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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-05742

Name of Fund: BlackRock Funds

BlackRock Advantage Emerging Markets Fund

BlackRock Global Long/Short Equity Fund

iShares Edge MSCI Min Vol EAFE Index Fund

iShares Edge MSCI Min Vol USA Index Fund

iShares Edge MSCI Multifactor Intl Index Fund

iShares Edge MSCI Multifactor USA Index Fund

iShares MSCI Developed World Index Fund

iShares RussellMid-Cap Index Fund

iShares RussellSmall/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, 55 East 52^nd

            Street, New York, NY 10055

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

Date of fiscal year end: 07/31/2019

Date of reporting period: 01/31/2019

Item 1 – Report to Stockholders

JANUARY 31, 2019

SEMI-ANNUAL REPORT (UNAUDITED)

BlackRock Funds^SM

^Ø  BlackRock Advantage Emerging Markets Fund

^Ø  BlackRock Global Long/Short Equity Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call (800)441-7762 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by: (i) accessing the BlackRock website at www.blackrock.com/edelivery and logging into your accounts, if you hold accounts directly with BlackRock, or (ii) contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended January 31, 2019, concerns about a variety of political risks and a modest slowdown in global growth worked against the equity market, while the bond market delivered modest positive returns. Though the market’s appetite for risk remained healthy for most of the reporting period, risk-taking declined sharply later in the reporting period. As a result, bonds held their value better than stocks, which posted negative returns across the globe. Shorter-term, higher-quality securities led the bond market, and U.S. equities outperformed most international stock markets.

Volatility rose in emerging market stocks, as the rising U.S. dollar and higher interest rates in the U.S. disrupted economic growth abroad. U.S.-China trade relations and debt concerns adversely affected the Chinese stock market, while Turkey and Argentina became embroiled in currency crises, largely due to hyperinflation in both countries. An economic slowdown in Europe also led to negative performance for European equities.

Volatility in the U.S. equity market spiked in October, as a wide range of risks were brought to bear on markets, ranging from rising interest rates and slowing global growth to heightened trade tensions and political turmoil in several countries, including the United States. These risks manifested in a broad basedsell-off in December, leading to the worst December performance on record since 1931.

By comparison, fixed income securities delivered modest positive returns with relatively low volatility. In fixed income markets, short-term U.S. Treasury interest rates rose the fastest, while longer-term rates were relatively unchanged. This led to positive returns for U.S. Treasuries and a substantial flattening of the yield curve. Although the credit fundamentals in corporate markets remained relatively solid, investment-grade and high-yield bonds trailed U.S. Treasuries.

The U.S. Federal Reserve (the “Fed”) increased short-term interest rates four times during the reporting period. The Fed also continued to reduce its balance sheet, gradually reversing the unprecedented stimulus measures it enacted after the financial crisis. By our estimation, the Fed’s neutral interest rate (the theoretical rate that is neither stimulative nor restrictive to the economy) is approximately 3.5%. The Fed funds rate is currently at 2.5%, which is stimulative to the economy. At its latest meeting in late January, the Fed left interest rates unchanged and signaled a slower pace of rate hikes in response to the global economic slowdown. Relatively low inflation gives the Fed room to maintain support for the economy until the economic data builds the case for changing interest rates.

Although fears of recession drove equity volatility higher at the end of 2018, we continue to believe the probability of recession in 2019 remains relatively low. Economic growth and global earnings are likely to slow somewhat in 2019 — the tax cut stimulus will be less pronounced, and the Fed’s rate hikes in 2018 will gain traction in 2019. Trade frictions look more baked into asset prices than a year ago, but markets may be overlooking European political risks. Consequently, we are cautious on European equities, as European unity remains tenuous with a history offlare-ups. We continue to prefer to take risk in U.S. and emerging market equities. Within U.S. equities, we believe that companies with high-quality earnings and strong balance sheets offer the most attractive risk/rewardtrade-off. We also favor short-term bonds over long-term bonds because they offer nearly equivalent yields with far lower volatility.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visitblackrock.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 January 31, 2019
	6-month	12-month
U.S. large cap equities (S&P 500® Index)	(3.00)%	(2.31)%
U.S. small cap equities (Russell 2000® Index)	(9.62)	(3.52)
International equities (MSCI Europe, Australasia, Far East Index)	(7.80)	(12.51)
Emerging market equities (MSCI Emerging Markets Index)	(2.60)	(14.24)
3-month Treasury bills (ICE BofAML3-Month U.S. Treasury Bill Index)	1.10	1.95
U.S. Treasury securities (ICE BofAML10-Year U.S. Treasury Index)	4.20	3.21
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	2.71	2.25
Tax-exempt municipal bonds (S&P Municipal Bond Index)	1.86	3.08
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	1.07	1.73
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS PAGEISNOT PARTOF YOUR FUND REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summaries		4
About Fund Performance		8
Disclosure of Expenses		8
Derivative Financial Instruments		9
Portfolio Information		9
Financial Statements:
Schedules of Investments		10
Statements of Assets and Liabilities		49
Statements of Operations		51
Statements of Changes in Net Assets		52
Financial Highlights		54
Notes to Financial Statements		62
Trustee and Officer Information		75
Additional Information		76
Glossary of Terms Used in This Report		77

3

Fund Summary  as of January 31, 2019 BlackRock Advantage Emerging Markets Fund

Investment Objective

BlackRock Advantage Emerging Markets Fund’s (the “Fund”) investment objective is to seek long-term capital appreciation.

Portfolio Management Commentary

How did the Fund perform?

During thesix-month period ending January 31, 2019, the Fund outperformed its benchmark, the MSCI Emerging Markets Index.

What factors influenced performance?

As part of its investment strategy, the Fund uses derivatives, including total return swaps, to achieve exposures. Through its use of total return swaps, the Fund’s performance is attributable tobottom-up security selection andtop-down country and industry positioning.

Broadly, emerging markets struggled as a combination of geopolitical and idiosyncratic risks weighed heavily on the asset class. The Fund was able to deliver positive relative performance for the period driven by both sentiment and fundamental stock selection insights. In a challenging environment, the ability to capture sentiment and trends across market participants through differentiated insights added to performance. Among contributors was a machine-learned insight that captures sentiment from key corporate events, such as earnings and guidance changes. Additionally, text-based analyses of company executive conference calls that identify trends across long-term fundamentals performed well across Brazilian financials and Chinese communications services stocks. The focus on fundamentals evolved alongside rising volatility as investor preference shifted toward defensive characteristics while emerging markets came under pressure. This broadly benefited both fundamental quality and valuation-based insights. Traditional quality measures, such as balance sheet strength and cash flow generation, were rewarded in India and Taiwan, as was an insight that prefers lower risk securities more broadly. Toward period end, as the selloff expanded to developed markets, emerging market performance benefited as investors sought pockets of value. This corresponded with outperformance by valuation measures, such as comparing stocks across top line sales and earnings, with particular strength across Asian markets. Elsewhere, an industry timing macro model correctly positioned the portfolio for the evolving slowing growth narrative that played out globally. Specifically, the insight motivated underweight positions across technology companies in Taiwan and South Korea alongside an overweight to energy stocks in Russia.

The macro thematic country-timing model detracted from performance as idiosyncratic risks impacted emerging markets during the period. Notably, country insights motivated an overweight to stocks in Turkey, which was primarily realized across financial companies. This positioning ran against market dynamics as the Turkish lira sold off sharply during the period, with particular weakness in August. Given their sensitivity to the country’s currency, the Fund’s holdings of bank stocks within Turkey felt most of the impact. Turkey’s central bank eventually stepped in to support the lira by raising rates in September, which enabled the market to stabilize. Given currency volatility, an insight that looks across exchange rates to gauge export strength struggled. Finally, a regional model that evaluates locally domiciled China securities detracted as trade concerns weighed on that market. The negative sentiment toward China was not isolated to the local A share market, as stocks listed in Hong Kong equally came under pressure. As such, overweight positions ine-commerce company Alibaba and social networking company Sina Corp. detracted from performance as investors looked to reduce China exposure. This dynamic eased late in the period as the United States and China appeared more willing to settle their trade dispute.

The Fund was fully invested throughout the period. The investment adviser targets roughly 5% cash, which is hedged by MSCI Emerging Markets Index futures to manage client flows. The Fund’s cash exposure had no material impact on Fund performance

Describe recent portfolio activity.

Over the course of the period, the Fund maintained a balanced allocation of risk across all major return drivers. At a more granular level, a number of new signals were added within our stock selection model. Notably, given the inclusion of China A share securities in the broader MSCI Emerging Market Index, the Fund incorporated a new regional stock selection model that specifically evaluates locally domiciled Chinese stocks.

Describe portfolio positioning at period end.

Relative to the benchmark, the Fund ended the period with overweight positions in Poland and Hungary with a focus on financials in both countries. This positioning was motivated by a combination of attractive fundamentals and increased export competitiveness. Additionally, the Fund retained a preference for Russia, predominantly energy and communications stocks, driven by attractive relative valuations. These positions were funded through underweights to China and South Korea, most notably across financial and health care stocks.

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 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of January 31, 2019 (continued) BlackRock Advantage Emerging Markets Fund

Performance Summary for the Period Ended January 31, 2019

				Average Annual Total Returns (a)(b)
				1 Year						5 Years						Since Inception (c)
	6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		(1.98	)%		(13.86	)%		N/A			0.39	%		N/A			0.82	%		N/A
Investor A		(2.11	)		(14.13	)		(18.64	)%		0.14			(0.94	)%		0.57			(0.17	)%
Investor C		(2.51	)		(14.69	)		(15.54	)		(0.61	)		(0.61	)		(0.19	)		(0.19	)
Class K		(1.98	)		(13.86	)		N/A			0.39			N/A			0.82			N/A
MSCI Emerging Markets Index		(2.60	)		(14.24	)		N/A			4.77			N/A			5.17			N/A

^(a)  Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 8 for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

^(b)  Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in equity securities issued by, or tied economically to, companies in emerging markets and derivatives that have similar economic characteristics to such securities. The Fund’s total returns prior to June 12, 2017 are the returns of the Fund when it followed different investment strategies under the name BlackRock Emerging Markets Long/Short Equity Fund.

^(c)  The Fund commenced operations on October 6, 2011.

N/A — Not applicable as share class and index do not have a sales charge.

Past performance is not indicative 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 (e)
	Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (d)		Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (d)		Annualized Expense Ratio
Institutional	$	1,000.00	$	980.20	$	4.69	$	1,000.00	$	1,020.47	$	4.79		0.94	%
Investor A		1,000.00		978.90		5.99		1,000.00		1,019.16		6.11		1.19
Investor C		1,000.00		974.90		9.66		1,000.00		1,015.43		9.86		1.94
Class K		1,000.00		980.20		4.44		1,000.00		1,020.72		4.53		0.89

^(d)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

^(e)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 8 for further information on how expenses were calculated.

FUND SUMMARY 5

Fund Summary  as of January 31, 2019 BlackRock Global Long/Short Equity Fund

Investment Objective

BlackRock Global Long/Short Equity Fund’s (the “Fund”) investment objective is to seek total return over the long term.

Portfolio Management Commentary

How did the Fund perform?

For thesix-month period ended January 31, 2019, the Fund outperformed its benchmark, the ICE BofAML3-Month U.S. Treasury Bill Index.

What factors influenced performance?

As part of its investment strategy, the Fund uses derivatives, including total return swaps and futures, to achieve exposure to a market or to manage market and/or equity risks. Through its use of derivatives, the Fund’s performance is attributable to stock selection and beta timing based on security analysis coupled with a long-short approach to controlling the Fund’s exposure to trends in global equity markets.

The Fund’s outperformance was driven by strong returns across the stock selection model with both sentiment and fundamental insights performing well. Sentiment measures focused on management delivered strong gains that were only partially offset by weaker results from insights that capture sentiment across the informed investor community. Specifically, text analyses of company executive conference calls were a strong source of return, with signals able to both capture short-term sentiment and provide a lens into longer-term trends in company fundamentals. An insight that measures employee sentiment and views on management was also a leading contributor. Quality measures focused on sustainability provided a strong ballast to performance as traditional quality insights, such as dividend growth policy, struggled during the fourth quarter amid concerns around future earnings.

Elsewhere within fundamental stock selection, contrarian insights delivered positive performance overall. However, this was realized mostly in January as a sharp reversal in markets had investors seeking pockets of value. Finally, a market timing model delivered strong returns in the fourth quarter of 2018 as it drove a net short position amid the sharpsell-off in global equities. The net short position was motivated by a combination of higher bond yields and equities touchingall-time highs, which started to weigh on the relative attractiveness of equities versus other risk assets. This initially presented a headwind to performance but provided strong gains in December amid the market retreat. A slowdown of economic momentum continues to support the net short going forward.

Macro thematic insights were the principal detractors from performance during the period, primarily due to the resulting country positioning. Specifically, country timing models maintained a preference for European equities over their U.S. counterparts. This was driven by more accommodative European Union policies combined with a currency tailwind for the region’s export economy. However, U.S. equities strongly outperformed European stocks over the period as strong economic data was reflected in investor preference for the region. This positioning recovered some of its losses in December as European markets outperformed during the broader decline in risk assets. Additionally, the fourth quarter of 2018 saw significantde-risking by the active management community, which appeared to be driven by a shift in focus from current earnings toward forward guidance on the view that earnings had peaked. The result was a retreat in risk assets as there appeared to be more alignment between earnings momentum and broad market sentiment. Unsurprisingly, during this period sentiment insights, specifically those that look to capture trends across the sell-side analyst community, detracted as the stocks selected were poorly positioned for the market rotation. Encouragingly, the Fund’s sensitivity to this exposure was minimized as a recently added style timing model reduced exposure to these signals, allowing the Fund to miss the majority of the drawdown. Notably, these insights recovered in January amid the market rebound.

The Fund was fully invested throughout the period. The Fund’s cash exposure had no material impact on performance, as cash was principally held in conjunction with the Fund taking long and short positions via the use of derivatives.

Describe recent portfolio activity.

Over the course of the period, the portfolio maintained a balanced allocation of risk across all major return drivers. At a more granular level a number of new signals were added within the stock selection group of insights. This included a new insight which expands upon earlier research for machine learned signal combination. The new signal uses the full library of the investment advisor’s researched insights and through machine learning, creates bespoke portfolios of those insights at a security level for stock selection. Elsewhere, there was inclusion of fundamental stock selection insights that seek to identify sustainability measures across companies. These included capturing green-house gas emissions as a business cost and an insight that identifies diversity in corporate management.

Describe portfolio positioning at period end.

Market timing models reflected a negative stance toward equity markets through a net short exposure at period end, suggesting that many of the macro headwinds from 2018 remain intact. This defensive posture was also supported by a similar tone across style timing and industry selection models. Both continued to point toward a need to position for late cycle dynamics and underpin long positions in dividend yield, consumer staples and communications compared to short positions in volatility, leverage and consumer discretionary. Elsewhere, exposures to risky price momentum and short interest factors remained tightly controlled following recent increased volatility along those characteristics. Importantly, industry positioning remained a relatively small contributor to overall portfolio risk despite reflecting a defensive stance. At the country level, the Fund retained a contrarian net long position in Europe with a focus on exporting companies with exposure to the outperforming U.S. economy, funded by short exposure to the United States and Canada.

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.

6 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of January 31, 2019 (continued) BlackRock Global Long/Short Equity Fund

Performance Summary for the Period Ended January 31, 2019

				Average Annual Total Returns (a)(b)
				1 Year						5 Years						Since Inception (c)
	6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		3.68	%		4.11	%		N/A			1.56	%		N/A			4.42	%		N/A
Investor A		3.54			3.88			(1.57	)%		1.29			0.20	%		4.14			3.23	%
Investor C		3.15			3.06			2.06			0.54			0.54			3.38			3.38
Class K		3.70			4.21			N/A			1.59			N/A			4.45			N/A
ICE BofAML 3-Month U.S. Treasury Bill Index		1.10			1.95			N/A			0.67			N/A			0.56			N/A

^(a)  Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 8 for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

^(b)  Under normal conditions, the Fund invests at least 80% of its total assets in equity instruments and related derivative instruments issued by, or tied economically to, companies located in developed markets.

^(c)  The Fund commenced operations on December 20, 2012.

N/A — Not applicable as share class and index do not have a sales charge.

Past performance is not indicative 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 (e)
	Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (d)		Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (d)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,036.80	$	8.42	$	1,000.00	$	1,016.94	$	8.34		1.64	%
Investor A		1,000.00		1,035.40		9.70		1,000.00		1,015.68		9.60		1.89
Investor C		1,000.00		1,031.50		13.52		1,000.00		1,011.90		13.39		2.64
Class K		1,000.00		1,037.00		8.16		1,000.00		1,017.19		8.08		1.59

^(d)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

^(e)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 8 for further information on how expenses were calculated.

FUND SUMMARY 7

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. Class K Share performance of BlackRock Global Long/Short Equity Fund shown prior to the Class K Shares March 28, 2016 inception date is that of Institutional Shares. Class K Share performance of BlackRock Advantage Emerging Markets Fund shown prior to the Class K Shares January 25, 2018 inception date is that of Institutional Shares. The performance of each Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

Investor A Shares are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.

Investor C Shares are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. Effective November 8, 2018, the Funds adopted an automatic conversion feature whereby Investor C Shares held for approximately ten years will be automatically converted into Investor A Shares and, thereafter, investors will be subject to lower ongoing fees.

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer towww.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 tables on the previous pages assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend dates. 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 agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver and/or reimbursement, each Fund’s performance would have been lower. The Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See Note 6 of 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, such as sales charges; and (b) operating expenses, including investment advisory fees, administration fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown on the previous pages (which are based on a hypothetical investment of $1,000 invested on August 1, 2018 and held through January 31, 2019) 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. 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.

8 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

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. 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.

Portfolio Information  as of January 31, 2019

BlackRock Advantage Emerging Markets Fund

GEOGRAPHIC ALLOCATION

Country	Percent of Net Assets
China		26	%
South Korea		11
Taiwan		11
India		9
Brazil		8
South Africa		5
Russia		4
Mexico		4
Poland		3
Hong Kong		2
Thailand		2
United Kingdom		2
Indonesia		1
Hungary		1
Turkey		1
Malaysia		1
Philippines		1
Czech Republic		1
Other(a)		1
Liabilities in Excess of Other Assets		—
Short-Term Securities		6

^(a)  Other includes a 1% or less investment in each of the following countries: Chile, Greece, Netherlands, Peru, Switzerland, United Arab Emirates and United States.

BlackRock Global Long/Short Equity Fund

GEOGRAPHIC ALLOCATION

	Percent of Total Investments (b)
Country	Long			Short			Total
United States		30	%		26	%		56	%
Japan		5			5			10
United Kingdom		4			4			8
France		2			2			4
Canada		1			2			3
Switzerland		1			2			3
Australia		2			1			3
Germany		1			1			2
Denmark		1			1			2
Italy		1			—			1
Netherlands		1			—			1
Sweden		—			1			1
Belgium		1			—			1
Spain		1			—			1
Norway		1			—			1
Singapore		—			1			1
Luxembourg		—			1			1
Other(c)		1			—			1
		53	%		47	%		100	%

^(b)  Total investments include the gross notional values of long and short equity securities of the underlying derivative contracts utilized by the Fund and exclude short-term securities.

^(c)  Includes holdings within countries representing 1% or less of long-term investments. Please refer to the Schedules of Investments for such countries.

DERIVATIVE FINANCIAL INSTRUMENTS / PORTFOLIO INFORMATION 9

Schedule of Investments  (unaudited) January 31, 2019 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks— 94.5%
Brazil— 7.6%
AMBEV SA		205,300	$	985,634
AMBEV SA, ADR		81,119		390,182
Banco Bradesco SA — ADR		21,900		271,998
Banco Bradesco SA, Preference Shares		81,000		1,005,171
Banco Santander Brasil SA		8,900		117,302
Braskem SA, Preference A Shares		7,350		105,317
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Preference Shares		11,625		310,068
Estacio Participacoes SA		18,300		156,046
Gerdau SA, Preference Shares		26,200		112,423
Hypera SA		68,420		597,493
Iochpe-Maxion SA		38,998		238,979
Itau Unibanco Holding SA, Preference Shares		179,750		1,911,248
JBS SA		27,335		113,096
Lojas Renner SA		9,284		115,821
Oi SA(a)		79,300		28,266
Randon Participacoes SA		50,813		139,321
Sul America SA		10,800		95,054
Tim Participacoes SA		22,080		75,069
Tim Participacoes SA, — ADR		11,381		192,794
Vale SA		11,350		141,595
WEG SA		56,200		290,307
				7,393,184
Chile— 0.1%
Banco de Chile		523,389		83,033
China— 26.3%
Agricultural Bank of China Ltd., Class A		87		48
Alibaba Group Holding Ltd. — ADR(a)(b)		20,923		3,525,316
Anhui Conch Cement Co. Ltd., Class A		18,200		88,620
Anhui Conch Cement Co. Ltd., Class H		58,000		316,293
BAIC Motor Corp. Ltd., Class H(c)		154,000		100,496
Baidu, Inc. — ADR(a)		2,908		502,008
Bank of China Ltd., Class H		1,325,000		616,048
Bank of Communications Co. Ltd., Class A		193,691		181,239
Bank of Shanghai Co. Ltd., Class A		38,853		66,950
China Communications Construction Co. Ltd., Class H		190,000		190,652
China Communications Services Corp. Ltd., Class H		296,000		277,890
China Construction Bank Corp., Class H		1,616,000		1,455,695
China Everbright Bank Co. Ltd., Class A		454,300		278,116
China Life Insurance Co. Ltd., Class H		148,000		367,516
China Mengniu Dairy Co. Ltd.(a)		72,000		223,010
China Merchants Bank Co. Ltd., Class H		38,000		167,533
China Mobile Ltd.		189,500		1,993,035
China Pacific Insurance Group Co. Ltd., Class H		118,200		416,232
China Petroleum & Chemical Corp., Class A		125,100		107,165
China Petroleum & Chemical Corp. — ADR		2,354		196,441
China Petroleum & Chemical Corp., Class H		1,772,000		1,481,736
China Railway Group Ltd., Class H		653,000		611,531
China Vanke Co. Ltd., Class H		117,500		476,473
CNOOC Ltd.		213,000		356,012
Ctrip.com International Ltd. — ADR(a)		1,720		57,276
Daqin Railway Co. Ltd., Class A		46,400		59,296
Gree Electric Appliances, Inc. of Zhuhai, Class A(a)		10,200		63,727
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		10,000		38,676
Industrial & Commercial Bank of China Ltd., Class H		463,000		359,688
Industrial Bank Co. Ltd., Class A		68,591		168,593
JD.com, Inc. — ADR(a)(b)		10,648		264,603
Jiangxi Copper Co. Ltd., Class H		156,000		198,328
Lenovo Group Ltd.		782,000		570,900
Lonking Holdings Ltd.		610,000		206,156

Security	Shares		Value
China (continued)
Metallurgical Corp. of China Ltd., Class H		524,000	$	143,706
New Oriental Education & Technology Group, Inc. — ADR(a)		2,052		158,086
PetroChina Co. Ltd., ADR		5,244		337,032
PetroChina Co. Ltd., Class H		714,000		460,826
Ping An Insurance Group Co. of China Ltd., Class H		125,000		1,216,945
RiseSun Real Estate Development Co. Ltd., Class A		62,409		85,953
Sany Heavy Industry Co. Ltd., Class A		25,396		34,727
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		34,099		82,099
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		23,700		50,574
SINA Corp.(a)		5,405		331,975
Sinopec Engineering Group Co. Ltd., Class H		65,000		63,893
Sinopec Shanghai Petrochemical Co. Ltd., Class A		204,445		157,571
Sinopec Shanghai Petrochemical Co. Ltd., Class H		544,000		258,476
Sinopharm Group Co. Ltd., Class H		50,000		223,454
Sinotrans Ltd., Class H		240,000		110,496
Sohu.com Ltd., ADR(a)(b)		4,854		100,478
Tencent Holdings Ltd.		99,600		4,433,652
Tianneng Power International Ltd.		194,000		181,077
Tingyi Cayman Islands Holding Corp.		116,000		161,547
Uni-President China Holdings Ltd.		80,000		71,226
Vipshop Holdings Ltd. — ADR(a)		3,716		28,576
Weichai Power Co. Ltd., Class H		504,000		680,217
Yonyou Network Technology Co. Ltd., Class A		92		333
YY, Inc. — ADR(a)		932		64,709
Zijin Mining Group Co. Ltd., Class H		528,000		198,154
				25,619,080
Czech Republic— 0.5%
CEZ AS		19,959		503,833
Greece— 0.1%
Hellenic Telecommunications Organization SA		4,341		54,366
Hong Kong— 2.4%
Beijing Enterprises Holdings Ltd.		13,000		73,901
China Everbright Ltd.		88,000		166,063
China Overseas Land & Investment Ltd.		32,000		120,708
China Resources Land Ltd.		108,000		421,391
China Taiping Insurance Holdings Co. Ltd.		111,800		308,627
CSPC Pharmaceutical Group Ltd.		92,000		158,718
Geely Automobile Holdings Ltd.		19,000		32,327
Haier Electronics Group Co. Ltd.(a)(b)		124,000		356,230
Kingboard Laminates Holdings Ltd.		44,000		45,540
KWG Property Holding Ltd.(a)		96,500		95,530
Nine Dragons Paper Holdings Ltd.		104,000		106,286
Shimao Property Holdings Ltd.		113,000		321,785
Sino Biopharmaceutical Ltd.		91,000		76,980
				2,284,086
Hungary— 1.5%
MOL Hungarian Oil & Gas PLC		16,260		195,083
OTP Bank PLC		24,431		1,007,866
Richter Gedeon Nyrt		13,295		283,930
				1,486,879
India— 8.7%
Arvind Ltd.		40,330		49,965
Bharat Forge Ltd.		33,145		230,648
Biocon Ltd.		44,806		409,888
CG Power and Industrial Solutions Ltd.(a)		129,870		68,896
Dr. Reddy’s Laboratories Ltd.		2,015		77,136
Dr. Reddy’s Laboratories Ltd. — ADR		3,509		134,009
GAIL India Ltd.		58,263		272,710
Glenmark Pharmaceuticals Ltd.		6,424		58,997
HCL Technologies Ltd.		9,563		135,454
Hindalco Industries Ltd.		235,842		694,841
Hindustan Unilever Ltd.		25,605		634,754

10 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Housing Development Finance Corp. Ltd.		37,418	$	1,013,979
Indian Oil Corp. Ltd.		38,028		73,404
Info Edge India Ltd.		3,736		92,031
Infosys Ltd.		77,229		813,844
Infosys Ltd. — ADR		14,240		153,792
ITC Ltd.		23,166		90,878
Jubilant Life Sciences Ltd.		5,892		58,463
KEC International Ltd.		40,415		139,424
Larsen & Toubro Ltd.		14,264		263,962
Larsen & Toubro Ltd. — GDR		3,498		64,434
Mphasis Ltd.		21,015		296,772
Nestle India Ltd.		2,036		329,660
NIIT Technologies Ltd.		3,226		59,640
Oracle Financial Services Software Ltd.		1,294		69,261
Petronet LNG Ltd.		165,642		531,378
Reliance Industries Ltd.		10,007		173,343
Tata Consultancy Services Ltd.		31,899		904,851
Tata Global Beverages Ltd.		19,573		56,210
United Breweries Ltd.		20,278		408,184
Wipro Ltd.		10,069		52,381
				8,413,189
Indonesia— 1.5%
Astra International Tbk PT		708,100		429,570
Bank Central Asia Tbk PT		16,500		33,378
Bank Mandiri Persero Tbk PT		340,800		182,643
Bank Rakyat Indonesia Persero Tbk PT		1,100,400		305,020
Charoen Pokphand Indonesia Tbk PT		171,800		91,064
Matahari Department Store Tbk PT		102,100		51,325
PT Perusahaan Gas Negara Persero Tbk		415,400		76,732
PT United Tractors Tbk		64,915		119,723
Tambang Batubara Bukit Asam Persero Tbk PT		676,500		209,305
				1,498,760
Malaysia— 1.4%
Axiata Group Bhd		48,100		47,324
CIMB Group Holdings Bhd		64,100		88,238
Genting Bhd		412,400		700,159
Genting Malaysia Bhd		101,500		81,792
Malayan Banking Bhd		41,600		97,050
Maxis Bhd		154,900		217,887
Petronas Gas Bhd		19,100		84,427
Telekom Malaysia Bhd		90,200		64,225
				1,381,102
Mexico— 3.7%
America Movil SAB de CV, Series L		1,510,859		1,209,651
America Movil SAB de CV, Series L — ADR		6,391		102,576
Cemex SAB de CV(a)		277,600		149,962
Cemex SAB de CV — ADR(a)		12,118		65,922
Grupo Aeroportuario del Centro Norte SAB de CV		79,898		444,568
Grupo Aeroportuario del Centro Norte SAB de CV, ADR		2,878		128,992
Grupo Financiero Banorte SAB de CV, Series O		20,500		113,809
Grupo Televisa SAB CPO		31,530		78,832
Kimberly-Clark de Mexico SAB de CV, Series A(a)		3		5
Wal-Mart de Mexico SAB de CV		481,050		1,262,859
				3,557,176
Netherlands— 0.4%
Yandex NV, Class A(a)		12,539		421,060
Peru— 0.3%
Hochschild Mining PLC		108,216		268,476
Philippines— 1.0%
Ayala Corp.		28,165		502,317
Ayala Land, Inc.		593,700		507,262
				1,009,579

Security	Shares		Value
Poland— 2.5%
Bank Pekao SA		11,706	$	348,386
Cyfrowy Polsat SA(a)		7,726		49,225
Grupa Lotos SA		951		23,777
LPP SA		28		62,923
Polski Koncern Naftowy Orlen SA		26,994		760,577
Polskie Gornictwo Naftowe i Gazownictwo SA		26,711		54,831
Powszechna Kasa Oszczednosci Bank Polski SA		46,857		498,094
Powszechny Zaklad Ubezpieczen SA		54,950		660,287
				2,458,100
Russia— 4.3%
Aeroflot — Russian Airlines OJSC		34,430		56,825
Gazprom PJSC — ADR		27,845		136,140
Inter Rao UES PJSC		5,342,982		312,877
Lukoil OAO		609		49,092
Lukoil PJSC — ADR		25,282		2,030,080
Magnitogorsk Iron & Steel Works OJSC		470,668		311,992
Mobile Telesystems OJSC — ADR		9,340		80,324
Novatek PJSC — GDR		4,300		789,475
Severstal OAO		17,337		265,239
Severstal PAO — GDR		1,438		21,944
Tatneft OAO		11,070		136,444
				4,190,432
South Africa— 4.7%
Anglo American Platinum Ltd.		10,747		518,756
Barloworld Ltd.		49,329		452,108
FirstRand Ltd.		10,509		55,222
Gold Fields Ltd.		19,751		80,150
Imperial Holdings Ltd.		11,054		56,694
Massmart Holdings Ltd.		29,486		204,521
Mondi Ltd.		8,917		221,734
Mr Price Group Ltd.		2,093		35,231
MTN Group Ltd.		29,199		191,044
Naspers Ltd., Class N		5,517		1,276,213
Nedbank Group Ltd.		9,056		195,997
Pick n Pay Stores Ltd.		5,770		30,212
The Spar Group Ltd.		28,270		426,578
Standard Bank Group Ltd.		52,042		768,905
Vodacom Group Ltd.		5,448		49,574
				4,562,939
South Korea— 11.3%
Amorepacific Corp.(a)		437		71,466
Cheil Industries, Inc.		538		58,207
Cheil Worldwide, Inc.		3,385		71,490
Daelim Industrial Co. Ltd.(a)		783		75,114
Doosan Infracore Co. Ltd.(a)		24,429		190,983
E-Mart Co. Ltd.		287		49,574
Easy Bio, Inc.(a)		11,856		64,657
Green Cross Corp.		754		93,335
GS Engineering & Construction Corp.		1,585		67,184
Hana Financial Group, Inc.		3,150		113,263
Hotel Shilla Co. Ltd.		2,958		204,570
Hyundai DevelopmentCo-Engineering & Construction(a)		3,284		55,283
Hyundai Motor Co.		972		113,317
KB Financial Group, Inc.(a)		26,544		1,140,525
Kia Motors Corp.		19,472		636,697
Korea Electric Power Corp.(a)		1,683		52,011
Korea Investment Holdings Co. Ltd.(a)		1,547		89,723
LG Electronics, Inc.		18,552		1,081,748
LG Household & Health Care Ltd.		152		172,942
LS Corp.		2,089		107,962
NAVER Corp.		789		96,720
NH Investment & Securities Co. Ltd.(a)		9,396		118,358
POSCO		2,719		671,190

SCHEDULES OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
POSCO — ADR		1,007	$	60,642
Samsung Electro-Mechanics Co. Ltd.		2,854		279,306
Samsung Electronics Co. Ltd.		108,448		4,521,643
Samsung Engineering Co. Ltd.(a)		2,705		40,887
Shinhan Financial Group Co. Ltd.		13,487		521,651
Shinhan Financial Group Co. Ltd. — ADR(a)(b)		4,058		156,152
SK C&C Co. Ltd.		124		29,455
				11,006,055
Switzerland— 0.1%
Sinotruk Hong Kong Ltd.		62,500		115,761
Taiwan— 10.8%
Accton Technology Corp.		16,000		57,583
Acer, Inc.(a)		484,000		315,559
Asia Cement Corp.		212,000		254,901
Chailease Holding Co. Ltd.		118,400		442,216
China Development Financial Holding Corp.		1,065,000		349,827
China Life Insurance Co. Ltd.		88,740		80,850
CTBC Financial Holding Co. Ltd.		518,000		352,728
Delta Electronics, Inc.		102,000		509,671
Elan Microelectronics Corp.		71,000		200,296
Far Eastern New Century Corp.		39,000		38,280
Formosa Chemicals & Fibre Corp.		8,000		27,841
Fubon Financial Holding Co. Ltd.		492,000		721,388
Lite-On Technology Corp.		70,000		104,527
MediaTek, Inc.		74,000		599,617
Novatek Microelectronics Corp.		137,000		719,733
PharmaEngine, Inc.		20,000		69,890
Qisda Corp.		146,000		94,262
Quanta Computer, Inc.		184,000		339,065
Radiant Opto-Electronics Corp.		77,000		220,930
Realtek Semiconductor Corp.		15,000		82,202
Taiwan Semiconductor Manufacturing Co. Ltd.		440,000		3,263,904
TCI Co. Ltd.		11,000		161,637
Tripod Technology Corp.		20,000		53,808
Uni-President Enterprises Corp.		513,000		1,215,652
Wistron NeWeb Corp.		12,000		29,763
WPG Holdings Ltd.		141,280		181,124
				10,487,254
Thailand— 1.8%
Bangkok Chain Hospital PCL — NVDR		495,500		258,938
Bangkok Dusit Medical Services PCL — NVDR		631,100		477,176
Com7 PCL — NVDR		112,100		54,689
CP ALL PCL — NVDR		141,600		352,925
Home Product Center PCL — NVDR		202,800		101,449
PTT Global Chemical PCL — NVDR		145,600		318,051
Robinson PCL — NVDR		15,800		34,443
Thanachart Capital PCL		34,800		59,986
True Corp. PCL — NVDR		344,900		56,484
				1,714,141

Security	Shares		Value
Turkey— 1.4%
Ford Otomotiv Sanayi		16,011	$	185,793
Haci Omer Sabanci Holding AS		244,135		443,132
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a)		157,103		79,778
KOC Holding AS		15,037		50,421
Tekfen Holding		31,467		150,098
Turk Telekomunikasyon AS(a)		76,383		74,606
Turkcell Iletisim Hizmetleri AS		22,348		62,751
Turkiye Garanti Bankasi AS		51,295		89,994
Turkiye Is Bankasi AS, Class C		191,551		210,810
Ulker Biskuvi Sanayi		15,922		56,810
				1,404,193
United Arab Emirates— 0.2%
Aldar Properties PJSC		221,657		96,179
Dubai Islamic Bank PJSC		8,609		11,958
Emaar Properties PJSC		47,249		55,720
				163,857
United Kingdom— 1.6%
Anglo American PLC		58,909		1,529,639
United States— 0.3%
Yum China Holdings, Inc.		7,859		286,456
Total Long-Term Investments— 94.5% (Cost— $86,788,524)				91,892,630
Short-Term Securities— 5.8%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 2.26%(d)(f)		4,717,079		4,717,079
SL Liquidity Series, LLC, Money Market Series, 2.64%(d)(e)(f)		965,246		965,439
Total Short-Term Securities— 5.8% (Cost— $5,682,391)				5,682,518
Total Investments— 100.3% (Cost— $92,470,915)				97,575,148
Liabilities in Excess of Other Assets— (0.3)%				(297,157	)
Net Assets— 100.0%			$	97,277,991

^(a)  Non-income producing security.

^(b)  Security, or a portion of the security, is on loan.

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

^(d)  Annualized7-day yield as of period end.

^(e)  Security was purchased with the cash collateral from loaned securities.

^(f)  During the six months ended January 31, 2019, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliate Persons and/or Related Parties	Shares Held at 07/31/18		Shares Purchased			Shares Sold			Shares Held at 01/31/19		Value at 01/31/19		Income			Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds,T-Fund, Institutional Class		17,633,480		—			(12,916,401	)(b)		4,717,079	$	4,717,079	$	99,210		$	—	$	—
iShares MSCI India ETF		237,467		—			(237,467	)		—		—		—			729,745		(737,406	)
SL Liquidity Series, LLC, Money Market Series		182,881		782,365	(c)		—			965,246		965,439		10,709	(d)		472		109
											$	5,682,518	$	109,919		$	730,217	$	(737,297	)

12 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Advantage Emerging Markets Fund

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares sold.

^(c)  Represents net shares purchased.

^(d)  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:
MSCI Emerging MarketsE-Mini Index		83		03/15/19	$	4,418	$	313,813

OTC Total Return Swaps ^(a)

Reference Entity	Counterparty	Expiration Date		Net Notional		Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Goldman Sachs & Co.		02/20/19 - 06/17/19	$	—	$	(5,733	)(b)	$	—		—
	Morgan Stanley & Co., Inc.		02/24/23 - 02/27/23		182,709		184,488	(c)		130,396		0.2	%
	UBS AG		06/12/23 - 06/14/23		368,704		(57,537	)(d)		297,559		0.4
				$	551,413	$	121,218		$	427,955

^(a)  In regards to total return swaps with multiple financing rate benchmarks, the Fund receives or pays the total return on a portfolio of long and short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of40-200 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:

United States Overnight Bank Funding Rate

US Federal Funds Effective Rate (continuous series)

^(b)  Amount includes $(5,733) of net dividends and financing fees.

^(c)  Amount includes $236,801 of net dividends and financing fees.

^(d) Amount includes $13,608 of net dividends and financing fees.

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps

	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	184,488	$	(63,270	)

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
Net unrealized appreciation(a)	$	—	$	—	$	313,813	$	—	$	—	$	—	$	313,813
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		184,488		—		—		—		184,488
	$	—	$	—	$	498,301	$	—	$	—	$	—	$	498,301
Liabilities— Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	—	$	—	$	63,270	$	—	$	—	$	—	$	63,270

^(a)  Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

SCHEDULES OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Advantage Emerging Markets Fund

For the six months ended January 31, 2019, 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	$	—	$	—	$	(245,286	)	$	—	$	—	$	—	$	(245,286	)
Swaps		—		—		(408,063	)		—		—		—		(408,063	)
	$	—	$	—	$	(653,349	)	$	—	$	—	$	—	$	(653,349	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	216,665		$	—	$	—	$	—	$	216,665
Swaps		—		—		(235,615	)		—		—		—		(235,615	)
	$	—	$	—	$	(18,950	)	$	—	$	—	$	—	$	(18,950	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	7,877,493
Average notional value of contracts — short	$	—	(a)
Total return swaps:
Average notional value	$	2,925,088

^(a)  Derivative not held atquarter-end. The risk expoure table serves as an indicator of activity during the period.

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

Derivative Financial Instruments— Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets			Liabilities
Futures contracts	$	38,999		$	—
Swaps — OTC(a)		184,488			(63,270	)
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	223,487		$	(63,270	)
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(38,999	)		—
Total derivative assets and liabilities subject to an MNA	$	184,488		$	(63,270	)

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents the Fund’s derivative assets (and liabilities) by counterparty net of amounts available for offset under an MNA and net of the related collateral received (and pledged) by the Fund:

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets  (a)
Morgan Stanley & Co, Inc.	$	184,488	$	—	$	—	$	—	$	184,488

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged		Cash Collateral Pledged (b)			Net Amount of Derivative Liabilities  (a)
Goldman Sachs & Co.	$	5,733	$	—	$	—	$	—		$	5,733
UBS AG		57,537		—		—		(57,537	)		—
	$	63,270	$	—	$	—	$	(57,537	)	$	5,733

^(a)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(b)  Net amount represents the net amount payable due to the counterparty in the event of default.

14 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Advantage Emerging Markets Fund

Fair Value Hierarchy as of Period End

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

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Common Stocks:
Brazil	$	7,393,184	$	—		$	—	$	7,393,184
Chile		83,033		—			—		83,033
China		5,566,500		20,052,580			—		25,619,080
Czech Republic		—		503,833			—		503,833
Greece		—		54,366			—		54,366
Hong Kong		—		2,284,086			—		2,284,086
Hungary		—		1,486,879			—		1,486,879
India		287,801		8,125,388			—		8,413,189
Indonesia		—		1,498,760			—		1,498,760
Malaysia		—		1,381,102			—		1,381,102
Mexico		3,557,171		5			—		3,557,176
Netherlands		421,060		—			—		421,060
Peru		—		268,476			—		268,476
Philippines		—		1,009,579			—		1,009,579
Poland		—		2,458,100			—		2,458,100
Russia		102,268		4,088,164			—		4,190,432
South Africa		234,733		4,328,206			—		4,562,939
South Korea		216,794		10,789,261			—		11,006,055
Switzerland		—		115,761			—		115,761
Taiwan		—		10,487,254			—		10,487,254
Thailand		—		1,714,141			—		1,714,141
Turkey		—		1,404,193			—		1,404,193
United Arab Emirates		—		163,857			—		163,857
United Kingdom		—		1,529,639			—		1,529,639
United States		286,456		—			—		286,456
Short-Term Securities		4,717,079		—			—		4,717,079
Subtotal	$	22,866,079	$	73,743,630		$	—	$	96,609,709
Investments Valued at NAV(a)									965,439
Total Investments								$	97,575,148
Derivative Financial Instruments(b)
Assets:
Equity contracts	$	313,813	$	184,488		$	—	$	498,301
Liabilities:
Equity contracts		—		(63,270	)		—		(63,270	)
	$	313,813	$	121,218		$	—	$	435,031

^(a)  As of January 31, 2019, certain of the Fund’s Investments were fair valued using net asset value (“NAV”) per share and have been excluded from the fair value hierarchy.

^(b)  Derivative financial instruments are swaps and futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

During the period ended January 31, 2019, there were no transfers between levels.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (unaudited) January 31, 2019 BlackRock Global Long/Short Equity Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Securities— 0.6%
Preferred Stocks— 0.6%
United States— 0.6%
AliphCom, Series 6, (Acquired 12/15/15, cost $0)(a)(b)(c)(d)		8,264	$	—
AliphCom, Series 8, (Acquired 03/10/15, cost $1,750,010)(a)(b)		823,530		8
Illumio Inc., (Acquired 3/10/15, cost $1,500,001)(a)(b)		466,730		1,535,542
Palantir Technologies, Inc., Series I (Acquired 3/27/14, cost $1,999,998)(a)(b)		326,264		1,866,230
Uber Technologies, Inc., Series E, (Acquired 12/04/14, cost $415,803)(a)(b)		12,480		606,154
Total Preferred Stocks— 0.6% (Cost— $5,665,812)				4,007,934
Total Preferred Securities— 0.6% (Cost— $5,665,812)				4,007,934
	Par (000)
U.S. Treasury Obligations— 14.4%
U.S. Treasury Notes(e):
(3 mo.Treasury money market yield + 0.06%), 2.47%, 07/31/19	$	6,135		6,136,720
2.45%, 10/31/19		12,000		12,003,645
2.41%, 01/31/20		60,000		59,983,691
2.44%, 04/30/20		13,300		13,295,737
Total U.S. Treasury Obligations— 14.4% (Cost— $91,453,055)				91,419,793
Total Long-Term Investments— 15.0% (Cost— $97,118,867)				95,427,727
Short-Term Securities— 73.1%
U.S. Treasury Obligations— 69.6%
U.S. Treasury Bills(f):
2.41% - 2.42%, 02/12/19		114,720		114,638,667

Security	Par (000)		Value
U.S. Treasury Obligations (continued)
2.39%, 02/14/19	$	45,000	$	44,962,398
2.38%, 02/19/19		75,000		74,911,838
2.39% - 2.46%, 02/26/19		75,545		75,421,189
2.43% - 2.46%, 03/05/19		6,940		6,925,513
2.35%, 03/21/19		20,000		19,937,467
2.41%, 03/26/19		80,000		79,722,928
2.42%, 05/02/19		10,000		9,941,250
2.54% - 2.55%, 05/30/19		17,090		16,956,819
Total U.S. Treasury Obligations— 69.6% (Cost— $443,409,724)				443,418,069
	Shares
Money Market Funds— 3.5%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 2.26%(g)(h)		22,137,373		22,137,373
Total Money Market Funds— 3.5% (Cost— $22,137,373)				22,137,373
Total Short-Term Securities— 73.1% (Cost— $465,547,097)				465,555,442
Total Investments— 88.1% (Cost— $562,665,964)				560,983,169
Other Assets Less Liabilities— 11.9%				76,116,554
Net Assets— 100.0%			$	637,099,723

^(a)  Restricted security as to resale, excluding 144A securities. As of period end, the Fund held restricted securities with a current value of $4,007,934 and an original cost of $5,665,812, which was 0.6% of its net assets.

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

^(c)  Non-income producing security.

^(d)  Issuer filed for bankruptcy and/or is in default.

^(e)  Variable rate security. Rate shown is the rate in effect as of period end.

^(f)  Rates are discount rates or a range of discount rates paid at the time of purchase.

^(g)  Annualized7-day yield as of period end.

^(h)  During the six months ended January 31, 2019, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 07/31/18		Net Activity		Shares Held at 01/31/19		Value at 01/31/19		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds,T-Fund, Institutional Class		21,000,203		1,137,170		22,137,373	$	22,137,373	$	193,882	$	—	$	—

^(a)  Includes net capital gain distributions, if applicable.

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:
Amsterdam Index		379		02/15/19	$	45,025	$	1,878,004
IBEX 35 Index		37		02/15/19		3,835		74,744
TOPIX Index		81		03/07/19		11,660		199,521
Dax Index		20		03/15/19		6,383		155,019
FTSE/MIB Index		72		03/15/19		8,118		226,190
								2,533,478

16 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts:
CAC 40 Index		119		02/15/19	$	6,798	$	(64,503	)
OMXS 30 Index		725		02/15/19		12,151		(396,915	)
Hang Seng Index		70		02/27/19		12,513		(209,378	)
MSCI Sing Index		285		02/27/19		7,589		41,328
S&P TSX 60 Index		232		03/14/19		32,764		(943,917	)
FTSE 100 Index		20		03/15/19		1,811		(6,023	)
S&P 500E-Mini Index		420		03/15/19		56,795		(2,937,709	)
SPI 200 Index		21		03/21/19		2,215		4,423
								(4,512,694	)
							$	(1,979,216	)

OTC Total Return Swaps

Reference Entity	Fixed Amount Paid/(Received) by the Fund (a)				Counterparty		Termination Date		Notional Amount (000)				Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Swiss Market IX Future March 2019		CHF	(6,932,463	)		Morgan Stanley & Co. International		03/15/19		CHF	(6,932	)	$	72,871	$	—	$	72,871
Swiss Market IX Future March 2019		CHF	(7,530,298	)		Morgan Stanley & Co. International		03/15/19		CHF	(7,530	)		6,689		—		6,689
													$	79,560	$	—	$	79,560

^(a)  At termination, the fixed amount paid (received) will be exchanged for the total return of the reference entity.

OTC Total Return Swaps^(a)

Reference Entity	Counterparty	Expiration Date		Net Notional			Unrealized Appreciation (Depreciation)			Net Value of Reference Entity			Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Bank of America, N.A.		03/19/19 - 02/21/23	$	(4,775,011	)	$	6,673,177	(b)	$	39,963			52.7	%
	Bank of America, N.A.		02/17/23		571,567			(166,528	)(c)		330,552			2.0
	Deutsche Bank A.G.		01/30/23 - 02/23/23		(650,478	)		39,965	(d)		(616,756	)		10.9
	UBS AG		05/23/19 - 06/12/23		(4,107,695	)		4,376,069	(e)		(282,311	)		28.8
	Goldman Sachs & Co.		01/09/19 - 03/17/23		(7,633,375	)		8,816,130	(f)		446,961			111.4
	Goldman Sachs & Co.		01/25/19 - 02/27/23		(5,088,620	)		5,250,208	(g)		257,502			57.4
				$	(21,683,612	)	$	24,989,021		$	175,911

^(a)  In regards to total return swaps with multiple financing rate benchmarks, the Fund receives or pays the total return on a portfolio of long and short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 20 - 1,200 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:

Association of Banks in Singapore Swap Offer Rate Fixing 1 Day

Association of Banks in Singapore Swap Offer Rate Fixing 1 Month

ASX Australian Bank Bill Short Term Rates 1 Month Mid

Bank of Israel Tel Aviv Interbank Offered 1 Month

Bank of Japan Estimate Unsecured Overnight Call Rate

Canada Bankers Acceptances 1 Month

Canadian Overnight Repo Rate Average CORRA

Copenhagen Interbank Offered Rates 1 Week

Denmark Tomorrow/Next

EMMI EURO Overnight Index Average

Euribor 1 Week ACT/360

HK Association of Banks HKD HIBOR Fixings 1 Week at 11:00am

HK Association of Banks HKD HIBOR Fixings 2 Week at 11:00am

ICE LIBOR CHF 1 Week

ICE LIBOR CHF Spot Next

ICE LIBOR EUR 1W

ICE LIBOR GBP 1 Week

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

ICE LIBOR GBP Overnight

ICE LIBOR JPY 1 Month

ICE LIBOR JPY 1 Week

ICE LIBOR JPY Spot Next

ICE LIBOR USD 1 Week

NOK Overnight Deposit

Norwegian Overnight Weighted Average

Oslo Bors Norway Interbank Offered Rate Fixing 1 Week

RBA Interbank Overnight Cash Rate

SGD 1 Month Deposit

SGD Overnight Deposit

SONIA O/N Deposit Rates Swap

STIBOR Interbank Offered Rate T/N

Stockholm Interbank Offered Rate 1 Week

Stockholm Interbank Offered Rate T/N

US Federal Funds Effective Rate (continuous series)

^(b)  Amount includes $1,858,203 of net dividends and financing fees.

^(c)  Amount includes $74,487 of net dividends and financing fees.

^(d)  Amount includes $6,243 of net dividends and financing fees.

^(e)  Amount includes $550,685 of net dividends and financing fees.

^(f)  Amount includes $735,794 of net dividends and financing fees.

^(g)  Amount includes $(95,914) of net dividends and financing fees.

18 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Bank of America, N.A. as of January 31, 2019 expiration dates 03/19/19 — 02/21/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Australia
Adelaide Brighton Ltd.		31,720	$	103,558		259.1	%
ALS Ltd.		24,301		128,682		322.0
Ansell Ltd.		30,200		515,642		1,290.3
Computershare Ltd.		66,211		857,739		2,146.3
Crown Resorts Ltd.		2,615		22,787		57.0
CSR Ltd.		729,864		1,553,560		3,887.5
Domino’s Pizza Enterprises Ltd.		1,804		59,831		149.7
DuluxGroup Ltd.		72,827		363,165		908.8
Flight Centre Travel Group Ltd.		31,123		976,628		2,443.8
Harvey Norman Holdings Ltd.		202,322		496,855		1,243.3
Iluka Resources Ltd.		99,881		635,004		1,589.0
Metcash Ltd.		121,177		218,674		547.2
Perpetual Ltd.		2,782		66,257		165.8
Qantas Airways Ltd.		586,877		2,326,703		5,822.1
REA Group Ltd.		11,826		653,586		1,635.5
Santos Ltd.		29,104		137,319		343.6
Saracen Mineral Holdings Ltd.		24,312		59,678		149.3
SEEK Ltd.		4,299		53,297		133.4
St Barbara Ltd.		21,345		77,834		194.8
Sydney Airport		84,518		403,429		1,009.5
WorleyParsons Ltd.		9,925		100,538		251.6
				9,810,766
Austria
Telekom Austria AG		12,193		93,221		233.3
Vienna Insurance Group AG Wiener Versicherung Gruppe		15,129		366,767		917.7
Wienerberger AG		55,140		1,237,896		3,097.6
				1,697,884
Belgium
Solvay SA		26,066		2,837,799		7,101.1
UCB SA		18,581		1,610,101		4,029.0
				4,447,900
Canada
BRP, Inc.		9,981		287,288		718.9
Great-West Lifeco, Inc.		23,241		498,798		1,248.1
Quebecor, Inc., Class B		80,901		1,904,386		4,765.4
TFI International, Inc.		32,117		945,459		2,365.8
				3,635,931
Denmark
Carlsberg A/S, Class B		2,914		333,607		834.8
Royal Unibrew A/S		29,520		2,223,248		5,563.3
William Demant Holding A/S		2,696		85,168		213.1
				2,642,023
Finland
Kesko OYJ, Class B		7,366		423,859		1,060.6
Valmet OYJ		48,764		1,098,688		2,749.3
				1,522,547
France
Arkema SA		5,517		522,721		1,308.0
Capgemini SE		4,534		500,713		1,253.0
Edenred		1,269		51,390		128.6
Ipsen SA		2,301		289,550		724.6
Kering SA		1,820		912,771		2,284.0

	Shares		Value		% of Basket Value
France (continued)
L’Oreal SA		14,552	$	3,507,397		8,776.6	%
Lagardere SCA		1,992		52,048		130.2
Rexel SA		2,442		27,845		69.7
Sartorius Stedim Biotech		615		67,789		169.6
UbiSoft Entertainment SA		202		17,927		44.9
				5,950,151
Germany
adidas AG		3,754		893,231		2,235.2
Evonik Industries AG		2,620		71,653		179.3
Evotec AG		2,054		48,231		120.7
Jenoptik AG		7,900		255,739		639.9
Nemetschek SE		1,963		251,938		630.4
Salzgitter AG		2,045		61,785		154.6
Software AG		59,232		2,151,982		5,384.9
Telefonica Deutschland Holding AG		337,507		1,183,250		2,960.9
				4,917,809
Ireland
Allegion PLC		36,113		3,100,662		7,758.8
Italy
Amplifon SpA		3,023		54,158		135.5
Ferrari NV		23,704		2,951,388		7,385.3
Fincantieri SpA		66,459		76,921		192.5
Hera SpA		46,293		156,449		391.5
Moncler SpA		49,292		1,855,087		4,642.0
Saras SpA		9,535		20,316		50.9
Terna Rete Elettrica Nazionale SpA		169,021		1,041,687		2,606.6
UnipolSai Assicurazioni SpA		112,066		279,737		700.0
				6,435,743
Japan
Advantest Corp.		56,100		1,283,933		3,212.8
Aoyama Trading Co. Ltd.		12,500		312,344		781.6
Benesse Holdings, Inc.		3,900		101,820		254.8
Brother Industries Ltd.		3,600		60,753		152.0
Capcom Co. Ltd.		6,000		129,151		323.2
Citizen Watch Co. Ltd.		27,700		147,859		370.0
Credit Saison Co. Ltd.		11,000		144,948		362.7
CyberAgent, Inc.		12,100		391,912		980.7
DMG Mori Co. Ltd.		39,500		537,696		1,345.5
East Japan Railway Co.		15,900		1,473,130		3,686.2
Glory Ltd.		6,100		151,546		379.2
Hitachi Construction Machinery Co. Ltd.		3,500		88,889		222.4
Horiba Ltd.		4,100		201,820		505.0
Japan Steel Works Ltd.		5,000		92,522		231.5
Japan Tobacco, Inc.		34,800		880,987		2,204.5
Kakaku.com, Inc.		3,000		52,667		131.8
Kirin Holdings Co. Ltd.		14,200		339,009		848.3
Kokuyo Co. Ltd.		2,200		32,127		80.4
Komeri Co. Ltd.		3,700		93,622		234.3
Konami Holdings Corp.		11,100		509,790		1,275.7
Kyushu Financial Group, Inc.		15,700		63,958		160.0
Leopalace21 Corp.		79,900		378,573		947.3
Lintec Corp.		5,400		119,579		299.2
Mabuchi Motor Co. Ltd.		3,100		108,733		272.1
Matsumotokiyoshi Holdings Co. Ltd.		1,000		30,892		77.3
Mitsubishi Gas Chemical Co., Inc.		46,800		740,219		1,852.3
Mitsubishi Motors Corp.		54,600		339,239		848.9
Mixi, Inc.		14,900		377,718		945.2
MS&AD Insurance Group Holdings, Inc.		1,200		35,524		88.9
Nikon Corp.		4,500		76,943		192.5
Nisshinbo Holdings, Inc.		62,300		543,511		1,360.0

SCHEDULES OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
Japan (continued)
Nitto Denko Corp.		5,600	$	316,765		792.6	%
Noevir Holdings Co. Ltd.		700		29,851		74.7
NOK Corp.		2,600		41,992		105.1
NTN Corp.		59,100		194,210		486.0
Obic Co. Ltd.		300		28,430		71.1
Otsuka Corp.		13,500		436,969		1,093.4
Pigeon Corp.		5,300		207,799		520.0
Pola Orbis Holdings, Inc.		38,600		1,154,511		2,889.0
Rohm Co. Ltd.		1,700		119,985		300.2
Ryohin Keikaku Co. Ltd.		600		143,004		357.8
SCSK Corp.		3,900		157,811		394.9
Shin-Etsu Chemical Co. Ltd.		7,200		607,080		1,519.1
Sompo Holdings, Inc.		1,600		60,327		151.0
Sumco Corp.		5,700		79,362		198.6
Sumitomo Chemical Co. Ltd.		97,000		506,009		1,266.2
Sumitomo Rubber Industries Ltd.		2,000		27,800		69.6
Suruga Bank Ltd.		428,200		1,837,646		4,598.4
Takashimaya Co. Ltd.		8,000		108,719		272.0
Teijin Ltd.		9,000		155,546		389.2
Tokai Tokyo Financial Holdings, Inc.		14,000		61,702		154.4
Tokyo Broadcasting System Holdings, Inc.		4,500		78,106		195.4
Tokyo Electron Ltd.		8,300		1,211,971		3,032.7
Tokyu Fudosan Holdings Corp.		11,100		60,473		151.3
Toyobo Co. Ltd.		1,200		17,781		44.5
Toyota Boshoku Corp.		1,200		19,531		48.9
TS Tech Co. Ltd.		1,300		39,113		97.9
Ulvac, Inc.		5,500		181,429		454.0
Zeon Corp.		49,600		509,957		1,276.1
				18,235,293
Netherlands
Adyen NV		967		717,537		1,795.5
BE Semiconductor Industries NV		10,252		265,885		665.3
Koninklijke Ahold Delhaize NV		159,742		4,208,579		10,531.2
Koninklijke KPN NV		159,281		489,665		1,225.3
Wereldhave NV		9,429		302,152		756.1
				5,983,818
New Zealand
a2 Milk Co. Ltd.		5,606		49,443		123.7
Norway
Austevoll Seafood ASA		8,124		103,747		259.6
Grieg Seafood ASA		11,884		153,552		384.2
Salmar ASA		17,435		912,922		2,284.4
Subsea 7 SA		13,949		158,284		396.1
Telenor ASA		57,994		1,097,938		2,747.4
TGS Nopec Geophysical Co. ASA		22,830		676,796		1,693.6
				3,103,239
Singapore
Suntec Real Estate Investment Trust		105,900		151,950		380.2
Spain
Acciona SA		6,448		613,939		1,536.3
Almirall SA		1,207		20,478		51.2
Cia de Distribucion Integral Logista Holdings SA		906		23,395		58.6
Endesa SA		11,736		293,534		734.5
Mediaset Espana Comunicacion SA		68,212		480,595		1,202.6
Siemens Gamesa Renewable Energy SA		4,659		66,145		165.5
				1,498,086
Sweden
Hexpol AB		3,550		31,423		78.7

	Shares		Value		% of Basket Value
Sweden (continued)
Svenska Cellulosa AB SCA, B Shares		6,816	$	59,954		150.0	%
				91,377
Switzerland
Barry Callebaut AG, Registered Shares		475		808,108		2,022.1
Coca-Cola HBC AG		5,078		170,667		427.1
Flughafen Zuerich AG, Registered Shares		94		16,604		41.6
Logitech International SA, Registered Shares		56,089		2,046,279		5,120.4
OC Oerlikon Corp. AG, Registered Shares		56,567		730,982		1,829.1
Sunrise Communications Group AG		3,558		299,967		750.6
Temenos AG, Registered Shares		1,082		146,053		365.5
				4,218,660
United Kingdom
Anglo American PLC		47,039		1,202,118		3,008.1
Ashmore Group PLC		52,049		276,269		691.3
Atlassian Corp. PLC, Class A		3,592		353,453		884.4
Auto Trader Group PLC		213,309		1,280,142		3,203.3
Barratt Developments PLC		65,151		460,821		1,153.1
boohoo Group PLC		100,460		248,244		621.2
British Land Co. PLC		115,312		868,656		2,173.7
Coca-Cola European Partners PLC		19,817		942,893		2,359.4
ConvaTec Group PLC		20,461		38,361		96.0
Dialog Semiconductor PLC		14,492		423,695		1,060.2
Electrocomponents PLC		212,976		1,520,277		3,804.2
Experian PLC		30,734		771,656		1,930.9
Fevertree Drinks PLC		13,890		469,194		1,174.1
Greggs PLC		66,165		1,347,130		3,370.9
Hays PLC		50,655		100,443		251.3
Hikma Pharmaceuticals PLC		10,311		218,139		545.9
IG Group Holdings PLC		135,163		1,126,382		2,818.6
Inchcape PLC		42,691		321,226		803.8
Moneysupermarket.com Group PLC		431,773		1,717,181		4,296.9
Pagegroup PLC		56,232		326,071		815.9
Pearson PLC		11,715		139,278		348.5
Persimmon PLC		1,761		54,935		137.5
Victrex PLC		16,495		495,316		1,239.4
Vodafone Group PLC		157,323		286,923		718.0
William Hill PLC		234,558		542,891		1,358.5
WM Morrison Supermarkets PLC		2,788		8,574		21.5
				15,540,268
United States
ADT, Inc.		3,351		24,194		60.5
AGCO Corp.		5,656		363,115		908.6
Albemarle Corp.		5,015		404,861		1,013.1
Allstate Corp.		12,814		1,125,966		2,817.5
AMC Networks, Inc., Class A		11,472		722,048		1,806.8
American Financial Group, Inc.		3,842		366,488		917.1
AmerisourceBergen Corp.		2,288		190,751		477.3
Anadarko Petroleum Corp.		16,310		771,952		1,931.7
Antero Resources Corp.		11,887		119,583		299.2
Apple Hospitality REIT, Inc.		27,825		456,608		1,142.6
Arthur J Gallagher & Co.		1,390		103,847		259.9
AutoNation, Inc.		1,158		44,873		112.3
Avista Corp.		12,091		506,008		1,266.2
BancorpSouth Bank		8,689		253,545		634.4
Bank of Hawaii Corp.		17,493		1,352,734		3,385.0
BB&T Corp.		21,082		1,028,802		2,574.4
Boyd Gaming Corp.		5,827		159,194		398.3
Brixmor Property Group, Inc.		5,861		100,399		251.2
Broadridge Financial Solutions, Inc.		4,454		449,097		1,123.8
Cardinal Health, Inc.		35,415		1,769,688		4,428.3
CBS Corp., Class B		4,697		232,314		581.3

20 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
United States (continued)
CDW Corp.		9,249	$	770,164		1,927.2	%
Cerner Corp.		16,797		922,323		2,307.9
Cinemark Holdings, Inc.		20,773		850,031		2,127.0
Cirrus Logic, Inc.		13,772		511,630		1,280.3
Citizens Financial Group, Inc.		2,357		79,949		200.1
CNO Financial Group, Inc.		15,455		276,335		691.5
CoreSite Realty Corp.		272		26,871		67.2
Cornerstone OnDemand, Inc.		826		47,363		118.5
Crane Co.		12,935		1,070,501		2,678.7
CyrusOne, Inc.		350		18,970		47.5
Discover Financial Services		5,319		358,979		898.3
Dropbox, Inc., Class A		20,853		515,278		1,289.4
Dunkin’ Brands Group, Inc.		35,856		2,452,192		6,136.2
Eagle Materials, Inc.		4,848		344,208		861.3
EastGroup Properties, Inc.		3,696		382,388		956.9
Eastman Chemical Co.		21,071		1,698,744		4,250.8
Equity LifeStyle Properties, Inc.		7,874		833,699		2,086.2
Extended Stay America, Inc.		113,396		1,939,072		4,852.2
FactSet Research Systems, Inc.		821		179,495		449.1
Fifth Third Bancorp		4,761		127,690		319.5
First American Financial Corp.		30,824		1,543,666		3,862.7
First Horizon National Corp.		35,186		516,530		1,292.5
Fluor Corp.		18,196		665,428		1,665.1
GATX Corp.		4,672		353,577		884.8
GoDaddy, Inc., Class A		7,844		538,334		1,347.1
HEICO Corp.		518		43,771		109.5
HP, Inc.		8,685		191,331		478.8
HubSpot, Inc.		2,109		333,876		835.5
Huntington Bancshares, Inc.		97,059		1,285,061		3,215.6
IDACORP, Inc.		6,956		678,210		1,697.1
Ingersoll-Rand PLC		6,267		626,951		1,568.8
Insperity, Inc.		16,341		1,743,258		4,362.2
Interpublic Group of Cos., Inc.		56,381		1,282,668		3,209.6
Invesco Ltd.		27,852		507,463		1,269.8
JB Hunt Transport Services, Inc.		9,018		965,287		2,415.4
KAR Auction Services, Inc.		2,564		133,354		333.7
Kellogg Co.		14,647		864,319		2,162.8
Lamar Advertising Co., Class A		4,074		303,309		759.0
Landstar System, Inc.		6,906		701,511		1,755.4
Lincoln National Corp.		20,598		1,204,777		3,014.7
Manhattan Associates, Inc.		7,181		350,217		876.3
Medidata Solutions, Inc.		249		17,669		44.2
Mosaic Co.		8,023		258,982		648.1
National Instruments Corp.		54,210		2,397,166		5,998.5
New Relic, Inc.		5,035		511,808		1,280.7
NIKE, Inc., Class B		5,064		414,640		1,037.6
Nordstrom, Inc.		353		16,383		41.0
NorthWestern Corp.		1,065		68,064		170.3
Nu Skin Enterprises, Inc., Class A		2,020		132,613		331.8
Outfront Media, Inc.		43,408		900,716		2,253.9
PacWest Bancorp		16,978		655,181		1,639.5
Park Hotels & Resorts, Inc.		87,371		2,627,246		6,574.2
Patterson Cos., Inc.		19,270		429,528		1,074.8
Penske Automotive Group, Inc.		1,628		76,321		191.0
Perrigo Co. PLC		5,309		246,603		617.1
Philip Morris International, Inc.		14,755		1,132,004		2,832.6
Pinnacle Financial Partners, Inc.		12,465		670,243		1,677.2
Pinnacle West Capital Corp.		19,117		1,684,590		4,215.4
Portland General Electric Co.		3,167		153,029		382.9
PPL Corp.		23,209		726,906		1,818.9
Prosperity Bancshares, Inc.		8,884		632,008		1,581.5
Pure Storage, Inc., Class A		19,599		351,018		878.4

	Shares			Value			% of Basket Value
United States (continued)
Quest Diagnostics, Inc.		7,089		$	619,224			1,549.5	%
RingCentral, Inc., Class A		8,694			803,673			2,011.0
RLJ Lodging Trust		8,101			150,274			376.0
Robert Half International, Inc.		27,536			1,774,144			4,439.5
Rockwell Automation, Inc.		15,393			2,609,421			6,529.6
Ryman Hospitality Properties, Inc.		7,925			636,774			1,593.4
salesforce.com, Inc.		4,435			673,987			1,686.5
SBA Communications Corp.		619			112,986			282.7
ScottsMiracle-Gro Co., Class A		423			31,450			78.7
SEI Investments Co.		5,907			280,819			702.7
ServiceNow, Inc.		87			19,142			47.9
Silicon Laboratories, Inc.		2,729			208,769			522.4
Sinclair Broadcast Group, Inc., Class A		34,319			1,057,368			2,645.9
Sirius XM Holdings, Inc.		129,664			755,941			1,891.6
SITE Centers Corp.		1,422			18,586			46.5
Six Flags Entertainment Corp.		2,503			154,160			385.8
SL Green Realty Corp.		45,200			4,177,836			10,454.3
Snap-on, Inc.		482			80,007			200.2
Spirit Realty Capital, Inc.		3,871			153,756			384.7
Steel Dynamics, Inc.		2,717			99,415			248.8
Sunstone Hotel Investors, Inc.		1,476			21,107			52.8
Synopsys, Inc.		1,328			123,969			310.2
Synovus Financial Corp.		51,772			1,833,764			4,588.7
Tableau Software, Inc., Class A		2,374			303,492			759.4
Teradyne, Inc.		9,115			328,049			820.9
Travelers Cos., Inc.		8,923			1,120,193			2,803.1
Umpqua Holdings Corp.		3,480			61,526			154.0
Unum Group		87,304			3,034,687			7,593.7
Veeva Systems, Inc., Class A		561			61,183			153.1
Vulcan Materials Co.		1,104			112,222			280.8
Westrock Co.		91,889			3,740,801			9,360.7
Whirlpool Corp.		387			51,475			128.8
Yelp, Inc.		4,948			180,206			450.9
					78,277,971
Total Reference Entity— Long					171,311,521
Reference Entity— Short
Australia
Atlas Arteria Ltd.		(399,688	)		(1,936,634	)		(4,846.1	)
Fortescue Metals Group Ltd.		(35,550	)		(146,854	)		(367.5	)
Newcrest Mining Ltd.		(42,547	)		(756,944	)		(1,894.1	)
Nufarm Ltd.		(268,529	)		(1,220,679	)		(3,054.5	)
					(4,061,111	)
Belgium
Cofinimmo SA		(11,522	)		(1,523,430	)		(3,812.1	)
Bermuda
Axis Capital Holdings Ltd.		(45,259	)		(2,423,619	)		(6,064.6	)
RenaissanceRe Holdings Ltd.		(1,354	)		(186,893	)		(467.7	)
					(2,610,512	)
Canada
Agnico Eagle Mines Ltd.		(11,765	)		(511,716	)		(1,280.5	)
AltaGas Ltd.		(21,790	)		(223,049	)		(558.1	)
Bombardier, Inc.		(150,006	)		(227,187	)		(568.5	)
Canadian National Railway Co.		(7,606	)		(634,726	)		(1,588.3	)
CCL Industries, Inc., Class B		(13,542	)		(570,971	)		(1,428.7	)
Cenovus Energy, Inc.		(9,004	)		(70,308	)		(175.9	)
Fairfax Financial Holdings Ltd.		(1,639	)		(775,311	)		(1,940.1	)
First Quantum Minerals Ltd.		(12,598	)		(145,832	)		(364.9	)
Goldcorp, Inc.		(6,079	)		(68,010	)		(170.2	)
Linamar Corp.		(5,675	)		(220,012	)		(550.5	)

SCHEDULES OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Canada (continued)
Metro, Inc.		(26,421	)	$	(960,563	)		(2,403.6	)%
Onex Corp.		(21,690	)		(1,226,175	)		(3,068.3	)
Premium Brands Holdings Corp.		(9,482	)		(558,622	)		(1,397.9	)
Saputo, Inc.		(30,270	)		(887,401	)		(2,220.6	)
SNC-Lavalin Group, Inc.		(5,175	)		(144,031	)		(360.4	)
Stars Group, Inc.		(5,847	)		(105,864	)		(264.9	)
					(7,329,778	)
China
Yangzijiang Shipbuilding Holdings Ltd.		(45,300	)		(47,345	)		(118.5	)
Denmark
Ambu A/S		(6,014	)		(160,215	)		(400.9	)
AP Moeller — Maersk A/S		(759	)		(947,549	)		(2,371.1	)
AP Moeller — Maersk A/S		(1,309	)		(1,750,638	)		(4,380.6	)
Orsted A/S		(3,238	)		(232,832	)		(582.6	)
					(3,091,234	)
Finland
Fortum OYJ		(30,285	)		(688,315	)		(1,722.4	)
France
Airbus SE		(178	)		(20,516	)		(51.4	)
Altran Technologies SA		(72,543	)		(685,297	)		(1,714.8	)
BNP Paribas SA		(4,739	)		(223,330	)		(558.9	)
Elis SA		(7,450	)		(120,513	)		(301.6	)
EssilorLuxottica SA		(6,557	)		(830,635	)		(2,078.5	)
Ingenico Group SA		(4,584	)		(249,864	)		(625.2	)
SEB SA		(2,232	)		(342,252	)		(856.4	)
SOITEC		(915	)		(70,270	)		(175.8	)
Valeo SA		(41,555	)		(1,299,991	)		(3,253.0	)
					(3,842,668	)
Germany
Bayer AG		(6,287	)		(476,528	)		(1,192.4	)
Deutsche Bank AG		(14,640	)		(130,139	)		(325.7	)
Drillisch AG		(25,303	)		(1,052,797	)		(2,634.4	)
Gerresheimer AG		(13,311	)		(901,434	)		(2,255.7	)
Jungheinrich AG		(10,381	)		(315,086	)		(788.4	)
METRO AG		(1,968	)		(33,304	)		(83.3	)
United Internet AG		(5,186	)		(205,761	)		(514.9	)
					(3,115,049	)
Hong Kong
ASM Pacific Technology Ltd.		(10,900	)		(117,440	)		(293.9	)
Galaxy Entertainment Group Ltd.		(16,000	)		(111,402	)		(278.7	)
MTR Corp. Ltd.		(24,000	)		(134,226	)		(335.9	)
Power Assets Holdings Ltd.		(11,500	)		(77,470	)		(193.8	)
VTech Holdings Ltd.		(32,000	)		(305,668	)		(764.9	)
					(746,206	)
Ireland
Ryanair Holdings PLC		(151,191	)		(1,901,468	)		(4,758.1	)
Isle of Man
GVC Holdings PLC		(48,136	)		(424,164	)		(1,061.4	)
Israel
Teva Pharmaceutical Industries Ltd.		(26,262	)		(522,346	)		(1,307.1	)
Italy
Banco BPM SpA		(412,338	)		(800,408	)		(2,002.9	)
Intesa Sanpaolo SpA		(161,245	)		(368,948	)		(923.2	)
Prysmian SpA		(194,301	)		(4,174,224	)		(10,445.2	)
UniCredit SpA		(70,438	)		(814,296	)		(2,037.6	)
					(6,157,876	)

	Shares			Value			% of Basket Value
Japan
Ain Holdings, Inc.		(1,700	)	$	(124,465	)		(311.5	)%
ANA Holdings, Inc.		(3,600	)		(132,695	)		(332.0	)
Bridgestone Corp.		(26,300	)		(1,012,323	)		(2,533.1	)
Central Japan Railway Co.		(5,100	)		(1,102,223	)		(2,758.1	)
Daido Steel Co. Ltd.		(600	)		(25,081	)		(62.8	)
Daiichi Sankyo Co. Ltd.		(5,500	)		(190,783	)		(477.4	)
Daiwa House REIT Investment Corp.		(178	)		(419,166	)		(1,048.9	)
Dowa Holdings Co. Ltd.		(7,000	)		(224,267	)		(561.2	)
Fast Retailing Co. Ltd.		(900	)		(413,016	)		(1,033.5	)
Goldwin, Inc.		(300	)		(29,545	)		(73.9	)
Hikari Tsushin, Inc.		(3,100	)		(496,878	)		(1,243.3	)
HIS Co. Ltd.		(600	)		(22,689	)		(56.8	)
Idemitsu Kosan Co. Ltd.		(2,900	)		(102,334	)		(256.1	)
Japan Airport Terminal Co. Ltd.		(2,900	)		(111,117	)		(278.0	)
Japan Lifeline Co. Ltd.		(38,200	)		(581,378	)		(1,454.8	)
Japan Real Estate Investment Corp.		(6	)		(35,170	)		(88.0	)
Kansai Mirai Financial Group, Inc.		(7,300	)		(54,246	)		(135.7	)
Keihan Holdings Co. Ltd.		(9,800	)		(404,123	)		(1,011.2	)
Keio Corp.		(800	)		(45,958	)		(115.0	)
Koito Manufacturing Co. Ltd.		(7,100	)		(427,588	)		(1,070.0	)
Konica Minolta, Inc.		(2,000	)		(20,138	)		(50.4	)
Kusuri no Aoki Holdings Co. Ltd.		(5,100	)		(338,436	)		(846.9	)
Makita Corp.		(5,100	)		(180,702	)		(452.2	)
Maruichi Steel Tube Ltd.		(800	)		(25,696	)		(64.3	)
Minebea Mitsumi, Inc.		(170,400	)		(2,802,920	)		(7,013.8	)
MISUMI Group, Inc.		(10,900	)		(249,491	)		(624.3	)
Mitsui Fudosan Co. Ltd.		(6,100	)		(148,199	)		(370.8	)
Nabtesco Corp.		(2,400	)		(63,497	)		(158.9	)
NEC Corp.		(8,700	)		(292,363	)		(731.6	)
Nippon Kayaku Co. Ltd.		(1,900	)		(23,924	)		(59.9	)
Nippon Suisan Kaisha Ltd.		(14,000	)		(86,475	)		(216.4	)
Olympus Corp.		(3,700	)		(151,778	)		(379.8	)
Oriental Land Co. Ltd.		(1,800	)		(184,561	)		(461.8	)
Outsourcing, Inc.		(28,600	)		(328,346	)		(821.6	)
Relo Group, Inc.		(4,000	)		(105,577	)		(264.2	)
Renesas Electronics Corp.		(34,000	)		(196,027	)		(490.5	)
SBI Holdings, Inc.		(13,600	)		(290,520	)		(727.0	)
Seibu Holdings, Inc.		(27,200	)		(472,542	)		(1,182.4	)
Seiko Epson Corp.		(4,700	)		(73,155	)		(183.1	)
SG Holdings Co. Ltd.		(1,300	)		(34,896	)		(87.3	)
Sojitz Corp.		(30,300	)		(116,496	)		(291.5	)
Sumitomo Dainippon Pharma Co. Ltd.		(5,900	)		(138,909	)		(347.6	)
Sumitomo Metal Mining Co. Ltd.		(9,300	)		(268,983	)		(673.1	)
Suzuki Motor Corp.		(27,500	)		(1,436,065	)		(3,593.5	)
Taisho Pharmaceutical Holdings Co. Ltd.		(700	)		(71,098	)		(177.9	)
Taiyo Nippon Sanso Corp.		(12,800	)		(202,848	)		(507.6	)
Toho Gas Co. Ltd.		(800	)		(34,362	)		(86.0	)
Tokyo Electric Power Co. Holdings, Inc.		(155,700	)		(958,324	)		(2,398.0	)
Toyo Seikan Group Holdings Ltd.		(5,600	)		(126,053	)		(315.4	)
Yaoko Co. Ltd.		(300	)		(15,729	)		(39.4	)
					(15,393,155	)
Luxembourg
L’Occitane International SA		(5,500	)		(9,852	)		(24.7	)
Macau
MGM China Holdings Ltd.		(15,200	)		(29,513	)		(73.9	)
Netherlands
AMG Advanced Metallurgical Group NV		(2,928	)		(105,853	)		(264.9	)
Constellium NV, Class A		(2,307	)		(19,010	)		(47.6	)
Heineken NV		(3,051	)		(274,038	)		(685.7	)
OCI NV		(50,050	)		(1,058,438	)		(2,648.5	)
					(1,457,339	)

22 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Norway
Yara International ASA		(14,972	)	$	(619,109	)		(1,549.2	)%
Singapore
City Developments Ltd.		(12,300	)		(84,186	)		(210.6	)
SembCorp Industries Ltd.		(99,900	)		(192,729	)		(482.3	)
Singapore Airlines Ltd.		(40,700	)		(292,388	)		(731.6	)
Singapore Telecommunications Ltd.		(1,650,000	)		(3,709,870	)		(9,283.3	)
Wilmar International Ltd.		(34,300	)		(84,953	)		(212.6	)
					(4,364,126	)
Spain
Banco Santander SA		(214,746	)		(1,018,461	)		(2,548.5	)
Iberdrola SA		(18,435	)		(3,311	)		(8.3	)
					(1,021,772	)
Sweden
Essity AB		(34,717	)		(960,569	)		(2,403.6	)
Husqvarna AB — B Shares		(108,023	)		(825,641	)		(2,066.0	)
JM AB		(5,280	)		(106,743	)		(267.1	)
Saab AB		(46,656	)		(1,612,106	)		(4,034.0	)
Telia Co. AB		(80,682	)		(351,142	)		(878.7	)
Veoneer, Inc.		(5,149	)		(153,492	)		(384.1	)
					(4,009,693	)
Switzerland
Credit Suisse Group AG		(154,047	)		(1,872,494	)		(4,685.5	)
Geberit AG		(3,906	)		(1,526,978	)		(3,821.0	)
Glencore PLC		(143,955	)		(585,367	)		(1,464.8	)
Lonza Group AG		(273	)		(72,126	)		(180.5	)
STMicroelectronics NV		(88,975	)		(1,417,342	)		(3,546.6	)
					(5,474,307	)
United Kingdom
ASOS PLC		(6,627	)		(287,372	)		(719.1	)
BT Group PLC		(357,138	)		(1,089,057	)		(2,725.2	)
Capita PLC		(55,444	)		(84,507	)		(211.5	)
KAZ Minerals PLC		(25,132	)		(196,239	)		(491.0	)
Kingfisher PLC		(513,758	)		(1,500,867	)		(3,755.6	)
Prudential PLC		(2,082	)		(40,716	)		(101.9	)
Reckitt Benckiser Group PLC		(7,224	)		(555,848	)		(1,390.9	)
Royal Bank of Scotland Group PLC		(389,897	)		(1,236,836	)		(3,095.0	)
SSE PLC		(94,948	)		(1,459,638	)		(3,652.5	)
Tesco PLC		(965,948	)		(2,827,756	)		(7,075.9	)
TP ICAP PLC		(362,512	)		(1,498,807	)		(3,750.5	)
Whitbread PLC		(26,034	)		(1,668,133	)		(4,174.2	)
					(12,445,776	)
United States
Advanced Micro Devices, Inc.		(22,947	)		(560,136	)		(1,401.6	)
Alcoa Corp.		(4,871	)		(144,571	)		(361.8	)
Americold Realty Trust		(9,303	)		(272,764	)		(682.5	)
Annaly Capital Management, Inc.		(160,636	)		(1,677,040	)		(4,196.5	)
Arch Capital Group Ltd.		(3,893	)		(114,260	)		(285.9	)
Arconic, Inc.		(14,136	)		(266,039	)		(665.7	)
Armstrong World Industries, Inc.		(4,965	)		(337,819	)		(845.3	)
Arrow Electronics, Inc.		(22,242	)		(1,689,280	)		(4,227.1	)
Ashland Global Holdings, Inc.		(18,182	)		(1,380,014	)		(3,453.2	)
Aspen Technology, Inc.		(3,192	)		(308,443	)		(771.8	)
Avanos Medical, Inc.		(6,018	)		(274,120	)		(685.9	)
Bank of New York Mellon Corp.		(19,324	)		(1,011,032	)		(2,529.9	)
Becton Dickinson & Co.		(8,146	)		(2,032,101	)		(5,085.0	)
Bio-Techne Corp.		(3,746	)		(653,527	)		(1,635.3	)
BWX Technologies, Inc.		(8,565	)		(397,587	)		(994.9	)
Caesars Entertainment Corp.		(39,960	)		(365,234	)		(913.9	)
Carvana Co.		(1,074	)		(39,899	)		(99.8	)

	Shares			Value			% of Basket Value
United States (continued)
Catalent, Inc.		(26,293	)	$	(971,000	)		(2,429.8	)%
Cboe Global Markets, Inc.		(3,859	)		(359,929	)		(900.7	)
Cleveland-Cliffs, Inc.		(129,294	)		(1,384,739	)		(3,465.1	)
Coherent, Inc.		(4,975	)		(588,045	)		(1,471.5	)
Commerce Bancshares, Inc.		(6,103	)		(364,959	)		(913.2	)
Commercial Metals Co.		(110,117	)		(1,921,542	)		(4,808.3	)
Conduent, Inc.		(62,822	)		(800,980	)		(2,004.3	)
Credit Acceptance Corp.		(2,132	)		(848,579	)		(2,123.4	)
Cree, Inc.		(22,079	)		(1,113,444	)		(2,786.2	)
Darling International, Inc.		(110,302	)		(2,346,124	)		(5,870.7	)
Dentsply Sirona, Inc.		(64,378	)		(2,700,657	)		(6,757.9	)
Diamondback Energy, Inc.		(14,957	)		(1,542,366	)		(3,859.5	)
DISH Network Corp.		(77,423	)		(2,374,563	)		(5,941.9	)
Dollar Tree, Inc.		(17,230	)		(1,668,381	)		(4,174.8	)
Dover Corp.		(3,398	)		(298,446	)		(746.8	)
DowDuPont, Inc.		(28,892	)		(1,554,678	)		(3,890.3	)
DXC Technology Co.		(13,975	)		(896,077	)		(2,242.3	)
Element Solutions, Inc.		(75,451	)		(848,069	)		(2,122.1	)
EnerSys		(4,519	)		(385,290	)		(964.1	)
Entegris, Inc.		(9,107	)		(300,986	)		(753.2	)
Equifax, Inc.		(8,181	)		(875,531	)		(2,190.9	)
Equity Commonwealth		(55,876	)		(1,808,147	)		(4,524.6	)
Genesee & Wyoming, Inc., Class A		(5,550	)		(435,786	)		(1,090.5	)
Global Payments, Inc.		(31,035	)		(3,484,610	)		(8,719.6	)
Goldman Sachs Group, Inc.		(756	)		(149,696	)		(374.6	)
Grand Canyon Education, Inc.		(15,422	)		(1,433,321	)		(3,586.6	)
Graphic Packaging Holding Co.		(61,227	)		(739,010	)		(1,849.2	)
Hilton Grand Vacations, Inc.		(25,272	)		(766,752	)		(1,918.7	)
ICU Medical, Inc.		(3,687	)		(917,326	)		(2,295.4	)
Ingevity Corp.		(10,909	)		(1,026,210	)		(2,567.9	)
Iron Mountain, Inc.		(37,118	)		(1,380,790	)		(3,455.2	)
John Bean Technologies Corp.		(2,434	)		(193,357	)		(483.8	)
KBR, Inc.		(14,376	)		(247,267	)		(618.7	)
Lear Corp.		(1,653	)		(254,446	)		(636.7	)
Leggett & Platt, Inc.		(18,141	)		(743,055	)		(1,859.4	)
Lennar Corp.		(5,518	)		(261,664	)		(654.8	)
Liberty Broadband Corp.		(7,609	)		(646,917	)		(1,618.8	)
Lincoln Electric Holdings, Inc.		(949	)		(82,032	)		(205.3	)
LKQ Corp.		(21,842	)		(572,697	)		(1,433.1	)
Louisiana-Pacific Corp.		(9,024	)		(220,005	)		(550.5	)
Lowe’s Cos., Inc.		(14,007	)		(1,346,913	)		(3,370.4	)
LPL Financial Holdings, Inc.		(3,646	)		(256,569	)		(642.0	)
MGM Resorts International		(2,963	)		(87,231	)		(218.3	)
Micron Technology, Inc.		(54,488	)		(2,082,531	)		(5,211.1	)
Mohawk Industries, Inc.		(8,111	)		(1,044,616	)		(2,614.0	)
Molina Healthcare, Inc.		(2,660	)		(353,727	)		(885.1	)
Navistar International Corp.		(7,942	)		(260,815	)		(652.6	)
NextEra Energy, Inc.		(25,917	)		(4,638,625	)		(11,607.3	)
NiSource, Inc.		(31,204	)		(851,245	)		(2,130.1	)
Nordson Corp.		(5,975	)		(774,599	)		(1,938.3	)
Okta, Inc.		(830	)		(68,417	)		(171.2	)
Ollie’s Bargain Outlet Holdings, Inc.		(3,572	)		(279,223	)		(698.7	)
Owens-Illinois, Inc.		(11,498	)		(230,765	)		(577.4	)
PDC Energy, Inc.		(3,993	)		(130,052	)		(325.4	)
Peabody Energy Corp.		(413	)		(14,744	)		(36.9	)
PPG Industries, Inc.		(8,099	)		(853,959	)		(2,136.9	)
Proofpoint, Inc.		(4,944	)		(503,645	)		(1,260.3	)
Qurate Retail, Inc.		(10,727	)		(233,312	)		(583.8	)
Red Rock Resorts, Inc., Class A		(7,292	)		(185,071	)		(463.1	)
Reliance Worldwide Corp. Ltd.		(304,786	)		(1,066,662	)		(2,669.1	)
Restoration Hardware		(2,259	)		(306,930	)		(768.0	)
Roku, Inc.		(33,599	)		(1,510,275	)		(3,779.2	)

SCHEDULES OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United States (continued)
Sabra Health Care REIT, Inc.		(10,173	)	$	(208,953	)		(522.9	)%
Sabre Corp.		(12,942	)		(297,407	)		(744.2	)
Sanderson Farms, Inc.		(1,537	)		(189,205	)		(473.5	)
SLM Corp.		(97,676	)		(1,046,110	)		(2,617.7	)
Spectrum Brands Holdings, Inc.		(3,448	)		(192,674	)		(482.1	)
Stanley Black & Decker, Inc.		(7,957	)		(1,006,083	)		(2,517.5	)
Starwood Property Trust, Inc.		(88,055	)		(1,944,254	)		(4,865.1	)
Stericycle, Inc.		(26,161	)		(1,153,177	)		(2,885.6	)
SYNNEX Corp.		(365	)		(35,317	)		(88.4	)
The Trade Desk, Inc., Class A		(1,514	)		(216,017	)		(540.5	)
Trimble Inc.		(66,648	)		(2,509,964	)		(6,280.7	)
Trinity Industries, Inc.		(81,354	)		(1,902,057	)		(4,759.5	)
Two Harbors Investment Corp.		(26,064	)		(380,274	)		(951.6	)
Union Pacific Corp.		(2,872	)		(456,849	)		(1,143.2	)
Uniti Group, Inc.		(1,869	)		(37,212	)		(93.1	)
US Foods Holding Corp.		(18,667	)		(629,451	)		(1,575.1	)
VEREIT, Inc.		(34,451	)		(278,364	)		(696.6	)
Verisk Analytics, Inc., Class A		(27,815	)		(3,265,759	)		(8,172.0	)
Virtu Financial, Inc., Class A		(20,198	)		(516,059	)		(1,291.3	)
Vistra Energy Corp.		(19,433	)		(487,963	)		(1,221.0	)
Wabtec Corp.		(21,520	)		(1,488,323	)		(3,724.3	)
Walgreens Boots Alliance, Inc.		(8,697	)		(628,445	)		(1,572.6	)
WEX, Inc.		(941	)		(151,812	)		(379.9	)
Worldpay, Inc., Class A		(23,972	)		(2,001,183	)		(5,007.6	)
WPX Energy, Inc.		(7,441	)		(91,227	)		(228.3	)
Zayo Group Holdings, Inc.		(42,259	)		(1,160,010	)		(2,902.7	)
					(90,385,414	)
Total Reference Entity— Short					(171,271,558	)
Net Value of Reference Entity — Bank of America, N.A.				$	39,963

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Bank of America, N.A. as of January 31, 2019 expiration dates 02/17/23:

	Shares		Value		% of Basket Value
Reference Entity— Long
Bermuda
Assured Guaranty Ltd.		925	$	37,518		11.4	%
Golar LNG Ltd.		1,281		28,528		8.6
Liberty Latin America Ltd., Class C		1,213		21,203		6.4
				87,249
Canada
IMAX Corp.		1,587		32,962		10.0
China
SINA Corp.		673		41,336		12.5
Ireland
Adient PLC		3,266		64,471		19.5
Italy
Ferrari NV		224		28,291		8.6
Netherlands
Aegon NV		4,183		21,626		6.5
Switzerland
UBS Group AG		4,041		52,371		15.8

	Shares		Value		% of Basket Value
United Kingdom
Delphi Technologies PLC		3,616	$	64,763		19.6	%
Ferroglobe PLC		2,270		5,198		1.6
IHS Markit Ltd.		671		34,838		10.5
International Game Technology PLC		3,223		52,728		15.9
Liberty Global PLC, Class A		11,553		281,893		85.3
Seadrill Ltd.		866		7,448		2.3
Sensata Technologies Holding PLC		2,746		130,435		39.5
TechnipFMC PLC		1,228		28,195		8.5
				605,498
United States
Acadia Healthcare Co., Inc.		1,662		45,472		13.8
ACCO Brands Corp.		1,393		12,300		3.7
ACI Worldwide, Inc.		813		24,032		7.3
Activision Blizzard, Inc.		775		36,611		11.1
ADT, Inc.		4,990		36,028		10.9
Affiliated Managers Group, Inc.		7,438		780,618		236.2
Aflac, Inc.		567		27,046		8.2
Albemarle Corp.		887		71,607		21.7
Alliance Data Systems Corp.		391		69,438		21.0
Altice USA, Inc., Class A		1,505		29,558		8.9
AMC Entertainment Holdings, Inc., Class A		212		3,106		0.9
American Express Co.		259		26,599		8.0
AMETEK, Inc.		283		20,631		6.2
Amkor Technology, Inc.		2,536		20,288		6.1
Amneal Pharmaceuticals, Inc.		1,685		20,692		6.3
Apartment Investment & Management Co., Class A		455		22,532		6.8
Arch Coal, Inc., Class A		912		80,375		24.3
AvalonBay Communities, Inc.		139		26,816		8.1
Avangrid, Inc.		633		31,568		9.6
Avis Budget Group, Inc.		1,362		36,284		11.0
B&G Foods, Inc.		1,144		30,499		9.2
Beacon Roofing Supply, Inc.		1,401		50,898		15.4
BGC Partners, Inc., Class A		4,228		26,171		7.9
Bio-Rad Laboratories, Inc., Class A		82		20,489		6.2
Blackstone Mortgage Trust, Inc., Class A		960		33,110		10.0
Bloomin’ Brands, Inc.		2,941		54,203		16.4
Booz Allen Hamilton Holding Corp.		665		32,671		9.9
BorgWarner, Inc.		1,030		42,127		12.7
Bottomline Technologies DE, Inc.		44		2,273		0.7
Bristol-Myers Squibb Co.		430		21,229		6.4
Brixmor Property Group, Inc.		37,935		649,827		196.6
Cabot Corp.		1,460		68,459		20.7
Cabot Microelectronics Corp.		671		68,368		20.7
Callaway Golf Co.		1,257		20,476		6.2
Callon Petroleum Co.		2,805		22,833		6.9
Charles River Laboratories International, Inc.		653		80,443		24.3
Cinemark Holdings, Inc.		494		20,214		6.1
Cisco Systems, Inc.		862		40,764		12.3
Clearway Energy, Inc., Class C		1,506		22,726		6.9
Clorox Co.		153		22,702		6.9
CNA Financial Corp.		590		27,057		8.2
Crane Co.		329		27,228		8.2
Crown Holdings, Inc.		1,391		70,941		21.5
Darden Restaurants, Inc.		241		25,288		7.7
Delek US Holdings, Inc.		1,113		36,184		10.9
Dell Technologies, Inc., Class C		447		21,720		6.6
Dick’s Sporting Goods, Inc.		868		30,649		9.3
Dril-Quip, Inc.		1,475		55,224		16.7
Equity LifeStyle Properties, Inc.		196		20,752		6.3
Extended Stay America, Inc.		165		2,821		0.9
Fluor Corp.		1,930		70,580		21.4
FTI Consulting, Inc.		1,179		80,549		24.4

24 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
United States (continued)
Gap, Inc.		1,765	$	44,902		13.6	%
GCP Applied Technologies, Inc.		2,294		57,809		17.5
Hawaiian Holdings, Inc.		790		25,296		7.7
HealthEquity, Inc.		746		46,506		14.1
Henry Schein, Inc.		828		64,336		19.5
Illumina, Inc.		149		41,689		12.6
Innoviva, Inc.		1,306		22,333		6.8
Insperity, Inc.		257		27,417		8.3
Iridium Communications, Inc.		2,555		49,516		15.0
ITT, Inc.		391		20,551		6.2
Jacobs Engineering Group, Inc.		593		38,426		11.6
KAR Auction Services, Inc.		412		21,428		6.5
Keysight Technologies, Inc.		354		26,203		7.9
Kirby Corp.		187		14,008		4.2
Lennox International, Inc.		113		25,909		7.8
LogMeIn, Inc.		332		30,883		9.3
Manhattan Associates, Inc.		223		10,876		3.3
Match Group, Inc.		320		17,117		5.2
MAXIMUS, Inc.		1,311		91,940		27.8
MDC Holdings, Inc.		3,161		104,092		31.5
MEDIA GEN, Inc. CVR		3,231		—		0.0
Medical Properties Trust, Inc.		1,608		29,266		8.9
Meredith Corp.		635		34,461		10.4
MSCI, Inc.		175		29,797		9.0
Newell Brands, Inc.		2,513		53,301		16.1
Norfolk Southern Corp.		224		37,574		11.4
Norwegian Cruise Line Holdings Ltd.		1,031		53,024		16.0
NuVasive, Inc.		1,563		78,369		23.7
Outfront Media, Inc.		969		20,107		6.1
Pebblebrook Hotel Trust		7,728		247,682		74.9
Perrigo Co. PLC		2,147		99,728		30.2
Pilgrim’s Pride Corp.		1,753		35,516		10.7
Pitney Bowes, Inc.		3,777		27,232		8.2
Plantronics, Inc.		597		23,158		7.0
Polaris Industries, Inc.		290		24,325		7.4
PriceSmart, Inc.		1,038		63,577		19.2
Prudential Financial, Inc.		56		5,160		1.6
Range Resources Corp.		2,646		29,185		8.8
Rexford Industrial Realty, Inc.		981		32,962		10.0
Rexnord Corp.		1,099		28,739		8.7
RingCentral, Inc., Class A		501		46,312		14.0
Ryman Hospitality Properties, Inc.		318		25,551		7.7
Sally Beauty Holdings, Inc.		4,512		77,697		23.5
Simon Property Group, Inc.		290		52,815		16.0
SL Green Realty Corp.		855		79,028		23.9
Snap-on, Inc.		336		55,773		16.9
Sotheby’s		1,979		79,932		24.2
Southwest Gas Holdings, Inc.		611		47,853		14.5
Spirit Airlines, Inc.		885		52,056		15.7
Sprouts Farmers Market, Inc.		1,250		29,975		9.1
Steel Dynamics, Inc.		998		36,517		11.0
Stericycle, Inc.		709		31,253		9.5
Taylor Morrison Home Corp., Class A		1,270		24,003		7.3
Tenet Healthcare Corp.		49		1,077		0.3
Terex Corp.		713		21,896		6.6
Tetra Tech, Inc.		488		26,933		8.1
Thermo Fisher Scientific, Inc.		98		24,076		7.3
TriNet Group, Inc.		433		19,771		6.0
Tupperware Brands Corp.		836		22,798		6.9
Univar, Inc.		1,068		22,246		6.7
Veeva Systems, Inc., Class A		268		29,228		8.8
Wabash National Corp.		576		8,029		2.4

	Shares			Value			% of Basket Value
United States (continued)
WESCO International, Inc.		524		$	27,458			8.3	%
Woodward, Inc.		772			70,136			21.2
Xenia Hotels & Resorts, Inc.		2,672			50,153			15.2
Yum! Brands, Inc.		230			21,615			6.5
					5,939,657
Total Reference Entity— Long					6,873,461
Reference Entity— Short
United States
Americold Realty Trust		(5,102	)		(149,591	)		(45.2	)
Appian Corp.		(967	)		(31,128	)		(9.4	)
Benefitfocus, Inc.		(3,261	)		(182,453	)		(55.2	)
Caesars Entertainment Corp.		(25,993	)		(237,576	)		(71.9	)
Cboe Global Markets, Inc.		(568	)		(52,977	)		(16.0	)
Centennial Resource Development, Inc.		(1,967	)		(25,905	)		(7.8	)
DiamondRock Hospitality Co.		(12,203	)		(123,982	)		(37.5	)
DISH Network Corp.		(17,475	)		(535,958	)		(162.1	)
Fortune Brands Home & Security, Inc.		(2,682	)		(121,495	)		(36.8	)
Goldman Sachs Group, Inc.		(3,719	)		(736,399	)		(222.8	)
Hartford Financial Services Group, Inc.		(6,198	)		(290,810	)		(88.0	)
Herman Miller, Inc.		(103	)		(3,526	)		(1.1	)
Jagged Peak Energy, Inc.		(9,827	)		(103,478	)		(31.3	)
Keane Group, Inc.		(6,614	)		(66,669	)		(20.2	)
Leidos Holdings, Inc.		(1,639	)		(95,062	)		(28.8	)
Lincoln Electric Holdings, Inc.		(465	)		(40,195	)		(12.2	)
Lockheed Martin Corp.		(26	)		(7,532	)		(2.3	)
McDermott International, Inc.		(12,101	)		(106,731	)		(32.3	)
MGIC Investment Corp.		(48,317	)		(602,996	)		(182.4	)
Nevro Corp.		(1,674	)		(81,289	)		(24.6	)
New York Community Bancorp, Inc.		(78,892	)		(916,725	)		(277.3	)
Noble Energy, Inc.		(1,343	)		(30,003	)		(9.1	)
Reata Pharmaceuticals, Inc.		(7	)		(558	)		(0.2	)
Restoration Hardware		(659	)		(89,538	)		(27.1	)
Roku, Inc.		(540	)		(24,273	)		(7.3	)
SLM Corp.		(113,066	)		(1,210,937	)		(366.3	)
Smartsheet, Inc., Class A		(1,307	)		(41,014	)		(12.4	)
Stitch Fix, Inc., Class A		(1,062	)		(23,842	)		(7.2	)
Tesla, Inc.		(288	)		(88,422	)		(26.7	)
Urban Edge Properties		(1,711	)		(34,939	)		(10.6	)
VICI Properties, Inc.		(21,391	)		(460,548	)		(139.3	)
Zuora, Inc., Class A		(1,218	)		(26,358	)		(8.0	)
					(6,542,909	)
Total Reference Entity— Short					(6,542,909	)
Net Value of Reference Entity — Bank of America, N.A.				$	330,552

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Deutsche Bank A.G. as of January 31, 2019 expiration dates 01/30/23 — 02/23/23:

	Shares		Value		% of Basket Value
Reference Entity— Long
Australia
ALS Ltd.		8,892	$	47,086		(7.6	)%
Computershare Ltd.		1,459		18,901		(3.1	)
CSR Ltd.		381,879		812,853		(131.8	)

SCHEDULES OF INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
Australia (continued)
DuluxGroup Ltd.		30,167	$	150,433		(24.4	)%
Flight Centre Travel Group Ltd.		2,849		89,400		(14.5	)
Harvey Norman Holdings Ltd.		28,673		70,414		(11.4	)
Iluka Resources Ltd.		8,875		56,424		(9.2	)
Metcash Ltd.		87,527		157,950		(25.6	)
Perpetual Ltd.		3,399		80,952		(13.1	)
				1,484,413
Austria
Telekom Austria AG		3,377		25,819		(4.2	)
Vienna Insurance Group AG Wiener Versicherung Gruppe		15,275		370,306		(60.0	)
Wienerberger AG		1,009		22,636		(3.7	)
				418,761
Belgium
UCB SA		5,082		440,371		(71.4	)
Canada
BRP, Inc.		6,104		175,694		(28.5	)
Great-West Lifeco, Inc.		5,834		125,209		(20.3	)
Methanex Corp.		8,355		455,282		(73.8	)
TFI International, Inc.		8,374		246,514		(40.0	)
WSP Global, Inc.		5,090		261,250		(42.3	)
				1,263,949
Denmark
Carlsberg A/S, Class B		276		31,598		(5.1	)
Royal Unibrew A/S		7,693		579,385		(94.0	)
William Demant Holding A/S		2,250		71,079		(11.5	)
				682,062
Finland
Valmet OYJ		12,835		289,182		(46.9	)
France
Arkema SA		3,055		289,453		(46.9	)
Edenred		8,971		363,297		(58.9	)
Ipsen SA		3,455		434,765		(70.5	)
Kering SA		42		21,064		(3.4	)
L’Oreal SA		874		210,656		(34.2	)
Lagardere SCA		3,647		95,291		(15.5	)
Rexel SA		23,079		263,160		(42.7	)
Sartorius Stedim Biotech		1,597		176,030		(28.5	)
Schneider Electric SE		13		925		(0.1	)
UbiSoft Entertainment SA		4,653		412,937		(67.0	)
				2,267,578
Germany
Bilfinger SE		1,003		32,064		(5.2	)
Evotec AG		5,967		140,115		(22.7	)
Jenoptik AG		10,865		351,721		(57.1	)
Nemetschek SE		2,870		368,345		(59.7	)
Puma SE		145		80,743		(13.1	)
Salzgitter AG		8,453		255,389		(41.4	)
Software AG		6,925		251,595		(40.8	)
Solarworld AG		10		—		0.0
				1,479,972
Israel
Plus500 Ltd.		2,744		55,315		(9.0	)
Italy
A2A SpA		107,794		196,684		(31.9	)
Amplifon SpA		29,429		527,233		(85.5	)
Ferrari NV		3,046		379,258		(61.5	)

	Shares		Value		% of Basket Value
Italy (continued)
Fincantieri SpA		294,953	$	341,383		(55.3	)%
Hera SpA		278,227		940,280		(152.5	)
Interpump Group SpA		749		24,131		(3.9	)
Iren SpA		14,087		34,550		(5.6	)
Moncler SpA		11,990		451,239		(73.2	)
Saras SpA		91,540		195,045		(31.6	)
Terna Rete Elettrica Nazionale SpA		40,184		247,656		(40.2	)
UnipolSai Assicurazioni SpA		18,159		45,328		(7.3	)
				3,382,787
Japan
Advantest Corp.		7,800		178,515		(28.9	)
Aoyama Trading Co. Ltd.		900		22,489		(3.6	)
Brother Industries Ltd.		1,800		30,377		(4.9	)
Capcom Co. Ltd.		3,700		79,643		(12.9	)
Chiyoda Corp.		26,100		79,299		(12.8	)
Citizen Watch Co. Ltd.		8,100		43,237		(7.0	)
Credit Saison Co. Ltd.		10,800		142,312		(23.1	)
CyberAgent, Inc.		7,800		252,637		(41.0	)
DMG Mori Co. Ltd.		59,300		807,224		(130.9	)
Horiba Ltd.		2,100		103,371		(16.8	)
Kakaku.com, Inc.		1,300		22,823		(3.7	)
Kirin Holdings Co. Ltd.		33,900		809,324		(131.2	)
Kokuyo Co. Ltd.		2,100		30,667		(5.0	)
Kyushu Financial Group, Inc.		33,300		135,655		(22.0	)
Leopalace21 Corp.		142,100		673,281		(109.2	)
Lintec Corp.		21,200		469,460		(76.1	)
LIXIL Group Corp.		1,700		25,036		(4.1	)
Mitsubishi Gas Chemical Co., Inc.		28,100		444,448		(72.1	)
Mitsubishi Motors Corp.		5,500		34,172		(5.5	)
MS&AD Insurance Group Holdings, Inc.		1,800		53,286		(8.6	)
Nikon Corp.		3,800		64,974		(10.5	)
Nippon Telegraph & Telephone Corp.		700		30,092		(4.9	)
Nisshinbo Holdings, Inc.		3,800		33,152		(5.4	)
Nitto Denko Corp.		2,700		152,726		(24.8	)
Obic Co. Ltd.		300		28,430		(4.6	)
Otsuka Corp.		3,700		119,762		(19.4	)
Pola Orbis Holdings, Inc.		9,300		278,159		(45.1	)
Rohm Co. Ltd.		1,900		134,101		(21.7	)
SCSK Corp.		11,900		481,527		(78.1	)
Showa Shell Sekiyu KK		2,600		38,738		(6.3	)
Sumitomo Chemical Co. Ltd.		16,400		85,552		(13.9	)
Takashimaya Co. Ltd.		25,300		343,823		(55.7	)
Tokyo Tatemono Co. Ltd.		6,500		79,039		(12.8	)
TS Tech Co. Ltd.		5,100		153,443		(24.9	)
				6,460,774
Netherlands
Adyen NV		34		25,229		(4.1	)
BE Semiconductor Industries NV		25,164		652,628		(105.8	)
Koninklijke Ahold Delhaize NV		23,313		614,206		(99.6	)
Koninklijke KPN NV		50,220		154,387		(25.0	)
Wereldhave NV		9,107		291,834		(47.3	)
				1,738,284
Norway
Austevoll Seafood ASA		7,741		98,856		(16.0	)
Grieg Seafood ASA		13,722		177,300		(28.8	)
Salmar ASA		6,843		358,309		(58.1	)
Storebrand ASA		6,714		51,455		(8.3	)
Subsea 7 SA		3,239		36,754		(6.0	)
Telenor ASA		7,719		146,136		(23.7	)
				868,810

26 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Spain
Acciona SA		1,775		$	169,005			(27.4	)%
Almirall SA		13,181			223,630			(36.2	)
Cia de Distribucion Integral Logista Holdings SA		2,604			67,243			(10.9	)
Mediaset Espana Comunicacion SA		191,807			1,351,397			(219.1	)
Siemens Gamesa Renewable Energy SA		14,150			200,890			(32.6	)
					2,012,165
Sweden
Hexpol AB		34,236			303,043			(49.1	)
Svenska Cellulosa AB SCA, B Shares		7,843			68,987			(11.2	)
					372,030
Switzerland
Barry Callebaut AG, Registered Shares		256			435,528			(70.6	)
Coca-Cola HBC AG		511			17,174			(2.8	)
Flughafen Zuerich AG, Registered Shares		1,920			339,146			(55.0	)
Galenica AG		4,201			191,825			(31.1	)
Logitech International SA, Registered Shares		23,940			873,396			(141.6	)
OC Oerlikon Corp. AG, Registered Shares		68,164			880,843			(142.8	)
Sunrise Communications Group AG		7,799			657,516			(106.6	)
Temenos AG, Registered Shares		7,184			969,728			(157.3	)
					4,365,156
United Kingdom
Auto Trader Group PLC		12,021			72,142			(11.7	)
Barratt Developments PLC		50,411			356,563			(57.8	)
boohoo Group PLC		360,476			890,761			(144.4	)
Carnival PLC		7,677			434,357			(70.4	)
ConvaTec Group PLC		27,186			50,970			(8.3	)
Dialog Semiconductor PLC		18,450			539,413			(87.5	)
Drax Group PLC		18,477			97,536			(15.8	)
Electrocomponents PLC		83,883			598,778			(97.1	)
Experian PLC		1,658			41,628			(6.8	)
Fevertree Drinks PLC		1,644			55,533			(9.0	)
Greggs PLC		4,169			84,882			(13.8	)
Hays PLC		274,063			543,434			(88.1	)
Hikma Pharmaceuticals PLC		14,706			311,119			(50.4	)
IG Group Holdings PLC		5,865			48,876			(7.9	)
Inchcape PLC		61,647			463,860			(75.2	)
Jupiter Fund Management PLC		7,486			32,174			(5.2	)
Land Securities Group PLC		29,135			331,334			(53.7	)
Moneysupermarket.com Group PLC		116,412			462,976			(75.1	)
Pagegroup PLC		65,837			381,767			(61.9	)
Pearson PLC		10,860			129,113			(20.9	)
Rentokil Initial PLC		7,274			32,123			(5.2	)
Victrex PLC		14,643			439,703			(71.3	)
Vodafone Group PLC		91,733			167,301			(27.1	)
William Hill PLC		28,169			65,198			(10.6	)
					6,631,541
Total Reference Entity— Long					34,213,150
Reference Entity— Short
Canada
AltaGas Ltd.		(40,179	)		(411,285	)		66.7
Barrick Gold Corp.		(2,409	)		(32,250	)		5.2
Bombardier, Inc.		(363,658	)		(550,766	)		89.3
Cameco Corp.		(2,799	)		(33,913	)		5.5
CCL Industries, Inc., Class B		(9,366	)		(394,898	)		64.0
Cenovus Energy, Inc.		(9,383	)		(73,267	)		11.9
Dollarama, Inc.		(1,773	)		(47,727	)		7.7
Fairfax Financial Holdings Ltd.		(666	)		(315,044	)		51.1
First Quantum Minerals Ltd.		(10,863	)		(125,748	)		20.4
Goldcorp, Inc.		(35,951	)		(402,207	)		65.2

	Shares			Value			% of Basket Value
Canada (continued)
Keyera Corp.		(2,539	)	$	(53,951	)		8.8	%
Linamar Corp.		(3,462	)		(134,217	)		21.8
Onex Corp.		(5,601	)		(316,635	)		51.3
Premium Brands Holdings Corp.		(9,250	)		(544,954	)		88.4
Saputo, Inc.		(31,394	)		(920,352	)		149.2
SNC-Lavalin Group, Inc.		(19,976	)		(555,974	)		90.1
The Stars Group, Inc.		(35,941	)		(650,738	)		105.5
TransCanada Corp.		(1,982	)		(84,291	)		13.7
					(5,648,217	)
Denmark
Ambu A/S		(26,157	)		(696,833	)		113.0
AP Moeller — Maersk A/S		(906	)		(1,131,066	)		183.4
AP Moeller — Maersk A/S		(645	)		(862,614	)		139.9
Orsted A/S		(481	)		(34,758	)		5.6
					(2,725,271	)
France
Airbus SE		(9,479	)		(1,092,549	)		177.1
EssilorLuxottica SA		(3,328	)		(421,588	)		68.4
Iliad SA		(1,350	)		(154,565	)		25.1
SEB SA		(1,199	)		(183,853	)		29.8
SOITEC		(6,688	)		(513,624	)		83.3
Valeo SA		(11,642	)		(364,204	)		59.0
					(2,730,383	)
Germany
Bayer AG		(7,402	)		(561,040	)		91.0
Gerresheimer AG		(25,802	)		(1,747,337	)		283.3
Grenke AG		(1,938	)		(178,207	)		28.9
Jungheinrich AG		(10,758	)		(326,529	)		52.9
Leoni AG		(48,855	)		(1,810,007	)		293.5
United Internet AG		(9,533	)		(378,233	)		61.3
					(5,001,353	)
Ireland
Ryanair Holdings PLC		(17,720	)		(222,857	)		36.1
Italy
Banco BPM SpA		(217,348	)		(421,904	)		68.4
Intesa Sanpaolo SpA		(64,259	)		(147,033	)		23.8
Prysmian SpA		(23,902	)		(513,493	)		83.3
Unione di Banche Italiane SpA		(49,593	)		(127,242	)		20.6
					(1,209,672	)
Japan
Ain Holdings, Inc.		(700	)		(51,250	)		8.3
Ci:z Holdings Co. Ltd.		(2,649	)		(142,608	)		23.1
Daiichi Sankyo Co. Ltd.		(6,700	)		(232,409	)		37.7
Don Quijote Holdings Co. Ltd.		(10,100	)		(587,327	)		95.2
Dowa Holdings Co. Ltd.		(11,100	)		(355,623	)		57.7
Hikari Tsushin, Inc.		(6,200	)		(993,756	)		161.1
Idemitsu Kosan Co. Ltd.		(100	)		(3,529	)		0.6
Ito En Ltd.		(8,100	)		(361,347	)		58.6
Keihan Holdings Co. Ltd.		(5,600	)		(230,927	)		37.4
Keio Corp.		(1,300	)		(74,682	)		12.1
Kusuri no Aoki Holdings Co. Ltd.		(8,800	)		(583,968	)		94.7
Makita Corp.		(13,100	)		(464,157	)		75.3
Minebea Mitsumi, Inc.		(78,100	)		(1,284,671	)		208.3
MISUMI Group, Inc.		(1,400	)		(32,045	)		5.2
Mitsui Fudosan Co. Ltd.		(3,900	)		(94,750	)		15.4
Nabtesco Corp.		(3,200	)		(84,662	)		13.7
NEC Corp.		(1,200	)		(40,326	)		6.5
Nippon Suisan Kaisha Ltd.		(22,000	)		(135,890	)		22.0
Oriental Land Co. Ltd.		(2,100	)		(215,321	)		34.9
Outsourcing, Inc.		(6,400	)		(73,476	)		11.9

