Inc., Class A(a)		5,522		83,217
Target Hospitality Corp.(a)		2,076		26,511
Texas Roadhouse, Inc.		4,216		470,295
Travel & Leisure Co.		4,909		199,944
Vail Resorts, Inc.		2,567		604,503
Wendy’s Co.		10,460		224,785
Wingstop, Inc.		1,900		320,302
Wyndham Hotels & Resorts, Inc.		5,228		407,366
Wynn Resorts Ltd.		6,680		727,986

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Xponential Fitness, Inc., Class A(a)(b)		1,307	$	27,604
Yum! Brands, Inc.		17,597		2,422,579
				65,117,799
Household Durables — 0.5%
Beazer Homes USA, Inc.(a)		2,424		81,519
Cavco Industries, Inc.(a)		513		151,668
Century Communities, Inc.		1,627		125,637
Cricut, Inc., Class A, Class A(b)		2,865		33,979
D.R. Horton, Inc.		19,545		2,482,606
Dream Finders Homes, Inc., Class A(a)		1,622		41,361
Ethan Allen Interiors, Inc.		1,903		59,887
Garmin Ltd.		9,747		1,032,110
GoPro, Inc., Class A(a)		8,298		33,939
Green Brick Partners, Inc.(a)		1,939		109,592
Helen of Troy Ltd.(a)		1,416		200,081
Hovnanian Enterprises, Inc., Class A(a)		259		27,615
Installed Building Products, Inc.		1,495		221,290
iRobot Corp.(a)		1,749		69,960
KB Home		4,712		254,307
La-Z-Boy, Inc.		2,410		75,602
Legacy Housing Corp.(a)		148		3,511
Leggett & Platt, Inc.		8,651		253,128
Lennar Corp., B Shares		1,295		148,808
Lennar Corp., Class A		15,443		1,958,636
LGI Homes, Inc.(a)		1,213		168,304
Lovesac Co.(a)		653		19,120
M/I Homes, Inc.(a)		1,521		152,100
MDC Holdings, Inc.		3,675		188,454
Meritage Homes Corp.		2,432		362,246
Mohawk Industries, Inc.(a)		3,384		359,854
Newell Brands, Inc.		23,980		267,617
NVR, Inc.(a)		187		1,179,304
PulteGroup, Inc.		14,110		1,190,743
Purple Innovation, Inc.		3,669		11,447
Skyline Champion Corp.(a)		3,500		243,810
Snap One Holdings Corp.(a)		1,999		19,470
Sonos, Inc.(a)		7,986		136,880
Taylor Morrison Home Corp.(a)		6,652		322,090
Tempur Sealy International, Inc.		10,610		473,524
Toll Brothers, Inc.		6,886		553,152
TopBuild Corp.(a)		1,946		533,068
Traeger, Inc.(a)(b)		1,304		5,816
Tri Pointe Homes, Inc.(a)		6,084		193,958
Vizio Holding Corp., Class A(a)		4,238		31,573
Vuzix Corp.(a)(b)		2,953		15,592
Whirlpool Corp.		3,376		487,022
				14,280,380
Household Products — 1.2%
Central Garden & Pet Co.(a)		682		27,607
Central Garden & Pet Co., Class A(a)		2,523		96,429
Church & Dwight Co., Inc.		15,535		1,486,233
Clorox Co.		7,860		1,190,633
Colgate-Palmolive Co.		51,479		3,925,789
Energizer Holdings, Inc.		4,687		167,326
Kimberly-Clark Corp.		21,213		2,738,598
Oil-Dri Corp. of America		477		29,941
Procter & Gamble Co.		148,639		23,232,276
Reynolds Consumer Products, Inc.		3,870		107,122

Security	Shares		Value
Household Products (continued)
Spectrum Brands Holdings, Inc.		2,456	$	192,575
WD-40 Co.		832		190,944
				33,385,473
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		41,479		897,191
Altus Power, Inc.(a)		6,825		46,478
Brookfield Renewable Corp., Class A		7,595		236,736
Clearway Energy, Inc., Class A		3,272		80,720
Clearway Energy, Inc., Class C		4,140		109,337
Montauk Renewables, Inc.(a)(b)		3,696		32,340
Ormat Technologies, Inc.(b)		3,182		258,697
Sunnova Energy International, Inc.(a)(b)		6,377		112,618
Vistra Corp.		23,247		652,311
				2,426,428
Industrial Conglomerates — 0.7%
3M Co.		34,773		3,877,189
Brookfield Business Corp., Class A		1,503		30,841
General Electric Co.		68,711		7,849,545
Honeywell International, Inc.		42,120		8,176,756
				19,934,331
Industrial REITs — 0.4%
Americold Realty Trust, Inc.		16,926		548,741
EastGroup Properties, Inc.		2,704		479,095
First Industrial Realty Trust, Inc.		8,643		446,843
Innovative Industrial Properties, Inc.		1,807		143,169
LXP Industrial Trust		18,394		185,227
Plymouth Industrial REIT, Inc.		4,122		93,858
Prologis, Inc.		58,283		7,270,804
Rexford Industrial Realty, Inc.		12,691		699,147
STAG Industrial, Inc.		10,769		390,915
Terreno Realty Corp.		5,012		297,412
				10,555,211
Insurance — 2.1%
Aflac, Inc.		38,357		2,774,745
Allstate Corp.		16,662		1,877,474
Ambac Financial Group, Inc.(a)		2,001		28,294
American Equity Investment Life Holding Co.(a)		4,993		267,974
American Financial Group, Inc.		4,814		585,431
American International Group, Inc.		46,391		2,796,450
AMERISAFE, Inc.		1,410		73,489
Aon PLC, Class A		12,788		4,072,978
Arch Capital Group Ltd.(a)		22,663		1,760,689
Argo Group International Holdings Ltd.		2,322		68,963
Arthur J Gallagher & Co.		13,458		2,890,778
Assurant, Inc.		3,194		429,625
Assured Guaranty Ltd.		3,483		208,214
Axis Capital Holdings Ltd.		5,100		281,112
Brighthouse Financial, Inc.(a)		4,515		235,367
Brown & Brown, Inc.		15,213		1,071,756
BRP Group, Inc., Class A(a)(b)		4,318		107,561
Chubb Ltd.		26,014		5,317,522
Cincinnati Financial Corp.		9,854		1,060,093
CNA Financial Corp.		1,699		66,533
CNO Financial Group, Inc.		7,685		197,658
Crawford & Co., Class A		347		3,335
eHealth, Inc.(a)		1,290		9,752
Employers Holdings, Inc.		798		30,827
Enstar Group Ltd.(a)		780		199,586
Everest Group Ltd.		2,691		970,132

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
F&G Annuities & Life, Inc.		1,150	$	30,130
Fidelity National Financial, Inc.		16,187		634,045
First American Financial Corp.		6,362		403,224
Genworth Financial, Inc., Class A(a)		15,365		90,039
Globe Life, Inc.		6,023		675,600
Goosehead Insurance, Inc., Class A(a)		1,246		83,320
Greenlight Capital Re Ltd., Class A(a)(b)		1,310		13,467
Hanover Insurance Group, Inc.		2,331		264,522
Hartford Financial Services Group, Inc.		19,833		1,425,596
HCI Group, Inc.		444		27,888
Hippo Holdings, Inc.(a)(b)		930		15,996
Horace Mann Educators Corp.		1,576		47,485
Investors Title Co.		51		7,984
James River Group Holdings Ltd.		2,673		49,424
Kemper Corp.		4,044		206,123
Kinsale Capital Group, Inc.		1,353		504,168
Lemonade, Inc.(a)(b)		3,392		78,864
Lincoln National Corp.		11,067		310,319
Loews Corp.		12,471		781,308
Markel Group, Inc.(a)		823		1,193,111
Marsh & McLennan Cos., Inc.		31,242		5,886,618
MBIA, Inc.(a)		2,769		24,201
Mercury General Corp.		2,282		73,435
MetLife, Inc.		41,145		2,590,901
National Western Life Group, Inc., Class A		106		44,697
Old Republic International Corp.		16,755		461,935
Oscar Health, Inc., Class A(a)		8,387		63,070
Palomar Holdings, Inc.(a)		1,645		99,621
Primerica, Inc.		2,370		504,099
Principal Financial Group, Inc.		15,182		1,212,586
ProAssurance Corp.		1,892		31,786
Progressive Corp.		37,005		4,661,890
Prudential Financial, Inc.		23,558		2,273,111
Reinsurance Group of America, Inc.		4,301		603,645
RenaissanceRe Holdings Ltd.		3,161		590,348
RLI Corp.		2,496		332,991
Ryan Specialty Holdings, Inc.(a)		5,967		258,610
Safety Insurance Group, Inc.		657		47,304
Selective Insurance Group, Inc.		3,832		395,424
Selectquote, Inc.(a)		8,469		16,006
SiriusPoint Ltd.(a)		6,850		63,979
Stewart Information Services Corp.		1,098		51,749
Travelers Cos., Inc.		14,643		2,527,528
Trupanion, Inc.(a)		2,521		77,773
United Fire Group, Inc.		1,438		34,570
Universal Insurance Holdings, Inc.		1,090		16,928
Unum Group		12,749		619,729
W.R. Berkley Corp.		13,798		851,199
White Mountains Insurance Group Ltd.(b)		161		249,070
Willis Towers Watson PLC		6,759		1,428,379
				60,322,133
Interactive Media & Services — 4.9%
Alphabet, Inc., Class A(a)		376,140		49,921,301
Alphabet, Inc., Class C(a)		326,209		43,421,680
Bumble, Inc., Class A(a)		6,338		117,380
Cargurus, Inc.(a)		6,510		147,517
Cars.com, Inc.(a)		4,460		101,733
DHI Group, Inc.(a)		4,676		17,629
Eventbrite, Inc., Class A(a)		4,028		46,362
EverQuote, Inc., Class A(a)		1,224		8,666
fuboTV, Inc.(a)(b)		12,757		42,991

Security	Shares		Value
Interactive Media & Services (continued)
IAC, Inc.(a)(b)		5,073	$	353,081
Match Group, Inc.(a)		17,794		827,599
MediaAlpha, Inc., Class A(a)(b)		1,139		11,549
Meta Platforms, Inc., Class A(a)		140,095		44,634,267
Nextdoor Holdings, Inc.(a)		10,985		34,163
Outbrain, Inc.(a)		4,466		23,714
Pinterest, Inc., Class A(a)		37,748		1,094,314
QuinStreet, Inc.(a)		3,046		27,048
Shutterstock, Inc.		1,408		72,442
TripAdvisor, Inc.(a)		7,461		139,148
TrueCar, Inc.(a)		5,805		14,222
Vimeo, Inc.(a)		7,862		32,391
Yelp, Inc.(a)		4,499		202,680
Ziff Davis, Inc.(a)		3,041		220,533
ZipRecruiter, Inc., Class A(a)		5,115		94,730
ZoomInfo Technologies, Inc., CLass A(a)		20,001		511,426
				142,118,566
IT Services — 1.4%
Accenture PLC, Class A		39,968		12,643,877
Akamai Technologies, Inc.(a)		9,782		924,399
Amdocs Ltd.		7,645		715,878
BigCommerce Holdings, Inc., Series-1(a)(b)		4,449		48,094
Brightcove, Inc.(a)		2,245		10,080
Cloudflare, Inc., Class A(a)(b)		18,268		1,256,290
Cognizant Technology Solutions Corp., Class A		32,176		2,124,581
DigitalOcean Holdings, Inc.(a)(b)		3,889		192,583
DXC Technology Co.(a)		14,332		396,280
EPAM Systems, Inc.(a)		3,537		837,597
Fastly, Inc., Class A(a)		7,006		128,700
Gartner, Inc.(a)		4,872		1,722,690
Globant SA(a)(b)		2,515		439,446
GoDaddy, Inc., Class A(a)		9,859		760,030
Grid Dynamics Holdings, Inc.(a)(b)		3,516		36,637
Hackett Group, Inc.		1,720		39,990
Information Services Group, Inc.		4,090		21,064
International Business Machines Corp.		57,424		8,279,392
Kyndryl Holdings, Inc.(a)		13,127		179,315
MongoDB, Inc.(a)		4,165		1,763,461
Okta, Inc.(a)		9,653		741,930
Perficient, Inc.(a)		2,180		139,062
Rackspace Technology, Inc.(a)		2,884		6,691
Snowflake, Inc., Class A(a)		19,663		3,494,312
Squarespace, Inc., Class A(a)		2,925		96,934
Thoughtworks Holding, Inc.(a)		4,953		35,117
Tucows, Inc., Class A(a)		474		14,642
Twilio, Inc., Class A(a)		10,812		713,916
Unisys Corp.(a)		3,469		18,871
VeriSign, Inc.(a)		5,763		1,215,705
				38,997,564
Leisure Products — 0.1%
Acushnet Holdings Corp.		2,268		135,241
AMMO, Inc.(a)		3,293		6,849
Brunswick Corp.		4,522		390,294
Clarus Corp.(b)		1,492		13,279
Hasbro, Inc.		8,369		540,303
Johnson Outdoors, Inc., Class A		138		8,159
Latham Group, Inc.(a)		2,161		8,514
Malibu Boats, Inc., Class A(a)(b)		1,332		79,853
MasterCraft Boat Holdings, Inc.(a)		1,420		43,523
Mattel, Inc.(a)		22,748		484,532
Peloton Interactive, Inc., Class A(a)		20,787		201,842

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Leisure Products (continued)
Polaris, Inc.		3,366	$	457,238
Smith & Wesson Brands, Inc.		2,956		37,630
Sturm Ruger & Co., Inc.		1,052		55,703
Topgolf Callaway Brands Corp.(a)		9,369		187,099
Vista Outdoor, Inc.(a)		3,171		96,081
YETI Holdings, Inc.(a)		5,240		223,224
				2,969,364
Life Sciences Tools & Services — 1.5%
10X Genomics, Inc., Class A(a)		5,680		357,726
Adaptive Biotechnologies Corp.(a)		6,063		51,172
Agilent Technologies, Inc.		18,861		2,296,704
Akoya Biosciences, Inc.(a)		2,119		14,621
Avantor, Inc.(a)		43,006		884,633
Azenta, Inc.(a)		4,337		203,752
BioLife Solutions, Inc.(a)		2,281		45,346
Bio-Rad Laboratories, Inc., Class A(a)		1,303		528,184
Bio-Techne Corp.		9,675		806,895
Bruker Corp.		6,498		446,543
Charles River Laboratories International, Inc.(a)		3,141		658,165
Codexis, Inc.(a)		3,610		12,996
CryoPort, Inc.(a)		2,379		38,231
Cytek Biosciences, Inc.(a)		7,712		69,100
Danaher Corp.		41,659		10,625,545
Fortrea Holdings, Inc.(a)		5,591		178,688
ICON PLC(a)		5,194		1,305,824
Illumina, Inc.(a)		10,089		1,938,601
IQVIA Holdings, Inc.(a)		11,737		2,626,271
Maravai LifeSciences Holdings, Inc., Class A(a)		6,620		74,872
MaxCyte, Inc.(a)		6,350		28,384
Medpace Holdings, Inc.(a)		1,404		355,451
Mettler-Toledo International, Inc.(a)		1,386		1,742,853
NanoString Technologies, Inc.(a)(b)		2,353		11,200
OmniAb, Inc.(a)		3,929		21,609
OmniAb, Inc., 12.50 Earnout Shares(d)		304		—
OmniAb, Inc., 15.00 Earnout Shares(d)		304		—
Pacific Biosciences of California, Inc.(a)		15,893		209,947
QIAGEN NV(a)		14,250		667,185
Quanterix Corp.(a)		1,710		42,476
Quantum-Si, Inc.(a)(b)		7,468		29,051
Repligen Corp.(a)		3,512		602,519
Revvity, Inc.		8,132		999,829
Seer, Inc., Class A(a)		2,417		12,230
SomaLogic, Inc.(a)		10,906		26,720
Sotera Health Co.(a)(b)		6,415		121,757
Syneos Health, Inc.(a)		6,304		267,353
Thermo Fisher Scientific, Inc.		24,419		13,397,729
Waters Corp.(a)(b)		3,695		1,020,596
West Pharmaceutical Services, Inc.		4,698		1,729,052
				44,449,810
Machinery — 2.0%
3D Systems Corp.(a)		7,065		61,536
AGCO Corp.		3,916		521,220
Alamo Group, Inc.		698		135,245
Albany International Corp., Class A		2,042		196,604
Allison Transmission Holdings, Inc.		5,535		324,849
Astec Industries, Inc.		1,337		66,048
Barnes Group, Inc.		3,332		130,948
Blue Bird Corp.(a)		816		17,087
Caterpillar, Inc.		32,685		8,667,081
Chart Industries, Inc.(a)(b)		2,594		472,523
CIRCOR International, Inc.(a)		1,320		73,524

