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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05742

Name of Fund: BlackRock Funds

iShares Edge MSCI Min Vol EAFE Index Fund

iShares Edge MSCI Min Vol USA Index Fund

iShares Russell Mid-Cap Index Fund

iShares Russell Small/Mid-Cap Index Fund

iShares Total U.S. Stock Market Index Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 07/31/2021

Date of reporting period: 01/31/2021

Item 1  –  Report to Stockholders

(a) The Report to Shareholders is attached herewith.

JANUARY 31, 2021

2021 Semi-Annual Report

(Unaudited)

BlackRock Funds^SM

· iShares Russell Mid-Cap Index Fund

· iShares Russell Small/Mid-Cap Index Fund

· iShares Total U.S. Stock Market Index Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2021 has been a time of sudden change, as the emergence and spread of the coronavirus (or “COVID-19”) led to a vast disruption in the global economy and financial markets. The threat from the virus became increasingly apparent throughout February and March 2020, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following a series of successful vaccine trials and passage of additional stimuli. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities from developed economies grew at a more modest pace, lagging emerging market stocks, which rebounded sharply.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment and posted positive returns, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion is likely to accelerate as vaccination efforts continue to ramp up. Significant additional U.S. stimulus spending in early 2021 is being negotiated in Congress, which would provide a solid tailwind for economic growth. Inflation should increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in both equities and credit. We see U.S. and Asian equities benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. In credit, rising inflation should provide tailwinds for inflation-protected bonds, and Euro area peripherals and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that 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 visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of January 31, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	14.47%	17.25%
U.S. small cap equities (Russell 2000® Index)	40.89	30.17
International equities (MSCI Europe, Australasia, Far East Index)	17.58	8.94
Emerging market equities (MSCI Emerging Markets Index)	24.07	27.89
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.54
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(4.56)	4.91
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(0.91)	4.72
Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.06	3.85
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	6.72	7.38
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS   PAGE  IS  NOT  PART   OF   YOUR  FUND  REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		10
Disclosure of Expenses		10
Derivative Financial Instruments		10
Financial Statements:
Schedules of Investments		11
Statements of Assets and Liabilities		75
Statements of Operations		77
Statements of Changes in Net Assets		78
Financial Highlights		80
Notes to Financial Statements		89
Statement Regarding Liquidity Risk Management Program		100
Additional Information		101
Glossary of Terms Used in this Report		103

3

Fund Summary  as of January 31, 2021 iShares Russell Mid-Cap Index Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2021, the Fund’s Institutional Shares returned 21.33%, Investor A Shares returned 21.16%, and Class K Shares returned 21.41%. The benchmark Russell MidCap^® Index (the “Index”) returned 21.39% 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 2020, U.S. stocks continued their recovery over July and August and maintained recording all-time highs until early September when valuation concerns created market volatility and led to a market sell off. COVID-19 continued to be center stage over the third quarter but the ease of some restrictions, coupled with a drop in the number of new cases in the United States and the Fed’s accommodative policies, supported the U.S. market recovery over the third quarter despite the spikes in volatility and the market sell off that dampened the recovery momentum.

U.S. markets reacted positively to the U.S. presidential election results following a poor start to the fourth quarter of 2020. The victory of Joe Biden came as an indicator of more stable internal and external policies. The fear of rising COVID-19 cases in the United States was offset by positive vaccine news and an announcement of a $900 billion stimulus in late December, which supported the market’s positive performance. Sectors that were severely impacted by the coronavirus pandemic, such as energy and financials, recovered following the positive vaccine news in November, prompting these two sectors to recoup some of the losses incurred earlier in 2020.

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.

Performance Summary for the Period Ended January 31, 2021

			Average Annual Total Returns(a)(b)
	6-Month Total Returns			1 Year		5 Years		Since Inception	(c)
Institutional	21.33	%		17.68	%	14.78	%	10.35	%
Investor A	21.16			17.35		14.52		10.08
Class K	21.41			17.78		14.83		10.42
Russell Midcap® Index(d)	21.39			17.73		14.88		10.38

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

^(b)  The Fund 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 an indication of future results.

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

Expense Example

	Actual							Hypothetical(a)
		Beginning Account Value (08/01/20)		Ending Account Value (01/31/21)		Expenses Paid During the Period	(b)		Beginning Account Value (08/01/20)		Ending Account Value (01/31/21)		Expenses Paid During the Period	(b)	Annualized Expense Ratio
Institutional	$	1,000.00	$	1,213.30	$	0.50		$	1,000.00	$	1,024.75	$	0.46		0.09	%
Investor A		1,000.00		1,211.60		2.06			1,000.00		1,023.34		1.89		0.37
Class K		1,000.00		1,214.10		0.33			1,000.00		1,024.90		0.31		0.06

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

^(b) 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 six-month period shown).

4 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Fund Summary  as of January 31, 2021 (continued) iShares Russell Mid-Cap Index Fund

Expense Example (continued)

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

Portfolio Information

SECTOR ALLOCATION
Sector(a)	Percent of Net Assets
Information Technology		20	%
Industrials		14
Health Care		13
Consumer Discretionary		11
Financials		11
Real Estate		7
Materials		5
Communication Services		5
Utilities		5
Consumer Staples		4
Energy		3
Investment Companies		1
Short-Term Securities		2
Liabilities in Excess of Other Assets		(1	)

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

FUND   SUMMARY 5

Fund Summary  as of January 31, 2021  iShares Russell Small/Mid-Cap Index Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2021, the Fund’s Institutional Shares returned 32.85%, Investor A Shares returned 32.68%, and Class K Shares returned 32.88%. The benchmark Russell 2500TM Index (the “Index”) returned 32.91% 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 2020, U.S. stocks continued their recovery over July and August and maintained recording all-time highs until early September when valuation concerns created market volatility and led to a market sell off. COVID-19 continued to be center stage over the third quarter but the ease of some restrictions, coupled with a drop in the number of new cases in the United States and the Fed’s accommodative policies, supported the U.S. market recovery over the third quarter despite the spikes in volatility and the market sell off that dampened the recovery momentum.

U.S. markets reacted positively to the U.S. presidential election results following a poor start to the fourth quarter of 2020. The victory of Joe Biden came as an indicator of more stable internal and external policies. The fear of rising COVID-19 cases in the United States was offset by positive vaccine news and an announcement of a $900 billion stimulus in late December, which supported the market’s positive performance. Sectors that were severely impacted by the coronavirus pandemic, such as energy and financials, recovered following the positive vaccine news in November, prompting these two sectors to recoup some of the losses incurred earlier in 2020.

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.

Performance Summary for the Period Ended January 31, 2021

			Average Annual Total Returns(a)(b)
	6-Month Total Returns			1 Year		5 Years		Since Inception	(c)
Institutional	32.85	%		25.80	%	16.10	%	11.72	%
Investor A	32.68			25.51		15.86		11.46
Class K	32.88			25.85		16.15		11.76
Russell 2500™ Index(d)	32.91			25.48		16.11		11.70

^(a) See “About Fund Performance” 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 an indication of future results.

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

Expense Example

	Actual							Hypothetical(a)
		Beginning Account Value (08/01/20)		Ending Account Value (01/31/21)		Expenses Paid During the Period	(b)		Beginning Account Value (08/01/20)		Ending Account Value (01/31/21)		Expenses Paid During the Period	(b)	Annualized Expense Ratio
Institutional	$	1,000.00	$	1,328.50	$	0.70		$	1,000.00	$	1,024.60	$	0.61		0.12	%
Investor A		1,000.00		1,326.80		1.99			1,000.00		1,023.49		1.73		0.34
Class K		1,000.00		1,328.80		0.41			1,000.00		1,024.85		0.36		0.07

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

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Fund Summary  as of January 31, 2021 (continued) iShares Russell Small/Mid-Cap Index Fund

Expense Example (continued)

^(b) 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 six-month period shown).

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

Portfolio Information

SECTOR ALLOCATION
Sector(a)	Percent of Net Assets
Information Technology		18	%
Health Care		16
Industrials		15
Financials		13
Consumer Discretionary		13
Real Estate		7
Materials		5
Consumer Staples		3
Communication Services		3
Utilities		3
Energy		2
Investment Companies		1
Short-Term Securities		7
Liabilities in Excess of Other Assets		(6	)

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

FUND   SUMMARY 7

Fund Summary  as of January 31, 2021  iShares Total U.S. Stock Market Index Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2021, the Fund’s Institutional Shares returned 17.99%, Investor A Shares returned 17.88%, and Class K Shares returned 18.02%. The benchmark Russell 3000^® Index (the “Index”) returned 17.98% 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 2020, U.S. stocks continued their recovery over July and August and maintained recording all-time highs until early September when valuation concerns created market volatility and led to a market sell off. COVID-19 continued to be center stage over the third quarter but the ease of some restrictions, coupled with a drop in the number of new cases in the United States and the Fed’s accommodative policies, supported the U.S. market recovery over the third quarter despite the spikes in volatility and the market sell off that dampened the recovery momentum.

U.S. markets reacted positively to the U.S. presidential election results following a poor start to the fourth quarter of 2020. The victory of Joe Biden came as an indicator of more stable internal and external policies. The fear of rising COVID-19 cases in the United States was offset by positive vaccine news and an announcement of a $900 billion stimulus in late December, which supported the market’s positive performance. Sectors that were severely impacted by the coronavirus pandemic, such as energy and financials, recovered following the positive vaccine news in November, prompting these two sectors to recoup some of the losses incurred earlier in 2020.

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.

Performance Summary for the Period Ended January 31, 2021

			Average Annual Total Returns(a)(b)
	6-Month Total Returns			1 Year		5 Years		Since Inception	(c)
Institutional	17.99	%		20.36	%	16.61	%	13.46	%
Investor A	17.88			20.12		16.34		13.19
Class K	18.02			20.41		16.66		13.50
Russell 3000® Index(d)	17.98			20.48		16.68		13.51

^(a) See “About Fund Performance” 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 an indication of future results.

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

Expense Example

	Actual							Hypothetical(a)
		Beginning Account Value (08/01/20)		Ending Account Value (01/31/21)		Expenses Paid During the Period	(b)		Beginning Account Value (08/01/20)		Ending Account Value (01/31/21)		Expenses Paid During the Period	(b)	Annualized Expense Ratio
Institutional	$	1,000.00	$	1,179.90	$	0.44		$	1,000.00	$	1,024.80	$	0.41		0.08	%
Investor A		1,000.00		1,178.80		1.65			1,000.00		1,023.69		1.53		0.30
Class K		1,000.00		1,180.20		0.16			1,000.00		1,025.05		0.15		0.03

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

^(b) 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 six-month period shown).

8 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Fund Summary  as of January 31, 2021 (continued) iShares Total U.S. Stock Market Index Fund

Expense Example (continued)

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

Portfolio Information

TEN LARGEST HOLDINGS
Security	Percent of Net Assets
Apple, Inc.		6	%
Microsoft Corp.		4
Amazon.com, Inc.		4
Facebook, Inc., Class A		2
Tesla, Inc.		2
Alphabet, Inc., Class A		1
Alphabet, Inc., Class C		1
Johnson & Johnson		1
Berkshire Hathaway, Inc., Class B		1
JPMorgan Chase & Co.		1

SECTOR ALLOCATION
Sector(a)	Percent of Net Assets
Information Technology		27	%
Health Care		14
Consumer Discretionary		12
Financials		10
Communication Services		10
Industrials		9
Consumer Staples		5
Real Estate		3
Materials		3
Utilities		3
Energy		2
Investment Companies		1
Short-Term Securities		2
Liabilities in Excess of Other Assets		(1	)

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

FUND   SUMMARY 9

About Fund Performance

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

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

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

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

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested on August 1, 2020 and held through January 31, 2021) 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.

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.

10 2 0 2 1   BLACK ROCK    SEMI - ANNUAL    REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)  January 31, 2021 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.2%
Axon Enterprise, Inc.(a)		9,549	$	1,567,564
BWX Technologies, Inc.		14,513		782,541
Curtiss-Wright Corp.		6,330		656,991
HEICO Corp.		6,815		802,398
HEICO Corp., Class A		11,865		1,261,368
Hexcel Corp.		12,716		555,181
Howmet Aerospace, Inc.		60,257		1,481,117
Huntington Ingalls Industries, Inc.		6,038		949,958
Mercury Systems, Inc.(a)		8,280		588,377
Spirit AeroSystems Holdings, Inc., Class A(b)		16,000		541,920
Teledyne Technologies, Inc.(a)		5,531		1,974,622
Textron, Inc.(b)		34,760		1,573,238
TransDigm Group, Inc.(a)		7,976		4,412,961
Virgin Galactic Holdings Inc.(a)		10,215		452,422
				17,600,658
Air Freight & Logistics — 0.4%
C.H. Robinson Worldwide, Inc.		20,224		1,730,365
Expeditors International of Washington, Inc.		25,775		2,307,378
XPO Logistics, Inc.(a)		13,856		1,529,841
				5,567,584
Airlines — 0.9%
Alaska Air Group, Inc.		18,298		893,491
American Airlines Group, Inc.(b)		83,188		1,428,338
Copa Holdings SA, Class A		4,739		366,656
Delta Air Lines, Inc.		97,364		3,695,938
JetBlue Airways Corp.(a)		47,112		675,586
Southwest Airlines Co.		90,008		3,954,952
United Airlines Holdings, Inc.(a)		44,277		1,770,637
				12,785,598
Auto Components — 0.7%
Aptiv PLC		40,908		5,465,309
BorgWarner, Inc.		37,266		1,564,799
Gentex Corp.		37,423		1,236,830
Lear Corp.		9,141		1,378,097
				9,645,035
Automobiles — 0.6%
Ford Motor Co.(a)		595,676		6,272,468
Harley-Davidson, Inc.		23,264		932,654
Thor Industries, Inc.		8,156		986,958
				8,192,080
Banks — 3.0%
Associated Banc-Corp.		23,106		414,522
Bank of Hawaii Corp.		6,013		470,156
Bank OZK		18,508		687,757
BOK Financial Corp.		4,756		351,278
Citizens Financial Group, Inc.		65,065		2,370,969
Comerica, Inc.		21,238		1,214,814
Commerce Bancshares, Inc.		16,109		1,076,887
Cullen/Frost Bankers, Inc.		8,545		788,191
East West Bancorp, Inc.		21,507		1,289,130
Fifth Third Bancorp		108,596		3,141,682
First Citizens BancShares, Inc., Class A		961		572,746
First Hawaiian, Inc.		19,965		464,186
First Horizon Corp.		83,243		1,156,245
First Republic Bank		26,372		3,823,676
FNB Corp.		49,186		484,974
Huntington Bancshares, Inc.		154,120		2,038,237
KeyCorp.		148,250		2,499,495

Security	Shares		Value
Banks (continued)
M&T Bank Corp.		19,550	$	2,589,789
PacWest Bancorp		17,739		535,540
People’s United Financial, Inc.		64,554		881,808
Pinnacle Financial Partners, Inc.		11,368		779,049
Popular, Inc.		12,654		718,115
Prosperity Bancshares, Inc.		13,625		918,870
Regions Financial Corp.		146,621		2,494,023
Signature Bank		7,901		1,305,166
Sterling Bancorp		29,329		541,413
SVB Financial Group(a)		7,848		3,435,697
Synovus Financial Corp.		22,318		830,230
TCF Financial Corp.		22,907		890,166
Umpqua Holdings Corp.		33,306		483,270
Webster Financial Corp.		13,606		636,081
Western Alliance Bancorp		15,030		1,024,745
Wintrust Financial Corp.		8,848		532,561
Zions Bancorp NA		24,632		1,087,257
				42,528,725
Beverages — 0.4%
Boston Beer Co., Inc., Class A(a)		1,356		1,243,303
Brown-Forman Corp., Class A		6,869		454,178
Brown-Forman Corp., Class B		27,577		1,976,444
Molson Coors Beverage Co., Class B		27,162		1,362,446
				5,036,371
Biotechnology(a) — 2.6%
ACADIA Pharmaceuticals, Inc.		16,889		811,517
Acceleron Pharma, Inc.		7,840		905,755
Agios Pharmaceuticals, Inc.(b)		9,369		440,062
Alexion Pharmaceuticals, Inc.		32,488		4,981,385
Alkermes PLC		24,323		510,540
Alnylam Pharmaceuticals, Inc.		17,623		2,651,909
BioMarin Pharmaceutical, Inc.		27,576		2,282,741
Bluebird Bio, Inc.		10,038		447,193
Exact Sciences Corp.		22,695		3,112,846
Exelixis, Inc.		47,000		1,043,870
Global Blood Therapeutics, Inc.		8,891		445,617
Incyte Corp.		27,806		2,495,589
Ionis Pharmaceuticals, Inc.		19,931		1,197,255
Iovance Biotherapeutics, Inc.		21,019		921,473
Moderna, Inc.		43,600		7,549,776
Neurocrine Biosciences, Inc.(b)		14,035		1,540,341
Sage Therapeutics, Inc.		7,907		637,700
Sarepta Therapeutics, Inc.		11,510		1,028,994
Seagen, Inc.		19,353		3,179,117
United Therapeutics Corp.		6,620		1,084,488
				37,268,168
Building Products — 1.9%
A O Smith Corp.		20,246		1,099,358
Allegion PLC		14,065		1,505,096
Armstrong World Industries, Inc.		7,269		568,509
AZEK Co., Inc.(a)		10,511		419,284
Carrier Global Corp.		132,626		5,106,101
Fortune Brands Home & Security, Inc.		21,013		1,812,371
Johnson Controls International PLC		111,059		5,532,959
Lennox International, Inc.		5,256		1,447,975
Masco Corp.		40,124		2,179,135
Owens Corning		16,310		1,265,656
Trane Technologies PLC		36,484		5,229,981
Trex Co., Inc.(a)		17,530		1,608,728
				27,775,153

SCHEDULE    OF   INVESTMENTS 11

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets — 3.2%
Affiliated Managers Group, Inc.		7,049	$	776,729
Ameriprise Financial, Inc.		18,018		3,565,222
Apollo Global Management Inc.		26,027		1,195,680
Ares Management Corp., Class A		15,031		678,800
Carlyle Group, Inc.		17,699		571,147
Cboe Global Markets, Inc.		16,479		1,511,619
Eaton Vance Corp.		16,907		1,135,136
Evercore, Inc., Class A		6,113		666,928
FactSet Research Systems, Inc.		5,669		1,713,966
Franklin Resources, Inc.		41,334		1,086,671
Interactive Brokers Group, Inc., Class A		11,288		690,713
Invesco Ltd.		57,275		1,179,292
KKR & Co., Inc.		82,983		3,232,188
Lazard Ltd., Class A		15,385		633,862
LPL Financial Holdings, Inc.		11,978		1,297,697
MarketAxess Holdings, Inc.		5,630		3,044,479
Morningstar, Inc.		3,299		758,407
MSCI, Inc.		12,430		4,913,579
Nasdaq, Inc.		17,464		2,362,355
Northern Trust Corp.		29,330		2,615,943
Raymond James Financial, Inc.		18,740		1,872,688
SEI Investments Co.		17,032		900,141
State Street Corp.		53,762		3,763,340
T. Rowe Price Group, Inc.		34,555		5,407,166
Tradeweb Markets, Inc., Class A		12,739		774,404
Virtu Financial, Inc., Class A		9,629		267,397
				46,615,549
Chemicals — 2.5%
Albemarle Corp.		16,111		2,620,615
Ashland Global Holdings, Inc.		8,474		677,835
Axalta Coating Systems Ltd.(a)		32,131		867,216
Cabot Corp.		8,631		378,987
Celanese Corp.		17,613		2,151,428
CF Industries Holdings, Inc.		32,576		1,347,995
Chemours Co.		24,746		651,810
Corteva, Inc.		114,510		4,564,369
Eastman Chemical Co.		20,704		2,036,238
Element Solutions, Inc.		33,120		564,034
FMC Corp.		19,769		2,140,785
Huntsman Corp.		30,552		807,184
International Flavors & Fragrances, Inc.(b)		16,325		1,834,603
LyondellBasell Industries NV, Class A		39,164		3,358,705
Mosaic Co.		52,695		1,367,962
NewMarket Corp.		1,050		411,799
Olin Corp.		22,192		530,611
PPG Industries, Inc.		36,032		4,853,871
RPM International, Inc.		19,515		1,609,402
Scotts Miracle-Gro Co.		6,185		1,369,421
Valvoline, Inc.		28,226		670,085
Westlake Chemical Corp.		5,249		401,338
WR Grace & Co.		8,705		505,064
				35,721,357
Commercial Services & Supplies — 1.1%
ADT, Inc.		22,996		207,654
Cintas Corp.		13,479		4,287,939
Clean Harbors, Inc.(a)		7,934		614,568
Copart, Inc.(a)		31,336		3,439,126
IAA, Inc.(a)		20,485		1,170,513
MSA Safety, Inc.		5,541		865,061

Security	Shares		Value
Commercial Services & Supplies (continued)
Republic Services, Inc., Class A		32,055	$	2,901,619
Rollins, Inc.		33,927		1,222,050
Stericycle, Inc.(a)		13,937		912,595
				15,621,125
Communications Equipment — 1.0%
Arista Networks, Inc.(a)		8,961		2,756,045
Ciena Corp.(a)(b)		23,363		1,247,350
CommScope Holding Co., Inc.(a)		30,259		444,505
EchoStar Corp., Class A(a)		7,570		158,516
F5 Networks, Inc.(a)		9,299		1,822,139
Juniper Networks, Inc.		49,683		1,213,259
Lumentum Holdings, Inc.(a)		11,413		1,070,539
Motorola Solutions, Inc.		25,973		4,351,776
Ubiquiti, Inc.		1,325		408,087
ViaSat, Inc.(a)		8,807		383,457
				13,855,673
Construction & Engineering — 0.4%
AECOM(a)		23,314		1,168,031
Jacobs Engineering Group, Inc.		19,151		1,933,485
Quanta Services, Inc.		20,861		1,470,075
Valmont Industries, Inc.		3,085		595,158
				5,166,749
Construction Materials — 0.5%
Eagle Materials, Inc.		6,358		699,571
Martin Marietta Materials, Inc.		9,484		2,725,797
Vulcan Materials Co.		20,181		3,009,794
				6,435,162
Consumer Finance — 0.8%
Ally Financial, Inc.		57,034		2,158,166
Credit Acceptance Corp.(a)(b)		1,499		578,269
Discover Financial Services		46,796		3,909,338
LendingTree, Inc.(a)		1,654		538,410
OneMain Holdings, Inc.		9,919		461,829
Santander Consumer USA Holdings, Inc.		11,321		250,194
SLM Corp.		57,070		792,132
Synchrony Financial		89,012		2,995,254
				11,683,592
Containers & Packaging — 1.6%
Amcor PLC		240,637		2,632,569
AptarGroup, Inc.		9,804		1,303,638
Ardagh Group SA		2,789		47,413
Avery Dennison Corp.		12,706		1,916,954
Ball Corp.		48,725		4,288,774
Berry Global Group, Inc.(a)		20,261		1,000,286
Crown Holdings, Inc.(a)		19,791		1,784,159
Graphic Packaging Holding Co.		40,688		637,174
International Paper Co.		60,043		3,020,763
Packaging Corp. of America		14,292		1,921,702
Sealed Air Corp.		23,710		1,002,222
Silgan Holdings, Inc.		12,126		441,750
Sonoco Products Co.		15,259		883,649
Westrock Co.		39,164		1,622,564
				22,503,617
Distributors — 0.4%
Genuine Parts Co.		21,452		2,013,914

12 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Distributors (continued)
LKQ Corp.(a)		46,208	$	1,621,439
Pool Corp.		5,918		2,096,037
				5,731,390
Diversified Consumer Services — 0.5%
Bright Horizons Family Solutions, Inc.(a)		9,135		1,388,246
Chegg, Inc.(a)		18,472		1,759,643
frontdoor, Inc.(a)		13,066		719,153
Graham Holdings Co., Class B		611		347,115
Grand Canyon Education, Inc.(a)		7,115		604,348
H&R Block, Inc.		29,961		516,228
Service Corp. International		25,789		1,300,539
Terminix Global Holdings, Inc.(a)		20,179		962,135
				7,597,407
Diversified Financial Services — 0.2%
Equitable Holdings, Inc.		61,367		1,520,674
Jefferies Financial Group, Inc.		32,559		760,253
Voya Financial, Inc.		19,181		1,063,778
				3,344,705
Diversified Telecommunication Services — 0.1%
Lumen Technologies, Inc.		166,950		2,066,841
Electric Utilities — 2.3%
Alliant Energy Corp.		38,254		1,861,057
Avangrid, Inc.		8,766		405,603
Edison International		54,623		3,176,874
Entergy Corp.		30,661		2,922,913
Evergy, Inc.		34,559		1,856,855
Eversource Energy		52,441		4,588,587
FirstEnergy Corp.		82,771		2,546,036
Hawaiian Electric Industries, Inc.		16,538		546,746
IDACORP, Inc.		7,684		678,497
NRG Energy, Inc.		36,982		1,531,425
OGE Energy Corp.		30,487		930,463
PG&E Corp.(a)		202,164		2,310,735
Pinnacle West Capital Corp.		17,178		1,292,645
PPL Corp.		117,684		3,256,316
Xcel Energy, Inc.		80,281		5,137,181
				33,041,933
Electrical Equipment — 1.1%
Acuity Brands, Inc.		6,058		728,414
AMETEK, Inc.		35,028		3,967,271
Array Technologies, Inc.(a)		8,467		345,115
Generac Holdings, Inc.(a)		9,328		2,298,606
GrafTech International Ltd.		10,364		100,531
Hubbell, Inc.		8,242		1,282,455
nVent Electric PLC		23,627		528,772
Regal Beloit Corp.		6,179		775,341
Rockwell Automation, Inc.		17,704		4,399,975
Sensata Technologies Holding PLC(a)		23,541		1,282,984
Vertiv Holdings Co.		33,465		673,316
				16,382,780
Electronic Equipment, Instruments & Components — 2.3%
Amphenol Corp., Class A		44,580		5,567,150
Arrow Electronics, Inc.(a)		11,429		1,115,813
Avnet, Inc.		14,877		525,307
CDW Corp.		21,662		2,852,019
Cognex Corp.		25,579		2,100,803
Coherent, Inc.(a)		3,683		739,694
Corning, Inc.		114,512		4,107,545
Dolby Laboratories, Inc., Class A		9,583		843,592

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
FLIR Systems, Inc.		19,898	$	1,035,691
IPG Photonics Corp.(a)		5,404		1,207,416
Jabil, Inc.		22,425		927,722
Keysight Technologies, Inc.(a)		28,565		4,044,518
Littelfuse, Inc.		3,581		871,508
National Instruments Corp.		19,658		813,841
SYNNEX Corp.		6,335		517,063
Trimble, Inc.(a)		38,073		2,509,391
Vontier Corp.(a)		23,139		750,398
Zebra Technologies Corp., Class A(a)		8,013		3,107,682
				33,637,153
Energy Equipment & Services — 0.4%
Baker Hughes, Inc. Class A		100,170		2,012,415
Halliburton Co.		134,133		2,364,765
Helmerich & Payne, Inc.		15,949		387,242
NOV, Inc.		59,033		730,828
				5,495,250
Entertainment — 1.4%
Lions Gate Entertainment Corp., Class A(a)		9,063		126,791
Lions Gate Entertainment Corp., Class B(a)		17,575		217,227
Live Nation Entertainment, Inc.(a)		21,653		1,438,842
Madison Square Garden Entertainment Corp.(a)		2,905		257,819
Madison Square Garden Sports Corp.(a)		2,832		458,472
Roku, Inc.(a)		16,634		6,471,125
Spotify Technology SA(a)		19,994		6,298,110
Take-Two Interactive Software, Inc.(a)		17,407		3,489,233
World Wrestling Entertainment, Inc., Class A		7,050		397,127
Zynga, Inc., Class A(a)		135,353		1,341,348
				20,496,094
Equity Real Estate Investment Trusts (REITs) — 6.5%
Alexandria Real Estate Equities, Inc.		20,447		3,416,898
American Campus Communities, Inc.		20,882		859,503
American Homes Rent, Class A		41,642		1,258,838
Americold Realty Trust		31,075		1,084,828
Apartment Income REIT Corp.		22,839		885,468
Apartment Investment and Management Co., Class A		22,461		103,096
Apple Hospitality REIT, Inc.		32,021		399,622
AvalonBay Communities, Inc.		21,491		3,517,432
Boston Properties, Inc.		23,701		2,163,190
Brandywine Realty Trust		26,115		287,265
Brixmor Property Group, Inc.		45,214		765,473
Brookfield Property REIT, Inc., Class A		6,093		105,713
Camden Property Trust		14,391		1,470,041
CoreSite Realty Corp.		6,127		823,714
Corporate Office Properties Trust		17,323		455,075
Cousins Properties, Inc.		22,579		712,142
CubeSmart		29,470		1,026,735
CyrusOne, Inc.		18,414		1,343,301
Douglas Emmett, Inc.		25,338		702,116
Duke Realty Corp.		56,182		2,222,560
Empire State Realty Trust, Inc., Class A		21,331		210,324
EPR Properties		11,289		447,496
Equity Commonwealth		17,779		506,879
Equity LifeStyle Properties, Inc.		26,530		1,614,085
Equity Residential		56,132		3,459,976
Essex Property Trust, Inc.		9,957		2,385,797
Extra Space Storage, Inc.		19,197		2,184,427
Federal Realty Investment Trust		11,477		1,004,926
First Industrial Realty Trust, Inc.		19,609		796,910
Gaming and Leisure Properties, Inc.		33,129		1,362,596
Healthcare Trust of America, Inc., Class A		33,159		936,742

SCHEDULE    OF   INVESTMENTS 13

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Healthpeak Properties, Inc.		82,284	$	2,439,721
Highwoods Properties, Inc.		15,792		592,042
Host Hotels & Resorts, Inc.		106,665		1,445,311
Hudson Pacific Properties, Inc.		22,786		534,104
Invitation Homes, Inc.		85,623		2,524,166
Iron Mountain, Inc.		43,634		1,469,157
JBG SMITH Properties		18,580		554,799
Kilroy Realty Corp.		17,513		991,761
Kimco Realty Corp.		63,012		1,040,328
Lamar Advertising Co., Class A		13,111		1,059,107
Life Storage, Inc.		11,061		902,356
Medical Properties Trust, Inc.		86,096		1,817,487
Mid-America Apartment Communities, Inc.		17,352		2,303,478
National Retail Properties, Inc.		26,487		1,032,993
Omega Healthcare Investors, Inc.		34,324		1,243,215
Outfront Media, Inc.		21,928		399,747
Paramount Group, Inc.		29,324		260,690
Park Hotels & Resorts, Inc.		35,856		598,078
Rayonier, Inc.		20,116		618,567
Realty Income Corp.		53,683		3,170,518
Regency Centers Corp.		25,706		1,212,809
Rexford Industrial Realty, Inc.		18,841		922,078
Simon Property Group, Inc.		49,395		4,590,277
SL Green Realty Corp.		11,121		750,445
Spirit Realty Capital, Inc.		16,588		639,633
STORE Capital Corp.		36,849		1,143,056
Sun Communities, Inc.		16,152		2,311,836
UDR, Inc.		44,695		1,718,523
Ventas, Inc.		56,994		2,625,714
VEREIT Inc.		33,390		1,176,330
VICI Properties, Inc.		81,576		2,062,241
Vornado Realty Trust		26,768		1,064,296
Weingarten Realty Investors		18,501		416,457
Welltower, Inc.		63,861		3,869,977
Weyerhaeuser Co.		114,076		3,558,030
WP Carey, Inc.		26,574		1,764,514
				93,337,009
Food & Staples Retailing — 0.5%
Albertsons Cos., Inc., Class A		7,009		121,746
Casey’s General Stores, Inc.		5,561		1,042,576
Grocery Outlet Holding Corp.(a)		11,104		474,030
Kroger Co.		118,242		4,079,349
Sprouts Farmers Market, Inc.(a)		18,269		413,793
US Foods Holding Corp.(a)		33,517		1,038,692
				7,170,186
Food Products — 2.2%
Archer-Daniels-Midland Co.		84,613		4,231,496
Beyond Meat, Inc.(a)		7,968		1,418,941
Bunge Ltd.		20,692		1,354,085
Campbell Soup Co.		29,795		1,433,438
Conagra Brands, Inc.		74,438		2,575,555
Flowers Foods, Inc.		29,688		681,637
Hain Celestial Group, Inc.(a)		12,969		539,316
Hershey Co.		22,590		3,285,490
Hormel Foods Corp.		42,615		1,996,939
Ingredion, Inc.		10,239		772,737
J.M. Smucker Co.		16,852		1,961,741
Kellogg Co.		38,328		2,259,052
Lamb Weston Holdings, Inc.		22,264		1,663,121
McCormick & Co., Inc.		37,854		3,389,447
Pilgrim’s Pride Corp.(a)		8,338		161,590

Security	Shares		Value
Food Products (continued)
Post Holdings, Inc.(a)		9,721	$	922,037
Seaboard Corp.		39		122,702
TreeHouse Foods, Inc.(a)		8,558		361,404
Tyson Foods, Inc., Class A		43,906		2,823,595
				31,954,323
Gas Utilities — 0.2%
Atmos Energy Corp.		19,042		1,694,738
National Fuel Gas Co.		13,255		533,646
UGI Corp.		31,730		1,141,963
				3,370,347
Health Care Equipment & Supplies — 4.0%
ABIOMED, Inc.(a)		6,756		2,352,777
Align Technology, Inc.(a)		11,922		6,263,580
Cooper Cos., Inc.(b)		7,436		2,707,001
DENTSPLY SIRONA, Inc.		33,358		1,784,319
Envista Holdings Corp.(a)		24,554		872,649
Globus Medical, Inc., Class A(a)		11,593		715,172
Haemonetics Corp.(a)		7,603		868,947
Hill-Rom Holdings, Inc.		10,170		976,727
Hologic, Inc.(a)		39,152		3,121,589
ICU Medical, Inc.(a)		2,967		606,692
IDEXX Laboratories, Inc.(a)		12,848		6,150,081
Insulet Corp.(a)		10,014		2,675,541
Integra LifeSciences Holdings Corp.(a)		11,025		728,091
Masimo Corp.(a)		7,437		1,903,277
Novocure Ltd.(a)		15,344		2,469,770
Penumbra, Inc.(a)		5,031		1,313,544
Quidel Corp.(a)		5,670		1,423,000
ResMed, Inc.		21,890		4,412,367
STERIS PLC		12,834		2,401,370
Tandem Diabetes Care, Inc.(a)		9,250		857,012
Teleflex, Inc.		7,087		2,676,264
Varian Medical Systems, Inc.(a)		13,852		2,431,996
West Pharmaceutical Services, Inc.		11,206		3,356,085
Zimmer Biomet Holdings, Inc.		31,640		4,862,119
				57,929,970
Health Care Providers & Services — 2.0%
Acadia Healthcare Co., Inc.(a)		13,405		679,365
Amedisys, Inc.(a)		4,887		1,404,084
AmerisourceBergen Corp.		22,251		2,318,554
Cardinal Health, Inc.		44,642		2,398,615
Chemed Corp.(b)		2,365		1,224,834
DaVita, Inc.(a)(b)		11,692		1,372,290
Encompass Health Corp.		15,025		1,208,010
Guardant Health, Inc.(a)		12,529		1,948,259
Henry Schein, Inc.(a)		21,753		1,432,435
Laboratory Corp. of America Holdings(a)		14,808		3,389,699
McKesson Corp.		24,678		4,305,571
Molina Healthcare, Inc.(a)		8,971		1,916,295
Oak Street Health, Inc.(a)(b)		3,368		174,698
Premier, Inc., Class A		18,642		631,405
Quest Diagnostics, Inc.		20,411		2,636,081
Universal Health Services, Inc., Class B		11,236		1,400,904
				28,441,099
Health Care Technology — 1.0%
American Well Corp., Class A(a)		8,627		305,482
Cerner Corp.		46,468		3,722,552
Change Healthcare, Inc.(a)		37,028		883,488

14 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Technology (continued)
Teladoc Health, Inc.(a)		16,433	$	4,335,518
Veeva Systems, Inc., Class A(a)		20,655		5,709,868
				14,956,908
Hotels, Restaurants & Leisure — 2.3%
Aramark		34,800		1,193,292
Carnival Corp.		73,964		1,380,908
Chipotle Mexican Grill, Inc.(a)		4,253		6,294,440
Choice Hotels International, Inc.		5,246		527,958
Darden Restaurants, Inc.		19,857		2,321,085
Domino’s Pizza, Inc.		5,945		2,204,168
Extended Stay America, Inc.		27,193		399,193
Hilton Worldwide Holdings, Inc.		41,688		4,226,746
Hyatt Hotels Corp., Class A		5,417		355,680
MGM Resorts International		71,860		2,052,322
Norwegian Cruise Line Holdings Ltd.(a)(b)(c)		48,067		1,088,718
Planet Fitness, Inc., Class A(a)		12,523		901,656
Royal Caribbean Cruises Ltd.		28,021		1,821,365
Six Flags Entertainment Corp.		11,831		404,620
Vail Resorts, Inc.		6,095		1,621,026
Wendy’s Co.		27,355		558,042
Wyndham Destinations, Inc.		12,709		562,246
Wyndham Hotels & Resorts, Inc.		13,988		813,682
Wynn Resorts Ltd.		14,935		1,486,481
Yum China Holdings, Inc.		61,171		3,469,007
				33,682,635
Household Durables — 1.5%
D.R. Horton, Inc.		50,452		3,874,714
Garmin Ltd.		22,835		2,622,828
Leggett & Platt, Inc.		20,139		825,699
Lennar Corp., -B Shares		2,355		157,644
Lennar Corp., Class A		41,323		3,436,007
Mohawk Industries, Inc.(a)		8,862		1,272,583
Newell Brands, Inc.		58,592		1,407,380
NVR, Inc.(a)		517		2,298,830
PulteGroup, Inc.		40,829		1,776,061
Tempur Sealy International, Inc.(a)		29,025		766,260
Toll Brothers, Inc.		17,662		902,528
Whirlpool Corp.		9,306		1,722,448
				21,062,982
Household Products — 0.6%
Church & Dwight Co., Inc.		37,933		3,202,683
Clorox Co.		19,267		4,035,666
Energizer Holdings, Inc.		9,589		420,382
Reynolds Consumer Products Inc.		7,339		220,170
Spectrum Brands Holdings, Inc.		6,473		489,164
				8,368,065
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp.		100,788		2,458,219
Vistra Corp.		74,479		1,487,346
				3,945,565
Industrial Conglomerates — 0.1%
Carlisle Cos., Inc.		8,237		1,193,788
Insurance — 3.3%
Alleghany Corp.		2,100		1,190,385
American Financial Group, Inc.		10,937		1,029,609
American National Group, Inc.		1,127		99,604
Arch Capital Group Ltd.(a)		60,033		1,885,637
Arthur J Gallagher & Co.		29,154		3,364,663
Assurant, Inc.		8,992		1,218,146

Security	Shares		Value
Insurance (continued)
Assured Guaranty Ltd.		11,226	$	401,330
Athene Holding Ltd., Class A(a)		17,537		717,088
Axis Capital Holdings Ltd.		12,661		581,140
Brighthouse Financial, Inc.(a)(b)		13,742		485,917
Brown & Brown, Inc.		35,960		1,549,516
Cincinnati Financial Corp.		22,846		1,921,120
CNA Financial Corp.		4,482		172,199
Erie Indemnity Co., Class A		3,834		932,045
Everest Re Group Ltd.		6,009		1,268,380
Fidelity National Financial, Inc.		41,691		1,513,383
First American Financial Corp.		16,549		865,347
Globe Life, Inc.		15,784		1,426,716
GoHealth, Inc., Class A(a)(b)		6,327		84,212
Hanover Insurance Group, Inc.		5,665		637,143
Hartford Financial Services Group, Inc.		54,587		2,621,268
Kemper Corp.		9,512		669,169
Lemonade Inc.(a)		2,299		333,930
Lincoln National Corp.		29,385		1,336,724
Loews Corp.		35,715		1,617,532
Markel Corp.(a)		2,061		1,998,098
Mercury General Corp.		4,206		222,960
Old Republic International Corp.		43,863		793,920
Primerica, Inc.		5,996		835,303
Principal Financial Group, Inc.		41,468		2,043,128
Prudential Financial, Inc.		60,444		4,731,556
Reinsurance Group of America, Inc.		10,334		1,085,587
RenaissanceRe Holdings Ltd.		7,720		1,161,397
Unum Group		30,972		719,480
W.R. Berkley Corp.		21,244		1,320,102
White Mountains Insurance Group Ltd.		460		469,200
Willis Towers Watson PLC		19,650		3,987,771
				47,290,705
Interactive Media & Services(a) — 1.5%
IAC/InterActiveCorp.		11,445		2,402,878
Match Group, Inc.(b)		34,192		4,782,093
Pinterest, Inc., Class A		61,345		4,202,746
TripAdvisor, Inc.		15,579		482,481
Twitter, Inc.		119,077		6,016,961
Zillow Group, Inc., Class A		9,025		1,251,948
Zillow Group, Inc., Class C		22,107		2,884,079
				22,023,186
Internet & Direct Marketing Retail — 0.8%
Etsy, Inc.(a)		18,019		3,587,403
Expedia Group, Inc.		20,641		2,561,548
Grubhub, Inc.(a)		14,028		1,055,888
Qurate Retail, Inc., Series A		58,112		732,211
Wayfair, Inc., Class A(a)(b)		10,811		2,944,051
				10,881,101
IT Services — 4.1%
Akamai Technologies, Inc.(a)		24,414		2,710,686
Alliance Data Systems Corp.		7,165		484,712
Amdocs Ltd.		20,011		1,413,177
BigCommerce Holdings, Inc., Series-1(a)		1,797		143,652
Black Knight, Inc.(a)		23,085		1,885,814
Booz Allen Hamilton Holding Corp.		20,637		1,757,653
Broadridge Financial Solutions, Inc.		17,463		2,467,697
CACI International, Inc., Class A(a)		3,788		913,741
Concentrix Corp.(a)		6,335		677,338
DXC Technology Co.		38,705		1,091,481
EPAM Systems, Inc.(a)		8,114		2,794,705
Euronet Worldwide, Inc.(a)		7,699		962,067

SCHEDULE    OF   INVESTMENTS 15

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Fastly, Inc., Class A(a)		12,031	$	1,315,590
FleetCor Technologies, Inc.(a)		12,592		3,056,708
Gartner, Inc.(a)		13,224		2,008,858
Genpact Ltd.		28,621		1,095,612
Globant SA(a)		5,877		1,128,384
GoDaddy, Inc., Class A(a)		25,678		2,017,777
Jack Henry & Associates, Inc.		11,621		1,682,605
MongoDB, Inc.(a)		7,776		2,874,087
Okta, Inc.(a)		17,561		4,548,475
Paychex, Inc.		49,011		4,279,641
Sabre Corp.		47,785		515,122
Science Applications International Corp.		8,828		847,753
StoneCo. Ltd., Class A(a)		30,785		2,213,442
Switch, Inc., Class A		11,696		201,405
Twilio, Inc., Class A(a)		21,384		7,686,051
VeriSign, Inc.(a)		15,420		2,992,559
Western Union Co.		62,585		1,393,768
WEX, Inc.(a)		6,711		1,265,695
				58,426,255
Leisure Products — 0.7%
Brunswick Corp.		11,994		1,037,001
Hasbro, Inc.		19,419		1,821,891
Mattel, Inc.(a)		52,185		945,592
Peloton Interactive, Inc., Class A(a)		38,801		5,669,990
Polaris, Inc.		8,850		1,032,530
				10,507,004
Life Sciences Tools & Services — 2.6%
10X Genomics, Inc., Class A(a)		8,761		1,499,445
Adaptive Biotechnologies Corp.(a)		11,629		645,061
Agilent Technologies, Inc.		47,249		5,677,912
Avantor, Inc.(a)		75,533		2,227,468
Berkeley Lights, Inc.(a)		1,837		132,264
Bio-Rad Laboratories, Inc., Class A(a)		3,221		1,848,113
Bio-Techne Corp.		5,801		1,884,803
Bruker Corp.		15,751		911,825
Charles River Laboratories International, Inc.(a)		7,457		1,931,736
IQVIA Holdings, Inc.(a)		29,024		5,160,467
Mettler-Toledo International, Inc.(a)		3,600		4,205,160
PerkinElmer, Inc.		16,993		2,499,161
PPD, Inc.(a)		24,378		783,997
PRA Health Sciences, Inc.(a)(b)		9,634		1,187,294
QIAGEN NV(a)		34,312		1,857,995
Repligen Corp.(a)		7,968		1,593,600
Syneos Health, Inc.(a)		11,479		853,464
Waters Corp.(a)		9,342		2,472,547
				37,372,312
Machinery — 3.9%
AGCO Corp.		9,406		1,043,125
Allison Transmission Holdings, Inc.		17,195		699,837
Colfax Corp.(a)		15,288		567,491
Crane Co.		7,427		562,075
Cummins, Inc.		22,516		5,278,201
Donaldson Co., Inc.		19,377		1,151,769
Dover Corp.		21,930		2,554,626
Flowserve Corp.		19,855		706,044
Fortive Corp.		45,428		3,001,882
Gates Industrial Corp. PLC(a)		7,152		100,986
Graco, Inc.		25,207		1,737,771
IDEX Corp.		11,500		2,141,185
Ingersoll Rand, Inc.(a)		52,905		2,213,545

Security	Shares		Value
Machinery (continued)
ITT, Inc.		13,185	$	985,051
Lincoln Electric Holdings, Inc.		8,705		996,722
Middleby Corp.(a)		8,390		1,138,691
Nordson Corp.		8,722		1,561,151
Oshkosh Corp.		10,331		946,216
Otis Worldwide Corp.		62,331		4,029,699
PACCAR, Inc.		51,807		4,725,835
Parker-Hannifin Corp.		19,554		5,174,184
Pentair PLC		25,181		1,371,357
Snap-on, Inc.		8,212		1,478,078
Stanley Black & Decker, Inc.		23,549		4,085,516
Timken Co.		9,661		730,951
Toro Co.		16,317		1,537,877
Trinity Industries, Inc.		13,545		376,686
Westinghouse Air Brake Technologies Corp.		27,629		2,050,348
Woodward, Inc.		8,488		950,232
Xylem, Inc.		27,310		2,637,873
				56,535,004
Marine — 0.0%
Kirby Corp.(a)		9,093		461,561
Media — 2.0%
Altice USA, Inc., Class A(a)		44,706		1,590,192
Cable One, Inc.		815		1,630,000
Discovery, Inc., Class A(a)(b)		23,807		986,086
Discovery, Inc., Class C(a)		47,370		1,659,371
DISH Network Corp., Class A(a)(b)		37,314		1,082,852
Fox Corp., Class A		51,007		1,590,398
Fox Corp., Class B		24,410		729,615
Interpublic Group of Cos., Inc.		59,280		1,426,870
John Wiley & Sons, Inc., Class A		6,635		302,622
Liberty Broadband Corp., Class A(a)		3,774		547,872
Liberty Broadband Corp., Class C(a)		24,402		3,563,912
Liberty Media Corp. - Liberty SiriusXM, Class A(a)		12,835		518,791
Liberty Media Corp. - Liberty SiriusXM, Class C(a)		26,468		1,073,542
Liberty Media Corp.-Liberty Formula One, Class A(a)		3,867		140,179
Liberty Media Corp.-Liberty Formula One, Class C(a)		30,253		1,217,078
New York Times Co., Class A		24,838		1,231,716
News Corp., Class A		59,194		1,148,364
News Corp., Class B		18,510		349,469
Nexstar Media Group, Inc., Class A		6,408		728,397
Omnicom Group, Inc.		32,466		2,025,229
Sirius XM Holdings, Inc.(b)		174,135		1,090,085
ViacomCBS, Inc., Class A		1,583		77,029
ViacomCBS, Inc., Class B		82,849		4,018,177
				28,727,846
Metals & Mining — 0.8%
Freeport-McMoRan, Inc.(a)		221,439		5,958,924
Nucor Corp.		46,011		2,242,116
Reliance Steel & Aluminum Co.		9,675		1,123,074
Royal Gold, Inc.		10,001		1,068,907
Steel Dynamics, Inc.		30,583		1,048,079
				11,441,100
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
AGNC Investment Corp.		83,539		1,303,208
Annaly Capital Management, Inc.		214,310		1,740,197
New Residential Investment Corp.		63,207		593,514
Starwood Property Trust, Inc.		41,585		780,135
				4,417,054
Multi-line Retail — 0.4%
Dollar Tree, Inc.(a)		35,841		3,643,596

16 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-line Retail (continued)
Kohl’s Corp.		24,061	$	1,060,128
Nordstrom, Inc.		16,504		585,067
Ollie’s Bargain Outlet Holdings, Inc.(a)		8,388		794,595
				6,083,386
Multi-Utilities — 1.7%
Ameren Corp.		37,583		2,733,036
CenterPoint Energy, Inc.		76,918		1,622,201
CMS Energy Corp.		43,530		2,475,986
Consolidated Edison, Inc.		51,143		3,619,901
DTE Energy Co.		29,337		3,482,889
MDU Resources Group, Inc.		30,392		799,006
NiSource, Inc.		58,436		1,294,357
Public Service Enterprise Group, Inc.		77,168		4,354,590
WEC Energy Group, Inc.		48,243		4,288,803
				24,670,769
Oil, Gas & Consumable Fuels — 2.2%
Antero Midstream Corp.		43,827		354,999
Apache Corp.		57,516		821,329
Cabot Oil & Gas Corp.		59,814		1,096,391
Cheniere Energy, Inc.(a)		35,325		2,237,132
Cimarex Energy Co.		15,302		645,438
Continental Resources, Inc.		11,583		228,069
Devon Energy Corp.		90,140		1,483,704
Diamondback Energy, Inc.		24,162		1,369,744
EQT Corp.		41,594		678,398
Equitrans Midstream Corp.		62,249		413,956
Hess Corp.		41,929		2,263,327
HollyFrontier Corp.		23,142		658,621
Marathon Oil Corp.		119,906		868,119
Marathon Petroleum Corp.		98,847		4,266,237
Murphy Oil Corp.		22,179		274,354
Occidental Petroleum Corp.		128,185		2,571,391
ONEOK, Inc.		67,664		2,695,057
Pioneer Natural Resources Co.		30,821		3,726,259
Targa Resources Corp.		34,316		939,229
Williams Cos., Inc.		185,711		3,942,645
				31,534,399
Personal Products — 0.1%
Coty, Inc., Class A		43,960		280,025
Herbalife Nutrition Ltd.(a)		13,716		698,968
Nu Skin Enterprises, Inc., Class A		7,699		445,541
				1,424,534
Pharmaceuticals — 1.0%
Catalent, Inc.(a)		24,806		2,853,930
Elanco Animal Health, Inc.(a)		69,310		2,012,069
Horizon Therapeutics PLC(a)		29,759		2,156,932
Jazz Pharmaceuticals PLC(a)		8,250		1,282,875
Nektar Therapeutics(a)		26,654		525,084
Perrigo Co. PLC		20,841		889,911
Reata Pharmaceuticals, Inc., Class A(a)(b)		3,698		383,076
Royalty Pharma PLC, Class A		16,608		780,742
Viatris, Inc.(a)		184,260		3,130,578
				14,015,197
Professional Services — 1.9%
CoreLogic, Inc.		11,914		897,005
CoStar Group, Inc.(a)		5,954		5,356,873
Dun & Bradstreet Holdings, Inc.(a)		13,089		309,555
Equifax, Inc.		18,472		3,271,576
FTI Consulting, Inc.(a)		5,366		590,099

Security	Shares		Value
Professional Services (continued)
IHS Markit Ltd.		60,626	$	5,279,312
Leidos Holdings, Inc.		20,541		2,178,579
ManpowerGroup, Inc.		8,806		778,803
Nielsen Holdings PLC		54,361		1,213,881
Robert Half International, Inc.		17,032		1,149,660
TransUnion		29,008		2,524,856
Verisk Analytics, Inc.		24,220		4,444,370
				27,994,569
Real Estate Management & Development(a) — 0.3%
CBRE Group, Inc., Class A		50,941		3,106,382
Howard Hughes Corp.		6,044		520,811
Jones Lang LaSalle, Inc.		7,856		1,148,626
				4,775,819
Road & Rail — 0.8%
AMERCO		1,381		638,630
JB Hunt Transport Services, Inc.		12,796		1,723,109
Kansas City Southern		14,261		2,890,277
Knight-Swift Transportation Holdings, Inc.		19,069		762,760
Landstar System, Inc.		5,819		811,169
Lyft, Inc., Class A(a)		37,587		1,671,118
Old Dominion Freight Line, Inc.		14,894		2,889,436
Ryder System, Inc.		7,997		500,532
Schneider National, Inc., Class B		8,744		183,624
				12,070,655
Semiconductors & Semiconductor Equipment — 3.8%
Allegro MicroSystems, Inc.(a)		4,580		127,874
Cirrus Logic, Inc.(a)		8,814		825,784
Cree, Inc.(a)		16,799		1,698,043
Enphase Energy, Inc.(a)		16,129		2,941,123
Entegris, Inc.		20,441		2,011,190
First Solar, Inc.(a)(b)		14,014		1,389,488
Inphi Corp.(a)		7,294		1,229,841
KLA Corp.		23,698		6,637,099
Marvell Technology Group Ltd.		101,748		5,235,952
Maxim Integrated Products, Inc.		40,526		3,554,535
Microchip Technology, Inc.		38,154		5,193,141
MKS Instruments, Inc.		8,328		1,316,407
Monolithic Power Systems, Inc.		6,644		2,360,547
ON Semiconductor Corp.(a)(b)		61,910		2,135,276
Qorvo, Inc.(a)		17,419		2,976,559
Skyworks Solutions, Inc.		25,468		4,310,459
SolarEdge Technologies Inc.(a)		7,459		2,150,653
Teradyne, Inc.		25,256		2,866,051
Universal Display Corp.		6,549		1,511,640
Xilinx, Inc.		37,307		4,871,175
				55,342,837
Software — 7.8%
2U, Inc.(a)		10,344		423,070
Alteryx, Inc., Class A(a)		8,185		1,031,719
Anaplan, Inc.(a)		20,302		1,354,143
ANSYS, Inc.(a)		13,077		4,634,096
Aspen Technology, Inc.(a)		10,313		1,380,911
Avalara, Inc.(a)		12,581		1,887,150
Bill.Com Holdings, Inc.(a)		11,184		1,363,106
Cadence Design Systems, Inc.(a)		42,107		5,490,332
CDK Global, Inc.		18,581		927,192
Ceridian HCM Holding, Inc.(a)		17,591		1,634,380
Citrix Systems, Inc.		18,818		2,508,628
Cloudflare, Inc., Class A(a)		16,636		1,275,316
Coupa Software, Inc.(a)		10,495		3,252,086