SCHEDULES OF INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Japan (continued)
Seibu Holdings, Inc.		(20,900	)	$	(363,093	)		58.9	%
Seiko Epson Corp.		(3,100	)		(48,251	)		7.8
SMC Corp.		(200	)		(66,009	)		10.7
Sumitomo Dainippon Pharma Co. Ltd.		(9,300	)		(218,959	)		35.5
Taisho Pharmaceutical Holdings Co. Ltd.		(2,800	)		(284,393	)		46.1
Taiyo Nippon Sanso Corp.		(3,800	)		(60,221	)		9.8
Toho Gas Co. Ltd.		(2,900	)		(124,562	)		20.2
Toyo Tire Corp.		(15,400	)		(216,486	)		35.1
Yaoko Co. Ltd.		(1,700	)		(89,133	)		14.5
					(7,513,831	)
Luxembourg
Tenaris SA		(6,148	)		(77,226	)		12.5
Netherlands
AMG Advanced Metallurgical Group NV		(5,289	)		(191,208	)		31.0
Norway
Norsk Hydro ASA		(69,608	)		(322,705	)		52.3
Portugal
Jeronimo Martins SGPS SA		(4,745	)		(67,247	)		10.9
Singapore
Sembcorp Marine Ltd.		(15,500	)		(18,499	)		3.0
Singapore Airlines Ltd.		(3,300	)		(23,707	)		3.9
					(42,206	)
Sweden
BillerudKorsnas AB		(14,225	)		(179,638	)		29.1
Epiroc AB		(62,963	)		(604,591	)		98.0
Epiroc AB		(21,121	)		(189,309	)		30.7
Essity AB		(48,142	)		(1,332,019	)		216.0
Husqvarna AB — B Shares		(51,410	)		(392,937	)		63.7
Modern Times Group MTG AB — B Shares		(811	)		(27,325	)		4.4
Telia Co. AB		(26,424	)		(115,154	)		18.7
					(2,840,973	)
Switzerland
Geberit AG		(922	)		(360,439	)		58.5
Glencore PLC		(65,066	)		(264,579	)		42.9
STMicroelectronics NV		(38,793	)		(617,959	)		100.2
					(1,242,977	)
United Kingdom
ASOS PLC		(26,928	)		(1,167,699	)		189.3
Associated British Foods PLC		(6,100	)		(191,440	)		31.0
BT Group PLC		(83,846	)		(255,680	)		41.5
Capita PLC		(304,478	)		(464,084	)		75.3
EasyJet PLC		(1,337	)		(22,166	)		3.6
Provident Financial PLC		(154,767	)		(1,067,739	)		173.1
Prudential PLC		(16,340	)		(319,547	)		51.8
Royal Bank of Scotland Group PLC		(53,704	)		(170,361	)		27.6
Tesco PLC		(117,087	)		(342,765	)		55.6
Whitbread PLC		(9,843	)		(630,692	)		102.3
					(4,632,173	)
United States
Reliance Worldwide Corp. Ltd.		(103,325	)		(361,607	)		58.6
Total Reference Entity— Short					(34,829,906	)
Net Value of Reference Entity— Deutsche Bank A.G.				$	(616,756	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with UBS AG as of January 31, 2019 expiration dates 05/23/23 — 06/12/23:

	Shares		Value		% of Basket Value
Reference Entity— Long
Australia
Adelaide Brighton Ltd.		134,325	$	438,536		(155.3	)%
ALS Ltd.		39,101		207,053		(73.3	)
Altium Ltd.		935		17,086		(6.0	)
Ansell Ltd.		52,103		889,619		(315.1	)
Computershare Ltd.		30,588		396,256		(140.4	)
Crown Resorts Ltd.		26,164		227,993		(80.8	)
CSR Ltd.		709,666		1,510,567		(535.1	)
Domino’s Pizza Enterprises Ltd.		890		29,517		(10.5	)
DuluxGroup Ltd.		232,135		1,157,584		(410.0	)
Flight Centre Travel Group Ltd.		14,485		454,534		(161.0	)
Harvey Norman Holdings Ltd.		337,715		829,349		(293.8	)
Iluka Resources Ltd.		286,821		1,823,494		(645.9	)
Metcash Ltd.		169,266		305,454		(108.2	)
Perpetual Ltd.		2,279		54,277		(19.2	)
Qantas Airways Ltd.		14,301		56,697		(20.1	)
REA Group Ltd.		17,090		944,511		(334.6	)
Santos Ltd.		21,261		100,314		(35.5	)
SEEK Ltd.		8,321		103,160		(36.5	)
St Barbara Ltd.		14,441		52,659		(18.7	)
WorleyParsons Ltd.		43,837		444,059		(157.3	)
				10,042,719
Austria
Telekom Austria AG		29,490		225,465		(79.9	)
Vienna Insurance Group AG Wiener Versicherung Gruppe		26,125		633,338		(224.3	)
Wienerberger AG		43,454		975,545		(345.6	)
				1,834,348
Belgium
Solvay SA		5,312		578,316		(204.9	)
UCB SA		780		67,590		(23.9	)
				645,906
Canada
BRP, Inc.		14,730		423,980		(150.2	)
Enerplus Corp.		52,248		452,117		(160.1	)
Great-West Lifeco, Inc.		2,120		45,499		(16.1	)
Methanex Corp.		3,809		207,561		(73.5	)
Quebecor, Inc., Class B		157,933		3,717,697		(1,316.9	)
TFI International, Inc.		51,822		1,525,534		(540.4	)
WSP Global, Inc.		1,232		63,234		(22.4	)
				6,435,622
Denmark
Carlsberg A/S, Class B		565		64,683		(22.9	)
Royal Unibrew A/S		8,027		604,540		(214.1	)
William Demant Holding A/S		10,148		320,582		(113.6	)
				989,805
Finland
Valmet OYJ		35,107		790,986		(280.2	)
France
Arkema SA		5,233		495,813		(175.6	)
Christian Dior SE		2,017		851,522		(301.6	)
Edenred		13,096		530,346		(187.9	)
Ipsen SA		583		73,363		(26.0	)
Kering SA		502		251,764		(89.2	)
L’Oreal SA		344		82,913		(29.4	)

28 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
France (continued)
Lagardere SCA		14,479	$	378,314		(134.0	) %
Rexel SA		59,131		674,247		(238.8	)
Sartorius Stedim Biotech		1,083		119,374		(42.3	)
UbiSoft Entertainment SA		1,219		108,182		(38.3	)
				3,565,838
Germany
adidas AG		407		96,842		(34.3	)
CANCOM SE		825		32,025		(11.3	)
Evotec AG		691		16,226		(5.7	)
Jenoptik AG		16,266		526,562		(186.5	)
Nemetschek SE		3,002		385,286		(136.5	)
Salzgitter AG		5,303		160,219		(56.8	)
Software AG		41,367		1,502,921		(532.4	)
				2,720,081
Italy
Amplifon SpA		10,283		184,224		(65.3	)
Ferrari NV		13,803		1,718,613		(608.8	)
Fincantieri SpA		55,234		63,929		(22.6	)
Hera SpA		330,815		1,118,004		(396.0	)
Iren SpA		8,164		20,023		(7.1	)
Moncler SpA		21,793		820,172		(290.5	)
Saras SpA		68,646		146,264		(51.8	)
Terna Rete Elettrica Nazionale SpA		258,096		1,590,661		(563.4	)
UnipolSai Assicurazioni SpA		97,131		242,457		(85.9	)
				5,904,347
Japan
Advantest Corp.		58,500		1,338,861		(474.3	)
Aeon Mall Co. Ltd.		8,800		146,280		(51.8	)
Aoyama Trading Co. Ltd.		49,000		1,224,390		(433.7	)
Benesse Holdings, Inc.		11,900		310,681		(110.1	)
Brother Industries Ltd.		19,800		334,144		(118.4	)
Capcom Co. Ltd.		10,800		232,472		(82.4	)
Chiyoda Corp.		66,500		202,046		(71.6	)
Citizen Watch Co. Ltd.		90,200		481,477		(170.6	)
Credit Saison Co. Ltd.		59,500		784,036		(277.7	)
CyberAgent, Inc.		22,500		728,762		(258.1	)
Dai Nippon Printing Co. Ltd.		2,000		46,290		(16.4	)
Dai-ichi Life Holdings, Inc.		6,600		107,164		(38.0	)
Dip Corp.		900		16,430		(5.8	)
DMG Mori Co. Ltd.		62,700		853,507		(302.3	)
East Japan Railway Co.		13,800		1,278,565		(452.9	)
Electric Power Development Co. Ltd.		3,500		87,540		(31.0	)
en-japan, Inc.		2,400		90,265		(32.0	)
Fancl Corp.		1,200		25,935		(9.2	)
Glory Ltd.		52,000		1,291,869		(457.6	)
Hirose Electric Co. Ltd.		300		32,223		(11.4	)
Hitachi Capital Corp.		7,300		166,370		(58.9	)
Hitachi Construction Machinery Co. Ltd.		10,800		274,285		(97.2	)
Horiba Ltd.		10,600		521,779		(184.8	)
Hoshizaki Corp.		1,800		127,823		(45.3	)
Japan Steel Works Ltd.		11,400		210,950		(74.7	)
Japan Tobacco, Inc.		1,600		40,505		(14.4	)
K’s Holdings Corp.		4,200		41,847		(14.8	)
Kakaku.com, Inc.		4,700		82,512		(29.2	)
Kirin Holdings Co. Ltd.		101,000		2,411,261		(854.1	)
Kokuyo Co. Ltd.		2,300		33,587		(11.9	)
Komeri Co. Ltd.		16,100		407,381		(144.3	)
KYORIN Holdings, Inc.		300		6,370		(2.3	)
Kyushu Financial Group, Inc.		61,900		252,164		(89.3	)
Leopalace21 Corp.		321,300		1,522,345		(539.2	)
Lintec Corp.		43,800		969,921		(343.6	)

	Shares		Value		% of Basket Value
Japan (continued)
LIXIL Group Corp.		29,900	$	440,331		(156.0	) %
Mabuchi Motor Co. Ltd.		4,100		143,808		(50.9	)
Matsumotokiyoshi Holdings Co. Ltd.		2,400		74,141		(26.3	)
Mitsubishi Gas Chemical Co., Inc.		32,200		509,296		(180.4	)
Mitsubishi Motors Corp.		132,100		820,761		(290.7	)
Mixi, Inc.		2,400		60,840		(21.6	)
MS&AD Insurance Group Holdings, Inc.		4,700		139,137		(49.3	)
Nikon Corp.		30,500		521,502		(184.7	)
Nippon Telegraph & Telephone Corp.		16,200		696,408		(246.7	)
Nisshinbo Holdings, Inc.		169,500		1,478,734		(523.8	)
Nitto Denko Corp.		18,500		1,046,457		(370.7	)
Noevir Holdings Co. Ltd.		3,500		149,854		(53.1	)
NOK Corp.		6,300		101,750		(36.0	)
NTN Corp.		43,300		142,289		(50.4	)
Obic Co. Ltd.		3,400		322,212		(114.1	)
Ono Pharmaceutical Co. Ltd.		6,800		148,553		(52.6	)
Otsuka Corp.		27,400		886,885		(314.2	)
Pigeon Corp.		9,600		376,391		(133.3	)
Pola Orbis Holdings, Inc.		69,000		2,063,764		(731.0	)
Resorttrust, Inc.		500		7,009		(2.5	)
Rohm Co. Ltd.		6,000		423,477		(150.0	)
Ryohin Keikaku Co. Ltd.		700		166,837		(59.1	)
SCSK Corp.		18,400		744,546		(263.7	)
Shin-Etsu Chemical Co. Ltd.		6,100		514,331		(182.2	)
Showa Shell Sekiyu KK		5,200		77,476		(27.4	)
Sompo Holdings, Inc.		21,200		799,329		(283.1	)
Sugi Holdings Co. Ltd.		400		16,607		(5.9	)
Sumco Corp.		23,200		323,019		(114.4	)
Sumitomo Chemical Co. Ltd.		12,000		62,599		(22.2	)
Sumitomo Rubber Industries Ltd.		15,300		212,673		(75.3	)
Sundrug Co. Ltd.		1,300		41,603		(14.7	)
Suruga Bank Ltd.		115,500		495,675		(175.6	)
Takashimaya Co. Ltd.		32,300		438,952		(155.5	)
Teijin Ltd.		55,600		960,928		(340.4	)
Tokai Tokyo Financial Holdings, Inc.		20,200		89,027		(31.5	)
Tokyo Broadcasting System Holdings, Inc.		24,600		426,981		(151.2	)
Tokyo Tatemono Co. Ltd.		11,000		133,758		(47.4	)
Tokyu Fudosan Holdings Corp.		81,000		441,291		(156.3	)
Toppan Forms Co. Ltd.		25,000		209,626		(74.3	)
Toyobo Co. Ltd.		1,300		19,290		(6.8	)
Toyota Boshoku Corp.		1,100		17,904		(6.3	)
TS Tech Co. Ltd.		2,300		69,200		(24.5	)
Ulvac, Inc.		2,200		72,571		(25.7	)
Zeon Corp.		218,400		2,245,456		(795.4	)
				35,815,315
Netherlands
BE Semiconductor Industries NV		18,229		472,769		(167.5	)
Koninklijke Ahold Delhaize NV		5,006		131,889		(46.7	)
Koninklijke KPN NV		79,161		243,358		(86.2	)
Wereldhave NV		22,809		730,914		(258.9	)
				1,578,930
Norway
Austevoll Seafood ASA		14,590		186,321		(66.0	)
Grieg Seafood ASA		6,919		89,399		(31.6	)
Salmar ASA		6,673		349,408		(123.8	)
Telenor ASA		65,879		1,247,217		(441.8	)
				1,872,345
Singapore
Suntec Real Estate Investment Trust		27,900		40,032		(14.2	)

SCHEDULES OF INVESTMENTS 29

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Spain
Acciona SA		5,210		$	496,064			(175.7	) %
Almirall SA		14,129			239,715			(84.9	)
Endesa SA		8,065			201,717			(71.5	)
Mediaset Espana Comunicacion SA		384,082			2,706,091			(958.5	)
Siemens Gamesa Renewable Energy SA		20,368			289,168			(102.4	)
					3,932,755
Sweden
Hexpol AB		3,091			27,360			(9.7	)
Svenska Cellulosa AB SCA, B Shares		25,813			227,051			(80.4	)
					254,411
Switzerland
Barry Callebaut AG, Registered Shares		212			360,672			(127.8	)
Coca-Cola HBC AG		5,306			178,330			(63.2	)
Galenica AG		1,291			58,949			(20.9	)
Logitech International SA, Registered Shares		44,565			1,625,852			(575.9	)
OC Oerlikon Corp. AG, Registered Shares		106,552			1,376,909			(487.7	)
Sunrise Communications Group AG		2,252			189,861			(67.2	)
Temenos AG, Registered Shares		1,376			185,738			(65.8	)
					3,976,311
United Kingdom
Ashmore Group PLC		97,927			519,782			(184.1	)
Auto Trader Group PLC		117,736			706,575			(250.3	)
boohoo Group PLC		157,113			388,237			(137.5	)
British Land Co. PLC		46,322			348,948			(123.6	)
Dialog Semiconductor PLC		14,487			423,549			(150.0	)
Drax Group PLC		5,292			27,935			(9.9	)
Electrocomponents PLC		302,175			2,157,002			(764.0	)
Experian PLC		3,486			87,525			(31.0	)
Fevertree Drinks PLC		4,594			155,182			(55.0	)
Greggs PLC		4,752			96,752			(34.3	)
Hays PLC		200,636			397,837			(140.9	)
Hikma Pharmaceuticals PLC		2,145			45,380			(16.1	)
IG Group Holdings PLC		6,168			51,371			(18.2	)
Inchcape PLC		18,871			141,994			(50.3	)
Land Securities Group PLC		28,590			325,136			(115.2	)
Moneysupermarket.com Group PLC		153,516			610,540			(216.3	)
Pagegroup PLC		175,360			1,016,855			(360.2	)
Petrofac Ltd.		26,730			192,647			(68.2	)
Rentokil Initial PLC		42,695			188,547			(66.8	)
Victrex PLC		22,248			668,068			(236.6	)
Vodafone Group PLC		17,977			32,675			(11.6	)
William Hill PLC		274,046			634,287			(224.7	)
					9,216,824
Total Reference Entity— Long					89,616,575
Reference Entity— Short
Australia
AMP Ltd.		(49,709	)		(81,960	)		29.0
Fortescue Metals Group Ltd.		(21,663	)		(89,488	)		31.7
Newcrest Mining Ltd.		(9,954	)		(177,089	)		62.7
NEXTDC Ltd.		(18,491	)		(92,536	)		32.8
Nufarm Ltd.		(234,761	)		(1,067,176	)		378.0
TPG Telecom Ltd.		(8,612	)		(43,741	)		15.5
Transurban Group		(9,826	)		(87,140	)		30.9
					(1,639,130	)
Belgium
Cofinimmo SA		(13,005	)		(1,719,511	)		609.1
Euronav NV		(148,720	)		(1,164,440	)		412.5
					(2,883,951	)

	Shares			Value			% of Basket Value
Canada
Agnico Eagle Mines Ltd.		(7,517	)	$	(326,950	)		115.8	%
AltaGas Ltd.		(47,915	)		(490,473	)		173.7
Bombardier, Inc.		(551,015	)		(834,522	)		295.6
Canadian National Railway Co.		(2,302	)		(192,103	)		68.0
CCL Industries, Inc., Class B		(22,469	)		(947,359	)		335.6
Cenovus Energy, Inc.		(36,595	)		(285,753	)		101.2
Dollarama, Inc.		(24,918	)		(670,763	)		237.6
Fairfax Financial Holdings Ltd.		(6,006	)		(2,841,074	)		1,006.4
First Quantum Minerals Ltd.		(12,120	)		(140,298	)		49.7
Goldcorp, Inc.		(49,924	)		(558,532	)		197.8
Linamar Corp.		(11,163	)		(432,774	)		153.3
Metro, Inc.		(8,063	)		(293,139	)		103.8
Onex Corp.		(10,277	)		(580,978	)		205.8
Premium Brands Holdings Corp.		(20,449	)		(1,204,731	)		426.7
Saputo, Inc.		(9,124	)		(267,481	)		94.8
SNC-Lavalin Group, Inc.		(76,628	)		(2,132,719	)		755.5
TransCanada Corp.		(9,126	)		(388,113	)		137.5
					(12,587,762	)
China
Yangzijiang Shipbuilding Holdings Ltd.		(266,700	)		(278,742	)		98.7
Denmark
Ambu A/S		(16,035	)		(427,179	)		151.3
AP Moeller — Maersk A/S		(981	)		(1,311,975	)		464.7
AP Moeller — Maersk A/S		(822	)		(1,026,199	)		363.5
					(2,765,353	)
France
Airbus SE		(5,974	)		(688,563	)		243.9
Altran Technologies SA		(18,424	)		(174,047	)		61.7
BNP Paribas SA		(6,806	)		(320,739	)		113.6
EssilorLuxottica SA		(2,430	)		(307,830	)		109.1
Iliad SA		(2,535	)		(290,239	)		102.8
Ingenico Group SA		(6,893	)		(375,722	)		133.1
SEB SA		(6,971	)		(1,068,926	)		378.6
SOITEC		(3,599	)		(276,395	)		97.9
Valeo SA		(4,867	)		(152,258	)		53.9
					(3,654,719	)
Germany
Deutsche Bank AG		(34,623	)		(307,775	)		109.0
Drillisch AG		(6,863	)		(285,553	)		101.1
Gerresheimer AG		(699	)		(47,337	)		16.8
Jungheinrich AG		(10,043	)		(304,827	)		108.0
Leoni AG		(1,367	)		(50,645	)		17.9
METRO AG		(5,424	)		(91,790	)		32.5
United Internet AG		(13,324	)		(528,646	)		187.3
					(1,616,573	)
Ireland
Ryanair Holdings PLC		(49,681	)		(624,818	)		221.3
Italy
Intesa Sanpaolo SpA		(131,185	)		(300,168	)		106.3
Prysmian SpA		(67,993	)		(1,460,713	)		517.4
UniCredit SpA		(20,529	)		(237,325	)		84.1
Unione di Banche Italiane SpA		(97,898	)		(251,179	)		89.0
					(2,249,385	)
Japan
Acom Co. Ltd.		(19,000	)		(66,610	)		23.6
Advance Residence Investment Corp.		(5	)		(14,788	)		5.2
Aiful Corp.		(78,600	)		(201,106	)		71.2
Ain Holdings, Inc.		(4,800	)		(351,432	)		124.5
ANA Holdings, Inc.		(40,600	)		(1,496,508	)		530.1

30 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Japan (continued)
Bandai Namco Holdings, Inc.		(3,500	)	$	(154,618	)		54.8	%
Bridgestone Corp.		(55,400	)		(2,132,423	)		755.3
Central Japan Railway Co.		(3,600	)		(778,040	)		275.6
Daiichi Sankyo Co. Ltd.		(15,100	)		(523,787	)		185.5
Daiwa House REIT Investment Corp.		(857	)		(2,018,119	)		714.9
Don Quijote Holdings Co. Ltd.		(1,600	)		(93,042	)		33.0
Dowa Holdings Co. Ltd.		(54,400	)		(1,742,871	)		617.4
FamilyMart UNY Holdings Co. Ltd.		(4,800	)		(562,284	)		199.2
Fast Retailing Co. Ltd.		(1,200	)		(550,688	)		195.1
Goldwin, Inc.		(4,700	)		(462,876	)		164.0
Hikari Tsushin, Inc.		(5,900	)		(945,671	)		335.0
HIS Co. Ltd.		(4,500	)		(170,165	)		60.3
Hitachi Metals Ltd.		(1,700	)		(19,125	)		6.8
Hitachi Transport System Ltd.		(5,100	)		(142,424	)		50.4
Idemitsu Kosan Co. Ltd.		(1,900	)		(67,046	)		23.7
Inpex Corp.		(19,400	)		(186,481	)		66.0
Ito En Ltd.		(23,400	)		(1,043,893	)		369.8
Japan Airport Terminal Co. Ltd.		(12,600	)		(482,784	)		171.0
Japan Lifeline Co. Ltd.		(16,840	)		(256,293	)		90.8
Japan Prime Realty Investment Corp.		(22	)		(89,729	)		31.8
Kansai Mirai Financial Group, Inc.		(19,800	)		(147,133	)		52.1
Keihan Holdings Co. Ltd.		(17,700	)		(729,896	)		258.5
Keio Corp.		(20,200	)		(1,160,438	)		411.0
Koito Manufacturing Co. Ltd.		(44,500	)		(2,679,953	)		949.3
Konica Minolta, Inc.		(60,300	)		(607,161	)		215.1
Kusuri no Aoki Holdings Co. Ltd.		(7,300	)		(484,428	)		171.6
LINE Corp.		(6,800	)		(244,852	)		86.7
Makita Corp.		(32,300	)		(1,144,447	)		405.4
Maruichi Steel Tube Ltd.		(3,000	)		(96,360	)		34.1
MEIJI Holdings Co. Ltd.		(700	)		(54,128	)		19.2
Minebea Mitsumi, Inc.		(197,900	)		(3,255,269	)		1,153.1
MISUMI Group, Inc.		(57,900	)		(1,325,277	)		469.4
Mitsubishi Materials Corp.		(11,400	)		(326,332	)		115.6
Mitsui Fudosan Co. Ltd.		(18,500	)		(449,455	)		159.2
MTG Co. Ltd.		(500	)		(22,056	)		7.8
Nabtesco Corp.		(1,500	)		(39,685	)		14.1
Nagoya Railroad Co. Ltd.		(600	)		(15,879	)		5.6
NET One Systems Co. Ltd.		(1,100	)		(23,054	)		8.2
Nexon Co. Ltd.		(14,000	)		(212,989	)		75.4
Nippo Corp.		(2,400	)		(45,814	)		16.2
Nippon Kayaku Co. Ltd.		(11,900	)		(149,840	)		53.1
Nippon Shinyaku Co. Ltd.		(2,400	)		(152,521	)		54.0
Nippon Suisan Kaisha Ltd.		(28,200	)		(174,186	)		61.7
Olympus Corp.		(900	)		(36,919	)		13.1
Oriental Land Co. Ltd.		(4,500	)		(461,402	)		163.4
Orix JREIT, Inc.		(14	)		(24,470	)		8.7
Outsourcing, Inc.		(37,000	)		(424,784	)		150.5
Relo Group, Inc.		(33,300	)		(878,925	)		311.3
Renesas Electronics Corp.		(109,100	)		(629,015	)		222.8
Rengo Co. Ltd.		(2,300	)		(20,134	)		7.1
Seibu Holdings, Inc.		(54,200	)		(941,609	)		333.5
Seiko Epson Corp.		(1,600	)		(24,904	)		8.8
SG Holdings Co. Ltd.		(10,300	)		(276,485	)		97.9
Sharp Corp.		(22,200	)		(236,356	)		83.7
SMC Corp.		(400	)		(132,019	)		46.8
SoftBank Group Corp.		(8,400	)		(661,615	)		234.4
Sojitz Corp.		(110,300	)		(424,074	)		150.2
Sony Corp.		(17,100	)		(856,828	)		303.5
Sumitomo Dainippon Pharma Co. Ltd.		(17,400	)		(409,665	)		145.1
Suzuki Motor Corp.		(25,900	)		(1,352,512	)		479.1
Taisho Pharmaceutical Holdings Co. Ltd.		(5,500	)		(558,630	)		197.9
Taiyo Nippon Sanso Corp.		(27,800	)		(440,561	)		156.1
Terumo Corp.		(3,200	)		(182,695	)		64.7

	Shares			Value			% of Basket Value
Japan (continued)
Toho Gas Co. Ltd.		(18,700	)	$	(803,210	)		284.5	%
Tokyo Electric Power Co. Holdings, Inc.		(291,100	)		(1,791,703	)		634.7
Toshiba Corp.		(800	)		(25,333	)		9.0
Toyo Seikan Group Holdings Ltd.		(22,400	)		(504,210	)		178.6
Toyo Tire Corp.		(16,100	)		(226,326	)		80.2
Yaoko Co. Ltd.		(10,700	)		(561,014	)		198.7
Yaskawa Electric Corp.		(4,500	)		(127,363	)		45.1
					(41,106,717	)
Luxembourg
ArcelorMittal		(69,763	)		(1,611,332	)		570.8
Macau
MGM China Holdings Ltd.		(9,200	)		(17,863	)		6.3
Netherlands
AMG Advanced Metallurgical Group NV		(4,022	)		(145,404	)		51.5
GrandVision NV		(18,772	)		(418,539	)		148.3
					(563,943	)
Singapore
City Developments Ltd.		(8,100	)		(55,440	)		19.7
SembCorp Industries Ltd.		(231,400	)		(446,421	)		158.1
Sembcorp Marine Ltd.		(622,131	)		(742,506	)		263.0
Singapore Airlines Ltd.		(98,100	)		(704,749	)		249.6
Singapore Telecommunications Ltd.		(160,200	)		(360,195	)		127.6
Venture Corp. Ltd.		(19,700	)		(239,291	)		84.8
Wilmar International Ltd.		(28,600	)		(70,835	)		25.1
					(2,619,437	)
Spain
Banco Santander SA		(33,428	)		(158,537	)		56.2
Sweden
BillerudKorsnas AB		(64,918	)		(819,807	)		290.4
Epiroc AB		(13,471	)		(129,353	)		45.8
Essity AB		(32,748	)		(906,089	)		320.9
Husqvarna AB, — B Shares		(53,881	)		(411,823	)		145.9
					(2,267,072	)
Switzerland
Credit Suisse Group AG		(89,401	)		(1,086,700	)		384.9
Geberit AG		(1,270	)		(496,483	)		175.9
Glencore PLC		(49,889	)		(202,865	)		71.8
STMicroelectronics NV		(68,901	)		(1,097,569	)		388.8
					(2,883,617	)
United Kingdom
ASOS PLC		(2,544	)		(110,317	)		39.1
BT Group PLC		(98,395	)		(300,046	)		106.3
Capita PLC		(219,231	)		(334,151	)		118.4
CYBG PLC		(516,871	)		(1,238,424	)		438.7
Kingfisher PLC		(590	)		(1,724	)		0.6
Ocado Group PLC		(144,716	)		(1,882,832	)		666.9
Provident Financial PLC		(28,901	)		(199,388	)		70.6
Royal Bank of Scotland Group PLC		(551,879	)		(1,750,677	)		620.1
SSE PLC		(93,384	)		(1,435,595	)		508.5
Tesco PLC		(307,811	)		(901,099	)		319.2
TP ICAP PLC		(47,146	)		(194,925	)		69.0
Weir Group PLC		(21,369	)		(422,884	)		149.8
Whitbread PLC		(13,230	)		(847,714	)		300.3
					(9,619,776	)
United States
Reliance Worldwide Corp. Ltd.		(214,349	)		(750,159	)		265.7
Total Reference Entity— Short					(89,898,886	)
Net Value of Reference Entity — UBS AG				$	(282,311	)

SCHEDULES OF INVESTMENTS 31

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs & Co. as of January 31, 2019 expiration dates 01/09/19 — 03/17/23:

	Shares		Value		% of Basket Value
Reference Entity— Long
Australia
Adelaide Brighton Ltd.		85,093	$	277,806		62.2	%
ALS Ltd.		6,791		35,961		8.0
Altium Ltd.		1,081		19,754		4.4
Ansell Ltd.		10,613		181,209		40.5
Computershare Ltd.		156,586		2,028,513		453.9
Crown Resorts Ltd.		3,244		28,268		6.3
CSR Ltd.		707,474		1,505,902		336.9
Domino’s Pizza Enterprises Ltd.		526		17,445		3.9
DuluxGroup Ltd.		390,619		1,947,893		435.8
Flight Centre Travel Group Ltd.		11,592		363,753		81.4
Harvey Norman Holdings Ltd.		66,935		164,377		36.8
Iluka Resources Ltd.		123,794		787,033		176.1
Metcash Ltd.		191,190		345,018		77.2
Perpetual Ltd.		10,440		248,642		55.6
Platinum Asset Management Ltd.		7,370		24,245		5.4
Qantas Airways Ltd.		771,243		3,057,631		684.1
REA Group Ltd.		3,382		186,913		41.8
Santos Ltd.		27,088		127,807		28.6
SEEK Ltd.		2,551		31,626		7.1
St Barbara Ltd.		35,854		130,741		29.3
WorleyParsons Ltd.		11,411		115,591		25.9
				11,626,128
Austria
Telekom Austria AG		5,915		45,223		10.1
Vienna Insurance Group AG Wiener Versicherung Gruppe		16,329		395,858		88.6
Wienerberger AG		52,734		1,183,881		264.9
				1,624,962
Belgium
Solvay SA		22,820		2,484,408		555.8
UCB SA		53,565		4,641,573		1,038.5
				7,125,981
Bermuda
Liberty Latin America Ltd., Class A		2		35		0.0
Canada
BRP, Inc.		4,866		140,060		31.3
Great-West Lifeco, Inc.		17,185		368,825		82.5
Methanex Corp.		6,429		350,330		78.4
Quebecor, Inc., Class B		112,426		2,646,475		592.1
TFI International, Inc.		8,654		254,756		57.0
				3,760,446
Denmark
Carlsberg A/S, Class B		41,201		4,716,860		1,055.3
GN Store Nord A/S		23,946		1,032,227		231.0
Royal Unibrew A/S		23,568		1,774,983		397.1
William Demant Holding A/S		7,552		238,573		53.4
				7,762,643
Finland
Kesko OYJ, Class B		14,292		822,400		184.0
Valmet OYJ		85,940		1,936,290		433.2
				2,758,690

	Shares		Value		% of Basket Value
France
Arkema SA		8,780	$	831,882		186.1	%
Capgemini SE		4,804		530,531		118.7
Christian Dior SE		12,482		5,269,556		1,179.0
Edenred		491		19,884		4.5
Faurecia SA		41,948		1,835,202		410.6
Ipsen SA		1,020		128,353		28.7
Kering SA		5,154		2,584,847		578.3
L’Oreal SA		36,742		8,855,743		1,981.3
Lagardere SCA		5,157		134,745		30.1
Sartorius Stedim Biotech		2,885		318,001		71.1
Schneider Electric SE		15,094		1,073,510		240.2
UbiSoft Entertainment SA		3,151		279,640		62.6
				21,861,894
Germany
adidas AG		6,794		1,616,572		361.7
CANCOM SE		1,222		47,436		10.6
Evonik Industries AG		102,029		2,790,345		624.3
Evotec AG		1,574		36,960		8.3
Jenoptik AG		11,183		362,016		81.0
MTU Aero Engines AG		20,842		4,494,414		1,005.5
Nemetschek SE		1,248		160,172		35.8
Software AG		46,181		1,677,821		375.4
Telefonica Deutschland Holding AG		318,233		1,115,678		249.6
				12,301,414
Ireland
Allegion PLC		15,649		1,343,623		300.6
Israel
Wix.com Ltd.		2,223		243,085		54.4
Italy
A2A SpA		9,180		16,750		3.7
Amplifon SpA		5,038		90,258		20.2
Ferrari NV		16,733		2,083,428		466.1
Fincantieri SpA		40,812		47,236		10.6
Hera SpA		123,347		416,856		93.3
Moncler SpA		116,071		4,368,292		977.3
Saras SpA		29,003		61,797		13.8
Terna Rete Elettrica Nazionale SpA		74,759		460,744		103.1
UnipolSai Assicurazioni SpA		75,744		189,071		42.3
				7,734,432
Japan
Advantest Corp.		53,800		1,231,294		275.5
Aoyama Trading Co. Ltd.		18,600		464,768		104.0
Astellas Pharma, Inc.		1,500		22,257		5.0
Benesse Holdings, Inc.		13,700		357,674		80.0
Brother Industries Ltd.		4,100		69,191		15.5
Capcom Co. Ltd.		4,800		103,321		23.1
Citizen Watch Co. Ltd.		23,500		125,440		28.1
Credit Saison Co. Ltd.		21,600		284,625		63.7
CyberAgent, Inc.		4,500		145,752		32.6
Dai Nippon Printing Co. Ltd.		800		18,516		4.1
Dai-ichi Life Holdings, Inc.		14,700		238,684		53.4
DMG Mori Co. Ltd.		31,500		428,795		95.9
East Japan Railway Co.		19,700		1,825,198		408.4
Electric Power Development Co. Ltd.		2,500		62,528		14.0
Glory Ltd.		13,300		330,420		73.9
Hitachi Capital Corp.		3,000		68,371		15.3
Hitachi Construction Machinery Co. Ltd.		5,100		129,524		29.0
Japan Steel Works Ltd.		1,600		29,607		6.6
Japan Tobacco, Inc.		162,200		4,106,211		918.7
K’s Holdings Corp.		3,800		37,862		8.5

32 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
Japan (continued)
Kakaku.com, Inc.		2,800	$	49,156		11.0	%
Kikkoman Corp.		6,900		367,079		82.1
Kirin Holdings Co. Ltd.		64,400		1,537,477		344.0
Kokuyo Co. Ltd.		2,100		30,667		6.9
Komeri Co. Ltd.		2,700		68,319		15.3
Konami Holdings Corp.		3,000		137,781		30.8
Kyushu Financial Group, Inc.		18,800		76,586		17.1
Leopalace21 Corp.		152,900		724,453		162.1
Lintec Corp.		12,400		274,590		61.4
LIXIL Group Corp.		26,900		396,151		88.6
Mitsubishi Gas Chemical Co., Inc.		40,900		646,901		144.7
Mitsubishi Motors Corp.		17,500		108,731		24.3
Mitsubishi UFJ Lease & Finance Co. Ltd.		12,200		62,451		14.0
Mixi, Inc.		6,300		159,706		35.7
MS&AD Insurance Group Holdings, Inc.		1,000		29,604		6.6
Nikon Corp.		2,900		49,585		11.1
Nippon Telegraph & Telephone Corp.		23,500		1,010,222		226.0
Nisshinbo Holdings, Inc.		69,600		607,197		135.9
Nitto Denko Corp.		5,700		322,422		72.1
Noevir Holdings Co. Ltd.		800		34,252		7.7
NOK Corp.		1,600		25,841		5.8
NTN Corp.		38,800		127,502		28.5
Obic Co. Ltd.		1,100		104,245		23.3
Ono Pharmaceutical Co. Ltd.		3,600		78,646		17.6
Otsuka Corp.		7,100		229,813		51.4
Pigeon Corp.		2,500		98,018		21.9
Pola Orbis Holdings, Inc.		29,500		882,334		197.4
Resorttrust, Inc.		2,300		32,244		7.2
Ryohin Keikaku Co. Ltd.		200		47,668		10.7
SCSK Corp.		5,800		234,694		52.5
Shin-Etsu Chemical Co. Ltd.		38,100		3,212,462		718.7
Showa Shell Sekiyu KK		2,700		40,228		9.0
Sompo Holdings, Inc.		9,500		358,190		80.1
Sumco Corp.		1,400		19,493		4.4
Sumitomo Chemical Co. Ltd.		176,000		918,119		205.4
Sumitomo Rubber Industries Ltd.		4,500		62,551		14.0
Sundrug Co. Ltd.		600		19,201		4.3
Suruga Bank Ltd.		1,400		6,008		1.4
Teijin Ltd.		39,800		687,859		153.9
Tokyo Broadcasting System Holdings, Inc.		5,200		90,256		20.2
Tokyo Electron Ltd.		6,800		992,940		222.2
Tokyo Tatemono Co. Ltd.		6,200		75,391		16.9
Tokyu Fudosan Holdings Corp.		22,400		122,036		27.3
Toppan Forms Co. Ltd.		39,400		330,370		73.9
TS Tech Co. Ltd.		2,400		72,208		16.2
Ulvac, Inc.		11,300		372,753		83.4
Ushio, Inc.		1,600		18,218		4.1
Zeon Corp.		26,400		271,429		60.7
				26,304,085
Netherlands
Adyen NV		1,726		1,280,733		286.5
BE Semiconductor Industries NV		37,706		977,904		218.8
Koninklijke Ahold Delhaize NV		148,360		3,908,707		874.5
Koninklijke KPN NV		648,535		1,993,739		446.1
Wereldhave NV		16,828		539,253		120.6
Wolters Kluwer NV		91,055		5,662,796		1,267.0
				14,363,132
Norway
Austevoll Seafood ASA		1,379		17,610		3.9
Salmar ASA		38,322		2,006,596		449.0
Subsea 7 SA		19,982		226,742		50.7

	Shares		Value		% of Basket Value
Norway (continued)
Telenor ASA		117,612	$	2,226,623		498.2	%
TGS Nopec Geophysical Co. ASA		110,784		3,284,195		734.8
				7,761,766
Singapore
Suntec Real Estate Investment Trust		13,100		18,796		4.2
Spain
Acciona SA		1,642		156,341		35.0
ACS Actividades de Construccion y Servicios SA		17,907		9,828		2.2
Almirall SA		8,416		142,787		32.0
Cia de Distribucion Integral Logista Holdings SA		2,329		60,141		13.5
Endesa SA		9,047		226,279		50.6
Mediaset Espana Comunicacion SA		109,650		772,551		172.8
Melia Hotels International SA		88,887		891,775		199.5
Siemens Gamesa Renewable Energy SA		6,955		98,741		22.1
				2,358,443
Sweden
Hexpol AB		6,943		61,457		13.7
SSAB AB, A Shares		46,982		186,241		41.7
Svenska Cellulosa AB SCA, B Shares		46,017		404,764		90.6
Swedish Match AB		47,902		2,146,109		480.1
				2,798,571
Switzerland
Barry Callebaut AG, Registered Shares		51		86,765		19.4
Coca-Cola HBC AG		48,278		1,622,581		363.0
Logitech International SA, Registered Shares		57,837		2,110,051		472.1
OC Oerlikon Corp. AG, Registered Shares		46,588		602,029		134.7
Sunrise Communications Group AG		3,907		329,390		73.7
Temenos AG, Registered Shares		3,087		416,697		93.2
				5,167,513
United Kingdom
Ashmore Group PLC		64,002		339,713		76.0
Atlassian Corp. PLC, Class A		4,300		423,120		94.7
Auto Trader Group PLC		263,507		1,581,398		353.8
Barratt Developments PLC		67,241		475,604		106.4
boohoo Group PLC		118,078		291,779		65.3
British Land Co. PLC		187,718		1,414,098		316.4
Carnival PLC		71,765		4,060,389		908.4
Coca-Cola European Partners PLC		26,072		1,240,506		277.5
Dialog Semiconductor PLC		9,177		268,303		60.0
Drax Group PLC		26,147		138,025		30.9
Electrocomponents PLC		199,122		1,421,383		318.0
Experian PLC		16,803		421,882		94.4
Fevertree Drinks PLC		3,783		127,787		28.6
Great Portland Estates PLC		68,570		658,701		147.4
Greggs PLC		9,972		203,032		45.4
Hays PLC		156,992		311,296		69.6
Hikma Pharmaceuticals PLC		7,477		158,183		35.4
IG Group Holdings PLC		194,488		1,620,768		362.6
Intertek Group PLC		24,555		1,584,513		354.5
Land Securities Group PLC		16,716		190,100		42.5
Moneysupermarket.com Group PLC		525,458		2,089,770		467.6
Pagegroup PLC		122,004		707,461		158.3
Pearson PLC		8,317		98,880		22.1
Persimmon PLC		25,136		784,132		175.4
Petrofac Ltd.		42,646		307,357		68.8
SSP Group PLC		320,769		2,807,573		628.2
TechnipFMC PLC		62,325		1,430,982		320.2
Victrex PLC		32,569		977,989		218.8

SCHEDULES OF INVESTMENTS 33

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
United Kingdom (continued)
Vodafone Group PLC		1,331,983	$	2,429,248		543.5	%
William Hill PLC		216,088		500,141		111.9
WM Morrison Supermarkets PLC		1,356,511		4,171,486		933.3
				33,235,599
United States
ACI Worldwide, Inc.		2,044		60,421		13.5
ADT, Inc.		2,176		15,711		3.5
AGCO Corp.		5,553		356,503		79.8
Albemarle Corp.		1,420		114,637		25.6
Allstate Corp.		47,660		4,187,884		937.0
AMC Networks, Inc., Class A		18,938		1,191,958		266.7
American Express Co.		13,592		1,395,898		312.3
American Financial Group, Inc.		23,163		2,209,519		494.3
AmerisourceBergen Corp.		8,307		692,555		154.9
Anadarko Petroleum Corp.		42,601		2,016,305		451.1
Antero Resources Corp.		11,615		116,847		26.1
Apache Corp.		28,153		923,981		206.7
Apartment Investment & Management Co., Class A		35,315		1,748,799		391.3
Apple Hospitality REIT, Inc.		36,332		596,208		133.4
Aramark		6,465		213,022		47.7
Arthur J Gallagher & Co.		7,128		532,533		119.1
AutoNation, Inc.		1,510		58,513		13.1
Avista Corp.		26,536		1,110,532		248.5
BancorpSouth Bank		46,299		1,351,005		302.3
Bank of Hawaii Corp.		8,600		665,038		148.8
BB&T Corp.		43,107		2,103,622		470.6
Box, Inc., Class A		1,158		24,225		5.4
Boyd Gaming Corp.		7,570		206,812		46.3
Broadridge Financial Solutions, Inc.		5,855		590,360		132.1
Cardinal Health, Inc.		10,242		511,793		114.5
Carnival Corp.		21,783		1,254,265		280.6
CBS Corp., Class B		2,651		131,118		29.3
CDW Corp.		50,909		4,239,192		948.4
Cerner Corp.		28,540		1,567,131		350.6
Cinemark Holdings, Inc.		33,244		1,360,344		304.4
Cirrus Logic, Inc.		10,274		381,679		85.4
Citizens Financial Group, Inc.		151,528		5,139,830		1,149.9
CNO Financial Group, Inc.		7,831		140,018		31.3
CoreSite Realty Corp.		523		51,667		11.6
Cornerstone OnDemand, Inc.		2,968		170,185		38.1
Cracker Barrel Old Country Store, Inc.		903		151,054		33.8
Crane Co.		87,642		7,253,252		1,622.8
Crimson Wine Group Ltd.		1		8		0.0
Cullen/Frost Bankers, Inc.		14,038		1,365,617		305.5
CyrusOne, Inc.		2,759		149,538		33.5
Discover Financial Services		8,283		559,020		125.1
Domino’s Pizza, Inc.		9,013		2,557,258		572.1
Dropbox, Inc., Class A		28,293		699,120		156.4
Dunkin’ Brands Group, Inc.		29,721		2,032,619		454.8
Eagle Materials, Inc.		14,118		1,002,378		224.3
EastGroup Properties, Inc.		10,163		1,051,464		235.2
Eastman Chemical Co.		10,930		881,177		197.1
Equity LifeStyle Properties, Inc.		10,674		1,130,163		252.9
Evercore, Inc., Class A		4,326		386,961		86.6
Extended Stay America, Inc.		147,774		2,526,935		565.4
FactSet Research Systems, Inc.		2,342		512,031		114.6
Fidelity National Financial, Inc.		6,164		222,890		49.9
Fifth Third Bancorp		21,461		575,584		128.8
First American Financial Corp.		60,248		3,017,220		675.0
First Horizon National Corp.		67,523		991,238		221.8
Fluor Corp.		11,792		431,233		96.5

	Shares		Value		% of Basket Value
United States (continued)
Fortinet, Inc.		23,255	$	1,780,635		398.4	%
GATX Corp.		7,266		549,891		123.0
GoDaddy, Inc., Class A		17,226		1,182,220		264.5
H&R Block, Inc.		29,572		697,603		156.1
Halliburton Co.		8,479		265,901		59.5
HEICO Corp.		7,864		664,508		148.7
Hershey Co.		4,599		487,954		109.2
HP, Inc.		14,976		329,921		73.8
HubSpot, Inc.		1,893		299,681		67.0
Huntington Bancshares, Inc.		124,146		1,643,693		367.7
IDACORP, Inc.		7,818		762,255		170.5
Insperity, Inc.		39,143		4,175,775		934.3
Interpublic Group of Cos., Inc.		118,755		2,701,676		604.5
Invesco Ltd.		57,164		1,041,528		233.0
JB Hunt Transport Services, Inc.		7,628		816,501		182.7
KAR Auction Services, Inc.		2,514		130,753		29.2
Kellogg Co.		8,726		514,921		115.2
Knight-Swift Transportation Holdings, Inc.		9,113		289,338		64.7
Kohl’s Corp.		13,299		913,508		204.4
Lamar Advertising Co., Class A		870		64,772		14.5
Landstar System, Inc.		75,704		7,690,012		1,720.5
Lennox International, Inc.		2,069		474,380		106.1
Lincoln National Corp.		39,090		2,286,374		511.5
Macquarie Infrastructure Corp.		11,764		507,852		113.6
Manhattan Associates, Inc.		12,269		598,359		133.9
Masimo Corp.		6,053		752,933		168.5
Medidata Solutions, Inc.		301		21,359		4.8
Morgan Stanley		27,637		1,169,045		261.6
Mosaic Co.		10,583		341,619		76.4
National Instruments Corp.		73,485		3,249,507		727.0
New Relic, Inc.		18,393		1,869,648		418.3
NIKE, Inc., Class B		4,828		395,317		88.4
Nordstrom, Inc.		28,063		1,302,404		291.4
NorthWestern Corp.		1,104		70,557		15.8
Nu Skin Enterprises, Inc., Class A		1,740		114,231		25.6
OGE Energy Corp.		20,244		828,992		185.5
Outfront Media, Inc.		13,352		277,054		62.0
PacWest Bancorp		154,245		5,952,315		1,331.7
Park Hotels & Resorts, Inc.		139,535		4,195,817		938.7
Patterson Cos., Inc.		12,026		268,060		60.0
Penske Automotive Group, Inc.		6,275		294,172		65.8
Perrigo Co. PLC		2,437		113,199		25.3
Philip Morris International, Inc.		53,404		4,097,155		916.7
Pinnacle Financial Partners, Inc.		20,964		1,127,234		252.2
Pinnacle West Capital Corp.		4,484		395,130		88.4
Portland General Electric Co.		45,795		2,212,814		495.1
PPL Corp.		74,490		2,333,027		522.0
Prologis, Inc.		43,091		2,980,174		666.8
Prosperity Bancshares, Inc.		12,173		865,987		193.7
Pure Storage, Inc., Class A		27,171		486,633		108.9
Quest Diagnostics, Inc.		37,541		3,279,206		733.7
RingCentral, Inc., Class A		2,770		256,059		57.3
RLJ Lodging Trust		7,829		145,228		32.5
Robert Half International, Inc.		45,002		2,899,479		648.7
Rockwell Automation, Inc.		32,349		5,483,802		1,226.9
Ryder System, Inc.		47,866		2,771,920		620.2
Ryman Hospitality Properties, Inc.		9,696		779,074		174.3
salesforce.com, Inc.		654		99,388		22.2
SBA Communications Corp.		388		70,822		15.8
ScottsMiracle-Gro Co., Class A		715		53,160		11.9
SEI Investments Co.		6,728		319,849		71.6
ServiceNow, Inc.		1,854		407,917		91.3

34 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United States (continued)
Silicon Laboratories, Inc.		4,339		$	331,933			74.3	%
Sinclair Broadcast Group, Inc., Class A		28,315			872,385			195.2
Sirius XM Holdings, Inc.		32,481			189,364			42.4
SITE Centers Corp.		7,017			91,712			20.5
Six Flags Entertainment Corp.		1,093			67,318			15.1
Snap-on, Inc.		58,732			9,748,925			2,181.2
Spirit Realty Capital, Inc.		4,940			196,217			43.9
Steel Dynamics, Inc.		16,735			612,334			137.0
Synchrony Financial		5,495			165,070			36.9
Synovus Financial Corp.		36,674			1,298,993			290.6
Tableau Software, Inc., Class A		7,948			1,016,072			227.3
Target Corp.		8,454			617,142			138.1
TD Ameritrade Holding Corp.		2,805			156,940			35.1
Teradyne, Inc.		2,594			93,358			20.9
Thor Industries, Inc.		6,242			406,479			90.9
Travelers Cos., Inc.		5,764			723,613			161.9
TripAdvisor, Inc.		1,926			110,514			24.7
Umpqua Holdings Corp.		20,545			363,236			81.3
Unum Group		117,971			4,100,672			917.5
Veeva Systems, Inc., Class A		8,197			893,965			200.0
Vulcan Materials Co.		903			91,790			20.5
Western Union Co.		233,571			4,262,671			953.7
Westrock Co.		130,674			5,319,739			1,190.2
Whirlpool Corp.		2,999			398,897			89.2
Yelp, Inc.		25,070			913,049			204.3
					181,119,556
Total Reference Entity — Long					351,270,794
Reference Entity — Short
Australia
AMP Ltd.		(8,872	)		(14,628	)		(3.3	)
Atlas Arteria Ltd.		(441,946	)		(2,141,390	)		(479.1	)
Newcrest Mining Ltd.		(149,489	)		(2,659,526	)		(595.0	)
Nufarm Ltd.		(19,346	)		(87,943	)		(19.7	)
Transurban Group		(112,567	)		(998,273	)		(223.3	)
					(5,901,760	)
Austria
ams AG		(8,266	)		(221,578	)		(49.6	)
Belgium
Cofinimmo SA		(3,856	)		(509,837	)		(114.1	)
Euronav NV		(90,819	)		(711,090	)		(159.1	)
					(1,220,927	)
Bermuda
Axis Capital Holdings Ltd.		(48,833	)		(2,615,007	)		(585.1	)
Marvell Technology Group Ltd.		(28,314	)		(524,659	)		(117.4	)
RenaissanceRe Holdings Ltd.		(2,239	)		(309,049	)		(69.1	)
					(3,448,715	)
Canada
Agnico Eagle Mines Ltd.		(5,194	)		(225,912	)		(50.5	)
Dollarama, Inc.		(13,736	)		(369,757	)		(82.7	)
Fairfax Financial Holdings Ltd.		(2,901	)		(1,372,287	)		(307.0	)
Goldcorp, Inc.		(90,037	)		(1,007,302	)		(225.4	)
Metro, Inc.		(21,919	)		(796,888	)		(178.3	)
Saputo, Inc.		(41,502	)		(1,216,680	)		(272.2	)
Stars Group, Inc.		(28,085	)		(508,499	)		(113.8	)
					(5,497,325	)
Denmark
Ambu A/S		(18,981	)		(505,661	)		(113.1	)

	Shares			Value			% of Basket Value
Denmark (continued)
AP Moeller — Maersk A/S		(697	)	$	(932,158	)		(208.6	) %
AP Moeller — Maersk A/S		(430	)		(536,820	)		(120.1	)
ISS A/S		(5,698	)		(161,486	)		(36.1	)
Orsted A/S		(74,308	)		(5,369,686	)		(1,201.4	)
Pandora A/S		(12,343	)		(536,026	)		(119.9	)
					(8,041,837	)
Finland
Fortum OYJ		(144,483	)		(3,283,800	)		(734.7	)
Konecranes OYJ		(14,037	)		(486,047	)		(108.7	)
					(3,769,847	)
France
Airbus SE		(15,111	)		(1,741,693	)		(389.7	)
Altran Technologies SA		(265,072	)		(2,504,074	)		(560.3	)
BNP Paribas SA		(14,865	)		(700,527	)		(156.7	)
Elis SA		(201,685	)		(3,262,510	)		(729.9	)
EssilorLuxottica SA		(54,164	)		(6,861,445	)		(1,535.1	)
Iliad SA		(1,520	)		(174,029	)		(38.9	)
Ingenico Group SA		(7,242	)		(394,745	)		(88.3	)
SEB SA		(1,710	)		(262,210	)		(58.7	)
SOITEC		(1,004	)		(77,105	)		(17.3	)
Valeo SA		(7,672	)		(240,008	)		(53.7	)
					(16,218,346	)
Germany
BASF SE		(29,491	)		(2,160,441	)		(483.4	)
Gerresheimer AG		(2,041	)		(138,218	)		(30.9	)
Grenke AG		(510	)		(46,897	)		(10.5	)
United Internet AG		(29,149	)		(1,156,522	)		(258.8	)
Zalando SE		(92,143	)		(2,811,596	)		(629.0	)
					(6,313,674	)
Ireland
Ryanair Holdings PLC		(54,739	)		(688,430	)		(154.0	)
Italy
Banco BPM SpA		(159,347	)		(309,315	)		(69.2	)
Prysmian SpA		(187,413	)		(4,026,247	)		(900.8	)
UniCredit SpA		(11,981	)		(138,506	)		(31.0	)
Unione di Banche Italiane SpA		(437,438	)		(1,122,346	)		(251.1	)
					(5,596,414	)
Japan
ANA Holdings, Inc.		(12,600	)		(464,433	)		(103.9	)
Bridgestone Corp.		(37,800	)		(1,454,974	)		(325.5	)
Central Japan Railway Co.		(3,300	)		(713,203	)		(159.6	)
Ci:z Holdings Co. Ltd.		(3,000	)		(161,504	)		(36.1	)
Daiichi Sankyo Co. Ltd.		(1,900	)		(65,907	)		(14.7	)
Daiwa House REIT Investment Corp.		(110	)		(259,035	)		(58.0	)
Don Quijote Holdings Co. Ltd.		(10,700	)		(622,217	)		(139.2	)
Dowa Holdings Co. Ltd.		(21,100	)		(676,003	)		(151.2	)
FamilyMart UNY Holdings Co. Ltd.		(2,200	)		(257,714	)		(57.7	)
Hikari Tsushin, Inc.		(3,400	)		(544,963	)		(121.9	)
Hitachi Transport System Ltd.		(1,200	)		(33,511	)		(7.5	)
Idemitsu Kosan Co. Ltd.		(2,800	)		(98,805	)		(22.1	)
Ito En Ltd.		(1,300	)		(57,994	)		(13.0	)
Japan Airport Terminal Co. Ltd.		(1,900	)		(72,801	)		(16.3	)
Keihan Holdings Co. Ltd.		(6,000	)		(247,422	)		(55.4	)
Keio Corp.		(3,700	)		(212,556	)		(47.6	)
Kintetsu Group Holdings Co. Ltd.		(1,000	)		(43,643	)		(9.8	)
Kobe Bussan Co. Ltd.		(11,700	)		(363,380	)		(81.3	)
Koito Manufacturing Co. Ltd.		(7,300	)		(439,633	)		(98.4	)
Konica Minolta, Inc.		(18,100	)		(182,249	)		(40.8	)
Kusuri no Aoki Holdings Co. Ltd.		(2,600	)		(172,536	)		(38.6	)

SCHEDULES OF INVESTMENTS 35

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Japan (continued)
Maeda Road Construction Co. Ltd.		(800	)	$	(15,576	)		(3.5	) %
Makita Corp.		(8,900	)		(315,343	)		(70.6	)
Maruichi Steel Tube Ltd.		(900	)		(28,908	)		(6.5	)
MEIJI Holdings Co. Ltd.		(400	)		(30,930	)		(6.9	)
Minebea Mitsumi, Inc.		(129,000	)		(2,121,929	)		(474.7	)
MISUMI Group, Inc.		(6,400	)		(146,490	)		(32.8	)
Mitsui Fudosan Co. Ltd.		(7,900	)		(191,929	)		(42.9	)
Nabtesco Corp.		(1,200	)		(31,748	)		(7.1	)
Nexon Co. Ltd.		(1,200	)		(18,256	)		(4.1	)
Nidec Corp.		(8,100	)		(974,090	)		(217.9	)
Oriental Land Co. Ltd.		(700	)		(71,774	)		(16.1	)
Renesas Electronics Corp.		(37,100	)		(213,900	)		(47.9	)
SBI Holdings, Inc.		(40,400	)		(863,016	)		(193.1	)
Seibu Holdings, Inc.		(21,000	)		(364,830	)		(81.6	)
SG Holdings Co. Ltd.		(3,100	)		(83,214	)		(18.6	)
Sharp Corp.		(7,000	)		(74,527	)		(16.7	)
SoftBank Group Corp.		(64,000	)		(5,040,878	)		(1,127.8	)
Sojitz Corp.		(19,600	)		(75,357	)		(16.9	)
Sony Corp.		(7,600	)		(380,813	)		(85.2	)
Sumitomo Dainippon Pharma Co. Ltd.		(5,400	)		(127,137	)		(28.4	)
Sumitomo Metal Mining Co. Ltd.		(8,900	)		(257,414	)		(57.6	)
Suzuki Motor Corp.		(6,800	)		(355,100	)		(79.4	)
Taisho Pharmaceutical Holdings Co. Ltd.		(1,000	)		(101,569	)		(22.7	)
Taiyo Nippon Sanso Corp.		(2,600	)		(41,204	)		(9.2	)
Terumo Corp.		(1,000	)		(57,092	)		(12.8	)
Toho Gas Co. Ltd.		(4,300	)		(184,695	)		(41.3	)
Tokyo Electric Power Co. Holdings, Inc.		(388,900	)		(2,393,657	)		(535.5	)
Toyo Seikan Group Holdings Ltd.		(4,600	)		(103,543	)		(23.2	)
Toyo Tire Corp.		(3,100	)		(43,578	)		(9.7	)
Universal Entertainment Corp.		(12,300	)		(370,150	)		(82.8	)
Yamaguchi Financial Group, Inc.		(1,900	)		(19,314	)		(4.3	)
Yaoko Co. Ltd.		(1,300	)		(68,161	)		(15.2	)
					(22,310,605	)
Luxembourg
ArcelorMittal		(379,566	)		(8,766,922	)		(1,961.5	)
Tenaris SA		(11,068	)		(139,027	)		(31.1	)
					(8,905,949	)
Netherlands
AMG Advanced Metallurgical Group NV		(5,514	)		(199,342	)		(44.6	)
Boskalis Westminster		(15,125	)		(397,450	)		(88.9	)
GrandVision NV		(8,088	)		(180,330	)		(40.4	)
Heineken NV		(7,878	)		(707,594	)		(158.3	)
ING Groep NV		(55,344	)		(656,701	)		(146.9	)
OCI NV		(104,052	)		(2,200,451	)		(492.3	)
					(4,341,868	)
Norway
Yara International ASA		(40,851	)		(1,689,235	)		(377.9	)
Puerto Rico
Popular, Inc.		(4,494	)		(245,417	)		(54.9	)
Singapore
City Developments Ltd.		(37,800	)		(258,718	)		(57.9	)
SembCorp Industries Ltd.		(137,400	)		(265,075	)		(59.3	)
Singapore Airlines Ltd.		(55,100	)		(395,838	)		(88.6	)
Singapore Telecommunications Ltd.		(2,794,300	)		(6,282,721	)		(1,405.6	)
Venture Corp. Ltd.		(1,500	)		(18,220	)		(4.1	)
Wilmar International Ltd.		(28,900	)		(71,578	)		(16.0	)
					(7,292,150	)
Spain
Banco Santander SA		(380,271	)		(1,803,486	)		(403.5	)

	Shares			Value			% of Basket Value
Spain (continued)
Bankia SA		(914,039	)	$	(2,664,400	)		(596.1	) %
					(4,467,886	)
Sweden
Essity AB		(105,951	)		(2,931,509	)		(655.9	)
Husqvarna AB — B Shares		(88,153	)		(673,771	)		(150.7	)
JM AB		(2,051	)		(41,464	)		(9.3	)
Nibe Industrier AB — B Shares		(107,928	)		(1,227,325	)		(274.6	)
Telia Co. AB		(230,937	)		(1,006,412	)		(225.1	)
Veoneer, Inc.		(1,075	)		(32,046	)		(7.2	)
					(5,912,527	)
Switzerland
Credit Suisse Group AG		(587,029	)		(7,135,540	)		(1,596.5	)
Geberit AG		(9,349	)		(3,654,817	)		(817.7	)
Glencore PLC		(168,926	)		(686,907	)		(153.7	)
Lonza Group AG		(8,954	)		(2,365,630	)		(529.3	)
STMicroelectronics NV		(253,714	)		(4,041,578	)		(904.2	)
					(17,884,472	)
United Kingdom
Aptiv PLC		(37,217	)		(2,944,981	)		(658.9	)
ASOS PLC		(15,817	)		(685,884	)		(153.5	)
BT Group PLC		(1,572,058	)		(4,793,834	)		(1,072.5	)
Janus Henderson Group PLC		(158,142	)		(3,452,240	)		(772.4	)
Kingfisher PLC		(296,392	)		(865,865	)		(193.7	)
Linde PLC		(1,742	)		(283,963	)		(63.5	)
Melrose Industries PLC		(746,651	)		(1,654,973	)		(370.3	)
Provident Financial PLC		(146,689	)		(1,012,009	)		(226.4	)
Prudential PLC		(64,113	)		(1,253,802	)		(280.5	)
Reckitt Benckiser Group PLC		(3,491	)		(268,455	)		(60.1	)
Royal Bank of Scotland Group PLC		(1,122,047	)		(3,559,370	)		(796.3	)
SSE PLC		(269,800	)		(4,147,643	)		(928.0	)
Tesco PLC		(2,160,827	)		(6,325,694	)		(1,415.3	)
TP ICAP PLC		(434,091	)		(1,794,751	)		(401.5	)
Weir Group PLC		(14,790	)		(292,688	)		(65.5	)
Whitbread PLC		(64,096	)		(4,106,962	)		(918.9	)
					(37,443,114	)
United States
Advanced Micro Devices, Inc.		(76,330	)		(1,863,215	)		(416.9	)
Alcoa Corp.		(9,735	)		(288,935	)		(64.6	)
Allegheny Technologies, Inc.		(13,489	)		(369,464	)		(82.7	)
Amphenol Corp., Class A		(11,750	)		(1,033,060	)		(231.1	)
Annaly Capital Management, Inc.		(72,860	)		(760,658	)		(170.2	)
Arch Capital Group Ltd.		(6,470	)		(189,894	)		(42.5	)
Arconic, Inc.		(27,114	)		(510,285	)		(114.2	)
Armstrong World Industries, Inc.		(6,596	)		(448,792	)		(100.4	)
Arrow Electronics, Inc.		(40,489	)		(3,075,140	)		(688.0	)
Ashland Global Holdings, Inc.		(5,570	)		(422,763	)		(94.6	)
Aspen Technology, Inc.		(14,000	)		(1,352,820	)		(302.7	)
Avanos Medical, Inc.		(8,278	)		(377,063	)		(84.4	)
Baker Hughes a GE Co.		(8,119	)		(191,365	)		(42.8	)
Bank of New York Mellon Corp.		(38,874	)		(2,033,888	)		(455.0	)
Becton Dickinson & Co.		(34,149	)		(8,518,810	)		(1,905.9	)
Bio-Techne Corp.		(3,951	)		(689,291	)		(154.2	)
BWX Technologies, Inc.		(28,873	)		(1,340,285	)		(299.9	)
Campbell Soup Co.		(19,764	)		(700,238	)		(156.7	)
Carvana Co.		(55,327	)		(2,055,398	)		(459.9	)
Catalent, Inc.		(18,474	)		(682,245	)		(152.6	)
Cboe Global Markets, Inc.		(10,043	)		(936,711	)		(209.6	)
CF Industries Holdings, Inc.		(4,500	)		(196,425	)		(43.9	)
Charter Communications, Inc.		(8,261	)		(2,734,804	)		(611.9	)
Chegg, Inc.		(13,092	)		(461,100	)		(103.2	)

36 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United States (continued)
Cleveland-Cliffs, Inc.		(57,362	)	$	(614,347	)		(137.5	) %
Coherent, Inc.		(10,095	)		(1,193,229	)		(267.0	)
Commerce Bancshares, Inc.		(5,078	)		(303,664	)		(67.9	)
Commercial Metals Co.		(61,327	)		(1,070,156	)		(239.4	)
Conduent, Inc.		(29,298	)		(373,549	)		(83.6	)
Coty, Inc., Class A		(112,382	)		(872,084	)		(195.1	)
Coupa Software, Inc.		(2,450	)		(213,052	)		(47.7	)
Credit Acceptance Corp.		(995	)		(396,030	)		(88.6	)
Cree, Inc.		(42,222	)		(2,129,255	)		(476.4	)
Darling International, Inc.		(137,219	)		(2,918,648	)		(653.0	)
Dentsply Sirona, Inc.		(49,600	)		(2,080,720	)		(465.5	)
Diamondback Energy, Inc.		(17,979	)		(1,853,994	)		(414.8	)
Dollar Tree, Inc.		(43,182	)		(4,181,313	)		(935.5	)
Dover Corp.		(3,828	)		(336,213	)		(75.2	)
DowDuPont, Inc.		(143,251	)		(7,708,336	)		(1,724.6	)
DXC Technology Co.		(51,260	)		(3,286,791	)		(735.4	)
Element Solutions, Inc.		(52,832	)		(593,832	)		(132.9	)
EnerSys		(12,154	)		(1,036,250	)		(231.8	)
Entegris, Inc.		(14,377	)		(475,160	)		(106.3	)
Equifax, Inc.		(40,602	)		(4,345,226	)		(972.2	)
Equity Commonwealth		(28,444	)		(920,448	)		(205.9	)
First Solar, Inc.		(44,261	)		(2,239,164	)		(501.0	)
Floor & Decor Holdings, Inc.		(17,318	)		(593,834	)		(132.9	)
Fortive Corp.		(10,767	)		(807,417	)		(180.6	)
General Electric Co.		(63,904	)		(649,265	)		(145.3	)
Genesee & Wyoming, Inc., Class A		(8,179	)		(642,215	)		(143.7	)
Global Payments, Inc.		(48,426	)		(5,437,271	)		(1,216.5	)
Grand Canyon Education, Inc.		(33,811	)		(3,142,394	)		(703.1	)
Graphic Packaging Holding Co.		(75,312	)		(909,016	)		(203.4	)
Guardant Health, Inc.		(1,156	)		(46,633	)		(10.4	)
Healthcare Services Group, Inc.		(40,973	)		(1,787,242	)		(399.9	)
Hilton Grand Vacations, Inc.		(21,769	)		(660,471	)		(147.8	)
Howard Hughes Corp.		(17,212	)		(1,911,220	)		(427.6	)
ICU Medical, Inc.		(4,921	)		(1,224,345	)		(273.9	)
II-VI, Inc.		(30,537	)		(1,159,185	)		(259.3	)
Ingevity Corp.		(21,103	)		(1,985,159	)		(444.1	)
Integra LifeSciences Holdings Corp.		(2,763	)		(130,856	)		(29.3	)
IPG Photonics Corp.		(1,894	)		(251,902	)		(56.4	)
Iron Mountain, Inc.		(66,095	)		(2,458,734	)		(550.1	)
John Bean Technologies Corp.		(1,775	)		(141,006	)		(31.5	)
Johnson Controls International PLC		(27,324	)		(922,731	)		(206.4	)
KBR, Inc.		(1,452	)		(24,974	)		(5.6	)
Lear Corp.		(22,054	)		(3,394,772	)		(759.5	)
Leggett & Platt, Inc.		(22,106	)		(905,462	)		(202.6	)
LendingTree, Inc.		(1,593	)		(472,070	)		(105.6	)
Lennar Corp.		(2,061	)		(97,733	)		(21.9	)
Liberty Broadband Corp.		(17,652	)		(1,500,773	)		(335.8	)
Lincoln Electric Holdings, Inc.		(1,421	)		(122,831	)		(27.5	)
LKQ Corp.		(257,668	)		(6,756,055	)		(1,511.6	)
Louisiana-Pacific Corp.		(1,585	)		(38,642	)		(8.6	)
Lowe’s Cos., Inc.		(50,466	)		(4,852,811	)		(1,085.7	)
LPL Financial Holdings, Inc.		(4,624	)		(325,391	)		(72.8	)
MGM Resorts International		(1,649	)		(48,547	)		(10.9	)
Microchip Technology, Inc.		(114,337	)		(9,189,265	)		(2,055.9	)
Micron Technology, Inc.		(46,986	)		(1,795,805	)		(401.8	)
Mohawk Industries, Inc.		(24,309	)		(3,130,756	)		(700.5	)
Molina Healthcare, Inc.		(2,565	)		(341,094	)		(76.3	)
Navistar International Corp.		(14,882	)		(488,725	)		(109.3	)
NextEra Energy, Inc.		(31,530	)		(5,643,239	)		(1,262.6	)
NiSource, Inc.		(122,303	)		(3,336,426	)		(746.5	)
Nordson Corp.		(5,365	)		(695,519	)		(155.6	)
Okta, Inc.		(2,527	)		(208,301	)		(46.6	)

	Shares			Value			% of Basket Value
United States (continued)
Ollie’s Bargain Outlet Holdings, Inc.		(7,919	)	$	(619,028	)		(138.5	) %
Owens-Illinois, Inc.		(21,380	)		(429,097	)		(96.0	)
PDC Energy, Inc.		(16,596	)		(540,532	)		(120.9	)
Peabody Energy Corp.		(42,650	)		(1,522,605	)		(340.7	)
PPG Industries, Inc.		(1,529	)		(161,218	)		(36.1	)
Proofpoint, Inc.		(5,800	)		(590,846	)		(132.2	)
Qurate Retail, Inc.		(113,813	)		(2,475,433	)		(553.8	)
Red Rock Resorts, Inc., Class A		(4,308	)		(109,337	)		(24.5	)
Reliance Worldwide Corp. Ltd.		(220,917	)		(773,145	)		(173.0	)
Roku, Inc.		(5,429	)		(244,034	)		(54.6	)
Sabra Health Care REIT, Inc.		(120,298	)		(2,470,921	)		(552.8	)
Sabre Corp.		(5,548	)		(127,493	)		(28.5	)
Sanderson Farms, Inc.		(3,486	)		(429,127	)		(96.0	)
Sherwin-Williams Co.		(5,277	)		(2,224,361	)		(497.7	)
Sprouts Farmers Market, Inc.		(1,011	)		(24,244	)		(5.4	)
Stanley Black & Decker, Inc.		(4,424	)		(559,371	)		(125.1	)
Starwood Property Trust, Inc.		(47,822	)		(1,055,910	)		(236.2	)
Stericycle, Inc.		(10,227	)		(450,806	)		(100.9	)
Sterling Bancorp		(193,120	)		(3,715,629	)		(831.3	)
SYNNEX Corp.		(1,850	)		(179,006	)		(40.0	)
Tesla, Inc.		(5,164	)		(1,585,451	)		(354.7	)
Trade Desk, Inc., Class A		(886	)		(126,414	)		(28.3	)
Trimble Inc.		(72,095	)		(2,715,098	)		(607.5	)
Trinity Industries, Inc.		(53,320	)		(1,246,622	)		(278.9	)
Two Harbors Investment Corp.		(46,239	)		(674,627	)		(150.9	)
Union Pacific Corp.		(5,731	)		(911,630	)		(204.0	)
United States Steel Corp.		(38,969	)		(878,361	)		(196.5	)
Uniti Group, Inc.		(124,288	)		(2,474,574	)		(553.6	)
Universal Display Corp.		(6,609	)		(686,212	)		(153.5	)
US Foods Holding Corp.		(46,094	)		(1,554,290	)		(347.7	)
Verisk Analytics, Inc., Class A		(43,260	)		(5,079,157	)		(1,136.4	)
Virtu Financial, Inc., Class A		(31,473	)		(804,135	)		(179.9	)
Vistra Energy Corp.		(49,405	)		(1,240,560	)		(277.6	)
Walgreens Boots Alliance, Inc.		(16,194	)		(1,170,178	)		(261.8	)
Walmart, Inc.		(12,282	)		(1,176,984	)		(263.3	)
WEX, Inc.		(896	)		(144,552	)		(32.3	)
Worldpay, Inc., Class A		(34,759	)		(2,901,681	)		(649.2	)
Zayo Group Holdings, Inc.		(26,772	)		(734,891	)		(164.4	)
					(183,411,757	)
Total Reference Entity — Short					(350,823,833	)
Net Value of Reference Entity — Goldman Sachs & Co.				$	446,961

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs & Co. as of January 31, 2019 expiration dates 01/25/19 — 02/27/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Argentina
Despegar.com Corp.		16,124	$	242,182		94.1	%
Globant SA		4,255		287,638		111.7
				529,820
Bermuda
Assured Guaranty Ltd.		798		32,367		12.6
Golar LNG Ltd.		14,016		312,136		121.2
Liberty Latin America Ltd., Class C		33,850		591,698		229.8

SCHEDULES OF INVESTMENTS 37

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
Bermuda (continued)
Nabors Industries Ltd.		43,475	$	128,686		50.0	%
				1,064,887
Brazil
Cosan Ltd., Class A		14,879		164,115		63.7
Canada
IMAX Corp.		6,677		138,681		53.9
Lions Gate Entertainment Corp., Class B		6,754		118,398		46.0
Waste Connections, Inc.		11,335		947,153		367.8
				1,204,232
China
SINA Corp.		2,286		140,406		54.5
Ireland
Adient PLC		8,758		172,883		67.2
Allegion PLC		18,325		1,573,384		611.0
				1,746,267
Israel
Orbotech Ltd.		3,613		221,585		86.0
Taro Pharmaceutical Industries Ltd.		745		70,880		27.5
Tower Semiconductor Ltd.		5,407		80,510		31.3
				372,975
Italy
Ferrari NV		4,292		542,080		210.5
Monaco
GasLog Ltd.		1,967		35,268		13.7
Netherlands
Aegon NV		112,856		583,466		226.6
Constellium NV, Class A		3,902		32,152		12.5
Core Laboratories NV		930		62,738		24.4
Koninklijke Philips NV		9,988		393,827		152.9
				1,072,183
Peru
Credicorp Ltd.		1,491		361,985		140.6
Southern Copper Corp.		8,014		269,431		104.6
				631,416
Puerto Rico
EVERTEC, Inc.		916		25,346		9.8
Switzerland
UBS Group AG		33,924		439,655		170.7
United Kingdom
Coca-Cola European Partners PLC		11,639		553,784		215.1
Ferroglobe PLC		8,248		18,888		7.4
IHS Markit Ltd.		4,460		231,563		89.9
Linde PLC		740		120,627		46.9
Seadrill Ltd.		12,704		109,254		42.4
Sensata Technologies Holding PLC		18,210		864,975		335.9
STERIS PLC		8,276		943,961		366.6
TechnipFMC PLC		4,680		107,453		41.7
Willis Towers Watson PLC		1,288		209,673		81.4
				3,160,178
United States
3M Co.		5,884		1,178,565		457.7
Aaron’s, Inc.		1,080		54,065		21.0
ABIOMED, Inc.		886		311,048		120.8
Acadia Healthcare Co., Inc.		1,768		48,372		18.8
Acadia Realty Trust		11,127		319,679		124.1
ACCO Brands Corp.		32,279		285,024		110.7

	Shares		Value		% of Basket Value
United States (continued)
ACI Worldwide, Inc.		8,845	$	261,458		101.5	%
Activision Blizzard, Inc.		1,415		66,845		26.0
Adobe, Inc.		3,710		919,412		357.1
ADT, Inc.		37,093		267,811		104.0
Adtalem Global Education, Inc.		10,035		490,711		190.6
Advance Auto Parts, Inc.		4,673		743,942		288.9
Advanced Drainage Systems, Inc.		3,336		85,068		33.0
AES Corp.		21,604		354,090		137.5
Aflac, Inc.		35,041		1,671,456		649.1
Air Lease Corp.		1,888		71,631		27.8
Air Products & Chemicals, Inc.		6,899		1,134,127		440.4
Air Transport Services Group, Inc.		1,095		26,006		10.1
Albemarle Corp.		7,800		629,694		244.5
Allegheny Technologies, Inc.		956		26,185		10.2
Alliance Data Systems Corp.		2,246		398,867		154.9
Alliant Energy Corp.		45,698		2,032,190		789.2
Allstate Corp.		10,169		893,550		347.0
Alta Mesa Resources, Inc., Class A		5,138		4,922		1.9
AMC Entertainment Holdings, Inc., Class A		28,451		416,807		161.9
AMC Networks, Inc., Class A		5,580		351,205		136.4
Amdocs Ltd.		23,316		1,302,898		506.0
Amedisys, Inc.		512		67,154		26.1
American Assets Trust, Inc.		1,143		49,080		19.1
American Express Co.		1,318		135,359		52.6
AMETEK, Inc.		22,404		1,633,252		634.3
Amkor Technology, Inc.		21,944		175,552		68.2
Anadarko Petroleum Corp.		35,825		1,695,597		658.5
Analog Devices, Inc.		2,709		267,812		104.0
Apartment Investment & Management Co., Class A		44,628		2,209,979		858.2
Apple, Inc.		702		116,841		45.4
Applied Industrial Technologies, Inc.		457		26,968		10.5
Applied Materials, Inc.		22,214		868,123		337.1
Arch Coal, Inc., Class A		901		79,405		30.8
Archer-Daniels-Midland Co.		49,484		2,221,832		862.8
Arlo Technologies, Inc.		4,809		34,577		13.4
Arthur J Gallagher & Co.		29,304		2,189,302		850.2
ASGN, Inc.		1,072		67,525		26.2
Aspen Technology, Inc.		1,386		133,929		52.0
Associated Banc-Corp		12,709		275,150		106.9
Atmos Energy Corp.		25,259		2,466,036		957.7
Automatic Data Processing, Inc.		2,854		399,103		155.0
AutoNation, Inc.		4,087		158,371		61.5
AutoZone, Inc.		36		30,504		11.8
AvalonBay Communities, Inc.		6,904		1,331,920		517.2
Avangrid, Inc.		6,945		346,347		134.5
Avista Corp.		13,598		569,076		221.0
Avnet, Inc.		11,713		482,576		187.4
B&G Foods, Inc.		4,232		112,825		43.8
Bank OZK		9,167		278,127		108.0
Beacon Roofing Supply, Inc.		3,520		127,882		49.7
Bed Bath & Beyond, Inc.		13,034		196,683		76.4
Best Buy Co., Inc.		5,169		306,212		118.9
BGC Partners, Inc., Class A		15,118		93,580		36.3
Bio-Rad Laboratories, Inc., Class A		1,423		355,565		138.1
Blackstone Mortgage Trust, Inc., Class A		5,607		193,385		75.1
Bloomin’ Brands, Inc.		6,920		127,536		49.5
Boise Cascade Co.		8,605		236,379		91.8
BOK Financial Corp.		656		54,520		21.2
Booz Allen Hamilton Holding Corp.		11,200		550,256		213.7
BorgWarner, Inc.		17,132		700,699		272.1
Boston Scientific Corp.		5,501		209,863		81.5

38 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
United States (continued)
Bottomline Technologies DE, Inc.		1,614	$	83,363		32.4	%
Brandywine Realty Trust		31,820		478,891		186.0
BrightView Holdings, Inc.		6,075		89,971		34.9
Brink’s Co.		3,499		259,101		100.6
Brinker International, Inc.		5,502		222,941		86.6
Bristol-Myers Squibb Co.		8,091		399,453		155.1
Brixmor Property Group, Inc.		1,422		24,359		9.5
Broadridge Financial Solutions, Inc.		8,284		835,276		324.4
Brookdale Senior Living, Inc.		6,045		49,267		19.1
Bruker Corp.		2,782		97,537		37.9
Cabot Corp.		14,819		694,863		269.8
Cabot Microelectronics Corp.		418		42,590		16.5
CACI International, Inc., Class A		2,635		440,519		171.1
Callaway Golf Co.		5,170		84,219		32.7
Callon Petroleum Co.		12,304		100,155		38.9
Carpenter Technology Corp.		9,090		429,593		166.8
Carter’s, Inc.		314		26,031		10.1
CBRE Group, Inc., Class A		1,427		65,285		25.4
CBS Corp., Class B		4,244		209,908		81.5
CenturyLink, Inc.		27,754		425,191		165.1
Cerner Corp.		2,508		137,714		53.5
Charles River Laboratories International, Inc.		4,631		570,493		221.6
Charles Schwab Corp.		42,501		1,987,772		771.9
Cheesecake Factory, Inc.		4,801		215,469		83.7
Chemed Corp.		1,117		332,799		129.2
Chesapeake Lodging Trust		777		22,129		8.6
Chevron Corp.		661		75,784		29.4
Chimera Investment Corp.		2,621		49,878		19.4
Church & Dwight Co., Inc.		32,863		2,123,278		824.6
Cincinnati Financial Corp.		17,001		1,379,121		535.6
Cinemark Holdings, Inc.		11,116		454,867		176.6
Cisco Systems, Inc.		10,010		473,373		183.8
Citigroup, Inc.		14,340		924,356		359.0
Citizens Financial Group, Inc.		57,881		1,963,323		762.5
Clearway Energy, Inc., Class C		15,477		233,548		90.7
Clorox Co.		3,375		500,782		194.5
CME Group, Inc.		6,301		1,148,546		446.0
CMS Energy Corp.		43,382		2,261,937		878.4
CNA Financial Corp.		10,177		466,717		181.2
Coca-Cola Co.		34,052		1,638,923		636.5
Coca-Cola Consolidated, Inc.		500		107,900		41.9
Cogent Communications Holdings, Inc.		12,629		611,875		237.6
Cognizant Technology Solutions Corp., Class A		15,521		1,081,503		420.0
Colfax Corp.		26,881		665,305		258.4
Colgate-Palmolive Co.		20,304		1,313,263		510.0
Colony Capital, Inc.		21,755		132,053		51.3
Columbia Sportswear Co.		22,063		1,967,799		764.2
Comcast Corp., Class A		1,649		60,304		23.4
Comerica, Inc.		1,153		90,787		35.3
Comfort Systems USA, Inc.		797		38,232		14.8
CommScope Holding Co., Inc.		15,549		325,130		126.3
Conagra Brands, Inc.		13,835		299,389		116.3
CONMED Corp.		1,389		97,716		37.9
ConocoPhillips		14,959		1,012,575		393.2
Consolidated Communications Holdings, Inc.		8,099		86,497		33.6
Core-Mark Holding Co., Inc.		1,138		31,727		12.3
CorePoint Lodging, Inc.		23,428		286,759		111.4
CoreSite Realty Corp.		3,482		343,987		133.6
Corning, Inc.		35,463		1,179,499		458.1
Crane Co.		26,394		2,184,367		848.3
Crocs, Inc.		5,963		171,257		66.5
Crown Holdings, Inc.		13,667		697,017		270.7

	Shares		Value		% of Basket Value
United States (continued)
CyrusOne, Inc.		9,963	$	539,995		209.7	%
Dana, Inc.		37,122		654,090		254.0
DaVita, Inc.		958		53,772		20.9
Delek US Holdings, Inc.		7,633		248,149		96.4
Dell Technologies, Inc., Class C		2,774		134,789		52.3
Deluxe Corp.		5,334		250,538		97.3
DexCom, Inc.		1,622		228,751		88.8
Diamond Offshore Drilling, Inc.		10,112		110,524		42.9
Dick’s Sporting Goods, Inc.		23,468		828,655		321.8
Diodes, Inc.		3,447		115,923		45.0
Domino’s Pizza, Inc.		492		139,595		54.2
Douglas Emmett, Inc.		4,604		174,169		67.6
Dril-Quip, Inc.		1,499		56,123		21.8
Dunkin’ Brands Group, Inc.		16,550		1,131,854		439.6
E*Trade Financial Corp.		11,552		539,016		209.3
Eagle Materials, Inc.		4,527		321,417		124.8
East West Bancorp, Inc.		5,977		300,763		116.8
Eastman Chemical Co.		17,553		1,415,123		549.6
Eaton Vance Corp.		8,684		334,508		129.9
Ecolab, Inc.		1,767		279,486		108.5
Edgewell Personal Care Co.		1,528		60,280		23.4
Elanco Animal Health, Inc.		1,983		57,864		22.5
Equinix, Inc.		2,351		926,294		359.7
Equitrans Midstream Corp.		11,310		235,474		91.4
Equity LifeStyle Properties, Inc.		5,667		600,022		233.0
Essex Property Trust, Inc.		3,014		817,397		317.4
Everest Re Group Ltd.		292		63,963		24.8
Evolent Health, Inc., Class A		2,260		39,957		15.5
EW Scripps Co., Class A		7,690		144,418		56.1
Expeditors International of Washington, Inc.		516		35,759		13.9
Extended Stay America, Inc.		23,329		398,926		154.9
Fair Isaac Corp.		890		200,428		77.8
Fidelity National Information Services, Inc.		3,257		340,454		132.2
Fifth Third Bancorp		18,727		502,258		195.1
First American Financial Corp.		5,823		291,616		113.2
First Industrial Realty Trust, Inc.		7,362		240,885		93.5
First Interstate Bancsystem, Inc., Class A		1,241		48,300		18.8
FirstCash, Inc.		14,160		1,167,209		453.3
Flex Ltd.		38,640		371,717		144.4
FLIR Systems, Inc.		9,191		449,256		174.5
Fluor Corp.		13,247		484,443		188.1
FMC Corp.		7,353		586,769		227.9
Foot Locker, Inc.		4,446		248,487		96.5
Fortinet, Inc.		9,179		702,836		272.9
Four Corners Property Trust, Inc.		10,642		300,530		116.7
Fresh Del Monte Produce, Inc.		3,260		104,255		40.5
FTI Consulting, Inc.		4,062		277,516		107.8
Gap, Inc.		2,663		67,747		26.3
GATX Corp.		11,072		837,929		325.4
GCP Applied Technologies, Inc.		6,766		170,503		66.2
Genpact Ltd.		847		25,266		9.8
Global Net Lease, Inc.		5,310		102,961		40.0
Graham Holdings Co., Class B		526		349,790		135.8
Gray Television, Inc.		9,851		164,610		63.9
Green Dot Corp., Class A		319		23,612		9.2
GrubHub, Inc.		5,914		475,486		184.7
Haemonetics Corp.		280		27,695		10.8
Hain Celestial Group, Inc.		1,197		21,941		8.5
Harsco Corp.		1,052		22,408		8.7
Hasbro, Inc.		585		52,978		20.6
Hawaiian Holdings, Inc.		1,387		44,412		17.2
HealthEquity, Inc.		959		59,784		23.2

SCHEDULES OF INVESTMENTS 39

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
United States (continued)
HEICO Corp.		14,384	$	1,215,448		472.0	%
Henry Schein, Inc.		2,943		228,671		88.8
Herc Holdings, Inc.		8,490		314,554		122.2
Hershey Co.		2,359		250,290		97.2
Hess Corp.		6,702		361,908		140.5
Highwoods Properties, Inc.		10,587		469,216		182.2
HMS Holdings Corp.		3,723		111,653		43.4
Hologic, Inc.		3,690		163,836		63.6
Hub Group, Inc., Class A		2,584		115,014		44.7
Humana, Inc.		3,182		983,206		381.8
IDACORP, Inc.		5,034		490,815		190.6
IDEXX Laboratories, Inc.		1,481		315,127		122.4
Illumina, Inc.		413		115,553		44.9
Innoviva, Inc.		4,298		73,496		28.5
Insperity, Inc.		7,452		794,979		308.7
Integer Holdings Corp.		1,390		112,576		43.7
Intel Corp.		11,432		538,676		209.2
Intercontinental Exchange, Inc.		21,473		1,648,267		640.1
Interpublic Group of Cos., Inc.		56,023		1,274,523		495.0
Invesco Ltd.		5,950		108,409		42.1
Investors Bancorp, Inc.		77,406		939,709		364.9
Invitation Homes, Inc.		2,521		56,697		22.0
ITT, Inc.		10,115		531,644		206.5
Jabil, Inc.		7,723		205,818		79.9
Jacobs Engineering Group, Inc.		3,426		222,005		86.2
JB Hunt Transport Services, Inc.		23,513		2,516,831		977.4
Jones Lang LaSalle, Inc.		722		103,542		40.2
Juniper Networks, Inc.		11,957		310,165		120.5
Kaiser Aluminum Corp.		3,070		308,136		119.7
KAR Auction Services, Inc.		3,923		204,035		79.2
Kellogg Co.		5,018		296,112		115.0
Kennametal, Inc.		2,484		93,349		36.3
Keysight Technologies, Inc.		8,041		595,195		231.1
Kilroy Realty Corp.		1,752		123,446		47.9
Kirby Corp.		4,339		325,034		126.2
Knight-Swift Transportation Holdings, Inc.		1,434		45,529		17.7
Kohl’s Corp.		8,430		579,057		224.9
Kosmos Energy Ltd.		24,371		125,023		48.6
L3 Technologies, Inc.		850		167,348		65.0
Lamar Advertising Co., Class A		1,533		114,132		44.3
Landstar System, Inc.		8,674		881,105		342.2
Laredo Petroleum, Inc.		4,714		17,913		7.0
Lear Corp.		851		130,994		50.9
Lennox International, Inc.		317		72,682		28.2
Liberty Expedia Holdings, Inc., Class A		2,864		117,395		45.6
LogMeIn, Inc.		3,747		348,546		135.4
Macquarie Infrastructure Corp.		1,822		78,656		30.5
Madison Square Garden Co., Class A		367		101,989		39.6
Mallinckrodt PLC		2,481		54,235		21.1
Manhattan Associates, Inc.		3,546		172,938		67.2
MasTec, Inc.		518		22,989		8.9
Mastercard, Inc., Class A		2,851		601,932		233.8
Match Group, Inc.		3,467		185,450		72.0
MAXIMUS, Inc.		2,029		142,294		55.3
MDC Holdings, Inc.		29,816		981,841		381.3
Medical Properties Trust, Inc.		15,955		290,381		112.8
Medidata Solutions, Inc.		2,227		158,028		61.4
Merck & Co., Inc.		641		47,710		18.5
Meredith Corp.		4,062		220,445		85.6
Merit Medical Systems, Inc.		946		53,477		20.8
MGM Growth Properties LLC, Class A		6,246		193,626		75.2
Michaels Cos., Inc.		3,647		50,547		19.6

	Shares		Value		% of Basket Value
United States (continued)
Mid-America Apartment Communities, Inc.		2,298	$	232,741		90.4	%
Mimecast Ltd.		1,784		67,025		26.0
Monolithic Power Systems, Inc.		1,742		220,467		85.6
Moody’s Corp.		1,396		221,280		85.9
Morningstar, Inc.		626		77,718		30.2
Mosaic Co.		2,029		65,496		25.4
MSCI, Inc.		1,009		171,802		66.7
MSG Networks, Inc., Class A		10,989		246,154		95.6
National Instruments Corp.		44,555		1,970,222		765.1
NCI Building Systems, Inc.		4,326		35,300		13.7
Newell Brands, Inc.		7,368		156,275		60.7
Newmont Mining Corp.		14,489		494,220		191.9
Nexstar Media Group, Inc., Class A		3,062		255,585		99.3
Nordstrom, Inc.		6,666		309,369		120.1
Norfolk Southern Corp.		2,389		400,731		155.6
Northern Trust Corp.		13,326		1,178,818		457.8
Northrop Grumman Corp.		1,231		339,202		131.7
NorthWestern Corp.		6,540		417,971		162.3
Norwegian Cruise Line Holdings Ltd.		6,277		322,826		125.4
Oceaneering International, Inc.		7,424		116,483		45.2
OGE Energy Corp.		2,049		83,907		32.6
ONE Gas, Inc.		22,731		1,867,352		725.2
PACCAR, Inc.		15,207		996,363		386.9
PacWest Bancorp		3,384		130,589		50.7
Park Hotels & Resorts, Inc.		24,947		750,156		291.3
Patterson Cos., Inc.		3,356		74,805		29.1
Penske Automotive Group, Inc.		14,161		663,868		257.8
Perrigo Co. PLC		794		36,881		14.3
Pfizer, Inc.		2,538		107,738		41.8
Piedmont Office Realty Trust, Inc., Class A		2,986		57,809		22.5
Pilgrim’s Pride Corp.		12,207		247,314		96.0
Pinnacle Financial Partners, Inc.		7,952		427,579		166.1
Pioneer Natural Resources Co.		2,494		354,946		137.8
Plantronics, Inc.		3,467		134,485		52.2
PNM Resources, Inc.		15,444		657,760		255.4
PotlatchDeltic Corp.		14,367		529,855		205.8
PPL Corp.		22,339		699,657		271.7
Prestige Consumer Healthcare, Inc.		6,554		182,988		71.1
PriceSmart, Inc.		3,003		183,934		71.4
Progressive Corp.		3,532		237,668		92.3
Prudential Financial, Inc.		18,480		1,702,747		661.3
PTC, Inc.		6,827		578,861		224.8
Public Service Enterprise Group, Inc.		30,048		1,639,118		636.5
QTS Realty Trust, Inc., Class A		2,155		90,747		35.2
QUALCOMM, Inc.		4,285		212,193		82.4
Quest Diagnostics, Inc.		13,053		1,140,180		442.8
Range Resources Corp.		20,182		222,607		86.4
Rayonier, Inc.		9,318		283,640		110.2
Regal-Beloit Corp.		5,621		431,468		167.6
Regency Centers Corp.		8,353		542,945		210.9
Regions Financial Corp.		48,316		732,954		284.6
Reliance Steel & Aluminum Co.		1,887		154,508		60.0
Revance Therapeutics, Inc.		3,088		53,330		20.7
Rexford Industrial Realty, Inc.		8,548		287,213		111.5
Rexnord Corp.		2,298		60,093		23.3
RingCentral, Inc., Class A		4,338		401,005		155.7
Robert Half International, Inc.		5,443		350,692		136.2
Rockwell Automation, Inc.		1,355		229,700		89.2
Rollins, Inc.		8,196		305,219		118.5
Ryder System, Inc.		3,295		190,813		74.1
Ryman Hospitality Properties, Inc.		7,898		634,604		246.4
S&P Global, Inc.		7,255		1,390,421		540.0

40 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
United States (continued)
salesforce.com, Inc.		18,941	$	2,878,464		1,117.8	%
Sally Beauty Holdings, Inc.		3,692		63,576		24.7
Santander Consumer USA Holdings, Inc.		3,670		69,950		27.2
SBA Communications Corp.		2,946		537,733		208.8
Schneider National, Inc., Class B		6,542		138,952		54.0
SEACOR Marine Holdings, Inc.		1		13		0.0
SEI Investments Co.		3,335		158,546		61.6
SemGroup Corp., Class A		1,471		23,565		9.2
Semtech Corp.		2,797		135,822		52.7
Service Corp. International		26,577		1,140,685		443.0
ServiceNow, Inc.		358		78,767		30.6
Signet Jewelers Ltd.		4,456		108,548		42.2
Silgan Holdings, Inc.		2,673		73,828		28.7
Simon Property Group, Inc.		6,217		1,132,240		439.7
Sinclair Broadcast Group, Inc., Class A		4,721		145,454		56.5
Sirius XM Holdings, Inc.		70,782		412,659		160.3
SITE Centers Corp.		14,328		187,267		72.7
Six Flags Entertainment Corp.		1,615		99,468		38.6
Snap, Inc., Class A		5,055		33,767		13.1
Snap-on, Inc.		6,491		1,077,441		418.4
SolarWinds Corp.		4,248		74,552		29.0
Sonos, Inc.		12,077		143,354		55.7
Sotheby’s		3,260		131,671		51.1
Southwest Gas Holdings, Inc.		1,199		93,906		36.5
Spirit Airlines, Inc.		4,527		266,278		103.4
Sprint Corp.		50,863		317,385		123.3
Sprouts Farmers Market, Inc.		6,873		164,814		64.0
SPX FLOW, Inc.		4,684		153,495		59.6
Steel Dynamics, Inc.		11,165		408,527		158.7
Steelcase, Inc., Class A		1,770		29,205		11.3
Stericycle, Inc.		8,943		394,207		153.1
Stryker Corp.		2,001		355,318		138.0
Sunstone Hotel Investors, Inc.		28,302		404,719		157.2
Synopsys, Inc.		1,884		175,871		68.3
T. Rowe Price Group, Inc.		2,095		195,799		76.0
Tailored Brands, Inc.		1,744		22,027		8.6
Talend SA, ADR		2,766		102,895		40.0
Talos Energy, Inc.		8,225		157,097		61.0
Target Corp.		13,854		1,011,342		392.8
Taylor Morrison Home Corp., Class A		18,553		350,652		136.2
TD Ameritrade Holding Corp.		2,540		142,113		55.2
Telephone & Data Systems, Inc.		3,736		135,318		52.6
Tempur Sealy International, Inc.		1,937		102,700		39.9
Tenable Holdings, Inc.		2,449		67,788		26.3
Tenet Healthcare Corp.		1,988		43,716		17.0
Terex Corp.		24,256		744,902		289.3
TerraForm Power, Inc., Class A		8,017		95,242		37.0
Texas Roadhouse, Inc.		1,109		67,472		26.2
Thermo Fisher Scientific, Inc.		2,215		544,159		211.3
Timken Co.		11,066		471,301		183.0
TJX Cos., Inc.		4,036		200,710		77.9
TriNet Group, Inc.		1,665		76,024		29.5
Tupperware Brands Corp.		6,274		171,092		66.4
Twilio, Inc., Class A		2,616		291,213		113.1
Umpqua Holdings Corp.		23,817		421,085		163.5
United Natural Foods, Inc.		4,565		59,801		23.2
United Parcel Service, Inc., Class B		2,917		307,452		119.4
Univar, Inc.		1,743		36,307		14.1
Universal Corp.		2,377		137,153		53.3
Unum Group		8,462		294,139		114.2
Veeva Systems, Inc., Class A		560		61,074		23.7
Venator Materials PLC		8,838		41,097		16.0

	Shares			Value			% of Basket Value
United States (continued)
Viacom, Inc., Class B		10,670		$	313,911			121.9	%
Visa, Inc., Class A		15,991			2,158,945			838.4
Vishay Intertechnology, Inc.		4,343			84,688			32.9
Vulcan Materials Co.		1,823			185,308			72.0
W.W. Grainger, Inc.		1,730			511,025			198.5
Wabash National Corp.		11,749			163,781			63.6
Wabtec Corp.		8,695			601,346			233.5
Waste Management, Inc.		8,819			843,714			327.7
Waters Corp.		1,032			238,619			92.7
Watsco, Inc.		247			36,428			14.1
Wells Fargo & Co.		23,414			1,145,179			444.7
WESCO International, Inc.		1,158			60,679			23.6
Western Alliance Bancorp		13,381			592,511			230.1
Western Union Co.		1,348			24,601			9.6
Westrock Co.		8,036			327,146			127.0
Weyerhaeuser Co.		11,676			306,378			119.0
Whirlpool Corp.		1,896			252,187			97.9
Wintrust Financial Corp.		21,769			1,548,647			601.4
Wolverine World Wide, Inc.		1,756			60,248			23.4
Woodward, Inc.		1,014			92,122			35.8
WR Grace & Co.		10,773			764,991			297.1
Wyndham Destinations, Inc.		6,712			282,844			109.8
Xcel Energy, Inc.		35,063			1,835,899			713.0
Xenia Hotels & Resorts, Inc.		9,425			176,907			68.7
Xilinx, Inc.		5,141			575,483			223.5
Xylem, Inc.		20,127			1,434,250			557.0
Yum! Brands, Inc.		8,610			809,168			314.2
Zebra Technologies Corp., Class A		2,717			471,671			183.2
Zendesk, Inc.		528			35,656			13.8
Zions Bancorporation		26,564			1,264,181			490.9
					175,721,272
Total Reference Entity — Long					186,850,100
Reference Entity — Short
Bermuda
Axis Capital Holdings Ltd.		(18,144	)		(971,611	)		(377.3	)
Enstar Group Ltd.		(1,883	)		(335,174	)		(130.2	)
Marvell Technology Group Ltd.		(16,414	)		(304,151	)		(118.1	)
RenaissanceRe Holdings Ltd.		(1,900	)		(262,257	)		(101.8	)
Triton International Ltd.		(6,630	)		(238,349	)		(92.6	)
					(2,111,542	)
Brazil
Pagseguro Digital Ltd., Class A		(1,448	)		(31,233	)		(12.1	)
Ireland
Accenture PLC, Class A		(823	)		(126,372	)		(49.1	)
AerCap Holdings NV		(4,239	)		(200,335	)		(77.8	)
					(326,707	)
Israel
SolarEdge Technologies, Inc.		(1,593	)		(69,757	)		(27.1	)
Jersey
Novocure Ltd.		(2,708	)		(132,692	)		(51.5	)
Netherlands
Cimpress NV		(234	)		(19,462	)		(7.6	)
Russia
Yandex NV		(1,384	)		(46,475	)		(18.1	)
Switzerland
Luxoft Holding, Inc.		(2,456	)		(142,522	)		(55.3	)

SCHEDULES OF INVESTMENTS 41

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Switzerland (continued)
TE Connectivity Ltd.		(11,387	)	$	(921,777	)		(358.0	) %
					(1,064,299	)
United Kingdom
Aptiv PLC		(2,824	)		(223,463	)		(86.8	)
Ensco PLC, Class A		(30,530	)		(134,332	)		(52.2	)
Fiat Chrysler Automobiles NV		(16,457	)		(283,225	)		(110.0	)
Janus Henderson Group PLC		(9,585	)		(209,241	)		(81.2	)
					(850,261	)
United States
2U, Inc.		(1,437	)		(81,693	)		(31.7	)
8x8, Inc.		(2,318	)		(40,820	)		(15.9	)
AAON, Inc.		(1,842	)		(68,043	)		(26.4	)
Abbott Laboratories		(1,323	)		(96,553	)		(37.5	)
Abercrombie & Fitch Co., Class A		(2,001	)		(43,362	)		(16.8	)
ABM Industries, Inc.		(15,627	)		(534,287	)		(207.5	)
Actuant Corp.		(10,036	)		(229,724	)		(89.2	)
Acuity Brands, Inc.		(781	)		(94,431	)		(36.7	)
Advanced Disposal Services, Inc.		(10,041	)		(253,033	)		(98.3	)
Advanced Energy Industries, Inc.		(6,753	)		(346,361	)		(134.5	)
Advanced Micro Devices, Inc.		(1,314	)		(32,075	)		(12.5	)
Aerie Pharmaceuticals, Inc.		(2,771	)		(130,292	)		(50.6	)
Aerojet Rocketdyne Holdings, Inc.		(1,964	)		(77,519	)		(30.1	)
Aerovironment, Inc.		(2,327	)		(180,715	)		(70.2	)
AGCO Corp.		(914	)		(58,679	)		(22.8	)
AGNC Investment Corp.		(3,676	)		(65,837	)		(25.6	)
Agree Realty Corp.		(3,731	)		(246,358	)		(95.7	)
Alarm.com Holdings, Inc.		(7,368	)		(463,668	)		(180.1	)
Alexandria Real Estate Equities, Inc.		(8,113	)		(1,068,563	)		(415.0	)
Alleghany Corp.		(771	)		(486,933	)		(189.1	)
Allergan PLC		(936	)		(134,765	)		(52.3	)
Allison Transmission Holdings, Inc.		(593	)		(28,861	)		(11.2	)
Allscripts Healthcare Solutions, Inc.		(7,067	)		(83,320	)		(32.4	)
Alphabet, Inc., Class A		(736	)		(828,655	)		(321.8	)
Altair Engineering, Inc.		(6,414	)		(207,685	)		(80.7	)
Alteryx, Inc., Class A		(759	)		(54,003	)		(21.0	)
Altra Industrial Motion Corp.		(3,671	)		(112,369	)		(43.6	)
Amazon.com, Inc.		(107	)		(183,904	)		(71.4	)
Ambarella, Inc.		(4,045	)		(153,710	)		(59.7	)
AMERCO		(4,423	)		(1,604,045	)		(622.9	)
American Airlines Group, Inc.		(1,320	)		(47,216	)		(18.3	)
American Axle & Manufacturing Holdings, Inc.		(10,443	)		(154,348	)		(59.9	)
American Campus Communities, Inc.		(4,127	)		(189,925	)		(73.8	)
American Eagle Outfitters, Inc.		(1,257	)		(26,548	)		(10.3	)
American Electric Power Co., Inc.		(25,861	)		(2,046,122	)		(794.6	)
American Homes 4 Rent		(15,556	)		(343,943	)		(133.6	)
American International Group, Inc.		(7,558	)		(326,732	)		(126.9	)
American States Water Co.		(15,361	)		(1,040,247	)		(404.0	)
Amphenol Corp., Class A		(1,605	)		(141,112	)		(54.8	)
Annaly Capital Management, Inc.		(18,677	)		(194,988	)		(75.7	)
AO Smith Corp.		(2,221	)		(106,297	)		(41.3	)
Apollo Commercial Real Estate Finance, Inc.		(37,073	)		(674,729	)		(262.0	)
Appfolio, Inc.		(1,702	)		(107,754	)		(41.8	)
Appian Corp.		(1,454	)		(46,804	)		(18.2	)
Aqua America, Inc.		(3,818	)		(133,821	)		(52.0	)
Aramark		(1,756	)		(57,860	)		(22.5	)
Arch Capital Group Ltd.		(5,624	)		(165,064	)		(64.1	)
Arconic, Inc.		(12,558	)		(236,342	)		(91.8	)
Arcosa, Inc.		(4,022	)		(118,367	)		(46.0	)
Armstrong World Industries, Inc.		(5,364	)		(364,967	)		(141.7	)
Arrow Electronics, Inc.		(3,756	)		(285,268	)		(110.8	)
Ashland Global Holdings, Inc.		(7,688	)		(583,519	)		(226.6	)

	Shares			Value			% of Basket Value
United States (continued)
At Home Group, Inc.		(3,261	)	$	(71,872	)		(27.9	) %
AT&T, Inc.		(62,574	)		(1,880,974	)		(730.5	)
Athene Holding Ltd., Class A		(8,812	)		(378,035	)		(146.8	)
Avaya Holdings Corp.		(6,693	)		(113,179	)		(44.0	)
Ball Corp.		(3,966	)		(207,342	)		(80.5	)
Bank of America Corp.		(45,343	)		(1,290,915	)		(501.3	)
Bank of New York Mellon Corp.		(9,445	)		(494,162	)		(191.9	)
BankUnited, Inc.		(16,922	)		(572,133	)		(222.2	)
Barnes Group, Inc.		(8,903	)		(525,989	)		(204.3	)
Becton Dickinson & Co.		(7,537	)		(1,880,180	)		(730.2	)
Berry Plastics Group, Inc.		(1,978	)		(97,417	)		(37.8	)
Bio-Techne Corp.		(839	)		(146,372	)		(56.8	)
BioTelemetry, Inc.		(379	)		(27,220	)		(10.6	)
Black Hills Corp.		(2,871	)		(194,912	)		(75.7	)
Black Knight, Inc.		(1,155	)		(56,814	)		(22.1	)
Blackbaud, Inc.		(1,590	)		(113,844	)		(44.2	)
Blackline, Inc.		(5,246	)		(249,605	)		(96.9	)
Blucora, Inc.		(938	)		(27,680	)		(10.8	)
Boston Beer Co., Inc.		(182	)		(45,347	)		(17.6	)
Box, Inc., Class A		(4,656	)		(97,404	)		(37.8	)
Brady Corp., Class A		(4,974	)		(222,388	)		(86.4	)
Brighthouse Financial, Inc.		(16,743	)		(625,184	)		(242.8	)
Brown & Brown, Inc.		(15,115	)		(410,523	)		(159.4	)
Buckle, Inc.		(3,679	)		(63,904	)		(24.8	)
Cable One, Inc.		(1,569	)		(1,387,529	)		(538.8	)
Cactus, Inc.		(3,127	)		(102,628	)		(39.9	)
California Resources Corp.		(3,022	)		(60,893	)		(23.6	)
Cambrex Corp.		(1,503	)		(65,606	)		(25.5	)
Camden Property Trust		(6,371	)		(617,668	)		(239.9	)
Campbell Soup Co.		(3,845	)		(136,228	)		(52.9	)
Capri Holdings Ltd.		(15,376	)		(653,172	)		(253.7	)
Carlisle Cos., Inc.		(1,054	)		(113,547	)		(44.1	)
Carvana Co.		(7,750	)		(287,913	)		(111.8	)
Casa Systems, Inc.		(5,462	)		(63,578	)		(24.7	)
Caterpillar, Inc.		(460	)		(61,254	)		(23.8	)
Cavco Industries, Inc.		(498	)		(82,812	)		(32.2	)
Cboe Global Markets, Inc.		(5,172	)		(482,392	)		(187.3	)
Centennial Resource Development, Inc.		(18,865	)		(248,452	)		(96.5	)
CenterPoint Energy, Inc.		(21,273	)		(657,761	)		(255.4	)
Ceridian HCM Holding, Inc.		(1,048	)		(43,188	)		(16.8	)
CF Industries Holdings, Inc.		(1,190	)		(51,944	)		(20.2	)
CH Robinson Worldwide, Inc.		(7,895	)		(685,049	)		(266.0	)
Chart Industries, Inc.		(3,416	)		(255,175	)		(99.1	)
Charter Communications, Inc.		(6,502	)		(2,152,487	)		(835.9	)
Chegg, Inc.		(655	)		(23,069	)		(9.0	)
Chemours Co.		(17,966	)		(642,285	)		(249.4	)
Children’s Place, Inc.		(232	)		(22,448	)		(8.7	)
Choice Hotels International, Inc.		(10,353	)		(819,543	)		(318.3	)
Ciena Corp.		(1,806	)		(68,791	)		(26.7	)
Cigna Corp.		(581	)		(116,090	)		(45.1	)
Cimarex Energy Co.		(788	)		(59,368	)		(23.1	)
Cintas Corp.		(3,678	)		(689,662	)		(267.8	)
Cirrus Logic, Inc.		(4,171	)		(154,953	)		(60.2	)
Citrix Systems, Inc.		(6,169	)		(632,569	)		(245.7	)
Cleveland-Cliffs, Inc.		(23,414	)		(250,764	)		(97.4	)
Cognex Corp.		(11,878	)		(540,449	)		(209.9	)
Coherent, Inc.		(1,658	)		(195,976	)		(76.1	)
Columbia Banking System, Inc.		(9,665	)		(355,189	)		(137.9	)
Commercial Metals Co.		(8,554	)		(149,267	)		(58.0	)
Community Bank System, Inc.		(8,492	)		(509,095	)		(197.7	)
Concho Resources, Inc.		(1,624	)		(194,620	)		(75.6	)
Conduent, Inc.		(3,367	)		(42,929	)		(16.7	)

42 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United States (continued)
Constellation Brands, Inc.		(617	)	$	(107,148	)		(41.6	) %
Cooper Cos., Inc.		(209	)		(58,261	)		(22.6	)
Copart, Inc.		(1,846	)		(93,463	)		(36.3	)
Cornerstone OnDemand, Inc.		(1,780	)		(102,065	)		(39.6	)
Coupa Software, Inc.		(3,949	)		(343,405	)		(133.4	)
Covanta Holding Corp.		(4,083	)		(65,736	)		(25.5	)
Credit Acceptance Corp.		(1,288	)		(512,650	)		(199.1	)
Cree, Inc.		(557	)		(28,090	)		(10.9	)
Cubic Corp.		(517	)		(33,228	)		(12.9	)
CVB Financial Corp.		(27,687	)		(606,622	)		(235.6	)
Darling International, Inc.		(38,434	)		(817,491	)		(317.5	)
Dave & Buster’s Entertainment, Inc.		(1,960	)		(100,842	)		(39.2	)
Deere & Co.		(5,421	)		(889,044	)		(345.3	)
Delta Air Lines, Inc.		(19,173	)		(947,721	)		(368.0	)
Dentsply Sirona, Inc.		(8,867	)		(371,971	)		(144.5	)
Diamondback Energy, Inc.		(3,771	)		(388,866	)		(151.0	)
Digital Realty Trust, Inc.		(3,089	)		(334,662	)		(130.0	)
Dine Brands Global, Inc.		(674	)		(51,406	)		(20.0	)
DISH Network Corp.		(557	)		(17,083	)		(6.6	)
DocuSign, Inc.		(1,205	)		(59,587	)		(23.1	)
Dollar General Corp.		(2,093	)		(241,595	)		(93.8	)
Dominion Resources, Inc.		(8,776	)		(616,426	)		(239.4	)
Donaldson Co., Inc.		(4,312	)		(203,871	)		(79.2	)
Dover Corp.		(2,663	)		(233,891	)		(90.8	)
DowDuPont, Inc.		(42,433	)		(2,283,320	)		(886.7	)
DSW, Inc., Class A		(4,186	)		(114,069	)		(44.3	)
DTE Energy Co.		(4,704	)		(553,896	)		(215.1	)
Duke Energy Corp.		(26,386	)		(2,316,163	)		(899.5	)
DXC Technology Co.		(8,706	)		(558,229	)		(216.8	)
Dycom Industries, Inc.		(7,397	)		(429,396	)		(166.8	)
EastGroup Properties, Inc.		(2,254	)		(233,199	)		(90.6	)
eBay, Inc.		(4,506	)		(151,627	)		(58.9	)
EchoStar Corp.		(8,177	)		(335,093	)		(130.1	)
Eldorado Resorts, Inc.		(1,892	)		(88,205	)		(34.3	)
Empire State Realty Trust, Inc.		(20,191	)		(312,153	)		(121.2	)
EnerSys		(7,704	)		(656,843	)		(255.1	)
Entergy Corp.		(712	)		(63,503	)		(24.7	)
EPR Properties		(5,154	)		(376,551	)		(146.2	)
Equity Commonwealth		(50,737	)		(1,641,849	)		(637.6	)
Equity Residential		(14,366	)		(1,042,397	)		(404.8	)
Euronet Worldwide, Inc.		(1,077	)		(123,866	)		(48.1	)
Evergy, Inc.		(1,281	)		(73,427	)		(28.5	)
Expedia, Inc.		(1,180	)		(140,715	)		(54.6	)
Exponent, Inc.		(3,709	)		(185,302	)		(72.0	)
Exxon Mobil Corp.		(19,407	)		(1,422,145	)		(552.3	)
Facebook, Inc.		(1,822	)		(303,709	)		(117.9	)
Federal Realty Investment Trust		(4,375	)		(579,994	)		(225.2	)
FedEx Corp.		(6,449	)		(1,145,149	)		(444.7	)
First Financial Bankshares, Inc.		(7,261	)		(443,647	)		(172.3	)
First Republic Bank		(3,200	)		(309,216	)		(120.1	)
First Solar, Inc.		(8,859	)		(448,177	)		(174.1	)
FirstEnergy Corp.		(11,217	)		(439,706	)		(170.8	)
Fiserv, Inc.		(4,242	)		(351,789	)		(136.6	)
Fitbit, Inc.		(10,077	)		(62,175	)		(24.1	)
Floor & Decor Holdings, Inc.		(10,079	)		(345,609	)		(134.2	)
Flowers Foods, Inc.		(12,553	)		(246,792	)		(95.8	)
Ford Motor Co.		(2,547	)		(22,414	)		(8.7	)
ForeScout Technologies, Inc.		(3,575	)		(109,038	)		(42.3	)
FormFactor, Inc.		(4,932	)		(74,079	)		(28.8	)
Fortive Corp.		(18,004	)		(1,350,120	)		(524.3	)
Fortune Brands Home & Security, Inc.		(10,185	)		(461,381	)		(179.2	)
Franklin Resources, Inc.		(4,439	)		(131,439	)		(51.0	)