Security	Shares		Value
Machinery (continued)
CNH Industrial NV		62,371	$	895,648
Columbus McKinnon Corp.		1,466		62,070
Commercial Vehicle Group, Inc.(a)		2,785		29,243
Crane Co.		3,098		290,252
Crane NXT Co.		3,098		183,247
Cummins, Inc.		8,983		2,342,766
Deere & Co.		17,256		7,413,178
Desktop Metal, Inc., Class A(a)		18,582		33,819
Donaldson Co., Inc.		7,450		468,084
Douglas Dynamics, Inc.		1,306		40,551
Dover Corp.		8,982		1,311,103
Energy Recovery, Inc.(a)		3,940		120,091
Enerpac Tool Group Corp.		4,294		117,999
EnPro Industries, Inc.		1,210		167,924
Esab Corp.		3,466		238,114
ESCO Technologies, Inc.		1,757		176,666
Federal Signal Corp.		3,598		219,802
Flowserve Corp.		8,011		302,495
Fortive Corp.		22,621		1,772,355
Franklin Electric Co., Inc.		2,913		287,863
Gates Industrial Corp. PLC(a)		7,452		101,496
Gorman-Rupp Co.		1,213		38,452
Graco, Inc.		10,540		836,138
Greenbrier Cos., Inc.		2,191		101,202
Helios Technologies, Inc.		1,936		122,355
Hillenbrand, Inc.		4,517		234,613
Hillman Solutions Corp.(a)		12,662		124,594
Hyliion Holdings Corp.(a)(b)		5,934		11,690
Hyster-Yale Materials Handling, Inc.		682		32,572
IDEX Corp.		4,856		1,096,533
Illinois Tool Works, Inc.		19,103		5,030,202
Ingersoll Rand, Inc.		26,062		1,701,067
ITT, Inc.		5,072		505,171
John Bean Technologies Corp.		2,067		255,502
Kadant, Inc.(b)		797		177,611
Kennametal, Inc.		4,869		148,407
Lincoln Electric Holdings, Inc.		3,424		687,231
Lindsay Corp.		692		91,711
Manitowoc Co., Inc.(a)		2,189		39,665
Microvast Holdings, Inc.(a)(b)		11,816		33,912
Middleby Corp.(a)		3,432		521,149
Miller Industries, Inc.		1,094		41,506
Mueller Industries, Inc.		3,542		287,115
Mueller Water Products, Inc., Class A		10,406		167,433
Nikola Corp.(a)(b)		42,909		114,567
Nordson Corp.		3,701		931,209
Omega Flex, Inc.		130		11,638
Oshkosh Corp.		3,959		364,505
Otis Worldwide Corp.		26,268		2,389,337
PACCAR, Inc.		32,420		2,792,335
Parker-Hannifin Corp.		8,115		3,327,231
Pentair PLC		10,052		698,614
Proterra, Inc.(a)		13,816		23,349
Proto Labs, Inc.(a)		1,922		63,714
RBC Bearings, Inc.(a)(b)		1,809		408,924
REV Group, Inc.		1,078		13,939
Shyft Group, Inc.		1,974		28,485
Snap-on, Inc.		3,344		911,039
SPX Technologies, Inc.(a)		2,663		225,316
Standex International Corp.		974		144,707
Stanley Black & Decker, Inc.		9,770		969,868
Tennant Co.		1,312		105,275

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Terex Corp.		3,975	$	233,054
Timken Co.		3,727		346,089
Titan International, Inc.(a)		2,632		32,874
Toro Co.		6,673		678,310
Trinity Industries, Inc.		5,760		151,027
Velo3D, Inc.(a)(b)		5,709		13,074
Wabash National Corp.		3,518		83,306
Watts Water Technologies, Inc., Class A		1,626		303,298
Westinghouse Air Brake Technologies Corp.		11,491		1,360,994
Xylem, Inc.		15,090		1,701,398
				57,954,738
Marine Transportation — 0.0%
Costamare, Inc.		3,080		34,404
Eagle Bulk Shipping, Inc.		778		35,936
Eneti, Inc.		663		8,407
Genco Shipping & Trading Ltd.		2,396		34,742
Golden Ocean Group Ltd.		7,042		55,209
Kirby Corp.(a)		3,599		293,246
Matson, Inc.		2,163		202,154
Safe Bulkers, Inc.		7,287		24,266
				688,364
Media — 0.9%
Advantage Solutions, Inc.(a)		3,751		9,715
AMC Networks, Inc., Class A(a)		2,229		28,130
Boston Omaha Corp., Class A(a)		863		16,846
Cable One, Inc.		350		253,379
Cardlytics, Inc.(a)		1,891		22,068
Charter Communications, Inc., Class A(a)		6,510		2,637,787
Clear Channel Outdoor Holdings, Inc.(a)		18,038		32,468
Comcast Corp., Class A		262,023		11,859,161
Daily Journal Corp.(a)		60		17,371
DISH Network Corp., Class A(a)		16,826		133,430
Entravision Communications Corp., Class A		1,689		8,073
EW Scripps Co., Class A(a)		2,946		29,048
Fox Corp., Class A		17,031		569,687
Fox Corp., Class B		9,735		305,776
Gannett Co., Inc.(a)(b)		7,997		22,552
Gray Television, Inc.		6,043		57,227
iHeartMedia, Inc., Class A(a)		7,236		34,226
Integral Ad Science Holding Corp.(a)		2,841		59,235
Interpublic Group of Cos., Inc.		24,744		846,987
John Wiley & Sons, Inc., Class A		2,734		93,585
Liberty Broadband Corp., Class A(a)		1,719		152,699
Liberty Broadband Corp., Class C(a)		6,880		613,214
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		4,383		138,941
Liberty Media Corp.-Liberty SiriusXM, Class C(a)		9,734		309,833
Magnite, Inc.(a)		8,306		125,670
New York Times Co., Class A		10,163		414,244
News Corp., Class A		22,224		440,480
News Corp., Class B		9,143		183,866
Nexstar Media Group, Inc., Class A		2,110		393,979
Omnicom Group, Inc.		12,656		1,070,951
Paramount Global, Class A(b)		2,738		52,734
Paramount Global, Class B		34,868		558,934
PubMatic, Inc., Class A(a)(b)		2,634		52,654
Quotient Technology, Inc.(a)		4,746		18,699
Scholastic Corp.		1,648		71,177
Sinclair, Inc.(b)		2,203		30,644
Sirius XM Holdings, Inc.(b)		40,009		204,046
Stagwell, Inc.(a)		8,306		55,733
TechTarget, Inc.(a)		1,792		58,204
TEGNA, Inc.		13,709		231,682

Security	Shares		Value
Media (continued)
Thryv Holdings, Inc.(a)		1,791	$	42,447
Trade Desk, Inc., Class A(a)		27,925		2,548,435
WideOpenWest, Inc.(a)		3,478		28,659
				24,834,676
Metals & Mining — 0.6%
5E Advanced Materials, Inc.(a)(b)		2,185		7,669
Alcoa Corp.		10,879		393,711
Alpha Metallurgical Resources, Inc.		859		148,796
Arconic Corp.(a)		6,429		192,163
ATI, Inc.(a)(b)		8,222		392,025
Carpenter Technology Corp.		3,397		203,344
Century Aluminum Co.(a)		2,613		24,301
Cleveland-Cliffs, Inc.(a)		32,469		573,078
Coeur Mining, Inc.(a)(b)		16,736		51,547
Commercial Metals Co.		7,432		425,259
Compass Minerals International, Inc.		2,480		93,918
Constellium SE(a)		7,608		145,237
Dakota Gold Corp.(a)		6,771		19,907
Freeport-McMoRan, Inc.		90,718		4,050,559
Haynes International, Inc.		1,100		55,176
Hecla Mining Co.(b)		37,284		214,756
i-80 Gold Corp.(a)(b)		15,619		31,863
Ivanhoe Electric, Inc.(a)(b)		3,722		60,520
Kaiser Aluminum Corp.		1,048		85,098
Materion Corp.		1,172		139,632
MP Materials Corp.(a)(b)		6,271		149,563
Newmont Corp.		50,526		2,168,576
Novagold Resources, Inc.(a)		16,803		75,781
Nucor Corp.		15,852		2,727,971
Olympic Steel, Inc.		384		21,423
Piedmont Lithium, Inc.(a)		1,121		61,498
Ramaco Resources, Inc.		294		4,184
Ramaco Resources, Inc., Class A		1,470		13,524
Reliance Steel & Aluminum Co.		3,662		1,072,453
Royal Gold, Inc.		4,172		501,224
Ryerson Holding Corp.		1,198		50,903
Schnitzer Steel Industries, Inc., Class A		1,945		70,428
Southern Copper Corp.		5,574		487,390
SSR Mining, Inc.		12,355		179,889
Steel Dynamics, Inc.		10,133		1,079,975
SunCoke Energy, Inc.		5,143		45,670
TimkenSteel Corp.(a)		2,945		68,618
Tredegar Corp.		2,663		18,428
U.S. Steel Corp.		13,694		349,197
Warrior Met Coal, Inc.		3,308		146,379
Worthington Industries, Inc.		1,931		144,091
				16,745,724
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AFC Gamma, Inc.		1,378		19,044
AGNC Investment Corp.		35,271		359,411
Angel Oak Mortgage REIT, Inc.		1,604		15,206
Annaly Capital Management, Inc.		31,975		642,378
Apollo Commercial Real Estate Finance, Inc.		11,046		130,343
Arbor Realty Trust, Inc.		10,209		172,634
Ares Commercial Real Estate Corp.		2,603		27,748
ARMOUR Residential REIT, Inc.		15,101		77,166
Blackstone Mortgage Trust, Inc., Class A		11,710		269,213
BrightSpire Capital, Inc.		5,031		37,028
Chimera Investment Corp.		13,492		84,730
Claros Mortgage Trust, Inc.		6,855		84,454
Dynex Capital, Inc.		2,599		33,917
Ellington Financial, Inc.		5,436		73,495

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Franklin BSP Realty Trust, Inc.		5,397	$	77,177
Granite Point Mortgage Trust, Inc.		1,933		11,076
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		6,614		172,691
Invesco Mortgage Capital, Inc.		3,079		36,979
KKR Real Estate Finance Trust, Inc.		4,580		57,067
Ladder Capital Corp.		6,531		71,776
MFA Financial, Inc.		6,287		70,792
New York Mortgage Trust, Inc.		4,414		44,802
Orchid Island Capital, Inc.		1,137		11,847
PennyMac Mortgage Investment Trust		5,334		68,168
Ready Capital Corp.		9,961		115,249
Redwood Trust, Inc.		6,308		47,499
Rithm Capital Corp.		29,696		299,336
Starwood Property Trust, Inc.		17,939		372,055
TPG RE Finance Trust, Inc.		3,418		26,660
Two Harbors Investment Corp.		7,086		95,023
				3,604,964
Multi-Utilities — 0.6%
Ameren Corp.		16,525		1,415,697
Avista Corp.		3,862		149,228
Black Hills Corp.		4,232		255,317
CenterPoint Energy, Inc.		40,239		1,210,791
CMS Energy Corp.		18,893		1,153,796
Consolidated Edison, Inc.		22,043		2,090,999
Dominion Energy, Inc.		53,068		2,841,791
DTE Energy Co.		12,913		1,475,956
NiSource, Inc.		26,881		748,367
NorthWestern Corp.		3,792		214,134
Public Service Enterprise Group, Inc.		31,422		1,983,357
Sempra		19,921		2,968,627
Unitil Corp.		767		39,915
WEC Energy Group, Inc.		20,141		1,809,870
				18,357,845
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.		10,876		1,366,896
Boston Properties, Inc.		9,922		661,103
Brandywine Realty Trust		10,235		51,687
City Office REIT, Inc.		1,953		10,683
Corporate Office Properties Trust		7,249		188,474
Cousins Properties, Inc.		9,941		242,859
Douglas Emmett, Inc.		11,576		170,167
Easterly Government Properties, Inc.		6,247		92,206
Equity Commonwealth		6,398		125,337
Highwoods Properties, Inc.		7,001		176,915
Hudson Pacific Properties, Inc.		8,553		50,206
JBG SMITH Properties		7,715		129,072
Kilroy Realty Corp.		7,474		266,822
Office Properties Income Trust		3,092		23,808
Orion Office REIT, Inc.		3,175		20,637
Paramount Group, Inc.		10,176		53,322
Peakstone Realty Trust(b)		1,886		47,791
Piedmont Office Realty Trust, Inc., Class A		6,483		48,233
Postal Realty Trust, Inc., Class A		1,151		17,346
SL Green Realty Corp.		4,077		153,744
Vornado Realty Trust		11,598		260,723
				4,158,031
Oil, Gas & Consumable Fuels — 3.8%
Amplify Energy Corp.(a)(b)		3,056		22,431
Antero Midstream Corp.		23,105		275,874

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Antero Resources Corp.(a)		17,830	$	476,952
APA Corp.		19,632		794,900
Arch Resources, Inc.		1,196		153,614
Ardmore Shipping Corp.		2,633		37,073
Berry Corp.		4,825		37,635
California Resources Corp.		4,719		251,759
Callon Petroleum Co.(a)(b)		4,444		166,917
Cheniere Energy, Inc.		15,431		2,497,662
Chesapeake Energy Corp.		8,026		676,913
Chevron Corp.		109,506		17,921,752
Chord Energy Corp.		2,658		416,881
Civitas Resources, Inc.		4,275		320,026
Clean Energy Fuels Corp.(a)		11,389		56,148
CNX Resources Corp.(a)(b)		9,931		202,592
Comstock Resources, Inc.		5,948		75,837
ConocoPhillips		76,666		9,025,122
CONSOL Energy, Inc.		2,144		159,771
Coterra Energy, Inc.		48,273		1,329,438
Crescent Energy Co., Class A		1,874		22,244
CVR Energy, Inc.		1,859		68,300
Delek U.S. Holdings, Inc.		4,418		121,893
Denbury, Inc.(a)		3,239		284,740
Devon Energy Corp.		40,622		2,193,588
DHT Holdings, Inc.		8,078		79,568
Diamondback Energy, Inc.		11,515		1,696,390
Dorian LPG Ltd.		1,508		44,848
DT Midstream, Inc.(a)		6,298		337,069
Earthstone Energy, Inc., Class A(a)(b)		3,803		60,772
Empire Petroleum Corp.(a)(b)		1,692		15,228
Encore Energy Corp.		10,541		26,669
Energy Fuels, Inc.(a)(b)		11,976		76,407
Enviva, Inc.		1,991		26,819
EOG Resources, Inc.		37,158		4,924,550
EQT Corp.		22,990		969,718
Equitrans Midstream Corp.		27,007		280,063
Excelerate Energy, Inc., Class A		1,997		42,376
Exxon Mobil Corp.		257,210		27,583,200
FLEX LNG Ltd.(a)		1,825		58,071
Gevo, Inc.(a)(b)		9,834		16,914
Golar LNG Ltd.(b)		6,652		160,446
Green Plains, Inc.(a)		1,196		42,470
Gulfport Energy Corp.(a)(b)		713		73,047
Hess Corp.		17,664		2,680,159
HF Sinclair Corp.		9,125		475,321
HighPeak Energy, Inc.(b)		727		11,014
International Seaways, Inc.		2,882		123,609
Kinder Morgan, Inc.		123,012		2,178,543
Kinetik Holdings, Inc., Class A		1,633		58,788
Kosmos Energy Ltd.(a)(b)		30,237		214,683
Magnolia Oil & Gas Corp., Class A		11,073		245,267
Marathon Oil Corp.		39,701		1,042,945
Marathon Petroleum Corp.		27,979		3,721,767
Matador Resources Co.		6,812		378,952
Murphy Oil Corp.		9,297		402,281
NACCO Industries, Inc., Class A		532		19,679
New Fortress Energy, Inc.		4,142		118,254
NextDecade Corp.(a)		3,045		16,961
Nordic American Tankers Ltd.		13,383		58,751
Northern Oil and Gas, Inc.		4,278		168,425
Occidental Petroleum Corp.		44,219		2,791,545
ONEOK, Inc.		28,707		1,924,517
Ovintiv, Inc.		15,417		710,570