SCHEDULE    OF   INVESTMENTS 17

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Crowdstrike Holdings, Inc., Class A(a)		23,164	$	4,998,791
Datadog, Inc., Class A(a)		23,276		2,391,609
Datto Holding Corp.(a)		3,423		81,673
DocuSign, Inc.(a)		27,230		6,341,595
Dropbox, Inc., Class A(a)		37,445		847,380
Duck Creek Technologies, Inc.(a)(b)		3,608		174,411
Dynatrace, Inc.(a)		27,910		1,158,544
Elastic NV(a)		10,079		1,531,605
Everbridge, Inc.(a)(b)		5,338		709,580
Fair Isaac Corp.(a)		4,270		1,921,970
FireEye, Inc.(a)		33,856		710,976
Five9, Inc.(a)		9,436		1,568,735
Fortinet, Inc.(a)		20,302		2,938,715
Guidewire Software, Inc.(a)		12,817		1,470,623
HubSpot, Inc.(a)		6,315		2,350,443
Jamf Holding Corp.(a)		4,547		167,921
JFrog Ltd.(a)		1,937		121,004
Manhattan Associates, Inc.(a)		9,650		1,092,670
McAfee Corp., Class A(b)		5,251		98,981
Medallia, Inc.(a)		13,520		561,080
nCino Inc.(a)		2,331		167,133
New Relic, Inc.(a)		7,958		598,282
NortonLifeLock, Inc.		83,787		1,765,392
Nuance Communications, Inc.(a)		42,893		1,953,347
Nutanix, Inc., Class A(a)		29,586		902,965
PagerDuty, Inc.(a)		10,555		514,345
Palo Alto Networks, Inc.(a)		14,219		4,987,314
Paycom Software, Inc.(a)		7,519		2,855,265
Paylocity Holding Corp.(a)		5,842		1,095,141
Pegasystems, Inc.		6,014		766,484
Pluralsight, Inc., Class A(a)		13,554		281,923
Proofpoint, Inc.(a)		8,639		1,115,122
PTC, Inc.(a)		15,920		2,115,927
RealPage, Inc.(a)		13,372		1,157,614
RingCentral, Inc., Class A(a)		12,019		4,482,125
Slack Technologies, Inc., Class A(a)		58,135		2,451,553
Smartsheet, Inc., Class A(a)		17,062		1,189,904
SolarWinds Corp.(a)		6,908		116,123
Splunk, Inc.(a)		24,281		4,007,093
SS&C Technologies Holdings, Inc.		34,286		2,155,904
Synopsys, Inc.(a)		23,096		5,899,873
Teradata Corp.(a)		16,891		454,368
Trade Desk, Inc., Class A(a)		6,311		4,834,163
Tyler Technologies, Inc.(a)		6,054		2,559,571
Unity Software, Inc.(a)		4,404		659,807
Zendesk, Inc.(a)		17,624		2,542,086
Zscaler, Inc.(a)		11,030		2,202,691
				112,231,950
Specialty Retail — 2.4%
Advance Auto Parts, Inc.		9,985		1,489,163
AutoNation, Inc.(a)		8,569		610,798
AutoZone, Inc.(a)		3,565		3,986,989
Best Buy Co., Inc.		34,855		3,792,921
Burlington Stores, Inc.(a)		9,916		2,468,093
CarMax, Inc.(a)		24,835		2,925,066
Carvana Co.(a)		8,527		2,227,167
Dick’s Sporting Goods, Inc.		9,534		638,873
Five Below, Inc.(a)		8,329		1,463,655
Floor & Decor Holdings, Inc., Class A(a)(b)		14,316		1,318,074
Foot Locker, Inc.		15,784		691,655
Gap, Inc.		28,392		574,938

Security	Shares		Value
Specialty Retail (continued)
L Brands, Inc.		34,992	$	1,426,274
Leslie’s Inc.(a)		7,182		205,405
O’Reilly Automotive, Inc.(a)		10,912		4,642,729
Penske Automotive Group, Inc.		4,934		295,251
Tractor Supply Co.		17,646		2,501,144
Ulta Beauty, Inc.(a)		8,222		2,300,187
Vroom Inc.(a)(b)		4,127		151,998
Williams-Sonoma, Inc.		11,721		1,511,071
				35,221,451
Technology Hardware, Storage & Peripherals — 1.0%
Hewlett Packard Enterprise Co.		196,976		2,430,684
HP, Inc.		210,003		5,111,473
NCR Corp.(a)		19,475		649,686
NetApp, Inc.		33,782		2,244,476
Pure Storage, Inc., Class A(a)		36,644		847,576
Western Digital Corp.		46,597		2,629,468
Xerox Holdings Corp.		25,460		535,424
				14,448,787
Textiles, Apparel & Luxury Goods — 1.2%
Capri Holdings Ltd.(a)		21,457		893,899
Carter’s, Inc.		6,498		572,084
Columbia Sportswear Co.		4,395		384,387
Hanesbrands, Inc.		52,895		808,765
Lululemon Athletica, Inc.(a)		17,352		5,703,255
PVH Corp.		10,714		913,476
Ralph Lauren Corp.		7,182		725,741
Skechers USA, Inc., Class A(a)		20,404		703,530
Tapestry, Inc.		42,147		1,332,688
Under Armour, Inc., Class A(a)		30,639		536,182
Under Armour, Inc., Class C(a)		30,051		449,863
VF Corp.		49,211		3,782,850
				16,806,720
Thrifts & Mortgage Finance — 0.1%
MGIC Investment Corp.		51,817		607,295
New York Community Bancorp, Inc.		68,289		714,303
TFS Financial Corp.		7,766		137,225
				1,458,823
Trading Companies & Distributors — 0.8%
Air Lease Corp.		16,246		643,829
Fastenal Co.		87,445		3,986,617
MSC Industrial Direct Co., Inc., Class A		6,810		528,252
United Rentals, Inc.(a)		10,993		2,671,409
Univar Solutions, Inc.(a)		25,442		472,967
W.W. Grainger, Inc.		6,797		2,476,759
Watsco, Inc.		4,970		1,185,295
				11,965,128
Transportation Infrastructure — 0.0%
Macquarie Infrastructure Corp.		11,155		309,997
Water Utilities — 0.4%
American Water Works Co., Inc.		27,661		4,398,652
Essential Utilities, Inc.		34,088		1,578,275
				5,976,927

18 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Wireless Telecommunication Services — 0.0%
Telephone & Data Systems, Inc.		15,458	$	289,838
United States Cellular Corp.(a)		2,286		71,277
				361,115
Total Common Stocks — 98.6% (Cost: $935,103,029)				1,421,984,817
Investment Companies
Equity Funds — 0.7%
iShares Russell Mid-Cap ETF(d)		150,671		10,298,363
Total Investment Companies — 0.7% (Cost: $8,948,020)				10,298,363
Total Long-Term Investments — 99.3% (Cost: $944,051,049)				1,432,283,180
Short-Term Securities
Money Market Funds — 2.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.17%(c)(d)(e)		18,996,211		19,007,608
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.02%(d)(e)		9,410,618		9,410,618
Total Short-Term Securities — 2.0% (Cost: $28,398,326)				28,418,226
Total Investments — 101.3% (Cost: $972,449,375)				1,460,701,406
Liabilities in Excess of Other Assets — (1.3)%				(18,809,858	)
Net Assets — 100.0%			$	1,441,891,548

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six-months ended January 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/21		Shares Held at 01/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	28,520,253	$	—		$	(9,496,590	)(a)	$	1,735	$	(17,790	)	$	19,007,608		18,996,211	$	79,340	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,996,526		6,414,092	(a)		—			—		—			9,410,618		9,410,618		3,489			—
iShares Russell Mid-Cap ETF		3,581,506		18,530,514			(13,357,083	)		1,420,675		122,751			10,298,363		150,671		35,946			—
									$	1,422,410	$	104,961		$	38,716,589			$	118,775		$	—

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

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

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

SCHEDULE    OF   INVESTMENTS 19

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Mid-Cap Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		18		03/19/21	$	3,335	$	(67,598	)
S&P MidCap 400 E-Mini		28		03/19/21		6,540		(126,353	)
							$	(193,951	)

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
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	193,951	$	—	$	—	$	—	$	193,951

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

For the six months ended January 31, 2021, 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	$	—	$	—	$	1,881,896		$	—	$	—	$	—	$	1,881,896
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(284,922	)	$	—	$	—	$	—	$	(284,922	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	7,907,110

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	1,421,984,817	$	—	$	—	$	1,421,984,817
Investment Companies		10,298,363		—		—		10,298,363
Short-Term Securities
Money Market Funds		28,418,226		—		—		28,418,226
	$	1,460,701,406	$	—	$	—	$	1,460,701,406

20 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Mid-Cap Index Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(193,951	)	$	—	$	—	$	(193,951	)

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

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 21

Schedule of Investments (unaudited)  January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.4%
AAR Corp.(a)		2,119	$	71,093
Aerojet Rocketdyne Holdings, Inc.(a)		4,808		250,208
AeroVironment, Inc.(a)(b)		1,346		154,481
Astronics Corp.(a)		1,486		18,516
Axon Enterprise, Inc.(a)		3,955		649,253
BWX Technologies, Inc.		6,096		328,696
Cubic Corp.		1,962		120,035
Curtiss-Wright Corp.		2,701		280,337
Ducommun, Inc.(a)		660		32,564
Hexcel Corp.(a)		5,339		233,101
Howmet Aerospace, Inc.(a)		25,422		624,873
Huntington Ingalls Industries, Inc.		2,522		396,786
Kaman Corp.		1,738		87,526
Kratos Defense & Security Solutions, Inc.(a)		7,954		211,099
Maxar Technologies, Inc.		3,797		158,980
Mercury Systems, Inc.(a)		3,558		252,832
Moog, Inc., Class A		1,845		136,290
National Presto Industries, Inc.(a)		341		30,489
PAE, Inc.(a)		3,711		30,801
Park Aerospace Corp.		1,544		20,504
Parsons Corp.(a)(b)		1,409		50,245
Spirit AeroSystems Holdings, Inc., Class A		6,884		233,161
Textron, Inc.		14,585		660,117
Triumph Group, Inc.(a)		3,295		35,685
Vectrus, Inc.(a)		671		34,489
Virgin Galactic Holdings Inc.(a)(b)		4,538		200,988
				5,303,149
Air Freight & Logistics — 0.3%
Air Transport Services Group, Inc.(a)		3,664		93,102
Atlas Air Worldwide Holdings, Inc.(a)		1,601		82,964
Echo Global Logistics, Inc.(a)		1,592		41,917
Forward Air Corp.		1,724		123,594
Hub Group, Inc., Class A(a)		2,039		107,313
Radiant Logistics, Inc.(a)		2,218		12,864
XPO Logistics, Inc.(a)		5,891		650,425
				1,112,179
Airlines(a) — 0.5%
Alaska Air Group, Inc.		7,800		380,874
Allegiant Travel Co.		814		147,733
American Airlines Group, Inc.(b)		34,805		597,602
Copa Holdings SA, Class A		1,944		150,407
Hawaiian Holdings, Inc.		2,880		56,362
JetBlue Airways Corp.		19,753		283,258
Mesa Air Group, Inc.		3,021		19,727
SkyWest, Inc.		3,060		119,309
Spirit Airlines, Inc.(b)		6,443		167,132
				1,922,404
Auto Components — 1.1%
Adient PLC(a)		5,786		186,830
American Axle & Manufacturing Holdings, Inc.(a)		6,959		61,309
BorgWarner, Inc.		15,385		646,016
Cooper Tire & Rubber Co.		3,474		127,670
Cooper-Standard Holdings, Inc.(a)		1,022		31,181
Dana, Inc.(a)		9,051		175,227
Dorman Products, Inc.(a)		1,656		150,414
Fox Factory Holding Corp.(a)		2,576		308,193
Gentex Corp.		16,035		529,957
Gentherm, Inc.(a)		2,047		125,399
Goodyear Tire & Rubber Co.(a)		14,346		151,350

Security	Shares		Value
Auto Components (continued)
LCI Industries		1,532	$	198,210
Lear Corp.		3,884		585,552
Modine Manufacturing Co.(a)		3,208		40,260
Motorcar Parts of America, Inc.(a)(b)		1,186		26,839
Patrick Industries, Inc.		1,387		95,786
Standard Motor Products, Inc.		1,316		51,627
Stoneridge, Inc.(a)		1,892		51,935
Tenneco, Inc., Class A(a)		3,259		32,916
Visteon Corp.(a)		1,733		220,923
Workhorse Group, Inc.(a)(b)		6,330		217,246
XPEL Inc.(a)(b)		1,056		50,699
				4,065,539
Automobiles — 0.3%
Harley-Davidson, Inc.(b)		9,916		397,532
Thor Industries, Inc.		3,492		422,567
Winnebago Industries, Inc.		1,927		133,079
				953,178
Banks — 5.7%
1st Constitution Bancorp		645		9,952
1st Source Corp.		1,111		43,718
ACNB Corp.		459		11,498
Allegiance Bancshares, Inc.		1,125		39,577
Altabancorp		1,002		32,274
Amalgamated Bank, Class A		644		9,441
Amerant Bancorp, Inc.(a)		1,323		18,866
American National Bankshares, Inc.		660		18,447
Ameris Bancorp		4,116		160,977
Ames National Corp.		530		11,930
Arrow Financial Corp.		987		29,018
Associated Banc-Corp.		10,515		188,639
Atlantic Capital Bancshares, Inc.(a)		1,165		20,842
Atlantic Union Bankshares Corp.		4,890		160,588
Auburn National BanCorp., Inc.		141		5,574
Banc of California, Inc.		2,633		44,366
BancFirst Corp.		1,185		68,292
Bancorp, Inc.(a)		3,130		52,490
BancorpSouth Bank		6,951		192,195
Bank First Corp.		368		24,295
Bank of Commerce Holdings		768		7,780
Bank of Hawaii Corp.		2,760		215,804
Bank of Marin Bancorp		883		32,795
Bank of NT Butterfield & Son Ltd.		3,719		113,095
Bank of Princeton		386		9,002
Bank OZK		7,963		295,905
Bank7 Corp.		125		1,999
BankFinancial Corp.		1,007		8,539
BankUnited, Inc.		5,703		197,609
Bankwell Financial Group, Inc.		342		6,652
Banner Corp.		1,390		61,480
Bar Harbor Bankshares		913		19,639
Baycom Corp.(a)		919		13,509
BCB Bancorp, Inc.		694		7,967
Berkshire Hills Bancorp, Inc.		2,757		45,711
BOK Financial Corp.		2,114		156,140
Boston Private Financial Holdings, Inc.		4,975		60,645
Brookline Bancorp, Inc.		4,667		58,758
Bryn Mawr Bank Corp.		1,311		40,746
Business First Bancshares, Inc.		1,254		25,456
Byline Bancorp, Inc.		1,534		24,651
C&F Financial Corp.		146		5,748
Cadence BanCorp.		7,653		137,142
California Bancorp, Inc.(a)		457		6,174

22 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Cambridge Bancorp		390	$	28,665
Camden National Corp.		937		35,184
Capital Bancorp, Inc.(a)		548		8,078
Capital City Bank Group, Inc.		884		19,740
Capstar Financial Holdings, Inc.		1,072		15,544
Carter Bankshares, Inc.(a)		1,293		12,943
Cathay General Bancorp		5,195		175,695
CB Financial Services, Inc.		295		5,313
CBTX, Inc.		1,164		30,636
Central Pacific Financial Corp.		715		14,214
Central Valley Community Bancorp		698		10,679
Century Bancorp, Inc., Class A		157		12,434
Chemung Financial Corp.		272		9,101
ChoiceOne Financial Services, Inc.		400		10,296
CIT Group, Inc.		6,408		236,455
Citizens & Northern Corp.		890		17,008
Citizens Holding Co.		270		5,451
City Holding Co.		956		66,012
Civista Bancshares, Inc.		1,055		17,988
CNB Financial Corp.		964		20,273
Coastal Financial Corp.(a)		402		7,960
Codorus Valley Bancorp, Inc.		558		8,816
Colony Bankcorp, Inc.		304		4,210
Columbia Banking System, Inc.		4,448		171,337
Comerica, Inc.		9,209		526,755
Commerce Bancshares, Inc.		6,670		445,889
Community Bank System, Inc.		3,296		213,746
Community Bankers Trust Corp.		1,006		7,263
Community Financial Corp.		252		5,998
Community Trust Bancorp, Inc.		1,000		36,460
ConnectOne Bancorp, Inc.		2,366		50,277
County Bancorp, Inc.		307		6,640
CrossFirst Bankshares, Inc.(a)(b)		2,931		33,707
Cullen/Frost Bankers, Inc.		3,788	��	349,405
Customers Bancorp, Inc.(a)		2,027		45,040
CVB Financial Corp.		8,038		156,178
Dime Community Bancshares, Inc.		3,029		56,393
Eagle Bancorp Montana, Inc.		411		8,791
Eagle Bancorp, Inc.		1,944		82,601
East West Bancorp, Inc.		9,113		546,233
Eastern Bankshares, Inc.(a)		11,470		182,832
Enterprise Bancorp, Inc.		520		13,177
Enterprise Financial Services Corp.		1,489		52,577
Equity Bancshares, Inc., Class A(a)		910		20,093
Esquire Financial Holdings, Inc.(a)		330		7,286
Evans Bancorp, Inc.		193		5,736
Farmers & Merchants Bancorp, Inc./Archbold		981		22,465
Farmers National Banc Corp.		1,941		25,854
FB Financial Corp.		2,281		85,218
Fidelity D&D Bancorp, Inc.		254		12,499
Financial Institutions, Inc.		1,131		25,889
First Bancorp, Inc.		776		18,647
First BanCorp, Puerto Rico		13,250		120,575
First Bancorp/Southern Pines NC		1,695		57,732
First Bancshares, Inc.		1,244		37,245
First Bank/Hamilton		786		7,113
First Busey Corp.		3,335		68,934
First Business Financial Services, Inc.		336		6,471
First Capital, Inc.		226		10,846
First Choice Bancorp		535		10,518
First Citizens BancShares, Inc., Class A		395		235,416
First Commonwealth Financial Corp.		5,802		68,057
First Community Bancshares, Inc.		1,115		23,928

Security	Shares		Value
Banks (continued)
First Community Corp.		450	$	7,646
First Financial Bancorp		5,970		109,370
First Financial Bankshares, Inc.		8,259		312,851
First Financial Corp.		869		33,361
First Foundation, Inc.		2,508		50,812
First Guaranty Bancshares, Inc.		384		6,144
First Hawaiian, Inc.		8,581		199,508
First Horizon Corp.		35,077		487,220
First Internet Bancorp		848		25,966
First Interstate Bancsystem, Inc., Class A		2,593		100,245
First Merchants Corp.		3,863		145,519
First Mid Bancshares, Inc.		840		28,451
First Midwest Bancorp, Inc.		6,932		114,586
First Northwest Bancorp		423		5,795
First of Long Island Corp.		1,666		27,872
First Savings Financial Group, Inc.		113		6,824
First United Corp.		412		6,440
First Western Financial, Inc.(a)		373		6,889
Flushing Financial Corp.		1,686		30,820
FNB Corp.		19,833		195,553
FNCB Bancorp, Inc.		991		6,065
Franklin Financial Services Corp.		294		7,941
Fulton Financial Corp.		9,939		133,183
FVCBankcorp, Inc.(a)		594		9,165
German American Bancorp, Inc.		1,805		61,063
Glacier Bancorp, Inc.		6,204		289,417
Great Southern Bancorp, Inc.		654		32,157
Great Western Bancorp, Inc.		3,300		79,200
Guaranty Bancshares, Inc.		399		13,319
Hancock Whitney Corp.		5,788		197,602
Hanmi Financial Corp.		1,558		21,532
HarborOne Bancorp, Inc.(a)		3,159		34,307
Hawthorn Bancshares, Inc.		314		5,765
HBT Financial, Inc.		587		8,764
Heartland Financial USA, Inc.		2,123		90,567
Heritage Commerce Corp.		3,774		33,136
Heritage Financial Corp.		2,200		51,920
Hilltop Holdings, Inc.		4,469		134,249
Home BancShares, Inc.		10,606		224,847
HomeTrust Bancshares, Inc.		876		18,396
Hope Bancorp, Inc.		6,986		78,103
Horizon Bancorp		2,713		42,947
Howard Bancorp, Inc.(a)		621		7,514
Independent Bank Corp.		3,404		178,434
Independent Bank Group, Inc.		2,476		152,076
International Bancshares Corp.		3,526		133,318
Investar Holding Corp.		724		11,678
Investors Bancorp, Inc.		15,996		184,114
Lakeland Bancorp, Inc.		2,903		38,058
Lakeland Financial Corp.		1,505		88,343
Landmark Bancorp Inc/Manhattan KS		258		6,091
LCNB Corp.		699		10,751
Level One Bancorp, Inc.		336		7,006
Limestone Bancorp, Inc.(a)		475		6,199
Live Oak Bancshares, Inc.		1,761		70,229
Macatawa Bank Corp.		2,222		18,443
Mackinac Financial Corp.		391		4,895
MainStreet Bancshares, Inc.(a)		295		5,039
Mercantile Bank Corp.		1,072		29,105
Meridian Corp.		328		6,652
Metrocity Bankshares, Inc.		1,059		15,080
Metropolitan Bank Holding Corp.(a)		484		19,195
Mid Penn Bancorp, Inc.		516		11,228

SCHEDULE    OF   INVESTMENTS 23

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Middlefield Banc Corp.		353	$	7,237
Midland States Bancorp, Inc.		1,389		25,544
MidWestOne Financial Group, Inc.		972		23,901
MVB Financial Corp.		703		15,754
National Bank Holdings Corp., Class A		1,729		57,524
National Bankshares, Inc.		350		10,850
NBT Bancorp, Inc.		2,632		86,882
Nicolet Bankshares, Inc.(a)		575		38,979
Northeast Bank(a)		462		12,040
Northrim BanCorp, Inc.		325		10,439
Norwood Financial Corp.		382		9,428
Oak Valley Bancorp		300		4,665
OceanFirst Financial Corp.		3,588		65,158
OFG Bancorp		3,086		53,017
Ohio Valley Banc Corp.		200		4,298
Old National Bancorp		10,106		169,680
Old Second Bancorp, Inc.		2,326		22,841
Origin Bancorp, Inc.		1,387		43,815
Orrstown Financial Services, Inc.		493		8,534
Pacific Premier Bancorp, Inc.		5,038		167,513
PacWest Bancorp		7,360		222,198
Park National Corp.		891		96,237
Parke Bancorp, Inc.		468		8,106
Partners Bancorp		646		4,367
PCB Bancorp		756		8,951
Peapack Gladstone Financial Corp.		1,175		27,636
Penns Woods Bancorp, Inc.		318		6,850
Peoples Bancorp of North Carolina, Inc.		237		4,764
Peoples Bancorp, Inc.		1,308		39,894
Peoples Financial Services Corp.		376		13,544
People’s United Financial, Inc.		27,290		372,781
Pinnacle Financial Partners, Inc.		4,815		329,972
Plumas Bancorp		290		7,221
Popular, Inc.		5,191		294,589
Preferred Bank		921		44,475
Premier Financial Bancorp, Inc.		850		13,065
Professional Holding Corp., Class A(a)(b)		745		11,153
Prosperity Bancshares, Inc.		5,956		401,673
QCR Holdings, Inc.		1,011		39,207
RBB Bancorp		994		16,500
Red River Bancshares, Inc.		271		12,623
Reliant Bancorp, Inc.		897		18,433
Renasant Corp.		3,359		118,909
Republic Bancorp, Inc., Class A		679		24,505
Republic First Bancorp, Inc.(a)		2,161		6,051
Richmond Mutual BanCorp., Inc.		732		9,267
S&T Bancorp, Inc.		2,342		59,487
Salisbury Bancorp, Inc.		154		5,647
Sandy Spring Bancorp, Inc.		3,219		106,967
SB Financial Group, Inc.		426		7,361
Seacoast Banking Corp. of Florida(a)		3,144		95,735
Select Bancorp, Inc.(a)		788		7,439
ServisFirst Bancshares, Inc.		3,000		123,240
Shore Bancshares, Inc.		727		9,633
Sierra Bancorp		947		20,711
Signature Bank		3,373		557,186
Silvergate Capital Corp., Class A(a)		1,058		98,457
Simmons First National Corp., Class A		6,710		165,737
SmartFinancial, Inc.		880		17,424
South Plains Financial, Inc.		568		10,701
South State Corp.		4,416		307,972
Southern First Bancshares, Inc.(a)		519		20,812

Security	Shares		Value
Banks (continued)
Southern National Bancorp of Virginia, Inc.		1,386	$	16,729
Southside Bancshares, Inc.		1,938		60,795
Spirit of Texas Bancshares, Inc.		780		13,993
Sterling Bancorp		13,275		245,056
Stock Yards Bancorp, Inc.		1,321		59,709
Summit Financial Group, Inc.		760		15,732
Synovus Financial Corp.		9,665		359,538
TCF Financial Corp.		10,042		390,232
Texas Capital Bancshares, Inc.(a)		3,323		200,111
Tompkins Financial Corp.		891		59,581
TowneBank		4,589		106,465
Trico Bancshares		1,887		70,385
TriState Capital Holdings, Inc.(a)		1,756		32,223
Triumph Bancorp, Inc.(a)		1,465		84,003
Trustmark Corp.		3,825		105,073
UMB Financial Corp.		2,846		201,981
Umpqua Holdings Corp.		14,692		213,181
United Bankshares, Inc.		8,037		254,451
United Community Banks, Inc.		4,295		128,120
United Security Bancshares		1,160		7,923
Unity Bancorp, Inc.		440		8,272
Univest Financial Corp.		1,934		43,418
Valley National Bancorp		24,570		250,860
Veritex Holdings, Inc.		2,924		74,737
Washington Trust Bancorp, Inc.		1,041		45,367
Webster Financial Corp.		5,901		275,872
WesBanco, Inc.		4,093		118,697
West BanCorp., Inc.		1,048		21,589
Westamerica BanCorp		1,623		90,596
Western Alliance Bancorp		6,422		437,852
Wintrust Financial Corp.		3,904		234,982
Zions Bancorp NA		10,636		469,473
				21,111,981
Beverages — 0.3%
Boston Beer Co., Inc., Class A(a)		560		513,458
Celsius Holdings, Inc.(a)(b)		2,339		124,903
Coca-Cola Consolidated, Inc.		292		77,923
MGP Ingredients, Inc.		757		43,830
National Beverage Corp.(b)		736		111,534
NewAge, Inc.(a)		5,979		18,236
Primo Water Corp.		10,483		161,962
				1,051,846
Biotechnology — 6.3%
89bio, Inc.(a)		446		9,054
Abeona Therapeutics, Inc.(a)		4,736		9,046
ACADIA Pharmaceuticals, Inc.(a)		7,196		345,768
Acceleron Pharma, Inc.(a)		3,301		381,365
ADMA Biologics, Inc.(a)		3,350		7,437
Aduro Biotech, Inc.(c)		658		1,974
Adverum Biotechnologies, Inc.(a)		5,499		67,803
Aeglea BioTherapeutics, Inc.(a)		3,606		25,062
Affimed NV(a)		5,647		32,357
Agenus, Inc.(a)		9,384		34,533
Agios Pharmaceuticals, Inc.(a)(b)		4,093		192,248
Akebia Therapeutics, Inc.(a)(b)		8,900		28,836
Akero Therapeutics, Inc.(a)		893		26,272
Akouos, Inc.(a)		997		15,872
Albireo Pharma, Inc.(a)		1,045		38,320
Alector, Inc.(a)(b)		2,932		49,375
Aligos Therapeutics, Inc.(a)		629		17,719
Alkermes PLC(a)		9,993		209,753
Allakos, Inc.(a)(b)		1,698		226,394

24 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Allogene Therapeutics, Inc.(a)		3,358	$	116,523
Allovir, Inc.(a)		1,136		41,544
ALX Oncology Holdings, Inc.(a)(b)		603		47,788
Amicus Therapeutics, Inc.(a)		16,308		308,384
AnaptysBio, Inc.(a)		1,258		32,607
Anavex Life Sciences Corp.(a)		3,342		20,988
Anika Therapeutics, Inc.(a)		827		30,607
Annexon, Inc.(a)		942		20,724
Apellis Pharmaceuticals, Inc.(a)		3,979		176,150
Applied Genetic Technologies Corp.(a)		1,341		5,284
Applied Molecular Transport, Inc.(a)		771		27,024
Applied Therapeutics, Inc.(a)		753		15,768
Aprea Therapeutics, Inc.(a)(b)		553		3,053
Aptinyx, Inc.(a)		4,424		15,396
Aravive, Inc.(a)		686		3,602
Arcturus Therapeutics Holdings, Inc.(a)		1,356		98,256
Arcus Biosciences, Inc.(a)		2,656		92,243
Arcutis Biotherapeutics, Inc.(a)		1,357		37,033
Ardelyx, Inc.(a)		4,121		27,982
Arena Pharmaceuticals, Inc.(a)		3,765		279,514
Arrowhead Pharmaceuticals, Inc.(a)		6,466		498,981
Assembly Biosciences, Inc.(a)		1,790		9,988
Atara Biotherapeutics, Inc.(a)		4,739		87,482
Athenex, Inc.(a)		4,494		58,737
Athersys, Inc.(a)(b)		12,315		23,830
Atreca, Inc., Class A(a)		1,780		23,140
AVEO Pharmaceuticals, Inc.(a)		1,305		10,349
Avid Bioservices, Inc.(a)		3,564		51,999
Avidity Biosciences, Inc.(a)		1,090		24,939
Avrobio, Inc.(a)		1,960		28,048
Axcella Health, Inc.(a)		889		4,836
Beam Therapeutics, Inc.(a)(b)		2,585		249,272
Beyondspring, Inc.(a)		1,062		12,893
BioCryst Pharmaceuticals, Inc.(a)		11,039		94,052
Biohaven Pharmaceutical Holding Co. Ltd.(a)		3,151		268,528
Bioxcel Therapeutics, Inc.(a)(b)		726		33,628
Black Diamond Therapeutics, Inc.(a)		1,126		27,891
Bluebird Bio, Inc.(a)(b)		4,428		197,267
Blueprint Medicines Corp.(a)		3,442		333,013
BrainStorm Cell Therapeutics, Inc.(a)		1,759		10,624
Bridgebio Pharma, Inc.(a)(b)		5,936		336,927
C4 Therapeutics, Inc.(a)(b)		662		23,911
Cabaletta Bio Inc.(a)		849		11,062
Calithera Biosciences, Inc.(a)		3,773		10,829
Calyxt, Inc.(a)		478		4,245
CareDx, Inc.(a)		3,132		239,379
CASI Pharmaceuticals, Inc.(a)		3,905		13,121
Catabasis Pharmaceuticals, Inc.(a)		1,034		4,291
Catalyst Biosciences, Inc.(a)		1,015		5,735
Catalyst Pharmaceuticals, Inc.(a)		5,721		20,824
Cellular Biomedicine Group, Inc.(a)		810		15,876
CEL-SCI Corp.(a)		2,228		55,589
Centogene NV(a)		346		3,654
Checkmate Pharmaceuticals, Inc.(a)		287		4,492
Checkpoint Therapeutics, Inc.(a)		3,452		11,219
ChemoCentryx, Inc.(a)		3,098		176,617
Chimerix, Inc.(a)		3,328		28,221
Chinook Therapeutics, Inc.(a)		841		11,917
Cidara Therapeutics, Inc.(a)		1,880		4,606
Clovis Oncology, Inc.(a)(b)		5,471		43,221
Codiak Biosciences, Inc.(a)		438		10,459
Cohbar, Inc.(a)		2,014		3,484
Coherus Biosciences, Inc.(a)		3,582		67,342

Security	Shares		Value
Biotechnology (continued)
Concert Pharmaceuticals, Inc.(a)		1,705	$	17,851
Constellation Pharmaceuticals, Inc.(a)		1,903		62,742
Contra GTX, Inc.(b)(c)		23		47
ContraFect Corp.(a)		1,459		7,135
Corbus Pharmaceuticals Holdings, Inc.(a)(b)		3,727		6,820
Cortexyme, Inc.(a)		976		38,279
Crinetics Pharmaceuticals, Inc.(a)		1,732		24,854
Cue Biopharma, Inc.(a)		1,776		24,047
Cyclerion Therapeutics, Inc.(a)		1,428		4,512
Cytokinetics, Inc.(a)		4,249		83,578
CytomX Therapeutics, Inc.(a)		2,816		19,459
Deciphera Pharmaceuticals, Inc.(a)		2,512		111,030
Denali Therapeutics, Inc.(a)(b)		3,994		273,589
DermTech, Inc.(a)		462		18,933
Dicerna Pharmaceuticals, Inc.(a)		4,001		89,902
Dyadic International, Inc.(a)		1,100		6,127
Dynavax Technologies Corp.(a)		7,141		45,060
Dyne Therapeutics, Inc.(a)		880		17,010
Eagle Pharmaceuticals, Inc.(a)		647		30,195
Editas Medicine, Inc.(a)		3,914		240,124
Eiger Biopharmaceuticals, Inc.(a)		1,515		14,559
Emergent Biosolutions, Inc.(a)		2,884		308,155
Enanta Pharmaceuticals, Inc.(a)		1,177		56,567
Enochian Biosciences, Inc.(a)		782		2,964
Epizyme, Inc.(a)		5,474		59,940
Esperion Therapeutics, Inc.(a)(b)		1,612		50,762
Evelo Biosciences, Inc.(a)(b)		1,165		20,446
Exelixis, Inc.(a)		19,986		443,889
Exicure, Inc.(a)		3,361		7,159
Fate Therapeutics, Inc.(a)		4,826		437,380
Fennec Pharmaceuticals, Inc.(a)		1,219		8,777
FibroGen, Inc.(a)(b)		5,609		270,242
Five Prime Therapeutics, Inc.(a)		1,913		31,985
Flexion Therapeutics, Inc.(a)(b)		2,755		33,528
Foghorn Therapeutics, Inc.(a)		452		7,458
Forma Therapeutics Holdings, Inc.(a)		1,020		39,403
Fortress Biotech, Inc.(a)		3,990		12,728
Frequency Therapeutics, Inc.(a)(b)		1,606		62,618
G1 Therapeutics, Inc.(a)		2,035		49,105
Galectin Therapeutics, Inc.(a)(b)		2,234		4,379
Galera Therapeutics, Inc.(a)		524		5,890
Generation Bio Co.(a)		808		21,275
Genprex, Inc.(a)(b)		1,610		7,197
Geron Corp.(a)		17,755		31,604
Global Blood Therapeutics, Inc.(a)		3,903		195,618
GlycoMimetics, Inc.(a)		2,857		10,371
Gossamer Bio, Inc.(a)		3,454		34,885
Gritstone Oncology, Inc.(a)		2,023		36,616
Halozyme Therapeutics, Inc.(a)		8,694		413,747
Harpoon Therapeutics, Inc.(a)		601		11,587
Heron Therapeutics, Inc.(a)		5,444		94,508
Homology Medicines, Inc.(a)		1,934		23,498
Hookipa Pharma, Inc.(a)(b)		883		9,439
iBio, Inc.(a)		11,105		17,768
Ideaya Biosciences, Inc.(a)		968		17,017
IGM Biosciences, Inc.(a)		441		42,045
Immunic, Inc.(a)(b)		326		5,399
ImmunoGen, Inc.(a)(b)		11,571		82,501
Immunovant, Inc.(a)		2,311		90,198
Inhibrx, Inc.(a)		496		15,723
Inovio Pharmaceuticals, Inc.(a)(b)		9,744		124,236
Inozyme Pharma, Inc.(a)(b)		430		9,047
Insmed, Inc.(a)		6,639		249,560

SCHEDULE    OF   INVESTMENTS 25

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Intellia Therapeutics, Inc.(a)		3,270	$	204,767
Intercept Pharmaceuticals, Inc.(a)		1,612		56,807
Invitae Corp.(a)(b)		7,512		371,994
Ionis Pharmaceuticals, Inc.(a)		8,505		510,895
Iovance Biotherapeutics, Inc.(a)		8,892		389,825
Ironwood Pharmaceuticals, Inc.(a)		9,864		100,810
iTeos Therapeutics, Inc.(a)		667		21,344
IVERIC bio, Inc.(a)		4,945		26,011
Jounce Therapeutics, Inc.(a)		1,162		13,131
Kadmon Holdings, Inc.(a)(b)		10,677		51,250
KalVista Pharmaceuticals, Inc.(a)		885		13,452
Karuna Therapeutics, Inc.(a)		983		97,543
Karyopharm Therapeutics, Inc.(a)		4,355		66,327
Keros Therapeutics, Inc.(a)		804		45,868
Kezar Life Sciences, Inc.(a)		2,048		10,875
Kindred Biosciences, Inc.(a)		2,368		11,840
Kiniksa Pharmaceuticals Ltd., Class A(a)		1,600		31,504
Kodiak Sciences, Inc.(a)		2,048		258,683
Kronos Bio, Inc.(a)		904		24,851
Krystal Biotech, Inc.(a)		849		59,175
Kura Oncology, Inc.(a)		4,135		123,843
Kymera Therapeutics, Inc.(a)		621		38,471
La Jolla Pharmaceutical Co.(a)(b)		861		5,269
Lexicon Pharmaceuticals, Inc.(a)		4,749		37,565
Ligand Pharmaceuticals, Inc.(a)(b)		893		165,518
LogicBio Therapeutics, Inc.(a)		1,052		8,479
MacroGenics, Inc.(a)		3,752		76,691
Madrigal Pharmaceuticals, Inc.(a)		543		64,487
Magenta Therapeutics, Inc.(a)		1,255		11,094
MannKind Corp.(a)		13,102		46,119
Marker Therapeutics, Inc.(a)		1,128		2,166
MediciNova, Inc.(a)		2,910		16,791
MEI Pharma, Inc.(a)		6,633		21,425
MeiraGTx Holdings PLC(a)		1,176		16,852
Mersana Therapeutics, Inc.(a)		3,304		62,974
Metacrine, Inc.(a)		1,284		12,493
Minerva Neurosciences, Inc.(a)		1,952		6,227
Mirati Therapeutics, Inc.(a)		2,761		566,916
Mirum Pharmaceuticals, Inc.(a)		259		4,693
Molecular Templates, Inc.(a)		1,626		18,618
Morphic Holding, Inc.(a)		783		26,356
Mustang Bio, Inc.(a)		3,867		16,125
Myriad Genetics, Inc.(a)		4,824		132,901
NantKwest, Inc.(a)(b)		1,622		30,615
Natera, Inc.(a)		4,869		519,230
Neoleukin Therapeutics, Inc.(a)		1,983		24,986
NeuBase Therapeutics, Inc.(a)		974		8,912
Neurocrine Biosciences, Inc.(a)		5,972		655,427
NextCure, Inc.(a)		869		10,072
Nkarta, Inc.(a)		1,050		41,643
Novavax, Inc.(a)		3,936		869,620
Nurix Therapeutics Inc.(a)		694		25,248
Nymox Pharmaceutical Corp.(a)(b)		2,224		5,315
Oncocyte Corp.(a)		6,834		34,990
Oncorus, Inc.(a)		405		9,011
OPKO Health, Inc.(a)(b)		24,733		133,806
Organogenesis Holdings, Inc.(a)		1,652		17,280
Orgenesis, Inc.(a)		1,020		6,640
ORIC Pharmaceuticals, Inc.(a)		1,364		39,992
Ovid therapeutics, Inc.(a)		2,415		6,786
Oyster Point Pharma, Inc.(a)(b)		393		7,377
Pandion Therapeutics, Inc.(a)		678		12,204
Passage Bio, Inc.(a)		1,525		28,457

Security	Shares		Value
Biotechnology (continued)
PhaseBio Pharmaceuticals, Inc.(a)		571	$	2,198
Pieris Pharmaceuticals, Inc.(a)		2,480		6,299
PMV Pharmaceuticals, Inc.(a)		842		28,746
Poseida Therapeutics, Inc.(a)(b)		885		7,700
Praxis Precision Medicines, Inc.(a)		683		34,758
Precigen, Inc.(a)		3,885		33,022
Precision BioSciences, Inc.(a)		2,580		31,270
Prelude Therapeutics, Inc.(a)		568		36,892
Protagonist Therapeutics, Inc.(a)		2,006		41,544
Prothena Corp. PLC(a)		1,951		21,871
PTC Therapeutics, Inc.(a)		4,063		234,923
Puma Biotechnology, Inc.(a)		1,922		22,564
Radius Health, Inc.(a)		2,811		52,566
Rapt Therapeutics, Inc.(a)		701		13,964
REGENXBIO, Inc.(a)		2,115		87,413
Relay Therapeutics, Inc.(a)		1,947		96,532
Replimune Group, Inc.(a)		1,488		57,734
Revolution Medicines, Inc.(a)		2,399		101,094
Rhythm Pharmaceuticals, Inc.(a)		2,091		64,173
Rigel Pharmaceuticals, Inc.(a)		10,638		38,722
Rocket Pharmaceuticals, Inc.(a)(b)		2,143		118,036
Rubius Therapeutics, Inc.(a)(b)		3,108		37,203
Sage Therapeutics, Inc.(a)		3,209		258,806
Sangamo Therapeutics, Inc.(a)		7,150		97,669
Sarepta Therapeutics, Inc.(a)(b)		4,916		439,490
Savara, Inc.(a)		1,819		2,783
Scholar Rock Holding Corp.(a)		1,743		103,987
Selecta Biosciences, Inc.(a)		3,826		15,304
Seres Therapeutics, Inc.(a)		3,300		78,375
Shattuck Labs, Inc.(a)		808		40,085
Soleno Therapeutics, Inc.(a)		2,648		5,190
Solid Biosciences, Inc.(a)		1,699		11,077
Sorrento Therapeutics, Inc.(a)(b)		15,400		194,964
Spectrum Pharmaceuticals, Inc.(a)(b)		8,727		31,330
Spero Therapeutics, Inc.(a)(b)		1,377		24,937
SpringWorks Therapeutics, Inc.(a)		1,483		123,549
Spruce Biosciences, Inc.(a)		432		8,955
SQZ Biotechnologies Co.(a)		278		6,691
Stoke Therapeutics, Inc.(a)		896		54,728
Sutro Biopharma, Inc.(a)		1,808		40,047
Syndax Pharmaceuticals, Inc.(a)		1,735		34,769
Syros Pharmaceuticals, Inc.(a)		2,672		29,245
Taysha Gene Therapies, Inc.(a)		535		13,910
TCR2 Therapeutics, Inc.(a)		1,470		37,823
TG Therapeutics, Inc.(a)		7,530		363,473
Translate Bio, Inc.(a)		4,243		101,323
Travere Therapeutics, Inc.(a)		2,929		73,957
Turning Point Therapeutics, Inc.(a)		2,306		289,380
Twist Bioscience Corp.(a)		2,105		346,357
Tyme Technologies, Inc.(a)		3,461		5,953
Ultragenyx Pharmaceutical, Inc.(a)		4,032		�� 558,795
United Therapeutics Corp.(a)		2,803		459,187
UNITY Biotechnology, Inc.(a)		1,938		11,580
UroGen Pharma Ltd.(a)(b)		1,219		26,903
Vanda Pharmaceuticals, Inc.(a)		3,289		47,164
Vaxart, Inc.(a)(b)		3,214		38,504
Vaxcyte, Inc.(a)(b)		1,175		28,823
VBI Vaccines, Inc.(a)(b)		10,817		35,263
Veracyte, Inc.(a)(b)		3,817		216,424
Verastem, Inc.(a)		14,036		27,370
Vericel Corp.(a)		3,096		127,772
Viela Bio, Inc.(a)(b)		1,334		46,263
Viking Therapeutics, Inc.(a)(b)		3,796		27,749

26 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Vir Biotechnology, Inc.(a)		3,312	$	213,756
Voyager Therapeutics, Inc.(a)		1,522		11,491
X4 Pharmaceuticals, Inc.(a)		810		6,326
XBiotech, Inc.(a)(b)		868		16,258
Xencor, Inc.(a)		3,446		157,654
XOMA Corp.(a)		347		12,568
Y-mAbs Therapeutics, Inc.(a)		1,859		78,097
Zentalis Pharmaceuticals, Inc.(a)(b)		1,771		67,953
ZIOPHARM Oncology, Inc.(a)		13,365		49,584
				23,474,744
Building Products — 1.8%
A O Smith Corp.		8,374		454,708
AAON, Inc.		2,561		189,514
Advanced Drainage Systems, Inc.		3,461		285,463
Allegion PLC		5,986		640,562
Alpha Pro Tech Ltd.(a)		711		10,153
American Woodmark Corp.(a)(b)		1,045		90,403
Apogee Enterprises, Inc.		1,618		56,792
Armstrong World Industries, Inc.		3,180		248,708
AZEK Co., Inc.(a)		5,851		233,396
Builders FirstSource, Inc.(a)		12,695		485,584
Caesarstone Ltd.		1,412		17,763
Cornerstone Building Brands, Inc.(a)		2,682		30,521
CSW Industrials, Inc.		850		99,042
Fortune Brands Home & Security, Inc.		8,649		745,976
Gibraltar Industries, Inc.(a)		2,031		182,039
Griffon Corp.		2,699		60,620
Insteel Industries, Inc.		1,155		29,152
JELD-WEN Holding, Inc.(a)		4,262		110,769
Lennox International, Inc.		2,242		617,649
Masonite International Corp.(a)		1,638		162,981
Owens Corning		7,029		545,450
PGT Innovations, Inc.(a)		3,473		71,926
Quanex Building Products Corp.		2,045		44,970
Resideo Technologies, Inc.(a)		9,128		210,857
Simpson Manufacturing Co., Inc.		2,842		261,464
Trex Co., Inc.(a)(b)		7,264		666,617
UFP Industries, Inc.		3,927		211,822
				6,764,901
Capital Markets — 1.8%
Affiliated Managers Group, Inc.		2,776		305,887
Ares Management Corp., Class A		6,409		289,430
Artisan Partners Asset Management, Inc., Class A		3,638		176,079
Assetmark Financial Holdings, Inc.(a)		976		22,468
Associated Capital Group, Inc., Class A		121		3,974
B. Riley Financial, Inc.		1,208		58,226
BGC Partners, Inc., Class A		18,712		66,428
Blucora, Inc.(a)		3,007		49,796
Brightsphere Investment Group, Inc.		3,797		69,599
Carlyle Group, Inc.		7,650		246,865
Cohen & Steers, Inc.		1,537		100,674
Cowen, Inc., Class A		1,693		42,579
Diamond Hill Investment Group, Inc.		188		27,867
Donnelley Financial Solutions, Inc.(a)		1,944		34,778
Eaton Vance Corp.		7,042		472,800
Evercore, Inc., Class A		2,616		285,406
FactSet Research Systems, Inc.		2,397		724,709
Federated Hermes, Inc.		6,312		170,424
Focus Financial Partners, Inc., Class A(a)		1,978		94,113
GAMCO Investors, Inc., Class A		288		5,129
Greenhill & Co., Inc.		761		8,835

Security	Shares		Value
Capital Markets (continued)
Hamilton Lane, Inc., Class A		1,967	$	148,253
Houlihan Lokey, Inc.		3,350		217,248
Invesco Ltd.		23,860		491,277
Lazard Ltd., Class A		6,326		260,631
LPL Financial Holdings, Inc.		4,921		533,141
Moelis & Co., Class A		3,289		163,496
Morningstar, Inc.		1,356		311,731
Oppenheimer Holdings, Inc., Class A		592		20,525
Piper Sandler Cos.		1,097		100,189
PJT Partners, Inc., Class A		1,618		111,626
Pzena Investment Management, Inc., Class A		1,161		9,636
Safeguard Scientifics, Inc.(a)		1,114		7,609
Sculptor Capital Management, Inc.(a)		1,201		20,369
SEI Investments Co.		7,297		385,646
Siebert Financial Corp.(a)		466		3,831
Silvercrest Asset Management Group, Inc., Class A		714		10,931
StepStone Group, Inc., Class A(a)		1,123		39,440
Stifel Financial Corp.		6,504		337,037
StoneX Group, Inc.(a)		1,007		53,895
Value Line, Inc.		72		2,218
Virtu Financial, Inc., Class A		4,298		119,355
Virtus Investment Partners, Inc.		455		95,550
Waddell & Reed Financial, Inc., Class A		4,130		104,448
Westwood Holdings Group, Inc.(a)		391		4,629
WisdomTree Investments, Inc.		8,377		44,691
				6,853,468
Chemicals — 2.4%
Advanced Emissions Solutions, Inc.(a)		699		3,544
AdvanSix, Inc.(a)		1,685		35,924
AgroFresh Solutions, Inc.(a)		1,675		3,283
Albemarle Corp.		6,794		1,105,112
American Vanguard Corp.		1,787		29,575
Amyris, Inc.(a)(b)		6,559		61,655
Ashland Global Holdings, Inc.		3,678		294,203
Avient Corp.		5,688		218,590
Axalta Coating Systems Ltd.(a)		13,838		373,488
Balchem Corp.		1,986		212,562
Cabot Corp.		3,938		172,918
CF Industries Holdings, Inc.		13,435		555,940
Chase Corp.		457		45,810
Chemours Co.		10,439		274,963
Element Solutions, Inc.		14,144		240,872
Ferro Corp.(a)		5,108		70,439
FutureFuel Corp.		1,643		21,852
GCP Applied Technologies, Inc.(a)		3,038		75,312
Hawkins, Inc.		579		31,804
HB Fuller Co.		3,582		182,288
Huntsman Corp.		13,050		344,781
Ingevity Corp.(a)		2,583		169,677
Innospec, Inc.		1,522		133,616
Intrepid Potash, Inc.(a)		855		19,434
Koppers Holdings, Inc.(a)		1,316		43,796
Kraton Corp.(a)		1,938		54,419
Kronos Worldwide, Inc.		1,507		21,339
Livent Corp.(a)(b)		9,250		168,535
Marrone Bio Innovations, Inc.(a)		4,139		6,871
Minerals Technologies, Inc.		2,128		131,149
Mosaic Co.		21,755		564,760
NewMarket Corp.		432		169,426
Olin Corp.		9,287		222,052
Orion Engineered Carbons SA(a)		3,632		55,315
PQ Group Holdings, Inc.		2,294		31,611

SCHEDULE    OF   INVESTMENTS 27

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Quaker Chemical Corp.		829	$	217,306
Rayonier Advanced Materials, Inc.(a)		3,593		24,864
RPM International, Inc.		8,259		681,120
Scotts Miracle-Gro Co.		2,522		558,396
Sensient Technologies Corp.		2,773		195,580
Stepan Co.		1,432		161,358
Trecora Resources(a)		1,690		10,664
Tredegar Corp.		1,634		23,840
Trinseo SA		2,441		124,076
Tronox Holdings PLC, Class A(a)		5,617		86,221
Valvoline, Inc.		12,165		288,797
Westlake Chemical Corp.		2,125		162,478
WR Grace & Co.		3,715		215,544
				8,897,159
Commercial Services & Supplies — 1.3%
ABM Industries, Inc.		4,461		163,897
ACCO Brands Corp.		5,652		45,725
ADT, Inc.		9,607		86,751
Brady Corp., Class A		3,237		148,611
BrightView Holdings, Inc.(a)		2,339		33,167
Brink’s Co.		3,311		225,578
Casella Waste Systems, Inc., Class A(a)		3,349		191,697
CECO Environmental Corp.(a)		2,022		14,012
Cimpress PLC(a)		1,121		102,448
Clean Harbors, Inc.(a)		3,449		267,160
CoreCivic, Inc.(a)		7,393		52,564
Covanta Holding Corp.		7,378		104,399
Deluxe Corp.		2,693		91,266
Ennis, Inc.		1,512		27,518
Harsco Corp.(a)		4,849		80,639
Healthcare Services Group, Inc.		4,648		150,688
Heritage-Crystal Clean, Inc.(a)		944		20,485
Herman Miller, Inc.		3,660		125,355
HNI Corp.		2,677		86,360
IAA, Inc.(a)		8,453		483,004
Interface, Inc.		3,654		36,686
KAR Auction Services, Inc.(a)		8,393		154,935
Kimball International, Inc., Class B		2,253		27,239
Knoll, Inc.		3,156		47,214
Matthews International Corp., Class A		1,886		57,580
McGrath RentCorp		1,604		111,943
Montrose Environmental Group Inc.(a)		608		22,484
MSA Safety, Inc.		2,307		360,169
NL Industries, Inc.		244		1,100
PICO Holdings, Inc.(a)		400		3,440
Pitney Bowes, Inc.		10,832		101,171
Quad/Graphics, Inc.(a)		2,347		10,984
SP Plus Corp.(a)		1,371		39,759
Steelcase, Inc., Class A		5,336		68,995
Stericycle, Inc.(a)		5,771		377,885
Team, Inc.(a)		1,914		18,910
Tetra Tech, Inc.		3,478		422,820
UniFirst Corp.		944		200,883
US Ecology, Inc.(a)		1,832		60,456
Viad Corp.(a)		1,268		43,746
VSE Corp.		593		20,518
				4,690,241
Communications Equipment — 0.8%
Acacia Communications, Inc.(a)		2,651		303,274
ADTRAN, Inc.		2,942		50,602
Applied Optoelectronics, Inc.(a)		1,269		13,972