	Shares			Value			% of Basket Value
United States (continued)
Freeport-McMoRan, Inc.		(20,179	)	$	(234,884	)		(91.2	) %
Fulton Financial Corp.		(1,617	)		(25,953	)		(10.1	)
G-III Apparel Group Ltd.		(1,937	)		(67,543	)		(26.2	)
Gaming and Leisure Properties, Inc.		(13,385	)		(501,938	)		(194.9	)
Gardner Denver Holdings, Inc.		(5,639	)		(139,114	)		(54.0	)
General Dynamics Corp.		(5,442	)		(931,507	)		(361.7	)
General Electric Co.		(10,102	)		(102,636	)		(39.9	)
General Mills, Inc.		(12,190	)		(541,724	)		(210.4	)
General Motors Co.		(24,193	)		(944,011	)		(366.6	)
Genesee & Wyoming, Inc., Class A		(5,395	)		(423,615	)		(164.5	)
Gentex Corp.		(14,268	)		(302,196	)		(117.4	)
GEO Group, Inc.		(12,748	)		(287,467	)		(111.6	)
Glacier Bancorp, Inc.		(8,864	)		(373,884	)		(145.2	)
Glaukos Corp.		(330	)		(21,051	)		(8.2	)
Global Payments, Inc.		(19,459	)		(2,184,857	)		(848.5	)
GoDaddy, Inc., Class A		(457	)		(31,364	)		(12.2	)
GrafTech International Ltd.		(3,808	)		(50,304	)		(19.5	)
Grand Canyon Education, Inc.		(719	)		(66,824	)		(26.0	)
Granite Construction, Inc.		(3,256	)		(140,724	)		(54.7	)
Graphic Packaging Holding Co.		(39,245	)		(473,687	)		(184.0	)
Greenbrier Cos., Inc.		(4,119	)		(174,687	)		(67.8	)
Groupon, Inc.		(97,512	)		(367,620	)		(142.8	)
Guardant Health, Inc.		(682	)		(27,512	)		(10.7	)
Guess?, Inc.		(11,721	)		(228,677	)		(88.8	)
H&R Block, Inc.		(11,320	)		(267,039	)		(103.7	)
Hamilton Lane, Inc., Class A		(6,497	)		(235,646	)		(91.5	)
Hanover Insurance Group, Inc.		(1,287	)		(146,769	)		(57.0	)
Hartford Financial Services Group, Inc.		(34,103	)		(1,600,113	)		(621.4	)
Hawaiian Electric Industries, Inc.		(9,508	)		(353,603	)		(137.3	)
HB Fuller Co.		(15,143	)		(747,913	)		(290.5	)
HCA Holdings, Inc.		(162	)		(22,588	)		(8.8	)
HCP, Inc.		(16,112	)		(508,172	)		(197.3	)
Healthcare Realty Trust, Inc.		(4,743	)		(153,151	)		(59.5	)
Healthcare Services Group, Inc.		(13,787	)		(601,389	)		(233.5	)
Heartland Express, Inc.		(10,776	)		(215,628	)		(83.7	)
Hecla Mining Co.		(13,373	)		(36,107	)		(14.0	)
Helmerich & Payne, Inc.		(1,292	)		(72,339	)		(28.1	)
Herman Miller, Inc.		(1,368	)		(46,827	)		(18.2	)
Hillenbrand, Inc.		(1,897	)		(80,433	)		(31.2	)
Hilton Grand Vacations, Inc.		(6,208	)		(188,351	)		(73.1	)
Hilton Worldwide Holdings, Inc.		(3,313	)		(246,752	)		(95.8	)
HollyFrontier Corp.		(3,552	)		(200,120	)		(77.7	)
Hospitality Properties Trust		(13,491	)		(359,670	)		(139.7	)
Host Hotels & Resorts, Inc.		(31,870	)		(575,572	)		(223.5	)
Houlihan Lokey, Inc.		(2,970	)		(131,393	)		(51.0	)
Hudson Pacific Properties, Inc.		(5,102	)		(165,662	)		(64.3	)
ICU Medical, Inc.		(581	)		(144,553	)		(56.1	)
Independent Bank Group, Inc.		(2,635	)		(139,023	)		(54.0	)
Ingevity Corp.		(3,450	)		(324,542	)		(126.0	)
Interactive Brokers Group, Inc., Class A		(7,627	)		(384,401	)		(149.3	)
InterDigital, Inc.		(14,796	)		(1,077,297	)		(418.4	)
International Business Machines Corp.		(2,931	)		(393,985	)		(153.0	)
International Paper Co.		(16,028	)		(760,208	)		(295.2	)
Iqvia Holdings, Inc.		(2,176	)		(280,726	)		(109.0	)
Iron Mountain, Inc.		(24,221	)		(901,021	)		(349.9	)
Itron, Inc.		(814	)		(44,469	)		(17.3	)
J&J Snack Foods Corp.		(1,333	)		(205,749	)		(79.9	)
Jack in the Box, Inc.		(7,696	)		(622,991	)		(241.9	)
JBG SMITH Properties		(16,418	)		(634,556	)		(246.4	)
JELD-WEN Holding, Inc.		(13,689	)		(244,212	)		(94.8	)
John Bean Technologies Corp.		(302	)		(23,991	)		(9.3	)
Johnson Controls International PLC		(6,212	)		(209,779	)		(81.5	)

SCHEDULES OF INVESTMENTS 43

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United States (continued)
Kaman Corp.		(22,728	)	$	(1,343,679	)		(521.8	) %
KB Home		(6,498	)		(139,122	)		(54.0	)
KBR, Inc.		(7,846	)		(134,951	)		(52.4	)
Kemper Corp.		(1,083	)		(81,420	)		(31.6	)
Kinder Morgan, Inc.		(20,083	)		(363,502	)		(141.2	)
Kraft Heinz Co.		(2,857	)		(137,307	)		(53.3	)
Kratos Defense & Security Solutions, Inc.		(7,962	)		(123,331	)		(47.9	)
Las Vegas Sands Corp.		(826	)		(48,205	)		(18.7	)
Laureate Education, Inc.		(5,588	)		(89,408	)		(34.7	)
LCI Industries		(3,926	)		(323,659	)		(125.7	)
Leggett & Platt, Inc.		(14,881	)		(609,526	)		(236.7	)
Leidos Holdings, Inc.		(21,346	)		(1,238,068	)		(480.8	)
LendingTree, Inc.		(710	)		(210,401	)		(81.7	)
Lennar Corp.		(22,037	)		(1,044,995	)		(405.8	)
LHC Group, Inc.		(2,339	)		(247,302	)		(96.0	)
Lincoln Electric Holdings, Inc.		(5,455	)		(471,530	)		(183.1	)
Littelfuse, Inc.		(2,817	)		(495,003	)		(192.2	)
LKQ Corp.		(43,227	)		(1,133,412	)		(440.2	)
Lockheed Martin Corp.		(1,449	)		(419,761	)		(163.0	)
Louisiana-Pacific Corp.		(8,956	)		(218,347	)		(84.8	)
Lowe’s Cos., Inc.		(7,673	)		(737,836	)		(286.5	)
LPL Financial Holdings, Inc.		(9,233	)		(649,726	)		(252.3	)
Lumentum Holdings, Inc.		(1,979	)		(96,793	)		(37.6	)
Luminex Corp.		(1,479	)		(41,249	)		(16.0	)
M&T Bank Corp.		(5,099	)		(838,989	)		(325.8	)
Mack-Cali Realty Corp.		(13,343	)		(274,866	)		(106.7	)
ManTech International Corp.		(6,433	)		(362,628	)		(140.8	)
Markel Corp.		(1,061	)		(1,117,774	)		(434.1	)
MarketAxess Holdings, Inc.		(168	)		(36,081	)		(14.0	)
Marriott International, Inc., Class A		(2,795	)		(320,111	)		(124.3	)
Marriott Vacations Worldwide Corp.		(1,767	)		(156,450	)		(60.8	)
Marsh & McLennan Cos., Inc.		(11,731	)		(1,034,557	)		(401.8	)
Masco Corp.		(16,010	)		(518,884	)		(201.5	)
Masonite International Corp.		(531	)		(30,373	)		(11.8	)
Matson, Inc.		(5,133	)		(172,007	)		(66.8	)
Maxim Integrated Products, Inc.		(5,500	)		(298,485	)		(115.9	)
McDermott International, Inc.		(18,684	)		(164,793	)		(64.0	)
McDonald’s Corp.		(1,656	)		(296,060	)		(115.0	)
Medicines Co.		(4,425	)		(102,262	)		(39.7	)
Medifast, Inc.		(339	)		(43,134	)		(16.8	)
MEDNAX, Inc.		(864	)		(31,199	)		(12.1	)
Medpace Holdings, Inc.		(1,706	)		(109,866	)		(42.7	)
MGM Resorts International		(2,920	)		(85,965	)		(33.4	)
Microchip Technology, Inc.		(653	)		(52,482	)		(20.4	)
Micron Technology, Inc.		(2,618	)		(100,060	)		(38.9	)
Microsoft Corp.		(9,813	)		(1,024,772	)		(398.0	)
MicroStrategy, Inc., Class A		(2,802	)		(355,546	)		(138.1	)
Middleby Corp.		(1,509	)		(177,489	)		(68.9	)
Mondelez International, Inc.		(51,090	)		(2,363,423	)		(917.8	)
MongoDB, Inc.		(637	)		(58,833	)		(22.8	)
Moog, Inc., Class A		(2,968	)		(265,547	)		(103.1	)
MSA Safety, Inc.		(877	)		(87,858	)		(34.1	)
MSC Industrial Direct Co., Inc.		(14,648	)		(1,222,962	)		(474.9	)
MyoKardia, Inc.		(1,562	)		(64,636	)		(25.1	)
Nasdaq, Inc.		(18,952	)		(1,668,534	)		(648.0	)
National Beverage Corp.		(1,239	)		(103,878	)		(40.3	)
National Fuel Gas Co.		(18,647	)		(1,068,473	)		(414.9	)
National Vision Holdings, Inc.		(11,404	)		(362,191	)		(140.7	)
Navient Corp.		(11,544	)		(131,602	)		(51.1	)
Neenah Paper, Inc.		(2,223	)		(154,876	)		(60.1	)
Neogen Corp.		(2,738	)		(166,772	)		(64.8	)
NetApp, Inc.		(3,836	)		(244,622	)		(95.0	)

	Shares			Value			% of Basket Value
United States (continued)
Netflix, Inc.		(1,661	)	$	(563,910	)		(219.0	) %
NETGEAR, Inc.		(2,062	)		(81,676	)		(31.7	)
New Jersey Resources Corp.		(10,795	)		(523,558	)		(203.3	)
New Residential Investment Corp.		(11,282	)		(191,568	)		(74.4	)
New York Times Co.		(14,861	)		(382,076	)		(148.4	)
Newmark Group, Inc.		(13,038	)		(136,247	)		(52.9	)
NMI Holdings, Inc., Class A		(6,270	)		(137,940	)		(53.6	)
Noble Energy, Inc.		(5,779	)		(129,103	)		(50.1	)
Nordson Corp.		(3,672	)		(476,038	)		(184.9	)
Northwest Natural Holding Co.		(12,682	)		(793,893	)		(308.3	)
NOW, Inc.		(9,172	)		(124,097	)		(48.2	)
NRG Energy, Inc.		(4,509	)		(184,463	)		(71.6	)
Nucor Corp.		(4,542	)		(278,152	)		(108.0	)
NVIDIA Corp.		(1,903	)		(273,556	)		(106.2	)
NVR, Inc.		(21	)		(55,860	)		(21.7	)
NxStage Medical, Inc.		(17,067	)		(496,138	)		(192.7	)
Office Properties Income Trust		(1,506	)		(48,237	)		(18.7	)
Okta, Inc.		(598	)		(49,293	)		(19.1	)
Old Dominion Freight Line, Inc.		(2,859	)		(388,624	)		(150.9	)
Old National Bancorp		(11,269	)		(181,882	)		(70.6	)
Old Republic International Corp.		(1,329	)		(26,779	)		(10.4	)
Ollie’s Bargain Outlet Holdings, Inc.		(6,840	)		(534,683	)		(207.6	)
Omega Healthcare Investors, Inc.		(14,104	)		(566,840	)		(220.1	)
OneMain Holdings, Inc.		(762	)		(22,776	)		(8.8	)
ONEOK, Inc.		(2,318	)		(148,839	)		(57.8	)
Oracle Corp.		(729	)		(36,618	)		(14.2	)
Ormat Technologies, Inc.		(9,879	)		(570,117	)		(221.4	)
Oshkosh Corp.		(4,455	)		(334,348	)		(129.8	)
Owens Corning		(1,724	)		(90,320	)		(35.1	)
Oxford Industries, Inc.		(9,225	)		(706,451	)		(274.3	)
Pacific Premier Bancorp, Inc.		(2,096	)		(62,356	)		(24.2	)
Packaging Corp. of America		(1,170	)		(110,354	)		(42.9	)
Palo Alto Networks, Inc.		(1,241	)		(266,592	)		(103.5	)
Pattern Energy Group, Inc.		(16,200	)		(344,736	)		(133.9	)
Paychex, Inc.		(18,195	)		(1,288,206	)		(500.3	)
Paylocity Holding Corp.		(4,457	)		(316,581	)		(122.9	)
PDC Energy, Inc.		(2,131	)		(69,407	)		(27.0	)
Peabody Energy Corp.		(11,597	)		(414,013	)		(160.8	)
People’s United Financial, Inc.		(114,313	)		(1,872,447	)		(727.2	)
PepsiCo, Inc.		(4,713	)		(531,014	)		(206.2	)
Perspecta, Inc.		(4,666	)		(93,553	)		(36.3	)
Piper Jaffray Cos.		(398	)		(27,474	)		(10.7	)
Plexus Corp.		(2,235	)		(125,428	)		(48.7	)
Pluralsight, Inc.		(5,790	)		(173,584	)		(67.4	)
Pool Corp.		(208	)		(31,181	)		(12.1	)
Post Holdings, Inc.		(269	)		(24,969	)		(9.7	)
Power Integrations, Inc.		(7,192	)		(474,672	)		(184.3	)
PPG Industries, Inc.		(5,510	)		(580,974	)		(225.6	)
PRA Group, Inc.		(3,631	)		(107,151	)		(41.6	)
PRA Health Sciences, Inc.		(1,802	)		(190,958	)		(74.2	)
Premier, Inc., Class A		(726	)		(28,888	)		(11.2	)
Principal Financial Group, Inc.		(932	)		(46,665	)		(18.1	)
Procter & Gamble Co.		(24,513	)		(2,364,769	)		(918.4	)
Progress Software Corp.		(11,954	)		(433,093	)		(168.2	)
Proofpoint, Inc.		(1,766	)		(179,902	)		(69.9	)
ProPetro Holding Corp.		(5,557	)		(90,801	)		(35.3	)
PulteGroup, Inc.		(5,479	)		(152,371	)		(59.2	)
PVH Corp.		(551	)		(60,120	)		(23.3	)
Quaker Chemical Corp.		(2,215	)		(452,879	)		(175.9	)
Qualys, Inc.		(242	)		(20,940	)		(8.1	)
Quidel Corp.		(1,224	)		(71,029	)		(27.6	)
Rapid7, Inc.		(9,131	)		(366,884	)		(142.5	)

44 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United States (continued)
RBC Bearings, Inc.		(1,791	)	$	(249,701	)		(97.0	) %
RealPage, Inc.		(1,028	)		(57,332	)		(22.3	)
Reata Pharmaceuticals, Inc.		(1,677	)		(133,774	)		(52.0	)
Red Rock Resorts, Inc., Class A		(14,559	)		(369,507	)		(143.5	)
Redfin Corp.		(4,908	)		(87,804	)		(34.1	)
Retail Properties of America, Inc.		(50,458	)		(637,789	)		(247.7	)
Rogers Corp.		(2,116	)		(268,542	)		(104.3	)
Roku, Inc.		(5,069	)		(227,852	)		(88.5	)
Roper Industries, Inc.		(444	)		(125,767	)		(48.8	)
Royal Caribbean Cruises Ltd.		(471	)		(56,544	)		(22.0	)
Royal Gold, Inc.		(2,718	)		(237,472	)		(92.2	)
RPM International, Inc.		(9,163	)		(523,757	)		(203.4	)
Sabre Corp.		(20,654	)		(474,629	)		(184.3	)
SailPoint Technologies Holding, Inc.		(5,530	)		(157,882	)		(61.3	)
Schlumberger Ltd.		(20,480	)		(905,421	)		(351.6	)
Science Applications International Corp.		(1,837	)		(123,336	)		(47.9	)
Scientific Games Corp.		(1,880	)		(47,113	)		(18.3	)
Seacoast Banking Corp. of Florida		(2,762	)		(76,010	)		(29.5	)
Selective Insurance Group, Inc.		(2,763	)		(168,322	)		(65.4	)
SendGrid, Inc.		(1,894	)		(102,428	)		(39.8	)
Seritage Growth Properties		(5,734	)		(230,564	)		(89.5	)
ServiceMaster Global Holdings, Inc.		(20,849	)		(812,903	)		(315.7	)
Shake Shack, Inc., Class A		(2,908	)		(138,886	)		(53.9	)
Sherwin-Williams Co.		(1,464	)		(617,105	)		(239.7	)
Shutterfly, Inc.		(1,088	)		(50,004	)		(19.4	)
Signature Bank		(1,648	)		(209,807	)		(81.5	)
Simmons First National Corp., Class A		(12,550	)		(310,487	)		(120.6	)
Skechers U.S.A., Inc., Class A		(4,704	)		(127,808	)		(49.6	)
Skyworks Solutions, Inc.		(6,057	)		(442,403	)		(171.8	)
Smartsheet, Inc., Class A		(1,578	)		(49,518	)		(19.2	)
Sonoco Products Co.		(9,148	)		(526,742	)		(204.6	)
South Jersey Industries, Inc.		(10,841	)		(322,845	)		(125.4	)
Southern Co.		(47,395	)		(2,303,397	)		(894.5	)
Southwest Airlines Co.		(434	)		(24,634	)		(9.6	)
Southwestern Energy Co.		(30,194	)		(131,948	)		(51.2	)
Spectrum Brands Holdings, Inc.		(719	)		(40,178	)		(15.6	)
SPIRE, Inc.		(5,357	)		(425,185	)		(165.1	)
SRC Energy, Inc.		(36,548	)		(179,816	)		(69.8	)
SS&C Technologies Holdings, Inc.		(804	)		(41,398	)		(16.1	)
Stamps.com, Inc.		(468	)		(87,085	)		(33.8	)
Stanley Black & Decker, Inc.		(3,182	)		(402,332	)		(156.2	)
Starbucks Corp.		(7,415	)		(505,258	)		(196.2	)
Starwood Property Trust, Inc.		(70,665	)		(1,560,283	)		(605.9	)
State Street Corp.		(7,092	)		(502,823	)		(195.3	)
Sterling Bancorp		(68,955	)		(1,326,694	)		(515.2	)
Stitch Fix, Inc., Class A		(1,494	)		(33,540	)		(13.0	)
Stratasys Ltd.		(3,281	)		(83,764	)		(32.5	)
Strategic Education, Inc.		(3,142	)		(343,735	)		(133.5	)
Sun Communities, Inc.		(1,568	)		(172,339	)		(66.9	)
Sun Hydraulics Corp.		(11,659	)		(412,962	)		(160.4	)
Sunrun, Inc.		(18,312	)		(243,550	)		(94.6	)
Symantec Corp.		(5,139	)		(108,022	)		(42.0	)
Synchrony Financial		(14,600	)		(438,584	)		(170.3	)
Sysco Corp.		(13,525	)		(863,571	)		(335.4	)
T-Mobile U.S., Inc.		(7,373	)		(513,308	)		(199.3	)
Tabula Rasa HealthCare, Inc.		(1,821	)		(109,770	)		(42.6	)
Tactile Systems Technology, Inc.		(1,620	)		(107,860	)		(41.9	)
Tandem Diabetes Care, Inc.		(1,737	)		(75,525	)		(29.3	)
Targa Resources Corp.		(1,639	)		(70,493	)		(27.4	)
Tellurian, Inc.		(2,429	)		(24,290	)		(9.4	)
Terreno Realty Corp.		(534	)		(21,542	)		(8.4	)
Tesla, Inc.		(137	)		(42,062	)		(16.3	)

	Shares			Value			% of Basket Value
United States (continued)
Thor Industries, Inc.		(3,722	)	$	(242,377	)		(94.1	) %
Tiffany & Co.		(1,884	)		(167,167	)		(64.9	)
Torchmark Corp.		(9,994	)		(837,097	)		(325.1	)
Toro Co.		(12,573	)		(748,094	)		(290.5	)
Trade Desk, Inc., Class A		(1,579	)		(225,292	)		(87.5	)
TransDigm Group, Inc.		(84	)		(32,844	)		(12.8	)
TransUnion		(7,259	)		(441,492	)		(171.5	)
TRI Pointe Group, Inc.		(12,696	)		(170,761	)		(66.3	)
Trimble Inc.		(19,901	)		(749,472	)		(291.1	)
Trinity Industries, Inc.		(39,863	)		(931,997	)		(361.9	)
Trinseo SA		(762	)		(37,376	)		(14.5	)
Twenty-First Century Fox, Inc.		(683	)		(33,679	)		(13.1	)
Twitter, Inc.		(2,835	)		(95,143	)		(37.0	)
Tyler Technologies, Inc.		(658	)		(124,487	)		(48.3	)
Tyson Foods, Inc., Class A		(1,573	)		(97,400	)		(37.8	)
UDR, Inc.		(12,251	)		(535,981	)		(208.1	)
UGI Corp.		(21,301	)		(1,214,796	)		(471.8	)
Ultimate Software Group, Inc.		(643	)		(175,584	)		(68.2	)
UniFirst Corp.		(1,040	)		(143,967	)		(55.9	)
Union Pacific Corp.		(746	)		(118,666	)		(46.1	)
United Bankshares, Inc.		(5,176	)		(183,075	)		(71.1	)
United States Steel Corp.		(7,630	)		(171,980	)		(66.8	)
United Technologies Corp.		(1,125	)		(132,829	)		(51.6	)
UnitedHealth Group, Inc.		(7,120	)		(1,923,824	)		(747.1	)
Uniti Group, Inc.		(40,063	)		(797,654	)		(309.8	)
Universal Display Corp.		(1,646	)		(170,904	)		(66.4	)
Universal Forest Products, Inc.		(17,728	)		(546,377	)		(212.2	)
Universal Health Services, Inc.		(8,745	)		(1,158,975	)		(450.1	)
Urban Edge Properties		(8,541	)		(174,407	)		(67.7	)
US Foods Holding Corp.		(638	)		(21,513	)		(8.4	)
USANA Health Sciences, Inc.		(1,606	)		(188,063	)		(73.0	)
Vail Resorts, Inc.		(526	)		(99,025	)		(38.5	)
Valmont Industries, Inc.		(3,996	)		(515,484	)		(200.2	)
Vector Group Ltd.		(16,992	)		(186,912	)		(72.6	)
VEREIT, Inc.		(93,280	)		(753,702	)		(292.7	)
Verisk Analytics, Inc., Class A		(19,769	)		(2,321,078	)		(901.4	)
ViaSat, Inc.		(6,321	)		(396,263	)		(153.9	)
Vicor Corp.		(3,045	)		(119,943	)		(46.6	)
Virtu Financial, Inc., Class A		(2,021	)		(51,637	)		(20.1	)
Visteon Corp.		(2,785	)		(214,139	)		(83.2	)
Vistra Energy Corp.		(22,136	)		(555,835	)		(215.9	)
Voya Financial, Inc.		(5,254	)		(243,943	)		(94.7	)
W&T Offshore, Inc.		(11,057	)		(55,727	)		(21.6	)
Waddell & Reed Financial, Inc.		(1,631	)		(27,923	)		(10.8	)
Walgreens Boots Alliance, Inc.		(16,317	)		(1,179,066	)		(457.9	)
Warrior Met Coal, Inc.		(11,880	)		(341,312	)		(132.5	)
Washington Real Estate Investment Trust		(5,711	)		(144,774	)		(56.2	)
Watts Water Technologies, Inc.		(8,209	)		(614,608	)		(238.7	)
Wayfair, Inc., Class A		(1,542	)		(168,787	)		(65.6	)
Webster Financial Corp.		(1,598	)		(86,100	)		(33.4	)
WEC Energy Group, Inc.		(6,083	)		(444,241	)		(172.5	)
Wendy’s Co.		(3,366	)		(58,299	)		(22.6	)
Werner Enterprises, Inc.		(890	)		(29,299	)		(11.4	)
West Pharmaceutical Services, Inc.		(1,568	)		(169,767	)		(65.9	)
Western Digital Corp.		(711	)		(31,988	)		(12.4	)
WisdomTree Investments, Inc.		(23,842	)		(159,741	)		(62.0	)
Workday, Inc., Class A		(2,938	)		(533,335	)		(207.1	)
Worldpay, Inc., Class A		(11,581	)		(966,782	)		(375.4	)
WP Carey, Inc.		(19,771	)		(1,480,650	)		(575.0	)
WR Berkley Corp.		(28,800	)		(2,214,432	)		(860.0	)
Wynn Resorts Ltd.		(2,731	)		(335,940	)		(130.5	)
Xerox Corp.		(1,359	)		(38,337	)		(14.9	)

SCHEDULES OF INVESTMENTS 45

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United States (continued)
Yelp, Inc.		(5,341	)	$	(194,519	)		(75.5	) %
Yum China Holdings, Inc.		(1,014	)		(36,960	)		(14.4	)
Zayo Group Holdings, Inc.		(7,758	)		(212,957	)		(82.7	)
Zogenix, Inc.		(6,367	)		(278,556	)		(108.2	)
Zuora, Inc., Class A		(1,187	)		(25,687	)		(10.0	)
Zynga, Inc., Class A		(5,246	)		(23,502	)		(9.1	)
					(181,940,170	)
Total Reference Entity — Short					(186,592,598	)
Net Value of Reference Entity — Goldman Sachs & Co.				$	257,502

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps

	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	25,235,109	$	(166,528	)

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
Net unrealized appreciation(a)	$	—	$	—	$	2,579,229	$	—	$	—	$	—	$	2,579,229
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		25,235,109		—		—		—		25,235,109
	$	—	$	—	$	27,814,338	$	—	$	—	$	—	$	27,814,338
Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation(a)	$	—	$	—	$	4,558,445	$	—	$	—	$	—	$	4,558,445
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		166,528		—		—		—		166,528
	$	—	$	—	$	4,724,973	$	—	$	—	$	—	$	4,724,973

^(a)  Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

For the six months ended January 31, 2019, 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	$	—	$	—	$	1,521,965		$	—	$	—	$	—	$	1,521,965
Options purchased(a)		—		—		(1,688,961	)		—		—		—		(1,688,961	)
Options written		—		—		1,220,764			—		—		—		1,220,764
Swaps		—		—		9,623,748			—		—		—		9,623,748
	$	—	$	—	$	10,677,516		$	—	$	—	$	—	$	10,677,516

46 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(1,984,057	)	$	—	$	—	$	—	$	(1,984,057	)
Swaps		—		—		12,035,029			—		—		—		12,035,029
	$	—	$	—	$	10,050,972		$	—	$	—	$	—	$	10,050,972

^(a)  Options purchased are included in net realized gain (loss) from investments.

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	87,332,065
Average notional value of contracts — short	$	116,532,410
Options:
Average value of option contracts purchased	$	—	(a)
Average value of option contracts written	$	—	(a)
Swaps:
Average notional amount	$	918,476

^(a)  Derivative not held atquarter-end. The risk exposure table serves as an indicator of activity during the period.

Derivative Financial Instruments — Offsetting as of Period End

	Assets			Liabilities
Futures contracts	$	275,129		$	1,012,247
Swaps — OTC(a)		25,235,109			166,528
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	25,510,238		$	1,178,775
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(275,129	)		(1,012,247	)
Total derivative assets and liabilities subject to an MNA	$	25,235,109		$	166,528

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents the Fund’s derivative assets (and liabilities) by counterparty net of amounts available for offset under a MNA and net of the related collateral received (and pledged) by the Fund:

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Received		Cash Collateral Received (b)			Net Amount of Derivative Assets  (c)
Bank of America, N.A.	$	6,673,177	$	(166,528	)	$	—	$	—		$	6,506,649
Deutsche Bank A.G.		39,965		—			—		—			39,965
Goldman Sachs & Co.		14,066,338		—			—		(14,066,338	)		—
Morgan Stanley & Co. International		79,560		—			—		—			79,560
UBS AG		4,376,069		—			—		—			4,376,069
	$	25,235,109	$	(166,528	)	$	—	$	(14,066,338	)	$	11,002,243
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Pledged		Cash Collateral Pledged			Net Amount of Derivative Liabilities (c)
Bank of America N.A.	$	166,528	$	(166,528	)	$	—	$	—		$	—

^(a)  The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.

^(b)  Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

SCHEDULES OF INVESTMENTS 47

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Equity Fund

Fair Value Hierarchy as of Period End

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

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Preferred Securities	$	—		$	—		$	4,007,934	$	4,007,934
U.S. Treasury Obligations		—			91,419,793			—		91,419,793
Short-Term Securities:
U.S. Treasury Obligations		—			443,418,069			—		443,418,069
Money Market Funds		22,137,373			—			—		22,137,373
	$	22,137,373		$	534,837,862		$	4,007,934	$	560,983,169
Derivative Financial Instruments(a)
Assets:
Equity contracts	$	2,579,229		$	25,235,109		$	—	$	27,814,338
Liabilities:
Equity contracts		(4,558,445	)		(166,528	)		—		(4,724,973	)
	$	(1,979,216	)	$	25,068,581		$	—	$	23,089,365

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

During the period ended January 31, 2019, there were no transfers between levels.

See notes to financial statements.

48 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities

January 31, 2019

	BlackRock Advantage Emerging Markets Fund			BlackRock Global Long/Short Equity Fund
ASSETS
Investments at value — unaffiliated(a)(b)	$	91,892,630		$	538,845,796
Investments at value — affiliated(c)		5,682,518			22,137,373
Cash		3,500			46,784,917
Cash pledged:
Futures contracts		226,000			10,597,000
Collateral — OTC derivatives		518,000			5,664,000
Foreign currency at value(d)		994,736			4,648,453
Receivables:
Investments sold		384,290			—
Dividends — unaffiliated		321,286			—
Capital shares sold		275,168			3,520,329
Variation margin on futures contracts		38,999			275,129
Dividends — affiliated		7,451			40,746
Securities lending income — affiliated		454			—
Interest — unaffiliated		—			5,446
Unrealized appreciation on OTC swaps		184,488			25,235,109
Prepaid expenses		35,811			89,327
Total assets		100,565,331			657,843,625
LIABILITIES
Cash collateral on securities loaned at value		964,930			—
Cash received:
Collateral — OTC derivatives		—			14,906,000
Payables:
Investments purchased		895,533			—
Other accrued expenses		208,181			473,718
Capital shares redeemed		1,088,191			3,303,714
Investment advisory fees		35,353			782,045
Offering costs		12,795			—
Administration fees		4,572			22,635
Recoupment of past waived fees		8,555			45,205
Distribution fees		2,501			26,957
Trustees’ and Officer’s fees		3,459			4,853
Variation margin on futures contracts		—			1,012,247
Unrealized depreciation on OTC swaps		63,270			166,528
Total liabilities		3,287,340			20,743,902
NET ASSETS	$	97,277,991		$	637,099,723
NET ASSETS CONSIST OF
Paid-in capital	$	110,387,179		$	643,895,340
Accumulated loss		(13,109,188	)		(6,795,617	)
NET ASSETS	$	97,277,991		$	637,099,723

See notes to financial statements.

FINANCIAL STATEMENTS 49

Statements of Assets and Liabilities  (continued)

January 31, 2019

	BlackRock Advantage Emerging Markets Fund		BlackRock Global Long/Short Equity Fund
NET ASSET VALUE
Institutional
Net assets	$	20,232,137	$	567,643,723
Shares outstanding(e)		1,949,850		45,417,533
Net asset value	$	10.38	$	12.50
Investor A
Net assets	$	2,456,349	$	49,608,418
Shares outstanding(e)		240,558		4,016,387
Net asset value	$	10.21	$	12.35
Investor C
Net assets	$	2,453,172	$	19,516,362
Shares outstanding(e)		252,959		1,641,337
Net asset value	$	9.70	$	11.89
Class K
Net assets	$	72,136,333	$	331,220
Shares outstanding(e)		6,948,377		26,456
Net asset value	$	10.38	$	12.52
(a) Investments at cost — unaffiliated	$	86,788,524	$	540,528,591
(b) Securities loaned at value	$	947,444	$	—
(c) Investments at cost — affiliated	$	5,682,391	$	22,137,373
(d) Foreign currency at cost	$	991,315	$	4,621,754
(e) Unlimited number of shares authorized, $0.001 par value.

See notes to financial statements.

50 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations

Year Ended January 31, 2019

	BlackRock Advantage Emerging Markets Fund			BlackRock Global Long/Short Equity Fund
INVESTMENT INCOME
Dividends — affiliated	$	99,210		$	193,882
Dividends — unaffiliated		1,974,085			—
Interest — unaffiliated		—			5,886,808
Securities lending income — affiliated — net		10,709			—
Foreign taxes withheld		(254,754	)		—
Total investment income		1,829,250			6,080,690
EXPENSES
Investment advisory		676,703			4,761,402
Administration		32,315			133,272
Administration — class specific		15,207			63,486
Service and distribution — class specific		18,887			162,193
Custodian		56,512			20,861
Professional		62,960			63,409
Accounting services		44,225			76,600
Transfer agent — class specific		4,772			243,336
Registration		30,910			96,766
Printing		17,555			19,991
Offering costs		28,797			—
Trustees and Officer		5,220			8,919
Board realignment and consolidation		3,275			19,243
Miscellaneous		15,267			37,074
Recoupment of past waived and/or reimbursed fees — class specific		1,852			—
Total expenses		1,014,457			5,706,552
Less:
Fees waived and/or reimbursed by the Manager		(294,752	)		(188,322	)
Fees waived and/or reimbursed by administrator — class specific		(12,676	)		(63,486	)
Transfer agent fees waived and/or reimbursed — class specific		(1,429	)		(84,702	)
Total expenses after fees waived and/or reimbursed		705,600			5,370,042
Net investment income		1,123,650			710,648
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(17,432,172	)		(1,685,617	)
Investments — affiliated		730,217			—
Futures contracts		(245,286	)		1,521,965
Foreign currency transactions		(189,129	)		945,877
Options written		—			1,220,764
Swaps		(408,063	)		9,623,748
		(17,544,433	)		11,626,737
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		11,085,178			(91,944	)
Investments — affiliated		(737,297	)		—
Futures contracts		216,665			(1,984,057	)
Foreign currency translations		23,631			55,330
Swaps		(235,615	)		12,035,029
		10,352,562			10,014,358
Net realized and unrealized gain (loss)		(7,191,871	)		21,641,095
NET INCREASE (DECERASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,068,221	)	$	22,351,743

See notes to financial statements.

FINANCIAL STATEMENTS 51

Statements of Changes in Net Assets

	BlackRock Advantage Emerging Markets Fund
	Six Months Ended 01/31/19 (unaudited)			Year Ended 07/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,123,650		$	2,487,778
Net realized gain (loss)		(17,544,433	)		16,195,469
Net change in unrealized appreciation (depreciation)		10,352,562			(19,213,037	)
Net decrease in net assets resulting from operations		(6,068,221	)		(529,790	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(83,599,870	)		74,137,236
NET ASSETS
Total increase (decrease) in net assets		(89,668,091	)		73,607,446
Beginning of period		186,946,082			113,338,636
End of period	$	97,277,991		$	186,946,082

See notes to financial statements.

52 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets(continued)

	BlackRock Global Long/Short Equity Fund
	Six Months Ended 01/31/19 (unaudited)			Year Ended 07/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	710,648		$	(3,657,572	)
Net realized gain		11,626,737			39,880,503
Net change in unrealized appreciation (depreciation)		10,014,358			(7,933,702	)
Net increase in net assets resulting from operations		22,351,743			28,289,229
DISTRIBUTIONS(a)(b)
Institutional		(5,220,529	)		—
Investor A		(407,324	)		—
Investor C		(103,706	)		—
Class K		(3,097	)		—
Decrease in net assets resulting from distributions to shareholders		(5,734,656	)		—
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(9,109,454	)		(4,621,417	)
NET ASSETS(b)
Total increase in net assets		7,507,633			23,667,812
Beginning of period		629,592,090			605,924,278
End of period	$	637,099,723		$	629,592,090

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

^(b)  Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

FINANCIAL STATEMENTS 53

Financial Highlights

(For a share outstanding throughout each period)

	BlackRock Advantage Emerging Markets Fund
	Institutional
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	10.59		$	10.10		$	9.76		$	9.84		$	10.34		$	10.73
Net investment income (loss)(a)		0.07			0.07			(0.12	)		(0.14	)		(0.17	)		(0.18	)
Net realized and unrealized gain (loss)		(0.28	)		0.42			0.46			0.17			(0.33	)		(0.15	)
Net increase (decrease) from investment operations		(0.21	)		0.49			0.34			0.03			(0.50	)		(0.33	)
Distributions from net realized gain(b)		—			—			—			(0.11	)		—			(0.06	)
Net asset value, end of period	$	10.38		$	10.59		$	10.10		$	9.76		$	9.84		$	10.34
Total Return(c)
Based on net asset value		(1.98	)%(d)		4.85	%		3.48	%(e)		0.34	%		(4.84	)%		(3.09	)%
Ratios to Average Net Assets(f)
Total expenses		1.33	%(g)		1.28	%		1.91	%		1.85	%		1.86	%		1.85	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		1.31	%(g)		1.28	%		1.90	%		1.84	%		1.85	%		1.84	%
Total expenses after fees waived and/or reimbursed		0.94	%(g)		0.94	%		1.70	%		1.75	%		1.75	%		1.75	%
Net investment income (loss)		1.42	%(g)		0.67	%		(1.29	)%		(1.49	)%		(1.68	)%		(1.72	)%
Supplemental Data
Net assets, end of period (000)	$	20,233		$	32,775		$	106,243		$	177,981		$	400,181		$	509,665
Portfolio turnover rate		70	%(h)		111	%(h)		7	%(h)		—	%		—	%		—	%

^(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)  Aggregate total return.

^(e)  The Fund’s total return includes a reimbursement by an affiliate for a realized investment loss. Excluding this payment, the Fund’s total return would have been 3.38%.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
				2018			2017			2016			2015			2014
Investments in underlying funds		0.02	%		0.07	%		0.17	%		0.18	%		0.16	%		0.18	%

^(g)  Annualized.

^(h)  Excludes investments underlying the total return swaps.

See notes to financial statements.

54 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Advantage Emerging Markets Fund (continued)
	Investor A
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	10.43		$	9.97		$	9.67		$	9.78		$	10.29		$	10.69
Net investment income (loss)(a)		0.06			0.14			(0.15	)		(0.17	)		(0.19	)		(0.20	)
Net realized and unrealized gain (loss)		(0.28	)		0.32			0.45			0.17			(0.32	)		(0.15	)
Net increase (decrease) from investment operations		(0.22	)		0.46			0.30			—			(0.51	)		(0.35	)
Distributions from net realized gain(b)		—			—			—			(0.11	)		—			(0.05	)
Net asset value, end of period	$	10.21		$	10.43		$	9.97		$	9.67		$	9.78		$	10.29
Total Return(c)
Based on net asset value		(2.11	)%(d)		4.61	%		3.10	%(e)		0.03	%		(4.96	)%		(3.27	)%
Ratios to Average Net Assets(f)
Total expenses		1.61	%(g)		1.57	%		2.22	%		2.10	%		2.03	%		2.01	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		1.61	%(g)		1.55	%		2.21	%		2.08	%		2.02	%		2.00	%
Total expenses after fees waived and/or reimbursed		1.19	%(g)		1.19	%		1.99	%		2.00	%		1.95	%		1.94	%
Net investment income (loss)		1.22	%(g)		1.32	%		(1.62	)%		(1.74	)%		(1.89	)%		(1.91	)%
Supplemental Data
Net assets, end of period (000)	$	2,456		$	5,454		$	3,272		$	12,239		$	19,036		$	64,400
Portfolio turnover rate		70	%(h)		111	%(h)		7	%(h)		—	%		—	%		—	%

^(a)  Based on average shares outstanding.

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

^(c)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
				2018			2017			2016			2015			2014
Investments in underlying funds		0.02	%		0.07	%		0.17	%		0.18	%		0.16	%		0.18	%

^(g)  Annualized.

^(h)  Excludes investments underlying the total return swaps.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 55

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Advantage Emerging Markets Fund (continued)
	Investor C
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	9.95		$	9.58		$	9.36		$	9.53		$	10.11		$	10.56
Net investment income (loss)(a)		0.02			0.03			(0.21	)		(0.23	)		(0.27	)		(0.27	)
Net realized and unrealized gain (loss)		(0.27	)		0.34			0.43			0.17			(0.31	)		(0.15	)
Net increase (decrease) from investment operations		(0.25	)		0.37			0.22			(0.06	)		(0.58	)		(0.42	)
Distributions from net realized gain(b)		—			—			—			(0.11	)		—			(0.03	)
Net asset value, end of period	$	9.70		$	9.95		$	9.58		$	9.36		$	9.53		$	10.11
Total Return(c)
Based on net asset value		(2.51	)%(d)		3.86	%		2.35	%(e)		(0.60	)%		(5.74	)%		(3.99	)%
Ratios to Average Net Assets(f)
Total expenses		2.44	%(g)		2.38	%		2.91	%		2.85	%		2.81	%		2.79	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		2.44	%(g)		2.38	%		2.91	%		2.85	%		2.80	%		2.78	%
Total expenses after fees waived and/or reimbursed		1.94	%(g)		1.94	%		2.71	%		2.74	%		2.74	%		2.72	%
Net investment income (loss)		0.37	%(g)		0.25	%		(2.30	)%		(2.48	)%		(2.67	)%		(2.68	)%
Supplemental Data
Net assets, end of period (000)	$	2,453		$	3,240		$	3,823		$	5,979		$	9,181		$	16,131
Portfolio turnover rate		70	%(h)		111	%(h)		7	%		—	%		—	%		—	%

^(a)  Based on average shares outstanding.

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

^(c)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
				2018			2017			2016			2015			2014
Investments in underlying funds		0.02	%		0.07	%		0.17	%		0.18	%		0.16	%		0.18	%

^(g)  Annualized.

^(h)  Excludes investments underlying the total return swaps.

See notes to financial statements.

56 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Advantage Emerging Markets Fund (continued)
	Class K
	Six Months Ended 01/31/19 (unaudited)			Period from 01/25/18 (a) to 07/31/18
Net asset value, beginning of period	$	10.59		$	12.14
Net investment income(b)		0.08			0.13
Net realized and unrealized gain (loss)		(0.29	)		(1.68	)
Net increase (decrease) from investment operations		(0.21	)		(1.55	)
Net asset value, end of period	$	10.38		$	10.59
Total Return(c)
Based on net asset value		(1.98	)%(d)		(12.77	)%(d)
Ratios to Average Net Assets(e)
Total expenses		1.30	%(f)		1.32	%(f)(g)
Total expenses excluding recoupment of past fees waived and/or reimbursed		1.30	%(f)		1.32	%(f)(g)
Total expenses after fees waived and/or reimbursed		0.89	%(f)		0.89	%
Net investment income		1.52	%(f)		2.33	%
Supplemental Data
Net assets, end of period (000)	$	72,136		$	145,476
Portfolio turnover rate		70	%(h)		111	%(h)(i)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Aggregate total return.

^(e)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/19 (unaudited)			Period from 01/25/18 (a) to 07/31/18
Investments in underlying funds		0.02	%		0.07	%

^(f)  Annualized.

^(g)  Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.31%.

^(h)  Excludes investments underlying the total return swaps.

⁽ⁱ⁾  Portfolio turnover is representative of the Fund for the entire year.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 57

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Global Long/Short Equity Fund
	Institutional
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	12.17		$	11.62		$	10.56		$	11.92		$	11.61		$	11.29
Net investment income (loss)(a)		0.02			(0.06	)		(0.14	)		(0.15	)		(0.18	)		(0.19	)
Net realized and unrealized gain (loss)		0.43			0.61			1.20			(1.00	)		0.50			0.66
Net increase (decrease) from investment operations		0.45			0.55			1.06			(1.15	)		0.32			0.47
Distributions from net realized gain(b)		(0.12	)		—			—			(0.21	)		(0.01	)		(0.15	)
Net asset value, end of period	$	12.50		$	12.17		$	11.62		$	10.56		$	11.92		$	11.61
Total Return(c)
Based on net asset value		3.68	%(d)		4.73	%		10.04	%		(9.77	)%		2.78	%		4.13	%
Ratios to Average Net Assets(e)
Total expenses		1.74	%(f)		1.73	%		1.78	%		1.68	%		1.67	%		1.71	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		1.74	%(f)		1.71	%		1.78	%		1.68	%		1.67	%		1.69	%
Total expenses after fees waived and/or reimbursed		1.64	%(f)		1.66	%		1.70	%		1.62	%		1.60	%		1.64	%
Net investment income (loss)		0.28	%(f)		(0.51	)%		(1.28	)%		(1.35	)%		(1.53	)%		(1.61	)%
Supplemental Data
Net assets, end of period (000)	$	567,644		$	559,028		$	544,301		$	824,306		$	1,496,484		$	1,005,213
Portfolio turnover rate		—	%		20	%(g)		—	%		34	%(g)		17	%(g)		—	%

^(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)  Aggregate total return.

^(e)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
				2018			2017			2016			2015			2014
Investments in underlying funds		0.01	%		0.13	%		0.16	%		0.18	%		0.16	%		0.18	%

^(f)  Annualized.

^(g)  Excludes investments underlying the total return swaps.

See notes to financial statements.

58 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Global Long/Short Equity Fund (continued)
	Investor A
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	12.03		$	11.52		$	10.49		$	11.84		$	11.57		$	11.28
Net investment income (loss)(a)		—	(b)		(0.10	)		(0.17	)		(0.18	)		(0.21	)		(0.21	)
Net realized and unrealized gain (loss)		0.42			0.61			1.20			(0.99	)		0.49			0.64
Net increase (decrease) from investment operations		0.42			0.51			1.03			(1.17	)		0.28			0.43
Distributions from net realized gain(c)		(0.10	)		—			—			(0.18	)		(0.01	)		(0.14	)
Net asset value, end of period	$	12.35		$	12.03		$	11.52		$	10.49		$	11.84		$	11.57
Total Return(d)
Based on net asset value		3.54	%(e)		4.43	%		9.82	%		(10.02	)%		2.44	%		3.82	%
Ratios to Average Net Assets(f)
Total expenses		2.02	%(g)		2.03	%		2.10	%		1.95	%		1.93	%		1.97	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		2.02	%(g)		1.95	%		2.10	%		1.94	%		1.92	%		1.95	%
Total expenses after fees waived and/or reimbursed		1.89	%(g)		1.96	%		1.98	%		1.88	%		1.86	%		1.89	%
Net investment income (loss)		0.02	%(g)		(0.84	)%		(1.60	)%		(1.61	)%		(1.80	)%		(1.86	)%
Supplemental Data
Net assets, end of period (000)	$	49,608		$	49,180		$	35,658		$	122,464		$	225,910		$	294,439
Portfolio turnover rate		—	%		20	%(h)		—	%		34	%(h)		17	%(h)		—	%

^(a)  Based on average shares outstanding.

^(b)  Amount is less than $0.005 per share.

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

^(d)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
				2018			2017			2016			2015			2014
Investments in underlying funds		0.01	%		0.13	%		0.16	%		0.18	%		0.16	%		0.18	%

^(g)  Annualized.

^(h)  Excludes investments underlying the total return swaps.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 59

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Global Long/Short Equity Fund (continued)
	Investor C
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
				2018			2017			��	2016			2015			2014
Net asset value, beginning of period	$	11.59		$	11.18		$	10.26			$	11.63		$	11.45		$	11.23
Net investment loss(a)		(0.04	)		(0.18	)		(0.24	)			(0.26	)		(0.30	)		(0.30	)
Net realized and unrealized gain (loss)		0.40			0.59			1.16				(0.97	)		0.49			0.65
Net increase (decrease) from investment operations		0.36			0.41			0.92				(1.23	)		0.19			0.35
Distributions from net realized gain(b)		(0.06	)		—			—				(0.14	)		(0.01	)		(0.13	)
Net asset value, end of period	$	11.89		$	11.59		$	11.18			$	10.26		$	11.63		$	11.45
Total Return(c)
Based on net asset value		3.15	%(d)		3.67	%		8.97	%			(10.66	)%		1.69	%		3.07	%
Ratios to Average Net Assets(e)
Total expenses		2.76	%(f)		2.76	%		2.81	%			2.71	%		2.70	%		2.72	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		2.76	%(f)		2.72	%		2.81	%			2.71	%		2.69	%		2.70	%
Total expenses after fees waived and/or reimbursed		2.64	%(f)		2.69	%		2.72	%			2.64	%		2.63	%		2.64	%
Net investment loss		(0.73	)%(f)		(1.58	)%		(2.32	)%			(2.37	)%		(2.57	)%		(2.61	)%
Supplemental Data
Net assets, end of period (000)	$	19,516		$	21,168		$	25,857			$	62,597		$	100,783		$	100,980
Portfolio turnover rate		—	%		20	%(g)		—	%			34	%(g)		17	%(g)		—	%

^(a)  Based on average shares outstanding.

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

^(c)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
				2018			2017			2016			2015			2014
Investments in underlying funds		0.01	%		0.13	%		0.16	%		0.18	%		0.16	%		0.18	%

^(f)  Annualized.

^(g)  Excludes investments underlying the total return swaps.

See notes to financial statements.

60 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Global Long/Short Equity Fund (continued)
	Class K
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 03/28/16 (a) to 07/31/16
				2018			2017
Net asset value, beginning of period	$	12.19		$	11.63		$	10.56		$	11.02
Net investment income (loss)(b)		0.02			(0.01	)		(0.14	)		(0.04	)
Net realized and unrealized gain (loss)		0.43			0.57			1.21			(0.42	)
Net increase (decrease) from investment operations		0.45			0.56			1.07			(0.46	)
Distributions from net realized gain(c)		(0.12	)		—			—			—
Net asset value, end of period	$	12.52		$	12.19		$	11.63		$	10.56
Total Return(d)
Based on net asset value		3.70	%(e)		4.82	%		10.13	%		(4.17	)%(e)
Ratios to Average Net Assets(f)
Total expenses		1.72	%(g)		1.65	%		1.70	%		1.63	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		1.72	%(g)		1.64	%		1.70	%		1.63	%
Total expenses after fees waived and/or reimbursed		1.59	%(g)		1.58	%		1.63	%		1.56	%
Net investment income (loss)		0.33	%(g)		(0.04	)%		(1.32	)%		(1.15	)%
Supplemental Data
Net assets, end of period (000)	$	331		$	217		$	108		$	52,455
Portfolio turnover rate		—	%		20	%(h)		—	%		34	%(h)(i)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Aggregate total return.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 3/28/16 to 07/31/16
				2018			2017
Investments in underlying funds		0.01	%		0.13	%		0.16	%		0.18	%

^(g)  Annualized.

^(h)  Excludes investments underlying the total return swaps.

⁽ⁱ⁾  Portfolio turnover is representative of the Fund for the entire year.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 61

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

BlackRock Funds^SM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-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
BlackRock Advantage Emerging Markets Fund	Advantage Emerging Markets	Diversified
BlackRock Global Long/Short Equity Fund	Global Long/Short Equity	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 and distribution of such shares. Institutional and Class K Shares are sold without a sales charge and only to certain eligible investors. Investor A Shares are generally sold with an initial sales charge, and may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase. The sales charge does not apply to dividend and capital gain reinvestments by existing shareholders and new purchases for certain employer-sponsored retirement plans, which are currently the only investors who may invest in Investor A Shares. Investor C Shares may be subject to a CDSC. However, the CDSC does not apply to redemptions by certain employer-sponsored retirement plans or to redemptions of shares acquired through the reinvestment of dividends and capital gains by existing shareholders. Investor A and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Effective November 8, 2018, the Funds adopted an automatic conversion feature whereby Investor C Shares held for approximately ten years will be automatically converted into Investor A Shares, and, thereafter, investors will be subject to lower ongoing fees. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A distribution and service plan).

Share Class	Initial Sales Charge	CDSC			Conversion Privilege
Institutional and Class K Shares	No		No			None
Investor A Shares	Yes		No	(a)		None
Investor C Shares	No		Yes			To Investor A Shares after approximately 10 years

^(a)  Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase.

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 equity, multi-asset index and money market funds referred to as the 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 entered into (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on theex-dividend date. Dividends from foreign securities where theex-dividend date may have passed are subsequently recorded when the Funds are informed of theex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Foreign Currency Translation:Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Defensive Positions:Investment policies may vary for temporary defensive purposes during periods in which the investment adviser believes that conditions in the securities markets or other economic, financial or political conditions warrant. Under such conditions, a Fund may invest up to 100% of its total assets in U.S. Government securities, certificates of deposit, repurchase agreements that involve purchases of debt securities, bankers’ acceptances and other bank obligations, commercial paper, money market funds and/or other debt securities, or may hold its assets in cash. The investment adviser applies this defensive posture as applicable and is consistent with each Fund’s investment policies.

62 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Segregation and Collateralization:In cases where a Fund enters into certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on itsbooks and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

Distributions: Distributions paid by the Funds are recorded on theex-dividend date. Distributions of capital gains are recorded on theex-dividend date and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Organization and Offering Costs: Offering costs are amortized over a12-month period beginning with the commencement of operations of a class of shares.

Recent Accounting Standards:In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.

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. 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. 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.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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 the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. 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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Funds’ net assets. Each business day, the Funds use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded andover-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• Investments inopen-end U.S. mutual funds are valued at net asset value (“NAV”) each business day.

• Advantage Emerging Markets values its investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon its pro rata ownership in the underlying fund’s net assets. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule2a-7 under the 1940 Act.

• Futures contracts traded on exchanges are valued at their last sale price.

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

• Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. OTC options are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

• Swap agreements are valued utilizing quotes received daily by the Funds’ pricing service or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the 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

NOTESTO FINANCIAL STATEMENTS 63

Notes to Financial Statements  (unaudited) (continued)

price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will 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 Global Valuation Committee, or its delegate, 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 anarm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of each Fund’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis. As a result of the inherent uncertainty in valuation of these investments, the fair values may differ from the values that would have been used had an active market existed.

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 third party pricing services utilize one or a combination of, but not limited to, the following inputs.

	Standard Inputs Generally Considered By 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. Valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”) or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The use of OPM and PWERM 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 as 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 investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:

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

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Fund’s own assumptions used in determining the fair value of investments and derivative 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/ornon-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

64 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Preferred Stocks:Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Securities Lending: Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund 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 the 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 Fund is entitled to all distributions made on or in respect of the loaned securities, but does 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.

The market value of any securities on loan, all of which were classified as common stocks in the Fund’s Schedule of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated, and collateral on securities loaned at value, respectively. 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 Investment Management, LLC (“BIM”), if any, is disclosed in the Schedule of Investments.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for thenon-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 Fund, 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 orre-pledge the loaned securities, and the Fund 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 orre-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 Advantage Emerging Markets’ securities lending agreements by counterparty which are subject to offset under an MSLA:

Advantage Emerging Markets

Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Net Amount
Citigroup Global Markets Inc.	$	95,220	$	(95,220	)	$	—
Credit Suisse Securities (USA) LLC		61,568		(61,568	)		—
Jefferies LLC		347,612		(347,612	)		—
Morgan Stanley & Co., Inc.		443,044		(443,044	)		—
	$	947,444	$	(947,444	)	$	—

^(a)  Cash collateral with a value of $964,930 has been received in connection with securities lending agreements. Collateral received in excess of the value of securities loaned from the individual counterparty is not shown for financial reporting purposes in the table above.

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 Fund benefits from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned if the collateral received does not cover the value on the securities loaned in the event of borrower default. The 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.

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 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).

NOTESTO FINANCIAL STATEMENTS 65

Notes to Financial Statements  (unaudited) (continued)

Futures contracts are 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, is 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, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.

The contract ismarked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed.Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities.

Options:Certain Funds purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value — unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Funds write a put option, such option is covered by cash in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing or selling a security when it otherwise would not, or at a price different from the current market value.

Swaps:Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the Funds’ counterparty on the swap agreement becomes the CCP. The Funds are required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, 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 the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps 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 shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Statements of Operations.

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Notes to Financial Statements  (unaudited) (continued)

• Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one market (e.g., fixed-income) with another market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that each Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Funds and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Funds and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define their contractual rights and to secure rights that will help them mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their counterparties. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting themark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively.Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell,re-pledge or use cash andnon-cash collateral it receives. A Fund generally agrees not to usenon-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from their counterparties are not fully collateralized, they bear the risk of loss from counterpartynon-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, they bear the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

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, Inc. (“BlackRock”), to provide investment advisory services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

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

Average Daily Net Assets	Advantage Emerging Markets			Global Long/Short Equity
First $1 Billion		0.89	%		1.50	%
$1 Billion — $3 Billion		0.84			1.41
$3 Billion — $5 Billion		0.80			1.35
$5 Billion — $10 Billion		0.77			1.31
Greater than $10 Billion		0.75			1.28

NOTESTO FINANCIAL STATEMENTS 67

Notes to Financial Statements  (unaudited) (continued)

With respect to Global Long/Short Equity, the Manager entered into a separatesub-advisory agreements with BlackRock International Limited (“BIL”) an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of the Fund for which BIL acts as subadviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.

Service and Distribution Fees:The Trust, on behalf of the Funds, 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 Rule12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution 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:

	Service Fees			Distribution Fees
Investor A		0.25	%		—	%
Investor C		0.25			0.75

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

For the six months ended January 31, 2019, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

Service and Distribution Fees	Investor A		Investor C		Total
Advantage Emerging Markets	$	5,014	$	13,873	$	18,887
Global Long/Short Equity		61,120		101,073		162,193

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

Average Daily Net Assets	Administration Fee
First $500 Million		0.0425	%
$500 Million — $1 Billion		0.0400
$1 Billion — $2 Billion		0.0375
$2 Billion — $4 Billion		0.0350
$4 Billion — $13 Billion		0.0325
Greater than $13 Billion		0.0300

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration – class specific in the Statements of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the six months ended January 31, 2019, the following table shows the class specific administration fees borne directly by each share class of each Fund:

Administration Fees	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	2,627	$	401	$	278	$	11,901	$	15,207
Global Long/Short Equity		56,542		4,890		2,022		32		63,486

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds withsub-accounting, recordkeeping,sub-transfer agency and other administrative services with respect tosub-accounts they service. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended January 31, 2019, Global Long/Short Equity paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:

	Institutional		Investor A		Total
Global Long/Short Equity	$	1,843	$	—	$	1,843

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 six months ended January 31, 2019, 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:

	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	313	$	184	$	128	$	118	$	743
Global Long/Short Equity		743		372		309		13		1,437

For the six months ended January 31, 2019, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	1,550	$	1,106	$	1,873	$	243	$	4,772
Global Long/Short Equity		209,929		23,736		9,597		74		243,336

68 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Other Fees: For the six months ended January 31, 2019, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:

	Global Long/Short Equity
Investor A	$	1,379

For the six months ended January 31, 2019, affiliates received CDSCs as follows:

	Global Long/Short Equity
Investor C	$	646

Expense Limitations, Waivers, Reimbursements, and Recoupments:With respect to each Fund, the Manager voluntarily 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”). 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. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2019, the amounts waived were as follows:

Advantage Emerging Markets	$	3,526
Global Long/Short Equity		6,522

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 November 30, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Trustees who are not “interested persons” of a Fund, as defined in the 1940 Act (“Independent Trustees”) or by a vote of a majority of the outstanding voting securities of a Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2019, Advantage Emerging Markets waived $5,545 pursuant to this agreement.

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 current expense limitations as a percentage of average daily net assets are as follows:

Share Class	Advantage Emerging Markets			Global Long/Short Equity
Institutional		0.94	%		1.64	%
Investor A		1.19			1.89
Investor C		1.94			2.64
Class K		0.89			1.59

The Manager has agreed not to reduce or discontinue these contractual expense limitations through November 30, 2019, 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.

With respect to Advantage Emerging Markets, the Manager waived and/or reimbursed the Fund $282,405, which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. With respect to Global Long/Short Equity, the Manager waived and/or reimbursed the Fund $162,557 which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations.

These amounts waived and/or reimbursed are included in fees waived and/or reimbursed by the Manager, fees waived and/or reimbursed by administrator — class specific and transfer agent fees waived and/or reimbursed — class specific respectively, in the Statements of Operations. For the six months ended January 31, 2019, class specific expense waivers and/or reimbursements are as follows:

Administration Fees Waived — Class Specific	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	—	$	396	$	323	$	11,957	$	12,676
Global Long/Short Equity		58,444		5,262		2,189		34		65,929
Transfer Agent Fees Waived and/or Reimbursed — Class Specific	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	—	$	109	$	1,134	$	186	$	1,429
Global Long/Short Equity		66,671		11,140		4,377		71		82,259

The Funds have incurred expenses in connection with the realignment and consolidation of the boards of trustees of certain BlackRock-advised funds. The Manager has voluntarily agreed to reimburse the Funds for all or a portion of such expenses, which amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2019, the amounts reimbursed for Advantage Emerging Markets and Global Long/Short Equity were $3,275 and $19,243, respectively.

NOTESTO FINANCIAL STATEMENTS 69

Notes to Financial Statements  (unaudited) (continued)

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 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.

For the six months ended January 31, 2019, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by Advantage Emerging Markets Funds:

	Advantage Emerging Markets
Fund Level	$	—
Institutional		1,852

On January 31, 2019, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

	Expiring July 31,
	2019		2020		2021
Advantage Emerging Markets
Fund Level	$	54,002	$	532,260	$	282,405
Institutional		164,006		66,288		—
Investor A		9,658		1,453		505
Investor C		5,073		4,475		1,457
Class K		—		15,814		12,143
Global Long/Short Equity
Fund Level		—		17,332		162,557
Institutional		—		54,960		125,115
Investor A		—		3,453		16,402
Investor C		—		1,966		6,566
Class K		—		218		105

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the private investment company to an annual rate of 0.04%. The investment adviser to the private investment company will not charge any advisory fees with respect to shares purchased by the Funds. The private investment company in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company’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 expenses. Each Fund retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

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

In addition, commencing the business day following the date that the aggregate securities lending income earned across the Multi-Asset Complex in a calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income, and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

Prior to January 1, 2019, each Fund was subject to a different securities lending fee arrangement.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended January 31, 2019, Advantage Emerging Markets paid BIM $298 for securities lending agent services.

70 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (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 six months ended January 31, 2019, the Funds did not participate in the Interfund Lending Program.

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

7. PURCHASES AND SALES

For the six months ended January 31, 2019, purchases and sales of investments, excluding short-term securities, were as follows:

	Advantage Emerging Markets		Global Long/Short Equity
Purchases
Non-U.S. Government Securities	$	98,742,301	$	—
U.S. Government Securities		—		85,310,673
Total Purchases	$	98,742,301	$	85,310,673
Sales
Non-U.S. Government Securities	$	164,406,275	$	—
U.S. Government Securities		—		—
Total Sales	$	164,406,275	$	—

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 each of the four years ended July 31, 2018. 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 January 31, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2018, Global Long/Short Equity had capital loss carryforward of $4,280,398 with no expiration dates, available to offset future realized capital gains.

As of January 31, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Advantage Emerging Markets			Global Long/Short Equity
Tax cost	$	93,543,515		$	562,665,964
Gross unrealized appreciation	$	8,792,158		$	28,050,906
Gross unrealized depreciation		(4,325,494	)		(6,644,336	)
Net unrealized appreciation	$	4,466,664		$	21,406,570

9. BANK BORROWINGS

The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a364-day, $2.25 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

NOTESTO FINANCIAL STATEMENTS 71

Notes to Financial Statements  (unaudited) (continued)

and interest at a rate equal to the higher of(a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (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. The agreement expires in April 2019 unless extended or renewed. Participating Funds paid an upfront commitment fee of 0.02% on the total commitment amounts, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statements of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended January 31, 2019, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

In the normal course of business, certain 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. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; and (iii) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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.

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 and may experience difficulty in selling those investments in a timely manner at the price that they believe 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.

The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’ 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. 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 amark-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.

A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain less the value of any collateral held by such Fund.

For OTC options purchased, each Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Funds should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written generally obligate the Funds, and not the counterparty, to perform. The Funds may be exposed to counterparty credit risk with respect to options written to the extent the Funds deposit collateral with its counterparty to a written option.

With exchange-traded options purchased and 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 inexchange-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.

72 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Concentration Risk:The Funds invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When the Funds concentrate their investments in this manner, it assumes the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be less liquid, more volatile, and less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

Advantage Emerging Markets invests a significant portion of its assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Fund’s investments.

The United Kingdom is scheduled to withdraw from the European Union in March 2019, which may introduce significant new uncertainties and instability in the financial markets across Europe.

Advantage Emerging Markets invests a significant portion of its assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 01/31/19						Year Ended 07/31/18
Advantage Emerging Markets	Shares			Amount			Shares			Amount
Institutional
Shares sold		374,411		$	3,686,292			12,206,870		$	136,269,042
Shares issued in reinvestment of distributions		—			—			—			—
Shares redeemed		(1,519,935	)		(14,783,368	)		(19,634,436	)		(221,515,541	)
Net decrease		(1,145,524	)	$	(11,097,076	)		(7,427,566	)	$	(85,246,499	)
Investor A
Shares sold and automatic conversion of shares		14,699		$	144,111			368,426		$	4,165,480
Shares issued in reinvestment of distributions		—			—			—			—
Shares redeemed		(296,913	)		(2,843,148	)		(173,715	)		(1,861,090	)
Net increase		(282,214	)	$	(2,699,037	)		194,711		$	2,304,390
Investor C
Shares sold		6,048		$	55,518			23,036		$	244,705
Shares issued in reinvestment of distributions		—			—			—			—
Shares redeemed and automatic conversion of shares		(78,884	)		(715,120	)		(96,301	)		(996,616	)
Net decrease		(72,836	)	$	(659,602	)		(73,265	)	$	(751,911	)
Class K
Shares sold		3,122,381		$	29,913,033			18,479,764		$	209,961,919
Shares issued in reinvestment of distributions		—			—			—			—
Shares redeemed		(9,909,884	)		(99,057,188	)		(4,743,884	)		(52,130,663	)
Net increase		(6,787,503	)	$	(69,144,155	)		13,735,880		$	157,831,256
Total Net Increase (Decrease)		(8,288,077	)	$	(83,599,870	)		6,429,760		$	74,137,236

	Six Months Ended 01/31/19						Year Ended 07/31/18
Global Long/Short Equity	Shares			Amount			Shares			Amount
Institutional
Shares sold		7,835,427		$	96,156,286			22,736,814		$	274,085,610
Shares issued in reinvestment of distributions		270,407			3,293,555			—			—
Shares redeemed		(8,615,513	)		(105,662,801	)		(23,663,426	)		(284,313,042	)
Net decrease		(509,679	)	$	(6,212,960	)		(926,612	)	$	(10,227,432	)
Investor A
Shares sold and automatic conversion of shares		391,149		$	4,729,148			4,395,287		$	52,035,112
Shares issued in reinvestment of distributions		33,588			404,392			—			—
Shares redeemed		(495,428	)		(5,983,364	)		(3,404,106	)		(40,817,764	)
Net increase		(70,691	)	$	(849,824	)		991,181		$	11,217,348

NOTESTO FINANCIAL STATEMENTS 73

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 01/31/19						Year Ended 07/31/18
Global Long/Short Equity	Shares			Amount			Shares			Amount
Investor C
Shares sold		153,124		$	1,785,620			228,464		$	2,635,606
Shares issued in reinvestment of distributions		8,705			100,982			—			—
Shares redeemed and automatic conversion of shares		(346,446	)		(4,040,128	)		(715,500	)		(8,247,429	)
Net decrease		(184,617	)	$	(2,153,526	)		(487,036	)	$	(5,611,823	)
Class K
Shares sold		8,505		$	104,771			433,125		$	5,162,914
Shares issued in reinvestment of distributions		254			3,097			—			—
Shares redeemed		(83	)		(1,012	)		(424,652	)		(5,162,424	)
Net increase		8,676		$	106,856			8,473		$	490
Total Net Decrease		(756,311	)	$	(9,109,454	)		(413,994	)	$	(4,621,417	)

12. REGULATIONS-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act ReleaseNo. 33-10532, Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to RegulationS-X in this shareholder report. The amendments impacted certain disclosure presentation on the Statements of Assets and Liabilities, Statements of Changes in Net Assets and Notes to Financial Statements.

Prior year undistributed (distributions in excess of) net investment income in the Statements of Changes in Net Assets has been modified to conform to the current year presentation in accordance with the RegulationS-X changes.

Undistributed net investment income as of July 31, 2018 is as follows:

	Undistributed (Distributions in Excess of) Net Investment Income
Advantage Emerging Markets	$	(668,082	)
Global Long/Short Equity		(1,242,218	)

13. 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.

74 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information  

Mark Stalnecker, Chair of the Board, Trustee

Bruce R. Bond, Trustee

Susan J. Carter, Trustee

Collette Chilton, Trustee

Neil A. Cotty, Trustee

Lena G. Goldberg, Trustee

Robert M. Hernandez, Trustee

Henry R. Keizer, Trustee

Cynthia A. Montgomery, Trustee

Donald C. Opatrny, Trustee

Joseph P. Platt, Trustee

Kenneth L. Urish, Trustee

Claire A. Walton, Trustee

Robert Fairbairn, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Thomas Callahan, Vice President

Jennifer McGovern, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

John MacKessy, Anti-Money Laundering Compliance Officer

Benjamin Archibald, Secretary

At a special meeting of shareholders held on November 21, 2018, the Fund’s shareholders elected Trustees who took office on January 1, 2019. The newly elected Trustees include ten former Trustees and five individuals who served as directors/trustees of the funds in the BlackRock Equity-Bond Complex. Information regarding the individuals who began serving as Trustees effective January 1, 2019 can be found in the proxy statement for the special meeting of shareholders, which is available on the SEC’s EDGAR Database at http://www.sec.gov.

Investment Adviser and Administrator

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser^(a)

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10022

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809

^(a)  For Global Long/Short Equity

TRUSTEEAND OFFICER INFORMATION 75

Additional Information

Proxy Results

A Special Meeting of Shareholders was held on November 21, 2018 for shareholders of record on September 24, 2018, to elect a Board of Trustees of the Trust. The newly elected trustees took office effective January 1, 2019.

Shareholders approved the Trustees* of BlackRock Funds with voting results as follows:

	Votes For		Votes Withheld
Bruce R. Bond		1,194,453,855		13,902,348
Susan J. Carter		1,196,552,121		11,804,082
Collette Chilton		1,196,528,363		11,827,840
Neil A. Cotty		1,196,166,120		12,190,083
Robert Fairbairn		1,193,957,290		14,398,913
Lena G. Goldberg		1,196,028,565		12,327,638
Robert M. Hernandez		1,194,378,100		13,978,103
Henry R. Keizer		1,195,228,758		13,127,445
Cynthia A. Montgomery		1,196,372,720		11,983,483
Donald C. Opatrny		1,195,869,848		12,486,356
John M. Perlowski		1,193,999,184		14,357,019
Joseph P. Platt		1,195,764,828		12,591,375
Mark Stalnecker		1,195,994,960		12,361,243
Kenneth L. Urish		1,195,716,210		12,639,993
Claire A. Walton		1,196,904,200		11,452,003

* Denotes Trust-wide proposal and voting results.

The above Trustees, referred to as the BlackRock Multi-Asset Board, have also been elected to serve as trustees for other BlackRock-advised equity, multi-asset, index and money market funds.

General Information

Householding

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

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 441-7762; (2) athttp://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

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 upon request and without charge (1) athttp://www.blackrock.com; or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.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. Visithttp://www.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 reach us on the Web athttp://www.blackrock.com.

76 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Additional Information  (continued)

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

BlackRock Privacy Principles

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

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

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

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.

Glossary of Terms Used in this Report

Currency Abbreviations
CHF	Swiss Franc
Portfolio Abbreviations
ADR	American Depositary Receipts
ETF	Exchange-Traded Fund
GDR	Global Depositary Receipt
MSCI	Morgan Stanley Capital International
NVDR	Non-voting Depository Receipts
OTC	Over-the-Counter
PCL	Public Company Limited
S&P	S&P Global Ratings

ADDITIONAL INFORMATION / GLOSSARYOF TERMS USEDINTHIS REPORT 77

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 a Fund unless preceded or accompanied by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

EMLSGLS-1/19-SAR

JANUARY 31, 2019

SEMI-ANNUAL REPORT (UNAUDITED)

BlackRock Funds^SM

^Ø  iShares MSCI Developed World Index Fund

^Ø  iShares Russell Mid-Cap Index Fund

^Ø  iShares Russell Small/Mid-Cap Index Fund

^Ø  iShares Total U.S. Stock Market Index Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call (800)441-7762 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by: (i) accessing the BlackRock website at www.blackrock.com/edelivery and logging into your accounts, if you hold accounts directly with BlackRock, or (ii) contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended January 31, 2019, concerns about a variety of political risks and a modest slowdown in global growth worked against the equity market, while the bond market delivered modest positive returns. Though the market’s appetite for risk remained healthy for most of the reporting period, risk-taking declined sharply later in the reporting period. As a result, bonds held their value better than stocks, which posted negative returns across the globe. Shorter-term, higher-quality securities led the bond market, and U.S. equities outperformed most international stock markets.

Volatility rose in emerging market stocks, as the rising U.S. dollar and higher interest rates in the U.S. disrupted economic growth abroad. U.S.-China trade relations and debt concerns adversely affected the Chinese stock market, while Turkey and Argentina became embroiled in currency crises, largely due to hyperinflation in both countries. An economic slowdown in Europe also led to negative performance for European equities.

Volatility in the U.S. equity market spiked in October, as a wide range of risks were brought to bear on markets, ranging from rising interest rates and slowing global growth to heightened trade tensions and political turmoil in several countries, including the United States. These risks manifested in a broad basedsell-off in December, leading to the worst December performance on record since 1931.

By comparison, fixed income securities delivered modest positive returns with relatively low volatility. In fixed income markets, short-term U.S. Treasury interest rates rose the fastest, while longer-term rates were relatively unchanged. This led to positive returns for U.S. Treasuries and a substantial flattening of the yield curve. Although the credit fundamentals in corporate markets remained relatively solid, investment-grade and high-yield bonds trailed U.S. Treasuries.

The U.S. Federal Reserve (the “Fed”) increased short-term interest rates four times during the reporting period. The Fed also continued to reduce its balance sheet, gradually reversing the unprecedented stimulus measures it enacted after the financial crisis. By our estimation, the Fed’s neutral interest rate (the theoretical rate that is neither stimulative nor restrictive to the economy) is approximately 3.5%. The Fed funds rate is currently at 2.5%, which is stimulative to the economy. At its latest meeting in late January, the Fed left interest rates unchanged and signaled a slower pace of rate hikes in response to the global economic slowdown. Relatively low inflation gives the Fed room to maintain support for the economy until the economic data builds the case for changing interest rates.

Although fears of recession drove equity volatility higher at the end of 2018, we continue to believe the probability of recession in 2019 remains relatively low. Economic growth and global earnings are likely to slow somewhat in 2019 — the tax cut stimulus will be less pronounced, and the Fed’s rate hikes in 2018 will gain traction in 2019. Trade frictions look more baked into asset prices than a year ago, but markets may be overlooking European political risks. Consequently, we are cautious on European equities, as European unity remains tenuous with a history offlare-ups. We continue to prefer to take risk in U.S. and emerging market equities. Within U.S. equities, we believe that companies with high-quality earnings and strong balance sheets offer the most attractive risk/rewardtrade-off. We also favor short-term bonds over long-term bonds because they offer nearly equivalent yields with far lower volatility.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visitblackrock.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 January 31, 2019
	6-month	12-month
U.S. large cap equities (S&P 500® Index)	(3.00)%	(2.31)%
U.S. small cap equities (Russell 2000® Index)	(9.62)	(3.52)
International equities (MSCI Europe, Australasia, Far East Index)	(7.80)	(12.51)
Emerging market equities (MSCI Emerging Markets Index)	(2.60)	(14.24)
3-month Treasury bills (ICE BofAML3-Month U.S. Treasury Bill Index)	1.10	1.95
U.S. Treasury securities (ICE BofAML10-Year U.S. Treasury Index)	4.20	3.21
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	2.71	2.25
Tax-exempt municipal bonds (S&P Municipal Bond Index)	1.86	3.08
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	1.07	1.73
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS PAGEISNOT PARTOF YOUR FUND REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summaries		4
Portfolio Information		12
About Fund Performance		14
Disclosure of Expenses		14
Derivative Financial Instruments		14
Financial Statements:
Schedules of Investments		15
Statements of Assets and Liabilities		89
Statements of Operations		90
Statements of Changes in Net Assets		91
Financial Highlights		95
Notes to Financial Statements		106
Trustee and Officer Information		118
Additional Information		119
Glossary of Terms Used in This Report		120

3

Fund Summary  as of January 31, 2019 iShares MSCI Developed World Index Fund

Investment Objective

iShares MSCI Developed World Index Fund’s (the “Fund”)investment objective is to seek to track the investment results of an index composed of developed market equities.

On November 28, 2018, the Board of Trustees approved a proposal to close the iShares MSCI Developed World Index Fund to new and subsequent investments and thereafter to liquidate the Fund. Effective January 18, 2019, the iShares MSCI Developed World Index Fund stopped accepting purchase orders from new investors, and on April 29, 2019, the Fund will no longer accept purchase orders from existing investors. The liquidation is expected to occur on or about May 7, 2019.

Portfolio Management Commentary

How did the Fund perform?

For thesix-month period ended January 31, 2019, the Fund’s Institutional Shares returned (5.14)%, while Class K Shares returned (5.10)%. The benchmark MSCI World Index (the “Index”) returned (5.00)% 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 2018, risk sentiment was elevated, as steady corporate earnings and economic growth supported developed markets generally in the face of rising U.S. protectionism. In Japan, equities rallied, as a-2.5% depreciation in the yen helped export names. Continued Brexit uncertainty weighed on the market, influencing a-1.5% decline in the sterling. Italy also weighed on the market, as a rift between the populist government and the European Union regarding the country’s budget plans was a source of investor concern.

By the fourth quarter of 2018, developed markets faced considerable headwinds from tightening global financial conditions, slowing growth, and heightened macroeconomic uncertainty throughout the year. Slowing economic activity, broad-marketrisk-off behavior, and political uncertainty marred the Western European region.

In Asia-Pacific, a roughly +3.5% jump in the Japanese yen against the U.S. dollar weighed on the export-orientated equity market broadly. Elsewhere, Australian equities fell as the slowdown in China weighed on the country’s domestic growth prospects.

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 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of January 31, 2019 (continued) iShares MSCI Developed World Index Fund

Performance Summary for the Period Ended January 31, 2019

				Average Annual Total Returns (a)(b)
	6-Month Total Returns			1 Year			Since Inception (c)
Institutional		(5.14	)%		(6.57	)%		5.88	%
Class K		(5.10	)		(6.52	)		5.97
MSCI World Index(d)		(5.00	)		(6.54	)		5.63

^(a)  See “About Fund Performance” on page 14 for a detailed description of share classes, including any related fees, and how performance was calculated for certain share classes.

^(b)  The Fund generally invests at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of the MSCI World Index and in depositary receipts representing securities of the MSCI World Index.

^(c)  Fund commenced operations on June 1, 2015.

^(d)  A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

Past performance is not indicative 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 (f)
	Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (e)		Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (e)		Annualized Expense Ratio
Institutional	$	1,000.00	$	948.60	$	0.98	$	1,000.00	$	1,024.20	$	1.02		0.20	%
Class K		1,000.00		949.00		0.74		1,000.00		1,024.45		0.77		0.15

^(e)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

^(f)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.

FUND SUMMARY 5

Fund Summary  as of January 31, 2019 iShares Russell Mid-Cap Index Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For thesix-month period ended January 31, 2019, the Fund’s Institutional Shares returned (3.91)%, Investor A Shares returned (3.96)%, and Class K Shares returned (3.88)%. The benchmark Russell MidCap^® Index (the “Index”) returned (3.95)% 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 2018, U.S. large cap equities reachedall-time highs as impressive economic growth and earnings results fueledrisk-on appetite and outweighed the specter of trade wars. Despite the announcement of tariffs on $505 billion of Chinese goods and China’s retaliatory measures, U.S. equity volatility was limited. Macroeconomic releases continued to showcase strength in both labor and economic conditions. Job gains were impressive and the unemployment rate eventually fell to 3.7% in September, the lowest level since 1969. The strength of the economy allowed the Fed to raise the target range of the benchmark federal funds rate from 2% to 2.25%.

More broadly, concerns over Fed policy, Sino-American trade tensions, and a potential slowdown in growth contributed to investor anxiety throughout the quarter of 2018. The quarter began with Fed Chairman Powell’s comment that the U.S. Federal Funds rate was “a long way from neutral.” The hawkish comment drove a temporarysell-off in Treasuries. However, this was short lived as declines in energy prices and softness in portions of the U.S. economy contributed to a reduction in inflation expectations. This was accompanied by a broad based marketrisk-off in December — which was the worst December performance on record since 1931 — and the10-year U.S. Treasury yield ended the quarter lower than intra-quarter highs.

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.

6 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of January 31, 2019 (continued) iShares Russell Mid-Cap Index Fund

Performance Summary for the Period Ended January 31, 2019

				Average Annual Total Returns (a)(b)
	6-Month Total Returns			1 Year			Since Inception (c)
Institutional		(3.91	)%		(2.91	)%		6.81	%
Investor A		(3.96	)		(3.09	)		6.57
Class K		(3.88	)		(2.85	)		6.89
Russell Midcap® Index(d)		(3.95	)		(2.90	)		6.82

^(a)  See “About Fund Performance” on page 14 for a detailed description of share classes, including any related fees and how performance was calculated for certain share classes.

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

^(d)  A float-adjusted capitalization-weighted index that measures the performance of the mid-cap segment of the U.S. equities universe. It is a subset of the Russell 1000^® Index including approximately 800 of the smallest issuers based on a combination of their market cap and current index membership.

Past performance is not indicative 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 (f)
	Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (e)		Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (e)		Annualized Expense Ratio
Institutional	$	1,000.00	$	960.90	$	0.59	$	1,000.00	$	1,024.60	$	0.61		0.13	%
Investor A		1,000.00		960.40		1.63		1,000.00		1,023.54		1.68		0.33
Class K		1,000.00		961.20		0.35		1,000.00		1,024.85		0.36		0.07

^(e)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

^(f)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.

FUND SUMMARY 7

Fund Summary  as of January 31, 2019 iShares Russell Small/Mid-Cap Index Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For thesix-month period ended January 31, 2019, the Fund’s Institutional Shares returned (6.88)%, Investor A Shares returned (7.00)%, and Class K Shares returned (6.85)%. The benchmark Russell 2500^TM Index (the “Index”) returned (6.64)% 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 2018, U.S. large cap equities reachedall-time highs as impressive economic growth and earnings results fueledrisk-on appetite and outweighed the specter of trade wars. Despite the announcement of tariffs on $505 billion of Chinese goods and China’s retaliatory measures, U.S. equity volatility was limited. Macroeconomic releases continued to showcase strength in both labor and economic conditions. Job gains were impressive and the unemployment rate eventually fell to 3.7% in September, the lowest level since 1969. The strength of the economy allowed the Fed to raise the target range of the benchmark federal funds rate from 2% to 2.25%.

More broadly, concerns over Fed policy, Sino-American trade tensions, and a potential slowdown in growth contributed to investor anxiety throughout the quarter of 2018. The quarter began with Fed Chairman Powell’s comment that the U.S. Federal Funds rate was “a long way from neutral.” The hawkish comment drove a temporarysell-off in Treasuries. However, this was short lived as declines in energy prices and softness in portions of the U.S. economy contributed to a reduction in inflation expectations. This was accompanied by a broad based marketrisk-off in December — which was the worst December performance on record since 1931 — and the10-year U.S. Treasury yield ended the quarter lower than intra-quarter highs.

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.

While the Fund seeks to remain fully invested, an amount of spendable cash is retained to minimize trading and transactions costs. Skillful cash management and cash equitization are critical to limiting the potential for the negative impact of cash and to ensure tight tracking to the benchmark. The Fund’s cash position had no material impact to Fund performance during the period.

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.

8 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of January 31, 2019 (continued) iShares Russell Small/Mid-Cap Index Fund

Performance Summary for the Period Ended January 31, 2019

				Average Annual Total Returns (a)(b)
	6-Month Total Returns			1 Year			Since Inception (c)
Institutional		(6.88	)%		(2.88	)%		7.84	%
Investor A		(7.00	)		(3.12	)		7.59
Class K		(6.85	)		(2.84	)		7.88
Russell 2500™ Index(d)		(6.64	)		(2.61	)		7.85

^(a)  See “About Fund Performance” on page 14 for a detailed description of share classes, including any related fees.

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

^(d)  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 2500 of the smallest securities based on a combination of their market cap and current index membership.

Past performance is not indicative 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 (f)
	Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (e)		Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (e)		Annualized Expense Ratio
Institutional	$	1,000.00	$	931.20	$	0.58	$	1,000.00	$	1,024.60	$	0.61		0.12	%
Investor A		1,000.00		930.00		1.70		1,000.00		1,023.44		1.79		0.35
Class K		1,000.00		931.50		0.34		1,000.00		1,024.85		0.36		0.07

^(e)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

^(f)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.

FUND SUMMARY 9

Fund Summary  as of January 31, 2019 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 thesix-month period ended January 31, 2019, the Fund’s Institutional Shares returned (3.61)%, Investor A Shares returned (3.66)%, and Class K Shares returned (3.58)%. The benchmark Russell 3000^® Index (the “Index”) returned (3.52)% 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 2018, U.S. large cap equities reachedall-time highs as impressive economic growth and earnings results fueledrisk-on appetite and outweighed the specter of trade wars. Despite the announcement of tariffs on $505 billion of Chinese goods and China’s retaliatory measures, U.S. equity volatility was limited. Macroeconomic releases continued to showcase strength in both labor and economic conditions. Job gains were impressive and the unemployment rate eventually fell to 3.7% in September, the lowest level since 1969. The strength of the economy allowed the Fed to raise the target range of the benchmark federal funds rate from 2% to 2.25%.

More broadly, concerns over Fed policy, Sino-American trade tensions, and a potential slowdown in growth contributed to investor anxiety throughout the quarter of 2018. The quarter began with Fed Chairman Powell’s comment that the U.S. Federal Funds rate was “a long way from neutral.” The hawkish comment drove a temporarysell-off in Treasuries. However, this was short lived as declines in energy prices and softness in portions of the U.S. economy contributed to a reduction in inflation expectations. This was accompanied by a broad based marketrisk-off in December — which was the worst December performance on record since 1931 — and the10-year U.S. Treasury yield ended the quarter lower than intra-quarter highs.

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 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of January 31, 2019 (continued) iShares Total U.S. Stock Market Index Fund

Performance Summary for the Period Ended January 31, 2019

				Average Annual Total Returns (a)(b)
	6-Month Total Returns			1 Year			Since Inception (c)
Institutional		(3.61	)%		(2.42	)%		9.60	%
Investor A		(3.66	)		(2.66	)		9.35
Class K		(3.58	)		(2.38	)		9.64
Russell 3000® Index(d)		(3.52	)		(2.26	)		9.65

^(a)  See “About Fund Performance” on page 14 for a detailed description of share classes, including any related fees.

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

^(d)  An index that measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

Past performance is not indicative 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 (f)
	Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (e)		Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (e)		Annualized Expense Ratio
Institutional	$	1,000.00	$	963.90	$	0.40	$	1,000.00	$	1,024.80	$	0.41		0.08	%
Investor A		1,000.00		963.40		1.53		1,000.00		1,023.64		1.58		0.31
Class K		1,000.00		964.20		0.15		1,000.00		1,025.05		0.15		0.03

^(e)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

^(f)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.

FUND SUMMARY 11

Portfolio Information  as of January 31, 2019

iShares MSCI Developed World Index Fund

TEN LARGEST HOLDINGS

Security	Percent of Net Assets
Apple, Inc.		2	%
Microsoft Corp.		2
Amazon.com, Inc.		2
S&P 500 E-Mini Index		1
Facebook, Inc.		1
Johnson & Johnson		1
Alphabet, Inc.		1
JPMorgan Chase & Co.		1
Alphabet, Inc.		1
Exxon Mobil Corp.		1

GEOGRAPHIC ALLOCATION

Country	Percent of Net Assets
United States		61	%
Japan		8
United Kingdom		6
France		4
Canada		3
Germany		3
Switzerland		3
Australia		2
Netherlands		2
Hong Kong		1
Other(a)		6
Short-Term Securities		1
Other Assets less Liabilities(b)		—

^(a)  Other includes a 1% or less investment in each of the following countries: Spain, Sweden, Singapore, Italy, Denmark, Ireland, Belgium, Finland, Norway, Israel, Austria, Chile, Luxembourg, New Zealand, Portugal, Argentina, Bermuda, Mexico, China, United Arab Emirates and Isle of Man.

^(b)  Represents less than 1% of Net Assets.

iShares Russell Mid-Cap Index Fund*

SECTOR ALLOCATION

Sector	Percent of Net Assets
Financials		15	%
Information Technology		14
Industrials		14
Consumer Discretionary		13
Real Estate		10
Health Care		8
Materials		6
Energy		6
Communication Services		5
Consumer Staples		5
Utilities		4
Short-Term Securities		2
Investment Companies(a)		—
Liabilities in Excess of Other Assets		(2	)

^(a)  Represents less than 1% of Net Assets.

* Ten largest holdings have not been included as the Fund does not hold any position in excess of 1% of Net Assets.

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 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Portfolio Information  as of January 31, 2019 (continued)

iShares Russell Small/Mid-Cap Index Fund*

SECTOR ALLOCATION

Sector	Percent of Net Assets
Information Technology		17	%
Financials		16
Industrials		15
Health Care		13
Consumer Discretionary		11
Real Estate		10
Materials		5
Utilities		4
Energy		3
Communication Services		3
Consumer Staples		3
Investment Companies(a)		—
Short-Term Securities		6
Liabilities in Excess of Other Assets		(6	)

^(a)  Represents less than 1% of Net Assets.

* Ten largest holdings have not been included as the Fund does not hold any position in excess of 1% of Net Assets.

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.

iShares Total U.S. Stock Market Index Fund

TEN LARGEST HOLDINGS

Security	Percent of Net Assets
Microsoft Corp.		3	%
Apple, Inc.		3
Amazon.com, Inc.		3
Alphabet, Inc.		2
Berkshire Hathaway, Inc.		1
Facebook, Inc.		1
Johnson & Johnson		1
JPMorgan Chase & Co.		1
Exxon Mobil Corp.		1
Bank of America Corp.		1

SECTOR ALLOCATION

Sector	Percent of Net Assets
Information Technology		20	%
Health Care		14
Financials		14
Consumer Discretionary		10
Industrials		10
Communication Services		9
Consumer Staples		6
Energy		5
Real Estate		4
Utilities		3
Materials		3
Short-Term Securities		3
Liabilities in Excess of Other Assets		(1	)

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.

PORTFOLIO INFORMATION 13

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. Class K Shares performance of iShares MSCI Developed World Index Fund shown prior to the Class K November 30, 2015 inception date is that of Institutional Shares of the fund. The performance of the iShares MSCI Developed World Index Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

Investor A Shares(available only in iShares Russell Mid-Cap Index Fund, iShares Russell Small/Mid-Cap Index Fund and iShares Total U.S. Stock Market Index Fund) 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. Prior to November 30, 2015, Investor A Shares of iShares Russell Mid-Cap Index Fund performance results are those of Institutional Shares restated to reflect Investor A Share fees.

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer towww.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 tables on the previous pages assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date. 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 agreed to waive and/or reimburse a portion of the Funds’ expenses. Without such waiver and/or reimbursement, the Funds’ performance would have been lower. The Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See Note 6 of the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of the Funds may incur the following charges: (a) transactional expenses; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, and other fund expenses. The expense examples shown on the previous pages (which are based on a hypothetical investment of $1,000 invested on August 1, 2018 and held through January 31, 2019) 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. 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 any 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. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

14 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) January 31, 2019 iShares MSCI Developed World Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 98.0%
Argentina — 0.0%
MercadoLibre, Inc.(a)		239	$	86,996
Australia — 2.5%
AGL Energy Ltd.(a)		3,555		55,546
Alumina Ltd.		14,594		25,955
Amcor Ltd.		6,520		64,735
AMP Ltd.		17,547		28,931
APA Group(b)		6,187		41,359
Aristocrat Leisure Ltd.		3,150		56,655
ASX Ltd.		1,076		49,960
Aurizon Holdings Ltd.		9,896		31,711
AusNet Services		11,113		13,354
Australia & New Zealand Banking Group Ltd.		15,329		279,047
Bank of Queensland Ltd.		1,557		11,535
Bendigo & Adelaide Bank Ltd.		2,889		22,702
BHP Group Ltd.		15,714		401,224
BHP Group PLC		11,267		251,735
BlueScope Steel Ltd.		3,122		28,524
Boral Ltd.		7,064		25,555
Brambles Ltd.		9,031		70,071
Caltex Australia Ltd.		1,642		32,094
Challenger Ltd.		2,549		13,453
CIMIC Group Ltd.		634		20,669
Coca-Cola Amatil Ltd.		3,085		18,841
Cochlear Ltd.		299		42,256
Coles Group Ltd.(a)		6,529		59,372
Commonwealth Bank of Australia		9,388		478,348
Computershare Ltd.		2,182		28,267
Crown Resorts Ltd.		1,565		13,637
CSL Ltd.		2,413		343,114
Dexus		5,354		44,830
Domino’s Pizza Enterprises Ltd.		197		6,534
Flight Centre Travel Group Ltd.		328		10,292
Fortescue Metals Group Ltd.		7,368		30,437
Goodman Group		8,098		68,921
GPT Group		9,199		38,896
Harvey Norman Holdings Ltd.		1,149		2,822
Incitec Pivot Ltd.		7,636		18,430
Insurance Australia Group Ltd.		12,997		67,151
Lend Lease Group(b)		2,864		25,508
Macquarie Group Ltd.		1,713		145,687
Medibank Pvt Ltd.		16,052		30,602
Mirvac Group		18,228		31,960
National Australia Bank Ltd.		14,585		253,263
Newcrest Mining Ltd.		3,758		66,858
Oil Search Ltd.		7,094		40,391
Orica Ltd.		1,863		23,257
Origin Energy Ltd.(a)		9,696		50,658
QBE Insurance Group Ltd.		7,453		58,324
Ramsay Health Care Ltd.		667		27,547
REA Group Ltd.		358		19,786
Rio Tinto Ltd.		2,055		130,669
Santos Ltd.		9,136		43,105
Scentre Group		27,538		79,758
SEEK Ltd.		1,490		18,472
Sonic Healthcare Ltd.		2,129		35,711
South32 Ltd.		28,923		74,007
Stockland		12,246		33,754
Suncorp Group Ltd.		7,323		69,259
Sydney Airport(b)		6,831		32,606
Tabcorp Holdings Ltd.		9,261		31,385
Telstra Corp. Ltd.		23,345		52,929
TPG Telecom Ltd.		1,988		10,097

Security	Shares		Value
Australia (continued)
Transurban Group(b)		14,574	$	129,246
Treasury Wine Estates Ltd.		3,763		42,349
Vicinity Centres		16,263		30,963
Washington H Soul Pattinson & Co. Ltd.		328		6,291
Wesfarmers Ltd.		6,001		140,775
Westpac Banking Corp.		18,323		327,469
Woodside Petroleum Ltd.		5,208		130,270
Woolworths Group Ltd.		6,980		149,149
WorleyParsons Ltd.		1,711		17,332
				5,156,400
Austria — 0.1%
ANDRITZ AG		276		13,626
Erste Group Bank AG		1,674		58,432
OMV AG		739		36,745
Raiffeisen Bank International AG		988		26,135
Verbund AG		416		21,261
voestalpine AG		760		24,286
				180,485
Belgium — 0.3%
Ageas		970		45,102
Anheuser-Busch InBev SA		4,065		310,579
Colruyt SA		290		20,827
Groupe Bruxelles Lambert SA		414		39,008
KBC Group NV		1,325		89,954
Proximus SADP		991		26,604
Solvay SA		391		42,568
Telenet Group Holding NV		312		14,443
UCB SA		710		61,524
Umicore SA		1,044		44,137
				694,746
Bermuda — 0.0%
Marvell Technology Group Ltd.		3,475		64,392
Canada — 3.4%
Agnico Eagle Mines Ltd.		1,231		53,542
Alimentation Couche-Tard, Inc., Class B		2,260		122,774
AltaGas Ltd.		1,344		13,758
ARC Resources Ltd.		900		6,507
Atco Ltd. Class I		416		13,155
Aurora Cannabis, Inc.(a)(c)		2,986		21,135
Bank of Montreal		3,486		255,172
Bank of Nova Scotia		6,800		387,108
Barrick Gold Corp.		9,677		128,965
BCE, Inc.		752		32,697
BlackBerry Ltd.(a)		2,652		21,354
Bombardier, Inc., Class B(a)		7,188		10,886
Brookfield Asset Management, Inc., Class A		4,531		194,971
CAE, Inc.		1,209		25,690
Cameco Corp.		1,574		19,071
Canadian Imperial Bank of Commerce		2,390		202,648
Canadian National Railway Co.		4,027		336,056
Canadian Natural Resources Ltd.		6,523		175,095
Canadian Pacific Railway Ltd.		755		154,746
Canadian Tire Corp. Ltd., Class A		312		35,487
Canadian Utilities Ltd., Class A		442		11,363
Canopy Growth Corp.(a)		1,023		50,155
CCL Industries, Inc., Class B		727		30,652
Cenovus Energy, Inc.		5,569		43,486
CGI Group, Inc(a)		1,313		86,807
CI Financial Corp.		1,069		14,392
Constellation Software, Inc.		99		73,885
Dollarama, Inc.		1,601		43,097
Emera, Inc.		71		2,486

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares MSCI Developed World Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Empire Co. Ltd., Class A		682	$	15,333
Enbridge, Inc.		11,171		408,174
Encana Corp.		4,723		32,422
Fairfax Financial Holdings Ltd.		135		63,860
Finning International, Inc.		410		7,770
First Capital Realty, Inc.		416		6,497
First Quantum Minerals Ltd.		3,285		38,026
Fortis, Inc.		2,167		77,283
Franco-Nevada Corp.		923		71,602
George Weston Ltd.		397		28,836
Gildan Activewear, Inc.		1,033		34,961
Goldcorp, Inc.		3,930		43,967
Great-West Lifeco, Inc.		1,463		31,399
H&R Real Estate Investment Trust		698		11,788
Husky Energy, Inc.		1,631		19,352
Hydro One Ltd.(d)		1,400		21,938
iA Financial Corp. Inc.		464		17,236
IGM Financial, Inc.		401		10,309
Imperial Oil Ltd.		1,472		41,764
Intact Financial Corp.		640		50,588
Inter Pipeline Ltd.		1,881		30,235
Keyera Corp.		1,004		21,334
Kinross Gold Corp.(a)		5,387		17,998
Loblaw Cos. Ltd.		901		43,632
Lundin Mining Corp.		1,396		6,375
Magna International, Inc.		1,684		89,125
Manulife Financial Corp.		10,595		170,220
Methanex Corp.		277		15,094
Metro, Inc.		1,311		47,663
National Bank of Canada		1,733		81,510
Nutrien Ltd.		3,283		170,078
Onex Corp.		418		23,630
Open Text Corp.		1,456		51,760
Pembina Pipeline Corp.		2,650		94,428
Power Corp. of Canada		1,786		35,504
Power Financial Corp.		1,028		21,093
PrairieSky Royalty Ltd.		737		10,646
Restaurant Brands International, Inc.		1,171		73,400
RioCan Real Estate Investment Trust		327		6,204
Rogers Communications, Inc., Class B		1,986		107,436
Royal Bank of Canada		7,982		607,603
Saputo, Inc.		1,172		34,359
Seven Generations Energy Ltd., Class A(a)		121		939
Shaw Communications, Inc., Class B		2,506		50,885
Shopify, Inc., Class A(a)(c)		435		73,224
SmartCentres Real Estate Investment Trust		199		5,043
SNC-Lavalin Group, Inc.		836		23,268
The Stars Group, Inc.(a)		449		8,129
Sun Life Financial, Inc.		3,354		120,994
Suncor Energy, Inc.		8,883		286,511
Teck Resources Ltd., Class B		2,426		59,083
TELUS Corp.		985		34,499
Thomson Reuters Corp.		1,127		58,934
Toronto-Dominion Bank		10,123		570,115
Tourmaline Oil Corp.		800		10,911
TransCanada Corp.		4,894		208,133
Vermilion Energy, Inc.		627		15,365
Waste Connections, Inc.		1,448		120,995
West Fraser Timber Co. Ltd.		163		9,710
Wheaton Precious Metals Corp.		2,372		49,969
WSP Global, Inc.		519		26,638
				7,092,917
Chile — 0.0%
Antofagasta PLC		1,711		19,560

Security	Shares		Value
China — 0.0%
BeiGene Ltd., ADR(a)		143	$	18,516
Minth Group Ltd.		2,000		6,998
Yangzijiang Shipbuilding Holdings Ltd.		13,700		14,318
				39,832
Denmark — 0.6%
AP Moeller — Maersk A/S, Class A		17		21,223
AP Moeller — Maersk A/S, Class B		35		46,808
Carlsberg A/S, Class B		607		69,492
Chr Hansen Holding A/S		523		49,667
Coloplast A/S, Class B		666		60,839
Danske Bank A/S		3,639		67,421
DSV A/S		1,071		85,475
Genmab A/S(a)		340		49,563
H Lundbeck A/S		401		17,608
ISS A/S		782		22,162
Novo Nordisk A/S, Class B		9,692		454,226
Novozymes A/S, Class B		1,209		50,557
Orsted A/S(d)		1,081		78,116
Pandora A/S		551		23,929
Tryg A/S		795		20,283
Vestas Wind Systems A/S		1,008		83,324
William Demant Holding A/S(a)		416		13,142
				1,213,835
Finland — 0.4%
Elisa OYJ		693		28,993
Fortum OYJ		2,430		55,229
Kone OYJ, Class B		1,801		87,570
Metso OYJ		529		15,562
Neste OYJ		722		66,150
Nokia OYJ		30,041		189,789
Nokian Renkaat OYJ		729		24,253
Nordea Bank Abp		16,123		146,740
Orion OYJ, Class B		637		22,519
Sampo OYJ, Class A		2,436		111,606
Stora Enso OYJ, Class R		2,882		38,770
UPM-Kymmene OYJ		2,716		78,877
Wartsila OYJ		2,277		37,180
				903,238
France — 3.7%
Accor SA		998		43,404
Aeroports de Paris		164		31,373
Air Liquide SA		2,285		277,398
Airbus SE		3,106		357,997
Alstom SA		761		30,615
Amundi SA(d)		420		24,166
Arkema SA		340		32,214
Atos SE		505		46,046
AXA SA		10,342		239,833
BioMerieux		272		19,205
BNP Paribas SA		6,000		282,756
Bollore SA		5,423		22,371
Bouygues SA		1,139		40,313
Bureau Veritas SA		1,196		26,570
Capgemini SE		844		93,207
Carrefour SA		3,308		65,418
Casino Guichard-Perrachon SA(c)		361		17,762
Cie de Saint-Gobain		2,645		91,274
Cie Generale des Etablissements Michelin SCA		899		97,651
CNP Assurances		751		17,062
Covivio		236		24,123
Credit Agricole SA		5,643		64,451
Danone SA		3,289		239,346
Dassault Aviation SA		15		22,337

16 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments�� (unaudited) (continued) January 31, 2019 iShares MSCI Developed World Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Dassault Systemes SE		680	$	85,225
Edenred		1,255		50,823
Eiffage SA		392		36,725
Electricite de France SA		3,165		52,389
Engie SA		9,716		155,760
EssilorLuxottica SA		1,536		194,579
Eurazeo SE		304		22,595
Eutelsat Communications SA		1,200		25,448
Faurecia SA		484		21,175
Gecina SA		224		32,920
Getlink SE		2,363		34,558
Hermes International		169		101,280
ICADE		165		13,895
Iliad SA		109		12,480
Imerys SA		92		4,847
Ingenico Group SA		420		22,893
Ipsen SA		226		28,439
JCDecaux SA		441		13,065
Kering SA		404		202,615
Klepierre SA		1,012		34,680
L’Oreal SA		1,344		323,938
Legrand SA		1,385		82,056
LVMH Moet Hennessy Louis Vuitton SE		1,482		475,426
Natixis SA		4,543		23,288
Orange SA		10,642		165,062
Pernod Ricard SA		1,133		187,980
Peugeot SA		2,928		73,655
Publicis Groupe SA		1,197		73,089
Remy Cointreau SA		149		17,303
Renault SA		1,090		77,134
Rexel SA		2,021		23,045
Safran SA		1,780		233,873
Sanofi		6,009		522,289
Sartorius Stedim Biotech		186		20,502
Schneider Electric SE		2,934		208,671
SCOR SE		850		35,768
SEB SA		133		20,394
SES SA		1,863		37,970
Societe BIC SA		106		10,616
Societe Generale SA		4,036		125,840
Sodexo SA		496		51,634
Suez		2,395		30,662
Teleperformance		314		54,040
Thales SA		603		66,685
TOTAL SA		12,791		701,217
UbiSoft Entertainment SA(a)		411		36,475
Unibail-Rodamco-Westfield(a)		670		120,523
Unibail-Rodamco-Westfield(b)		43		7,734
Valeo SA		1,217		38,072
Veolia Environnement SA		3,001		63,398
Vinci SA		2,706		238,102
Vivendi SA		5,516		140,652
Wendel SA		109		13,282
				7,653,658
Germany — 2.8%
1&1 Drillisch AG		322		13,398
adidas AG		1,004		238,893
Allianz SE, Registered Shares		2,293		486,511
Aroundtown SA		3,852		34,073
Axel Springer SE		319		19,532
BASF SE		4,900		358,962
Bayer AG, Registered Shares		4,975		377,084
Bayerische Motoren Werke AG		1,756		147,944
Beiersdorf AG		561		56,157

Security	Shares		Value
Germany (continued)
Brenntag AG		789	$	37,357
Commerzbank AG(a)		5,142		37,009
Continental AG		578		91,345
Covestro AG(d)		1,060		58,575
Daimler AG, Registered Shares		4,851		287,368
Delivery Hero SE(a)(d)		521		19,242
Deutsche Bank AG, Registered Shares		10,455		92,938
Deutsche Boerse AG		1,012		134,746
Deutsche Lufthansa AG, Registered Shares		1,558		39,333
Deutsche Post AG, Registered Shares		5,255		155,212
Deutsche Telekom AG, Registered Shares		17,780		289,118
Deutsche Wohnen SE, Bearer Shares		1,904		95,119
E.ON SE		11,429		127,049
Evonik Industries AG		777		21,250
Fraport AG Frankfurt Airport Services Worldwide		225		17,783
Fresenius Medical Care AG & Co. KGaA		1,108		81,493
Fresenius SE & Co. KGaA		2,290		118,736
GEA Group AG		745		20,525
Hannover Rueck SE		329		47,486
HeidelbergCement AG		806		55,813
Henkel AG & Co. KGaA		579		53,072
HOCHTIEF AG		103		15,405
HUGO BOSS AG		307		22,012
Infineon Technologies AG		5,910		131,459
Innogy SE(a)		800		34,246
KION Group AG		443		25,578
LANXESS AG		404		22,237
Merck KGaA		743		78,014
METRO AG		1,184		20,037
MTU Aero Engines AG		286		61,674
Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares		798		178,082
OSRAM Licht AG		485		20,638
ProSiebenSat.1 Media SE, Registered Shares		1,616		28,847
Puma SE		38		21,160
RWE AG		2,939		73,098
SAP SE		5,243		542,153
Siemens AG, Registered Shares		4,081		448,085
Siemens Healthineers AG(a)(d)		719		28,373
Symrise AG		680		56,481
Telefonica Deutschland Holding AG		3,284		11,513
Thyssenkrupp AG		2,298		40,840
TUI AG		2,247		34,023
Uniper SE		885		25,662
United Internet AG, Registered Shares		534		21,187
Volkswagen AG		147		25,645
Vonovia SE		2,559		128,612
Wirecard AG		626		103,802
Zalando SE(a)(d)		723		22,061
				5,834,047
Hong Kong — 1.3%
AIA Group Ltd.		64,400		581,500
ASM Pacific Technology Ltd.		1,800		19,394
Bank of East Asia Ltd.		5,400		18,214
BOC Hong Kong Holdings Ltd.		21,000		81,142
CK Asset Holdings Ltd.		13,500		113,654
CK Hutchison Holdings Ltd.		13,500		136,339
CK Infrastructure Holdings Ltd.		3,000		24,222
CLP Holdings Ltd.		8,500		99,000
Dairy Farm International Holdings Ltd.		2,000		18,099
Galaxy Entertainment Group Ltd.		12,000		83,552
Hang Lung Group Ltd.		6,000		17,632
Hang Lung Properties Ltd.		8,000		17,517
Hang Seng Bank Ltd.		3,900		89,727

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares MSCI Developed World Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Henderson Land Development Co. Ltd.		6,505	$	36,979
HK Electric Investments & HK Electric Investments Ltd.		17,500		17,819
HKT Trust & HKT Ltd.(b)		19,000		28,020
Hong Kong & China Gas Co. Ltd.		49,427		107,407
Hong Kong Exchanges & Clearing Ltd.		6,414		200,688
Hongkong Land Holdings Ltd.		6,100		43,883
Hysan Development Co. Ltd.		3,000		15,612
Jardine Matheson Holdings Ltd.		1,200		80,274
Jardine Strategic Holdings Ltd.		1,200		46,003
Kerry Properties Ltd.		3,500		14,537
Link REIT		11,500		126,410
Melco Resorts & Entertainment Ltd. — ADR		1,523		32,866
MGM China Holdings Ltd.(c)		5,600		10,873
MTR Corp. Ltd.		8,000		44,742
New World Development Co. Ltd.		33,357		52,609
NWS Holdings Ltd.		10,915		24,962
PCCW Ltd.		23,000		13,692
Power Assets Holdings Ltd.		7,000		47,156
Sands China Ltd.		13,600		65,244
Shangri-La Asia Ltd.		6,000		7,835
Sino Land Co. Ltd.		16,333		29,371
SJM Holdings Ltd.		13,000		13,730
Sun Hung Kai Properties Ltd.		8,500		142,567
Swire Pacific Ltd., Class A		2,500		29,608
Swire Properties Ltd.		5,200		20,296
Techtronic Industries Co. Ltd.		7,000		40,863
WH Group Ltd.(d)		54,500		46,736
Wharf Holdings Ltd.		8,000		24,180
Wharf Real Estate Investment Co. Ltd.		6,000		41,046
Wheelock & Co. Ltd.		5,000		32,053
Wynn Macau Ltd.		10,000		24,547
Yue Yuen Industrial Holdings Ltd.		5,000		17,054
				2,779,654
Ireland — 0.6%
AerCap Holdings NV(a)		652		30,814
AIB Group PLC		5,483		24,546
Allegion PLC		509		43,703
Bank of Ireland Group PLC		4,715		28,293
CRH PLC		4,678		134,654
DCC PLC		519		42,487
James Hardie Industries PLC		2,101		23,401
Kerry Group PLC, Class A		900		91,898
Kingspan Group PLC		777		31,778
Medtronic PLC		7,204		636,762
Paddy Power Betfair PLC		415		33,939
Seagate Technology PLC		1,534		67,925
Smurfit Kappa Group PLC		1,100		31,719
				1,221,919
Isle of Man — 0.0%
GVC Holdings PLC		3,284		28,938
Israel — 0.2%
Azrieli Group Ltd.		106		5,643
Bank Hapoalim BM		4,993		33,844
Bank LeumiLe-Israel BM		7,553		49,936
Bezeq The Israeli Telecommunication Corp. Ltd.		9,745		7,816
Check Point Software Technologies Ltd.(a)		622		69,614
Elbit Systems Ltd.		144		17,838
Israel Chemicals Ltd.		2,968		17,227
Mizrahi Tefahot Bank Ltd.		680		12,650
NICE Ltd.(a)		376		41,452
Teva Pharmaceutical Industries Ltd. - ADR(a)		5,708		113,304
Wix.com Ltd.(a)		284		31,055
				400,379

Security	Shares		Value
Italy — 0.7%
Assicurazioni Generali SpA		6,428	$	112,537
Atlantia SpA		2,784		65,895
Davide Campari-Milano SpA		2,556		22,965
Enel SpA		43,387		262,227
Eni SpA		13,570		230,090
Ferrari NV		695		86,535
Intesa Sanpaolo SpA		79,379		181,629
Leonardo SpA		2,612		25,310
Mediobanca Banca di Credito Finanziario SpA		3,174		27,661
Moncler SpA		850		31,989
Pirelli & C SpA(a)(d)		2,660		17,387
Poste Italiane SpA(d)		2,284		19,669
Prysmian SpA		1,541		33,106
Recordati SpA		450		16,306
Snam SpA		12,590		60,121
Telecom Italia SpA(a)		51,927		28,892
Telecom Italia SpA,Non-Convertible Savings Shares		36,840		18,028
Terna Rete Elettrica Nazionale SpA		7,519		46,340
UniCredit SpA		10,462		120,946
				1,407,633
Japan — 8.4%
ABC-Mart, Inc.		200		11,491
Acom Co. Ltd.		3,800		13,322
Aeon Co. Ltd.		3,400		69,198
AEON Financial Service Co. Ltd.		600		11,636
Aeon Mall Co. Ltd.		900		14,960
AGC, Inc.		1,000		33,890
Air Water, Inc.		700		11,678
Aisin Seiki Co. Ltd.		800		31,628
Ajinomoto Co., Inc.		2,400		41,555
Alfresa Holdings Corp.		900		24,805
Alps Electric Co. Ltd.		1,200		25,297
Amada Holdings Co. Ltd.		2,000		20,130
ANA Holdings, Inc.		500		18,430
Aozora Bank Ltd.		700		21,560
Asahi Group Holdings Ltd.		1,800		75,401
Asahi Intecc Co. Ltd.		400		17,409
Asahi Kasei Corp.		7,200		79,001
Asics Corp.		800		11,580
Astellas Pharma, Inc.		9,900		146,898
Bandai Namco Holdings, Inc.		1,000		44,177
Bank of Kyoto Ltd.		300		12,753
Benesse Holdings, Inc.		500		13,054
Bridgestone Corp.		3,100		119,323
Brother Industries Ltd.		1,500		25,314
Calbee, Inc.		500		16,101
Canon, Inc.		5,300		152,429
Casio Computer Co. Ltd.		1,000		13,300
Central Japan Railway Co.		700		151,286
Chiba Bank Ltd.		4,300		26,175
Chubu Electric Power Co., Inc.		3,400		53,817
Chugai Pharmaceutical Co. Ltd.		1,100		64,951
Chugoku Electric Power Co., Inc.		1,900		26,000
Coca-Cola Bottlers Japan Holdings, Inc.		900		27,799
Concordia Financial Group Ltd.		5,300		21,861
Credit Saison Co. Ltd.		900		11,859
CyberAgent, Inc.		700		22,673
Dai Nippon Printing Co. Ltd.		1,300		30,089
Dai-ichi Life Holdings, Inc.		5,700		92,551
Daicel Corp.		1,400		14,684
Daifuku Co. Ltd.		400		20,102
Daiichi Sankyo Co. Ltd.		3,000		104,064
Daikin Industries Ltd.		1,300		140,713
Daito Trust Construction Co. Ltd.		400		55,557

18 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares MSCI Developed World Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Daiwa House Industry Co. Ltd.		2,900	$	94,022
Daiwa House REIT Investment Corp.		12		28,258
Daiwa Securities Group, Inc.		9,100		45,384
DeNA Co. Ltd.		400		7,078
Denso Corp.		2,300		105,792
Dentsu, Inc.		1,100		52,177
Disco Corp.		100		14,846
Don Quijote Holdings Co. Ltd.		600		34,891
East Japan Railway Co.		1,600		148,239
Eisai Co. Ltd.		1,300		100,940
Electric Power Development Co. Ltd.		900		22,510
FamilyMart UNY Holdings Co. Ltd.		300		35,143
FANUC Corp.		1,000		170,082
Fast Retailing Co. Ltd.		300		137,672
Fuji Electric Co. Ltd.		500		15,452
FUJIFILM Holdings Corp.		1,900		81,636
Fujitsu Ltd.		1,100		73,827
Fukuoka Financial Group, Inc.		1,000		22,092
Hakuhodo DY Holdings, Inc.		1,500		23,085
Hamamatsu Photonics KK		600		21,483
Hankyu Hanshin Holdings, Inc.		1,200		42,834
Hikari Tsushin, Inc.		100		16,028
Hino Motors Ltd.		1,700		17,068
Hirose Electric Co. Ltd.		135		14,500
Hisamitsu Pharmaceutical Co., Inc.		300		15,363
Hitachi Chemical Co. Ltd.		700		11,546
Hitachi Construction Machinery Co. Ltd.		700		17,778
Hitachi High-Technologies Corp.		200		7,228
Hitachi Ltd.		5,100		160,438
Hitachi Metals Ltd.		1,300		14,625
Honda Motor Co. Ltd.		8,700		261,191
Hoshizaki Corp.		300		21,304
Hoya Corp.		2,100		121,878
Hulic Co. Ltd.		2,200		20,300
Idemitsu Kosan Co. Ltd.		600		21,172
IHI Corp.		700		22,170
Iida Group Holdings Co. Ltd.		1,000		18,199
Inpex Corp.		5,400		51,907
Isetan Mitsukoshi Holdings Ltd.		2,300		23,670
Isuzu Motors Ltd.		2,800		41,651
ITOCHU Corp.		7,400		135,747
J. Front Retailing Co. Ltd.		1,400		16,047
Japan Airlines Co. Ltd.		500		18,204
Japan Airport Terminal Co. Ltd.		200		7,663
Japan Exchange Group, Inc.		2,800		49,304
Japan Post Bank Co. Ltd.		2,500		29,097
Japan Post Holdings Co. Ltd.		8,400		103,261
Japan Prime Realty Investment Corp.		3		12,236
Japan Real Estate Investment Corp.		8		46,893
Japan Retail Fund Investment Corp.		13		26,668
Japan Tobacco, Inc.		5,800		146,831
JFE Holdings, Inc.		2,500		44,069
JGC Corp.		1,300		19,945
JSR Corp.		1,300		21,019
JTEKT Corp.		1,400		18,183
JXTG Holdings, Inc.		17,350		94,768
Kajima Corp.		2,100		29,872
Kakaku.com, Inc.		900		15,800
Kamigumi Co. Ltd.		700		15,497
Kaneka Corp.		100		3,909
Kansai Electric Power Co., Inc.		3,900		59,364
Kansai Paint Co. Ltd.		1,100		19,302
Kao Corp.		2,600		183,816
Kawasaki Heavy Industries Ltd.		800		20,155