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Par Pacific Holdings, Inc.(a)		4,150	$	130,642
PBF Energy, Inc., Class A		7,066		335,211
PDC Energy, Inc.		5,395		409,427
Peabody Energy Corp.		7,909		177,478
Permian Resources Corp.		15,944		186,385
Phillips 66		29,187		3,255,810
Pioneer Natural Resources Co.		14,741		3,326,601
Range Resources Corp.		14,362		451,398
REX American Resources Corp.(a)		1,091		40,389
Riley Exploration Permian, Inc.		425		15,916
Ring Energy, Inc.(a)		6,295		15,234
SandRidge Energy, Inc.		1,890		32,281
Scorpio Tankers, Inc.		3,530		166,051
SFL Corp. Ltd.		6,904		68,073
SilverBow Resources, Inc.(a)		771		27,609
Sitio Royalties Corp., Class A		4,771		130,439
SM Energy Co.		7,906		286,909
Southwestern Energy Co.(a)		70,625		457,650
Talos Energy, Inc.(a)		7,922		126,752
Targa Resources Corp.		13,851		1,135,643
Teekay Corp.(a)		4,449		29,630
Teekay Tankers Ltd., Class A		1,541		67,203
Tellurian, Inc.(a)(b)		31,729		54,574
Texas Pacific Land Corp.		355		534,736
Uranium Energy Corp.(a)		26,349		94,856
VAALCO Energy, Inc.		8,384		37,309
Valero Energy Corp.		22,855		2,946,238
Vertex Energy, Inc.(a)		3,651		19,241
Vital Energy, Inc.(a)		1,222		64,497
Vitesse Energy, Inc.		1,510		38,037
W&T Offshore, Inc.(a)		7,555		33,091
Williams Cos., Inc.		77,661		2,675,421
World Kinect Corp.		4,001		90,183
				108,907,632
Paper & Forest Products — 0.0%
Clearwater Paper Corp.(a)		1,051		33,874
Glatfelter Corp.		2,862		9,731
Louisiana-Pacific Corp.		4,021		306,119
Sylvamo Corp.		2,521		123,705
				473,429
Passenger Airlines — 0.2%
Alaska Air Group, Inc.(a)		8,273		402,316
Allegiant Travel Co.(a)		932		115,288
American Airlines Group, Inc.(a)(b)		41,376		693,048
Blade Air Mobility, Inc.(a)		4,235		17,660
Delta Air Lines, Inc.		40,278		1,863,260
Frontier Group Holdings, Inc.(a)		2,715		25,250
Hawaiian Holdings, Inc.(a)(b)		2,898		33,588
JetBlue Airways Corp.(a)		21,282		165,361
Joby Aviation, Inc.(a)(b)		16,267		145,590
SkyWest, Inc.(a)		2,859		125,768
Southwest Airlines Co.		37,327		1,275,090
Spirit Airlines, Inc.		7,552		138,202
Sun Country Airlines Holdings, Inc.(a)		2,011		43,357
United Airlines Holdings, Inc.(a)		20,827		1,131,114
				6,174,892
Personal Care Products — 0.1%
Beauty Health Co.(a)		6,871		56,961
BellRing Brands, Inc.(a)		8,191		294,466
Coty, Inc., Class A(a)		22,417		269,901

Security	Shares		Value
Personal Care Products (continued)
Edgewell Personal Care Co.		3,579	$	141,048
elf Beauty, Inc.(a)		3,059		357,046
Estee Lauder Cos., Inc., Class A		14,569		2,622,420
Herbalife Ltd.(a)		6,918		112,348
Inter Parfums, Inc.		1,217		182,015
Medifast, Inc.		711		72,444
Nature’s Sunshine Products, Inc.(a)		255		3,557
Nu Skin Enterprises, Inc., Class A		3,335		98,016
Olaplex Holdings, Inc.(a)		8,979		32,324
USANA Health Sciences, Inc.(a)		667		43,295
				4,285,841
Pharmaceuticals — 3.6%
Aclaris Therapeutics, Inc.(a)		5,218		51,502
Amneal Pharmaceuticals, Inc.(a)		5,098		16,314
Amphastar Pharmaceuticals, Inc.(a)		2,313		140,376
Amylyx Pharmaceuticals, Inc.(a)		3,280		76,916
ANI Pharmaceuticals, Inc.(a)		794		41,725
Arvinas, Inc.(a)		3,027		74,827
Assertio Holdings, Inc.(a)(b)		4,435		25,235
Atea Pharmaceuticals, Inc.(a)		3,928		13,473
Axsome Therapeutics, Inc.(a)		1,951		153,095
Bristol-Myers Squibb Co.		133,620		8,309,828
Cara Therapeutics, Inc.(a)(b)		3,166		10,543
Cassava Sciences, Inc.(a)(b)		2,756		60,577
Catalent, Inc.(a)		11,089		538,038
Collegium Pharmaceutical, Inc.(a)		2,761		62,840
Corcept Therapeutics, Inc.(a)		6,078		154,867
CorMedix, Inc.(a)(b)		4,992		22,065
Cymabay Therapeutics, Inc.(a)		7,301		95,278
DICE Therapeutics, Inc.(a)		2,283		107,301
Edgewise Therapeutics, Inc.(a)(b)		2,551		18,597
Elanco Animal Health, Inc.(a)		31,802		383,850
Eli Lilly & Co.		53,608		24,367,516
Enliven Therapeutics, Inc.(a)(b)		1,499		28,391
Evolus, Inc.(a)		1,907		19,108
EyePoint Pharmaceuticals, Inc.(a)(b)		2,397		29,963
Harmony Biosciences Holdings, Inc.(a)		2,403		84,994
Harrow Health, Inc.(a)		1,688		37,271
Innoviva, Inc.(a)(b)		4,370		59,213
Intra-Cellular Therapies, Inc.(a)		6,007		371,473
Jazz Pharmaceuticals PLC(a)		3,786		493,770
Johnson & Johnson		164,666		27,586,495
Ligand Pharmaceuticals, Inc.(a)		1,120		74,962
Liquidia Corp.(a)		3,408		26,310
Marinus Pharmaceuticals, Inc.(a)		3,594		38,240
Merck & Co., Inc.		161,028		17,173,636
NGM Biopharmaceuticals, Inc.(a)		3,162		7,494
Nuvation Bio, Inc.(a)		9,777		18,087
Ocular Therapeutix, Inc.(a)		2,768		12,567
Omeros Corp.(a)(b)		4,825		20,989
Organon & Co.		15,700		345,086
Pacira BioSciences, Inc.(a)		2,757		100,217
Perrigo Co. PLC		8,808		322,725
Pfizer, Inc.		358,014		12,909,985
Phathom Pharmaceuticals, Inc.(a)		1,212		18,435
Phibro Animal Health Corp., Class A		619		8,963
Pliant Therapeutics, Inc.(a)		3,836		68,434
Prestige Consumer Healthcare, Inc.(a)		3,378		220,279
Reata Pharmaceuticals, Inc., Class A(a)		1,836		304,005
Revance Therapeutics, Inc.(a)		4,871		115,102

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Royalty Pharma PLC, Class A		23,394	$	734,104
Scilex Holding Lock Up, (Acquired 01/06/23, Cost: $38,933)(e)		3,715		20,140
scPharmaceuticals, Inc.(a)		2,501		21,083
SIGA Technologies, Inc.		2,502		14,361
Supernus Pharmaceuticals, Inc.(a)(b)		3,326		102,075
Taro Pharmaceutical Industries Ltd.(a)		669		24,452
Tarsus Pharmaceuticals, Inc.(a)(b)		888		19,545
Terns Pharmaceuticals, Inc.(a)		3,157		22,794
Theravance Biopharma, Inc.(a)		5,256		51,982
Third Harmonic Bio, Inc.(a)		1,258		8,919
Ventyx Biosciences, Inc.(a)(b)		3,238		119,968
Viatris, Inc.		74,184		781,158
Xeris Biopharma Holdings, Inc.(a)		12,064		31,487
Zoetis, Inc.		29,336		5,517,808
				102,690,833
Professional Services — 1.1%
Alight, Inc., Class A(a)(b)		25,410		248,510
ASGN, Inc.(a)		3,126		238,576
Asure Software, Inc.(a)		833		11,362
Automatic Data Processing, Inc.		26,151		6,466,096
Barrett Business Services, Inc.		580		52,623
Booz Allen Hamilton Holding Corp., Class A		8,179		990,313
Broadridge Financial Solutions, Inc.		7,427		1,247,142
CACI International, Inc., Class A(a)		1,456		510,241
CBIZ, Inc.(a)		3,197		169,089
Ceridian HCM Holding, Inc.(a)(b)		9,532		674,961
Clarivate PLC(a)(b)		30,144		286,669
Concentrix Corp.		2,706		225,247
Conduent, Inc.(a)		11,206		38,773
CoStar Group, Inc.(a)		25,727		2,160,296
CRA International, Inc.		456		45,641
CSG Systems International, Inc.		2,157		111,280
Dun & Bradstreet Holdings, Inc.		17,060		201,649
Equifax, Inc.		7,750		1,581,620
ExlService Holdings, Inc.(a)		1,957		275,839
Exponent, Inc.		3,131		280,475
First Advantage Corp.(a)		4,217		63,255
Forrester Research, Inc.(a)		474		15,106
Franklin Covey Co.(a)		875		41,694
FTI Consulting, Inc.(a)		2,044		358,027
Genpact Ltd.		11,611		419,041
Heidrick & Struggles International, Inc.		1,059		28,879
HireRight Holdings Corp.(a)		1,645		17,618
Huron Consulting Group, Inc.(a)		1,374		129,939
IBEX Holdings Ltd.(a)		997		19,790
ICF International, Inc.		1,207		141,931
Innodata, Inc.(a)		2,252		28,893
Insperity, Inc.		2,314		272,242
Jacobs Solutions, Inc.		8,040		1,008,296
KBR, Inc.		8,714		535,824
Kelly Services, Inc., Class A		1,865		34,167
Kforce, Inc.		1,435		91,036
Korn Ferry		3,503		184,538
Legalzoom.com, Inc.(a)		6,145		93,896
Leidos Holdings, Inc.		8,655		809,502
ManpowerGroup, Inc.		3,319		261,803
Maximus, Inc.		3,600		301,536
NV5 Global, Inc.(a)		890		97,500
Paychex, Inc.		20,364		2,555,071
Paycom Software, Inc.		3,279		1,209,164

Security	Shares		Value
Professional Services (continued)
Paycor HCM, Inc.(a)(b)		4,348	$	116,787
Paylocity Holding Corp.(a)(b)		2,705		613,629
Planet Labs PBC(a)(b)		9,833		36,579
Red Violet, Inc.(a)		1,105		22,885
Resources Connection, Inc.		2,633		42,075
Robert Half, Inc.		6,745		500,142
Science Applications International Corp.		3,352		406,732
Skillsoft Corp.(a)(b)		5,867		7,744
SS&C Technologies Holdings, Inc.		14,078		820,044
Sterling Check Corp.(a)		1,260		15,133
TransUnion		12,381		986,642
TriNet Group, Inc.(a)		2,363		248,659
TrueBlue, Inc.(a)		1,967		29,407
TTEC Holdings, Inc.		1,040		35,818
Upwork, Inc.(a)		7,682		80,123
Verisk Analytics, Inc.		9,025		2,066,184
Verra Mobility Corp.(a)		8,882		186,433
Willdan Group, Inc.(a)		248		5,005
				30,755,171
Real Estate Management & Development — 0.1%
Anywhere Real Estate, Inc.(a)		6,333		53,071
CBRE Group, Inc., Class A(a)		19,345		1,611,632
Compass, Inc., Class A(a)		16,508		69,169
Cushman & Wakefield PLC(a)		10,268		100,934
DigitalBridge Group, Inc.		11,121		178,158
Douglas Elliman, Inc.		4,163		9,200
eXp World Holdings, Inc.(b)		4,087		101,930
Forestar Group, Inc.(a)		1,192		35,140
FRP Holdings, Inc.(a)		186		10,671
Howard Hughes Corp.(a)(b)		2,191		184,986
Jones Lang LaSalle, Inc.(a)		2,991		498,151
Kennedy-Wilson Holdings, Inc.		8,538		140,877
Marcus & Millichap, Inc.		1,555		57,037
Newmark Group, Inc., Class A		9,252		64,024
Opendoor Technologies, Inc.(a)(b)		37,665		192,468
RE/MAX Holdings, Inc., Class A		632		12,457
Redfin Corp.(a)		5,744		86,045
RMR Group, Inc., Class A		541		12,757
St. Joe Co.		2,076		131,785
Stratus Properties, Inc.		955		27,103
Tejon Ranch Co.(a)		507		8,928
Zillow Group, Inc., Class A(a)(b)		3,560		189,463
Zillow Group, Inc., Class C(a)		9,407		509,483
				4,285,469
Residential REITs — 0.4%
American Homes 4 Rent, Class A		21,521		806,607
Apartment Income REIT Corp.		9,483		327,543
Apartment Investment and Management Co., Class A		8,722		72,654
AvalonBay Communities, Inc.		8,873		1,673,891
BRT Apartments Corp.		1,270		24,727
Camden Property Trust		6,658		726,321
Centerspace		916		56,911
Clipper Realty, Inc.		393		2,515
Elme Communities		5,837		94,851
Equity LifeStyle Properties, Inc.		11,170		795,081
Equity Residential		23,826		1,571,086
Essex Property Trust, Inc.		4,046		985,403
Independence Realty Trust, Inc.		14,480		246,739
Invitation Homes, Inc.		38,555		1,368,703
Mid-America Apartment Communities, Inc.		7,278		1,089,226
NexPoint Residential Trust, Inc.		1,405		58,392

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Residential REITs (continued)
Sun Communities, Inc.		7,759	$	1,010,998
UDR, Inc.		20,818		851,040
UMH Properties, Inc.		6,148		102,364
Veris Residential, Inc.(a)		6,270		117,124
				11,982,176
Retail REITs — 0.4%
Acadia Realty Trust		4,332		68,056
Agree Realty Corp.		5,773		373,975
Alexander’s, Inc.		94		18,177
Brixmor Property Group, Inc.		18,334		416,915
CBL & Associates Properties, Inc.		1,773		38,598
Federal Realty Investment Trust		5,190		526,889
Getty Realty Corp.		3,890		125,725
InvenTrust Properties Corp.		5,089		123,866
Kimco Realty Corp.		37,337		756,448
Kite Realty Group Trust		13,877		317,506
Macerich Co.		13,406		170,926
Necessity Retail REIT, Inc.		8,970		63,687
NETSTREIT Corp.		4,355		77,911
NNN REIT, Inc.		12,220		521,550
Phillips Edison & Co., Inc.		6,922		244,416
Realty Income Corp.		41,749		2,545,436
Regency Centers Corp.		11,155		730,987
Retail Opportunity Investments Corp.		7,052		103,876
RPT Realty		4,311		46,860
Saul Centers, Inc.		796		30,686
Simon Property Group, Inc.		20,532		2,558,287
SITE Centers Corp.		12,815		180,051
Spirit Realty Capital, Inc.		9,268		373,778
Tanger Factory Outlet Centers, Inc.		7,151		167,405
Urban Edge Properties		6,477		110,174
Urstadt Biddle Properties, Inc., Class A		1,775		40,257
Whitestone REIT		5,174		53,396
				10,785,838
Semiconductors & Semiconductor Equipment — 6.6%
ACM Research, Inc., Class A(a)		3,000		39,300
Advanced Micro Devices, Inc.(a)(b)		101,557		11,618,121
Aehr Test Systems(a)		1,691		88,203
Allegro MicroSystems, Inc.(a)(b)		4,091		211,137
Alpha & Omega Semiconductor Ltd.(a)		1,720		56,554
Ambarella, Inc.(a)		2,259		188,446
Amkor Technology, Inc.		6,653		193,536
Analog Devices, Inc.		32,020		6,388,951
Applied Materials, Inc.		53,448		8,102,182
Atomera, Inc.(a)		815		7,033
Axcelis Technologies, Inc.(a)		2,048		410,583
Broadcom, Inc.		25,837		23,218,420
CEVA, Inc.(a)		1,470		39,925
Cirrus Logic, Inc.(a)		3,545		286,436
Cohu, Inc.(a)		3,237		141,295
Credo Technology Group Holding Ltd.(a)(b)		6,153		104,416
Diodes, Inc.(a)		2,733		258,241
Enphase Energy, Inc.(a)(b)		8,442		1,281,749
Entegris, Inc.		9,494		1,041,587
First Solar, Inc.(a)		6,750		1,399,950
FormFactor, Inc.(a)		4,805		178,554
GLOBALFOUNDRIES, Inc.(a)(b)		5,019		319,660
Ichor Holdings Ltd.(a)		1,435		55,563
Impinj, Inc.(a)		1,444		96,199
indie Semiconductor, Inc., Class A(a)		9,909		93,937
Intel Corp.		264,365		9,456,336