Security	Shares		Value
Communications Equipment (continued)
CalAmp Corp.(a)		2,231	$	22,332
Calix, Inc.(a)		3,563		107,603
Cambium Networks Corp.(a)(b)		369		13,561
Casa Systems, Inc.(a)		2,392		18,442
Ciena Corp.(a)		9,887		527,867
Clearfield, Inc.(a)		706		22,112
CommScope Holding Co., Inc.(a)		12,858		188,884
Comtech Telecommunications Corp.		1,554		33,162
Digi International, Inc.(a)		1,791		33,080
DZS, Inc.(a)		819		12,613
EchoStar Corp., Class A(a)		3,008		62,988
Extreme Networks, Inc.(a)		7,323		59,243
Genasys, Inc.(a)		1,880		13,987
Harmonic, Inc.(a)		5,821		45,171
Infinera Corp.(a)		10,224		100,706
Inseego Corp.(a)(b)		4,213		77,351
KVH Industries, Inc.(a)		1,018		12,735
Lumentum Holdings, Inc.(a)		4,844		454,367
NETGEAR, Inc.(a)		1,829		75,702
NetScout Systems, Inc.(a)		4,698		137,346
PCTEL, Inc.		1,047		7,706
Plantronics, Inc.(a)		2,198		69,721
Resonant, Inc.(a)		2,823		16,006
Ribbon Communications, Inc.(a)		4,176		30,527
ViaSat, Inc.(a)(b)		4,052		176,424
Viavi Solutions, Inc.(a)		14,350		221,708
				2,909,192
Construction & Engineering — 1.2%
AECOM(a)		9,893		495,639
Aegion Corp.(a)		1,843		33,856
Ameresco, Inc., Class A(a)		1,506		84,472
API Group Corp.(a)(d)		8,735		156,444
Arcosa, Inc.		3,025		168,765
Argan, Inc.		893		38,604
Comfort Systems USA, Inc.		2,230		123,609
Concrete Pumping Holdings, Inc.(a)		1,248		6,814
Construction Partners, Inc., Class A(a)		1,606		45,642
Dycom Industries, Inc.(a)		1,911		155,059
EMCOR Group, Inc.		3,410		301,103
Fluor Corp.(a)		9,308		160,935
Granite Construction, Inc.		2,907		86,076
Great Lakes Dredge & Dock Corp.(a)		4,246		57,873
HC2 Holdings, Inc.(a)		3,852		13,443
IES Holdings, Inc.(a)		549		24,969
Jacobs Engineering Group, Inc.		8,040		811,718
MasTec, Inc.(a)(b)		3,691		284,761
Matrix Service Co.(a)		1,644		19,383
MYR Group, Inc.(a)		961		53,441
Northwest Pipe Co.(a)		587		17,757
NV5 Global, Inc.(a)		685		59,821
Primoris Services Corp.		2,951		85,889
Quanta Services, Inc.		8,563		603,435
Sterling Construction Co., Inc.(a)		1,718		35,167
Tutor Perini Corp.(a)		2,453		36,550
Valmont Industries, Inc.		1,366		263,529
WillScot Mobile Mini Holdings Corp.(a)		9,985		236,744
				4,461,498
Construction Materials — 0.1%
Eagle Materials, Inc.(a)		2,592		285,198
Forterra, Inc.(a)		1,726		31,586
Summit Materials, Inc., Class A(a)		7,601		156,049

28 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction Materials (continued)
United States Lime & Minerals, Inc.		103	$	12,463
US Concrete, Inc.(a)		974		43,138
				528,434
Consumer Finance — 0.8%
Ally Financial, Inc.		24,130		913,079
Atlanticus Holdings Corp.(a)		357		9,186
Credit Acceptance Corp.(a)(b)		616		237,634
Curo Group Holdings Corp.		1,262		18,337
Encore Capital Group, Inc.(a)		1,941		57,648
Enova International, Inc.(a)(b)		2,122		47,957
Ezcorp, Inc., Class A(a)		3,073		13,798
FirstCash, Inc.		2,728		160,625
Green Dot Corp., Class A(a)		3,218		161,640
LendingClub Corp.(a)		4,417		47,924
LendingTree, Inc.(a)(b)		703		228,841
Navient Corp.		11,717		131,875
Nelnet, Inc., Class A		1,052		72,367
OneMain Holdings, Inc.		4,054		188,754
Oportun Financial Corp.(a)		1,105		17,691
PRA Group, Inc.(a)		2,841		93,668
PROG Holdings, Inc.		4,358		205,610
Regional Management Corp.		498		14,093
Santander Consumer USA Holdings, Inc.(a)		4,785		105,748
SLM Corp.		23,451		325,500
World Acceptance Corp.(a)		292		41,879
				3,093,854
Containers & Packaging — 1.3%
AptarGroup, Inc.		4,081		542,651
Ardagh Group SA		1,258		21,386
Avery Dennison Corp.		5,339		805,495
Berry Global Group, Inc.(a)		8,647		426,902
Crown Holdings, Inc.(a)		8,348		752,572
Graphic Packaging Holding Co.		17,063		267,207
Greif, Inc., Class A		1,501		67,785
Greif, Inc., Class B		451		20,611
Myers Industries, Inc.		2,130		42,707
O-I Glass, Inc.(a)		9,697		122,570
Packaging Corp. of America		6,014		808,642
Pactiv Evergreen, Inc.(a)		2,709		38,278
Ranpak Holdings Corp.(a)		1,645		28,524
Sealed Air Corp.		10,120		427,772
Silgan Holdings, Inc.		4,930		179,600
Sonoco Products Co.		6,422		371,898
UFP Technologies, Inc.(a)		418		19,232
				4,943,832
Distributors — 0.3%
Core-Mark Holding Co., Inc.		2,807		86,091
Funko, Inc., Class A(a)		1,598		19,096
Greenlane Holdings, Inc., Class A(a)		193		853
Pool Corp.		2,484		879,783
Weyco Group, Inc.		539		9,303
				995,126
Diversified Consumer Services — 1.1%
Adtalem Global Education, Inc.(a)		3,224		124,414
American Public Education, Inc.(a)		1,202		34,594
Aspen Group Inc/CO(a)		1,045		9,880
Bright Horizons Family Solutions, Inc.(a)		3,884		590,251
Carriage Services, Inc.		1,056		34,975
Chegg, Inc.(a)(b)		7,834		746,267
Collectors Universe, Inc.		599		54,695

Security	Shares		Value
Diversified Consumer Services (continued)
Franchise Group, Inc.		1,405	$	50,973
frontdoor, Inc.(a)		5,357		294,849
Graham Holdings Co., Class B		234		132,938
Grand Canyon Education, Inc.(a)		3,049		258,982
H&R Block, Inc.		12,632		217,649
Houghton Mifflin Harcourt Co.(a)		7,048		34,747
Laureate Education, Inc., Class A(a)		6,690		87,037
OneSpaWorld Holdings Ltd.(a)		2,857		27,113
Perdoceo Education Corp.(a)		4,266		50,467
Regis Corp.(a)(b)		1,614		15,317
Service Corp. International		10,922		550,796
Strategic Education, Inc.		1,629		143,955
Stride, Inc.(a)		2,502		64,426
Terminix Global Holdings, Inc.(a)		8,589		409,524
Universal Technical Institute, Inc.(a)		1,669		10,148
Vivint Smart Home, Inc.(a)		4,851		91,635
WW International, Inc.(a)(b)		2,876		76,387
				4,112,019
Diversified Financial Services — 0.3%
Alerus Financial Corp.		903		21,726
A-Mark Precious Metals, Inc.		279		7,974
Banco Latinoamericano de Comercio Exterior SA, Class E		1,922		29,291
Cannae Holdings, Inc.(a)		5,365		203,816
GWG Holdings, Inc.(a)(b)		159		1,157
Jefferies Financial Group, Inc.		13,648		318,681
Marlin Business Services Corp.		464		6,612
SWK Holdings Corp.(a)		357		4,859
Voya Financial, Inc.		8,293		459,930
				1,054,046
Diversified Telecommunication Services — 0.3%
Alaska Communications Systems Group, Inc.(a)		3,280		10,758
Anterix, Inc.(a)		784		28,444
ATN International, Inc.		687		29,665
Bandwidth, Inc., Class A(a)(b)		1,275		227,128
Cincinnati Bell, Inc.(a)		2,925		44,577
Cogent Communications Holdings, Inc.		2,644		150,576
Consolidated Communications Holdings, Inc.(a)		4,694		28,657
IDT Corp., Class B(a)		1,772		24,861
Iridium Communications, Inc.(a)		7,340		361,642
Liberty Latin America Ltd., Class A(a)		2,582		26,052
Liberty Latin America Ltd., Class C(a)		9,913		98,040
Ooma, Inc.(a)		1,323		17,821
ORBCOMM, Inc.(a)		5,708		42,753
Vonage Holdings Corp.(a)		15,209		189,808
				1,280,782
Electric Utilities — 1.1%
ALLETE, Inc.		3,252		204,356
Genie Energy Ltd., Class B		578		4,266
Hawaiian Electric Industries, Inc.		7,048		233,007
IDACORP, Inc.		3,342		295,098
MGE Energy, Inc.		2,419		154,042
NRG Energy, Inc.		15,543		643,636
OGE Energy Corp.		12,966		395,722
Otter Tail Corp.		2,622		104,067
PG&E Corp.(a)		85,029		971,881
Pinnacle West Capital Corp.		7,276		547,519
PNM Resources, Inc.		5,464		265,113

SCHEDULE    OF   INVESTMENTS 29

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
Portland General Electric Co.		5,609	$	237,205
Spark Energy, Inc., Class A		861		9,445
				4,065,357
Electrical Equipment — 1.9%
Acuity Brands, Inc.		2,472		297,233
Allied Motion Technologies, Inc.		430		19,458
American Superconductor Corp.(a)		1,537		37,995
Array Technologies, Inc.(a)		3,385		137,973
Atkore International Group, Inc.(a)		3,134		139,024
AZZ, Inc.		1,632		77,667
Bloom Energy Corp., Class A(a)		5,813		202,932
Encore Wire Corp.		1,253		72,361
EnerSys		2,925		240,523
FuelCell Energy, Inc.(a)		18,621		386,572
Generac Holdings, Inc.(a)		3,940		970,895
GrafTech International Ltd.		4,328		41,982
Hubbell, Inc.		3,559		553,780
LSI Industries, Inc.		1,465		14,071
nVent Electric PLC		9,774		218,742
Orion Energy Systems, Inc.(a)		1,574		15,409
Plug Power, Inc.(a)		25,470		1,608,940
Powell Industries, Inc.		551		15,797
Preformed Line Products Co.		205		13,179
Regal Beloit Corp.		2,628		329,761
Sensata Technologies Holding PLC(a)		9,720		529,740
Sunrun, Inc.(a)		9,643		667,971
Thermon Group Holdings, Inc.(a)		1,933		28,203
TPI Composites, Inc.(a)		2,051		122,875
Ultralife Corp.(a)		647		3,798
Vertiv Holdings Co.		13,735		276,348
Vicor Corp.(a)		1,208		104,540
				7,127,769
Electronic Equipment, Instruments & Components — 2.3%
Akoustis Technologies, Inc.(a)(b)		1,978		29,828
Arlo Technologies, Inc.(a)		4,912		41,310
Arrow Electronics, Inc.(a)		4,707		459,544
Avnet, Inc.		6,141		216,839
Badger Meter, Inc.		1,974		181,036
Bel Fuse, Inc., Class B		719		10,483
Belden, Inc.		3,179		150,176
Benchmark Electronics, Inc.		2,251		57,018
Cognex Corp.		10,836		889,961
Coherent, Inc.(a)		1,513		303,871
CTS Corp.		1,965		59,933
Daktronics, Inc.(a)		2,403		11,534
Dolby Laboratories, Inc., Class A		4,151		365,413
ePlus, Inc.(a)(b)		818		68,745
Fabrinet(a)		2,477		195,534
FARO Technologies, Inc.(a)(b)		1,138		80,309
FLIR Systems, Inc.		8,459		440,291
II-VI, Inc.(a)(b)		6,418		539,561
Insight Enterprises, Inc.(a)		2,149		163,539
Intellicheck, Inc.(a)		926		10,723
Iteris, Inc.(a)		2,183		14,211
Itron, Inc.(a)		2,624		225,716
Jabil, Inc.		9,581		396,366
Kimball Electronics, Inc.(a)		1,481		28,391
Knowles Corp.(a)		6,553		126,407
Littelfuse, Inc.		1,479		359,944
Luna Innovations, Inc.(a)		1,652		17,561
Methode Electronics, Inc.		2,268		85,617
MTS Systems Corp.(a)		1,391		81,429

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Napco Security Technologies, Inc.(a)		758	$	19,647
National Instruments Corp.		8,409		348,133
nLight, Inc.(a)		2,159		68,397
Novanta, Inc.(a)		2,132		266,329
OSI Systems, Inc.(a)		1,088		97,942
PAR Technology Corp.(a)(b)		1,162		72,346
PC Connection, Inc.		673		33,038
Plexus Corp.(a)		1,803		138,687
Powerfleet, Inc.(a)		1,550		11,005
Research Frontiers, Inc.(a)		1,490		6,042
Rogers Corp.(a)		1,157		180,573
Sanmina Corp.(a)		4,201		130,651
ScanSource, Inc.(a)		1,486		35,946
SYNNEX Corp.		2,601		212,294
Trimble, Inc.(a)		16,050		1,057,856
TTM Technologies, Inc.(a)		6,140		82,337
Vishay Intertechnology, Inc.		9,226		198,820
Vishay Precision Group, Inc.(a)		757		24,216
Wrap Technologies, Inc.(a)(b)		783		4,353
				8,599,902
Energy Equipment & Services — 0.4%
Archrock, Inc.		8,171		72,477
Aspen Aerogels, Inc.(a)		1,141		22,888
Bristow Group, Inc.(a)		470		11,379
Cactus, Inc., Class A		2,987		78,259
ChampionX Corp.(a)		11,582		177,089
DMC Global, Inc.(a)(b)		929		53,111
Dril-Quip, Inc.(a)		2,143		64,547
Exterran Corp.(a)		1,875		8,100
Frank’s International NV(a)		9,182		25,526
Helix Energy Solutions Group, Inc.(a)		9,371		38,608
Helmerich & Payne, Inc.		7,334		178,069
Liberty Oilfield Services, Inc., Class A(a)		4,692		56,398
Nabors Industries Ltd.(a)		326		23,283
National Energy Services Reunited Corp.(a)		1,224		13,195
Newpark Resources, Inc.(a)		5,916		14,139
NexTier Oilfield Solutions, Inc.(a)		9,659		32,068
NOV, Inc.(a)		25,471		315,331
Oceaneering International, Inc.(a)		5,828		49,247
Oil States International, Inc.(a)		4,122		23,083
Patterson-UTI Energy, Inc.		11,786		72,484
ProPetro Holding Corp.(a)		4,779		38,184
RPC, Inc.(a)		3,965		17,684
Select Energy Services, Inc., Class A(a)		3,726		18,705
Solaris Oilfield Infrastructure, Inc., Class A		2,026		18,437
Tidewater, Inc.(a)		1,952		18,524
Transocean Ltd.(a)		39,345		132,199
U.S. Silica Holdings, Inc.(a)		5,349		43,541
				1,616,555
Entertainment — 0.4%
AMC Entertainment Holdings, Inc., Class A(a)(b)		5,723		75,887
Cinemark Holdings, Inc.(a)		6,641		134,414
Eros STX Global Corp.(a)(b)		8,797		16,714
Gaia, Inc.(a)(b)		903		8,253
Glu Mobile, Inc.(a)(b)		9,065		79,863
IMAX Corp.(a)		3,085		58,307
Lions Gate Entertainment Corp., Class A(a)(b)		3,446		48,210
Lions Gate Entertainment Corp., Class B(a)		7,535		93,133
LiveXLive Media, Inc.(a)		2,895		11,030
Madison Square Garden Entertainment Corp.(a)		1,157		102,684
Madison Square Garden Sports Corp.(a)		1,188		192,325
Marcus Corp.(a)		1,514		26,646

30 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment (continued)
World Wrestling Entertainment, Inc., Class A		3,119	$	175,693
Zynga, Inc., Class A(a)		55,950		554,464
				1,577,623
Equity Real Estate Investment Trusts (REITs) — 6.8%
Acadia Realty Trust(a)		5,254		76,183
Agree Realty Corp.		3,328		210,330
Alexander & Baldwin, Inc.(a)		4,473		67,632
Alexander’s, Inc.		134		35,805
Alpine Income Property Trust, Inc.		394		6,075
American Assets Trust, Inc.		3,206		88,582
American Campus Communities, Inc.		8,603		354,099
American Finance Trust, Inc.		6,788		49,417
American Homes Rent, Class A		17,042		515,180
Americold Realty Trust		13,286		463,814
Apartment Income REIT Corp.(a)		9,375		363,469
Apartment Investment and Management Co., Class A		9,101		41,774
Apple Hospitality REIT, Inc.(a)		14,440		180,211
Armada Hoffler Properties, Inc.		3,407		36,625
Bluerock Residential Growth REIT, Inc.		1,532		16,025
Brandywine Realty Trust		10,493		115,423
Brixmor Property Group, Inc.		18,566		314,322
Broadstone Net Lease, Inc., Class A		2,057		37,088
BRT Apartments Corp.		862		12,051
Camden Property Trust		6,204		633,739
CareTrust REIT, Inc.		5,738		128,875
Catchmark Timber Trust, Inc., Class A		2,829		25,800
Centerspace		810		56,651
Chatham Lodging Trust(a)		2,888		30,930
CIM Commercial Trust Corp.		546		7,639
City Office REIT, Inc.		2,726		25,679
Clipper Realty, Inc.		722		5,061
Colony Capital, Inc.(a)		29,907		148,339
Columbia Property Trust, Inc.		7,383		100,409
Community Healthcare Trust, Inc.		1,338		59,835
CorEnergy Infrastructure Trust, Inc.		617		5,559
CorePoint Lodging, Inc.(a)		2,385		16,242
CoreSite Realty Corp.		2,614		351,426
Corporate Office Properties Trust		7,025		184,547
Cousins Properties, Inc.		9,765		307,988
CTO Realty Growth, Inc.		298		12,555
CubeSmart		12,074		420,658
CyrusOne, Inc.		7,744		564,925
DiamondRock Hospitality Co.(a)		12,398		101,664
Diversified Healthcare Trust		14,773		59,387
Douglas Emmett, Inc.		10,931		302,898
Easterly Government Properties, Inc.		5,439		119,386
EastGroup Properties, Inc.		2,409		325,552
Empire State Realty Trust, Inc., Class A(a)		8,968		88,424
EPR Properties(a)		4,698		186,229
Equity Commonwealth		7,824		223,062
Equity LifeStyle Properties, Inc.		11,379		692,298
Essential Properties Realty Trust, Inc.		6,780		141,160
Farmland Partners, Inc.		1,418		14,620
Federal Realty Investment Trust		4,938		432,371
First Industrial Realty Trust, Inc.		8,096		329,021
Four Corners Property Trust, Inc.		4,443		117,117
Franklin Street Properties Corp.		6,638		27,282
Gaming and Leisure Properties, Inc.		13,789		567,142
Geo Group, Inc.		7,298		65,244
Getty Realty Corp.		2,140		56,860
Gladstone Commercial Corp.		2,218		39,281

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Gladstone Land Corp.		1,751	$	27,561
Global Medical REIT, Inc.		2,635		33,043
Global Net Lease, Inc.		5,610		90,377
Healthcare Realty Trust, Inc.		9,074		272,311
Healthcare Trust of America, Inc., Class A		14,217		401,630
Hersha Hospitality Trust(a)		1,865		14,249
Highwoods Properties, Inc.		6,468		242,485
Hudson Pacific Properties, Inc.		10,182		238,666
Independence Realty Trust, Inc.		5,775		76,692
Industrial Logistics Properties Trust		3,980		84,416
Innovative Industrial Properties, Inc.		1,444		270,201
Iron Mountain, Inc.		18,584		625,723
iStar, Inc.		4,492		68,189
JBG SMITH Properties		8,024		239,597
Kilroy Realty Corp.		7,535		426,707
Kimco Realty Corp.		26,861		443,475
Kite Realty Group Trust		5,152		82,123
Lamar Advertising Co., Class A		5,483		442,917
Lexington Realty Trust		16,997		174,219
Life Storage, Inc.		4,749		387,423
LTC Properties, Inc.		2,941		113,640
Macerich Co.(b)		9,340		146,638
Mack-Cali Realty Corp.(a)		5,450		69,379
Medical Properties Trust, Inc.		35,431		747,948
Monmouth Real Estate Investment Corp.		5,829		101,017
National Health Investors, Inc.		2,998		194,390
National Retail Properties, Inc.		11,404		444,756
National Storage Affiliates Trust		3,885		141,958
NETSTREIT Corp.		1,238		21,331
New Senior Investment Group, Inc.		5,000		26,500
NexPoint Residential Trust, Inc.		1,336		52,732
Office Properties Income Trust		3,079		71,248
Omega Healthcare Investors, Inc.		14,742		533,955
One Liberty Properties, Inc.		899		18,016
Outfront Media, Inc.(a)		8,971		163,541
Paramount Group, Inc.		12,038		107,018
Park Hotels & Resorts, Inc.(a)		14,795		246,781
Pebblebrook Hotel Trust(b)		8,133		149,485
Physicians Realty Trust		13,015		229,454
Piedmont Office Realty Trust, Inc., Class A		7,808		120,087
Plymouth Industrial REIT, Inc.		1,729		25,313
PotlatchDeltic Corp.		4,084		195,052
Preferred Apartment Communities, Inc., Class A		2,917		20,973
PS Business Parks, Inc., Class A		1,354		184,306
QTS Realty Trust, Inc., Class A		4,290		279,279
Rayonier, Inc.		8,268		254,241
Regency Centers Corp.		10,956		516,904
Retail Opportunity Investments Corp.(a)		7,336		103,364
Retail Properties of America, Inc., Class A		13,335		122,815
Retail Value, Inc.		1,169		18,248
Rexford Industrial Realty, Inc.		8,165		399,595
RLJ Lodging Trust		10,207		131,772
RPT Realty(a)		4,726		43,716
Ryman Hospitality Properties, Inc.(a)		3,301		214,070
Sabra Health Care REIT, Inc.		13,859		232,693
Safehold, Inc.		1,224		90,062
Saul Centers, Inc.		846		25,321
Seritage Growth Properties, Class A(a)		2,113		37,633
Service Properties Trust		10,389		110,227
SITE Centers Corp.		9,519		105,566
SL Green Realty Corp.		4,580		309,058
Spirit Realty Capital, Inc.		6,902		266,141

SCHEDULE    OF   INVESTMENTS 31

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
STAG Industrial, Inc.		9,822	$	292,696
STORE Capital Corp.		15,176		470,760
Summit Hotel Properties, Inc.(a)		6,379		51,670
Sunstone Hotel Investors, Inc.(a)		13,349		142,834
Tanger Factory Outlet Centers, Inc.(b)		5,794		89,401
Terreno Realty Corp.		4,159		235,316
UMH Properties, Inc.		2,256		33,163
Uniti Group, Inc.		12,094		148,877
Universal Health Realty Income Trust		806		48,102
Urban Edge Properties		7,200		99,288
Urstadt Biddle Properties, Inc., Class A		1,858		25,696
VEREIT Inc.		14,452		509,144
VICI Properties, Inc.		34,708		877,418
Washington Real Estate Investment Trust		5,119		112,311
Weingarten Realty Investors		7,665		172,539
Whitestone REIT		2,346		18,299
Xenia Hotels & Resorts, Inc.(a)		7,202		104,213
				25,419,914
Food & Staples Retailing — 0.7%
Albertsons Cos., Inc., Class A(b)		2,836		49,261
Andersons, Inc.		1,902		43,746
BJ’s Wholesale Club Holdings, Inc.(a)		8,634		363,232
Casey’s General Stores, Inc.		2,320		434,954
Chefs’ Warehouse, Inc.(a)		1,882		51,360
Grocery Outlet Holding Corp.(a)		4,692		200,301
HF Foods Group, Inc.(a)		2,066		16,177
Ingles Markets, Inc., Class A		866		41,187
Natural Grocers by Vitamin Cottage, Inc.		452		7,526
Performance Food Group Co.(a)		8,463		396,745
PriceSmart, Inc.		1,412		132,559
Rite Aid Corp.(a)(b)		3,444		90,543
SpartanNash Co.		2,238		41,448
Sprouts Farmers Market, Inc.(a)		7,875		178,369
United Natural Foods, Inc.(a)(b)		3,381		91,557
US Foods Holding Corp.(a)		14,251		441,638
Village Super Market, Inc., Class A		548		11,546
Weis Markets, Inc.		574		28,287
				2,620,436
Food Products — 1.5%
Alico, Inc.		312		9,266
B&G Foods, Inc.(b)		4,389		167,133
Beyond Meat, Inc.(a)		3,398		605,116
Bridgford Foods Corp.(a)		72		1,206
Bunge Ltd.		8,801		575,937
Calavo Growers, Inc.		1,051		80,034
Cal-Maine Foods, Inc.(a)(b)		2,213		84,846
Darling Ingredients, Inc.(a)		10,069		624,379
Farmer Bros Co.(a)		808		4,234
Flowers Foods, Inc.		12,248		281,214
Fresh Del Monte Produce, Inc.		1,941		47,496
Freshpet, Inc.(a)		2,452		341,588
Hain Celestial Group, Inc.(a)		5,285		219,777
Hostess Brands, Inc.(a)		9,233		141,727
Ingredion, Inc.		4,309		325,200
J&J Snack Foods Corp.		942		143,806
John B Sanfilippo & Son, Inc.		544		43,754
Laird Superfood, Inc.(a)		177		7,671
Lamb Weston Holdings, Inc.		9,418		703,525
Lancaster Colony Corp.		1,171		204,433
Landec Corp.(a)		1,554		16,566
Limoneira Co.		1,018		16,257
Mission Produce, Inc.(a)		505		9,711

Security	Shares		Value
Food Products (continued)
Pilgrim’s Pride Corp.(a)		3,269	$	63,353
Post Holdings, Inc.(a)		4,173		395,809
Sanderson Farms, Inc.		1,257		171,191
Seaboard Corp.		16		50,339
Seneca Foods Corp., Class A(a)		468		16,965
Simply Good Foods Co.(a)		5,301		151,291
Tootsie Roll Industries, Inc.		940		37,205
TreeHouse Foods, Inc.(a)(b)		3,522		148,734
Vital Farms, Inc.(a)(b)		623		15,407
				5,705,170
Gas Utilities — 0.6%
Brookfield Infrastructure Corp., Class A		2,099		140,801
Chesapeake Utilities Corp.		998		101,227
National Fuel Gas Co.		5,449		219,377
New Jersey Resources Corp.		5,939		207,924
Northwest Natural Holding Co.		1,895		88,516
ONE Gas, Inc.		3,523		257,637
RGC Resources, Inc.		489		11,007
South Jersey Industries, Inc.		6,274		144,929
Southwest Gas Holdings, Inc.(a)		3,714		222,692
Spire, Inc.		3,390		207,434
UGI Corp.		13,383		481,654
				2,083,198
Health Care Equipment & Supplies — 2.7%
Accelerate Diagnostics, Inc.(a)(b)		2,013		20,653
Accuray, Inc.(a)		6,238		30,816
Acutus Medical, Inc.(a)		661		17,113
Alphatec Holdings, Inc.(a)		3,322		49,431
AngioDynamics, Inc.(a)		2,214		41,490
Antares Pharma, Inc.(a)		10,470		45,859
Apyx Medical Corp.(a)		1,737		16,137
Aspira Women’s Health, Inc.(a)(b)		4,790		42,727
AtriCure, Inc.(a)		2,758		160,598
Atrion Corp.		88		57,329
Avanos Medical, Inc.(a)		3,195		144,733
Axogen, Inc.(a)		2,138		37,094
Axonics Modulation Technologies, Inc.(a)		1,899		98,178
Bellerophon Therapeutics, Inc.(a)		363		2,512
Beyond Air, Inc.(a)		765		4,529
BioLife Solutions, Inc.(a)		800		30,336
BioSig Technologies, Inc.(a)(b)		1,220		5,405
Cantel Medical Corp.(a)		2,516		198,689
Cardiovascular Systems, Inc.(a)		2,403		108,111
Cerus Corp.(a)		10,182		67,099
Chembio Diagnostics, Inc.(a)		1,405		9,259
Co-Diagnostics, Inc.(a)(b)		1,693		21,738
CONMED Corp.		1,802		201,644
CryoLife, Inc.(a)		2,188		52,359
CryoPort, Inc.(a)		2,345		159,929
Cutera, Inc.(a)		1,052		25,469
CytoSorbents Corp.(a)		2,566		26,917
Eargo, Inc.(a)		464		24,397
Electromed, Inc.(a)		407		4,046
Envista Holdings Corp.(a)(b)		10,337		367,377
FONAR Corp.(a)		389		6,932
GenMark Diagnostics, Inc.(a)		4,419		61,026
Glaukos Corp.(a)		2,658		235,738
Globus Medical, Inc., Class A(a)		4,985		307,525
Haemonetics Corp.(a)		3,248		371,214
Heska Corp.(a)		433		72,467
Hill-Rom Holdings, Inc.		4,246		407,786
ICU Medical, Inc.(a)		1,219		249,261

32 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Inari Medical, Inc.(a)		476	$	45,420
Inogen, Inc.(a)		1,153		56,416
Integer Holdings Corp.(a)		2,202		162,508
Integra LifeSciences Holdings Corp.(a)		4,471		295,265
Intersect ENT, Inc.(a)		2,040		45,839
IntriCon Corp.(a)		550		10,082
Invacare Corp.(a)		2,062		19,300
iRadimed Corp.(a)		385		9,525
iRhythm Technologies, Inc.(a)		1,826		307,535
Lantheus Holdings, Inc.(a)(b)		4,093		66,593
LeMaitre Vascular, Inc.		1,029		49,454
LENSAR, Inc.(a)		530		3,705
LivaNova PLC(a)		3,212		202,035
Meridian Bioscience, Inc.(a)		2,676		59,140
Merit Medical Systems, Inc.(a)		3,574		193,532
Mesa Laboratories, Inc.		291		80,648
Milestone Scientific Inc.(a)		2,024		5,708
Misonix, Inc.(a)		828		11,393
Natus Medical, Inc.(a)		2,112		51,469
Nemaura Medical, Inc.(a)		408		1,734
Neogen Corp.(a)		3,423		276,818
Nevro Corp.(a)		2,188		353,997
Novocure Ltd.(a)		6,480		1,043,021
NuVasive, Inc.(a)		3,456		185,725
OraSure Technologies, Inc.(a)		4,505		68,611
Orthofix Medical, Inc.(a)		1,207		48,775
OrthoPediatrics Corp.(a)(b)		862		39,807
Outset Medical, Inc.(a)		598		30,994
PAVmed, Inc.(a)		2,075		4,254
Penumbra, Inc.(a)(b)		2,107		550,117
Pulmonx Corp.(a)		696		39,477
Pulse Biosciences, Inc.(a)		886		30,257
Quidel Corp.(a)		2,391		600,069
Quotient Ltd.(a)		4,416		26,761
Repro-Med Systems, Inc.(a)		1,806		7,296
Retractable Technologies Inc.(a)(b)		781		12,566
Rockwell Medical, Inc.(a)		3,392		4,070
SeaSpine Holdings Corp.(a)		1,698		27,609
Shockwave Medical, Inc.(a)(b)		1,775		205,971
SI-BONE, Inc.(a)		1,936		56,686
Sientra, Inc.(a)		2,928		13,732
Silk Road Medical, Inc.(a)		1,672		91,174
Soliton, Inc.(a)		296		3,215
STAAR Surgical Co.(a)		2,852		292,558
Stereotaxis, Inc.(a)		2,517		12,107
Surgalign Holdings, Inc.(a)		4,032		6,774
Surmodics, Inc.(a)		812		36,946
Tactile Systems Technology, Inc.(a)(b)		1,137		62,023
Tandem Diabetes Care, Inc.(a)		3,964		367,265
Tela Bio Inc.(a)		490		7,007
TransMedics Group, Inc.(a)		1,708		38,908
Utah Medical Products, Inc.		201		17,421
Vapotherm, Inc.(a)		1,214		41,944
Varex Imaging Corp.(a)		2,357		45,632
Venus Concept, Inc.(a)		1,138		2,162
ViewRay, Inc.(a)		7,382		32,776
VolitionRX Ltd.(a)		1,343		6,191
Zynex, Inc.(a)(b)		1,149		20,762
				10,172,702
Health Care Providers & Services — 2.3%
1Life Healthcare, Inc.(a)		5,170		261,602
Acadia Healthcare Co., Inc.(a)		5,733		290,548

Security	Shares		Value
Health Care Providers & Services (continued)
AdaptHealth Corp.(a)		1,615	$	61,806
Addus HomeCare Corp.(a)		943		106,135
Amedisys, Inc.(a)		2,048		588,411
AMN Healthcare Services, Inc.(a)		3,074		221,697
Apollo Medical Holdings, Inc.(a)		1,269		27,918
Avalon GloboCare Corp.(a)		905		1,122
Biodesix, Inc.(a)		525		12,695
BioTelemetry, Inc.(a)		2,389		170,718
Brookdale Senior Living, Inc.(a)		11,725		57,921
Castle Biosciences, Inc.(a)		722		48,251
Chemed Corp.		987		511,167
Community Health Systems, Inc.(a)		5,277		49,182
CorVel Corp.(a)		547		54,055
Covetrus, Inc.(a)(b)		7,487		255,082
Cross Country Healthcare, Inc.(a)		2,184		19,132
Encompass Health Corp.		6,407		515,123
Ensign Group, Inc.		3,179		248,852
Enzo Biochem, Inc.(a)		2,477		6,985
Exagen, Inc.(a)		175		2,748
Five Star Senior Living, Inc.(a)		1,163		8,408
Fulgent Genetics, Inc.(a)(b)		803		88,723
Guardant Health, Inc.(a)		5,312		826,016
Hanger, Inc.(a)		2,273		46,574
HealthEquity, Inc.(a)		4,848		405,050
InfuSystem Holdings, Inc.(a)		826		14,554
Joint Corp.(a)		878		28,561
LHC Group, Inc.(a)		1,907		379,913
Magellan Health, Inc.(a)		1,483		139,372
MEDNAX, Inc.(a)		4,905		133,759
ModivCare, Inc.(a)		747		118,452
Molina Healthcare, Inc.(a)		3,776		806,591
National HealthCare Corp.		771		49,383
National Research Corp.(a)		840		38,052
Ontrak, Inc.(a)		495		39,249
Option Care Health, Inc.(a)		2,872		53,075
Owens & Minor, Inc.		4,785		139,148
Patterson Cos., Inc.		5,284		167,397
Pennant Group, Inc.(a)		1,614		86,785
PetIQ, Inc.(a)		1,302		45,127
Premier, Inc., Class A		7,716		261,341
Progenity Inc.(a)(b)		323		2,222
Progyny, Inc.(a)		1,654		77,358
R1 RCM, Inc.(a)		7,315		184,557
RadNet, Inc.(a)		2,691		48,196
Select Medical Holdings Corp.(a)		6,760		173,732
Sharps Compliance Corp.(a)		815		10,774
Surgery Partners, Inc.(a)		1,440		53,683
Tenet Healthcare Corp.(a)		6,751		319,120
Tivity Health, Inc.(a)		2,680		60,434
Triple-S Management Corp., Class B(a)		1,500		35,145
U.S. Physical Therapy, Inc.(a)		788		94,828
Viemed Healthcare, Inc.(a)		1,961		16,453
				8,463,182
Health Care Technology — 0.7%
Accolade, Inc.(a)(b)		1,000		50,690
Allscripts Healthcare Solutions, Inc.(a)		10,326		170,379
American Well Corp., Class A(a)		2,794		98,935
Change Healthcare, Inc.(a)		15,768		376,224
Computer Programs & Systems, Inc.(a)		811		24,963
Evolent Health, Inc., Class A(a)		4,797		81,885
Health Catalyst, Inc.(a)		2,300		114,264
HealthStream, Inc.(a)		1,503		34,990

SCHEDULE    OF   INVESTMENTS 33

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Technology (continued)
HMS Holdings Corp.(a)		5,478	$	201,700
Icad, Inc.(a)		1,147		17,423
Inovalon Holdings, Inc., Class A(a)		4,631		112,996
Inspire Medical Systems, Inc.(a)(b)		1,688		340,149
NantHealth, Inc.(a)(b)		1,522		6,423
NextGen Healthcare, Inc.(a)		3,451		68,261
Omnicell, Inc.(a)		2,743		323,125
OptimizeRx Corp.(a)(b)		918		41,438
Phreesia, Inc.(a)		2,233		145,793
Schrodinger, Inc./United States(a)		1,951		176,234
Simulations Plus, Inc.		892		70,593
Tabula Rasa HealthCare, Inc.(a)(b)		1,272		72,237
Vocera Communications, Inc.(a)		1,986		87,285
				2,615,987
Hotels, Restaurants & Leisure — 2.6%
Accel Entertainment, Inc.(a)		2,689		25,895
Aramark		14,820		508,178
Bally’s Corp.(a)		1,095		57,466
Biglari Holdings, Inc., Class B(a)		80		9,179
BJ’s Restaurants, Inc.(a)		1,437		67,165
Bloomin’ Brands, Inc.(a)		5,496		115,801
Bluegreen Vacations Corp.		220		1,701
Bluegreen Vacations Holding Corp.(a)		614		8,037
Boyd Gaming Corp.(a)		5,031		227,200
Brinker International, Inc.(a)		2,789		164,216
Caesars Entertainment, Inc.(a)		11,561		813,779
Carrols Restaurant Group, Inc.(a)		2,399		14,730
Century Casinos, Inc.(a)		1,954		13,580
Cheesecake Factory, Inc.(a)		2,942		132,302
Choice Hotels International, Inc.(a)		2,264		227,849
Churchill Downs, Inc.		2,389		447,818
Chuy’s Holdings, Inc.(a)		1,215		42,622
Cracker Barrel Old Country Store, Inc.(a)		1,575		213,113
Dave & Buster’s Entertainment, Inc.(a)		3,060		104,101
Del Taco Restaurants, Inc.(a)		1,896		18,240
Denny’s Corp.(a)		3,798		59,743
Dine Brands Global, Inc.(a)		984		67,660
El Pollo Loco Holdings, Inc.(a)		1,165		23,708
Everi Holdings, Inc.(a)		5,075		66,381
Extended Stay America, Inc.		11,011		161,641
Fiesta Restaurant Group, Inc.(a)		1,171		17,635
GAN Ltd.(a)		1,447		34,164
Golden Entertainment, Inc.(a)		968		16,456
Hilton Grand Vacations, Inc.(a)		5,353		159,091
Hyatt Hotels Corp., Class A(a)		2,322		152,463
International Game Technology PLC(a)		6,171		99,415
Jack in the Box, Inc.		1,395		131,325
Kura Sushi USA, Inc., Class A(a)		244		5,527
Lindblad Expeditions Holdings, Inc.(a)		1,519		23,848
Marriott Vacations Worldwide Corp.(a)		2,551		313,161
Monarch Casino & Resort, Inc.(a)(b)		932		49,256
Nathan’s Famous, Inc.		139		7,716
Noodles & Co.(a)		2,074		17,567
Norwegian Cruise Line Holdings Ltd.(a)(b)		20,493		464,166
Papa John’s International, Inc.		2,196		224,607
Penn National Gaming, Inc.(a)		9,985		1,035,644
Planet Fitness, Inc., Class A(a)		5,371		386,712
PlayAGS, Inc.(a)		1,936		9,970
RCI Hospitality Holdings, Inc.		513		19,740
Red Robin Gourmet Burgers, Inc.(a)		945		24,750
Red Rock Resorts, Inc., Class A(a)		4,117		96,667

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Ruth’s Hospitality Group, Inc.(a)		2,098	$	38,163
Scientific Games Corp., Class A(a)		3,590		140,800
SeaWorld Entertainment, Inc.(a)		3,135		89,567
Shake Shack, Inc., Class A(a)		2,184		247,709
Six Flags Entertainment Corp.(a)		5,134		175,583
Target Hospitality Corp.(a)		1,352		2,393
Texas Roadhouse, Inc.(a)		4,277		325,950
Vail Resorts, Inc.(a)		2,560		680,858
Wendy’s Co.		11,896		242,678
Wingstop, Inc.		1,845		276,842
Wyndham Destinations, Inc.		5,230		231,375
Wyndham Hotels & Resorts, Inc.		6,026		350,532
				9,684,435
Household Durables — 2.0%
Beazer Homes USA, Inc.(a)		1,738		28,885
Casper Sleep, Inc.(a)		1,530		12,118
Cavco Industries, Inc.(a)		563		106,216
Century Communities, Inc.(a)		2,089		98,058
Ethan Allen Interiors, Inc.		1,394		32,968
GoPro, Inc., Class A(a)		8,519		76,245
Green Brick Partners, Inc.(a)		1,518		30,208
Hamilton Beach Brands Holding Co., Class A		434		8,328
Helen of Troy Ltd.(a)		1,589		388,113
Hooker Furniture Corp.		737		22,206
Installed Building Products, Inc.(a)		1,529		160,438
iRobot Corp.(a)		1,867		224,227
KB Home		6,093		253,712
La-Z-Boy, Inc.		2,865		110,933
Legacy Housing Corp.(a)		600		8,502
Leggett & Platt, Inc.		8,328		341,448
LGI Homes, Inc.(a)		1,385		147,793
Lifetime Brands, Inc.		937		13,024
Lovesac Co.(a)		600		33,924
M/I Homes, Inc.(a)		1,983		97,901
MDC Holdings, Inc.		3,742		194,659
Meritage Homes Corp.(a)		2,314		185,722
Mohawk Industries, Inc.(a)		3,659		525,432
Newell Brands, Inc.		24,724		593,870
NVR, Inc.(a)		214		951,547
PulteGroup, Inc.		16,813		731,365
Purple Innovation, Inc.(a)		990		33,700
Skyline Champion Corp.(a)		3,267		109,869
Sonos, Inc.(a)		5,061		132,345
Taylor Morrison Home Corp.(a)		8,398		218,180
Tempur Sealy International, Inc.(a)		12,508		330,211
Toll Brothers, Inc.		7,733		395,156
TopBuild Corp.(a)		2,145		428,893
TRI Pointe Group, Inc.(a)		7,995		161,499
Tupperware Brands Corp.(a)		3,023		90,932
Turtle Beach Corp.(a)		783		23,412
Universal Electronics, Inc.(a)		803		43,555
VOXX International Corp.(a)		1,135		21,202
				7,366,796
Household Products — 0.2%
Central Garden & Pet Co.(a)		538		22,752
Central Garden & Pet Co., Class A(a)		2,461		95,979
Energizer Holdings, Inc.		3,887		170,406
Oil-Dri Corp. of America		264		9,153
Reynolds Consumer Products Inc.		3,078		92,340

34 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Products (continued)
Spectrum Brands Holdings, Inc.		2,795	$	211,218
WD-40 Co.		850		258,749
				860,597
Independent Power and Renewable Electricity Producers — 0.4%
Atlantic Power Corp.(a)		5,009		14,827
Brookfield Renewable Corp., Class A(b)		6,586		368,459
Clearway Energy, Inc., Class A		1,967		56,709
Clearway Energy, Inc., Class C		5,581		172,899
Ormat Technologies, Inc.(b)		2,484		283,573
Sunnova Energy International, Inc.(a)		3,525		154,571
Vistra Corp.		30,965		618,371
				1,669,409
Industrial Conglomerates — 0.1%
Carlisle Cos., Inc.		3,285		476,095
Raven Industries, Inc.(a)		2,206		71,188
				547,283
Insurance — 3.1%
Alleghany Corp.(a)		883		500,529
Ambac Financial Group, Inc.(a)		2,796		40,318
American Equity Investment Life Holding Co.		5,333		155,670
American Financial Group, Inc.		4,664		439,069
American National Group, Inc.		417		36,854
AMERISAFE, Inc.		1,191		66,101
Argo Group International Holdings Ltd.		1,982		79,974
Assurant, Inc.		3,809		516,005
Assured Guaranty Ltd.		4,734		169,240
Athene Holding Ltd., Class A(a)		7,285		297,884
Axis Capital Holdings Ltd.		5,419		248,732
Brighthouse Financial, Inc.(a)		5,806		205,300
Brown & Brown, Inc.		15,243		656,821
BRP Group, Inc., Class A(a)		2,607		60,508
Citizens, Inc.(a)		3,245		19,632
CNO Financial Group, Inc.		9,151		194,093
Crawford & Co., Class A		1,123		8,546
Donegal Group, Inc., Class A		1,267		17,573
eHealth, Inc.(a)		1,736		83,068
Employers Holdings, Inc.		1,304		39,772
Enstar Group Ltd.(a)		747		149,557
Erie Indemnity Co., Class A		1,590		386,529
Everest Re Group Ltd.		2,535		535,088
FBL Financial Group, Inc., Class A		616		34,521
FedNat Holding Co.		603		3,136
First American Financial Corp.		7,002		366,135
Genworth Financial, Inc., Class A(a)		31,388		89,142
Globe Life, Inc.		6,689		604,619
GoHealth, Inc., Class A(a)(b)		2,560		34,074
Goosehead Insurance, Inc., Class A		881		117,702
Greenlight Capital Re Ltd., Class A(a)		1,736		13,037
Hanover Insurance Group, Inc.		2,448		275,327
HCI Group, Inc.		423		23,531
Heritage Insurance Holdings, Inc.		1,645		15,331
Horace Mann Educators Corp.		2,534		99,257
Independence Holding Co.		253		9,743
Investors Title Co.		73		10,439
James River Group Holdings Ltd.		1,910		84,957
Kemper Corp.		3,868		272,114
Kinsale Capital Group, Inc.		1,369		256,770
Lemonade Inc.(a)		810		117,653
MBIA, Inc.(a)		2,986		18,334

Security	Shares		Value
Insurance (continued)
Mercury General Corp.		1,929	$	102,256
National Western Life Group, Inc., Class A		157		28,260
NI Holdings, Inc.(a)		788		13,396
Old Republic International Corp.		18,785		340,008
Palomar Holdings, Inc.(a)		1,261		125,583
Primerica, Inc.		2,543		354,265
ProAssurance Corp.		2,856		52,350
ProSight Global, Inc.(a)		486		6,051
Protective Insurance Corp., Class B		430		6,050
Reinsurance Group of America, Inc.		4,274		448,984
RenaissanceRe Holdings Ltd.		3,257		489,983
RLI Corp.		2,576		249,305
Safety Insurance Group, Inc.		854		62,718
Selective Insurance Group, Inc.		3,679		239,061
Selectquote, Inc.(a)(b)		1,960		41,395
State Auto Financial Corp.		1,125		18,608
Stewart Information Services Corp.		1,624		75,321
Third Point Reinsurance Ltd.(a)(b)		5,080		46,888
Tiptree, Inc.		1,981		9,647
Trean Insurance Group, Inc.(a)		643		9,574
Trupanion, Inc.(a)		1,856		208,243
United Fire Group, Inc.		1,302		35,857
United Insurance Holdings Corp.		1,333		6,772
Universal Insurance Holdings, Inc.		1,866		24,986
Unum Group		12,931		300,387
W.R. Berkley Corp.		9,044		561,994
Watford Holdings Ltd.(a)		1,416		48,937
White Mountains Insurance Group Ltd.(a)(b)		189		192,780
				11,452,344
Interactive Media & Services(a) — 0.7%
Cargurus, Inc.		5,698		166,666
Cars.com, Inc.		4,039		46,893
DHI Group, Inc.		3,812		9,530
Eventbrite, Inc., Class A		3,941		70,347
EverQuote, Inc., Class A		875		39,428
Liberty TripAdvisor Holdings, Inc., Class A		5,186		21,159
MediaAlpha, Inc., Class A		626		34,430
QuinStreet, Inc.		2,939		62,219
TripAdvisor, Inc.		6,613		204,805
TrueCar, Inc.		6,796		30,446
Yelp, Inc.		4,755		154,965
Zillow Group, Inc., Class A		3,750		520,200
Zillow Group, Inc., Class C		9,340		1,218,496
				2,579,584
Internet & Direct Marketing Retail — 1.0%
1-800-Flowers.com, Inc., Class A(a)(b)		1,540		47,324
CarParts.com, Inc.(a)		1,978		31,074
Duluth Holdings, Inc., Class B(a)		688		8,579
Etsy, Inc.(a)		7,603		1,513,681
Groupon, Inc.(a)		1,476		50,435
Grubhub, Inc.(a)		5,866		441,534
Lands’ End, Inc.(a)		818		22,585
Liquidity Services, Inc.(a)		1,697		33,126
Magnite, Inc.(a)(b)		7,093		245,702
Overstock.com, Inc.(a)		2,848		221,005
PetMed Express, Inc.		1,215		46,413
Quotient Technology, Inc.(a)		5,322		47,153
Qurate Retail, Inc., Series A		24,824		312,782
RealReal, Inc.(a)		4,316		102,203
Shutterstock, Inc.		1,513		98,330

SCHEDULE    OF   INVESTMENTS 35

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Internet & Direct Marketing Retail (continued)
Stamps.com, Inc.(a)		1,059	$	241,780
Stitch Fix, Inc., Class A(a)		3,911		373,266
Waitr Holdings, Inc.(a)		5,245		18,567
				3,855,539
IT Services — 3.2%
Alliance Data Systems Corp.		3,115		210,730
Amdocs Ltd.		8,436		595,750
BigCommerce Holdings, Inc., Series-1(a)(b)		760		60,754
Black Knight, Inc.(a)		9,841		803,911
Booz Allen Hamilton Holding Corp.		8,689		740,042
Brightcove, Inc.(a)		2,468		40,599
CACI International, Inc., Class A(a)		1,580		381,128
Cardtronics PLC, Class A(a)		2,516		97,747
Cass Information Systems, Inc.		891		36,175
Concentrix Corp.(a)(b)		2,601		278,099
Conduent, Inc.(a)		10,574		50,967
CSG Systems International, Inc.		2,075		89,412
DXC Technology Co.(a)		16,436		463,495
Endurance International Group Holdings, Inc.(a)		4,257		40,356
Euronet Worldwide, Inc.(a)		3,103		387,751
EVERTEC, Inc.		4,275		148,342
Evo Payments, Inc., Class A(a)		2,610		59,926
ExlService Holdings, Inc.(a)		2,132		163,482
Fastly, Inc., Class A(a)(b)		5,121		559,981
Genpact Ltd.		12,312		471,303
Globant SA(a)		2,497		479,424
GreenSky, Inc., Class A(a)		3,565		17,575
Grid Dynamics Holdings, Inc.(a)		2,132		27,716
GTT Communications, Inc.(a)(b)		2,205		10,253
Hackett Group, Inc.		1,516		20,648
I3 Verticals, Inc., Class A(a)		1,129		32,764
IBEX Ltd.(a)		349		6,429
Information Services Group, Inc.(a)		2,016		7,116
International Money Express, Inc.(a)		1,845		26,347
KBR, Inc.		9,404		273,186
Limelight Networks, Inc.(a)		7,339		33,429
LiveRamp Holdings, Inc.(a)		3,998		302,689
ManTech International Corp., Class A		1,706		153,011
MAXIMUS, Inc.		3,912		293,635
MoneyGram International, Inc.(a)		3,568		27,367
MongoDB, Inc.(a)(b)		3,280		1,212,321
NIC, Inc.		4,144		111,556
Paysign, Inc.(a)		2,298		10,755
Perficient, Inc.(a)		2,299		125,548
Perspecta, Inc.		8,669		250,968
PFSweb, Inc.(a)		820		5,633
Priority Technology Holdings, Inc.(a)		223		1,748
Rackspace Technology, Inc.(a)		2,151		49,710
Repay Holdings Corp.(a)		4,107		90,970
Sabre Corp.(a)		20,541		221,432
Science Applications International Corp.		3,702		355,503
ServiceSource International, Inc.(a)		5,002		7,853
StarTek, Inc.(a)		1,271		11,109
StoneCo. Ltd., Class A(a)		13,016		935,850
Switch, Inc., Class A		5,351		92,144
Sykes Enterprises, Inc.(a)		2,429		93,735
TTEC Holdings, Inc.		1,141		86,237
Tucows, Inc., Class A(a)		596		47,620
Unisys Corp.(a)(b)		3,836		91,642