Security	Shares		Value
Japan (continued)
KDDI Corp.		9,500	$	237,354
Keihan Holdings Co. Ltd.		400		16,495
Keikyu Corp.		1,000		17,032
Keio Corp.		600		34,468
Keisei Electric Railway Co. Ltd.		500		15,853
Keyence Corp.		500		257,308
Kikkoman Corp.		800		42,560
Kintetsu Group Holdings Co. Ltd.		800		34,915
Kirin Holdings Co. Ltd.		4,300		102,658
Kobayashi Pharmaceutical Co. Ltd.		300		19,066
Kobe Steel Ltd.		2,000		16,066
Koito Manufacturing Co. Ltd.		600		36,134
Komatsu Ltd.		5,100		134,294
Konami Holdings Corp.		400		18,371
Konica Minolta, Inc.		1,900		19,131
Kose Corp.		100		14,680
Kubota Corp.		5,000		79,270
Kuraray Co. Ltd.		1,500		23,068
Kurita Water Industries Ltd.		300		7,627
Kyocera Corp.		1,800		101,381
Kyowa Hakko Kirin Co. Ltd.		1,300		24,923
Kyushu Electric Power Co., Inc.		1,800		22,304
Kyushu Railway Co.		800		27,314
Lawson, Inc.		200		12,328
LINE Corp.(a)(c)		400		14,403
Lion Corp.		1,000		20,841
LIXIL Group Corp.		1,100		16,199
M3, Inc.		2,700		39,077
Makita Corp.		1,200		42,518
Marubeni Corp.		8,800		68,592
Marui Group Co. Ltd.		800		16,244
Maruichi Steel Tube Ltd.		100		3,212
Mazda Motor Corp.		2,700		29,882
McDonald’s Holdings Co. Japan Ltd.		500		22,130
Mebuki Financial Group, Inc.		5,410		15,169
Medipal Holdings Corp.		1,200		27,697
MEIJI Holdings Co. Ltd.		600		46,395
MINEBEA MITSUMI, Inc.		2,100		34,543
MISUMI Group, Inc.		1,500		34,334
Mitsubishi Chemical Holdings Corp.		6,800		58,436
Mitsubishi Corp.		7,200		211,019
Mitsubishi Electric Corp.		10,000		125,833
Mitsubishi Estate Co. Ltd.		6,400		113,353
Mitsubishi Gas Chemical Co., Inc.		1,100		17,398
Mitsubishi Heavy Industries Ltd.		1,700		65,732
Mitsubishi Materials Corp.		400		11,450
Mitsubishi Motors Corp.		4,400		27,338
Mitsubishi Tanabe Pharma Corp.		1,700		26,633
Mitsubishi UFJ Financial Group, Inc.		62,700		336,318
Mitsubishi UFJ Lease & Finance Co. Ltd.		2,700		13,821
Mitsui & Co. Ltd.		8,700		142,140
Mitsui Chemicals, Inc.		1,200		30,126
Mitsui Fudosan Co. Ltd.		4,900		119,045
Mitsui OSK Lines Ltd.		800		19,989
Mizuho Financial Group, Inc.		128,700		211,243
MonotaRO Co Ltd.		800		17,082
MS&AD Insurance Group Holdings, Inc.		2,700		79,930
Murata Manufacturing Co. Ltd.		1,000		150,216
Nabtesco Corp.		700		18,520
Nagoya Railroad Co. Ltd.		1,200		31,758
NEC Corp.		1,300		43,686
Nexon Co. Ltd.(a)		2,100		31,948
NGK Insulators Ltd.		1,100		16,916
NGK Spark Plug Co. Ltd.		1,100		23,701

SCHEDULES OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares MSCI Developed World Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
NH Foods Ltd.		600	$	23,743
Nidec Corp.		1,200		144,310
Nikon Corp.		1,600		27,357
Nintendo Co. Ltd.		600		181,973
Nippon Building Fund, Inc.		7		45,293
Nippon Electric Glass Co. Ltd.		600		16,709
Nippon Express Co. Ltd.		500		31,641
Nippon Paint Holdings Co. Ltd.		800		26,849
Nippon Prologis REIT, Inc.		11		23,990
Nippon Steel & Sumitomo Metal Corp.		4,600		85,184
Nippon Telegraph & Telephone Corp.		3,600		154,757
Nippon Yusen KK		1,000		16,742
Nissan Chemical Corp.		600		31,901
Nissan Motor Co. Ltd.		12,600		107,604
Nisshin Seifun Group, Inc.		900		18,162
Nissin Foods Holdings Co. Ltd.		400		25,465
Nitori Holdings Co. Ltd.		400		52,088
Nitto Denko Corp.		900		50,909
Nomura Holdings, Inc.		20,000		78,096
Nomura Real Estate Holdings, Inc.		600		11,653
Nomura Real Estate Master Fund, Inc.		20		28,661
Nomura Research Institute Ltd.		490		20,052
NSK Ltd.		2,100		20,483
NTT Data Corp.		3,200		38,148
NTT DOCOMO, Inc.		7,000		168,188
Obayashi Corp.		3,200		30,449
Obic Co. Ltd.		300		28,430
Odakyu Electric Railway Co. Ltd.		1,400		31,460
Oji Holdings Corp.		4,300		24,900
Olympus Corp.		1,600		65,634
Omron Corp.		1,000		41,068
Ono Pharmaceutical Co. Ltd.		2,000		43,692
Oracle Corp. Japan		200		14,572
Oriental Land Co. Ltd.		1,100		112,787
ORIX Corp.		7,100		107,095
Osaka Gas Co. Ltd.		1,900		37,617
Otsuka Corp.		500		16,184
Otsuka Holdings Co. Ltd.		2,000		82,031
Panasonic Corp.		12,200		119,465
Park24 Co. Ltd.		800		19,090
Persol Holdings Co. Ltd.		900		16,025
Pigeon Corp.		500		19,604
Pola Orbis Holdings, Inc.		600		17,946
Rakuten, Inc.		4,300		32,464
Recruit Holdings Co. Ltd.		5,800		155,675
Renesas Electronics Corp.(a)		5,400		31,134
Resona Holdings, Inc.		11,700		59,115
Ricoh Co. Ltd.		3,300		35,154
Rinnai Corp.		100		6,621
Rohm Co. Ltd.		500		35,290
Ryohin Keikaku Co. Ltd.		100		23,834
Sankyo Co. Ltd.		300		11,627
Santen Pharmaceutical Co. Ltd.		2,300		31,815
SBI Holdings, Inc.		1,100		23,498
Secom Co. Ltd.		1,000		83,722
Sega Sammy Holdings, Inc.		1,100		15,502
Seibu Holdings, Inc.		1,000		17,373
Seiko Epson Corp.		1,800		28,017
Sekisui Chemical Co. Ltd.		2,000		31,043
Sekisui House Ltd.		3,500		52,309
Seven & i Holdings Co. Ltd.		4,000		174,172
Seven Bank Ltd.		1,500		4,468
SG Holdings Co. Ltd.		700		18,790
Sharp Corp.		800		8,517

Security	Shares		Value
Japan (continued)
Shimadzu Corp.		1,100	$	25,297
Shimano, Inc.		400		56,126
Shimizu Corp.		2,700		22,978
Shin-Etsu Chemical Co. Ltd.		1,800		151,770
Shinsei Bank Ltd.		500		6,770
Shionogi & Co. Ltd.		1,400		86,349
Shiseido Co. Ltd.		2,100		124,922
Shizuoka Bank Ltd.		3,000		25,102
Showa Denko KK		900		30,229
Showa Shell Sekiyu KK		1,200		17,879
SMC Corp.		300		99,014
Softbank Corp.(a)		8,700		107,267
SoftBank Group Corp.		4,400		346,560
Sohgo Security Services Co. Ltd.		400		17,460
Sompo Holdings, Inc.		1,800		67,868
Sony Corp.		6,800		340,727
Sony Financial Holdings, Inc.		1,100		20,932
Stanley Electric Co. Ltd.		900		26,141
Subaru Corp.		3,500		82,187
Sumco Corp.		1,500		20,885
Sumitomo Chemical Co. Ltd.		7,700		40,168
Sumitomo Corp.		5,900		91,353
Sumitomo Dainippon Pharma Co. Ltd.		800		18,835
Sumitomo Electric Industries Ltd.		3,700		52,719
Sumitomo Heavy Industries Ltd.		700		23,746
Sumitomo Metal Mining Co. Ltd.		1,100		31,815
Sumitomo Mitsui Financial Group, Inc.		7,100		264,134
Sumitomo Mitsui Trust Holdings, Inc.		1,600		60,607
Sumitomo Realty & Development Co. Ltd.		2,000		76,380
Sumitomo Rubber Industries Ltd.		1,100		15,290
Sundrug Co. Ltd.		500		16,001
Suntory Beverage & Food Ltd.		600		26,566
Suzuken Co. Ltd.		500		26,253
Suzuki Motor Corp.		1,800		93,997
Sysmex Corp.		800		44,597
T&D Holdings, Inc.		2,800		34,759
Taiheiyo Cement Corp.		800		27,467
Taisei Corp.		1,100		51,791
Taisho Pharmaceutical Holdings Co. Ltd.		200		20,314
Taiyo Nippon Sanso Corp.		700		11,093
Takashimaya Co. Ltd.		900		12,231
Takeda Pharmaceutical Co. Ltd.		7,932		320,241
TDK Corp.		700		55,395
Teijin Ltd.		1,000		17,283
Terumo Corp.		1,600		91,347
THK Co. Ltd.		800		19,113
Tobu Railway Co. Ltd.		1,000		28,242
Toho Co. Ltd.		500		18,240
Toho Gas Co. Ltd.		400		17,181
Tohoku Electric Power Co., Inc.		2,000		27,115
Tokio Marine Holdings, Inc.		3,500		171,380
Tokyo Century Corp.		100		4,682
Tokyo Electric Power Co. Holdings, Inc.(a)		7,900		48,624
Tokyo Electron Ltd.		800		116,817
Tokyo Gas Co. Ltd.		2,200		57,849
Tokyu Corp.		2,600		44,498
Tokyu Fudosan Holdings Corp.		4,000		21,792
Toppan Printing Co. Ltd.		1,600		26,222
Toray Industries, Inc.		7,600		56,324
Toshiba Corp.		3,500		110,834
Tosoh Corp.		1,500		21,304
TOTO Ltd.		700		27,184
Toyo Seikan Group Holdings Ltd.		1,000		22,509
Toyo Suisan Kaisha Ltd.		600		21,599

20 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares MSCI Developed World Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Toyoda Gosei Co. Ltd.		600	$	13,127
Toyota Industries Corp.		700		34,679
Toyota Motor Corp.		12,200		750,911
Toyota Tsusho Corp.		1,300		41,347
Trend Micro, Inc.(a)		700		37,245
Tsuruha Holdings, Inc.		200		18,513
Unicharm Corp.		2,300		71,180
United Urban Investment Corp.		14		22,352
USS Co. Ltd.		1,500		26,264
Welcia Holdings Co. Ltd.		300		11,379
West Japan Railway Co.		900		65,733
Yahoo! Japan Corp.		14,600		39,463
Yakult Honsha Co. Ltd.		600		40,043
Yamada Denki Co. Ltd.		4,500		22,160
Yamaguchi Financial Group, Inc.		1,300		13,215
Yamaha Corp.		700		30,634
Yamaha Motor Co. Ltd.		1,500		32,151
Yamato Holdings Co. Ltd.		1,600		42,633
Yamazaki Baking Co. Ltd.		600		11,785
Yaskawa Electric Corp.		1,200		33,963
Yokogawa Electric Corp.		1,000		18,623
Yokohama Rubber Co. Ltd.		800		16,969
ZOZO, Inc.		900		18,211
				17,536,158
Luxembourg — 0.1%
ArcelorMittal		3,355		77,491
Eurofins Scientific SE		55		22,104
RTL Group SA		254		13,893
Tenaris SA		2,110		26,504
				139,992
Mexico — 0.0%
Fresnillo PLC		1,108		14,629
Netherlands — 1.8%
ABN AMRO Group NV CVA(d)		2,361		58,874
Aegon NV		9,955		51,286
Akzo Nobel NV		1,354		116,535
ASML Holding NV		2,187		382,435
CNH Industrial NV		5,515		54,205
EXOR NV		537		34,331
Heineken Holding NV		635		55,126
Heineken NV		1,339		120,268
ING Groep NV		20,759		246,322
Koninklijke Ahold Delhaize NV		6,651		175,228
Koninklijke DSM NV		946		88,466
Koninklijke KPN NV		18,448		56,713
Koninklijke Philips NV		5,070		199,885
Koninklijke Vopak NV		394		20,023
NN Group NV		1,728		72,969
NXP Semiconductors NV		1,826		158,917
QIAGEN NV(a)		1,197		44,210
Randstad NV		621		29,935
Royal Dutch Shell PLC, Class A		24,513		759,913
Royal Dutch Shell PLC, Class B		19,980		620,352
Unilever NV CVA		8,232		440,825
Wolters Kluwer NV		1,549		96,334
				3,883,152
New Zealand — 0.1%
a2 Milk Co. Ltd.(a)		3,640		32,012
Auckland International Airport Ltd.		4,780		24,328
Fisher & Paykel Healthcare Corp. Ltd.		3,256		28,337
Fletcher Building Ltd.(a)		4,849		16,758
Meridian Energy Ltd.		7,592		18,500

Security	Shares		Value
New Zealand (continued)
Ryman Healthcare Ltd.		2,631	$	19,065
Spark New Zealand Ltd.		10,100		28,392
				167,392
Norway — 0.2%
Aker BP ASA		581		19,359
DNB ASA		5,107		90,645
Equinor ASA		6,176		141,222
Gjensidige Forsikring ASA		1,230		21,246
Mowi ASA(a)		2,260		49,925
Norsk Hydro ASA		6,428		29,800
Orkla ASA		5,000		40,412
Schibsted ASA, Class B		600		19,050
Telenor ASA		3,778		71,525
Yara International ASA		918		37,960
				521,144
Portugal — 0.1%
EDP — Energias de Portugal SA		13,855		50,607
Galp Energia SGPS SA		2,674		41,780
Jeronimo Martins SGPS SA		1,510		21,400
				113,787
Singapore — 0.5%
Ascendas Real Estate Investment Trust		13,497		27,525
CapitaLand Commercial Trust		9,700		13,579
CapitaLand Ltd.		12,700		31,486
CapitaLand Mall Trust		10,900		19,465
City Developments Ltd.		2,700		18,480
ComfortDelGro Corp. Ltd.		13,000		22,558
DBS Group Holdings Ltd.		9,600		171,096
Genting Singapore Ltd.		28,800		23,602
Golden Agri-Resources Ltd.		2,600		491
Jardine Cycle & Carriage Ltd.		600		16,860
Keppel Corp. Ltd.		7,300		33,195
Oversea-Chinese Banking Corp. Ltd.		17,900		153,558
SATS Ltd.		4,400		15,873
Sembcorp Industries Ltd.		7,300		14,083
Singapore Airlines Ltd.		2,500		17,960
Singapore Exchange Ltd.		5,300		30,138
Singapore Press Holdings Ltd.		5,600		10,461
Singapore Technologies Engineering Ltd.		6,300		17,446
Singapore Telecommunications Ltd.		43,600		98,030
Suntec Real Estate Investment Trust		14,000		20,088
United Overseas Bank Ltd.		7,713		144,551
UOL Group Ltd.		2,122		10,501
Venture Corp. Ltd.		1,600		19,435
Wilmar International Ltd.		13,400		33,188
				963,649
Spain — 1.0%
ACS Actividades de Construccion y Servicios SA		1,390		57,524
Aena SME SA(d)		378		65,340
Amadeus IT Group SA		2,341		170,234
Banco Bilbao Vizcaya Argentaria SA		35,569		211,107
Banco de Sabadell SA		28,053		32,166
Banco Santander SA		86,777		411,551
Bankia SA		8,122		23,675
Bankinter SA		4,192		32,732
CaixaBank SA		17,857		67,535
Enagas SA		1,135		33,083
Endesa SA		1,707		42,695
Ferrovial SA		2,738		61,399
Grifols SA		1,585		41,347
Iberdrola SA		32,316		267,107
Iberdrola SA(a)		827		6,816

SCHEDULES OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares MSCI Developed World Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Industria de Diseno Textil SA		5,819	$	162,776
Mapfre SA		5,862		16,310
Naturgy Energy Group SA		1,645		45,986
Red Electrica Corp. SA		2,380		54,848
Repsol SA		7,294		128,032
Siemens Gamesa Renewable Energy SA(a)		1,387		19,691
Telefonica SA		24,927		214,412
				2,166,366
Sweden — 0.9%
Alfa Laval AB		1,455		32,988
Assa Abloy AB, Class B		5,347		99,637
Atlas Copco AB, A Shares		3,540		92,356
Atlas Copco AB, B Shares		2,110		50,491
Autoliv, Inc.		434		34,655
Boliden AB		1,305		32,662
Electrolux AB, Class B		1,430		33,837
Epiroc AB, Class A(a)		3,313		31,813
Epiroc AB, Class B(a)		1,752		15,703
Essity AB, Class B		3,135		86,741
Hennes & Mauritz AB, Class B		4,993		77,690
Hexagon AB, Class B		1,466		71,792
Husqvarna AB, Class B		1,827		13,964
ICA Gruppen AB		430		15,124
Industrivarden AB, Class C		1,090		22,472
Investor AB, Class B		2,484		109,250
Kinnevik AB, Class B		1,142		27,904
L E Lundbergforetagen AB, B Shares		500		15,439
Lundin Petroleum AB		951		30,418
Millicom International Cellular SA, SDR(a)		447		27,996
Sandvik AB		5,986		95,655
Securitas AB, Class B		1,530		24,602
Skandinaviska Enskilda Banken AB, Class A		8,592		90,187
Skanska AB, Class B		2,237		39,170
SKF AB, Class B		1,842		31,027
Svenska Handelsbanken AB, Class A		8,117		88,271
Swedbank AB, Class A		4,996		113,491
Swedish Match AB		888		39,784
Tele2 AB, Class B		2,448		30,647
Telefonaktiebolaget LM Ericsson, Class B		16,244		144,790
Telia Co. AB		16,234		70,747
Volvo AB, Class B		7,928		114,241
				1,805,544
Switzerland — 3.2%
ABB Ltd., Registered Shares		9,831		188,172
Adecco SA, Registered Shares		844		42,294
Baloise Holding AG, Registered Shares		246		38,100
Barry Callebaut AG, Registered Shares		14		23,818
Chocoladefabriken Lindt & Spruengli AG		6		38,151
Cie Financiere Richemont SA, Registered Shares		2,785		191,964
Clariant AG, Registered Shares(a)		976		19,386
Coca-Cola HBC AG(a)		1,004		33,744
Credit Suisse Group AG, Registered Shares(a)		13,635		165,738
Dufry AG, Registered Shares(a)		198		19,803
EMS-Chemie Holding AG, Registered Shares		34		16,982
Ferguson PLC		1,203		80,557
Geberit AG, Registered Shares		215		84,050
Givaudan SA, Registered Shares		51		123,729
Glencore PLC(a)		60,868		247,509
Julius Baer Group Ltd.(a)		1,203		48,351
Kuehne + Nagel International AG, Registered Shares		280		37,865
LafargeHolcim Ltd., Registered Shares(a)		2,590		121,802
Lonza Group AG, Registered Shares(a)		411		108,585
Nestle SA, Registered Shares		16,339		1,424,497

Security	Shares		Value
Switzerland (continued)
Novartis AG, Registered Shares		11,565	$	1,009,633
Pargesa Holding SA, Bearer Shares		238		18,787
Partners Group Holding AG		97		66,717
Roche Holding AG		3,748		997,102
Schindler Holding AG, Participation Certificates		217		46,160
Schindler Holding AG, Registered Shares		100		21,122
SGS SA, Registered Shares		30		72,421
Sika AG, Registered Shares		689		90,987
Sonova Holding AG, Registered Shares		302		56,678
STMicroelectronics NV		3,654		58,296
Straumann Holding AG, Registered Shares		54		39,205
Swatch Group AG, Bearer Shares		168		48,126
Swatch Group AG, Registered Shares		349		19,419
Swiss Life Holding AG, Registered Shares(a)		196		80,860
Swiss Prime Site AG, Registered Shares(a)		499		42,272
Swiss Re AG		1,623		155,653
Swisscom AG, Registered Shares		147		70,457
TE Connectivity Ltd.		1,850		149,758
Temenos AG, Registered Shares(a)		321		43,330
UBS Group AG, Registered Shares(a)		20,562		266,560
Vifor Pharma AG		253		32,200
Zurich Insurance Group AG(a)		807		253,279
				6,694,119
United Arab Emirates — 0.0%
NMC Health PLC		448		15,166
United Kingdom — 5.3%
3i Group PLC		5,328		59,464
Admiral Group PLC		1,066		28,987
Anglo American PLC		5,944		151,904
Aptiv PLC		1,416		112,048
Ashtead Group PLC		2,664		67,572
Associated British Foods PLC		1,976		62,014
AstraZeneca PLC		6,758		489,562
Auto Trader Group PLC(d)		6,015		36,098
Aviva PLC		21,370		116,223
Babcock International Group PLC		1,645		11,458
BAE Systems PLC		17,439		117,319
Barclays PLC		91,281		190,262
Barratt Developments PLC		5,214		36,879
Berkeley Group Holdings PLC		595		29,296
BP PLC		106,570		727,995
British American Tobacco PLC		12,236		431,319
British Land Co. PLC		4,723		35,579
BT Group PLC		44,591		135,976
Bunzl PLC		1,875		59,123
Burberry Group PLC		2,166		51,202
Capri Holdings Ltd.(a)		696		29,566
Carnival PLC		937		53,014
Centrica PLC		31,026		55,755
Coca-Cola European Partners PLC(a)		1,216		57,857
Compass Group PLC		8,448		180,775
ConvaTec Group PLC(d)		8,732		16,371
Croda International PLC		699		44,256
Diageo PLC		13,130		501,125
Direct Line Insurance Group PLC		6,197		27,391
easyJet PLC		1,045		17,315
Experian PLC		4,709		118,232
Fiat Chrysler Automobiles NV(a)		5,767		98,684
G4S PLC		7,199		18,461
GlaxoSmithKline PLC		26,459		513,954
Hammerson PLC		4,781		23,373
Hargreaves Lansdown PLC		1,431		30,729
HSBC Holdings PLC		106,191		894,155

22 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares MSCI Developed World Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
IHS Markit Ltd.(a)		2,134	$	110,797
Imperial Brands PLC		5,088		168,891
Informa PLC		6,979		61,990
InterContinental Hotels Group PLC		918		52,168
International Consolidated Airlines Group SA		2,919		24,632
Intertek Group PLC		888		57,302
Investec PLC		4,118		26,470
ITV PLC		17,906		30,395
J. Sainsbury PLC		11,577		43,349
John Wood Group PLC		3,342		23,719
Johnson Matthey PLC		991		39,590
Kingfisher PLC		10,534		30,774
Land Securities Group PLC		3,889		44,227
Legal & General Group PLC		31,793		108,315
Liberty Global PLC, Class A(a)(c)		1,067		26,035
Liberty Global PLC, Class C(a)		2,930		69,031
Linde PLC		2,938		478,923
Lloyds Banking Group PLC		379,450		289,279
London Stock Exchange Group PLC		1,671		100,496
Marks & Spencer Group PLC		9,880		37,382
Meggitt PLC		3,683		24,944
Melrose Industries PLC		27,137		60,150
Merlin Entertainments PLC(d)		4,220		18,701
Micro Focus International PLC		2,317		44,174
Mondi PLC		1,949		47,133
National Grid PLC		18,129		197,414
Next PLC		746		47,445
Pearson PLC		3,935		46,783
Pentair PLC		835		34,394
Persimmon PLC		1,684		52,533
Prudential PLC		13,826		270,383
Reckitt Benckiser Group PLC		3,582		275,616
RELX PLC		10,546		233,589
Rio Tinto PLC		6,260		346,316
Rolls-Royce Holdings PLC(a)		9,035		105,018
Royal Bank of Scotland Group PAuroraLC		24,449		77,557
Royal Mail PLC		3,649		12,857
RSA Insurance Group PLC		5,279		35,595
Sage Group PLC		5,873		48,272
Schroders PLC		821		28,164
Segro PLC		5,319		45,215
Sensata Technologies Holding PLC(a)(c)		883		41,942
Severn Trent PLC		1,484		38,995
Smith & Nephew PLC		4,584		86,357
Smiths Group PLC		2,035		38,644
SSE PLC		5,183		79,678
St. James’s Place PLC		2,649		32,652
Standard Chartered PLC		14,381		115,984
Standard Life Aberdeen PLC		12,264		40,545
Taylor Wimpey PLC		16,526		35,832
TechnipFMC PLC		2,260		51,890
Tesco PLC		52,026		152,303
Unilever PLC		6,033		316,938
United Utilities Group PLC		3,410		37,295
Vodafone Group PLC		142,509		259,905
Weir Group PLC		1,117		22,105
Whitbread PLC		1,021		65,421
Willis Towers Watson PLC		717		116,720
WM Morrison Supermarkets PLC		11,060		34,011
WPP PLC		6,401		73,250
				11,147,778
United States — 59.8%
3M Co.		3,129		626,739
Abbott Laboratories		9,358		682,947

Security	Shares		Value
United States (continued)
AbbVie, Inc.		8,078	$	648,583
ABIOMED, Inc.(a)(c)		214		75,129
Accenture PLC, Class A		3,418		524,834
Activision Blizzard, Inc.		3,887		183,622
Acuity Brands, Inc.		227		27,447
Adobe, Inc.(a)		2,612		647,306
Advance Auto Parts, Inc.		420		66,864
Advanced Micro Devices, Inc.(a)		4,930		120,341
AES Corp.		3,666		60,086
Affiliated Managers Group, Inc.		330		34,634
Aflac, Inc.		4,135		197,239
Agilent Technologies, Inc.		1,769		134,532
AGNC Investment Corp.		2,816		50,435
Air Products & Chemicals, Inc.		1,177		193,487
Akamai Technologies, Inc.(a)		947		61,650
Albemarle Corp.		576		46,500
Alexandria Real Estate Equities, Inc.		599		78,894
Alexion Pharmaceuticals, Inc.(a)		1,171		143,986
Align Technology, Inc.(a)		394		98,086
Alkermes PLC(a)		927		30,470
Alleghany Corp.		80		50,525
Allergan PLC		1,795		258,444
Alliance Data Systems Corp.		265		47,061
Alliant Energy Corp.		1,285		57,144
Allstate Corp.		1,847		162,296
Ally Financial, Inc.		2,349		61,215
Alnylam Pharmaceuticals, Inc.(a)(c)		477		39,844
Alphabet, Inc., Class A(a)		1,595		1,795,795
Alphabet, Inc., Class C(a)		1,680		1,875,502
Altria Group, Inc.		10,056		496,264
Amazon.com, Inc.(a)		2,212		3,801,831
AMERCO		53		19,221
Ameren Corp.		1,280		88,755
American Airlines Group, Inc.		505		18,064
American Electric Power Co., Inc.		2,659		210,380
American Express Co.		3,904		400,941
American Financial Group, Inc.		384		36,630
American International Group, Inc.		4,799		207,461
American Tower Corp.		2,352		406,520
American Water Works Co., Inc.		952		91,078
Ameriprise Financial, Inc.		742		93,937
AmerisourceBergen Corp.		919		76,617
AMETEK, Inc.		1,212		88,355
Amgen, Inc.		3,453		646,091
Amphenol Corp., Class A		1,571		138,122
Anadarko Petroleum Corp.		2,681		126,892
Analog Devices, Inc.		1,983		196,039
Annaly Capital Management, Inc.		7,418		77,444
ANSYS, Inc.(a)		475		78,066
Antero Resources Corp.(a)		1,355		13,631
Anthem, Inc.		1,387		420,261
AO Smith Corp.		723		34,603
Aon PLC		1,308		204,349
Apache Corp.		2,170		71,219
Apple, Inc.		25,765		4,288,327
Applied Materials, Inc.		5,273		206,069
Aramark		1,282		42,242
Arch Capital Group Ltd.(a)		2,269		66,595
Archer-Daniels-Midland Co.		2,930		131,557
Arconic, Inc.		2,403		45,224
Arista Networks, Inc.(a)		295		63,360
Arrow Electronics, Inc.(a)(c)		433		32,886
Arthur J Gallagher & Co.		911		68,061
Assurant, Inc.		306		29,495

SCHEDULES OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares MSCI Developed World Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
AT&T, Inc.		38,738	$	1,164,464
Athene Holding Ltd., Class A(a)		774		33,205
Atmos Energy Corp.		616		60,140
Autodesk, Inc.(a)		1,166		171,635
Automatic Data Processing, Inc.		2,330		325,827
AutoZone, Inc.(a)		134		113,544
AvalonBay Communities, Inc.		728		140,446
Avery Dennison Corp.		477		49,823
AXA Equitable Holdings, Inc.		1,274		23,620
Axalta Coating Systems Ltd.(a)		1,286		32,947
Baker Hughes a GE Co.		2,855		67,292
Ball Corp.		1,699		88,824
Bank of America Corp.		50,617		1,441,066
Bank of New York Mellon Corp.		5,282		276,354
Bausch Health Cos., Inc.(a)		1,603		39,357
Baxter International, Inc.		2,729		197,825
BB&T Corp.		4,181		204,033
Becton Dickinson & Co.		1,427		355,979
Berkshire Hathaway, Inc., Class B(a)		6,922		1,422,748
Best Buy Co., Inc.		1,274		75,472
Biogen, Inc.(a)		1,075		358,813
BioMarin Pharmaceutical, Inc.(a)		930		91,298
BlackRock, Inc.(e)		628		260,670
Boeing Co.		2,911		1,122,540
Booking Holdings, Inc.(a)		253		463,701
BorgWarner, Inc.		1,105		45,195
Boston Properties, Inc.		827		109,056
Boston Scientific Corp.(a)		7,296		278,342
Brighthouse Financial, Inc.(a)(c)		556		20,761
Bristol-Myers Squibb Co.		8,705		429,766
Broadcom, Inc.		2,303		617,780
Broadridge Financial Solutions, Inc.		658		66,346
Brookfield Property REIT, Inc., Class A		759		13,814
Brown-Forman Corp., Class B		1,507		71,206
Bunge Ltd.		764		42,073
Burlington Stores, Inc.(a)		380		65,250
C.H. Robinson Worldwide, Inc.		786		68,201
Cabot Oil & Gas Corp.		2,465		61,502
Cadence Design Systems, Inc.(a)		1,604		77,040
Camden Property Trust		447		43,337
Campbell Soup Co.		891		31,568
Capital One Financial Corp.		2,589		208,648
Cardinal Health, Inc.		1,579		78,903
CarMax, Inc.(a)(c)		998		58,662
Carnival Corp.		2,353		135,486
Caterpillar, Inc.		3,170		422,117
Cboe Global Markets, Inc.		619		57,734
CBRE Group, Inc., Class A(a)		1,610		73,657
CBS Corp., Class B		1,777		87,890
CDK Global, Inc.		598		29,248
CDW Corp.		855		71,196
Celanese Corp.		660		63,202
Celgene Corp.(a)		3,751		331,813
Centene Corp.(a)		1,080		141,016
CenterPoint Energy, Inc.		2,513		77,702
CenturyLink, Inc.		5,020		76,906
Cerner Corp.(a)		1,537		84,397
CF Industries Holdings, Inc.		1,297		56,614
Charles Schwab Corp.		6,466		302,415
Charter Communications, Inc., Class A(a)		848		280,730
Chemours Co.		1,077		38,503
Cheniere Energy, Inc.(a)		1,048		68,801
Chevron Corp.		10,222		1,171,952
Chipotle Mexican Grill, Inc.(a)		140		74,145

Security	Shares		Value
United States (continued)
Chubb Ltd.		2,471	$	328,767
Church & Dwight Co., Inc.		1,288		83,218
Cigna Corp.		2,028		405,215
Cimarex Energy Co.		477		35,937
Cincinnati Financial Corp.		871		70,656
Cintas Corp.		471		88,317
Cisco Systems, Inc.		25,087		1,186,364
CIT Group, Inc.		708		32,703
Citigroup, Inc.		13,425		865,375
Citizens Financial Group, Inc.		2,477		84,020
Citrix Systems, Inc.		691		70,855
Clorox Co.		699		103,718
CME Group, Inc.		1,907		347,608
CMS Energy Corp.		1,443		75,238
Coca-Cola Co.		21,552		1,037,298
Cognex Corp.(c)		878		39,949
Cognizant Technology Solutions Corp., Class A		3,135		218,447
Colgate-Palmolive Co.		4,344		280,970
Comcast Corp., Class A		24,392		892,015
Comerica, Inc.		971		76,457
CommScope Holding Co., Inc.(a)		763		15,954
Conagra Brands, Inc.		2,571		55,636
Concho Resources, Inc.(a)		1,039		124,514
ConocoPhillips		6,199		419,610
Consolidated Edison, Inc.		1,627		126,337
Constellation Brands, Inc., Class A		891		154,731
Continental Resources, Inc.(a)(c)		428		19,761
Cooper Cos., Inc.		279		77,774
Copart, Inc.(a)(c)		1,166		59,035
Corning, Inc.		4,235		140,856
CoStar Group, Inc.(a)		179		69,942
Costco Wholesale Corp.		2,339		502,020
Coty, Inc., Class A(a)		3,055		23,707
Crown Castle International Corp.		2,257		264,204
Crown Holdings, Inc.(a)(c)		651		33,201
CSX Corp.		4,316		283,561
Cummins, Inc.		858		126,220
CVS Health Corp.		6,894		451,902
D.R. Horton, Inc.		1,772		68,133
Danaher Corp.		3,360		372,691
Darden Restaurants, Inc.		706		74,081
DaVita, Inc.(a)		639		35,867
Deere & Co.		1,603		262,892
Dell Technologies, Inc., Class C(a)		887		43,099
Delta Air Lines, Inc.		919		45,426
DENTSPLY SIRONA, Inc.		1,088		45,642
Devon Energy Corp.		2,887		76,939
DexCom, Inc.(a)		501		70,656
Diamondback Energy, Inc.		809		83,424
Digital Realty Trust, Inc.		1,050		113,757
Discover Financial Services		1,748		117,973
Discovery, Inc., Class A(a)		636		18,050
Discovery, Inc., Class C(a)		1,593		42,453
DISH Network Corp., Class A(a)		1,154		35,393
Dollar General Corp.		1,416		163,449
Dollar Tree, Inc.(a)		1,226		118,714
Dominion Energy, Inc.		3,951		277,518
Domino’s Pizza, Inc.		219		62,137
Dover Corp.		835		73,338
DowDuPont, Inc.		12,308		662,293
DTE Energy Co.		1,000		117,750
Duke Energy Corp.		3,800		333,564
Duke Realty Corp.		1,967		57,515
DXC Technology Co.		1,482		95,026

24 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares MSCI Developed World Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
E*Trade Financial Corp.		1,473	$	68,730
East West Bancorp, Inc.		730		36,734
Eastman Chemical Co.		791		63,770
Eaton Corp. PLC		2,311		176,214
Eaton Vance Corp.		553		21,302
eBay, Inc.		5,015		168,755
Ecolab, Inc.		1,406		222,387
Edison International		1,768		100,723
Edwards Lifesciences Corp.(a)		1,126		191,893
Electronic Arts, Inc.(a)		1,619		149,337
Eli Lilly & Co.		5,156		617,998
Emerson Electric Co.		3,399		222,533
Entergy Corp.		939		83,749
EOG Resources, Inc.		3,074		304,941
Equifax, Inc.		682		72,988
Equinix, Inc.		423		166,662
Equity Residential		1,946		141,202
Essex Property Trust, Inc.		348		94,378
Estee Lauder Cos., Inc., Class A		1,191		162,476
Everest Re Group Ltd.		219		47,972
Evergy, Inc.		1,409		80,764
Eversource Energy		1,747		121,259
Exelon Corp.		5,253		250,883
Expedia Group, Inc.		622		74,173
Expeditors International of Washington, Inc.		989		68,538
Extra Space Storage, Inc.		714		70,408
Exxon Mobil Corp.		22,585		1,655,029
F5 Networks, Inc.(a)		335		53,918
Facebook, Inc., Class A(a)		12,865		2,144,467
Fastenal Co.		1,494		90,327
Federal Realty Investment Trust		397		52,630
FedEx Corp.		1,308		232,262
Fidelity National Financial, Inc.		1,404		50,769
Fidelity National Information Services, Inc.		1,766		184,600
Fifth Third Bancorp		3,569		95,721
First Data Corp., Class A(a)		2,734		67,393
First Republic Bank		838		80,976
FirstEnergy Corp.		2,627		102,978
Fiserv, Inc.(a)		2,160		179,129
FleetCor Technologies, Inc.(a)		467		94,245
Flex Ltd.(a)		2,312		22,241
FLIR Systems, Inc.		675		32,994
Flowserve Corp.		796		35,056
Fluor Corp.		800		29,256
FMC Corp.		753		60,089
Ford Motor Co.		19,839		174,583
Fortinet, Inc.(a)		801		61,333
Fortive Corp.		1,656		124,183
Fortune Brands Home & Security, Inc.		687		31,121
Franklin Resources, Inc.		1,732		51,285
Freeport-McMoRan, Inc.		7,139		83,098
Gap, Inc.		1,111		28,264
Garmin Ltd.		586		40,539
Gartner, Inc.(a)(c)		515		69,983
General Dynamics Corp.		1,366		233,818
General Electric Co.		46,362		471,038
General Mills, Inc.		3,147		139,853
General Motors Co.		6,666		260,107
Genuine Parts Co.		745		74,366
Gilead Sciences, Inc.		6,915		484,119
Global Payments, Inc.		837		93,978
GoDaddy, Inc., Class A(a)		921		63,208
Goldman Sachs Group, Inc.		1,913		378,793
Goodyear Tire & Rubber Co.		1,401		29,687

Security	Shares		Value
United States (continued)
GrubHub, Inc.(a)		460	$	36,984
H&R Block, Inc.		909		21,443
Halliburton Co.		4,670		146,451
Hanesbrands, Inc.		2,105		31,554
Harley-Davidson, Inc.		784		28,898
Harris Corp.		614		94,053
Hartford Financial Services Group, Inc.		1,879		88,163
Hasbro, Inc.		671		60,766
HCA Healthcare, Inc.		1,491		207,890
HCP, Inc.		2,363		74,529
HD Supply Holdings, Inc.(a)		869		36,446
Helmerich & Payne, Inc.		515		28,835
Henry Schein, Inc.(a)(c)		869		67,521
Hershey Co.		730		77,453
Hess Corp.		1,519		82,026
Hewlett Packard Enterprise Co.		8,187		127,635
Hilton Worldwide Holdings, Inc.		1,555		115,816
HollyFrontier Corp.		846		47,664
Hologic, Inc.(a)		1,544		68,554
Home Depot, Inc.		6,103		1,120,084
Honeywell International, Inc.		3,961		568,918
Hormel Foods Corp.		1,660		70,251
Host Hotels & Resorts, Inc.		4,218		76,177
HP, Inc.		8,487		186,969
Humana, Inc.		746		230,507
Huntington Bancshares, Inc.		5,624		74,462
Huntington Ingalls Industries, Inc.		213		43,974
IAC/InterActiveCorp(a)		395		83,456
IDEX Corp.		426		58,728
IDEXX Laboratories, Inc.(a)		456		97,028
Illinois Tool Works, Inc.		1,633		224,227
Illumina, Inc.(a)		799		223,552
Incyte Corp.(a)		1,029		82,927
Ingersoll-Rand PLC		1,376		137,655
Ingredion, Inc.		358		35,442
Intel Corp.		24,597		1,159,011
Intercontinental Exchange, Inc.		3,115		239,107
International Business Machines Corp.		4,869		654,491
International Flavors & Fragrances, Inc.		482		68,338
International Paper Co.		2,059		97,658
Interpublic Group of Cos., Inc.		1,863		42,383
Intuit, Inc.		1,285		277,329
Intuitive Surgical, Inc.(a)		606		317,326
Invesco Ltd.		2,095		38,171
Invitation Homes, Inc.		1,540		34,635
IPG Photonics Corp.(a)		183		24,339
IQVIA Holdings, Inc.(a)		883		113,916
Iron Mountain, Inc.		1,485		55,242
J.M. Smucker Co.		644		67,543
Jack Henry & Associates, Inc.		424		56,625
Jacobs Engineering Group, Inc.		665		43,092
Jazz Pharmaceuticals PLC(a)		324		40,788
JB Hunt Transport Services, Inc.		426		45,599
Jefferies Financial Group, Inc.		1,415		29,446
Johnson & Johnson		14,311		1,904,508
Johnson Controls International PLC		4,934		166,621
Jones Lang LaSalle, Inc.		224		32,124
JPMorgan Chase & Co.		17,928		1,855,548
Juniper Networks, Inc.		1,893		49,104
Kansas City Southern		569		60,172
Kellogg Co.		1,341		79,132
KeyCorp		5,586		92,001
Keysight Technologies, Inc.(a)		1,063		78,683
Kimberly-Clark Corp.		1,881		209,506

SCHEDULES OF INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares MSCI Developed World Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Kimco Realty Corp.		2,106	$	35,823
Kinder Morgan, Inc.		10,676		193,236
KLA-Tencor Corp.		793		84,510
Knight-Swift Transportation Holdings, Inc.(c)		602		19,114
Kohl’s Corp.		942		64,706
Kraft Heinz Co.		3,246		156,003
Kroger Co.		4,116		116,606
L Brands, Inc.		1,160		32,294
L3 Technologies, Inc.		393		77,374
Laboratory Corp. of America Holdings(a)		508		70,790
Lam Research Corp.		876		148,552
Lamb Weston Holdings, Inc.		811		58,635
Las Vegas Sands Corp.		2,014		117,537
Lear Corp.		323		49,719
Leggett & Platt, Inc.		779		31,908
Leidos Holdings, Inc.		784		45,472
Lennar Corp., Class A(c)		1,646		78,053
Lennox International, Inc.		191		43,792
Liberty Broadband Corp., Class C(a)(c)		576		48,972
Liberty Media Corp. — Liberty SiriusXM, Class A(a)		572		22,754
Liberty Media Corp. — Liberty SiriusXM, Class C(a)		869		34,725
Liberty Media Corp. — Liberty Formula One, Class C(a)		1,006		31,558
Liberty Property Trust		737		34,742
Lincoln National Corp.		1,216		71,124
Live Nation Entertainment, Inc.(a)(c)		764		40,882
LKQ Corp.(a)		1,691		44,338
Lockheed Martin Corp.		1,367		396,006
Loews Corp.		1,523		72,952
Lowe’s Cos., Inc.		4,326		415,988
Lululemon Athletica, Inc.(a)		566		83,660
LyondellBasell Industries NV, Class A		1,760		153,067
M&T Bank Corp.		750		123,405
Macerich Co.		632		29,173
Macy’s, Inc.		1,604		42,185
ManpowerGroup, Inc.		363		28,688
Marathon Oil Corp.		4,879		77,039
Marathon Petroleum Corp.		3,603		238,735
Markel Corp.(a)(c)		70		73,746
Marriott International, Inc., Class A		1,573		180,156
Marsh & McLennan Cos., Inc.		2,739		241,552
Martin Marietta Materials, Inc.		354		62,545
Masco Corp.		1,698		55,032
Mastercard, Inc., Class A		4,921		1,038,971
Mattel, Inc.(a)		1,475		17,464
Maxim Integrated Products, Inc.		1,409		76,466
McCormick & Co., Inc.		642		79,377
McDonald’s Corp.		4,138		739,792
McKesson Corp.		1,047		134,278
Merck & Co., Inc.		14,187		1,055,938
MetLife, Inc.		4,564		208,438
Mettler-Toledo International, Inc.(a)		127		81,046
MGM Resorts International		2,564		75,484
Microchip Technology, Inc.		1,247		100,221
Micron Technology, Inc.(a)		6,271		239,678
Microsoft Corp.		38,860		4,058,150
Mid-America Apartment Communities, Inc.		638		64,617
Middleby Corp.(a)(c)		276		32,463
Mohawk Industries, Inc.(a)		333		42,887
Molson Coors Brewing Co., Class B		1,074		71,539
Mondelez International, Inc., Class A		7,823		361,892
Monster Beverage Corp.(a)		2,125		121,635
Moody’s Corp.		915		145,037
Morgan Stanley		6,940		293,562
Mosaic Co.		2,074		66,949

Security	Shares		Value
United States (continued)
Motorola Solutions, Inc.		878	$	102,647
MSCI, Inc.		440		74,919
Mylan NV(a)		2,647		79,278
Nasdaq, Inc.		626		55,113
National Oilwell Varco, Inc.		2,153		63,470
National Retail Properties, Inc.		818		43,117
Nektar Therapeutics(a)		876		37,090
NetApp, Inc.		1,347		85,898
Netflix, Inc.(a)		2,323		788,658
Newell Brands, Inc.		2,590		54,934
Newmont Mining Corp.		2,869		97,862
News Corp., Class A		2,227		28,572
NextEra Energy, Inc.		2,516		450,314
Nielsen Holdings PLC		1,902		48,843
NIKE, Inc., Class B		6,831		559,322
NiSource, Inc.		1,988		54,233
Noble Energy, Inc.		2,701		60,340
Nordstrom, Inc.		525		24,365
Norfolk Southern Corp.		1,465		245,739
Northern Trust Corp.		1,147		101,464
Northrop Grumman Corp.		898		247,444
Norwegian Cruise Line Holdings Ltd.(a)		1,217		62,590
NRG Energy, Inc.		1,710		69,956
Nucor Corp.		1,688		103,373
NVIDIA Corp.		3,081		442,894
NVR, Inc.(a)		18		47,880
O’Reilly Automotive, Inc.(a)		427		147,170
Occidental Petroleum Corp.		4,024		268,723
OGE Energy Corp.		1,084		44,390
Old Dominion Freight Line, Inc.		321		43,634
Omnicom Group, Inc.		1,185		92,288
ON Semiconductor Corp.(a)		2,232		44,729
ONEOK, Inc.		2,160		138,694
Oracle Corp.		15,928		800,063
Owens Corning		672		35,206
PACCAR, Inc.		1,928		126,323
Packaging Corp. of America		454		42,821
Palo Alto Networks, Inc.(a)		498		106,980
Parker-Hannifin Corp.		728		119,982
Parsley Energy, Inc., Class A(a)		1,112		20,661
Paychex, Inc.		1,792		126,874
PayPal Holdings, Inc.(a)		5,998		532,382
People’s United Financial, Inc.		1,724		28,239
PepsiCo, Inc.		7,545		850,095
Perrigo Co. PLC		623		28,938
Pfizer, Inc.		31,271		1,327,454
Philip Morris International, Inc.		8,292		636,162
Phillips 66		2,390		228,030
Pinnacle West Capital Corp.		611		53,841
Pioneer Natural Resources Co.		890		126,665
Plains GP Holdings LP, Class A(a)		970		22,155
PNC Financial Services Group, Inc.		2,469		302,872
Polaris Industries, Inc.		348		29,190
PPG Industries, Inc.		1,276		134,541
PPL Corp.		3,843		120,363
Principal Financial Group, Inc.		1,421		71,149
Procter & Gamble Co.		13,278		1,280,929
Progressive Corp.		3,143		211,492
Prologis, Inc.		3,410		235,836
Prudential Financial, Inc.		2,250		207,315
PTC, Inc.(a)(c)		568		48,161
Public Service Enterprise Group, Inc.		2,676		145,976
Public Storage		837		177,879
PulteGroup, Inc.		1,405		39,073

26 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares MSCI Developed World Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
PVH Corp.		407	$	44,408
Qorvo, Inc.(a)		660		43,138
QUALCOMM, Inc.		7,502		371,499
Quest Diagnostics, Inc.		774		67,609
Qurate Retail, Inc.(a)		2,333		50,743
Ralph Lauren Corp.		261		30,313
Raymond James Financial, Inc.		727		58,524
Raytheon Co.		1,492		245,822
Realty Income Corp.		1,574		108,118
Red Hat, Inc.(a)		946		168,237
Regency Centers Corp.		826		53,690
Regeneron Pharmaceuticals, Inc.(a)		426		182,869
Regions Financial Corp.		5,791		87,849
Reinsurance Group of America, Inc.		331		47,813
RenaissanceRe Holdings Ltd.		179		24,707
Republic Services, Inc.		1,209		92,742
ResMed, Inc.		747		71,092
Robert Half International, Inc.		624		40,204
Rockwell Automation, Inc.		667		113,070
Rollins, Inc.		642		23,908
Roper Technologies, Inc.		549		155,510
Ross Stores, Inc.		2,022		186,267
Royal Caribbean Cruises Ltd.		886		106,364
S&P Global, Inc.		1,317		252,403
Sabre Corp.		1,320		30,334
salesforce.com, Inc.(a)		3,835		582,805
SBA Communications Corp.(a)		625		114,081
Schlumberger Ltd.		7,383		326,402
Sealed Air Corp.		770		30,415
Seattle Genetics, Inc.(a)		583		44,559
SEI Investments Co.		650		30,901
Sempra Energy		1,459		170,674
ServiceNow, Inc.(a)		949		208,799
Sherwin-Williams Co.		450		189,684
Signature Bank		269		34,246
Simon Property Group, Inc.		1,635		297,766
Sirius XM Holdings, Inc.(c)		8,594		50,103
Skyworks Solutions, Inc.		1,015		74,136
SL Green Realty Corp.		454		41,963
Snap-on, Inc.		308		51,125
Southern Co.		5,318		258,455
Southwest Airlines Co.		724		41,094
Spirit AeroSystems Holdings, Inc., Class A		564		47,038
Splunk, Inc.(a)		758		94,629
Sprint Corp.(a)		4,842		30,214
Square, Inc., Class A(a)		1,624		115,872
SS&C Technologies Holdings, Inc.		1,195		61,531
Stanley Black & Decker, Inc.		833		105,325
Starbucks Corp.		7,197		490,404
State Street Corp.		2,010		142,509
Steel Dynamics, Inc.		1,229		44,969
Stryker Corp.		1,785		316,962
SunTrust Banks, Inc.		2,447		145,401
SVB Financial Group(a)		301		70,247
Symantec Corp.		3,507		73,717
Synchrony Financial		3,787		113,761
Synopsys, Inc.(a)		844		78,787
Sysco Corp.		2,634		168,181
T-Mobile U.S., Inc.(a)		1,753		122,044
T. Rowe Price Group, Inc.		1,248		116,638
Take-Two Interactive Software, Inc.(a)		646		68,185
Tapestry, Inc.		1,603		62,052
Targa Resources Corp.		1,112		47,827
Target Corp.		2,688		196,224

Security	Shares		Value
United States (continued)
TD Ameritrade Holding Corp.		1,460	$	81,687
Teleflex, Inc.		259		70,837
Tesla, Inc.(a)		691		212,151
Texas Instruments, Inc.		5,186		522,126
Textron, Inc.		1,409		75,001
Thermo Fisher Scientific, Inc.		2,149		527,945
Tiffany & Co.		602		53,415
TJX Cos., Inc.		6,623		329,362
Torchmark Corp.		584		48,916
Total System Services, Inc.		823		73,749
Tractor Supply Co.		677		57,816
TransDigm Group, Inc.(a)		247		96,577
TransUnion		1,027		62,462
Travelers Cos., Inc.		1,428		179,271
Trimble, Inc.(a)		1,369		51,557
TripAdvisor, Inc.(a)(c)		508		29,149
Twenty-First Century Fox, Inc., Class A		5,557		274,016
Twenty-First Century Fox, Inc., Class B		2,432		119,314
Twitter, Inc.(a)		3,779		126,823
Tyson Foods, Inc., Class A		1,574		97,462
U.S. Bancorp		8,255		422,326
UDR, Inc.		1,497		65,494
UGI Corp.		948		54,064
Ulta Salon Cosmetics & Fragrance, Inc.(a)		293		85,533
Under Armour, Inc., Class A(a)		773		16,032
Under Armour, Inc., Class C(a)(c)		1,169		22,141
Union Pacific Corp.		3,945		627,531
United Continental Holdings, Inc.(a)		323		28,188
United Parcel Service, Inc., Class B		3,699		389,875
United Rentals, Inc.(a)		454		56,868
United Technologies Corp.		4,367		515,612
United Therapeutics Corp.(a)		250		28,833
UnitedHealth Group, Inc.		5,134		1,387,207
Universal Health Services, Inc., Class B		482		63,879
Unum Group		1,113		38,688
Vail Resorts, Inc.		208		39,158
Valero Energy Corp.		2,297		201,723
Varian Medical Systems, Inc.(a)		518		68,392
Veeva Systems, Inc., Class A(a)		684		74,597
Ventas, Inc.		1,981		127,755
VEREIT, Inc.		4,970		40,158
VeriSign, Inc.(a)		582		98,515
Verisk Analytics, Inc.(a)		836		98,155
Verizon Communications, Inc.		22,041		1,213,577
Vertex Pharmaceuticals, Inc.(a)		1,344		256,583
VF Corp.		1,783		150,075
Viacom, Inc., Class B		1,965		57,810
Visa, Inc., Class A		9,477		1,279,490
Vistra Energy Corp.(a)		1,812		45,499
VMware, Inc., Class A		425		64,205
Vornado Realty Trust		964		67,393
Voya Financial, Inc.		807		37,469
Vulcan Materials Co.		659		66,987
W.R. Berkley Corp.		501		38,522
W.W. Grainger, Inc.		239		70,598
WABCO Holdings, Inc.(a)		247		28,215
Wabtec Corp.(c)		427		29,531
Walgreens Boots Alliance, Inc.		4,499		325,098
Walmart, Inc.		7,871		754,278
Walt Disney Co.		7,934		884,800
Waste Management, Inc.		2,322		222,146
Waters Corp.(a)		395		91,332
Wayfair, Inc., Class A(a)		351		38,420
WEC Energy Group, Inc.		1,615		117,943

SCHEDULES OF INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares MSCI Developed World Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
WellCare Health Plans, Inc.(a)(c)		282	$	77,967
Wells Fargo & Co.		24,407		1,193,746
Welltower, Inc.		1,973		152,888
Western Digital Corp.		1,652		74,323
Western Union Co.		2,447		44,658
Westlake Chemical Corp.		196		14,484
Westrock Co.		1,420		57,808
Weyerhaeuser Co.		4,073		106,876
Whirlpool Corp.		339		45,090
Williams Cos., Inc.		6,457		173,887
Workday, Inc., Class A(a)		766		139,052
Worldpay, Inc., Class A(a)		1,574		131,398
WP Carey, Inc.		905		67,775
Wynn Resorts Ltd.		550		67,656
Xcel Energy, Inc.		2,690		140,848
Xerox Corp.		1,376		38,817
Xilinx, Inc.		1,302		145,746
XPO Logistics, Inc.(a)(c)		666		40,479
Xylem, Inc.		1,013		72,186
Yum! Brands, Inc.		1,691		158,920
Zayo Group Holdings, Inc.(a)		1,298		35,630
Zillow Group, Inc., Class C(a)		521		18,282
Zimmer Biomet Holdings, Inc.		1,124		123,145
Zions Bancorporation		946		45,020
Zoetis, Inc.		2,609		224,791
				125,029,757
Total Common Stocks — 98.0% (Cost — $156,308,401)				204,977,262
Preferred Stocks — 0.2%
Germany — 0.2%
Bayerische Motoren Werke AG, Preference Shares		357		26,387
Fuchs Petrolub SE, Preference Shares		457		21,438
Henkel AG & Co. KGaA, Preference Shares		972		94,608
Porsche Automobil Holding SE, Preference Shares		840		54,623
Sartorius AG, Preference Shares		168		25,219
Volkswagen AG, Preference Shares		990		168,861
Total Preferred Stocks — 0.2% (Cost — $349,432)				391,136

Security	Shares		Value
Rights — 0.0%
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/05/19)(a)		1,390	$	763
Total Rights — 0.0% (Cost — $711)				763
Total Long-Term Investments — 98.2% (Cost — $156,658,544)				205,369,161
Short-Term Securities — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(e)(f)(g)		921,311		921,587
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.31%(f)(g)		1,976,624		1,976,624
Total Short-Term Securities — 1.4% (Cost — $2,898,073)				2,898,211
Total Investments — 99.6% (Cost — $159,556,617)				208,267,372
Other Assets Less Liabilities — 0.4%				908,499
Net Assets — 100.0%			$	209,175,871

^(a)  Non-income producing security.

^(b)  A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

^(c)  Security, or a portion of the security, is on loan.

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

^(e)  Security was purchased with the cash collateral from loaned securities.

^(f)  Annualized7-day yield as of period end.

^(g)  During the six months ended January 31, 2019, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/ or related parties of the Fund were as follows:

Affiliate Persons and/or Related Parties	Shares Held at 07/31/18		Shares Purchased			Shares Sold			Shares Held at 01/31/19		Value at 01/31/19		Income			Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		3,387,068		—			(2,465,757	)(b)		921,311	$	921,587	$	15,008	(c)	$	622	$	(843	)
BlackRock Cash Funds: Treasury, SL Agency Shares		1,116,632		859,992	(d)		—			1,976,624		1,976,624		21,270			—		—
BlackRock, Inc.		1,679		—			(1,051	)		628		260,670		9,064			51,393		(221,295	)
PNC Financial Services Group, Inc.(e)		6,610		—			(4,141	)		2,469		—		8,214			85,009		(328,519	)
											$	3,158,881	$	53,556		$	137,024	$	(550,657	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares sold.

^(c)  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.

^(d)  Represents net shares purchased.

^(e)  As of period end, the entity is no longer an affiliate of the Fund.

28 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares MSCI Developed World 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:
NIikkei 225 Index		4		03/07/19	$	381	$	3,372
Euro Stoxx 50 Index		16		03/15/19		577		6,385
FTSE 100 Index		5		03/15/19		453		9,494
S&P 500E-Mini Index		19		03/15/19		2,569		60,008
							$	79,259

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
Net unrealized appreciation(a)	$	—	$	—	$	79,259	$	—	$	—	$	—	$	79,259

^(a)  Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

For the six months ended January 31, 2019, the effect of derivative financial instruments in the Statements of Operations were 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	$	—	$	—	$	(1,521,215	)	$	—	$	—	$	—	$	(1,521,215	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	75,791		$	—	$	—	$	—	$	75,791

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	3,000,176

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

SCHEDULES OF INVESTMENTS 29

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares MSCI Developed World Index Fund

Fair Value Hierarchy as of Period End

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

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Argentina	$	86,996	$	—	$	—	$	86,996
Australia		59,372		5,097,028		—		5,156,400
Austria		—		180,485		—		180,485
Belgium		—		694,746		—		694,746
Bermuda		64,392		—		—		64,392
Canada		7,092,917		—		—		7,092,917
Chile		—		19,560		—		19,560
China		18,516		21,316		—		39,832
Denmark		—		1,213,835		—		1,213,835
Finland		—		903,238		—		903,238
France		173,522		7,480,136		—		7,653,658
Germany		55,406		5,778,641		—		5,834,047
Hong Kong		50,685		2,728,969		—		2,779,654
Ireland		813,143		408,776		—		1,221,919
Isle of Man		—		28,938		—		28,938
Israel		213,973		186,406		—		400,379
Italy		—		1,407,633		—		1,407,633
Japan		107,267		17,428,891		—		17,536,158
Luxembourg		—		139,992		—		139,992
Mexico		—		14,629		—		14,629
Netherlands		158,917		3,724,235		—		3,883,152
New Zealand		16,758		150,634		—		167,392
Norway		—		521,144		—		521,144
Portugal		—		113,787		—		113,787
Singapore		—		963,649		—		963,649
Spain		—		2,166,366		—		2,166,366
Sweden		34,655		1,770,889		—		1,805,544
Switzerland		149,758		6,544,361		—		6,694,119
United Arab Emirates		—		15,166		—		15,166
United Kingdom		1,129,203		10,018,575		—		11,147,778
United States		125,029,757		—		—		125,029,757
Preferred Stocks		—		391,136		—		391,136
Rights		763		—		—		763
Short-Term Securities		2,898,211		—		—		2,898,211
	$	138,154,211	$	70,113,161	$	—	$	208,267,372
Derivative Financial Instruments(a)
Assets:
Equity contracts	$	79,259	$	—	$	—	$	79,259

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

During the six months ended January 31, 2019, there were no transfers between levels.

See notes to financial statements.

30 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) January 31, 2019 iShares RussellMid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 99.7%
Aerospace & Defense — 1.7%
Arconic, Inc.		57,703	$	1,085,970
Curtiss-Wright Corp.		6,102		692,699
Harris Corp.		16,045		2,457,773
HEICO Corp.(b)		5,211		440,330
HEICO Corp., Class A		10,490		734,615
Hexcel Corp.		11,880		804,395
Huntington Ingalls Industries, Inc.		5,797		1,196,791
L3 Technologies, Inc.		10,697		2,106,025
Spirit AeroSystems Holdings, Inc., Class A		14,462		1,206,131
Teledyne Technologies, Inc.(a)		4,826		1,082,086
Textron, Inc.		32,706		1,740,940
TransDigm Group, Inc.(a)		6,525		2,551,275
				16,099,030
Air Freight & Logistics — 0.4%
C.H. Robinson Worldwide, Inc.		18,349		1,592,143
Expeditors International of Washington, Inc.		23,484		1,627,441
XPO Logistics, Inc.(a)		16,705		1,015,330
				4,234,914
Airlines — 0.7%
Alaska Air Group, Inc.		16,037		1,025,566
American Airlines Group, Inc.		55,867		1,998,362
Copa Holdings SA, Class A		4,175		395,999
JetBlue Airways Corp.(a)		40,702		732,229
United Continental Holdings, Inc.(a)		33,051		2,884,361
				7,036,517
Auto Components — 0.8%
Adient PLC		12,380		244,381
Aptiv PLC		35,713		2,825,970
BorgWarner, Inc.		28,633		1,171,090
Gentex Corp.		37,086		785,482
Goodyear Tire & Rubber Co.		30,967		656,191
Lear Corp.		8,567		1,318,718
Visteon Corp.(a)		3,932		302,331
				7,304,163
Automobiles — 0.1%
Harley-Davidson, Inc.		22,418		826,328
Thor Industries, Inc.		6,719		437,541
				1,263,869
Banks — 4.3%
Associated Banc-Corp		22,111		478,703
Bank of Hawaii Corp.		5,565		430,342
Bank OZK		16,215		491,963
BankUnited, Inc.		13,628		460,763
BOK Financial Corp.		4,339		360,614
CIT Group, Inc.		14,023		647,722
Citizens Financial Group, Inc.		63,186		2,143,269
Comerica, Inc.		21,695		1,708,264
Commerce Bancshares, Inc.		13,703		819,440
Cullen/Frost Bankers, Inc.		7,890		767,539
East West Bancorp, Inc.		19,319		972,132
Fifth Third Bancorp		88,488		2,373,248
First Citizens BancShares, Inc., Class A		1,062		432,797
First Hawaiian, Inc.		14,303		368,016
First Horizon National Corp.		43,427		637,508
First Republic Bank		22,042		2,129,919
FNB Corp.		42,949		500,356
Huntington Bancshares, Inc.		144,743		1,916,397
KeyCorp		139,381		2,295,605
M&T Bank Corp.		18,895		3,108,983
PacWest Bancorp		16,353		631,062

Security	Shares		Value
Banks (continued)
People’s United Financial, Inc.		51,089	$	836,838
Pinnacle Financial Partners, Inc.		10,477		563,348
Popular, Inc.		13,144		717,794
Prosperity Bancshares, Inc.		9,270		659,468
Regions Financial Corp.		139,712		2,119,431
Signature Bank		7,443		947,568
Sterling Bancorp		29,941		576,065
SunTrust Banks, Inc.		60,639		3,603,169
SVB Financial Group(a)		7,106		1,658,398
Synovus Financial Corp.		21,328		755,438
TCF Financial Corp.		21,914		485,614
Texas Capital Bancshares, Inc.(a)(b)		6,697		390,234
Umpqua Holdings Corp.		29,366		519,191
Webster Financial Corp.		12,681		683,252
Western Alliance Bancorp(a)(b)		13,191		584,098
Wintrust Financial Corp.		7,496		533,266
Zions Bancorporation		26,133		1,243,670
				40,551,484
Beverages — 0.5%
Brown-Forman Corp., Class A		6,862		322,720
Brown-Forman Corp., Class B		38,149		1,802,540
Keurig Dr Pepper, Inc.		23,848		649,143
Molson Coors Brewing Co., Class B		23,363		1,556,209
				4,330,612
Biotechnology — 1.6%
Agios Pharmaceuticals, Inc.(a)(b)		6,749		361,746
Alkermes PLC(a)		20,483		673,276
Alnylam Pharmaceuticals, Inc.(a)		11,888		993,005
BioMarin Pharmaceutical, Inc.(a)		24,120		2,367,860
Bluebird Bio, Inc.(a)		7,456		994,854
Exact Sciences Corp.(a)		15,962		1,437,857
Exelixis, Inc.(a)		39,000		919,230
Incyte Corp.(a)		23,594		1,901,441
Ionis Pharmaceuticals, Inc.(a)		17,103		991,974
Neurocrine Biosciences, Inc.(a)		11,863		1,046,554
Sage Therapeutics, Inc.(a)		6,007		856,538
Sarepta Therapeutics, Inc.(a)		8,835		1,234,338
Seattle Genetics, Inc.(a)		14,878		1,137,126
United Therapeutics Corp.(a)		5,955		686,790
				15,602,589
Building Products — 0.7%
Allegion PLC		12,652		1,086,301
AO Smith Corp.		18,896		904,363
Armstrong World Industries, Inc.		5,747		391,026
Fortune Brands Home & Security, Inc.		19,543		885,298
Lennox International, Inc.		4,888		1,120,721
Masco Corp.		41,672		1,350,589
Owens Corning		14,388		753,787
USG Corp.		10,793		465,718
				6,957,803
Capital Markets — 2.8%
Affiliated Managers Group, Inc.		7,245		760,363
Ameriprise Financial, Inc.		19,055		2,412,363
BGC Partners, Inc., Class A		36,725		227,328
Cboe Global Markets, Inc.		15,040		1,402,781
E*Trade Financial Corp.		34,288		1,599,878
Eaton Vance Corp.		15,819		609,348
Evercore, Inc., Class A		5,368		480,167
Franklin Resources, Inc.		41,207		1,220,139
Invesco Ltd.		54,417		991,478
Lazard Ltd., Class A		16,119		641,375
Legg Mason, Inc.		11,316		337,217

SCHEDULES OF INVESTMENTS 31

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellMid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
LPL Financial Holdings, Inc.		11,427	$	804,118
Moody’s Corp.		22,526		3,570,596
MSCI, Inc.		11,724		1,996,245
Nasdaq, Inc.		15,797		1,390,768
Northern Trust Corp.		27,596		2,441,142
Raymond James Financial, Inc.		17,628		1,419,054
SEI Investments Co.		18,029		857,099
T. Rowe Price Group, Inc.		31,925		2,983,710
Virtu Financial, Inc., Class A		5,503		140,602
				26,285,771
Chemicals — 2.0%
Albemarle Corp.		14,152		1,142,491
Ashland Global Holdings, Inc.		8,655		656,914
Axalta Coating Systems Ltd.(a)		29,216		748,514
Cabot Corp.		7,900		370,431
Celanese Corp.		18,027		1,726,266
CF Industries Holdings, Inc.		30,976		1,352,102
Chemours Co.		22,894		818,460
Eastman Chemical Co.		19,375		1,562,012
Element Solutions, Inc.(a)		29,614		332,861
FMC Corp.		18,356		1,464,809
Huntsman Corp.		30,225		664,043
International Flavors & Fragrances, Inc.		13,620		1,931,044
Mosaic Co.		47,207		1,523,842
NewMarket Corp.		1,034		414,727
Olin Corp.		22,462		530,328
RPM International, Inc.		17,950		1,026,022
ScottsMiracle-Gro Co., Class A		5,373		399,483
Valvoline, Inc.		25,481		563,385
Versum Materials, Inc.		14,666		539,269
Westlake Chemical Corp.		5,139		379,772
WR Grace & Co.		9,159		650,381
				18,797,156
Commercial Services & Supplies — 0.9%
ADT, Inc.		13,804		99,665
Cintas Corp.		11,768		2,206,618
Clean Harbors, Inc.(a)		6,723		398,069
Copart, Inc.(a)		27,171		1,375,668
KAR Auction Services, Inc.		18,448		959,480
Republic Services, Inc.		29,219		2,241,389
Rollins, Inc.		19,267		717,503
Stericycle, Inc.(a)(b)		11,074		488,142
				8,486,534
Communications Equipment — 1.2%
Arista Networks, Inc.(a)		7,777		1,670,344
ARRIS International PLC(a)		22,539		707,499
CommScope Holding Co., Inc.(a)		25,583		534,940
EchoStar Corp., Class A(a)		6,320		258,994
F5 Networks, Inc.(a)		8,201		1,319,951
Juniper Networks, Inc.		46,690		1,211,139
Motorola Solutions, Inc.		21,964		2,567,811
Palo Alto Networks, Inc.(a)		12,298		2,641,856
Ubiquiti Networks, Inc.(b)		2,008		217,286
				11,129,820
Construction & Engineering — 0.3%
AECOM(a)(b)		20,610		630,872
Arcosa, Inc.		6,483		190,794
Fluor Corp.		18,661		682,433
Jacobs Engineering Group, Inc.		17,006		1,101,989
Quanta Services, Inc.		19,347		683,723
				3,289,811

Security	Shares		Value
Construction Materials — 0.4%
Eagle Materials, Inc.		6,193	$	439,703
Martin Marietta Materials, Inc.		8,446		1,492,239
Vulcan Materials Co.		17,723		1,801,543
				3,733,485
Consumer Finance — 1.0%
Ally Financial, Inc.		56,972		1,484,691
Credit Acceptance Corp.(a)		1,555		618,921
Discover Financial Services		45,335		3,059,659
Navient Corp.		34,873		397,552
OneMain Holdings, Inc.(a)(b)		10,302		307,927
Santander Consumer USA Holdings, Inc.		15,536		296,116
SLM Corp.(a)		58,466		626,171
Synchrony Financial		100,282		3,012,471
				9,803,508
Containers & Packaging — 1.5%
AptarGroup, Inc.		8,542		846,683
Ardagh Group SA		2,789		33,803
Avery Dennison Corp.		11,511		1,202,324
Ball Corp.		45,080		2,356,782
Bemis Co., Inc.		12,054		588,717
Berry Global Group, Inc.(a)		17,517		862,712
Crown Holdings, Inc.(a)(b)		17,186		876,486
Graphic Packaging Holding Co.		41,628		502,450
International Paper Co.		55,375		2,626,436
Owens-Illinois, Inc.		21,243		426,347
Packaging Corp. of America		12,491		1,178,151
Sealed Air Corp.		20,798		821,521
Silgan Holdings, Inc.		10,338		285,536
Sonoco Products Co.		13,550		780,209
Westrock Co.		33,819		1,376,772
				14,764,929
Distributors — 0.4%
Genuine Parts Co.		19,561		1,952,579
LKQ Corp.(a)(b)		43,466		1,139,678
Pool Corp.		5,404		810,114
				3,902,371
Diversified Consumer Services — 0.5%
2U, Inc.(a)		7,315		415,858
Bright Horizons Family Solutions, Inc.(a)		7,836		907,330
frontdoor, Inc.(a)		9,100		270,452
Graham Holdings Co., Class B		564		375,060
Grand Canyon Education, Inc.(a)(b)		6,279		583,570
H&R Block, Inc.		28,335		668,423
Service Corp. International		23,787		1,020,938
ServiceMaster Global Holdings, Inc.(a)		18,743		730,790
				4,972,421
Diversified Financial Services — 0.6%
AXA Equitable Holdings, Inc.		26,669		494,443
FactSet Research Systems, Inc.		5,112		1,117,637
Interactive Brokers Group, Inc., Class A		9,745		491,148
Jefferies Financial Group, Inc.		40,137		835,251
MarketAxess Holdings, Inc.		5,008		1,075,568
Morningstar, Inc.		2,426		301,188
Voya Financial, Inc.		20,744		963,144
				5,278,379
Diversified Telecommunication Services — 0.3%
CenturyLink, Inc.		129,112		1,977,996
Zayo Group Holdings, Inc.(a)		30,142		827,398
				2,805,394

32 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellMid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities — 2.6%
Alliant Energy Corp.		32,353	$	1,438,738
Avangrid, Inc.		7,478		372,928
Edison International		42,931		2,445,779
Entergy Corp.		24,437		2,179,536
Evergy, Inc.		35,521		2,036,064
Eversource Energy		42,831		2,972,900
FirstEnergy Corp.		65,585		2,570,932
Hawaiian Electric Industries, Inc.		14,524		540,147
OGE Energy Corp.		27,212		1,114,331
PG&E Corp.(a)		69,731		906,503
Pinnacle West Capital Corp.		15,012		1,322,857
PPL Corp.		97,763		3,061,937
Xcel Energy, Inc.		68,785		3,601,583
				24,564,235
Electrical Equipment — 0.9%
Acuity Brands, Inc.		5,483		662,950
AMETEK, Inc.		30,834		2,247,799
GrafTech International Ltd.		7,795		102,972
Hubbell, Inc.		7,261		793,845
nVent Electric PLC		21,565		539,556
Regal-Beloit Corp.		5,826		447,204
Rockwell Automation, Inc.		16,263		2,756,904
Sensata Technologies Holding PLC(a)		22,151		1,052,172
				8,603,402
Electronic Equipment, Instruments & Components — 2.1%
Amphenol Corp., Class A		39,987		3,515,657
Arrow Electronics, Inc.(a)		11,943		907,071
Avnet, Inc.		14,635		602,962
CDW Corp.		20,037		1,668,481
Cognex Corp.		22,007		1,001,318
Coherent, Inc.(a)(b)		3,226		381,313
Corning, Inc.		106,657		3,547,412
Dolby Laboratories, Inc., Class A		8,263		534,038
FLIR Systems, Inc.		17,885		874,219
IPG Photonics Corp.(a)(b)		4,793		637,469
Jabil, Inc.		20,957		558,504
Keysight Technologies, Inc.(a)		25,155		1,861,973
Littelfuse, Inc.		3,326		584,445
National Instruments Corp.		14,690		649,592
Trimble, Inc.(a)		33,363		1,256,450
Universal Display Corp.		5,606		582,071
Zebra Technologies Corp., Class A(a)		7,052		1,224,227
				20,387,202
Energy Equipment & Services — 0.4%
Apergy Corp.(a)		10,249		344,571
Helmerich & Payne, Inc.		14,651		820,310
Nabors Industries Ltd.		44,251		130,983
National Oilwell Varco, Inc.		52,607		1,550,854
Patterson-UTI Energy, Inc.		28,637		347,367
RPC, Inc.		7,605		82,058
Transocean Ltd.(a)		69,452		595,204
Weatherford International PLC(a)		126,322		81,907
				3,953,254
Entertainment — 0.3%
Take-Two Interactive Software, Inc.(a)		15,205		1,604,888
Viacom, Inc., Class B		47,357		1,393,243
				2,998,131
Equity Real Estate Investment Trusts (REITs) — 9.3%
Alexandria Real Estate Equities, Inc.		14,186		1,868,438
American Campus Communities, Inc.		18,107		833,284
American Homes 4 Rent, Class A		35,810		791,759
Apartment Investment & Management Co., Class A		20,331		1,006,791

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Apple Hospitality REIT, Inc.		28,998	$	475,857
AvalonBay Communities, Inc.		18,503		3,569,599
Boston Properties, Inc.		20,768		2,738,676
Brandywine Realty Trust		23,468		353,193
Brixmor Property Group, Inc.		40,105		686,999
Brookfield Property REIT, Inc., Class A		16,914		307,835
Camden Property Trust		11,785		1,142,556
Chimera Investment Corp.		26,247		499,480
Colony Capital, Inc.		64,217		389,797
Columbia Property Trust, Inc.		15,814		349,015
CoreSite Realty Corp.		4,816		475,773
Corporate Office Properties Trust		13,632		336,574
CubeSmart		25,525		789,999
CyrusOne, Inc.		14,400		780,480
Digital Realty Trust, Inc.		27,712		3,002,318
Douglas Emmett, Inc.		22,121		836,837
Duke Realty Corp.		48,533		1,419,105
Empire State Realty Trust, Inc., Class A		19,099		295,271
EPR Properties		9,799		715,915
Equity Commonwealth		16,332		528,504
Equity LifeStyle Properties, Inc.		11,666		1,235,196
Equity Residential		48,178		3,495,796
Essex Property Trust, Inc.		8,821		2,392,255
Extra Space Storage, Inc.		16,657		1,642,547
Federal Realty Investment Trust		9,958		1,320,132
Gaming and Leisure Properties, Inc.		27,611		1,035,413
HCP, Inc.		63,325		1,997,270
Healthcare Trust of America, Inc., Class A		28,554		811,505
Highwoods Properties, Inc.		13,535		599,871
Hospitality Properties Trust		22,691		604,942
Host Hotels & Resorts, Inc.		100,207		1,809,738
Hudson Pacific Properties, Inc.		20,521		666,317
Invitation Homes, Inc.		41,002		922,135
Iron Mountain, Inc.		38,867		1,445,852
JBG SMITH Properties		14,618		564,986
Kilroy Realty Corp.		13,550		954,733
Kimco Realty Corp.		55,809		949,311
Lamar Advertising Co., Class A		11,216		835,031
Liberty Property Trust		20,229		953,595
Life Storage, Inc.		6,039		593,453
Macerich Co.		18,123		836,558
Medical Properties Trust, Inc.		49,840		907,088
MFA Financial, Inc.		59,465		435,878
Mid-America Apartment Communities, Inc.		15,124		1,531,759
National Retail Properties, Inc.		21,614		1,139,274
New Residential Investment Corp.		49,949		848,134
Omega Healthcare Investors, Inc.		26,342		1,058,685
Outfront Media, Inc.		18,074		375,036
Paramount Group, Inc.		27,357		396,129
Park Hotels & Resorts, Inc.		26,706		803,049
Rayonier, Inc.		17,921		545,515
Realty Income Corp.		39,677		2,725,413
Regency Centers Corp.		20,371		1,324,115
Retail Properties of America, Inc., Class A		28,709		362,882
Retail Value, Inc.		2,132		64,834
SBA Communications Corp.(a)		15,088		2,754,013
Senior Housing Properties Trust		31,429		432,777
SITE Centers Corp.		20,463		267,451
SL Green Realty Corp.		11,007		1,017,377
Spirit Realty Capital, Inc.		11,322		449,710
Starwood Property Trust, Inc.		36,939		815,613
STORE Capital Corp.		25,454		822,673
Sun Communities, Inc.		11,453		1,258,799
Taubman Centers, Inc.		7,969		396,856

SCHEDULES OF INVESTMENTS 33

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellMid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
UDR, Inc.		36,062	$	1,577,713
Uniti Group, Inc.		22,446		446,900
Ventas, Inc.		48,005		3,095,842
VEREIT, Inc.		132,632		1,071,667
VICI Properties, Inc.		54,840		1,180,705
Vornado Realty Trust		23,151		1,618,486
Weingarten Realty Investors		16,758		480,787
Welltower, Inc.		50,190		3,889,223
Weyerhaeuser Co.		101,273		2,657,404
WP Carey, Inc.		21,240		1,590,664
				88,203,142
Food & Staples Retailing — 0.5%
Casey’s General Stores, Inc.		4,832		621,782
Kroger Co.		107,150		3,035,559
Sprouts Farmers Market, Inc.(a)		16,898		405,214
U.S. Foods Holding Corp.(a)		28,669		966,719
				5,029,274
Food Products — 2.4%
Archer-Daniels-Midland Co.		75,603		3,394,575
Bunge Ltd.		18,839		1,037,464
Campbell Soup Co.		24,350		862,720
Conagra Brands, Inc.		64,884		1,404,090
Flowers Foods, Inc.		24,140		474,592
Hain Celestial Group, Inc.(a)		12,228		224,139
Hershey Co.		19,210		2,038,181
Hormel Foods Corp.		37,116		1,570,749
Ingredion, Inc.		9,731		963,369
J.M. Smucker Co.		14,832		1,555,580
Kellogg Co.		33,573		1,981,143
Lamb Weston Holdings, Inc.		19,683		1,423,081
McCormick & Co., Inc.		16,440		2,032,641
Pilgrim’s Pride Corp.(a)		7,072		143,279
Post Holdings, Inc.(a)(b)		8,612		799,366
TreeHouse Foods, Inc.(a)		7,359		429,471
Tyson Foods, Inc., Class A		39,366		2,437,543
				22,771,983
Gas Utilities — 0.4%
Atmos Energy Corp.		14,648		1,430,084
National Fuel Gas Co.		10,804		619,069
UGI Corp.		23,167		1,321,214
				3,370,367
Health Care Equipment & Supplies — 3.4%
ABIOMED, Inc.(a)		5,759		2,021,812
Align Technology, Inc.(a)		10,712		2,666,752
Cantel Medical Corp.		4,978		405,309
Cooper Cos., Inc.		6,614		1,843,719
DENTSPLY SIRONA, Inc.		29,276		1,228,128
DexCom, Inc.(a)		11,732		1,654,564
Edwards Lifesciences Corp.(a)		28,386		4,837,542
Hill-Rom Holdings, Inc.		9,086		908,782
Hologic, Inc.(a)		37,108		1,647,595
ICU Medical, Inc.(a)		2,090		519,992
IDEXX Laboratories, Inc.(a)		11,601		2,468,461
Insulet Corp.(a)		8,099		657,558
Integra LifeSciences Holdings Corp.(a)		9,510		450,394
Masimo Corp.(a)		6,136		763,257
ResMed, Inc.		18,967		1,805,089
STERIS PLC		11,432		1,303,934
Teleflex, Inc.		6,133		1,677,376
Varian Medical Systems, Inc.(a)		12,278		1,621,064
West Pharmaceutical Services, Inc.		9,997		1,082,375
Zimmer Biomet Holdings, Inc.		27,564		3,019,912
				32,583,615

Security	Shares		Value
Health Care Providers & Services — 2.2%
Acadia Healthcare Co., Inc.(a)(b)		11,427	$	312,643
AmerisourceBergen Corp.		21,243		1,771,029
Cardinal Health, Inc.		40,293		2,013,441
Centene Corp.(a)		27,482		3,588,325
Chemed Corp.		2,063		614,650
DaVita, Inc.(a)		17,779		997,935
Encompass Health Corp.		13,439		898,263
Henry Schein, Inc.(a)		20,427		1,587,178
Laboratory Corp. of America Holdings(a)		13,593		1,894,184
MEDNAX, Inc.(a)		11,810		426,459
Molina Healthcare, Inc.(a)		8,282		1,101,340
Penumbra, Inc.(a)		4,033		586,842
Premier, Inc., Class A(a)		7,087		281,992
Quest Diagnostics, Inc.		18,280		1,596,758
Universal Health Services, Inc., Class B		11,434		1,515,348
WellCare Health Plans, Inc.(a)		6,704		1,853,522
				21,039,909
Health Care Technology — 0.5%
athenahealth, Inc.(a)		5,507		742,013
Cerner Corp.(a)		42,909		2,356,133
Veeva Systems, Inc., Class A(a)(b)		16,326		1,780,514
				4,878,660
Hotels, Restaurants & Leisure — 2.6%
Aramark		33,506		1,104,023
Caesars Entertainment Corp.(a)		75,607		691,048
Chipotle Mexican Grill, Inc.(a)		3,274		1,733,943
Choice Hotels International, Inc.		4,615		365,323
Darden Restaurants, Inc.		16,693		1,751,596
Domino’s Pizza, Inc.		5,664		1,607,047
Dunkin’ Brands Group, Inc.		11,407		780,125
Extended Stay America, Inc.		25,284		432,356
Hilton Grand Vacations, Inc.(a)		12,926		392,175
Hilton Worldwide Holdings, Inc.		37,541		2,796,054
Hyatt Hotels Corp., Class A		5,672		396,530
International Game Technology PLC		13,169		215,445
MGM Resorts International		66,214		1,949,340
Norwegian Cruise Line Holdings Ltd.(a)		29,450		1,514,613
Royal Caribbean Cruises Ltd.		22,486		2,699,444
Six Flags Entertainment Corp.		9,554		588,431
Vail Resorts, Inc.		5,363		1,009,638
Wendy’s Co.		25,128		435,217
Wyndham Destinations, Inc.		12,659		533,450
Wyndham Hotels & Resorts, Inc.		13,021		639,201
Wynn Resorts Ltd.		14,098		1,734,195
Yum China Holdings, Inc.		48,957		1,784,483
				25,153,677
Household Durables — 1.3%
D.R. Horton, Inc.		46,352		1,782,234
Garmin Ltd.		15,565		1,076,787
Leggett & Platt, Inc.		18,223		746,414
Lennar Corp., Class A		38,674		1,833,921
Lennar Corp., Class B		2,045		77,955
Mohawk Industries, Inc.(a)		8,527		1,098,192
Newell Brands, Inc.		58,007		1,230,329
NVR, Inc.(a)		432		1,149,120
PulteGroup, Inc.		34,929		971,376
Tempur Sealy International, Inc.(a)		6,193		328,353
Toll Brothers, Inc.		18,173		671,311
Whirlpool Corp.		8,325		1,107,308
				12,073,300
Household Products — 0.6%
Church & Dwight Co., Inc.		33,017		2,133,228
Clorox Co.		17,398		2,581,515

34 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellMid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Products (continued)
Energizer Holdings, Inc.		7,882	$	373,607
Spectrum Brands Holdings, Inc.		5,505		307,620
				5,395,970
Independent Power and Renewable Electricity Producers — 0.5%
AES Corp.		88,731		1,454,301
NRG Energy, Inc.		38,989		1,595,040
Vistra Energy Corp.(a)		52,958		1,329,775
				4,379,116
Industrial Conglomerates — 0.6%
BWX Technologies, Inc.		13,803		640,735
Carlisle Cos., Inc.		7,765		836,523
Roper Technologies, Inc.		13,683		3,875,847
Seaboard Corp.		36		139,110
				5,492,215
Insurance — 3.7%
Alleghany Corp.		1,974		1,246,699
American Financial Group, Inc.		8,995		858,033
American National Insurance Co.		992		138,076
Arch Capital Group Ltd.(a)		53,222		1,562,066
Arthur J Gallagher & Co.		24,768		1,850,417
Aspen Insurance Holdings Ltd.		8,316		347,027
Assurant, Inc.		6,892		664,320
Assured Guaranty Ltd.		14,411		584,510
Athene Holding Ltd., Class A(a)		21,798		935,134
Axis Capital Holdings Ltd.		11,351		607,846
Brighthouse Financial, Inc.(a)		15,858		592,138
Brown & Brown, Inc.		31,822		864,286
Cincinnati Financial Corp.		21,095		1,711,226
CNA Financial Corp.		3,823		175,323
Erie Indemnity Co., Class A		3,468		507,646
Everest Re Group Ltd.		5,545		1,214,632
Fidelity National Financial, Inc.		35,996		1,301,615
First American Financial Corp.		14,726		737,478
Hanover Insurance Group, Inc.		5,864		668,731
Hartford Financial Services Group, Inc.		48,187		2,260,934
Lincoln National Corp.		28,832		1,686,384
Loews Corp.		37,236		1,783,604
Markel Corp.(a)		1,831		1,928,977
Mercury General Corp.		3,650		188,705
Old Republic International Corp.		38,904		783,916
Principal Financial Group, Inc.		37,800		1,892,646
Reinsurance Group of America, Inc.		8,586		1,240,248
RenaissanceRe Holdings Ltd.		5,478		756,128
Torchmark Corp.		14,161		1,186,125
Unum Group		27,698		962,782
W.R. Berkley Corp.		13,001		999,647
White Mountains Insurance Group Ltd.		434		387,814
Willis Towers Watson PLC		17,521		2,852,244
				35,477,357
Interactive Media & Services — 0.7%
IAC/InterActiveCorp(a)		10,046		2,122,519
Match Group, Inc.		7,022		375,607
Twitter, Inc.(a)		96,760		3,247,265
Zillow Group, Inc., Class A(a)		7,433		258,743
Zillow Group, Inc., Class C(a)		16,824		590,354
				6,594,488
Internet & Direct Marketing Retail — 0.6%
Expedia Group, Inc.		16,260		1,939,005
GrubHub, Inc.(a)(b)		12,023		966,649
Qurate Retail, Inc.(a)		56,802		1,235,444
TripAdvisor, Inc.(a)		13,842		794,254
Wayfair, Inc., Class A(a)(b)		7,877		862,216
				5,797,568

Security	Shares		Value
IT Services — 5.6%
Akamai Technologies, Inc.(a)		21,266	$	1,384,417
Alliance Data Systems Corp.		6,367		1,130,716
Amdocs Ltd.		19,548		1,092,342
Black Knight, Inc.(a)		19,459		957,188
Booz Allen Hamilton Holding Corp.		19,089		937,843
Broadridge Financial Solutions, Inc.		15,565		1,569,419
Conduent, Inc.(a)		25,159		320,777
CoreLogic, Inc.(a)		10,859		394,182
DXC Technology Co.		37,972		2,434,765
EPAM Systems, Inc.(a)		7,046		996,868
Euronet Worldwide, Inc.(a)		6,545		752,740
Fidelity National Information Services, Inc.		44,105		4,610,296
First Data Corp., Class A(a)		72,924		1,797,577
Fiserv, Inc.(a)		53,852		4,465,946
FleetCor Technologies, Inc.(a)		11,863		2,394,072
Gartner, Inc.(a)		11,926		1,620,624
Genpact Ltd.		20,464		610,441
Global Payments, Inc.(b)		21,494		2,413,346
GoDaddy, Inc., Class A(a)		21,507		1,476,025
Jack Henry & Associates, Inc.		10,510		1,403,611
Leidos Holdings, Inc.		19,362		1,122,996
Okta, Inc.(a)		11,401		939,784
Paychex, Inc.		43,455		3,076,614
Sabre Corp.		37,836		869,471
Square, Inc., Class A(a)		39,547		2,821,678
Switch, Inc., Class A		5,328		44,436
Teradata Corp.(a)(b)		15,796		701,027
Total System Services, Inc.		24,308		2,178,240
Twilio, Inc., Class A(a)		11,741		1,307,008
VeriSign, Inc.(a)		14,205		2,404,480
Western Union Co.		61,117		1,115,385
WEX, Inc.(a)		5,485		884,895
Worldpay, Inc., Class A(a)		40,427		3,374,846
				53,604,055
Leisure Products — 0.3%
Brunswick Corp.		11,547		581,045
Hasbro, Inc.		15,564		1,409,476
Mattel, Inc.(a)		46,039		545,102
Polaris Industries, Inc.		7,800		654,264
				3,189,887
Life Sciences Tools & Services — 1.8%
Agilent Technologies, Inc.		43,038		3,273,040
Bio-Rad Laboratories, Inc., Class A(a)		2,923		730,370
Bio-Techne Corp.		5,119		893,061
Bruker Corp.		13,421		470,540
Charles River Laboratories International, Inc.(a)		6,511		802,090
IQVIA Holdings, Inc.(a)		21,994		2,837,446
Mettler-Toledo International, Inc.(a)		3,308		2,111,033
PerkinElmer, Inc.		14,982		1,355,871
PRA Health Sciences, Inc.(a)		7,970		844,581
QIAGEN NV(a)		30,267		1,120,787
Waters Corp.(a)		10,147		2,346,189
				16,785,008
Machinery — 4.0%
AGCO Corp.		8,692		558,026
Allison Transmission Holdings, Inc.		15,238		741,633
Colfax Corp.(a)		11,306		279,824
Crane Co.		6,633		548,947
Cummins, Inc.		20,117		2,959,412
Donaldson Co., Inc.		17,642		834,114
Dover Corp.		19,812		1,740,088
Flowserve Corp.		18,070		795,803
Fortive Corp.(b)		39,756		2,981,302

SCHEDULES OF INVESTMENTS 35

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellMid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Gardner Denver Holdings, Inc.(a)		16,889	$	416,652
Gates Industrial Corp. PLC(a)(b)		6,197		92,397
Graco, Inc.		22,018		954,040
IDEX Corp.		10,433		1,438,293
Ingersoll-Rand PLC		33,095		3,310,824
ITT, Inc.		11,640		611,798
Lincoln Electric Holdings, Inc.		8,374		723,849
Middleby Corp.(a)(b)		7,532		885,914
Nordson Corp.		7,921		1,026,878
Oshkosh Corp.		10,017		751,776
PACCAR, Inc.		46,373		3,038,359
Parker-Hannifin Corp.		17,920		2,953,395
Pentair PLC		20,828		857,905
Snap-on, Inc.		7,493		1,243,763
Stanley Black & Decker, Inc.		20,444		2,584,939
Terex Corp.		8,917		273,841
Timken Co.		9,179		390,934
Toro Co.		14,167		842,936
Trinity Industries, Inc.		19,449		454,718
Valmont Industries, Inc.		2,886		372,294
WABCO Holdings, Inc.(a)		6,926		791,157
Wabtec Corp.		11,432		790,637
Welbilt, Inc.(a)		17,733		248,617
Xylem, Inc.		24,079		1,715,870
				38,210,935
Marine — 0.1%
Kirby Corp.(a)		8,154		610,816
Media — 2.0%
AMC Networks, Inc., Class A(a)		5,869		369,395
Cable One, Inc.		565		499,652
CBS Corp., Class B		43,899		2,171,245
Cinemark Holdings, Inc.		14,173		579,959
Discovery, Inc., Class A(a)(b)		21,401		607,360
Discovery, Inc., Class C(a)		45,928		1,223,981
DISH Network Corp., Class A(a)		30,544		936,784
GCI Liberty, Inc., Class A(a)		13,908		707,917
Interpublic Group of Cos., Inc.		52,404		1,192,191
John Wiley & Sons, Inc., Class A		5,930		307,055
Liberty Broadband Corp., Class A(a)		3,413		289,320
Liberty Broadband Corp., Class C(a)		14,271		1,213,320
Liberty Media Corp. — Liberty SiriusXM, Class A(a)		11,263		448,042
Liberty Media Corp. — Liberty SiriusXM, Class C(a)		21,981		878,361
Liberty Media Corp. — Liberty Formula One, Class A(a)		3,288		100,613
Liberty Media Corp. — Liberty Formula One, Class C(a)		27,101		850,158
Lions Gate Entertainment Corp., Class A		6,341		116,484
Lions Gate Entertainment Corp., Class B		13,392		234,762
Live Nation Entertainment, Inc.(a)		18,882		1,010,376
Madison Square Garden Co., Class A(a)		2,451		681,133
News Corp., Class A		53,117		681,491
News Corp., Class B		16,332		211,173
Omnicom Group, Inc.		30,036		2,339,204
Sirius XM Holdings, Inc.(b)		225,894		1,316,962
Tribune Media Co., Class A		11,538		529,710
Viacom, Inc., Class A		1,358		46,566
				19,543,214
Metals & Mining — 1.2%
Alcoa Corp.(a)		25,794		765,566
Freeport-McMoRan, Inc.		195,572		2,276,458
Newmont Mining Corp.		72,111		2,459,706
Nucor Corp.		42,496		2,602,455
Reliance Steel & Aluminum Co.		9,078		743,306
Royal Gold, Inc.		8,967		783,447
Steel Dynamics, Inc.		29,364		1,074,429

Security	Shares		Value
Metals & Mining (continued)
United States Steel Corp.		23,592	$	531,764
				11,237,131
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
AGNC Investment Corp.		70,360		1,260,148
Annaly Capital Management, Inc.		186,964		1,951,904
Two Harbors Investment Corp.		33,088		482,754
				3,694,806
Multi-Utilities — 2.8%
Ameren Corp.		32,852		2,277,958
CenterPoint Energy, Inc.		67,744		2,094,645
CMS Energy Corp.		38,564		2,010,727
Consolidated Edison, Inc.		42,154		3,273,258
DTE Energy Co.		24,449		2,878,870
MDU Resources Group, Inc.		26,106		671,185
NiSource, Inc.		49,583		1,352,624
Public Service Enterprise Group, Inc.		68,214		3,721,074
Sempra Energy		36,997		4,327,909
Vectren Corp.		11,422		826,724
WEC Energy Group, Inc.		42,771		3,123,566
				26,558,540
Multiline Retail — 1.3%
Burlington Stores, Inc.(a)		8,950		1,536,804
Dollar General Corp.		36,012		4,156,865
Dollar Tree, Inc.(a)		31,737		3,073,094
Kohl’s Corp.		22,480		1,544,151
Macy’s, Inc.		41,023		1,078,905
Nordstrom, Inc.		16,200		751,842
				12,141,661
Oil, Gas & Consumable Fuels — 3.8%
Antero Resources Corp.(a)(b)		32,257		324,505
Apache Corp.		51,545		1,691,707
Cabot Oil & Gas Corp.		58,463		1,458,652
Centennial Resource Development, Inc., Class A(a)(b)		24,171		318,332
Cheniere Energy, Inc.(a)		31,581		2,073,293
Chesapeake Energy Corp.(a)(b)		120,365		343,040
Cimarex Energy Co.		12,932		974,297
CNX Resources Corp.(a)		28,305		343,623
Concho Resources, Inc.(a)		26,340		3,156,585
Continental Resources, Inc.(a)		11,596		535,387
Devon Energy Corp.		63,029		1,679,723
Diamondback Energy, Inc.		21,256		2,191,919
EQT Corp.		33,712		656,373
Equitrans Midstream Corp.(a)		29,530		614,815
Extraction Oil & Gas, Inc.(a)		13,881		54,691
Hess Corp.		35,232		1,902,528
HollyFrontier Corp.		21,735		1,224,550
Kosmos Energy Ltd.(a)		32,555		167,007
Marathon Oil Corp.		111,948		1,767,659
Murphy Oil Corp.		22,021		602,274
Newfield Exploration Co.(a)		26,884		491,439
Noble Energy, Inc.		64,601		1,443,186
ONEOK, Inc.		55,478		3,562,242
Parsley Energy, Inc., Class A(a)		36,608		680,177
PBF Energy, Inc., Class A		15,988		585,480
QEP Resources, Inc.(a)		31,574		261,117
Range Resources Corp.		28,191		310,947
SM Energy Co.		14,640		287,237
Targa Resources Corp.		31,080		1,336,751
Whiting Petroleum Corp.(a)		12,005		343,703
Williams Cos., Inc.		164,690		4,435,102
WPX Energy, Inc.(a)		52,837		647,782
				36,466,123

36 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellMid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Paper & Forest Products — 0.0%
Domtar Corp.		8,245	$	386,691
Personal Products — 0.2%
Coty, Inc., Class A(a)		62,850		487,716
Herbalife Nutrition Ltd.(a)		14,427		861,292
Nu Skin Enterprises, Inc., Class A		7,354		482,790
				1,831,798
Pharmaceuticals — 0.6%
Catalent, Inc.(a)		19,206		709,278
Elanco Animal Health, Inc.(a)		9,749		284,476
Jazz Pharmaceuticals PLC(a)		7,834		986,222
Mylan NV(a)		69,389		2,078,200
Nektar Therapeutics(a)		20,735		877,920
Perrigo Co. PLC		16,953		787,467
				5,723,563
Professional Services — 1.5%
CoStar Group, Inc.(a)		4,890		1,910,719
Dun & Bradstreet Corp.		5,066		733,253
Equifax, Inc.		16,091		1,722,059
IHS Markit Ltd.(a)		51,559		2,676,943
ManpowerGroup, Inc.		8,174		645,991
Nielsen Holdings PLC		48,806		1,253,338
Robert Half International, Inc.		15,736		1,013,870
TransUnion		24,723		1,503,653
Verisk Analytics, Inc.(a)		21,592		2,535,117
				13,994,943
Real Estate Management & Development — 0.4%
CBRE Group, Inc., Class A(a)		42,760		1,956,270
Howard Hughes Corp.(a)		5,146		571,412
Jones Lang LaSalle, Inc.		6,228		893,157
Realogy Holdings Corp.		15,909		282,385
				3,703,224
Road & Rail — 0.7%
AMERCO		924		335,098
Genesee & Wyoming, Inc., Class A(a)		7,822		614,183
JB Hunt Transport Services, Inc.		11,633		1,245,196
Kansas City Southern		13,721		1,450,996
Knight-Swift Transportation Holdings, Inc.		16,995		539,591
Landstar System, Inc.		5,661		575,044
Old Dominion Freight Line, Inc.		8,790		1,194,825
Ryder System, Inc.		6,791		393,267
Schneider National, Inc., Class B		6,594		140,057
				6,488,257
Semiconductors & Semiconductor Equipment — 3.2%
Advanced Micro Devices, Inc.(a)(b)		126,549		3,089,061
Analog Devices, Inc.		50,151		4,957,928
Cypress Semiconductor Corp.		47,663		661,086
First Solar, Inc.(a)(b)		11,466		580,065
KLA-Tencor Corp.		20,662		2,201,949
Lam Research Corp.		21,007		3,562,367
Marvell Technology Group Ltd.		74,185		1,374,648
Maxim Integrated Products, Inc.		37,491		2,034,637
Microchip Technology, Inc.		31,131		2,501,999
MKS Instruments, Inc.		7,186		586,593
Monolithic Power Systems, Inc.		5,411		684,816
ON Semiconductor Corp.(a)		57,050		1,143,282
Qorvo, Inc.(a)		17,059		1,114,976
Skyworks Solutions, Inc.		24,061		1,757,415
Teradyne, Inc.		24,633		886,542
Xilinx, Inc.		34,473		3,858,908
				30,996,272

Security	Shares		Value
Software — 5.3%
ANSYS, Inc.(a)		11,222	$	1,844,336
Aspen Technology, Inc.(a)		9,502		918,178
Atlassian Corp. PLC, Class A(a)		13,564		1,334,698
Autodesk, Inc.(a)		29,649		4,364,333
Cadence Design Systems, Inc.(a)		37,603		1,806,072
CDK Global, Inc.		17,774		869,326
Ceridian HCM Holding, Inc.(a)		4,689		193,234
Citrix Systems, Inc.		18,252		1,871,560
DocuSign, Inc.(a)		9,826		485,896
Elastic NV(a)		1,109		94,265
Fair Isaac Corp.(a)		3,812		858,462
FireEye, Inc.(a)		26,055		460,652
Fortinet, Inc.(a)		18,897		1,446,943
Guidewire Software, Inc.(a)(b)		11,115		963,448
LogMeIn, Inc.		6,959		647,326
Manhattan Associates, Inc.(a)(b)		8,826		430,444
Nuance Communications, Inc.(a)		38,335		608,377
Nutanix, Inc., Class A(a)		18,624		954,108
Paycom Software, Inc.(a)(b)		6,601		978,532
Pegasystems, Inc.(b)		5,114		287,867
Pluralsight, Inc., Class A(a)		3,116		93,418
Proofpoint, Inc.(a)		6,685		681,001
PTC, Inc.(a)		15,657		1,327,557
RealPage, Inc.(a)		9,622		536,619
Red Hat, Inc.(a)(b)		23,922		4,254,289
RingCentral, Inc., Class A(a)		9,078		839,170
ServiceNow, Inc.(a)(b)		24,067		5,295,221
SolarWinds Corp.(a)		3,593		63,057
Splunk, Inc.(a)		19,810		2,473,080
SS&C Technologies Holdings, Inc.		27,663		1,424,368
Symantec Corp.		85,750		1,802,465
Synopsys, Inc.(a)		20,242		1,889,591
Tableau Software, Inc., Class A(a)		9,752		1,246,696
Tyler Technologies, Inc.(a)		5,222		987,950
Ultimate Software Group, Inc.(a)		4,159		1,135,698
Workday, Inc., Class A(a)		19,622		3,561,982
Zendesk, Inc.(a)(b)		14,432		974,593
Zynga, Inc., Class A(a)		102,238		458,026
				50,462,838
Specialty Retail — 2.7%
Advance Auto Parts, Inc.		9,395		1,495,684
AutoNation, Inc.(a)		7,421		287,564
AutoZone, Inc.(a)		3,446		2,919,934
Best Buy Co., Inc.		31,790		1,883,240
CarMax, Inc.(a)		23,436		1,377,568
Dick’s Sporting Goods, Inc.		9,909		349,887
Floor & Decor Holdings, Inc., Class A(a)(b)		6,450		221,170
Foot Locker, Inc.		15,683		876,523
Gap, Inc.		29,719		756,051
L Brands, Inc.		31,451		875,596
Michaels Cos., Inc.(a)		13,685		189,674
O’Reilly Automotive, Inc.(a)		10,688		3,683,726
Penske Automotive Group, Inc.		4,665		218,695
Ross Stores, Inc.		49,434		4,553,860
Tiffany & Co.		16,665		1,478,685
Tractor Supply Co.		16,377		1,398,596
Ulta Salon Cosmetics & Fragrance, Inc.(a)		7,636		2,229,101
Urban Outfitters, Inc.(a)		10,396		335,791
Williams-Sonoma, Inc.		10,609		577,448
				25,708,793
Technology Hardware, Storage & Peripherals — 0.7%
Dell Technologies, Inc., Class C(a)		20,009		972,237
NCR Corp.(a)		15,952		426,716

SCHEDULES OF INVESTMENTS 37

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellMid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
NetApp, Inc.		35,458	$	2,261,157
Pure Storage, Inc., Class A(a)		22,251		398,516
Western Digital Corp.		39,091		1,758,704
Xerox Corp.		28,824		813,125
				6,630,455
Textiles, Apparel & Luxury Goods — 1.4%
Capri Holdings Ltd.(a)		19,332		821,223
Carter’s, Inc.		5,989		496,488
Columbia Sportswear Co.		4,238		377,987
Hanesbrands, Inc.		47,761		715,937
Lululemon Athletica, Inc.(a)		12,829		1,896,255
PVH Corp.		10,227		1,115,868
Ralph Lauren Corp.		7,194		835,511
Skechers U.S.A., Inc., Class A(a)		17,497		475,394
Tapestry, Inc.		38,668		1,496,838
Under Armour, Inc., Class A(a)		24,999		518,479
Under Armour, Inc., Class C(a)		25,376		480,622
VF Corp.		43,868		3,692,370
				12,922,972
Thrifts & Mortgage Finance — 0.1%
New York Community Bancorp, Inc.		65,856		765,247
TFS Financial Corp.		6,900		112,539
				877,786
Trading Companies & Distributors — 0.9%
Air Lease Corp.		13,105		497,204
Fastenal Co.		38,836		2,348,024
HD Supply Holdings, Inc.(a)		24,684		1,035,247
MSC Industrial Direct Co., Inc., Class A		5,892		491,923
United Rentals, Inc.(a)		10,853		1,359,447
Univar, Inc.(a)		15,393		320,636
W.W. Grainger, Inc.		6,125		1,809,264
Watsco, Inc.		4,388		647,142
WESCO International, Inc.(a)		6,274		328,758
				8,837,645
Transportation Infrastructure — 0.0%
Macquarie Infrastructure Corp.		10,626		458,724
Water Utilities — 0.3%
American Water Works Co., Inc.		24,421		2,336,357

Security	Shares		Value
Water Utilities (continued)
Aqua America, Inc.		24,428	$	856,201
				3,192,558
Wireless Telecommunication Services — 0.1%
Sprint Corp.(a)		90,655		565,687
Telephone & Data Systems, Inc.		13,233		479,300
United States Cellular Corp.(a)		1,795		103,356
				1,148,343
Total Common Stocks — 99.7% (Cost — $776,386,947)				950,784,463
Investment Companies — 0.3%
iShares RussellMid-Cap ETF(e)		46,184		2,374,319
Total Investment Companies — 0.3% (Cost — $2,121,023)				2,374,319
Total Long-Term Investments — 100.0% (Cost — $778,507,970)				953,158,782
Short-Term Securities — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(c)(d)(e)		19,233,527		19,239,297
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.31%(d)(e)		2,820,223		2,820,223
Total Short-Term Securities — 2.3% (Cost — $22,055,166)				22,059,520
Total Investments — 102.3% (Cost — $800,563,136)				975,218,302
Liabilities in Excess of Other Assets — (2.3)%				(21,873,011	)
Net Assets — 100.0%			$	953,345,291

^(a)  Non-income producing security.

^(b)  Security, or a portion of the security, is on loan.

^(c)  Security was purchased with the cash collateral from loaned securities.

^(d)  Annualized7-day yield as of period end.

^(e)  During the six months ended January 31, 2019, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliate Persons and/or Related Parties	Shares Held at 07/31/18		Shares Purchased		Shares Sold			Shares Held at 01/31/19		Value at 01/31/19		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		21,534,307		—		(2,300,780	)(b)		19,233,527	$	19,239,297	$	64,514	(a)	$	(12	)	$	(391	)
BlackRock Cash Funds: Treasury, SL Agency Shares		8,615,078		—		(5,794,855	)(b)		2,820,223		2,820,223		110,896			—			—
iShares RussellMid-Cap ETF		22,463		397,849		(374,128	)		46,184		2,374,319		37,273			(531,441	)		200,685
										$	24,433,839	$	212,683		$	(531,453	)	$	200,294

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares sold.

^(c)  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.

38 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellMid-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 500E-Mini Index		10		03/15/19	$	1,352	$	34,785
S&P MidCap 400E-Mini Index		12		03/15/19		2,203		69,866
							$	104,651

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
Net unrealized appreciation(a)	$	—	$	—	$	104,651	$	—	$	—	$	—	$	104,651

^(a)  Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

For the six months ended January 31, 2019, the effect of derivative financial instruments in the Statements of Operations were 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	$	—	$	—	$	(382,441	)	$	—	$	—	$	—	$	(382,441	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	83,446		$	—	$	—	$	—	$	83,446

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	4,733,950

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 investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks	$	950,784,463	$	—	$	—	$	950,784,463
Investment Companies		2,374,319		—		—		2,374,319
Short-Term Securities		22,059,520		—		—		22,059,520
	$	975,218,302	$	—	$	—	$	975,218,302

SCHEDULES OF INVESTMENTS 39

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellMid-Cap Index Fund

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(b)
Assets:
Equity contracts	$	104,651	$	—	$	—	$	104,651

^(a)  See above Schedule of Investments for values in each industry.

^(b)  Derivative financial instruments are futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

During the six months ended January 31, 2019, there were no transfers between levels.

See notes to financial statements.