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
inTEST Corp.(a)		1,081	$	22,874
KLA Corp.		8,678		4,460,058
Kulicke & Soffa Industries, Inc.		3,436		205,748
Lam Research Corp.		8,492		6,101,417
Lattice Semiconductor Corp.(a)		8,720		792,997
MACOM Technology Solutions Holdings, Inc., Class H(a)		3,571		249,684
Marvell Technology, Inc.		54,150		3,526,790
Maxeon Solar Technologies Ltd.(a)		1,638		40,442
MaxLinear, Inc.(a)		4,731		116,714
Microchip Technology, Inc.		34,096		3,202,978
Micron Technology, Inc.		69,270		4,945,185
MKS Instruments, Inc.		4,263		465,392
Monolithic Power Systems, Inc.		2,877		1,609,653
Navitas Semiconductor Corp.(a)		6,957		73,605
NVE Corp.		349		27,644
NVIDIA Corp.		150,491		70,322,939
ON Semiconductor Corp.(a)(b)		27,318		2,943,515
Onto Innovation, Inc.(a)		2,989		371,593
PDF Solutions, Inc.(a)		1,754		80,666
Photronics, Inc.(a)		3,827		101,224
Power Integrations, Inc.		3,392		329,499
Qorvo, Inc.(a)		6,446		709,189
QUALCOMM, Inc.		70,597		9,330,806
Rambus, Inc.(a)		6,863		429,692
Semtech Corp.(a)		4,481		130,845
Silicon Laboratories, Inc.(a)		2,008		299,473
SiTime Corp.(a)(b)		1,041		134,299
SkyWater Technology, Inc.(a)		811		7,932
Skyworks Solutions, Inc.		10,042		1,148,504
SMART Global Holdings, Inc.(a)		3,469		92,275
Synaptics, Inc.(a)		2,340		211,325
Teradyne, Inc.		9,976		1,126,689
Texas Instruments, Inc.		57,308		10,315,440
Transphorm, Inc.(a)(b)		3,643		11,366
Ultra Clean Holdings, Inc.(a)		2,740		104,394
Universal Display Corp.		2,869		418,530
Veeco Instruments, Inc.(a)		2,766		77,891
Wolfspeed, Inc.(a)(b)		8,020		528,518
				190,344,099
Software — 9.8%
8x8, Inc.(a)(b)		6,460		30,620
A10 Networks, Inc.		4,857		75,381
ACI Worldwide, Inc.(a)		6,881		159,570
Adeia, Inc.		7,863		94,513
Adobe, Inc.(a)		29,011		15,844,938
Agilysys, Inc.(a)		1,390		102,346
Alarm.com Holdings, Inc.(a)		2,898		159,999
Alkami Technology, Inc.(a)		2,197		37,085
Altair Engineering, Inc., Class A(a)(b)		3,212		240,707
Alteryx, Inc., Class A(a)		3,791		157,175
American Software, Inc., Class A		1,641		18,921
Amplitude, Inc., Class A(a)		3,549		41,097
ANSYS, Inc.(a)		5,505		1,883,261
Appfolio, Inc., Class A(a)		1,200		216,708
Appian Corp., Class A(a)		2,774		142,916
Applied Digital Corp.(a)		4,664		44,681
AppLovin Corp., Class A(a)(b)		14,647		459,916
Asana, Inc., Class A(a)		4,988		121,109
Aspen Technology, Inc.(a)		1,731		308,984
Atlassian Corp., Class A(a)		9,185		1,671,119
Aurora Innovation, Inc.(a)		19,855		65,124

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Autodesk, Inc.(a)		13,598	$	2,882,640
AvePoint, Inc.(a)		8,422		52,216
Bentley Systems, Inc., Class B(b)		12,079		650,817
Bills Holdings, Inc.(a)(b)		6,543		820,100
Bit Digital, Inc.(a)(b)		7,119		31,537
Black Knight, Inc.(a)		9,647		678,377
Blackbaud, Inc.(a)		2,852		215,183
Blackline, Inc.(a)(b)		3,699		214,838
Box, Inc., Class A(a)		8,302		259,438
Braze, Inc., Class A(a)		2,201		100,057
C3.ai, Inc., Class A(a)		3,809		159,978
Cadence Design Systems, Inc.(a)		17,095		4,000,401
CCC Intelligent Solutions Holdings, Inc.(a)(b)		11,864		130,741
Cerence, Inc.(a)		2,169		60,320
Cleanspark, Inc.(a)		1,688		10,145
Clear Secure, Inc., Class A		5,361		127,109
CommVault Systems, Inc.(a)		2,940		229,114
Confluent, Inc., Class A(a)(b)		11,882		410,404
Consensus Cloud Solutions, Inc.(a)		1,250		40,513
Couchbase, Inc.(a)(b)		2,430		40,557
Crowdstrike Holdings, Inc., Class A(a)		13,382		2,163,334
CS Disco, Inc.(a)(b)		1,888		18,389
Datadog, Inc., Class A(a)		17,320		2,021,590
Digimarc Corp.(a)		1,006		29,778
Digital Turbine, Inc.(a)(b)		5,723		62,037
DocuSign, Inc.(a)		12,995		699,391
Dolby Laboratories, Inc., Class A		3,902		345,756
Domo, Inc., Class B(a)		1,416		25,304
DoubleVerify Holdings, Inc.(a)		6,949		292,553
Dropbox, Inc., Class A(a)		16,741		451,170
Dynatrace, Inc.(a)		13,518		739,299
E2open Parent Holdings, Inc.(a)		12,000		61,800
Ebix, Inc.		1,492		46,192
eGain Corp.(a)		724		5,336
Elastic NV(a)		5,022		333,712
Enfusion, Inc., Class A(a)		1,551		16,828
EngageSmart, Inc.(a)		2,476		46,945
Envestnet, Inc.(a)		2,907		180,176
Everbridge, Inc.(a)		2,780		85,735
EverCommerce, Inc.(a)		1,361		15,896
Expensify, Inc., Class A(a)		4,132		33,304
Fair Isaac Corp.(a)		1,532		1,283,770
Five9, Inc.(a)		4,365		383,029
ForgeRock, Inc., Class A(a)		3,204		66,163
Fortinet, Inc.(a)		41,546		3,228,955
Freshworks, Inc., Class A(a)		10,415		194,344
Gen Digital, Inc.		35,118		683,045
Gitlab, Inc., Class A(a)		3,131		155,392
Guidewire Software, Inc.(a)		5,285		448,274
HashiCorp, Inc., Class A(a)(b)		6,042		178,904
HubSpot, Inc.(a)		2,912		1,690,562
Informatica, Inc., Class A(a)(b)		2,800		53,312
Instructure Holdings, Inc.(a)		1,199		32,577
Intapp, Inc.(a)		938		38,514
InterDigital, Inc.		1,792		166,101
Intuit, Inc.		17,291		8,847,805
Jamf Holding Corp.(a)(b)		3,854		83,709
LivePerson, Inc.(a)		4,799		22,795
LiveRamp Holdings, Inc.(a)		3,784		107,995
Manhattan Associates, Inc.(a)		3,939		750,852
Marathon Digital Holdings, Inc.(a)(b)		11,287		196,055
Matterport, Inc.(a)(b)		14,473		49,063

Security	Shares		Value
Software (continued)
MeridianLink, Inc.(a)		1,066	$	23,814
Microsoft Corp.		471,232		158,296,253
MicroStrategy, Inc., Class A(a)(b)		705		308,705
Mitek Systems, Inc.(a)		2,481		25,331
Model N, Inc.(a)(b)		2,938		97,894
N-able, Inc.(a)		4,241		59,671
nCino, Inc.(a)		4,394		142,146
NCR Corp.(a)		7,887		212,003
New Relic, Inc.(a)		3,399		285,448
NextNav, Inc.(a)		7,099		22,788
Nutanix, Inc., Class A(a)		14,075		425,065
Olo, Inc., Class A(a)		5,920		46,531
ON24, Inc.		1,991		17,620
OneSpan, Inc.(a)(b)		2,737		37,606
Oracle Corp.		96,211		11,278,816
PagerDuty, Inc.(a)		5,772		149,610
Palantir Technologies, Inc., Class A(a)		118,822		2,357,429
Palo Alto Networks, Inc.(a)		18,887		4,720,995
Pegasystems, Inc.		2,374		125,229
PowerSchool Holdings, Inc., Class A(a)(b)		3,899		94,239
Procore Technologies, Inc.(a)(b)		4,791		363,397
Progress Software Corp.		2,817		169,189
PROS Holdings, Inc.(a)		3,022		114,836
PTC, Inc.(a)		6,883		1,003,610
Q2 Holdings, Inc.(a)		3,494		123,932
Qualys, Inc.(a)		2,241		311,051
Rapid7, Inc.(a)		3,624		166,378
Rimini Street, Inc.(a)		3,501		9,523
RingCentral, Inc., Class A(a)		5,642		233,353
Riot Platforms, Inc.(a)		10,100		187,052
Roper Technologies, Inc.		6,669		3,288,150
Salesforce, Inc.(a)		59,940		13,487,099
Sapiens International Corp. NV		2,240		60,346
SEMrush Holdings, Inc., Class A(a)		3,049		32,350
SentinelOne, Inc., Class A(a)		11,487		191,488
ServiceNow, Inc.(a)		12,896		7,518,368
Smartsheet, Inc., Class A(a)		7,729		343,168
SolarWinds Corp.(a)		1,754		18,487
SoundHound AI, Inc., Class A(a)(b)		10,130		23,603
SoundThinking, Inc.(a)(b)		707		16,063
Splunk, Inc.(a)		10,262		1,111,682
Sprinklr, Inc., Class A(a)		5,475		76,869
Sprout Social, Inc., Class A(a)		2,948		168,449
SPS Commerce, Inc.(a)		2,242		404,434
Synopsys, Inc.(a)		9,610		4,341,798
Tenable Holdings, Inc.(a)		7,240		352,298
Teradata Corp.(a)		6,137		348,888
Tyler Technologies, Inc.(a)		2,652		1,051,863
UiPath, Inc., Class A(a)(b)		24,241		438,277
Unity Software, Inc.(a)		18,340		840,706
Varonis Systems, Inc.(a)		7,148		205,148
Verint Systems, Inc.(a)		4,508		168,464
Veritone, Inc.(a)		2,366		10,919
Viant Technology, Inc., Class A(a)		883		4,274
VMware, Inc., Class A(a)		13,607		2,144,871
Weave Communications, Inc.(a)		404		4,848
Workday, Inc., Class A(a)		12,548		2,975,507
Workiva, Inc.(a)(b)		2,926		308,079
Xperi, Inc.(a)		2,213		29,035
Yext, Inc.(a)(b)		5,854		56,901
Zeta Global Holdings Corp., Class A(a)(b)		9,961		91,840
Zoom Video Communications, Inc., Class A(a)		15,788		1,158,050

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Zscaler, Inc.(a)		5,565	$	892,515
Zuora, Inc., Class A(a)		9,890		116,010
				283,016,757
Specialized REITs — 1.0%
American Tower Corp.		29,447		5,604,059
Crown Castle, Inc.		27,385		2,965,522
CubeSmart		14,275		618,964
Digital Realty Trust, Inc.		18,361		2,288,148
EPR Properties		4,513		201,460
Equinix, Inc.		5,900		4,778,528
Extra Space Storage, Inc.		13,210		1,843,720
Farmland Partners, Inc.		2,041		23,451
Four Corners Property Trust, Inc.		6,863		180,497
Gaming and Leisure Properties, Inc.		16,049		761,685
Gladstone Land Corp.		2,385		39,925
Iron Mountain, Inc.		18,081		1,110,173
Lamar Advertising Co., Class A		5,537		546,502
National Storage Affiliates Trust		4,998		168,882
Outfront Media, Inc.		8,901		137,609
PotlatchDeltic Corp.		4,938		264,825
Public Storage		9,832		2,770,166
Rayonier, Inc.		9,313		308,447
Safehold, Inc.		2,378		58,808
SBA Communications Corp.		6,841		1,497,837
Uniti Group, Inc.		14,285		79,710
VICI Properties, Inc.		63,572		2,001,247
Weyerhaeuser Co.		46,702		1,590,670
				29,840,835
Specialty Retail — 2.1%
1-800-Flowers.com, Inc., Class A(a)		1,280		11,110
Aaron’s Co., Inc.		1,983		31,371
Abercrombie & Fitch Co., Class A(a)		3,245		128,534
Academy Sports & Outdoors, Inc.		4,486		268,218
Advance Auto Parts, Inc.		3,773		280,673
American Eagle Outfitters, Inc.		10,398		146,092
America’s Car-Mart, Inc.(a)(b)		281		33,473
Arko Corp.		6,136		51,174
Asbury Automotive Group, Inc.(a)(b)		1,367		308,395
AutoNation, Inc.(a)(b)		1,891		304,413
AutoZone, Inc.(a)		1,160		2,878,795
BARK, Inc.(a)		12,225		17,604
Bath & Body Works, Inc.		14,668		543,596
Best Buy Co., Inc.		12,348		1,025,501
Big 5 Sporting Goods Corp.		1,094		10,470
Boot Barn Holdings, Inc.(a)		1,850		173,715
Buckle, Inc.		1,687		61,677
Build-A-Bear Workshop, Inc.		1,239		30,417
Burlington Stores, Inc.(a)		4,134		734,281
Caleres, Inc.		2,081		56,270
Camping World Holdings, Inc., Class A		2,185		69,986
CarMax, Inc.(a)(b)		10,057		830,809
CarParts.com, Inc.(a)		2,466		12,379
Carvana Co.(a)(b)		6,450		296,377
Cato Corp., Class A		2,025		17,213
Chico’s FAS, Inc.(a)		7,580		46,238
Children’s Place, Inc.(a)		869		27,321
Designer Brands, Inc., Class A		3,326		33,094
Destination XL Group, Inc.(a)		6,269		32,348
Dick’s Sporting Goods, Inc.		3,843		541,863
Duluth Holdings, Inc., Class B(a)		1,416		10,280
EVgo, Inc.(a)(b)		4,566		19,953

Security	Shares		Value
Specialty Retail (continued)
Five Below, Inc.(a)(b)		3,376	$	703,356
Floor & Decor Holdings, Inc., Class A(a)(b)		6,526		749,511
Foot Locker, Inc.		5,084		136,607
Franchise Group, Inc.		1,453		43,241
GameStop Corp., Class A(a)(b)		17,417		386,657
Gap, Inc.		13,510		139,153
Genesco, Inc.(a)		1,043		29,423
Group 1 Automotive, Inc.(b)		843		217,941
GrowGeneration Corp.(a)		2,856		11,367
Guess?, Inc.		3,020		63,390
Haverty Furniture Cos., Inc.		1,048		37,309
Hibbett, Inc.		876		40,646
Home Depot, Inc.		64,040		21,379,114
Lands’ End, Inc.(a)		889		8,339
Leslie’s, Inc.(a)(b)		12,789		81,466
Lithia Motors, Inc.		1,684		522,933
Lowe’s Cos., Inc.		37,738		8,840,881
MarineMax, Inc.(a)		887		35,773
Monro, Inc.		2,222		81,436
Murphy USA, Inc.(b)		1,270		389,928
National Vision Holdings, Inc.(a)		5,351		115,742
ODP Corp.(a)		2,695		134,427
OneWater Marine, Inc., Class A(a)		684		25,753
O’Reilly Automotive, Inc.(a)		3,851		3,565,217
Overstock.com, Inc.(a)(b)		2,560		93,363
Penske Automotive Group, Inc.(b)		1,260		203,389
Petco Health & Wellness Co., Inc.(a)(b)		5,201		42,440
PetMed Express, Inc.		1,061		15,544
Revolve Group, Inc.(a)		2,911		57,405
RH(a)(b)		1,015		393,993
Ross Stores, Inc.		21,311		2,443,093
Sally Beauty Holdings, Inc.(a)		7,155		85,645
Shoe Carnival, Inc.		744		19,798
Signet Jewelers Ltd.		2,786		224,245
Sleep Number Corp.(a)		1,237		34,253
Sonic Automotive, Inc., Class A		1,309		62,688
Sportsman’s Warehouse Holdings, Inc.(a)(b)		1,930		12,159
Stitch Fix, Inc., Class A(a)		5,133		26,230
Tilly’s, Inc., Class A(a)		598		5,185
TJX Cos., Inc.		72,811		6,300,336
Tractor Supply Co.		6,946		1,555,835
Ulta Beauty, Inc.(a)		3,172		1,410,906
Upbound Group, Inc., Class A		3,756		130,070
Urban Outfitters, Inc.(a)		3,529		128,350
Valvoline, Inc.		10,723		407,152
Victoria’s Secret & Co.(a)(b)		5,589		114,519
Warby Parker, Inc., Class A(a)		5,414		80,885
Wayfair, Inc., Class A(a)		5,281		411,231
Williams-Sonoma, Inc.		4,131		572,722
Winmark Corp.		223		81,052
Zumiez, Inc.(a)		980		18,483
				61,704,221
Technology Hardware, Storage & Peripherals — 6.7%
Apple, Inc.		945,148		185,674,325
Avid Technology, Inc.(a)		1,603		38,216
Corsair Gaming, Inc.(a)		2,367		43,742
Eastman Kodak Co.(a)		6,701		36,789
Hewlett Packard Enterprise Co.		82,800		1,439,064
HP, Inc.		54,980		1,804,993
Immersion Corp.		1,222		8,627
IonQ, Inc.(a)(b)		10,927		210,345
NetApp, Inc.		13,826		1,078,566