Security	Shares		Value
IT Services (continued)
Verra Mobility Corp.(a)		8,359	$	106,995
Virtusa Corp.(a)		1,813		92,554
WEX, Inc.(a)		2,774		523,176
				11,916,598
Leisure Products — 0.6%
Acushnet Holdings Corp.		2,122		86,620
American Outdoor Brands, Inc.(a)		771		14,634
Brunswick Corp.		5,132		443,713
Callaway Golf Co.(a)(b)		5,785		161,344
Clarus Corp.		1,354		21,745
Escalade, Inc.		723		15,074
Johnson Outdoors, Inc., Class A		318		34,671
Malibu Boats, Inc., Class A(a)(b)		1,272		89,180
Marine Products Corp.		440		7,163
MasterCraft Boat Holdings, Inc.(a)		1,162		29,666
Mattel, Inc.(a)		22,159		401,521
Nautilus, Inc.(a)		1,838		45,049
Polaris, Inc.		3,755		438,096
Smith & Wesson Brands Inc.		3,351		55,493
Sturm Ruger & Co., Inc.		1,046		66,275
Vista Outdoor, Inc.(a)		4,026		117,438
YETI Holdings, Inc.(a)		5,191		341,672
				2,369,354
Life Sciences Tools & Services — 2.5%
10X Genomics, Inc., Class A(a)		3,703		633,769
Adaptive Biotechnologies Corp.(a)		4,950		274,577
Avantor, Inc.(a)		32,028		944,506
Berkeley Lights, Inc.(a)(b)		775		55,800
Bio-Techne Corp.		2,445		794,405
Bruker Corp.		6,533		378,195
Champions Oncology, Inc.(a)		511		5,611
Charles River Laboratories International, Inc.(a)		3,168		820,670
ChromaDex Corp.(a)		2,753		13,049
Codexis, Inc.(a)		3,335		77,672
Fluidigm Corp.(a)(b)		4,181		27,093
Harvard Bioscience, Inc.(a)		2,170		10,069
Luminex Corp.		2,671		75,028
Medpace Holdings, Inc.(a)		1,805		239,686
NanoString Technologies, Inc.(a)		2,868		200,846
NeoGenomics, Inc.(a)		6,857		363,558
Pacific Biosciences of California, Inc.(a)		11,260		364,261
PerkinElmer, Inc.(b)		7,219		1,061,698
Personalis, Inc.(a)		1,483		57,051
PPD, Inc.(a)		10,338		332,470
PRA Health Sciences, Inc.(a)		4,117		507,379
QIAGEN NV(a)(b)		14,597		790,428
Quanterix Corp.(a)		1,318		85,327
Repligen Corp.(a)		3,357		671,400
Syneos Health, Inc.(a)		4,797		356,657
				9,141,205
Machinery — 3.7%
AGCO Corp.		4,065		450,809
Alamo Group, Inc.		609		85,010
Albany International Corp., Class A		2,084		144,880
Allison Transmission Holdings, Inc.		7,122		289,865
Altra Industrial Motion Corp.		4,194		215,614
Astec Industries, Inc.		1,427		84,864
Barnes Group, Inc.		3,025		145,412
Blue Bird Corp.(a)		1,008		20,664

36 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Chart Industries, Inc.(a)(b)		2,335	$	280,457
CIRCOR International, Inc.(a)		1,188		37,980
Colfax Corp.(a)		6,608		245,289
Columbus McKinnon Corp.		1,334		57,615
Crane Co.		3,058		231,429
Donaldson Co., Inc.		8,282		492,282
Douglas Dynamics, Inc.		1,467		59,854
Eastern Co.		259		6,097
Energy Recovery, Inc.(a)		2,527		34,974
Enerpac Tool Group Corp.		3,388		68,675
EnPro Industries, Inc.		1,486		107,274
ESCO Technologies, Inc.		1,777		168,957
Evoqua Water Technologies Corp.(a)		6,057		165,053
ExOne Co. (The)(a)		637		17,670
Federal Signal Corp.		4,104		134,160
Flowserve Corp.		8,267		293,975
Franklin Electric Co., Inc.		2,943		204,303
Gates Industrial Corp. PLC(a)		2,668		37,672
Gencor Industries, Inc.(a)		326		4,176
Gorman-Rupp Co.		1,255		39,533
Graco, Inc.		10,681		736,348
Graham Corp.		500		7,380
Greenbrier Cos., Inc.		1,994		72,143
Helios Technologies, Inc.		1,937		105,663
Hillenbrand, Inc.		4,973		204,390
Hurco Cos., Inc.		302		8,885
Hyster-Yale Materials Handling, Inc.		629		56,428
ITT, Inc.		5,633		420,841
John Bean Technologies Corp.		1,952		226,198
Kadant, Inc.		725		103,639
Kennametal, Inc.		5,169		195,802
LB Foster Co., Class A(a)		607		9,196
Lincoln Electric Holdings, Inc.		3,660		419,070
Lindsay Corp.		780		109,067
Luxfer Holdings PLC		1,743		28,707
Lydall, Inc.(a)		1,101		33,140
Manitowoc Co., Inc.(a)		2,274		29,880
Mayville Engineering Co., Inc.(a)		267		3,738
Meritor, Inc.(a)		4,707		121,488
Middleby Corp.(a)		3,483		472,713
Miller Industries, Inc.		580		23,130
Mueller Industries, Inc.		3,441		117,510
Mueller Water Products, Inc., Class A		10,267		123,101
Navistar International Corp.(a)		3,114		137,016
NN, Inc.(a)		2,833		17,083
Nordson Corp.		3,690		660,473
Omega Flex, Inc.		189		34,965
Oshkosh Corp.		4,460		408,491
Park-Ohio Holdings Corp.		471		13,277
Pentair PLC		10,707		583,103
Proto Labs, Inc.(a)		1,735		367,473
RBC Bearings, Inc.(a)(b)		1,538		257,354
REV Group, Inc.(a)		1,889		19,513
Rexnord Corp.		7,615		288,304
Shyft Group, Inc.		2,172		65,594
Snap-on, Inc.		3,541		637,345
SPX Corp.(a)		2,667		137,911
SPX FLOW, Inc.(a)		2,901		153,666
Standex International Corp.		840		68,804
Tennant Co.		1,157		78,387
Terex Corp.(a)		4,611		164,889
Timken Co.		3,967		300,143

Security	Shares		Value
Machinery (continued)
Toro Co.		6,930	$	653,153
TriMas Corp.(a)		2,768		87,607
Trinity Industries, Inc.		5,892		163,857
Wabash National Corp.		3,298		52,603
Watts Water Technologies, Inc., Class A		1,809		217,207
Welbilt, Inc.(a)		8,091		104,455
Woodward, Inc.(b)		3,519		393,952
				13,819,625
Marine — 0.1%
Costamare, Inc.		3,210		25,680
Eagle Bulk Shipping, Inc.(a)(b)		416		8,141
Genco Shipping & Trading Ltd.		1,053		8,329
Kirby Corp.(a)		4,056		205,882
Matson, Inc.		2,655		158,769
Safe Bulkers, Inc.(a)		1,654		2,878
Scorpio Bulkers, Inc.		544		8,764
SEACOR Holdings, Inc.(a)(b)		1,486		62,026
				480,469
Media — 1.3%
AMC Networks, Inc., Class A(a)(b)		1,998		98,741
Boston Omaha Corp., Class A(a)		774		21,130
Cable One, Inc.		341		682,000
Cardlytics, Inc.(a)		1,628		199,056
ComScore, Inc.(a)(b)		4,020		12,824
Daily Journal Corp.(a)		71		23,714
Emerald Holding, Inc.(a)		1,076		4,369
Entercom Communications Corp., Class A(a)		7,924		36,847
Entravision Communications Corp., Class A		3,178		10,170
EW Scripps Co., Class A		3,512		52,013
Fluent, Inc.(a)		2,731		14,802
Gannett Co., Inc.(a)		8,044		36,037
Gray Television, Inc.(a)		5,424		92,479
Hemisphere Media Group, Inc.(a)		733		7,652
iHeartMedia, Inc., Class A(a)		3,657		53,173
Interpublic Group of Cos., Inc.		24,408		587,501
John Wiley & Sons, Inc., Class A		2,676		122,052
Liberty Media Corp.-Liberty Braves, Class A(a)		524		14,337
Liberty Media Corp.-Liberty Braves, Class C(a)		2,213		59,264
Liberty Media Corp.-Liberty Formula One, Class A(a)		1,798		65,177
Liberty Media Corp.-Liberty Formula One, Class C(a)		12,318		495,553
Loral Space & Communications, Inc.		847		21,514
Meredith Corp.(a)		2,338		51,272
MSG Networks, Inc., Class A(a)		2,486		42,933
National CineMedia, Inc.		3,463		14,423
New York Times Co., Class A		10,538		522,579
News Corp., Class A		24,785		480,829
News Corp., Class B		7,995		150,946
Nexstar Media Group, Inc., Class A		2,798		318,049
Saga Communications, Inc., Class A(a)		168		3,780
Scholastic Corp.		1,920		49,478
Sinclair Broadcast Group, Inc., Class A		3,231		101,809
TechTarget, Inc.(a)(b)		1,444		107,867
TEGNA, Inc.		13,613		218,216
Tribune Publishing Co.(a)		814		11,892
WideOpenWest, Inc.(a)		3,047		32,451
				4,816,929
Metals & Mining — 1.1%
Alcoa Corp.(a)		12,154		218,772
Allegheny Technologies, Inc.(a)		8,394		142,782
Arconic Corp.(a)		6,585		165,942
Caledonia Mining Corp. PLC		634		9,529

SCHEDULE    OF   INVESTMENTS 37

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
Carpenter Technology Corp.		2,950	$	92,158
Century Aluminum Co.(a)		3,873		37,762
Cleveland-Cliffs, Inc.(a)		25,494		391,078
Coeur Mining, Inc.(a)		15,091		136,574
Commercial Metals Co.		7,591		149,467
Compass Minerals International, Inc.		2,131		124,152
Ferroglobe PLC(c)		897		—
Fortitude Gold Corp.(b)		1,225		1,286
Gatos Silver, Inc.(a)		1,351		17,847
Gold Resource Corp.		4,289		12,095
Haynes International, Inc.		789		18,297
Hecla Mining Co.		32,521		185,044
Kaiser Aluminum Corp.		973		84,359
Materion Corp.		1,269		86,533
Novagold Resources, Inc.(a)		14,817		135,131
Olympic Steel, Inc.		570		7,780
Reliance Steel & Aluminum Co.		4,121		478,366
Royal Gold, Inc.		4,161		444,728
Ryerson Holding Corp.(a)		1,071		13,216
Schnitzer Steel Industries, Inc., Class A		1,584		46,760
Steel Dynamics, Inc.		12,782		438,039
SunCoke Energy, Inc.		4,822		23,772
TimkenSteel Corp.(a)		3,306		16,629
United States Steel Corp.(b)		14,134		251,020
Warrior Met Coal, Inc.		3,155		72,628
Worthington Industries, Inc.		2,270		118,812
				3,920,558
Mortgage Real Estate Investment Trusts (REITs) — 0.8%
AGNC Investment Corp.		35,250		549,900
Anworth Mortgage Asset Corp.		6,659		16,248
Apollo Commercial Real Estate Finance, Inc.		9,079		101,503
Arbor Realty Trust, Inc.		7,810		111,371
Ares Commercial Real Estate Corp.		1,785		20,206
Arlington Asset Investment Corp., Class A(a)		1,624		5,879
ARMOUR Residential REIT, Inc.		4,001		44,691
Blackstone Mortgage Trust, Inc., Class A		9,217		245,725
Broadmark Realty Capital, Inc.		8,144		83,802
Capstead Mortgage Corp.		5,946		31,752
Cherry Hill Mortgage Investment Corp.		1,090		9,592
Chimera Investment Corp.		12,015		121,351
Colony Credit Real Estate, Inc.(a)		4,943		39,050
Dynex Capital, Inc.		1,452		26,209
Ellington Financial, Inc.		2,467		36,906
Ellington Residential Mortgage REIT		486		5,813
Granite Point Mortgage Trust, Inc.		3,208		29,899
Great Ajax Corp.		1,223		12,046
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		4,684		277,059
Invesco Mortgage Capital, Inc.		11,018		44,513
KKR Real Estate Finance Trust, Inc.		1,831		31,347
Ladder Capital Corp.		6,600		64,878
MFA Financial, Inc.		28,271		102,906
New Residential Investment Corp.		26,004		244,178
New York Mortgage Trust, Inc.		23,477		87,569
Orchid Island Capital, Inc.		4,048		20,928
PennyMac Mortgage Investment Trust		6,097		105,173
Ready Capital Corp.		2,609		29,690
Redwood Trust, Inc.		7,037		60,377
Starwood Property Trust, Inc.		17,104		320,871

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
TPG RE Finance Trust, Inc.		3,752	$	36,657
Two Harbors Investment Corp.		17,070		103,615
Western Asset Mortgage Capital Corp.		4,087		12,057
				3,033,761
Multi-line Retail — 0.4%
Big Lots, Inc.		2,441		145,679
Dillard’s, Inc., Class A(b)		471		41,359
Kohl’s Corp.(a)		10,217		450,161
Macy’s, Inc.(a)		16,896		254,116
Nordstrom, Inc.(a)		7,123		252,510
Ollie’s Bargain Outlet Holdings, Inc.(a)		3,578		338,944
				1,482,769
Multi-Utilities — 0.3%
Avista Corp.		4,449		166,749
Black Hills Corp.		3,925		232,046
MDU Resources Group, Inc.		12,488		328,309
NorthWestern Corp.		3,508		191,081
Unitil Corp.		1,111		45,295
				963,480
Oil, Gas & Consumable Fuels — 1.7%
Adams Resources & Energy, Inc.		168		4,067
Antero Midstream Corp.		17,900		144,990
Antero Resources Corp.(a)		15,113		104,884
Apache Corp.		23,965		342,220
Arch Resources, Inc.(a)		904		43,320
Ardmore Shipping Corp.(a)		2,700		8,640
Berry Corp.(a)		4,328		16,663
Bonanza Creek Energy, Inc.(a)(b)		1,162		24,007
Brigham Minerals, Inc., Class A		3,235		43,317
Cimarex Energy Co.		6,824		287,836
Clean Energy Fuels Corp.(a)		8,254		84,438
CNX Resources Corp.(a)		13,859		175,594
Comstock Resources, Inc.(a)		1,486		6,761
CONSOL Energy, Inc.(a)		2,839		23,053
Contango Oil & Gas Co.(a)		5,116		12,227
Continental Resources, Inc.(a)		5,294		104,239
CVR Energy, Inc.(a)		1,918		32,798
Delek US Holdings, Inc.(a)		3,858		72,376
Devon Energy Corp.		38,284		630,155
DHT Holdings, Inc.		6,968		37,418
Diamond S Shipping, Inc.(a)		1,893		12,096
Diamondback Energy, Inc.		10,298		583,794
Dorian LPG Ltd.(a)		2,344		27,167
Earthstone Energy, Inc., Class A(a)(b)		1,689		8,681
Energy Fuels, Inc.(a)(b)		8,427		32,023
EQT Corp.(a)		17,737		289,290
Equitrans Midstream Corp.		25,594		170,200
Evolution Petroleum Corp.		1,497		4,760
Falcon Minerals Corp.		2,710		8,293
Frontline Ltd.(a)		7,324		43,212
Golar LNG Ltd.(a)		5,776		62,554
Goodrich Petroleum Corp.(a)		581		5,618
Green Plains, Inc.(a)		2,103		40,399
HollyFrontier Corp.		9,815		279,335
International Seaways, Inc.		1,461		23,391
Kosmos Energy Ltd.(a)		25,742		57,147
Magnolia Oil & Gas Corp., Class A(a)		7,823		66,261
Marathon Oil Corp.		50,341		364,469
Matador Resources Co.(a)		6,869		104,958

38 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Murphy Oil Corp.		9,897	$	122,426
NACCO Industries, Inc., Class A		196		4,698
NextDecade Corp.(a)		1,470		3,425
Nordic American Tankers Ltd.		8,875		26,270
Overseas Shipholding Group, Inc., Class A(a)		3,265		6,759
Ovintiv, Inc.		16,323		257,250
Par Pacific Holdings, Inc.(a)		2,600		34,528
PBF Energy, Inc., Class A(a)		6,048		51,227
PDC Energy, Inc.(a)		6,835		148,388
Peabody Energy Corp.(a)		3,872		14,830
Penn Virginia Corp.(a)		964		9,679
PrimeEnergy Resources Corp.(a)		13		465
Range Resources Corp.(a)		13,339		122,852
Renewable Energy Group, Inc.(a)		2,193		196,493
REX American Resources Corp.(a)		348		26,622
Scorpio Tankers, Inc.		3,196		39,758
SFL Corp. Ltd.		5,884		37,187
SM Energy Co.		6,944		58,260
Southwestern Energy Co.(a)		39,970		150,687
Talos Energy, Inc.(a)		839		7,098
Targa Resources Corp.		14,746		403,598
Tellurian, Inc.(a)(b)		8,480		25,694
Uranium Energy Corp.(a)		12,280		20,016
W&T Offshore, Inc.(a)		4,964		12,013
Whiting Petroleum Corp.(a)		49		997
World Fuel Services Corp.		3,911		119,637
				6,283,508
Paper & Forest Products — 0.2%
Clearwater Paper Corp.(a)		1,003		38,194
Domtar Corp.(a)		3,419		102,468
Glatfelter Corp.		2,648		41,441
Louisiana-Pacific Corp.		7,178		272,836
Neenah, Inc.		1,033		52,600
Schweitzer-Mauduit International, Inc.		2,086		77,474
Verso Corp., Class A		2,082		23,943
				608,956
Personal Products — 0.3%
BellRing Brands, Inc., Class A(a)		2,449		56,964
Coty, Inc., Class A(a)		17,769		113,189
Edgewell Personal Care Co.		3,754		125,384
elf Beauty, Inc.(a)		3,388		73,723
Herbalife Nutrition Ltd.(a)		5,874		299,339
Inter Parfums, Inc.(a)		1,113		69,206
Lifevantage Corp.(a)(b)		907		8,109
Medifast, Inc.		757		177,645
Nature’s Sunshine Products, Inc.(a)		459		7,367
Nu Skin Enterprises, Inc., Class A		3,475		201,098
Revlon, Inc., Class A(a)(b)		254		2,921
USANA Health Sciences, Inc.(a)		707		58,511
Veru, Inc.(a)		4,182		36,885
				1,230,341
Pharmaceuticals — 1.6%
AcelRx Pharmaceuticals, Inc.(a)		4,827		10,619
Aerie Pharmaceuticals, Inc.(a)		2,086		35,858
Agile Therapeutics, Inc.(a)		3,931		11,085
Amneal Pharmaceuticals, Inc.(a)		6,163		29,644
Amphastar Pharmaceuticals, Inc.(a)		2,229		40,523
ANI Pharmaceuticals, Inc.(a)		607		17,324
Aquestive Therapeutics, Inc.(a)		1,170		6,189
Arvinas, Inc.(a)		2,297		173,286

Security	Shares		Value
Pharmaceuticals (continued)
Atea Pharmaceuticals, Inc.(a)(b)		904	$	65,992
Athira Pharma, Inc.(a)		785		16,736
Avenue Therapeutics, Inc.(a)		436		2,581
Axsome Therapeutics, Inc.(a)(b)		1,868		127,192
BioDelivery Sciences International, Inc.(a)		5,187		19,970
Cara Therapeutics, Inc.(a)		2,559		47,853
Cassava Sciences, Inc.(a)		1,212		24,022
Catalent, Inc.(a)		10,533		1,211,822
Cerecor, Inc.(a)		2,117		6,669
Chiasma, Inc.(a)		3,180		12,593
Collegium Pharmaceutical, Inc.(a)		2,122		51,225
Corcept Therapeutics, Inc.(a)(b)		6,385		180,440
CorMedix, Inc.(a)		1,957		17,124
Cymabay Therapeutics, Inc.(a)		4,286		22,930
Durect Corp.(a)		11,158		22,985
Eloxx Pharmaceuticals, Inc.(a)		956		3,289
Endo International PLC(a)		14,237		103,645
Eton Pharmaceuticals, Inc.(a)		831		7,413
Evofem Biosciences, Inc.(a)(b)		5,099		13,410
Evolus, Inc.(a)		1,546		10,451
Fulcrum Therapeutics, Inc.(a)		899		9,943
Graybug Vision, Inc.(a)(b)		402		12,321
Harmony Biosciences Holdings, Inc.(a)		387		13,878
Harrow Health, Inc.(a)(b)		1,273		11,457
Horizon Therapeutics PLC(a)		12,531		908,247
IMARA, Inc.(a)(b)		279		3,633
Innoviva, Inc.(a)		3,731		44,809
Intra-Cellular Therapies, Inc.(a)		4,413		141,878
Jazz Pharmaceuticals PLC(a)		3,521		547,515
Kala Pharmaceuticals, Inc.(a)(b)		2,233		16,591
Kaleido Biosciences, Inc.(a)(b)		761		11,377
Lannett Co., Inc.(a)		1,982		15,361
Liquidia Corp.(a)(b)		1,725		4,727
Lyra Therapeutics, Inc.(a)		431		4,556
Marinus Pharmaceuticals, Inc.(a)		1,681		20,895
Nektar Therapeutics(a)(b)		10,855		213,843
NGM Biopharmaceuticals, Inc.(a)		1,498		38,439
Ocular Therapeutix, Inc.(a)		3,943		71,565
Odonate Therapeutics, Inc.(a)		1,224		28,287
Omeros Corp.(a)(b)		3,820		74,337
Optinose, Inc.(a)(b)		2,230		8,875
Osmotica Pharmaceuticals PLC(a)(b)		478		1,993
Pacira BioSciences, Inc.(a)		2,799		184,958
Paratek Pharmaceuticals, Inc.(a)		2,579		16,738
Perrigo Co. PLC		8,993		384,001
Phathom Pharmaceuticals, Inc.(a)		664		25,564
Phibro Animal Health Corp., Class A		1,291		26,775
Pliant Therapeutics, Inc.(a)		662		16,292
Prestige Consumer Healthcare, Inc.(a)		3,147		125,880
Provention Bio Inc.(a)		2,944		40,539
Reata Pharmaceuticals, Inc., Class A(a)		1,577		163,361
Recro Pharma, Inc.(a)		960		3,005
Relmada Therapeutics, Inc.(a)		894		29,216
Revance Therapeutics, Inc.(a)		3,888		98,911
Satsuma Pharmaceuticals, Inc.(a)		522		3,038
scPharmaceuticals, Inc.(a)		392		2,485
SIGA Technologies, Inc.(a)		3,406		22,003
Strongbridge Biopharma PLC(a)		5,703		15,398
Supernus Pharmaceuticals, Inc.(a)(b)		3,010		88,464
Tarsus Pharmaceuticals, Inc.(a)		373		14,062
TherapeuticsMD, Inc.(a)		14,617		24,118
Theravance Biopharma, Inc.(a)		2,867		53,441

SCHEDULE    OF   INVESTMENTS 39

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Tricida, Inc.(a)		1,616	$	10,633
Verrica Pharmaceuticals, Inc.(a)		573		6,733
VYNE Therapeutics, Inc.(a)(b)		9,412		18,636
WaVe Life Sciences Ltd.(a)		2,798		28,456
Xeris Pharmaceuticals, Inc.(a)		3,287		16,698
Zogenix, Inc.(a)		3,462		65,640
				5,982,442
Professional Services — 1.0%
Acacia Research Corp.(a)		169		946
Akerna Corp.(a)		592		3,445
ASGN, Inc.(a)		3,170		262,825
Barrett Business Services, Inc.		449		28,309
BG Staffing, Inc.		671		8,468
CBIZ, Inc.(a)		3,230		83,689
CoreLogic, Inc.		4,933		371,406
CRA International, Inc.		427		22,721
Exponent, Inc.		3,207		264,834
Forrester Research, Inc.(a)		664		26,334
Franklin Covey Co.(a)		727		17,484
FTI Consulting, Inc.(a)		2,259		248,422
GP Strategies Corp.(a)		840		10,147
Heidrick & Struggles International, Inc.		1,160		33,826
Huron Consulting Group, Inc.(a)		1,400		74,144
ICF International, Inc.		1,129		87,080
Insperity, Inc.		2,248		176,446
Kelly Services, Inc., Class A(a)		2,133		41,636
Kforce, Inc.		1,213		51,735
Korn Ferry		3,877		176,791
ManpowerGroup, Inc.		3,557		314,581
Mastech Digital, Inc.(a)		229		3,735
Mistras Group, Inc.(a)		1,389		9,598
Nielsen Holdings PLC		23,102		515,868
Red Violet, Inc.(a)(b)		370		8,288
Resources Connection, Inc.		1,828		21,095
Robert Half International, Inc.		7,114		480,195
TriNet Group, Inc.(a)		2,567		190,240
TrueBlue, Inc.(a)		2,207		41,028
Upwork, Inc.(a)		5,797		240,286
Willdan Group, Inc.(a)		616		27,529
				3,843,131
Real Estate Management & Development — 0.6%
Altisource Portfolio Solutions SA(a)		342		3,464
American Realty Investors, Inc.(a)		117		1,010
Cushman & Wakefield PLC(a)		6,840		98,017
eXp World Holdings, Inc.(a)		1,488		158,606
Fathom Holdings, Inc.(a)(b)		364		13,756
Forestar Group, Inc.(a)		1,055		22,672
FRP Holdings, Inc.(a)		420		18,140
Howard Hughes Corp.(a)		2,616		225,421
Indus Realty Trust, Inc.		144		9,177
Jones Lang LaSalle, Inc.(a)		3,276		478,984
Kennedy-Wilson Holdings, Inc.		7,556		129,888
Marcus & Millichap, Inc.(a)		1,461		52,201
Maui Land & Pineapple Co., Inc.(a)		670		7,745
Newmark Group, Inc., Class A		8,681		58,684
Rafael Holdings, Inc., Class B(a)		567		13,313
RE/MAX Holdings, Inc., Class A		1,101		39,878
Realogy Holdings Corp.(a)		7,102		100,848
Redfin Corp.(a)		6,295		448,267
RMR Group, Inc., Class A		919		33,893
St. Joe Co.		2,244		99,858
Stratus Properties, Inc.(a)		267		6,979

Security	Shares		Value
Real Estate Management & Development (continued)
Tejon Ranch Co.(a)		1,400	$	22,302
Transcontinental Realty Investors, Inc.(a)		22		471
				2,043,574
Road & Rail — 0.6%
AMERCO		559		258,504
ArcBest Corp.		1,534		71,101
Avis Budget Group, Inc.(a)		3,584		148,163
Covenant Logistics Group, Inc., Class A(a)		683		10,306
Daseke, Inc.(a)(b)		3,220		16,937
Heartland Express, Inc.		3,620		67,947
Knight-Swift Transportation Holdings, Inc.		8,121		324,840
Landstar System, Inc.		2,452		341,809
Marten Transport Ltd.		3,890		61,657
PAM Transportation Services, Inc.(a)		74		3,822
Ryder System, Inc.		3,278		205,170
Saia, Inc.(a)		1,637		289,340
Schneider National, Inc., Class B		3,695		77,595
Universal Logistics Holdings, Inc.		456		9,667
US Xpress Enterprises, Inc., Class A(a)		1,235		8,336
Werner Enterprises, Inc.		3,795		148,916
				2,044,110
Semiconductors & Semiconductor Equipment — 3.9%
Advanced Energy Industries, Inc.(a)		2,365		242,602
Allegro MicroSystems, Inc.(a)		1,701		47,492
Alpha & Omega Semiconductor Ltd.(a)		1,354		38,914
Ambarella, Inc.(a)		2,184		206,082
Amkor Technology, Inc.		6,168		95,727
Atomera, Inc.(a)		1,089		31,276
Axcelis Technologies, Inc.(a)		2,046		70,055
AXT, Inc.(a)		2,786		28,779
Brooks Automation, Inc.(b)		4,693		355,542
CEVA, Inc.(a)(b)		1,338		78,661
Cirrus Logic, Inc.(a)		3,687		345,435
CMC Materials, Inc.		1,878		276,648
Cohu, Inc.(a)		2,532		103,002
Cree, Inc.(a)		7,124		720,094
CyberOptics Corp.(a)		403		9,749
Diodes, Inc.(a)		2,633		186,364
DSP Group, Inc.(a)		1,326		21,388
Enphase Energy, Inc.(a)		6,801		1,240,162
Entegris, Inc.		8,620		848,122
First Solar, Inc.(a)		5,769		571,996
FormFactor, Inc.(a)		4,798		196,094
GSI Technology, Inc.(a)		1,299		9,327
Ichor Holdings Ltd.(a)		1,326		47,869
Impinj, Inc.(a)		1,243		65,842
Inphi Corp.(a)		3,107		523,871
Lattice Semiconductor Corp.(a)		8,601		344,986
MACOM Technology Solutions Holdings, Inc.(a)		3,120		177,403
Maxeon Solar Technologies Ltd.(a)(b)		592		24,035
MaxLinear, Inc.(a)		4,459		139,968
MKS Instruments, Inc.		3,403		537,912
Monolithic Power Systems, Inc.		2,793		992,325
NeoPhotonics Corp.(a)		3,201		35,659
NVE Corp.		310		19,806
ON Semiconductor Corp.(a)(b)		26,478		913,226
Onto Innovation, Inc.(a)		2,941		158,961
PDF Solutions, Inc.(a)		1,827		35,298
Photronics, Inc.(a)		3,857		42,813
Pixelworks, Inc.(a)		2,177		6,662
Power Integrations, Inc.		3,672		295,780
Rambus, Inc.(a)		7,824		148,617

40 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Semtech Corp.(a)		4,242	$	300,970
Silicon Laboratories, Inc.(a)		2,821		370,031
SiTime Corp.(a)		570		69,568
SMART Global Holdings, Inc.(a)		840		31,206
SolarEdge Technologies Inc.(a)		3,143		906,221
SunPower Corp.(a)(b)		4,738		255,899
Synaptics, Inc.(a)		2,221		220,368
Teradyne, Inc.		10,674		1,211,285
Ultra Clean Holdings, Inc.(a)		2,502		96,577
Universal Display Corp.		2,705		624,368
Veeco Instruments, Inc.(a)		3,013		55,620
				14,376,657
Software — 7.4%
2U, Inc.(a)		4,491		183,682
8x8, Inc.(a)(b)		6,808		239,982
A10 Networks, Inc.(a)		3,697		36,711
ACI Worldwide, Inc.(a)		7,431		285,276
Agilysys, Inc.(a)		1,130		41,573
Alarm.com Holdings, Inc.(a)		3,068		285,079
Altair Engineering, Inc., Class A(a)		2,641		147,711
Alteryx, Inc., Class A(a)		3,433		432,730
American Software, Inc., Class A		1,869		35,903
Anaplan, Inc.(a)		8,660		577,622
Appfolio, Inc., Class A(a)		1,017		155,408
Appian Corp.(a)		2,289		500,055
Aspen Technology, Inc.(a)		4,333		580,189
Asure Software, Inc.(a)		565		4,622
Avalara, Inc.(a)		5,355		803,250
Avaya Holdings Corp.(a)		5,152		114,580
Benefitfocus, Inc.(a)		1,841		22,644
Bill.Com Holdings, Inc.(a)		4,742		577,955
Blackbaud, Inc.(a)		3,279		218,021
Blackline, Inc.(a)		3,209		415,951
Bottomline Technologies DE, Inc.(a)		2,728		130,344
Box, Inc., Class A(a)		9,648		167,296
CDK Global, Inc.		7,695		383,980
Cerence, Inc.(a)		2,335		261,310
Ceridian HCM Holding, Inc.(a)		7,448		691,994
ChannelAdvisor Corp.(a)		1,642		33,661
Cloudera, Inc.(a)		12,764		194,906
Cloudflare, Inc., Class A(a)		6,893		528,417
CommVault Systems, Inc.(a)		2,604		163,479
Cornerstone OnDemand, Inc.(a)		4,229		172,966
Datto Holding Corp.(a)		1,449		34,573
Digimarc Corp.(a)		687		26,697
Digital Turbine, Inc.(a)		5,317		304,186
Domo, Inc., Class B(a)		1,756		111,313
Duck Creek Technologies, Inc.(a)(b)		1,502		72,607
Dynatrace, Inc.(a)		11,885		493,346
Ebix, Inc.		1,672		87,061
eGain Corp.(a)		1,349		14,839
Elastic NV(a)		4,169		633,521
Envestnet, Inc.(a)		3,481		267,097
Everbridge, Inc.(a)(b)		2,223		295,503
Fair Isaac Corp.(a)		1,806		812,899
FireEye, Inc.(a)		14,233		298,893
Five9, Inc.(a)		3,880		645,050
GTY Technology Holdings, Inc.(a)		3,238		24,350
Guidewire Software, Inc.(a)		5,442		624,415
HubSpot, Inc.(a)		2,675		995,635
Intelligent Systems Corp.(a)		474		19,192

Security	Shares		Value
Software (continued)
InterDigital, Inc.		2,147	$	137,859
j2 Global, Inc.(a)		2,828		290,266
Jamf Holding Corp.(a)(b)		1,909		70,499
JFrog Ltd.(a)		818		51,100
LivePerson, Inc.(a)(b)		3,843		243,492
Manhattan Associates, Inc.(a)		4,099		464,130
McAfee Corp., Class A(b)		2,224		41,922
Medallia, Inc.(a)		5,757		238,915
MicroStrategy, Inc., Class A(a)		473		291,988
Mimecast Ltd.(a)		3,863		166,341
Mitek Systems, Inc.(a)		2,587		41,780
Model N, Inc.(a)		2,119		72,004
nCino Inc.(a)		866		62,092
New Relic, Inc.(a)		3,370		253,357
Nuance Communications, Inc.(a)(b)		18,118		825,094
Nutanix, Inc., Class A(a)		12,293		375,182
OneSpan, Inc.(a)		2,072		48,319
PagerDuty, Inc.(a)		4,544		221,429
Park City Group, Inc.(a)		978		5,907
Paylocity Holding Corp.(a)		2,418		453,278
Pegasystems, Inc.		2,474		315,311
Ping Identity Holding Corp.(a)		2,284		68,314
Pluralsight, Inc., Class A(a)		5,520		114,816
Progress Software Corp.		3,065		123,152
Proofpoint, Inc.(a)(b)		3,693		476,692
PROS Holdings, Inc.(a)		2,454		103,412
PTC, Inc.(a)		6,729		894,351
Q2 Holdings, Inc.(a)		3,271		418,655
QAD, Inc., Class A		681		44,122
Qualys, Inc.(a)(b)		2,126		294,387
Rapid7, Inc.(a)(b)		3,257		282,773
RealPage, Inc.(a)(b)		5,715		494,748
Rimini Street, Inc.(a)		1,025		7,226
SailPoint Technologies Holding, Inc.(a)		5,764		318,807
Sapiens International Corp. NV(a)		1,589		51,897
Seachange International, Inc.(a)		1,323		1,561
SecureWorks Corp., Class A(a)		715		9,896
ShotSpotter, Inc.(a)		563		25,892
Smartsheet, Inc., Class A(a)		7,232		504,360
Smith Micro Software Inc.(a)		1,924		12,237
SolarWinds Corp.(a)		2,925		49,169
Sprout Social, Inc., Class A(a)(b)		1,896		125,136
SPS Commerce, Inc.(a)(b)		2,293		226,755
Sumo Logic, Inc.(a)		850		29,248
SVMK, Inc.(a)		7,971		200,949
Synchronoss Technologies, Inc.(a)		1,988		10,020
Telenav, Inc.(a)		1,667		7,935
Tenable Holdings, Inc.(a)		4,615		228,396
Teradata Corp.(a)		7,292		196,155
Upland Software, Inc.(a)		1,615		77,019
Varonis Systems, Inc.(a)		2,009		355,131
Verint Systems, Inc.(a)		3,991		294,656
Veritone, Inc.(a)		1,716		67,387
VirnetX Holding Corp.(a)		3,999		24,194
Workiva, Inc.(a)		2,433		237,145
Xperi Holding Corp.		6,915		133,183
Yext, Inc.(a)(b)		6,287		106,062
Zendesk, Inc.(a)(b)		7,472		1,077,761
Zix Corp.(a)		3,312		26,993

SCHEDULE    OF   INVESTMENTS 41

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Zscaler, Inc.(a)		4,660	$	930,602
Zuora, Inc., Class A(a)		6,252		92,217
				27,562,150
Specialty Retail — 2.6%
Aaron’s Co., Inc.(a)		2,179		36,912
Abercrombie & Fitch Co., Class A(a)		3,866		89,189
Academy Sports & Outdoors, Inc.(a)(b)		1,427		30,681
American Eagle Outfitters, Inc.		9,973		226,287
America’s Car-Mart, Inc.(a)		411		48,819
Asbury Automotive Group, Inc.(a)		1,195		170,419
At Home Group, Inc.(a)(b)		3,374		82,224
AutoNation, Inc.(a)		3,777		269,225
Bed Bath & Beyond, Inc.(a)		7,923		279,920
Boot Barn Holdings, Inc.(a)		1,977		113,164
Buckle, Inc.		1,809		71,130
Caleres, Inc.		2,356		35,599
Camping World Holdings, Inc., Class A		2,038		69,618
Cato Corp., Class A(a)		1,422		16,168
Chico’s FAS, Inc.(a)		8,222		18,171
Children’s Place, Inc.(a)		857		62,964
Citi Trends, Inc.(a)		644		37,996
Conn’s, Inc.(a)		1,106		17,397
Container Store Group, Inc.(a)		1,302		17,746
Designer Brands, Inc., Class A(a)		3,803		46,587
Dick’s Sporting Goods, Inc.		4,077		273,200
Envela Corp.(a)(b)		565		3,537
Express, Inc.(a)(b)		2,819		16,914
Five Below, Inc.(a)		3,554		624,544
Floor & Decor Holdings, Inc., Class A(a)		5,917		544,778
Foot Locker, Inc.		6,780		297,100
GameStop Corp., Class A(a)(b)		3,905		1,269,125
Gap, Inc.(a)		11,952		242,028
Genesco, Inc.(a)		908		35,239
Group 1 Automotive, Inc.		1,082		148,905
GrowGeneration Corp.(a)		2,331		100,676
Guess?, Inc.		2,797		64,946
Haverty Furniture Cos., Inc.		1,060		34,651
Hibbett Sports, Inc.(a)		1,036		58,482
L Brands, Inc.(a)		14,813		603,778
Leslie’s Inc.(a)(b)		3,105		88,803
Lithia Motors, Inc., Class A		1,673		533,152
Lumber Liquidators Holdings, Inc.(a)		1,780		49,769
MarineMax, Inc.(a)		1,240		51,869
Michaels Cos., Inc.(a)		4,638		71,889
Monro, Inc.		2,048		119,747
Murphy USA, Inc.		1,719		214,136
National Vision Holdings, Inc.(a)		5,008		232,221
ODP Corp.(a)		3,243		138,444
OneWater Marine, Inc., Class A(a)		501		16,197
Penske Automotive Group, Inc.		2,168		129,733
Rent-A-Center, Inc.		3,301		142,933
RH(a)		1,025		487,244
Sally Beauty Holdings, Inc.(a)(b)		7,070		106,757
Shoe Carnival, Inc.		569		26,737
Signet Jewelers Ltd.(a)		3,244		131,771
Sleep Number Corp.(a)		1,672		180,141
Sonic Automotive, Inc., Class A		1,478		60,495
Sportsman’s Warehouse Holdings, Inc.(a)		2,636		46,183
Tilly’s, Inc., Class A(a)		1,454		14,249
Urban Outfitters, Inc.(a)		4,288		117,620
Vroom Inc.(a)(b)		1,733		63,826

Security	Shares		Value
Specialty Retail (continued)
Williams-Sonoma, Inc.		5,021	$	647,307
Winmark Corp.		186		31,737
Zumiez, Inc.(a)		1,301		56,047
				9,817,126
Technology Hardware, Storage & Peripherals — 0.4%
3D Systems Corp.(a)(b)		8,290		294,626
Avid Technology, Inc.(a)		1,999		34,063
Contra Technologies		311		4,078
Corsair Gaming, Inc.(a)(b)		886		33,473
Diebold Nixdorf, Inc.(a)		4,353		59,462
Eastman Kodak Co.(a)		1,013		9,715
Immersion Corp.(a)		1,332		16,850
Intevac, Inc.(a)		1,310		8,777
NCR Corp.(a)		7,945		265,045
Pure Storage, Inc., Class A(a)(b)		15,123		349,795
Quantum Corp.(a)		1,685		12,014
Super Micro Computer Inc.(a)		2,776		86,056
Xerox Holdings Corp.		10,795		227,019
				1,400,973
Textiles, Apparel & Luxury Goods — 1.2%
Capri Holdings Ltd.(a)		9,238		384,855
Carter’s, Inc.(a)		2,799		246,424
Columbia Sportswear Co.(a)		1,924		168,273
Crocs, Inc.(a)		4,164		291,563
Deckers Outdoor Corp.(a)		1,749		510,673
Fossil Group, Inc.(a)		2,890		41,905
G-III Apparel Group Ltd.(a)(b)		2,730		73,819
Hanesbrands, Inc.		22,449		343,245
Kontoor Brands, Inc.		3,190		115,223
Lakeland Industries, Inc.(a)		445		12,371
Movado Group, Inc.		1,037		21,424
Oxford Industries, Inc.		1,008		65,762
PVH Corp.(a)		4,580		390,491
Ralph Lauren Corp.(a)		3,069		310,123
Rocky Brands, Inc.		446		15,369
Skechers USA, Inc., Class A(a)		8,360		288,253
Steven Madden Ltd.(a)		5,135		172,536
Superior Group of Cos., Inc.		682		15,570
Tapestry, Inc.(a)		17,920		566,630
Under Armour, Inc., Class A(a)		11,704		204,820
Under Armour, Inc., Class C(a)		13,246		198,293
Unifi, Inc.(a)		1,307		31,303
Vera Bradley, Inc.(a)(b)		1,270		10,732
Wolverine World Wide, Inc.		5,002		143,257
				4,622,914
Thrifts & Mortgage Finance — 0.9%
Axos Financial, Inc.(a)		3,489		135,896
Bogota Financial Corp.(a)		523		4,744
Bridgewater Bancshares, Inc.(a)		1,386		17,796
Capitol Federal Financial, Inc.		8,189		101,707
Columbia Financial, Inc.(a)		3,527		54,386
ESSA Bancorp, Inc.		470		6,712
Essent Group Ltd.		7,198		301,092
Federal Agricultural Mortgage Corp., Class C		566		43,016
Flagstar Bancorp, Inc.		3,008		128,893
FS Bancorp, Inc.		192		10,295
Greene County Bancorp, Inc.		113		2,680
Hingham Institution for Savings		87		19,076
Home Bancorp, Inc.		574		16,164
HomeStreet, Inc.		1,307		47,575
Kearny Financial Corp.		4,763		49,297

42 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
Luther Burbank Corp.		1,439	$	14,088
Merchants Bancorp		617		18,399
Meridian Bancorp, Inc.		2,870		43,480
Meta Financial Group, Inc.		2,000		77,260
MGIC Investment Corp.		21,127		247,608
MMA Capital Holdings, Inc.(a)		195		4,618
Mr Cooper Group, Inc.(a)		4,786		130,323
New York Community Bancorp, Inc.		28,210		295,077
NMI Holdings, Inc., Class A(a)		5,143		109,083
Northfield Bancorp, Inc.		2,802		34,633
Northwest Bancshares, Inc.		7,141		91,048
OP Bancorp		872		6,618
PCSB Financial Corp.		942		13,880
PennyMac Financial Services, Inc.		2,642		153,236
Pioneer Bancorp, Inc.(a)(b)		699		7,305
Ponce de Leon Federal Bank(a)		718		6,764
Premier Financial Corp.		2,197		60,989
Provident Bancorp, Inc.		937		10,804
Provident Financial Holdings, Inc.		238		3,820
Provident Financial Services, Inc.		4,454		82,488
Prudential Bancorp, Inc.		593		7,003
Radian Group, Inc.		12,452		239,078
Riverview Bancorp, Inc.		1,280		6,669
Security National Financial Corp., Class A(a)		693		5,960
Southern Missouri Bancorp, Inc.		443		13,578
Standard AVB Financial Corp.		246		8,071
Sterling Bancorp, Inc.(a)		690		3,229
Territorial Bancorp, Inc.		588		14,030
TFS Financial Corp.		3,037		53,664
Timberland Bancorp, Inc.		537		13,559
TrustCo Bank Corp. NY		5,344		33,240
Walker & Dunlop, Inc.		1,913		157,478
Washington Federal, Inc.		5,064		132,575
Waterstone Financial, Inc.		1,519		28,056
Western New England Bancorp, Inc.		1,370		8,782
WSFS Financial Corp.		3,564		153,145
				3,228,967
Tobacco — 0.1%
Turning Point Brands, Inc.		752		35,419
Universal Corp.		1,503		68,943
Vector Group Ltd.		8,754		102,772
				207,134
Trading Companies & Distributors — 0.9%
Air Lease Corp.		6,986		276,855
Alta Equipment Group, Inc.(a)		981		9,310
Applied Industrial Technologies, Inc.		2,395		168,584
Beacon Roofing Supply, Inc.(a)		3,391		134,860
Boise Cascade Co.		2,423		115,408
CAI International, Inc.		1,010		32,795
DXP Enterprises, Inc.(a)		1,030		23,886
EVI Industries, Inc.(a)		255		9,157
GATX Corp.		2,406		223,277
General Finance Corp.(a)		582		4,295
GMS, Inc.(a)		2,571		74,533
H&E Equipment Services, Inc.		2,004		55,070
Herc Holdings, Inc.(a)		1,562		99,937

Security	Shares		Value
Trading Companies & Distributors (continued)
Lawson Products, Inc.(a)		284	$	14,084
MRC Global, Inc.(a)		4,587		31,696
MSC Industrial Direct Co., Inc., Class A		2,806		217,661
Nesco Holdings, Inc.(a)		1,075		8,192
NOW, Inc.(a)		6,786		56,256
Rush Enterprises, Inc., Class A		2,484		104,303
Rush Enterprises, Inc., Class B		502		19,442
SiteOne Landscape Supply, Inc.(a)(b)		2,828		445,919
Systemax, Inc.		775		29,783
Textainer Group Holdings Ltd.(a)(b)		3,465		62,751
Titan Machinery, Inc.(a)		1,152		24,538
Transcat, Inc.(a)		421		15,396
Triton International Ltd.		4,018		186,194
Univar Solutions, Inc.(a)		11,175		207,743
Veritiv Corp.(a)		697		12,769
Watsco, Inc.		2,076		495,105
WESCO International, Inc.(a)		3,221		245,150
Willis Lease Finance Corp.(a)		123		3,410
				3,408,359
Transportation Infrastructure — 0.0%
Macquarie Infrastructure Corp.		4,611		128,140
Water Utilities — 0.3%
American States Water Co.		2,299		177,621
Artesian Resources Corp., Class A		484		19,786
Cadiz, Inc.(a)(b)		1,379		15,389
California Water Service Group		3,075		168,018
Consolidated Water Co. Ltd.		675		8,552
Essential Utilities, Inc.		14,040		650,052
Global Water Resources, Inc.		556		8,935
Middlesex Water Co.		1,052		83,739
Pure Cycle Corp.(a)		1,157		12,345
SJW Group		1,634		108,122
York Water Co.		754		32,754
				1,285,313
Wireless Telecommunication Services — 0.1%
Boingo Wireless, Inc.(a)(b)		2,748		31,712
Gogo, Inc.(a)		3,476		46,579
Shenandoah Telecommunications Co.		3,005		116,804
Spok Holdings, Inc.		1,110		12,343
Telephone & Data Systems, Inc.		6,940		130,125
United States Cellular Corp.(a)		910		28,374
				365,937
Total Common Stocks — 98.7% (Cost: $264,183,813)				368,047,834

SCHEDULE    OF   INVESTMENTS 43

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Equity Funds(e) — 0.4%
iShares Russell 2000 ETF(b)		3,584	$	736,727
iShares Russell Mid-Cap ETF		10,786		737,223
				1,473,950
Total Investment Companies — 0.4% (Cost: $1,364,484)				1,473,950
Total Long-Term Investments — 99.1% (Cost: $265,548,297)				369,521,784
Short-Term Securities
Money Market Funds — 7.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.17%(e)(f)(g)		23,890,778		23,905,113
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.02%(e)(f)		2,717,586		2,717,586
Total Short-Term Securities — 7.2% (Cost: $26,610,447)				26,622,699
Total Investments — 106.3% (Cost: $292,158,744)				396,144,483
Liabilities in Excess of Other Assets — (6.3)%				(23,368,004	)
Net Assets — 100.0%			$	372,776,479

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six-months ended January 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/21		Shares Held at 01/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	23,604,101	$	313,209	(a)	$	—		$	(3,571	)	$	(8,626	)	$	23,905,113		23,890,778	$	113,347	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,890,700		826,886	(a)		—			—			—			2,717,586		2,717,586		1,067			—
iShares Russell 2000 ETF		1,054,950		17,335,128			(18,047,882	)		453,253			(58,722	)		736,727		3,584		12,723			—
iShares Russell Mid-Cap ETF		989,672		12,661,276			(13,116,189	)		280,585			(78,121	)		737,223		10,786		9,110			—
PennyMac Financial Services, Inc.(c)		136,238		16,404			(26,328	)		7,440			(17,482	)		N/A		N/A		820			—
PennyMac Mortgage Investment Trust(c)		105,447		17,823			(9,636	)		(2,977	)		(14,734	)		N/A		N/A		5,300			—
									$	734,730		$	(177,685	)	$	28,096,649			$	142,367		$	—

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

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

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

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

44 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund     

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts    

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation   (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		13		03/19/21	$	1,344	$	(43,324	)
S&P MidCap 400 E-Mini		6		03/19/21		1,401		(47,928	)
							$	(91,252	)

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
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	91,252	$	—	$	—	$	—	$	91,252

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

For the six months ended January 31, 2021, 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	$	—	$	—	$	703,821		$	—	$	—	$	—	$	703,821
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(90,581	)	$	—	$	—	$	—	$	(90,581	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts
Average notional value of contracts — long	$2,651,055

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	5,303,149	$	—	$	—	$	5,303,149
Air Freight & Logistics		1,112,179		—		—		1,112,179
Airlines		1,922,404		—		—		1,922,404
Auto Components		4,065,539		—		—		4,065,539

SCHEDULE   OF   INVESTMENTS 45

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Automobiles	$	953,178	$	—	$	—	$	953,178
Banks		21,111,981		—		—		21,111,981
Beverages		1,051,846		—		—		1,051,846
Biotechnology		23,472,723		—		2,021		23,474,744
Building Products		6,764,901		—		—		6,764,901
Capital Markets		6,853,468		—		—		6,853,468
Chemicals		8,897,159		—		—		8,897,159
Commercial Services & Supplies		4,690,241		—		—		4,690,241
Communications Equipment		2,909,192		—		—		2,909,192
Construction & Engineering		4,461,498		—		—		4,461,498
Construction Materials		528,434		—		—		528,434
Consumer Finance		3,093,854		—		—		3,093,854
Containers & Packaging		4,943,832		—		—		4,943,832
Distributors		995,126		—		—		995,126
Diversified Consumer Services		4,112,019		—		—		4,112,019
Diversified Financial Services		1,054,046		—		—		1,054,046
Diversified Telecommunication Services		1,280,782		—		—		1,280,782
Electric Utilities		4,065,357		—		—		4,065,357
Electrical Equipment		7,127,769		—		—		7,127,769
Electronic Equipment, Instruments & Components		8,599,902		—		—		8,599,902
Energy Equipment & Services		1,616,555		—		—		1,616,555
Entertainment		1,577,623		—		—		1,577,623
Equity Real Estate Investment Trusts (REITs)		25,419,914		—		—		25,419,914
Food & Staples Retailing		2,620,436		—		—		2,620,436
Food Products		5,705,170		—		—		5,705,170
Gas Utilities		2,083,198		—		—		2,083,198
Health Care Equipment & Supplies		10,172,702		—		—		10,172,702
Health Care Providers & Services		8,463,182		—		—		8,463,182
Health Care Technology		2,615,987		—		—		2,615,987
Hotels, Restaurants & Leisure		9,684,435		—		—		9,684,435
Household Durables		7,366,796		—		—		7,366,796
Household Products		860,597		—		—		860,597
Independent Power and Renewable Electricity Producers		1,669,409		—		—		1,669,409
Industrial Conglomerates		547,283		—		—		547,283
Insurance		11,452,344		—		—		11,452,344
Interactive Media & Services		2,579,584		—		—		2,579,584
Internet & Direct Marketing Retail		3,855,539		—		—		3,855,539
IT Services		11,916,598		—		—		11,916,598
Leisure Products		2,369,354		—		—		2,369,354
Life Sciences Tools & Services		9,141,205		—		—		9,141,205
Machinery		13,819,625		—		—		13,819,625
Marine		480,469		—		—		480,469
Media		4,816,929		—		—		4,816,929
Metals & Mining		3,919,272		1,286		—		3,920,558
Mortgage Real Estate Investment Trusts (REITs)		3,033,761		—		—		3,033,761
Multi-line Retail		1,482,769		—		—		1,482,769
Multi-Utilities		963,480		—		—		963,480
Oil, Gas & Consumable Fuels		6,283,508		—		—		6,283,508
Paper & Forest Products		608,956		—		—		608,956
Personal Products		1,230,341		—		—		1,230,341
Pharmaceuticals		5,982,442		—		—		5,982,442
Professional Services		3,843,131		—		—		3,843,131
Real Estate Management & Development		2,043,574		—		—		2,043,574
Road & Rail		2,044,110		—		—		2,044,110
Semiconductors & Semiconductor Equipment		14,376,657		—		—		14,376,657
Software		27,562,150		—		—		27,562,150
Specialty Retail		9,817,126		—		—		9,817,126
Technology Hardware, Storage & Peripherals		1,396,895		4,078		—		1,400,973
Textiles, Apparel & Luxury Goods		4,622,914		—		—		4,622,914
Thrifts & Mortgage Finance		3,228,967		—		—		3,228,967
Tobacco		207,134		—		—		207,134
Trading Companies & Distributors		3,408,359		—		—		3,408,359
Transportation Infrastructure		128,140		—		—		128,140

46 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Russell Small/Mid-Cap Index Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Common Stocks (continued)
Water Utilities	$	1,285,313		$	—	$	—	$	1,285,313
Wireless Telecommunication Services		365,937			—		—		365,937
Investment Companies		1,473,950			—		—		1,473,950
Short-Term Securities
Money Market Funds		26,622,699			—		—		26,622,699
	$	396,137,098		$	5,364	$	2,021	$	396,144,483
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(91,252	)	$	—	$	—	$	(91,252	)