40 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 99.6%
Aerospace & Defense — 1.5%
AAR Corp.		1,394	$	52,526
Aerojet Rocketdyne Holdings, Inc.(a)		3,118		123,067
Aerovironment, Inc.(a)		897		69,661
Astronics Corp.(a)		949		29,106
Axon Enterprise, Inc.(a)(b)		2,532		129,157
Cubic Corp.		1,099		70,633
Curtiss-Wright Corp.		1,917		217,618
Ducommun, Inc.(a)		356		14,016
Esterline Technologies Corp.(a)		1,141		138,860
HEICO Corp.		1,686		142,467
HEICO Corp., Class A		3,250		227,597
Hexcel Corp.		3,744		253,506
Huntington Ingalls Industries, Inc.		1,837		379,249
KEYW Holding Corp.(a)(b)		2,371		17,024
Kratos Defense & Security Solutions, Inc.(a)		3,820		59,172
Maxar Technologies, Inc.(a)		2,398		13,477
Moog, Inc., Class A		1,387		124,095
National Presto Industries, Inc.		215		25,718
Sparton Corp.(a)		355		6,528
Spirit AeroSystems Holdings, Inc., Class A		4,567		380,888
Teledyne Technologies, Inc.(a)		1,528		342,608
Triumph Group, Inc.		2,087		37,253
Vectrus, Inc.(a)		423		10,655
				2,864,881
Air Freight & Logistics — 0.2%
Air Transport Services Group, Inc.(a)		2,498		59,328
Atlas Air Worldwide Holdings, Inc.(a)(b)		1,011		53,805
Echo Global Logistics, Inc.(a)		1,259		29,914
Forward Air Corp.		1,236		72,343
Hub Group, Inc., Class A(a)		1,381		61,468
Park-Ohio Holdings Corp.		318		10,329
Radiant Logistics, Inc.(a)		1,614		7,973
				295,160
Airlines — 0.6%
Alaska Air Group, Inc.		5,194		332,156
Allegiant Travel Co.		548		71,240
Copa Holdings SA, Class A		1,329		126,056
Hawaiian Holdings, Inc.		2,126		68,074
JetBlue Airways Corp.(a)		13,123		236,083
Mesa Air Group, Inc.(a)(b)		653		5,714
SkyWest, Inc.		2,167		110,409
Spirit Airlines, Inc.(a)(b)		2,903		170,754
				1,120,486
Auto Components — 0.8%
Adient PLC		3,979		78,545
American Axle & Manufacturing Holdings, Inc.(a)		4,649		68,712
Cooper Tire & Rubber Co.		2,148		75,610
Cooper-Standard Holdings, Inc.(a)		745		56,963
Dana, Inc.		6,232		109,808
Dorman Products, Inc.(a)		1,185		101,851
Fox Factory Holding Corp.(a)		1,526		90,538
Gentex Corp.		11,700		247,806
Gentherm, Inc.(a)		1,476		62,818
Goodyear Tire & Rubber Co.		10,036		212,663
LCI Industries		1,036		85,408
Modine Manufacturing Co.(a)		2,171		31,762
Motorcar Parts of America, Inc.(a)(b)		927		18,540
Shiloh Industries, Inc.(a)		621		3,720
Spartan Motors, Inc.		1,658		13,960
Standard Motor Products, Inc.		909		44,686
Stoneridge, Inc.(a)		1,194		31,175

Security	Shares		Value
Auto Components (continued)
Superior Industries International, Inc.		896	$	4,614
Tenneco, Inc., Class A		2,140		74,215
Tower International, Inc.		867		25,221
Visteon Corp.(a)(b)		1,258		96,728
				1,535,343
Automobiles — 0.2%
Harley-Davidson, Inc.		7,048		259,789
Thor Industries, Inc.		2,168		141,180
Winnebago Industries, Inc.		1,319		37,724
				438,693
Banks — 7.0%
1st Constitution Bancorp		295		5,729
1st Source Corp.		706		32,052
Access National Corp.		658		15,535
ACNB Corp.		265		9,646
Allegiance Bancshares, Inc.(a)		633		22,737
Amalgamated Bank, Class A		411		7,373
American National Bankshares, Inc.		305		9,967
Ameris Bancorp		1,829		69,411
Ames National Corp.		361		9,076
Arrow Financial Corp.		600		19,110
Associated Banc-Corp		7,193		155,728
Atlantic Capital Bancshares, Inc.(a)		1,244		22,492
Auburn National BanCorp., Inc.		63		2,051
BancFirst Corp.		799		42,890
Banco Latinoamericano de Comercio Exterior SA		1,378		25,879
Bancorp, Inc.(a)		2,313		19,614
BancorpSouth Bank		4,082		119,113
Bank of Commerce Holdings		568		6,072
Bank of Hawaii Corp.		1,824		141,050
Bank of Marin Bancorp		612		25,667
Bank of NT Butterfield & Son Ltd.		2,292		80,335
Bank of Princeton(b)		238		7,031
Bank OZK		5,346		162,198
BankUnited, Inc.		4,382		148,155
Bankwell Financial Group, Inc.		276		7,976
Banner Corp.		807		44,014
Bar Harbor Bankshares		540		12,922
Baycom Corp.(a)		366		7,906
BCB Bancorp, Inc.		530		6,222
Blue Hills Bancorp, Inc.		1,055		24,940
BOK Financial Corp.		1,453		120,759
Boston Private Financial Holdings, Inc.		2,027		23,513
Bridge Bancorp, Inc.		820		25,248
Bryn Mawr Bank Corp.		902		33,365
Business First Bancshares, Inc.		536		12,366
Byline Bancorp, Inc.(a)		851		16,075
C&F Financial Corp.		107		5,348
Cadence BanCorp		5,195		97,406
Cambridge Bancorp		191		14,535
Camden National Corp.		708		28,688
Capital Bancorp, Inc.(a)		416		4,888
Capital City Bank Group, Inc.		388		9,312
Capstar Financial Holdings, Inc.		265		4,227
Carolina Financial Corp.		920		31,850
Cathay General Bancorp		3,471		128,844
CB Financial Services, Inc.		199		4,806
CBTX, Inc.		824		26,574
CenterState Bank Corp.		3,841		95,257
Central Pacific Financial Corp.		639		18,295
Central Valley Community Bancorp		462		9,134
Century Bancorp, Inc., Class A		126		9,781
Chemical Financial Corp.		3,021		134,314

SCHEDULES OF INVESTMENTS 41

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Chemung Financial Corp.		141	$	5,911
CIT Group, Inc.		4,677		216,031
Citizens & Northern Corp.		485		12,159
City Holding Co.		633		45,373
Civista Bancshares, Inc.		522		9,777
CNB Financial Corp.		720		18,194
Coastal Financial Corp.(a)		207		3,078
Codorus Valley Bancorp, Inc.		321		7,094
Columbia Banking System, Inc.		3,083		113,300
Commerce Bancshares, Inc.		4,396		262,881
Community Bank System, Inc.		2,117		126,914
Community Bankers Trust Corp.(a)		714		5,326
Community Financial Corp.		82		2,423
Community Trust Bancorp, Inc.		722		29,320
ConnectOne Bancorp, Inc.		1,382		27,640
County Bancorp, Inc.		203		3,473
Cullen/Frost Bankers, Inc.		2,439		237,266
Customers Bancorp, Inc.(a)		1,306		25,689
CVB Financial Corp.		4,966		108,805
Eagle Bancorp, Inc.(a)		1,374		75,405
East West Bancorp, Inc.		6,289		316,462
Enterprise Bancorp, Inc.		459		14,849
Enterprise Financial Services Corp.		997		43,998
Equity Bancshares, Inc., Class A(a)		623		19,780
Esquire Financial Holdings, Inc.(a)		247		5,367
Evans Bancorp, Inc.		275		9,625
Farmers & Merchants Bancorp, Inc./Archbold		446		14,062
Farmers National Banc Corp.		1,315		17,056
FB Financial Corp.		743		24,578
Fidelity D&D Bancorp, Inc.		99		5,842
Fidelity Southern Corp.		1,017		30,978
Financial Institutions, Inc.		742		19,900
First Bancorp, Inc.		402		10,400
First BanCorp, Puerto Rico		9,012		95,978
First Bancorp/Southern Pines NC		1,254		46,110
First Bancshares, Inc.		675		21,877
First Bank/Hamilton		604		6,789
First Busey Corp.		1,924		47,638
First Business Financial Services, Inc.		252		5,201
First Choice Bancorp		364		7,866
First Citizens BancShares, Inc., Class A		346		141,005
First Commonwealth Financial Corp.		4,209		57,242
First Community Bancshares, Inc.		596		20,443
First Community Corp.		283		5,802
First Financial Bancorp		4,026		106,005
First Financial Bankshares, Inc.		2,740		167,414
First Financial Corp.		661		27,412
First Financial Northwest, Inc.		318		4,818
First Foundation, Inc.(a)		1,690		24,556
First Guaranty Bancshares, Inc.		179		3,890
First Hawaiian, Inc.		4,564		117,432
First Horizon National Corp.		14,050		206,254
First Internet Bancorp		341		6,820
First Interstate Bancsystem, Inc., Class A		1,463		56,940
First Merchants Corp.		2,092		76,630
FirstMid-Illinois Bancshares, Inc.		609		19,841
First Midwest Bancorp, Inc.		4,319		95,104
First Northwest Bancorp		358		5,467
First of Long Island Corp.		1,152		23,869
First Savings Financial Group, Inc.		124		6,216
First United Corp.		422		6,836
FNB Corp.		14,052		163,706
Franklin Financial Network, Inc.(a)(b)		611		19,473
Fulton Financial Corp.		7,487		120,166

Security	Shares		Value
Banks (continued)
German American Bancorp, Inc.		988	$	28,899
Glacier Bancorp, Inc.		3,573		150,709
Great Southern Bancorp, Inc.		523		27,897
Great Western Bancorp, Inc.		2,497		88,119
Guaranty Bancshares, Inc.		273		8,190
Hancock Whitney Corp.		3,638		149,449
Hanmi Financial Corp.		835		18,312
HarborOne Bancorp, Inc.(a)		578		8,774
Heartland Financial USA, Inc.		1,287		58,378
Heritage Commerce Corp.		1,792		23,780
Heritage Financial Corp.		1,541		47,740
Home BancShares, Inc.		6,789		124,307
HomeTrust Bancshares, Inc.		870		23,490
Hope Bancorp, Inc.		5,250		75,128
Horizon Bancorp		1,711		27,616
Howard Bancorp, Inc.(a)(b)		487		6,248
Iberiabank Corp.		2,427		179,331
Independent Bank Corp.		2,207		114,998
Independent Bank Group, Inc.		1,435		75,711
International Bancshares Corp.		2,315		82,113
Investar Holding Corp.		370		8,532
Investors Bancorp, Inc.		10,565		128,259
Lakeland Bancorp, Inc.		2,207		34,540
Lakeland Financial Corp.		1,138		51,244
LCNB Corp.		320		5,280
LegacyTexas Financial Group, Inc.		2,052		81,752
Level One Bancorp, Inc.(b)		199		4,836
Live Oak Bancshares, Inc.		1,203		16,722
Macatawa Bank Corp.		1,007		9,828
MB Financial, Inc.		3,609		160,167
MBT Financial Corp.		730		7,307
Mercantile Bank Corp.		799		26,527
Metropolitan Bank Holding Corp.(a)(b)		231		8,085
Mid Penn Bancorp, Inc.		113		2,616
Middlefield Banc Corp.		103		4,404
Midland States Bancorp, Inc.		674		16,250
MidSouth Bancorp, Inc.(b)		610		6,966
MidWestOne Financial Group, Inc.		396		10,973
MutualFirst Financial, Inc.		250		7,250
MVB Financial Corp.		323		5,439
National Bank Holdings Corp., Class A		1,272		40,653
National Bankshares, Inc.		253		8,787
National Commerce Corp.(a)		812		33,061
NBT Bancorp, Inc.		1,797		64,009
Nicolet Bankshares, Inc.(a)		400		21,876
Northeast Bancorp		166		3,274
Northrim BanCorp, Inc.		233		7,719
Norwood Financial Corp.		201		5,893
Oak Valley Bancorp(b)		409		7,219
OFG Bancorp		1,826		35,388
Ohio Valley Banc Corp.		145		5,203
Old Line Bancshares, Inc.		745		20,122
Old National Bancorp		6,371		102,828
Old Second Bancorp, Inc.		1,427		20,021
Opus Bank		931		19,458
Origin Bancorp, Inc.(b)		800		27,256
Orrstown Financial Services, Inc.		280		5,272
Pacific City Financial Corp.		472		7,764
Pacific Mercantile Bancorp(a)		381		2,995
Pacific Premier Bancorp, Inc.(a)		1,949		57,983
PacWest Bancorp		5,343		206,186
Park National Corp.		604		56,788
Parke Bancorp, Inc.		261		5,121
Peapack Gladstone Financial Corp.		843		22,500

42 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Penns Woods Bancorp, Inc.		167	$	5,900
People’s United Financial, Inc.		15,818		259,099
People’s Utah Bancorp		705		20,727
Peoples Bancorp of North Carolina, Inc.		176		4,576
Peoples Bancorp, Inc.		794		25,408
Peoples Financial Services Corp.		321		13,238
Pinnacle Financial Partners, Inc.		3,282		176,473
Popular, Inc.		4,307		235,205
Preferred Bank		596		27,750
Premier Financial Bancorp, Inc.		472		6,735
Prosperity Bancshares, Inc.		2,927		208,227
QCR Holdings, Inc.		617		21,138
RBB Bancorp		476		8,877
Reliant Bancorp Inc.		539		11,589
Renasant Corp.		2,079		73,846
Republic Bancorp, Inc., Class A		326		13,591
Republic First Bancorp, Inc.(a)		2,365		13,954
S&T Bancorp, Inc.		1,451		55,747
Sandy Spring Bancorp, Inc.		1,483		48,361
SB One Bancorp		284		6,220
Seacoast Banking Corp. of Florida(a)		1,938		53,334
Select Bancorp, Inc.(a)		445		5,385
ServisFirst Bancshares, Inc.		2,042		68,918
Shore Bancshares, Inc.		440		6,556
Sierra Bancorp		715		19,019
Signature Bank		2,337		297,523
Simmons First National Corp., Class A		3,816		94,408
SmartFinancial, Inc.(a)		390		7,527
South State Corp.		1,561		103,572
Southern First Bancshares, Inc.(a)		286		10,293
Southern National Bancorp of Virginia, Inc.		695		10,481
Southside Bancshares, Inc.		1,452		47,901
Spirit of Texas Bancshares, Inc.(a)		449		9,887
Sterling Bancorp		9,762		187,821
Stock Yards Bancorp, Inc.		982		33,948
Summit Financial Group, Inc.		447		10,518
Synovus Financial Corp.		6,971		246,913
TCF Financial Corp.		7,171		158,909
Texas Capital Bancshares, Inc.(a)		2,145		124,989
Tompkins Financial Corp.		660		48,536
TowneBank		2,923		75,881
Trico Bancshares		1,129		42,586
TriState Capital Holdings, Inc.(a)		1,112		22,640
Triumph Bancorp, Inc.(a)(b)		1,033		31,465
Trustmark Corp.		2,842		89,608
UMB Financial Corp.		1,948		125,373
Umpqua Holdings Corp.		9,568		169,162
Union Bankshares Corp.		2,750		86,790
Union Bankshares, Inc.		170		8,101
United Bankshares, Inc.		4,296		151,950
United Community Banks, Inc.		1,963		50,488
United Security Bancshares		461		4,730
Unity Bancorp, Inc.		279		5,527
Univest Corp. of Pennsylvania		1,316		30,913
Valley National Bancorp		14,103		142,581
Veritex Holdings, Inc.(a)		1,988		52,602
Washington Trust Bancorp, Inc.		727		37,833
Webster Financial Corp.		3,961		213,419
WesBanco, Inc.		2,235		90,763
West BanCorp., Inc.		807		17,383
Westamerica BanCorp		1,086		68,049
Western Alliance Bancorp(a)		4,308		190,758
Wintrust Financial Corp.		2,465		175,360
Zions Bancorporation		8,350		397,376
				13,469,211

Security	Shares		Value
Beverages — 0.1%
Boston Beer Co., Inc., Class A(a)(b)		350	$	87,206
Castle Brands, Inc.(a)		1,688		1,427
Celsius Holdings, Inc.(a)(b)		659		2,695
Coca-Cola Consolidated, Inc.		200		43,160
Craft Brew Alliance, Inc.(a)		449		7,391
MGP Ingredients, Inc.(b)		563		40,418
National Beverage Corp.		497		41,668
Primo Water Corp.(a)		1,481		19,297
				243,262
Biotechnology — 4.7%
Abeona Therapeutics, Inc.(a)		1,604		10,891
ACADIA Pharmaceuticals, Inc.(a)		4,196		95,585
Acceleron Pharma, Inc.(a)		1,660		70,384
Achillion Pharmaceuticals, Inc.(a)(b)		6,431		14,084
Acorda Therapeutics, Inc.(a)		1,880		31,264
Adamas Pharmaceuticals, Inc.(a)		757		6,813
ADMA Biologics, Inc.(a)		630		1,859
Aduro Biotech, Inc.(a)		2,211		6,589
Adverum Biotechnologies, Inc.(a)		1,970		6,265
Aeglea BioTherapeutics, Inc.(a)		700		6,398
Agenus, Inc.(a)		4,635		15,620
AgeX Therapeutics, Inc.(a)(b)		346		1,339
Agios Pharmaceuticals, Inc.(a)(b)		2,205		118,188
Aimmune Therapeutics, Inc.(a)(b)		1,891		44,476
Akebia Therapeutics, Inc.(a)		3,864		21,291
Albireo Pharma, Inc.(a)		322		8,372
Alder Biopharmaceuticals, Inc.(a)		2,549		35,890
Aldeyra Therapeutics, Inc.(a)		1,173		10,334
Alkermes PLC(a)		6,579		216,252
Allakos, Inc.(a)		368		14,702
Allena Pharmaceuticals, Inc.(a)		301		2,110
Allogene Therapeutics, Inc.(a)		977		29,632
Alnylam Pharmaceuticals, Inc.(a)		3,831		320,003
AMAG Pharmaceuticals, Inc.(a)		1,473		24,113
Amicus Therapeutics, Inc.(a)		8,159		98,234
AnaptysBio, Inc.(a)		895		59,356
Apellis Pharmaceuticals, Inc.(a)		1,652		23,128
Aptinyx, Inc.(a)(b)		726		3,877
Arbutus Biopharma Corp.(a)		1,464		5,402
Arcus Biosciences, Inc.(a)		1,461		14,858
Ardelyx, Inc.(a)		1,414		2,969
Arena Pharmaceuticals, Inc.(a)		2,126		97,732
ArQule, Inc.(a)		5,148		19,048
Array BioPharma, Inc.(a)		8,709		162,597
Arrowhead Pharmaceuticals, Inc.(a)		3,720		52,526
Arsanis, Inc.(a)		107		292
Atara Biotherapeutics, Inc.(a)		1,792		68,096
Athenex, Inc.(a)(b)		2,054		24,134
Athersys, Inc.(a)		4,717		7,500
Audentes Therapeutics, Inc.(a)		1,666		41,317
AVEO Pharmaceuticals, Inc.(a)		3,576		2,501
Avid Bioservices, Inc.(a)		2,796		10,765
Avrobio, Inc.(a)(b)		247		3,078
Bellicum Pharmaceuticals, Inc.(a)(b)		1,613		5,323
BioCryst Pharmaceuticals, Inc.(a)(b)		4,869		42,263
Biohaven Pharmaceutical Holding Co. Ltd.(a)		1,232		46,927
Biospecifics Technologies Corp.(a)		203		13,191
BioTime, Inc.(a)(b)		3,461		4,880
Bluebird Bio, Inc.(a)(b)		2,313		308,624
Blueprint Medicines Corp.(a)		1,767		127,383
Calithera Biosciences, Inc.(a)		1,062		4,737
Calyxt, Inc.(a)		161		2,136
Cara Therapeutics, Inc.(a)		1,451		22,128
CareDx, Inc.(a)		1,429		40,055

SCHEDULES OF INVESTMENTS 43

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
CASI Pharmaceuticals, Inc.(a)(b)		2,011	$	6,958
Catalyst Biosciences, Inc.(a)		758		6,663
Catalyst Pharmaceuticals, Inc.(a)(b)		3,741		9,427
Celcuity, Inc.(a)(b)		238		5,288
Cellular Biomedicine Group, Inc.(a)(b)		483		8,583
ChemoCentryx, Inc.(a)		832		10,184
Chimerix, Inc.(a)		1,809		4,215
Clovis Oncology, Inc.(a)		2,066		52,394
Cohbar, Inc.(a)(b)		560		1,837
Coherus Biosciences, Inc.(a)		2,304		31,012
Concert Pharmaceuticals, Inc.(a)		1,077		15,240
Corbus Pharmaceuticals Holdings, Inc.(a)(b)		2,463		18,620
Corvus Pharmaceuticals, Inc.(a)		374		1,492
Crinetics Pharmaceuticals, Inc.(a)(b)		291		7,647
CTI BioPharma Corp.(a)(b)		1,309		1,558
Cue Biopharma, Inc.(a)		453		2,315
Cytokinetics, Inc.(a)		1,601		11,255
CytomX Therapeutics, Inc.(a)		2,001		33,977
Deciphera Pharmaceuticals, Inc.(a)		438		11,769
Denali Therapeutics, Inc.(a)(b)		1,987		37,872
Dicerna Pharmaceuticals, Inc.(a)		2,036		20,991
Dynavax Technologies Corp.(a)(b)		2,787		30,713
Eagle Pharmaceuticals, Inc.(a)(b)		479		20,243
Editas Medicine, Inc.(a)		1,988		43,199
Eidos Therapeutics, Inc.(a)(b)		235		2,869
Emergent Biosolutions, Inc.(a)		1,904		118,791
Enanta Pharmaceuticals, Inc.(a)		718		57,031
Epizyme, Inc.(a)		2,848		29,107
Esperion Therapeutics, Inc.(a)(b)		985		45,753
Evelo Biosciences, Inc.(a)(b)		541		4,858
Exact Sciences Corp.(a)		5,139		462,921
Exelixis, Inc.(a)		12,556		295,945
Fate Therapeutics, Inc.(a)		2,597		39,319
Fennec Pharmaceuticals, Inc.(a)		285		1,907
FibroGen, Inc.(a)(b)		3,210		182,167
Five Prime Therapeutics, Inc.(a)		1,636		18,405
Flexion Therapeutics, Inc.(a)		1,573		23,107
Fortress Biotech, Inc.(a)(b)		699		1,447
Forty Seven, Inc.(a)		513		7,536
G1 Therapeutics, Inc.(a)(b)		1,125		24,064
Genomic Health, Inc.(a)		905		68,608
Geron Corp.(a)		5,936		6,826
Global Blood Therapeutics, Inc.(a)		2,131		102,096
GlycoMimetics, Inc.(a)(b)		1,611		18,043
Gritstone Oncology, Inc.(a)(b)		344		4,403
GTx, Inc.(a)(b)		165		180
Halozyme Therapeutics, Inc.(a)		5,412		87,566
Heron Therapeutics, Inc.(a)		2,937		79,005
Homology Medicines, Inc.(a)		843		17,088
Idera Pharmaceuticals, Inc.(a)(b)		788		1,994
Immune Design Corp.(a)		1,083		1,689
ImmunoGen, Inc.(a)		6,237		32,744
Immunomedics, Inc.(a)(b)		6,390		94,508
Innoviva, Inc.(a)		2,998		51,266
Inovio Pharmaceuticals, Inc.(a)(b)		3,032		15,190
Insmed, Inc.(a)		3,318		80,661
Insys Therapeutics, Inc.(a)(b)		1,909		6,605
Intellia Therapeutics, Inc.(a)(b)		1,485		20,998
Intercept Pharmaceuticals, Inc.(a)		936		112,956
Intrexon Corp.(a)(b)		3,191		24,443
Invitae Corp.(a)		2,816		39,649
Ionis Pharmaceuticals, Inc.(a)(b)		5,414		314,012
Iovance Biotherapeutics, Inc.(a)(b)		4,734		43,316
Ironwood Pharmaceuticals, Inc.(a)		6,080		83,053

Security	Shares		Value
Biotechnology (continued)
Jounce Therapeutics, Inc.(a)(b)		306	$	1,282
Kadmon Holdings, Inc.(a)		3,717		8,958
Karyopharm Therapeutics, Inc.(a)		2,198		18,617
Kezar Life Sciences, Inc.(a)(b)		144		2,579
Kindred Biosciences, Inc.(a)		1,107		10,904
Kiniksa Pharmaceuticals Ltd., Class A(a)		371		6,492
Kodiak Sciences, Inc.(a)		649		4,984
Kura Oncology, Inc.(a)		1,329		21,131
La Jolla Pharmaceutical Co.(a)		1,070		6,463
Lexicon Pharmaceuticals, Inc.(a)		1,511		7,147
Ligand Pharmaceuticals, Inc.(a)(b)		889		104,991
LogicBio Therapeutics, Inc.(a)		570		5,039
Loxo Oncology, Inc.(a)		1,142		267,913
MacroGenics, Inc.(a)		1,756		20,598
Madrigal Pharmaceuticals, Inc.(a)		296		34,265
MannKind Corp.(a)		4,963		6,253
MediciNova, Inc.(a)(b)		1,898		17,234
Mersana Therapeutics, Inc.(a)		267		1,223
Minerva Neurosciences, Inc.(a)		1,080		7,106
Miragen Therapeutics, Inc.(a)(b)		670		1,916
Mirati Therapeutics, Inc.(a)		867		57,291
Molecular Templates, Inc.(a)		430		2,038
Momenta Pharmaceuticals, Inc.(a)		3,293		39,055
Mustang Bio, Inc.(a)		445		1,655
Myriad Genetics, Inc.(a)		3,012		84,908
NantKwest, Inc.(a)		311		336
Natera, Inc.(a)		1,449		19,692
Neon Therapeutics, Inc.(a)		7		30
Neurocrine Biosciences, Inc.(a)		3,812		336,295
NewLink Genetics Corp.(a)		478		712
Novavax, Inc.(a)(b)		16,633		38,921
Nymox Pharmaceutical Corp.(a)(b)		482		1,065
OPKO Health, Inc.(a)		13,809		50,817
Organovo Holdings, Inc.(a)(b)		4,383		4,427
Ovid therapeutics, Inc.(a)		372		1,053
Palatin Technologies, Inc.(a)		7,582		5,244
PDL BioPharma, Inc.(a)		6,509		20,699
Pfenex, Inc.(a)(b)		1,114		4,389
Pieris Pharmaceuticals, Inc.(a)(b)		2,095		6,013
PolarityTE, Inc.(a)(b)		391		6,929
Portola Pharmaceuticals, Inc.(a)		2,802		75,934
Principia Biopharma, Inc.(a)		206		6,244
Progenics Pharmaceuticals, Inc.(a)		2,993		13,259
Proteostasis Therapeutics, Inc.(a)		925		2,794
Prothena Corp. PLC(a)		1,900		22,325
PTC Therapeutics, Inc.(a)		1,938		60,330
Puma Biotechnology, Inc.(a)(b)		1,255		34,989
Ra Pharmaceuticals, Inc.(a)		757		15,541
Radius Health, Inc.(a)(b)		1,820		33,251
Recro Pharma, Inc.(a)		972		8,058
REGENXBIO, Inc.(a)		1,344		59,082
Repligen Corp.(a)		1,702		97,031
Replimune Group, Inc.(a)		208		2,519
Retrophin, Inc.(a)		1,820		39,239
Rhythm Pharmaceuticals, Inc.(a)		704		18,726
Rigel Pharmaceuticals, Inc.(a)		7,817		16,885
Rocket Pharmaceuticals, Inc.(a)		1,043		14,998
Rubius Therapeutics, Inc.(a)(b)		480		6,571
Sage Therapeutics, Inc.(a)		1,962		279,762
Sangamo Therapeutics, Inc.(a)(b)		4,340		50,735
Sarepta Therapeutics, Inc.(a)(b)		2,843		397,196
Savara, Inc.(a)		1,141		8,660
Scholar Rock Holding Corp.(a)		355		5,364
Seattle Genetics, Inc.(a)(b)		4,639		354,559

44 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Selecta Biosciences, Inc.(a)		534	$	838
Seres Therapeutics, Inc.(a)		776		4,780
Solid Biosciences, Inc.(a)(b)		611		15,379
Sorrento Therapeutics, Inc.(a)(b)		5,419		11,163
Spark Therapeutics, Inc.(a)		1,354		64,748
Spectrum Pharmaceuticals, Inc.(a)(b)		4,319		48,373
Spero Therapeutics, Inc.(a)		190		1,999
Spring Bank Pharmaceuticals, Inc.(a)		549		5,946
Stemline Therapeutics, Inc.(a)		1,332		14,732
Surface Oncology, Inc.(a)		197		1,133
Sutro Biopharma, Inc.(a)		494		5,227
Syndax Pharmaceuticals, Inc.(a)		300		1,680
Synergy Pharmaceuticals, Inc.(a)		7,266		2,328
Synlogic, Inc.(a)		1,019		8,234
Syros Pharmaceuticals, Inc.(a)(b)		1,014		6,074
T2 Biosystems, Inc.(a)		1,111		3,889
Tetraphase Pharmaceuticals, Inc.(a)(b)		2,247		2,764
TG Therapeutics, Inc.(a)(b)		2,345		9,614
Tocagen, Inc.(a)		674		7,589
Translate Bio, Inc.(a)		298		1,693
Twist Bioscience Corp.(a)		291		6,731
Tyme Technologies, Inc.(a)(b)		4,989		13,420
Ultragenyx Pharmaceutical, Inc.(a)(b)		2,026		99,922
United Therapeutics Corp.(a)		1,839		212,092
UNITY Biotechnology, Inc.(a)(b)		1,208		13,820
Unum Therapeutics, Inc.(a)(b)		1,336		5,772
Vanda Pharmaceuticals, Inc.(a)		2,245		60,907
Verastem, Inc.(a)(b)		3,443		11,293
Vericel Corp.(a)		1,928		33,162
Viking Therapeutics, Inc.(a)		2,808		22,913
Vital Therapies, Inc.(a)		787		173
Voyager Therapeutics, Inc.(a)		767		8,046
Xencor, Inc.(a)		1,985		71,658
XOMA Corp.(a)(b)		163		1,967
Y-mAbs Therapeutics, Inc.(a)(b)		277		5,701
Zafgen, Inc.(a)		1,072		4,760
ZIOPHARM Oncology, Inc.(a)(b)		5,961		13,353
				9,107,678
Building Products — 1.5%
AAON, Inc.		1,748		64,571
Advanced Drainage Systems, Inc.		1,545		39,398
Allegion PLC		4,102		352,198
Ameresco, Inc., Class A(a)		695		10,376
American Woodmark Corp.(a)		603		42,180
AO Smith Corp.		6,175		295,536
Apogee Enterprises, Inc.		1,177		40,100
Armstrong Flooring, Inc.(a)		1,068		14,439
Armstrong World Industries, Inc.		1,860		126,554
Builders FirstSource, Inc.(a)		4,793		63,363
Caesarstone Ltd.		1,139		17,518
Continental Building Products, Inc.(a)		1,590		41,881
CSW Industrials, Inc.(a)		694		35,845
Fortune Brands Home & Security, Inc.		6,160		279,048
Gibraltar Industries, Inc.(a)(b)		1,353		48,234
Griffon Corp.		1,623		25,822
Insteel Industries, Inc.		863		19,064
JELD-WEN Holding, Inc.(a)		2,932		52,307
Lennox International, Inc.		1,552		355,843
Masonite International Corp.(a)		1,153		65,952
NCI Building Systems, Inc.(a)		1,901		15,512
Owens Corning		4,650		243,614
Patrick Industries, Inc.(a)(b)		1,002		39,980
PGT Innovations, Inc.(a)		2,432		40,468
Quanex Building Products Corp.		1,569		24,555

Security	Shares		Value
Building Products (continued)
Simpson Manufacturing Co., Inc.		1,728	$	106,065
Trex Co., Inc.(a)		2,565		178,934
Universal Forest Products, Inc.		2,503		77,142
USG Corp.		3,474		149,903
				2,866,402
Capital Markets — 1.3%
Arlington Asset Investment Corp., Class A		1,042		8,982
Artisan Partners Asset Management, Inc., Class A		2,079		48,482
Ashford, Inc.(a)		12		780
Associated Capital Group, Inc., Class A		166		7,037
B. Riley Financial, Inc.		989		15,082
BGC Partners, Inc., Class A		11,580		71,680
Blucora, Inc.(a)		2,013		59,404
BrightSphere Investment Group PLC		3,657		45,237
Cohen & Steers, Inc.		985		37,066
Cowen, Inc., Class A(a)(b)		1,016		16,429
Diamond Hill Investment Group, Inc.		153		23,715
Donnelley Financial Solutions, Inc.(a)		1,568		22,956
Eaton Vance Corp.		4,906		188,979
Evercore, Inc., Class A		1,780		159,221
Federated Investors, Inc., Class B		4,271		111,601
Focus Financial Partners, Inc., Class A(a)		836		23,508
Gain Capital Holdings, Inc.(b)		1,033		6,683
GAMCO Investors, Inc., Class A		181		3,611
Greenhill & Co., Inc.		849		21,276
Hamilton Lane, Inc., Class A		699		25,353
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,237		50,534
HFF, Inc., Class A		1,588		65,775
Houlihan Lokey, Inc.		1,459		64,546
INTL. FCStone, Inc.(a)		729		27,870
Investment Technology Group, Inc.		1,374		41,577
Ladenburg Thalmann Financial Services, Inc.		5,076		14,619
Lazard Ltd., Class A		5,061		201,377
Legg Mason, Inc.		3,590		106,982
LPL Financial Holdings, Inc.		3,748		263,747
Marcus & Millichap, Inc.(a)		902		35,719
Moelis & Co., Class A		1,908		83,475
Oppenheimer Holdings, Inc., Class A		384		10,341
Piper Jaffray Cos.		654		45,146
PJT Partners, Inc., Class A		881		38,306
Pzena Investment Management, Inc., Class A		654		5,729
Safeguard Scientifics, Inc.(a)(b)		486		4,612
SEI Investments Co.		5,745		273,117
Siebert Financial Corp.(a)(b)		256		2,831
Silvercrest Asset Management Group, Inc., Class A		334		4,449
Stifel Financial Corp.		2,985		142,892
Virtu Financial, Inc., Class A		1,911		48,826
Virtus Investment Partners, Inc.		334		30,050
Waddell & Reed Financial, Inc., Class A		3,326		56,941
Westwood Holdings Group, Inc.		313		11,462
WisdomTree Investments, Inc.		5,164		34,599
				2,562,604
Chemicals — 2.3%
A. Schulman, Inc.(c)		710		1,356
AdvanSix, Inc.(a)		1,297		41,037
AgroFresh Solutions, Inc.(a)(b)		1,326		5,330
American Vanguard Corp.		1,380		24,178
Ashland Global Holdings, Inc.		2,692		204,323
Axalta Coating Systems Ltd.(a)		9,043		231,682
Balchem Corp.		1,360		112,907
Cabot Corp.		2,566		120,320
CF Industries Holdings, Inc.		9,914		432,746
Chase Corp.		311		31,355

SCHEDULES OF INVESTMENTS 45

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Chemours Co.		7,391	$	264,228
Codexis, Inc.(a)(b)		2,266		42,646
Element Solutions, Inc.(a)		9,546		107,297
Ferro Corp.(a)		3,556		59,278
Flotek Industries, Inc.(a)		1,161		2,972
FutureFuel Corp.		1,205		22,063
GCP Applied Technologies, Inc.(a)		3,084		77,717
Hawkins, Inc.		457		18,961
HB Fuller Co.		2,198		108,559
Huntsman Corp.		9,408		206,694
Ingevity Corp.(a)		1,780		167,445
Innophos Holdings, Inc.		874		26,133
Innospec, Inc.		1,018		71,535
Intrepid Potash, Inc.(a)		4,605		14,322
Koppers Holdings, Inc.(a)		950		21,650
Kraton Corp.(a)		1,305		36,801
Kronos Worldwide, Inc.		913		12,024
Landec Corp.(a)(b)		929		11,789
Livent Corp.(a)		1,065		13,483
LSB Industries, Inc.(a)		806		6,005
Marrone Bio Innovations, Inc.(a)		1,725		2,639
Minerals Technologies, Inc.		1,502		87,972
NewMarket Corp.		338		135,568
Olin Corp.		7,061		166,710
OMNOVA Solutions, Inc.(a)		1,518		13,525
PolyOne Corp.		3,372		109,152
PQ Group Holdings, Inc.(a)(b)		1,613		24,276
Quaker Chemical Corp.		569		116,338
Rayonier Advanced Materials, Inc.		2,257		32,681
RPM International, Inc.		5,677		324,497
ScottsMiracle-Gro Co., Class A		1,702		126,544
Sensient Technologies Corp.		1,789		112,313
Stepan Co.		853		75,004
Trecora Resources(a)(b)		840		7,283
Tredegar Corp.		1,173		19,132
Trinseo SA		1,800		88,290
Tronox Ltd., Class A		4,022		35,233
Valhi, Inc.		605		2,015
Valvoline, Inc.		8,297		183,447
Versum Materials, Inc.		4,645		170,797
WR Grace & Co.		2,886		204,935
				4,535,187
Commercial Services & Supplies — 1.5%
ABM Industries, Inc.		2,927		100,074
ACCO Brands Corp.		4,424		39,064
ADT, Inc.		4,564		32,952
Advanced Disposal Services, Inc.(a)		3,046		76,759
BrightView Holdings, Inc.(a)		1,288		19,075
Brink’s Co.		2,201		162,984
Casella Waste Systems, Inc., Class A(a)		1,685		50,752
CECO Environmental Corp.(a)		1,268		8,724
Charah Solutions, Inc.(a)		461		3,301
Cimpress NV(a)(b)		925		76,932
Clean Harbors, Inc.(a)		2,278		134,880
Covanta Holding Corp.		4,985		80,258
Deluxe Corp.		2,018		94,785
Encore Capital Group, Inc.(a)(b)		1,139		33,646
Ennis, Inc.		1,182		23,451
Healthcare Services Group, Inc.		3,124		136,269
Heritage-Crystal Clean, Inc.(a)		742		18,995
Herman Miller, Inc.		2,514		86,054
HNI Corp.		1,838		71,443
InnerWorkings, Inc.(a)(b)		1,479		6,789
Interface, Inc.		2,582		42,371

Security	Shares		Value
Commercial Services & Supplies (continued)
KAR Auction Services, Inc.		5,763	$	299,734
Kimball International, Inc., Class B		1,566		22,128
Knoll, Inc.		2,018		40,683
LSC Communications, Inc.		1,864		14,781
McGrath RentCorp		1,019		51,358
Mobile Mini, Inc.		1,890		71,423
MSA Safety, Inc.		1,445		144,760
Multi-Color Corp.		604		28,116
NL Industries, Inc.(a)		244		925
Pitney Bowes, Inc.		8,040		57,968
Quad/Graphics, Inc.		1,398		18,887
Rollins, Inc.		6,227		231,893
RR Donnelley & Sons Co.		3,349		17,080
Steelcase, Inc., Class A		3,572		58,938
Stericycle, Inc.(a)		3,529		155,558
Sykes Enterprises, Inc.(a)		1,682		46,373
Team, Inc.(a)		1,293		18,542
Tetra Tech, Inc.		2,424		133,781
U.S. Ecology, Inc.		941		59,913
UniFirst Corp.		646		89,426
Viad Corp.		891		46,956
VSE Corp.		331		10,801
				2,919,582
Communications Equipment — 1.0%
ADTRAN, Inc.		2,080		30,326
Aerohive Networks, Inc.(a)		1,343		5,130
Applied Optoelectronics, Inc.(a)		927		16,111
ARRIS International PLC(a)		7,084		222,367
Bel Fuse, Inc., Class B		318		7,340
CalAmp Corp.(a)		1,508		21,730
Calix, Inc.(a)		2,050		22,304
Casa Systems, Inc.(a)		1,261		14,678
Ciena Corp.(a)		6,156		234,482
Clearfield, Inc.(a)		451		5,308
CommScope Holding Co., Inc.(a)(b)		8,265		172,821
Comtech Telecommunications Corp.		1,006		25,120
DASAN Zhone Solutions, Inc.(a)		238		3,180
Digi International, Inc.(a)		1,336		15,845
EchoStar Corp., Class A(a)		2,041		83,640
Extreme Networks, Inc.(a)		5,008		37,861
Finisar Corp.(a)		5,005		114,014
Harmonic, Inc.(a)(b)		3,846		20,345
Infinera Corp.(a)		6,462		28,433
InterDigital, Inc.		1,468		106,885
KVH Industries, Inc.(a)		499		5,579
Loral Space & Communications, Inc.(a)		601		21,702
Lumentum Holdings, Inc.(a)		3,186		155,827
NETGEAR, Inc.(a)		1,323		52,404
Plantronics, Inc.		1,406		54,539
Quantenna Communications, Inc.(a)(b)		1,484		22,171
Ribbon Communications, Inc.(a)		1,966		10,970
Ubiquiti Networks, Inc.(b)		679		73,475
ViaSat, Inc.(a)(b)		2,349		147,259
Viavi Solutions, Inc.(a)		9,668		107,508
				1,839,354
Construction & Engineering — 1.0%
AECOM(a)		6,787		207,750
Aegion Corp.(a)		1,394		25,301
Arcosa, Inc.		2,056		60,508
Argan, Inc.		646		27,274
Comfort Systems USA, Inc.		1,549		74,306
Dycom Industries, Inc.(a)		1,279		74,246
EMCOR Group, Inc.		2,502		163,206

46 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
Fluor Corp.		5,938	$	217,153
Granite Construction, Inc.		1,864		80,562
Great Lakes Dredge & Dock Corp.(a)		2,819		19,930
HC2 Holdings, Inc.(a)		1,725		5,882
IES Holdings, Inc.(a)		277		4,637
Infrastructure and Energy Alternatives, Inc.(a)		674		5,587
Jacobs Engineering Group, Inc.		5,503		356,594
KBR, Inc.		6,050		104,060
MasTec, Inc.(a)		2,737		121,468
MYR Group, Inc.(a)		716		21,817
Northwest Pipe Co.(a)		492		11,336
NV5 Global, Inc.(a)		404		28,591
Orion Group Holdings, Inc.(a)		1,072		4,524
Primoris Services Corp.		1,773		35,371
Quanta Services, Inc.		6,335		223,879
Sterling Construction Co., Inc.(a)		1,315		17,411
Tutor Perini Corp.(a)(b)		1,637		28,173
Willscot Corp.(a)		1,693		17,353
				1,936,919
Construction Materials — 0.1%
Eagle Materials, Inc.		1,991		141,361
Forterra, Inc.(a)(b)		1,355		6,951
Summit Materials, Inc., Class A(a)(b)		4,824		73,614
United States Lime & Minerals, Inc.		66		4,555
US Concrete, Inc.(a)(b)		749		26,664
				253,145
Consumer Discretionary — 0.1%
Acushnet Holdings Corp.		1,474		33,887
American Outdoor Brands Corp.(a)		2,303		27,797
At Home Group, Inc.(a)(b)		1,880		41,435
Camping World Holdings, Inc., Class A(b)		1,476		20,930
SP Plus Corp.(a)		1,008		33,365
				157,414
Consumer Finance — 0.6%
Credit Acceptance Corp.(a)		489		194,632
Curo Group Holdings Corp.(a)		500		6,250
Elevate Credit, Inc.(a)		653		2,906
Enova International, Inc.(a)		1,416		32,639
Ezcorp, Inc., Class A(a)		2,323		21,650
Green Dot Corp., Class A(a)		2,037		150,779
I3 Verticals, Inc., Class A(a)		227		5,614
LendingClub Corp.(a)		13,742		43,837
Navient Corp.		11,341		129,287
Nelnet, Inc., Class A		789		41,501
OneMain Holdings, Inc.(a)		3,274		97,860
PRA Group, Inc.(a)		1,902		56,128
Regional Management Corp.(a)		350		9,618
Santander Consumer USA Holdings, Inc.		5,169		98,521
SLM Corp.(a)		18,699		200,266
World Acceptance Corp.(a)		275		28,515
				1,120,003
Containers & Packaging — 1.4%
AptarGroup, Inc.		2,694		267,029
Ardagh Group SA		667		8,084
Avery Dennison Corp.		3,728		389,390
Bemis Co., Inc.		3,936		192,234
Berry Global Group, Inc.(a)		5,581		274,864
Crown Holdings, Inc.(a)(b)		5,568		283,968
Graphic Packaging Holding Co.		13,507		163,030
Greif, Inc., Class A		1,093		42,627
Greif, Inc., Class B		211		9,527
Myers Industries, Inc.		1,548		25,170

Security	Shares		Value
Containers & Packaging (continued)
Owens-Illinois, Inc.		6,818	$	136,837
Packaging Corp. of America		4,034		380,487
Sealed Air Corp.		6,716		265,282
Silgan Holdings, Inc.		3,379		93,328
Sonoco Products Co.		4,284		246,673
UFP Technologies, Inc.(a)		222		7,326
				2,785,856
Distributors — 0.2%
Core-Mark Holding Co., Inc.		1,928		53,753
Funko, Inc., Class A(a)		454		7,877
Pool Corp.		1,695		254,097
Weyco Group, Inc.		265		7,121
				322,848
Diversified Consumer Services — 1.3%
2U, Inc.(a)(b)		2,341		133,086
Adtalem Global Education, Inc.(a)		2,527		123,570
American Public Education, Inc.(a)		722		21,364
Bright Horizons Family Solutions, Inc.(a)		2,470		286,001
Career Education Corp.(a)		2,926		37,775
Carriage Services, Inc.		646		12,565
Chegg, Inc.(a)		4,604		162,153
frontdoor, Inc.(a)		2,890		85,891
Graham Holdings Co., Class B		181		120,365
Grand Canyon Education, Inc.(a)		2,035		189,133
H&R Block, Inc.		8,834		208,394
Hillenbrand, Inc.		2,667		113,081
Houghton Mifflin Harcourt Co.(a)		4,531		47,439
K12, Inc.(a)		1,562		49,219
Laureate Education, Inc., Class A(a)		4,249		67,984
Matthews International Corp., Class A		1,339		59,572
Regis Corp.(a)		1,587		29,597
Service Corp. International		7,480		321,042
ServiceMaster Global Holdings, Inc.(a)		5,847		227,974
Sotheby’s(a)		1,512		61,070
Strategic Education, Inc.		885		96,819
Weight Watchers International, Inc.(a)(b)		1,629		52,128
				2,506,222
Diversified Financial Services — 0.6%
Cannae Holdings, Inc.(a)		2,984		57,710
FactSet Research Systems, Inc.		1,617		353,525
FGL Holdings(a)		7,434		58,803
MarketAxess Holdings, Inc.		1,580		339,337
Marlin Business Services Corp.		321		7,123
Morningstar, Inc.		783		97,209
On Deck Capital, Inc.(a)		2,502		18,815
PICO Holdings, Inc.(a)		400		3,884
Tiptree, Inc., Class A		1,087		6,468
Voya Financial, Inc.		6,653		308,899
				1,251,773
Diversified Telecommunication Services — 0.4%
8x8, Inc.(a)		3,947		69,507
ATN International, Inc.		443		33,039
Cincinnati Bell, Inc.(a)		1,557		12,985
Cogent Communications Holdings, Inc.		1,794		86,919
Consolidated Communications Holdings, Inc.		2,968		31,698
Frontier Communications Corp.(a)(b)		4,836		9,672
Intelsat SA(a)		2,405		58,514
Iridium Communications, Inc.(a)		4,062		78,722
Ooma, Inc.(a)		655		9,897
ORBCOMM, Inc.(a)(b)		3,301		26,870
pdvWireless, Inc.(a)		457		18,435
Vonage Holdings Corp.(a)		9,419		85,807

SCHEDULES OF INVESTMENTS 47

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Telecommunication Services (continued)
Windstream Holdings, Inc.(a)(b)		1,199	$	3,609
Zayo Group Holdings, Inc.(a)		9,770		268,187
				793,861
Electric Utilities — 1.3%
ALLETE, Inc.		2,189		168,422
Alliant Energy Corp.		10,377		461,465
El Paso Electric Co.		1,731		90,912
Hawaiian Electric Industries, Inc.		4,687		174,309
IDACORP, Inc.		2,160		210,600
MGE Energy, Inc.		1,475		94,857
OGE Energy Corp.		8,605		352,375
Otter Tail Corp.		1,720		83,334
Pinnacle West Capital Corp.		4,897		431,524
PNM Resources, Inc.		3,439		146,467
Portland General Electric Co.		3,864		186,708
Spark Energy, Inc., Class A		803		6,665
Unitil Corp.		636		33,365
				2,441,003
Electrical Equipment — 1.1%
Acuity Brands, Inc.		1,729		209,053
Allied Motion Technologies, Inc.		335		14,124
Atkore International Group, Inc.(a)		1,644		38,124
AZZ, Inc.		1,106		49,494
Babcock & Wilcox Enterprises, Inc.(a)		959		563
Brady Corp., Class A		2,085		93,220
Encore Wire Corp.		862		46,462
Energous Corp.(a)(b)		872		6,505
EnerSys		1,765		150,484
Enphase Energy, Inc.(a)(b)		4,145		29,968
Franklin Electric Co., Inc.		2,022		96,611
FuelCell Energy, Inc.(a)(b)		2,077		1,066
Generac Holdings, Inc.(a)		2,565		135,765
GrafTech International Ltd.		2,457		32,457
Hubbell, Inc.		2,352		257,144
II-VI, Inc.(a)(b)		2,754		104,542
nVent Electric PLC		6,984		174,740
Plug Power, Inc.(a)(b)		10,864		14,884
Powell Industries, Inc.		336		9,378
Preformed Line Products Co.		108		5,994
Regal-Beloit Corp.		1,883		144,539
Sensata Technologies Holding PLC(a)(b)		7,025		333,688
Sunrun, Inc.(a)		4,086		54,344
Thermon Group Holdings, Inc.(a)		1,445		33,322
TPI Composites, Inc.(a)(b)		716		21,673
Vicor Corp.(a)		742		29,227
				2,087,371
Electronic Equipment, Instruments & Components — 3.2%
Agilysys, Inc.(a)		618		10,939
Anixter International, Inc.(a)		1,244		75,523
Arlo Technologies, Inc.(a)		3,365		24,194
Arrow Electronics, Inc.(a)		3,744		284,357
Avnet, Inc.		4,806		198,007
AVX Corp.		1,985		35,234
Badger Meter, Inc.		1,213		64,034
Belden, Inc.		1,722		92,316
Benchmark Electronics, Inc.		1,975		50,205
CDW Corp.		6,317		526,017
Cognex Corp.		7,095		322,823
Coherent, Inc.(a)		1,029		121,628
Control4 Corp.(a)		1,170		23,248
CTS Corp.		1,404		39,831
Daktronics, Inc.		1,372		10,331
Dolby Laboratories, Inc., Class A		2,660		171,916

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Electro Scientific Industries, Inc.(a)		1,366	$	40,980
Fabrinet(a)		1,521		86,454
FARO Technologies, Inc.(a)		719		30,572
Fitbit, Inc., Series A(a)		9,066		55,937
FLIR Systems, Inc.		5,797		283,357
Insight Enterprises, Inc.(a)		1,481		68,008
IntriCon Corp.(a)		333		8,631
Iteris, Inc.(a)(b)		1,012		3,896
Itron, Inc.(a)		1,449		79,159
Jabil, Inc.		6,790		180,954
KEMET Corp.		2,383		42,227
Keysight Technologies, Inc.(a)		8,047		595,639
Kimball Electronics, Inc.(a)		1,182		19,113
Knowles Corp.(a)(b)		3,759		58,640
Littelfuse, Inc.		1,017		178,707
Maxwell Technologies, Inc.(a)		1,307		3,895
Mercury Systems, Inc.(a)		1,991		116,732
Mesa Laboratories, Inc.(b)		152		34,433
Methode Electronics, Inc.		1,546		39,810
MTS Systems Corp.		771		38,596
Napco Security Technologies, Inc.(a)		678		10,651
National Instruments Corp.		4,759		210,443
nLight, Inc.(a)(b)		1,115		21,798
Novanta, Inc.(a)		1,383		96,367
OSI Systems, Inc.(a)		719		64,487
PAR Technology Corp.(a)		612		15,257
Park Electrochemical Corp.		724		16,493
PC Connection, Inc.		400		13,252
Plexus Corp.(a)		1,351		75,818
Rogers Corp.(a)(b)		774		98,228
Sanmina Corp.(a)		2,855		89,133
ScanSource, Inc.(a)		1,076		41,222
SYNNEX Corp.		1,798		173,974
Tech Data Corp.(a)		1,652		157,981
Trimble, Inc.(a)		10,730		404,092
TTM Technologies, Inc.(a)(b)		3,904		44,818
Universal Display Corp.		1,845		191,566
Vishay Intertechnology, Inc.		5,540		108,030
Vishay Precision Group, Inc.(a)		500		16,715
Zebra Technologies Corp., Class A(a)		2,267		393,551
				6,260,219
Energy Equipment & Services — 1.0%
Apergy Corp.(a)		3,405		114,476
Archrock, Inc.		5,489		51,816
Basic Energy Services, Inc.(a)		788		3,743
Bristow Group, Inc.(a)(b)		1,182		3,889
C&J Energy Services, Inc.(a)		2,766		44,450
Cactus, Inc., Class A(a)		1,612		52,906
CARBO Ceramics, Inc.(a)		419		1,689
Covia Holdings Corp.(a)		1,227		5,742
Dawson Geophysical Co.(a)		548		2,143
Diamond Offshore Drilling, Inc.(a)(b)		2,771		30,287
Dril-Quip, Inc.(a)		1,445		54,101
Era Group, Inc.(a)(b)		796		7,498
Exterran Corp.(a)		1,417		24,599
Forum Energy Technologies, Inc.(a)		3,590		17,627
Frank’s International NV(a)		3,424		19,483
FTS International, Inc.(a)		1,730		14,099
Helix Energy Solutions Group, Inc.(a)		6,013		41,069
Helmerich & Payne, Inc.		4,526		253,411
Independence Contract Drilling, Inc.(a)		2,442		8,352
ION Geophysical Corp.(a)		274		2,458
Keane Group, Inc.(a)		2,398		24,172
Key Energy Services, Inc.(a)		222		371

48 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Energy Equipment & Services (continued)
KLX Energy Services Holdings, Inc.(a)		902	$	23,506
Liberty Oilfield Services, Inc., Class A		1,866		28,382
Mammoth Energy Services, Inc.		657		14,539
Matrix Service Co.(a)		1,214		26,040
McDermott International, Inc.(a)		7,550		66,591
Nabors Industries Ltd.		14,852		43,962
Natural Gas Services Group, Inc.(a)		492		8,123
NCS Multistage Holdings, Inc.(a)		214		1,211
Newpark Resources, Inc.(a)		3,905		32,451
Nine Energy Service, Inc.(a)		685		16,426
Noble Corp. PLC(a)		10,543		34,792
Oceaneering International, Inc.(a)		4,199		65,882
Oil States International, Inc.(a)		2,571		44,273
Patterson-UTI Energy, Inc.		9,363		113,573
PHI, Inc.(a)(b)		199		653
Pioneer Energy Services Corp.(a)		3,078		4,555
Profire Energy, Inc.(a)		676		1,129
ProPetro Holding Corp.(a)		2,995		48,938
Quintana Energy Services, Inc.(a)		68		329
RigNet, Inc.(a)		765		10,220
Rowan Cos. PLC, Class A(a)		5,386		65,655
RPC, Inc.		2,458		26,522
SEACOR Holdings, Inc.(a)		721		29,842
SEACOR Marine Holdings, Inc.(a)		594		7,871
Select Energy Services, Inc., Class A(a)		2,149		18,266
Smart Sand, Inc.(a)		1,802		4,577
Solaris Oilfield Infrastructure, Inc., Class A		1,284		19,311
Superior Energy Services, Inc.(a)		6,583		25,740
TETRA Technologies, Inc.(a)		5,999		12,778
Tidewater, Inc.(a)		1,160		24,963
Transocean Ltd.(a)		21,969		188,274
Unit Corp.(a)		2,256		36,006
Weatherford International PLC(a)		43,381		28,128
				1,851,889
Equity Real Estate Investment Trusts (REITs) — 10.2%
Acadia Realty Trust		3,451		99,147
AG Mortgage Investment Trust, Inc.		1,387		24,994
Agree Realty Corp.		1,429		94,357
Alexander’s, Inc.		100		33,306
American Assets Trust, Inc.		1,543		66,256
American Campus Communities, Inc.		5,892		271,150
American Homes 4 Rent, Class A		11,094		245,288
Americold Realty Trust		3,700		108,484
Anworth Mortgage Asset Corp.		4,692		20,973
Apartment Investment & Management Co., Class A		6,674		330,496
Apollo Commercial Real Estate Finance, Inc.		5,325		96,915
Apple Hospitality REIT, Inc.		9,120		149,659
Arbor Realty Trust, Inc.		2,099		25,104
Ares Commercial Real Estate Corp.		1,039		14,962
Armada Hoffler Properties, Inc.		2,124		31,902
ARMOUR Residential REIT, Inc.		1,781		37,437
Ashford Hospitality Trust, Inc.		4,020		19,899
Blackstone Mortgage Trust, Inc., Class A		4,708		162,379
Bluerock Residential Growth REIT, Inc.		771		8,003
Brandywine Realty Trust		7,659		115,268
Brixmor Property Group, Inc.		13,064		223,786
BRT Apartments Corp.		240		3,122
Camden Property Trust		3,822		370,543
Capstead Mortgage Corp.		4,194		30,910
Catchmark Timber Trust, Inc., Class A		2,365		21,734
CBL & Associates Properties, Inc.(b)		7,378		18,371
Cedar Realty Trust, Inc.		3,169		11,060
Chatham Lodging Trust		1,960		39,612
Cherry Hill Mortgage Investment Corp.		570		10,545

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Chesapeake Lodging Trust		2,525	$	71,912
Chimera Investment Corp.		8,054		153,268
City Office REIT, Inc.		1,727		19,964
Clipper Realty, Inc.		506		6,553
Colony Capital, Inc.		20,807		126,298
Columbia Property Trust, Inc.		5,042		111,277
Community Healthcare Trust, Inc.		806		26,614
CoreCivic, Inc.		5,115		101,635
CorEnergy Infrastructure Trust, Inc.		591		21,164
CorePoint Lodging, Inc.		1,741		21,310
CoreSite Realty Corp.		1,563		154,409
Corporate Office Properties Trust		4,377		108,068
Cousins Properties, Inc.		17,731		156,919
CubeSmart		7,912		244,876
CyrusOne, Inc.		4,483		242,979
DiamondRock Hospitality Co.		8,808		89,489
Douglas Emmett, Inc.		6,826		258,228
Duke Realty Corp.		15,511		453,542
Dynex Capital, Inc.		2,979		17,934
Easterly Government Properties, Inc.		2,611		46,894
EastGroup Properties, Inc.		1,483		153,431
Empire State Realty Trust, Inc., Class A		6,011		92,930
EPR Properties		3,152		230,285
Equity Commonwealth		5,074		164,195
Equity LifeStyle Properties, Inc.		3,731		395,038
Farmland Partners, Inc.		1,124		6,306
First Industrial Realty Trust, Inc.		5,317		173,972
Four Corners Property Trust, Inc.		2,856		80,653
Franklin Street Properties Corp.		4,644		34,458
Gaming and Leisure Properties, Inc.		8,686		325,725
Geo Group, Inc.		5,090		114,779
Getty Realty Corp.		1,467		47,032
Gladstone Commercial Corp.		1,473		29,386
Gladstone Land Corp.		532		6,427
Global Net Lease, Inc.		3,152		61,117
Great Ajax Corp.		511		6,597
Healthcare Realty Trust, Inc.		5,228		168,812
Healthcare Trust of America, Inc., Class A		8,954		254,473
Hersha Hospitality Trust		1,575		29,185
Highwoods Properties, Inc.		4,379		194,077
Hospitality Properties Trust		7,073		188,566
Hudson Pacific Properties, Inc.		6,566		213,198
Independence Realty Trust, Inc.		3,858		40,316
Industrial Logistics Properties Trust		2,834		60,903
InfraREIT, Inc.		1,949		41,124
Innovative Industrial Properties, Inc.(b)		366		22,663
Invesco Mortgage Capital, Inc.		4,717		75,944
Investors Real Estate Trust		574		33,791
Iron Mountain, Inc.		12,235		455,142
iStar, Inc.		2,929		28,089
JBG SMITH Properties		4,495		173,732
Jernigan Capital, Inc.		646		14,005
Kilroy Realty Corp.		4,258		300,019
Kimco Realty Corp.		17,534		298,253
Kite Realty Group Trust		3,632		60,400
Lamar Advertising Co., Class A		3,624		269,807
Lexington Realty Trust		9,237		88,768
Liberty Property Trust		6,298		296,888
Life Storage, Inc.		1,951		191,725
LTC Properties, Inc.		1,697		80,506
Macerich Co.		5,862		270,590
Mack-Cali Realty Corp.		3,885		80,031
MedEquities Realty Trust, Inc.		1,157		13,386
Medical Properties Trust, Inc.		15,620		284,284

SCHEDULES OF INVESTMENTS 49

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
MFA Financial, Inc.		19,626	$	143,859
Monmouth Real Estate Investment Corp.		3,766		51,745
National Health Investors, Inc.		1,712		142,541
National Retail Properties, Inc.		6,789		357,848
National Storage Affiliates Trust		2,434		70,829
New Residential Investment Corp.		15,645		265,652
New Senior Investment Group, Inc.		3,580		19,404
New York Mortgage Trust, Inc.		6,347		39,859
NexPoint Residential Trust, Inc.		759		28,394
NorthStar Realty Europe Corp.		1,984		33,311
Office Properties Income Trust		1,418		45,419
Omega Healthcare Investors, Inc.		8,441		339,244
One Liberty Properties, Inc.		603		16,402
Orchid Island Capital, Inc.		1,739		12,069
Outfront Media, Inc.		5,922		122,881
Paramount Group, Inc.		8,934		129,364
Park Hotels & Resorts, Inc.		8,659		260,376
Pebblebrook Hotel Trust		5,869		188,101
Pennsylvania Real Estate Investment Trust		3,046		22,449
PennyMac Mortgage Investment Trust(f)		2,527		51,147
Physicians Realty Trust		7,764		140,606
Piedmont Office Realty Trust, Inc., Class A		5,535		107,158
PotlatchDeltic Corp.		2,834		104,518
Preferred Apartment Communities, Inc., Class A		1,750		27,825
PS Business Parks, Inc.		860		124,863
QTS Realty Trust, Inc., Class A		2,166		91,210
Rayonier, Inc.		5,469		166,476
Redwood Trust, Inc.		3,443		55,536
Regency Centers Corp.		6,581		427,765
Retail Opportunity Investments Corp.		4,763		83,686
Retail Properties of America, Inc., Class A		9,355		118,247
Retail Value, Inc.		549		16,695
Rexford Industrial Realty, Inc.		3,877		130,267
RLJ Lodging Trust		7,348		136,305
RPT Realty		3,377		44,205
Ryman Hospitality Properties, Inc.		1,952		156,843
Sabra Health Care REIT, Inc.		7,686		157,870
Safety Income and Growth, Inc.		328		5,786
Saul Centers, Inc.		558		29,552
Senior Housing Properties Trust		10,058		138,499
Seritage Growth Properties, Class A		1,400		56,294
SITE Centers Corp.		6,550		85,609
Spirit MTA REIT		2,007		15,695
Spirit Realty Capital, Inc.		3,674		145,931
STAG Industrial, Inc.		4,067		112,127
Starwood Property Trust, Inc.		11,579		255,664
STORE Capital Corp.		8,189		264,668
Summit Hotel Properties, Inc.		4,398		49,126
Sun Communities, Inc.		3,627		398,644
Sunstone Hotel Investors, Inc.		9,675		138,352
Tanger Factory Outlet Centers, Inc.		3,875		88,156
Taubman Centers, Inc.		2,529		125,944
Terreno Realty Corp.		2,466		99,478
Tier REIT, Inc.		2,260		53,110
UMH Properties, Inc.		1,541		21,620
Uniti Group, Inc.		7,283		145,005
Universal Health Realty Income Trust		572		39,880
Urban Edge Properties		4,733		96,648
Urstadt Biddle Properties, Inc., Class A		1,342		28,746
VEREIT, Inc.		41,519		335,474
VICI Properties, Inc.		17,369		373,955
Washington Prime Group, Inc.		7,900		44,872
Washington Real Estate Investment Trust		3,451		87,483
Weingarten Realty Investors		5,121		146,921

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Western Asset Mortgage Capital Corp.		1,923	$	18,384
Whitestone REIT		1,842		26,120
WP Carey, Inc.		6,884		515,543
Xenia Hotels & Resorts, Inc.		4,770		89,533
				19,733,791
Food & Staples Retailing — 0.6%
Andersons, Inc.		1,162		40,728
BJ’s Wholesale Club Holdings, Inc.(a)(b)		3,192		83,982
Casey’s General Stores, Inc.		1,568		201,770
Chefs’ Warehouse, Inc.(a)		933		29,968
Diplomat Pharmacy, Inc.(a)(b)		2,409		34,931
Ingles Markets, Inc., Class A		663		18,922
Natural Grocers by Vitamin Cottage, Inc.(a)		587		8,018
Performance Food Group Co.(a)		4,426		151,192
PriceSmart, Inc.		940		57,575
Rite Aid Corp.(a)		44,688		35,898
Smart & Final Stores, Inc.(a)		895		5,397
SpartanNash Co.		1,519		31,519
Sprouts Farmers Market, Inc.(a)		5,467		131,099
U.S. Foods Holding Corp.(a)		9,242		311,640
United Natural Foods, Inc.(a)		2,134		27,955
Village Super Market, Inc., Class A		336		9,035
Weis Markets, Inc.		448		21,737
				1,201,366
Food Products — 1.2%
Alico, Inc.		136		4,026
B&G Foods, Inc.(b)		2,775		73,982
Cal-Maine Foods, Inc.		1,322		55,762
Calavo Growers, Inc.		671		54,593
Darling Ingredients, Inc.(a)		7,167		152,442
Dean Foods Co.		3,930		16,388
Farmer Bros Co.(a)(b)		315		7,749
Flowers Foods, Inc.		7,834		154,016
Fresh Del Monte Produce, Inc.		1,289		41,222
Freshpet, Inc.(a)		1,134		40,790
Hain Celestial Group, Inc.(a)		3,980		72,953
Hostess Brands, Inc.(a)(b)		4,154		47,729
Ingredion, Inc.		3,018		298,782
J&J Snack Foods Corp.		628		96,932
John B Sanfilippo & Son, Inc.		398		27,164
Lamb Weston Holdings, Inc.		6,326		457,370
Lancaster Colony Corp.		816		129,801
Limoneira Co.		519		11,434
Pilgrim’s Pride Corp.(a)		2,259		45,767
Post Holdings, Inc.(a)		2,832		262,866
Sanderson Farms, Inc.		859		105,743
Seneca Foods Corp., Class A(a)		299		8,551
Simply Good Foods Co.(a)		2,553		50,524
Tootsie Roll Industries, Inc.		627		21,726
TreeHouse Foods, Inc.(a)		2,320		135,395
				2,373,707
Gas Utilities — 1.1%
Atmos Energy Corp.		4,783		466,964
Chesapeake Utilities Corp.		702		63,580
National Fuel Gas Co.		3,497		200,378
New Jersey Resources Corp.		3,821		185,319
Northwest Natural Holding Co.		1,180		73,868
ONE Gas, Inc.		2,223		182,619
RGC Resources, Inc.		226		6,357
South Jersey Industries, Inc.		3,645		108,548
Southwest Gas Holdings, Inc.		2,130		166,822
Spire, Inc.		2,154		170,963
UGI Corp.		7,362		419,855
				2,045,273

50 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies — 3.1%
Accuray, Inc.(a)(b)		3,844	$	16,914
AngioDynamics, Inc.(a)		1,567		33,064
Anika Therapeutics, Inc.(a)		641		24,352
Antares Pharma, Inc.(a)		6,798		20,530
AtriCure, Inc.(a)		1,465		45,342
Atrion Corp.		61		45,496
Avanos Medical, Inc.(a)(b)		1,992		90,736
AxoGen, Inc.(a)		1,439		23,743
Axonics Modulation Technologies, Inc.(a)		357		5,212
Cantel Medical Corp.		1,567		127,585
Cardiovascular Systems, Inc.(a)(b)		1,401		43,613
Cerus Corp.(a)		5,723		34,109
CONMED Corp.		1,071		75,345
Cooper Cos., Inc.		2,083		580,657
CryoLife, Inc.(a)		1,543		43,065
CryoPort, Inc.(a)		1,290		13,532
Cutera, Inc.(a)(b)		720		10,339
CytoSorbents Corp.(a)		1,543		11,557
DexCom, Inc.(a)		3,754		529,427
ElectroCore LLC(a)		193		1,289
Endologix, Inc.(a)		7,938		6,013
FONAR Corp.(a)		222		4,906
GenMark Diagnostics, Inc.(a)(b)		2,691		17,868
Glaukos Corp.(a)		1,473		93,963
Globus Medical, Inc., Class A(a)		3,155		142,133
Haemonetics Corp.(a)		2,214		218,987
Helius Medical Technologies, Inc.(a)(b)		650		4,784
Hill-Rom Holdings, Inc.		2,858		285,857
ICU Medical, Inc.(a)		679		168,935
Inogen, Inc.(a)		779		117,793
Insulet Corp.(a)(b)		2,515		204,193
Integra LifeSciences Holdings Corp.(a)		3,082		145,963
Invacare Corp.		1,588		8,162
iRadimed Corp.(a)		252		6,910
iRhythm Technologies, Inc.(a)		1,030		87,550
Lantheus Holdings, Inc.(a)		1,727		29,048
LeMaitre Vascular, Inc.		761		18,142
LivaNova PLC(a)		2,046		188,887
Masimo Corp.(a)		2,000		248,780
Meridian Bioscience, Inc.		1,854		30,387
Merit Medical Systems, Inc.(a)		2,258		127,645
Natus Medical, Inc.(a)		1,391		46,932
Neogen Corp.(a)		2,197		133,819
Neuronetics, Inc.(a)		415		7,105
Nevro Corp.(a)		1,242		60,311
Novocure Ltd.(a)		3,153		154,497
NuVasive, Inc.(a)		2,262		113,417
Nuvectra Corp.(a)		732		10,248
NxStage Medical, Inc.(a)		2,781		80,844
Ocular Therapeutix, Inc.(a)		1,348		5,095
OraSure Technologies, Inc.(a)		2,582		33,179
Orthofix Medical, Inc.(a)		745		40,312
OrthoPediatrics Corp.(a)		376		13,638
Oxford Immunotec Global PLC(a)		1,237		17,986
Pulse Biosciences, Inc.(a)		618		8,256
Quidel Corp.(a)		1,447		83,969
Rockwell Medical, Inc.(a)(b)		1,532		4,780
RTI Surgical, Inc.(a)		1,973		8,661
SeaSpine Holdings Corp.(a)		753		11,513
Senseonics Holdings, Inc.(a)		4,547		11,413
SI-BONE, Inc.(a)		270		4,855
Sientra, Inc.(a)		1,089		12,110
STAAR Surgical Co.(a)		1,861		66,494
STERIS PLC		3,603		410,958

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Surmodics, Inc.(a)		554	$	31,728
Tactile Systems Technology, Inc.(a)		745		49,602
Tandem Diabetes Care, Inc.(a)		2,155		93,699
TransEnterix, Inc.(a)(b)		7,497		20,392
Utah Medical Products, Inc.		114		10,709
Vapotherm, Inc.(a)		313		5,268
Varex Imaging Corp.(a)		1,638		46,667
Veracyte, Inc.(a)		1,097		19,954
ViewRay, Inc.(a)(b)		2,805		20,168
West Pharmaceutical Services, Inc.		3,105		336,178
Wright Medical Group NV(a)(b)		5,301		158,182
				6,065,752
Health Care Providers & Services — 1.9%
AAC Holdings, Inc.(a)(b)		361		874
Acadia Healthcare Co., Inc.(a)		3,803		104,050
Addus HomeCare Corp.(a)		417		25,083
Amedisys, Inc.(a)		1,117		146,506
American Renal Associates Holdings, Inc.(a)		541		6,557
AMN Healthcare Services, Inc.(a)		2,028		131,394
Apollo Medical Holdings, Inc.(a)		95		1,855
BioScrip, Inc.(a)(b)		5,028		18,252
BioTelemetry, Inc.(a)		1,376		98,824
Brookdale Senior Living, Inc.(a)		7,949		64,784
Capital Senior Living Corp.(a)(b)		923		6,433
Chemed Corp.		670		199,620
Civitas Solutions, Inc.(a)		849		15,053
Community Health Systems, Inc.(a)		3,274		12,900
CorVel Corp.(a)		418		26,112
Cross Country Healthcare, Inc.(a)		1,278		12,307
Encompass Health Corp.		4,221		282,132
Ensign Group, Inc.		2,190		95,418
Genesis Healthcare, Inc.(a)		1,693		2,658
Guardant Health, Inc.(a)		665		26,826
HealthEquity, Inc.(a)		2,360		147,122
HMS Holdings Corp.(a)		3,521		105,595
Integer Holdings Corp.(a)		1,321		106,988
LHC Group, Inc.(a)		1,286		135,969
Magellan Health, Inc.(a)		632		41,181
MEDNAX, Inc.(a)		3,743		135,160
Molina Healthcare, Inc.(a)		2,647		351,998
National Healthcare Corp.		511		41,049
National Research Corp., Class A		521		20,830
Owens & Minor, Inc.		2,590		19,606
Patterson Cos., Inc.		3,455		77,012
Penumbra, Inc.(a)(b)		1,301		189,308
PetIQ, Inc.(a)		745		22,663
Premier, Inc., Class A(a)		2,215		88,135
Providence Service Corp.(a)		477		30,595
Quorum Health Corp.(a)		1,922		5,631
R1 RCM, Inc.(a)		4,396		35,695
RadNet, Inc.(a)		1,765		24,092
Select Medical Holdings Corp.(a)		4,588		71,665
Surgery Partners, Inc.(a)(b)		700		9,156
Tenet Healthcare Corp.(a)(b)		3,531		77,647
Tivity Health, Inc.(a)		1,709		38,042
Triple-S Management Corp., Class B(a)		1,118		22,539
U.S. Physical Therapy, Inc.		535		56,651
WellCare Health Plans, Inc.(a)(b)		2,146		593,326
				3,725,293
Health Care Technology — 0.8%
athenahealth, Inc.(a)(b)		1,729		232,965
Castlight Health, Inc., Class B(a)		3,068		9,112
Computer Programs & Systems, Inc.		411		10,785

SCHEDULES OF INVESTMENTS 51

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Technology (continued)
Evolent Health, Inc., Class A(a)		2,901	$	51,290
HealthStream, Inc.		1,147		28,859
Inovalon Holdings, Inc., Class A(a)		3,030		43,299
Inspire Medical Systems, Inc.(a)		515		27,619
Medidata Solutions, Inc.(a)		2,458		174,420
NantHealth, Inc.(a)		491		260
NextGen Healthcare, Inc.(a)		2,286		40,416
Omnicell, Inc.(a)		1,645		107,139
Simulations Plus, Inc.		471		9,071
Tabula Rasa HealthCare, Inc.(a)		742		44,728
Teladoc Health, Inc.(a)		2,837		182,135
Veeva Systems, Inc., Class A(a)		5,230		570,384
Vocera Communications, Inc.(a)(b)		1,276		52,086
				1,584,568
Hotels, Restaurants & Leisure — 2.8%
Aramark		10,535		347,128
BBX Capital Corp.		1,633		10,076
Belmond Ltd., Class A(a)		3,810		94,945
Biglari Holdings, Inc., Class A(a)(b)		2		1,300
Biglari Holdings, Inc., Class B(a)		61		7,986
BJ’s Restaurants, Inc.		882		43,950
Bloomin’ Brands, Inc.		3,542		65,279
Bluegreen Vacations Corp.		220		2,948
Boyd Gaming Corp.		3,466		94,691
Braemar Hotels & Resorts, Inc.		1,064		11,832
Brinker International, Inc.		1,681		68,114
Caesars Entertainment Corp.(a)		24,479		223,738
Carrols Restaurant Group, Inc.(a)		1,638		14,136
Century Casinos, Inc.(a)		1,449		11,114
Cheesecake Factory, Inc.		1,804		80,964
Choice Hotels International, Inc.		1,502		118,898
Churchill Downs, Inc.		1,485		136,590
Chuy’s Holdings, Inc.(a)		815		18,517
Cracker Barrel Old Country Store, Inc.		835		139,679
Dave & Buster’s Entertainment, Inc.		1,685		86,693
Del Frisco’s Restaurant Group, Inc.(a)		1,274		10,090
Del Taco Restaurants, Inc.(a)(b)		1,530		15,897
Denny’s Corp.(a)		2,750		48,647
Dine Brands Global, Inc.		713		54,381
Domino’s Pizza, Inc.		1,788		507,309
Dunkin’ Brands Group, Inc.		3,604		246,478
El Pollo Loco Holdings, Inc.(a)		845		13,934
Eldorado Resorts, Inc.(a)(b)		2,776		129,417
Empire Resorts, Inc.(a)(b)		81		972
Extended Stay America, Inc.		8,138		139,160
Fiesta Restaurant Group, Inc.(a)		1,056		15,692
Golden Entertainment, Inc.(a)		911		17,036
Habit Restaurants, Inc., Class A(a)		779		7,961
Hilton Grand Vacations, Inc.(a)		4,185		126,973
Hyatt Hotels Corp., Class A		1,824		127,516
International Game Technology PLC		4,391		71,837
International Speedway Corp., Class A		1,034		44,927
J Alexander’s Holdings, Inc.(a)		497		4,274
Jack in the Box, Inc.		1,165		94,307
Lindblad Expeditions Holdings, Inc.(a)		819		10,066
Marcus Corp.		833		37,127
Marriott Vacations Worldwide Corp.		1,656		146,622
Monarch Casino & Resort, Inc.(a)		467		20,193
Nathan’s Famous, Inc.		110		7,425
Noodles & Co.(a)		560		4,032
Papa John’s International, Inc.		949		40,133
Penn National Gaming, Inc.(a)		4,720		114,413
Planet Fitness, Inc., Class A(a)		3,817		221,081
PlayAGS, Inc.(a)		1,025		25,686

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Potbelly Corp.(a)		878	$	7,612
RCI Hospitality Holdings, Inc.		372		8,299
Red Lion Hotels Corp.(a)(b)		667		6,170
Red Robin Gourmet Burgers, Inc.(a)		615		19,668
Red Rock Resorts, Inc., Class A		2,909		73,830
Ruth’s Hospitality Group, Inc.		1,270		29,337
Scientific Games Corp., Class A(a)		2,344		58,741
SeaWorld Entertainment, Inc.(a)		2,342		61,009
Shake Shack, Inc., Class A(a)		1,052		50,244
Six Flags Entertainment Corp.		3,099		190,867
Speedway Motorsports, Inc.		440		7,102
Texas Roadhouse, Inc.		2,857		173,820
Town Sports International Holdings, Inc.(a)		1,040		6,271
Vail Resorts, Inc.		1,727		325,125
Wendy’s Co.		8,112		140,500
Wingstop, Inc.		1,233		80,946
Wyndham Destinations, Inc.		4,165		175,513
Wyndham Hotels & Resorts, Inc.		4,190		205,687
				5,502,905
Household Durables — 1.3%
Bassett Furniture Industries, Inc.		398		7,590
Beazer Homes USA, Inc.(a)(b)		1,500		18,795
Cavco Industries, Inc.(a)		362		60,197
Century Communities, Inc.(a)		1,145		26,862
Ethan Allen Interiors, Inc.		853		16,190
Flexsteel Industries, Inc.		216		5,393
GoPro, Inc., Class A(a)(b)		4,944		24,374
Green Brick Partners, Inc.(a)		1,271		10,753
Hamilton Beach Brands Holding Co., Class A		176		4,601
Helen of Troy Ltd.(a)		1,153		133,794
Hooker Furniture Corp.		582		16,744
Hovnanian Enterprises, Inc., Class A(a)		4,413		3,116
Installed Building Products, Inc.(a)		950		40,004
iRobot Corp.(a)		1,180		105,952
KB Home		3,599		77,055
La-Z-Boy, Inc.		1,977		58,559
Leggett & Platt, Inc.		5,666		232,079
LGI Homes, Inc.(a)(b)		781		46,313
Lifetime Brands, Inc.		417		4,057
Lovesac Co.(a)		311		7,427
M/I Homes, Inc.(a)		1,243		32,927
MDC Holdings, Inc.		1,920		63,226
Meritage Homes Corp.(a)		1,659		74,788
NACCO Industries, Inc., Class A		226		7,702
New Home Co., Inc.(a)(b)		238		1,647
NVR, Inc.(a)		137		364,420
PulteGroup, Inc.		10,897		303,045
Roku, Inc.(a)(b)		1,832		82,348
Skyline Champion Corp.		1,267		22,882
Sonos, Inc.(a)		658		7,810
Taylor Morrison Home Corp., Class A(a)		4,970		93,933
Tempur Sealy International, Inc.(a)		1,987		105,351
Toll Brothers, Inc.		6,003		221,751
TopBuild Corp.(a)		1,496		79,004
TRI Pointe Group, Inc.(a)(b)		5,836		78,494
Tupperware Brands Corp.		2,134		58,194
Turtle Beach Corp.(a)		335		4,988
Universal Electronics, Inc.(a)		633		17,832
Vuzix Corp.(a)(b)		986		4,171
William Lyon Homes, Class A(a)		1,487		19,718
ZAGG, Inc.(a)		1,435		16,101
				2,560,187

52 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Products — 0.2%
Central Garden & Pet Co.(a)		367	$	14,390
Central Garden & Pet Co., Class A(a)		1,786		63,617
Energizer Holdings, Inc.		2,600		123,240
Oil-Dri Corp. of America		136		3,610
Spectrum Brands Holdings, Inc.		1,725		96,393
WD-40 Co.		579		105,233
				406,483
Independent Power and Renewable Electricity Producers — 0.6%
Atlantic Power Corp.(a)		6,151		15,439
Clearway Energy, Inc., Class A		1,414		20,786
Clearway Energy, Inc., Class C		3,096		46,719
NRG Energy, Inc.		12,451		509,370
Ormat Technologies, Inc.		1,695		97,818
Pattern Energy Group, Inc., Class A		3,500		74,480
TerraForm Power, Inc., Class A		3,226		38,325
Vistra Energy Corp.(a)		16,951		425,640
Vivint Solar, Inc.(a)		1,195		5,246
				1,233,823
Industrial Conglomerates — 0.3%
BWX Technologies, Inc.		4,283		198,817
Carlisle Cos., Inc.		2,512		270,618
Raven Industries, Inc.		1,524		56,373
Seaboard Corp.		11		42,506
Standex International Corp.		537		40,049
				608,363
Insurance — 3.6%
Alleghany Corp.		633		399,777
Ambac Financial Group, Inc.(a)		1,820		34,434
American Equity Investment Life Holding Co.		3,777		118,296
American Financial Group, Inc.		3,046		290,558
American National Insurance Co.		387		53,867
AMERISAFE, Inc.		476		28,279
Argo Group International Holdings Ltd.		1,498		99,977
Aspen Insurance Holdings Ltd.		2,596		108,331
Assurant, Inc.		2,300		221,697
Assured Guaranty Ltd.		4,626		187,631
Axis Capital Holdings Ltd.		3,664		196,207
Brighthouse Financial, Inc.(a)		5,393		201,375
Brown & Brown, Inc.		10,321		280,318
Citizens, Inc.(a)(b)		2,464		17,470
CNO Financial Group, Inc.		7,608		136,031
Crawford & Co., Class B		1,109		10,702
Donegal Group, Inc., Class A		535		7,046
eHealth, Inc.(a)		841		51,436
EMC Insurance Group, Inc.		408		13,415
Employers Holdings, Inc.		875		37,074
Enstar Group Ltd.(a)		553		98,434
Erie Indemnity Co., Class A		1,126		164,824
Everest Re Group Ltd.		1,773		388,376
FBL Financial Group, Inc., Class A		547		38,410
FedNat Holding Co.		466		8,439
First American Financial Corp.		4,685		234,625
Genworth Financial, Inc., Class A(a)		21,906		106,025
Global Indemnity Ltd.		439		14,443
Goosehead Insurance, Inc., Class A(a)(b)		365		10,490
Greenlight Capital Re Ltd., Class A(a)		1,380		14,311
Hallmark Financial Services, Inc.(a)		614		5,956
Hanover Insurance Group, Inc.		1,898		216,448
HCI Group, Inc.		307		14,546
Health Insurance Innovations, Inc., Class A(a)(b)		639		24,499
Heritage Insurance Holdings, Inc.		1,089		15,812
Hilltop Holdings, Inc.		3,136		57,734
Horace Mann Educators Corp.		1,735		72,263

Security	Shares		Value
Insurance (continued)
Independence Holding Co.		344	$	12,301
Investors Title Co.		61		10,537
James River Group Holdings Ltd.		1,094		42,196
Kemper Corp.		1,921		144,421
Kingstone Cos., Inc.		376		6,185
Kinsale Capital Group, Inc.		935		54,230
Maiden Holdings Ltd.		1,008		1,300
MBIA, Inc.(a)(b)		3,897		37,450
Mercury General Corp.		1,210		62,557
National General Holdings Corp.		2,890		69,793
National Western Life Group, Inc., Class A		126		38,216
Navigators Group, Inc.		873		60,935
NI Holdings, Inc.(a)		680		10,200
Old Republic International Corp.		12,623		254,353
Primerica, Inc.		854		95,964
ProAssurance Corp.		2,238		95,473
Protective Insurance Corp., Class B		529		9,749
Reinsurance Group of America, Inc.		2,703		390,448
RenaissanceRe Holdings Ltd.		1,709		235,893
RLI Corp.		1,654		109,181
Safety Insurance Group, Inc.		668		54,983
Selective Insurance Group, Inc.		1,613		98,264
State Auto Financial Corp.		743		25,262
Stewart Information Services Corp.		987		43,872
Third Point Reinsurance Ltd.(a)		3,303		34,715
Torchmark Corp.		4,579		383,537
Trupanion, Inc.(a)(b)		1,162		30,851
United Fire Group, Inc.		953		49,556
United Insurance Holdings Corp.		1,144		18,670
Universal Insurance Holdings, Inc.		1,392		52,506
W.R. Berkley Corp.		4,093		314,711
White Mountains Insurance Group Ltd.		142		126,888
				6,954,753
Interactive Media & Services — 0.4%
Care.com, Inc.(a)		993		23,604
Cargurus, Inc.(a)		2,107		90,116
Cars.com, Inc.(a)		2,958		80,783
Match Group, Inc.		2,276		121,743
Meet Group, Inc.(a)		2,627		15,184
QuinStreet, Inc.(a)		1,987		37,833
Travelzoo(a)(b)		191		2,349
TrueCar, Inc.(a)		3,953		37,079
Yelp, Inc.(a)		3,521		128,235
Zillow Group, Inc., Class A(a)		2,499		86,990
Zillow Group, Inc., Class C(a)(b)		5,125		179,836
				803,752
Internet & Direct Marketing Retail — 0.9%
1-800-Flowers.com, Inc., Class A(a)		1,295		20,655
Duluth Holdings, Inc., Class B(a)		458		10,937
Etsy, Inc.(a)		5,113		279,425
Gaia, Inc.(a)(b)		473		5,563
Groupon, Inc.(a)		18,961		71,483
GrubHub, Inc.(a)		3,882		312,113
Lands’ End, Inc.(a)		436		7,804
Leaf Group Ltd.(a)		511		3,924
Liberty Expedia Holdings, Inc., Class A(a)		2,312		94,769
Liberty TripAdvisor Holdings, Inc., Series A(a)		3,091		51,496
Liquidity Services, Inc.(a)		926		7,751
Nutrisystem, Inc.		1,253		54,393
Overstock.com, Inc.(a)(b)		994		17,246
PetMed Express, Inc.		894		21,170
Quotient Technology, Inc.(a)		3,485		34,850
Remark Holdings, Inc.(a)(b)		693		1,386

SCHEDULES OF INVESTMENTS 53

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Internet & Direct Marketing Retail (continued)
Shutterfly, Inc.(a)		1,397	$	64,206
Shutterstock, Inc.		811		32,448
Stamps.com, Inc.(a)		762		141,793
TripAdvisor, Inc.(a)		4,497		258,038
Wayfair, Inc., Class A(a)(b)		2,459		269,162
				1,760,612
IT Services — 3.1%
Black Knight, Inc.(a)		6,155		302,764
Booz Allen Hamilton Holding Corp.		5,994		294,485
Brightcove, Inc.(a)		1,769		14,187
CACI International, Inc., Class A(a)		1,037		173,366
Carbonite, Inc.(a)(b)		1,352		38,721
Cardtronics PLC, Class A(a)		1,682		45,532
Cass Information Systems, Inc.		634		31,123
Conduent, Inc.(a)		8,094		103,199
CoreLogic, Inc.(a)		3,465		125,780
CSG Systems International, Inc.		1,404		50,811
Endurance International Group Holdings, Inc.(a)		3,059		24,778
EPAM Systems, Inc.(a)(b)		2,195		310,549
Euronet Worldwide, Inc.(a)(b)		2,124		244,281
Everi Holdings, Inc.(a)		3,033		20,169
EVERTEC, Inc.		2,599		71,914
Evo Payments, Inc., Class A(a)		988		24,848
Exela Technologies, Inc.(a)		1,604		6,320
ExlService Holdings, Inc.(a)		1,407		80,903
Forrester Research, Inc.		376		16,886
Genpact Ltd.		6,409		191,180
GoDaddy, Inc., Class A(a)		6,852		470,253
GTT Communications, Inc.(a)(b)		1,796		45,978
Hackett Group, Inc.		1,135		20,419
Information Services Group, Inc.(a)		1,079		4,456
Internap Corp.(a)(b)		842		4,555
Jack Henry & Associates, Inc.		3,313		442,451
Leidos Holdings, Inc.		6,033		349,914
Limelight Networks, Inc.(a)		5,189		16,190
LiveRamp Holdings, Inc.(a)		3,345		145,307
ManTech International Corp., Class A		1,108		62,458
MAXIMUS, Inc.		2,746		192,577
MoneyGram International, Inc.(a)		1,192		2,539
NIC, Inc.		2,713		44,493
Okta, Inc.(a)		3,687		303,919
Perficient, Inc.(a)		1,459		37,219
Perspecta, Inc.		6,085		122,004
PFSweb, Inc.(a)		384		2,339
Presidio, Inc.		1,459		23,242
PRGX Global, Inc.(a)(b)		790		7,236
Sabre Corp.		11,861		272,566
Science Applications International Corp.		2,210		148,379
ServiceSource International, Inc.(a)		5,435		6,522
Switch, Inc., Class A		1,298		10,825
Teradata Corp.(a)		5,073		225,140
Travelport Worldwide Ltd.		5,373		84,141
TTEC Holdings, Inc.		661		22,097
Tucows, Inc., Class A(a)(b)		435		32,025
Twilio, Inc., Class A(a)		3,204		356,669
Unisys Corp.(a)		2,147		28,083
Virtusa Corp.(a)		1,211		58,758
WEX, Inc.(a)		1,773		286,038
				6,000,588
Leisure Products — 0.4%
Brunswick Corp.		3,768		189,606
Callaway Golf Co.		3,973		64,720
Clarus Corp.		612		6,848

Security	Shares			Value
Leisure Products (continued)
Escalade, Inc.		361		$	4,029
Johnson Outdoors, Inc., Class A		237	��		14,848
Malibu Boats, Inc., Class A(a)		865			35,076
Marine Products Corp.		266			3,777
MasterCraft Boat Holdings, Inc.(a)		825			18,010
Mattel, Inc.(a)		14,673			173,728
Nautilus, Inc.(a)		1,437			10,792
Polaris Industries, Inc.		2,536			212,720
Sturm Ruger & Co., Inc.		720			39,226
Vista Outdoor, Inc.(a)		2,430			24,251
YETI Holdings, Inc.(a)		823	��		13,999
					811,630
Life Sciences Tools & Services — 1.3%
Accelerate Diagnostics, Inc.(a)(b)		1,155			21,033
Bio-Rad Laboratories, Inc., Class A(a)		913			228,131
Bio-Techne Corp.		1,585			276,519
Bruker Corp.		4,282			150,127
Cambrex Corp.(a)		1,400			61,110
Charles River Laboratories International, Inc.(a)		2,022			249,090
ChromaDex Corp.(a)		2,256			7,512
Enzo Biochem, Inc.(a)		1,603			6,027
Fluidigm Corp.(a)		1,425			12,326
Harvard Bioscience, Inc.(a)(b)		1,463			5,018
Luminex Corp.		1,760			49,086
Medpace Holdings, Inc.(a)		939			60,472
NanoString Technologies, Inc.(a)		1,178			26,199
NeoGenomics, Inc.(a)		2,717			45,157
Pacific Biosciences of California, Inc.(a)		6,237			43,160
PerkinElmer, Inc.		4,692			424,626
PRA Health Sciences, Inc.(a)		2,506			265,561
QIAGEN NV(a)		9,470			350,674
Quanterix Corp.(a)		263			5,539
Syneos Health, Inc.(a)(b)		2,647			135,103
					2,422,470
Machinery — 4.3%
Actuant Corp., Class A(b)		2,629			60,178
AGCO Corp.		2,820			181,044
Alamo Group, Inc.		410			35,313
Albany International Corp., Class A		1,220			83,765
Allison Transmission Holdings, Inc.		4,942			240,527
Altra Industrial Motion Corp.		2,552			78,117
Astec Industries, Inc.		974			36,057
Barnes Group, Inc.		2,023			119,519
Blue Bird Corp.(a)		709			14,088
Briggs & Stratton Corp.		1,818			23,416
Chart Industries, Inc.(a)		1,303			97,334
CIRCOR International, Inc.(a)		732			20,240
Colfax Corp.(a)		3,703			91,649
Columbus McKinnon Corp.		945			34,209
Commercial Vehicle Group, Inc.(a)		1,253			9,360
Crane Co.		2,171			179,672
DMC Global, Inc.		649			22,403
Donaldson Co., Inc.		5,482			259,189
Douglas Dynamics, Inc.		947			33,524
Eastern Co.		189			5,137
Energy Recovery, Inc.(a)(b)		1,277			9,705
EnPro Industries, Inc.		856			56,539
ESCO Technologies, Inc.		1,087			70,775
Federal Signal Corp.		2,528			55,565
Flowserve Corp.		5,649			248,782
FreightCar America, Inc.(a)		408			2,905
Gardner Denver Holdings, Inc.(a)		5,384			132,823
Gates Industrial Corp. PLC(a)		1,939			28,911

54 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Gencor Industries, Inc.(a)		326	$	4,518
Global Brass & Copper Holdings, Inc.		933		28,214
Gorman-Rupp Co.		767		26,500
Graco, Inc.		7,119		308,466
Graham Corp.		362		8,109
Greenbrier Cos., Inc.		1,336		56,660
Harsco Corp.(a)		3,397		72,356
Hurco Cos., Inc.		219		8,399
Hyster-Yale Materials Handling, Inc.		476		33,125
IDEX Corp.		3,313		456,730
ITT, Inc.		3,784		198,887
John Bean Technologies Corp.		1,307		103,828
Kadant, Inc.		468		39,920
Kennametal, Inc.		3,451		129,689
LB Foster Co., Class A(a)		358		6,397
Lincoln Electric Holdings, Inc.		2,692		232,696
Lindsay Corp.		460		39,505
Lydall, Inc.(a)		815		21,614
Manitex International, Inc.(a)		362		2,538
Manitowoc Co., Inc.(a)		1,540		23,439
Meritor, Inc.(a)		3,510		72,587
Middleby Corp.(a)		2,362		277,818
Milacron Holdings Corp.(a)		2,982		41,331
Miller Industries, Inc.		420		12,621
Mueller Industries, Inc.		2,411		62,469
Mueller Water Products, Inc., Series A		6,586		65,070
Navistar International Corp.(a)		2,094		68,767
NN, Inc.		1,827		16,681
Nordson Corp.		2,471		320,340
Omega Flex, Inc.		109		6,900
Oshkosh Corp.		3,136		235,357
Pentair PLC		6,718		276,714
Proto Labs, Inc.(a)		1,149		142,648
RBC Bearings, Inc.(a)		1,007		140,396
REV Group, Inc.		1,464		12,166
Rexnord Corp.(a)(b)		4,418		115,531
Snap-on, Inc.		2,423		402,194
SPX Corp.(a)		1,859		55,305
SPX FLOW, Inc.(a)		1,798		58,920
Sun Hydraulics Corp.		1,218		43,142
Tennant Co.		766		44,987
Terex Corp.		2,814		86,418
Timken Co.		2,909		123,894
Titan International, Inc.		1,771		9,953
Toro Co.		4,464		265,608
TriMas Corp.(a)		2,008		58,212
Trinity Industries, Inc.		6,338		148,182
Twin Disc, Inc.(a)		263		4,766
Valmont Industries, Inc.		928		119,712
Wabash National Corp.		2,411		33,609
WABCO Holdings, Inc.(a)		2,277		260,102
Wabtec Corp.		3,695		255,546
Watts Water Technologies, Inc., Class A		1,174		87,897
Welbilt, Inc.(a)(b)		5,568		78,063
Woodward, Inc.		2,321		210,863
				8,247,105
Marine — 0.1%
Costamare, Inc.		1,776		9,022
Eagle Bulk Shipping, Inc.(a)		1,677		6,893
Genco Shipping & Trading Ltd.(a)		201		1,481
Kirby Corp.(a)		2,563		191,994
Matson, Inc.		1,784		59,782
Safe Bulkers, Inc.(a)		1,654		2,564
Scorpio Bulkers, Inc.		2,823		12,760
				284,496

Security	Shares		Value
Media — 2.0%
AMC Entertainment Holdings, Inc., Class A		2,205	$	32,303
AMC Networks, Inc., Class A(a)		1,930		121,474
Beasley Broadcasting Group, Inc., Class A		182		823
Boston Omaha Corp., Class A(a)(b)		326		8,245
Cable One, Inc.		186		164,487
Cardlytics, Inc.(a)		550		9,620
Central European Media Enterprises Ltd., Class A(a)		2,800		8,428
Cinemark Holdings, Inc.		4,657		190,564
Clear Channel Outdoor Holdings, Inc., Class A(a)		1,208		6,729
Daily Journal Corp.(a)		43		9,508
Emerald Expositions Events, Inc.		1,234		17,523
Entercom Communications Corp., Class A		5,532		40,550
Entravision Communications Corp., Class A		3,713		14,629
Eros International PLC(a)(b)		1,773		16,897
EW Scripps Co., Class A		2,024		38,011
Fluent, Inc.(a)		1,589		7,500
Gannett Co., Inc.		4,815		53,398
GCI Liberty, Inc., Class A(a)(b)		4,368		222,331
Gray Television, Inc.(a)		3,410		56,981
Hemisphere Media Group, Inc.(a)		576		7,638
IMAX Corp.(a)		2,307		47,916
Interpublic Group of Cos., Inc.		16,539		376,262
John Wiley & Sons, Inc., Class A		1,899		98,330
Liberty Latin America Ltd., Class A(a)		1,839		32,063
Liberty Latin America Ltd., Class C(a)		4,788		83,694
Liberty Media Corp.-Liberty Braves, Class A(a)		377		10,232
Liberty Media Corp.-Liberty Braves, Class C(a)		1,627		43,864
Liberty Media Corp.-Liberty Formula One, Class A(a)(b)		1,312		40,147
Liberty Media Corp.-Liberty Formula One, Class C(a)		8,268		259,367
Lions Gate Entertainment Corp., Class A		2,047		37,603
Lions Gate Entertainment Corp., Class B		4,287		75,151
Live Nation Entertainment, Inc.(a)		5,880		314,639
LiveXLive Media, Inc.(a)(b)		1,347		8,203
Madison Square Garden Co., Class A(a)		798		221,764
MDC Partners, Inc., Class A(a)		3,126		9,284
Meredith Corp.		1,685		91,445
MSG Networks, Inc., Class A(a)(b)		2,537		56,829
National CineMedia, Inc.		3,315		22,907
New Media Investment Group, Inc.		2,563		35,036
New York Times Co., Class A		5,586		143,616
Nexstar Media Group, Inc., Class A		1,909		159,344
Reading International, Inc., Class A(a)		671		10,602
Saga Communications, Inc., Class A		117		3,957
Scholastic Corp.		1,211		50,487
Sinclair Broadcast Group, Inc., Class A		2,977		91,721
TechTarget, Inc.(a)		1,086		15,747
TEGNA, Inc.		9,303		109,217
TiVo Corp.		5,212		58,010
Tribune Media Co., Class A		3,762		172,713
Tribune Publishing Co.(a)(b)		571		6,835
WideOpenWest, Inc.(a)		1,550		11,718
World Wrestling Entertainment, Inc., Class A		1,878		154,635
				3,880,977
Metals & Mining — 1.2%
AK Steel Holding Corp.(a)		13,562		40,008
Alcoa Corp.(a)		8,054		239,043
Allegheny Technologies, Inc.(a)		5,333		146,071
Carpenter Technology Corp.		1,974		93,291
Century Aluminum Co.(a)(b)		2,434		22,393
Cleveland-Cliffs, Inc.		12,566		134,582
Coeur Mining, Inc.(a)		7,894		40,654
Commercial Metals Co.		4,938		86,168
Compass Minerals International, Inc.		1,431		74,770
Ferroglobe PLC(c)		897		—

SCHEDULES OF INVESTMENTS 55

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
Gold Resource Corp.		2,825	$	12,684
Haynes International, Inc.		442		14,498
Hecla Mining Co.		19,546		52,774
Kaiser Aluminum Corp.		666		66,846
Materion Corp.		842		39,515
Olympic Steel, Inc.		326		6,282
Ramaco Resources, Inc.(a)		82		497
Reliance Steel & Aluminum Co.		2,978		243,839
Royal Gold, Inc.		2,817		246,121
Ryerson Holding Corp.(a)		675		4,745
Schnitzer Steel Industries, Inc., Class A		1,110		26,862
Steel Dynamics, Inc.		9,479		346,837
SunCoke Energy, Inc.(a)		2,814		31,629
Synalloy Corp.		335		5,293
Tahoe Resources, Inc.(a)		13,199		50,024
TimkenSteel Corp.(a)		1,865		23,742
U.S. Silica Holdings, Inc.		3,297		44,444
United States Steel Corp.		7,730		174,234
Universal Stainless & Alloy Products, Inc.(a)		310		5,558
Warrior Met Coal, Inc.		1,816		52,174
Worthington Industries, Inc.		1,777		67,046
				2,392,624
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
AGNC Investment Corp.		22,541		403,709
Colony Credit Real Estate, Inc.		3,575		59,738
Drive Shack, Inc.(a)		3,096		13,034
Exantas Capital Corp.		1,066		11,268
Front Yard Residential Corp.		2,356		25,492
Granite Point Mortgage Trust, Inc.(b)		1,925		37,576
KKR Real Estate Finance Trust, Inc.		928		19,135
Ready Capital Corp.		685		10,713
TPG RE Finance Trust, Inc.		1,543		30,598
Two Harbors Investment Corp.		10,694		156,026
				767,289
Multi-Utilities — 0.5%
Avista Corp.		2,767		115,799
Black Hills Corp.		2,325		157,844
MDU Resources Group, Inc.		8,323		213,984
NorthWestern Corp.		2,109		134,786
Vectren Corp.		3,602		260,713
				883,126
Multiline Retail — 0.8%
Big Lots, Inc.		1,691		53,334
Burlington Stores, Inc.(a)		2,861		491,262
Dillard’s, Inc., Class A		490		32,727
FirstCash, Inc.		1,856		152,990
JC Penney Co., Inc.(a)(b)		14,890		19,655
Kohl’s Corp.		7,174		492,782
Nordstrom, Inc.		5,079		235,716
Ollie’s Bargain Outlet Holdings, Inc.(a)		2,138		167,128
				1,645,594
Oil & Gas Exploration & Production — 0.0%
Carrizo Oil & Gas, Inc.(a)		3,710		45,559
Oil, Gas & Consumable Fuels — 2.4%
Abraxas Petroleum Corp.(a)		5,752		6,845
Adams Resources & Energy, Inc.		161		6,380
Alta Mesa Resources, Inc., Class A(a)(b)		3,445		3,300
Amyris, Inc.(a)		1,323		4,485
Antero Resources Corp.(a)		10,262		103,236
Approach Resources, Inc.(a)		864		832
Arch Coal, Inc., Class A		761		67,067
Ardmore Shipping Corp.(a)		1,172		6,645

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Berry Petroleum Corp.		520	$	6,131
Bonanza Creek Energy, Inc.(a)		885		20,399
California Resources Corp.(a)		1,912		38,527
Callon Petroleum Co.(a)		9,680		78,795
Centennial Resource Development, Inc., Class A(a)(b)		7,792		102,621
Chesapeake Energy Corp.(a)		38,338		109,263
Clean Energy Fuels Corp.(a)(b)		6,853		13,021
Cloud Peak Energy, Inc.(a)		2,259		843
CNX Resources Corp.(a)		8,800		106,832
CONSOL Energy, Inc.(a)		1,187		42,174
CVR Energy, Inc.		725		29,109
Delek US Holdings, Inc.		3,510		114,110
Denbury Resources, Inc.(a)		19,467		39,518
DHT Holdings, Inc.		4,372		17,707
Dorian LPG Ltd.(a)		873		4,784
Earthstone Energy, Inc., Class A(a)(b)		661		3,986
Eclipse Resources Corp.(a)		6,325		7,274
Energy Fuels, Inc.(a)		4,010		11,469
EP Energy Corp., Class A(a)		1,035		714
Evolution Petroleum Corp.		880		6,574
Extraction Oil & Gas, Inc.(a)		4,795		18,892
Frontline Ltd.(a)		3,539		18,226
GasLog Ltd.		1,753		31,431
Golar LNG Ltd.		4,017		89,459
Goodrich Petroleum Corp.(a)		250		3,420
Green Plains, Inc.		1,699		24,143
Gulfport Energy Corp.(a)		7,432		62,354
Halcon Resources Corp.(a)(b)		6,353		10,419
Hallador Energy Co.		314		1,779
HighPoint Resources Corp.(a)		5,488		15,366
HollyFrontier Corp.		6,838		385,253
International Seaways, Inc.(a)(b)		1,021		18,500
Isramco, Inc.(a)		44		4,897
Jagged Peak Energy, Inc.(a)		2,804		29,526
Kosmos Energy Ltd.(a)		12,388		63,550
Laredo Petroleum, Inc.(a)		6,690		25,422
Lilis Energy, Inc.(a)		1,888		4,097
Matador Resources Co.(a)		4,478		87,321
Midstates Petroleum Co., Inc.(a)		417		4,037
Murphy Oil Corp.		7,193		196,729
Murphy USA, Inc.(a)		1,262		92,820
Newfield Exploration Co.(a)		8,530		155,928
NextDecade Corp.(a)		878		3,205
Nordic American Tankers Ltd.		6,663		13,659
Northern Oil and Gas, Inc.(a)(b)		8,750		22,137
Oasis Petroleum, Inc.(a)(b)		11,447		68,911
Overseas Shipholding Group, Inc., Class A(a)		2,465		4,462
Panhandle Oil and Gas, Inc., Class A		595		9,520
Par Pacific Holdings, Inc.(a)		1,408		22,894
Parsley Energy, Inc., Class A(a)		11,446		212,667
PBF Energy, Inc., Class A		5,039		184,528
PDC Energy, Inc.(a)		2,828		92,108
Peabody Energy Corp.		3,452		123,236
Penn Virginia Corp.(a)		528		27,699
QEP Resources, Inc.(a)		10,100		83,527
Range Resources Corp.		9,292		102,491
Renewable Energy Group, Inc.(a)(b)		1,558		45,026
Resolute Energy Corp.(a)(b)		975		31,912
REX American Resources Corp.(a)		205		14,951
Ring Energy, Inc.(a)		2,761		16,235
Rosehill Resources, Inc.(a)		205		713
Sanchez Energy Corp.(a)(b)		1,763		462
SandRidge Energy, Inc.(a)		1,091		9,044
Scorpio Tankers, Inc.		2,039		38,190

56 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
SemGroup Corp., Class A		3,434	$	55,013
Ship Finance International Ltd.		3,619		44,007
SilverBow Resources, Inc.(a)		271		6,588
SM Energy Co.		4,743		93,058
Southwestern Energy Co.(a)		25,772		112,624
SRC Energy, Inc.(a)		10,331		50,828
Talos Energy, Inc.(a)		954		18,221
Targa Resources Corp.		9,671		415,950
Teekay Corp.(b)		3,238		11,365
Teekay Tankers Ltd., Class A		6,517		6,517
Tellurian, Inc.(a)(b)		3,745		37,450
Ultra Petroleum Corp.(a)(b)		6,019		4,334
Uranium Energy Corp.(a)		6,337		8,238
W&T Offshore, Inc.(a)		4,071		20,518
Whiting Petroleum Corp.(a)		3,828		109,596
WildHorse Resource Development Corp.(a)		1,219		20,686
World Fuel Services Corp.		2,980		74,172
WPX Energy, Inc.(a)		16,869		206,814
Zion Oil & Gas, Inc.(a)		1,330		647
				4,720,413
Paper & Forest Products — 0.3%
Boise Cascade Co.		1,640		45,051
Clearwater Paper Corp.(a)		729		24,582
Domtar Corp.		2,635		123,581
Louisiana-Pacific Corp.		6,178		150,620
Neenah, Inc.		703		48,978
PH Glatfelter Co.		1,844		23,566
Schweitzer-Mauduit International, Inc.		1,302		41,742
Verso Corp., Class A(a)		1,451		35,796
				493,916
Personal Products — 0.4%
Edgewell Personal Care Co.(a)		2,305		90,932
elf Beauty, Inc.(a)(b)		776		6,518
Herbalife Nutrition Ltd.(a)(b)		4,674		279,038
Inter Parfums, Inc.		742		49,313
Medifast, Inc.		493		62,729
Natural Health Trends Corp.		259		4,245
Nature’s Sunshine Products, Inc.(a)		227		1,816
Nu Skin Enterprises, Inc., Class A		2,393		157,101
Revlon, Inc., Class A(a)(b)		354		9,275
USANA Health Sciences, Inc.(a)		535		62,649
				723,616
Pharmaceuticals — 1.1%
Achaogen, Inc.(a)(b)		681		1,028
Aclaris Therapeutics, Inc.(a)(b)		1,425		9,932
Aerie Pharmaceuticals, Inc.(a)(b)		1,541		72,458
Akcea Therapeutics, Inc.(a)(b)		572		15,204
Akorn, Inc.(a)		4,072		15,311
Amneal Pharmaceuticals, Inc.(a)(b)		3,699		45,424
Amphastar Pharmaceuticals, Inc.(a)		1,641		37,349
Ampio Pharmaceuticals, Inc.(a)		2,040		1,020
ANI Pharmaceuticals, Inc.(a)		293		15,746
Aquestive Therapeutics, Inc.(a)		164		1,005
Aratana Therapeutics, Inc.(a)		2,362		10,464
Arvinas Holding Co. LLC(a)		355		6,180
Assembly Biosciences, Inc.(a)		992		22,598
Assertio Therapeutics, Inc.(a)		3,100		13,826
Catalent, Inc.(a)		6,251		230,849
Clearside Biomedical, Inc.(a)		845		997
Collegium Pharmaceutical, Inc.(a)(b)		1,356		21,710
Corcept Therapeutics, Inc.(a)		4,156		46,464
Corium International, Inc.		1,333		240
Cymabay Therapeutics, Inc.(a)(b)		2,598		22,603

Security	Shares		Value
Pharmaceuticals (continued)
Dermira, Inc.(a)		1,681	$	11,095
Dova Pharmaceuticals, Inc.(a)(b)		424		3,256
Durect Corp.(a)		6,186		3,744
Eloxx Pharmaceuticals, Inc.(a)		1,108		13,362
Endo International PLC(a)		9,472		92,352
Evolus, Inc.(a)		588		9,614
Heska Corp.(a)		297		29,284
Horizon Pharma PLC(a)		7,276		156,361
Innovate Biopharmaceuticals, Inc.(a)(b)		476		1,119
Intersect ENT, Inc.(a)(b)		1,293		38,363
Intra-Cellular Therapies, Inc.(a)		1,957		23,562
Jazz Pharmaceuticals PLC(a)		2,531		318,628
Kala Pharmaceuticals, Inc.(a)		339		1,875
Lannett Co., Inc.(a)		1,653		12,331
Liquidia Technologies, Inc.(a)		145		2,086
Mallinckrodt PLC(a)		3,481		76,095
Marinus Pharmaceuticals, Inc.(a)		1,402		4,655
Medicines Co.(a)(b)		2,967		68,567
Melinta Therapeutics, Inc.(a)(b)		1,003		847
Menlo Therapeutics, Inc.(a)(b)		143		765
MyoKardia, Inc.(a)(b)		1,447		59,877
Neos Therapeutics, Inc.(a)		3,250		6,955
Odonate Therapeutics, Inc.(a)		460		7,622
Omeros Corp.(a)(b)		1,976		26,953
Optinose, Inc.(a)(b)		629		4,051
Osmotica Pharmaceuticals PLC(a)		642		5,033
Pacira Pharmaceuticals, Inc.(a)		1,697		69,034
Paratek Pharmaceuticals, Inc.(a)(b)		1,044		7,042
Phibro Animal Health Corp., Class A		882		27,536
Prestige Consumer Healthcare, Inc.(a)		2,225		62,122
Reata Pharmaceuticals, Inc., Class A(a)		799		63,736
resTORbio, Inc.(a)		539		4,786
Revance Therapeutics, Inc.(a)		1,485		25,646
scPharmaceuticals, Inc.(a)(b)		178		694
Sienna Biopharmaceuticals, Inc.(a)		582		1,560
SIGA Technologies, Inc.(a)		1,794		12,163
Supernus Pharmaceuticals, Inc.(a)		2,085		79,501
Teligent, Inc.(a)(b)		1,583		2,691
TherapeuticsMD, Inc.(a)(b)		7,955		41,764
Theravance Biopharma, Inc.(a)		1,860		48,453
Tricida, Inc.(a)(b)		557		12,221
Verrica Pharmaceuticals, Inc.(a)		174		2,083
WaVe Life Sciences Ltd.(a)		757		28,198
Xeris Pharmaceuticals, Inc.(a)		413		5,732
Zogenix, Inc.(a)		1,789		78,269
Zomedica Pharmaceuticals Corp.(a)		1,476		1,180
				2,143,271
Producer Durables: Miscellaneous — 0.0%
PROS Holdings, Inc.(a)		1,350		46,710
Professional Services — 1.1%
Acacia Research Corp.(a)		169		514
ASGN, Inc.(a)		2,144		135,051
Barrett Business Services, Inc.		337		21,113
BG Staffing, Inc.		264		6,803
CBIZ, Inc.(a)		2,201		43,140
CRA International, Inc.		274		11,437
Dun & Bradstreet Corp.		1,575		227,965
Exponent, Inc.		2,184		109,113
Franklin Covey Co.(a)		384		9,354
FTI Consulting, Inc.(a)		1,599		109,244
GP Strategies Corp.(a)(b)		562		8,452
Heidrick & Struggles International, Inc.		822		27,167
Huron Consulting Group, Inc.(a)		955		46,174

SCHEDULES OF INVESTMENTS 57

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
ICF International, Inc.		766	$	50,495
Insperity, Inc.		1,656		176,662
Kelly Services, Inc., Class A		1,300		29,120
Kforce, Inc.		986		32,351
Korn/Ferry International		2,424		110,534
ManpowerGroup, Inc.		2,662		210,378
Mistras Group, Inc.(a)		624		9,179
Navigant Consulting, Inc.		1,889		48,963
Paylocity Holding Corp.(a)		1,230		87,367
Resources Connection, Inc.		1,377		23,010
Robert Half International, Inc.		5,115		329,559
TriNet Group, Inc.(a)		1,843		84,151
TrueBlue, Inc.(a)		1,723		42,024
Upwork, Inc.(a)		529		10,215
WageWorks, Inc.(a)		1,701		53,666
Willdan Group, Inc.(a)		481		16,186
				2,069,387
Real Estate Management & Development — 0.6%
Alexander & Baldwin, Inc.(a)		2,964		68,291
Altisource Portfolio Solutions SA(a)		384		9,093
CareTrust REIT, Inc.		3,382		74,336
Consolidated-Tomoka Land Co.		132		8,061
Cushman & Wakefield PLC(a)		2,010		34,652
Essential Properties Realty Trust, Inc.		1,683		26,760
Forestar Group, Inc.(a)		458		7,333
FRP Holdings, Inc.(a)(b)		351		17,803
Global Medical REIT, Inc.		622		5,965
Howard Hughes Corp.(a)		1,663		184,660
Jones Lang LaSalle, Inc.		1,961		281,227
Kennedy-Wilson Holdings, Inc.		5,389		107,726
Maui Land & Pineapple Co., Inc.(a)		141		1,684
Newmark Group, Inc., Class A		6,581		68,771
RE/MAX Holdings, Inc., Class A		786		32,792
Realogy Holdings Corp.		5,006		88,856
Redfin Corp.(a)(b)		3,390		60,647
RMR Group, Inc., Class A		323		21,321
St. Joe Co.(a)(b)		1,669		25,970
Stratus Properties, Inc.(a)		267		6,328
Tejon Ranch Co.(a)		1,022		19,234
Transcontinental Realty Investors, Inc.(a)		171		5,737
Trinity Place Holdings, Inc.(a)(b)		516		2,141
				1,159,388
Road & Rail — 0.6%
AMERCO		308		111,699
ArcBest Corp.		1,089		40,968
Avis Budget Group, Inc.(a)		2,831		75,418
Covenant Transportation Group, Inc., Class A(a)		447		10,540
Daseke, Inc.(a)		1,478		6,163
Genesee & Wyoming, Inc., Class A(a)		2,513		197,321
Heartland Express, Inc.		2,036		40,740
Hertz Global Holdings, Inc.(a)		2,340		38,821
Knight-Swift Transportation Holdings, Inc.		5,441		172,752
Landstar System, Inc.		1,771		179,898
Marten Transport Ltd.		1,686		32,624
PAM Transportation Services, Inc.(a)		74		3,637
Ryder System, Inc.		2,236		129,487
Saia, Inc.(a)(b)		1,092		65,487
Schneider National, Inc., Class B		2,186		46,431
Universal Logistics Holdings, Inc.		322		6,562
US Xpress Enterprises, Inc., Class A(a)		818		6,037
USA Truck, Inc.(a)		314		5,608
Werner Enterprises, Inc.		2,030		66,828
YRC Worldwide, Inc.(a)		1,184		7,388
				1,244,409

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 2.7%
Acacia Communications, Inc.(a)(b)		1,179	$	51,298
ACM Research, Inc., Class A(a)		607		5,651
Adesto Technologies Corp.(a)(b)		1,422		7,010
Advanced Energy Industries, Inc.(a)		1,666		85,449
Advanced Micro Devices, Inc.(a)		40,348		984,895
Alpha & Omega Semiconductor Ltd.(a)		788		9,385
Ambarella, Inc.(a)		1,361		51,718
Amkor Technology, Inc.(a)		4,340		34,720
Aquantia Corp.(a)		809		7,127
Axcelis Technologies, Inc.(a)		1,426		29,704
AXT, Inc.(a)		1,499		6,161
Brooks Automation, Inc.		2,931		91,242
Cabot Microelectronics Corp.		1,195		121,759
CEVA, Inc.(a)		1,006		28,611
Cirrus Logic, Inc.(a)		2,585		96,033
Cohu, Inc.		1,669		29,274
Cree, Inc.(a)		4,241		213,874
Cypress Semiconductor Corp.		15,592		216,261
Diodes, Inc.(a)		1,710		57,507
Entegris, Inc.		6,008		198,564
First Solar, Inc.(a)(b)		3,566		180,404
FormFactor, Inc.(a)		3,202		48,094
Ichor Holdings Ltd.(a)		1,094		22,504
Impinj, Inc.(a)		809		12,394
Inphi Corp.(a)(b)		1,868		73,674
Integrated Device Technology, Inc.(a)		5,553		271,264
Kopin Corp.(a)(b)		2,243		3,095
Lattice Semiconductor Corp.(a)		5,090		39,702
MACOM Technology Solutions Holdings, Inc.(a)(b)		1,972		35,555
Marvell Technology Group Ltd.		23,786		440,755
MaxLinear, Inc., Class A(a)(b)		2,669		52,366
MKS Instruments, Inc.		2,329		190,116
Monolithic Power Systems, Inc.		1,752		221,733
Nanometrics, Inc.(a)		1,001		30,621
NeoPhotonics Corp.(a)		1,932		13,949
NVE Corp.		213		20,297
ON Semiconductor Corp.(a)		17,961		359,938
PDF Solutions, Inc.(a)		1,102		11,582
Photronics, Inc.(a)		2,886		30,851
Power Integrations, Inc.		1,223		80,718
Rambus, Inc.(a)		4,734		42,701
Rudolph Technologies, Inc.(a)		1,368		29,713
Semtech Corp.(a)		2,849		138,347
Silicon Laboratories, Inc.(a)		1,820		139,230
SMART Global Holdings, Inc.(a)(b)		490		12,157
SunPower Corp.(a)(b)		2,993		17,389
Teradyne, Inc.		7,609		273,848
Ultra Clean Holdings, Inc.(a)		1,830		21,704
Veeco Instruments, Inc.(a)(b)		2,274		22,308
Xperi Corp.		2,135		45,753
				5,209,005
Software — 5.9%
A10 Networks, Inc.(a)		2,535		17,213
ACI Worldwide, Inc.(a)		4,947		146,233
Alarm.com Holdings, Inc.(a)(b)		1,384		87,095
Allscripts Healthcare Solutions, Inc.(a)		7,436		87,670
Altair Engineering, Inc., Class A(a)		1,105		35,780
Alteryx, Inc., Class A(a)		1,233		87,728
Amber Road, Inc.(a)		753		6,559
American Software, Inc., Class A		1,389		15,362
Anaplan, Inc.(a)		707		22,193
Appfolio, Inc., Class A(a)		638		40,392
Aspen Technology, Inc.(a)		3,086		298,200
Asure Software, Inc.(a)		250		1,328