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Pure Storage, Inc., Class A(a)		18,009	$	666,153
Super Micro Computer, Inc.(a)		2,919		964,058
Turtle Beach Corp.(a)		776		8,730
Western Digital Corp.(a)		19,886		846,348
Xerox Holdings Corp.		8,090		129,278
				192,949,234
Textiles, Apparel & Luxury Goods — 0.6%
Allbirds, Inc., Class A(a)(b)		6,333		9,499
Capri Holdings Ltd.(a)		7,903		291,700
Carter’s, Inc.		2,358		176,874
Columbia Sportswear Co.		2,414		189,765
Crocs, Inc.(a)		3,744		405,662
Deckers Outdoor Corp.(a)		1,657		900,894
Figs, Inc., Class A(a)(b)		8,730		64,253
Fossil Group, Inc.(a)		3,093		8,599
G-III Apparel Group Ltd.(a)		2,509		51,961
Hanesbrands, Inc.		21,010		110,723
Kontoor Brands, Inc.		3,741		158,469
Lululemon Athletica, Inc.(a)		7,039		2,664,473
Movado Group, Inc.		1,241		35,617
NIKE, Inc., Class B		75,244		8,306,185
Oxford Industries, Inc.		1,115		120,253
PVH Corp.		4,077		365,462
Ralph Lauren Corp.		2,545		334,235
Rocky Brands, Inc.		309		6,217
Skechers USA, Inc., Class A(a)		8,691		483,046
Steven Madden Ltd.		4,857		162,127
Tapestry, Inc.		14,748		636,376
Under Armour, Inc., Class A(a)		11,440		92,206
Under Armour, Inc., Class C(a)		12,665		93,974
VF Corp.		21,226		420,487
Wolverine World Wide, Inc.		4,311		54,620
				16,143,677
Tobacco — 0.5%
Altria Group, Inc.		113,100		5,137,002
Philip Morris International, Inc.		98,165		9,789,014
Turning Point Brands, Inc.		705		16,814
Universal Corp.		1,853		93,706
Vector Group Ltd.		9,936		130,361
				15,166,897
Trading Companies & Distributors — 0.5%
Air Lease Corp.		6,821		288,801
Applied Industrial Technologies, Inc.		2,341		339,422
Beacon Roofing Supply, Inc.(a)		3,038		260,265
BlueLinx Holdings, Inc.(a)		421		39,675
Boise Cascade Co.		2,398		248,169
Core & Main, Inc., Class A(a)		5,402		170,757
Custom Truck One Source, Inc.(a)		2,724		18,850
Distribution Solutions Group, Inc.(a)		282		15,634
DXP Enterprises, Inc.(a)		553		21,003
Fastenal Co.		36,306		2,127,895
Ferguson PLC		13,077		2,113,505
FTAI Aviation Ltd.		6,333		203,986
GATX Corp.		2,161		270,903
Global Industrial Co.		1,009		28,757
GMS, Inc.(a)		2,574		189,678
H&E Equipment Services, Inc.		1,772		86,084
Herc Holdings, Inc.		1,662		222,425

Security	Shares		Value
Trading Companies & Distributors (continued)
Hudson Technologies, Inc.(a)		2,482	$	22,561
McGrath RentCorp		1,530		147,461
MRC Global, Inc.(a)		6,858		77,427
MSC Industrial Direct Co., Inc., Class A		2,842		286,815
NOW, Inc.(a)		6,770		77,110
Rush Enterprises, Inc., Class A		2,405		155,555
Rush Enterprises, Inc., Class B		399		27,415
SiteOne Landscape Supply, Inc.(a)(b)		2,820		479,400
Textainer Group Holdings Ltd.		2,893		118,902
Titan Machinery, Inc.(a)		1,169		37,314
Transcat, Inc.(a)		348		29,190
Triton International Ltd.		3,451		290,954
United Rentals, Inc.		4,363		2,027,399
Univar Solutions, Inc.(a)		9,582		346,294
Veritiv Corp.		975		136,627
W.W.Grainger, Inc.		2,835		2,093,619
Watsco, Inc.		2,123		802,897
WESCO International, Inc.		2,731		479,482
Xometry, Inc., Class A(a)		2,323		48,226
				14,330,457
Water Utilities — 0.1%
American States Water Co.		2,476		218,903
American Water Works Co., Inc.		12,385		1,825,921
Artesian Resources Corp., Class A		493		22,461
California Water Service Group		3,450		182,919
Consolidated Water Co. Ltd.		1,168		22,846
Essential Utilities, Inc.		15,431		652,577
Global Water Resources, Inc.		881		11,189
Middlesex Water Co.		1,348		108,406
Pure Cycle Corp.(a)		1,623		19,995
SJW Group		1,820		128,237
York Water Co.		673		27,815
				3,221,269
Wireless Telecommunication Services — 0.2%
Gogo, Inc.(a)		3,467		52,248
Shenandoah Telecommunications Co.		3,990		74,493
Telephone and Data Systems, Inc.		6,742		54,071
T-Mobile U.S., Inc.(a)		34,526		4,756,647
				4,937,459
Total Common Stocks — 99.0% (Cost: $1,867,761,557)				2,849,232,855
Investment Companies
Equity Funds — 0.4%
iShares Russell 3000 ETF(c)		49,961		13,167,721
Total Investment Companies — 0.4% (Cost: $12,205,402)				13,167,721

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Rights
Biotechnology — 0.0%
Aduro Biotech, Inc.(d)		400	$	1,016
Total Rights — 0.0% (Cost: $ —)				1,016
Total Long-Term Investments — 99.4% (Cost: $1,879,966,959)				2,862,401,592
Short-Term Securities
Money Market Funds — 4.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(c)(f)(g)		63,949,516		63,968,701
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(c)(f)		66,592,875		66,592,875
Total Short-Term Securities — 4.6% (Cost: $130,561,634)				130,561,576
Total Investments — 104.0% (Cost: $2,010,528,593)				2,992,963,168
Liabilities in Excess of Other Assets — (4.0)%				(113,894,994	)
Net Assets — 100.0%			$	2,879,068,174

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $20,140, representing less than 0.05% of its net assets as of period end, and an original cost of $38,933.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/23		Shares Held at 07/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	60,632,938	$	3,315,633	(a)	$	—		$	20,876		$	(746	)	$	63,968,701		63,949,516	$	626,323	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		12,829,647		53,763,228	(a)		—			—			—			66,592,875		66,592,875		522,365			—
BlackRock, Inc.		6,091,545		760,307			(581,616	)		(132,630	)		810,539			6,948,145		9,404		189,405			—
iShares Russell 3000 ETF		21,228,350		241,464,098			(251,073,084	)		2,347,455			(799,098	)		13,167,721		49,961		299,939			—
									$	2,235,701		$	10,695		$	150,677,442			$	1,638,032		$	—

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

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

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		19		09/15/23	$	1,913	$	104,003
S&P 500 E-Mini Index		60		09/15/23		13,844		346,192
							$	450,195

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	450,195	$	—	$	—	$	—	$	450,195

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	1,433,791		$	—	$	—	$	—	$	1,433,791
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(464,505	)	$	—	$	—	$	—	$	(464,505	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	14,963,265

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	43,927,522	$	—	$	—	$	43,927,522
Air Freight & Logistics		15,454,143		—		—		15,454,143
Automobile Components		6,386,756		—		—		6,386,756
Automobiles		55,589,358		—		—		55,589,358

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

Schedule of Investments (continued) July 31, 2023   iShares Total U.S. Stock Market Index Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Banks	$	100,164,961	$	—	$	—	$	100,164,961
Beverages		42,114,838		—		—		42,114,838
Biotechnology		68,971,026		—		—		68,971,026
Broadline Retail		80,909,838		—		—		80,909,838
Building Products		19,587,051		—		—		19,587,051
Capital Markets		84,027,358		—		—		84,027,358
Chemicals		48,596,837		—		—		48,596,837
Commercial Services & Supplies		16,719,762		—		—		16,719,762
Communications Equipment		22,130,878		—		—		22,130,878
Construction & Engineering		7,202,611		—		—		7,202,611
Construction Materials		4,481,954		—		—		4,481,954
Consumer Finance		15,244,658		—		—		15,244,658
Consumer Staples Distribution & Retail		48,323,307		—		—		48,323,307
Containers & Packaging		8,859,851		7,413		—		8,867,264
Distributors		3,296,638		—		—		3,296,638
Diversified Consumer Services		3,242,163		—		—		3,242,163
Diversified REITs		1,737,844		—		—		1,737,844
Diversified Telecommunication Services		17,093,316		—		—		17,093,316
Electric Utilities		43,125,185		—		—		43,125,185
Electrical Equipment		20,868,534		—		—		20,868,534
Electronic Equipment, Instruments & Components		19,967,464		—		—		19,967,464
Energy Equipment & Services		15,015,574		—		—		15,015,574
Entertainment		39,347,574		—		—		39,347,574
Financial Services		114,910,348		—		—		114,910,348
Food Products		28,804,606		—		—		28,804,606
Gas Utilities		3,284,977		—		—		3,284,977
Ground Transportation		30,837,586		—		—		30,837,586
Health Care Equipment & Supplies		76,796,269		—		—		76,796,269
Health Care Providers & Services		76,632,202		—		—		76,632,202
Health Care REITs		6,858,319		—		—		6,858,319
Health Care Technology		3,512,685		—		—		3,512,685
Hotel & Resort REITs		2,303,862		—		—		2,303,862
Hotels, Restaurants & Leisure		65,117,799		—		—		65,117,799
Household Durables		14,280,380		—		—		14,280,380
Household Products		33,385,473		—		—		33,385,473
Independent Power and Renewable Electricity Producers		2,426,428		—		—		2,426,428
Industrial Conglomerates		19,934,331		—		—		19,934,331
Industrial REITs		10,555,211		—		—		10,555,211
Insurance		60,322,133		—		—		60,322,133
Interactive Media & Services		142,118,566		—		—		142,118,566
IT Services		38,997,564		—		—		38,997,564
Leisure Products		2,969,364		—		—		2,969,364
Life Sciences Tools & Services		44,449,810		—		—		44,449,810
Machinery		57,954,738		—		—		57,954,738
Marine Transportation		688,364		—		—		688,364
Media		24,834,676		—		—		24,834,676
Metals & Mining		16,745,724		—		—		16,745,724
Mortgage Real Estate Investment Trusts (REITs)		3,604,964		—		—		3,604,964
Multi-Utilities		18,357,845		—		—		18,357,845
Office REITs		4,158,031		—		—		4,158,031
Oil, Gas & Consumable Fuels		108,907,632		—		—		108,907,632
Paper & Forest Products		473,429		—		—		473,429
Passenger Airlines		6,174,892		—		—		6,174,892
Personal Care Products		4,285,841		—		—		4,285,841
Pharmaceuticals		102,670,693		20,140		—		102,690,833
Professional Services		30,755,171		—		—		30,755,171
Real Estate Management & Development		4,285,469		—		—		4,285,469
Residential REITs		11,982,176		—		—		11,982,176
Retail REITs		10,785,838		—		—		10,785,838
Semiconductors & Semiconductor Equipment		190,344,099		—		—		190,344,099
Software		283,016,757		—		—		283,016,757
Specialized REITs		29,840,835		—		—		29,840,835
Specialty Retail		61,704,221		—		—		61,704,221

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

Schedule of Investments (continued) July 31, 2023 iShares Total U.S. Stock Market Index Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Technology Hardware, Storage & Peripherals	$	192,949,234	$	—	$	—	$	192,949,234
Textiles, Apparel & Luxury Goods		16,143,677		—		—		16,143,677
Tobacco		15,166,897		—		—		15,166,897
Trading Companies & Distributors		14,330,457		—		—		14,330,457
Water Utilities		3,221,269		—		—		3,221,269
Wireless Telecommunication Services		4,937,459		—		—		4,937,459
Investment Companies		13,167,721		—		—		13,167,721
Rights		—		—		1,016		1,016
Short-Term Securities
Money Market Funds		130,561,576		—		—		130,561,576
	$	2,992,934,599	$	27,553	$	1,016	$	2,992,963,168
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	450,195	$	—	$	—	$	450,195

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

See notes to financial statements.

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

Statements of Assets and Liabilities

July 31, 2023

 

	iShares Russell Mid-Cap Index Fund		iShares Russell Small/Mid-Cap Index Fund		iShares Total U.S. Stock Market Index Fund
ASSETS
Investments, at value — unaffiliated(a)(b)	$	1,687,034,996	$	529,834,703	$	2,842,285,726
Investments, at value — affiliated(c)		76,248,944		62,778,236		150,677,442
Cash		96,788		—		—
Cash pledged for futures contracts		667,000		128,000		673,000
Receivables:
Investments sold		—		416,849		293,296
Securities lending income — affiliated		85,293		80,496		62,490
Capital shares sold		2,117,188		276,923		53,092,118
Dividends — unaffiliated		—		194,372		1,836,520
Dividends — affiliated		734,982		17,342		74,048
Variation margin on futures contracts		41,055		17,063		85,299
Prepaid expenses		43,402		46,204		52,845
Total assets		1,767,069,648		593,790,188		3,049,132,784
LIABILITIES
Collateral on securities loaned		43,565,665		51,521,789		63,964,056
Payables:
Investments purchased		506,232		306,065		52,781,599
Accounting services fees		2,256		2,256		2,256
Capital shares redeemed		3,782,539		212,067		53,071,416
Custodian fees		7,961		8,836		10,128
Investment advisory fees		27,591		12,976		22,499
Trustees’ and Officer’s fees		3,804		2,281		4,688
Other accrued expenses		9,728		42,192		44,101
Professional fees		66,643		62,427		63,216
Service fees		30,921		20,933		40,616
Transfer agent fees		116,363		28,814		60,035
Total liabilities		48,119,703		52,220,636		170,064,610
Commitments and contingent liabilities
NET ASSETS	$	1,718,949,945	$	541,569,552	$	2,879,068,174
NET ASSETS CONSIST OF
Paid-in capital	$	1,204,097,797	$	467,955,893	$	1,952,876,165
Accumulated earnings		514,852,148		73,613,659		926,192,009
NET ASSETS	$	1,718,949,945	$	541,569,552	$	2,879,068,174
(a)   Investments, at cost — unaffiliated	$	1,171,002,039	$	436,798,659	$	1,862,865,949
(b)   Securities loaned, at value	$	43,408,862	$	50,892,960	$	62,989,820
(c)   Investments, at cost — affiliated	$	74,893,921	$	62,080,228	$	147,662,644

F I N A N C I A L  S T A T E M E N T S 79

Statements of Assets and Liabilities (continued)

July 31, 2023

 

	iShares Russell Mid-Cap Index Fund		iShares Russell Small/Mid-Cap Index Fund		iShares Total U.S. Stock Market Index Fund
NET ASSET VALUE
Institutional
Net assets	$	178,582,284	$	141,351,469	$	112,188,035
Shares outstanding		13,188,240		9,375,781		5,303,646
Net asset value	$	13.54	$	15.08	$	21.15
Shares authorized		Unlimited		Unlimited		Unlimited
Par value	$	0.001	$	0.001	$	0.001
Investor A
Net assets	$	151,707,805	$	100,293,250	$	196,797,547
Shares outstanding		11,252,498		6,664,798		9,316,843
Net asset value	$	13.48	$	15.05	$	21.12
Shares authorized		Unlimited		Unlimited		Unlimited
Par value	$	0.001	$	0.001	$	0.001
Class K
Net assets	$	1,388,659,856	$	299,924,833	$	2,570,082,592
Shares outstanding		102,330,261		19,893,350		121,505,983
Net asset value	$	13.57	$	15.08	$	21.15
Shares authorized		Unlimited		Unlimited		Unlimited
Par value	$	0.001	$	0.001	$	0.001

See notes to financial statements.