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

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 47

Schedule of Investments (unaudited)  January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.4%
AAR Corp.		1,153	$	38,683
Aerojet Rocketdyne Holdings, Inc.(a)		3,051		158,774
AeroVironment, Inc.(a)(b)		868		99,620
Astronics Corp.(a)		802		9,993
Axon Enterprise, Inc.(a)(b)		2,357		386,925
Boeing Co.		20,916		4,061,678
BWX Technologies, Inc.		3,650		196,808
Cubic Corp.		1,334		81,614
Curtiss-Wright Corp.		1,708		177,273
Ducommun, Inc.(a)		463		22,844
General Dynamics Corp.		9,860		1,446,265
HEICO Corp.		1,729		203,572
HEICO Corp., Class A		3,002		319,143
Hexcel Corp.		3,454		150,802
Howmet Aerospace, Inc.		15,730		386,643
Huntington Ingalls Industries, Inc.		1,523		239,614
Kaman Corp.		920		46,331
Kratos Defense & Security Solutions, Inc.(a)		4,572		121,341
L3Harris Technologies, Inc.		8,199		1,406,211
Lockheed Martin Corp.		9,736		3,133,240
Maxar Technologies, Inc.		2,487		104,131
Mercury Systems, Inc.(a)		2,137		151,855
Moog, Inc., Class A		1,168		86,280
National Presto Industries, Inc.		228		20,385
Northrop Grumman Corp.		6,084		1,743,735
PAE, Inc.(a)		2,523		20,941
Park Aerospace Corp.		658		8,738
Parsons Corp.(a)		762		27,173
Raytheon Technologies Corp.		55,885		3,729,206
Spirit AeroSystems Holdings, Inc., Class A(b)		4,322		146,386
Teledyne Technologies, Inc.(a)		1,387		495,173
Textron, Inc.		8,945		404,851
TransDigm Group, Inc.(a)		2,018		1,116,519
Triumph Group, Inc.		1,724		18,671
Vectrus, Inc.(a)		359		18,453
Virgin Galactic Holdings Inc.(a)(b)		2,449		108,466
				20,888,337
Air Freight & Logistics — 0.6%
Air Transport Services Group, Inc.(a)		2,478		62,966
Atlas Air Worldwide Holdings, Inc.(a)		1,045		54,152
C.H. Robinson Worldwide, Inc.		5,143		440,035
Echo Global Logistics, Inc.(a)		852		22,433
Expeditors International of Washington, Inc.		6,833		611,690
FedEx Corp.		9,534		2,243,732
Forward Air Corp.		1,054		75,561
Hub Group, Inc., Class A(a)		1,423		74,893
Radiant Logistics, Inc.(a)		1,065		6,177
United Parcel Service, Inc., Class B		27,990		4,338,450
XPO Logistics, Inc.(a)		3,506		387,097
				8,317,186
Airlines — 0.2%
Alaska Air Group, Inc.		4,726		230,770
Allegiant Travel Co.		451		81,852
American Airlines Group, Inc.(b)		21,587		370,649
Copa Holdings SA, Class A		1,182		91,451
Delta Air Lines, Inc.		24,721		938,409
Hawaiian Holdings, Inc.		1,545		30,236
JetBlue Airways Corp.(a)		10,526		150,943
Mesa Air Group, Inc.(a)		1,258		8,215

Security	Shares			Value
Airlines (continued)
SkyWest, Inc.		1,783		$	69,519
Southwest Airlines Co.		23,686	��		1,040,763
Spirit Airlines, Inc.(a)(b)		3,449			89,467
United Airlines Holdings, Inc.(a)		11,475			458,885
					3,561,159
Auto Components — 0.3%
Adient PLC(a)		3,299			106,525
American Axle & Manufacturing Holdings, Inc.(a)		3,615			31,848
Aptiv PLC		10,405			1,390,108
BorgWarner, Inc.		9,375			393,656
Cooper Tire & Rubber Co.		1,783			65,525
Cooper-Standard Holdings, Inc.(a)		597			18,214
Dana, Inc.		6,092			117,941
Dorman Products, Inc.(a)		1,032			93,737
Fox Factory Holding Corp.(a)		1,655			198,004
Gentex Corp.		9,797			323,791
Gentherm, Inc.(a)		1,168			71,552
Goodyear Tire & Rubber Co.		7,992			84,316
LCI Industries		998			129,121
Lear Corp.		2,287			344,788
Modine Manufacturing Co.(a)		1,640			20,582
Motorcar Parts of America, Inc.(a)		702			15,886
Patrick Industries, Inc.		988			68,231
Standard Motor Products, Inc.		1,011			39,662
Stoneridge, Inc.(a)		828			22,729
Tenneco, Inc., Class A(a)		1,503			15,180
Visteon Corp.(a)		1,019			129,902
Workhorse Group, Inc.(a)(b)		3,665			125,783
XPEL Inc.(a)		752			36,104
					3,843,185
Automobiles — 1.9%
Ford Motor Co.		156,117			1,643,912
General Motors Co.		48,985			2,482,560
Harley-Davidson, Inc.		6,145			246,353
Tesla, Inc.(a)		29,565			23,460,715
Thor Industries, Inc.		2,213			267,795
Winnebago Industries, Inc.		1,188			82,043
					28,183,378
Banks — 3.9%
1st Source Corp.		411			16,173
ACNB Corp.		387			9,694
Allegiance Bancshares, Inc.		408			14,353
Altabancorp		363			11,692
Amalgamated Bank, Class A		666			9,764
Amerant Bancorp, Inc.(a)		643			9,169
American National Bankshares, Inc.		234			6,540
Ameris Bancorp		2,122			82,991
Ames National Corp.		233			5,245
Arrow Financial Corp.		482			14,171
Associated Banc-Corp.		5,634			101,074
Atlantic Capital Bancshares, Inc.(a)		685			12,255
Atlantic Union Bankshares Corp.		3,213			105,515
Banc of California, Inc.		1,360			22,916
BancFirst Corp.		744			42,877
Bancorp, Inc.(a)		1,904			31,930
BancorpSouth Bank		4,569			126,333
Bank First Corp.		309			20,400
Bank of America Corp.		303,088			8,986,559
Bank of Commerce Holdings		737			7,466
Bank of Hawaii Corp.		1,589			124,244
Bank of Marin Bancorp		316			11,736

48 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Bank of NT Butterfield & Son Ltd.		2,038	$	61,976
Bank of Princeton		383		8,932
Bank OZK		5,100		189,516
BankFinancial Corp.		603		5,113
BankUnited, Inc.		3,569		123,666
Bankwell Financial Group, Inc.		364		7,080
Banner Corp.		981		43,390
Bar Harbor Bankshares		399		8,582
Baycom Corp.(a)		382		5,615
Berkshire Hills Bancorp, Inc.		2,000		33,160
BOK Financial Corp.		1,176		86,859
Boston Private Financial Holdings, Inc.		3,138		38,252
Brookline Bancorp, Inc.		2,260		28,453
Bryn Mawr Bank Corp.		476		14,794
Business First Bancshares, Inc.		1,155		23,447
Byline Bancorp, Inc.		413		6,637
C&F Financial Corp.		148		5,827
Cadence BanCorp.		4,445		79,654
Cambridge Bancorp		245		18,008
Camden National Corp.		528		19,826
Capital City Bank Group, Inc.		363		8,106
Carter Bankshares, Inc.		1,048		10,490
Cathay General Bancorp		3,357		113,534
CBTX, Inc.		506		13,318
Central Pacific Financial Corp.		427		8,489
Central Valley Community Bancorp		191		2,922
Century Bancorp, Inc., Class A		231		18,295
Chemung Financial Corp.		179		5,989
ChoiceOne Financial Services, Inc.		423		10,888
CIT Group, Inc.		3,915		144,463
Citigroup, Inc.		81,569		4,730,186
Citizens & Northern Corp.		381		7,281
Citizens Financial Group, Inc.		16,608		605,196
City Holding Co.		442		30,520
Civista Bancshares, Inc.		808		13,776
CNB Financial Corp.		283		5,951
Codorus Valley Bancorp, Inc.		340		5,372
Columbia Banking System, Inc.		2,735		105,352
Comerica, Inc.		5,394		308,537
Commerce Bancshares, Inc.		4,275		285,784
Community Bank System, Inc.		1,925		124,836
Community Trust Bancorp, Inc.		487		17,756
ConnectOne Bancorp, Inc.		960		20,400
CrossFirst Bankshares, Inc.(a)		2,745		31,567
Cullen/Frost Bankers, Inc.		2,139		197,301
Customers Bancorp, Inc.(a)		1,068		23,731
CVB Financial Corp.		5,185		100,745
Dime Community Bancshares, Inc.		1,364		24,836
Eagle Bancorp, Inc.		1,044		44,360
East West Bancorp, Inc.		5,416		324,635
Eastern Bankshares, Inc.(a)		5,657		90,173
Enterprise Bancorp, Inc.		214		5,423
Enterprise Financial Services Corp.		1,294		45,691
Equity Bancshares, Inc., Class A(a)		361		7,971
Esquire Financial Holdings, Inc.(a)		695		15,346
Farmers & Merchants Bancorp, Inc./Archbold		870		19,923
Farmers National Banc Corp.		551		7,339
FB Financial Corp.		1,697		63,400
Fidelity D&D Bancorp, Inc.		168		8,267
Fifth Third Bancorp		27,712		801,708
Financial Institutions, Inc.		439		10,049
First Bancorp, Inc.		314		7,545
First BanCorp, Puerto Rico		7,080		64,428

Security	Shares		Value
Banks (continued)
First Bancorp/Southern Pines NC		897	$	30,552
First Bancshares, Inc.		1,176		35,209
First Bank/Hamilton		1,767		15,991
First Busey Corp.		6,381		131,895
First Business Financial Services, Inc.		443		8,532
First Capital, Inc.		165		7,918
First Choice Bancorp		314		6,173
First Citizens BancShares, Inc., Class A		269		160,321
First Commonwealth Financial Corp.		3,047		35,741
First Community Bancshares, Inc.		576		12,361
First Financial Bancorp		3,534		64,743
First Financial Bankshares, Inc.		5,165		195,650
First Financial Corp.		515		19,771
First Foundation, Inc.		1,126		22,813
First Hawaiian, Inc.		5,055		117,529
First Horizon Corp.		22,768		316,248
First Internet Bancorp		258		7,900
First Interstate Bancsystem, Inc., Class A		1,728		66,804
First Merchants Corp.		2,071		78,015
First Mid Bancshares, Inc.		285		9,653
First Midwest Bancorp, Inc.		3,526		58,285
First Northwest Bancorp		1,308		17,920
First of Long Island Corp.		640		10,707
First Republic Bank		6,818		988,542
Flushing Financial Corp.		756		13,820
FNB Corp.		12,170		119,996
Fulton Financial Corp.		6,228		83,455
FVCBankcorp, Inc.(a)		685		10,570
German American Bancorp, Inc.		1,941		65,664
Glacier Bancorp, Inc.		3,811		177,783
Great Southern Bancorp, Inc.		266		13,079
Great Western Bancorp, Inc.		1,846		44,304
Guaranty Bancshares, Inc.		270		9,013
Hancock Whitney Corp.		3,184		108,702
Hanmi Financial Corp.		907		12,535
HarborOne Bancorp, Inc.(a)		5,845		63,477
Heartland Financial USA, Inc.		1,223		52,173
Heritage Commerce Corp.		1,357		11,914
Heritage Financial Corp.		1,053		24,851
Hilltop Holdings, Inc.		2,641		79,336
Home BancShares, Inc.		5,919		125,483
HomeTrust Bancshares, Inc.		642		13,482
Hope Bancorp, Inc.		3,638		40,673
Horizon Bancorp		897		14,200
Howard Bancorp, Inc.(a)		467		5,651
Huntington Bancshares, Inc.		37,606		497,339
Independent Bank Corp.		2,109		107,012
Independent Bank Group, Inc.		1,357		83,347
International Bancshares Corp.		2,159		81,632
Investar Holding Corp.		897		14,469
Investors Bancorp, Inc.		8,514		97,996
JPMorgan Chase & Co.		118,688		15,271,585
KeyCorp.		37,766		636,735
Lakeland Bancorp, Inc.		1,021		13,385
Lakeland Financial Corp.		1,121		65,803
LCNB Corp.		345		5,306
Live Oak Bancshares, Inc.		1,286		51,286
M&T Bank Corp.		5,112		677,187
Macatawa Bank Corp.		816		6,773
MainStreet Bancshares, Inc.(a)		536		9,155
Mercantile Bank Corp.		497		13,494
Metrocity Bankshares, Inc.		765		10,894
Metropolitan Bank Holding Corp.(a)		180		7,139

SCHEDULE    OF   INVESTMENTS 49

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Midland States Bancorp, Inc.		963	$	17,710
MidWestOne Financial Group, Inc.		266		6,541
National Bank Holdings Corp., Class A		890		29,610
National Bankshares, Inc.		185		5,735
NBT Bancorp, Inc.		1,281		42,286
Nicolet Bankshares, Inc.(a)		324		21,964
Northrim BanCorp, Inc.		226		7,259
Norwood Financial Corp.		331		8,169
Oak Valley Bancorp		65		1,011
OceanFirst Financial Corp.		1,828		33,196
OFG Bancorp		1,912		32,848
Ohio Valley Banc Corp.		173		3,718
Old National Bancorp		5,681		95,384
Old Second Bancorp, Inc.		606		5,951
Origin Bancorp, Inc.		454		14,342
Orrstown Financial Services, Inc.		348		6,024
Pacific Premier Bancorp, Inc.		4,607		153,183
PacWest Bancorp		4,991		150,678
Park National Corp.		615		66,426
Peapack Gladstone Financial Corp.		523		12,301
Penns Woods Bancorp, Inc.		243		5,234
Peoples Bancorp, Inc.		664		20,252
Peoples Financial Services Corp.		546		19,667
People’s United Financial, Inc.		17,555		239,801
Pinnacle Financial Partners, Inc.		3,063		209,907
PNC Financial Services Group, Inc.		16,541		2,373,964
Popular, Inc.		3,484		197,717
Preferred Bank		405		19,557
Premier Financial Bancorp, Inc.		500		7,685
Prosperity Bancshares, Inc.		3,532		238,198
QCR Holdings, Inc.		413		16,016
RBB Bancorp		350		5,810
Red River Bancshares, Inc.		282		13,136
Regions Financial Corp.		37,721		641,634
Reliant Bancorp, Inc.		1,151		23,653
Renasant Corp.		1,899		67,225
Republic Bancorp, Inc., Class A		204		7,362
Republic First Bancorp, Inc.(a)		1,213		3,396
S&T Bancorp, Inc.		1,347		34,214
Sandy Spring Bancorp, Inc.		2,975		98,859
Seacoast Banking Corp. of Florida(a)		1,610		49,024
Select Bancorp, Inc.(a)		1,948		18,389
ServisFirst Bancshares, Inc.		2,269		93,211
Sierra Bancorp		304		6,648
Signature Bank		2,085		344,421
Silvergate Capital Corp., Class A(a)		833		77,519
Simmons First National Corp., Class A		3,421		84,499
SmartFinancial, Inc.		348		6,890
South State Corp.		2,712		189,135
Southern First Bancshares, Inc.(a)		161		6,456
Southern National Bancorp of Virginia, Inc.		518		6,252
Southside Bancshares, Inc.		1,208		37,895
Spirit of Texas Bancshares, Inc.		929		16,666
Sterling Bancorp		7,510		138,635
Stock Yards Bancorp, Inc.		675		30,510
Summit Financial Group, Inc.		488		10,102
SVB Financial Group(a)		1,995		873,371
Synovus Financial Corp.		5,771		214,681
TCF Financial Corp.		5,888		228,808
Texas Capital Bancshares, Inc.(a)		1,902		114,538
Tompkins Financial Corp.		571		38,183
TowneBank		2,464		57,165

Security	Shares		Value
Banks (continued)
Trico Bancshares		1,297	$	48,378
TriState Capital Holdings, Inc.(a)		771		14,148
Triumph Bancorp, Inc.(a)		785		45,012
Truist Financial Corp.		52,991		2,542,508
Trustmark Corp.		2,824		77,575
U.S. Bancorp		53,851		2,307,515
UMB Financial Corp.		1,754		124,481
Umpqua Holdings Corp.		8,017		116,327
United Bankshares, Inc.		4,794		151,778
United Community Banks, Inc.		2,390		71,294
Unity Bancorp, Inc.		498		9,362
Univest Financial Corp.		855		19,195
Valley National Bancorp		14,971		152,854
Veritex Holdings, Inc.		1,506		38,493
Washington Trust Bancorp, Inc.		832		36,259
Webster Financial Corp.		3,366		157,360
Wells Fargo & Co.		147,087		4,394,960
WesBanco, Inc.		2,638		76,502
West BanCorp., Inc.		346		7,128
Westamerica BanCorp.		987		55,094
Western Alliance Bancorp		3,980		271,356
Wintrust Financial Corp.		2,100		126,399
Zions Bancorp NA		6,305		278,303
				58,956,636
Beverages — 1.3%
Boston Beer Co., Inc., Class A(a)		340		311,743
Brown-Forman Corp., Class A		1,920		126,950
Brown-Forman Corp., Class B		6,938		497,247
Celsius Holdings, Inc.(a)		1,729		92,329
Coca-Cola Co.		151,276		7,283,939
Coca-Cola Consolidated, Inc.(b)		211		56,307
Constellation Brands, Inc., Class A		6,245		1,317,258
Keurig Dr Pepper, Inc.		18,208		579,014
MGP Ingredients, Inc.(b)		444		25,708
Molson Coors Beverage Co., Class B		6,741		338,129
Monster Beverage Corp.(a)		14,315		1,242,971
National Beverage Corp.(b)		405		61,374
NewAge, Inc.(a)(b)		4,799		14,637
PepsiCo, Inc.		54,130		7,392,534
Primo Water Corp.		6,214		96,006
				19,436,146
Biotechnology — 2.9%
89bio, Inc.(a)		289		5,867
AbbVie, Inc.		68,871		7,057,900
Abeona Therapeutics, Inc.(a)		11,658		22,267
ACADIA Pharmaceuticals, Inc.(a)		4,619		221,943
Acceleron Pharma, Inc.(a)		1,966		227,132
ADMA Biologics, Inc.(a)		2,777		6,165
Aduro Biotech, Inc.(a)(c)		400		1,200
Adverum Biotechnologies, Inc.(a)		3,722		45,892
Aeglea BioTherapeutics, Inc.(a)		2,074		14,414
Affimed NV(a)		4,124		23,631
Agenus, Inc.(a)		8,555		31,482
Agios Pharmaceuticals, Inc.(a)(b)		2,338		109,816
Akebia Therapeutics, Inc.(a)		4,847		15,704
Akero Therapeutics, Inc.(a)(b)		963		28,331
Albireo Pharma, Inc.(a)(b)		609		22,332
Alector, Inc.(a)(b)		1,848		31,120
Alexion Pharmaceuticals, Inc.(a)		8,248		1,264,666
Alkermes PLC(a)		5,821		122,183
Allakos, Inc.(a)		940		125,330
Allogene Therapeutics, Inc.(a)		1,876		65,097

50 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Allovir, Inc.(a)		691	$	25,270
Alnylam Pharmaceuticals, Inc.(a)		4,489		675,505
ALX Oncology Holdings, Inc.(a)		357		28,292
Amgen, Inc.		22,796		5,503,638
Amicus Therapeutics, Inc.(a)		9,878		186,793
AnaptysBio, Inc.(a)		865		22,421
Anavex Life Sciences Corp.(a)(b)		2,552		16,027
Anika Therapeutics, Inc.(a)		494		18,283
Apellis Pharmaceuticals, Inc.(a)		2,528		111,915
Applied Therapeutics, Inc.(a)		339		7,099
Aprea Therapeutics, Inc.(a)		341		1,882
Arcturus Therapeutics Holdings, Inc.(a)(b)		826		59,852
Arcus Biosciences, Inc.(a)		2,050		71,197
Arcutis Biotherapeutics, Inc.(a)(b)		480		13,099
Ardelyx, Inc.(a)		2,213		15,026
Arena Pharmaceuticals, Inc.(a)		2,196		163,031
Arrowhead Pharmaceuticals, Inc.(a)		3,955		305,207
Assembly Biosciences, Inc.(a)		1,357		7,572
Atara Biotherapeutics, Inc.(a)		2,603		48,051
Athenex, Inc.(a)		2,643		34,544
Athersys, Inc.(a)(b)		6,963		13,473
Atreca, Inc., Class A(a)		1,687		21,931
Avid Bioservices, Inc.(a)		2,581		37,657
Avidity Biosciences, Inc.(a)		896		20,500
Avrobio, Inc.(a)		1,777		25,429
Beam Therapeutics, Inc.(a)		1,487		143,391
Beyondspring, Inc.(a)		425		5,160
BioCryst Pharmaceuticals, Inc.(a)		7,146		60,884
Biogen, Inc.(a)		6,061		1,712,899
Biohaven Pharmaceutical Holding Co. Ltd.(a)(b)		1,986		169,247
BioMarin Pharmaceutical, Inc.(a)		6,918		572,672
Bioxcel Therapeutics, Inc.(a)		439		20,334
Black Diamond Therapeutics, Inc.(a)		546		13,524
Bluebird Bio, Inc.(a)		2,767		123,270
Blueprint Medicines Corp.(a)		2,112		204,336
Bridgebio Pharma, Inc.(a)(b)		3,862		219,207
Calithera Biosciences, Inc.(a)		5,258		15,090
CareDx, Inc.(a)		2,042		156,070
CASI Pharmaceuticals, Inc.(a)		1,541		5,178
Catalyst Pharmaceuticals, Inc.(a)		2,952		10,745
Cellular Biomedicine Group, Inc.(a)		498		9,761
CEL-SCI Corp.(a)		1,266		31,587
ChemoCentryx, Inc.(a)		1,939		110,542
Chimerix, Inc.(a)		5,800		49,184
Chinook Therapeutics, Inc.(a)		400		5,668
Clovis Oncology, Inc.(a)(b)		3,846		30,383
Coherus Biosciences, Inc.(a)		2,172		40,834
Concert Pharmaceuticals, Inc.(a)		1,838		19,244
Constellation Pharmaceuticals, Inc.(a)	��	777		25,618
Corbus Pharmaceuticals Holdings, Inc.(a)(b)		3,028		5,541
Cortexyme, Inc.(a)		681		26,709
Crinetics Pharmaceuticals, Inc.(a)		1,292		18,540
Cue Biopharma, Inc.(a)		690		9,343
Cyclerion Therapeutics, Inc.(a)		437		1,381
Cytokinetics, Inc.(a)		2,748		54,053
CytomX Therapeutics, Inc.(a)		1,362		9,411
Deciphera Pharmaceuticals, Inc.(a)		1,434		63,383
Denali Therapeutics, Inc.(a)		2,477		169,675
Dicerna Pharmaceuticals, Inc.(a)		3,066		68,893
Dyadic International, Inc.(a)		1,211		6,745
Dynavax Technologies Corp.(a)		3,907		24,653
Eagle Pharmaceuticals, Inc.(a)		611		28,515
Editas Medicine, Inc.(a)(b)		2,354		144,418

Security	Shares		Value
Biotechnology (continued)
Eiger Biopharmaceuticals, Inc.(a)		1,014	$	9,745
Emergent Biosolutions, Inc.(a)		1,710		182,714
Enanta Pharmaceuticals, Inc.(a)		870		41,812
Epizyme, Inc.(a)		3,608		39,508
Esperion Therapeutics, Inc.(a)(b)		1,000		31,490
Evelo Biosciences, Inc.(a)(b)		1,111		19,498
Exact Sciences Corp.(a)		5,830		799,643
Exelixis, Inc.(a)		11,949		265,387
Fate Therapeutics, Inc.(a)(b)		2,936		266,090
FibroGen, Inc.(a)(b)		3,356		161,692
Five Prime Therapeutics, Inc.(a)		1,283		21,452
Flexion Therapeutics, Inc.(a)(b)		2,257		27,468
Forma Therapeutics Holdings, Inc.(a)		627		24,221
Frequency Therapeutics, Inc.(a)		1,215		47,373
G1 Therapeutics, Inc.(a)		1,196		28,860
Galectin Therapeutics, Inc.(a)		3,667		7,187
Geron Corp.(a)		13,028		23,190
Gilead Sciences, Inc.		49,206		3,227,914
Global Blood Therapeutics, Inc.(a)(b)		2,477		124,147
GlycoMimetics, Inc.(a)		1,052		3,819
Gossamer Bio, Inc.(a)		2,626		26,523
Gritstone Oncology, Inc.(a)		1,243		22,498
Halozyme Therapeutics, Inc.(a)		4,464		212,442
Harpoon Therapeutics, Inc.(a)		690		13,303
Heron Therapeutics, Inc.(a)(b)		3,694		64,128
Homology Medicines, Inc.(a)		2,223		27,009
Ideaya Biosciences, Inc.(a)		828		14,556
IGM Biosciences, Inc.(a)(b)		263		25,074
ImmunoGen, Inc.(a)		7,516		53,589
Immunovant, Inc.(a)(b)		1,328		51,832
Incyte Corp.(a)		7,140		640,815
Inovio Pharmaceuticals, Inc.(a)(b)		5,462		69,641
Insmed, Inc.(a)		3,970		149,232
Intellia Therapeutics, Inc.(a)(b)		1,897		118,790
Intercept Pharmaceuticals, Inc.(a)		997		35,134
Invitae Corp.(a)(b)		4,513		223,484
Ionis Pharmaceuticals, Inc.(a)		5,203		312,544
Iovance Biotherapeutics, Inc.(a)		6,404		280,751
Ironwood Pharmaceuticals, Inc.(a)		7,031		71,857
Kadmon Holdings, Inc.(a)		5,651		27,125
KalVista Pharmaceuticals, Inc.(a)		672		10,214
Karuna Therapeutics, Inc.(a)		589		58,446
Karyopharm Therapeutics, Inc.(a)		2,939		44,761
Keros Therapeutics, Inc.(a)		477		27,213
Kezar Life Sciences, Inc.(a)		2,971		15,776
Kindred Biosciences, Inc.(a)		4,184		20,920
Kiniksa Pharmaceuticals Ltd., Class A(a)		935		18,410
Kodiak Sciences, Inc.(a)		1,278		161,424
Kronos Bio, Inc.(a)		1,459		40,108
Krystal Biotech, Inc.(a)		612		42,656
Kura Oncology, Inc.(a)		2,314		69,304
La Jolla Pharmaceutical Co.(a)(b)		594		3,635
Lexicon Pharmaceuticals, Inc.(a)		1,529		12,094
Ligand Pharmaceuticals, Inc.(a)(b)		631		116,956
MacroGenics, Inc.(a)		2,404		49,138
Madrigal Pharmaceuticals, Inc.(a)(b)		383		45,485
Magenta Therapeutics, Inc.(a)		606		5,357
MannKind Corp.(a)		10,087		35,506
MediciNova, Inc.(a)(b)		1,426		8,228
MEI Pharma, Inc.(a)		4,856		15,685
MeiraGTx Holdings PLC(a)		593		8,498
Mersana Therapeutics, Inc.(a)		1,864		35,528
Minerva Neurosciences, Inc.(a)		1,232		3,930

SCHEDULE    OF   INVESTMENTS 51

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Mirati Therapeutics, Inc.(a)		1,640	$	336,741
Moderna, Inc.(a)		10,928		1,892,293
Molecular Templates, Inc.(a)		873		9,996
Morphic Holding, Inc.(a)		614		20,667
Myriad Genetics, Inc.(a)		3,078		84,799
NantKwest, Inc.(a)(b)		1,092		20,612
Natera, Inc.(a)		2,751		293,367
Neoleukin Therapeutics, Inc.(a)		1,127		14,200
Neurocrine Biosciences, Inc.(a)		3,643		399,819
NextCure, Inc.(a)		521		6,038
Nkarta, Inc.(a)		599		23,756
Novavax, Inc.(a)		2,344		517,883
Nurix Therapeutics Inc.(a)		663		24,120
OPKO Health, Inc.(a)		16,632		89,979
ORIC Pharmaceuticals, Inc.(a)(b)		831		24,365
Oyster Point Pharma, Inc.(a)(b)		333		6,250
Passage Bio, Inc.(a)(b)		1,051		19,612
Pieris Pharmaceuticals, Inc.(a)		1,775		4,509
PMV Pharmaceuticals, Inc.(a)		649		22,157
Praxis Precision Medicines, Inc.(a)		658		33,486
Precigen, Inc.(a)		2,222		18,887
Precision BioSciences, Inc.(a)		1,437		17,416
Prelude Therapeutics, Inc.(a)		414		26,889
Protagonist Therapeutics, Inc.(a)		1,537		31,831
Prothena Corp. PLC(a)		1,072		12,017
PTC Therapeutics, Inc.(a)		2,470		142,815
Puma Biotechnology, Inc.(a)		955		11,212
Radius Health, Inc.(a)		1,660		31,042
Rapt Therapeutics, Inc.(a)		500		9,960
Regeneron Pharmaceuticals, Inc.(a)		3,841		1,935,249
REGENXBIO, Inc.(a)		1,239		51,208
Relay Therapeutics, Inc.(a)		1,169		57,959
Replimune Group, Inc.(a)		874		33,911
Revolution Medicines, Inc.(a)		1,467		61,819
Rhythm Pharmaceuticals, Inc.(a)		1,350		41,432
Rigel Pharmaceuticals, Inc.(a)		5,790		21,076
Rocket Pharmaceuticals, Inc.(a)(b)		1,295		71,329
Rubius Therapeutics, Inc.(a)(b)		1,723		20,624
Sage Therapeutics, Inc.(a)		2,081		167,833
Sangamo Therapeutics, Inc.(a)		4,375		59,763
Sarepta Therapeutics, Inc.(a)		2,946		263,372
Savara, Inc.(a)		756		1,157
Scholar Rock Holding Corp.(a)		896		53,455
Seagen, Inc.(a)		5,101		837,941
Seres Therapeutics, Inc.(a)		2,088		49,590
Shattuck Labs, Inc.(a)		816		40,482
Solid Biosciences, Inc.(a)		285		1,858
Sorrento Therapeutics, Inc.(a)(b)		9,202		116,497
Spectrum Pharmaceuticals, Inc.(a)(b)		8,396		30,142
Spero Therapeutics, Inc.(a)(b)		858		15,538
SpringWorks Therapeutics, Inc.(a)		863		71,897
Stoke Therapeutics, Inc.(a)		449		27,425
Sutro Biopharma, Inc.(a)		1,308		28,972
Syndax Pharmaceuticals, Inc.(a)		893		17,896
Syros Pharmaceuticals, Inc.(a)		1,897		20,763
TCR2 Therapeutics, Inc.(a)		1,361		35,019
TG Therapeutics, Inc.(a)(b)		4,273		206,258
Translate Bio, Inc.(a)		3,035		72,476
Travere Therapeutics, Inc.(a)		2,163		54,616
Turning Point Therapeutics, Inc.(a)		1,404		176,188
Twist Bioscience Corp.(a)		1,235		203,207
Tyme Technologies, Inc.(a)(b)		7,772		13,368

Security	Shares		Value
Biotechnology (continued)
Ultragenyx Pharmaceutical, Inc.(a)		2,389	$	331,092
United Therapeutics Corp.(a)		1,660		271,941
UNITY Biotechnology, Inc.(a)		1,493		8,921
UroGen Pharma Ltd.(a)(b)		839		18,517
Vanda Pharmaceuticals, Inc.(a)		1,628		23,346
VBI Vaccines, Inc.(a)		9,724		31,700
Veracyte, Inc.(a)		2,193		124,343
Verastem, Inc.(a)		8,381		16,343
Vericel Corp.(a)		1,620		66,857
Vertex Pharmaceuticals, Inc.(a)		10,093		2,312,104
Viela Bio, Inc.(a)(b)		817		28,334
Viking Therapeutics, Inc.(a)		2,199		16,075
Vir Biotechnology, Inc.(a)(b)		2,197		141,794
Voyager Therapeutics, Inc.(a)		1,875		14,156
X4 Pharmaceuticals, Inc.(a)		1,130		8,825
XBiotech, Inc.(a)(b)		663		12,418
Xencor, Inc.(a)(b)		2,385		109,114
Y-mAbs Therapeutics, Inc.(a)		1,225		51,462
Zentalis Pharmaceuticals, Inc.(a)		1,077		41,325
ZIOPHARM Oncology, Inc.(a)		9,111		33,802
				42,574,570
Building Products — 0.6%
A O Smith Corp.		5,251		285,129
AAON, Inc.		1,548		114,552
Advanced Drainage Systems, Inc.		2,110		174,033
Allegion PLC		3,554		380,314
Alpha Pro Tech Ltd.(a)(b)		674		9,625
American Woodmark Corp.(a)		609		52,685
Apogee Enterprises, Inc.		840		29,484
Armstrong World Industries, Inc.		1,939		151,649
AZEK Co., Inc.(a)		2,598		103,634
Builders FirstSource, Inc.(a)		7,743		296,170
Caesarstone Ltd.		516		6,491
Carrier Global Corp.		34,569		1,330,906
Cornerstone Building Brands, Inc.(a)		1,292		14,703
CSW Industrials, Inc.		651		75,855
Fortune Brands Home & Security, Inc.		5,358		462,127
Gibraltar Industries, Inc.(a)		1,345		120,552
Griffon Corp.		1,493		33,533
Insteel Industries, Inc.		524		13,226
JELD-WEN Holding, Inc.(a)		2,884		74,955
Johnson Controls International PLC		28,666		1,428,140
Lennox International, Inc.		1,321		363,922
Masco Corp.		10,034		544,947
Masonite International Corp.(a)		1,016		101,092
Owens Corning		4,105		318,548
PGT Innovations, Inc.(a)		2,429		50,305
Quanex Building Products Corp.		1,001		22,012
Resideo Technologies, Inc.(a)		5,039		116,401
Simpson Manufacturing Co., Inc.		1,747		160,724
Trane Technologies PLC		9,341		1,339,032
Trex Co., Inc.(a)		4,518		414,617
UFP Industries, Inc.		2,263		122,066
				8,711,429
Capital Markets — 2.5%
Affiliated Managers Group, Inc.		1,796		197,901
Ameriprise Financial, Inc.		4,492		888,832
Apollo Global Management Inc.		6,728		309,084
Ares Management Corp., Class A		3,906		176,395
Artisan Partners Asset Management, Inc., Class A		2,234		108,126
Assetmark Financial Holdings, Inc.(a)		965		22,214
Associated Capital Group, Inc., Class A		82		2,693

52 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
B. Riley Financial, Inc.		660	$	31,812
Bank of New York Mellon Corp.		31,224		1,243,652
BGC Partners, Inc., Class A		10,851		38,521
BlackRock, Inc.(d)		5,713		4,006,298
Blucora, Inc.(a)		1,592		26,364
Brightsphere Investment Group, Inc.		2,330		42,709
Carlyle Group, Inc.		4,866		157,026
Cboe Global Markets, Inc.		4,240		388,935
Charles Schwab Corp.		53,847		2,775,274
CME Group, Inc.		13,882		2,522,915
Cohen & Steers, Inc.		970		63,535
Cowen, Inc., Class A		773		19,441
Diamond Hill Investment Group, Inc.		101		14,971
Donnelley Financial Solutions, Inc.(a)		1,284		22,971
Eaton Vance Corp.		4,384		294,342
Evercore, Inc., Class A		1,624		177,178
FactSet Research Systems, Inc.		1,466		443,230
Federated Hermes, Inc.		3,978		107,406
Focus Financial Partners, Inc., Class A(a)		1,369		65,137
Franklin Resources, Inc.		10,955		288,007
GAMCO Investors, Inc., Class A		133		2,369
Goldman Sachs Group, Inc.		12,850		3,484,534
Greenhill & Co., Inc.		768		8,916
Hamilton Lane, Inc., Class A		1,430		107,779
Houlihan Lokey, Inc.		1,923		124,707
Interactive Brokers Group, Inc., Class A		2,719		166,376
Intercontinental Exchange, Inc.		21,636		2,387,533
Invesco Ltd.		14,946		307,738
KKR & Co., Inc.		20,733		807,550
Lazard Ltd., Class A		4,012		165,294
LPL Financial Holdings, Inc.		2,987		323,612
MarketAxess Holdings, Inc.		1,423		769,501
Moelis & Co., Class A		2,204		109,561
Moody’s Corp.		6,303		1,678,237
Morgan Stanley		51,681		3,465,211
Morningstar, Inc.		843		193,797
MSCI, Inc.		3,219		1,272,471
Nasdaq, Inc.		4,447		601,546
Northern Trust Corp.		7,529		671,512
Oppenheimer Holdings, Inc., Class A		269		9,326
Piper Sandler Cos		741		67,676
PJT Partners, Inc., Class A		1,005		69,335
Pzena Investment Management, Inc., Class A		1,238		10,275
Raymond James Financial, Inc.		4,802		479,864
S&P Global, Inc.		9,388		2,975,996
Safeguard Scientifics, Inc.(a)		589		4,023
Sculptor Capital Management, Inc.		904		15,332
SEI Investments Co.		4,008		211,823
State Street Corp.		13,623		953,610
StepStone Group, Inc., Class A(a)		1,247		43,795
Stifel Financial Corp.		3,741		193,859
StoneX Group, Inc.(a)		561		30,025
T. Rowe Price Group, Inc.		8,830		1,381,718
Tradeweb Markets, Inc., Class A		3,328		202,309
Virtu Financial, Inc., Class A		2,551		70,841
Virtus Investment Partners, Inc.		267		56,070
Waddell & Reed Financial, Inc., Class A		2,763		69,876
Westwood Holdings Group, Inc.		168		1,989
WisdomTree Investments, Inc.		7,586		40,471
				37,971,426
Chemicals — 1.8%
Advanced Emissions Solutions, Inc.		1,200		6,084

Security	Shares		Value
Chemicals (continued)
AdvanSix, Inc.(a)		1,050	$	22,386
Air Products & Chemicals, Inc.		8,635		2,303,473
Albemarle Corp.		4,051		658,936
American Vanguard Corp.		632		10,460
Amyris, Inc.(a)(b)		7,878		74,053
Ashland Global Holdings, Inc.		2,076		166,059
Avient Corp.		3,629		139,462
Axalta Coating Systems Ltd.(a)		8,070		217,809
Balchem Corp.		1,257		134,537
Cabot Corp.		1,967		86,371
Celanese Corp.		4,626		565,066
CF Industries Holdings, Inc.		8,468		350,406
Chase Corp.		398		39,896
Chemours Co.		6,459		170,130
Corteva, Inc.		28,776		1,147,011
Dow, Inc.		29,127		1,511,691
DuPont de Nemours, Inc.(b)		28,758		2,284,823
Eastman Chemical Co.		5,196		511,027
Ecolab, Inc.		9,771		1,998,267
Element Solutions, Inc.		8,319		141,673
Ferro Corp.(a)		3,505		48,334
FMC Corp.		5,053		547,189
FutureFuel Corp.		1,697		22,570
GCP Applied Technologies, Inc.(a)		1,984		49,183
Hawkins, Inc.		210		11,535
HB Fuller Co.		2,152		109,515
Huntsman Corp.		7,868		207,873
Ingevity Corp.(a)		1,501		98,601
Innospec, Inc.		862		75,675
International Flavors & Fragrances, Inc.(b)		4,196		471,546
Intrepid Potash, Inc.(a)(b)		281		6,387
Koppers Holdings, Inc.(a)		682		22,697
Kraton Corp.(a)		1,476		41,446
Kronos Worldwide, Inc.		777		11,002
Linde PLC(a)		20,524		5,036,590
Livent Corp.(a)		5,602		102,068
LyondellBasell Industries NV, Class A		10,002		857,771
Minerals Technologies, Inc.		1,323		81,536
Mosaic Co.		13,381		347,371
NewMarket Corp.		266		104,323
Olin Corp.		5,829		139,371
Orion Engineered Carbons SA		2,251		34,283
PPG Industries, Inc.		9,429		1,270,181
PQ Group Holdings, Inc.		1,043		14,373
Quaker Chemical Corp.		536		140,502
Rayonier Advanced Materials, Inc.(a)		1,732		11,985
RPM International, Inc.		4,868		401,464
Scotts Miracle-Gro Co.		1,563		346,064
Sensient Technologies Corp.		1,698		119,760
Sherwin-Williams Co.		3,216		2,224,829
Stepan Co.		804		90,595
Trecora Resources(a)		733		4,625
Tredegar Corp.		681		9,936
Trinseo SA		1,460		74,212
Tronox Holdings PLC, Class A(a)		3,493		53,618
Valvoline, Inc.		7,395		175,557
Westlake Chemical Corp.		1,293		98,863
WR Grace & Co.		2,326		134,954
				26,138,004
Commercial Services & Supplies — 0.5%
ABM Industries, Inc.		2,523		92,695
ACCO Brands Corp.		3,640		29,448

SCHEDULE    OF   INVESTMENTS 53

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
ADT, Inc.		6,319	$	57,060
Brady Corp., Class A		2,081		95,539
BrightView Holdings, Inc.(a)		1,198		16,988
Brink’s Co.		2,054		139,939
Casella Waste Systems, Inc., Class A(a)(b)		1,808		103,490
CECO Environmental Corp.(a)		925		6,410
Cimpress PLC(a)		753		68,817
Cintas Corp.		3,406		1,083,517
Clean Harbors, Inc.(a)		2,111		163,518
Copart, Inc.(a)		8,162		895,779
CoreCivic, Inc.		4,168		29,634
Covanta Holding Corp.		5,328		75,391
Deluxe Corp.		1,445		48,971
Ennis, Inc.		1,476		26,863
Harsco Corp.(a)		3,441		57,224
Healthcare Services Group, Inc.		2,819		91,392
Heritage-Crystal Clean, Inc.(a)		397		8,615
Herman Miller, Inc.		2,435		83,399
HNI Corp.		1,510		48,713
IAA, Inc.(a)		5,328		304,442
Interface, Inc.		1,828		18,353
KAR Auction Services, Inc.		4,804		88,682
Kimball International, Inc., Class B		1,050		12,694
Knoll, Inc.		1,883		28,170
Matthews International Corp., Class A		1,044		31,873
McGrath RentCorp.		922		64,346
MSA Safety, Inc.		1,376		214,821
PICO Holdings, Inc.(a)		421		3,621
Pitney Bowes, Inc.		5,809		54,256
Quad/Graphics, Inc.		1,100		5,148
Republic Services, Inc., Class A		8,188		741,178
Rollins, Inc.		8,638		311,141
SP Plus Corp.(a)		647		18,763
Steelcase, Inc., Class A		3,210		41,505
Stericycle, Inc.(a)		3,512		229,966
Team, Inc.(a)		945		9,337
Tetra Tech, Inc.		2,090		254,081
UniFirst Corp.		604		128,531
US Ecology, Inc.		1,069		35,277
Viad Corp.		784		27,048
VSE Corp.		300		10,380
Waste Management, Inc.		16,484		1,834,999
				7,692,014
Communications Equipment — 0.8%
Acacia Communications, Inc.(a)		1,414		161,762
ADTRAN, Inc.		1,464		25,181
Applied Optoelectronics, Inc.(a)		492		5,417
Arista Networks, Inc.(a)		2,302		708,003
CalAmp Corp.(a)		1,415		14,164
Calix, Inc.(a)		1,944		58,709
Casa Systems, Inc.(a)		501		3,863
Ciena Corp.(a)		5,881		313,987
Cisco Systems, Inc.		166,180		7,408,304
Clearfield, Inc.(a)		817		25,588
CommScope Holding Co., Inc.(a)		6,946		102,037
Comtech Telecommunications Corp.		769		16,410
Digi International, Inc.(a)		916		16,918
EchoStar Corp., Class A(a)		2,032		42,550
Extreme Networks, Inc.(a)		3,777		30,556
F5 Networks, Inc.(a)		2,330		456,563
Harmonic, Inc.(a)		3,609		28,006

Security	Shares		Value
Communications Equipment (continued)
Infinera Corp.(a)		8,035	$	79,145
Inseego Corp.(a)(b)		2,167		39,786
Juniper Networks, Inc.		13,077		319,340
KVH Industries, Inc.(a)		368		4,604
Lumentum Holdings, Inc.(a)(b)		3,001		281,494
Motorola Solutions, Inc.		6,806		1,140,345
NETGEAR, Inc.(a)		984		40,728
NetScout Systems, Inc.(a)		2,601		76,040
Plantronics, Inc.		1,205		38,223
Ribbon Communications, Inc.(a)		4,557		33,312
Ubiquiti, Inc.		369		113,648
ViaSat, Inc.(a)		2,264		98,575
Viavi Solutions, Inc.(a)		8,882		137,227
				11,820,485
Construction & Engineering — 0.2%
AECOM(a)		5,920		296,592
Aegion Corp.(a)		966		17,745
Ameresco, Inc., Class A(a)		824		46,218
API Group Corp.(a)(e)		5,527		98,988
Arcosa, Inc.		1,861		103,825
Argan, Inc.		484		20,923
Comfort Systems USA, Inc.		1,276		70,729
Concrete Pumping Holdings, Inc.(a)(b)		1,884		10,287
Construction Partners, Inc., Class A(a)		1,288		36,605
Dycom Industries, Inc.(a)		1,261		102,317
EMCOR Group, Inc.		2,223		196,291
Fluor Corp.		6,090		105,296
Granite Construction, Inc.		1,707		50,544
Great Lakes Dredge & Dock Corp.(a)		2,420		32,985
IES Holdings, Inc.(a)		192		8,732
Jacobs Engineering Group, Inc.		4,884		493,089
MasTec, Inc.(a)		2,132		164,484
Matrix Service Co.(a)		1,242		14,643
MYR Group, Inc.(a)		480		26,693
Northwest Pipe Co.(a)		487		14,732
NV5 Global, Inc.(a)		466		40,696
Primoris Services Corp.		2,264		65,894
Quanta Services, Inc.		5,154		363,202
Sterling Construction Co., Inc.(a)		736		15,066
Tutor Perini Corp.(a)		1,983		29,547
Valmont Industries, Inc.		878		169,384
WillScot Mobile Mini Holdings Corp.(a)(b)		6,592		156,296
				2,751,803
Construction Materials — 0.1%
Eagle Materials, Inc.		1,639		180,339
Forterra, Inc.(a)		880		16,104
Martin Marietta Materials, Inc.		2,396		688,634
Summit Materials, Inc., Class A(a)		4,863		99,838
United States Lime & Minerals, Inc.		114		13,794
US Concrete, Inc.(a)		548		24,271
Vulcan Materials Co.		5,114		762,702
				1,785,682
Consumer Finance — 0.6%
Ally Financial, Inc.		14,574		551,480
American Express Co.		25,389		2,951,725
Capital One Financial Corp.		17,988		1,875,429
Credit Acceptance Corp.(a)(b)		397		153,151
Curo Group Holdings Corp.		395		5,739
Discover Financial Services		11,862		990,952
Encore Capital Group, Inc.(a)		1,209		35,907
Enova International, Inc.(a)(b)		1,442		32,589

54 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Finance (continued)
Ezcorp, Inc., Class A(a)		1,575	$	7,072
FirstCash, Inc.		1,565		92,147
Green Dot Corp., Class A(a)		1,798		90,314
LendingClub Corp.(a)		2,109		22,883
LendingTree, Inc.(a)		419		136,393
Navient Corp.		7,525		84,694
Nelnet, Inc., Class A		589		40,517
OneMain Holdings, Inc.		2,561		119,240
Oportun Financial Corp.(a)		866		13,865
PRA Group, Inc.(a)		1,868		61,588
PROG Holdings, Inc.		2,640		124,555
Regional Management Corp.		217		6,141
Santander Consumer USA Holdings, Inc.		3,081		68,090
SLM Corp.		14,371		199,469
Synchrony Financial		23,569		793,097
World Acceptance Corp.(a)		213		30,548
				8,487,585
Containers & Packaging — 0.4%
Amcor PLC		61,034		667,712
AptarGroup, Inc.		2,521		335,217
Ardagh Group SA		1,250		21,250
Avery Dennison Corp.		3,348		505,113
Ball Corp.		12,381		1,089,775
Berry Global Group, Inc.(a)		5,313		262,303
Crown Holdings, Inc.(a)		4,936		444,980
Graphic Packaging Holding Co.		11,132		174,327
Greif, Inc., Class A		1,112		50,218
Greif, Inc., Class B		150		6,855
International Paper Co.		15,181		763,756
Myers Industries, Inc.		958		19,208
O-I Glass, Inc.		6,023		76,131
Packaging Corp. of America		3,706		498,309
Pactiv Evergreen, Inc.(a)		2,722		38,462
Ranpak Holdings Corp.(a)		1,714		29,721
Sealed Air Corp.		6,109		258,227
Silgan Holdings, Inc.		3,286		119,709
Sonoco Products Co.		3,733		216,178
UFP Technologies, Inc.(a)		191		8,788
Westrock Co.		10,095		418,236
				6,004,475
Distributors — 0.1%
Core-Mark Holding Co., Inc.		2,008		61,585
Funko, Inc., Class A(a)		475		5,676
Genuine Parts Co.		5,430		509,768
LKQ Corp.(a)		11,949		419,291
Pool Corp.		1,490		527,728
Weyco Group, Inc.		221		3,815
				1,527,863
Diversified Consumer Services — 0.2%
Adtalem Global Education, Inc.(a)		1,841		71,044
American Public Education, Inc.(a)		510		14,678
Bright Horizons Family Solutions, Inc.(a)		2,365		359,409
Carriage Services, Inc.		750		24,840
Chegg, Inc.(a)		4,765		453,914
Collectors Universe, Inc.		378		34,515
Franchise Group, Inc.		829		30,076
frontdoor, Inc.(a)		3,303		181,797
Graham Holdings Co., Class B		162		92,034
Grand Canyon Education, Inc.(a)		1,833		155,695
H&R Block, Inc.		7,298		125,745
Houghton Mifflin Harcourt Co.(a)		3,459		17,053

Security	Shares		Value
Diversified Consumer Services (continued)
Laureate Education, Inc., Class A(a)		4,568	$	59,430
OneSpaWorld Holdings Ltd.		1,738		16,494
Perdoceo Education Corp.(a)		2,686		31,775
Regis Corp.(a)		1,081		10,259
Service Corp. International		6,616		333,645
Strategic Education, Inc.		998		88,193
Stride, Inc.(a)		1,743		44,882
Terminix Global Holdings, Inc.(a)		4,949		235,968
Universal Technical Institute, Inc.(a)		1,638		9,959
Vivint Smart Home, Inc.(a)		2,705		51,097
WW International, Inc.(a)(b)		1,673		44,435
				2,486,937
Diversified Financial Services — 1.2%
Alerus Financial Corp.		1,174		28,247
Banco Latinoamericano de Comercio Exterior SA, Class E		1,539		23,454
Berkshire Hathaway, Inc., Class B(a)		73,540		16,757,560
Cannae Holdings, Inc.(a)		3,572		135,700
Equitable Holdings, Inc.		15,877		393,432
Jefferies Financial Group, Inc.		9,086		212,158
Marlin Business Services Corp.		218		3,107
Voya Financial, Inc.		5,094		282,513
				17,836,171
Diversified Telecommunication Services — 1.2%
Anterix, Inc.(a)		518		18,793
AT&T, Inc.		279,225		7,994,212
ATN International, Inc.		370		15,977
Bandwidth, Inc., Class A(a)(b)		741		132,002
Cincinnati Bell, Inc.(a)		1,146		17,465
Cogent Communications Holdings, Inc.		1,645		93,683
Consolidated Communications Holdings, Inc.(a)		2,166		13,223
IDT Corp., Class B(a)		1,396		19,586
Iridium Communications, Inc.(a)		4,596		226,445
Liberty Latin America Ltd., Class A(a)		2,374		23,954
Liberty Latin America Ltd., Class C(a)		5,104		50,478
Lumen Technologies, Inc.		41,859		518,214
Ooma, Inc.(a)		719		9,685
ORBCOMM, Inc.(a)		2,610		19,549
Verizon Communications, Inc.		162,346		8,888,443
Vonage Holdings Corp.(a)		9,280		115,814
				18,157,523
Electric Utilities — 1.6%
ALLETE, Inc.		2,198		138,122
Alliant Energy Corp.		9,619		467,964
American Electric Power Co., Inc.		19,073		1,543,196
Avangrid, Inc.		2,199		101,748
Duke Energy Corp.		28,737		2,701,278
Edison International		13,868		806,563
Entergy Corp.		8,216		783,231
Evergy, Inc.		8,723		468,687
Eversource Energy		13,124		1,148,350
Exelon Corp.		37,986		1,578,698
FirstEnergy Corp.		21,163		650,974
Hawaiian Electric Industries, Inc.		4,179		138,158
IDACORP, Inc.		1,947		171,920
MGE Energy, Inc.		1,319		83,994
NextEra Energy, Inc.		75,254		6,085,791
NRG Energy, Inc.		9,656		399,855
OGE Energy Corp.		7,692		234,760
Otter Tail Corp.		1,625		64,496
PG&E Corp.(a)		50,861		581,341