58 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Avalara, Inc.(a)		313	$	12,479
Avaya Holdings Corp.(a)		4,404		74,472
Benefitfocus, Inc.(a)		976		54,607
Blackbaud, Inc.		2,107		150,861
Blackline, Inc.(a)		1,527		72,655
Bottomline Technologies DE, Inc.(a)		1,813		93,641
Box, Inc., Class A(a)(b)		5,249		109,809
Cadence Design Systems, Inc.(a)		12,036		578,089
Carbon Black, Inc.(a)		1,679		26,008
Ceridian HCM Holding, Inc.(a)		1,517		62,516
ChannelAdvisor Corp.(a)		1,328		14,276
Cision Ltd.(a)(b)		2,750		34,100
Cloudera, Inc.(a)		8,321		112,333
CommVault Systems, Inc.(a)		1,752		115,755
Cornerstone OnDemand, Inc.(a)		2,334		133,832
Coupa Software, Inc.(a)		2,337		203,226
Digimarc Corp.(a)		397		7,738
DocuSign, Inc.(a)		3,116		154,086
Domo, Inc., Class B(a)(b)		214		5,778
Ebix, Inc.		1,022		58,377
eGain Corp.(a)(b)		1,088		7,790
Elastic NV(a)(b)		325		27,625
Ellie Mae, Inc.(a)(b)		1,515		114,837
Envestnet, Inc.(a)		1,876		101,773
ePlus, Inc.(a)		572		45,314
Everbridge, Inc.(a)		1,147		70,953
Fair Isaac Corp.(a)		1,242		279,698
FireEye, Inc.(a)		8,196		144,905
Five9, Inc.(a)(b)		2,425		123,990
ForeScout Technologies, Inc.(a)		1,289		39,315
Fortinet, Inc.(a)		6,064		464,320
Fusion Connect, Inc.(a)(b)		820		1,640
Glu Mobile, Inc.(a)		4,800		46,752
Guidewire Software, Inc.(a)(b)		3,472		300,953
HubSpot, Inc.(a)		1,581		250,288
Instructure, Inc.(a)		1,352		53,445
j2 Global, Inc.		2,025		152,199
LivePerson, Inc.(a)		2,487		58,370
LogMeIn, Inc.		2,173		202,132
Majesco(a)		608		5,168
Manhattan Associates, Inc.(a)		2,780		135,581
MicroStrategy, Inc., Class A(a)		400		50,756
MINDBODY, Inc., Class A(a)		1,858		67,743
Mitek Systems, Inc.(a)		797		8,791
MobileIron, Inc.(a)		2,731		13,245
Model N, Inc.(a)		1,219		17,688
Monotype Imaging Holdings, Inc.		1,850		30,710
Netscout Systems, Inc.(a)		3,244		84,117
New Relic, Inc.(a)		1,929		196,083
Nuance Communications, Inc.(a)		12,419		197,090
Nutanix, Inc., Class A(a)(b)		5,919		303,230
OneSpan, Inc.(a)		1,424		20,776
Park City Group, Inc.(a)		887		7,681
Paycom Software, Inc.(a)		2,131		315,899
Pegasystems, Inc.		1,609		90,571
Pluralsight, Inc., Class A(a)		1,107		33,188
Progress Software Corp.		1,919		69,525
Proofpoint, Inc.(a)(b)		2,159		219,937
PTC, Inc.(a)(b)		5,022		425,815
Q2 Holdings, Inc.(a)		1,571		93,365
QAD, Inc., Class A		489		20,616
Qualys, Inc.(a)		1,486		128,584
Rapid7, Inc.(a)		1,573		63,203
RealPage, Inc.(a)		3,037		169,373

Security	Shares		Value
Software (continued)
Rimini Street, Inc.(a)(b)		950	$	5,035
RingCentral, Inc., Class A(a)		2,929		270,757
Rosetta Stone, Inc.(a)		968		14,675
SailPoint Technologies Holding, Inc.(a)(b)		3,004		85,764
SecureWorks Corp., Class A(a)		307		7,036
SendGrid, Inc.(a)		1,334		72,143
ShotSpotter, Inc.(a)(b)		377		18,156
SolarWinds Corp.(a)		981		17,217
SPS Commerce, Inc.(a)		720		63,835
SS&C Technologies Holdings, Inc.		8,895		458,004
SVMK, Inc.(a)(b)		458		5,959
Tableau Software, Inc., Class A(a)		3,055		390,551
Telaria, Inc.(a)		2,692		8,587
TeleNav, Inc.(a)		712		3,154
Tenable Holdings, Inc.(a)		611		16,912
Trade Desk, Inc., Class A(a)		1,414		201,750
Tyler Technologies, Inc.(a)		1,649		311,974
Ultimate Software Group, Inc.(a)(b)		1,308		357,176
Upland Software, Inc.(a)		736		22,993
Varonis Systems, Inc.(a)		1,206		71,250
Verint Systems, Inc.(a)		2,747		132,872
Veritone, Inc.(a)		209		1,114
VirnetX Holding Corp.(a)(b)		1,794		9,149
Workiva, Inc.(a)		1,224		51,286
Yext, Inc.(a)		3,732		58,182
Zendesk, Inc.(a)		4,513		304,763
Zix Corp.(a)		2,611		18,590
Zscaler, Inc.(a)(b)		2,560		123,827
Zynga, Inc., Class A(a)		33,723		151,079
				11,429,215
Specialty Retail — 1.8%
Aaron’s, Inc.		2,984		149,379
Abercrombie & Fitch Co., Class A		2,870		62,193
America’sCar-Mart, Inc.(a)(b)		267		18,679
American Eagle Outfitters, Inc.		6,798		143,574
Asbury Automotive Group, Inc.(a)		853		60,264
Ascena Retail Group, Inc.(a)		7,423		18,186
AutoNation, Inc.(a)(b)		2,331		90,326
Barnes & Noble Education, Inc.(a)		2,174		12,435
Barnes & Noble, Inc.		2,875		17,336
Bed Bath & Beyond, Inc.		5,639		85,093
Big 5 Sporting Goods Corp.		454		1,562
BMC Stock Holdings, Inc.(a)		2,867		49,198
Boot Barn Holdings, Inc.(a)		1,202		28,163
Buckle, Inc.		1,235		21,452
Caleres, Inc.		1,773		52,906
Carvana Co.(a)(b)		1,366		50,747
Cato Corp., Class A		1,053		15,637
Chico’s FAS, Inc.		5,383		31,221
Children’s Place, Inc.		683		66,087
Citi Trends, Inc.		631		12,929
Conn’s, Inc.(a)(b)		866		18,134
Container Store Group, Inc.(a)		598		4,282
Dick’s Sporting Goods, Inc.		3,190		112,639
DSW, Inc., Class A		2,892		78,807
Express, Inc.(a)		3,213		17,029
Five Below, Inc.(a)(b)		2,346		290,271
Floor & Decor Holdings, Inc., Class A(a)(b)		2,053		70,397
Foot Locker, Inc.		4,934		275,761
Francesca’s Holdings Corp.(a)(b)		795		702
GameStop Corp., Class A		4,220		47,855
Genesco, Inc.(a)		832		37,590
GNC Holdings, Inc., Class A(a)		4,508		13,749
Group 1 Automotive, Inc.		806		49,190

SCHEDULES OF INVESTMENTS 59

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Guess?, Inc.		2,433	$	47,468
Haverty Furniture Cos., Inc.		653		13,302
Hibbett Sports, Inc.(a)		936		15,294
Hudson Ltd., Class A(a)		1,700		21,896
J. Jill, Inc.(a)		556		3,308
Kirkland’s, Inc.(a)(b)		938		9,586
Lithia Motors, Inc., Class A		967		86,015
Lumber Liquidators Holdings, Inc.(a)(b)		997		11,984
MarineMax, Inc.(a)		790		14,046
Michaels Cos., Inc.(a)(b)		4,505		62,439
Monro, Inc.		1,353		96,956
National Vision Holdings, Inc.(a)(b)		2,719		86,355
Office Depot, Inc.		23,499		69,322
Party City Holdco, Inc.(a)(b)		2,534		27,975
Penske Automotive Group, Inc.		1,586		74,352
Pier 1 Imports, Inc.(a)		3,153		2,572
Rent-A-Center, Inc.(a)		1,917		33,548
RH(a)		848		115,218
RTW RetailWinds, Inc.(a)(b)		745		2,310
Sally Beauty Holdings, Inc.(a)		5,073		87,357
Shoe Carnival, Inc.		492		18,145
Signet Jewelers Ltd.		2,282		55,590
Sleep Number Corp.(a)		1,459		52,524
Sonic Automotive, Inc., Class A		1,135		17,366
Sportsman’s Warehouse Holdings, Inc.(a)		1,257		6,461
Systemax, Inc.		637		14,868
Tailored Brands, Inc.		2,097		26,485
Tile Shop Holdings, Inc.		1,560		11,840
Tilly’s, Inc., Class A		1,007		12,195
Urban Outfitters, Inc.(a)		3,199		103,328
Williams-Sonoma, Inc.		3,461		188,382
Winmark Corp.		87		13,411
Zumiez, Inc.(a)		888		22,564
				3,428,235
Technology Hardware, Storage & Peripherals — 0.4%
3D Systems Corp.(a)(b)		4,624		59,002
Avid Technology, Inc.(a)		1,084		5,160
Cray, Inc.(a)		1,783		39,119
Diebold Nixdorf, Inc.		2,638		11,212
Eastman Kodak Co.(a)(b)		420		1,222
Electronics for Imaging, Inc.(a)		1,907		50,364
Immersion Corp.(a)		1,063		10,088
NCR Corp.(a)		5,055		135,221
Pure Storage, Inc., Class A(a)		7,003		125,424
Stratasys Ltd.(a)		2,203		56,243
Synaptics, Inc.(a)		1,508		60,018
USA Technologies, Inc.(a)		3,140		18,557
Xerox Corp.		9,032		254,793
				826,423
Textiles, Apparel & Luxury Goods — 1.0%
Capri Holdings Ltd.(a)		6,054		257,174
Carter’s, Inc.		1,945		161,240
Columbia Sportswear Co.		1,304		116,304
Crocs, Inc.(a)(b)		2,875		82,570
Culp, Inc.		407		7,774
Deckers Outdoor Corp.(a)		1,264		162,361
Fossil Group, Inc.(a)		1,935		32,818
G-III Apparel Group Ltd.(a)		1,837		64,056
Hanesbrands, Inc.		15,482		232,075
Movado Group, Inc.		684		21,854
Oxford Industries, Inc.		714		54,678
Ralph Lauren Corp.		2,336		271,303
Rocky Brands, Inc.		253		6,783

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Skechers U.S.A., Inc., Class A(a)		5,726	$	155,575
Steven Madden Ltd.		3,689		120,446
Superior Group of Cos., Inc.		343		6,095
Unifi, Inc.(a)		539		11,529
Vera Bradley, Inc.(a)(b)		851		7,616
Wolverine World Wide, Inc.		3,960		135,868
				1,908,119
Thrifts & Mortgage Finance — 1.3%
Axos Financial, Inc.(a)(b)		2,539		77,084
Banc of California, Inc.		1,963		28,621
BankFinancial Corp.		456		6,840
Beneficial Bancorp, Inc.		3,113		48,532
Berkshire Hills Bancorp, Inc.		1,747		47,606
Bridgewater Bancshares, Inc.(a)		1,023		11,406
Brookline Bancorp, Inc.		3,331		49,532
BSB Bancorp, Inc.(a)		305		9,839
Capitol Federal Financial, Inc.		5,366		69,060
Columbia Financial, Inc.(a)		2,291		33,930
Dime Community Bancshares, Inc.		1,478		29,146
Entegra Financial Corp.(a)		132		3,084
ESSA Bancorp, Inc.		306		4,608
Essent Group Ltd.(a)		4,176		165,996
Federal Agricultural Mortgage Corp., Class C		433		30,635
First Defiance Financial Corp.		954		26,884
Flagstar Bancorp, Inc.(a)		1,254		38,686
Flushing Financial Corp.		1,282		28,435
FS Bancorp, Inc.		127		6,166
Greene County Bancorp, Inc.		204		6,216
Hingham Institution for Savings		65		12,018
Home Bancorp, Inc.		264		9,335
HomeStreet, Inc.(a)		1,067		26,109
Impac Mortgage Holdings, Inc.(a)		218		765
Kearny Financial Corp.		3,760		48,278
Ladder Capital Corp.(b)		3,974		68,790
LendingTree, Inc.(a)		342		101,348
Luther Burbank Corp.		865		8,174
Malvern Bancorp, Inc.(a)		253		5,293
Merchants Bancorp		803		15,715
Meridian Bancorp, Inc.		2,218		35,122
Meta Financial Group, Inc.		1,231		28,990
MGIC Investment Corp.(a)		15,635		195,125
Mr Cooper Group, Inc.(a)		3,413		52,526
New York Community Bancorp, Inc.		20,334		236,281
NMI Holdings, Inc., Class A(a)		2,816		61,952
Northfield Bancorp, Inc.		1,638		23,440
Northwest Bancshares, Inc.		4,034		71,160
OceanFirst Financial Corp.		2,067		49,629
Ocwen Financial Corp.(a)		5,694		9,566
OP Bancorp(a)(b)		801		7,289
Oritani Financial Corp.		1,882		31,731
PCSB Financial Corp.		603		12,247
Ponce de Leon Federal Bank(a)		246		3,181
Provident Bancorp, Inc.(a)		177		4,002
Provident Financial Services, Inc.		2,682		66,272
Prudential Bancorp, Inc.		284		5,180
Radian Group, Inc.		9,150		176,046
Riverview Bancorp, Inc.		700		5,215
SI Financial Group, Inc.		377		4,856
Southern Missouri Bancorp, Inc.		252		8,873
Sterling Bancorp, Inc.		885		7,611
Territorial Bancorp, Inc.		349		9,625
TFS Financial Corp.		2,311		37,692
Timberland Bancorp, Inc.		244		6,861
TrustCo Bank Corp. NY		3,947		30,629

60 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
United Community Financial Corp.		2,302	$	21,823
United Financial Bancorp, Inc.		2,248		33,293
Walker & Dunlop, Inc.		1,170		56,242
Washington Federal, Inc.		3,520		102,397
Waterstone Financial, Inc.		1,184		18,589
Western New England Bancorp, Inc.		1,001		9,259
WSFS Financial Corp.		1,314		55,411
				2,496,246
Tobacco — 0.1%
22nd Century Group, Inc.(a)(b)		2,971		6,655
Pyxus International, Inc.(a)(b)		320		5,194
Turning Point Brands, Inc.		437		15,474
Universal Corp.		1,043		60,181
Vector Group Ltd.		4,468		49,148
				136,652
Trading Companies & Distributors — 1.1%
Air Lease Corp.		4,101		155,592
Aircastle Ltd.		2,347		48,912
Applied Industrial Technologies, Inc.		1,633		96,363
Beacon Roofing Supply, Inc.(a)		3,012		109,426
BlueLinx Holdings, Inc.(a)		502		14,633
CAI International, Inc.(a)		804		19,955
DXP Enterprises, Inc.(a)		717		23,596
EVI Industries, Inc.(b)		257		8,969
Foundation Building Materials, Inc.(a)		442		4,040
GATX Corp.		1,581		119,650
General Finance Corp.(a)		688		6,646
GMS, Inc.(a)		1,493		28,263
H&E Equipment Services, Inc.		1,423		38,094
HD Supply Holdings, Inc.(a)		7,987		334,975
Herc Holdings, Inc.(a)		1,028		38,087
Kaman Corp.		1,154		68,225
Lawson Products, Inc.(a)		350		10,360
MRC Global, Inc.(a)		3,600		56,232
MSC Industrial Direct Co., Inc., Class A		1,942		162,138
Nexeo Solutions, Inc.(a)		1,652		15,529
NOW, Inc.(a)		4,593		62,143
Rush Enterprises, Inc., Class A		1,336		51,102
Rush Enterprises, Inc., Class B		112		4,359
SiteOne Landscape Supply, Inc.(a)(b)		1,766		94,128
Textainer Group Holdings Ltd.(a)		971		12,642
Titan Machinery, Inc.(a)		962		18,028
Triton International Ltd.		2,212		79,521
Univar, Inc.(a)		4,884		101,734
Veritiv Corp.(a)		564		19,261
Watsco, Inc.		1,369		201,900
WESCO International, Inc.(a)		1,987		104,119
Willis Lease Finance Corp.(a)		123		4,708
				2,113,330
Transportation Infrastructure — 0.1%
Macquarie Infrastructure Corp.		3,505		151,311
Wesco Aircraft Holdings, Inc.(a)		2,439		21,317
				172,628
Water Utilities — 0.4%
American States Water Co.		1,585		107,336
Aqua America, Inc.		7,611		266,766
AquaVenture Holdings Ltd.(a)(b)		353		7,424
Artesian Resources Corp., Class A		289		10,228
Cadiz, Inc.(a)		775		7,982
California Water Service Group		2,086		103,299
Connecticut Water Service, Inc.		531		36,023
Consolidated Water Co. Ltd.		482		6,290

Security	Shares		Value
Water Utilities (continued)
Evoqua Water Technologies Corp.(a)		3,292	$	35,586
Global Water Resources, Inc.		404		3,890
Middlesex Water Co.		704		39,565
Pure Cycle Corp.(a)		622		6,326
SJW Group		746		44,723
York Water Co.		519		17,075
				692,513
Wireless Telecommunication Services — 0.2%
Boingo Wireless, Inc.(a)		1,738		41,921
Gogo, Inc.(a)(b)		3,295		13,608
NII Holdings, Inc.(a)		3,957		19,192
Shenandoah Telecommunications Co.		1,986		94,593
Spok Holdings, Inc.		604		8,359
Telephone & Data Systems, Inc.		4,266		154,515
United States Cellular Corp.(a)		564		32,475
				364,663
Total Common Stocks — 99.6% (Cost — $180,751,302)				192,886,591
Investment Companies — 0.4%
United States — 0.4%
iShares Russell 2000 ETF(f)		2,199		327,783
iShares RussellMid-Cap ETF(f)		6,192		318,331
Total Investment Companies — 0.4% (Cost — $621,999)				646,114
Total Long-Term Investments — 100.0% (Cost — $181,373,301)				193,532,705
Short-Term Securities — 5.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.65%(d)(e)(f)		10,574,279		10,577,451
BlackRock Cash Funds: Treasury, SL Agency Shares,
2.34%(e)(f)		699,244		699,244
Total Short-Term Securities — 5.8% (Cost — $11,274,368)				11,276,695
Total Investments — 105.8% (Cost — $192,647,669)				204,809,400
Liabilities in Excess of Other Assets — (5.8)%				(11,176,164	)
Net Assets — 100.0%			$	193,633,236

^(a)  Non-income producing security.

^(b)  Security, or a portion of the security, is on loan.

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

^(d)  Security was purchased with the cash collateral from loaned securities.

^(e)  Annualized7-day yield as of period end.

SCHEDULES OF INVESTMENTS 61

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund

^(f)  During the six months ended January 31, 2019, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliate Persons and/or Related Parties	Shares Held at 07/31/18		Shares Purchased		Shares Sold			Shares Held at 01/31/19		Value at 01/31/19		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		10,785,089		—		(210,810	)(b)		10,574,279	$	10,577,451	$	40,689	(c)	$	95		$	352
BlackRock Cash Funds: Treasury, SL Agency Shares		2,050,697		—		(1,351,453	)(b)		699,244		699,244		22,345			—			—
PennyMac Mortgage Investment Trust		1,345		1,182		—			2,527		51,147		1,907			—			2,151
iShares Russell 2000 ETF		2,292		9,999		(10,092	)		2,199		327,783		932			(15,050	)		(6,851	)
iShares RussellMid-Cap ETF		1,643		21,132		(16,583	)		6,192		318,331		1,498			(3,035	)		(46	)
										$	11,973,956	$	67,371		$	(17,990	)	$	(4,394	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares sold.

^(c)  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.

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industrysub-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 industrysub-classifications for reporting ease.

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 2000E-Mini Index		7		03/15/19	$	525	$	14,204
S&P MidCap 400E-Mini Index		3		03/15/19		551		11,929
							$	26,133

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
Net unrealized appreciation(a)	$	—	$	—	$	26,133	$	—	$	—	$	—	$	26,133

^(a)  Includes cumulative appreciation (depreciation) on futures contracts if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

For the six months ended January 31, 2019, 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	$	—	$	—	$	(172,218	)	$	—	$	—	$	—	$	(172,218	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	30,166		$	—	$	—	$	—	$	30,166

62 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares RussellSmall/Mid-Cap Index Fund

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — Long	$	855,975

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 investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks(a)	$	192,884,995	$	240	$	1,356	$	192,886,591
Investment Companies		646,114		—		—		646,114
Short-Term Securities		11,276,695		—		—		11,276,695
	$	204,807,804	$	240	$	1,356	$	204,809,400
Derivative Financial Instruments(b)
Assets:
Equity contracts	$	26,133	$	—	$	—	$	26,133

^(a)  See above Schedule of Investments for values in each industry.

^(b)  Derivative financial instruments are futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

During the six months ended January 31, 2019, there were no transfers between levels.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 63

Schedule of Investments  (unaudited)  January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 98.3%
Aerospace & Defense — 2.3%
AAR Corp.		1,751	$	65,978
Aerojet Rocketdyne Holdings, Inc.(a)		2,271		89,636
Aerovironment, Inc.(a)		679		52,731
Arconic, Inc.		14,219		267,602
Astronics Corp.(a)		802		24,597
Axon Enterprise, Inc.(a)		2,174		110,896
Boeing Co.		17,470		6,736,781
Cubic Corp.		802		51,545
Curtiss-Wright Corp.		1,367		155,182
Ducommun, Inc.(a)		229		9,016
Esterline Technologies Corp.(a)		836		101,741
General Dynamics Corp.		8,549		1,463,332
Harris Corp.		3,972		608,431
HEICO Corp.(b)		1,203		101,653
HEICO Corp., Class A		2,381		166,741
Hexcel Corp.		2,745		185,864
Huntington Ingalls Industries, Inc.		1,373		283,456
KEYW Holding Corp.(a)		934		6,706
Kratos Defense & Security Solutions, Inc.(a)(b)		4,174		64,655
L3 Technologies, Inc.		2,517		495,547
Lockheed Martin Corp.		7,962		2,306,512
Maxar Technologies, Inc.(a)		1,753		9,852
Moog, Inc., Class A		1,056		94,480
National Presto Industries, Inc.		151		18,063
Northrop Grumman Corp.		5,303		1,461,242
Raytheon Co.		9,553		1,573,952
Sparton Corp.(a)		231		4,248
Spirit AeroSystems Holdings, Inc., Class A		3,613		301,324
Teledyne Technologies, Inc.(a)		1,257		281,845
Textron, Inc.		8,229		438,030
TransDigm Group, Inc.(a)		1,577		616,607
Triumph Group, Inc.		1,299		23,187
United Technologies Corp.		26,012		3,071,237
Vectrus, Inc.(a)		359		9,043
				21,251,712
Air Freight & Logistics — 0.6%
Air Transport Services Group, Inc.(a)		1,842		43,748
Atlas Air Worldwide Holdings, Inc.(a)		708		37,680
C.H. Robinson Worldwide, Inc.		4,425		383,957
Echo Global Logistics, Inc.(a)		852		20,244
Expeditors International of Washington, Inc.		5,920		410,256
FedEx Corp.		8,035		1,426,775
Forward Air Corp.		913		53,438
Hub Group, Inc., Class A(a)		1,099		48,917
Park-Ohio Holdings Corp.		132		4,287
Radiant Logistics, Inc.(a)		1,065		5,261
United Parcel Service, Inc., Class B		22,066		2,325,756
XPO Logistics, Inc.(a)(b)		4,216		256,248
				5,016,567
Airlines — 0.4%
Alaska Air Group, Inc.		3,922		250,812
Allegiant Travel Co.		427		55,510
American Airlines Group, Inc.		13,404		479,461
Copa Holdings SA, Class A		938		88,969
Delta Air Lines, Inc.		21,323		1,053,996
Hawaiian Holdings, Inc.		1,545		49,471
JetBlue Airways Corp.(a)		9,951		179,018
SkyWest, Inc.		1,581		80,552
Southwest Airlines Co.		16,977		963,615
Spirit Airlines, Inc.(a)		2,134		125,522
United Continental Holdings, Inc.(a)		7,895		688,997
				4,015,923

Security	Shares		Value
Auto Components — 0.3%
Adient PLC		2,967	$	58,569
American Axle & Manufacturing Holdings, Inc.(a)		3,615		53,430
Aptiv PLC		8,714		689,539
BorgWarner, Inc.		6,540		267,486
Cooper Tire & Rubber Co.		1,503		52,906
Cooper-Standard Holdings, Inc.(a)		597		45,647
Dana, Inc.		4,871		85,827
Dorman Products, Inc.(a)		718		61,712
Fox Factory Holding Corp.(a)(b)		973		57,728
Garrett Motion, Inc.(a)		2,289		36,555
Gentex Corp.		9,272		196,381
Gentherm, Inc.(a)		1,168		49,710
Goodyear Tire & Rubber Co.		7,992		169,350
LCI Industries		770		63,479
Lear Corp.		2,108		324,484
Modine Manufacturing Co.(a)		1,640		23,993
Motorcar Parts of America, Inc.(a)(b)		702		14,040
Spartan Motors, Inc.		1,242		10,458
Standard Motor Products, Inc.		624		30,676
Stoneridge, Inc.(a)		828		21,619
Superior Industries International, Inc.		934		4,810
Tenneco, Inc., Class A		1,503		52,124
Tower International, Inc.		586		17,047
Visteon Corp.(a)(b)		904		69,508
				2,457,078
Automobiles — 0.5%
Ford Motor Co.		130,069		1,144,607
General Motors Co.		43,234		1,686,991
Harley-Davidson, Inc.		5,567		205,199
Tesla, Inc.(a)(b)		4,438		1,362,555
Thor Industries, Inc.		1,581		102,955
Winnebago Industries, Inc.		953		27,256
				4,529,563
Banks — 5.8%
1st Source Corp.		411		18,659
Access National Corp.		555		13,104
ACNB Corp.		387		14,087
Allegiance Bancshares, Inc.(a)		408		14,655
American National Bankshares, Inc.		234		7,647
Ameris Bancorp		1,247		47,324
Ames National Corp.		233		5,858
Arrow Financial Corp.		455		14,492
Associated Banc-Corp		5,634		121,976
Atlantic Capital Bancshares, Inc.(a)		685		12,385
BancFirst Corp.		744		39,938
Banco Latinoamericano de Comercio Exterior SA		516		9,690
Bancorp, Inc.(a)		1,904		16,146
BancorpSouth Bank		3,011		87,861
Bank of America Corp.		298,593		8,500,943
Bank of Hawaii Corp.		2,020		156,207
Bank of Marin Bancorp		316		13,253
Bank of NT Butterfield & Son Ltd.		1,459		51,138
Bank OZK		3,713		112,652
BankUnited, Inc.		3,264		110,356
Bankwell Financial Group, Inc.		364		10,520
Banner Corp.		921		50,231
Bar Harbor Bankshares		399		9,548
Baycom Corp.(a)		382		8,251
BB&T Corp.		24,574		1,199,211
Blue Hills Bancorp, Inc.		840		19,858
BOK Financial Corp.		1,547		128,571
Boston Private Financial Holdings, Inc.		3,138		36,401
Bridge Bancorp, Inc.		369		11,361

64 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Bryn Mawr Bank Corp.		476	$	17,607
Business First Bancshares, Inc.		348		8,028
Byline Bancorp, Inc.(a)		413		7,802
C&F Financial Corp.		148		7,397
Cadence BanCorp		5,596		104,925
Cambridge Bancorp		101		7,686
Camden National Corp.		528		21,395
Capital City Bank Group, Inc.		363		8,712
Carolina Financial Corp.		506		17,518
Cathay General Bancorp		2,427		90,090
CBTX, Inc.		506		16,318
CenterState Bank Corp.		3,082		76,434
Central Pacific Financial Corp.		427		12,225
Century Bancorp, Inc., Class A		341		26,472
Chemical Financial Corp.		2,287		101,680
CIT Group, Inc.		3,563		164,575
Citigroup, Inc.		79,776		5,142,361
Citizens & Northern Corp.		381		9,552
Citizens Financial Group, Inc.		16,284		552,353
City Holding Co.		442		31,683
CNB Financial Corp.		283		7,151
Codorus Valley Bancorp, Inc.		324		7,160
Columbia Banking System, Inc.		2,220		81,585
Comerica, Inc.		5,230		411,810
Commerce Bancshares, Inc.		3,092		184,902
Community Bank System, Inc.		1,677		100,536
Community Trust Bancorp, Inc.		487		19,777
ConnectOne Bancorp, Inc.		960		19,200
Cullen/Frost Bankers, Inc.		1,749		170,143
Customers Bancorp, Inc.(a)		1,068		21,008
CVB Financial Corp.		3,868		84,748
Eagle Bancorp, Inc.(a)		1,077		59,106
East West Bancorp, Inc.		5,416		272,533
Enterprise Bancorp, Inc.		214		6,923
Enterprise Financial Services Corp.		716		31,597
Equity Bancshares, Inc., Class A(a)		361		11,462
Farmers & Merchants Bancorp, Inc./Archbold		246		7,756
Farmers National Banc Corp.		551		7,146
FB Financial Corp.		520		17,202
Fidelity Southern Corp.		744		22,662
Fifth Third Bancorp		22,072		591,971
Financial Institutions, Inc.		439		11,774
First Bancorp, Inc.		314		8,123
First BanCorp, Puerto Rico		7,080		75,402
First Bancorp/Southern Pines NC		897		32,983
First Bancshares, Inc.		292		9,464
First Busey Corp.		1,178		29,167
First Business Financial Services, Inc.		443		9,144
First Choice Bancorp		314		6,786
First Citizens BancShares, Inc., Class A		245		99,845
First Commonwealth Financial Corp.		3,047		41,439
First Community Bancshares, Inc.		576		19,757
First Financial Bancorp		2,911		76,647
First Financial Bankshares, Inc.		1,943		118,717
First Financial Corp.		269		11,155
First Foundation, Inc.(a)		1,126		16,361
First Hawaiian, Inc.		2,908		74,823
First Horizon National Corp.		9,770		143,424
First Internet Bancorp		258		5,160
First Interstate Bancsystem, Inc., Class A		960		37,363
First Merchants Corp.		1,856		67,985
FirstMid-Illinois Bancshares, Inc.		285		9,285
First Midwest Bancorp, Inc.		3,356		73,899
First of Long Island Corp.		640		13,261

Security	Shares		Value
Banks (continued)
First Republic Bank		5,471	$	528,663
FNB Corp.		9,578		111,584
Franklin Financial Network, Inc.(a)(b)		413		13,162
Fulton Financial Corp.		6,228		99,959
German American Bancorp, Inc.		625		18,281
Glacier Bancorp, Inc.		2,627		110,807
Great Southern Bancorp, Inc.		266		14,188
Great Western Bancorp, Inc.		1,880		66,345
Guaranty Bancshares, Inc.		270		8,100
Hancock Whitney Corp.		2,680		110,094
Hanmi Financial Corp.		930		20,395
Heartland Financial USA, Inc.		1,223		55,475
Heritage Commerce Corp.		1,357		18,007
Heritage Financial Corp.		1,053		32,622
Home BancShares, Inc.		4,759		87,137
HomeTrust Bancshares, Inc.		642		17,334
Hope Bancorp, Inc.		3,638		52,060
Horizon Bancorp		897		14,478
Howard Bancorp, Inc.(a)		467		5,992
Huntington Bancshares, Inc.		37,815		500,671
Iberiabank Corp.		1,754		129,603
Independent Bank Corp.		1,733		86,113
Independent Bank Group, Inc.		1,357		71,595
International Bancshares Corp.		1,955		69,344
Investors Bancorp, Inc.		7,684		93,284
JPMorgan Chase & Co.		107,913		11,168,995
KeyCorp		34,595		569,780
Lakeland Bancorp, Inc.		1,021		15,979
Lakeland Financial Corp.		1,121		50,479
LCNB Corp.		345		5,692
LegacyTexas Financial Group, Inc.		1,518		60,477
Live Oak Bancshares, Inc.		747		10,383
M&T Bank Corp.		4,645		764,288
Macatawa Bank Corp.		816		7,964
MB Financial, Inc.		2,607		115,699
MBT Financial Corp.		784		7,848
Mercantile Bank Corp.		497		16,500
Metropolitan Bank Holding Corp.(a)		180		6,300
Midland States Bancorp, Inc.		963		23,218
MidWestOne Financial Group, Inc.		266		7,371
MutualFirst Financial, Inc.		253		7,337
National Bank Holdings Corp., Class A		890		28,444
National Bankshares, Inc.		185		6,425
National Commerce Corp.(a)		388		15,797
NBT Bancorp, Inc.		1,281		45,629
Nicolet Bankshares, Inc.(a)		324		17,720
Northrim BanCorp, Inc.		226		7,487
OFG Bancorp		1,049		20,330
Ohio Valley Banc Corp.		173		6,207
Old Line Bancshares, Inc.		322		8,697
Old National Bancorp		5,785		93,370
Old Second Bancorp, Inc.		606		8,502
Opus Bank		633		13,230
Origin Bancorp, Inc.(b)		454		15,468
Orrstown Financial Services, Inc.		348		6,553
Pacific Premier Bancorp, Inc.(a)		1,486		44,208
PacWest Bancorp		3,977		153,472
Park National Corp.		400		37,608
Peapack Gladstone Financial Corp.		523		13,959
Penns Woods Bancorp, Inc.		162		5,723
People’s United Financial, Inc.		14,601		239,164
People’s Utah Bancorp		363		10,672
Peoples Bancorp, Inc.		664		21,248
Peoples Financial Services Corp.		169		6,970

SCHEDULES OF INVESTMENTS 65

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Pinnacle Financial Partners, Inc.		2,367	$	127,274
PNC Financial Services Group, Inc.		15,163		1,860,045
Popular, Inc.		3,207		175,134
Preferred Bank		405		18,857
Premier Financial Bancorp, Inc.		500		7,135
Prosperity Bancshares, Inc.		2,016		143,418
QCR Holdings, Inc.		413		14,149
RBB Bancorp		350		6,527
Regions Financial Corp.		33,459		507,573
Reliant Bancorp Inc.		315		6,772
Renasant Corp.		1,899		67,452
Republic Bancorp, Inc., Class A		204		8,505
Republic First Bancorp, Inc.(a)		1,213		7,157
S&T Bancorp, Inc.		1,347		51,752
Sandy Spring Bancorp, Inc.		1,225		39,947
Seacoast Banking Corp. of Florida(a)		1,610		44,307
ServisFirst Bancshares, Inc.		1,364		46,035
Sierra Bancorp		304		8,086
Signature Bank		1,902		242,144
Simmons First National Corp., Class A		3,143		77,758
SmartFinancial, Inc.(a)		348		6,716
South State Corp.		1,165		77,298
Southern First Bancshares, Inc.(a)		722		25,985
Southern National Bancorp of Virginia, Inc.		518		7,811
Southside Bancshares, Inc.		1,208		39,852
Sterling Bancorp		7,019		135,046
Stock Yards Bancorp, Inc.		496		17,147
Summit Financial Group, Inc.		488		11,483
SunTrust Banks, Inc.		14,815		880,307
SVB Financial Group(a)		1,742		406,548
Synovus Financial Corp.		5,121		181,386
TCF Financial Corp.		4,947		109,626
Texas Capital Bancshares, Inc.(a)		2,203		128,369
Tompkins Financial Corp.		571		41,991
TowneBank		2,464		63,965
Trico Bancshares		2,610		98,449
TriState Capital Holdings, Inc.(a)		771		15,698
Triumph Bancorp, Inc.(a)		785		23,911
Trustmark Corp.		1,885		59,434
U.S. Bancorp		49,793		2,547,410
UMB Financial Corp.		1,496		96,283
Umpqua Holdings Corp.		6,707		118,580
Union Bankshares Corp.		2,053		64,793
Union Bankshares, Inc.		330		15,724
United Bankshares, Inc.		3,132		110,779
United Community Banks, Inc.		2,390		61,471
Univest Corp. of Pennsylvania		855		20,084
Valley National Bancorp		9,522		96,267
Veritex Holdings, Inc.(a)		1,506		39,849
Washington Trust Bancorp, Inc.		445		23,158
Webster Financial Corp.		2,964		159,700
Wells Fargo & Co.		138,531		6,775,551
WesBanco, Inc.		1,608		65,301
West BanCorp., Inc.		346		7,453
Westamerica BanCorp		798		50,003
Western Alliance Bancorp(a)		3,106		137,534
Wintrust Financial Corp.		1,719		122,290
Zions Bancorporation		5,982		284,683
				52,983,926
Beverages — 1.5%
Boston Beer Co., Inc., Class A(a)(b)		264		65,778
Brown-Forman Corp., Class A		1,484		69,793
Brown-Forman Corp., Class B		9,255		437,299
Coca-Cola Co.		124,838		6,008,453

Security	Shares		Value
Beverages (continued)
Coca-Cola Consolidated, Inc.		158	$	34,096
Constellation Brands, Inc., Class A		5,140		892,612
Craft Brew Alliance, Inc.(a)		284		4,675
Keurig Dr Pepper, Inc.		5,606		152,595
MGP Ingredients, Inc.(b)		444		31,875
Molson Coors Brewing Co., Class B		5,675		378,012
Monster Beverage Corp.(a)		12,890		737,824
National Beverage Corp.		405		33,955
PepsiCo, Inc.		46,203		5,205,692
Primo Water Corp.(a)		879		11,453
				14,064,112
Biotechnology — 2.9%
AbbVie, Inc.		49,627		3,984,552
Abeona Therapeutics, Inc.(a)		977		6,634
ACADIA Pharmaceuticals, Inc.(a)		3,360		76,541
Acceleron Pharma, Inc.(a)		1,144		48,506
Achillion Pharmaceuticals, Inc.(a)		5,552		12,159
Acorda Therapeutics, Inc.(a)(b)		1,264		21,020
Adamas Pharmaceuticals, Inc.(a)		698		6,282
Aduro Biotech, Inc.(a)		2,001		5,963
Adverum Biotechnologies, Inc.(a)		1,683		5,352
Aeglea BioTherapeutics, Inc.(a)		830		7,586
Agenus, Inc.(a)		860		2,898
AgeX Therapeutics, Inc.(a)		130		503
Agios Pharmaceuticals, Inc.(a)(b)		1,622		86,939
Aimmune Therapeutics, Inc.(a)		1,372		32,269
Akebia Therapeutics, Inc.(a)		3,033		16,712
Albireo Pharma, Inc.(a)		285		7,410
Alder Biopharmaceuticals, Inc.(a)(b)		1,900		26,752
Aldeyra Therapeutics, Inc.(a)		3,085		27,179
Alexion Pharmaceuticals, Inc.(a)		7,065		868,712
Alkermes PLC(a)		4,906		161,260
Allakos, Inc.(a)		491		19,615
Allogene Therapeutics, Inc.(a)(b)		1,153		34,970
Alnylam Pharmaceuticals, Inc.(a)		2,978		248,752
AMAG Pharmaceuticals, Inc.(a)		1,090		17,843
Amgen, Inc.		21,013		3,931,742
Amicus Therapeutics, Inc.(a)		5,984		72,047
AnaptysBio, Inc.(a)		586		38,864
Apellis Pharmaceuticals, Inc.(a)		1,135		15,890
Arbutus Biopharma Corp.(a)(b)		1,316		4,856
Arcus Biosciences, Inc.(a)		2,891		29,401
Ardelyx, Inc.(a)		547		1,149
Arena Pharmaceuticals, Inc.(a)		1,623		74,609
ArQule, Inc.(a)		2,657		9,831
Array BioPharma, Inc.(a)		6,184		115,455
Arrowhead Pharmaceuticals, Inc.(a)(b)		2,711		38,279
Atara Biotherapeutics, Inc.(a)		1,189		45,182
Athenex, Inc.(a)(b)		1,333		15,663
Athersys, Inc.(a)		1,234		1,962
Audentes Therapeutics, Inc.(a)		1,027		25,470
AVEO Pharmaceuticals, Inc.(a)		3,922		2,743
Avid Bioservices, Inc.(a)		2,581		9,937
Bellicum Pharmaceuticals, Inc.(a)(b)		1,287		4,247
BioCryst Pharmaceuticals, Inc.(a)(b)		3,599		31,239
Biogen, Inc.(a)		6,596		2,201,613
Biohaven Pharmaceutical Holding Co. Ltd.(a)(b)		879		33,481
BioMarin Pharmaceutical, Inc.(a)		6,041		593,045
Biospecifics Technologies Corp.(a)		73		4,744
BioTime, Inc.(a)		1,303		1,837
Bluebird Bio, Inc.(a)		1,882		251,115
Blueprint Medicines Corp.(a)		1,290		92,996
Calithera Biosciences, Inc.(a)		1,548		6,904
Cara Therapeutics, Inc.(a)		1,002		15,281

66 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
CareDx, Inc.(a)		995	$	27,890
CASI Pharmaceuticals, Inc.(a)		1,541		5,332
Catalyst Pharmaceuticals, Inc.(a)		2,952		7,439
Celgene Corp.(a)		23,157		2,048,468
Cellular Biomedicine Group, Inc.(a)		498		8,849
ChemoCentryx, Inc.(a)		482		5,900
Chimerix, Inc.(a)		931		2,169
Clovis Oncology, Inc.(a)(b)		1,403		35,580
Cohbar, Inc.(a)(b)		903		2,962
Coherus Biosciences, Inc.(a)(b)		1,471		19,800
Concert Pharmaceuticals, Inc.(a)		677		9,580
Corbus Pharmaceuticals Holdings, Inc.(a)		1,513		11,438
Corvus Pharmaceuticals, Inc.(a)(b)		695		2,773
CTI BioPharma Corp.(a)		1,754		2,087
Cue Biopharma, Inc.(a)(b)		690		3,526
Cytokinetics, Inc.(a)		1,286		9,041
CytomX Therapeutics, Inc.(a)		1,362		23,127
Deciphera Pharmaceuticals, Inc.(a)		241		6,476
Denali Therapeutics, Inc.(a)(b)		2,476		47,193
Dicerna Pharmaceuticals, Inc.(a)		1,378		14,207
Dynavax Technologies Corp.(a)		2,200		24,244
Eagle Pharmaceuticals, Inc.(a)		326		13,777
Editas Medicine, Inc.(a)		1,393		30,270
Emergent Biosolutions, Inc.(a)		1,358		84,726
Enanta Pharmaceuticals, Inc.(a)		525		41,701
Epizyme, Inc.(a)		1,782		18,212
Esperion Therapeutics, Inc.(a)(b)		801		37,206
Exact Sciences Corp.(a)		3,737		336,629
Exelixis, Inc.(a)		10,243		241,428
Fate Therapeutics, Inc.(a)		1,675		25,359
FibroGen, Inc.(a)		2,357		133,760
Five Prime Therapeutics, Inc.(a)		1,283		14,434
Flexion Therapeutics, Inc.(a)(b)		1,134		16,658
G1 Therapeutics, Inc.(a)(b)		662		14,160
Genomic Health, Inc.(a)		636		48,215
Geron Corp.(a)		4,974		5,720
Gilead Sciences, Inc.		42,289		2,960,653
Global Blood Therapeutics, Inc.(a)		1,571		75,267
GlycoMimetics, Inc.(a)(b)		1,052		11,782
Halozyme Therapeutics, Inc.(a)		4,046		65,464
Heron Therapeutics, Inc.(a)		1,968		52,939
Homology Medicines, Inc.(a)(b)		471		9,547
Idera Pharmaceuticals, Inc.(a)(b)		288		729
ImmunoGen, Inc.(a)		3,602		18,910
Immunomedics, Inc.(a)(b)		4,123		60,979
Incyte Corp.(a)		5,944		479,027
Innoviva, Inc.(a)		2,582		44,152
Inovio Pharmaceuticals, Inc.(a)(b)		2,914		14,599
Insmed, Inc.(a)		2,474		60,143
Insys Therapeutics, Inc.(a)		259		896
Intellia Therapeutics, Inc.(a)(b)		1,077		15,229
Intercept Pharmaceuticals, Inc.(a)(b)		690		83,269
Intrexon Corp.(a)		2,222		17,021
Invitae Corp.(a)		1,966		27,681
Ionis Pharmaceuticals, Inc.(a)		3,922		227,476
Iovance Biotherapeutics, Inc.(a)(b)		2,689		24,604
Ironwood Pharmaceuticals, Inc.(a)		4,377		59,790
Kadmon Holdings, Inc.(a)		2,523		6,080
Karyopharm Therapeutics, Inc.(a)(b)		1,533		12,985
Kindred Biosciences, Inc.(a)		898		8,845
Kura Oncology, Inc.(a)		769		12,227
La Jolla Pharmaceutical Co.(a)		594		3,588
Lexicon Pharmaceuticals, Inc.(a)		1,529		7,232
Ligand Pharmaceuticals, Inc.(a)(b)		661		78,064

Security	Shares		Value
Biotechnology (continued)
Loxo Oncology, Inc.(a)		943	$	221,228
MacroGenics, Inc.(a)		1,137		13,337
Madrigal Pharmaceuticals, Inc.(a)(b)		420		48,619
MannKind Corp.(a)		4,559		5,744
MediciNova, Inc.(a)		1,426		12,948
Mersana Therapeutics, Inc.(a)		488		2,235
Minerva Neurosciences, Inc.(a)		1,232		8,107
Miragen Therapeutics, Inc.(a)		1,224		3,501
Mirati Therapeutics, Inc.(a)		988		65,287
Momenta Pharmaceuticals, Inc.(a)		2,493		29,567
Myriad Genetics, Inc.(a)		2,056		57,959
Natera, Inc.(a)		889		12,082
Neurocrine Biosciences, Inc.(a)		3,064		270,306
NewLink Genetics Corp.(a)(b)		181		270
Novavax, Inc.(a)		11,973		28,017
OPKO Health, Inc.(a)(b)		11,525		42,412
Organovo Holdings, Inc.(a)		1,130		1,141
Palatin Technologies, Inc.(a)		9,667		6,687
PDL BioPharma, Inc.(a)		4,251		13,518
Pieris Pharmaceuticals, Inc.(a)		1,775		5,094
PolarityTE, Inc.(a)(b)		282		4,997
Portola Pharmaceuticals, Inc.(a)		2,139		57,967
Progenics Pharmaceuticals, Inc.(a)		2,297		10,176
Prothena Corp. PLC(a)		1,072		12,596
PTC Therapeutics, Inc.(a)		1,326		41,278
Puma Biotechnology, Inc.(a)		955		26,625
Radius Health, Inc.(a)		1,241		22,673
Regeneron Pharmaceuticals, Inc.(a)		2,579		1,107,087
REGENXBIO, Inc.(a)		904		39,740
Repligen Corp.(a)		1,056		60,203
Retrophin, Inc.(a)		1,474		31,779
Rhythm Pharmaceuticals, Inc.(a)		378		10,055
Rigel Pharmaceuticals, Inc.(a)		5,790		12,506
Rocket Pharmaceuticals, Inc.(a)(b)		649		9,333
Sage Therapeutics, Inc.(a)(b)		1,435		204,617
Sangamo Therapeutics, Inc.(a)(b)		3,380		39,512
Sarepta Therapeutics, Inc.(a)		2,222		310,436
Savara, Inc.(a)		756		5,738
Seattle Genetics, Inc.(a)(b)		3,361		256,881
Selecta Biosciences, Inc.(a)(b)		698		1,096
Seres Therapeutics, Inc.(a)		199		1,226
Solid Biosciences, Inc.(a)		285		7,173
Sorrento Therapeutics, Inc.(a)(b)		2,683		5,527
Spark Therapeutics, Inc.(a)(b)		947		45,286
Spectrum Pharmaceuticals, Inc.(a)		3,102		34,742
Stemline Therapeutics, Inc.(a)		875		9,678
Synergy Pharmaceuticals, Inc.(a)		9,204		2,949
Syros Pharmaceuticals, Inc.(a)		750		4,493
T2 Biosystems, Inc.(a)		1,008		3,528
Tetraphase Pharmaceuticals, Inc.(a)		851		1,047
TG Therapeutics, Inc.(a)		1,735		7,114
Tyme Technologies, Inc.(a)(b)		7,772		20,907
Ultragenyx Pharmaceutical, Inc.(a)		1,478		72,895
United Therapeutics Corp.(a)		1,362		157,079
UNITY Biotechnology, Inc.(a)(b)		1,493		17,080
Vanda Pharmaceuticals, Inc.(a)		1,628		44,168
Verastem, Inc.(a)(b)		1,646		5,399
Vericel Corp.(a)		1,160		19,952
Vertex Pharmaceuticals, Inc.(a)		8,514		1,625,408
Viking Therapeutics, Inc.(a)(b)		1,350		11,016
Vital Therapies, Inc.(a)		1,562		344
Voyager Therapeutics, Inc.(a)		667		6,997
Xencor, Inc.(a)		1,364		49,240
Zafgen, Inc.(a)		1,209		5,368

SCHEDULES OF INVESTMENTS 67

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
ZIOPHARM Oncology, Inc.(a)(b)		4,642	$	10,398
				26,497,873
Building Products — 0.4%
AAON, Inc.		1,312		48,465
Advanced Drainage Systems, Inc.		1,310		33,405
Allegion PLC		3,071		263,676
Ameresco, Inc., Class A(a)		824		12,302
American Woodmark Corp.(a)		472		33,016
AO Smith Corp.		4,400		210,584
Apogee Enterprises, Inc.		840		28,619
Armstrong Flooring, Inc.(a)		377		5,097
Armstrong World Industries, Inc.		1,474		100,291
Builders FirstSource, Inc.(a)		3,596		47,539
Caesarstone Ltd.		516		7,936
Continental Building Products, Inc.(a)		1,338		35,243
CSW Industrials, Inc.(a)		435		22,468
Fortune Brands Home & Security, Inc.		4,929		223,284
Gibraltar Industries, Inc.(a)		1,147		40,891
Griffon Corp.		937		14,908
Insteel Industries, Inc.		524		11,575
JELD-WEN Holding, Inc.(a)		2,185		38,980
Johnson Controls International PLC		29,597		999,491
Lennox International, Inc.		1,168		267,799
Masco Corp.		9,781		317,002
Masonite International Corp.(a)		824		47,133
NCI Building Systems, Inc.(a)		1,292		10,543
Owens Corning		3,465		181,531
Patrick Industries, Inc.(a)		762		30,404
PGT Innovations, Inc.(a)		1,672		27,822
Quanex Building Products Corp.		1,001		15,666
Resideo Technologies, Inc.(a)		3,816		83,685
Simpson Manufacturing Co., Inc.		1,264		77,584
Trex Co., Inc.(a)		1,850		129,056
Universal Forest Products, Inc.		1,917		59,082
USG Corp.		2,612		112,708
				3,537,785
Capital Markets — 2.5%
Affiliated Managers Group, Inc.		1,537		161,308
Ameriprise Financial, Inc.		4,339		549,317
Arlington Asset Investment Corp., Class A		839		7,232
Artisan Partners Asset Management, Inc., Class A		1,678		39,131
Associated Capital Group, Inc., Class A		82		3,476
B. Riley Financial, Inc.		660		10,065
Bank of New York Mellon Corp.		29,555		1,546,318
BGC Partners, Inc., Class A		8,292		51,327
BlackRock, Inc.		3,901		1,619,227
Blucora, Inc.(a)		1,592		46,980
BrightSphere Investment Group PLC		2,537		31,383
Cboe Global Markets, Inc.		3,651		340,529
Charles Schwab Corp.		39,316		1,838,809
CME Group, Inc.		11,424		2,082,367
Cohen & Steers, Inc.		1,906		71,723
Cowen, Inc., Class A(a)(b)		773		12,499
Diamond Hill Investment Group, Inc.		101		15,655
Donnelley Financial Solutions, Inc.(a)		1,284		18,798
E*Trade Financial Corp.		8,534		398,196
Eaton Vance Corp.		3,555		136,939
Evercore, Inc., Class A		1,287		115,122
Federated Investors, Inc., Class B		2,642		69,035
Focus Financial Partners, Inc., Class A(a)		706		19,853
Franklin Resources, Inc.		10,694		316,649
Gain Capital Holdings, Inc.		726		4,697
GAMCO Investors, Inc., Class A		133		2,653

Security	Shares		Value
Capital Markets (continued)
Goldman Sachs Group, Inc.		11,410	$	2,259,294
Greenhill & Co., Inc.		768		19,246
Hamilton Lane, Inc., Class A		624		22,632
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,888		42,650
HFF, Inc., Class A		1,266		52,438
Houlihan Lokey, Inc.		838		37,073
Intercontinental Exchange, Inc.		18,658		1,432,188
INTL. FCStone, Inc.(a)		561		21,447
Invesco Ltd.		13,784		251,145
Investment Technology Group, Inc.		1,138		34,436
Ladenburg Thalmann Financial Services, Inc.		2,782		8,012
Lazard Ltd., Class A		4,061		161,587
Legg Mason, Inc.		2,665		79,417
LPL Financial Holdings, Inc.		2,926		205,903
Marcus & Millichap, Inc.(a)		477		18,889
Moelis & Co., Class A		1,183		51,756
Moody’s Corp.		5,351		848,187
Morgan Stanley		39,213		1,658,710
MSCI, Inc.		2,850		485,270
Nasdaq, Inc.		3,818		336,137
Northern Trust Corp.		6,655		588,701
Oppenheimer Holdings, Inc., Class A		269		7,244
Piper Jaffray Cos.		472		32,582
PJT Partners, Inc., Class A		631		27,436
Raymond James Financial, Inc.		4,279		344,460
S&P Global, Inc.		8,240		1,579,196
Safeguard Scientifics, Inc.(a)		589		5,590
SEI Investments Co.		4,370		207,750
State Street Corp.		12,136		860,442
Stifel Financial Corp.		2,211		105,841
T. Rowe Price Group, Inc.		8,085		755,624
TD Ameritrade Holding Corp.		9,333		522,181
Virtu Financial, Inc., Class A		1,224		31,273
Virtus Investment Partners, Inc.		267		24,022
Waddell & Reed Financial, Inc., Class A		2,763		47,303
Westwood Holdings Group, Inc.		168		6,152
WisdomTree Investments, Inc.		6,794		45,520
				22,727,022
Chemicals — 2.0%
A. Schulman, Inc.(c)		817		1,560
AdvanSix, Inc.(a)		1,050		33,222
AgroFresh Solutions, Inc.(a)(b)		1,185		4,764
Air Products & Chemicals, Inc.		7,388		1,214,513
Albemarle Corp.		3,505		282,959
American Vanguard Corp.		632		11,073
Ashland Global Holdings, Inc.		1,988		150,889
Axalta Coating Systems Ltd.(a)		6,828		174,933
Balchem Corp.		1,430		118,719
Cabot Corp.		1,967		92,233
Celanese Corp.		4,303		412,055
CF Industries Holdings, Inc.		7,574		330,605
Chase Corp.		210		21,172
Chemours Co.		5,614		200,701
Codexis, Inc.(a)(b)		1,582		29,773
DowDuPont, Inc.		75,369		4,055,606
Eastman Chemical Co.		4,509		363,516
Ecolab, Inc.		8,254		1,305,535
Element Solutions, Inc.(a)		6,523		73,319
Ferro Corp.(a)		2,525		42,092
Flotek Industries, Inc.(a)		1,115		2,854
FMC Corp.		4,395		350,721
FutureFuel Corp.		633		11,590
GCP Applied Technologies, Inc.(a)		2,242		56,498
Hawkins, Inc.		210		8,713

68 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
HB Fuller Co.		1,761	$	86,976
Huntsman Corp.		6,768		148,693
Ingevity Corp.(a)		1,315		123,702
Innophos Holdings, Inc.		560		16,744
Innospec, Inc.		733		51,508
International Flavors & Fragrances, Inc.		3,243		459,793
Intrepid Potash, Inc.(a)		2,818		8,764
Koppers Holdings, Inc.(a)		682		15,543
Kraton Corp.(a)		1,033		29,131
Kronos Worldwide, Inc.		777		10,233
Landec Corp.(a)		899		11,408
Linde PLC		17,701		2,885,440
LSB Industries, Inc.(a)(b)		74		551
LyondellBasell Industries NV, Class A		10,486		911,967
Minerals Technologies, Inc.		1,323		77,488
Mosaic Co.		11,506		371,414
NewMarket Corp.		248		99,470
Olin Corp.		5,829		137,623
OMNOVA Solutions, Inc.(a)		1,355		12,073
PolyOne Corp.		2,494		80,731
PPG Industries, Inc.		8,010		844,574
PQ Group Holdings, Inc.(a)		1,043		15,697
Quaker Chemical Corp.		410		83,829
Rayonier Advanced Materials, Inc.		1,732		25,079
RPM International, Inc.		4,366		249,561
ScottsMiracle-Gro Co., Class A		1,330		98,886
Sensient Technologies Corp.		1,699		106,663
Sherwin-Williams Co.		2,758		1,162,552
Stepan Co.		631		55,484
Trecora Resources(a)		733		6,355
Tredegar Corp.		681		11,107
Trinseo SA		1,710		83,876
Tronox Ltd., Class A		2,912		25,509
Valvoline, Inc.		6,222		137,568
Versum Materials, Inc.		3,472		127,665
Westlake Chemical Corp.		1,168		86,315
WR Grace & Co.		2,122		150,683
				18,160,270
Commercial Services & Supplies — 0.6%
ABM Industries, Inc.		2,792		95,458
ACCO Brands Corp.		3,640		32,141
ADT, Inc.		6,532		47,161
Advanced Disposal Services, Inc.(a)		2,266		57,103
BrightView Holdings, Inc.(a)		1,809		26,791
Brink’s Co.		1,570		116,259
Casella Waste Systems, Inc., Class A(a)		1,235		37,198
CECO Environmental Corp.(a)		925		6,364
Cimpress NV(a)(b)		694		57,720
Cintas Corp.		2,864		537,029
Clean Harbors, Inc.(a)		1,924		113,920
Copart, Inc.(a)		6,538		331,019
Covanta Holding Corp.		3,766		60,633
Deluxe Corp.		1,445		67,872
Encore Capital Group, Inc.(a)		852		25,168
Ennis, Inc.		495		9,821
Essendant, Inc.		2,041		26,125
Healthcare Services Group, Inc.		2,219		96,793
Heritage-Crystal Clean, Inc.(a)		397		10,163
Herman Miller, Inc.		2,044		69,966
HNI Corp.		1,510		58,694
InnerWorkings, Inc.(a)		577		2,648
Interface, Inc.		1,828		29,997
KAR Auction Services, Inc.		4,152		215,946
Kimball International, Inc., Class B		1,050		14,837

Security	Shares		Value
Commercial Services & Supplies (continued)
Knoll, Inc.		1,883	$	37,961
LSC Communications, Inc.		865		6,859
McGrath RentCorp		765		38,556
Mobile Mini, Inc.		1,436		54,266
MSA Safety, Inc.		1,077		107,894
Multi-Color Corp.		417		19,411
Pitney Bowes, Inc.		6,230		44,918
Quad/Graphics, Inc.		1,100		14,861
Republic Services, Inc.		7,337		562,821
Rollins, Inc.		4,495		167,394
RR Donnelley & Sons Co.		2,845		14,510
Steelcase, Inc., Class A		2,295		37,868
Stericycle, Inc.(a)		2,581		113,770
Sykes Enterprises, Inc.(a)		1,447		39,894
Team, Inc.(a)		945		13,551
Tetra Tech, Inc.		2,054		113,360
U.S. Ecology, Inc.		694		44,187
UniFirst Corp.		464		64,232
Viad Corp.		784		41,317
VSE Corp.		300		9,789
Waste Management, Inc.		13,911		1,330,865
				5,025,110
Communications Equipment — 1.2%
ADTRAN, Inc.		1,464		21,345
Applied Optoelectronics, Inc.(a)		492		8,551
Arista Networks, Inc.(a)		1,885		404,860
ARRIS International PLC(a)		5,782		181,497
Bel Fuse, Inc., Class B		206		4,755
CalAmp Corp.(a)		1,415		20,390
Calix, Inc.(a)		1,374		14,949
Casa Systems, Inc.(a)		501		5,832
Ciena Corp.(a)		4,423		168,472
Cisco Systems, Inc.		148,615		7,028,003
Clearfield, Inc.(a)		214		2,519
CommScope Holding Co., Inc.(a)		6,038		126,255
Comtech Telecommunications Corp.		769		19,202
Digi International, Inc.(a)		916		10,864
EchoStar Corp., Class A(a)		1,630		66,797
Extreme Networks, Inc.(a)		3,777		28,554
F5 Networks, Inc.(a)		2,006		322,866
Finisar Corp.(a)		3,653		83,215
Harmonic, Inc.(a)		2,232		11,807
Infinera Corp.(a)		4,951		21,784
InterDigital, Inc.		1,091		79,436
Juniper Networks, Inc.		11,071		287,182
KVH Industries, Inc.(a)		368		4,114
Loral Space & Communications, Inc.(a)		436		15,744
Lumentum Holdings, Inc.(a)		2,259		110,488
Motorola Solutions, Inc.		5,315		621,377
NETGEAR, Inc.(a)		984		38,976
Palo Alto Networks, Inc.(a)		3,032		651,334
Plantronics, Inc.		1,047		40,613
Quantenna Communications, Inc.(a)		1,082		16,165
Ribbon Communications, Inc.(a)		1,319		7,360
Ubiquiti Networks, Inc.(b)		437		47,288
ViaSat, Inc.(a)(b)		1,681		105,382
Viavi Solutions, Inc.(a)		7,781		86,525
				10,664,501
Construction & Engineering — 0.2%
AECOM(a)		4,950		151,519
Aegion Corp.(a)		966		17,533
Arcosa, Inc.		1,533		45,116
Argan, Inc.		484		20,434

SCHEDULES OF INVESTMENTS 69

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
Comfort Systems USA, Inc.		1,276	$	61,210
Dycom Industries, Inc.(a)		920		53,406
EMCOR Group, Inc.		1,824		118,979
Fluor Corp.		4,956		181,241
Granite Construction, Inc.		1,426		61,632
Great Lakes Dredge & Dock Corp.(a)(b)		1,265		8,944
HC2 Holdings, Inc.(a)		1,528		5,210
IES Holdings, Inc.(a)		192		3,214
Jacobs Engineering Group, Inc.		4,189		271,447
KBR, Inc.		4,311		74,149
MasTec, Inc.(a)		2,050		90,979
MYR Group, Inc.(a)		480		14,626
NV5 Global, Inc.(a)		247		17,480
Orion Group Holdings, Inc.(a)		507		2,140
Primoris Services Corp.		1,242		24,778
Quanta Services, Inc.		4,706		166,310
Sterling Construction Co., Inc.(a)		736		9,745
Tutor Perini Corp.(a)		1,212		20,859
Willscot Corp.(a)		1,032		10,578
				1,431,529
Construction Materials — 0.1%
Eagle Materials, Inc.		1,497		106,287
Forterra, Inc.(a)(b)		880		4,514
Martin Marietta Materials, Inc.		2,029		358,484
Summit Materials, Inc., Class A(a)		3,491		53,273
US Concrete, Inc.(a)(b)		548		19,509
Vulcan Materials Co.		4,243		431,301
				973,368
Consumer Discretionary — 0.0%
Acushnet Holdings Corp.		1,308		30,071
American Outdoor Brands Corp.(a)		1,541		18,600
At Home Group, Inc.(a)		2,006		44,212
Camping World Holdings, Inc., Class A		1,130		16,023
SP Plus Corp.(a)		647		21,416
				130,322
Consumer Finance — 0.7%
Ally Financial, Inc.		13,713		357,361
American Express Co.		23,203		2,382,948
Capital One Financial Corp.		15,645		1,260,831
Credit Acceptance Corp.(a)		345		137,317
Curo Group Holdings Corp.(a)		395		4,937
Discover Financial Services		10,753		725,720
Enova International, Inc.(a)		960		22,128
Ezcorp, Inc., Class A(a)		1,575		14,679
Green Dot Corp., Class A(a)		1,462		108,217
LendingClub Corp.(a)		10,546		33,642
Navient Corp.		8,138		92,773
Nelnet, Inc., Class A		589		30,981
OneMain Holdings, Inc.(a)		2,394		71,557
PRA Group, Inc.(a)		1,470		43,380
Regional Management Corp.(a)		217		5,963
Santander Consumer USA Holdings, Inc.		3,774		71,932
SLM Corp.(a)		13,908		148,955
Synchrony Financial		24,699		741,958
World Acceptance Corp.(a)		213		22,086
				6,277,365
Containers & Packaging — 0.4%
AptarGroup, Inc.		1,938		192,095
Ardagh Group SA		925		11,211
Avery Dennison Corp.		2,670		278,881
Ball Corp.		10,754		562,219
Bemis Co., Inc.		2,827		138,071

Security	Shares		Value
Containers & Packaging (continued)
Berry Global Group, Inc.(a)		4,032	$	198,576
Crown Holdings, Inc.(a)(b)		4,491		229,041
Graphic Packaging Holding Co.		9,416		113,651
Greif, Inc., Class A		1,474		57,486
Greif, Inc., Class B		150		6,773
International Paper Co.		13,759		652,589
Myers Industries, Inc.		958		15,577
Owens-Illinois, Inc.		5,183		104,023
Packaging Corp. of America		2,882		271,830
Sealed Air Corp.		5,124		202,398
Silgan Holdings, Inc.		2,257		62,338
Sonoco Products Co.		3,048		175,504
UFP Technologies, Inc.(a)		191		6,303
Westrock Co.		8,192		333,496
				3,612,062
Distributors — 0.1%
Core-Mark Holding Co., Inc.		1,551		43,242
Genuine Parts Co.		4,682		467,357
LKQ Corp.(a)		10,682		280,082
Pool Corp.		1,214		181,991
				972,672
Diversified Consumer Services — 0.2%
2U, Inc.(a)		1,704		96,872
Adtalem Global Education, Inc.(a)		1,954		95,551
American Public Education, Inc.(a)		510		15,091
Bright Horizons Family Solutions, Inc.(a)		2,031		235,169
Career Education Corp.(a)		2,063		26,633
Carriage Services, Inc.		331		6,438
Chegg, Inc.(a)		3,396		119,607
frontdoor, Inc.(a)		2,095		62,263
Graham Holdings Co., Class B		115		76,475
Grand Canyon Education, Inc.(a)(b)		1,490		138,481
H&R Block, Inc.		6,976		164,564
Hillenbrand, Inc.		2,758		116,939
Houghton Mifflin Harcourt Co.(a)		3,459		36,216
K12, Inc.(a)		1,226		38,631
Laureate Education, Inc., Class A(a)		3,317		53,072
Matthews International Corp., Class A		1,044		46,448
Regis Corp.(a)		1,081		20,161
Service Corp. International		5,793		248,635
ServiceMaster Global Holdings, Inc.(a)		4,191		163,407
Sotheby’s(a)		1,241		50,124
Strategic Education, Inc.		919		100,539
Weight Watchers International, Inc.(a)		1,199		38,368
				1,949,684
Diversified Financial Services — 1.6%
AXA Equitable Holdings, Inc.		6,795		125,979
Berkshire Hathaway, Inc., Class B(a)		63,191		12,988,278
Cannae Holdings, Inc.(a)		2,019		39,048
FactSet Research Systems, Inc.		1,241		271,320
FGL Holdings(a)		4,187		33,119
Interactive Brokers Group, Inc., Class A		2,183		110,023
Jefferies Financial Group, Inc.		8,892		185,043
MarketAxess Holdings, Inc.		1,201		257,939
Marlin Business Services Corp.		218		4,837
Morningstar, Inc.		595		73,869
On Deck Capital, Inc.(a)		1,669		12,551
PICO Holdings, Inc.(a)		421		4,088
Voya Financial, Inc.		5,459		253,461
				14,359,555
Diversified Telecommunication Services — 1.7%
8x8, Inc.(a)		3,052		53,746

70 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Telecommunication Services (continued)
AT&T, Inc.		237,469	$	7,138,318
ATN International, Inc.		370		27,595
CenturyLink, Inc.		31,083		476,192
Cincinnati Bell, Inc.(a)		1,019		8,498
Cogent Communications Holdings, Inc.		1,273		61,677
Consolidated Communications Holdings, Inc.		2,166		23,133
Frontier Communications Corp.(a)		2,893		5,786
Intelsat SA(a)		2,227		54,183
Iridium Communications, Inc.(a)(b)		3,132		60,698
Ooma, Inc.(a)		719		10,864
ORBCOMM, Inc.(a)		2,610		21,245
pdvWireless, Inc.(a)		207		8,350
Verizon Communications, Inc.		135,056		7,436,183
Vonage Holdings Corp.(a)		6,867		62,558
Windstream Holdings, Inc.(a)(b)		1,392		4,190
Zayo Group Holdings, Inc.(a)		7,657		210,185
				15,663,401
Electric Utilities — 1.8%
ALLETE, Inc.		1,629		125,335
Alliant Energy Corp.		8,799		391,291
American Electric Power Co., Inc.		15,992		1,265,287
Avangrid, Inc.		1,707		85,128
Duke Energy Corp.		23,111		2,028,684
Edison International		10,182		580,068
El Paso Electric Co.		1,311		68,854
Entergy Corp.		5,772		514,805
Evergy, Inc.		9,312		533,764
Eversource Energy		10,102		701,180
Exelon Corp.		31,484		1,503,676
FirstEnergy Corp.		16,005		627,396
Hawaiian Electric Industries, Inc.		3,114		115,810
IDACORP, Inc.		1,613		157,267
MGE Energy, Inc.		1,143		73,506
NextEra Energy, Inc.		15,357		2,748,596
OGE Energy Corp.		7,195		294,635
Otter Tail Corp.		1,180		57,171
PG&E Corp.(a)		16,602		215,826
Pinnacle West Capital Corp.		3,916		345,078
PNM Resources, Inc.		2,520		107,327
Portland General Electric Co.		2,840		137,229
PPL Corp.		23,207		726,843
Southern Co.		33,382		1,622,365
Spark Energy, Inc., Class A		516		4,283
Unitil Corp.		397		20,827
Xcel Energy, Inc.		16,468		862,264
				15,914,495
Electrical Equipment — 0.6%
Acuity Brands, Inc.		1,258		152,105
Allied Motion Technologies, Inc.		178		7,504
AMETEK, Inc.		7,436		542,084
Atkore International Group, Inc.(a)		1,193		27,666
AZZ, Inc.		902		40,364
Babcock & Wilcox Enterprises, Inc.(a)(b)		3,169		1,861
Brady Corp., Class A		1,612		72,073
Eaton Corp. PLC		14,698		1,120,722
Emerson Electric Co.		20,918		1,369,501
Encore Wire Corp.		609		32,825
Energous Corp.(a)(b)		545		4,066
EnerSys		1,327		113,140
Enphase Energy, Inc.(a)(b)		2,624		18,972
Franklin Electric Co., Inc.		1,418		67,752
Generac Holdings, Inc.(a)		1,879		99,455
GrafTech International Ltd.		1,091		14,412

Security	Shares		Value
Electrical Equipment (continued)
Hubbell, Inc.		1,706	$	186,517
II-VI, Inc.(a)		2,078		78,881
nVent Electric PLC		5,078		127,052
Plug Power, Inc.(a)(b)		6,627		9,079
Powell Industries, Inc.		173		4,828
Preformed Line Products Co.		83		4,607
Regal-Beloit Corp.		1,682		129,110
Rockwell Automation, Inc.		3,888		659,094
Sensata Technologies Holding PLC(a)		5,767		273,932
Sunrun, Inc.(a)		3,002		39,927
Thermon Group Holdings, Inc.(a)		911		21,008
TPI Composites, Inc.(a)		427		12,925
Vicor Corp.(a)		531		20,916
				5,252,378
Electronic Equipment, Instruments & Components — 0.7%
Agilysys, Inc.(a)		582		10,301
Amphenol Corp., Class A		9,511		836,207
Anixter International, Inc.(a)		973		59,071
Arlo Technologies, Inc.(a)		1,948		14,006
Arrow Electronics, Inc.(a)		3,073		233,394
Avnet, Inc.		3,332		137,278
AVX Corp.		1,604		28,471
Badger Meter, Inc.		960		50,678
Belden, Inc.(b)		1,259		67,495
Benchmark Electronics, Inc.		1,484		37,723
CDW Corp.		4,725		393,451
Cognex Corp.		5,518		251,069
Coherent, Inc.(a)		786		92,905
Control4 Corp.(a)		771		15,320
Corning, Inc.		25,642		852,853
CTS Corp.		939		26,639
Daktronics, Inc.		624		4,699
Dolby Laboratories, Inc., Class A		1,925		124,413
Electro Scientific Industries, Inc.(a)		1,219		36,570
Fabrinet(a)		1,162		66,048
FARO Technologies, Inc.(a)		560		23,811
Fitbit, Inc., Series A(a)(b)		6,233		38,458
FLIR Systems, Inc.		4,227		206,616
Insight Enterprises, Inc.(a)		1,092		50,145
IntriCon Corp.(a)		198		5,132
IPG Photonics Corp.(a)(b)		1,117		148,561
Itron, Inc.(a)(b)		986		53,865
Jabil, Inc.		5,548		147,854
KEMET Corp.		1,594		28,246
Keysight Technologies, Inc.(a)		6,174		457,000
Kimball Electronics, Inc.(a)		871		14,084
Knowles Corp.(a)		2,418		37,721
Littelfuse, Inc.		757		133,020
Maxwell Technologies, Inc.(a)		878		2,616
Mercury Systems, Inc.(a)		1,568		91,932
Mesa Laboratories, Inc.(b)		107		24,239
Methode Electronics, Inc.		1,155		29,741
MTS Systems Corp.		526		26,332
National Instruments Corp.		3,481		153,930
nLight, Inc.(a)(b)		1,615		31,573
Novanta, Inc.(a)		992		69,123
OSI Systems, Inc.(a)		535		47,984
PAR Technology Corp.(a)		598		14,908
Park Electrochemical Corp.		658		14,989
PC Connection, Inc.		284		9,409
Plexus Corp.(a)		1,011		56,737
Rogers Corp.(a)		547		69,420
Sanmina Corp.(a)		2,201		68,715
ScanSource, Inc.(a)		754		28,886

SCHEDULES OF INVESTMENTS 71

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
SYNNEX Corp.		1,334	$	129,078
Tech Data Corp.(a)		1,467		140,289
Trimble, Inc.(a)		8,402		316,419
TTM Technologies, Inc.(a)(b)		3,051		35,026
Universal Display Corp.		1,329		137,990
Vishay Intertechnology, Inc.		5,425		105,788
Vishay Precision Group, Inc.(a)		235		7,856
Zebra Technologies Corp., Class A(a)		1,748		303,453
				6,599,537
Energy Equipment & Services — 0.6%
Apergy Corp.(a)		2,407		80,923
Archrock, Inc.		3,980		37,571
Baker Hughes a GE Co.		16,700		393,619
Basic Energy Services, Inc.(a)		730		3,468
Bristow Group, Inc.(a)		1,211		3,984
C&J Energy Services, Inc.(a)(b)		2,057		33,056
Cactus, Inc., Class A(a)		1,001		32,853
CARBO Ceramics, Inc.(a)		781		3,147
Covia Holdings Corp.(a)(b)		984		4,605
Diamond Offshore Drilling, Inc.(a)(b)		2,137		23,357
Dril-Quip, Inc.(a)(b)		1,277		47,811
Era Group, Inc.(a)		614		5,784
Exterran Corp.(a)		1,098		19,061
Forum Energy Technologies, Inc.(a)(b)		2,686		13,188
Frank’s International NV(a)		2,152		12,245
FTS International, Inc.(a)		684		5,575
Halliburton Co.		29,376		921,231
Helix Energy Solutions Group, Inc.(a)		4,203		28,707
Helmerich & Payne, Inc.		3,840		215,002
ION Geophysical Corp.(a)		404		3,624
Keane Group, Inc.(a)		1,847		18,618
KLX Energy Services Holdings, Inc.(a)(b)		498		12,978
Liberty Oilfield Services, Inc., Class A		1,908		29,021
Mammoth Energy Services, Inc.		259		5,732
Matrix Service Co.(a)		641		13,749
McDermott International, Inc.(a)		5,780		50,980
Nabors Industries Ltd.		10,866		32,163
National Oilwell Varco, Inc.		12,642		372,686
Natural Gas Services Group, Inc.(a)(b)		149		2,460
Newpark Resources, Inc.(a)		2,639		21,930
Nine Energy Service, Inc.(a)		292		7,002
Noble Corp. PLC(a)		6,973		23,011
Oceaneering International, Inc.(a)		3,147		49,376
Oil States International, Inc.(a)		1,913		32,942
Patterson-UTI Energy, Inc.		6,884		83,503
PHI, Inc.(a)(b)		118		387
Pioneer Energy Services Corp.(a)		2,092		3,096
ProPetro Holding Corp.(a)		2,231		36,455
RigNet, Inc.(a)		264		3,527
Rowan Cos. PLC, Class A(a)		4,032		49,150
RPC, Inc.		2,009		21,677
Schlumberger Ltd.		45,345		2,004,703
SEACOR Holdings, Inc.(a)		540		22,351
SEACOR Marine Holdings, Inc.(a)		312		4,134
Select Energy Services, Inc., Class A(a)		1,380		11,730
Solaris Oilfield Infrastructure, Inc., Class A		756		11,370
Superior Energy Services, Inc.(a)		4,664		18,236
TETRA Technologies, Inc.(a)		3,785		8,062
Tidewater, Inc.(a)		752		16,183
Transocean Ltd.(a)		15,846		135,800
Unit Corp.(a)		1,625		25,935
Weatherford International PLC(a)		31,303		20,297
				5,038,055

Security	Shares		Value
Entertainment — 0.8%
Activision Blizzard, Inc.		24,481	$	1,156,483
Electronic Arts, Inc.(a)		9,851		908,656
Netflix, Inc.(a)		13,652		4,634,854
Pandora Media, Inc.(a)		7,911		66,294
Take-Two Interactive Software, Inc.(a)		3,662		386,524
Viacom, Inc., Class B		11,695		344,067
				7,496,878
Equity Real Estate Investment Trusts (REITs) — 3.9%
Acadia Realty Trust		2,748		78,950
AG Mortgage Investment Trust, Inc.		900		16,218
Agree Realty Corp.		1,095		72,303
Alexander’s, Inc.		66		21,982
Alexandria Real Estate Equities, Inc.		3,492		459,931
American Assets Trust, Inc.		2,281		97,946
American Campus Communities, Inc.		4,301		197,932
American Homes 4 Rent, Class A		8,024		177,411
American Tower Corp.		14,330		2,476,797
Americold Realty Trust		3,153		92,446
Anworth Mortgage Asset Corp.		2,687		12,011
Apartment Investment & Management Co., Class A		6,241		309,054
Apollo Commercial Real Estate Finance, Inc.		4,854		88,343
Apple Hospitality REIT, Inc.		6,651		109,143
Arbor Realty Trust, Inc.		700		8,372
Ares Commercial Real Estate Corp.		1,122		16,157
Armada Hoffler Properties, Inc.		1,336		20,067
ARMOUR Residential REIT, Inc.		5,180		108,884
Ashford Hospitality Trust, Inc.		2,782		13,771
AvalonBay Communities, Inc.		4,681		903,058
Blackstone Mortgage Trust, Inc., Class A		3,814		131,545
Bluerock Residential Growth REIT, Inc.		999		10,370
Boston Properties, Inc.		5,168		681,504
Brandywine Realty Trust		6,024		90,661
Brixmor Property Group, Inc.		9,591		164,294
Brookfield Property REIT, Inc., Class A		4,515		82,173
Camden Property Trust		3,498		339,131
Capstead Mortgage Corp.		2,469		18,197
Catchmark Timber Trust, Inc., Class A		1,412		12,976
CBL & Associates Properties, Inc.		4,513		11,237
Cedar Realty Trust, Inc.		1,848		6,450
Chatham Lodging Trust		2,016		40,743
Cherry Hill Mortgage Investment Corp.		1,220		22,570
Chesapeake Lodging Trust		1,740		49,555
Chimera Investment Corp.		5,490		104,475
City Office REIT, Inc.		814		9,410
Colony Capital, Inc.		15,687		95,220
Columbia Property Trust, Inc.		3,723		82,167
Community Healthcare Trust, Inc.		647		21,364
CoreCivic, Inc.		3,810		75,705
CorEnergy Infrastructure Trust, Inc.		292		10,456
CorePoint Lodging, Inc.		1,425		17,442
CoreSite Realty Corp.		1,094		108,076
Corporate Office Properties Trust		2,979		73,551
Cousins Properties, Inc.		12,113		107,200
Crown Castle International Corp.		13,598		1,591,782
CubeSmart		5,727		177,251
CyrusOne, Inc.		3,507		190,079
DiamondRock Hospitality Co.		6,044		61,407
Digital Realty Trust, Inc.		6,611		716,236
Douglas Emmett, Inc.		4,871		184,270
Duke Realty Corp.		11,046		322,985
Dynex Capital, Inc.		2,085		12,552
Easterly Government Properties, Inc.		1,197		21,498
EastGroup Properties, Inc.		1,111		114,944
Empire State Realty Trust, Inc., Class A		7,304		112,920

72 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
EPR Properties		2,275	$	166,211
Equinix, Inc.		2,656		1,046,464
Equity Commonwealth		3,605		116,658
Equity LifeStyle Properties, Inc.		2,551		270,100
Equity Residential		11,719		850,331
Essex Property Trust, Inc.		2,098		568,978
Extra Space Storage, Inc.		3,906		385,171
Farmland Partners, Inc.		2,041		11,450
Federal Realty Investment Trust		2,473		327,846
First Industrial Realty Trust, Inc.		3,783		123,780
Four Corners Property Trust, Inc.		2,267		64,020
Franklin Street Properties Corp.		2,880		21,370
Gaming and Leisure Properties, Inc.		6,564		246,150
Geo Group, Inc.		4,037		91,034
Getty Realty Corp.		924		29,623
Gladstone Commercial Corp.		957		19,092
Global Net Lease, Inc.		2,665		51,674
Great Ajax Corp.		321		4,144
HCP, Inc.		15,342		483,887
Healthcare Realty Trust, Inc.		3,924		126,706
Healthcare Trust of America, Inc., Class A		6,354		180,581
Hersha Hospitality Trust		1,059		19,623
Highwoods Properties, Inc.		3,239		143,552
Hospitality Properties Trust		5,059		134,873
Host Hotels & Resorts, Inc.		23,566		425,602
Hudson Pacific Properties, Inc.		4,734		153,713
Independence Realty Trust, Inc.		2,385		24,923
Industrial Logistics Properties Trust		1,882		40,444
InfraREIT, Inc.		1,626		34,309
Innovative Industrial Properties, Inc.		256		15,851
Invesco Mortgage Capital, Inc.		7,635		122,923
Investors Real Estate Trust		324		19,074
Invitation Homes, Inc.		9,331		209,854
Iron Mountain, Inc.		9,062		337,106
iStar, Inc.		1,888		18,106
JBG SMITH Properties		3,231		124,878
Jernigan Capital, Inc.		475		10,298
Kilroy Realty Corp.		3,027		213,282
Kimco Realty Corp.		13,486		229,397
Kite Realty Group Trust		3,058		50,855
Lamar Advertising Co., Class A		2,563		190,815
Lexington Realty Trust		8,078		77,630
Liberty Property Trust		4,590		216,373
Life Storage, Inc.		1,651		162,244
LTC Properties, Inc.		1,396		66,226
Macerich Co.		4,564		210,674
Mack-Cali Realty Corp.		3,138		64,643
MedEquities Realty Trust, Inc.		2,300		26,611
Medical Properties Trust, Inc.		12,437		226,353
MFA Financial, Inc.		15,427		113,080
Mid-America Apartment Communities, Inc.		3,702		374,939
Monmouth Real Estate Investment Corp.		3,027		41,591
National Health Investors, Inc.		1,315		109,487
National Retail Properties, Inc.		5,527		291,328
National Storage Affiliates Trust		1,868		54,359
New Residential Investment Corp.		10,906		185,184
New Senior Investment Group, Inc.		1,250		6,775
New York Mortgage Trust, Inc.		2,062		12,949
NexPoint Residential Trust, Inc.		679		25,401
NorthStar Realty Europe Corp.		1,409		23,657
Office Properties Income Trust		671		21,492
Omega Healthcare Investors, Inc.		6,676		268,308
One Liberty Properties, Inc.		642		17,462
Orchid Island Capital, Inc.		1,593		11,055

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Outfront Media, Inc.		3,854	$	79,970
Paramount Group, Inc.		6,064		87,807
Park Hotels & Resorts, Inc.		6,715		201,920
Pebblebrook Hotel Trust		4,198		134,546
Pennsylvania Real Estate Investment Trust		2,071		15,263
PennyMac Mortgage Investment Trust		1,874		37,930
Physicians Realty Trust		5,702		103,263
Piedmont Office Realty Trust, Inc., Class A		4,983		96,471
PotlatchDeltic Corp.		2,103		77,559
Preferred Apartment Communities, Inc., Class A		1,032		16,409
Prologis, Inc.		20,251		1,400,559
PS Business Parks, Inc.		668		96,987
Public Storage		4,896		1,040,498
QTS Realty Trust, Inc., Class A		1,581		66,576
Rayonier, Inc.		3,657		111,319
Realty Income Corp.		9,561		656,745
Redwood Trust, Inc.		2,331		37,599
Regency Centers Corp.		5,090		330,850
Retail Opportunity Investments Corp.		4,102		72,072
Retail Properties of America, Inc., Class A		6,809		86,066
Retail Value, Inc.		504		15,327
Rexford Industrial Realty, Inc.		2,558		85,949
RLJ Lodging Trust		5,509		102,192
RPT Realty		2,246		29,400
Ryman Hospitality Properties, Inc.		1,359		109,196
Sabra Health Care REIT, Inc.		5,679		116,647
Saul Centers, Inc.		321		17,000
SBA Communications Corp.(a)		3,584		654,187
Senior Housing Properties Trust		7,113		97,946
Seritage Growth Properties, Class A		1,080		43,427
Simon Property Group, Inc.		10,074		1,834,677
SITE Centers Corp.		4,914		64,226
SL Green Realty Corp.		2,799		258,712
Spirit MTA REIT		1,286		10,057
Spirit Realty Capital, Inc.		2,573		102,200
STAG Industrial, Inc.		3,113		85,825
Starwood Property Trust, Inc.		8,539		188,541
STORE Capital Corp.		6,757		218,386
Summit Hotel Properties, Inc.		3,295		36,805
Sun Communities, Inc.		2,970		326,433
Sunstone Hotel Investors, Inc.		7,168		102,502
Tanger Factory Outlet Centers, Inc.		2,740		62,335
Taubman Centers, Inc.		1,886		93,923
Terreno Realty Corp.		1,697		68,457
Tier REIT, Inc.		1,574		36,989
UDR, Inc.		9,056		396,200
UMH Properties, Inc.		764		10,719
Uniti Group, Inc.		5,448		108,470
Universal Health Realty Income Trust		517		36,045
Urban Edge Properties		3,227		65,895
Urstadt Biddle Properties, Inc., Class A		607		13,002
Ventas, Inc.		11,408		735,702
VEREIT, Inc.		30,946		250,044
VICI Properties, Inc.		13,503		290,720
Vornado Realty Trust		5,570		389,399
Washington Prime Group, Inc.		9,066		51,495
Washington Real Estate Investment Trust		2,807		71,157
Weingarten Realty Investors		3,752		107,645
Welltower, Inc.		11,945		925,618
Western Asset Mortgage Capital Corp.		1,131		10,812
Weyerhaeuser Co.		24,085		631,990
Whitestone REIT		1,160		16,449
WP Carey, Inc.		5,026		376,397
Xenia Hotels & Resorts, Inc.		3,583		67,253
				35,532,501

SCHEDULES OF INVESTMENTS 73

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Food & Staples Retailing — 1.3%
Andersons, Inc.		977	$	34,244
BJ’s Wholesale Club Holdings, Inc.(a)(b)		1,873		49,279
Casey’s General Stores, Inc.		1,241		159,692
Chefs’ Warehouse, Inc.(a)		708		22,741
Costco Wholesale Corp.		14,448		3,100,974
Diplomat Pharmacy, Inc.(a)(b)		1,745		25,303
Ingles Markets, Inc., Class A		278		7,934
Kroger Co.		25,468		721,508
Natural Grocers by Vitamin Cottage, Inc.(a)(b)		357		4,877
Performance Food Group Co.(a)		3,290		112,386
PriceSmart, Inc.		676		41,405
Rite Aid Corp.(a)		32,635		26,216
Smart & Final Stores, Inc.(a)(b)		347		2,092
SpartanNash Co.		1,099		22,804
Sprouts Farmers Market, Inc.(a)		4,686		112,370
Sysco Corp.		15,844		1,011,639
U.S. Foods Holding Corp.(a)		6,700		225,924
United Natural Foods, Inc.(a)		1,555		20,371
Village Super Market, Inc., Class A		168		4,518
Walgreens Boots Alliance, Inc.		26,661		1,926,524
Walmart, Inc.		45,769		4,386,043
Weis Markets, Inc.		304		14,750
				12,033,594
Food Products — 1.1%
Archer-Daniels-Midland Co.		17,898		803,620
B&G Foods, Inc.		2,013		53,667
Bunge Ltd.		4,583		252,386
Cal-Maine Foods, Inc.		976		41,168
Calavo Growers, Inc.		484		39,378
Campbell Soup Co.		5,808		205,777
Conagra Brands, Inc.		15,547		336,437
Darling Ingredients, Inc.(a)		6,416		136,468
Dean Foods Co.		2,435		10,154
Farmer Bros Co.(a)(b)		293		7,208
Flowers Foods, Inc.		5,392		106,007
Fresh Del Monte Produce, Inc.		1,690		54,046
Freshpet, Inc.(a)		855		30,754
General Mills, Inc.		19,623		872,046
Hain Celestial Group, Inc.(a)		2,977		54,568
Hershey Co.		4,799		509,174
Hormel Foods Corp.		8,896		376,479
Hostess Brands, Inc.(a)		2,803		32,206
Ingredion, Inc.		2,369		234,531
J&J Snack Foods Corp.		460		71,001
J.M. Smucker Co.		3,560		373,373
John B Sanfilippo & Son, Inc.		296		20,202
Kellogg Co.		8,357		493,147
Kraft Heinz Co.		20,332		977,156
Lamb Weston Holdings, Inc.		4,725		341,617
Lancaster Colony Corp.		582		92,579
Limoneira Co.		296		6,521
McCormick & Co., Inc.		3,987		492,953
Mondelez International, Inc., Class A		46,446		2,148,592
Pilgrim’s Pride Corp.(a)		1,468		29,742
Post Holdings, Inc.(a)		2,023		187,775
Sanderson Farms, Inc.		640		78,784
Seneca Foods Corp., Class A(a)		168		4,805
Simply Good Foods Co.(a)		1,765		34,929
Tootsie Roll Industries, Inc.		561		19,439
TreeHouse Foods, Inc.(a)		1,682		98,161
Tyson Foods, Inc., Class A		9,298		575,732
				10,202,582

Security	Shares		Value
Gas Utilities — 0.2%
Atmos Energy Corp.		3,413	$	333,211
Chesapeake Utilities Corp.		538		48,727
National Fuel Gas Co.		2,811		161,070
New Jersey Resources Corp.		2,713		131,581
Northwest Natural Holding Co.		1,112		69,611
ONE Gas, Inc.		2,000		164,300
South Jersey Industries, Inc.		2,668		79,453
Southwest Gas Holdings, Inc.		1,704		133,457
Spire, Inc.		1,532		121,595
UGI Corp.		5,695		324,786
				1,567,791
Health Care Equipment & Supplies — 3.2%
Abbott Laboratories		56,379		4,114,539
ABIOMED, Inc.(a)		1,399		491,147
Accuray, Inc.(a)		2,245		9,878
Align Technology, Inc.(a)		2,560		637,312
AngioDynamics, Inc.(a)		1,227		25,890
Anika Therapeutics, Inc.(a)		494		18,767
Antares Pharma, Inc.(a)		4,962		14,985
AtriCure, Inc.(a)		1,049		32,467
Atrion Corp.		52		38,784
Avanos Medical, Inc.(a)		1,491		67,915
AxoGen, Inc.(a)		1,041		17,176
Baxter International, Inc.		16,030		1,162,015
Becton Dickinson & Co.		8,615		2,149,098
Boston Scientific Corp.(a)		45,971		1,753,794
Cantel Medical Corp.		1,138		92,656
Cardiovascular Systems, Inc.(a)		1,005		31,286
Cerus Corp.(a)		3,973		23,679
CONMED Corp.		827		58,179
Cooper Cos., Inc.		1,617		450,755
CryoLife, Inc.(a)		1,080		30,143
CryoPort, Inc.(a)		738		7,742
Cutera, Inc.(a)		449		6,448
CytoSorbents Corp.(a)		805		6,029
Danaher Corp.		19,720		2,187,342
DENTSPLY SIRONA, Inc.		7,280		305,396
DexCom, Inc.(a)		2,860		403,346
Edwards Lifesciences Corp.(a)		6,931		1,181,181
Endologix, Inc.(a)		3,022		2,289
GenMark Diagnostics, Inc.(a)(b)		2,043		13,565
Glaukos Corp.(a)		1,386		88,413
Globus Medical, Inc., Class A(a)		2,303		103,750
Haemonetics Corp.(a)		1,657		163,894
Helius Medical Technologies, Inc.(a)		754		5,549
Hill-Rom Holdings, Inc.		2,083		208,342
Hologic, Inc.(a)		8,979		398,668
ICU Medical, Inc.(a)		559		139,079
IDEXX Laboratories, Inc.(a)		2,820		600,040
Inogen, Inc.(a)		535		80,897
Insulet Corp.(a)(b)		1,850		150,201
Integra LifeSciences Holdings Corp.(a)		2,291		108,502
Intuitive Surgical, Inc.(a)		3,743		1,959,984
Invacare Corp.		859		4,415
iRhythm Technologies, Inc.(a)		738		62,730
Lantheus Holdings, Inc.(a)		1,418		23,851
LeMaitre Vascular, Inc.		408		9,727
LivaNova PLC(a)		1,544		142,542
Masimo Corp.(a)		1,413		175,763
Medtronic PLC		43,294		3,826,757
Meridian Bioscience, Inc.		1,421		23,290
Merit Medical Systems, Inc.(a)		1,542		87,169
Natus Medical, Inc.(a)		745		25,136
Neogen Corp.(a)		1,568		95,507

74 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Neuronetics, Inc.(a)		1,560	$	26,707
Nevro Corp.(a)		940		45,646
Novocure Ltd.(a)		2,260		110,740
NuVasive, Inc.(a)		1,560		78,218
Nuvectra Corp.(a)		427		5,978
NxStage Medical, Inc.(a)		2,202		64,012
Ocular Therapeutix, Inc.(a)		1,510		5,708
OraSure Technologies, Inc.(a)		1,875		24,094
Orthofix Medical, Inc.(a)		536		29,003
OrthoPediatrics Corp.(a)		331		12,005
Oxford Immunotec Global PLC(a)		422		6,136
Pulse Biosciences, Inc.(a)		649		8,671
Quidel Corp.(a)(b)		1,032		59,887
ResMed, Inc.		4,625		440,161
Rockwell Medical, Inc.(a)		732		2,284
RTI Surgical, Inc.(a)		1,373		6,027
Senseonics Holdings, Inc.(a)		2,026		5,085
Sientra, Inc.(a)		705		7,840
STAAR Surgical Co.(a)		1,295		46,270
STERIS PLC		2,902		331,002
Stryker Corp.		11,033		1,959,130
Surmodics, Inc.(a)		407		23,309
Tactile Systems Technology, Inc.(a)		527		35,088
Tandem Diabetes Care, Inc.(a)		2,007		87,264
Teleflex, Inc.		1,484		405,874
TransEnterix, Inc.(a)(b)		4,761		12,950
Utah Medical Products, Inc.		90		8,455
Varex Imaging Corp.(a)		1,195		34,046
Varian Medical Systems, Inc.(a)		2,953		389,885
Veracyte, Inc.(a)		970		17,644
ViewRay, Inc.(a)(b)		1,478		10,627
West Pharmaceutical Services, Inc.		2,430		263,096
Wright Medical Group NV(a)		4,477		133,594
Zimmer Biomet Holdings, Inc.		6,561		718,823
				29,233,268
Health Care Providers & Services — 2.9%
Acadia Healthcare Co., Inc.(a)		2,734		74,802
Addus HomeCare Corp.(a)		601		36,150
Amedisys, Inc.(a)		857		112,404
American Renal Associates Holdings, Inc.(a)		551		6,678
AmerisourceBergen Corp.		5,133		427,938
AMN Healthcare Services, Inc.(a)		1,523		98,675
Anthem, Inc.		8,503		2,576,409
Apollo Medical Holdings, Inc.(a)(b)		742		14,491
BioScrip, Inc.(a)		3,742		13,583
BioTelemetry, Inc.(a)		1,095		78,643
Brookdale Senior Living, Inc.(a)		5,904		48,118
Capital Senior Living Corp.(a)		492		3,429
Cardinal Health, Inc.		9,784		488,907
Centene Corp.(a)		6,522		851,578
Chemed Corp.		544		162,079
Cigna Corp.(a)		12,239		2,445,475
Civitas Solutions, Inc.(a)		652		11,560
Community Health Systems, Inc.(a)		2,135		8,412
CorVel Corp.(a)		227		14,181
Cross Country Healthcare, Inc.(a)		730		7,030
CVS Health Corp.		42,077		2,758,147
DaVita, Inc.(a)		4,302		241,471
Encompass Health Corp.		3,059		204,464
Ensign Group, Inc.		1,627		70,888
Genesis Healthcare, Inc.(a)(b)		1,147		1,801
Guardant Health, Inc.(a)		823		33,200
HCA Healthcare, Inc.		8,730		1,217,224
HealthEquity, Inc.(a)		1,747		108,908

Security	Shares		Value
Health Care Providers & Services (continued)
Henry Schein, Inc.(a)		4,909	$	381,429
HMS Holdings Corp.(a)		2,628		78,814
Humana, Inc.		4,521		1,396,944
Integer Holdings Corp.(a)		980		79,370
Laboratory Corp. of America Holdings(a)		3,241		451,633
LHC Group, Inc.(a)		1,107		117,043
Magellan Health, Inc.(a)		779		50,760
McKesson Corp.		6,544		839,268
MEDNAX, Inc.(a)		2,875		103,816
Molina Healthcare, Inc.(a)		1,997		265,561
National Healthcare Corp.		375		30,124
National Research Corp., Class A		306		12,234
Owens & Minor, Inc.		1,771		13,406
Patterson Cos., Inc.		2,673		59,581
Penumbra, Inc.(a)(b)		943		137,216
PetIQ, Inc.(a)		386		11,742
Premier, Inc., Class A(a)		2,139		85,111
Providence Service Corp.(a)		356		22,834
Quest Diagnostics, Inc.		4,361		380,933
R1 RCM, Inc.(a)		2,631		21,364
RadNet, Inc.(a)		1,424		19,438
Select Medical Holdings Corp.(a)		3,205		50,062
Surgery Partners, Inc.(a)		732		9,575
Tenet Healthcare Corp.(a)		2,614		57,482
Tivity Health, Inc.(a)		1,224		27,246
Triple-S Management Corp., Class B(a)		717		14,455
U.S. Physical Therapy, Inc.		407		43,097
UnitedHealth Group, Inc.		31,265		8,447,803
Universal Health Services, Inc., Class B		2,667		353,458
WellCare Health Plans, Inc.(a)		1,601		442,644
				26,121,088
Health Care Technology — 0.2%
athenahealth, Inc.(a)		1,247		168,021
Castlight Health, Inc., Class B(a)		3,258		9,676
Cerner Corp.(a)		10,732		589,294
Computer Programs & Systems, Inc.		440		11,546
Evolent Health, Inc., Class A(a)		2,102		37,163
HealthStream, Inc.		776		19,524
Inovalon Holdings, Inc., Class A(a)(b)		2,304		32,924
Inspire Medical Systems, Inc.(a)		738		39,579
Medidata Solutions, Inc.(a)		1,796		127,444
NextGen Healthcare, Inc.(a)		1,626		28,748
Omnicell, Inc.(a)		1,134		73,858
Simulations Plus, Inc.		408		7,858
Tabula Rasa HealthCare, Inc.(a)		533		32,129
Teladoc Health, Inc.(a)		1,971		126,538
Veeva Systems, Inc., Class A(a)		4,035		440,057
Vocera Communications, Inc.(a)(b)		896		36,575
				1,780,934
Hotels, Restaurants & Leisure — 2.1%
Aramark		8,040		264,918
BBX Capital Corp.		1,864		11,501
Belmond Ltd., Class A(a)		3,135		78,124
Biglari Holdings, Inc., Class A(a)		2		1,300
Biglari Holdings, Inc., Class B(a)		20		2,618
BJ’s Restaurants, Inc.		673		33,536
Bloomin’ Brands, Inc.		2,595		47,826
Boyd Gaming Corp.		2,665		72,808
Braemar Hotels & Resorts, Inc.		837		9,307
Brinker International, Inc.		1,395		56,525
Caesars Entertainment Corp.(a)(b)		18,719		171,092
Carnival Corp.		12,709		731,784
Carrols Restaurant Group, Inc.(a)		896		7,732

SCHEDULES OF INVESTMENTS 75

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Century Casinos, Inc.(a)		1,395	$	10,700
Cheesecake Factory, Inc.		1,393		62,518
Chipotle Mexican Grill, Inc.(a)		797		422,099
Choice Hotels International, Inc.		1,138		90,084
Churchill Downs, Inc.		1,038		95,475
Chuy’s Holdings, Inc.(a)		546		12,405
Cracker Barrel Old Country Store, Inc.		594		99,364
Darden Restaurants, Inc.		4,028		422,658
Dave & Buster’s Entertainment, Inc.		1,256		64,621
Del Frisco’s Restaurant Group, Inc.(a)		854		6,764
Del Taco Restaurants, Inc.(a)		678		7,044
Denny’s Corp.(a)		1,915		33,876
Dine Brands Global, Inc.		553		42,177
Domino’s Pizza, Inc.		1,353		383,887
Dunkin’ Brands Group, Inc.		2,929		200,314
El Pollo Loco Holdings, Inc.(a)(b)		399		6,580
Eldorado Resorts, Inc.(a)(b)		2,070		96,503
Extended Stay America, Inc.		6,093		104,190
Fiesta Restaurant Group, Inc.(a)		813		12,081
Golden Entertainment, Inc.(a)		589		11,014
Habit Restaurants, Inc., Class A(a)		422		4,313
Hilton Grand Vacations, Inc.(a)		3,029		91,900
Hilton Worldwide Holdings, Inc.		9,420		701,602
Hyatt Hotels Corp., Class A		1,159		81,026
International Game Technology PLC		3,361		54,986
International Speedway Corp., Class A		731		31,762
Jack in the Box, Inc.		923		74,717
Las Vegas Sands Corp.		11,356		662,736
Lindblad Expeditions Holdings, Inc.(a)		684		8,406
Marcus Corp.		514		22,909
Marriott International, Inc., Class A		9,431		1,080,132
Marriott Vacations Worldwide Corp.		1,262		111,738
McDonald’s Corp.		25,346		4,531,358
MGM Resorts International		15,971		470,186
Monarch Casino & Resort, Inc.(a)		228		9,859
Nathan’s Famous, Inc.		78		5,265
Norwegian Cruise Line Holdings Ltd.(a)		7,120		366,182
Papa John’s International, Inc.		742		31,379
Penn National Gaming, Inc.(a)		4,143		100,426
Planet Fitness, Inc., Class A(a)		2,791		161,655
PlayAGS, Inc.(a)		481		12,054
Potbelly Corp.(a)		715		6,199
RCI Hospitality Holdings, Inc.		294		6,559
Red Robin Gourmet Burgers, Inc.(a)		441		14,103
Red Rock Resorts, Inc., Class A		2,802		71,115
Royal Caribbean Cruises Ltd.		5,361		643,588
Ruth’s Hospitality Group, Inc.		865		19,982
Scientific Games Corp., Class A(a)		1,788		44,807
SeaWorld Entertainment, Inc.(a)		1,800		46,890
Shake Shack, Inc., Class A(a)		772		36,871
Six Flags Entertainment Corp.		2,636		162,351
Starbucks Corp.		39,584		2,697,254
Texas Roadhouse, Inc.		2,053		124,905
Vail Resorts, Inc.		1,315		247,562
Wendy’s Co.		6,017		104,214
Wingstop, Inc.		934		61,317
Wyndham Destinations, Inc.		3,098		130,550
Wyndham Hotels & Resorts, Inc.		3,098		152,081
Wynn Resorts Ltd.		3,415		420,079
Yum China Holdings, Inc.		11,908		434,047
Yum! Brands, Inc.		10,322		970,062
				18,682,552
Household Durables — 0.4%
Bassett Furniture Industries, Inc.		182		3,471

Security	Shares		Value
Household Durables (continued)
Beazer Homes USA, Inc.(a)		1,012	$	12,680
Cavco Industries, Inc.(a)		279		46,395
Century Communities, Inc.(a)		692		16,234
D.R. Horton, Inc.		11,184		430,025
Ethan Allen Interiors, Inc.		842		15,981
Flexsteel Industries, Inc.		220		5,493
Garmin Ltd.		3,718		257,211
GoPro, Inc., Class A(a)		3,401		16,767
Green Brick Partners, Inc.(a)		414		3,503
Hamilton Beach Brands Holding Co., Class A		190		4,967
Helen of Troy Ltd.(a)		981		113,835
Hooker Furniture Corp.		333		9,580
Hovnanian Enterprises, Inc., Class A(a)		2,660		1,878
Installed Building Products, Inc.(a)		712		29,982
iRobot Corp.(a)		814		73,089
KB Home		2,964		63,459
La-Z-Boy, Inc.		1,540		45,615
Leggett & Platt, Inc.		4,322		177,029
Lennar Corp., Class A		8,921		423,034
Lennar Corp., Class B		1,295		49,365
LGI Homes, Inc.(a)(b)		597		35,402
Lifetime Brands, Inc.		464		4,515
M/I Homes, Inc.(a)		752		19,921
MDC Holdings, Inc.		1,411		46,464
Meritage Homes Corp.(a)		1,220		54,998
Mohawk Industries, Inc.(a)		2,041		262,860
NACCO Industries, Inc., Class A		95		3,238
New Home Co., Inc.(a)		329		2,277
Newell Brands, Inc.		14,316		303,642
NVR, Inc.(a)		108		287,280
PulteGroup, Inc.		7,769		216,056
Roku, Inc.(a)(b)		1,351		60,728
Skyline Champion Corp.		1,854		33,483
Taylor Morrison Home Corp., Class A(a)		3,571		67,492
Tempur Sealy International, Inc.(a)		1,451		76,932
Toll Brothers, Inc.		4,566		168,668
TopBuild Corp.(a)		1,121		59,200
TRI Pointe Group, Inc.(a)		5,257		70,707
Tupperware Brands Corp.		1,723		46,986
Turtle Beach Corp.(a)		402		5,986
Universal Electronics, Inc.(a)		483		13,606
Vuzix Corp.(a)		1,248		5,279
Whirlpool Corp.		1,973		262,429
William Lyon Homes, Class A(a)		973		12,902
ZAGG, Inc.(a)		1,068		11,983
				3,932,627
Household Products — 1.4%
Central Garden & Pet Co.(a)(b)		682		26,741
Central Garden & Pet Co., Class A(a)		912		32,485
Church & Dwight Co., Inc.		7,999		516,815
Clorox Co.		4,118		611,029
Colgate-Palmolive Co.		27,367		1,770,098
Energizer Holdings, Inc.		1,819		86,221
Kimberly-Clark Corp.		11,397		1,269,398
Oil-Dri Corp. of America		141		3,742
Procter & Gamble Co.		81,368		7,849,571
Spectrum Brands Holdings, Inc.		1,348		75,326
WD-40 Co.		400		72,700
				12,314,126
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		21,970		360,088
Atlantic Power Corp.(a)		4,381		10,996
Clearway Energy, Inc., Class A		2,467		36,265

76 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares			Value
Independent Power and Renewable Electricity Producers (continued)
Clearway Energy, Inc., Class C		989		$	14,924
NRG Energy, Inc.		9,000			368,190
Ormat Technologies, Inc.		1,329	��		76,697
Pattern Energy Group, Inc., Class A		2,811			59,818
TerraForm Power, Inc., Class A		2,253			26,766
Vistra Energy Corp.(a)		13,238			332,406
Vivint Solar, Inc.(a)		1,711			7,511
					1,293,661
Industrial Conglomerates — 1.3%
3M Co.		18,666			3,738,800
BWX Technologies, Inc.		3,029			140,606
Carlisle Cos., Inc.		1,922			207,057
General Electric Co.		281,929			2,864,399
Honeywell International, Inc.		24,405			3,505,290
Raven Industries, Inc.		1,286			47,569
Roper Technologies, Inc.		3,411			966,200
Seaboard Corp.		8			30,913
Standex International Corp.		383			28,564
					11,529,398
Insurance — 2.6%
Aflac, Inc.		24,756			1,180,861
Alleghany Corp.		469			296,202
Allstate Corp.		11,346			996,973
Ambac Financial Group, Inc.(a)		2,825			53,449
American Equity Investment Life Holding Co.		2,781			87,101
American Financial Group, Inc.		2,094			199,747
American International Group, Inc.		29,226			1,263,440
American National Insurance Co.		327			45,515
AMERISAFE, Inc.		360			21,388
Aon PLC		7,832			1,223,593
Arch Capital Group Ltd.(a)		12,751			374,242
Argo Group International Holdings Ltd.		1,041			69,476
Arthur J Gallagher & Co.		5,992			447,662
Aspen Insurance Holdings Ltd.		1,969			82,166
Assurant, Inc.		1,676			161,550
Assured Guaranty Ltd.		3,109			126,101
Athene Holding Ltd., Class A(a)		5,394			231,403
Axis Capital Holdings Ltd.		3,127			167,451
Brighthouse Financial, Inc.(a)		3,836			143,236
Brown & Brown, Inc.		7,264			197,290
Chubb Ltd.		15,007			1,996,681
Cincinnati Financial Corp.		5,051			409,737
Citizens, Inc.(a)(b)		1,392			9,869
CNA Financial Corp.		937			42,971
CNO Financial Group, Inc.		4,803			85,878
Crawford & Co., Class B		288			2,779
eHealth, Inc.(a)		593			36,268
EMC Insurance Group, Inc.		502			16,506
Employers Holdings, Inc.		849			35,972
Enstar Group Ltd.(a)		375			66,750
Erie Indemnity Co., Class A		749			109,639
Everest Re Group Ltd.		1,307			286,298
FBL Financial Group, Inc., Class A		309			21,698
FedNat Holding Co.		339			6,139
Fidelity National Financial, Inc.		8,459			305,877
First American Financial Corp.		3,022			151,342
Genworth Financial, Inc., Class A(a)		15,484			74,943
Global Indemnity Ltd.		223			7,337
Goosehead Insurance, Inc., Class A(a)(b)		331			9,513
Greenlight Capital Re Ltd., Class A(a)		1,310			13,585
Hanover Insurance Group, Inc.		1,340			152,814
Hartford Financial Services Group, Inc.		12,080			566,794
HCI Group, Inc.		211			9,997

Security	Shares		Value
Insurance (continued)
Health Insurance Innovations, Inc., Class A(a)(b)		348	$	13,342
Heritage Insurance Holdings, Inc.		585		8,494
Hilltop Holdings, Inc.		2,641		48,621
Horace Mann Educators Corp.		1,105		46,023
Independence Holding Co.		268		9,584
Investors Title Co.		51		8,809
James River Group Holdings Ltd.		797		30,740
Kemper Corp.		1,658		124,648
Kinsale Capital Group, Inc.		699		40,542
Lincoln National Corp.		7,290		426,392
Loews Corp.		9,844		471,528
Maiden Holdings Ltd.		1,108		1,429
Markel Corp.(a)		448		471,972
Marsh & McLennan Cos., Inc.		16,603		1,464,219
MBIA, Inc.(a)		2,769		26,610
Mercury General Corp.		876		45,289
MetLife, Inc.		27,011		1,233,592
National General Holdings Corp.		1,794		43,325
National Western Life Group, Inc., Class A		82		24,871
Navigators Group, Inc.		534		37,273
Old Republic International Corp.		8,603		173,350
Primerica, Inc.		1,279		143,721
Principal Financial Group, Inc.		9,046		452,933
ProAssurance Corp.		1,221		52,088
Progressive Corp.		19,007		1,278,981
Protective Insurance Corp., Class B		404		7,446
Prudential Financial, Inc.		13,542		1,247,760
Reinsurance Group of America, Inc.		1,882		271,855
RenaissanceRe Holdings Ltd.		1,349		186,202
RLI Corp.		1,257		82,975
Safety Insurance Group, Inc.		657		54,078
Selective Insurance Group, Inc.		1,923		117,149
State Auto Financial Corp.		446		15,164
Stewart Information Services Corp.		702		31,204
Third Point Reinsurance Ltd.(a)		2,568		26,990
Torchmark Corp.		3,497		292,909
Travelers Cos., Inc.		8,783		1,102,618
Trupanion, Inc.(a)(b)		727		19,302
United Fire Group, Inc.		1,119		58,188
United Insurance Holdings Corp.		649		10,592
Universal Insurance Holdings, Inc.		1,090		41,115
Unum Group		6,870		238,801
W.R. Berkley Corp.		3,033		233,207
White Mountains Insurance Group Ltd.		101		90,252
Willis Towers Watson PLC		4,208		685,020
				23,279,436
Interactive Media & Services — 4.1%
Alphabet, Inc., Class A(a)		9,751		10,978,553
Alphabet, Inc., Class C(a)		9,947		11,104,533
Care.com, Inc.(a)		577		13,715
Cargurus, Inc.(a)(b)		1,525		65,224
Cars.com, Inc.(a)		2,120		57,897
Facebook, Inc., Class A(a)		77,744		12,959,147
IAC/InterActiveCorp(a)		2,424		512,143
Match Group, Inc.		1,617		86,493
Meet Group, Inc.(a)		2,551		14,745
QuinStreet, Inc.(a)		1,241		23,629
TrueCar, Inc.(a)		2,993		28,074
Twitter, Inc.(a)		23,879		801,379
Yelp, Inc.(a)(b)		2,518		91,706
Zillow Group, Inc., Class A(a)		1,771		61,649
Zillow Group, Inc., Class C(a)		4,354		152,782
				36,951,669

SCHEDULES OF INVESTMENTS 77

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Internet & Direct Marketing Retail — 3.2%
1-800-Flowers.com, Inc., Class A(a)		740	$	11,803
Amazon.com, Inc.(a)		13,302		22,862,546
Booking Holdings, Inc.(a)		1,556		2,851,852
Duluth Holdings, Inc., Class B(a)		128		3,057
eBay, Inc.		29,937		1,007,380
Etsy, Inc.(a)		3,983		217,671
Expedia Group, Inc.		3,885		463,286
Gaia, Inc.(a)		430		5,057
Groupon, Inc.(a)		13,837		52,166
GrubHub, Inc.(a)		2,968		238,627
Lands’ End, Inc.(a)		215		3,849
Liberty Expedia Holdings, Inc., Class A(a)		1,729		70,872
Liberty TripAdvisor Holdings, Inc., Series A(a)(b)		3,736		62,242
Liquidity Services, Inc.(a)		954		7,985
Nutrisystem, Inc.		941		40,849
Overstock.com, Inc.(a)(b)		692		12,006
PetMed Express, Inc.		619		14,658
Quotient Technology, Inc.(a)(b)		2,789		27,890
Qurate Retail, Inc.(a)		13,716		298,323
Shutterfly, Inc.(a)		1,000		45,960
Shutterstock, Inc.		702		28,087
Stamps.com, Inc.(a)		543		101,041
TripAdvisor, Inc.(a)		3,448		197,846
Wayfair, Inc., Class A(a)(b)		1,763		192,978
				28,818,031
IT Services — 4.7%
Accenture PLC, Class A		20,453		3,140,558
Akamai Technologies, Inc.(a)		4,912		319,771
Alliance Data Systems Corp.		1,562		277,396
Amdocs Ltd.		4,999		279,344
Automatic Data Processing, Inc.		14,316		2,001,949
Black Knight, Inc.(a)		5,149		253,279
Booz Allen Hamilton Holding Corp.		4,619		226,931
Brightcove, Inc.(a)		1,243		9,969
Broadridge Financial Solutions, Inc.		3,747		377,810
CACI International, Inc., Class A(a)		743		124,215
Carbonite, Inc.(a)		878		25,146
Cardtronics PLC, Class A(a)		1,379		37,330
Cass Information Systems, Inc.		434		21,305
Cognizant Technology Solutions Corp., Class A		19,334		1,347,193
Conduent, Inc.(a)		5,895		75,161
CoreLogic, Inc.(a)		2,575		93,473
CSG Systems International, Inc.		1,006		36,407
DXC Technology Co.		9,470		607,216
Endurance International Group Holdings, Inc.(a)		2,163		17,520
EPAM Systems, Inc.(a)(b)		1,599		226,227
Euronet Worldwide, Inc.(a)		1,672		192,297
Everi Holdings, Inc.(a)		2,865		19,052
EVERTEC, Inc.		1,838		50,857
Evo Payments, Inc., Class A(a)		1,735		43,635
Exela Technologies, Inc.(a)		1,789		7,049
ExlService Holdings, Inc.(a)		1,086		62,445
Fidelity National Information Services, Inc.		10,486		1,096,102
First Data Corp., Class A(a)		16,927		417,251
Fiserv, Inc.(a)		12,615		1,046,162
FleetCor Technologies, Inc.(a)		2,867		578,589
Forrester Research, Inc.		194		8,713
Gartner, Inc.(a)(b)		2,923		397,206
Genpact Ltd.		4,607		137,427
Global Payments, Inc.(b)		5,887		660,992
GoDaddy, Inc., Class A(a)		5,376		368,955
GTT Communications, Inc.(a)(b)		2,016		51,610
Hackett Group, Inc.		467		8,401
Internap Corp.(a)		701		3,792