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

Statements of Operations

Year Ended July 31, 2023

 

	iShares Russell Mid-Cap Index Fund			iShares Russell Small/Mid-Cap Index Fund			iShares Total U.S. Stock Market Index Fund
INVESTMENT INCOME
Dividends — unaffiliated	$	25,304,194		$	7,158,243		$	41,292,518
Dividends — affiliated		592,921			159,057			1,011,709
Securities lending income — affiliated — net		832,687			673,273			626,323
Foreign taxes withheld		(10,303	)		(9,385	)		(6,846	)
Total investment income		26,719,499			7,981,188			42,923,704
EXPENSES
Transfer agent — class specific		352,619			173,822			243,256
Service — class specific		337,954			237,757			432,669
Investment advisory		320,129			141,902			259,484
Registration		79,633			46,603			46,260
Custodian		68,649			42,229			56,991
Professional		64,472			64,523			66,628
Printing and postage		53,482			50,540			52,121
Trustees and Officer		18,787			9,811			26,684
Accounting services		9,025			9,025			9,025
Miscellaneous		30,454			17,450			40,356
Total expenses		1,335,204			793,662			1,233,474
Less:
Fees waived and/or reimbursed by the Manager		(9,003	)		(66,420	)		(11,803	)
Transfer agent fees waived and/or reimbursed by the Manager — class specific		(7,773	)		(46,104	)		(34,493	)
Total expenses after fees waived and/or reimbursed		1,318,428			681,138			1,187,178
Net investment income		25,401,071			7,300,050			41,736,526
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		47,205,346			(2,206,132	)		(26,011,497	)
Investments — affiliated		1,014,677			(331	)		2,235,701
Futures contracts		1,248,937			(112,716	)		1,433,791
		49,468,960			(2,319,179	)		(22,342,005	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		64,577,734			34,505,937			320,028,231
Investments — affiliated		215,630			200,561			10,695
Futures contracts		68,306			(54,428	)		(464,505	)
		64,861,670			34,652,070			319,574,421
Net realized and unrealized gain		114,330,630			32,332,891			297,232,416
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	139,731,701		$	39,632,941		$	338,968,942

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 81

Statements of Changes in Net Assets

	iShares Russell Mid-Cap Index Fund						iShares Russell Small/Mid-Cap Index Fund
	Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/23			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	25,401,071		$	22,738,535		$	7,300,050		$	6,096,458
Net realized gain (loss)		49,468,960			19,254,928			(2,319,179	)		10,668,493
Net change in unrealized appreciation (depreciation)		64,861,670			(219,471,769	)		34,652,070			(74,774,665	)
Net increase (decrease) in net assets resulting from operations		139,731,701			(177,478,306	)		39,632,941			(58,009,714	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(6,664,693	)		(8,785,993	)		(6,628,763	)		(8,672,227	)
Investor A		(4,341,765	)		(5,772,125	)		(4,192,802	)		(4,813,065	)
Class K		(44,478,201	)		(61,713,572	)		(11,082,304	)		(10,514,041	)
Decrease in net assets resulting from distributions to shareholders		(55,484,659	)		(76,271,690	)		(21,903,869	)		(23,999,333	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(52,938,687	)		213,346,962			53,990,377			75,578,108
NET ASSETS
Total increase (decrease) in net assets		31,308,355			(40,403,034	)		71,719,449			(6,430,939	)
Beginning of year		1,687,641,590			1,728,044,624			469,850,103			476,281,042
End of year	$	1,718,949,945		$	1,687,641,590		$	541,569,552		$	469,850,103

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	iShares Total U.S. Stock Market Index Fund
	Year Ended 07/31/23			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	41,736,526		$	33,595,161
Net realized loss		(22,342,005	)		(12,024,302	)
Net change in unrealized appreciation (depreciation)		319,574,421			(194,323,130	)
Net increase (decrease) in net assets resulting from operations		338,968,942			(172,752,271	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(1,991,360	)		(2,629,466	)
Investor A		(2,235,702	)		(2,686,529	)
Class K		(36,916,521	)		(41,362,211	)
Decrease in net assets resulting from distributions to shareholders		(41,143,583	)		(46,678,206	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		56,292,273			384,606,062
NET ASSETS
Total increase in net assets		354,117,632			165,175,585
Beginning of year		2,524,950,542			2,359,774,957
End of year	$	2,879,068,174		$	2,524,950,542

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 83

Financial Highlights

(For a share outstanding throughout each period)

 

	iShares Russell Mid-Cap Index Fund
	Institutional
	Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of year	$	12.89		$	14.91		$	10.75		$	10.98		$	10.70
Net investment income(a)		0.20			0.18			0.15			0.19			0.17
Net realized and unrealized gain (loss)		0.88			(1.58	)		4.35			0.02			0.50
Net increase (decrease) from investment operations		1.08			(1.40	)		4.50			0.21			0.67
Distributions(b)
From net investment income		(0.20	)		(0.17	)		(0.15	)		(0.17	)		(0.17	)
From net realized gain		(0.23	)		(0.45	)		(0.19	)		(0.27	)		(0.22	)
Total distributions		(0.43	)		(0.62	)		(0.34	)		(0.44	)		(0.39	)
Net asset value, end of year	$	13.54		$	12.89		$	14.91		$	10.75		$	10.98
Total Return(c)
Based on net asset value		8.72	%		(9.76	)%		42.43	%		1.96	%		6.76	%
Ratios to Average Net Assets(d)
Total expenses(e)		0.10	%		0.09	%		0.09	%		0.10	%		0.12	%
Total expenses after fees waived and/or reimbursed		0.09	%		0.09	%		0.09	%		0.10	%		0.12	%
Net investment income		1.59	%		1.28	%		1.18	%		1.77	%		1.66	%
Supplemental Data
Net assets, end of year (000)	$	178,582		$	216,281		$	195,340		$	170,550		$	244,272
Portfolio turnover rate		20	%		28	%		24	%		26	%		25	%

^(a)  Based on average shares outstanding.

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

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(e)  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

Year Ended 07/31/23

Year Ended 07/31/22

Year Ended 07/31/21

Year Ended 07/31/20

Year Ended 07/31/19

Expense ratios

N/A

N/A

N/A

0.09

%

0.05

%

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

	iShares Russell Mid-Cap Index Fund (continued)
	Investor A
	Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of year	$	12.84		$	14.85		$	10.71		$	10.93		$	10.66
Net investment income(a)		0.16			0.14			0.11			0.15			0.17
Net realized and unrealized gain (loss)		0.88			(1.56	)		4.34			0.04			0.47
Net increase (decrease) from investment operations		1.04			(1.42	)		4.45			0.19			0.64
Distributions(b)
From net investment income		(0.17	)		(0.14	)		(0.12	)		(0.14	)		(0.15	)
From net realized gain		(0.23	)		(0.45	)		(0.19	)		(0.27	)		(0.22	)
Total distributions		(0.40	)		(0.59	)		(0.31	)		(0.41	)		(0.37	)
Net asset value, end of year	$	13.48		$	12.84		$	14.85		$	10.71		$	10.93
Total Return(c)
Based on net asset value		8.39	%		(9.98	)%		42.05	%		1.80	%		6.43	%
Ratios to Average Net Assets(d)
Total expenses(e)		0.37	%		0.36	%		0.36	%		0.36	%		0.34	%
Total expenses after fees waived and/or reimbursed		0.37	%		0.36	%		0.36	%		0.35	%		0.33	%
Net investment income		1.29	%		1.03	%		0.87	%		1.48	%		1.64	%
Supplemental Data
Net assets, end of year (000)	$	151,708		$	131,260		$	136,579		$	93,113		$	105,914
Portfolio turnover rate		20	%		28	%		24	%		26	%		25	%

^(a)  Based on average shares outstanding.

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

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(e)  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

	Year Ended 07/31/23		Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Expense ratios		N/A		0.36	%		0.36	%		0.35	%		0.33	%

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 85

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

	iShares Russell Mid-Cap Index Fund (continued)
	Class K
	Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of year	$	12.92		$	14.94		$	10.77		$	11.00		$	10.72
Net investment income(a)		0.20			0.19			0.15			0.18			0.17
Net realized and unrealized gain (loss)		0.89			(1.58	)		4.37			0.03			0.51
Net increase (decrease) from investment operations		1.09			(1.39	)		4.52			0.21			0.68
Distributions(b)
From net investment income		(0.21	)		(0.18	)		(0.16	)		(0.17	)		(0.18	)
From net realized gain		(0.23	)		(0.45	)		(0.19	)		(0.27	)		(0.22	)
Total distributions		(0.44	)		(0.63	)		(0.35	)		(0.44	)		(0.40	)
Net asset value, end of year	$	13.57		$	12.92		$	14.94		$	10.77		$	11.00
Total Return(c)
Based on net asset value		8.75	%		(9.70	)%		42.50	%		2.00	%		6.81	%
Ratios to Average Net Assets(d)
Total expenses(e)		0.05	%		0.05	%		0.06	%		0.08	%		0.07	%
Total expenses after fees waived and/or reimbursed		0.05	%		0.05	%		0.06	%		0.07	%		0.07	%
Net investment income		1.62	%		1.34	%		1.18	%		1.73	%		1.67	%
Supplemental Data
Net assets, end of year (000)	$	1,388,660		$	1,340,100		$	1,396,125		$	937,493		$	783,361
Portfolio turnover rate		20	%		28	%		24	%		26	%		25	%

^(a)  Based on average shares outstanding.

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

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(e)  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

	Year Ended 07/31/23		Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Expense ratios		N/A		0.05	%		0.05	%		0.07	%		0.06	%

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

	iShares Russell Small/Mid-Cap Index Fund
	Institutional
	Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of year	$	14.63		$	17.32		$	12.17		$	12.72		$	13.20
Net investment income(a)		0.22			0.21			0.16			0.13			0.18
Net realized and unrealized gain (loss)		0.88			(2.08	)		5.66			(0.35	)		(0.16	)
Net increase (decrease) from investment operations		1.10			(1.87	)		5.82			(0.22	)		0.02
Distributions(b)
From net investment income		(0.23	)		(0.19	)		(0.18	)		(0.16	)		(0.20	)
From net realized gain		(0.42	)		(0.63	)		(0.49	)		(0.17	)		(0.30	)
Total distributions		(0.65	)		(0.82	)		(0.67	)		(0.33	)		(0.50	)
Net asset value, end of year	$	15.08		$	14.63		$	17.32		$	12.17		$	12.72
Total Return(c)
Based on net asset value		8.02	%		(11.32	)%		48.81	%		(1.68	)%		0.58	%
Ratios to Average Net Assets(d)
Total expenses(e)		0.13	%		0.14	%		0.16	%		0.21	%		0.24	%
Total expenses after fees waived and/or reimbursed		0.12	%		0.12	%		0.12	%		0.12	%		0.12	%
Net investment income		1.59	%		1.29	%		1.02	%		1.14	%		1.48	%
Supplemental Data
Net assets, end of year (000)	$	141,351		$	156,524		$	161,409		$	58,680		$	12,239
Portfolio turnover rate		30	%		38	%		43	%		29	%		27	%

^(a)  Based on average shares outstanding.

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

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(e)  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

	Year Ended 07/31/23		Year Ended 07/31/22			Year Ended 07/31/21		Year Ended 07/31/20			Year Ended 07/31/19
Expense ratios		N/A		0.14	%		N/A		0.21	%		0.24	%

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 87

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

	iShares Russell Small/Mid-Cap Index Fund (continued)
	Investor A
	Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of year	$	14.60		$	17.29		$	12.15		$	12.70		$	13.18
Net investment income(a)		0.18			0.17			0.13			0.13			0.15
Net realized and unrealized gain (loss)		0.89			(2.08	)		5.65			(0.37	)		(0.16	)
Net increase (decrease) from investment operations		1.07			(1.91	)		5.78			(0.24	)		(0.01	)
Distributions(b)
From net investment income		(0.20	)		(0.15	)		(0.15	)		(0.14	)		(0.17	)
From net realized gain		(0.42	)		(0.63	)		(0.49	)		(0.17	)		(0.30	)
Total distributions		(0.62	)		(0.78	)		(0.64	)		(0.31	)		(0.47	)
Net asset value, end of year	$	15.05		$	14.60		$	17.29		$	12.15		$	12.70
Total Return(c)
Based on net asset value		7.76	%		(11.56	)%		48.49	%		(1.90	)%		0.35	%
Ratios to Average Net Assets(d)
Total expenses(e)		0.41	%		0.39	%		0.38	%		0.44	%		0.45	%
Total expenses after fees waived and/or reimbursed		0.37	%		0.36	%		0.34	%		0.35	%		0.35	%
Net investment income		1.33	%		1.06	%		0.83	%		1.13	%		1.25	%
Supplemental Data
Net assets, end of year (000)	$	100,293		$	100,734		$	101,139		$	55,522		$	30,250
Portfolio turnover rate		30	%		38	%		43	%		29	%		27	%

^(a)  Based on average shares outstanding.

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

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(e)  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

Year Ended 07/31/23

Year Ended 07/31/22

Year Ended 07/31/21

Year Ended 07/31/20

Year Ended 07/31/19

Expense ratios

N/A

N/A

N/A

0.44

%

0.45

%

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

	iShares Russell Small/Mid-Cap Index Fund (continued)
	Class K
	Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of year	$	14.63		$	17.32		$	12.17		$	12.72		$	13.20
Net investment income(a)		0.22			0.21			0.18			0.19			0.19
Net realized and unrealized gain (loss)		0.89			(2.07	)		5.65			(0.40	)		(0.16	)
Net increase (decrease) from investment operations		1.11			(1.86	)		5.83			(0.21	)		0.03
Distributions(b)
From net investment income		(0.24	)		(0.20	)		(0.19	)		(0.17	)		(0.21	)
From net realized gain		(0.42	)		(0.63	)		(0.49	)		(0.17	)		(0.30	)
Total distributions		(0.66	)		(0.83	)		(0.68	)		(0.34	)		(0.51	)
Net asset value, end of year	$	15.08		$	14.63		$	17.32		$	12.17		$	12.72
Total Return(c)
Based on net asset value		8.07	%		(11.28	)%		48.88	%		(1.64	)%		0.63	%
Ratios to Average Net Assets(d)
Total expenses(e)		0.09	%		0.10	%		0.11	%		0.16	%		0.17	%
Total expenses after fees waived and/or reimbursed		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%
Net investment income		1.60	%		1.34	%		1.15	%		1.55	%		1.53	%
Supplemental Data
Net assets, end of year (000)	$	299,925		$	212,591		$	213,734		$	142,813		$	154,242
Portfolio turnover rate		30	%		38	%		43	%		29	%		27	%

^(a)  Based on average shares outstanding.

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

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(e)  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

Year Ended 07/31/23

Year Ended 07/31/22

Year Ended 07/31/21

Year Ended 07/31/20

Year Ended 07/31/19

Expense ratios

N/A

N/A

N/A

0.16

%

0.17

%

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 89

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

	iShares Total U.S. Stock Market Index Fund
	Institutional
	Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of year	$	19.07		$	20.96		$	15.31		$	14.13		$	13.52
Net investment income(a)		0.30			0.27			0.24			0.25			0.25
Net realized and unrealized gain (loss)		2.07			(1.79	)		5.65			1.24			0.67
Net increase (decrease) from investment operations		2.37			(1.52	)		5.89			1.49			0.92
Distributions(b)
From net investment income		(0.29	)		(0.27	)		(0.23	)		(0.27	)		(0.26	)
From net realized gain		—			(0.10	)		(0.01	)		(0.04	)		(0.05	)
Total distributions		(0.29	)		(0.37	)		(0.24	)		(0.31	)		(0.31	)
Net asset value, end of year	$	21.15		$	19.07		$	20.96		$	15.31		$	14.13
Total Return(c)
Based on net asset value		12.65	%		(7.37	)%		38.73	%		10.79	%		7.01	%
Ratios to Average Net Assets(d)
Total expenses(e)		0.07	%		0.08	%		0.08	%		0.09	%		0.09	%
Total expenses after fees waived and/or reimbursed		0.07	%		0.08	%		0.08	%		0.08	%		0.08	%
Net investment income		1.59	%		1.32	%		1.32	%		1.79	%		1.87	%
Supplemental Data
Net assets, end of year (000)	$	112,188		$	132,762		$	155,378		$	84,117		$	88,223
Portfolio turnover rate		20	%		16	%		16	%		15	%		19	%

^(a)  Based on average shares outstanding.

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

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(e)  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

	Year Ended 07/31/23		Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Expense ratios		N/A		0.08	%		0.08	%		0.09	%		0.09	%

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

	iShares Total U.S. Stock Market Index Fund (continued)
	Investor A
	Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of year	$	19.05		$	20.93		$	15.29		$	14.11		$	13.50
Net investment income(a)		0.25			0.22			0.20			0.22			0.22
Net realized and unrealized gain (loss)		2.06			(1.78	)		5.64			1.24			0.67
Net increase (decrease) from investment operations		2.31			(1.56	)		5.84			1.46			0.89
Distributions(b)
From net investment income		(0.24	)		(0.22	)		(0.19	)		(0.24	)		(0.23	)
From net realized gain		—			(0.10	)		(0.01	)		(0.04	)		(0.05	)
Total distributions		(0.24	)		(0.32	)		(0.20	)		(0.28	)		(0.28	)
Net asset value, end of year	$	21.12		$	19.05		$	20.93		$	15.29		$	14.11
Total Return(c)
Based on net asset value		12.32	%		(7.54	)%		38.42	%		10.56	%		6.77	%
Ratios to Average Net Assets(d)
Total expenses(e)		0.35	%		0.32	%		0.30	%		0.31	%		0.32	%
Total expenses after fees waived and/or reimbursed		0.33	%		0.31	%		0.30	%		0.30	%		0.31	%
Net investment income		1.32	%		1.09	%		1.11	%		1.56	%		1.64	%
Supplemental Data
Net assets, end of year (000)	$	196,798		$	176,683		$	166,601		$	114,362		$	84,192
Portfolio turnover rate		20	%		16	%		16	%		15	%		19	%

^(a)  Based on average shares outstanding.