SCHEDULE    OF   INVESTMENTS 55

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
Pinnacle West Capital Corp.		4,306	$	324,026
PNM Resources, Inc.		2,950		143,134
Portland General Electric Co.		3,472		146,831
PPL Corp.		31,419		869,364
Southern Co.		41,297		2,433,219
Spark Energy, Inc., Class A		516		5,661
Xcel Energy, Inc.		20,438		1,307,828
				23,379,189
Electrical Equipment — 0.7%
Acuity Brands, Inc.		1,593		191,542
Allied Motion Technologies, Inc.		178		8,054
American Superconductor Corp.(a)(b)		1,101		27,217
AMETEK, Inc.		8,756		991,705
Array Technologies, Inc.(a)		2,092		85,270
Atkore International Group, Inc.(a)		2,151		95,418
AZZ, Inc.		902		42,926
Bloom Energy Corp., Class A(a)		3,542		123,651
Eaton Corp. PLC		15,744		1,853,069
Emerson Electric Co.		23,543		1,868,137
Encore Wire Corp.		957		55,267
EnerSys		1,998		164,296
FuelCell Energy, Inc.(a)		11,879		246,608
Generac Holdings, Inc.(a)		2,361		581,798
GrafTech International Ltd.		2,430		23,571
Hubbell, Inc.		2,102		327,071
nVent Electric PLC		6,524		146,007
Plug Power, Inc.(a)		14,348		906,363
Powell Industries, Inc.		401		11,497
Preformed Line Products Co.		83		5,336
Regal Beloit Corp.		1,599		200,643
Rockwell Automation, Inc.		4,463		1,109,189
Sensata Technologies Holding PLC(a)		6,109		332,940
Sunrun, Inc.(a)		5,702		394,978
Thermon Group Holdings, Inc.(a)		911		13,291
TPI Composites, Inc.(a)		1,348		80,759
Vertiv Holdings Co.		8,468		170,376
Vicor Corp.(a)		678		58,674
				10,115,653
Electronic Equipment, Instruments & Components — 0.7%
Akoustis Technologies, Inc.(a)(b)		1,380		20,810
Amphenol Corp., Class A		11,512		1,437,619
Arlo Technologies, Inc.(a)		4,365		36,710
Arrow Electronics, Inc.(a)		3,059		298,650
Avnet, Inc.		3,640		128,528
Badger Meter, Inc.		1,205		110,511
Bel Fuse, Inc., Class B		206		3,003
Belden, Inc.		1,568		74,072
Benchmark Electronics, Inc.		1,484		37,590
CDW Corp.		5,887		775,082
Cognex Corp.		6,463		530,806
Coherent, Inc.(a)		981		197,024
Corning, Inc.		28,996		1,040,087
CTS Corp.		939		28,640
Daktronics, Inc.		624		2,995
Dolby Laboratories, Inc., Class A		2,459		216,466
ePlus, Inc.(a)		424		35,633
Fabrinet(a)		1,353		106,806
FARO Technologies, Inc.(a)		883		62,313
FLIR Systems, Inc.		5,312		276,490
II-VI, Inc.(a)		3,892		327,200
Insight Enterprises, Inc.(a)		1,302		99,082
IPG Photonics Corp.(a)		1,399		312,579

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Itron, Inc.(a)		1,578	$	135,740
Jabil, Inc.		5,800		239,946
Keysight Technologies, Inc.(a)		7,270		1,029,359
Kimball Electronics, Inc.(a)		871		16,697
Knowles Corp.(a)(b)		3,056		58,950
Littelfuse, Inc.		869		211,489
Methode Electronics, Inc.		1,799		67,912
MTS Systems Corp.		724		42,383
Napco Security Technologies, Inc.(a)(b)		234		6,065
National Instruments Corp.		4,974		205,924
nLight, Inc.(a)		1,784		56,517
Novanta, Inc.(a)		1,334		166,643
OSI Systems, Inc.(a)		626		56,353
PAR Technology Corp.(a)		598		37,231
PC Connection, Inc.		479		23,514
Plexus Corp.(a)		1,011		77,766
Rogers Corp.(a)		674		105,191
Sanmina Corp.(a)		2,476		77,004
ScanSource, Inc.(a)		754		18,239
SYNNEX Corp.		1,635		133,449
Trimble, Inc.(a)		9,640		635,372
TTM Technologies, Inc.(a)		3,796		50,904
Vishay Intertechnology, Inc.		4,898		105,552
Vishay Precision Group, Inc.(a)		235		7,518
Vontier Corp.(a)		4,579		148,497
Zebra Technologies Corp., Class A(a)		2,044		792,725
				10,665,636
Energy Equipment & Services — 0.2%
Archrock, Inc.		3,980		35,303
Baker Hughes, Inc. Class A		25,705		516,413
Bristow Group, Inc.(a)		204		4,939
Cactus, Inc., Class A		1,806		47,317
ChampionX Corp.(a)		7,499		114,660
DMC Global, Inc.		502		28,699
Dril-Quip, Inc.(a)		1,277		38,463
Exterran Corp.(a)		1,098		4,743
Frank’s International NV(a)		4,988		13,867
Halliburton Co.		34,198		602,911
Helix Energy Solutions Group, Inc.(a)(b)		4,203		17,316
Helmerich & Payne, Inc.		3,840		93,235
Liberty Oilfield Services, Inc., Class A		3,608		43,368
Nabors Industries Ltd.		217		15,498
National Energy Services Reunited Corp.(a)		1,333		14,370
Newpark Resources, Inc.(a)		2,639		6,307
NexTier Oilfield Solutions, Inc.(a)		5,168		17,158
NOV, Inc.		15,113		187,099
Oceaneering International, Inc.(a)		3,336		28,189
Oil States International, Inc.(a)		1,913		10,713
Patterson-UTI Energy, Inc.		6,690		41,143
ProPetro Holding Corp.(a)		2,681		21,421
RPC, Inc.(a)		2,009		8,960
Schlumberger NV		53,689		1,192,433
Select Energy Services, Inc., Class A(a)		1,380		6,928
Solaris Oilfield Infrastructure, Inc., Class A		756		6,880
Tidewater, Inc.(a)		1,293		12,271
Transocean Ltd.(a)		21,175		71,148
U.S. Silica Holdings, Inc.		2,589		21,074
				3,222,826
Entertainment — 2.0%
Activision Blizzard, Inc.		29,838		2,715,258
AMC Entertainment Holdings, Inc., Class A(b)		2,291		30,379
Cinemark Holdings, Inc.		4,095		82,883

56 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment (continued)
Electronic Arts, Inc.		11,244	$	1,610,141
Eros STX Global Corp.(a)		5,502		10,454
Gaia, Inc.(a)(b)		430		3,930
Glu Mobile, Inc.(a)		7,183		63,282
IMAX Corp.(a)		2,341		44,245
Lions Gate Entertainment Corp., Class A(a)(b)		3,127		43,747
Lions Gate Entertainment Corp., Class B(a)		3,890		48,080
Live Nation Entertainment, Inc.(a)		5,435		361,156
LiveXLive Media, Inc.(a)		943		3,593
Madison Square Garden Entertainment Corp.(a)		663		58,841
Madison Square Garden Sports Corp.(a)		732		118,503
Marcus Corp.		914		16,086
Netflix, Inc.(a)		16,633		8,855,243
Roku, Inc.(a)		4,178		1,625,367
Spotify Technology SA(a)		5,110		1,609,650
Take-Two Interactive Software, Inc.(a)		4,380		877,971
Walt Disney Co.(a)		70,663		11,883,397
World Wrestling Entertainment, Inc., Class A		1,839		103,591
Zynga, Inc., Class A(a)		33,970		336,643
				30,502,440
Equity Real Estate Investment Trusts (REITs) — 3.0%
Acadia Realty Trust.		2,748		39,846
Agree Realty Corp.		1,993		125,958
Alexander & Baldwin, Inc.		2,923		44,196
Alexander’s, Inc.		94		25,117
Alexandria Real Estate Equities, Inc.		5,406		903,397
American Assets Trust, Inc.		1,829		50,535
American Campus Communities, Inc.		5,166		212,633
American Finance Trust, Inc.		4,079		29,695
American Homes Rent, Class A		9,936		300,365
American Tower Corp.		16,924		3,847,841
Americold Realty Trust		7,733		269,959
Apartment Income REIT Corp.(a)		5,499		213,196
Apartment Investment and Management Co., Class A		5,499		25,240
Apple Hospitality REIT, Inc.		7,957		99,303
Armada Hoffler Properties, Inc.		3,028		32,551
AvalonBay Communities, Inc.		5,416		886,437
Bluerock Residential Growth REIT, Inc.		1,804		18,870
Boston Properties, Inc.		6,222		567,882
Brandywine Realty Trust		6,024		66,264
Brixmor Property Group, Inc.		11,572		195,914
Broadstone Net Lease, Inc., Class A		1,512		27,261
Brookfield Property REIT, Inc., Class A		68		1,180
Camden Property Trust		4,005		409,111
CareTrust REIT, Inc.		3,409		76,566
Catchmark Timber Trust, Inc., Class A		1,412		12,877
Centerspace		578		40,425
Chatham Lodging Trust		2,016		21,591
City Office REIT, Inc.		1,953		18,397
Clipper Realty, Inc.		393		2,755
Colony Capital, Inc.		17,406		86,334
Columbia Property Trust, Inc.		4,769		64,858
Community Healthcare Trust, Inc.		938		41,947
CorEnergy Infrastructure Trust, Inc.		520		4,685
CorePoint Lodging, Inc.		1,425		9,704
CoreSite Realty Corp.		1,557		209,323
Corporate Office Properties Trust		4,042		106,183
Cousins Properties, Inc.		5,647		178,106
Crown Castle International Corp.		15,980		2,544,975
CTO Realty Growth, Inc.		108		4,550
CubeSmart		7,453		259,663

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
CyrusOne, Inc.		4,579	$	334,038
DiamondRock Hospitality Co.		8,483		69,561
Digital Realty Trust, Inc.		11,055		1,591,367
Diversified Healthcare Trust		8,842		35,545
Douglas Emmett, Inc.		6,492		179,893
Duke Realty Corp.		14,305		565,906
Easterly Government Properties, Inc.		3,168		69,538
EastGroup Properties, Inc.		1,445		195,277
Empire State Realty Trust, Inc., Class A		5,879		57,967
EPR Properties		3,063		121,417
Equinix, Inc.		3,413		2,525,484
Equity Commonwealth		4,506		128,466
Equity LifeStyle Properties, Inc.		6,669		405,742
Equity Residential		14,180		874,055
Essential Properties Realty Trust, Inc.		3,800		79,116
Essex Property Trust, Inc.		2,543		609,328
Extra Space Storage, Inc.		4,891		556,547
Farmland Partners, Inc.		2,041		21,043
Federal Realty Investment Trust		2,926		256,201
First Industrial Realty Trust, Inc.		4,764		193,609
Four Corners Property Trust, Inc.		3,033		79,950
Franklin Street Properties Corp.		2,880		11,837
Gaming and Leisure Properties, Inc.		8,316		342,037
Geo Group, Inc.		4,668		41,732
Getty Realty Corp.		1,530		40,652
Gladstone Commercial Corp.		2,038		36,093
Gladstone Land Corp.		1,361		21,422
Global Medical REIT, Inc.		1,485		18,622
Global Net Lease, Inc.		3,473		55,950
Healthcare Realty Trust, Inc.		5,336		160,133
Healthcare Trust of America, Inc., Class A		8,288		234,136
Healthpeak Properties, Inc.		20,637		611,887
Hersha Hospitality Trust		1,059		8,091
Highwoods Properties, Inc.		4,145		155,396
Host Hotels & Resorts, Inc.		27,226		368,912
Hudson Pacific Properties, Inc.		5,910		138,530
Independence Realty Trust, Inc.		4,199		55,763
Industrial Logistics Properties Trust		2,854		60,533
Innovative Industrial Properties, Inc.		815		152,503
Invitation Homes, Inc.		21,481		633,260
Iron Mountain, Inc.		11,473		386,296
iStar, Inc.		3,168		48,090
JBG SMITH Properties		5,022		149,957
Kilroy Realty Corp.		4,406		249,512
Kimco Realty Corp.		16,343		269,823
Kite Realty Group Trust		3,058		48,745
Lamar Advertising Co., Class A		3,436		277,560
Lexington Realty Trust		10,524		107,871
Life Storage, Inc.		2,656		216,717
LTC Properties, Inc.		1,396		53,941
Macerich Co.		5,293		83,100
Mack-Cali Realty Corp.		3,138		39,947
Medical Properties Trust, Inc.		22,478		474,511
Mid-America Apartment Communities, Inc.		4,408		585,162
Monmouth Real Estate Investment Corp.		5,007		86,771
National Health Investors, Inc.		1,689		109,515
National Retail Properties, Inc.		6,508		253,812
National Storage Affiliates Trust		2,746		100,339
New Senior Investment Group, Inc.		3,694		19,578
NexPoint Residential Trust, Inc.		688		27,155
Office Properties Income Trust		1,678		38,829
Omega Healthcare Investors, Inc.		8,624		312,361

SCHEDULE    OF   INVESTMENTS 57

Schedule of Investments (unaudited) (continued) January 31, 2021 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)
One Liberty Properties, Inc.		651	$	13,046
Outfront Media, Inc.		5,156		93,994
Paramount Group, Inc.		8,065		71,698
Park Hotels & Resorts, Inc.		9,495		158,377
Pebblebrook Hotel Trust		4,854		89,217
Physicians Realty Trust		7,801		137,532
Piedmont Office Realty Trust, Inc., Class A		4,983		76,639
Plymouth Industrial REIT, Inc.		907		13,278
PotlatchDeltic Corp.		2,509		119,830
Preferred Apartment Communities, Inc., Class A		2,312		16,623
Prologis, Inc.		28,880		2,980,416
PS Business Parks, Inc., Class A		756		102,907
Public Storage		6,021		1,370,500
QTS Realty Trust, Inc., Class A		2,390		155,589
Rayonier, Inc.		5,302		163,037
Realty Income Corp.		13,390		790,813
Regency Centers Corp.		6,368		300,442
Retail Opportunity Investments Corp.		4,102		57,797
Retail Properties of America, Inc., Class A		10,116		93,168
Retail Value, Inc.		555		8,664
Rexford Industrial Realty, Inc.		4,683		229,186
RLJ Lodging Trust		6,669		86,097
RPT Realty		2,246		20,776
Ryman Hospitality Properties, Inc.		2,038		132,164
Sabra Health Care REIT, Inc.		7,898		132,607
Safehold, Inc.		646		47,533
Saul Centers, Inc.		314		9,398
SBA Communications Corp., Class A		4,416		1,186,447
Seritage Growth Properties, Class A(a)		1,080		19,235
Service Properties Trust		5,835		61,909
Simon Property Group, Inc.		12,416		1,153,819
SITE Centers Corp.		6,683		74,114
SL Green Realty Corp.		2,890		195,017
Spirit Realty Capital, Inc.		4,006		154,471
STAG Industrial, Inc.		5,667		168,877
STORE Capital Corp.		10,373		321,770
Summit Hotel Properties, Inc.		3,295		26,690
Sun Communities, Inc.		4,376		626,337
Sunstone Hotel Investors, Inc.		8,522		91,185
Tanger Factory Outlet Centers, Inc.(b)		2,740		42,278
Terreno Realty Corp.		2,671		151,125
UDR, Inc.		12,350		474,858
UMH Properties, Inc.		1,449		21,300
Uniti Group, Inc.		7,354		90,528
Universal Health Realty Income Trust		517		30,855
Urban Edge Properties		4,108		56,649
Urstadt Biddle Properties, Inc., Class A		607		8,395
Ventas, Inc.		14,556		670,595
VEREIT Inc.		9,526		335,601
VICI Properties, Inc.		20,954		529,717
Vornado Realty Trust		7,064		280,865
Washington Real Estate Investment Trust		3,405		74,706
Weingarten Realty Investors		4,432		99,764
Welltower, Inc.		16,307		988,204
Weyerhaeuser Co.		30,142		940,129
Whitestone REIT		1,160		9,048
WP Carey, Inc.		6,642		441,029
Xenia Hotels & Resorts, Inc.		4,549		65,824
				44,975,490
Food & Staples Retailing — 1.3%
Albertsons Cos., Inc., Class A(b)		2,657		46,152

Security	Shares		Value
Food & Staples Retailing (continued)
Andersons, Inc.		1,554	$	35,742
BJ’s Wholesale Club Holdings, Inc.(a)		5,204		218,932
Casey’s General Stores, Inc.		1,422		266,597
Chefs’ Warehouse, Inc.(a)		1,138		31,056
Costco Wholesale Corp.		17,235		6,074,131
Grocery Outlet Holding Corp.(a)		2,678		114,324
HF Foods Group, Inc.(a)		1,854		14,517
Ingles Markets, Inc., Class A		575		27,347
Kroger Co.		30,102		1,038,519
Natural Grocers by Vitamin Cottage, Inc.		357		5,944
Performance Food Group Co.(a)		5,255		246,354
PriceSmart, Inc.		847		79,516
Rite Aid Corp.(a)(b)		2,190		57,575
SpartanNash Co.		1,724		31,929
Sprouts Farmers Market, Inc.(a)		4,686		106,138
Sysco Corp.		18,825		1,346,176
United Natural Foods, Inc.(a)		2,235		60,524
US Foods Holding Corp.(a)		8,679		268,962
Village Super Market, Inc., Class A		168		3,540
Walgreens Boots Alliance, Inc.		28,771		1,445,743
Walmart, Inc.		54,421		7,645,606
Weis Markets, Inc.		304		14,981
				19,180,305
Food Products — 1.0%
Archer-Daniels-Midland Co.		21,390		1,069,714
B&G Foods, Inc.(b)		2,491		94,857
Beyond Meat, Inc.(a)		2,042		363,639
Bunge Ltd.		5,211		341,008
Calavo Growers, Inc.		718		54,676
Cal-Maine Foods, Inc.(a)(b)		1,578		60,501
Campbell Soup Co.		8,085		388,969
Conagra Brands, Inc.		18,696		646,882
Darling Ingredients, Inc.(a)		6,065		376,091
Farmer Bros Co.(a)		293		1,535
Flowers Foods, Inc.		7,766		178,307
Fresh Del Monte Produce, Inc.		1,399		34,234
Freshpet, Inc.(a)		1,484		206,736
General Mills, Inc.		24,139		1,402,476
Hain Celestial Group, Inc.(a)		4,489		186,675
Hershey Co.		5,759		837,589
Hormel Foods Corp.		10,807		506,416
Hostess Brands, Inc.(a)(b)		4,267		65,498
Ingredion, Inc.		2,623		197,958
J&J Snack Foods Corp.		529		80,757
J.M. Smucker Co.		4,308		501,494
John B Sanfilippo & Son, Inc.		296		23,807
Kellogg Co.		9,821		578,850
Kraft Heinz Co.		25,100		841,101
Lamb Weston Holdings, Inc.		5,810		434,007
Lancaster Colony Corp.		735		128,316
Landec Corp.(a)		899		9,583
Limoneira Co.		296		4,727
McCormick & Co., Inc.		9,666		865,494
Mondelez International, Inc., Class A		55,259		3,063,559
Pilgrim’s Pride Corp.(a)		2,023		39,206
Post Holdings, Inc.(a)		2,565		243,290
Sanderson Farms, Inc.		836		113,855
Seaboard Corp.		12		37,755
Seneca Foods Corp., Class A(a)		168		6,090
Simply Good Foods Co.(a)		3,594		102,573
Tootsie Roll Industries, Inc.		886		35,068

58 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
TreeHouse Foods, Inc.(a)		2,206	$	93,159
Tyson Foods, Inc., Class A		11,268		724,645
				14,941,097
Gas Utilities — 0.1%
Atmos Energy Corp.		5,267		468,763
Brookfield Infrastructure Corp., Class A		1,429		95,857
Chesapeake Utilities Corp.		684		69,378
National Fuel Gas Co.		3,428		138,011
New Jersey Resources Corp.		3,812		133,458
Northwest Natural Holding Co.		1,112		51,942
ONE Gas, Inc.		2,003		146,479
RGC Resources, Inc.		723		16,275
South Jersey Industries, Inc.		3,650		84,315
Southwest Gas Holdings, Inc.		2,085		125,017
Spire, Inc.		1,912		116,995
UGI Corp.		8,084		290,943
				1,737,433
Health Care Equipment & Supplies — 3.6%
Abbott Laboratories		67,487		8,340,718
ABIOMED, Inc.(a)		1,832		637,994
Accelerate Diagnostics, Inc.(a)(b)		1,051		10,783
Accuray, Inc.(a)		2,245		11,090
Align Technology, Inc.(a)		3,047		1,600,833
Alphatec Holdings, Inc.(a)		1,750		26,040
AngioDynamics, Inc.(a)		1,227		22,994
Antares Pharma, Inc.(a)		4,962		21,734
Apyx Medical Corp.(a)		1,544		14,344
Aspira Women’s Health, Inc.(a)(b)		2,554		22,782
AtriCure, Inc.(a)		1,590		92,586
Atrion Corp.		52		33,876
Avanos Medical, Inc.(a)		1,913		86,659
Axogen, Inc.(a)		1,488		25,817
Axonics Modulation Technologies, Inc.(a)(b)		1,240		64,108
Baxter International, Inc.		19,845		1,524,691
Becton Dickinson and Co.		10,711		2,804,033
BioLife Solutions, Inc.(a)		685		25,975
BioSig Technologies, Inc.(a)		1,755		7,775
Boston Scientific Corp.(a)		55,846		1,979,182
Cantel Medical Corp.		1,540		121,614
Cardiovascular Systems, Inc.(a)		1,719		77,338
Cerus Corp.(a)		6,213		40,944
Co-Diagnostics, Inc.(a)(b)		1,182		15,177
CONMED Corp.		990		110,781
Cooper Cos., Inc.		1,853		674,566
CryoLife, Inc.(a)		1,534		36,709
CryoPort, Inc.(a)		1,340		91,388
Cutera, Inc.(a)		1,121		27,139
CytoSorbents Corp.(a)		2,460		25,805
Danaher Corp.		24,463		5,818,280
DENTSPLY SIRONA, Inc.		8,427		450,760
DexCom, Inc.(a)		3,653		1,369,327
Edwards Lifesciences Corp.(a)		24,191		1,997,693
Envista Holdings Corp.(a)		6,140		218,216
GenMark Diagnostics, Inc.(a)		2,916		40,270
Glaukos Corp.(a)		1,757		155,828
Globus Medical, Inc., Class A(a)		2,933		180,937
Haemonetics Corp.(a)		1,933		220,923
Heska Corp.(a)		316		52,886
Hill-Rom Holdings, Inc.		2,687		258,059
Hologic, Inc.(a)		10,011		798,177
ICU Medical, Inc.(a)		809		165,424

Security	Shares		Value
Health Care Equipment & Supplies (continued)
IDEXX Laboratories, Inc.(a)		3,226	$	1,544,222
Inari Medical, Inc.(a)		534		50,954
Inogen, Inc.(a)		1,013		49,566
Insulet Corp.(a)		2,554		682,378
Integer Holdings Corp.(a)		1,219		89,962
Integra LifeSciences Holdings Corp.(a)		2,821		186,299
Intersect ENT, Inc.(a)		1,517		34,087
IntriCon Corp.(a)(b)		198		3,629
Intuitive Surgical, Inc.(a)		4,523		3,381,576
Invacare Corp.		2,642		24,729
iRhythm Technologies, Inc.(a)		1,068		179,872
Lantheus Holdings, Inc.(a)		3,051		49,640
LeMaitre Vascular, Inc.		829		39,842
LENSAR, Inc.(a)		322		2,251
LivaNova PLC(a)		2,002		125,926
Masimo Corp.(a)		1,905		487,528
Medtronic PLC		52,432		5,837,254
Meridian Bioscience, Inc.(a)		2,171		47,979
Merit Medical Systems, Inc.(a)		2,260		122,379
Mesa Laboratories, Inc.		221		61,248
Natus Medical, Inc.(a)		1,203		29,317
Neogen Corp.(a)		2,052		165,945
Nevro Corp.(a)		1,284		207,738
Novocure Ltd.(a)		3,921		631,124
NuVasive, Inc.(a)		1,884		101,246
OraSure Technologies, Inc.(a)		2,564		39,050
Orthofix Medical, Inc.(a)		536		21,660
OrthoPediatrics Corp.(a)(b)		618		28,539
Outset Medical, Inc.(a)		948		49,135
Penumbra, Inc.(a)(b)		1,271		331,845
Pulmonx Corp.(a)		606		34,372
Pulse Biosciences, Inc.(a)		649		22,163
Quidel Corp.(a)		1,475		370,181
Quotient Ltd.(a)(b)		2,710		16,423
Repro-Med Systems, Inc.(a)		1,311		5,296
ResMed, Inc.		5,579		1,124,559
Rockwell Medical, Inc.(a)		13,845		16,614
SeaSpine Holdings Corp.(a)		1,292		21,008
Shockwave Medical, Inc.(a)		1,128		130,893
SI-BONE, Inc.(a)		753		22,048
Sientra, Inc.(a)		3,843		18,024
Silk Road Medical, Inc.(a)		1,109		60,474
STAAR Surgical Co.(a)		1,848		189,568
Stereotaxis, Inc.(a)		2,252		10,832
STERIS PLC		3,258		609,604
Stryker Corp.		13,540		2,992,475
Surgalign Holdings, Inc.(a)		1,373		2,307
Surmodics, Inc.(a)		407		18,518
Tactile Systems Technology, Inc.(a)		698		38,076
Tandem Diabetes Care, Inc.(a)(b)		2,292		212,354
Teleflex, Inc.		1,825		689,175
TransMedics Group, Inc.(a)		636		14,488
Utah Medical Products, Inc.		90		7,800
Vapotherm, Inc.(a)		796		27,502
Varex Imaging Corp.(a)(b)		1,195		23,135
Varian Medical Systems, Inc.(a)		3,586		629,594
ViewRay, Inc.(a)		5,896		26,178
West Pharmaceutical Services, Inc.		2,842		851,151
Zimmer Biomet Holdings, Inc.		8,046		1,236,429
Zynex, Inc.(a)(b)		746		13,480
				54,343,896

SCHEDULE    OF   INVESTMENTS 59

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services — 2.5%
1Life Healthcare, Inc.(a)		2,976	$	150,586
Acadia Healthcare Co., Inc.(a)		3,502		177,481
AdaptHealth Corp.(a)		829		31,726
Addus HomeCare Corp.(a)		598		67,305
Amedisys, Inc.(a)		1,185		340,462
AmerisourceBergen Corp.		5,556		578,935
AMN Healthcare Services, Inc.(a)		1,836		132,412
Anthem, Inc.		9,725		2,888,130
Apollo Medical Holdings, Inc.(a)		921		20,262
BioTelemetry, Inc.(a)		1,463		104,546
Brookdale Senior Living, Inc.(a)		5,904		29,166
Cardinal Health, Inc.		11,259		604,946
Castle Biosciences, Inc.(a)		400		26,732
Centene Corp.(a)		22,697		1,368,629
Chemed Corp.		591		306,079
Cigna Corp.		13,857		3,007,662
Community Health Systems, Inc.(a)		4,888		45,556
CorVel Corp.(a)		425		41,998
Covetrus, Inc.(a)		4,027		137,200
Cross Country Healthcare, Inc.(a)		730		6,395
CVS Health Corp.		51,047		3,657,518
DaVita, Inc.(a)		2,819		330,866
Encompass Health Corp.		3,618		290,887
Ensign Group, Inc.		1,929		151,002
Enzo Biochem, Inc.(a)		7,140		20,135
Fulgent Genetics, Inc.(a)(b)		673		74,360
Guardant Health, Inc.(a)		3,192		496,356
Hanger, Inc.(a)		1,491		30,551
HCA Healthcare, Inc.		10,299		1,673,382
HealthEquity, Inc.(a)		2,911		243,214
Henry Schein, Inc.(a)		5,470		360,199
Humana, Inc.		5,115		1,959,608
InfuSystem Holdings, Inc.(a)		955		16,827
Joint Corp.(a)		581		18,900
Laboratory Corp. of America Holdings(a)		3,743		856,810
LHC Group, Inc.(a)		1,177		234,482
Magellan Health, Inc.(a)		1,029		96,705
McKesson Corp.		6,305		1,100,033
MEDNAX, Inc.(a)		2,875		78,401
ModivCare, Inc.(a)		534		84,676
Molina Healthcare, Inc.(a)		2,236		477,632
National HealthCare Corp.		696		44,579
National Research Corp.		477		21,608
Oak Street Health, Inc.(a)		777		40,303
Ontrak, Inc.(a)		306		24,263
Option Care Health, Inc.(a)		2,108		38,956
Owens & Minor, Inc.		2,791		81,162
Patterson Cos., Inc.		3,237		102,548
Pennant Group, Inc.(a)(b)		1,158		62,266
PetIQ, Inc.(a)		874		30,293
Premier, Inc., Class A		5,340		180,866
Progyny, Inc.(a)(b)		1,169		54,674
Quest Diagnostics, Inc.		5,153		665,510
R1 RCM, Inc.(a)		4,240		106,975
RadNet, Inc.(a)		1,424		25,504
Select Medical Holdings Corp.(a)		4,151		106,681
Surgery Partners, Inc.(a)		1,329		49,545
Tenet Healthcare Corp.(a)		4,120		194,752
Tivity Health, Inc.(a)		1,912		43,116
Triple-S Management Corp., Class B(a)		753		17,643
U.S. Physical Therapy, Inc.		546		65,706

Security	Shares		Value
Health Care Providers & Services (continued)
UnitedHealth Group, Inc.		36,872	$	12,299,762
Universal Health Services, Inc., Class B		2,871		357,956
Viemed Healthcare, Inc.(a)		1,492		12,518
				36,945,938
Health Care Technology — 0.3%
Accolade, Inc.(a)(b)		582		29,502
Allscripts Healthcare Solutions, Inc.(a)		5,814		95,931
American Well Corp., Class A(a)		1,641		58,108
Cerner Corp.		11,894		952,828
Change Healthcare, Inc.(a)		9,480		226,193
Computer Programs & Systems, Inc.		440		13,543
Evolent Health, Inc., Class A(a)(b)		3,106		53,019
Health Catalyst, Inc.(a)		1,394		69,254
HealthStream, Inc.(a)		776		18,065
HMS Holdings Corp.(a)		3,400		125,188
Icad, Inc.(a)		1,095		16,633
Inovalon Holdings, Inc., Class A(a)		2,969		72,444
Inspire Medical Systems, Inc.(a)		1,016		204,734
NextGen Healthcare, Inc.(a)		1,626		32,162
Omnicell, Inc.(a)		1,708		201,202
OptimizeRx Corp.(a)		814		36,744
Phreesia, Inc.(a)		1,206		78,740
Schrodinger, Inc./United States(a)		1,148		103,699
Simulations Plus, Inc.		603		47,721
Tabula Rasa HealthCare, Inc.(a)(b)		778		44,183
Teladoc Health, Inc.(a)		4,202		1,108,614
Veeva Systems, Inc., Class A(a)		5,345		1,477,572
Vocera Communications, Inc.(a)(b)		1,222		53,707
				5,119,786
Hotels, Restaurants & Leisure — 1.7%
Accel Entertainment, Inc.(a)		2,234		21,513
Aramark		8,942		306,621
Bally’s Corp.		937		49,174
Biglari Holdings, Inc., Class B(a)		169		19,391
BJ’s Restaurants, Inc.(a)		1,084		50,666
Bloomin’ Brands, Inc.		3,149		66,349
Bluegreen Vacations Holding Corp.		372		4,869
Boyd Gaming Corp.		3,025		136,609
Brinker International, Inc.		1,778		104,689
Caesars Entertainment, Inc.(a)		6,848		482,031
Carnival Corp.		18,517		345,712
Carrols Restaurant Group, Inc.(a)		896		5,501
Century Casinos, Inc.(a)		1,395		9,695
Cheesecake Factory, Inc.		1,823		81,980
Chipotle Mexican Grill, Inc.(a)		1,096		1,622,080
Choice Hotels International, Inc.		1,316		132,442
Churchill Downs, Inc.		1,448		271,428
Chuy’s Holdings, Inc.(a)		546		19,154
Cracker Barrel Old Country Store, Inc.		960		129,898
Darden Restaurants, Inc.		5,087		594,619
Dave & Buster’s Entertainment, Inc.		1,937		65,897
Del Taco Restaurants, Inc.(a)		678		6,522
Denny’s Corp.(a)		1,915		30,123
Dine Brands Global, Inc.		553		38,024
Domino’s Pizza, Inc.		1,599		592,845
El Pollo Loco Holdings, Inc.(a)		399		8,120
Everi Holdings, Inc.(a)		3,894		50,934
Extended Stay America, Inc.		7,132		104,698
Fiesta Restaurant Group, Inc.(a)		813		12,244
GAN Ltd.(a)		966		22,807
Golden Entertainment, Inc.(a)		589		10,013

60 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Hilton Grand Vacations, Inc.(a)		2,971	$	88,298
Hilton Worldwide Holdings, Inc.		10,617		1,076,458
Hyatt Hotels Corp., Class A		1,518		99,672
International Game Technology PLC		3,361		54,146
Jack in the Box, Inc.		910		85,667
Las Vegas Sands Corp.		13,242		636,808
Lindblad Expeditions Holdings, Inc.(a)		684		10,739
Marriott International, Inc., Class A		10,624		1,235,677
Marriott Vacations Worldwide Corp.		1,509		185,245
McDonald’s Corp.		29,111		6,050,430
MGM Resorts International		18,125		517,650
Monarch Casino & Resort, Inc.(a)		605		31,974
Nathan’s Famous, Inc.		339		18,818
Noodles & Co.(a)		1,836		15,551
Norwegian Cruise Line Holdings Ltd.(a)(b)		12,114		274,382
Papa John’s International, Inc.		1,277		130,612
Penn National Gaming, Inc.(a)		5,818		603,443
Planet Fitness, Inc., Class A(a)		3,101		223,272
PlayAGS, Inc.(a)		1,281		6,597
RCI Hospitality Holdings, Inc.(b)		294		11,313
Red Robin Gourmet Burgers, Inc.(a)		441		11,550
Red Rock Resorts, Inc., Class A		2,802		65,791
Royal Caribbean Cruises Ltd.		7,643		496,795
Ruth’s Hospitality Group, Inc.		1,993		36,253
Scientific Games Corp., Class A(a)		2,471		96,913
SeaWorld Entertainment, Inc.(a)		1,800		51,426
Shake Shack, Inc., Class A(a)		1,438		163,098
Six Flags Entertainment Corp.		2,839		97,094
Starbucks Corp.		44,739		4,331,183
Target Hospitality Corp.(a)		2,425		4,292
Texas Roadhouse, Inc.		2,602		198,298
Vail Resorts, Inc.		1,590		422,876
Wendy’s Co.		6,902		140,801
Wingstop, Inc.		1,153		173,008
Wyndham Destinations, Inc.		3,364		148,823
Wyndham Hotels & Resorts, Inc.		3,606		209,761
Wynn Resorts Ltd.		3,797		377,915
Yum China Holdings, Inc.		15,581		883,599
Yum! Brands, Inc.		11,650		1,182,359
				25,845,235
Household Durables — 0.5%
Beazer Homes USA, Inc.(a)		1,012		16,820
Cavco Industries, Inc.(a)		333		62,824
Century Communities, Inc.(a)		1,295		60,787
D.R. Horton, Inc.		12,731		977,741
Ethan Allen Interiors, Inc.		842		19,913
Garmin Ltd.		5,790		665,039
GoPro, Inc., Class A(a)		5,660		50,657
Green Brick Partners, Inc.(a)		1,139		22,666
Hamilton Beach Brands Holding Co., Class A		190		3,646
Helen of Troy Ltd.(a)(b)		978		238,877
Hooker Furniture Corp.		333		10,033
Installed Building Products, Inc.(a)		876		91,919
iRobot Corp.(a)		1,117		134,152
KB Home		3,331		138,703
La-Z-Boy, Inc.		1,540		59,629
Leggett & Platt, Inc.		5,165		211,765
Lennar Corp., -B Shares		1,295		86,687
Lennar Corp., Class A		9,921		824,931
LGI Homes, Inc.(a)		802		85,581
Lifetime Brands, Inc.		464		6,450

Security	Shares		Value
Household Durables (continued)
Lovesac Co.(a)(b)		313	$	17,697
M/I Homes, Inc.(a)		1,039		51,295
MDC Holdings, Inc.		1,916		99,670
Meritage Homes Corp.(a)		1,426		114,451
Mohawk Industries, Inc.(a)		2,287		328,413
Newell Brands, Inc.		15,242		366,113
NVR, Inc.(a)(b)		136		604,721
PulteGroup, Inc.		10,350		450,225
Purple Innovation, Inc.(a)		1,118		38,057
Skyline Champion Corp.(a)		1,829		61,509
Sonos, Inc.(a)		3,363		87,943
Taylor Morrison Home Corp.(a)		5,089		132,212
Tempur Sealy International, Inc.(a)		7,024		185,434
Toll Brothers, Inc.		4,605		235,316
TopBuild Corp.(a)		1,232		246,338
TRI Pointe Group, Inc.(a)		5,257		106,191
Tupperware Brands Corp.(a)		2,306		69,365
Turtle Beach Corp.(a)		776		23,202
Universal Electronics, Inc.(a)		483		26,198
Whirlpool Corp.		2,381		440,699
				7,453,869
Household Products — 1.3%
Central Garden & Pet Co.(a)		682		28,842
Central Garden & Pet Co., Class A(a)		1,246		48,594
Church & Dwight Co., Inc.		9,589		809,599
Clorox Co.		4,891		1,024,469
Colgate-Palmolive Co.		33,087		2,580,786
Energizer Holdings, Inc.		2,281		99,999
Kimberly-Clark Corp.		13,223		1,746,758
Oil-Dri Corp. of America		141		4,889
Procter & Gamble Co.		95,142		12,198,156
Reynolds Consumer Products Inc.		2,162		64,860
Spectrum Brands Holdings, Inc.		1,599		120,836
WD-40 Co.		520		158,293
				18,886,081
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		25,592		624,189
Atlantic Power Corp.(a)		4,381		12,968
Brookfield Renewable Corp., Class A(b)		3,954		221,226
Clearway Energy, Inc., Class A		2,467		71,124
Clearway Energy, Inc., Class C		2,114		65,492
Ormat Technologies, Inc.(b)		1,497		170,897
Sunnova Energy International, Inc.(a)		2,135		93,620
Vistra Corp.		19,333		386,080
				1,645,596
Industrial Conglomerates — 1.0%
3M Co.		21,986		3,862,061
Carlisle Cos., Inc.		2,152		311,889
General Electric Co.		340,044		3,631,670
Honeywell International, Inc.		27,505		5,373,652
Raven Industries, Inc.		1,286		41,499
Roper Technologies, Inc.		4,035		1,585,392
				14,806,163
Insurance — 1.9%
Aflac, Inc.		27,708		1,251,847
Alleghany Corp.		551		312,334
Allstate Corp.		11,954		1,281,230
Ambac Financial Group, Inc.(a)		1,699		24,500
American Equity Investment Life Holding Co.		2,793		81,528
American Financial Group, Inc.		2,886		271,688

SCHEDULE    OF   INVESTMENTS 61

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
American International Group, Inc.		33,234	$	1,244,281
American National Group, Inc.		327		28,900
AMERISAFE, Inc.		924		51,282
Aon PLC, Class A		8,974		1,822,619
Arch Capital Group Ltd.(a)		15,312		480,950
Argo Group International Holdings Ltd.		1,168		47,129
Arthur J Gallagher & Co.		7,610		878,270
Assurant, Inc.		2,342		317,271
Assured Guaranty Ltd.		2,078		74,289
Athene Holding Ltd., Class A(a)		4,479		183,146
Axis Capital Holdings Ltd.		3,136		143,942
Brighthouse Financial, Inc.(a)		4,012		141,864
Brown & Brown, Inc.		9,263		399,143
BRP Group, Inc., Class A(a)		1,344		31,194
Chubb Ltd.		17,400		2,534,658
Cincinnati Financial Corp.		5,800		487,722
Citizens, Inc.(a)		3,588		21,707
CNA Financial Corp.		1,235		47,449
CNO Financial Group, Inc.		6,029		127,875
eHealth, Inc.(a)		982		46,989
Employers Holdings, Inc.		798		24,339
Enstar Group Ltd.(a)		489		97,903
Erie Indemnity Co., Class A		971		236,050
Everest Re Group Ltd.		1,539		324,852
FBL Financial Group, Inc., Class A		309		17,316
FedNat Holding Co.		339		1,763
Fidelity National Financial, Inc.		10,477		380,315
First American Financial Corp.		4,221		220,716
Genworth Financial, Inc., Class A(a)		21,273		60,415
Globe Life, Inc.		4,115		371,955
GoHealth, Inc., Class A(a)(b)		3,067		40,822
Goosehead Insurance, Inc., Class A		501		66,934
Greenlight Capital Re Ltd., Class A(a)		1,310		9,838
Hanover Insurance Group, Inc.		1,478		166,231
Hartford Financial Services Group, Inc.		14,051		674,729
HCI Group, Inc.		211		11,738
Heritage Insurance Holdings, Inc.		585		5,452
Horace Mann Educators Corp.		1,576		61,732
Independence Holding Co.		268		10,321
Investors Title Co.		51		7,293
James River Group Holdings Ltd.		1,134		50,440
Kemper Corp.		2,407		169,332
Kinsale Capital Group, Inc.		804		150,798
Lemonade Inc.(a)		423		61,441
Lincoln National Corp.		7,297		331,941
Loews Corp.		9,366		424,186
Markel Corp.(a)		535		518,672
Marsh & McLennan Cos., Inc.		19,823		2,178,746
MBIA, Inc.(a)		2,769		17,002
Mercury General Corp.		1,102		58,417
MetLife, Inc.		30,023		1,445,607
National Western Life Group, Inc., Class A		82		14,760
Old Republic International Corp.		11,097		200,856
Palomar Holdings, Inc.(a)		896		89,233
Primerica, Inc.		1,584		220,667
Principal Financial Group, Inc.		10,396		512,211
ProAssurance Corp.		1,892		34,680
Progressive Corp.		22,726		1,981,480
Protective Insurance Corp., Class B		404		5,684
Prudential Financial, Inc.		15,362		1,202,537
Reinsurance Group of America, Inc.		2,612		274,391
RenaissanceRe Holdings Ltd.		1,916		288,243

Security	Shares		Value
Insurance (continued)
RLI Corp.		1,497	$	144,880
Safety Insurance Group, Inc.		657		48,250
Selective Insurance Group, Inc.		2,322		150,884
Selectquote, Inc.(a)		1,994		42,113
State Auto Financial Corp.		431		7,129
Stewart Information Services Corp.		1,098		50,925
Third Point Reinsurance Ltd.(a)		2,568		23,703
Travelers Cos., Inc.		9,798		1,335,467
Trupanion, Inc.(a)		1,160		130,152
United Fire Group, Inc.		693		19,085
United Insurance Holdings Corp.		649		3,297
Universal Insurance Holdings, Inc.		1,090		14,595
Unum Group		8,178		189,975
W.R. Berkley Corp.		5,353		332,635
Watford Holdings Ltd.(a)		939		32,452
White Mountains Insurance Group Ltd.		123		125,460
Willis Towers Watson PLC		4,983		1,011,250
				29,018,097
Interactive Media & Services(a) — 4.9%
Alphabet, Inc., Class A		11,722		21,420,314
Alphabet, Inc., Class C		11,365		20,863,185
Cargurus, Inc.		3,222		94,243
Cars.com, Inc.		2,829		32,845
DHI Group, Inc.		2,727		6,817
Eventbrite, Inc., Class A		2,880		51,408
EverQuote, Inc., Class A		585		26,360
Facebook, Inc., Class A		93,854		24,245,304
IAC/InterActiveCorp.		2,866		601,717
Liberty TripAdvisor Holdings, Inc., Class A		2,921		11,918
Match Group, Inc.		8,859		1,239,020
MediaAlpha, Inc., Class A		1,164		64,020
Pinterest, Inc., Class A		15,702		1,075,744
QuinStreet, Inc.		1,844		39,037
TripAdvisor, Inc.		3,844		119,049
TrueCar, Inc.(b)		5,805		26,006
Twitter, Inc.		30,855		1,559,103
Yelp, Inc.		2,466		80,367
Zillow Group, Inc., Class A		2,173		301,439
Zillow Group, Inc., Class C		5,669		739,578
				72,597,474
Internet & Direct Marketing Retail — 4.1%
1-800-Flowers.com, Inc., Class A(a)(b)		1,280		39,334
Amazon.com, Inc.(a)		16,579		53,155,590
Booking Holdings, Inc.(a)		1,599		3,108,984
CarParts.com, Inc.(a)(b)		1,325		20,816
Duluth Holdings, Inc., Class B(a)		128		1,596
eBay, Inc.		25,946		1,466,209
Etsy, Inc.(a)		4,582		912,230
Expedia Group, Inc.		5,289		656,365
Groupon, Inc.(a)(b)		820		28,019
Grubhub, Inc.(a)		3,640		273,983
Lands’ End, Inc.(a)		215		5,936
Liquidity Services, Inc.(a)		954		18,622
Magnite, Inc.(a)(b)		4,820		166,965
Overstock.com, Inc.(a)(b)		1,687		130,911
PetMed Express, Inc.		1,061		40,530
Quotient Technology, Inc.(a)		2,789		24,711
Qurate Retail, Inc., Series A		15,045		189,567
RealReal, Inc.(a)		2,266		53,659
Shutterstock, Inc.		956		62,130
Stamps.com, Inc.(a)		663		151,370

62 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Internet & Direct Marketing Retail (continued)
Stitch Fix, Inc., Class A(a)		2,253	$	215,026
Waitr Holdings, Inc.(a)		3,793		13,427
Wayfair, Inc., Class A(a)(b)		2,727		742,617
				61,478,597
IT Services — 5.1%
Accenture PLC, Class A		24,879		6,018,728
Akamai Technologies, Inc.(a)		6,301		699,600
Alliance Data Systems Corp.		1,870		126,506
Amdocs Ltd.		5,029		355,148
Automatic Data Processing, Inc.		16,807		2,775,172
BigCommerce Holdings, Inc., Series-1(a)(b)		447		35,733
Black Knight, Inc.(a)		5,959		486,791
Booz Allen Hamilton Holding Corp.		5,307		451,997
Brightcove, Inc.(a)		2,245		36,930
Broadridge Financial Solutions, Inc.		4,514		637,873
CACI International, Inc., Class A(a)		985		237,602
Cardtronics PLC, Class A(a)		1,379		53,574
Cass Information Systems, Inc.		434		17,620
Cognizant Technology Solutions Corp., Class A		20,913		1,630,168
Concentrix Corp.(a)		1,635		174,814
Conduent, Inc.(a)		7,311		35,239
CSG Systems International, Inc.		1,261		54,336
DXC Technology Co.		9,913		279,547
Endurance International Group Holdings, Inc.(a)		2,163		20,505
EPAM Systems, Inc.(a)		2,071		713,315
Euronet Worldwide, Inc.(a)		1,992		248,920
EVERTEC, Inc.		2,309		80,122
Evo Payments, Inc., Class A(a)		1,908		43,808
ExlService Holdings, Inc.(a)		1,373		105,282
Fastly, Inc., Class A(a)		3,010		329,143
Fidelity National Information Services, Inc.		24,182		2,985,510
Fiserv, Inc.(a)		22,458		2,306,212
FleetCor Technologies, Inc.(a)		3,213		779,956
Gartner, Inc.(a)		3,379		513,304
Genpact Ltd.		7,480		286,334
Global Payments, Inc.		11,528		2,034,923
Globant SA(a)		1,525		292,800
GoDaddy, Inc., Class A(a)		6,395		502,519
GreenSky, Inc., Class A(a)		2,934		14,465
GTT Communications, Inc.(a)(b)		540		2,511
Hackett Group, Inc.		467		6,361
I3 Verticals, Inc., Class A(a)		417		12,101
International Business Machines Corp.		34,516		4,111,201
Jack Henry & Associates, Inc.		2,921		422,932
KBR, Inc.		5,578		162,041
Limelight Networks, Inc.(a)		5,082		23,149
LiveRamp Holdings, Inc.(a)		2,441		184,808
ManTech International Corp., Class A		1,047		93,905
Mastercard, Inc., Class A		34,458		10,898,721
MAXIMUS, Inc.		2,449		183,822
MoneyGram International, Inc.(a)		3,547		27,205
MongoDB, Inc.(a)		1,967		727,023
NIC, Inc.		2,423		65,227
Okta, Inc.(a)		4,442		1,150,522
Paychex, Inc.		12,385		1,081,458
PayPal Holdings, Inc.(a)		45,911		10,757,406
Paysign, Inc.(a)		723		3,384
Perficient, Inc.(a)		1,301		71,048
Perspecta, Inc.		5,737		166,086
Rackspace Technology, Inc.(a)		2,370		54,771
Repay Holdings Corp.(a)		2,463		54,555

Security	Shares		Value
IT Services (continued)
Sabre Corp.		12,080	$	130,222
Science Applications International Corp.		2,334		224,134
Square, Inc., Class A(a)		14,445		3,119,542
StoneCo. Ltd., Class A(a)		7,705		553,989
Switch, Inc., Class A		3,413		58,772
Sykes Enterprises, Inc.(a)		1,447		55,840
TTEC Holdings, Inc.		814		61,522
Tucows, Inc., Class A(a)		474		37,873
Twilio, Inc., Class A(a)		5,528		1,986,929
Unisys Corp.(a)		2,599		62,090
VeriSign, Inc.(a)		3,951		766,771
Verra Mobility Corp.(a)		4,831		61,837
Virtusa Corp.(a)		1,226		62,587
Visa, Inc., Class A		65,993		12,753,147
Western Union Co.		16,122		359,037
WEX, Inc.(a)		1,676		316,094
				76,235,119
Leisure Products — 0.2%
Acushnet Holdings Corp.		1,308		53,393
American Outdoor Brands, Inc.(a)		1,158		21,979
Brunswick Corp.		2,991		258,602
Callaway Golf Co.		3,953		110,249
Clarus Corp.		461		7,403
Escalade, Inc.		501		10,446
Hasbro, Inc.		4,946		464,034
Johnson Outdoors, Inc., Class A		138		15,046
Malibu Boats, Inc., Class A(a)(b)		936		65,623
MasterCraft Boat Holdings, Inc.(a)		515		13,148
Mattel, Inc.(a)		13,569		245,870
Nautilus, Inc.(a)(b)		1,478		36,226
Peloton Interactive, Inc., Class A(a)		9,771		1,427,836
Polaris, Inc.		2,270		264,841
Smith & Wesson Brands Inc.		2,188		36,233
Sturm Ruger & Co., Inc.		761		48,217
Vista Outdoor, Inc.(a)		2,451		71,496
YETI Holdings, Inc.(a)		3,064		201,672
				3,352,314
Life Sciences Tools & Services — 1.4%
10X Genomics, Inc., Class A(a)		2,198		376,188
Adaptive Biotechnologies Corp.(a)		3,035		168,351
Agilent Technologies, Inc.		12,188		1,464,632
Avantor, Inc.(a)		20,670		609,558
Berkeley Lights, Inc.(a)		419		30,168
Bio-Rad Laboratories, Inc., Class A(a)		804		461,311
Bio-Techne Corp.		1,510		490,614
Bruker Corp.		4,001		231,618
Charles River Laboratories International, Inc.(a)		1,893		490,382
ChromaDex Corp.(a)(b)		2,577		12,215
Codexis, Inc.(a)		2,533		58,994
Fluidigm Corp.(a)(b)		1,669		10,815
Illumina, Inc.(a)		5,650		2,409,386
IQVIA Holdings, Inc.(a)		7,461		1,326,566
Luminex Corp.		1,645		46,208
Medpace Holdings, Inc.(a)		1,079		143,280
Mettler-Toledo International, Inc.(a)		917		1,071,148
NanoString Technologies, Inc.(a)		1,746		122,272
NeoGenomics, Inc.(a)		4,100		217,382
Pacific Biosciences of California, Inc.(a)		7,067		228,617
PerkinElmer, Inc.		4,322		635,637
Personalis, Inc.(a)		1,047		40,278
PPD, Inc.(a)		6,163		198,202

SCHEDULE    OF   INVESTMENTS 63

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
PRA Health Sciences, Inc.(a)		2,533	$	312,167
QIAGEN NV(a)		8,709		471,592
Quanterix Corp.(a)		647		41,887
Repligen Corp.(a)		1,981		396,200
Syneos Health, Inc.(a)		2,633		195,764
Thermo Fisher Scientific, Inc.		15,427		7,863,142
Waters Corp.(a)		2,379		629,650
				20,754,224
Machinery — 1.8%
AGCO Corp.		2,407		266,936
Alamo Group, Inc.		335		46,763
Albany International Corp., Class A		1,186		82,451
Allison Transmission Holdings, Inc.		4,437		180,586
Altra Industrial Motion Corp.		2,663		136,905
Astec Industries, Inc.		811		48,230
Barnes Group, Inc.		1,726		82,969
Blue Bird Corp.(a)		429		8,795
Caterpillar, Inc.		21,174		3,871,454
Chart Industries, Inc.(a)		1,484		178,243
CIRCOR International, Inc.(a)		747		23,882
Colfax Corp.(a)		3,869		143,617
Columbus McKinnon Corp.		771		33,299
Crane Co.		1,824		138,040
Cummins, Inc.		5,811		1,362,215
Deere & Co.		11,073		3,197,882
Donaldson Co., Inc.		4,988		296,487
Douglas Dynamics, Inc.		741		30,233
Dover Corp.		5,540		645,355
Energy Recovery, Inc.(a)		703		9,730
Enerpac Tool Group Corp.		1,778		36,040
EnPro Industries, Inc.		672		48,512
ESCO Technologies, Inc.		1,063		101,070
Evoqua Water Technologies Corp.(a)		3,569		97,255
Federal Signal Corp.		2,841		92,872
Flowserve Corp.		5,174		183,987
Fortive Corp.		11,449		756,550
Franklin Electric Co., Inc.		1,806		125,373
Gates Industrial Corp. PLC(a)		2,328		32,871
Gencor Industries, Inc.(a)		1,081		13,848
Gorman-Rupp Co.		505		15,907
Graco, Inc.		6,418		442,457
Graham Corp.		286		4,221
Greenbrier Cos., Inc.		1,363		49,313
Helios Technologies, Inc.		1,347		73,479
Hillenbrand, Inc.		2,582		106,120
Hurco Cos., Inc.		172		5,060
Hyster-Yale Materials Handling, Inc.		411		36,871
IDEX Corp.		2,939		547,212
Illinois Tool Works, Inc.		12,279		2,384,705
Ingersoll Rand, Inc.(a)		13,159		550,573
ITT, Inc.		3,477		259,767
John Bean Technologies Corp.		1,283		148,674
Kadant, Inc.		395		56,465
Kennametal, Inc.		3,094		117,201
LB Foster Co., Class A(a)		354		5,363
Lincoln Electric Holdings, Inc.		2,273		260,258
Lindsay Corp.		413		57,750
Luxfer Holdings PLC		874		14,395
Lydall, Inc.(a)		520		15,652
Manitowoc Co., Inc.(a)		1,232		16,188
Meritor, Inc.(a)		2,656		68,551