Security	Shares		Value
IT Services (continued)
International Business Machines Corp.		29,998	$	4,032,331
Jack Henry & Associates, Inc.		2,492		332,807
Leidos Holdings, Inc.		4,432		257,056
Limelight Networks, Inc.(a)		3,256		10,159
LiveRamp Holdings, Inc.(a)		2,705		117,505
ManTech International Corp., Class A		914		51,522
Mastercard, Inc., Class A		30,090		6,352,902
MAXIMUS, Inc.		1,968		138,016
MoneyGram International, Inc.(a)		577		1,229
NIC, Inc.		1,913		31,373
Okta, Inc.(a)		2,688		221,572
Paychex, Inc.		10,791		764,003
PayPal Holdings, Inc.(a)		38,969		3,458,888
Perficient, Inc.(a)		1,016		25,918
Perspecta, Inc.		4,429		88,801
Presidio, Inc.		1,277		20,343
Sabre Corp.		8,901		204,545
Science Applications International Corp.		1,609		108,028
ServiceSource International, Inc.(a)		904		1,085
Square, Inc., Class A(a)		9,558		681,963
Switch, Inc., Class A		1,472		12,277
Teradata Corp.(a)		4,113		182,535
Total System Services, Inc.		5,926		531,029
Travelport Worldwide Ltd.		3,905		61,152
TTEC Holdings, Inc.		464		15,512
Tucows, Inc., Class A(a)(b)		300		22,086
Twilio, Inc., Class A(a)		2,454		273,179
Unisys Corp.(a)(b)		1,375		17,985
VeriSign, Inc.(a)		3,381		572,302
Virtusa Corp.(a)		919		44,590
Visa, Inc., Class A		57,813		7,805,333
Western Union Co.		15,196		277,327
WEX, Inc.(a)		1,295		208,922
Worldpay, Inc., Class A(a)		9,687		808,671
				42,381,681
Leisure Products — 0.1%
Brunswick Corp.		2,729		137,323
Callaway Golf Co.		3,112		50,694
Escalade, Inc.		1,205		13,448
Hasbro, Inc.		3,808		344,853
Johnson Outdoors, Inc., Class A		138		8,646
Malibu Boats, Inc., Class A(a)		690		27,980
MasterCraft Boat Holdings, Inc.(a)		515		11,242
Mattel, Inc.(a)		10,792		127,777
Nautilus, Inc.(a)		627		4,709
Polaris Industries, Inc.		1,864		156,352
Sturm Ruger & Co., Inc.		522		28,439
Vista Outdoor, Inc.(a)		1,584		15,808
YETI Holdings, Inc.(a)		1,557		26,485
				953,756
Life Sciences Tools & Services — 1.0%
Accelerate Diagnostics, Inc.(a)(b)		1,051		19,139
Agilent Technologies, Inc.		10,379		789,323
Bio-Rad Laboratories, Inc., Class A(a)		710		177,408
Bio-Techne Corp.		1,177		205,339
Bruker Corp.		3,662		128,390
Cambrex Corp.(a)		1,126		49,150
Charles River Laboratories International, Inc.(a)		1,499		184,662
Enzo Biochem, Inc.(a)		451		1,696
Fluidigm Corp.(a)(b)		250		2,163
Harvard Bioscience, Inc.(a)		1,779		6,102
Illumina, Inc.(a)		4,903		1,371,810
IQVIA Holdings, Inc.(a)		5,309		684,914

78 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
Luminex Corp.		1,250	$	34,862
Medpace Holdings, Inc.(a)		825		53,130
Mettler-Toledo International, Inc.(a)		781		498,403
NanoString Technologies, Inc.(a)		801		17,814
NeoGenomics, Inc.(a)		3,246		53,949
Pacific Biosciences of California, Inc.(a)		3,874		26,808
PerkinElmer, Inc.		3,945		357,022
PRA Health Sciences, Inc.(a)		1,844		195,409
QIAGEN NV(a)		7,018		259,877
Syneos Health, Inc.(a)		1,758		89,728
Thermo Fisher Scientific, Inc.		13,188		3,239,896
Waters Corp.(a)		2,488		575,275
				9,022,269
Machinery — 1.9%
Actuant Corp., Class A		1,827		41,820
AGCO Corp.		2,020		129,684
Alamo Group, Inc.		335		28,854
Albany International Corp., Class A		939		64,472
Allison Transmission Holdings, Inc.		3,801		184,995
Altra Industrial Motion Corp.		3,132		95,871
Astec Industries, Inc.		811		30,023
Barnes Group, Inc.		1,907		112,666
Blue Bird Corp.(a)		429		8,524
Briggs & Stratton Corp.		1,230		15,842
Caterpillar, Inc.		18,831		2,507,536
Chart Industries, Inc.(a)		961		71,787
CIRCOR International, Inc.(a)		528		14,599
Colfax Corp.(a)		2,948		72,963
Columbus McKinnon Corp.		771		27,910
Commercial Vehicle Group, Inc.(a)		1,214		9,069
Crane Co.		1,583		131,009
Cummins, Inc.		4,776		702,597
Deere & Co.		10,626		1,742,664
DMC Global, Inc.(b)		502		17,329
Donaldson Co., Inc.		3,991		188,694
Douglas Dynamics, Inc.		741		26,231
Dover Corp.		4,735		415,875
Energy Recovery, Inc.(a)(b)		703		5,343
EnPro Industries, Inc.		672		44,386
ESCO Technologies, Inc.		887		57,753
Federal Signal Corp.		2,030		44,619
Flowserve Corp.		4,154		182,942
Fortive Corp.		9,737		730,178
FreightCar America, Inc.(a)		360		2,563
Gardner Denver Holdings, Inc.(a)		4,574		112,841
Gates Industrial Corp. PLC(a)		1,204		17,952
Gencor Industries, Inc.(a)(b)		1,081		14,983
Global Brass & Copper Holdings, Inc.		688		20,805
Gorman-Rupp Co.		505		17,448
Graco, Inc.		5,410		234,415
Graham Corp.		286		6,406
Greenbrier Cos., Inc.		953		40,417
Harsco Corp.(a)		2,565		54,634
Hurco Cos., Inc.		172		6,596
Hyster-Yale Materials Handling, Inc.		411		28,601
IDEX Corp.		2,525		348,096
Illinois Tool Works, Inc.		10,769		1,478,691
Ingersoll-Rand PLC		7,859		786,214
ITT, Inc.		2,735		143,752
John Bean Technologies Corp.		952		75,627
Kadant, Inc.		395		33,693
Kennametal, Inc.		2,540		95,453
LB Foster Co., Class A(a)		354		6,326
Lincoln Electric Holdings, Inc.		1,932		167,002

Security	Shares		Value
Machinery (continued)
Lindsay Corp.		327	$	28,083
Lydall, Inc.(a)		520		13,790
Manitowoc Co., Inc.(a)		1,232		18,751
Meritor, Inc.(a)		2,656		54,926
Middleby Corp.(a)(b)		1,714		201,601
Milacron Holdings Corp.(a)		2,282		31,629
Miller Industries, Inc.		363		10,908
Mueller Industries, Inc.		1,836		47,571
Mueller Water Products, Inc., Series A		4,678		46,219
Navistar International Corp.(a)		1,453		47,717
NN, Inc.		3,784		34,548
Nordson Corp.		2,039		264,336
Omega Flex, Inc.		130		8,229
Oshkosh Corp.		2,452		184,023
PACCAR, Inc.		11,414		747,845
Parker-Hannifin Corp.		4,271		703,903
Pentair PLC		5,173		213,076
Proto Labs, Inc.(a)		857		106,397
RBC Bearings, Inc.(a)		728		101,498
REV Group, Inc.		1,078		8,958
Rexnord Corp.(a)		3,487		91,185
Snap-on, Inc.		1,734		287,827
SPX Corp.(a)		1,439		42,810
SPX FLOW, Inc.(a)		1,390		45,550
Stanley Black & Decker, Inc.		4,867		615,383
Sun Hydraulics Corp.		838		29,682
Tennant Co.		616		36,178
Terex Corp.		2,288		70,264
Timken Co.		2,226		94,805
Titan International, Inc.		1,283		7,210
Toro Co.		3,196		190,162
TriMas Corp.(a)		1,521		44,094
Trinity Industries, Inc.		4,601		107,571
Twin Disc, Inc.(a)		353		6,396
Valmont Industries, Inc.		720		92,880
Wabash National Corp.		1,971		27,476
WABCO Holdings, Inc.(a)		1,751		200,017
Wabtec Corp.		2,681		185,418
Watts Water Technologies, Inc., Class A		811		60,720
Welbilt, Inc.(a)		3,957		55,477
Woodward, Inc.		1,707		155,081
Xylem, Inc.		5,918		421,717
				17,140,661
Marine — 0.0%
Costamare, Inc.		1,248		6,340
Eagle Bulk Shipping, Inc.(a)		1,522		6,255
Kirby Corp.(a)		1,847		138,359
Matson, Inc.		1,263		42,323
Safe Bulkers, Inc.(a)		2,358		3,655
Scorpio Bulkers, Inc.		1,346		6,084
				203,016
Media — 2.3%
AMC Entertainment Holdings, Inc., Class A		1,535		22,488
AMC Networks, Inc., Class A(a)		1,411		88,808
Cable One, Inc.		139		122,923
CBS Corp., Class B		10,526		520,616
Central European Media Enterprises Ltd., Class A(a)		2,333		7,022
Charter Communications, Inc., Class A(a)		5,706		1,888,971
Cinemark Holdings, Inc.		3,289		134,586
Clear Channel Outdoor Holdings, Inc., Class A(a)		713		3,971
Comcast Corp., Class A		149,206		5,456,463
Daily Journal Corp.(a)(b)		28		6,191
Discovery, Inc., Class A(a)(b)		5,848		165,966

SCHEDULES OF INVESTMENTS 79

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Discovery, Inc., Class C(a)		10,403	$	277,240
DISH Network Corp., Class A(a)		7,404		227,081
Emerald Expositions Events, Inc.		736		10,451
Entercom Communications Corp., Class A		3,599		26,381
Entravision Communications Corp., Class A		1,689		6,655
Eros International PLC(a)		1,249		11,903
EW Scripps Co., Class A		1,830		34,367
Gannett Co., Inc.		3,516		38,992
GCI Liberty, Inc., Class A(a)		3,227		164,254
Gray Television, Inc.(a)		2,495		41,692
IMAX Corp.(a)		1,269		26,357
Interpublic Group of Cos., Inc.		12,660		288,015
John Wiley & Sons, Inc., Class A		1,333		69,023
Liberty Broadband Corp., Class A(a)		1,560		132,241
Liberty Broadband Corp., Class C(a)		3,109		264,327
Liberty Latin America Ltd., Class A(a)		1,321		23,032
Liberty Latin America Ltd., Class C(a)(b)		3,518		61,495
Liberty Media Corp. — Liberty SiriusXM, Class A(a)		2,716		108,043
Liberty Media Corp. — Liberty SiriusXM, Class C(a)		5,785		231,169
Liberty Media Corp. — Liberty Braves, Class A(a)		602		16,338
Liberty Media Corp. — Liberty Braves, Class C(a)		944		25,450
Liberty Media Corp. — Liberty Formula One, Class A(a)		581		17,779
Liberty Media Corp. — Liberty Formula One, Class C(a)		6,290		197,317
Lions Gate Entertainment Corp., Class A		1,567		28,786
Lions Gate Entertainment Corp., Class B		3,282		57,534
Live Nation Entertainment, Inc.(a)		4,736		253,423
LiveXLive Media, Inc.(a)(b)		943		5,743
Madison Square Garden Co., Class A(a)		577		160,348
MDC Partners, Inc., Class A(a)		2,553		7,582
Meredith Corp.		1,332		72,288
MSG Networks, Inc., Class A(a)(b)		2,809		62,922
National CineMedia, Inc.		2,288		15,810
New Media Investment Group, Inc.		2,227		30,443
New York Times Co., Class A(b)		4,140		106,439
News Corp., Class A		10,427		133,778
News Corp., Class B		5,383		69,602
Nexstar Media Group, Inc., Class A		1,386		115,689
Omnicom Group, Inc.		7,460		580,985
Reading International, Inc., Class A(a)		655		10,349
Scholastic Corp.		975		40,648
Sinclair Broadcast Group, Inc., Class A		2,280		70,247
Sirius XM Holdings, Inc.(b)		42,283		246,510
TechTarget, Inc.(a)		559		8,106
TEGNA, Inc.		7,244		85,045
TiVo Corp.		3,425		38,120
Tribune Media Co., Class A		3,169		145,489
Tribune Publishing Co.(a)		502		6,009
Twenty-First Century Fox, Inc., Class A		34,272		1,689,952
Twenty-First Century Fox, Inc., Class B		15,955		782,752
Viacom, Inc., Class A		144		4,938
Walt Disney Co.		48,629		5,423,106
WideOpenWest, Inc.(a)		921		6,963
World Wrestling Entertainment, Inc., Class A		1,341		110,418
				21,087,631
Metals & Mining — 0.4%
AK Steel Holding Corp.(a)		10,476		30,904
Alcoa Corp.(a)		5,808		172,382
Allegheny Technologies, Inc.(a)(b)		3,796		103,973
Carpenter Technology Corp.		1,574		74,387
Century Aluminum Co.(a)		1,825		16,790
Cleveland-Cliffs, Inc.		9,868		105,686
Coeur Mining, Inc.(a)		5,267		27,125
Commercial Metals Co.		3,747		65,385
Compass Minerals International, Inc.		1,177		61,498

Security	Shares		Value
Metals & Mining (continued)
Ferroglobe PLC(c)		844	$	—
Freeport-McMoRan, Inc.		45,989		535,312
Gold Resource Corp.		1,386		6,223
Haynes International, Inc.		363		11,906
Hecla Mining Co.		22,469		60,666
Kaiser Aluminum Corp.		855		85,816
Materion Corp.		691		32,429
Newmont Mining Corp.		16,813		573,491
Nucor Corp.		10,723		656,677
Olympic Steel, Inc.		97		1,869
Reliance Steel & Aluminum Co.		2,148		175,878
Royal Gold, Inc.		2,059		179,895
Ryerson Holding Corp.(a)		148		1,041
Schnitzer Steel Industries, Inc., Class A		861		20,836
Southern Copper Corp.		2,486		83,579
Steel Dynamics, Inc.		7,217		264,070
SunCoke Energy, Inc.(a)		1,917		21,547
Tahoe Resources, Inc.(a)		9,152		34,686
TimkenSteel Corp.(a)		1,376		17,517
U.S. Silica Holdings, Inc.		2,589		34,900
United States Steel Corp.		5,495		123,857
Universal Stainless & Alloy Products, Inc.(a)		371		6,652
Warrior Met Coal, Inc.		1,094		31,431
Worthington Industries, Inc.		1,445		54,520
				3,672,928
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AGNC Investment Corp.		18,396		329,472
Annaly Capital Management, Inc.		44,751		467,201
Colony Credit Real Estate, Inc.		2,250		37,598
Drive Shack, Inc.(a)		6,320		26,607
Exantas Capital Corp.		848		8,963
Front Yard Residential Corp.		1,032		11,166
Granite Point Mortgage Trust, Inc.(b)		1,154		22,526
KKR Real Estate Finance Trust, Inc.		471		9,712
TPG RE Finance Trust, Inc.		969		19,215
Two Harbors Investment Corp.		9,340		136,271
				1,068,731
Multi-Utilities — 0.9%
Ameren Corp.		7,964		552,224
Avista Corp.		2,052		85,876
Black Hills Corp.		1,845		125,257
CenterPoint Energy, Inc.		16,676		515,622
CMS Energy Corp.		9,170		478,124
Consolidated Edison, Inc.		10,063		781,392
Dominion Energy, Inc.		24,789		1,741,179
DTE Energy Co.		5,998		706,265
MDU Resources Group, Inc.		6,106		156,985
NiSource, Inc.		12,053		328,806
NorthWestern Corp.		1,529		97,718
Public Service Enterprise Group, Inc.		16,000		872,800
Sempra Energy		8,992		1,051,884
Vectren Corp.		2,666		192,965
WEC Energy Group, Inc.		10,388		758,636
				8,445,733
Multiline Retail — 0.5%
Big Lots, Inc.		1,393		43,935
Burlington Stores, Inc.(a)		2,177		373,813
Dillard’s, Inc., Class A		348		23,243
Dollar General Corp.		8,565		988,658
Dollar Tree, Inc.(a)		7,542		730,292
FirstCash, Inc.		1,237		101,966
JC Penney Co., Inc.(a)(b)		11,059		14,598
Kohl’s Corp.		5,509		378,413

80 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Multiline Retail (continued)
Macy’s, Inc.		9,997	$	262,921
Nordstrom, Inc.		3,715		172,413
Ollie’s Bargain Outlet Holdings, Inc.(a)		1,524		119,131
Target Corp.		17,246		1,258,958
				4,468,341
Oil & Gas Exploration & Production — 0.0%
Carrizo Oil & Gas, Inc.(a)		2,469		30,319
Oil, Gas & Consumable Fuels — 4.5%
Abraxas Petroleum Corp.(a)		5,435		6,468
Alta Mesa Resources, Inc., Class A(a)(b)		2,850		2,730
Anadarko Petroleum Corp.		16,877		798,788
Antero Resources Corp.(a)		7,542		75,873
Apache Corp.		12,547		411,793
Arch Coal, Inc., Class A		610		53,759
Ardmore Shipping Corp.(a)		591		3,351
Bonanza Creek Energy, Inc.(a)		672		15,490
Cabot Oil & Gas Corp.		14,233		355,113
California Resources Corp.(a)(b)		1,410		28,412
Callon Petroleum Co.(a)		6,970		56,736
Centennial Resource Development, Inc., Class A(a)(b)		5,750		75,727
Cheniere Energy, Inc.(a)		7,591		498,349
Chesapeake Energy Corp.(a)(b)		28,388		80,906
Chevron Corp.		62,311		7,143,956
Cimarex Energy Co.		2,952		222,404
Clean Energy Fuels Corp.(a)		4,949		9,403
Cloud Peak Energy, Inc.(a)		2,415		901
CNX Resources Corp.(a)		6,831		82,928
Concho Resources, Inc.(a)		6,350		760,984
ConocoPhillips		37,799		2,558,614
CONSOL Energy, Inc.(a)		881		31,302
Continental Resources, Inc.(a)		2,777		128,214
CVR Energy, Inc.		512		20,557
Delek US Holdings, Inc.		2,654		86,282
Denbury Resources, Inc.(a)		13,644		27,697
Devon Energy Corp.		15,572		414,994
DHT Holdings, Inc.		3,294		13,341
Diamondback Energy, Inc.		5,156		531,687
Dorian LPG Ltd.(a)		265		1,452
Eclipse Resources Corp.(a)		580		667
Energy Fuels, Inc.(a)		9,063		25,920
EOG Resources, Inc.		18,852		1,870,118
EP Energy Corp., Class A(a)		381		263
EQT Corp.		8,346		162,497
Equitrans Midstream Corp.(a)		6,676		138,994
Evolution Petroleum Corp.		1,161		8,673
Extraction Oil & Gas, Inc.(a)		3,544		13,963
Exxon Mobil Corp.		138,468		10,146,935
Frontline Ltd.(a)		2,286		11,773
GasLog Ltd.		1,281		22,968
Golar LNG Ltd.		2,888		64,316
Green Plains, Inc.		1,196		16,995
Gulfport Energy Corp.(a)		5,379		45,130
Halcon Resources Corp.(a)(b)		5,332		8,744
Hess Corp.		8,755		472,770
HighPoint Resources Corp.(a)		3,389		9,489
HollyFrontier Corp.		5,272		297,024
International Seaways, Inc.(a)(b)		846		15,330
Jagged Peak Energy, Inc.(a)		2,073		21,829
Kinder Morgan, Inc.		61,334		1,110,145
Kosmos Energy Ltd.(a)		10,916		55,999
Laredo Petroleum, Inc.(a)		4,661		17,712
Lilis Energy, Inc.(a)		1,744		3,784
Marathon Oil Corp.		29,155		460,357

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Marathon Petroleum Corp.		21,715	$	1,438,836
Matador Resources Co.(a)		3,193		62,264
Murphy Oil Corp.		5,166		141,290
Murphy USA, Inc.(a)		991		72,888
Newfield Exploration Co.(a)		6,417		117,303
Noble Energy, Inc.		16,177		361,394
Nordic American Tankers Ltd.		4,938		10,123
Northern Oil and Gas, Inc.(a)		13,626		34,474
Oasis Petroleum, Inc.(a)		8,289		49,900
Occidental Petroleum Corp.		24,451		1,632,838
ONEOK, Inc.		13,357		857,653
Overseas Shipholding Group, Inc., Class A(a)		2,632		4,764
Panhandle Oil and Gas, Inc., Class A		196		3,136
Par Pacific Holdings, Inc.(a)		783		12,732
Parsley Energy, Inc., Class A(a)		8,067		149,885
PBF Energy, Inc., Class A		3,519		128,866
PDC Energy, Inc.(a)		2,099		68,364
Peabody Energy Corp.		2,520		89,964
Penn Virginia Corp.(a)		390		20,459
Phillips 66		13,462		1,284,409
Pioneer Natural Resources Co.		5,520		785,606
QEP Resources, Inc.(a)		7,498		62,008
Range Resources Corp.		6,720		74,122
Renewable Energy Group, Inc.(a)		1,207		34,882
Resolute Energy Corp.(a)		777		25,431
REX American Resources Corp.(a)		221		16,118
Ring Energy, Inc.(a)		2,128		12,513
SandRidge Energy, Inc.(a)		1,012		8,389
Scorpio Tankers, Inc.		2,206		41,318
SemGroup Corp., Class A		2,436		39,025
Ship Finance International Ltd.		2,530		30,765
SilverBow Resources, Inc.(a)		1,076		26,158
SM Energy Co.		3,522		69,102
Southwestern Energy Co.(a)		18,650		81,500
SRC Energy, Inc.(a)		7,639		37,584
Talos Energy, Inc.(a)		673		12,854
Targa Resources Corp.		7,831		336,811
Teekay Corp.		2,111		7,410
Teekay Tankers Ltd., Class A		1,294		1,294
Tellurian, Inc.(a)(b)		2,575		25,750
Ultra Petroleum Corp.(a)(b)		6,025		4,338
Uranium Energy Corp.(a)		5,795		7,534
Valero Energy Corp.		14,023		1,231,500
W&T Offshore, Inc.(a)		2,856		14,394
Whiting Petroleum Corp.(a)		2,755		78,876
WildHorse Resource Development Corp.(a)		912		15,477
Williams Cos., Inc.		39,726		1,069,821
World Fuel Services Corp.		2,005		49,904
WPX Energy, Inc.(a)		12,219		149,805
Zion Oil & Gas, Inc.(a)		2,870		1,396
				40,393,833
Paper & Forest Products — 0.0%
Boise Cascade Co.		1,353		37,167
Clearwater Paper Corp.(a)		332		11,195
Domtar Corp.		2,070		97,083
Louisiana-Pacific Corp.		4,579		111,636
Neenah, Inc.		540		37,622
PH Glatfelter Co.		1,299		16,601
Schweitzer-Mauduit International, Inc.		953		30,553
Verso Corp., Class A(a)		1,086		26,792
				368,649
Personal Products — 0.2%
Coty, Inc., Class A(a)		14,735		114,344
Edgewell Personal Care Co.(a)		1,706		67,302

SCHEDULES OF INVESTMENTS 81

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Personal Products (continued)
elf Beauty, Inc.(a)(b)		1,016	$	8,534
Estee Lauder Cos., Inc., Class A		7,083		966,263
Herbalife Nutrition Ltd.(a)(b)		3,610		215,517
Inter Parfums, Inc.		577		38,348
Medifast, Inc.		363		46,188
Natural Health Trends Corp.(b)		98		1,606
Nature’s Sunshine Products, Inc.(a)		255		2,040
Nu Skin Enterprises, Inc., Class A		1,745		114,559
Revlon, Inc., Class A(a)(b)		260		6,812
USANA Health Sciences, Inc.(a)		423		49,533
				1,631,046
Pharmaceuticals — 4.2%
Achaogen, Inc.(a)(b)		1,117		1,687
Aclaris Therapeutics, Inc.(a)		795		5,541
Aerie Pharmaceuticals, Inc.(a)		1,091		51,299
Akcea Therapeutics, Inc.(a)(b)		393		10,446
Akorn, Inc.(a)		3,178		11,949
Allergan PLC		11,085		1,596,017
Amneal Pharmaceuticals, Inc.(a)		2,714		33,328
Amphastar Pharmaceuticals, Inc.(a)		1,216		27,676
ANI Pharmaceuticals, Inc.(a)		309		16,606
Aratana Therapeutics, Inc.(a)		6,603		29,251
Assembly Biosciences, Inc.(a)		543		12,370
Assertio Therapeutics, Inc.(a)		2,355		10,503
Bristol-Myers Squibb Co.		53,596		2,646,035
Catalent, Inc.(a)		4,981		183,948
Clearside Biomedical, Inc.(a)		877		1,035
Collegium Pharmaceutical, Inc.(a)(b)		921		14,745
Corcept Therapeutics, Inc.(a)		3,019		33,752
Corium International, Inc.(b)		973		175
Cymabay Therapeutics, Inc.(a)		1,820		15,834
Dermira, Inc.(a)		722		4,765
Dova Pharmaceuticals, Inc.(a)(b)		368		2,826
Durect Corp.(a)		2,947		1,784
Elanco Animal Health, Inc.(a)		2,822		82,346
Eli Lilly & Co.		30,471		3,652,254
Eloxx Pharmaceuticals, Inc.(a)		661		7,972
Endo International PLC(a)		9,415		91,796
Evolus, Inc.(a)		275		4,496
Heska Corp.(a)		201		19,819
Horizon Pharma PLC(a)		5,454		117,206
Innovate Biopharmaceuticals, Inc.(a)(b)		895		2,103
Intersect ENT, Inc.(a)		830		24,626
Intra-Cellular Therapies, Inc.(a)		1,512		18,204
Jazz Pharmaceuticals PLC(a)		1,836		231,134
Johnson & Johnson		87,724		11,674,310
Lannett Co., Inc.(a)		1,056		7,878
Mallinckrodt PLC(a)(b)		2,563		56,027
Marinus Pharmaceuticals, Inc.(a)		1,291		4,286
Medicines Co.(a)(b)		2,056		47,514
Melinta Therapeutics, Inc.(a)		171		144
Merck & Co., Inc.		85,211		6,342,255
Mylan NV(a)		16,737		501,273
MyoKardia, Inc.(a)(b)		1,608		66,539
Nektar Therapeutics(a)		5,537		234,437
Neos Therapeutics, Inc.(a)		1,393		2,981
Odonate Therapeutics, Inc.(a)		353		5,849
Omeros Corp.(a)(b)		1,445		19,710
Optinose, Inc.(a)		514		3,310
Pacira Pharmaceuticals, Inc.(a)		1,136		46,213
Paratek Pharmaceuticals, Inc.(a)(b)		915		6,172
Perrigo Co. PLC		4,312		200,292
Pfizer, Inc.		189,580		8,047,671
Phibro Animal Health Corp., Class A		619		19,325

Security	Shares		Value
Pharmaceuticals (continued)
Prestige Consumer Healthcare, Inc.(a)		1,713	$	47,827
Reata Pharmaceuticals, Inc., Class A(a)		493		39,327
Revance Therapeutics, Inc.(a)		1,026		17,719
Sienna Biopharmaceuticals, Inc.(a)		546		1,463
SIGA Technologies, Inc.(a)		1,580		10,712
Supernus Pharmaceuticals, Inc.(a)		1,606		61,237
Teligent, Inc.(a)		475		808
TherapeuticsMD, Inc.(a)(b)		4,721		24,785
Theravance Biopharma, Inc.(a)(b)		1,235		32,172
WaVe Life Sciences Ltd.(a)		476		17,731
Zoetis, Inc.		15,935		1,372,960
Zogenix, Inc.(a)(b)		1,757		76,869
				37,953,324
Producer Durables: Miscellaneous — 0.0%
PROS Holdings, Inc.(a)		878		30,379
Professional Services — 0.5%
ASGN, Inc.(a)		1,543		97,194
Barrett Business Services, Inc.		250		15,663
CBIZ, Inc.(a)		1,845		36,162
CoStar Group, Inc.(a)		1,220		476,703
CRA International, Inc.		196		8,181
Dun & Bradstreet Corp.		1,131		163,701
Equifax, Inc.		3,859		412,990
Exponent, Inc.		1,662		83,034
Franklin Covey Co.(a)		195		4,750
FTI Consulting, Inc.(a)		1,148		78,431
GP Strategies Corp.(a)		414		6,227
Heidrick & Struggles International, Inc.		563		18,607
Huron Consulting Group, Inc.(a)		692		33,458
ICF International, Inc.		640		42,189
IHS Markit Ltd.(a)(b)		12,657		657,151
Insperity, Inc.		1,172		125,029
Kelly Services, Inc., Class A		887		19,869
Kforce, Inc.		689		22,606
Korn/Ferry International		1,744		79,526
ManpowerGroup, Inc.		2,141		169,203
Mistras Group, Inc.(a)		335		4,928
Navigant Consulting, Inc.		1,401		36,314
Nielsen Holdings PLC		11,605		298,016
Paylocity Holding Corp.(a)(b)		922		65,490
Resources Connection, Inc.		605		10,110
Robert Half International, Inc.		3,893		250,826
TransUnion		6,150		374,043
TriNet Group, Inc.(a)		1,356		61,915
TrueBlue, Inc.(a)		1,432		34,926
Verisk Analytics, Inc.(a)		5,227		613,702
WageWorks, Inc.(a)		1,240		39,122
Willdan Group, Inc.(a)		300		10,095
				4,350,161
Real Estate Management & Development — 0.1%
Alexander & Baldwin, Inc.(a)		2,102		48,430
Altisource Portfolio Solutions SA(a)		294		6,962
CareTrust REIT, Inc.		1,899		41,740
CBRE Group, Inc., Class A(a)		10,198		466,558
Consolidated-Tomoka Land Co.		88		5,374
Cushman & Wakefield PLC(a)(b)		1,557		26,843
Essential Properties Realty Trust, Inc.		5,028		79,945
Forestar Group, Inc.(a)		92		1,473
FRP Holdings, Inc.(a)		186		9,434
Howard Hughes Corp.(a)		1,228		136,357
Jones Lang LaSalle, Inc.		1,391		199,483
Kennedy-Wilson Holdings, Inc.		4,020		80,360
Newmark Group, Inc., Class A		4,460		46,607

82 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development (continued)
RE/MAX Holdings, Inc., Class A		632	$	26,367
Realogy Holdings Corp.		4,862		86,300
Redfin Corp.(a)(b)		2,320		41,505
RMR Group, Inc., Class A		188		12,410
St. Joe Co.(a)(b)		1,480		23,029
Stratus Properties, Inc.(a)		132		3,128
Tejon Ranch Co.(a)		507		9,542
Trinity Place Holdings, Inc.(a)(b)		384		1,594
				1,353,441
Road & Rail — 1.0%
AMERCO		214		77,609
ArcBest Corp.		886		33,331
Avis Budget Group, Inc.(a)		2,079		55,385
Covenant Transportation Group, Inc., Class A(a)		245		5,777
CSX Corp.		26,553		1,744,532
Daseke, Inc.(a)		1,090		4,545
Genesee & Wyoming, Inc., Class A(a)		2,173		170,624
Heartland Express, Inc.		1,276		25,533
Hertz Global Holdings, Inc.(a)		1,626		26,975
JB Hunt Transport Services, Inc.		2,817		301,532
Kansas City Southern		3,306		349,610
Knight-Swift Transportation Holdings, Inc.		3,988		126,619
Landstar System, Inc.		1,388		140,993
Marten Transport Ltd.		1,272		24,613
Norfolk Southern Corp.		8,982		1,506,641
Old Dominion Freight Line, Inc.		2,300		312,639
Ryder System, Inc.		1,731		100,242
Saia, Inc.(a)		851		51,034
Schneider National, Inc., Class B		1,409		29,927
Union Pacific Corp.		24,143		3,840,427
Universal Logistics Holdings, Inc.		345		7,031
USA Truck, Inc.(a)		408		7,287
Werner Enterprises, Inc.		1,616		53,199
YRC Worldwide, Inc.(a)		617		3,850
				8,999,955
Semiconductors & Semiconductor Equipment — 3.5%
Acacia Communications, Inc.(a)		860		37,419
Adesto Technologies Corp.(a)(b)		971		4,787
Advanced Energy Industries, Inc.(a)		1,282		65,754
Advanced Micro Devices, Inc.(a)		30,142		735,766
Alpha & Omega Semiconductor Ltd.(a)		229		2,727
Ambarella, Inc.(a)		925		35,150
Amkor Technology, Inc.(a)		6,526		52,208
Analog Devices, Inc.		11,787		1,165,263
Applied Materials, Inc.		32,416		1,266,817
Aquantia Corp.(a)		694		6,114
Axcelis Technologies, Inc.(a)		1,025		21,351
AXT, Inc.(a)		1,214		4,989
Broadcom, Inc.		13,235		3,550,289
Brooks Automation, Inc.		2,206		68,673
Cabot Microelectronics Corp.		1,205		122,777
CEVA, Inc.(a)		893		25,397
Cirrus Logic, Inc.(a)		1,979		73,520
Cohu, Inc.		1,255		22,013
Cree, Inc.(a)(b)		3,103		156,484
Cypress Semiconductor Corp.		11,347		157,383
Diodes, Inc.(a)		2,255		75,836
Entegris, Inc.		4,523		149,485
First Solar, Inc.(a)		2,616		132,343
FormFactor, Inc.(a)		2,501		37,565
Ichor Holdings Ltd.(a)		969		19,932
Impinj, Inc.(a)		724		11,092
Inphi Corp.(a)(b)		1,359		53,599

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Integrated Device Technology, Inc.(a)		4,325	$	211,276
Intel Corp.		149,369		7,038,267
KLA-Tencor Corp.		5,141		547,876
Kopin Corp.(a)(b)		1,560		2,153
Lam Research Corp.		5,153		873,846
Lattice Semiconductor Corp.(a)		3,540		27,612
MACOM Technology Solutions Holdings, Inc.(a)		1,230		22,177
Marvell Technology Group Ltd.		18,258		338,321
Maxim Integrated Products, Inc.		8,965		486,530
MaxLinear, Inc., Class A(a)(b)		1,973		38,710
Microchip Technology, Inc.		7,461		599,641
Micron Technology, Inc.(a)		37,271		1,424,498
MKS Instruments, Inc.		1,726		140,893
Monolithic Power Systems, Inc.		1,239		156,808
Nanometrics, Inc.(a)		691		21,138
NeoPhotonics Corp.(a)		339		2,448
NVE Corp.		172		16,390
NVIDIA Corp.		18,790		2,701,062
NXP Semiconductors NV		11,383		990,662
ON Semiconductor Corp.(a)		13,150		263,526
PDF Solutions, Inc.(a)		466		4,898
Photronics, Inc.(a)(b)		2,227		23,807
Power Integrations, Inc.		1,465		96,690
Qorvo, Inc.(a)		4,102		268,107
QUALCOMM, Inc.		39,801		1,970,945
Rambus, Inc.(a)		3,047		27,484
Rudolph Technologies, Inc.(a)		953		20,699
Semtech Corp.(a)		2,063		100,179
Silicon Laboratories, Inc.(a)		1,934		147,951
Skyworks Solutions, Inc.		5,714		417,351
SMART Global Holdings, Inc.(a)		304		7,542
SunPower Corp.(a)(b)		2,301		13,369
Teradyne, Inc.		5,468		196,793
Texas Instruments, Inc.		30,678		3,088,661
Ultra Clean Holdings, Inc.(a)		1,174		13,924
Veeco Instruments, Inc.(a)		1,822		17,874
Xilinx, Inc.		8,203		918,244
Xperi Corp.		1,688		36,174
				31,329,259
Software — 6.1%
A10 Networks, Inc.(a)		1,111		7,544
ACI Worldwide, Inc.(a)		3,185		94,149
Adobe, Inc.(a)		16,152		4,002,789
Alarm.com Holdings, Inc.(a)		943		59,343
Allscripts Healthcare Solutions, Inc.(a)		5,814		68,547
Altair Engineering, Inc., Class A(a)		773		25,030
Alteryx, Inc., Class A(a)		880		62,612
Amber Road, Inc.(a)		336		2,927
American Software, Inc., Class A		608		6,724
Anaplan, Inc.(a)		1,056		33,148
ANSYS, Inc.(a)		2,689		441,937
Appfolio, Inc., Class A(a)		449		28,426
Aspen Technology, Inc.(a)		2,260		218,384
Asure Software, Inc.(a)		507		2,692
Atlassian Corp. PLC, Class A(a)		3,326		327,278
Autodesk, Inc.(a)		7,319		1,077,357
Avalara, Inc.(a)		676		26,952
Avaya Holdings Corp.(a)		3,215		54,366
Benefitfocus, Inc.(a)(b)		636		35,584
Blackbaud, Inc.		1,542		110,407
Blackline, Inc.(a)		978		46,533
Bottomline Technologies DE, Inc.(a)		1,351		69,779
Box, Inc., Class A(a)		3,985		83,366
Cadence Design Systems, Inc.(a)		8,948		429,772

SCHEDULES OF INVESTMENTS 83

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Carbon Black, Inc.(a)		2,356	$	36,494
CDK Global, Inc.		4,623		226,111
Ceridian HCM Holding, Inc.(a)		1,434		59,095
ChannelAdvisor Corp.(a)		878		9,439
Cision Ltd.(a)(b)		3,837		47,579
Citrix Systems, Inc.		4,375		448,612
Cloudera, Inc.(a)		5,671		76,558
CommVault Systems, Inc.(a)		1,262		83,380
Cornerstone OnDemand, Inc.(a)		1,665		95,471
Coupa Software, Inc.(a)		1,659		144,267
Digimarc Corp.(a)		290		5,652
DocuSign, Inc.(a)		2,488		123,032
Ebix, Inc.(b)		762		43,525
eGain Corp.(a)		724		5,184
Elastic NV(a)(b)		468		39,780
Ellie Mae, Inc.(a)(b)		1,080		81,864
Envestnet, Inc.(a)		1,386		75,190
ePlus, Inc.(a)		424		33,589
Everbridge, Inc.(a)		836		51,715
Fair Isaac Corp.(a)		911		205,157
FireEye, Inc.(a)		5,877		103,905
Five9, Inc.(a)		1,807		92,392
ForeScout Technologies, Inc.(a)		903		27,542
Fortinet, Inc.(a)		4,784		366,311
Glu Mobile, Inc.(a)		3,454		33,642
Guidewire Software, Inc.(a)		2,511		217,653
HubSpot, Inc.(a)		1,132		179,207
Instructure, Inc.(a)(b)		984		38,898
Intuit, Inc.		7,886		1,701,957
j2 Global, Inc.		1,514		113,792
LivePerson, Inc.(a)		1,786		41,917
LogMeIn, Inc.		1,759		163,622
Manhattan Associates, Inc.(a)		2,340		114,122
Microsoft Corp.		247,639		25,860,941
MicroStrategy, Inc., Class A(a)		315		39,970
MINDBODY, Inc., Class A(a)		1,455		53,049
Mitek Systems, Inc.(a)		1,307		14,416
MobileIron, Inc.(a)		2,756		13,367
Model N, Inc.(a)		760		11,028
Monotype Imaging Holdings, Inc.		1,644		27,290
Netscout Systems, Inc.(a)		3,063		79,424
New Relic, Inc.(a)		1,381		140,379
Nuance Communications, Inc.(a)		10,159		161,223
Nutanix, Inc., Class A(a)		4,663		238,885
OneSpan, Inc.(a)		969		14,138
Oracle Corp.		81,533		4,095,403
Park City Group, Inc.(a)		251		2,174
Paycom Software, Inc.(a)(b)		1,649		244,448
Pegasystems, Inc.		1,263		71,094
Pluralsight, Inc., Class A(a)		839		25,153
Progress Software Corp.		1,381		50,034
Proofpoint, Inc.(a)		1,609		163,909
PTC, Inc.(a)		3,604		305,583
Q2 Holdings, Inc.(a)(b)		1,100		65,373
QAD, Inc., Class A		286		12,058
Qualys, Inc.(a)		1,049		90,770
Rapid7, Inc.(a)(b)		1,116		44,841
RealPage, Inc.(a)(b)		2,211		123,307
Red Hat, Inc.(a)		5,680		1,010,131
RingCentral, Inc., Class A(a)		2,511		232,117
Rosetta Stone, Inc.(a)		562		8,520
SailPoint Technologies Holding, Inc.(a)		2,947		84,137
salesforce.com, Inc.(a)		23,631		3,591,203
SendGrid, Inc.(a)		1,054		57,000

Security	Shares		Value
Software (continued)
ServiceNow, Inc.(a)		6,060	$	1,333,321
ShotSpotter, Inc.(a)		218		10,499
SolarWinds Corp.(a)		1,521		26,694
Splunk, Inc.(a)		4,829		602,852
SPS Commerce, Inc.(a)		590		52,309
SS&C Technologies Holdings, Inc.		6,793		349,772
Symantec Corp.		20,426		429,355
Synopsys, Inc.(a)		4,723		440,892
Tableau Software, Inc., Class A(a)		2,424		309,884
Telaria, Inc.(a)		2,084		6,648
TeleNav, Inc.(a)		760		3,367
Trade Desk, Inc., Class A(a)		989		141,111
Tyler Technologies, Inc.(a)		1,390		262,974
Ultimate Software Group, Inc.(a)		946		258,324
Upland Software, Inc.(a)		467		14,589
Varonis Systems, Inc.(a)		868		51,281
Verint Systems, Inc.(a)		2,495		120,683
Veritone, Inc.(a)		406		2,164
VirnetX Holding Corp.(a)(b)		2,642		13,474
VMware, Inc., Class A		2,297		347,008
Workday, Inc., Class A(a)(b)		4,715		855,914
Workiva, Inc.(a)		959		40,182
Yext, Inc.(a)		2,501		38,991
Zendesk, Inc.(a)		3,194		215,691
Zix Corp.(a)		998		7,106
Zscaler, Inc.(a)		2,038		98,578
Zynga, Inc., Class A(a)		24,908		111,588
				55,478,916
Specialty Retail — 2.2%
Aaron’s, Inc.		2,202		110,232
Abercrombie & Fitch Co., Class A		2,163		46,872
Advance Auto Parts, Inc.		2,300		366,160
America’sCar-Mart, Inc.(a)		281		19,659
American Eagle Outfitters, Inc.		5,054		106,740
Asbury Automotive Group, Inc.(a)		625		44,156
Ascena Retail Group, Inc.(a)		4,289		10,508
AutoNation, Inc.(a)(b)		1,685		65,294
AutoZone, Inc.(a)		847		717,697
Barnes & Noble Education, Inc.(a)		774		4,427
Barnes & Noble, Inc.		2,427		14,635
Bed Bath & Beyond, Inc.		4,088		61,688
Best Buy Co., Inc.		7,676		454,726
Big 5 Sporting Goods Corp.		357		1,228
BMC Stock Holdings, Inc.(a)		2,008		34,457
Boot Barn Holdings, Inc.(a)		631		14,784
Buckle, Inc.		884		15,355
Caleres, Inc.		1,279		38,165
CarMax, Inc.(a)		5,722		336,339
Carvana Co.(a)(b)		1,587		58,957
Cato Corp., Class A		507		7,529
Chico’s FAS, Inc.		3,622		21,008
Children’s Place, Inc.		492		47,606
Citi Trends, Inc.		277		5,676
Conn’s, Inc.(a)		641		13,423
Dick’s Sporting Goods, Inc.		2,462		86,933
DSW, Inc., Class A		2,120		57,770
Express, Inc.(a)		2,627		13,923
Five Below, Inc.(a)		1,889		233,726
Floor & Decor Holdings, Inc., Class A(a)		1,981		67,929
Foot Locker, Inc.		3,543		198,018
Francesca’s Holdings Corp.(a)		821		725
GameStop Corp., Class A		3,539		40,132
Gap, Inc.		7,271		184,974
Genesco, Inc.(a)		625		28,238

84 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
GNC Holdings, Inc., Class A(a)		3,255	$	9,928
Group 1 Automotive, Inc.		663		40,463
Guess?, Inc.		1,837		35,840
Haverty Furniture Cos., Inc.		502		10,226
Hibbett Sports, Inc.(a)		427		6,977
Home Depot, Inc.		37,702		6,919,448
Hudson Ltd., Class A(a)		1,455		18,740
Kirkland’s, Inc.(a)		341		3,485
L Brands, Inc.		7,940		221,050
Lithia Motors, Inc., Class A		728		64,756
Lowe’s Cos., Inc.		26,831		2,580,069
Lumber Liquidators Holdings, Inc.(a)(b)		1,004		12,068
MarineMax, Inc.(a)		449		7,983
Michaels Cos., Inc.(a)		3,572		49,508
Monro, Inc.		1,015		72,735
National Vision Holdings, Inc.(a)		2,652		84,228
O’Reilly Automotive, Inc.(a)		2,630		906,456
Office Depot, Inc.		17,190		50,711
Party City Holdco, Inc.(a)(b)		1,128		12,453
Penske Automotive Group, Inc.		1,122		52,599
Pier 1 Imports, Inc.(a)		1,225		999
Rent-A-Center, Inc.(a)		1,370		23,975
RH(a)		582		79,076
Ross Stores, Inc.		12,050		1,110,046
Sally Beauty Holdings, Inc.(a)		4,986		85,859
Shoe Carnival, Inc.		372		13,719
Signet Jewelers Ltd.		1,788		43,556
Sleep Number Corp.(a)		1,074		38,664
Sonic Automotive, Inc., Class A		808		12,362
Sportsman’s Warehouse Holdings, Inc.(a)(b)		414		2,128
Systemax, Inc.		366		8,542
Tailored Brands, Inc.		1,674		21,143
Tiffany & Co.		3,989		353,944
Tile Shop Holdings, Inc.		1,702		12,918
Tilly’s, Inc., Class A		598		7,242
TJX Cos., Inc.		40,816		2,029,780
Tractor Supply Co.		4,074		347,920
Ulta Salon Cosmetics & Fragrance, Inc.(a)		1,826		533,046
Urban Outfitters, Inc.(a)		2,358		76,163
Williams-Sonoma, Inc.		2,637		143,532
Winmark Corp.		34		5,241
Zumiez, Inc.(a)		536		13,620
				19,652,887
Technology Hardware, Storage & Peripherals — 3.3%
3D Systems Corp.(a)(b)		3,456		44,099
Apple, Inc.		155,271		25,843,305
Avid Technology, Inc.(a)		592		2,818
Cray, Inc.(a)		1,260		27,644
Dell Technologies, Inc., Class C(a)		5,274		256,264
Diebold Nixdorf, Inc.		2,781		11,819
Eastman Kodak Co.(a)(b)		340		989
Electronics for Imaging, Inc.(a)		1,455		38,427
Hewlett Packard Enterprise Co.		47,683		743,378
HP, Inc.		51,561		1,135,889
Immersion Corp.(a)		1,186		11,255
NCR Corp.(a)(b)		3,882		103,844
NetApp, Inc.		8,581		547,210
Pure Storage, Inc., Class A(a)		5,144		92,129
Stratasys Ltd.(a)		1,763		45,009
Synaptics, Inc.(a)		1,075		42,785
USA Technologies, Inc.(a)(b)		1,580		9,338
Western Digital Corp.		9,494		427,135
Xerox Corp.		6,922		195,270
				29,578,607

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.(a)		4,694	$	199,401
Carter’s, Inc.		1,327		110,008
Columbia Sportswear Co.		906		80,806
Crocs, Inc.(a)		1,764		50,662
Culp, Inc.		170		3,247
Deckers Outdoor Corp.(a)		864		110,981
Fossil Group, Inc.(a)		1,424		24,151
G-III Apparel Group Ltd.(a)		1,377		48,016
Hanesbrands, Inc.		11,142		167,019
Lululemon Athletica, Inc.(a)		3,161		467,227
Movado Group, Inc.		450		14,378
NIKE, Inc., Class B		41,348		3,385,574
Oxford Industries, Inc.		585		44,799
PVH Corp.		2,587		282,268
Ralph Lauren Corp.		1,707		198,251
Rocky Brands, Inc.		309		8,284
Skechers U.S.A., Inc., Class A(a)		4,241		115,228
Steven Madden Ltd.		2,896		94,554
Tapestry, Inc.		9,443		365,539
Under Armour, Inc., Class A(a)		6,586		136,594
Under Armour, Inc., Class C(a)		6,394		121,102
Unifi, Inc.(a)		322		6,888
Vera Bradley, Inc.(a)		696		6,229
VF Corp.		10,482		882,270
Wolverine World Wide, Inc.		2,950		101,214
				7,024,690
Thrifts & Mortgage Finance — 0.2%
Axos Financial, Inc.(a)		1,972		59,870
Banc of California, Inc.		1,360		19,829
BankFinancial Corp.		603		9,045
Beneficial Bancorp, Inc.		1,762		27,470
Berkshire Hills Bancorp, Inc.		1,243		33,872
Brookline Bancorp, Inc.		2,260		33,606
Capitol Federal Financial, Inc.		8,121		104,517
Columbia Financial, Inc.(a)		1,426		21,119
Dime Community Bancshares, Inc.		995		19,621
Entegra Financial Corp.(a)		170		3,971
Essent Group Ltd.(a)		2,977		118,336
Federal Agricultural Mortgage Corp., Class C		263		18,607
First Defiance Financial Corp.		610		17,190
Flagstar Bancorp, Inc.(a)		908		28,012
Flushing Financial Corp.		756		16,768
Greene County Bancorp, Inc.		392		11,944
Hingham Institution for Savings		79		14,607
Home Bancorp, Inc.		190		6,718
HomeStreet, Inc.(a)		1,097		26,844
Impac Mortgage Holdings, Inc.(a)		232		814
Kearny Financial Corp.		3,052		39,188
Ladder Capital Corp.		2,642		45,733
LendingTree, Inc.(a)		254		75,270
Merchants Bancorp		405		7,926
Meridian Bancorp, Inc.		1,376		21,789
Meta Financial Group, Inc.		945		22,255
MGIC Investment Corp.(a)		12,493		155,913
Mr Cooper Group, Inc.(a)		2,984		45,924
New York Community Bancorp, Inc.		14,777		171,709
NMI Holdings, Inc., Class A(a)		2,174		47,828
Northfield Bancorp, Inc.		1,190		17,029
Northwest Bancshares, Inc.		2,604		45,935
OceanFirst Financial Corp.		1,828		43,890
Ocwen Financial Corp.(a)		3,735		6,275
Oritani Financial Corp.		3,976		67,035
PCSB Financial Corp.		450		9,139
Provident Bancorp, Inc.(a)		433		9,790

SCHEDULES OF INVESTMENTS 85

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
Provident Financial Services, Inc.		1,941	$	47,962
Radian Group, Inc.		6,995		134,584
Southern Missouri Bancorp, Inc.		347		12,218
Territorial Bancorp, Inc.		536		14,783
TFS Financial Corp.		1,417		23,111
TrustCo Bank Corp. NY		1,531		11,881
United Community Financial Corp.		695		6,589
United Financial Bancorp, Inc.		1,299		19,238
Walker & Dunlop, Inc.		946		45,474
Washington Federal, Inc.		3,037		88,346
Waterstone Financial, Inc.		804		12,623
WSFS Financial Corp.		997		42,043
				1,884,240
Tobacco — 0.8%
22nd Century Group, Inc.(a)(b)		4,139		9,271
Altria Group, Inc.		62,058		3,062,562
Philip Morris International, Inc.		50,790		3,896,609
Turning Point Brands, Inc.		273		9,667
Universal Corp.		807		46,564
Vector Group Ltd.		3,878		42,658
				7,067,331
Trading Companies & Distributors — 0.3%
Air Lease Corp.		3,047		115,603
Aircastle Ltd.		1,676		34,928
Applied Industrial Technologies, Inc.		1,275		75,238
Beacon Roofing Supply, Inc.(a)		2,092		76,002
BlueLinx Holdings, Inc.(a)(b)		266		7,754
CAI International, Inc.(a)		573		14,222
DXP Enterprises, Inc.(a)		556		18,298
Fastenal Co.		9,236		558,409
Foundation Building Materials, Inc.(a)		572		5,228
GATX Corp.		1,166		88,243
GMS, Inc.(a)		1,078		20,407
H&E Equipment Services, Inc.		1,091		29,206
HD Supply Holdings, Inc.(a)		6,408		268,751
Herc Holdings, Inc.(a)		760		28,158
Kaman Corp.		920		54,390
Lawson Products, Inc.(a)		478		14,149
MRC Global, Inc.(a)		2,394		37,394
MSC Industrial Direct Co., Inc., Class A		1,398		116,719
Nexeo Solutions, Inc.(a)		966		9,080
NOW, Inc.(a)		3,477		47,044
Rush Enterprises, Inc., Class A		823		31,480
Rush Enterprises, Inc., Class B		266		10,353
SiteOne Landscape Supply, Inc.(a)(b)		1,243		66,252
Textainer Group Holdings Ltd.(a)		625		8,137
Titan Machinery, Inc.(a)		378		7,084
Triton International Ltd.		1,626		58,455
United Rentals, Inc.(a)		2,665		333,818
Univar, Inc.(a)		3,678		76,613
Veritiv Corp.(a)		406		13,865
W.W. Grainger, Inc.		1,465		432,746
Watsco, Inc.		980		144,530
WESCO International, Inc.(a)		1,485		77,814
				2,880,370
Transportation Infrastructure — 0.0%
Macquarie Infrastructure Corp.		2,573		111,077
Wesco Aircraft Holdings, Inc.(a)		1,784		15,592
				126,669
Water Utilities — 0.1%
American States Water Co.		1,117		75,643
American Water Works Co., Inc.		5,934		567,706

Security	Shares		Value
Water Utilities (continued)
Aqua America, Inc.		5,536	$	194,037
Artesian Resources Corp., Class A		493		17,447
Cadiz, Inc.(a)(b)		459		4,728
California Water Service Group		1,529		75,716
Connecticut Water Service, Inc.		397		26,933
Consolidated Water Co. Ltd.		1,363		17,787
Evoqua Water Technologies Corp.(a)		2,386		25,793
Global Water Resources, Inc.		64		616
Middlesex Water Co.		482		27,088
SJW Group		522		31,294
York Water Co.		487		16,022
				1,080,810
Wireless Telecommunication Services — 0.1%
Boingo Wireless, Inc.(a)		1,078		26,001
Gogo, Inc.(a)		2,125		8,776
NII Holdings, Inc.(a)		2,730		13,240
Shenandoah Telecommunications Co.		1,455		69,302
Spok Holdings, Inc.		353		4,886
Sprint Corp.(a)		20,592		128,494
T-Mobile U.S., Inc.(a)		10,451		727,599
Telephone & Data Systems, Inc.		3,183		115,288
United States Cellular Corp.(a)		438		25,220
				1,118,806
Total Common Stocks — 98.3% (Cost — $745,050,748)				890,654,440
Investment Companies — 0.2%
iShares Russell 3000 ETF		8,863		1,412,674
Total Investment Companies — 0.2% (Cost — $1,371,318)				1,412,674
Total Long-Term Investments — 98.5% (Cost — $746,422,066)				892,067,114
Short-Term Securities — 2.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.65%(d)(e)(f)		9,069,120		9,071,841
BlackRock Cash Funds: Treasury, SL Agency Shares,
2.34%(d)(f)		16,685,919		16,685,919
Total Short-Term Securities — 2.8% (Cost — $25,755,173)				25,757,760
Total Investments — 101.3% (Cost — $772,177,239)				917,824,874
Liabilities in Excess of Other Assets — (1.3)%				(11,471,836	)
Net Assets — 100.0%			$	906,353,038

^(a)  Non-income producing security.

^(b)  Security, or a portion of the security, is on loan.

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

^(d)  Annualized7-day yield as of period end.

^(e)  Security was purchased with the cash collateral from loaned securities.

86 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund

^(f)  During the six months ended January 31, 2019, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliate Persons and/or Related Parties	Shares Held at 07/31/18		Shares Purchased			Shares Sold			Shares Held at 01/31/19		Value at 01/31/19		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		19,141,690		—			(10,072,570	)(c)		9,069,120	$	9,071,841	$	61,024	(d)	$	799		$	(1,421	)
BlackRock Cash Funds: Treasury, SL Agency Shares		4,830,428		11,855,491	(b)		—			16,685,919		16,685,919		92,591			—			—
BlackRock, Inc.		3,881		194			(174	)		3,901		1,619,227		24,060			(21,212	)		(312,564	)
PNC Financial Services Group, Inc.(e)		14,821		1,191			(849	)		15,163		—		27,639			(16,696	)		(530,472	)
PennyMac Mortgage Investment Trust		1,874		—			—			1,874		37,930		1,762			—			1,781
iShares Russell 3000 ETF		16,310		68,842			(76,289	)		8,863		1,412,674		20,837			55,803			(124,201	)
											$	28,827,591	$	227,913		$	18,694		$	(966,877	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased.

^(c)  Represents net shares sold.

^(d)  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.

^(e)  As of period end, the entity is no longer an affiliate of the Fund.

For Fund compliance purposes, the fund’s industry classifications refer to one or more of the industrysub-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 sectorsub-classifications for reporting ease.

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 2000E-Mini Index		7		03/15/19	$	525	$	14,021
S&P 500E-Mini Index		26		03/15/19		3,516		100,192
							$	114,213

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
Net unrealized appreciation(a)	$	—	$	—	$	114,213	$	—	$	—	$	—	$	114,213

^(a)  Includes cumulative appreciation (depreciation) on futures contracts if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

SCHEDULES OF INVESTMENTS 87

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Total U.S. Stock Market Index Fund

For the six months ended January 31, 2019, 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	$	—	$	—	$	(598,667	)	$	—	$	—	$	—	$	(598,667	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	76,475		$	—	$	—	$	—	$	76,475

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	6,624,093

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 investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments(a):
Common Stocks	$	890,652,705	$	175	$	1,560	$	890,654,440
Investment Companies		1,412,674		—		—		1,412,674
Short-Term Securities		25,757,760		—		—		25,757,760
	$	917,823,139	$	175	$	1,560	$	917,824,874
Derivative Financial Instruments(b)
Assets:
Equity contracts	$	114,213	$	—	$	—	$	114,213
	$	114,213	$	—	$	—	$	114,213

^(a)  See above Schedule of Investments for values in each industry.

^(b)  Derivative financial instruments are swaps, futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

During the six months ended January 31, 2019, there were no transfers between levels.

See notes to financial statements.

88 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited)

January 31, 2019

	iShares MSCI Developed World Index Fund		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)	$	205,108,491	$	950,784,463	$	192,835,444	$	888,997,283
Investments at value — affiliated(c)		3,158,881		24,433,839		11,973,956		28,827,591
Cash		—		—		22,784		8,509
Cash pledged for futures contracts		220,980		182,650		35,000		155,000
Foreign currency at value(d)		1,487,633		—		—		—
Receivables:
Dividends — unaffiliated		619,628		501,933		85,554		830,428
Capital shares sold		77,420		4,226,058		107,855		10,948,270
Variation margin on futures contracts		27,068		21,097		4,504		27,896
Securities lending income — affiliated		3,398		11,998		7,031		8,760
Dividends — affiliated		3,113		18,628		3,144		18,188
Investments sold		2,116		—		91,236		—
From the Manager		—		—		18,118		239
Prepaid expenses		25,143		34,415		23,773		31,003
Total assets		210,733,871		980,215,081		205,208,399		929,853,167
LIABILITIES
Cash collateral on securities loaned at value		921,479		19,241,664		10,576,787		9,071,715
Payables:
Recoupment of past waived fees		300,010		213,487		—		—
Capital shares redeemed		129,466		6,537,816		899,128		718,490
Directors’ and Officer’s fees		7,567		5,970		2,847		5,494
Investment advisory fees		2,696		14,897		—		—
Distribution fees		—		22,932		6,462		16,582
Investments purchased		—		506,499		9,095		13,571,715
Other accrued expenses		196,782		326,525		80,844		116,133
Total liabilities		1,558,000		26,869,790		11,575,163		23,500,129
NET ASSETS	$	209,175,871	$	953,345,291	$	193,633,236	$	906,353,038
NET ASSETS CONSIST OF
Paid-in capital	$	122,802,802	$	795,718,576	$	184,416,961	$	767,132,432
Accumulated earnings		86,373,069		157,626,715		9,216,275		139,220,606
NET ASSETS	$	209,175,871	$	953,345,291	$	193,633,236	$	906,353,038
(a) Investments at cost — unaffiliated	$	156,453,941	$	776,386,947	$	180,706,298	$	743,485,703
(b) Securities loaned at value	$	910,197	$	18,988,012	$	10,435,208	$	8,891,608
(c) Investments at cost — affiliated	$	3,102,676	$	24,176,189	$	11,941,371	$	28,691,536
(d) Foreign currency at cost	$	1,481,999	$	—	$	—	$	—
Institutional:
Net assets	$	13,473,136	$	229,401,812	$	12,860,081	$	79,932,135
Shares outstanding(e)		1,288,244		23,023,034		1,083,304		6,223,606
Net asset value	$	10.46	$	9.96	$	11.87	$	12.84
Investor A:
Net assets	$	—	$	117,170,039	$	30,812,400	$	82,298,172
Shares outstanding(e)		—		11,802,439		2,599,662		6,415,033
Net asset value	$	—	$	9.93	$	11.85	$	12.83
Class K:
Net assets	$	195,702,735	$	606,773,440	$	149,960,755	$	744,122,731
Shares outstanding(e)		18,680,857		60,777,760		12,634,187		57,941,980
Net asset value	$	10.48	$	9.98	$	11.87	$	12.84

^(e)  Unlimited number of shares authorized, $0.001 par value.

See notes to financial statements.

FINANCIAL STATEMENTS 89

Statements of Operations  (unaudited)

Six Months Ended January 31, 2019

	iShares MSCI Developed World Index Fund			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	$	5,246,706	(a)	$	8,833,120	(a)	$	1,383,509		$	8,995,646
Non-cash dividends — unaffiliated		—			498,575			—			—
Dividends — affiliated		38,548			148,169			26,682			166,889
Securities lending income — affiliated — net		15,008			64,514			40,689			61,024
Foreign taxes withheld		(135,240	)		(1,104	)		(596	)		(1,358	)
Total investment income		5,165,022			9,543,274			1,450,284			9,222,201
EXPENSES
Investment advisory		110,462			88,516			23,951			44,293
Service and distribution — class specific		—			200,138			36,794			94,816
Board realignment and consolidation		32,939			20,270			1,736			5,244
Custodian		41,566			16,812			18,530			16,696
Registration		32,396			43,231			26,076			36,753
Transfer agent — class specific		25,293			45,444			9,482			36,323
Professional		22,041			38,903			37,283			31,844
Printing		21,882			18,716			16,672			18,571
Accounting services		4,578			4,536			4,536			4,536
Trustees and Officer		10,281			9,793			4,914			10,852
Recoupment of past fees waived and/or reimbursed		4,855			33,269			—			—
Recoupment of past waived and/or reimbursed fees — class specific		48,378			57,710			—			—
Miscellaneous		31,241			—			6,330			9,451
Total expenses		385,912			577,338			186,304			309,379
Less:
Fees waived and/or reimbursed by the Manager		(44,008	)		(24,341	)		(84,086	)		(45,192	)
Transfer agent fees waived and/or reimbursed		(6,729	)		(787	)		(2,060	)		(4,184	)
Total expenses after fees waived and/or reimbursed		335,175			552,210			100,158			260,003
Net investment income		4,829,847			8,991,064			1,350,126			8,962,198
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		55,530,852			(6,965,862	)		(1,203,236	)		(3,288,457	)
Investments — affiliated		137,024			(531,453	)		(17,990	)		18,694
Futures contracts		(1,521,215	)		(382,441	)		(172,218	)		(598,667	)
Foreign currency transactions		(48,983	)		—			(11	)		(6	)
		54,097,678			(7,879,756	)		(1,393,455	)		(3,868,436	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(100,192,536	)		(33,588,810	)		(7,993,849	)		(31,986,532	)
Investments — affiliated		(550,657	)		200,294			(4,394	)		(966,877	)
Futures contracts		75,791			83,446			30,166			76,475
Foreign currency translations		9,695			—			—			—
		(100,657,707	)		(33,305,070	)		(7,968,077	)		(32,876,934	)
Net realized and unrealized loss		(46,560,029	)		(41,184,826	)		(9,361,532	)		(36,745,370	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(41,730,182	)	$	(32,193,762	)	$	(8,011,406	)	$	(27,783,172	)
(a) Includesnon-recurring dividends in the amount for below funds	$	241,152		$	1,400,105

See notes to financial statements.

90 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

	iShares MSCI Developed World Index Fund
	Six Months Ended 01/31/19 (unaudited)			Year Ended 07/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	4,829,847		$	18,462,655
Net realized gain		54,097,678			16,647,543
Net change in unrealized appreciation (depreciation)		(100,657,707	)		59,269,681
Net increase (decrease) in net assets resulting from operations		(41,730,182	)		94,379,879
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)
Institutional		(1,273,346	)		(306,206	)
Class K		(29,932,187	)		(21,523,058	)
Decrease in net assets resulting from distributions to shareholders		(31,205,533	)		(21,829,264	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(304,205,674	)		(178,290,952	)
NET ASSETS(b)
Total decrease in net assets		(377,141,389	)		(105,740,337	)
Beginning of period		586,317,260			692,057,597
End of period	$	209,175,871		$	586,317,260

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

^(b)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

FINANCIAL STATEMENTS 91

Statements of Changes in Net Assets  (continued)

	iShares RussellMid-Cap Index Fund
	Six Months Ended 01/31/19 (unaudited)			Year Ended 07/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	8,991,064		$	9,593,163
Net realized gain (loss)		(7,879,756	)		22,147,172
Net change in unrealized appreciation (depreciation)		(33,305,070	)		68,266,577
Net increase (decrease) in net assets resulting from operations		(32,193,762	)		100,006,912
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)
Institutional		(5,659,030	)		(55,263,464	)
Investor A		(3,939,174	)		(38,019,771	)
Class K		(17,002,135	)		(40,986,736	)
Decrease in net assets resulting from distributions to shareholders		(26,600,339	)		(134,269,971	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		222,774,060			181,047,107
NET ASSETS(b)
Total increase in net assets		163,979,959			146,784,048
Beginning of period		789,365,332			642,581,284
End of period	$	953,345,291		$	789,365,332

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

^(b)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

92 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares Russell Small/Mid-Cap Index Fund
	Six Months Ended 01/31/19 (unaudited)			Year Ended 07/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,350,126		$	1,343,525
Net realized gain (loss)		(1,393,455	)		5,153,639
Net change in unrealized appreciation (depreciation)		(7,968,077	)		10,197,728
Net increase (decrease) in net assets resulting from operations		(8,011,406	)		16,694,892
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)
Institutional		(417,364	)		(166,124	)
Investor A		(981,813	)		(547,695	)
Class K		(4,646,460	)		(2,039,651	)
Decrease in net assets resulting from distributions to shareholders		(6,045,637	)		(2,753,470	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		81,175,293			23,158,948
NET ASSETS(b)
Total increase in net assets		67,118,250			37,100,370
Beginning of period		126,514,986			89,414,616
End of period	$	193,633,236		$	126,514,986

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

^(b)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

FINANCIAL STATEMENTS 93

Statements of Changes in Net Assets  (continued)

	iShares Total U.S. Stock Market Index Fund
	Six Months Ended 01/31/19 (unaudited)			Year Ended 07/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	8,962,198		$	13,829,168
Net realized gain (loss)		(3,868,436	)		1,654,149
Net change in unrealized appreciation (depreciation)		(32,876,934	)		98,995,319
Net increase (decrease) in net assets resulting from operations		(27,783,172	)		114,478,636
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)
Institutional		(1,163,359	)		(1,002,922	)
Investor A		(1,006,851	)		(1,354,067	)
Class K		(10,323,053	)		(14,697,743	)
Decrease in net assets resulting from distributions to shareholders		(12,493,263	)		(17,054,732	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		28,899,253			132,437,820
NET ASSETS(b)
Total increase (decrease) in net assets		(11,377,182	)		229,861,724
Beginning of period		917,730,220			687,868,496
End of period	$	906,353,038		$	917,730,220

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

^(b)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

94 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Developed World Index Fund
	Institutional
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,									Period from 06/01/15 (a) to 07/31/15
				2018			2017			2016
Net asset value, beginning of period	$	12.12		$	11.12		$	9.75		$	9.92		$	10.00
Net investment income(b)		0.12	(c)		0.25			0.25			0.16			0.02
Net realized and unrealized gain (loss)		(0.79	)		1.07			1.35			(0.14	)		(0.09	)
Net increase (decrease) from investment operations		(0.67	)		1.32			1.60			0.02			(0.07	)
Distributions(d)
From net investment income		(0.14	)		(0.28	)		(0.21	)		(0.16	)		(0.01	)
From net realized gain		(0.85	)		(0.04	)		(0.02	)		(0.03	)		—
Total distributions		(0.99	)		(0.32	)		(0.23	)		(0.19	)		(0.01	)
Net asset value, end of period	$	10.46		$	12.12		$	11.12		$	9.75		$	9.92
Total Return(e)
Based on net asset value		(5.14	)%(f)		11.99	%(g)		16.59	%		0.23	%		(0.66	)%(f)
Ratios to Average Net Assets
Total expenses		0.23	%(h)		0.21	%		0.63	%		0.41	%(i)		2.93	%(h)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.19	%(h)		0.15	%		0.56	%		0.41	%(i)		2.93	%(h)
Total expenses after fees waived and/or reimbursed		0.20	%(h)		0.20	%		0.20	%		0.16	%(i)		0.20	%(h)
Net investment income		2.04	%(c)(h)		2.15	%		2.35	%		1.75	%(i)		1.32	%(h)
Supplemental Data
Net assets, end of period (000)	$	13,473		$	15,305		$	9,026		$	2,765		$	14,898
Portfolio turnover rate		1	%		34	%		6	%		10	%		1	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Net investment income per share and the ratio of net investment income to average net assets includes $0.01 per share and 0.20%, respectively, resulting from a special dividend.

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

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

^(f)  Aggregate total return.

^(g)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h)  Annualized.

⁽ⁱ⁾  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(j)  Organization and offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 3.84%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 95

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Developed World Index Fund (continued)
	Class K
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 11/30/15 (a) to 07/31/16
				2018			2017
Net asset value, beginning of period	$	12.14		$	11.13		$	9.76		$	9.60
Net investment income(b)		0.13	(c)		0.26			0.24			0.17
Net realized and unrealized gain (loss)		(0.80	)		1.08			1.36			0.17
Net increase (decrease) from investment operations		(0.67	)		1.34			1.60			0.34
Distributions(d)
From net investment income		(0.14	)		(0.29	)		(0.21	)		(0.15	)
From net realized gain		(0.85	)		(0.04	)		(0.02	)		(0.03	)
Total distributions		(0.99	)		(0.33	)		(0.23	)		(0.18	)
Net asset value, end of period	$	10.48		$	12.14		$	11.13		$	9.76
Total Return(e)
Based on net asset value		(5.10	)%(f)		12.12	%(g)		16.61	%		3.52	%(f)
Total expenses		0.18	%(h)		0.15	%		0.19	%		0.28	%(h)(i)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.15	%(h)		0.12	%		0.17	%		0.28	%(h)(i)
Total expenses after fees waived and/or reimbursed		0.15	%(h)		0.15	%		0.15	%		0.14	%(h)(i)
Net investment income		2.19	%(c)(h)		2.22	%		2.28	%		2.69	%(h)(i)
Supplemental Data
Net assets, end of period (000)	$	195,703		$	571,012		$	683,032		$	323,262
Portfolio turnover rate		1	%		34	%		6	%		10	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Net investment income per share and the ratio of net investment income to average net assets includes $0.01 per share and 0.20%, respectively, resulting from a special dividend.

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

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

^(f)  Aggregate total return.

^(g)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h)  Annualized.

⁽ⁱ⁾  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(j)  Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses for Class K Shares would have been 0.29%.

See notes to financial statements.

96 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares RussellMid-Cap Index Fund
	Institutional
	Six Months Ended 01/31/19 (unaudited)				Year Ended July 31,									Period from 05/13/15 (a) to 07/31/15
					2018			2017			2016
Net asset value, beginning of period	$	10.70			$	11.26		$	10.22		$	9.94		$	10.00
Net investment income(b)		0.10	(c)			0.16			0.16			0.18			0.03
Net realized and unrealized gain (loss)		(0.53	)			1.22			1.14			0.24			(0.07	)
Net increase (decrease) from investment operations		(0.43	)			1.38			1.30			0.42			(0.04	)
Distributions(d)
From net investment income		(0.10	)			(0.18	)		(0.23	)		(0.13	)		(0.02	)
From net realized gain		(0.21	)			(1.76	)		(0.03	)		(0.01	)		—
Total distributions		(0.31	)			(1.94	)		(0.26	)		(0.14	)		(0.02	)
Net asset value, end of period	$	9.96			$	10.70		$	11.26		$	10.22		$	9.94
				��
Total Return(e)
Based on net asset value		(3.91	)%(f)			13.29	%(g)		12.91	%		4.35	%		(0.37	)%(f)
Ratios to Average Net Assets
Total expenses		0.13	%(h)			0.13	%		0.23	%		0.13	%(i)		9.27	%(h)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.07	%(h)			0.09	%		0.20	%		0.13	%(i)		9.27	%(h)(j)
Total expenses after fees waived and/or reimbursed		0.12	%(h)			0.11	%		0.12	%		0.06	%(i)		0.12	%(h)
Net investment income		2.07	%(c)(h)			1.46	%		1.52	%		1.87	%(i)		1.38	%(h)
Supplemental Data
Net assets, end of period (000)	$	229,402			$	174,840		$	366,684		$	191,337		$	2,985
Portfolio turnover rate		12	%			75	%		41	%		24	%		8	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Net investment income per share and the ratio of net investment income to average net assets includes $0.02 per share and 0.40%, respectively, resulting from a special dividend.

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

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

^(f)  Aggregate total return.

^(g)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h)  Annualized.

⁽ⁱ⁾  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(j)  Organization and offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 13.78%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 97

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares RussellMid-Cap Index Fund (continued)
	Investor A
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 11/30/15 (a) to 07/31/16
				2018			2017
Net asset value, beginning of period	$	10.66		$	11.24		$	10.20		$	9.66
Net investment income(b)		0.10	(c)		0.12			0.13			0.07
Net realized and unrealized gain (loss)		(0.53	)		1.22			1.16			0.60
Net increase (decrease) from investment operations		(0.43	)		1.34			1.29			0.67
Distributions(d)
From net investment income		(0.09	)		(0.16	)		(0.22	)		(0.12	)
From net realized gain		(0.21	)		(1.76	)		(0.03	)		(0.01	)
Total distributions		(0.30	)		(1.92	)		(0.25	)		(0.13	)
Net asset value, end of period	$	9.93		$	10.66		$	11.24		$	10.20
Total Return(e)
Based on net asset value		(3.96	)%(f)		12.96	%(g)		12.78	%		7.07	%(f)
Ratios to Average Net Assets
Total expenses		0.34	%(h)		0.35	%		0.34	%		0.34	%(h)(i)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.33	%(h)		0.35	%		0.34	%		0.34	%(h)(i)(j)
Total expenses after fees waived and/or reimbursed		0.33	%(h)		0.34	%		0.33	%		0.33	%(h)(j)
Net investment income		2.01	%(c)(h)		1.11	%		1.17	%		1.06	%(h)(j)
Supplemental Data
Net assets, end of period (000)	$	117,170		$	203,933		$	46,135		$	6,669
Portfolio turnover rate		12	%		75	%		41	%		24	%

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) Net investment income per share and the ratio of net investment income to average net assets includes $0.01 per share and 0.20%, respectively, resulting from a special dividend.

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

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

^(f) Aggregate total return.

^(g) Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h) Annualized.

⁽ⁱ⁾ Offering costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 0.34%.

^(j) Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.

98 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares RussellMid-Cap Index Fund (continued)
	Class K
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,									Period from 05/13/15 (a) to 07/31/15
				2018			2017			2016
Net asset value, beginning of period	$	10.72		$	11.28		$	10.23		$	9.94		$	10.00
Net investment income(b)		0.11	(c)		0.13			0.18			0.17			0.03
Net realized and unrealized gain (loss)		(0.54	)		1.25			1.13			0.26			(0.07	)
Net increase (decrease) from investment operations		(0.43	)		1.38			1.31			0.43			(0.04	)
Distributions(d)
From net investment income		(0.10	)		(0.18	)		(0.23	)		(0.13	)		(0.02	)
From net realized gain		(0.21	)		(1.76	)		(0.03	)		(0.01	)		—
Total distributions		(0.31	)		(1.94	)		(0.26	)		(0.14	)		(0.02	)
Net asset value, end of period	$	9.98		$	10.72		$	11.28		$	10.23		$	9.94
Total Return(e)
Based on net asset value		(3.88	)%(f)		13.32	%(g)		13.02	%		4.46	%		(0.37	)%(f)
Ratios to Average Net Assets
Total expenses		0.07	%(h)		0.09	%		0.08	%		0.09	%(i)		9.42	%(h)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.06	%(h)		0.08	%		0.07	%		0.09	%(i)		9.42	%(h)(j)
Total expenses after fees waived and/or reimbursed		0.07	%(h)		0.07	%		0.06	%		0.07	%(i)		0.08	%(h)
Net investment income		2.13	%(c)(h)		1.25	%		1.67	%		1.78	%(i)		1.21	%(h)
Supplemental Data
Net assets, end of period (000)	$	606,773		$	410,593		$	229,763		$	2,174,096		$	45
Portfolio turnover rate		12	%		75	%		41	%		24	%		8	%

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) Net investment income per share and the ratio of net investment income to average net assets includes $0.02 per share and 0.40%, respectively, resulting from a special dividend.

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

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

^(f) Aggregate total return.

^(g) Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h) Annualized.

⁽ⁱ⁾ Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(j) Organization and offering costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 12.82%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 99

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares RussellSmall/Mid-Cap Index Fund
	Institutional
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 08/13/15 (a) to 07/31/16
				2018			2017
Net asset value, beginning of period	$	13.20		$	11.58		$	10.22		$	10.00
Net investment income(b)		0.10			0.15			0.15			0.14
Net realized and unrealized gain (loss)		(1.03	)		1.82			1.38			0.19
Net increase (decrease) from investment operations		(0.93	)		1.97			1.53			0.33
Distributions(c)
From net investment income		(0.10	)		(0.17	)		(0.15	)		(0.11	)
From net realized gain		(0.30	)		(0.18	)		(0.02	)		(0.00	)(d)
Total distributions		(0.40	)		(0.35	)		(0.17	)		(0.11	)
Net asset value, end of period	$	11.87		$	13.20		$	11.58		$	10.22
Total Return(e)
Based on net asset value		(6.88	)%(f)		17.27	%(g)		15.02	%		3.44	%(f)
Ratios to Average Net Assets
Total expenses		0.25	%(h)		0.28	%		0.74	%(i)		1.60	%(h)(i)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.25	%(h)		0.28	%		0.74	%(i)		1.60	%(h)(i)(j)
Total expenses after fees waived and/or reimbursed		0.12	%(h)		0.12	%		0.11	%(i)		0.12	%(h)(i)
Net investment income		1.66	%(h)		1.21	%		1.31	%(i)		1.50	%(h)(i)
Supplemental Data
Net assets, end of period (000)	$	12,860		$	14,431		$	3,939		$	78
Portfolio turnover rate		9	%		54	%		48	%		17	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Aggregate total return.

^(g)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h)  Annualized.

⁽ⁱ⁾  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(j)  Organization and offerings costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.63%.

See notes to financial statements.

100 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares RussellSmall/Mid-Cap Index Fund (continued)
	Investor A
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 08/13/15 (a) to 07/31/16
				2018			2017
Net asset value, beginning of period	$	13.18		$	11.56		$	10.21		$	10.00
Net investment income(b)		0.09			0.14			0.13			0.08
Net realized and unrealized gain (loss)		(1.03	)		1.80			1.37			0.23
Net increase (decrease) from investment operations		(0.94	)		1.94			1.50			0.31
Distributions(c)
From net investment income		(0.09	)		(0.14	)		(0.13	)		(0.10	)
From net realized gain		(0.30	)		(0.18	)		(0.02	)		(0.00	)(d)
Total distributions		(0.39	)		(0.32	)		(0.15	)		(0.10	)
Net asset value, end of period	$	11.85		$	13.18		$	11.56		$	10.21
Total Return(e)
Based on net asset value		(7.00	)%(f)		17.03	%(g)		14.71	%		3.24	%(f)
Ratios to Average Net Assets
Total expenses		0.46	%(h)		0.51	%		0.74	%(i)		1.17	%(h)(i)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.46	%(h)		0.51	%		0.74	%(i)		1.17	%(h)(i)(j)
Total expenses after fees waived and/or reimbursed		0.35	%(h)		0.35	%		0.33	%(i)		0.35	%(h)(i)
Net investment income		1.44	%(h)		1.10	%		1.22	%(i)		0.79	%(h)(i)
Supplemental Data
Net assets, end of period (000)	$	30,812		$	25,073		$	21,358		$	5,713
Portfolio turnover rate		9	%		54	%		48	%		17	%

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

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

^(d) Amount is greater than $(0.005) per share.

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

^(f) Aggregate total return.

^(g) Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h) Annualized.

⁽ⁱ⁾ Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(j) Audit, offering and organization costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.18%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 101

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares RussellSmall/Mid-Cap Index Fund (continued)
	Class K
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 08/13/15 (a) to 07/31/16
				2018			2017
Net asset value, beginning of period	$	13.20		$	11.58		$	10.22		$	10.00
Net investment income(b)		0.11			0.17			0.16			0.14
Net realized and unrealized gain (loss)		(1.04	)		1.80			1.37			0.19
Net increase (decrease) from investment operations		(0.93	)		1.97			1.53			0.33
Distributions(c)
From net investment income		(0.10	)		(0.17	)		(0.15	)		(0.11	)
From net realized gain		(0.30	)		(0.18	)		(0.02	)		(0.00	)(d)
Total distributions		(0.40	)		(0.35	)		(0.17	)		(0.11	)
Net asset value, end of period	$	11.87		$	13.20		$	11.58		$	10.22
Total Return(e)
Based on net asset value		(6.85	)%(f)		17.32	%(g)		15.04	%		3.48	%(f)
Total expenses		0.18	%(h)		0.23	%		0.47	%(i)		1.34	%(h)(i)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.18	%(h)		0.23	%		0.47	%(i)		1.34	%(h)(i)(j)
Total expenses after fees waived and/or reimbursed		0.07	%(h)		0.07	%		0.07	%(i)		0.08	%(h)(i)
Net investment income		1.76	%(h)		1.37	%		1.47	%(i)		1.57	%(h)(i)
Supplemental Data
Net assets, end of period (000)	$	149,961		$	87,011		$	64,118		$	27,109
Portfolio turnover rate		9	%		54	%		48	%		17	%

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

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

^(d) Amount is greater than $(0.005) per share.

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

^(f) Aggregate total return.

^(g) Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h) Annualized.

⁽ⁱ⁾ Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(j) Audit, offering and organization costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.37%.

See notes to financial statements.

102 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Total U.S. Stock Market Index Fund
	Institutional
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 08/13/15 (a) to 07/31/16
				2018			2017
Net asset value, beginning of period	$	13.52		$	11.89		$	10.44		$	10.00
Net investment income(b)		0.13			0.22			0.21			0.18
Net realized and unrealized gain (loss)		(0.63	)		1.69			1.44			0.39
Net increase (decrease) from investment operations		(0.50	)		1.91			1.65			0.57
Distributions(c)
From net investment income		(0.13	)		(0.22	)		(0.19	)		(0.13	)
From net realized gain		(0.05	)		(0.06	)		(0.01	)		(0.00	)(d)
Total distributions		(0.18	)		(0.28	)		(0.20	)		(0.13	)
Net asset value, end of period	$	12.84		$	13.52		$	11.89		$	10.44
Total Return(e)
Based on net asset value		(3.61	)%(f)		16.21	%(g)		16.03	%(g)		5.75	%(f)
Ratios to Average Net Assets
Total expenses		0.09	%(h)		0.11	%		0.08	%		0.77	%(h)(i)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.09	%(h)		0.11	%		0.08	%		0.77	%(h)(i)(j)
Total expenses after fees waived and paid indirectly		0.08	%(h)		0.08	%		0.05	%		0.06	%(h)(i)
Net investment income		2.00	%(h)		1.69	%		1.87	%		1.96	%(h)(i)
Supplemental Data
Net assets, end of period (000)	$	79,932		$	83,121		$	27,221		$	2,428
Portfolio turnover rate		10	%		14	%		11	%		4	%

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

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

^(d) Amount is greater than $(0.005) per share.

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

^(f) Aggregate total return.

^(g) Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h) Annualized.

⁽ⁱ⁾ Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(j) Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.79%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 103

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Total U.S. Stock Market Index Fund (continued)
	Investor A
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 08/13/15 (a) to 07/31/16
				2018			2017
Net asset value, beginning of period	$	13.50		$	11.88		$	10.44		$	10.00
Net investment income(b)		0.12			0.19			0.18			0.10
Net realized and unrealized gain (loss)		(0.62	)		1.68			1.44			0.45
Net increase (decrease) from investment operations		(0.50	)		1.87			1.62			0.55
Distributions(c)
From net investment income		(0.12	)		(0.19	)		(0.17	)		(0.11	)
From net realized gain		(0.05	)		(0.06	)		(0.01	)		(0.00	)(d)
Total distributions		(0.17	)		(0.25	)		(0.18	)		(0.11	)
Net asset value, end of period	$	12.83		$	13.50		$	11.88		$	10.44
Total Return(e)
Based on net asset value		(3.66	)%(f)		15.87	%(g)		15.71	%(g)		5.57	%(f)
Ratios to Average Net Assets
Total expenses		0.32	%(h)		0.34	%		0.33	%		0.44	%(h)(i)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed . .		0.32	%(h)		0.34	%		0.32	%		0.44	%(h)(i)(j)
Total expenses after fees waived and paid indirectly .		0.31	%(h)		0.31	%		0.29	%		0.29	%(h)(i)
Net investment income		1.76	%(h)		1.51	%		1.63	%		1.06	%(h)(i)
Supplemental Data
Net assets, end of period (000)	$	82,298		$	72,794		$	61,048		$	8,873
Portfolio turnover rate		10	%		14	%		11	%		4	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Aggregate total return.

^(g)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h)  Annualized.

⁽ⁱ⁾  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(j)  Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.44%.

See notes to financial statements.

104 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Total U.S. Stock Market Index Fund (continued)
	Class K
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 08/13/15 (a) to 07/31/16
				2018			2017
Net asset value, beginning of period	$	13.52		$	11.89		$	10.44		$	10.00
Net investment income(b)		0.14			0.23			0.22			0.17
Net realized and unrealized gain (loss)		(0.63	)		1.69			1.44			0.40
Net increase (decrease) from investment operations		(0.49	)		1.92			1.66			0.57
Distributions(c)
From net investment income		(0.14	)		(0.23	)		(0.20	)		(0.13	)
From net realized gain		(0.05	)		(0.06	)		(0.01	)		(0.00	)(d)
Total distributions		(0.19	)		(0.29	)		(0.21	)		(0.13	)
Net asset value, end of period	$	12.84		$	13.52		$	11.89		$	10.44
Total Return(e)
Based on net asset value		(3.58	)%(f)		16.26	%(g)		16.05	%(g)		5.78	%(f)
Total expenses		0.04	%(h)		0.06	%		0.06	%		0.37	%(h)(i)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.04	%(h)		0.06	%		0.06	%		0.37	%(h)(i)(j)
Total expenses after fees waived and paid indirectly		0.03	%(h)		0.03	%		0.03	%		0.03	%(h)(i)
Net investment income		2.05	%(h)		1.79	%		1.95	%		1.71	%(h)(i)
Supplemental Data
Net assets, end of period (000)	$	744,123		$	761,815		$	599,599		$	290,381
Portfolio turnover rate		10	%		14	%		11	%		4	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Aggregate total return.

^(g)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h)  Annualized.

⁽ⁱ⁾  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(j)  Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.38%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 105

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

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

Fund Name	Herein Referred To As	Diversification Classification
iShares MSCI Developed World Index Fund	World Index	Diversified
iShares RussellMid-Cap Index Fund	Mid-Cap Index	Diversified
iShares RussellSmall/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 and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. 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 ofopen-end funds referred to as the Multi-Asset Complex.

On November 28, 2018, the Board of Trustees approved a proposal to close the iShares MSCI Developed World Index Fund to new and subsequent investments and thereafter to liquidate the Fund. Effective January 18, 2019, the iShares MSCI Developed World Index Fund stopped accepting purchase orders from new investors, and on April 29, 2019, the Fund will no longer accept purchase orders from existing investors. The liquidation is expected to occur on or about May 7, 2019.

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 entered into (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on theex-dividend date. Dividends from foreign securities where theex-dividend date may have passed are subsequently recorded when the Funds are informed of theex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. 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.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on itsbooks and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

Distributions: Distributions paid by the Funds are recorded on theex-dividend date. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Recent Accounting Standards: In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.

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.

106 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. 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. 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.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of each Fund (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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 the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. 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.

• Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Funds’ net assets. Each business day, the Funds use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded andover-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• Investments inopen-end U.S. mutual funds are valued at net asset value (“NAV”) each business day.

• Futures contracts traded on exchanges are valued at their last sale price.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the 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 Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will 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 Global Valuation Committee, or its delegate, 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 anarm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of each Fund’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis. As a result of the inherent uncertainty in valuation of these investments, the fair values may differ from the values that would have been used had an active market existed.

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

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

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Fund’s own assumptions used in determining the fair value of investments and derivative 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/ornon-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

NOTESTO FINANCIAL STATEMENTS 107

Notes to Financial Statements  (unaudited) (continued)

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

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

The market value of any securities on loan, all of which were classified as common stocks in the Funds’ Schedules of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value - unaffiliated, and collateral on securities loaned at value, respectively. 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.

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 thenon-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 orre-pledge the loaned securities, and a Fund 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 orre-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 lending agreements by counterparty which are subject to offset under an MSLA:

Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Net Amount (b)
Developed World Index
Citigroup Global Markets Inc.	$	181,750	$	(181,750	)	$	—
Credit Suisse Securities (USA) LLC		91,514		(91,514	)		—
Goldman Sachs & Co.		253,346		(253,346	)		—
ING Financial Markets LLC		16,971		(16,971	)		—
National Financial Services LLC		41,035		(41,035	)		—
State Street Bank & Trust Company		290,617		(289,912	)		705
Td Prime Services LLC		34,964		(34,964	)		—
Total	$	910,197	$	(909,492	)	$	705
Mid-Cap Index
Barclays Capital Inc.	$	17,784	$	(17,784	)	$	—
Citigroup Global Markets Inc.		3,532,538		(3,532,538	)		—
Credit Suisse Securities (USA) LLC		4,662,901		(4,637,913	)		24,988
Jefferies & Co		4,938		(4,938	)		—
Merrill Lynch, Pierce, Fenner & Smith		3,033,183		(3,033,183	)		—
Morgan Stanley & Co. LLC		6,400,257		(6,400,257	)		—
Scotia Capital (USA) Inc.		242,022		(217,773	)		24,249
State Street Bank & Trust Company		266,279		(266,279	)		—
Wells Fargo Securities LLC		828,110		(828,110	)		—
Total	$	18,988,012	$	(18,938,775	)	$	49,237

108 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Net Amount (b)
Small/Mid-Cap Index
Citigroup Global Markets Inc.	$	2,253,607	$	(2,253,607	)	$	—
Credit Suisse Securities (USA) LLC		1,046,023		(1,046,023	)		—
Jefferies & Co		56,932		(56,932	)		—
JP MORGAN SECURITIES LLC		2,600,468		(2,600,468	)		—
Merrill Lynch, Pierce, Fenner & Smith		898,744		(898,744	)		—
Morgan Stanley & Co. LLC		2,325,786		(2,325,786	)		—
National Financial Services LLC		459,524		(459,524	)		—
SG Americas Securities LLC		78,039		(78,039	)		—
State Street Bank & Trust Company		543,858		(543,858	)		—
TD Prime Services LLC		172,227		(171,394	)		833
	$	10,435,208	$	(10,434,375	)	$	833
Total U.S. Stock Market Index
BNP Paribas Securities Corp.	$	24,991	$	(24,991	)	$	—
Citigroup Global Markets Inc.		1,621,956		(1,621,956	)		—
Credit Suisse Securities (USA) LLC		396,297		(396,297	)		—
ING Financial Markets LLC		1,883		(1,883	)		—
Jefferies & Co.		9,837		(9,837	)		—
JP Morgan Securities LLC		2,761,390		(2,761,390	)		—
Merrill Lynch, Pierce, Fenner & Smith		191,506		(191,033	)		473
Morgan Stanley & Co. LLC		1,954,220		(1,954,220	)		—
Scotia Capital (USA) Inc.		109,445		(109,445	)		—
State Street Bank & Trust Company		458,417		(458,417	)		—
TD Prime Services LLC		306,067		(305,556	)		511
Wells Fargo Bank, National Association		790,125		(790,125	)		—
Wells Fargo Securities LLC		265,474		(265,474	)		—
	$	8,891,608	$	(8,890,624	)	$	984

^(a)  Collateral received in excess of the value of securities loaned from the individual counterparty is not shown for financial reporting purposes in the table above. Cash collateral has been received in connection with securities lending agreements as follows:

Developed World Index		Mid-Cap Index		Small/Mid-Cap Index		Total U.S. Stock Market Index
$	921,479	$	19,241,664	$	10,576,787	$	9,071,715

^(b)  The market value of the loaned securities is determined as of January 31, 2019. Additional collateral is delivered to the 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 if 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.

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 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 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, is 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

NOTESTO FINANCIAL STATEMENTS 109

Notes to Financial Statements  (unaudited) (continued)

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, 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, each Funds’ investment adviser, 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:

	Investment Advisory Fees
Developed World Index		0.05	%
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 asub-advisory agreement 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 assub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Fund to the Manager.

Service and Distribution Fees: The Trust, on behalf of the Funds, 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 Rule12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution 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:

	Investor A
Mid-Cap Index		0.25	%
Small/Mid-Cap Index		0.25
Total U.S. Stock Market Index		0.25

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

For the six months ended January 31, 2019, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

	Investor A
Mid-Cap Index	$	200,138
Small/Mid-Cap Index		36,794
Total U.S. Stock Market Index		94,816

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds withsub-accounting, recordkeeping,sub-transfer agency and other administrative services with respect tosub-accounts they service. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended January 31, 2019, the Funds did not pay any amounts to affiliates in return for these services.

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 six months ended January 31, 2019, 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:

	Institutional		Investor A		Class K		Total
Developed World Index	$	—	$	—	$	310	$	310
Mid-Cap Index		375		1,230		496		2,101
Small/Mid-Cap Index		25		306		97		428
Total U.S. Stock Market Index		132		980		614		1,726

For the six months ended January 31, 2019, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

	Institutional		Investor A		Class K		Total
Developed World Index	$	3,140	$	—	$	22,153	$	25,293
Mid-Cap Index		3,338		14,729		27,377		45,444
Small/Mid-Cap Index		4,290		4,174		1,018		9,482
Total U.S. Stock Market Index		21,254		11,939		3,130		36,323

110 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Expense Limitations, Waivers, Reimbursements, and Recoupments: With respect to each Fund, the Manager voluntarily 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”). 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 six months ended January 31, 2019, the amounts waived were as follows:

	Amount Waived
Developed World Index	$	692
Mid-Cap Index		3,620
Small/Mid-Cap Index		731
Total U.S. Stock Market Index		2,963

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 exchange-traded funds that have a contractual management fee through November 30, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees who are not “interested persons” of a Fund, as defined in the 1940 Act (“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 six months ended January 31, 2019, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

	Amount Waived
Developed World Index	$	—
Mid-Cap Index		450
Small/Mid-Cap Index		85
Total U.S. Stock Market Index		124

With respect to each Fund, 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:

	Institutional			Investor A			Class K
Developed World Index		0.20	%		N/A			0.15	%
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 these contractual expense limitations through November 30, 2019, 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.

These amounts waived and/or reimbursed are included in fees waived and/or reimbursed by the Manager and transfer agent fees waived and/or reimbursed — class specific, respectively, in the Statements of Operations. For the six months ended January 31, 2019, the amounts waived and/or reimbursed by the Manager were as follows:

	Fees Waived and/or reimbursed by the Manager
Developed World Index	$	10,377
Mid-Cap Index		—
Small/Mid-Cap Index		81,534
Total U.S. Stock Market Index		36,861

For the six months ended January 31, 2019, class specific expense waivers and/or reimbursements were as follows:

Transfer Agent Fees Waived and/or reimbursed	Institutional		Investor A		Class K		Total
Developed World Index	$	235	$	���	$	6,494	$	6,729
Mid-Cap Index		—		—		787		787
Small/Mid-Cap Index		1,043		—		1,017		2,060
Total U.S. Stock Market		1,054		—		3,130		4,184

The Funds have begun to incur expenses in connection with a potential realignment and consolidation of the boards of trustees of certain BlackRock-advised funds. The Manager has voluntarily agreed to reimburse certain Funds for all or a portion of such expenses, which amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2019, the amount reimbursed was as follows:

	Amounts Reimbursed
Developed World Index	$	32,939
Mid-Cap Index		20,270
Small/Mid-Cap Index		1,736
Total U.S. Stock Market Index		5,244

NOTESTO FINANCIAL STATEMENTS 111

Notes to Financial Statements  (unaudited) (continued)

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.

For the six months ended January 31, 2019, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by the Funds:

	Developed World Index		Mid-Cap Index
Fund Level	$	4,855	$	33,269
Institutional		2,667		56,666
Investor A		—		1,044
Class K		45,711		—

On January 31, 2019, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

	Expiring January 31,
	2019		2020		2021
Developed World Index
Fund Level	$	—	$	—	$	10,377
Institutional		21,460		339		235
Class K		78,339		280		6,494
Mid-Cap Index
Fund Level		65,535		89,460		—
Institutional		224,623		7,857		—
Investor A		—		—		—
Class K		316,356		23,537		787
Small/Mid-Cap Index
Fund Level		270,443		164,043		81,534
Institutional		152		1,986		1,043
Investor A		—		4		—
Class K		520		1,442		1,017
Total U.S. Stock Market Index
Fund Level		166,089		198,637		36,861
Institutional		—		3,114		1,054
Investor A		—		—		—
Class K		1,180		11,043		3,130

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. 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 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 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 ofMid-Cap Index,Small/Mid-Cap Index and Total U.S. Stock Market Index retains 73.5% 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 expenses. Pursuant to the current securities lending agreement, Developed World Index retains 82% of securities lending income which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

112 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

In addition, commencing the business day following the date that the aggregate securities lending income earned across the Equity-Bond 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 as follows: each ofMid-Cap Index,Small/Mid-Cap Index and Total U.S. Stock Market Index retains 80% of securities lending income, and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Developed World Index retains 85% of securities lending income, and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended January 31, 2019, each Fund paid BTC the following amounts for securities lending agent services:

	Developed World Index		Mid-Cap Index		Small/Mid-Cap Index		Total U.S. Stock Market Index
BTC	$	2,850	$	22,058	$	13,999	$	20,931

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 six months ended January 31, 2019, the Funds did not participate in the Interfund Lending Program.

Trustees and Officers:Certain Trustees and/or officers of the Funds are trustees and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds’ 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 six months ended January 31, 2019, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule17a-7 under the 1940 Act were as follows:

	Purchases		Sales		Net Realized Gain (Loss)
Developed World Index	$	297,305	$	520,887	$	15,237
Mid-Cap Index		3,585,905		2,347,328		536,916
Small/Mid-Cap Index		206,520		26,732		(7,758	)
Total U.S. Stock Market Index		3,107,930		727,115		10,277

7. PURCHASES AND SALES

For the six months ended January 31, 2019, purchases and sales of investments, excluding short-term securities, were as follows:

	Developed World Index		Mid-Cap Index		Small/Mid-Cap Index		Total U.S. Stock Market Index
Purchases	$	5,331,821	$	323,231,335	$	91,692,405	$	110,147,139
Sales		336,446,067		103,593,578		14,725,452		90,056,465

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 Developed World Index and Mid-Cap Index Funds’ U.S. federal tax returns generally remains open for period ended July 31, 2015 and three years ended July 31, 2018. The statute of limitations on Total U.S. Stock Market Index and Small/Mid-Cap Index Funds’ U.S. federal tax returns generally remains open for the period ended July 31, 2016 and two years ended July 31, 2018. 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 January 31, 2019, 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.

NOTESTO FINANCIAL STATEMENTS 113

Notes to Financial Statements  (unaudited) (continued)

As of January 31, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Developed World Index			Mid-Cap Index			Small/Mid-Cap Index			Total U.S. Stock Market Index
Tax cost	$	163,888,373		$	810,961,898		$	194,224,711		$	775,418,217
Gross unrealized appreciation		53,692,466			199,789,405			22,795,205			180,804,737
Gross unrealized depreciation		(9,234,208	)		(35,428,350	)		(12,184,383	)		(38,283,868	)
Net unrealized appreciation (depreciation)	$	44,458,258		$	164,361,055		$	10,610,822		$	142,520,869

9. BANK BORROWINGS

The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a364-day, $2.25 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) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (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. The agreement expires in April 2019 unless extended or renewed. Prior to April 19, 2018, the aggregate commitment amount was $2.1 billion and the fee was 0.12% per annum. Participating Funds paid upfront commitment fee of 0.02% on the total commitment amounts, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statements of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended January 31, 2019, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

In the normal course of business, certain 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. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

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.

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 and may experience difficulty in selling those investments in a timely manner at the price that it believe 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.

The price a Fund could receive upon the sale of any particular portfolio investment may differ from the 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. 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 amark-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 inexchange-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.

114 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Concentration Risk:Certain Funds invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When the Funds concentrate their investments in this manner, it assumes the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be less liquid, more volatile, and less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 01/31/19						Year Ended 07/31/18
Developed World Index	Shares			Amount			Shares			Amount
Institutional
Shares sold		320,381		$	3,184,792			573,624		$	6,756,109
Shares issued in reinvestment of distributions		117,695			1,181,182			9,985			118,615
Shares redeemed		(412,161	)		(4,216,763	)		(133,301	)		(1,584,752	)
Net increase		25,915		$	149,211			450,308		$	5,289,972
Class K
Shares sold		3,324,751		$	36,963,992			30,594,471		$	359,176,007
Shares issued in reinvestment of distributions		2,944,358			29,849,272			1,610,678			19,051,093
Shares redeemed		(34,612,217	)		(371,168,149	)		(46,540,319	)		(561,808,024	)
Net decrease		(28,343,108	)	$	(304,354,885	)		(14,335,170	)	$	(183,580,924	)
Total Net Decrease		(28,317,193	)	$	(304,205,674	)		(13,884,862	)	$	(178,290,952	)
	Six Months Ended 01/31/19						Year Ended 07/31/18
Mid-Cap Index	Shares			Amount			Shares			Amount
Institutional
Shares sold		16,585,873		$	159,356,696			7,161,407		$	77,913,891
Shares issued in reinvestment of distributions		591,202			5,624,622			5,418,996			55,259,354
Shares redeemed		(10,494,140	)		(101,736,175	)		(28,801,520	)		(304,047,467	)
Net increase (decrease)		6,682,935		$	63,245,143			(16,221,117	)	$	(170,874,222	)
Investor A
Shares sold		2,935,533		$	30,361,029			23,669,130		$	258,611,521
Shares issued in reinvestment of distributions		415,330			3,939,105			3,741,405			38,000,120
Shares redeemed		(10,682,633	)		(108,278,959	)		(12,382,408	)		(132,412,248	)
Net increase (decrease)		(7,331,770	)	$	(73,978,825	)		15,028,127		$	164,199,393
Class K
Shares sold		29,081,758		$	299,919,545			25,948,408		$	270,997,956
Shares issued in reinvestment of distributions		1,787,582			16,982,371			3,642,951			40,513,305
Shares redeemed		(8,396,079	)		(83,394,174	)		(11,657,254	)		(123,789,325	)
Net increase		22,473,261		$	233,507,742			17,934,105		$	187,721,936
Total Net Increase		21,824,426		$	222,774,060			16,741,115		$	181,047,107

NOTESTO FINANCIAL STATEMENTS 115

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 01/31/19						Year Ended 07/31/18
Small/Mid-Cap Index	Shares			Amount			Shares			Amount
Institutional
Shares sold		485,996		$	6,260,290			831,691		$	10,422,020
Shares issued in reinvestment of distributions		37,072			417,364			13,389			166,124
Shares redeemed		(532,867	)		(6,841,659	)		(92,215	)		(1,165,344	)
Net increase (decrease)		(9,799	)	$	(164,005	)		752,865		$	9,422,800
Investor A
Shares sold		1,030,470		$	12,847,809			1,001,994		$	12,430,529
Shares issued in reinvestment of distributions		87,680			981,155			44,634			547,457
Shares redeemed		(420,360	)		(5,017,324	)		(992,017	)		(12,428,000	)
Net increase		697,790		$	8,811,640			54,611		$	549,986
Class K
Shares sold		6,771,544		$	81,599,875			2,060,196		$	25,760,053
Shares issued in reinvestment of distributions		415,900			4,646,239			165,732			2,039,651
Shares redeemed		(1,144,227	)		(13,718,456	)		(1,173,688	)		(14,613,542	)
Net increase		6,043,217		$	72,527,658			1,052,240		$	13,186,162
Total Net Increase		6,731,208		$	81,175,293			1,859,716		$	23,158,948

	Six Months Ended 01/31/19						Year Ended 07/31/18
Total U.S. Stock Market Index	Shares			Amount			Shares			Amount
Institutional
Shares sold		1,366,962		$	17,897,466			5,129,844		$	65,467,930
Shares issued in reinvestment of distributions		92,707			1,161,770			77,763			1,001,608
Shares redeemed		(1,385,002	)		(17,973,330	)		(1,347,705	)		(17,830,346	)
Net increase		74,667		$	1,085,906			3,859,902		$	48,639,192
Investor A
Shares sold		1,733,906		$	22,401,436			2,135,469		$	27,201,390
Shares issued in reinvestment of distributions		80,541			1,006,821			105,413			1,343,749
Shares redeemed		(790,315	)		(10,367,028	)		(1,989,042	)		(25,509,938	)
Net increase		1,024,132		$	13,041,229			251,840		$	3,035,201
Class K
Shares sold		10,728,301		$	134,788,411			19,469,425		$	248,273,030
Shares issued in reinvestment of distributions		809,817			10,153,949			1,134,631			14,499,882
Shares redeemed		(9,952,743	)		(130,170,242	)		(14,669,275	)		(182,009,485	)
Net increase		1,585,375		$	14,772,118			5,934,781		$	80,763,427
Total Net Increase		2,684,174		$	28,899,253			10,046,523		$	132,437,820

As of January 31, 2019, shares owned by BlackRock HoldCo 2, Inc., an affiliate of the Funds, were as follows:

	Institutional		Investor A		Class K
Developed World Index	$	12,595		N/A	$	—
Mid-Cap Index		—	$	10,414		—

12. REGULATIONS-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act ReleaseNo. 33-10532, Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to RegulationS-X in this shareholder report. The amendments impacted certain disclosure presentation on the Statements of Assets and Liabilities, Statements of Changes in Net Assets and Notes to the Financial Statements.

Prior year distribution information and undistributed net investment income in the Statements of Changes in Net Assets has been modified to conform to the current year presentation in accordance with the RegulationS-X changes.

116 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Distributions for the year ended July 31, 2018, were classified as follows:

	Share Class	Net Investment Income		Net Realized Gain
iShares RussellMid-Cap Index Fund	Institutional	$	5,118,009	$	50,145,455
	Investor A		3,301,454		34,718,317
	Class K		4,170,675		36,816,061
iShares RussellSmall/Mid-Cap Index Fund	Institutional		92,746		73,378
	Investor A		250,638		297,057
	Class K		1,023,629		1,016,022
iShares Total U.S. Stock Market Index Fund	Institutional		857,580		145,342
	Investor A		1,044,830		309,237
	Class K		11,857,643		2,840,100

Undistributed net investment income as of July 31, 2018, is as follows:

	Undistributed Net Investment Income
iShares MSCI Developed World Index Fund	$	512,001
iShares RussellMid-Cap Index Fund		1,829,690
iShares RussellSmall/Mid-Cap Index Fund		132,799
iShares Total U.S. Stock Market Index Fund		1,440,620

13. 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.

NOTESTO FINANCIAL STATEMENTS 117

Trustee and Officer Information

Mark Stalnecker, Chair of the Board and Trustee

Bruce R. Bond, Trustee

Susan J. Carter, Trustee

Collette Chilton, Trustee

Neil A. Cotty, Trustee

Lena G. Goldberg, Trustee

Robert M. Hernandez, Trustee

Henry R. Keizer, Trustee

Cynthia A. Montgomery, Trustee

Donald C. Opatrny, Trustee

Joseph P. Platt, Trustee

Kenneth L. Urish, Trustee

Claire A. Walton, Trustee

Robert Fairbairn, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Thomas Callahan, Vice President

Jennifer McGovern, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

John MacKessy, Anti-Money Laundering Compliance Officer

Benjamin Archibald, Secretary

At a special meeting of shareholders held on November 21, 2018, each Fund’s shareholders and each Fund’s elected Trustees who took office on January 1, 2019. The newly elected Trustees include ten former Trustees and five individuals who served as directors/trustees of the funds in the BlackRock Equity-Bond Complex. Information regarding the individuals who began serving as Trustees effective January 1, 2019 can be found in the proxy statement for the special meeting of shareholders, which is available on the SEC’s EDGAR Database at http://www.sec.gov.

Investment Manager

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock Fund Advisors

San Francisco, CA 94105

Accounting Service Provider

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10022

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809

118 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Additional Information

Proxy Results

A Special Meeting of Shareholders was held on November 21, 2018 for shareholders of record on September 24, 2018, to elect a Board of Trustees of the Trust. The newly elected Trustees took office effective January 1, 2019.

Shareholders approved the Trustees* of BlackRock Funds^SM with voting results as follows:

	Votes For		Votes Withheld
Bruce R. Bond		1,194,453,855		13,902,348
Susan J. Carter		1,196,552,121		11,804,082
Collette Chilton		1,196,528,363		11,827,840
Neil A. Cotty		1,196,166,120		12,190,083
Robert Fairbairn		1,193,957,290		14,398,913
Lena G. Goldberg		1,196,028,565		12,327,638
Robert M. Hernandez		1,194,378,100		13,978,103
Henry R. Keizer		1,195,228,758		13,127,445
Cynthia A. Montgomery		1,196,372,720		11,983,483
Donald C. Opatrny		1,195,869,848		12,486,356
John M. Perlowski		1,193,999,184		14,357,019
Joseph P. Platt		1,195,764,828		12,591,375
Mark Stalnecker		1,195,994,960		12,361,243
Kenneth L. Urish		1,195,716,210		12,639,993
Claire A. Walton		1,196,904,200		11,452,003

* Denotes Trust-wide proposal and voting results.

The above Trustees, referred to as the BlackRock Multi-Asset Board, have also been elected to serve as trustees for other BlackRock-advised equity, multi-asset, index and money market funds.

General Information

Householding

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

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may also be obtained upon request and without charge by calling(800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge, (1) by calling(800) 441-7762; (2) athttp://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

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 upon request and without charge (1) athttp://www.blackrock.com or by calling(800) 441-7762 and (2) on the SEC’s website at http://www.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. Visithttp://www.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 reach us on the Web athttp://www.blackrock.com.

ADDITIONAL INFORMATION 119

Additional Information  (continued)

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

BlackRock Privacy Principles

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

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

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

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.

Glossary of Terms Used in this Report

Portfolio Abbreviations
ADR	American Depositary Receipts
AGC	Assured Guarantee Corp.
AMBAC	American Municipal Bond Assurance Corp.
CVR	Contingent Value Rights
ETF	Exchange Traded Fund
NVDR	Non-voting Depository Receipts
REIT	Real Estate Investment Trust
S&P	S&P Global Ratings

120 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

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 a Fund unless preceded or accompanied by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

Index5-1/19-SAR

JANUARY 31, 2019

SEMI-ANNUAL REPORT (UNAUDITED)

BlackRock Funds^SM

^Ø  iShares Edge MSCI Min Vol EAFE Index Fund

^Ø  iShares Edge MSCI Min Vol USA Index Fund

^Ø  iShares Edge MSCI Multifactor Intl Index Fund

^Ø  iShares Edge MSCI Multifactor USA Index Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call (800) 537-4942 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by: (i) accessing the BlackRock website at www.blackrock.com/edelivery and logging into your accounts, if you hold accounts directly with BlackRock, or (ii) contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended January 31, 2019, concerns about a variety of political risks and a modest slowdown in global growth worked against the equity market, while the bond market delivered modest positive returns. Though the market’s appetite for risk remained healthy for most of the reporting period, risk-taking declined sharply later in the reporting period. As a result, bonds held their value better than stocks, which posted negative returns across the globe. Shorter-term, higher-quality securities led the bond market, and U.S. equities outperformed most international stock markets.

Volatility rose in emerging market stocks, as the rising U.S. dollar and higher interest rates in the U.S. disrupted economic growth abroad. U.S.-China trade relations and debt concerns adversely affected the Chinese stock market, while Turkey and Argentina became embroiled in currency crises, largely due to hyperinflation in both countries. An economic slowdown in Europe also led to negative performance for European equities.

Volatility in the U.S. equity market spiked in October, as a wide range of risks were brought to bear on markets, ranging from rising interest rates and slowing global growth to heightened trade tensions and political turmoil in several countries, including the United States. These risks manifested in a broad basedsell-off in December, leading to the worst December performance on record since 1931.

By comparison, fixed income securities delivered modest positive returns with relatively low volatility. In fixed income markets, short-term U.S. Treasury interest rates rose the fastest, while longer-term rates were relatively unchanged. This led to positive returns for U.S. Treasuries and a substantial flattening of the yield curve. Although the credit fundamentals in corporate markets remained relatively solid, investment-grade and high-yield bonds trailed U.S. Treasuries.

The U.S. Federal Reserve (the “Fed”) increased short-term interest rates four times during the reporting period. The Fed also continued to reduce its balance sheet, gradually reversing the unprecedented stimulus measures it enacted after the financial crisis. By our estimation, the Fed’s neutral interest rate (the theoretical rate that is neither stimulative nor restrictive to the economy) is approximately 3.5%. The Fed funds rate is currently at 2.5%, which is stimulative to the economy. At its latest meeting in late January, the Fed left interest rates unchanged and signaled a slower pace of rate hikes in response to the global economic slowdown. Relatively low inflation gives the Fed room to maintain support for the economy until the economic data builds the case for changing interest rates.

Although fears of recession drove equity volatility higher at the end of 2018, we continue to believe the probability of recession in 2019 remains relatively low. Economic growth and global earnings are likely to slow somewhat in 2019 — the tax cut stimulus will be less pronounced, and the Fed’s rate hikes in 2018 will gain traction in 2019. Trade frictions look more baked into asset prices than a year ago, but markets may be overlooking European political risks. Consequently, we are cautious on European equities, as European unity remains tenuous with a history offlare-ups. We continue to prefer to take risk in U.S. and emerging market equities. Within U.S. equities, we believe that companies with high-quality earnings and strong balance sheets offer the most attractive risk/rewardtrade-off. We also favor short-term bonds over long-term bonds because they offer nearly equivalent yields with far lower volatility.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visitblackrock.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 January 31, 2019
	6-month	12-month
U.S. large cap equities (S&P 500® Index)	(3.00)%	(2.31)%
U.S. small cap equities (Russell 2000® Index)	(9.62)	(3.52)
International equities (MSCI Europe, Australasia, Far East Index)	(7.80)	(12.51)
Emerging market equities (MSCI Emerging Markets Index)	(2.60)	(14.24)
3-month Treasury bills (ICE BofAML3-Month U.S. Treasury Bill Index)	1.10	1.95
U.S. Treasury securities (ICE BofAML10-Year U.S. Treasury Index)	4.20	3.21
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	2.71	2.25
Tax-exempt municipal bonds (S&P Municipal Bond Index)	1.86	3.08
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	1.07	1.73
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS PAGEISNOT PARTOF YOUR FUND REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summaries		4
About Fund Performance		12
Disclosure of Expenses		12
Derivative Financial Instruments		12
Financial Statements:
Schedule of Investments		13
Statements of Assets and Liabilities		30
Statements of Operations		31
Statements of Changes in Net Assets		32
Financial Highlights		34
Notes to Financial Statements		42
Trustee and Officer Information		52
Additional Information		53
Glossary of Terms Used in this Report		54

3

Fund Summary  as of January 31, 2019 iShares Edge MSCI Min Vol EAFE Index Fund

Investment Objective

iShares Edge MSCI Min Vol EAFE Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of an index composed of developed markets equities that, in the aggregate, have lower volatility characteristics relative to the broader developed equity markets, excluding the United States and Canada.