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

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(e)  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

	Year Ended 07/31/23		Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Expense ratios		N/A		0.32	%		0.30	%		0.31	%		0.32	%

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 91

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

	iShares Total U.S. Stock Market Index Fund (continued)
	Class K
	Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of year	$	19.07		$	20.96		$	15.31		$	14.13		$	13.52
Net investment income(a)		0.31			0.28			0.25			0.26			0.26
Net realized and unrealized gain (loss)		2.07			(1.79	)		5.64			1.24			0.66
Net increase (decrease) from investment operations		2.38			(1.51	)		5.89			1.50			0.92
Distributions(b)
From net investment income		(0.30	)		(0.28	)		(0.23	)		(0.28	)		(0.26	)
From net realized gain		—			(0.10	)		(0.01	)		(0.04	)		(0.05	)
Total distributions		(0.30	)		(0.38	)		(0.24	)		(0.32	)		(0.31	)
Net asset value, end of year	$	21.15		$	19.07		$	20.96		$	15.31		$	14.13
Total Return(c)
Based on net asset value		12.70	%		(7.32	)%		38.79	%		10.84	%		7.06	%
Ratios to Average Net Assets(d)
Total expenses(e)		0.02	%		0.03	%		0.03	%		0.04	%		0.04	%
Total expenses after fees waived and/or reimbursed		0.02	%		0.03	%		0.03	%		0.03	%		0.03	%
Net investment income		1.63	%		1.36	%		1.35	%		1.84	%		1.91	%
Supplemental Data
Net assets, end of year (000)	$	2,570,083		$	2,215,506		$	2,037,797		$	1,043,568		$	916,638
Portfolio turnover rate		20	%		16	%		16	%		15	%		19	%

^(a)  Based on average shares outstanding.

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

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(e)  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

	Year Ended 07/31/23		Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Expense ratios		N/A		0.03	%		0.03	%		0.04	%		0.04	%

See notes to financial statements.

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

Notes to Financial Statements

 

1. ORGANIZATION

BlackRock Funds^SM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”:

Fund Name	Herein Referred To As	Diversification Classification
iShares Russell Mid-Cap Index Fund	Mid-Cap Index	Diversified
iShares Russell Small/Mid-Cap Index Fund	Small/Mid-Cap Index	Diversified
iShares Total U.S. Stock Market Index Fund	Total U.S. Stock Market Index	Diversified

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

Share Class	Initial Sales Charge	CDSC	Conversion Privilege
Institutional, Investor A and Class K Shares	No	No	None

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

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. 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. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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 paid by the Funds are recorded on the ex-dividend dates. 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 or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. 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.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 93

Notes to Financial Statements (continued)

 

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 each Fund (the “Board”) has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

• Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.

	Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services
Market approach	(i)	recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;
	(ii)	recapitalizations and other transactions across the capital structure; and
	(iii)	market multiples of comparable issuers.
Income approach	(i)	future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;
	(ii)	quoted prices for similar investments or assets in active markets; and
	(iii)	other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach	(i)	audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;
	(ii)	changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;
	(iii)	relevant news and other public sources; and
	(iv)	known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

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

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies 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

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

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

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

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

Fund Name/Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net    Amount(b)
Mid-Cap Index
Barclays Capital, Inc.	$	3,623,138	$	(3,563,630	)	$	—		$	59,508
BMO Capital Markets Corp.		394,008		(385,974	)		—			8,034
BNP Paribas SA		11,733,339		(11,733,339	)		—			—
BofA Securities, Inc.		1,477,272		(1,477,272	)		—			—
Citadel Clearing LLC		4,727,033		(4,679,108	)		—			47,925
Citigroup Global Markets, Inc.		1,424,847		(1,424,847	)		—			—
HSBC Bank PLC		1,531,698		(1,531,698	)		—			—
Jefferies LLC		1,499,056		(1,488,752	)		—			10,304
Morgan Stanley		7,309,057		(7,309,057	)		—			—
National Financial Services LLC		61,582		(61,582	)		—			—
Nomura Securities International, Inc.		16,796		(15,202	)		—			1,594
Scotia Capital (USA), Inc.		1,317,968		(1,317,968	)		—			—
State Street Bank & Trust Co.		1,294,367		(1,293,014	)		—			1,353
Toronto-Dominion Bank		3,323,814		(3,323,814	)		—			—
UBS AG		2,813,301		(2,639,397	)		—			173,904

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Notes to Financial Statements (continued)

 

Fund Name/Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net    Amount(b)
Mid-Cap Index (continued)
UBS Securities LLC	$	555,000	$	(555,000	)	$	—		$	—
Wells Fargo Bank N.A.		220,910		(220,798	)		—			112
Wells Fargo Securities LLC		85,676		(85,676	)		—			—
	$	43,408,862	$	(43,106,128	)	$	—		$	302,734
Small/Mid-Cap Index
BNP Paribas SA	$	5,727,849	$	(5,727,849	)	$	—		$	—
BofA Securities, Inc.		2,172,875		(2,172,875	)		—			—
Citadel Clearing LLC		1,274,141		(1,274,141	)		—			—
Citigroup Global Markets, Inc.		1,093,993		(1,093,993	)		—			—
Goldman Sachs & Co. LLC		13,325,912		(13,325,912	)		—			—
HSBC Bank PLC		2,362,227		(2,362,227	)		—			—
J.P. Morgan Securities LLC		8,653,507		(8,653,507	)		—			—
Jefferies LLC		1,275,109		(1,265,513	)		—			9,596
Morgan Stanley		5,502,869		(5,502,869	)		—			—
National Financial Services LLC		3,779,268		(3,779,268	)		—			—
Nomura Securities International, Inc.		82,601		(82,601	)		—			—
Scotia Capital (USA), Inc.		353,166		(353,166	)		—			—
SG Americas Securities LLC		450		(448	)		—			2
State Street Bank & Trust Co.		1,095,568		(1,084,769	)		—			10,799
Toronto-Dominion Bank		1,052,776		(1,045,199	)		—			7,577
UBS AG		808,093		(808,093	)		—			—
UBS Securities LLC		1,081,691		(1,081,691	)		—			—
Virtu Americas LLC		444,248		(444,248	)		—			—
Wells Fargo Bank N.A.		504,116		(504,116	)		—			—
Wells Fargo Securities LLC		302,501		(289,797	)		—			12,704
	$	50,892,960	$	(50,852,282	)	$	—		$	40,678
Total U.S. Stock Market Index
BMO Capital Markets Corp.	$	276,055	$	(252,944	)	$	—		$	23,111
BNP Paribas SA		7,910,794		(7,910,794	)		—			—
BofA Securities, Inc.		5,204,465		(5,204,465	)		—			—
Citadel Clearing LLC		955,504		(955,504	)		—			—
Citigroup Global Markets, Inc.		2,825,216		(2,825,216	)		—			—
Goldman Sachs & Co. LLC		8,165,706		(8,112,053	)		—			53,653
HSBC Bank PLC		6,138,978		(6,138,978	)		—			—
J.P. Morgan Securities LLC		15,746,747		(15,746,747	)		—			—
Jefferies LLC		1,781,587		(1,781,587	)		—			—
Morgan Stanley		5,360,083		(5,360,083	)		—			—
National Financial Services LLC		1,274,353		(1,274,353	)		—			—
RBC Capital Markets LLC		1,375		(1,371	)		—			4
Scotia Capital (USA), Inc.		744,138		(744,138	)		—			—
SG Americas Securities LLC		62,000		(62,000	)		—			—
State Street Bank & Trust Co.		1,179,052		(1,173,198	)		—			5,854
Toronto-Dominion Bank		1,133,900		(1,133,900	)		—			—
UBS AG		978,584		(973,733	)		—			4,851
UBS Securities LLC		2,072,994		(2,072,994	)		—			—
Virtu Americas LLC		23,688		(23,688	)		—			—
Wells Fargo Bank N.A.		897,628		(897,628	)		—			—
Wells Fargo Securities LLC		256,973		(256,973	)		—			—
	$	62,989,820	$	(62,902,347	)	$	—		$	87,473

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of July 31, 2023. 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, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Funds.

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5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

Fund Name	Investment   Advisory Fees
Mid-Cap Index	0.02%
Small/Mid-Cap Index	0.03
Total U.S. Stock Market Index	0.01

With respect to each Fund, the Manager entered into separate sub-advisory agreements with BlackRock Fund Advisors (“BFA”), an affiliate of the Manager. The Manager pays BFA for services it provides for that portion of each Fund for which BFA acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Fund to the Manager.

Service Fees: The Trust, on behalf of each Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”),an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

Share Class	Service Fees
Investor A	0.25%

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing to the Funds. The ongoing service fee compensates BRIL and each broker-dealer for providing shareholder servicing related services to shareholders.

For the year ended July 31, 2023, the following table shows the class specific service fees borne directly by each share class of each Fund:

Fund Name	Investor A
Mid-Cap Index	$ 337,954
Small/Mid-Cap Index	237,757
Total U.S. Stock Market Index	432,669

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds 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 year ended July 31, 2023, the Funds did not pay any amounts to affiliates in return for these services.

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

Notes to Financial Statements (continued)

 

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended July 31, 2023, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

Fund Name	Institutional		Investor A		Class K		Total
Mid-Cap Index	$	1,036	$	10,269	$	5,902	$ 17,207
Small/Mid-Cap Index		428		8,789		3,366	12,583
Total U.S. Stock Market Index		812		13,374		7,583	21,769

For the year ended July 31, 2023, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

Fund Name	Institutional		Investor A		Class K		Total
Mid-Cap Index	$	102,154	$	112,073	$	138,392	$ 352,619
Small/Mid-Cap Index		69,577		74,612		29,633	173,822
Total U.S. Stock Market Index		62,212		136,503		44,541	243,256

Expense Limitations, Waivers, Reimbursements, and Recoupments: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2024. 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 a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended July 31, 2023, the amounts waived were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Mid-Cap Index	$            6,027
Small/Mid-Cap Index	1,526
Total U.S. Stock Market Index	9,441

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2024. 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 a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended July 31, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Mid-Cap Index	$            2,976
Small/Mid-Cap Index	1,571
Total U.S. Stock Market Index	1,886

With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows:

Fund Name	Institutional			Investor A			Class K
Mid-Cap Index		0.12	%		0.37	%	0.07%
Small/Mid-Cap Index		0.12			0.37		0.07
Total U.S. Stock Market Index		0.08			0.33		0.03

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2024, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. For the year ended July 31, 2023, amounts included in the Statements of Operations were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Small/Mid-Cap Index	$           63,323
Total U.S. Stock Market Index	476

In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed by the Manager — class specific in the Statements of Operations. For the year ended July 31, 2023, class specific expense waivers and/or reimbursements were as follows:

	Transfer Agent Fees Waived and/or
	Reimbursed by the Manager - Class Specific
Fund Name	Institutional		Investor A		Class K		Total
Mid-Cap Index	$	—	$	7,773	$	—	$ 7,773

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	Transfer Agent Fees Waived and/or
	Reimbursed by the Manager - Class Specific
Fund Name	Institutional		Investor A		Class K		Total
Small/Mid-Cap Index	$	693	$	24,048	$	21,363	$ 46,104
Total U.S. Stock Market Index		13		34,305		175	34,493

With respect to the contractual expense limitation, if during a Fund’s fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:

(1) each Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and

(2) the Manager or an affiliate continues to serve as a Fund’s investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective August 13, 2022 for Small/Mid-Cap Index and Total U.S. Stock Market Index, the repayment arrangement between each Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under each Fund’s contractual caps on net expenses was terminated.

The following fund level and class specific waivers and/or reimbursements previously recorded by the Funds, which were subject to recoupment by the Manager, expired on August 13, 2022:

Fund Name/Fund Level/Share Class	Expired 08/13/22
Small/Mid-Cap Index
Fund Level	$ 253,330
Institutional	6,515
Investor A	13,439
Class K	24,314
Total U.S. Stock Market Index
Fund Level	41,847
Institutional	2,849
Investor A	13,691
Class K	25,363

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% 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 July 31, 2023, each Fund paid BTC the following amounts for securities lending agent services:

Fund Name	Amounts
Mid-Cap Index	$ 220,061
Small/Mid-Cap Index	177,165
Total U.S. Stock Market Index	171,740

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

Notes to Financial Statements (continued)

 

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

A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the year ended July 31, 2023, the Funds did not participate in the Interfund Lending Program.

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

Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the year ended July 31, 2023, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

Fund Name	Purchases		Sales		Net Realized Gain (Loss)
Mid-Cap Index	$	36,127,072	$	13,774,765	$	(1,858,409	)
Small/Mid-Cap Index		5,481,206		7,503,711		(514,280	)
Total U.S. Stock Market Index		68,079,431		11,002,370		(1,742,948	)

7. PURCHASES AND SALES

For the year ended July 31, 2023, purchases and sales of investments, excluding short-term securities, were as follows:

Fund Name	Purchases	Sales
Mid-Cap Index	$ 317,725,165	$ 394,894,596
Small/Mid-Cap Index	179,274,304	139,580,120
Total U.S. Stock Market Index	584,833,658	528,108,901

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 July 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

The tax character of distributions paid was as follows:

Fund Name	Year Ended 07/31/23	Year Ended 07/31/22
Mid-Cap Index
Ordinary income	$ 25,975,338	$ 35,245,458
Long-term capital gains	29,509,321	41,026,232
	$ 55,484,659	$ 76,271,690
Small/Mid-Cap Index
Ordinary income	$7,719,443	$ 11,539,341
Long-term capital gains	14,184,426	12,459,992
	$ 21,903,869	$ 23,999,333
Total U.S. Stock Market Index
Ordinary income	$ 41,143,583	$ 41,734,895
Long-term capital gains	—	4,943,311
	$ 41,143,583	$ 46,678,206

100 2 0 2 3  B L A C K R O C K  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

 

As of July 31, 2023, the tax components of accumulated earnings (loss) were as follows:

Fund Name	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Non-Expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)		Total
Mid-Cap Index	$	2,970,084	$	24,019,504	$	—		$	487,862,560	$ 514,852,148
Small/Mid-Cap Index		1,271,798		—		(1,216,197	)		73,558,058	73,613,659
Total U.S. Stock Market Index		4,018,393		—		(29,128,464	)		951,302,080	926,192,009

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains(losses) on certain futures contracts, timing and recognition of partnership income, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and characterization of corporate actions.

As of July 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Mid-Cap Index	$	1,275,413,359	$	583,164,106	$	(95,293,525	)	$ 487,870,581
Small/Mid-Cap Index		519,050,639		129,547,122		(55,984,822	)	73,562,300
Total U.S. Stock Market Index		2,041,657,930		1,055,373,772		(104,068,534	)	951,305,238

9. BANK BORROWINGS

The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2024 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended July 31, 2023, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

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

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

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

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

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests.