Security	Shares		Value
Machinery (continued)
Middleby Corp.(a)		2,167	$	294,105
Miller Industries, Inc.		363		14,476
Mueller Industries, Inc.		2,284		77,999
Mueller Water Products, Inc., Class A		6,381		76,508
Navistar International Corp.(a)		2,037		89,628
NN, Inc.(a)		2,043		12,319
Nordson Corp.		2,230		399,148
Omega Flex, Inc.		130		24,050
Oshkosh Corp.		2,639		241,706
Otis Worldwide Corp.		15,814		1,022,375
PACCAR, Inc.		12,935		1,179,931
Parker-Hannifin Corp.		4,947		1,309,026
Park-Ohio Holdings Corp.		132		3,721
Pentair PLC		6,432		350,287
Proto Labs, Inc.(a)		1,060		224,508
RBC Bearings, Inc.(a)		974		162,979
REV Group, Inc.		1,078		11,136
Rexnord Corp.		4,719		178,661
Shyft Group, Inc.		1,242		37,508
Snap-on, Inc.		2,121		381,759
SPX Corp.(a)		1,924		99,490
SPX FLOW, Inc.(a)		1,814		96,088
Standex International Corp.		383		31,372
Stanley Black & Decker, Inc.		5,965		1,034,868
Tennant Co.		616		41,734
Terex Corp.		2,288		81,819
Timken Co.		2,478		187,485
Toro Co.		4,185		394,436
TriMas Corp.(a)		1,521		48,140
Trinity Industries, Inc.		3,944		109,683
Wabash National Corp.		1,971		31,437
Watts Water Technologies, Inc., Class A		1,043		125,233
Welbilt, Inc.(a)		4,491		57,979
Westinghouse Air Brake Technologies Corp.		7,206		534,757
Woodward, Inc.		2,169		242,820
Xylem, Inc.		6,880		664,539
				27,382,342
Marine — 0.0%
Costamare, Inc.		1,248		9,984
Eagle Bulk Shipping, Inc.(a)		219		4,286
Genco Shipping & Trading Ltd.		1,092		8,638
Kirby Corp.(a)		2,395		121,570
Matson, Inc.		1,815		108,537
Safe Bulkers, Inc.(a)		2,358		4,103
Scorpio Bulkers, Inc.		134		2,159
SEACOR Holdings, Inc.(a)(b)		957		39,945
				299,222
Media — 1.4%
Altice USA, Inc., Class A(a)		11,997		426,733
AMC Networks, Inc., Class A(a)(b)		1,603		79,220
Boston Omaha Corp., Class A(a)		863		23,560
Cable One, Inc.		203		406,000
Cardlytics, Inc.(a)		1,008		123,248
Charter Communications, Inc., Class A(a)		5,684		3,453,371
Comcast Corp., Class A		177,214		8,784,498
ComScore, Inc.(a)		2,806		8,951
Daily Journal Corp.(a)(b)		60		20,040
Discovery, Inc., Class A(a)(b)		4,366		180,840
Discovery, Inc., Class C(a)		14,244		498,967
DISH Network Corp., Class A(a)		9,440		273,949
Emerald Holding, Inc.		736		2,988

64 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Entercom Communications Corp., Class A		3,599	$	16,735
Entravision Communications Corp., Class A		1,689		5,405
EW Scripps Co., Class A		1,830		27,102
Fluent, Inc.(a)		1,571		8,515
Fox Corp., Class A		13,004		405,465
Fox Corp., Class B(a)		5,912		176,710
Gannett Co., Inc.(a)		4,135		18,525
Gray Television, Inc.(a)		3,459		58,976
iHeartMedia, Inc., Class A(a)		2,633		38,284
Interpublic Group of Cos., Inc.		14,447		347,739
John Wiley & Sons, Inc., Class A		1,563		71,288
Liberty Broadband Corp., Class A(a)		1,216		176,527
Liberty Broadband Corp., Class C(a)		6,084		888,568
Liberty Media Corp. - Liberty SiriusXM, Class A(a)		3,363		135,932
Liberty Media Corp. - Liberty SiriusXM, Class C(a)		6,893		279,580
Liberty Media Corp.-Liberty Braves, Class A(a)		602		16,471
Liberty Media Corp.-Liberty Braves, Class C(a)		1,290		34,546
Liberty Media Corp.-Liberty Formula One, Class A(a)		581		21,061
Liberty Media Corp.-Liberty Formula One, Class C(a)		7,854		315,966
Loral Space & Communications, Inc.		436		11,074
Meredith Corp.		1,332		29,211
MSG Networks, Inc., Class A(a)		1,788		30,879
National CineMedia, Inc.		2,288		9,530
New York Times Co., Class A		6,284		311,624
News Corp., Class A		14,610		283,434
News Corp., Class B		5,383		101,631
Nexstar Media Group, Inc., Class A		1,635		185,850
Omnicom Group, Inc.		8,283		516,694
Scholastic Corp.		975		25,126
Sinclair Broadcast Group, Inc., Class A		2,243		70,677
Sirius XM Holdings, Inc.(b)		46,139		288,830
TechTarget, Inc.(a)		999		74,625
TEGNA, Inc.		9,011		144,446
Tribune Publishing Co.		502		7,334
ViacomCBS, Inc., Class A		716		34,841
ViacomCBS, Inc., Class B		20,877		1,012,535
WideOpenWest, Inc.(a)		3,478		37,041
				20,501,142
Metals & Mining — 0.4%
Alcoa Corp.(a)		7,441		133,938
Allegheny Technologies, Inc.(a)		4,571		77,753
Arconic Corp.(a)		3,681		92,761
Carpenter Technology Corp.		1,574		49,172
Century Aluminum Co.(a)		1,825		17,794
Cleveland-Cliffs, Inc.		15,670		240,378
Coeur Mining, Inc.(a)(b)		10,214		92,437
Commercial Metals Co.		4,606		90,692
Compass Minerals International, Inc.		1,403		81,739
Ferroglobe PLC(c)		844		—
Fortitude Gold Corp.		396		416
Freeport-McMoRan, Inc.		56,165		1,511,400
Gold Resource Corp.		1,386		3,908
Haynes International, Inc.		363		8,418
Hecla Mining Co.		20,181		114,830
Kaiser Aluminum Corp.		636		55,141
Materion Corp.		920		62,735
Newmont Corp.		31,156		1,856,898
Novagold Resources, Inc.(a)		8,391		76,526
Nucor Corp.		11,711		570,677
Olympic Steel, Inc.		97		1,324
Reliance Steel & Aluminum Co.		2,755		319,800

Security	Shares		Value
Metals & Mining (continued)
Royal Gold, Inc.		2,585	$	276,285
Ryerson Holding Corp.(a)		148		1,826
Schnitzer Steel Industries, Inc., Class A		861		25,417
Southern Copper Corp.		3,269		217,094
Steel Dynamics, Inc.		8,104		277,724
SunCoke Energy, Inc.		1,917		9,451
TimkenSteel Corp.(a)		1,376		6,921
United States Steel Corp.		7,990		141,902
Warrior Met Coal, Inc.		2,567		59,092
Worthington Industries, Inc.		1,445		75,631
				6,550,080
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
AGNC Investment Corp.		22,066		344,230
Annaly Capital Management, Inc.		54,358		441,387
Anworth Mortgage Asset Corp.		2,687		6,556
Apollo Commercial Real Estate Finance, Inc.		7,092		79,289
Arbor Realty Trust, Inc.		4,147		59,136
Ares Commercial Real Estate Corp.		1,122		12,701
Arlington Asset Investment Corp., Class A		839		3,037
ARMOUR Residential REIT, Inc.		1,713		19,134
Blackstone Mortgage Trust, Inc., Class A		5,061		134,926
Broadmark Realty Capital, Inc.		5,258		54,105
Capstead Mortgage Corp.		2,469		13,184
Cherry Hill Mortgage Investment Corp.		1,244		10,947
Chimera Investment Corp.		8,610		86,961
Colony Credit Real Estate, Inc.		2,738		21,630
Dynex Capital, Inc.		695		12,545
Ellington Financial, Inc.		1,920		28,723
Granite Point Mortgage Trust, Inc.		1,933		18,016
Great Ajax Corp.		332		3,270
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,809		166,152
Invesco Mortgage Capital, Inc.		6,966		28,143
KKR Real Estate Finance Trust, Inc.		1,316		22,530
Ladder Capital Corp.		4,671		45,916
MFA Financial, Inc.		20,140		73,310
New Residential Investment Corp.		15,174		142,484
New York Mortgage Trust, Inc.		17,656		65,857
Orchid Island Capital, Inc.		1,593		8,236
PennyMac Mortgage Investment Trust		3,973		68,534
Ready Capital Corp.		1,353		15,397
Redwood Trust, Inc.		4,274		36,671
Starwood Property Trust, Inc.		10,933		205,103
TPG RE Finance Trust, Inc.		3,418		33,394
Two Harbors Investment Corp.		9,340		56,694
Western Asset Mortgage Capital Corp.		1,131		3,336
				2,321,534
Multi-line Retail — 0.5%
Big Lots, Inc.		1,393		83,134
Dillard’s, Inc., Class A(b)		348		30,558
Dollar General Corp.		9,743		1,896,085
Dollar Tree, Inc.(a)		9,148		929,986
Kohl’s Corp.		6,246		275,199
Macy’s, Inc.		10,824		162,793
Nordstrom, Inc.		4,470		158,462
Ollie’s Bargain Outlet Holdings, Inc.(a)		2,165		205,090
Target Corp.		19,523		3,536,982
				7,278,289
Multi-Utilities — 0.7%
Ameren Corp.		9,603		698,330
Avista Corp.		2,622		98,273

SCHEDULE    OF   INVESTMENTS 65

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities (continued)
Black Hills Corp.		2,424	$	143,307
CenterPoint Energy, Inc.		19,321		407,480
CMS Energy Corp.		11,014		626,476
Consolidated Edison, Inc.		13,511		956,309
Dominion Energy, Inc.		32,335		2,356,898
DTE Energy Co.		7,407		879,359
MDU Resources Group, Inc.		7,660		201,381
NiSource, Inc.		14,340		317,631
NorthWestern Corp.		1,857		101,151
Public Service Enterprise Group, Inc.		20,250		1,142,707
Sempra Energy		11,395		1,410,245
Unitil Corp.		767		31,271
WEC Energy Group, Inc.		12,260		1,089,914
				10,460,732
Oil, Gas & Consumable Fuels — 2.0%
Antero Midstream Corp.		11,319		91,684
Antero Resources Corp.(a)		10,080		69,955
Apache Corp.		14,615		208,702
Arch Resources, Inc.		592		28,369
Ardmore Shipping Corp.		703		2,250
Berry Corp.		2,607		10,037
Bonanza Creek Energy, Inc.(a)(b)		672		13,884
Brigham Minerals, Inc., Class A		617		8,262
Cabot Oil & Gas Corp.		15,376		281,842
Cheniere Energy, Inc.(a)		9,109		576,873
Chevron Corp.		75,364		6,421,013
Cimarex Energy Co.		3,621		152,734
Clean Energy Fuels Corp.(a)		4,949		50,628
CNX Resources Corp.(a)		8,157		103,349
ConocoPhillips		52,318		2,094,290
CONSOL Energy, Inc.(a)		881		7,154
Contango Oil & Gas Co.(a)		4,501		10,757
Continental Resources, Inc.		3,232		63,638
CVR Energy, Inc.		1,053		18,006
Delek US Holdings, Inc.		2,513		47,144
Devon Energy Corp.		22,894		376,835
DHT Holdings, Inc.		4,668		25,067
Diamond S Shipping, Inc.(a)(b)		1,594		10,186
Diamondback Energy, Inc.		6,660		377,555
Dorian LPG Ltd.(a)		1,250		14,488
Energy Fuels, Inc.(a)(b)		4,782		18,172
EOG Resources, Inc.		23,228		1,183,699
EQT Corp.		12,776		208,377
Equitrans Midstream Corp.		15,873		105,555
Evolution Petroleum Corp.		1,161		3,692
Exxon Mobil Corp.		165,449		7,418,733
Falcon Minerals Corp.		1,711		5,236
Frontline Ltd.		4,838		28,544
Golar LNG Ltd.(a)		3,854		41,739
Goodrich Petroleum Corp.(a)		829		8,016
Green Plains, Inc.(a)		1,196		22,975
Hess Corp.		10,891		587,896
HollyFrontier Corp.		5,849		166,463
International Seaways, Inc.		846		13,544
Kinder Morgan, Inc.		77,564		1,092,101
Kosmos Energy Ltd.		13,128		29,144
Magnolia Oil & Gas Corp., Class A(a)(b)		3,654		30,949
Marathon Oil Corp.		30,603		221,566
Marathon Petroleum Corp.		25,047		1,081,029
Matador Resources Co.(a)		4,298		65,673
Murphy Oil Corp.		5,383		66,588

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
NACCO Industries, Inc., Class A		95	$	2,277
Nordic American Tankers Ltd.		4,938		14,616
Occidental Petroleum Corp.		32,418		650,305
ONEOK, Inc.		17,827		710,049
Overseas Shipholding Group, Inc., Class A(a)		2,632		5,448
Ovintiv, Inc.		10,156		160,059
Par Pacific Holdings, Inc.(a)		1,459		19,376
PBF Energy, Inc., Class A		4,171		35,328
PDC Energy, Inc.(a)		4,302		93,396
Peabody Energy Corp.(a)		2,502		9,583
Penn Virginia Corp.(a)		390		3,916
Phillips 66		16,951		1,149,278
Pioneer Natural Resources Co.		7,827		946,284
PrimeEnergy Resources Corp.(a)		80		2,862
Range Resources Corp.		8,998		82,872
Renewable Energy Group, Inc.(a)		1,619		145,062
REX American Resources Corp.(a)		221		16,906
Scorpio Tankers, Inc.(b)		2,267		28,201
SFL Corp. Ltd.		3,785		23,921
SM Energy Co.		3,522		29,550
Southwestern Energy Co.(a)		22,126		83,415
Talos Energy, Inc.(a)		673		5,694
Targa Resources Corp.		9,117		249,532
Tellurian, Inc.(a)(b)		3,575		10,832
Uranium Energy Corp.(a)		5,795		9,446
Valero Energy Corp.		15,953		900,228
W&T Offshore, Inc.(a)		2,856		6,912
Whiting Petroleum Corp.(a)		46		936
Williams Cos., Inc.		46,910		995,899
World Fuel Services Corp.		2,370		72,498
				29,929,074
Paper & Forest Products — 0.0%
Clearwater Paper Corp.(a)		635		24,181
Domtar Corp.		2,027		60,749
Glatfelter Corp.		1,299		20,329
Louisiana-Pacific Corp.		4,635		176,176
Neenah, Inc.		540		27,497
Schweitzer-Mauduit International, Inc.		1,205		44,754
Verso Corp., Class A		1,086		12,489
				366,175
Personal Products — 0.2%
BellRing Brands, Inc., Class A(a)		1,574		36,611
Coty, Inc., Class A		10,271		65,426
Edgewell Personal Care Co.		2,094		69,940
elf Beauty, Inc.(a)		2,100		45,696
Estee Lauder Cos., Inc., Class A		8,577		2,029,747
Herbalife Nutrition Ltd.(a)		3,493		178,003
Inter Parfums, Inc.		578		35,940
Lifevantage Corp.(a)		732		6,544
Medifast, Inc.		460		107,948
Nature’s Sunshine Products, Inc.(a)		255		4,093
Nu Skin Enterprises, Inc., Class A		1,980		114,583
Revlon, Inc., Class A(a)(b)		260		2,990
USANA Health Sciences, Inc.(a)		423		35,008
Veru, Inc.(a)		4,777		42,133
				2,774,662
Pharmaceuticals — 3.5%
AcelRx Pharmaceuticals, Inc.(a)		3,530		7,766
Aerie Pharmaceuticals, Inc.(a)(b)		1,684		28,948
Agile Therapeutics, Inc.(a)		4,161		11,734
Amneal Pharmaceuticals, Inc.(a)		5,098		24,521

66 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Amphastar Pharmaceuticals, Inc.(a)		1,216	$	22,107
ANI Pharmaceuticals, Inc.(a)		794		22,661
Arvinas, Inc.(a)		1,305		98,449
Atea Pharmaceuticals, Inc.(a)		1,004		73,292
Axsome Therapeutics, Inc.(a)		1,104		75,171
BioDelivery Sciences International, Inc.(a)		3,852		14,830
Bristol-Myers Squibb Co.		88,511		5,437,231
Cara Therapeutics, Inc.(a)		1,585		29,640
Catalent, Inc.(a)		6,253		719,408
Chiasma, Inc.(a)		2,036		8,063
Collegium Pharmaceutical, Inc.(a)		1,582		38,189
Corcept Therapeutics, Inc.(a)		3,744		105,805
CorMedix, Inc.(a)		1,458		12,758
Cymabay Therapeutics, Inc.(a)		3,406		18,222
Durect Corp.(a)		7,508		15,466
Elanco Animal Health, Inc.(a)		17,452		506,632
Eli Lilly & Co.		32,877		6,837,430
Eloxx Pharmaceuticals, Inc.(a)		661		2,274
Endo International PLC(a)		9,338		67,981
Evofem Biosciences, Inc.(a)(b)		5,811		15,283
Evolus, Inc.(a)		275		1,859
Fulcrum Therapeutics, Inc.(a)		659		7,289
Horizon Therapeutics PLC(a)		7,480		542,150
Innoviva, Inc.(a)		2,582		31,010
Intra-Cellular Therapies, Inc.(a)(b)		2,695		86,644
Jazz Pharmaceuticals PLC(a)		2,165		336,658
Johnson & Johnson		102,945		16,793,418
Kala Pharmaceuticals, Inc.(a)(b)		1,156		8,589
Lannett Co., Inc.(a)		1,056		8,184
Liquidia Corp.(a)		1,077		2,951
Marinus Pharmaceuticals, Inc.(a)(b)		1,328		16,507
Merck & Co., Inc.		98,718		7,608,196
Nektar Therapeutics(a)(b)		6,809		134,137
NGM Biopharmaceuticals, Inc.(a)		1,461		37,489
Ocular Therapeutix, Inc.(a)		2,768		50,239
Odonate Therapeutics, Inc.(a)		353		8,158
Omeros Corp.(a)		2,229		43,376
Optinose, Inc.(a)(b)		514		2,046
Pacira BioSciences, Inc.(a)		1,813		119,803
Paratek Pharmaceuticals, Inc.(a)		915		5,938
Perrigo Co. PLC		5,278		225,371
Pfizer, Inc.		217,522		7,809,040
Phathom Pharmaceuticals, Inc.(a)		560		21,560
Phibro Animal Health Corp., Class A		619		12,838
Pliant Therapeutics, Inc.(a)		1,639		40,336
Prestige Consumer Healthcare, Inc.(a)		2,255		90,200
Provention Bio Inc.(a)		1,609		22,156
Reata Pharmaceuticals, Inc., Class A(a)(b)		931		96,442
Recro Pharma, Inc.(a)		902		2,823
Relmada Therapeutics, Inc.(a)		534		17,451
Revance Therapeutics, Inc.(a)		2,534		64,465
Royalty Pharma PLC, Class A		4,706		221,229
Satsuma Pharmaceuticals, Inc.(a)		424		2,468
SIGA Technologies, Inc.(a)		3,614		23,346
Supernus Pharmaceuticals, Inc.(a)		2,277		66,921
TherapeuticsMD, Inc.(a)		7,503		12,380
Theravance Biopharma, Inc.(a)		1,792		33,403
Tricida, Inc.(a)		1,280		8,422
Verrica Pharmaceuticals, Inc.(a)(b)		732		8,601
Viatris, Inc.(a)		46,612		791,938
VYNE Therapeutics, Inc.(a)(b)		10,555		20,899
WaVe Life Sciences Ltd.(a)		1,000		10,170

Security	Shares		Value
Pharmaceuticals (continued)
Xeris Pharmaceuticals, Inc.(a)		3,725	$	18,923
Zoetis, Inc.		18,541		2,859,949
Zogenix, Inc.(a)		2,357		44,689
				52,564,522
Professional Services — 0.6%
ASGN, Inc.(a)		2,048		169,800
Barrett Business Services, Inc.		250		15,762
BG Staffing, Inc.		403		5,086
CBIZ, Inc.(a)		1,845		47,804
CoreLogic, Inc.		3,215		242,057
CoStar Group, Inc.(a)		1,509		1,357,662
CRA International, Inc.		196		10,429
Dun & Bradstreet Holdings, Inc.(a)		3,031		71,683
Equifax, Inc.		4,688		830,292
Exponent, Inc.		2,001		165,242
Forrester Research, Inc.(a)		474		18,799
Franklin Covey Co.(a)		195		4,690
FTI Consulting, Inc.(a)		1,501		165,065
GP Strategies Corp.(a)		414		5,001
Heidrick & Struggles International, Inc.		563		16,417
Huron Consulting Group, Inc.(a)		877		46,446
ICF International, Inc.		640		49,363
IHS Markit Ltd.		15,320		1,334,066
Insperity, Inc.		1,410		110,671
Kelly Services, Inc., Class A		887		17,314
Kforce, Inc.		689		29,386
Korn Ferry		2,175		99,180
Leidos Holdings, Inc.		5,330		565,300
ManpowerGroup, Inc.		2,272		200,936
Mistras Group, Inc.(a)		335		2,315
Nielsen Holdings PLC		13,881		309,963
Resources Connection, Inc.		605		6,982
Robert Half International, Inc.		4,479		302,332
TransUnion		7,329		637,916
TriNet Group, Inc.(a)		1,574		116,649
TrueBlue, Inc.(a)		1,432		26,621
Upwork, Inc.(a)		3,805		157,717
Verisk Analytics, Inc.		6,210		1,139,535
Willdan Group, Inc.(a)		300		13,407
				8,291,888
Real Estate Management & Development — 0.1%
Altisource Portfolio Solutions SA(a)(b)		294		2,978
CBRE Group, Inc., Class A(a)		13,467		821,218
Cushman & Wakefield PLC(a)		4,042		57,922
eXp World Holdings, Inc.(a)		1,001		106,697
Forestar Group, Inc.(a)		1,192		25,616
FRP Holdings, Inc.(a)		186		8,033
Howard Hughes Corp.(a)		1,628		140,285
Jones Lang LaSalle, Inc.(a)		1,993		291,397
Kennedy-Wilson Holdings, Inc.		4,952		85,125
Marcus & Millichap, Inc.(a)		917		32,764
Newmark Group, Inc., Class A		5,556		37,559
Rafael Holdings, Inc., Class B(a)		432		10,143
RE/MAX Holdings, Inc., Class A		632		22,891
Realogy Holdings Corp.(a)		5,026		71,369
Redfin Corp.(a)(b)		4,212		299,937
RMR Group, Inc., Class A		541		19,952
St. Joe Co.		1,480		65,860

SCHEDULE    OF   INVESTMENTS 67

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development (continued)
Stratus Properties, Inc.(a)		132	$	3,450
Tejon Ranch Co.(a)		507		8,076
				2,111,272
Road & Rail — 1.1%
AMERCO		344		159,079
ArcBest Corp.		886		41,066
Avis Budget Group, Inc.(a)		2,004		82,845
Covenant Logistics Group, Inc., Class A(a)		245		3,697
CSX Corp.		29,854		2,560,130
Daseke, Inc.(a)(b)		1,090		5,733
Heartland Express, Inc.		1,712		32,134
JB Hunt Transport Services, Inc.		3,274		440,877
Kansas City Southern		3,649		739,543
Knight-Swift Transportation Holdings, Inc.		5,064		202,560
Landstar System, Inc.		1,505		209,797
Lyft, Inc., Class A(a)		9,719		432,107
Marten Transport Ltd.		2,723		43,160
Norfolk Southern Corp.		10,020		2,370,933
Old Dominion Freight Line, Inc.		3,734		724,396
Ryder System, Inc.		1,915		119,860
Saia, Inc.(a)		991		175,159
Schneider National, Inc., Class B		2,360		49,560
Uber Technologies, Inc.(a)		53,968		2,748,590
Union Pacific Corp.		26,551		5,243,026
Universal Logistics Holdings, Inc.		345		7,314
US Xpress Enterprises, Inc., Class A(a)(b)		1,385		9,349
Werner Enterprises, Inc.		2,422		95,039
				16,495,954
Semiconductors & Semiconductor Equipment — 4.9%
Advanced Energy Industries, Inc.(a)		1,561		160,127
Advanced Micro Devices, Inc.(a)		46,822		4,009,836
Allegro MicroSystems, Inc.(a)		1,058		29,539
Alpha & Omega Semiconductor Ltd.(a)		1,152		33,108
Ambarella, Inc.(a)		1,270		119,837
Amkor Technology, Inc.		3,598		55,841
Analog Devices, Inc.		14,465		2,131,128
Applied Materials, Inc.		35,523		3,434,364
Atomera, Inc.(a)(b)		1,716		49,284
Axcelis Technologies, Inc.(a)		1,025		35,096
AXT, Inc.(a)		1,214		12,541
Broadcom, Inc.		15,439		6,955,270
Brooks Automation, Inc.		2,935		222,356
CEVA, Inc.(a)		893		52,499
Cirrus Logic, Inc.(a)		2,343		219,516
CMC Materials, Inc.		1,131		166,608
Cohu, Inc.		1,866		75,909
Cree, Inc.(a)		4,539		458,802
CyberOptics Corp.(a)		375		9,071
Diodes, Inc.(a)		1,521		107,656
DSP Group, Inc.(a)		1,034		16,678
Enphase Energy, Inc.(a)		4,040		736,694
Entegris, Inc.		5,074		499,231
First Solar, Inc.(a)		3,527		349,702
FormFactor, Inc.(a)		3,405		139,162
Ichor Holdings Ltd.(a)		969		34,981
Impinj, Inc.(a)		724		38,350
Inphi Corp.(a)		1,931		325,586
Intel Corp.		160,393		8,903,415
KLA Corp.		6,009		1,682,941
Lam Research Corp.		5,667		2,742,545
Lattice Semiconductor Corp.(a)		5,207		208,853

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
MACOM Technology Solutions Holdings, Inc.(a)		1,744	$	99,164
Marvell Technology Group Ltd.		26,418		1,359,470
Maxeon Solar Technologies Ltd.(a)(b)		287		11,652
Maxim Integrated Products, Inc.		10,263		900,168
MaxLinear, Inc.(a)		2,605		81,771
Microchip Technology, Inc.		9,933		1,351,981
Micron Technology, Inc.(a)		43,505		3,405,136
MKS Instruments, Inc.		2,081		328,944
Monolithic Power Systems, Inc.		1,664		591,203
NeoPhotonics Corp.(a)		1,665		18,548
NVE Corp.		172		10,989
NVIDIA Corp.		23,082		11,993,176
ON Semiconductor Corp.(a)		15,807		545,183
Onto Innovation, Inc.(a)		1,653		89,345
PDF Solutions, Inc.(a)		1,754		33,887
Photronics, Inc.(a)		2,227		24,720
Power Integrations, Inc.		2,308		185,909
Qorvo, Inc.(a)(b)		4,431		757,169
Qualcomm, Inc.		43,983		6,873,663
Rambus, Inc.(a)		4,883		92,753
Semtech Corp.(a)		2,463		174,750
Silicon Laboratories, Inc.(a)		1,662		218,005
SiTime Corp.(a)		439		53,580
Skyworks Solutions, Inc.		6,512		1,102,156
SMART Global Holdings, Inc.(a)		853		31,689
SolarEdge Technologies Inc.(a)		1,860		536,294
SunPower Corp.(a)(b)		3,123		168,673
Synaptics, Inc.(a)		1,413		140,198
Teradyne, Inc.		6,446		731,492
Texas Instruments, Inc.		35,804		5,932,365
Ultra Clean Holdings, Inc.(a)		1,678		64,771
Universal Display Corp.		1,637		377,852
Veeco Instruments, Inc.(a)		1,822		33,634
Xilinx, Inc.		9,471		1,236,628
				73,573,444
Software — 9.3%
2U, Inc.(a)		2,816		115,174
8x8, Inc.(a)(b)		4,262		150,235
A10 Networks, Inc.(a)		3,291		32,680
ACI Worldwide, Inc.(a)		4,550		174,674
Adobe, Inc.(a)		18,814		8,631,299
Agilysys, Inc.(a)		963		35,429
Alarm.com Holdings, Inc.(a)		1,962		182,309
Altair Engineering, Inc., Class A(a)		1,683		94,130
Alteryx, Inc., Class A(a)		2,095		264,075
American Software, Inc., Class A		1,641		31,524
Anaplan, Inc.(a)		5,237		349,308
ANSYS, Inc.(a)		3,309		1,172,610
Appfolio, Inc., Class A(a)		629		96,117
Appian Corp.(a)		1,357		296,450
Aspen Technology, Inc.(a)		2,622		351,086
Asure Software, Inc.(a)		374		3,059
Atlassian Corp. PLC, Class A(a)		5,204		1,202,801
Autodesk, Inc.(a)		8,579		2,380,072
Avalara, Inc.(a)		3,255		488,250
Avaya Holdings Corp.(a)		3,153		70,123
Benefitfocus, Inc.(a)		1,165		14,330
Bill.Com Holdings, Inc.(a)		2,785		339,436
Blackbaud, Inc.		2,022		134,443
Blackline, Inc.(a)		2,017		261,444
Bottomline Technologies DE, Inc.(a)		1,955		93,410
Box, Inc., Class A(a)		5,702		98,873

68 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Cadence Design Systems, Inc.(a)		10,466	$	1,364,662
CDK Global, Inc.		4,857		242,364
Cerence, Inc.(a)(b)		1,491		166,858
Ceridian HCM Holding, Inc.(a)		4,320		401,371
ChannelAdvisor Corp.(a)		878		17,999
Citrix Systems, Inc.		4,801		640,021
Cloudera, Inc.(a)		7,839		119,702
Cloudflare, Inc., Class A(a)		4,181		320,515
CommVault Systems, Inc.(a)		1,545		96,995
Cornerstone OnDemand, Inc.(a)		2,151		87,976
Coupa Software, Inc.(a)		2,662		824,874
Crowdstrike Holdings, Inc., Class A(a)		5,927		1,279,047
Datadog, Inc., Class A(a)		5,943		610,643
Datto Holding Corp.(a)		1,098		26,198
Digimarc Corp.(a)		495		19,236
Digital Turbine, Inc.(a)		3,249		185,875
DocuSign, Inc.(a)		6,895		1,605,777
Domo, Inc., Class B(a)		1,133		71,821
Dropbox, Inc., Class A(a)		9,423		213,242
Duck Creek Technologies, Inc.(a)(b)		861		41,621
Dynatrace, Inc.(a)		6,942		288,162
Ebix, Inc.		762		39,677
eGain Corp.(a)		724		7,964
Elastic NV(a)		2,613		397,071
Envestnet, Inc.(a)		2,062		158,217
Everbridge, Inc.(a)(b)		1,350		179,455
Fair Isaac Corp.(a)		1,083		487,469
FireEye, Inc.(a)		8,967		188,307
Five9, Inc.(a)		2,407		400,164
Fortinet, Inc.(a)		5,193		751,687
GTY Technology Holdings, Inc.(a)(b)		2,386		17,943
Guidewire Software, Inc.(a)		3,319		380,822
HubSpot, Inc.(a)		1,617		601,847
Intelligent Systems Corp.(a)		318		12,876
InterDigital, Inc.		1,314		84,372
Intuit, Inc.		9,847		3,557,032
j2 Global, Inc.(a)		1,844		189,268
Jamf Holding Corp.(a)		1,152		42,543
JFrog Ltd.(a)		443		27,674
LivePerson, Inc.(a)		2,481		157,196
Manhattan Associates, Inc.(a)		2,382		269,714
McAfee Corp., Class A		2,331		43,939
Medallia, Inc.(a)		3,171		131,596
Microsoft Corp.		292,748		67,905,826
MicroStrategy, Inc., Class A(a)		301		185,810
Mimecast Ltd.(a)		2,193		94,431
Mitek Systems, Inc.(a)		1,307		21,108
Model N, Inc.(a)(b)		1,370		46,553
nCino Inc.(a)		515		36,925
New Relic, Inc.(a)		1,996		150,059
NortonLifeLock, Inc.		21,412		451,151
Nuance Communications, Inc.(a)(b)		10,947		498,526
Nutanix, Inc., Class A(a)		7,296		222,674
OneSpan, Inc.(a)		1,431		33,371
Oracle Corp.		73,594		4,447,285
PagerDuty, Inc.(a)		2,748		133,910
Palo Alto Networks, Inc.(a)		3,703		1,298,827
Paycom Software, Inc.(a)		1,915		727,202
Paylocity Holding Corp.(a)		1,588		297,686
Pegasystems, Inc.		1,527		194,616
Ping Identity Holding Corp.(a)		1,588		47,497
Pluralsight, Inc., Class A(a)		3,812		79,290

Security	Shares		Value
Software (continued)
Progress Software Corp.		1,568	$	63,002
Proofpoint, Inc.(a)		2,146		277,006
PROS Holdings, Inc.(a)		1,606		67,677
PTC, Inc.(a)		4,146		551,045
Q2 Holdings, Inc.(a)(b)		1,896		242,669
QAD, Inc., Class A		286		18,530
Qualys, Inc.(a)(b)		1,282		177,519
Rapid7, Inc.(a)		2,002		173,814
RealPage, Inc.(a)(b)		3,597		311,392
RingCentral, Inc., Class A(a)		3,128		1,166,494
SailPoint Technologies Holding, Inc.(a)		3,564		197,125
salesforce.com, Inc.(a)		34,296		7,735,806
Sapiens International Corp. NV		1,182		38,604
Seachange International, Inc.(a)		875		1,033
SecureWorks Corp., Class A(a)(b)		607		8,401
ServiceNow, Inc.(a)		7,612		4,134,534
ShotSpotter, Inc.(a)		218		10,026
Slack Technologies, Inc., Class A(a)		14,804		624,285
Smartsheet, Inc., Class A(a)		4,230		295,000
SolarWinds Corp.(a)		1,701		28,594
Splunk, Inc.(a)		6,131		1,011,799
Sprout Social, Inc., Class A(a)		1,102		72,732
SPS Commerce, Inc.(a)		1,402		138,644
SS&C Technologies Holdings, Inc.		8,639		543,220
SVMK, Inc.(a)		4,616		116,369
Synchronoss Technologies, Inc.(a)		1,198		6,038
Synopsys, Inc.(a)		5,936		1,516,351
Telenav, Inc.(a)		760		3,618
Tenable Holdings, Inc.(a)		2,954		146,193
Teradata Corp.(a)		4,094		110,129
Trade Desk, Inc., Class A(a)		1,605		1,229,414
Tyler Technologies, Inc.(a)		1,532		647,714
Unity Software, Inc.(a)		1,041		155,963
Upland Software, Inc.(a)		909		43,350
Varonis Systems, Inc.(a)		1,248		220,609
Verint Systems, Inc.(a)		2,702		199,489
Veritone, Inc.(a)		1,045		41,037
VirnetX Holding Corp.		2,642		15,984
VMware, Inc., Class A(a)		3,106		428,162
Workday, Inc., Class A(a)		6,984		1,589,070
Workiva, Inc.(a)		1,633		159,169
Xperi Holding Corp.		4,056		78,119
Yext, Inc.(a)		4,239		71,512
Zendesk, Inc.(a)		4,409		635,954
Zix Corp.(a)		2,268		18,484
Zoom Video Communications, Inc., Class A(a)		6,478		2,410,269
Zscaler, Inc.(a)		2,620		523,214
Zuora, Inc., Class A(a)		4,368		64,428
				139,007,470
Specialty Retail — 2.3%
Aaron’s Co., Inc.(a)		1,320		22,361
Abercrombie & Fitch Co., Class A		2,479		57,191
Advance Auto Parts, Inc.		2,555		381,053
American Eagle Outfitters, Inc.		6,018		136,548
America’s Car-Mart, Inc.(a)		281		33,377
Asbury Automotive Group, Inc.(a)		735		104,818
At Home Group, Inc.(a)		2,006		48,886
AutoNation, Inc.(a)		2,162		154,107
AutoZone, Inc.(a)		931		1,041,203
Bed Bath & Beyond, Inc.		5,318		187,885
Best Buy Co., Inc.		8,853		963,383
Boot Barn Holdings, Inc.(a)		1,034		59,186

SCHEDULE    OF   INVESTMENTS 69

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Buckle, Inc.		884	$	34,759
Burlington Stores, Inc.(a)		2,510		624,739
Caleres, Inc.		1,279		19,326
Camping World Holdings, Inc., Class A		1,601		54,690
CarMax, Inc.(a)		6,353		748,256
Carvana Co.(a)(b)		2,149		561,297
Cato Corp., Class A		507		5,765
Chico’s FAS, Inc.		3,622		8,005
Children’s Place, Inc.		603		44,302
Citi Trends, Inc.		277		16,343
Conn’s, Inc.(a)		641		10,083
Container Store Group, Inc.(a)		1,057		14,407
Designer Brands, Inc., Class A		1,907		23,361
Dick’s Sporting Goods, Inc.		2,443		163,705
Express, Inc.(a)(b)		2,627		15,762
Five Below, Inc.(a)		2,140		376,062
Floor & Decor Holdings, Inc., Class A(a)		3,585		330,071
Foot Locker, Inc.		3,812		167,042
GameStop Corp., Class A(a)(b)		3,006		976,950
Gap, Inc.(a)		7,032		142,398
Genesco, Inc.(a)		625		24,256
Group 1 Automotive, Inc.		663		91,242
GrowGeneration Corp.(a)		1,474		63,662
Guess?, Inc.		1,837		42,655
Haverty Furniture Cos., Inc.		502		16,410
Hibbett Sports, Inc.(a)		760		42,902
Home Depot, Inc.		41,958		11,363,066
L Brands, Inc.		9,043		368,593
Leslie’s Inc.(a)		1,387		39,668
Lithia Motors, Inc., Class A		983		313,262
Lowe’s Cos., Inc.		29,545		4,929,583
Lumber Liquidators Holdings, Inc.(a)		1,004		28,072
MarineMax, Inc.(a)		887		37,103
Michaels Cos., Inc.(a)		3,451		53,491
Monro, Inc.		1,209		70,690
Murphy USA, Inc.		1,084		135,034
National Vision Holdings, Inc.(a)		3,057		141,753
ODP Corp.		2,168		92,552
O’Reilly Automotive, Inc.(a)		2,787		1,185,785
Penske Automotive Group, Inc.		1,347		80,605
Rent-A-Center, Inc.		1,710		74,043
RH(a)		619		294,248
Ross Stores, Inc.		13,739		1,529,013
Sally Beauty Holdings, Inc.(a)(b)		4,389		66,274
Shoe Carnival, Inc.		372		17,480
Signet Jewelers Ltd.		2,850		115,767
Sleep Number Corp.(a)		1,074		115,713
Sonic Automotive, Inc., Class A		808		33,071
Sportsman’s Warehouse Holdings, Inc.(a)		1,930		33,814
Tilly’s, Inc., Class A		598		5,860
TJX Cos., Inc.		46,874		3,001,811
Tractor Supply Co.		4,425		627,200
Ulta Beauty, Inc.(a)		2,098		586,937
Urban Outfitters, Inc.(a)		2,932		80,425
Vroom Inc.(a)(b)		1,012		37,272
Williams-Sonoma, Inc.		3,022		389,596
Winmark Corp.		85		14,504
Zumiez, Inc.(a)		980		42,218
				33,712,951
Technology Hardware, Storage & Peripherals — 5.9%
3D Systems Corp.(a)		4,803		170,699

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Apple, Inc.		630,842	$	83,245,910
Avid Technology, Inc.(a)		592		10,088
Contra Technologies		164		2,150
Corsair Gaming, Inc.(a)(b)		1,082		40,878
Dell Technologies, Inc., Class C(a)		9,912		722,486
Diebold Nixdorf, Inc.(a)		2,781		37,989
Eastman Kodak Co.(a)(b)		5,643		54,116
Hewlett Packard Enterprise Co.		50,804		626,921
HP, Inc.		54,436		1,324,972
Immersion Corp.(a)(b)		1,186		15,003
NCR Corp.(a)		4,662		155,524
NetApp, Inc.		8,527		566,534
Pure Storage, Inc., Class A(a)		9,402		217,468
Super Micro Computer Inc.(a)		1,968		61,008
Western Digital Corp.		11,727		661,755
Xerox Holdings Corp.		7,163		150,638
				88,064,139
Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.(a)		5,737		239,003
Carter’s, Inc.		1,695		149,228
Columbia Sportswear Co.		1,102		96,381
Crocs, Inc.(a)		2,528		177,011
Deckers Outdoor Corp.(a)		1,096		320,010
Fossil Group, Inc.(a)(b)		1,424		20,648
G-III Apparel Group Ltd.(a)(b)		1,462		39,533
Hanesbrands, Inc.		13,136		200,850
Kontoor Brands, Inc.		2,167		78,272
Lululemon Athletica, Inc.(a)		4,515		1,483,990
Movado Group, Inc.		450		9,297
NIKE, Inc., Class B		47,886		6,397,091
Oxford Industries, Inc.		585		38,165
PVH Corp.		2,671		227,730
Ralph Lauren Corp.		1,924		194,420
Rocky Brands, Inc.		309		10,648
Skechers USA, Inc., Class A(a)		5,082		175,227
Steven Madden Ltd.		3,544		119,078
Tapestry, Inc.		10,699		338,302
Under Armour, Inc., Class A(a)		6,763		118,353
Under Armour, Inc., Class C(a)(b)		8,568		128,263
Unifi, Inc.(a)		322		7,712
Vera Bradley, Inc.(a)		696		5,881
VF Corp.		12,493		960,337
Wolverine World Wide, Inc.		2,847		81,538
				11,616,968
Thrifts & Mortgage Finance — 0.1%
Axos Financial, Inc.(a)		1,972		76,809
Capitol Federal Financial, Inc.		5,759		71,527
Columbia Financial, Inc.(a)		2,444		37,686
Essent Group Ltd.		4,260		178,196
Federal Agricultural Mortgage Corp., Class C		456		34,656
Flagstar Bancorp, Inc.		1,881		80,601
Greene County Bancorp, Inc.		392		9,298
Hingham Institution for Savings		79		17,322
Home Bancorp, Inc.		190		5,350
HomeStreet, Inc.		954		34,726
Kearny Financial Corp.		3,052		31,588
Merchants Bancorp		405		12,077
Meridian Bancorp, Inc.		1,376		20,846
Meta Financial Group, Inc.		1,236		47,747
MGIC Investment Corp.		13,839		162,193
Mr Cooper Group, Inc.(a)		2,984		81,254

70 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
New York Community Bancorp, Inc.		17,538	$	183,447
NMI Holdings, Inc., Class A(a)		3,417		72,475
Northfield Bancorp, Inc.		1,190		14,708
Northwest Bancshares, Inc.		4,246		54,137
PCSB Financial Corp.		450		6,631
PennyMac Financial Services, Inc.		1,842		106,836
Premier Financial Corp.		1,940		53,854
Provident Bancorp, Inc.		875		10,089
Provident Financial Services, Inc.		3,591		66,505
Radian Group, Inc.		7,445		142,944
Rocket Cos., Inc., Class A(a)(b)		3,680		78,605
Southern Missouri Bancorp, Inc.		347		10,636
Sterling Bancorp, Inc.		551		2,579
Territorial Bancorp, Inc.		536		12,789
TFS Financial Corp.		1,463		25,851
Timberland Bancorp, Inc.		434		10,959
TrustCo Bank Corp. NY		3,596		22,367
Walker & Dunlop, Inc.		1,172		96,479
Washington Federal, Inc.		3,037		79,509
Waterstone Financial, Inc.		804		14,850
Western New England Bancorp, Inc.		2,207		14,147
WSFS Financial Corp.		2,055		88,303
				2,070,576
Tobacco — 0.5%
Altria Group, Inc.		72,657		2,984,750
Philip Morris International, Inc.		60,742		4,838,100
Turning Point Brands, Inc.		705		33,206
Universal Corp.		807		37,017
Vector Group Ltd.		5,488		64,429
				7,957,502
Trading Companies & Distributors — 0.3%
Air Lease Corp.		4,187		165,931
Applied Industrial Technologies, Inc.		1,728		121,634
Beacon Roofing Supply, Inc.(a)		2,457		97,715
Boise Cascade Co.		1,353		64,443
CAI International, Inc.		573		18,605
DXP Enterprises, Inc.(a)		556		12,894
EVI Industries, Inc.(a)		262		9,408
Fastenal Co.		22,101		1,007,585
GATX Corp.		1,299		120,547
GMS, Inc.(a)		1,500		43,485
H&E Equipment Services, Inc.		1,091		29,981
Herc Holdings, Inc.(a)		760		48,625
Lawson Products, Inc.(a)		255		12,645
MRC Global, Inc.(a)		2,394		16,543
MSC Industrial Direct Co., Inc., Class A		1,839		142,651
NOW, Inc.(a)		3,477		28,824
Rush Enterprises, Inc., Class A		1,789		75,120
Rush Enterprises, Inc., Class B		399		15,453
SiteOne Landscape Supply, Inc.(a)		1,690		266,479
Systemax, Inc.		366		14,065
Textainer Group Holdings Ltd.(a)(b)		2,139		38,737
Titan Machinery, Inc.(a)		433		9,223
Transcat, Inc.(a)		348		12,726
Triton International Ltd.		2,422		112,236
United Rentals, Inc.(a)		2,752		668,764
Univar Solutions, Inc.(a)		6,925		128,736
Veritiv Corp.(a)		406		7,438

Security	Shares		Value
Trading Companies & Distributors (continued)
W.W. Grainger, Inc.		1,731	$	630,759
Watsco, Inc.		1,244		296,682
WESCO International, Inc.(a)		1,974		150,241
				4,368,175
Transportation Infrastructure — 0.0%
Macquarie Infrastructure Corp.		3,112		86,482
Water Utilities — 0.1%
American States Water Co.		1,437		111,023
American Water Works Co., Inc.		7,002		1,113,458
Artesian Resources Corp., Class A		493		20,154
Cadiz, Inc.(a)		459		5,122
California Water Service Group		1,870		102,177
Consolidated Water Co. Ltd.		1,363		17,269
Essential Utilities, Inc.		8,920		412,996
Global Water Resources, Inc.		881		14,158
Middlesex Water Co.		609		48,476
SJW Group		1,031		68,221
York Water Co.		673		29,235
				1,942,289
Wireless Telecommunication Services — 0.2%
Boingo Wireless, Inc.(a)(b)		1,697		19,583
Gogo, Inc.(a)		2,125		28,475
Shenandoah Telecommunications Co.		1,899		73,814
Spok Holdings, Inc.		353		3,925
Telephone & Data Systems, Inc.		3,846		72,113
T-Mobile US, Inc.(a)		21,338		2,690,295
United States Cellular Corp.(a)		438		13,657
				2,901,862
Total Common Stocks — 98.8% (Cost: $914,292,040)				1,476,963,198
Investment Companies
Equity Funds — 0.6%
iShares Russell 3000 ETF(d)		40,272		8,960,923
Total Investment Companies — 0.6% (Cost: $7,255,856)				8,960,923
Total Long-Term Investments — 99.4% (Cost: $921,547,896)				1,485,924,121
Short-Term Securities
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.17%(d)(f)(g)		15,579,944		15,589,291
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.02%(d)(f)		7,221,440		7,221,440
Total Short-Term Securities — 1.5% (Cost: $22,794,927)				22,810,731
Total Investments — 100.9% (Cost: $944,342,823)				1,508,734,852
Liabilities in Excess of Other Assets — (0.9)%				(13,817,677	)
Net Assets — 100.0%			$	1,494,917,175

SCHEDULE    OF   INVESTMENTS 71

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

^(e)  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.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six-months ended January 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/21		Shares Held at 01/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	15,893,139	$	—		$	(294,920	)(a)	$	(2,445	)	$	(6,483	)	$	15,589,291		15,579,944	$	79,364	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,994,749		3,226,691	(a)		—			—			—			7,221,440		7,221,440		4,423			—
BlackRock, Inc.		3,237,306		52,720			—			—			716,272			4,006,298		5,713		41,175			—
iShares Russell 3000 ETF		4,927,513		22,097,823			(19,308,146	)		448,254			795,479			8,960,923		40,272		69,608			—
PennyMac Financial Services, Inc.(c)		59,189		58,033			(55,956	)		13,840			(10,496	)		N/A		N/A		525			—
PennyMac Mortgage Investment Trust(c)		84,358		14,559			—			—			(941	)		N/A		N/A		3,456			—
									$	459,649		$	1,493,831		$	35,777,952			$	198,551		$	—

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

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

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		10		03/19/21	$	1,034	$	(26,372	)
S&P 500 E-Mini Index		39		03/19/21		7,225		(167,053	)
							$	(193,425	)

72 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund

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
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	193,425	$	—	$	—	$	—	$	193,425

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

For the six months ended January 31, 2021, 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	$	—	$	—	$	1,543,082		$	—	$	—	$	—	$	1,543,082
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(251,582	)	$	—	$	—	$	—	$	(251,582	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long.	$	7,447,273

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	20,888,337	$	—	$	—	$	20,888,337
Air Freight & Logistics		8,317,186		—		—		8,317,186
Airlines		3,561,159		—		—		3,561,159
Auto Components		3,843,185		—		—		3,843,185
Automobiles		28,183,378		—		—		28,183,378
Banks		58,956,636		—		—		58,956,636
Beverages		19,436,146		—		—		19,436,146
Biotechnology		42,573,370		—		1,200		42,574,570
Building Products		8,711,429		—		—		8,711,429
Capital Markets		37,971,426		—		—		37,971,426
Chemicals		26,138,004		—		—		26,138,004
Commercial Services & Supplies		7,692,014		—		—		7,692,014
Communications Equipment		11,820,485		—		—		11,820,485
Construction & Engineering		2,751,803		—		—		2,751,803
Construction Materials		1,785,682		—		—		1,785,682
Consumer Finance		8,487,585		—		—		8,487,585
Containers & Packaging		6,004,475		—		—		6,004,475
Distributors		1,527,863		—		—		1,527,863

SCHEDULE   OF   INVESTMENTS 73

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Total U.S. Stock Market Index Fund

Fair Value Hierarchy as of Period End (continued)    

	Level 1			Level 2		Level 3		Total
Common Stocks (continued)
Diversified Consumer Services.	$	2,486,937		$	—	$	—	$	2,486,937
Diversified Financial Services		17,836,171			—		—		17,836,171
Diversified Telecommunication Services		18,157,523			—		—		18,157,523
Electric Utilities		23,379,189			—		—		23,379,189
Electrical Equipment		10,115,653			—		—		10,115,653
Electronic Equipment, Instruments & Components		10,665,636			—		—		10,665,636
Energy Equipment & Services		3,222,826			—		—		3,222,826
Entertainment		30,502,440			—		—		30,502,440
Equity Real Estate Investment Trusts (REITs)		44,975,490			—		—		44,975,490
Food & Staples Retailing		19,180,305			—		—		19,180,305
Food Products		14,941,097			—		—		14,941,097
Gas Utilities		1,737,433			—		—		1,737,433
Health Care Equipment & Supplies		54,343,896			—		—		54,343,896
Health Care Providers & Services		36,945,938			—		—		36,945,938
Health Care Technology		5,119,786			—		—		5,119,786
Hotels, Restaurants & Leisure		25,845,235			—		—		25,845,235
Household Durables		7,453,869			—		—		7,453,869
Household Products		18,886,081			—		—		18,886,081
Independent Power and Renewable Electricity Producers		1,645,596			—		—		1,645,596
Industrial Conglomerates		14,806,163			—		—		14,806,163
Insurance		29,018,097			—		—		29,018,097
Interactive Media & Services		72,597,474			—		—		72,597,474
Internet & Direct Marketing Retail		61,478,597			—		—		61,478,597
IT Services		76,235,119			—		—		76,235,119
Leisure Products		3,352,314			—		—		3,352,314
Life Sciences Tools & Services		20,754,224			—		—		20,754,224
Machinery		27,382,342			—		—		27,382,342
Marine		299,222			—		—		299,222
Media		20,501,142			—		—		20,501,142
Metals & Mining		6,549,664			416		—		6,550,080
Mortgage Real Estate Investment Trusts (REITs)		2,321,534			—		—		2,321,534
Multi-line Retail		7,278,289			—		—		7,278,289
Multi-Utilities		10,460,732			—		—		10,460,732
Oil, Gas & Consumable Fuels		29,929,074			—		—		29,929,074
Paper & Forest Products		366,175			—		—		366,175
Personal Products		2,774,662			—		—		2,774,662
Pharmaceuticals		52,564,522			—		—		52,564,522
Professional Services		8,291,888			—		—		8,291,888
Real Estate Management & Development		2,111,272			—		—		2,111,272
Road & Rail		16,495,954			—		—		16,495,954
Semiconductors & Semiconductor Equipment		73,573,444			—		—		73,573,444
Software		139,007,470			—		—		139,007,470
Specialty Retail		33,712,951			—		—		33,712,951
Technology Hardware, Storage & Peripherals		88,061,989			2,150		—		88,064,139
Textiles, Apparel & Luxury Goods		11,616,968			—		—		11,616,968
Thrifts & Mortgage Finance		2,070,576			—		—		2,070,576
Tobacco		7,957,502			—		—		7,957,502
Trading Companies & Distributors		4,368,175			—		—		4,368,175
Transportation Infrastructure		86,482			—		—		86,482
Water Utilities		1,942,289			—		—		1,942,289
Wireless Telecommunication Services		2,901,862			—		—		2,901,862
Investment Companies		8,960,923			—		—		8,960,923
Short-Term Securities
Money Market Funds		22,810,731			—		—		22,810,731
	$	1,508,731,086		$	2,566	$	1,200	$	1,508,734,852
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(193,425	)	$	—	$	—	$	(193,425	)

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

See notes to financial statements.