Portfolio Management Commentary

How did the Fund perform?

For thesix-month period ended January 31, 2019, the Fund’s Institutional Shares returned (3.50)%, while Class K Shares returned (3.56)%. The benchmark MSCI EAFE Minimum Volatility (USD) Index (the “Index”) returned (3.30)% 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 2018, risk sentiment was elevated, as steady corporate earnings and economic growth supported developed markets generally in the face of rising U.S. protectionism. In Japan, equities rallied, as a-2.5% depreciation in the yen helped export names. Continued Brexit uncertainty weighed on the market, influencing a-1.5% decline in the sterling. Italy also weighed on the market, as a rift between the populist government and the European Union regarding the country’s budget plans was a source of investor concern.

By the fourth quarter of 2018, developed markets faced considerable headwinds from tightening global financial conditions, slowing growth, and heightened macroeconomic uncertainty throughout the year. Slowing economic activity, broad-marketrisk-off behavior, and political uncertainty marred the Western European region.

In Asia-Pacific, a roughly +3.5% jump in the Japanese yen against the U.S. dollar weighed on the export-oriented equity market broadly. Elsewhere, Australian equities fell as the slowdown in China weighed on the country’s domestic growth prospects.

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 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of January 31, 2019 iShares Edge MSCI Min Vol EAFE Index Fund

Performance Summary for the Period Ended January 31, 2019

				Average Annual Total Returns (a)(b)
	6-Month Total Returns			1 Year			Since Inception (c)
Institutional		(3.50	)%		(4.56	)%		4.54	%
Class K		(3.56	)		(4.52	)		4.58
MSCI EAFE Minimum Volatility (USD) Index(d)		(3.30	)		(4.54	)		4.92

^(a) See “About Fund Performance” on page 12 for a detailed description of share classes, including any related fees.

^(b)  The Fund generally invests at least 80% of its assets, plus the amount of any borrowing for investment purposes, in securities of the MSCI EAFE Minimum Volatility (USD) Index and in investments that have economic characteristics that are substantially similar to the component securities of the MSCI EAFE Minimum Volatility (USD) Index (i.e., depositary receipts representing securities of the MSCI EAFE Minimum Volatility (USD) Index).

^(c)  The Fund commenced operations on July 13, 2016.

^(d)  An index that aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap equity universe across developed markets around the world excluding the United States and Canada. The index is calculated by optimizing the MSCI EAFE Index, its parent index, in USD for the lowest absolute risk (within a given set of constraints).

Past performance is not indicative 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 (b)
	Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	965.00	$	1.14	$	1,000.00	$	1,024.05	$	1.17		0.23	%
Class K		1,000.00		964.40		0.89		1,000.00		1,024.30		0.92		0.18

^(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 184/365 (to reflect the one-half year period shown).

^(b)  Hypothetical 5% return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 12 for further information on how expenses were calculated.

Portfolio Information

TEN LARGEST HOLDINGS

Holding	Percent of Net Assets
Hong Kong & China Gas Co. Ltd.		2	%
Nestle SA		2
CLP Holdings Ltd.		1
Roche Holding AG		1
Novartis AG, Registered Shares		1
NTT DOCOMO, Inc.		1
Swisscom AG, Registered Shares		1
Swiss Re AG		1
Zurich Insurance Group AG		1
Nippon Telegraph & Telephone Corp.		1

GEOGRAPHIC ALLOCATION

Country	Percent of Net Assets
Japan		30	%
Switzerland		14
United Kingdom		12
Hong Kong		9
Australia		7
France		6
Singapore		4
Germany		3
Denmark		3
Belgium		3
Israel		2
Finland		2
Ireland		1
Netherlands		1
Sweden		1
Other		2	(a)
Short-Term Securities		—	(b)

^(a)  Other includes a less than 1% investment in each of the following countries: Italy, Luxembourg, New Zealand, Norway and Spain.

^(b)  Represents less than 1%.

FUND SUMMARY 5

Fund Summary  as of January 31, 2019 iShares Edge MSCI Min Vol USA Index Fund

Investment Objective

iShares Edge MSCI Min Vol USA Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of an index composed of U.S. equities that, in the aggregate, have lower volatility characteristics relative to the broader U.S. equity market.

Portfolio Management Commentary

How did the Fund perform?

For thesix-month period ended January 31, 2019, the Fund’s Institutional Shares returned 2.02%, while Class K Shares returned 2.04%. The benchmark MSCI USA Minimum Volatility (USD) Index (the “Index”) returned 2.10% 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 2018, U.S. large cap equities reachedall-time highs as impressive economic growth and earnings results fueledrisk-on appetite and outweighed the specter of trade wars. Despite the announcement of tariffs on $505 billion of Chinese goods and China’s retaliatory measures, U.S. equity volatility was limited. Macroeconomic releases continued to showcase strength in both labor and economic conditions. Job gains were impressive and the unemployment rate eventually fell to 3.7% in September, the lowest level since 1969. The strength of the economy allowed the Fed to raise the target range of the benchmark federal funds rate from 2% to 2.25%.

More broadly, concerns over Fed policy, Sino-American trade tensions, and a potential slowdown in growth contributed to investor anxiety throughout the fourth quarter of 2018. The quarter began with Fed Chairman Powell’s comment that the U.S. Federal Funds rate was “a long way from neutral.” The hawkish comment drove a temporarysell-off in Treasuries. However, this was short lived as declines in energy prices and softness in portions of the U.S. economy contributed to a reduction in inflation expectations. This was accompanied by a broad based marketrisk-off in December — which was the worst December performance on record since 1931 — and the10-year U.S. Treasury yield ended the quarter lower than intra-quarter highs.

Describe recent portfolio activity.

During the period, as changes were made to the composition of the MSCI USA Minimum Volatility (USD) 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.

6 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of January 31, 2019 iShares Edge MSCI Min Vol USA Index Fund

Performance Summary for the Period Ended January 31, 2019

				Average Annual Total Returns (a)(b)
	6-Month Total Returns			1 Year			Since Inception (c)
Institutional		2.02	%		3.56	%		8.90	%
Class K		2.04			3.61			8.95
MSCI USA Minimum Volatility (USD) Index(d)		2.10			3.76			9.10

^(a) See “About Fund Performance” on page 12 for a detailed description of share classes, including any related fees.

^(b)  The Fund generally invests at least 80% of its assets, plus the amount of any borrowing for investment purposes, in securities of the MSCI USA Minimum Volatility (USD) Index.

^(c)  The Fund commenced operations on July 13, 2016.

^(d)  An index that aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-capitalization U.S. equity universe. The index is calculated by optimizing the MSCI USA Index, its parent index, in USD for the lowest absolute risk (within a given set of constraints).

Past performance is not indicative 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 (b)
	Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,020.20	$	0.92	$	1,000.00	$	1,024.30	$	0.92		0.18	%
Class K		1,000.00		1,020.40		0.66		1,000.00		1,024.55		0.66		0.13

^(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 184/365 (to reflect the one-half year period shown).

^(b)  Hypothetical 5% return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 12 for further information on how expenses were calculated.

Portfolio Information

TEN LARGEST HOLDINGS

Holding	Percent of Net Assets
Newmont Mining Corp.		2	%
Waste Management, Inc.		2
Visa, Inc.		2
Pfizer, Inc.		1
Coca-Cola Co.		1
McDonald’s Corp.		1
Fiserv, Inc.		1
Republic Services, Inc.		1
PepsiCo, Inc.		1
Johnson & Johnson		1

SECTOR ALLOCATION

Sector	Percent of Net Assets
Information Technology		16	%
Health Care		15
Financials		13
Consumer Staples		12
Consumer Discretionary		10
Real Estate		8
Utilities		8
Industrials		8
Communication Services		5
Materials		2
Energy		2
Investment Companies		1
Short term		1
Liabilities in Excess of Other Assets		(1	)

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, 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.

FUND SUMMARY 7

Fund Summary  as of January 31, 2019 iShares Edge MSCI Multifactor Intl Index Fund

Investment Objective

iShares Edge MSCI Multifactor Intl Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of an index composed of global developed market large- and mid-capitalization stocks, excluding the United States, that have favorable exposure to target style factors subject to constraints.

Portfolio Management Commentary

How did the Fund perform?

For thesix-month period ended January 31, 2019, the Fund’s Institutional Shares returned (7.86)%, while Class K Shares returned (7.83)%. The benchmark MSCI World ex USA Diversified Multiple-Factor Index (the “Index”) returned (7.65)% 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 2018, risk sentiment was elevated, as steady corporate earnings and economic growth supported developed markets generally in the face of rising U.S. protectionism. In Japan, equities rallied, as a-2.5% depreciation in the yen helped export names. Continued Brexit uncertainty weighed on the market, influencing a-1.5% decline in the sterling. Italy also weighed on the market, as a rift between the populist government and the European Union regarding the country’s budget plans was a source of investor concern.

By the fourth quarter of 2018, developed markets faced considerable headwinds from tightening global financial conditions, slowing growth, and heightened macroeconomic uncertainty throughout the year. Slowing economic activity, broad-marketrisk-off behavior, and political uncertainty marred the Western European region.

In Asia-Pacific, a roughly +3.5% jump in the Japanese yen against the U.S. dollar weighed on the export-oriented equity market broadly. Elsewhere, Australian equities fell as the slowdown in China weighed on the country’s domestic growth prospects.

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.

8 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of January 31, 2019 iShares Edge MSCI Multifactor Intl Index Fund

Performance Summary for the Period Ended January 31, 2019

				Average Annual Total Returns (a)(b)
	6-Month Total Returns			1 Year			Since Inception (c)
Institutional		(7.86	)%		(13.05	)%		7.98	%
Class K		(7.83	)		(13.00	)		8.03
MSCI World ex USA Diversified Multiple-Factor Index(d)		(7.65	)		(13.03	)		8.32

^(a) See “About Fund Performance” on page 12 for a detailed description of share classes, including any related fees.

^(b)  The Fund generally invests at least 80% of its assets, plus the amount of any borrowing for investment purposes, in securities of the MSCI World ex USA Diversified Multiple-Factor Index and in investments that have economic characteristics that are substantially similar to the component securities of the MSCI World ex USA Diversified Multiple-Factor Index (i.e., depositary receipts representing securities of the MSCI World ex USA Diversified Multiple-Factor Index).

^(c) The Fund commenced operations on July 13, 2016.

^(d)  An index that is based on the MSCI World ex USA Index, its parent index, which includes large- and mid-capitalization stocks across 22 of 23 developed markets, excluding the United States. The index aims to maximize exposure to four factors — value, momentum, quality and low size — while maintaining a risk profile similar to that of the underlying parent index.

Past performance is not indicative 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 (b)
	Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	921.40	$	1.70	$	1,000.00	$	1,023.44	$	1.79		0.35	%
Investor K		1,000.00		921.70		1.45		1,000.00		1,023.69		1.53		0.30

^(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 184/365 (to reflect the one-half year period shown).

^(b)  Hypothetical 5% return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 12 for further information on how expenses were calculated.

Portfolio Information

TEN LARGEST HOLDINGS

Holding	Percent of Net Assets
Amadeus IT Group SA		2	%
Hitachi Ltd.		2
AXA SA		2
Woolworths Group Ltd.		2
Astellas Pharma, Inc.		2
Anglo American PLC		2
ITOCHU Corp.		2
Repsol SA		2
Roche Holding AG		2
Link REIT		2

GEOGRAPHIC ALLOCATION

Country	Percent of Net Assets
Japan		25	%
United Kingdom		15
Australia		11
France		9
Canada		8
Switzerland		7
Hong Kong		5
Spain		5
Germany		4
Netherlands		3
Belgium		2
Sweden		1
Israel		1
Other		4	(a)
Short-Term Securities		—	(b)

^(a)  Other includes a less than 1% investment in each of the following countries: Austria, China, Denmark, Finland, Ireland, Italy, Luxembourg, New Zealand, Norway and Singapore.

^(b)  Represents less than 1%.

FUND SUMMARY 9

Fund Summary  as of January 31, 2019 iShares Edge MSCI Multifactor USA Index Fund

Investment Objective

iShares Edge MSCI Multifactor USA Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of an index composed of U.S. large- and mid-capitalization stocks that have favorable exposure to target style factors subject to constraints.

Portfolio Management Commentary

How did the Fund perform?

For thesix-month period ended January 31, 2019, the Fund’s Institutional Shares returned (6.13)%, while Class K Shares returned (6.11)%. The benchmark MSCI USA Diversified Multiple-Factor Index (the “Index”) returned (6.04)% 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 2018, U.S. large cap equities reachedall-time highs as impressive economic growth and earnings results fueledrisk-on appetite and outweighed the specter of trade wars. Despite the announcement of tariffs on $505 billion of Chinese goods and China’s retaliatory measures, U.S. equity volatility was limited. Macroeconomic releases continued to showcase strength in both labor and economic conditions. Job gains were impressive and the unemployment rate eventually fell to 3.7% in September, the lowest level since 1969. The strength of the economy allowed the Fed to raise the target range of the benchmark federal funds rate from 2% to 2.25%.

More broadly, concerns over Fed policy, Sino-American trade tensions, and a potential slowdown in growth contributed to investor anxiety throughout the fourth quarter of 2018. The quarter began with Fed Chairman Powell’s comment that the U.S. Federal Funds rate was “a long way from neutral.” The hawkish comment drove a temporarysell-off in Treasuries. However, this was short lived as declines in energy prices and softness in portions of the U.S. economy contributed to a reduction in inflation expectations. This was accompanied by a broad based marketrisk-off in December — which was the worst December performance on record since 1931 — and the10-year U.S. Treasury yield ended the quarter lower than intra-quarter highs.

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 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of January 31, 2019 iShares Edge MSCI Multifactor USA Index Fund

Performance Summary for the Period Ended January 31, 2019

				Average Annual Total Returns (a)(b)
	6-Month Total Returns			1 Year			Since Inception (c)
Institutional		(6.13	)%		(5.73	)%		10.46	%
Class K		(6.11	)		(5.69	)		10.51
MSCI USA Diversified Multiple-Factor Index(d)		(6.04	)		(5.51	)		10.88

^(a) See “About Fund Performance” on page 12 for a detailed description of share classes, including any related fees.

^(b)  The Fund generally invests at least 80% of its assets, plus the amount of any borrowing for investment purposes, in securities of the MSCI USA Diversified Multiple-Factor Index.

^(c)  The Fund commenced operations on July 13, 2016.

^(d)  An index that is based on a traditional market cap weighted parent index, the MSCI USA Index, which includes U.S. large- and mid-capitalization stocks. The index aims to maximize exposure to four factors — value, momentum, quality and low size — while maintaining a risk profile similar to that of the underlying parent index.

Past performance is not indicative 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 (b)
	Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	938.70	$	1.22	$	1,000.00	$	1,023.95	$	1.28		0.25	%
Class K		1,000.00		938.90		0.98		1,000.00		1,024.20		1.02		0.20

^(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 184/365 (to reflect the one-half year period shown).

^(b)  Hypothetical 5% return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 12 for further information on how expenses were calculated.

Portfolio Information

TEN LARGEST HOLDINGS

Holding	Percent of Net Assets
Cigna Corp.		3	%
Anthem, Inc.		2
AT&T, Inc.		2
Intuit, Inc.		2
Norfolk Southern Corp.		2
Exelon Corp.		2
Marathon Petroleum Corp.		2
Micron Technology, Inc.		2
Humana, Inc.		2
Phillips 66		2

SECTOR ALLOCATION

Sector	Percent of Net Assets
Information Technology		20	%
Health Care		16
Industrials		12
Financials		10
Consumer Discretionary		8
Utilities		7
Energy		7
Real Estate		5
Communication Services		5
Materials		4
Consumer Staples		3
Investment Companies		2
Short-Term Securities		1

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, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sectorsub-classifications for reporting ease.

FUND SUMMARY 11

About Fund Performance

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

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer towww.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 tables on the previous pages assume reinvestment of all distributions, if any, at net asset value on the ex-dividend date. 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”), the Funds’ investment adviser, has contractually agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver and/or reimbursement, each Fund’s performance would have been lower. The Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See Note 6 of the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of the Funds may incur the following charges: (a) transactional expenses, such as sales charges; 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 on the previous pages, which are based on a hypothetical investment of $1,000 invested on August 1, 2018 and held through January 31, 2019, 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. 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 the 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. 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.

12 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) January 31, 2019 iShares Edge MSCI Min Vol EAFE Index Fund (Percentages shown are based on Net Assets)

Security	Shares			Value
Common Stocks — 99.4%
Australia — 7.1%
AGL Energy Ltd.		15,535		$	242,730
Amcor Ltd.		39,416			391,350
Aurizon Holdings Ltd.		50,949			163,262
AusNet Services		142,764			171,552
Australia & New Zealand Banking Group Ltd.		10,045			182,858
Brambles Ltd.		17,536			136,061
Caltex Australia Ltd.		12,246			239,358
Coca-Cola Amatil Ltd.		26,055	��		159,130
Cochlear Ltd.		2,088			295,087
Commonwealth Bank of Australia		13,741			700,147
CSL Ltd.		2,020			287,232
Dexus		41,598			348,304
Flight Centre Travel Group Ltd.		1,944			61,002
Goodman Group		30,532			259,855
GPT Group		64,505			272,749
Insurance Australia Group Ltd.		44,673			230,809
Medibank Pvt Ltd.		61,219			116,710
Mirvac Group		142,215			249,356
National Australia Bank Ltd.		10,122			175,765
Newcrest Mining Ltd.		25,516			453,950
Scentre Group		166,387			481,904
Sonic Healthcare Ltd.		34,780			583,386
Stockland		35,611			98,156
Sydney Airport(a)		22,104			105,509
Telstra Corp. Ltd.		145,767			330,488
Transurban Group(a)		72,231			640,563
Vicinity Centres		139,669			265,911
Wesfarmers Ltd.		38,118			894,194
Westpac Banking Corp.		18,673			333,724
Woolworths Group Ltd.		61,349			1,310,905
					10,182,007
Belgium — 2.9%
Ageas		5,216			242,525
Colruyt SA		12,872			924,421
Groupe Bruxelles Lambert SA		13,121			1,236,290
KBC Group NV		3,613			245,287
Proximus SADP		30,323			814,044
UCB SA		8,039			696,604
					4,159,171
Denmark — 2.9%
Carlsberg A/S, Class B		2,920			334,293
Chr Hansen Holding A/S		2,407			228,583
Coloplast A/S, Class B		4,429			404,586
DSV A/S		7,315			583,798
H Lundbeck A/S		2,743			120,445
ISS A/S		9,949			281,962
Novo Nordisk A/S, Class B		11,738			550,114
Orsted A/S(b)		12,005			867,512
Pandora A/S		3,925			170,453
Tryg A/S		25,976			662,734
					4,204,480
Finland — 1.6%
Elisa OYJ		20,744			867,878
Neste OYJ		2,370			217,139
Sampo OYJ, Class A		27,581			1,263,633
					2,348,650
France — 6.0%
Aeroports de Paris		3,447			659,414
Air Liquide SA		3,307			401,468
Covivio		1,590			162,521

Security	Shares		Value
France (continued)
Danone SA		7,511	$	546,589
Dassault Aviation SA		50		74,456
Dassault Systemes SE		614		76,954
EssilorLuxottica SA		3,866		489,741
Eutelsat Communications SA		3,873		82,133
Getlink SE		10,134		148,207
Hermes International		1,749		1,048,158
L’Oreal SA		3,507		845,275
Orange SA		39,997		620,369
Pernod Ricard SA		2,219		368,161
Sanofi		12,463		1,083,258
SCOR SE		3,004		126,408
SEB SA		521		79,890
Societe BIC SA		1,791		179,370
Sodexo SA		4,848		504,682
Thales SA		7,341		811,836
TOTAL SA		5,435		297,953
				8,606,843
Germany — 3.4%
adidas AG		372		88,514
Axel Springer SE		1,073		65,698
Beiersdorf AG		6,764		677,089
Deutsche Lufthansa AG, Registered Shares		3,660		92,401
Deutsche Telekom AG, Registered Shares		28,944		470,654
Fraport AG Frankfurt Airport Services Worldwide		986		77,927
Fresenius Medical Care AG & Co. KGaA		7,250		533,238
Hannover Rueck SE		1,490		215,057
Henkel AG & Co. KGaA		4,192		384,244
Innogy SE(b)		1,377		65,240
Innogy SE(c)		13,003		556,633
Merck KGaA		3,889		408,341
Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares		4,013		895,542
SAP SE		671		69,385
Symrise AG		979		81,317
TUI AG		4,613		69,847
Uniper SE		6,378		184,941
				4,936,068
Hong Kong — 9.0%
BOC Hong Kong Holdings Ltd.		68,000		262,747
CK Infrastructure Holdings Ltd.		91,000		734,723
CLP Holdings Ltd.		185,000		2,154,705
Dairy Farm International Holdings Ltd.		35,400		320,359
Hang Seng Bank Ltd.		37,900		871,961
HK Electric Investments & HK Electric Investments Ltd.(a)(d)		572,500		582,922
HKT Trust & HKT Ltd.(a)		810,000		1,194,559
Hong Kong & China Gas Co. Ltd.		1,059,940		2,303,298
Hongkong Land Holdings Ltd.		16,500		118,699
Jardine Matheson Holdings Ltd.		8,500		568,605
Jardine Strategic Holdings Ltd.		8,700		333,523
Link REIT		59,500		654,032
MTR Corp. Ltd.		254,500		1,423,358
PCCW Ltd.		618,000		367,889
Power Assets Holdings Ltd.		141,000		949,851
Yue Yuen Industrial Holdings Ltd.		26,000		88,681
				12,929,912
Ireland — 1.4%
AIB Group PLC		30,052		134,533
James Hardie Industries PLC		10,027		111,683
Kerry Group PLC, Class A		12,599		1,286,464
Paddy Power Betfair PLC		769		62,890
Ryanair Holdings PLC, ADR(c)		5,252		372,892
				1,968,462

SCHEDULES OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Edge MSCI Min Vol EAFE Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Israel — 1.7%
Azrieli Group Ltd.		1,374	$	73,152
Bank Hapoalim BM		77,571		525,792
Bank LeumiLe-Israel BM		110,297		729,217
Bezeq The Israeli Telecommunication Corp. Ltd.		72,403		58,073
Check Point Software Technologies Ltd.(c)(d)		3,484		389,929
Elbit Systems Ltd.		591		73,208
Mizrahi Tefahot Bank Ltd.		25,837		480,641
NICE Ltd.(c)		1,445		159,305
				2,489,317
Italy — 0.1%
Snam SpA		24,694		117,922
Terna Rete Elettrica Nazionale SpA		12,731		78,462
				196,384
Japan — 29.5%
ABC-Mart, Inc.		7,100		407,915
Ajinomoto Co., Inc.		17,200		297,812
ANA Holdings, Inc.		23,500		866,205
Aozora Bank Ltd.		3,300		101,641
Asahi Group Holdings Ltd.		10,700		448,217
Astellas Pharma, Inc.		69,700		1,034,224
Benesse Holdings, Inc.		3,400		88,766
Canon, Inc.		42,400		1,219,433
Central Japan Railway Co.		2,300		497,081
Chugai Pharmaceutical Co. Ltd.		3,300		194,853
Chugoku Electric Power Co., Inc.		30,600		418,737
Daiichi Sankyo Co. Ltd.		7,400		256,690
Daito Trust Construction Co. Ltd.		2,200		305,563
Daiwa House REIT Investment Corp.		373		878,364
East Japan Railway Co.		8,300		768,992
FamilyMart UNY Holdings Co. Ltd.		2,700		316,285
Hankyu Hanshin Holdings, Inc.		5,700		203,460
Hikari Tsushin, Inc.		1,100		176,312
Japan Airlines Co. Ltd.		23,500		855,599
Japan Post Bank Co. Ltd.		46,200		537,715
Japan Post Holdings Co. Ltd.		101,600		1,248,970
Japan Prime Realty Investment Corp.		178		725,986
Japan Real Estate Investment Corp.		249		1,459,544
Japan Retail Fund Investment Corp.		563		1,154,944
Japan Tobacco, Inc.		23,300		589,856
Kamigumi Co. Ltd.		5,700		126,187
Kao Corp.		4,900		346,422
KDDI Corp.		23,300		582,142
Kintetsu Group Holdings Co. Ltd.		9,000		392,790
Kirin Holdings Co. Ltd.		15,200		362,883
Kyowa Hakko Kirin Co. Ltd.		4,000		76,687
Kyushu Electric Power Co., Inc.		17,300		214,371
Kyushu Railway Co.		25,700		877,458
Lawson, Inc.		10,800		665,730
Maruichi Steel Tube Ltd.		4,200		134,905
McDonald’s Holdings Co. Japan Ltd.		13,600		601,929
MEIJI Holdings Co. Ltd.		6,500		502,613
Mitsubishi Tanabe Pharma Corp.		40,700		637,630
Mizuho Financial Group, Inc.		248,900		408,534
Nagoya Railroad Co. Ltd.		23,500		621,926
NEC Corp.		14,800		497,353
NH Foods Ltd.		2,100		83,100
Nippon Building Fund, Inc.		215		1,391,153
Nippon Prologis REIT, Inc.		377		822,194
Nippon Telegraph & Telephone Corp.		34,200		1,470,195
Nissan Motor Co. Ltd.		153,700		1,312,597
Nissin Foods Holdings Co. Ltd.		11,700		744,853
Nitori Holdings Co. Ltd.		3,600		468,791
Nomura Real Estate Master Fund, Inc.		476		682,124

Security	Shares		Value
Japan (continued)
NTT DOCOMO, Inc.		84,200	$	2,023,056
Ono Pharmaceutical Co. Ltd.		11,000		240,307
Oriental Land Co. Ltd.		8,500		871,538
Osaka Gas Co. Ltd.		4,800		95,032
Otsuka Corp.		3,000		97,104
Otsuka Holdings Co. Ltd.		13,100		537,303
Park24 Co. Ltd.		11,300		269,649
Ryohin Keikaku Co. Ltd.		700		166,837
Sankyo Co. Ltd.		9,600		372,058
Secom Co. Ltd.		8,200		686,520
Seven & i Holdings Co. Ltd.		12,625		549,730
Shimamura Co. Ltd.		4,500		389,681
Shimano, Inc.		1,000		140,316
Shionogi & Co. Ltd.		5,500		339,227
Suntory Beverage & Food Ltd.		22,500		996,225
Taisho Pharmaceutical Holdings Co. Ltd.		6,800		690,670
Takashimaya Co. Ltd.		4,100		55,718
Takeda Pharmaceutical Co. Ltd.		10,300		415,844
Terumo Corp.		2,600		148,439
Tobu Railway Co. Ltd.		15,400		434,931
Toho Co. Ltd.		3,900		142,269
Tokyo Gas Co. Ltd.		12,600		331,320
Toray Industries, Inc.		15,000		111,166
Toyo Suisan Kaisha Ltd.		17,900		644,365
Tsuruha Holdings, Inc.		1,300		120,336
Unicharm Corp.		5,300		164,022
United Urban Investment Corp.		624		996,276
USS Co. Ltd.		4,600		80,544
West Japan Railway Co.		6,200		452,824
Yakult Honsha Co. Ltd.		900		60,064
Yamada Denki Co. Ltd.		123,900		610,144
Yamaguchi Financial Group, Inc.		9,600		97,587
Yamazaki Baking Co. Ltd.		5,500		108,034
				42,516,867
Luxembourg — 0.3%
RTL Group SA		7,802		426,755
Netherlands — 1.4%
Heineken NV		3,066		275,385
Koninklijke Ahold Delhaize NV		32,257		849,846
NN Group NV		5,428		229,210
NXP Semiconductors NV		1,437		125,062
Royal Dutch Shell PLC, Class A		13,160		407,965
Unilever NV CVA		1,217		65,171
				1,952,639
New Zealand — 0.7%
Auckland International Airport Ltd.		17,535		89,246
Fisher & Paykel Healthcare Corp. Ltd.		13,309		115,828
Meridian Energy Ltd.		112,545		274,239
Ryman Healthcare Ltd.		18,198		131,866
Spark New Zealand Ltd.		121,102		340,429
				951,608
Norway — 0.6%
Gjensidige Forsikring ASA		12,915		223,082
Mowi ASA(c)		11,759		259,763
Orkla ASA		16,098		130,109
Telenor ASA		10,479		198,388
				811,342
Singapore — 4.0%
Ascendas Real Estate Investment Trust		57,000		116,242
CapitaLand Mall Trust		346,900		619,476
DBS Group Holdings Ltd.		47,400		844,789
Oversea-Chinese Banking Corp. Ltd.		129,000		1,106,650

14 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Edge MSCI Min Vol EAFE Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Singapore (continued)
SATS Ltd.		102,600	$	370,121
Singapore Airlines Ltd.		109,300		785,210
Singapore Exchange Ltd.		16,800		95,532
Singapore Technologies Engineering Ltd.		28,200		78,092
Singapore Telecommunications Ltd.		422,100		949,052
United Overseas Bank Ltd.		33,735		632,234
Wilmar International Ltd.		67,600		167,429
				5,764,827
Spain — 0.1%
Red Electrica Corp. SA		7,270		167,540
Sweden — 1.2%
Hennes & Mauritz AB, Class B		8,912		138,669
ICA Gruppen AB		6,766		237,972
Svenska Handelsbanken AB, Class A		6,522		70,926
Swedbank AB, Class A		8,878		201,677
Swedish Match AB		11,204		501,962
Telia Co. AB		140,775		613,490
				1,764,696
Switzerland — 13.6%
Baloise Holding AG, Registered Shares		4,906		759,831
Barry Callebaut AG, Registered Shares		234		398,100
Chocoladefabriken Lindt & Spruengli AG		125		794,812
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		4		293,630
Cie Financiere Richemont SA, Registered Shares		1,080		74,442
Givaudan SA, Registered Shares		558		1,353,740
Kuehne + Nagel International AG, Registered Shares		9,692		1,310,659
Nestle SA, Registered Shares		25,026		2,181,864
Novartis AG, Registered Shares		23,725		2,071,210
Partners Group Holding AG		1,406		967,052
Roche Holding AG		7,958		2,117,112
Schindler Holding AG, Registered Shares		569		120,182
Sonova Holding AG, Registered Shares		1,585		297,466
Swiss Life Holding AG, Registered Shares(c)		2,241		924,527
Swiss Prime Site AG, Registered Shares(c)		8,648		732,598
Swiss Re AG		17,481		1,676,509
Swisscom AG, Registered Shares		4,061		1,946,446
Zurich Insurance Group AG		5,096		1,599,393
				19,619,573
United Kingdom — 11.9%
Admiral Group PLC		12,794		347,895
AstraZeneca PLC		13,486		976,951
BAE Systems PLC		89,278		600,606
Berkeley Group Holdings PLC		2,271		111,816
BP PLC		25,007		170,826
British American Tobacco PLC		8,930		314,783
BT Group PLC		100,549		306,614
Bunzl PLC		3,543		111,718
Burberry Group PLC		6,779		160,249
Carnival PLC		7,874		445,503
Centrica PLC		35,063		63,010
Coca-Cola European Partners PLC(c)		6,717		319,595
Compass Group PLC		60,687		1,298,613
Croda International PLC		2,448		154,991
Diageo PLC		37,603		1,435,172
Direct Line Insurance Group PLC		194,492		859,661
Experian PLC		3,559		89,358
GlaxoSmithKline PLC		72,315		1,404,687
HSBC Holdings PLC		100,614		847,195
Imperial Brands PLC		11,094		368,255
Kingfisher PLC		86,309		252,139
Marks & Spencer Group PLC		89,390		338,214
National Grid PLC		120,470		1,311,845

Security	Shares		Value
United Kingdom (continued)
Pearson PLC		12,652	$	150,418
Persimmon PLC		2,444		76,242
Reckitt Benckiser Group PLC		3,482		267,921
RELX PLC		53,173		1,177,756
Royal Mail PLC		79,277		279,326
RSA Insurance Group PLC		79,002		532,695
Severn Trent PLC		8,711		228,901
Smith & Nephew PLC		42,469		800,061
SSE PLC		28,065		431,444
Taylor Wimpey PLC		42,293		91,702
Unilever PLC		3,154		165,692
United Utilities Group PLC		19,010		207,913
Vodafone Group PLC		267,104		487,140
				17,186,907
Total Long-Term Investments — 99.4% (Cost — $136,511,589)				143,184,048
Short-Term Securities — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.65%(e)(f)(g)		409,985		410,108
BlackRock Cash Funds: Treasury, SL Agency Shares,
2.34%(f)(g)		193,936		193,936
Total Short-Term Securities — 0.4% (Cost — $603,963)				604,044
Total Investments — 99.8% (Cost — $137,115,552)				143,788,092
Other Assets Less Liabilities — 0.2%				270,113
Net Assets — 100.0%			$	144,058,205

^(a)  A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

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

^(c)  Non-income producing security.

^(d)  Security, or a portion of the security, is on loan.

^(e)  Security was purchased with the cash collateral from loaned securities.

^(f)  Annualized7-day yield as of period end.

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Edge MSCI Min Vol EAFE Index Fund

^(g)  During the period ended January 31, 2019, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 07/31/18		Net Activity			Shares Held at 01/31/19		Value at 01/31/19		Income			Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		583,404		(173,419	)		409,985	$	410,108	$	5,031	(b)	$	149	$	(24	)
BlackRock Cash Funds: Treasury, SL Agency Shares		97,865		96,071			193,936		193,936		1,854			—		—
								$	604,044	$	6,885		$	149	$	(24	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  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:
Nikkei 225 Index		3		03/07/19	$	286	$	2,195
SPI 200 Index		2		03/21/19		211		560
FTSE 100 Index		4		03/15/19		362		7,299
							$	10,054

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 as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	—	$	—	$	10,054	$	—	$	—	$	—	$	10,054

^(a)  Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

For the six months ended January 31, 2019, 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	$	—	$	—	$	(96,437	)	$	—	$	—	$	—	$	(96,437	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	1,700		$	—	$	—	$	—	$	1,700

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,049,539

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

16 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Edge MSCI Min Vol EAFE Index Fund

Fair Value Hierarchy as of Period End

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

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Australia	$	—	$	10,182,007	$	—	$	10,182,007
Belgium		—		4,159,171		—		4,159,171
Denmark		—		4,204,480		—		4,204,480
Finland		—		2,348,650		—		2,348,650
France		74,456		8,532,387		—		8,606,843
Germany		556,633		4,379,435		—		4,936,068
Hong Kong		582,922		12,346,990		—		12,929,912
Ireland		435,782		1,532,680		—		1,968,462
Israel		389,929		2,099,388		—		2,489,317
Italy		—		196,384		—		196,384
Japan		—		42,516,867		—		42,516,867
Luxembourg		—		426,755		—		426,755
Netherlands		125,062		1,827,577		—		1,952,639
New Zealand		—		951,608		—		951,608
Norway		—		811,342		—		811,342
Singapore		—		5,764,827		—		5,764,827
Spain		—		167,540		—		167,540
Sweden		—		1,764,696		—		1,764,696
Switzerland		293,630		19,325,943		—		19,619,573
United Kingdom		319,595		16,867,312		—		17,186,907
Short-Term Securities		604,044		—		—		604,044
	$	3,382,053	$	140,406,039	$	—	$	143,788,092
Derivative Financial Instruments(a)
Assets:
Equity contracts	$	10,054	$	—	$	—	$	10,054

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

Transfers between Level 1 and Level 2 were as follows:

	Transfers into Level 1 (a)		Transfers out of Level 1 (b)			Transfers into Level 2 (b)		Transfers out of Level 2 (a)
Assets:
Investments:
Long-Term Investments:
Common Stocks	$	1,023,662	$	(1,981,065	)	$	1,981,065	$	(1,023,662	)

^(a)  Systematic Fair Value Prices were not utilized at period end for these investments.

^(b)  External pricing service used to reflect any significant market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (unaudited) January 31, 2019 iShares Edge MSCI Min Vol USA Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 98.7%
Aerospace & Defense — 3.5%
General Dynamics Corp.		173	$	29,612
Harris Corp.		495		75,824
L3 Technologies, Inc.		65		12,797
Lockheed Martin Corp.		698		202,204
Northrop Grumman Corp.		254		69,990
Raytheon Co.		1,084		178,600
United Technologies Corp.		752		88,789
				657,816
Air Freight & Logistics — 0.9%
C.H. Robinson Worldwide, Inc.		877		76,097
Expeditors International of Washington, Inc.		1,021		70,755
United Parcel Service, Inc., Class B		117		12,332
				159,184
Banks — 0.8%
BB&T Corp.		176		8,589
M&T Bank Corp.		302		49,691
U.S. Bancorp		1,806		92,395
				150,675
Beverages — 3.3%
Brown-Forman Corp., Class B		308		14,553
Coca-Cola Co.		5,649		271,886
Constellation Brands, Inc., Class A		387		67,207
PepsiCo, Inc.		2,255		254,071
				607,717
Capital Markets — 0.3%
CME Group, Inc.		360		65,621
Chemicals — 0.8%
Ecolab, Inc.		727		114,990
International Flavors & Fragrances, Inc.		208		29,490
				144,480
Commercial Services & Supplies — 3.1%
Republic Services, Inc.		3,340		256,211
Waste Connections, Inc.		375		31,335
Waste Management, Inc.		2,992		286,245
				573,791
Communications Equipment — 2.5%
Cisco Systems, Inc.		3,427		162,063
F5 Networks, Inc.(a)		444		71,462
Juniper Networks, Inc.		348		9,027
Motorola Solutions, Inc.		1,525		178,288
Palo Alto Networks, Inc.(a)		181		38,882
				459,722
Containers & Packaging — 0.1%
Ball Corp.		259		13,541
Distributors — 0.2%
Genuine Parts Co.		361		36,035
Diversified Financial Services — 0.6%
Berkshire Hathaway, Inc., Class B(a)		586		120,446
Diversified Telecommunication Services — 2.5%
AT&T, Inc.		6,127		184,178
Verizon Communications, Inc.		4,471		246,173
Zayo Group Holdings, Inc.(a)		1,195		32,803
				463,154
Electric Utilities — 5.7%
Alliant Energy Corp.		435		19,344
American Electric Power Co., Inc.		1,147		90,751

Security	Shares		Value
Electric Utilities (continued)
Duke Energy Corp.		2,387	$	209,531
Edison International		192		10,938
Evergy, Inc.		880		50,442
Eversource Energy		680		47,199
NextEra Energy, Inc.		1,303		233,211
PPL Corp.		376		11,776
Southern Co.		3,968		192,845
Xcel Energy, Inc.		3,712		194,360
				1,060,397
Electronic Equipment, Instruments & Components — 1.0%
Amphenol Corp., Class A		1,771		155,707
FLIR Systems, Inc.		573		28,008
				183,715
Energy Equipment & Services — 0.1%
Schlumberger Ltd.		490		21,663
Equity Real Estate Investment Trusts (REITs) — 8.4%
American Tower Corp.		625		108,025
AvalonBay Communities, Inc.		898		173,242
Boston Properties, Inc.		83		10,945
Camden Property Trust		856		82,989
Crown Castle International Corp.		1,396		163,416
Digital Realty Trust, Inc.		93		10,076
Duke Realty Corp.		923		26,989
Equinix, Inc.		41		16,154
Equity Residential		2,020		146,571
Essex Property Trust, Inc.		262		71,054
Extra Space Storage, Inc.		106		10,453
Federal Realty Investment Trust		456		60,452
Invitation Homes, Inc.		1,170		26,313
Mid-America Apartment Communities, Inc.		412		41,727
National Retail Properties, Inc.		864		45,541
Public Storage		880		187,018
Realty Income Corp.		1,793		123,161
Regency Centers Corp.		223		14,495
Simon Property Group, Inc.		375		68,295
UDR, Inc.		1,715		75,031
Ventas, Inc.		578		37,275
Welltower, Inc.		805		62,380
				1,561,602
Food & Staples Retailing — 1.1%
Costco Wholesale Corp.		179		38,419
Sysco Corp.		939		59,955
Walmart, Inc.		1,180		113,079
				211,453
Food Products — 3.9%
Bunge Ltd.		197		10,849
Campbell Soup Co.		1,441		51,055
Conagra Brands, Inc.		1,633		35,338
General Mills, Inc.		223		9,910
Hershey Co.		1,024		108,646
Hormel Foods Corp.		2,147		90,861
Ingredion, Inc.		154		15,246
J.M. Smucker Co.		389		40,798
Kellogg Co.		1,582		93,354
Lamb Weston Holdings, Inc.		422		30,511
McCormick & Co., Inc.		1,068		132,047
Mondelez International, Inc., Class A		1,953		90,346
Tyson Foods, Inc., Class A		156		9,660
				718,621
Health Care Equipment & Supplies — 5.1%
Abbott Laboratories		626		45,685
Baxter International, Inc.		1,900		137,731

18 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Edge MSCI Min Vol USA Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Becton Dickinson & Co.		487	$	121,487
Boston Scientific Corp.(a)		1,748		66,686
Cooper Cos., Inc.		209		58,261
Danaher Corp.		1,472		163,274
Medtronic PLC		1,959		173,156
Stryker Corp.		959		170,290
Varian Medical Systems, Inc.(a)		89		11,751
Zimmer Biomet Holdings, Inc.		77		8,436
				956,757
Health Care Providers & Services — 4.4%
Anthem, Inc.		331		100,293
Cigna Corp.		448		89,515
CVS Health Corp.		1,351		88,558
HCA Healthcare, Inc.		322		44,897
Henry Schein, Inc.(a)		352		27,350
Humana, Inc.		298		92,079
Laboratory Corp. of America Holdings(a)		590		82,217
Quest Diagnostics, Inc.		447		39,045
UnitedHealth Group, Inc.		720		194,544
Universal Health Services, Inc., Class B		414		54,867
WellCare Health Plans, Inc.(a)		54		14,930
				828,295
Health Care Technology — 0.0%
Cerner Corp.(a)		160		8,786
Hotels, Restaurants & Leisure — 3.3%
Aramark		948		31,237
Darden Restaurants, Inc.		420		44,070
McDonald’s Corp.		1,488		266,025
Starbucks Corp.		1,581		107,729
Vail Resorts, Inc.		60		11,296
Yum! Brands, Inc.		1,556		146,233
				606,590
Household Durables — 0.2%
Garmin Ltd.		566		39,156
Household Products — 2.5%
Church & Dwight Co., Inc.		1,008		65,127
Clorox Co.		578		85,764
Colgate-Palmolive Co.		903		58,406
Kimberly-Clark Corp.		512		57,026
Procter & Gamble Co.		2,036		196,413
				462,736
Industrial Conglomerates — 0.3%
Honeywell International, Inc.		424		60,899
Insurance — 9.0%
Aflac, Inc.		2,716		129,553
Alleghany Corp.		15		9,473
Allstate Corp.		1,260		110,716
American Financial Group, Inc.		661		63,053
Aon PLC		821		128,265
Arch Capital Group Ltd.(a)		4,497		131,987
Arthur J Gallagher & Co.		1,271		94,956
Chubb Ltd.		1,304		173,497
Cincinnati Financial Corp.		424		34,395
Everest Re Group Ltd.		294		64,401
Fidelity National Financial, Inc.		694		25,095
Hartford Financial Services Group, Inc.		203		9,525
Markel Corp.(a)		125		131,689
Marsh & McLennan Cos., Inc.		1,426		125,759
Progressive Corp.		1,595		107,328
RenaissanceRe Holdings Ltd.		605		83,508
Travelers Cos., Inc.		713		89,510

Security	Shares		Value
Insurance (continued)
W.R. Berkley Corp.		1,552	$	119,333
Willis Towers Watson PLC		267		43,465
				1,675,508
Interactive Media & Services — 0.1%
Facebook, Inc., Class A(a)		99		16,502
Internet & Direct Marketing Retail — 0.1%
eBay, Inc.(a)		315		10,600
IT Services — 9.8%
Accenture PLC, Class A		1,487		228,329
Automatic Data Processing, Inc.		664		92,854
Broadridge Financial Solutions, Inc.		566		57,070
Cognizant Technology Solutions Corp., Class A		1,210		84,313
Fidelity National Information Services, Inc.		1,609		168,189
Fiserv, Inc.(a)		3,143		260,649
International Business Machines Corp.		577		77,560
Jack Henry & Associates, Inc.		1,165		155,586
Mastercard, Inc., Class A		801		169,115
Paychex, Inc.		2,185		154,698
VeriSign, Inc.(a)		391		66,184
Visa, Inc., Class A		2,089		282,036
Worldpay, Inc., Class A(a)(b)		376		31,388
				1,827,971
Leisure Products — 0.2%
Hasbro, Inc.		368		33,326
Life Sciences Tools & Services — 0.4%
Thermo Fisher Scientific, Inc.		340		83,528
Media — 2.0%
CBS Corp., Class B		168		8,309
Comcast Corp., Class A		2,609		95,411
Liberty Broadband Corp., Class C(a)		187		15,899
Omnicom Group, Inc.		580		45,170
Sirius XM Holdings, Inc.(b)		5,683		33,132
Twenty-First Century Fox, Inc., Class B		1,318		64,661
Walt Disney Co.		1,020		113,751
				376,333
Metals & Mining — 1.5%
Newmont Mining Corp.		8,476		289,116
Mortgage Real Estate Investment Trusts (REITs) — 1.8%
AGNC Investment Corp.		8,242		147,614
Annaly Capital Management, Inc.		17,937		187,262
				334,876
Multi-Utilities — 2.5%
CMS Energy Corp.		808		42,129
Consolidated Edison, Inc.		2,695		209,267
Dominion Energy, Inc.		1,125		79,020
DTE Energy Co.		106		12,482
Sempra Energy		85		9,943
WEC Energy Group, Inc.		1,573		114,876
				467,717
Multiline Retail — 1.3%
Burlington Stores, Inc.(a)		299		51,341
Dollar General Corp.		1,027		118,547
Dollar Tree, Inc.(a)		111		10,748
Nordstrom, Inc.		274		12,716
Target Corp.		706		51,538
				244,890
Oil, Gas & Consumable Fuels — 1.8%
Chevron Corp.		797		91,376
Exxon Mobil Corp.		2,480		181,734

SCHEDULES OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Edge MSCI Min Vol USA Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp.		524	$	34,993
ONEOK, Inc.		333		21,382
				329,485
Pharmaceuticals — 5.0%
Bristol-Myers Squibb Co.		587		28,980
Eli Lilly & Co.		1,138		136,401
Johnson & Johnson		1,905		253,517
Merck & Co., Inc.		2,519		187,489
Pfizer, Inc.		6,408		272,020
Zoetis, Inc.		552		47,560
				925,967
Professional Services — 0.3%
Verisk Analytics, Inc.(a)(b)		427		50,134
Road & Rail — 0.2%
AMERCO		93		33,727
Semiconductors & Semiconductor Equipment — 0.2%
Intel Corp.		471		22,193
Texas Instruments, Inc.		98		9,867
				32,060
Software — 1.7%
CDK Global, Inc.		219		10,712
Intuit, Inc.		143		30,862
Microsoft Corp.		1,519		158,629
Oracle Corp.		1,875		94,181
Synopsys, Inc.(a)		292		27,258
				321,642
Specialty Retail — 3.7%
Advance Auto Parts, Inc.		117		18,626
AutoZone, Inc.(a)		108		91,513
Home Depot, Inc.		831		152,514
O’Reilly Automotive, Inc.(a)		108		37,223
Ross Stores, Inc.		1,420		130,811
TJX Cos., Inc.		4,277		212,695
Tractor Supply Co.		103		8,796
Ulta Salon Cosmetics & Fragrance, Inc.(a)		123		35,906
				688,084
Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc.		318		52,928
Dell Technologies, Inc., Class C(a)		184		8,940
				61,868
Textiles, Apparel & Luxury Goods — 0.9%
NIKE, Inc., Class B		826		67,633
Tapestry, Inc.		1,440		55,742
VF Corp.		521		43,853
				167,228

Security	Shares		Value
Tobacco — 1.1%
Altria Group, Inc.		2,545	$	125,596
Philip Morris International, Inc.		921		70,659
				196,255
Water Utilities — 0.1%
American Water Works Co., Inc.		100		9,567
Wireless Telecommunication Services — 0.1%
T-Mobile U.S., Inc.(a)		400		27,848
Total Common Stocks — 98.7% (Cost — $16,902,509)				18,377,084
Investment Companies — 1.1%
Equity Fund — 1.1%
iShares Edge MSCI Min Vol USA ETF(e)		3,654		202,285
Total Investment Companies — 1.1% (Cost — $194,841)				202,285
Total Long-Term Investments — 99.8% (Cost — $17,097,350)				18,579,369
Short-Term Securities — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.65%(c)(d)(e)		119,551		119,587
BlackRock Cash Funds: Treasury, SL Agency Shares,
2.34%(d)(e)		40,732		40,732
Total Short-Term Securities — 0.8% (Cost — $160,305)				160,319
Total Investments — 100.6% (Cost — $17,257,655)				18,739,688
Liabilities in Excess of Other Assets — (0.6)%				(115,996	)
Net Assets — 100.0%			$	18,623,692

^(a)  Non-income producing security.

^(b)  Security, or a portion of the security, is on loan.

^(c)  Security was purchased with the cash collateral from loaned securities.

^(d)  Annualized7-day yield as of period end.

^(e)  During the period ended January 31, 2019, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliate	Shares Held at 07/31/18		Shares Purchased			Shares Sold			Share Held at 01/31/19		Value at 01/31/19		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		122,941		—			(3,390	)(b)		119,551	$	119,587	$	538	(c)	$	(8	)	$	(2	)
BlackRock Cash Funds: Treasury, SL Agency Shares		21,289		19,443	(d)		—			40,732		40,732		1,493			—			—
iShares Edge MSCI Min Vol USA ETF		895		8,847			(6,088	)		3,654		202,285		1,489			(4,973	)		6,977
											$	362,604	$	3,520		$	(4,981	)	$	6,975

20 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Edge MSCI Min Vol USA Index Fund

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares sold.

^(c)  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.

^(d)  Represents net shares purchased.

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sectorsub-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 sectorsub-classifications for reporting ease.

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended January 31, 2019, 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	$	—	$	—	$	(2,287	)	$	—	$	—	$	—	$	(2,287	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	—	(a)

^(a)  Derivative not held at period end. The risk exposure table serves as an indicator of activity during the period.

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks(a)	$	18,377,084	$	—	$	—	$	18,377,084
Investment Companies		202,285		—		—		202,285
Short-Term Securities		160,319		—		—		160,319
	$	18,739,688	$	—	$	—	$	18,739,688

^(a)  See above Schedule of Investments for values in each sector.

During the period ended January 31, 2019, there were no transfers between levels.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 21

Schedule of Investments  (unaudited) January 31, 2019 iShares Edge MSCI Multifactor Intl Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 98.3%
Australia — 10.9%
AGL Energy Ltd.		4,642	$	72,530
Bendigo & Adelaide Bank Ltd.		3,412		26,811
BHP Group PLC		3,330		74,401
BlueScope Steel Ltd.		3,736		34,134
Caltex Australia Ltd.		1,846		36,082
CIMIC Group Ltd.		689		22,462
Coca-Cola Amatil Ltd.		3,587		21,907
Cochlear Ltd.		408		57,661
Dexus		7,201		60,295
Flight Centre Travel Group Ltd.		401		12,583
GPT Group		12,777		54,025
Harvey Norman Holdings Ltd.		4,034		9,907
Lend Lease Group(a)		3,961		35,278
Medibank Pvt Ltd.		19,495		37,166
Mirvac Group		26,307		46,126
Rio Tinto Ltd.		2,627		167,040
Sonic Healthcare Ltd.		2,861		47,989
South32 Ltd.		25,428		65,064
Telstra Corp. Ltd.		29,466		66,806
Washington H Soul Pattinson & Co. Ltd.		763		14,634
Woolworths Group Ltd.		9,297		198,658
				1,161,559
Austria — 0.3%
Verbund AG		593		30,307
Belgium — 1.9%
Ageas		1,293		60,120
Colruyt SA		425		30,522
Proximus SADP		1,077		28,913
UCB SA		895		77,554
				197,109
Canada — 7.6%
Atco Ltd. Class I		539		17,044
CAE, Inc.		1,896		40,288
CGI Group, Inc(b)		1,783		117,881
CI Financial Corp.		1,851		24,920
Constellation Software, Inc.		143		106,723
Empire Co. Ltd., Class A		1,229		27,630
Finning International, Inc.		1,191		22,570
H&R Real Estate Investment Trust		991		16,736
Husky Energy, Inc.		2,490		29,544
iA Financial Corp. Inc.		776		28,827
Magna International, Inc.		2,277		120,509
Methanex Corp.		451		24,576
Metro, Inc.		1,723		62,641
RioCan Real Estate Investment Trust		1,082		20,529
SmartCentres Real Estate Investment Trust		473		11,987
Teck Resources Ltd., Class B		3,612		87,967
Tourmaline Oil Corp.		1,830		24,958
West Fraser Timber Co. Ltd.		404		24,066
				809,396
China — 0.2%
Yangzijiang Shipbuilding Holdings Ltd.		16,900		17,663
Denmark — 0.6%
H Lundbeck A/S		493		21,648
Tryg A/S		808		20,615
William Demant Holding A/S(b)		715		22,587
				64,850
Finland — 0.6%
Elisa OYJ		1,007		42,130
Orion OYJ, Class B		737		26,054
				68,184

Security	Shares		Value
France — 8.5%
Amundi SA(c)		428	$	24,626
Arkema SA		487		46,142
Atos SE		677		61,729
AXA SA		9,044		209,732
BioMerieux		293		20,688
Cie Generale des Etablissements Michelin SCA		1,204		130,781
CNP Assurances		1,215		27,603
Eutelsat Communications SA		1,236		26,211
Faurecia SA		509		22,269
Ipsen SA		267		33,598
Renault SA		1,361		96,311
SCOR SE		1,154		48,560
Societe BIC SA		181		18,127
Societe Generale SA		2,778		86,617
UbiSoft Entertainment SA(b)		564		50,053
				903,047
Germany — 2.9%
Covestro AG(c)		1,362		75,264
Deutsche Lufthansa AG, Registered Shares		1,676		42,312
Hannover Rueck SE		427		61,630
HUGO BOSS AG		449		32,193
METRO AG		1,275		21,577
OSRAM Licht AG		704		29,957
Uniper SE		1,425		41,320
				304,253
Hong Kong — 4.7%
Hang Lung Group Ltd.		6,000		17,633
Hongkong Land Holdings Ltd.		8,300		59,709
Hysan Development Co. Ltd.		4,000		20,815
Kerry Properties Ltd.		4,500		18,691
Link REIT		15,500		170,378
NWS Holdings Ltd.		10,635		24,322
Sino Land Co. Ltd.		22,235		39,985
Swire Pacific Ltd., Class A		3,500		41,451
Swire Properties Ltd.		8,200		32,006
Wharf Holdings Ltd.		8,000		24,180
Wheelock & Co. Ltd.		5,000		32,053
Yue Yuen Industrial Holdings Ltd.		5,000		17,054
				498,277
Ireland — 0.4%
AerCap Holdings NV(b)		893		42,203
Israel — 1.4%
Bank Hapoalim BM		7,553		51,196
Bank LeumiLe-Israel BM		10,666		70,517
Israel Chemicals Ltd.		4,984		28,928
				150,641
Italy — 0.4%
Moncler SpA		1,267		47,683
Japan — 24.9%
AGC, Inc.		1,300		44,057
Alfresa Holdings Corp.		1,300		35,830
ANA Holdings, Inc.		800		29,488
Asahi Kasei Corp.		8,700		95,460
Astellas Pharma, Inc.		13,300		197,348
Bank of Kyoto Ltd.		400		17,004
Brother Industries Ltd.		1,600		27,002
Chiba Bank Ltd.		4,300		26,175
Daicel Corp.		1,900		19,928
Electric Power Development Co. Ltd.		900		22,510
Fujitsu Ltd.		1,400		93,962
Hisamitsu Pharmaceutical Co., Inc.		400		20,484

22 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Edge MSCI Multifactor Intl Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Hitachi Ltd.		6,800	$	213,918
Idemitsu Kosan Co. Ltd.		900		31,759
Inpex Corp.		6,800		65,364
ITOCHU Corp.		10,000		183,442
Japan Airlines Co. Ltd.		800		29,127
JSR Corp.		1,400		22,636
JTEKT Corp.		1,400		18,183
JXTG Holdings, Inc.		22,000		120,167
Kakaku.com, Inc.		1,000		17,556
Kamigumi Co. Ltd.		800		17,710
Kaneka Corp.		300	��	11,728
Konica Minolta, Inc.		3,200		32,221
Kuraray Co. Ltd.		2,300		35,371
Kurita Water Industries Ltd.		700		17,796
Kyushu Railway Co.		1,200		40,971
Marubeni Corp.		11,100		86,520
Maruichi Steel Tube Ltd.		400		12,848
Medipal Holdings Corp.		1,200		27,697
Mitsubishi Tanabe Pharma Corp.		1,900		29,767
Mitsubishi UFJ Lease & Finance Co. Ltd.		2,900		14,845
NEC Corp.		1,900		63,849
NH Foods Ltd.		600		23,743
Nippon Electric Glass Co. Ltd.		600		16,709
Nisshin Seifun Group, Inc.		1,400		28,252
Obayashi Corp.		4,600		43,770
Pigeon Corp.		800		31,366
Pola Orbis Holdings, Inc.		600		17,946
Sekisui Chemical Co. Ltd.		2,600		40,356
Shimamura Co. Ltd.		200		17,319
Showa Shell Sekiyu KK		1,400		20,859
Sompo Holdings, Inc.		1,400		52,786
Stanley Electric Co. Ltd.		1,000		29,045
Sumitomo Dainippon Pharma Co. Ltd.		1,100		25,898
Sumitomo Heavy Industries Ltd.		800		27,139
Sumitomo Rubber Industries Ltd.		1,200		16,680
Sundrug Co. Ltd.		500		16,001
Suzuken Co. Ltd.		500		26,253
Taisei Corp.		1,400		65,915
Taisho Pharmaceutical Holdings Co. Ltd.		200		20,314
Teijin Ltd.		1,200		20,739
Toho Gas Co. Ltd.		500		21,476
Tohoku Electric Power Co., Inc.		3,000		40,673
Tokyo Electric Power Co. Holdings, Inc.(b)		11,200		68,935
Tokyo Gas Co. Ltd.		2,700		70,997
Toppan Printing Co. Ltd.		1,800		29,500
Tosoh Corp.		1,800		25,565
Toyo Suisan Kaisha Ltd.		600		21,599
Toyoda Gosei Co. Ltd.		500		10,939
Yamada Denki Co. Ltd.		4,600		22,653
Yamaguchi Financial Group, Inc.		1,500		15,248
Yamazaki Baking Co. Ltd.		900		17,678
Yokogawa Electric Corp.		1,700		31,659
				2,640,735
Luxembourg — 0.1%
RTL Group SA		274		14,987
Netherlands — 3.0%
Aegon NV		12,609		64,958
Koninklijke Ahold Delhaize NV		3,591		94,609
Koninklijke Vopak NV		498		25,308
NN Group NV		2,156		91,042
Randstad NV		843		40,637
				316,554

Security	Shares		Value
New Zealand — 0.3%
Spark New Zealand Ltd.		12,992	$	36,522
Norway — 0.4%
Orkla ASA		5,770		46,635
Singapore — 0.9%
ComfortDelGro Corp. Ltd.		15,300		26,549
Singapore Airlines Ltd.		3,800		27,299
UOL Group Ltd.		3,485		17,246
Venture Corp. Ltd.		1,900		23,079
				94,173
Spain — 4.6%
Amadeus IT Group SA		3,089		224,627
Mapfre SA		8,369		23,286
Red Electrica Corp. SA		2,710		62,453
Repsol SA		10,310		180,972
				491,338
Sweden — 1.4%
Boliden AB		1,936		48,454
ICA Gruppen AB		570		20,048
Industrivarden AB, Class C		1,182		24,368
Kinnevik AB, Class B		1,712		41,831
L E Lundbergforetagen AB, B Shares		538		16,612
				151,313
Switzerland — 7.3%
Adecco SA, Registered Shares		1,120		56,124
Baloise Holding AG, Registered Shares		345		53,433
Barry Callebaut AG, Registered Shares		15		25,519
Coca-Cola HBC AG(b)		1,303		43,793
Kuehne + Nagel International AG, Registered Shares		382		51,658
Pargesa Holding SA, Bearer Shares		273		21,550
Partners Group Holding AG		123		84,600
Roche Holding AG		641		170,529
SGS SA, Registered Shares		38		91,733
Sonova Holding AG, Registered Shares		393		73,757
Swiss Life Holding AG, Registered Shares(b)		242		99,837
				772,533
United Kingdom — 15.0%
3i Group PLC		6,887		76,864
Admiral Group PLC		1,426		38,776
Anglo American PLC		7,458		190,595
Babcock International Group PLC		1,789		12,460
Barratt Developments PLC		7,176		50,757
Berkeley Group Holdings PLC		885		43,574
British Land Co. PLC		6,578		49,553
Burberry Group PLC		2,931		69,286
Carnival PLC		1,228		69,479
Direct Line Insurance Group PLC		9,733		43,020
easyJet PLC		1,125		18,640
Fiat Chrysler Automobiles NV(b)		6,935		118,671
Hargreaves Lansdown PLC		2,015		43,270
International Consolidated Airlines Group SA		4,612		38,918
Investec PLC		4,817		30,963
J. Sainsbury PLC		12,461		46,660
Johnson Matthey PLC		1,370		54,731
Kingfisher PLC		15,087		44,074
Marks & Spencer Group PLC		11,501		43,515
Meggitt PLC		5,497		37,230
Mondi PLC		2,600		62,876
Pearson PLC		5,529		65,734
Persimmon PLC		2,206		68,817
Royal Mail PLC		6,371		22,448
Smith & Nephew PLC		6,196		116,725

SCHEDULES OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Edge MSCI Multifactor Intl Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Smiths Group PLC		1,685	$	31,997
Taylor Wimpey PLC		23,194		50,290
WM Morrison Supermarkets PLC		15,918		48,950
				1,588,873
Total Common Stocks — 98.3% (Cost — $9,857,686)				10,448,835
Preferred Stocks — 0.9%
Germany — 0.9%
Fuchs Petrolub SE, Preference Shares, 0.00%		492		23,080
Porsche Automobil Holding SE, Preference Shares, 0.00%		1,084		70,489
Total Preferred Stocks — 0.9% (Cost — $110,051)				93,569
Total Long-Term Investments — 99.2% (Cost — $9,967,737)				10,542,404

Security	Shares		Value
Short-Term Securities — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares,
2.34%(d)(e)		8,368	$	8,368
Total Short-Term Securities — 0.1% (Cost — $8,368)				8,368
Total Investments — 99.3% (Cost — $9,976,105)				10,550,772
Other Assets Less Liabilities — 0.7%				71,507
Net Assets — 100.0%			$	10,622,279

^(a)  A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

^(b)  Non-income producing security.

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

^(d)  Annualized7-day yield as of period end.

^(e)  During the period ended January 31, 2019, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 07/31/18		Net Activity			Shares Held at 01/31/19		Value at 01/31/19		Income			Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		21,041		(21,041	)		—	$	—	$	25	(b)	$	6	$	(6	)
BlackRock Cash Funds: Treasury, SL Agency Shares		3,158		5,210			8,368		8,368		88			—		—
								$	8,368	$	113		$	6	$	(6	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  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:
Euro Stoxx 50 Index		1		03/15/19	$	36	$	1,269

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
Net unrealized appreciation(a)	$	—	$	—	$	1,269	$	—	$	—	$	—	$	1,269

^(a)  Includes cumulative appreciation (depreciation) on futures contracts if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

24 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Edge MSCI Multifactor Intl Index Fund

For the period ended January 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contract		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures Contracts	$	—	$	—	$	(5,512	)	$	—	$	—	$	—	$	(5,512	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures Contracts	$	—	$	—	$	1269		$	—	$	—	$	—	$	1,269

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	36,127

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 investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Australia	$	—	$	1,161,559	$	—	$	1,161,559
Austria		—		30,307		—		30,307
Belgium		—		197,109		—		197,109
Canada		809,396		—		—		809,396
China		—		17,663		—		17,663
Denmark		—		64,850		—		64,850
Finland		—		68,184		—		68,184
France		—		903,047		—		903,047
Germany		—		304,253		—		304,253
Hong Kong		—		498,277		—		498,277
Ireland		42,203		—		—		42,203
Israel		—		150,641		—		150,641
Italy		—		47,683		—		47,683
Japan		—		2,640,735		—		2,640,735
Luxembourg		—		14,987		—		14,987
Netherlands		—		316,554		—		316,554
New Zealand		—		36,522		—		36,522
Norway		—		46,635		—		46,635
Singapore		—		94,173		—		94,173
Spain		—		491,338		—		491,338
Sweden		—		151,313		—		151,313
Switzerland		—		772,533		—		772,533
United Kingdom		—		1,588,873		—		1,588,873
Preferred Stocks		—		93,569		—		93,569
Short-Term Securities		8,368		—		—		8,368
Total	$	859,967	$	9,690,805	$	—	$	10,550,772
Derivative Financial Instruments(a)
Assets:
Equity contracts	$	1,269	$	—	$	—	$	1,269

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

During the period ended January 31, 2019, there were no transfers between levels.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 25

Schedule of Investments  (unaudited) January 31, 2019 iShares Edge MSCI Multifactor USA Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 97.9%
Aerospace & Defense — 0.9%
Huntington Ingalls Industries, Inc.		225	$	46,451
Textron, Inc.		1,292		68,773
				115,224
Air Freight & Logistics — 0.5%
Expeditors International of Washington, Inc.		905		62,717
Airlines — 1.0%
Delta Air Lines, Inc.		901		44,537
Southwest Airlines Co.		745		42,286
United Continental Holdings, Inc.(a)		352		30,719
				117,542
Auto Components — 1.3%
Autoliv, Inc.		455		36,332
BorgWarner, Inc.		1,085		44,377
Goodyear Tire & Rubber Co.		1,211		25,661
Lear Corp.		341		52,490
				158,860
Banks — 1.0%
East West Bancorp, Inc.		751		37,790
Regions Financial Corp.		5,747		87,182
				124,972
Biotechnology — 0.2%
United Therapeutics Corp.(a)(b)		224		25,834
Building Products — 0.2%
Owens Corning		565		29,600
Capital Markets — 2.2%
Eaton Vance Corp.		600		23,112
Franklin Resources, Inc.		1,648		48,797
Raymond James Financial, Inc.		675		54,338
SEI Investments Co.		691		32,850
T. Rowe Price Group, Inc.		1,265		118,227
				277,324
Chemicals — 2.7%
Celanese Corp.		702		67,224
Eastman Chemical Co.		736		59,336
LyondellBasell Industries NV, Class A		1,721		149,675
Mosaic Co.		1,905		61,494
				337,729
Commercial Services & Supplies — 0.2%
Rollins, Inc.		756		28,154
Communications Equipment — 1.6%
F5 Networks, Inc.(a)		316		50,860
Juniper Networks, Inc.		1,795		46,563
Motorola Solutions, Inc.		844		98,672
				196,095
Construction & Engineering — 0.6%
Fluor Corp.		716		26,184
Jacobs Engineering Group, Inc.		665		43,092
				69,276
Consumer Finance — 0.5%
Ally Financial, Inc.		2,204		57,436
Containers & Packaging — 0.8%
Avery Dennison Corp.		455		47,525
Packaging Corp. of America		492		46,405
				93,930
Diversified Consumer Services — 0.2%
H&R Block, Inc.		1,056		24,911

Security	Shares		Value
Diversified Financial Services — 0.2%
AXA Equitable Holdings, Inc.		1,282	$	23,768
Diversified Telecommunication Services — 2.4%
AT&T, Inc.		9,740		292,784
Electric Utilities — 3.1%
Evergy, Inc.		770		44,137
Exelon Corp.		5,020		239,755
OGE Energy Corp.		1,039		42,547
Pinnacle West Capital Corp.		583		51,374
				377,813
Electrical Equipment — 1.4%
Eaton Corp. PLC		2,253		171,791
Electronic Equipment, Instruments & Components — 2.9%
Arrow Electronics, Inc.(a)		450		34,178
CDW Corp.		787		65,533
Flex Ltd.(a)		2,843		27,350
FLIR Systems, Inc.		713		34,851
TE Connectivity Ltd.		1,812		146,681
Trimble, Inc.(a)(b)		1,301		48,996
				357,589
Entertainment — 0.4%
Viacom, Inc., Class B		1,842		54,192
Equity Real Estate Investment Trusts (REITs) — 4.1%
Camden Property Trust		483		46,827
Host Hotels & Resorts, Inc.		3,859		69,694
Kimco Realty Corp.		2,191		37,269
Liberty Property Trust		759		35,779
National Retail Properties, Inc.		817		43,064
Public Storage		815		173,204
SL Green Realty Corp.		450		41,593
WP Carey, Inc.		837		62,683
				510,113
Food & Staples Retailing — 1.5%
Kroger Co.		4,143		117,371
Walmart, Inc.		664		63,631
				181,002
Food Products — 2.2%
Archer-Daniels-Midland Co.		2,912		130,749
Bunge Ltd.		732		40,311
Ingredion, Inc.		368		36,432
J.M. Smucker Co.		592		62,089
				269,581
Gas Utilities — 0.9%
Atmos Energy Corp.		578		56,430
UGI Corp.		904		51,555
				107,985
Health Care Equipment & Supplies — 2.5%
Align Technology, Inc.(a)		397		98,833
Cooper Cos., Inc.		256		71,363
ResMed, Inc.		742		70,616
Varian Medical Systems, Inc.(a)		476		62,846
				303,658
Health Care Providers & Services — 10.5%
Anthem, Inc.		1,009		305,727
Cigna Corp.(a)		1,957		391,028
HCA Healthcare, Inc.		1,439		200,640
Humana, Inc.		716		221,237
Quest Diagnostics, Inc.		711		62,106
Universal Health Services, Inc., Class B		448		59,373
WellCare Health Plans, Inc.(a)		213		58,890
				1,299,001

26 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Edge MSCI Multifactor USA Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Technology — 0.7%
Cerner Corp.(a)		1,540	$	84,561
Hotels, Restaurants & Leisure — 1.1%
Carnival Corp.		1,868		107,559
Royal Caribbean Cruises Ltd.		274		32,894
				140,453
Household Durables — 0.3%
Garmin Ltd.		588		40,678
Insurance — 5.7%
Aflac, Inc.		3,988		190,227
Alleghany Corp.		78		49,262
Athene Holding Ltd., Class A(a)		601		25,783
Fidelity National Financial, Inc.		1,430		51,709
Lincoln National Corp.		1,128		65,977
Loews Corp.		1,397		66,916
Principal Financial Group, Inc.		1,482		74,204
Reinsurance Group of America, Inc.		331		47,813
Torchmark Corp.		556		46,570
Unum Group		1,134		39,418
W.R. Berkley Corp.		501		38,522
				696,401
Interactive Media & Services — 0.7%
IAC/InterActiveCorp(a)		403		85,146
Internet & Direct Marketing Retail — 1.0%
Amazon.com, Inc.(a)		53		91,093
TripAdvisor, Inc.(a)		549		31,501
				122,594
IT Services — 3.1%
Accenture PLC, Class A		67		10,288
Akamai Technologies, Inc.(a)		882		57,418
Broadridge Financial Solutions, Inc.		605		61,002
DXC Technology Co.		1,462		93,744
Jack Henry & Associates, Inc.		401		53,554
Mastercard, Inc., Class A		510		107,676
				383,682
Life Sciences Tools & Services — 1.0%
Agilent Technologies, Inc.		1,659		126,167
Machinery — 2.8%
Cummins, Inc.		807		118,718
IDEX Corp.		399		55,006
PACCAR, Inc.		1,824		119,509
Snap-on, Inc.		294		48,801
				342,034
Media — 0.9%
Discovery, Inc., Class A(a)		797		22,619
Discovery, Inc., Class C(a)		1,592		42,427
Interpublic Group of Cos., Inc.		2,001		45,522
				110,568
Metals & Mining — 0.8%
Nucor Corp.		1,646		100,801
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
AGNC Investment Corp.		2,132		38,184
Multi-Utilities — 2.9%
Ameren Corp.		1,268		87,923
Consolidated Edison, Inc.		1,618		125,638
Public Service Enterprise Group, Inc.		2,626		143,248
				356,809
Multiline Retail — 2.6%
Kohl’s Corp.		870		59,760

Security	Shares		Value
Multiline Retail (continued)
Macy’s, Inc.		1,598	$	42,027
Nordstrom, Inc.		604		28,032
Target Corp.		2,601		189,873
				319,692
Oil, Gas & Consumable Fuels — 6.8%
Antero Resources Corp.(a)		1,026		10,321
Apache Corp.		1,990		65,312
Cimarex Energy Co.		493		37,143
Continental Resources, Inc.(a)		504		23,270
HollyFrontier Corp.		871		49,072
Marathon Petroleum Corp.		3,592		238,006
Phillips 66		2,293		218,775
Valero Energy Corp.		2,223		195,224
				837,123
Pharmaceuticals — 0.9%
Bristol-Myers Squibb Co.		2,139		105,602
Professional Services — 0.5%
ManpowerGroup, Inc.		330		26,080
Robert Half International, Inc.		636		40,977
				67,057
Real Estate Management & Development — 0.9%
CBRE Group, Inc., Class A(a)		1,679		76,815
Jones Lang LaSalle, Inc.		242		34,705
				111,520
Road & Rail — 2.9%
AMERCO		47		17,045
Kansas City Southern		531		56,153
Norfolk Southern Corp.		1,455		244,062
Old Dominion Freight Line, Inc.		319		43,362
				360,622
Semiconductors & Semiconductor Equipment — 3.7%
Intel Corp.		3,374		158,983
Micron Technology, Inc.(a)		6,032		230,543
Skyworks Solutions, Inc.		932		68,073
				457,599
Software — 4.6%
ANSYS, Inc.(a)		439		72,150
Intuit, Inc.		1,267		273,444
Microsoft Corp.		1,398		145,993
Synopsys, Inc.(a)		773		72,159
				563,746
Specialty Retail — 1.3%
Best Buy Co., Inc.		1,309		77,545
Gap, Inc.		1,202		30,579
Tractor Supply Co.		634		54,144
				162,268
Technology Hardware, Storage & Peripherals — 4.0%
Apple, Inc.		1,139		189,575
Hewlett Packard Enterprise Co.		7,708		120,168
NetApp, Inc.		1,349		86,026
Seagate Technology PLC		1,420		62,877
Xerox Corp.		1,195		33,711
				492,357
Textiles, Apparel & Luxury Goods — 1.2%
Capri Holdings Ltd.(a)		770		32,710
Lululemon Athletica, Inc.(a)		516		76,270
Ralph Lauren Corp.		294		34,145
				143,125

SCHEDULES OF INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Edge MSCI Multifactor USA Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors — 1.0%
United Rentals, Inc.(a)		431	$	53,987
W.W. Grainger, Inc.		248		73,257
				127,244
Wireless Telecommunication Services — 0.2%
Sprint Corp.(a)(b)		4,155		25,927
Total Common Stocks — 97.9% (Cost — $10,858,994)				12,070,841
Investment Companies — 1.6%
Equity Fund — 1.6%
iShares Edge MSCI Multifactor USA ETF(e)		6,421		194,620
Total Investment Companies — 1.6% (Cost — $182,396)				194,620
Total Long-Term Investments — 99.5% (Cost — $11,041,390)				12,265,461

Security	Shares		Value
Short-Term Securities — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.65%(c)(d)(e)		64,118	$	64,137
BlackRock Cash Funds: Treasury, SL Agency Shares,
2.34%(d)(e)		48,850		48,850
Total Short-Term Securities — 0.9% (Cost — $112,976)				112,987
Total Investments — 100.4% (Cost — $11,154,366)				12,378,448
Liabilities in Excess of Other Assets — (0.4)%				(53,331	)
Net Assets — 100.0%			$	12,325,117

^(a)  Non-income producing security.

^(b)  Security, or a portion of the security, is on loan.

^(c)  Security was purchased with the cash collateral from loaned securities.

^(d)  Annualized7-day yield as of period end.

^(e)  During the period ended January 31, 2019, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliate	Shares Held at 07/31/18		Shares Purchased			Shares Sold			Shares Held at 01/31/19		Value at 01/31/19		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		50,295		13,823	(b)		—			64,118	$	64,137	$	142	(c)	$	(2	)	$	5
BlackRock Cash Funds: Treasury, SL Agency Shares		55,790		—			(6,940	)(d)		48,850		48,850		591			—			—
iShares Edge MSCI Multifactor USA ETF		1,546		18,040			(13,165	)		6,421		194,620		1,905			(11,948	)		11,122
											$	307,607	$	2,638		$	(11,950	)	$	11,127

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased.

^(c)  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.

^(d)  Represents net shares sold.

For Fund compliance purposes, the industry classifications refer to one or more of the industrysub-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 industrysub-classifications for reporting ease.

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended January 31, 2019, 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	$	—	$	—	$	2,601	$	—	$	—	$	—	$	2,601

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	—	(a)

^(a)  Derivative not held atquarter-end. The amount shown in the Statements of Operations reflect the results of activity during the period.

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

28 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 iShares Edge MSCI Multifactor USA Index Fund

Fair Value Hierarchy as of Period End

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

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks(a)	$	12,070,841	$	—	$	—	$	12,070,841
Investment Companies		194,620		—		—		194,620
Short-Term Securities:		112,987		—		—		112,987
	$	12,378,448	$	—	$	—	$	12,378,448

^(a)  See above Schedule of Investments for values in each sector.

During the period ended January 31, 2019, there were no transfers between levels.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 29

Statements of Assets and Liabilities  (unaudited)

January 31, 2019

	iShares Edge MSCI Min Vol EAFE Index Fund		iShares Edge MSCI Min Vol USA Index Fund		iShares Edge MSCI Multifactor Intl Index Fund		iShares Edge MSCI Multifactor USA Index Fund
ASSETS
Investments at value — unaffiliated(a)(b)	$	143,184,048	$	18,377,084	$	10,542,404	$	12,070,841
Investments at value — affiliated(c)		604,044		362,604		8,368		307,607
Cash		—		14		—		—
Cash pledged for futures contracts		38,311		—		3,432		—
Foreign currency at value(d)		410,644		—		50,994		—
Receivables:
Dividends — unaffiliated		541,336		18,986		22,840		9,978
Variation margin on futures contracts		2,219		—		61		—
Securities lending income — affiliated		657		287		—		35
Capital shares sold		414		509		—		—
Dividends — affiliated		329		191		18		87
Investments sold		229		—		—		—
From the Manager		—		22,821		25,238		23,234
Prepaid expenses		24,176		24,239		23,617		23,616
Total assets		144,806,407		18,806,735		10,676,972		12,435,398
LIABILITIES
Cash collateral on securities loaned at value		409,986		119,608		—		64,103
Payables:
Capital shares redeemed		273,319		298		—		—
Trustees’ and Officer’s fees		3,498		2,960		3,004		2,989
Investment advisory fees		2,024		—		—		—
Other accrued expenses		59,375		60,177		51,689		43,189
Total liabilities		748,202		183,043		54,693		110,281
NET ASSETS	$	144,058,205	$	18,623,692	$	10,622,279	$	12,325,117
NET ASSETS CONSIST OF
Paid-in capital	$	137,778,571	$	17,088,266	$	10,250,221	$	11,019,355
Accumulated earnings		6,279,634		1,535,426		372,058		1,305,762
NET ASSETS	$	144,058,205	$	18,623,692	$	10,622,279	$	12,325,117
NET ASSET VALUE
Institutional:
Net assets	$	1,635,383	$	6,975,778	$	267,979	$	915,512
Shares outstanding(e)		159,680		601,039		25,709		80,551
Net asset value	$	10.24	$	11.61	$	10.42	$	11.37
Class K:
Net assets	$	142,422,822	$	11,647,914	$	10,354,300	$	11,409,605
Shares outstanding(e)		13,903,956		1,003,566		993,236		1,003,623
Net asset value	$	10.24	$	11.61	$	10.42	$	11.37
(a) Investments at cost — unaffiliated	$	136,511,589	$	16,902,509	$	9,967,737	$	10,858,994
(b) Securities loaned at value	$	404,770	$	114,654	$	—	$	63,247
(c) Investments at cost — affiliated	$	603,963	$	355,146	$	8,368	$	295,372
(d) Foreign currency at cost	$	408,284	$	—	$	50,706	$	—
(e) Unlimited number of shares authorized, $0.001 par value.

See notes to financial statements.

30 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations  (unaudited)

Six Months Ended January 31, 2019

	iShares Edge MSCI Min Vol EAFE Index Fund			iShares Edge MSCI Min Vol USA Index Fund			iShares Edge MSCI Multifactor Intl Index Fund			iShares Edge MSCI Multifactor USA Index Fund
INVESTMENT INCOME
Dividends — unaffiliated	$	1,558,419		$	191,238		$	114,147		$	132,680
Non-cash dividends — unaffiliated		—			—			7,832			—
Dividends — affiliated		1,854			2,982			88			2,496
Securities lending income — affiliated — net		5,031			538			25			142
Foreign taxes withheld		(102,829	)		(12	)		(6,949	)		—
Total investment income		1,462,475			194,746			115,143			135,318
EXPENSES
Investment advisory		58,255			3,272			17,160			13,017
Professional		30,868			25,615			27,255			29,537
Registration		29,949			29,910			29,593			29,593
Custodian		20,729			1,288			6,992			1,196
Printing		6,876			6,377			6,348			6,377
Trustees and Officer		5,244			4,140			4,140			4,140
Accounting services		4,537			4,537			4,537			4,537
Board realignment and consolidation		884			853			802			802
Transfer agent — class specific		562			1,346			234			318
Miscellaneous		12,285			5,406			10,651			5,407
Total expenses		170,189			82,744			107,712			94,924
Less:
Fees waived and/or reimbursed by the Manager		(38,496	)		(70,707	)		(90,260	)		(81,531	)
Transfer agent fees waived and/or reimbursed — class specific		(312	)		(242	)		(127	)		(89	)
Total expenses after fees waived and/or reimbursed		131,381			11,795			17,325			13,304
Net investment income		1,331,094			182,951			97,818			122,014
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		315,149			51,897			(132,287	)		236,040
Investments — affiliated		149			(4,981	)		6			(11,950	)
Futures contracts		(96,437	)		(2,287	)		(5,512	)		2,601
Foreign currency transactions		(13,718	)		—			866			—
		205,143			44,629			(136,927	)		226,691
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(6,880,692	)		10,790			(1,004,868	)		(1,223,726	)
Investments — affiliated		(24	)		6,975			(6	)		11,127
Futures contracts		1,700			—			1,269			—
Foreign currency translations		8,476			—			355			—
		(6,870,540	)		17,765			(1,003,250	)		(1,212,599	)
Net realized and unrealized gain (loss)		(6,665,397	)		62,394			(1,140,177	)		(985,908	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,334,303	)	$	245,345		$	(1,042,359	)	$	(863,894	)

See notes to financial statements.

FINANCIAL STATEMENTS 31

Statements of Changes in Net Assets

	iShares Edge MSCI Min Vol EAFE Index Fund						iShares Edge MSCI Min Vol USA Index Fund
	Six Months Ended 01/31/19 (unaudited)			Year Ended 07/31/18			Six Months Ended 01/31/19 (unaudited)			Year Ended 07/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,331,094		$	4,132,355		$	182,951		$	231,333
Net realized gain		205,143			1,928,137			44,629			415,828
Net change in unrealized appreciation (depreciation)		(6,870,540	)		2,419,958			17,765			716,394
Net increase (decrease) in net assets resulting from operations		(5,334,303	)		8,480,450			245,345			1,363,555
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)
Institutional		(22,983	)		(17,575	)		(161,921	)		(13,730	)
Class K		(3,869,235	)		(4,595,224	)		(331,474	)		(227,773	)
Decrease in net assets resulting from distributions to shareholders		(3,892,218	)		(4,612,799	)		(493,395	)		(241,503	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		2,697,925			22,875,934			6,535,628			14,304
NET ASSETS(b)
Total increase (decrease) in net assets		(6,528,596	)		26,743,585			6,287,578			1,136,356
Beginning of period		150,586,801			123,843,216			12,336,114			11,199,758
End of period	$	144,058,205		$	150,586,801		$	18,623,692		$	12,336,114

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

^(b) Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

32 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares Edge MSCI Multifactor Intl Index Fund						iShares Edge MSCI Multifactor USA Index Fund
	Six Months Ended 01/31/19 (unaudited)			Year Ended 07/31/18			Six Months Ended 01/31/19 (unaudited)			Year Ended 07/31/2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	97,818		$	326,911		$	122,014		$	220,617
Net realized gain (loss)		(136,927	)		810,843			226,691			356,125
Net change in unrealized appreciation (depreciation)		(1,003,250	)		(197,434	)		(1,212,599	)		1,148,293
Net increase (decrease) in net assets resulting from operations		(1,042,359	)		940,320			(863,894	)		1,725,035
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)(c)
Institutional		(16,908	)		(14,972	)		(41,557	)		(15,097	)
Class K		(735,114	)		(716,734	)		(569,659	)		(700,718	)
Decrease in net assets resulting from distributions to shareholders		(752,022	)		(731,706	)		(611,216	)		(715,815	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(193,303	)		422,324			213,157			744,484
NET ASSETS(b)(c)
Total increase (decrease) in net assets		(1,987,684	)		630,938			(1,261,953	)		1,753,704
Beginning of period		12,609,963			11,979,025			13,587,070			11,833,366
End of period	$	10,622,279		$	12,609,963		$	12,325,117		$	13,587,070

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

^(b) Prior year distribution character information and distributions in excess of net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 12 for this prior year information.

^(c)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

FINANCIAL STATEMENTS 33

Financial Highlights

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol EAFE Index Fund
	Institutional
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 07/13/16 (a) to 07/31/16
				2018			2017
Net asset value, beginning of period	$	10.91		$	10.60		$	10.12		$	10.00
Net investment income(b)		0.08			0.33			0.28			0.00	(c)
Net realized and unrealized gain (loss)		(0.47	)		0.33			0.50			0.12
Net increase (decrease) from investment operations		(0.39	)		0.66			0.78			0.12
Distributions(d)
From net investment income		(0.13	)		(0.32	)		(0.30	)		—
From net realized gain		(0.15	)		(0.03	)		(0.00	)(e)		—
Total distributions		(0.28	)		(0.35	)		(0.30	)		—
Net asset value, end of period	$	10.24		$	10.91		$	10.60		$	10.12
Total Return(f)
Based on net asset value		(3.50	)%(g)		6.30	%		7.90	%		1.20	%(g)
Ratios to Average Net Assets
Total expenses		0.31	%(h)		0.35	%		1.35	%(i)(j)		3.97	%(h)(k)
Total expenses after fees waived and/or reimbursed		0.23	%(h)		0.23	%		0.22	%(i)		0.23	%(h)
Net investment income		1.54	%(h)		3.02	%		2.82	%(i)		0.70	%(h)
Supplemental Data
Net assets, end of period (000)	$	1,635		$	710		$	272		$	101
Portfolio turnover rate		13	%		25	%		48	%		—	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Amount is less than $0.005 per share.

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

^(e)  Amount is greater than $(0.005) per share.

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

^(g)  Aggregate total return.

^(h)  Annualized.

⁽ⁱ⁾  Does not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01%.

^(j)  Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.35%.

^(k)  Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 13.44%.

See notes to financial statements.

34 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol EAFE Index Fund (continued)
	Class K
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 07/13/16 (a) to 7/31/16
				2018			2017
Net asset value, beginning of period	$	10.92		$	10.59		$	10.12		$	10.00
Net investment income(b)		0.10			0.32			0.38			0.00	(c)
Net realized and unrealized gain (loss)		(0.50	)		0.37			0.39			0.12
Net increase (decrease) from investment operations		(0.40	)		0.69			0.77			0.12
Distributions(d)
From net investment income		(0.13	)		(0.33	)		(0.30	)		—
From net realized gain		(0.15	)		(0.03	)		(0.00	)(e)		—
Total distributions		(0.28	)		(0.36	)		(0.30	)		—
Net asset value, end of period	$	10.24		$	10.92		$	10.59		$	10.12
Total Return(f)
Based on net asset value		(3.56	)%(g)		6.53	%		7.84	%		1.20	%(g)
Ratios to Average Net Assets
Total expenses		0.23	%(h)		0.23	%		0.46	%(i)(j)		3.90	%(h)(k)
Total expenses after fees waived and/or reimbursed		0.18	%(h)		0.18	%		0.18	%(i)		0.18	%(h)
Net investment income		1.83	%(h)		2.95	%		3.76	%(i)		0.75	%(h)
Supplemental Data
Net assets, end of period (000)	$	142,423		$	149,876		$	123,571		$	10,020
Portfolio turnover rate		13	%		25	%		48	%		—	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Amount is less than $0.005 per share.

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

^(e)  Amount is greater than $(0.005) per share.

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

^(g)  Aggregate total return.

^(h)  Annualized.

⁽ⁱ⁾  Does not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01%.

^(j)  Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.46%.

^(k)  Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 13.37%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 35

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol USA Index Fund
	Institutional
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 07/13/16 (a) to 07/31/16
				2018			2017
Net asset value, beginning of period	$	11.71		$	10.65		$	10.00		$	10.00
Net investment income(b)		0.13			0.21			0.21			0.00	(c)
Net realized and unrealized gain (loss)		0.10			1.07			0.64			(0.00	)(d)
Net increase from investment operations		0.23			1.28			0.85			0.00
Distributions(e)
From net investment income		(0.12	)		(0.22	)		(0.20	)		—
From net realized gain		(0.21	)		—			(0.00	)(d)		—
Total distributions		(0.33	)		(0.22	)		(0.20	)		—
Net asset value, end of period	$	11.61		$	11.71		$	10.65		$	10.00
Total Return(f)
Based on net asset value		2.02	%(g)		12.17	%		8.65	%		0.00	%(g)
Ratios to Average Net Assets
Total expenses		1.02	%(i)		1.28	%		1.99	%(h)		2.81	%(i)(j)(k)
Total expenses after fees waived and/or reimbursed		0.18	%(i)		0.18	%		0.17	%		0.18	%(i)(j)
Net investment income		2.20	%(i)		1.92	%		2.03	%		0.85	%(i)(j)
Supplemental Data
Net assets, end of period (000)	$	6,976		$	679		$	650		$	128
Portfolio turnover rate		15	%		32	%		25	%		1	%

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) Amount is less than $0.005 per share.

^(d) Amount is greater than $(0.005) per share.

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

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

^(g)  Aggregate total return.

^(h)  Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.99%.

⁽ⁱ⁾  Annualized.

^(j)  Does not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.02%.

^(k)  Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 11.78%.

See notes to financial statements.

36 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol USA Index Fund (continued)
	Class K
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 07/13/16 (a) to 7/31/16
				2018			2017
Net asset value, beginning of period	$	11.71		$	10.65		$	10.00		$	10.00
Net investment income(b)		0.13			0.22			0.22			0.00	(c)
Net realized and unrealized gain (loss)		0.10			1.07			0.63			(0.00	)(d)
Net increase from investment operations		0.23			1.29			0.85			0.00
Distributions(e)
From net investment income		(0.12	)		(0.23	)		(0.20	)		—
From net realized gain		(0.21	)		—			(0.00	)(d)		—
Total distributions		(0.33	)		(0.23	)		(0.20	)		—
Net asset value, end of period	$	11.61		$	11.71		$	10.65		$	10.00
Total Return(f)
Based on net asset value		2.04	%(g)		12.21	%		8.70	%		0.00	%(g)
Ratios to Average Net Assets
Total expenses		1.01	%(i)		1.16	%		2.09	%(h)		2.75	%(i)(j)(k)
Total expenses after fees waived and/or reimbursed		0.13	%(i)		0.13	%		0.13	%		0.13	%(i)(j)
Net investment income		2.25	%(i)		1.96	%		2.17	%		0.87	%(i)(j)
Supplemental Data
Net assets, end of period (000)	$	11,648		$	11,657		$	10,550		$	9,898
Portfolio turnover rate		15	%		32	%		25	%		1	%

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c)  Amount is less than $0.005 per share.

^(d)  Amount is greater than $(0.005) per share.

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

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

^(g)  Aggregate total return.

^(h)  Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.09%.

⁽ⁱ⁾  Annualized.

^(j)  Does not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.02%.

^(k)  Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 11.99%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 37

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Multifactor Intl Index Fund
	Institutional
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 07/13/16 (a) to 07/31/16
				2018			2017
Net asset value, beginning of period	$	12.16		$	11.94		$	10.25		$	10.00
Net investment income(b)		0.10			0.36			0.30			0.01
Net realized and unrealized gain (loss)		(1.10	)		0.58			1.66			0.24
Net increase (decrease) from investment operations		(1.00	)		0.94			1.96			0.25
Distributions(c)
From net investment income		(0.07	)		(0.57	)		(0.26	)		—
From net realized gain		(0.67	)		(0.15	)		(0.01	)		—
Total distributions		(0.74	)		(0.72	)		(0.27	)		—
Net asset value, end of period	$	10.42		$	12.16		$	11.94		$	10.25
Total Return(d)
Based on net asset value		(7.86	)%(e)		7.97	%		19.32	%		2.50	%(e)
Ratios to Average Net Assets
Total expenses		1.94	%(f)		1.58	%		2.34	%(g)		4.20	%(f)(h)
Total expenses after fees waived and/or reimbursed		0.35	%(f)		0.35	%		0.39	%		0.45	%(f)
Net investment income		1.79	%(f)		2.89	%		2.72	%		1.39	%(f)
Supplemental Data
Net assets, end of period (000)	$	268		$	533		$	145		$	103
Portfolio turnover rate		20	%		50	%		44	%		—	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Aggregate total return.

^(f)  Annualized.

^(g)  Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.34%.

^(h)  Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 13.62%.

See notes to financial statements.

38 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Multifactor Intl Index Fund (continued)
	Class K
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 07/13/16 (a) to 07/31/16
				2018			2017
Net asset value, beginning of period	$	12.16		$	11.94		$	10.25		$	10.00
Net investment income(b)		0.09			0.32			0.27			0.01
Net realized and unrealized gain (loss)		(1.09	)		0.62			1.69			0.24
Net increase (decrease) from investment operations		(1.00	)		0.94			1.96			0.25
Distributions(c)
From net investment income		(0.07	)		(0.57	)		(0.26	)		—
From net realized gain		(0.67	)		(0.15	)		(0.01	)		—
Total distributions		(0.74	)		(0.72	)		(0.27	)		—
Net asset value, end of period	$	10.42		$	12.16		$	11.94		$	10.25
Total Return(d)
Based on net asset value		(7.83	)%(e)		8.01	%		19.37	%		2.50	%(e)
Ratios to Average Net Assets
Total expenses		1.88	%(f)		1.50	%		2.39	%(g)		4.13	%(f)(h)
Total expenses after fees waived and/or reimbursed		0.30	%(f)		0.30	%		0.36	%		0.40	%(f)
Net investment income		1.71	%(f)		2.58	%		2.52	%		1.44	%(f)
Supplemental Data
Net assets, end of period (000)	$	10,354		$	12,077		$	11,834		$	10,152
Portfolio turnover rate		20	%		50	%		44	%		—	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Aggregate total return.

^(f)  Annualized.

^(g)  Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.39%.

^(h)  Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 13.55%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 39

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Multifactor USA Index Fund
	Institutional
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 07/13/16 (a) to 07/31/16
				2018			2017
Net asset value, beginning of period	$	12.75		$	11.76		$	10.12		$	10.00
Net investment income(b)		0.11			0.18			0.21			0.00	(c)
Net realized and unrealized gain (loss)		(0.92	)		1.51			1.63			0.12
Net increase (decrease) from investment operations		(0.81	)		1.69			1.84			0.12
Distributions(d)
From net investment income		(0.24	)		(0.23	)		(0.20	)		—
From net realized gain		(0.33	)		(0.47	)		(0.00	)(e)		—
Total distributions		(0.57	)		(0.70	)		(0.20	)		—
Net asset value, end of period	$	11.37		$	12.75		$	11.76		$	10.12
Total Return(f)
Based on net asset value		(6.13	)%(g)		14.67	%		18.35	%		1.20	%(g)
Ratios to Average Net Assets
Total expenses		1.52	%(h)(i)		1.42	%		2.21	%(j)		2.54	%(h)(i)(k)
Total expenses after fees waived and/or reimbursed		0.25	%(h)(i)		0.25	%		0.30	%		0.35	%(h)(i)
Net investment income		1.82	%(h)(i)		1.48	%		1.89	%		0.29	%(h)(i)
Supplemental Data
Net assets, end of period (000)	$	916		$	906		$	194		$	101
Portfolio turnover rate		26	%		52	%		43	%		—	%(l)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) Amount is less than $0.005 per share.

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

^(e) Amount is greater than $(0.005) per share.

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

^(g) Aggregate total return.

^(h) Annualized.

⁽ⁱ⁾ Excludes expenses incurred indirectly as a result of investments in underlying funds is as follows:

	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 07/13/16 (a) to 07/31/16
				2018			2017
Investments in underlying funds		0.01	%		—	%		—	%		0.02	%

^(j) Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.21%.

^(k) Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 11.73%.

^(l) Amount is less than 0.50%.

See notes to financial statements.

40 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Multifactor USA Index Fund (continued)
	Class K
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 07/13/16 (a) to 07/31/16
				2018			2017
Net asset value, beginning of period	$	12.75		$	11.76		$	10.12		$	10.00
Net investment income(b)		0.11			0.22			0.21			0.00	(c)
Net realized and unrealized gain (loss)		(0.92	)		1.47			1.63			0.12
Net increase (decrease) from investment operations		(0.81	)		1.69			1.84			0.12
Distributions(d)
From net investment income		(0.24	)		(0.23	)		(0.20	)		—
From net realized gain		(0.33	)		(0.47	)		(0.00	)(e)		—
Total distributions		(0.57	)		(0.70	)		(0.20	)		—
Net asset value, end of period	$	11.37		$	12.75		$	11.76		$	10.12
Total Return(f)
Based on net asset value		(6.11	)%(g)		14.71	%		18.40	%		1.20	%(g)
Ratios to Average Net Assets
Total expenses		1.45	%(h)(i)		1.35	%		2.17	%(j)		2.47	%(h)(i)(k)
Total expenses after fees waived and/or reimbursed		0.20	%(h)(i)		0.20	%		0.26	%		0.30	%(h)(i)
Net investment income		1.88	%(h)(i)		1.75	%		1.98	%		0.34	%(h)(i)
Supplemental Data
Net assets, end of period (000)	$	11,410		$	12,681		$	11,639		$	10,015
Portfolio turnover rate		26	%		52	%		43	%		—	%(l)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) Amount is less than $0.005 per share.

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

^(e) Amount is greater than $(0.005) per share.

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

^(g) Aggregate total return.

^(h) Annualized.

⁽ⁱ⁾ Excludes expenses incurred indirectly as a result of investments in underlying funds is as follows:

	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 07/13/16 (a) to 07/31/16
				2018			2017
Investments in underlying funds		0.01	%		—	%		—	%		0.02	%

^(j) Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.17%.

^(k) Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 11.67%.

^(l) Amount is less than 0.50%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 41

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

BlackRock Funds^SM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-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 Edge MSCI Min Vol EAFE Index Fund	Min Vol EAFE	Diversified
iShares Edge MSCI Min Vol USA Index Fund	Min Vol USA	Diversified
iShares Edge MSCI Multifactor Intl Index Fund	MF International	Non-diversified
iShares Edge MSCI Multifactor USA Index Fund	MF USA	Non-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. Institutional and Class K Shares are sold only to certain eligible investors.

Share Class	Initial Sales Charge	CDSC	Conversion Privilege
Institutional 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 equity, multi-asset, index and money market funds referred to as the 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 entered into (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on theex-dividend date. Dividends from foreign securities where theex-dividend date may have passed are subsequently recorded when the Funds are informed of theex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. 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.

Foreign Currency Translation:Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Segregation and Collateralization:In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on itsbooks and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

Distributions: Distributions paid by the Funds are recorded on theex-dividend date. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Recent Accounting Standards: In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.

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. 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. 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.

42 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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 the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. 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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Funds’ net assets. Each business day, the Funds use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded andover-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• Investments inopen-end U.S. mutual funds are valued at net asset value (“NAV”) each business day.

• Futures contracts traded on exchanges are valued at their last sale price.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the 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 Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will 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 Global Valuation Committee, or its delegate, 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 anarm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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

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

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Fund’s own assumptions used in determining the fair value of investments and derivative 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/ornon-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Preferred Stocks:Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior

NOTESTO FINANCIAL STATEMENTS 43

Notes to Financial Statements  (unaudited) (continued)

to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

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

The market value of any securities on loan, all of which were classified as common stocks in the Funds’ Schedules of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value-unaffiliated, and collateral on securities loaned at value, respectively. 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.

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 thenon-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 orre-pledge the loaned securities, and a Fund 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 orre-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 lending agreements by counterparty which are subject to offset under an MSLA:

Min Vol EAFE

Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Net Amount
Morgan Stanley & Co. LLC	$	404,770	$	(404,770	)	$	—

Min Vol USA

Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Net Amount
Citigroup Global Markets, Inc	$	31,388	$	(31,388	)	$	—
JP Morgan Securities LLC		51,755		(51,755	)		—
Morgan Stanley & Co. LLC		31,511		(31,511	)		—
	$	114,654	$	(114,654	)	$	—

MF USA

Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Net Amount
Goldman Sachs & Co	$	25,834	$	(25,834	)	$	—
JP Morgan Securities LLC		11,486		(11,486	)		—
Morgan Stanley & Co. LLC		25,927		(25,927	)		—
	$	63,247	$	(63,247	)	$	—

^(a)  Collateral received in excess of the value of securities loaned from the individual counterparty is not shown for financial reporting purposes in the table above. Cash collateral has been received in connection with securities lending agreements as follows:

Min Vol EAFE		Min Vol USA		MF International		MF USA
$	409,986	$	119,608	$	—	$	64,103

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 if 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.

44 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

Average Daily Net Assets	Investment Advisory Fees
Min Vol EAFE		0.08	%
Min Vol USA		0.04
MF International		0.30
MF USA		0.20

With respect to each Fund, the Manager entered into separatesub-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 assub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Fund to the Manager.

Service and Distribution Fees:The Trust, on behalf of the Funds, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager.

BRIL and broker-dealers, pursuant tosub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds.

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds withsub-accounting, recordkeeping,sub-transfer agency and other administrative services with respect tosub-accounts they service. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets.

For the six months ended January 31, 2019, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:

	Institutional		Class K		Total
Min Vol EAFE	$	367	$	195	$	562
Min Vol USA		1,306		40		1,346
MF International		203		31		234
MF USA		296		22		318

NOTESTO FINANCIAL STATEMENTS 45

Notes to Financial Statements  (unaudited) (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 six months ended January 31, 2019, 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:

	Institutional		Class K		Total
Min Vol EAFE	$	6	$	167	$	173
Min Vol USA		40		12		52
MF International		43		11		54
MF USA		12		6		18

Expense Limitations, Waivers, Reimbursements, and Recoupments:With respect to each Fund, the Manager voluntarily 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”). 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 six months ended January 31, 2019, the amounts waived were as follows:

	Amount Waived
Min Vol EAFE	$	61
Min Vol USA		49
MF International		3
MF USA		19

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 November 30, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees who are not “interested persons” of a Fund, as defined in the 1940 Act (“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 six months ended January 31, 2019, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

	Amount Waived
Min Vol EAFE	$	—
Min Vol USA		20
MF International		—
MF USA		114

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:

	Institutional			Class K
Min Vol EAFE		0.23	%		0.18	%
Min Vol USA		0.18			0.13
MF International		0.35			0.30
MF USA		0.25			0.20

The Manager has agreed not to reduce or discontinue this contractual expense limitation through November 30, 2019, unless approved by the Board, including a majority of Independent Trustees or by a vote of a majority of the outstanding voting securities of a Fund.

These amounts waived and/or reimbursed are included in fees waived and/or reimbursed by the Manager and transfer agent fees waived and/or reimbursed — class specific, respectively, in the Statements of Operations. For the six months ended January 31, 2019, the amounts included in fees waived and/or reimbursed by the Manager were as follows:

	Fees Waived and/or Reimbursed by the Manager
Min Vol EAFE	$	37,551
Min Vol USA		69,785
MF International		89,455
MF USA		80,596

For the six months ended January 31, 2019, transfer agent fees — class specific expense waivers and/or reimbursements are as follows:

Transfer Agent Fees Waived and/or Reimbursed	Institutional		Class K		Total
Min Vol EAFE	$	118	$	194	$	312
Min Vol USA		203		39		242
MF International		96		31		127
MF USA		67		22		89

46 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

The Funds have incurred expenses in connection with the realignment and consolidation of the boards of trustees of certain BlackRock-advised funds. The Manager has voluntarily agreed to reimburse certain Funds for all or a portion of such expenses, which amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2019, the amount reimbursed for the Funds were as follows:

	Amounts Reimbursed
Min Vol EAFE	$	884
Min Vol USA		853
MF International		802
MF USA		802

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, 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.

On January 31, 2019, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

	Expiring January 31,
	2019		2020		2021
Min Vol EAFE
Fund Level	$	180,765	$	62,717	$	37,551
Institutional		21		396		118
Class K		549		549		194
Min Vol USA
Fund Level		196,454		120,660		69,785
Institutional		49		560		203
Class K		549		30		39
MF International
Fund Level		218,142		150,919		89,455
Institutional		15		222		96
Class K		549		27		31
MF USA
Fund Level		207,947		144,337		80,596
Institutional		30		90		67
Class K		549		33		22

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. 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 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 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 of Min Vol USA and MF USA retains 73.5% 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. Pursuant to the current securities lending agreement, each of Min Vol EAFE and MF International retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the Multi-Asset Complex in a calendar year exceeds a specified threshold, each of Min Vol USA and MF USA, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 80% of securities lending income, and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

NOTESTO FINANCIAL STATEMENTS 47

Notes to Financial Statements  (unaudited) (continued)

In addition, commencing the business day following the date that the aggregate securities lending income earned across the Multi-Asset Complex in a calendar year exceeds a specified threshold, each of Min Vol EAFE and MF International, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income, and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2019, each Fund was subject to a different securities lending fee arrangement.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended January 31, 2019, each Fund paid BTC the following amounts for securities lending agent services:

	Min Vol EAFE		Min Vol USA		MF International		MF USA
BTC	$	933	$	189	$	5	$	45

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 six months ended January 31, 2019, the Funds did not participate in the Interfund Lending Program.

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

7. PURCHASES AND SALES

For the six months ended January 31, 2019, purchases and sales of investments, excluding short-term securities, were as follows:

	Min Vol EAFE		Min Vol USA		MF International		MF USA
Purchases	$	19,481,731	$	8,774,735	$	2,330,952	$	3,398,472
Sales		18,765,618		2,348,937		3,217,514		3,482,777

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 the period ended July 31, 2016 and two years ended July 31, 2018. 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 January 31, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of January 31, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Min Vol EAFE			Min Vol USA			MF International			MF USA
Tax cost	$	137,597,912		$	17,269,401		$	10,072,027		$	11,163,310
Gross unrealized appreciation	$	12,614,591		$	1,880,015		$	1,153,153		$	1,755,643
Gross unrealized depreciation		(6,414,357	)		(409,728	)		(673,139	)		(540,505	)
Net unrealized appreciation (depreciation)	$	6,200,234		$	1,470,287		$	480,014		$	1,215,138

9. BANK BORROWINGS

The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a364-day, $2.25 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,

48 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (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. The agreement expires in April 2019 unless extended or renewed. Participating Funds paid an upfront commitment fee of 0.02% on the total commitment amounts, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statements of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended January 31, 2019, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

In the normal course of business, certain 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. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

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.

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 and may experience difficulty in selling those investments in a timely manner at the price that they believe 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.

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. 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 amark-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 inexchange-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.

Concentration Risk:Certain Funds invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When the Funds concentrate their investments in this manner, it assumes the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be less liquid, more volatile, and less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

The United Kingdom is scheduled to withdraw from the European Union in March 2019, which may introduce significant new uncertainties and instability in the financial markets across Europe.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

NOTESTO FINANCIAL STATEMENTS 49

Notes to Financial Statements  (unaudited) (continued)

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 01/31/19						Year Ended 07/31/18
Min Vol EAFE	Shares			Amount			Shares			Amount
Institutional
Shares sold		102,898		$	1,031,662			41,626		$	451,065
Shares issued in reinvestment of distributions		2,025			20,189			1,303			14,075
Shares redeemed		(10,328	)		(106,440	)		(3,542	)		(38,524	)
Net increase		94,595		$	945,411			39,387		$	426,616
Class K
Shares sold		666,941		$	6,917,406			2,390,610		$	25,990,382
Shares issued in reinvestment of distributions		360,295			3,590,209			393,068			4,244,956
Shares redeemed		(853,907	)		(8,755,101	)		(716,325	)		(7,786,020	)
Net increase		173,329		$	1,752,514			2,067,353		$	22,449,318
Total Net Increase		267,924		$	2,697,925			2,106,740		$	22,875,934
Min Vol USA	Shares			Amount			Shares			Amount
Institutional
Shares sold		585,639		$	6,914,290			21,422		$	237,943
Shares issued in reinvestment of distributions		13,907			158,626			1,029			11,497
Shares redeemed		(56,494	)		(632,820	)		(25,504	)		(282,438	)
Net increase (decrease)		543,052		$	6,440,096			(3,053	)	$	(32,998	)
Class K
Shares sold		11,293		$	134,781			14,941		$	161,592
Shares issued in reinvestment of distributions		295			3,362			197			2,189
Shares redeemed		(3,674	)		(42,611	)		(10,205	)		(116,479	)
Net increase		7,914		$	95,532			4,933		$	47,302
Total Net Increase		550,966		$	6,535,628			1,880		$	14,304
MF International	Shares			Amount			Shares			Amount
Institutional
Shares sold		6,098		$	64,847			32,428		$	405,759
Shares issued in reinvestment of distributions		954			9,545			648			7,795
Shares redeemed		(25,174	)		(270,298	)		(1,398	)		(17,456	)
Net increase (decrease)		(18,122	)	$	(195,906	)		31,678		$	396,098
Class K
Shares sold		44		$	491			11,747		$	148,208
Shares issued in reinvestment of distributions		227			2,232			105			1,266
Shares redeemed		(4	)		(120	)		(10,236	)		(123,248	)
Net increase		267		$	2,603			1,616		$	26,226
Total Net Increase (Decrease)		(17,855	)	$	(193,303	)		33,294		$	422,324
MF USA	Shares			Amount			Shares			Amount
Institutional
Shares sold		10,452		$	125,816			56,317		$	708,681
Shares issued in reinvestment of distributions		3,286			35,883			652			8,083
Shares redeemed		(4,245	)		(49,043	)		(2,435	)		(30,816	)
Net increase		9,493		$	112,656			54,534		$	685,948
Class K
Shares sold		8,598		$	97,199			4,676		$	57,977
Shares issued in reinvestment of distributions		443			4,817			140			1,730
Shares redeemed		(139	)		(1,515	)		(95	)		(1,171	)
Net increase		8,902		$	100,501			4,721		$	58,536
Total Net Increase		18,395		$	213,157			59,255		$	744,484

50 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

As of January 31, 2019, shares owned by BlackRock HoldCo 2, Inc., an affiliate of the Funds, were as follows:

	Institutional		Class K
Min Vol EAFE		10,000		990,000
Min Vol USA		10,000		990,000
MF International		10,000		990,000
MF USA		10,000		990,000

12. REGULATIONS-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act ReleaseNo. 33-10532, Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to RegulationS-X in this shareholder report. The amendments impacted certain disclosure presentation on the Statements of Assets and Liabilities, Statements of Changes in Net Assets and Notes to Financial Statements.

Prior year distribution information and undistributed (distributions in excess of) net investment income in the Statements of Changes in Net Assets has been modified to conform to the current year presentation in accordance with the RegulationS-X changes.

Distributions for the year ended July 31, 2018, were classified as follows:

	Share Class	Net Investment Income		Net Realized Gain
Min Vol EAFE	Institutional	$	16,668	$	907
	Class K		4,266,356		328,868
Min Vol USA	Institutional		13,730		—
	Class K		227,773		—
MF International	Institutional		12,972		2,000
	Class K		569,031		147,703
MF USA	Institutional		6,853		8,244
	Class K		232,148		468,570

Undistributed (distributions in excess of) net investment income as of July 31, 2018, were as follows:

	Undistributed (Distributions in Excess of) Net Investment Income
Min Vol EAFE	$	47,107
Min Vol USA		15,403
MF International		(84,360	)
MF USA		7,549

13. 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.

NOTESTO FINANCIAL STATEMENTS 51

Trustee and Officer Information

Mark Stalnecker, Chair of the Board, Trustee

Bruce R. Bond, Trustee

Susan J. Carter, Trustee

Collette Chilton, Trustee

Neil A. Cotty, Trustee

Lena G. Goldberg, Trustee

Robert M. Hernandez, Trustee

Henry R. Keizer, Trustee

Cynthia A. Montgomery, Trustee

Donald C. Opatrny, Trustee

Joseph P. Platt, Trustee

Kenneth L. Urish, Trustee

Claire A. Walton, Trustee

Robert Fairbairn, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Thomas Callahan, Vice President

Jennifer McGovern, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

John MacKessy, Anti-Money Laundering Compliance Officer

Benjamin Archibald, Secretary

At a special meeting of shareholders held on November 21, 2018, each Fund’s shareholders elected Trustees who took office on January 1, 2019. The newly elected Trustees include ten former Trustees and five individuals who served as directors/trustees of the funds in the BlackRock Equity-Bond Complex. Information regarding the individuals who began serving as Trustees effective January 1, 2019 can be found in the proxy statement for the special meeting of shareholders, which is available on the SEC’s EDGAR Database at http://www.sec.gov.

Investment Adviser and Administrator

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock Fund Advisors

San Francisco, CA 94105

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10022

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809

52 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Additional Information

Proxy Results

A Special Meeting of Shareholders was held on November 21, 2018 for shareholders of record on September 24, 2018, to elect a Board of Trustees of the Trust. The newly elected Trustees took office effective January 1, 2019.

Shareholders approved the Trustees* of BlackRock Funds^SM with voting results as follows:

	Votes For		Votes Withheld
Bruce R. Bond		1,194,453,855		13,902,348
Susan J. Carter		1,196,552,121		11,804,082
Collette Chilton		1,196,528,363		11,827,840
Neil A. Cotty		1,196,166,120		12,190,083
Robert Fairbairn		1,193,957,290		14,398,913
Lena G. Goldberg		1,196,028,565		12,327,638
Robert M. Hernandez		1,194,378,100		13,978,103
Henry R. Keizer		1,195,228,758		13,127,445
Cynthia A. Montgomery		1,196,372,720		11,983,483
Donald C. Opatrny		1,195,869,848		12,486,356
John M. Perlowski		1,193,999,184		14,357,019
Joseph P. Platt		1,195,764,828		12,591,375
Mark Stalnecker		1,195,994,960		12,361,243
Kenneth L. Urish		1,195,716,210		12,639,993
Claire A. Walton		1,196,904,200		11,452,003

* Denotes Trust-wide proposal and voting results.

The above Trustees, referred to as the BlackRock Multi-Asset Board, have also been elected to serve as trustees for other BlackRock-advised equity, multi-asset, index and money market funds.

General Information

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at(800) 537-4942.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may also be obtained upon request and without charge by calling (800) 537-4942.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge, (1) by calling (800) 537-4942; (2) athttp://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

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 upon request and without charge (1) athttp://www.blackrock.com or by calling (800) 537-4942 and (2) on the SEC’s website at http://www.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. Visithttp://www.blackrock.com for more information.

Shareholder Privileges

Account Information

Call us at (800) 537-4942 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 reach us on the Web athttp://www.blackrock.com.

ADDITIONAL INFORMATION 53

Additional Information  (continued)

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

BlackRock Privacy Principles

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

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

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

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.

Glossary of Terms Used in this Report

Portfolio Abbreviations
ADR	American Depositary Receipts
ETF	Exchange-Traded Fund
FTSE	Financial Times Stock Exchange
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
S&P	S&P Global Ratings

54 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

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 a Fund unless preceded or accompanied by that Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

MFMV-1/19-SAR

Item 2 –	Code of Ethics – Not Applicable to this semi-annual report
Item 3 –	Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –	Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –	Audit Committee of Listed Registrants – 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 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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable
Item 13 –	Exhibits attached hereto
	(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
	(a)(2) – Certifications – Attached hereto
	(a)(3) – Not Applicable
	(a)(4) – Not Applicable
	(b) – Certifications – Attached hereto

2

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

  BlackRock Funds

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Funds
Date:	April 5, 2019

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

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Funds
Date:	April 5, 2019

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Funds
Date:	April 5, 2019

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