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

Notes to Financial Statements (continued)

 

The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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 securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Year Ended 07/31/23						Year Ended 07/31/22
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Mid-Cap Index
Institutional
Shares sold		5,437,015		$	67,338,987			10,136,195		$	138,061,649
Shares issued in reinvestment of distributions		533,611			6,661,378			611,922			8,781,145
Shares redeemed		(9,559,981	)		(118,190,344	)		(7,069,017	)		(96,301,703	)
		(3,589,355	)	$	(44,189,979	)		3,679,100		$	50,541,091
Investor A
Shares sold		3,525,620		$	43,627,760			4,020,640		$	57,230,526
Shares issued in reinvestment of distributions		348,553			4,341,264			401,033			5,769,439
Shares redeemed		(2,846,492	)		(35,410,547	)		(3,392,446	)		(47,647,436	)
		1,027,681		$	12,558,477			1,029,227		$	15,352,529

102 2 0 2 3  B L A C K R O C K  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

 

	Year Ended 07/31/23						Year Ended 07/31/22
Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts
Mid-Cap Index (continued)
Class K
Shares sold		29,292,619		$	367,442,572			36,446,587		$	509,941,926
Shares issued in reinvestment of distributions		3,543,373			44,383,778			2,742,767			39,523,235
Shares redeemed		(34,243,119	)		(433,133,535	)		(28,881,798	)		(402,011,819	)
		(1,407,127	)	$	(21,307,185	)		10,307,556		$	147,453,342
		(3,968,801	)	$	(52,938,687	)		15,015,883		$	213,346,962

	Year Ended 07/31/23						Year Ended 07/31/22
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Small/Mid-Cap Index
Institutional
Shares sold		2,551,753		$	35,623,672			4,859,117		$	77,910,823
Shares issued in reinvestment of distributions		481,254			6,628,764			526,516			8,672,226
Shares redeemed		(4,354,894	)		(59,728,695	)		(4,005,051	)		(62,039,986	)
		(1,321,887	)	$	(17,476,259	)		1,380,582		$	24,543,063
Investor A
Shares sold		997,761		$	13,794,288			2,122,107		$	34,182,646
Shares issued in reinvestment of distributions		303,903			4,179,491			291,973			4,807,538
Shares redeemed		(1,534,187	)		(21,188,776	)		(1,365,444	)		(21,610,480	)
		(232,523	)	$	(3,214,997	)		1,048,636		$	17,379,704
Class K
Shares sold		7,537,625		$	105,309,794			4,080,177		$	63,044,676
Shares issued in reinvestment of distributions		799,862			11,029,628			638,113			10,481,664
Shares redeemed		(2,973,532	)		(41,657,789	)		(2,526,480	)		(39,870,999	)
		5,363,955		$	74,681,633			2,191,810		$	33,655,341
		3,809,545		$	53,990,377			4,621,028		$	75,578,108

	Year Ended 07/31/23						Year Ended 07/31/22
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Total U.S. Stock Market Index
Institutional
Shares sold		2,350,832		$	43,042,660			2,411,832		$	48,741,326
Shares issued in reinvestment of distributions		107,187			1,988,623			127,569			2,622,426
Shares redeemed		(4,115,643	)		(77,273,538	)		(2,992,270	)		(61,665,770	)
		(1,657,624	)	$	(32,242,255	)		(452,869	)	$	(10,302,018	)
Investor A
Shares sold		1,935,801		$	36,043,435			2,708,211		$	54,806,911
Shares issued in reinvestment of distributions		119,620			2,233,812			130,982			2,682,514
Shares redeemed		(2,015,209	)		(38,166,720	)		(1,522,527	)		(31,475,398	)
		40,212		$	110,527			1,316,666		$	26,014,027
Class K
Shares sold		27,549,116		$	514,476,382			36,883,545		$	740,647,199
Shares issued in reinvestment of distributions		1,970,437			36,783,003			2,012,631			41,212,633
Shares redeemed		(24,179,097	)		(462,835,384	)		(19,965,405	)		(412,965,779	)
		5,340,456		$	88,424,001			18,930,771		$	368,894,053
		3,723,044		$	56,292,273			19,794,568		$	384,606,062

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.

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

Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of

BlackRock Funds^SM and Shareholders of each of the three 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 (three of the funds constituting BlackRock Funds^SM, hereafter collectively referred to as the “Funds”) as of July 31, 2023, the related statements of operations for the year ended July 31, 2023, the statements of changes in net assets for each of the two years in the period ended July 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2023 (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 as of July 31, 2023, 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 July 31, 2023 and each of the financial highlights for each of the five years in the period ended July 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

iShares Russell Mid-Cap Index Fund

iShares Russell Small/Mid-Cap Index Fund

iShares Total U.S. Stock Market 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 July 31, 2023 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

September 26, 2023

We have served as the auditor of one or more BlackRock investment companies since 2000.

104 2 0 2 3  B L A C K R O C K  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Important Tax Information (unaudited)

 

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2023:

Fund Name	Qualified Dividend Income
Mid-Cap Index	$   21,961,654
Small/Mid-Cap Index	5,437,174
Total U.S. Stock Market Index	39,172,711

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended July 31, 2023:

Fund Name	Qualified Business Income
Mid-Cap Index	$3,346,244
Small/Mid-Cap Index	1,150,245
Total U.S. Stock Market Index	2,137,801

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended July 31, 2023:

Fund Name	20% Rate Long-Term Capital Gain Dividends
Mid-Cap Index	$     29,509,321
Small/Mid-Cap Index	14,184,426

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 July 31, 2023:

Fund Name	Federal Obligation Interest
Mid-Cap Index	$      54,421
Small/Mid-Cap Index	13,472
Total U.S. Stock Market Index	84,874

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 following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended July 31, 2023 qualified for the dividends-received deduction for corporate shareholders:

Fund Name	Dividends-Received Deduction
Mid-Cap Index		82.70	%
Small/Mid-Cap Index		68.23
Total U.S. Stock Market Index		90.31

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 July 31, 2023:

Fund Name	Interest Dividends
Mid-Cap Index	$    325,678
Small/Mid-Cap Index	80,620
Total U.S. Stock Market Index	507,927

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 July 31, 2023:

Fund Name	Interest Related Dividends
Mid-Cap Index	$  325,678
Small/Mid-Cap Index	80,620
Total U.S. Stock Market Index	507,927

I M P O R T A N T  T A X  I N F O R M A T I O N 105

Disclosure of Investment Advisory Agreement and Sub-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 18, 2023 (the “April Meeting”) and May 23-24, 2023 (the “May Meeting”) to consider the approval to continue the investment advisory agreement (the “Advisory Agreement”) between the Trust, on behalf of iShares Russell Mid-Cap Index Fund (“Mid-Cap Index Fund”), iShares Russell Small/Mid-Cap Index Fund (“Small/Mid-Cap Index Fund”) and iShares Total U.S. Stock Market Index Fund (“Total U.S. Stock Market Index Fund” and, together with Mid-Cap Index Fund and Small/Mid-Cap Index Fund, the “Funds”), and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board also considered the approval to continue the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Manager and BlackRock Fund Advisors (the “Sub-Advisor”) with respect to each Fund. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the “Agreements.”

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 Agreements 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, each of which extended over a two-day period, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional one-day meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. 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 Agreements, including the services and support provided by BlackRock to the 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, an applicable benchmark, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of 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 the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock’s and the 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 available; (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) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of the 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 the 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 Agreements. The Independent Board Members are 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 Agreements 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 the Funds’ operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements 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.

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 Members evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide

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more 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 benchmark, 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 the Fund’s performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to 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 the Funds 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 considered the operation of BlackRock’s business continuity plans.

B. The Investment Performance of the Funds and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of the Fund’s performance as of December 31, 2022, 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 the Fund as compared to its Performance Peers and the performance of the 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.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also 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, Mid-Cap Index Fund’s net performance was above the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund’s above tolerance performance relative to its benchmark over the period.

The Board noted that for the one-year period reported, Small/Mid-Cap Index Fund’s net performance was within the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board.

The Board noted that for the one-year period reported, Total U.S. Stock Market Index Fund’s net performance was above the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund’s above tolerance performance relative to its benchmark over the period.

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

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement  (continued)

 

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 the 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 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 received and reviewed statements relating to BlackRock’s financial condition. 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, 2022 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 that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. 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 technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to 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 each of Mid-Cap Index Fund’s, Small/Mid-Cap Index Fund’s and Total U.S. Stock Market Index Fund’s contractual management fee rate ranked in the first 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 and the Board have contractually agreed to a cap one each Fund’s total expenses as a percentage of the pertinent Fund’s average daily net assets on a class-by-class basis.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Funds increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and contractual expense caps had been approved by the Board. In its consideration, the Board further considered the continuation and/or implementation of fee waivers and/or expense caps, as applicable. The Board also considered the extent to which the Funds benefit from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Funds to more fully participate in these economies of scale. 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 Agreements, 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 open-end 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 Advisory Agreement between the Manager and the Trust, on behalf of each Fund, for a one-year term ending June 30, 2024, and the Sub-Advisory Agreement between the Manager and the Sub-Advisor with respect to each Fund, for a one-year term ending June 30, 2024. 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 Agreements were fair and reasonable and, in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

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Trustee and Officer Information

 

Independent Trustees(a)
Name Year of Birth(b)	Position(s) Held (Length of Service)(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years
Mark Stalnecker 1951	Chair of the Board (Since 2019) and Trustee (Since 2015)	Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014.	28 RICs consisting of 169 Portfolios	None
Susan J. Carter 1956	Trustee (Since 2016)	Trustee, Financial Accounting Foundation from 2017 to 2021; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021; Director, Pacific Pension Institute from 2014 to 2018; Senior Advisor, Commonfund Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof from 2018 to 2022; Advisory Board Member, Bridges Fund Management since 2016; Practitioner Advisory Board Member, Private Capital Research Institute (“PCRI”) since 2017; Lecturer in the Practice of Management, Yale School of Management since 2019; Advisor to Finance Committee, Altman Foundation since 2020; Investment Committee Member, Tostan since 2021; Member of the President’s Counsel, Commonfund since 2023.	28 RICs consisting of 169 Portfolios	None
Collette Chilton 1958	Trustee (Since 2015)	Chief Investment Officer, Williams College from 2006 to 2023; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006; Director, Boys and Girls Club of Boston since 2017; Director, B1 Capital since 2018; Director, David and Lucile Packard Foundation since 2020.	28 RICs consisting of 169 Portfolios	None
Neil A. Cotty 1954	Trustee (Since 2016)	Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002.	28 RICs consisting of 169 Portfolios	None
Lena G. Goldberg 1949	Trustee (Since 2019)	Director, Pioneer Legal Institute since 2023; Director, Charles Stark Draper Laboratory, Inc. from 2013 to 2021; Senior Lecturer, Harvard Business School from 2008 to 2021; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President - Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985.	28 RICs consisting of 169 Portfolios	None

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Trustee and Officer Information (continued)

 

Independent Trustees(a) (continued)
Name Year of Birth(b)	Position(s) Held (Length of Service)(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years
Henry R. Keizer 1956	Trustee (Since 2019)	Director, Park Indemnity Ltd. (captive insurer) from 2010 to 2022.	28 RICs consisting of 169 Portfolios	GrafTech International Ltd. (materials manufacturing); Sealed Air Corp. (packaging); WABCO (commercial vehicle safety systems) from 2015 to 2020; Hertz Global Holdings (car rental) from 2015 to 2021
Cynthia A. Montgomery 1952	Trustee (Since 2007)	Professor, Harvard Business School since 1989.	28 RICs consisting of 169 Portfolios	None
Donald C. Opatrny 1952	Trustee (Since 2019)	Chair of the Board of Phoenix Art Museum since 2022 and Trustee thereof since 2018; Chair of the Investment Committee of The Arizona Community Foundation since 2022 and Trustee thereof since 2020; Director, Athena Capital Advisors LLC (investment management firm) from 2013 to 2020; Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University from 2004 to 2019; President and Trustee, the Center for the Arts, Jackson Hole from 2011 to 2018; Member of the Board and Investment Committee, University School from 2007 to 2018; Member of Affordable Housing Supply Board of Jackson, Wyoming since 2017; Member, Investment Funds Committee, State of Wyoming since 2017; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014.	28 RICs consisting of 169 Portfolios	None
Kenneth L. Urish 1951	Trustee (Since 2007)	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past- Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since 2001, Emeritus since 2022; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007; Member, Advisory Board, ESG Competent Boards since 2020.	28 RICs consisting of 169 Portfolios	None

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Trustee and Officer Information (continued)

 

Independent Trustees(a) (continued)
Name Year of Birth(b)	Position(s) Held (Length of Service)(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years
Claire A. Walton 1957	Trustee (Since 2016)	Advisory Board Member, Grossman School of Business at the University of Vermont since 2023; Advisory Board Member, Scientific Financial Systems since 2022; General Partner of Neon Liberty Capital Management, LLC since 2003; Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Massachusetts Council on Economic Education from 2013 to 2015; Director, Woodstock Ski Runners from 2013 to 2022.	28 RICs consisting of 169 Portfolios	None
Interested Trustees(a)(d)
Name Year of Birth(b)	Position(s) Held (Length of Service)(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years
Robert Fairbairn 1965	Trustee (Since 2018)	Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016.	98 RICs consisting of 273 Portfolios	None
John M. Perlowski(e) 1964	Trustee (Since 2015) President and Chief Executive Officer (Since 2010)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.	100 RICs consisting of 275 Portfolios	None

^(a)  The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

^(b)  Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate.

^(c)  Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Furthermore, effective January 1, 2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent Trustee joined the Board, certain Independent Trustees first became members of the boards of other BlackRock-advised Funds, legacy MLIM funds or legacy BlackRock funds as follows: Cynthia A. Montgomery, 1994; Kenneth L. Urish, 1999; Lena G. Goldberg, 2016; Henry R. Keizer, 2016; Donald C. Opatrny, 2015.

^(d)  Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex.

^(e)  Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.

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Trustee and Officer Information (continued)

 

Officers Who Are Not Trustees(a)
Name Year of Birth(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past 5 Years
Roland Villacorta 1971	Vice President (Since 2022)	Managing Director of BlackRock, Inc. since 2022; Head of Global Cash Management and Head of Securities Lending within BlackRock’s Portfolio Management Group since 2022; Member of BlackRock’s Global Operating Committee since 2022; Head of Portfolio Management in BlackRock’s Financial Markets Advisory Group within BlackRock Solutions from 2008 to 2015; Co-Head of BlackRock Solutions’ Portfolio Analytics Group; previously Mr. Villacorta was Co-Head of Fixed Income within BlackRock’s Risk & Quantitative Analysis Group.
Jennifer McGovern 1977	Vice President (Since 2014)	Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Americas Product Development and Governance for BlackRock’s Global Product Group since 2019; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group from 2013 to 2019.
Trent Walker 1974	Chief Financial Officer (Since 2021)	Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Jay M. Fife 1970	Treasurer (Since 2009)	Managing Director of BlackRock, Inc. since 2007.
Aaron Wasserman 1974	Chief Compliance Officer (Since 2023)	Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the iShares Complex from 2014 to 2023.
Lisa Belle 1968	Anti-Money Laundering Compliance Officer (Since 2019)	Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019; Managing Director of RBS Securities from 2012 to 2013; Head of Financial Crimes for Barclays Wealth Americas from 2010 to 2012.
Janey Ahn 1975	Secretary (Since 2019)	Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.

^(a)  The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

^(b)  Officers of the Trust serve at the pleasure of the Board.

Further information about the Trust’s Trustees and Officers is available in the Trust’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Effective December 31, 2022, Joseph P. Platt retired as a Trustee of the Trust.

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer of the Trust.

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Additional Information

 

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

General Information

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies, Procedures and Voting Records

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

BlackRock’s Mutual Fund Family

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.

Shareholder Privileges

Account Information

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

BlackRock Privacy Principles

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

A D D I T I O N A L  I N F O R M A T I O N 113

Additional Information  (continued)

 

BlackRock Privacy Principles (continued)

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

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

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

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

Fund and Service Providers

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

114 2 0 2 3  B L A C K R O C K  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Glossary of Terms Used in this Report

 

Portfolio Abbreviation

CPI	Consumer Price Index
ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
RB	Revenue Bond
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

G L O S S A R Y  O F  T E R M S  U S E D  I N  T H I S  R E P O R T 115

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.

INDEX5-07/23-AR

(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 directors”), 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

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 directors 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 directors.

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		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees
Entity Name	Current  Fiscal Year End	Previous  Fiscal Year End	Current  Fiscal Year End	Previous  Fiscal Year End	Current  Fiscal Year End	Previous  Fiscal Year End	Current  Fiscal Year End	Previous  Fiscal Year End
iShares Russell Mid-Cap Index Fund	$23,129	$22,000	$0	$0	$0	$0	$0	$0
iShares Russell Small/Mid-Cap Index Fund	$23,129	$22,000	$0	$0	$0	$0	$0	$0
iShares Total U.S. Stock Market Index Fund	$23,129	$22,000	$0	$0	$0	$0	$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 Advisors, LLC ( 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

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overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$0	$0

¹ 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.

² 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.

³ 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 SEC’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.

(f) Not Applicable

(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:

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Entity Name	Current Fiscal Year  End	Previous Fiscal  Year End
iShares Russell Mid-Cap Index Fund	$0	$0
iShares Russell Small/Mid-Cap Index Fund	$0	$0
iShares Total U.S. Stock Market Index Fund	$0	$0

(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.

(i) – Not Applicable

(j) – Not Applicable

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

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

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

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

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

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

Item 11 – Controls and Procedures

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

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

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affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Item 13 – Exhibits attached hereto

(a)(2) Section 302 Certifications are attached

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

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

(b) Section 906 Certifications are attached

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

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

Date: September 26, 2023

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

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

Date: September 26, 2023

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

Date: September 26, 2023

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