74 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

January 31, 2021

	iShares Russell Mid-Cap Index Fund		iShares Russell Small/Mid-Cap Index Fund		iShares Total U.S. Stock Market Index Fund
ASSETS
Investments at value — unaffiliated(a)(b)	$	1,421,984,817	$	368,047,834	$	1,472,956,900
Investments at value — affiliated(c)		38,716,589		28,096,649		35,777,952
Cash		75,123		—		—
Cash pledged for futures contracts		595,650		141,000		721,000
Receivables:
Investments sold		—		25,198		11,011
Securities lending income — affiliated		13,188		19,531		13,480
Capital shares sold		4,032,377		1,167,665		5,181,306
Dividends — unaffiliated		523,025		92,917		1,179,809
Dividends — affiliated		267		74		240
From the Manager		—		3,856		—
Prepaid expenses		39,169		31,710		44,375
Total assets		1,465,980,205		397,626,434		1,515,886,073
LIABILITIES
Collateral on securities loaned at value		18,998,569		23,900,163		15,585,247
Payables:
Investments purchased		—		93,314		—
Capital shares redeemed		4,659,484		695,590		5,048,828
Investment advisory fees		24,154		—		12,201
Trustees’ and Officer’s fees		6,747		4,347		6,882
Other accrued expenses		185,164		91,240		93,161
Service fees		23,337		17,921		27,012
Variation margin on futures contracts		191,202		47,380		195,567
Total liabilities		24,088,657		24,849,955		20,968,898
NET ASSETS	$	1,441,891,548	$	372,776,479	$	1,494,917,175
NET ASSETS CONSIST OF
Paid-in capital	$	999,455,996	$	277,409,731	$	947,661,460
Accumulated earnings		442,435,552		95,366,748		547,255,715
NET ASSETS	$	1,441,891,548	$	372,776,479	$	1,494,917,175
(a) Investments at cost — unaffiliated	$	935,103,029	$	264,183,813	$	911,884,654
(b) Securities loaned at value	$	18,213,711	$	23,165,181	$	15,407,586
(c)  Investments at cost — affiliated.	$	37,346,346	$	27,974,931	$	32,458,169

F I N A N C I A L  S T A T E M E N T  S 75

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2021

	iShares Russell Mid-Cap Index Fund		iShares Russell Small/Mid-Cap Index Fund		iShares Total U.S. Stock Market Index Fund
NET ASSET VALUE
Institutional
Net assets	$	220,496,108	$	98,314,377	$	99,272,574
Shares outstanding		17,289,953		6,336,149		5,542,960
Net asset value	$	12.75	$	15.52	$	17.91
Shares authorized		Unlimited		Unlimited		Unlimited
Par value	$	0.001	$	0.001	$	0.001
Investor A
Net assets	$	108,732,573	$	85,205,182	$	124,748,080
Shares outstanding		8,559,503		5,500,952		6,974,177
Net asset value	$	12.70	$	15.49	$	17.89
Shares authorized		Unlimited		Unlimited		Unlimited
Par value	$	0.001	$	0.001	$	0.001
Class K
Net assets	$	1,112,662,867	$	189,256,920	$	1,270,896,521
Shares outstanding		87,067,213		12,197,015		70,964,318
Net asset value	$	12.78	$	15.52	$	17.91
Shares authorized		Unlimited		Unlimited		Unlimited
Par value	$	0.001	$	0.001	$	0.001

See notes to financial statements.

76 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended January 31, 2021

	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	$	10,468,696		$	2,375,269		$	10,908,603
Dividends — affiliated		39,435			29,020			119,187
Securities lending income — affiliated — net		79,340			113,347			79,364
Foreign taxes withheld		(1,176	)		(1,832	)		(1,098	)
Total investment income		10,586,295			2,515,804			11,106,056
EXPENSES
Transfer agent — class specific		161,363			31,324			45,661
Investment advisory		132,916			47,098			69,545
Service — class specific		128,230			85,624			156,174
Professional		44,806			37,409			41,179
Custodian		43,980			29,504			16,606
Registration		43,682			34,387			37,337
Printing and postage		14,886			12,159			14,304
Trustees and Officer		7,056			5,409			7,225
Accounting services		4,550			4,552			4,552
Miscellaneous		11,544			7,365			11,817
Total expenses		593,013			294,831			404,400
Less:
Fees waived and/or reimbursed by the Manager		(3,338	)		(67,789	)		(6,210	)
Transfer agent fees waived and/or reimbursed — class specific		(2,586	)		(3,964	)		(4,889	)
Total expenses after fees waived and/or reimbursed		587,089			223,078			393,301
Net investment income		9,999,206			2,292,726			10,712,755
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		634,543			1,595,887			(1,061,811	)
Investments — affiliated		1,422,410			734,730			459,649
Futures contracts		1,881,896			703,821			1,543,082
		3,938,849			3,034,438			940,920
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		239,754,348			83,660,325			211,499,206
Investments — affiliated		104,961			(177,685	)		1,493,831
Futures contracts		(284,922	)		(90,581	)		(251,582	)
		239,574,387			83,392,059			212,741,455
Net realized and unrealized gain		243,513,236			86,426,497			213,682,375
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	253,512,442		$	88,719,223		$	224,395,130

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T  S 77

Statements of Changes in Net Assets

	iShares Russell Mid-Cap Index Fund						iShares Russell Small/Mid-Cap Index Fund
	Six Months Ended 01/31/21 (unaudited)			Year Ended 07/31/20			Six Months Ended 01/31/21 (unaudited)			Year Ended 07/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	9,999,206		$	19,741,828		$	2,292,726		$	3,020,864
Net realized gain (loss)		3,938,849			(6,430,824	)		3,034,438			3,278,482
Net change in unrealized appreciation (depreciation)		239,574,387			1,121,723			83,392,059			(3,072,775	)
Net increase in net assets resulting from operations		253,512,442			14,432,727			88,719,223			3,226,571
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(4,586,984	)		(8,843,077	)		(3,511,211	)		(514,135	)
Investor A		(2,263,414	)		(3,674,083	)		(2,827,432	)		(805,481	)
Class K		(24,588,630	)		(34,859,826	)		(7,412,356	)		(4,253,492	)
Decrease in net assets resulting from distributions to shareholders		(31,439,028	)		(47,376,986	)		(13,750,999	)		(5,573,108	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		18,662,470			100,552,839			40,793,673			62,630,708
NET ASSETS
Total increase in net assets		240,735,884			67,608,580			115,761,897			60,284,171
Beginning of period		1,201,155,664			1,133,547,084			257,014,582			196,730,411
End of period	$	1,441,891,548		$	1,201,155,664		$	372,776,479		$	257,014,582

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

See notes to financial statements.

78 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iSharesTotal U.S. Stock Market Index Fund
	Six Months Ended 01/31/21 (unaudited)			Year Ended 07/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	10,712,755		$	19,984,832
Net realized gain (loss)		940,920			(2,832,749	)
Net change in unrealized appreciation		212,741,455			108,535,367
Net increase in net assets resulting from operations		224,395,130			125,687,450
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(785,353	)		(1,945,677	)
Investor A		(941,590	)		(1,890,980	)
Class K		(10,485,878	)		(20,902,862	)
Decrease in net assets resulting from distributions to shareholders		(12,212,821	)		(24,739,519	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		40,688,094			52,045,326
NET ASSETS
Total increase in net assets		252,870,403			152,993,257
Beginning of period		1,242,046,772			1,089,053,515
End of period	$	1,494,917,175		$	1,242,046,772

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

See notes to financial statements.

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

Financial Highlights

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Index Fund
	Institutional
	Six Months Ended 01/31/21 (unaudited)				Year Ended July 31,
					2020			2019			2018			2017			2016
Net asset value, beginning of period		$	10.75		$	10.98		$	10.70		$	11.26		$	10.22		$	9.94
Net investment income(a)			0.09			0.19			0.17			0.16			0.16			0.18
Net realized and unrealized gain			2.20			0.02			0.50			1.22			1.14			0.24
Net increase from investment operations			2.29			0.21			0.67			1.38			1.30			0.42
Distributions(b)
From net investment income			(0.10	)		(0.17	)		(0.17	)		(0.18	)		(0.23	)		(0.13	)
From net realized gain			(0.19	)		(0.27	)		(0.22	)		(1.76	)		(0.03	)		(0.01	)
Total distributions			(0.29	)		(0.44	)		(0.39	)		(1.94	)		(0.26	)		(0.14	)
Net asset value, end of period		$	12.75		$	10.75		$	10.98		$	10.70		$	11.26		$	10.22
Total Return(c)
Based on net asset value			21.33	%(d)		1.96	%		6.76	%		13.29	%(e)		12.91	%		4.35	%
Ratios to Average Net Assets
Total expenses			0.09	%(f)		0.10	%		0.12	%		0.13	%		0.23	%		0.13	%(g)
Total expenses after fees waived and/or reimbursed			0.09	%(f)		0.10	%		0.12	%		0.11	%		0.12	%		0.06	%(g)
Total expenses excluding recoupment of past fees waived and/or reimbursed			0.09	%(f)		0.09	%		0.05	%		0.09	%		0.20	%		0.13	%(g)
Net investment income			1.49	%(f)		1.77	%		1.66	%		1.46	%		1.52	%		1.87	%(g)
Supplemental Data
Net assets, end of period (000)		$	220,496		$	170,550		$	244,272		$	174,840		$	366,684		$	191,337
Portfolio turnover rate			4	%		26	%		25	%		75	%		41	%		24	%

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

^(f) Annualized.

^(g) Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.

80 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Index Fund (continued)
	Investor A
		Six Months Ended 01/31/21 (unaudited)					Year Ended July 31,												Period from 11/30/15 to 07/31/16	(a)
						2020			2019			2018			2017
Net asset value, beginning of period			$	10.71		$	10.93		$	10.66		$	11.24		$	10.20		$	9.66
Net investment income(b)				0.07			0.15			0.17			0.12			0.13			0.07
Net realized and unrealized gain				2.19			0.04			0.47			1.22			1.16			0.60
Net increase from investment operations				2.26			0.19			0.64			1.34			1.29			0.67
Distributions(c)
From net investment income				(0.08	)		(0.14	)		(0.15	)		(0.16	)		(0.22	)		(0.12	)
From net realized gain				(0.19	)		(0.27	)		(0.22	)		(1.76	)		(0.03	)		(0.01	)
Total distributions				(0.27	)		(0.41	)		(0.37	)		(1.92	)		(0.25	)		(0.13	)
Net asset value, end of period.			$	12.70		$	10.71		$	10.93		$	10.66		$	11.24		$	10.20
Total Return(d)
Based on net asset value				21.16	%(e)		1.80	%		6.43	%		12.96	%(f)		12.78	%		7.07	%(e)
Ratios to Average Net Assets
Total expenses				0.37	%(g)		0.36	%		0.34	%		0.35	%		0.34	%		0.34	%(g)(h)(i)
Total expenses after fees waived and/or reimbursed				0.37	%(g)		0.35	%		0.33	%		0.34	%		0.33	%		0.33	%(g)(i)
Total expenses excluding recoupment of past fees waived and/or reimbursed				0.37	%(g)		0.35	%		0.33	%		0.35	%		0.34	%		0.34	%(g)(h)(i)
Net investment income				1.22	%(g)		1.48	%		1.64	%		1.11	%		1.17	%		1.06	%(g)(i)
Supplemental Data
Net assets, end of period (000)			$	108,733		$	93,113		$	105,914		$	203,933		$	46,135		$	6,669
Portfolio turnover rate				4	%		26	%		25	%		75	%		41	%		24	%

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

^(g) Annualized.

^(h) 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%.

⁽ⁱ⁾ Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T  S 81

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Russell Mid-Cap Index Fund (continued)
		Class K
	Six Months Ended 01/31/21 (unaudited)				Year Ended July 31,
					2020			2019			2018			2017			2016
Net asset value, beginning of period		$	10.77		$	11.00		$	10.72		$	11.28		$	10.23		$	9.94
Net investment income(a)			0.09			0.18			0.17			0.13			0.18			0.17
Net realized and unrealized gain			2.21			0.03			0.51			1.25			1.13			0.26
Net increase from investment operations			2.30			0.21			0.68			1.38			1.31			0.43
Distributions(b)
From net investment income			(0.10	)		(0.17	)		(0.18	)		(0.18	)		(0.23	)		(0.13	)
From net realized gain			(0.19	)		(0.27	)		(0.22	)		(1.76	)		(0.03	)		(0.01	)
Total distributions			(0.29	)		(0.44	)		(0.40	)		(1.94	)		(0.26	)		(0.14	)
Net asset value, end of period		$	12.78		$	10.77		$	11.00		$	10.72		$	11.28		$	10.23
Total Return(c)
Based on net asset value			21.41	%(d)		2.00	%		6.81	%		13.32	%(e)		13.02	%		4.46	%
Ratios to Average Net Assets
Total expenses			0.06	%(f)		0.08	%		0.07	%		0.09	%		0.08	%		0.09	%(g)
Total expenses after fees waived and/or reimbursed			0.06	%(f)		0.07	%		0.07	%		0.07	%		0.06	%		0.07	%(g)
Total expenses excluding recoupment of past fees waived and/or reimbursed			0.06	%(f)		0.07	%		0.06	%		0.08	%		0.07	%		0.09	%(g)
Net investment income			1.53	%(f)		1.73	%		1.67	%		1.25	%		1.67	%		1.78	%(g)
Supplemental Data
Net assets, end of period (000)		$	1,112,663		$	937,493		$	783,361		$	410,593		$	229,763		$	2,174,096
Portfolio turnover rate			4	%		26	%		25	%		75	%		41	%		24	%

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

^(f)  Annualized.

^(g)  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.

82 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Russell Small/Mid-Cap Index Fund
		Institutional
	Six Months Ended 01/31/21 (unaudited)					Year Ended July 31,												Period from 08/13/15	(a)
						2020			2019			2018			2017			to 07/31/16
Net asset value, beginning of period		$	12.17		$	12.72		$	13.20		$	11.58		$	10.22		$	10.00
Net investment income(b)			0.10			0.13			0.18			0.15			0.15			0.14
Net realized and unrealized gain (loss)			3.86			(0.35	)		(0.16	)		1.82			1.38			0.19
Net increase (decrease) from investment operations			3.96			(0.22	)		0.02			1.97			1.53			0.33
Distributions(c)
From net investment income			(0.12	)		(0.16	)		(0.20	)		(0.17	)		(0.15	)		(0.11	)
From net realized gain			(0.49	)		(0.17	)		(0.30	)		(0.18	)		(0.02	)		(0.00	)(d)
Total distributions			(0.61	)		(0.33	)		(0.50	)		(0.35	)		(0.17	)		(0.11	)
Net asset value, end of period		$	15.52		$	12.17		$	12.72		$	13.20		$	11.58		$	10.22
Total Return(e)
Based on net asset value			32.85	%(f)		(1.68	)%		0.58	%		17.27	%(g)		15.02	%		3.44	%(f)
Ratios to Average Net Assets
Total expenses			0.17	%(h)(i)		0.21	%		0.24	%		0.28	%		0.74	%(i)		1.60	%(h)(i)(j)
Total expenses after fees waived and/or reimbursed			0.12	%(h)(i)		0.12	%		0.12	%		0.12	%		0.11	%(i)		0.12	%(h)(i)
Total expenses excluding recoupment of past fees waived and/or reimbursed			0.12	%(h)(i)		0.21	%		0.24	%		0.28	%		0.74	%(i)		1.60	%(h)(i)(j)
Net investment income			1.47	%(h)(i)		1.14	%		1.48	%		1.21	%		1.31	%(i)		1.50	%(h)(i)
Supplemental Data
Net assets, end of period (000)		$	98,314		$	58,680		$	12,239		$	14,431		$	3,939		$	78
Portfolio turnover rate			16	%		29	%		27	%		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 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 1.63%.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T  S 83

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Russell Small/Mid-Cap Index Fund (continued)
		Investor A
	Six Months Ended 01/31/21 (unaudited)					Year Ended July 31,												Period from 08/13/15 to 07/31/16	(a)
					2020			2019			2018			2017
Net asset value, beginning of period		$	12.15		$	12.70		$	13.18		$	11.56		$	10.21		$	10.00
Net investment income(b)			0.09			0.13			0.15			0.14			0.13			0.08
Net realized and unrealized gain (loss)			3.85			(0.37	)		(0.16	)		1.80			1.37			0.23
Net increase (decrease) from investment operations			3.94			(0.24	)		(0.01	)		1.94			1.50			0.31
Distributions(c)
From net investment income			(0.11	)		(0.14	)		(0.17	)		(0.14	)		(0.13	)		(0.10	)
From net realized gain			(0.49	)		(0.17	)		(0.30	)		(0.18	)		(0.02	)		(0.00	)(d)
Total distributions			(0.60	)		(0.31	)		(0.47	)		(0.32	)		(0.15	)		(0.10	)
Net asset value, end of period		$	15.49		$	12.15		$	12.70		$	13.18		$	11.56		$	10.21
Total Return(e)
Based on net asset value			32.68	%(f)		(1.90	)%		0.35	%		17.03	%(g)		14.71	%		3.24	%(f)
Ratios to Average Net Assets
Total expenses			0.39	%(h)(i)		0.44	%		0.45	%		0.51	%		0.74	%(i)		1.17	%(h)(i)(j)
Total expenses after fees waived and/or reimbursed			0.34	%(h)(i)		0.35	%		0.35	%		0.35	%		0.33	%(i)		0.35	%(h)(i)
Total expenses excluding recoupment of past fees waived and/or reimbursed			0.34	%(h)(i)		0.44	%		0.45	%		0.51	%		0.74	%(i)		1.17	%(h)(i)(j)
Net investment income			1.25	%(h)(i)		1.13	%		1.25	%		1.10	%		1.22	%(i)		0.79	%(h)(i)
Supplemental Data
Net assets, end of period (000)		$	85,205		$	55,522		$	30,250		$	25,073		$	21,358		$	5,713
Portfolio turnover rate			16	%		29	%		27	%		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 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.

84 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Russell Small/Mid-Cap Index Fund (continued)
		Class K
	Six Months Ended 01/31/21 (unaudited)					Year Ended July 31,												Period from 08/13/15 to 07/31/16	(a)
					2020			2019			2018			2017
Net asset value, beginning of period		$	12.17		$	12.72		$	13.20		$	11.58		$	10.22		$	10.00
Net investment income(b)			0.11			0.19			0.19			0.17			0.16			0.14
Net realized and unrealized gain (loss)			3.85			(0.40	)		(0.16	)		1.80			1.37			0.19
Net increase (decrease) from investment operations			3.96			(0.21	)		0.03			1.97			1.53			0.33
Distributions(c)
From net investment income			(0.12	)		(0.17	)		(0.21	)		(0.17	)		(0.15	)		(0.11	)
From net realized gain			(0.49	)		(0.17	)		(0.30	)		(0.18	)		(0.02	)		(0.00	)(d)
Total distributions			(0.61	)		(0.34	)		(0.51	)		(0.35	)		(0.17	)		(0.11	)
Net asset value, end of period		$	15.52		$	12.17		$	12.72		$	13.20		$	11.58		$	10.22
Total Return(e)
Based on net asset value			32.88	%(f)		(1.64	)%		0.63	%		17.32	%(g)		15.04	%		3.48	%(f)
Ratios to Average Net Assets
Total expenses			0.11	%(h)(i)		0.16	%		0.17	%		0.23	%		0.47	%(i)		1.34	%(h)(i)(j)
Total expenses after fees waived and/or reimbursed			0.07	%(h)(i)		0.07	%		0.07	%		0.07	%		0.07	%(i)		0.08	%(h)(i)
Total expenses excluding recoupment of past fees waived and/or reimbursed			0.07	%(h)(i)		0.16	%		0.17	%		0.23	%		0.47	%(i)		1.34	%(h)(i)(j)
Net investment income			1.54	%(h)(i)		1.55	%		1.53	%		1.37	%		1.47	%(i)		1.57	%(h)(i)
Supplemental Data
Net assets, end of period (000)		$	189,257		$	142,813		$	154,242		$	87,011		$	64,118		$	27,109
Portfolio turnover rate			16	%		29	%		27	%		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 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.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Total U.S. Stock Market Index Fund
		Institutional
	Six Months Ended 01/31/21 (unaudited)					Year Ended July 31,												Period from 08/13/15 to 07/31/16	(a)
					2020			2019			2018			2017
Net asset value, beginning of period		$	15.31		$	14.13		$	13.52		$	11.89		$	10.44		$	10.00
Net investment income(b)			0.13			0.25			0.25			0.22			0.21			0.18
Net realized and unrealized gain			2.61			1.24			0.67			1.69			1.44			0.39
Net increase from investment operations			2.74			1.49			0.92			1.91			1.65			0.57
Distributions(c)
From net investment income			(0.13	)		(0.27	)		(0.26	)		(0.22	)		(0.19	)		(0.13	)
From net realized gain			(0.01	)		(0.04	)		(0.05	)		(0.06	)		(0.01	)		(0.00	)(d)
Total distributions			(0.14	)		(0.31	)		(0.31	)		(0.28	)		(0.20	)		(0.13	)
Net asset value, end of period		$	17.91		$	15.31		$	14.13		$	13.52		$	11.89		$	10.44
Total Return(e)
Based on net asset value			17.99	%(f)		10.79	%		7.01	%		16.21	%(g)		16.03	%(g)		5.75	%(f)
Ratios to Average Net Assets
Total expenses			0.08	%(h)		0.09	%		0.09	%		0.11	%		0.08	%		0.77	%(h)(i)(j)
Total expenses after fees waived and/or reimbursed			0.08	%(h)		0.08	%		0.08	%		0.08	%		0.05	%		0.06	%(h)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed			0.08	%(h)		0.09	%		0.09	%		0.11	%		0.08	%		0.77	%(h)(i)(j)
Net investment income			1.52	%(h)		1.79	%		1.87	%		1.69	%		1.87	%		1.96	%(h)(j)
Supplemental Data
Net assets, end of period (000)		$	99,273		$	84,117		$	88,223		$	83,121		$	27,221		$	2,428
Portfolio turnover rate			5	%		15	%		19	%		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 from an affiliate, which had no impact on the Fund’s total return.

^(h)  Annualized.

⁽ⁱ⁾  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%.

^(j)  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.

86 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Total U.S. Stock Market Index Fund (continued)
		Investor A
	Six Months Ended 01/31/21 (unaudited)					Year Ended July 31,												Period from 08/13/15 to 07/31/16	(a)
					2020			2019			2018			2017
Net asset value, beginning of period		$	15.29		$	14.11		$	13.50		$	11.88		$	10.44		$	10.00
Net investment income(b)			0.11			0.22			0.22			0.19			0.18			0.10
Net realized and unrealized gain			2.61			1.24			0.67			1.68			1.44			0.45
Net increase from investment operations			2.72			1.46			0.89			1.87			1.62			0.55
Distributions(c)
From net investment income			(0.11	)		(0.24	)		(0.23	)		(0.19	)		(0.17	)		(0.11	)
From net realized gain			(0.01	)		(0.04	)		(0.05	)		(0.06	)		(0.01	)		(0.00	)(d)
Total distributions			(0.12	)		(0.28	)		(0.28	)		(0.25	)		(0.18	)		(0.11	)
Net asset value, end of period		$	17.89		$	15.29		$	14.11		$	13.50		$	11.88		$	10.44
Total Return(e)
Based on net asset value			17.88	%(f)		10.56	%		6.77	%		15.87	%(g)		15.71	%(g)		5.57	%(f)
Ratios to Average Net Assets
Total expenses			0.30	%(h)		0.31	%		0.32	%		0.34	%		0.33	%		0.44	%(h)(i)(j)
Total expenses after fees waived and/or reimbursed			0.30	%(h)		0.30	%		0.31	%		0.31	%		0.29	%		0.29	%(h)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed			0.30	%(h)		0.31	%		0.32	%		0.34	%		0.32	%		0.44	%(h)(i)(j)
Net investment income			1.30	%(h)		1.56	%		1.64	%		1.51	%		1.63	%		1.06	%(h)(j)
Supplemental Data
Net assets, end of period (000)		$	124,748		$	114,362		$	84,192		$	72,794		$	61,048		$	8,873
Portfolio turnover rate			5	%		15	%		19	%		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 from an affiliate, which had no impact on the Fund’s total return.

^(h)  Annualized.

⁽ⁱ⁾  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%.

^(j) Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 87

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Total U.S. Stock Market Index Fund (continued)
		Class K
	Six Months Ended 01/31/21 (unaudited)					Year Ended July 31,												Period from 08/13/15 to 07/31/16	(a)
					2020			2019			2018			2017
Net asset value, beginning of period		$	15.31		$	14.13		$	13.52		$	11.89		$	10.44		$	10.00
Net investment income(b)			0.13			0.26			0.26			0.23			0.22			0.17
Net realized and unrealized gain			2.62			1.24			0.66			1.69			1.44			0.40
Net increase from investment operations			2.75			1.50			0.92			1.92			1.66			0.57
Distributions(c)
From net investment income			(0.14	)		(0.28	)		(0.26	)		(0.23	)		(0.20	)		(0.13	)
From net realized gain			(0.01	)		(0.04	)		(0.05	)		(0.06	)		(0.01	)		(0.00	)(d)
Total distributions			(0.15	)		(0.32	)		(0.31	)		(0.29	)		(0.21	)		(0.13	)
Net asset value, end of period		$	17.91		$	15.31		$	14.13		$	13.52		$	11.89		$	10.44
Total Return(e)
Based on net asset value			18.02	%(f)		10.84	%		7.06	%		16.26	%(g)		16.05	%(g)		5.78	%(f)
Ratios to Average Net Assets
Total expenses			0.03	%(h)		0.04	%		0.04	%		0.06	%		0.06	%		0.37	%(h)(i)(j)
Total expenses after fees waived and/or reimbursed			0.03	%(h)		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%(h)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed			0.03	%(h)		0.04	%		0.04	%		0.06	%		0.06	%		0.37	%(h)(i)(j)
Net investment income			1.57	%(h)		1.84	%		1.91	%		1.79	%		1.95	%		1.71	%(h)(j)
Supplemental Data
Net assets, end of period (000)		$	1,270,897		$	1,043,568		$	916,638		$	761,815		$	599,599		$	290,381
Portfolio turnover rate			5	%		15	%		19	%		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 from an affiliate, which had no impact on the Fund’s total return.

^(h)  Annualized.

⁽ⁱ⁾  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%.

^(j)  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.

88 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-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 effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments 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.

Foreign Taxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 89

Notes to Financial Statements (unaudited) (continued)

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 its books 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 the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. 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 that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

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 and over-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 in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

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

If events (e.g., a market closure, market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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 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 an arm’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.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Global Valuation Committee and 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.

90 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Standard Inputs Generally Considered By Third Party Pricing Services

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 applicable to other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the 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 that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 91

Notes to Financial Statements (unaudited) (continued)

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

Fund Name/Counterparty		Securities Loaned at Value		Cash Collateral   Received(a	)		Net   Amount(b	)
Mid-Cap Index
BNP Paribas Securities Corp.	$	840,928	$	(840,928	)	$	—
BofA Securities, Inc.		5,006,921		(5,006,921	)		—
Citigroup Global Markets, Inc.		2,261,608		(2,261,608	)		—
Credit Suisse Securities (USA) LLC		541,922		(541,922	)		—
HSBC Bank PLC		727,045		(727,045	)		—
Jefferies LLC		39,328		(39,328	)		—
Morgan Stanley & Co. LLC		8,256,906		(8,256,906	)		—
SG Americas Securities LLC		484,282		(484,282	)		—
Wells Fargo Bank, National Association		54,771		(54,771	)		—
	$	18,213,711	$	(18,213,711	)	$	—
Small/Mid-Cap Index
BNP Paribas Securities Corp.		1,184,716		(1,184,716	)		—
BofA Securities, Inc.		3,955,868		(3,955,868	)		—
Citigroup Global Markets, Inc.		893,077		(893,077	)		—
Credit Suisse Securities (USA) LLC		456,172		(456,172	)		—
Goldman Sachs & Co.		4,122,989		(4,122,989	)		—
HSBC Bank PLC		726,967		(726,967	)		—
J.P. Morgan Securities LLC		5,998,777		(5,998,777	)		—
Jefferies LLC		203,082		(203,082	)		—
Morgan Stanley & Co. LLC		2,396,537		(2,396,537	)		—
National Financial Services LLC		425,935		(425,935	)		—
Nomura Securities International, Inc.		135,303		(135,303	)		—
Scotia Capital (USA), Inc.		5,260		(5,260	)		—
SG Americas Securities LLC		758,797		(758,797	)		—
State Street Bank & Trust Company		212,021		(212,021	)		—
TD Prime Services LLC		676,110		(672,403	)		3,707
Wells Fargo Bank, National Association		634,195		(634,195	)		—
Wells Fargo Securities LLC		379,375		(379,375	)		—
	$	23,165,181	$	(23,161,474	)	$	3,707
Total U.S. Stock Market Index
BNP Paribas Securities Corp.		1,176,952		(1,176,952	)		—
BofA Securities, Inc.		2,906,526		(2,906,526	)		—
Citigroup Global Markets, Inc.		1,304,929		(1,304,929	)		—
Credit Suisse Securities (USA) LLC		211,593		(211,593	)		—
Goldman Sachs & Co.		2,494,813		(2,455,349	)		39,464
HSBC Bank PLC		376,475		(376,475	)		—
J.P. Morgan Securities LLC		2,165,422		(2,165,422	)		—
Jefferies LLC		179,456		(179,456	)		—
Morgan Stanley & Co. LLC		2,991,605		(2,852,308	)		139,297
National Financial Services LLC		560,227		(560,227	)		—
Nomura Securities International, Inc.		10,186		(10,186	)		—
Scotia Capital (USA), Inc.		11,533		(11,533	)		—
SG Americas Securities LLC		267,322		(267,322	)		—
State Street Bank & Trust Company		15,542		(15,542	)		—
TD Prime Services LLC		216,558		(216,558	)		—
Virtu Americas LLC		128,263		(128,263	)		—
Wells Fargo Bank, National Association		387,735		(387,735	)		—
Wells Fargo Securities LLC		2,449		(2,449	)		—
	$	15,407,586	$	(15,228,825	)	$	178,761

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

^(b)  The market value of the loaned securities is determined as of January 31, 2021. 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 to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Funds.

92 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  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 exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

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

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

Service Fees: The Trust, on behalf of 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 Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

Share Class	Service Fees
Institutional		N/A
Investor A		0.25	%
Class K		N/A

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

For the six months ended January 31, 2021, the following table shows the class specific service fees borne directly by each share class of each Fund:

Fund Name	Investor A
Mid-Cap Index	$	128,230
Small/Mid-Cap Index		85,624
Total U.S. Stock Market Index		156,174

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended January 31, 2021, the Funds did not pay any amounts to affiliates in return for these services.

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

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, 2021, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

Fund Name	Institutional		Investor A		Class K		Total
Mid-Cap Index	$	339	$	1,720	$	3,323	$	5,382
Small/Mid-Cap Index		62		614		209		885
Total U.S. Stock Market Index		214		1,971		1,074		3,259

For the six months ended January 31, 2021, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

Fund Name	Institutional		Investor A		Class K		Total
Mid-Cap Index	$	47,514	$	37,177	$	76,672	$	161,363
Small/Mid-Cap Index		22,264		7,857		1,203		31,324
Total U.S. Stock Market Index		22,345		13,053		10,263		45,661

Expense Limitations, Waivers, Reimbursements, and Recoupments: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through November 30, 2021. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of a Fund. 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, 2021, the amounts waived were as follows:

Fund Name	Amounts Waived
Mid-Cap Index	$	2,702
Small/Mid-Cap Index		826
Total U.S. Stock Market Index		3,089

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, 2021. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2021, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

Fund Name	Amounts Waived
Mid-Cap Index	$	636
Small/Mid-Cap Index		341
Total U.S. Stock Market Index		413

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

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

The Manager has agreed not to reduce or discontinue these contractual expense limitations through November 30, 2021, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended January 31, 2021, amounts included in the Statements of Operations were as follows:

Fund Name	Amounts Waived
Small/Mid-Cap Index	$	66,622
Total U.S. Stock Market Index		2,708

In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed-class specific in the Statements of Operations. For the six months ended January 31, 2021, class specific expense waivers and/or reimbursements are as follows:

	Transfer Agent Fees Waived and/or Reimbursed - Class Specific
Fund Name	Institutional		Investor A		Class K		Total
Mid-Cap Index	$	—	$	945	$	1,641	$	2,586
Small/Mid-Cap Index		2,767		—		1,197		3,964
Total U.S. Stock Market Index		417		—		4,472		4,889

94 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

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. Effective August 13, 2022 for Small/Mid-Cap Index and Total U.S. Stock Market Index and effective May 13, 2022 for Mid-Cap Index, the repayment arrangement between each Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under each Fund’s contractual caps on net expenses will be terminated.

As of January 31, 2021, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

	Expiring
Fund Name/Fund Level/Share Class	July 31, 2021		May 13, 2022
Mid-Cap Index
Fund Level	$	—	$	—
Institutional		—		1
Investor A		—		2,200
Class K		2,319		45,271

	Expiring
Fund Name/Fund Level/Share Class	July 31, 2021		July 31, 2022		August 13, 2022
Small/Mid-Cap Index
Fund Level	$	176,663	$	177,108	$	66,622
Institutional		2,596		1,236		2,767
Investor A		—		—		—
Class K		2,681		2,635		1,197
Total U.S. Stock Market Index
Fund Level		83,780		100,739		2,708
Institutional		2,968		1,785		417
Investor A		—		—		—
Class K		9,833		19,215		4,472

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, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

Pursuant to the current securities lending agreement, each Fund retains 77% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2021, each Fund retained 75% of securities lending income (which excluded collateral investment fees) and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeded a specified threshold, the Fund would retain for the remainder of that calendar year 80% of securities lending income (which excluded collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 95

Notes to Financial Statements (unaudited) (continued)

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, 2021, each Fund paid BTC the following amounts for securities lending agent services:

Fund Name	Amounts
Mid-Cap Index	$	33,612
Small/Mid-Cap Index		38,369
Total U.S. Stock Market Index		29,227

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, 2021, the Funds did not participate in the Interfund Lending Program.

Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Trusts’ 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, 2021, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

Fund Name	Purchases		Sales		Net Realized Gain (Loss)
Mid-Cap Index	$	1,681,946	$	6,106,251	$	1,464
Small/Mid-Cap Index		739,778		856,737		(142,741	)
Total U.S. Stock Market Index		18,256,297		3,413,555		(309,273	)

7. PURCHASES AND SALES

For the six months ended January 31, 2021, purchases and sales of investments, excluding short-term investments, were as follows:

Fund Name	Purchases		Sales
Mid-Cap Index	$	52,709,195	$	58,719,700
Small/Mid-Cap Index		77,875,672		48,510,835
Total U.S. Stock Market Index		101,988,976		65,283,645

8. INCOME TAX INFORMATION

It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three fiscal years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2021, 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, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Mid-Cap Index	$	1,015,337,506	$	524,288,987	$	(79,119,038	)	$	445,169,949
Small/Mid-Cap Index		302,260,903		115,142,936		(21,350,608	)		93,792,328
Total U.S. Stock Market Index		962,108,426		612,180,276		(65,747,275	)		546,433,001

96 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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 a 364-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 2021 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended January 31, 2021, 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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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

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

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

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

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While

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

Notes to Financial Statements (unaudited) (continued)

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: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within certain Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 01/31/21						Year Ended 07/31/20
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Mid-Cap Index
Institutional
Shares sold		3,178,117		$	38,058,073			12,015,763		$	110,811,136
Shares issued in reinvestment of distributions		371,255			4,585,971			822,079			8,842,138
Shares redeemed		(2,122,870	)		(24,772,984	)		(19,230,870	)		(175,534,405	)
		1,426,502		$	17,871,060			(6,393,028	)	$	(55,881,131	)
Investor A
Shares sold		1,685,524		$	19,842,128			4,509,531		$	45,935,936
Shares issued in reinvestment of distributions		183,546			2,262,076			345,777			3,673,324
Shares redeemed		(2,002,650	)		(23,516,226	)		(5,848,604	)		(58,696,886	)
		(133,580	)	$	(1,412,022	)		(993,296	)	$	(9,087,626	)
Class K
Shares sold		14,572,394		$	175,113,556			41,716,615		$	428,313,072
Shares issued in reinvestment of distributions		1,982,044			24,534,442			3,269,836			34,717,182
Shares redeemed		(16,511,131	)		(197,444,566	)		(29,201,274	)		(297,508,658	)
		43,307		$	2,203,432			15,785,177		$	165,521,596
		1,336,229		$	18,662,470			8,398,853		$	100,552,839
	Six Months Ended 01/31/21						Year Ended 07/31/20
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Small/Mid-Cap Index
Institutional
Shares sold		2,212,077		$	30,583,826			4,474,119		$	49,002,046
Shares issued in reinvestment of distributions		239,963			3,511,210			43,818			514,134
Shares redeemed		(937,317	)		(13,013,044	)		(658,769	)		(7,475,351	)
		1,514,723		$	21,081,992			3,859,168		$	42,040,829
Investor A
Shares sold		2,054,835		$	29,380,007			3,230,299		$	34,683,012
Shares issued in reinvestment of distributions		193,398			2,823,840			66,811			804,318
Shares redeemed		(1,316,757	)		(18,451,098	)		(1,109,609	)		(13,039,273	)
		931,476		$	13,752,749			2,187,501		$	22,448,057

98 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 01/31/21						Year Ended 07/31/20
Fund Name / Share Class (continued)	Shares			Amounts			Shares				Amounts
Small/Mid-Cap Index (continued)
Class K
Shares sold		1,213,933		$	16,843,731			2,964,972		��	$	35,204,189
Shares issued in reinvestment of distributions		505,869			7,392,932			346,548				4,238,675
Shares redeemed		(1,257,637	)		(18,277,731	)		(3,704,775	)			(41,301,042	)
		462,165		$	5,958,932			(393,255	)		$	(1,858,178	)
		2,908,364		$	40,793,673			5,653,414			$	62,630,708
	Six Months Ended 01/31/21						Year Ended 07/31/20
Fund Name / Share Class	Shares			Amounts			Shares				Amounts
Total U.S. Stock Market Index
Institutional
Shares sold		1,086,623		$	18,741,188			3,247,765			$	45,030,817
Shares issued in reinvestment of distributions		45,913			781,487			137,813				1,941,722
Shares redeemed		(1,083,035	)		(18,225,811	)		(4,135,864	)			(57,772,510	)
		49,501		$	1,296,864			(750,286	)		$	(10,799,971	)
Investor A
Shares sold		1,006,857		$	16,641,445			3,477,143			$	49,169,829
Shares issued in reinvestment of distributions		55,353			940,208			133,886				1,889,002
Shares redeemed		(1,565,751	)		(26,406,228	)		(2,098,473	)			(28,566,482	)
		(503,541	)	$	(8,824,575	)		1,512,556			$	22,492,349
Class K
Shares sold		11,370,788		$	192,847,716			23,976,909			$	336,767,499
Shares issued in reinvestment of distributions		613,350			10,431,756			1,452,863				20,536,206
Shares redeemed		(9,173,884	)		(155,063,667	)		(22,148,282	)			(316,950,757	)
		2,810,254		$	48,215,805			3,281,490			$	40,352,948
		2,356,214		$	40,688,094			4,043,760			$	52,045,326

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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

Statement Regarding Liquidity Risk Management Program

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

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on November 10-11, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus outbreak on the Funds and the overall market.

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

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

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

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

There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

100 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Additional Information

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by the third quarter of 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

General Information

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies 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) at blackrock.com; and (3) on the SEC’s website at 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) at blackrock.com; or by calling (800) 441-7762 and (2) on the SEC’s website at sec.gov.

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

A D D I T I O N A L  I N F O R M A T I O  N 101

Additional Information (continued)

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.

Fund and Service Providers

Investment Adviser

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 Funds

100 Bellevue Parkway

Wilmington, DE 19809

102 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviation
ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

GLOSSARY   OF   TERMS  USED  IN  THIS  REPORT 103

Want to know more?

blackrock.com  |  800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

INDEX5-01/21-SAR

JANUARY 31, 2021

2021 Semi-Annual Report

(Unaudited)

BlackRock Funds^SM

· iShares Edge MSCI Min Vol EAFE Index Fund

· iShares Edge MSCI Min Vol USA Index Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2021 has been a time of sudden change, as the emergence and spread of the coronavirus (or “COVID-19”) led to a vast disruption in the global economy and financial markets. The threat from the virus became increasingly apparent throughout February and March 2020, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following a series of successful vaccine trials and passage of additional stimuli. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities from developed economies grew at a more modest pace, lagging emerging market stocks, which rebounded sharply.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment and posted positive returns, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion is likely to accelerate as vaccination efforts continue to ramp up. Significant additional U.S. stimulus spending in early 2021 is being negotiated in Congress, which would provide a solid tailwind for economic growth. Inflation should increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in both equities and credit. We see U.S. and Asian equities benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. In credit, rising inflation should provide tailwinds for inflation-protected bonds, and Euro area peripherals and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that 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 visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of January 31, 2021

	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	14.47%	17.25%
U.S. small cap equities (Russell 2000® Index)	40.89	30.17
International equities (MSCI Europe, Australasia, Far East Index)	17.58	8.94
Emerging market equities (MSCI Emerging Markets Index)	24.07	27.89
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.54
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(4.56)	4.91
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(0.91)	4.72
Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.06	3.85
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	6.72	7.38

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS  PAGE  IS  NOT  PART  OF  YOUR  FUND  REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Derivative Financial Instruments		8
Financial Statements:
Schedules of Investments		9
Statements of Assets and Liabilities		19
Statements of Operations		21
Statements of Changes in Net Assets		22
Financial Highlights		23
Notes to Financial Statements		27
Statement Regarding Liquidity Risk Management Program		36
Additional Information		37
Glossary of Terms Used in this Report		39

3

Fund Summary  as of January 31, 2021  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.

On November 10, 2020, the Board of Trustees of BlackRock Funds^SM approved a proposal to close the Fund to purchases and thereafter to liquidate the Fund. Accordingly, effective on February 3, 2021, the Fund will no longer accept purchase orders. On February 10, 2021, (the “Liquidation Date”), all of the assets of the Fund were liquidated completely, the shares of any shareholders on the Liquidation Date were redeemed at the Net Asset Value per share and the Fund was terminated as a Series of the Trust.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2021, the Fund’s Institutional Shares returned 8.34%, while Class K Shares returned 8.37%. The benchmark MSCI EAFE Minimum Volatility (USD) Index (the “Index”) returned 9.03% 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.

Developed non-U.S. markets continued their recovery over the third quarter of 2020 but at a slower pace than the second quarter. The ease of restrictions and supportive fiscal and monetary policies helped the market recovery over the quarter despite the market drop toward the end of the quarter as concerns about a third coronavirus wave in the developed countries started to arise. The European Central Bank (“ECB”) kept its quantitative easing policies unchanged even with rising concerns around inflation and debt level in the Eurozone. The low inflation rate, euro appreciation, and slower recovery sign shown in economic data started to surface toward the second half of the third quarter and pushed the ECB to consider adjusting its policies in the fourth quarter of 2020 to tackle the low inflation rate.

In the fourth quarter of 2020, developed markets rallied despite negative performance over October. Additionally, the Biden-Harris ticket was declared the winner of the U.S. presidential election. This caused market participants to forecast decreased trade tensions between the United States and its counterparties, along with more stable global policies. In addition, the announcement of the COVID-19 vaccine and the subsequent debut of vaccine distribution across developed countries reinforced the performance of the developed equity markets.

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.

Performance Summary for the Period Ended January 31, 2021

			Average Annual Total  Returns(a)(b)
	6-Month Total Returns			1 Year		Since Inception	(c)
Institutional	8.34	%		(0.96	)%	4.78	%
Class K	8.37			(0.91	)	4.82
MSCI EAFE Minimum Volatility (USD) Index(d)	9.03			(1.23	)	5.04

^(a)  See “About Fund Performance” 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 an indication of future results.

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

4 2 0 2 1   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary  as of January 31, 2021 (continued) iShares Edge MSCI Min Vol EAFE Index Fund

Expense Example

	Actual							Hypothetical(a)
		Beginning Account Value (08/01/20)		Ending Account Value (01/31/21)		Expenses Paid During the Period	(b)		Beginning Account Value (08/01/20)		Ending Account Value (01/31/21)		Expenses Paid During the Period	(b)	Annualized Expense Ratio
Institutional	$	1,000.00	$	1,083.40	$	1.05		$	1,000.00	$	1,024.20	$	1.02		0.20	%
Class K		1,000.00		1,083.70		0.79			1,000.00		1,024.45		0.77		0.15

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

^(b)  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 six-month period shown).

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

Portfolio Information

TEN LARGEST HOLDINGS

Security	Percent of Net Assets
Novo Nordisk A/S, Class B		2	%
Swisscom AG		2
Roche Holding AG		2
Chugai Pharmaceutical Co. Ltd.		1
Givaudan SA		1
Coloplast A/S, Class B		1
Nestle SA		1
Novartis AG		1
Hermes International		1
Wesfarmers Ltd.		1

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Net Assets
Japan		29	%
Switzerland		14
United Kingdom		8
Hong Kong		8
France		6
Denmark		5
Australia		5
Germany		3
Singapore		3
Belgium		2
Israel		2
Netherlands		2
Italy		2
United States		2
Ireland		1
Spain		1
Finland		1
Norway		1
Sweden		1
New Zealand		1
Jordan		—	(a)
Other Assets Less Liabilities		3

^(a)  Rounds to less than 1% of net assets.

FUND   SUMMARY 5

Fund Summary  as of January 31, 2021  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.

On November 10, 2020, the Board of Trustees of BlackRock Funds^SM approved a proposal to close the Fund to purchases and thereafter to liquidate the Fund. Accordingly, effective on February 3, 2021, the Fund will no longer accept purchase orders. On February 10, 2021, (the “Liquidation Date”), all of the assets of the Fund were liquidated completely, the shares of any shareholders on the Liquidation Date were redeemed at the Net Asset Value per share and the Fund was terminated as a Series of the Trust.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2021, the Fund’s Institutional Shares returned 4.47%, while Class K Shares returned 4.43%. The benchmark MSCI USA Minimum Volatility (USD) Index (the “Index”) returned 5.33% 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 2020, U.S. stocks continued their recovery over July and August and maintained recording all-time highs until early September when valuation concerns created market volatility and led to a market sell off. COVID-19 continued to be center stage over the third quarter but the ease of some restrictions, coupled with a drop in the number of new cases in the United States and the Fed’s accommodative policies, supported the U.S. market recovery over the third quarter despite the spikes in volatility and the market sell off that dampened the recovery momentum.

U.S. markets reacted positively to the U.S. presidential election results following a poor start to the fourth quarter of 2020. The victory of Joe Biden came as an indicator of more stable internal and external policies. The fear of rising COVID-19 cases in the United States was offset by positive vaccine news and an announcement of a $900 billion stimulus in late December, which supported the market’s positive performance. Sectors that were severely impacted by the coronavirus pandemic, such as energy and financials, recovered following the positive vaccine news in November, prompting these two sectors to recoup some of the losses incurred earlier in 2020.

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.

Performance Summary for the Period Ended January 31, 2021

			Average Annual Total  Returns(a)(b)
	6-Month Total Returns			1 Year		Since Inception	(c)
Institutional	4.47	%		(0.40	)%	9.90	%
Class K	4.43			(0.42	)	9.95
MSCI USA Minimum Volatility (USD) Index(d)	5.33			0.58		10.19

^(a)  See “About Fund Performance” 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 an indication of future results.

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

6 2 0 2 1   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary  as of January 31, 2021 (continued) iShares Edge MSCI Min Vol USA Index Fund

Expense Example

	Actual							Hypothetical(a)
		Beginning Account Value (08/01/20)		Ending Account Value (01/31/21)		Expenses Paid During the Period	(b)		Beginning Account Value (08/01/20)		Ending Account Value (01/31/21)		Expenses Paid During the Period	(b)	Annualized Expense Ratio
Institutional	$	1,000.00	$	1,044.70	$	0.93		$	1,000.00	$	1,024.30	$	0.92		0.18	%
Class K		1,000.00		1,044.30		0.67			1,000.00		1,024.55		0.66		0.13

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

^(b)  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 six-month period shown).

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

Portfolio Information

TEN LARGEST HOLDINGS

Security	Percent of Net Assets
Johnson & Johnson		2	%
Eli Lilly & Co.		2
Microsoft Corp.		2
NextEra Energy, Inc.		2
Vertex Pharmaceuticals, Inc.		2
Gilead Sciences, Inc.		1
T-Mobile US, Inc.		1
Newmont Corp.		1
McDonald’s Corp.		1
Merck & Co., Inc.		1

SECTOR ALLOCATION

Sector(a)	Percent of Net Assets
Information Technology		22	%
Health Care		19
Consumer Staples		11
Communication Services		9
Financials		8
Utilities		7
Industrials		7
Consumer Discretionary		6
Real Estate		3
Materials		3
Investment Companies		1
Other Assets Less Liabilities		4

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

FUND   SUMMARY 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.

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

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

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses and (b) operating expenses, including investment advisory fees, service fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested on August 1, 2020 and held through January 31, 2021) 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.

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.

8 2 0 2 1   B L A C K R O C K   S E M I - A  N N U A L   R E P O R T   T O  SHAREHOLDERS

Schedule of Investments (unaudited)  January 31, 2021 iShares Edge MSCI Min Vol EAFE Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 5.0%
Aurizon Holdings Ltd.		31,263	$	88,183
AusNet Services		31,546		41,527
Brambles Ltd.		3,864		31,090
Cochlear Ltd.		137		20,599
Commonwealth Bank of Australia		2,731		173,396
CSL Ltd.		448		92,880
Insurance Australia Group Ltd.		10,283		37,904
Medibank Pvt Ltd.		19,767		43,908
Newcrest Mining Ltd.		5,610		106,626
Ramsay Health Care Ltd.		750		35,988
Sonic Healthcare Ltd.		7,662		200,238
Telstra Corp. Ltd.		32,091		76,212
Wesfarmers Ltd.		8,989		373,128
Woolworths Group Ltd.		11,492		357,444
				1,679,123
Belgium — 2.2%
Etablissements Franz Colruyt NV		2,345		144,655
Groupe Bruxelles Lambert SA		2,881		284,989
Proximus SADP		6,443		135,774
UCB SA		1,620		167,755
				733,173
Denmark — 5.4%
Carlsberg AS, Class B		1,037		151,497
Chr Hansen Holding A/S(a)		828		74,908
Coloplast A/S, Class B		3,081		459,894
DSV Panalpina A/S		151		23,560
Genmab A/S(a)		354		140,943
H Lundbeck A/S		605		21,526
Novo Nordisk A/S, Class B		7,120		496,038
Novozymes A/S, B Shares		1,354		81,265
Orsted A/S(b)		984		186,888
Tryg A/S		5,119		159,253
				1,795,772
Finland — 1.0%
Elisa OYJ		3,863		229,991
Neste OYJ		414		29,162
Nokia OYJ(a)		8,314		39,954
Orion OYJ, Class B		953		43,725
				342,832
France — 5.9%
Air Liquide SA		1,222		199,854
Alstom SA(a)		1,602		86,860
BioMerieux		801		123,823
Danone SA		1,929		128,276
EssilorLuxottica SA		835		118,117
Eurazeo SE(a)		312		21,851
Hermes International		385		392,830
Iliad SA		484		89,507
L’Oreal SA		467		164,291
Orange SA		16,378		192,219
Pernod Ricard SA		715		134,750
Sanofi		3,155		296,722
Ubisoft Entertainment SA(a)		185		18,497
				1,967,597
Germany — 3.3%
Beiersdorf AG		1,482		161,768
Deutsche Boerse AG		594		95,369
Deutsche Telekom AG, Registered Shares		18,904		336,161

Security	Shares		Value
Germany (continued)
Henkel AG & Co. KGaA		740	$	69,194
Knorr-Bremse AG		852		112,886
Merck KGaA		994		165,669
Siemens Healthineers AG(b)		876		49,127
Symrise AG		896		111,501
Telefonica Deutschland Holding AG		5,648		15,478
				1,117,153
Hong Kong — 8.0%
Bank of East Asia Ltd.		8,000		17,313
BOC Hong Kong Holdings Ltd.		10,000		29,820
CK Infrastructure Holdings Ltd.		20,000		106,187
CLP Holdings Ltd.		37,000		347,229
Hang Seng Bank Ltd.		13,500		243,464
HK Electric Investments & HK Electric Investments Ltd.(c)		112,500		111,048
HKT Trust & HKT Ltd., Class SS(c)		147,000		193,478
Hong Kong & China Gas Co. Ltd.		207,950		298,665
Hong Kong Exchanges & Clearing Ltd.		1,100		70,326
Jardine Matheson Holdings Ltd.		2,800		161,384
Jardine Strategic Holdings Ltd.		4,800		124,752
Link REIT		22,100		191,723
MTR Corp. Ltd.		56,000		324,984
PCCW Ltd.		180,000		100,099
Power Assets Holdings Ltd.		58,000		307,786
Sun Hung Kai Properties Ltd.		2,500		34,151
				2,662,409
Ireland — 1.4%
Experian PLC		2,359		82,453
Kerry Group PLC, Class A		2,462		334,110
Kingspan Group PLC(a)		883		60,008
				476,571
Israel — 1.8%
Azrieli Group Ltd.		281		17,082
Bank Hapoalim BM(a)		16,292		114,649
Bank Leumi Le-Israel BM		24,189		149,061
Check Point Software Technologies Ltd.(a)		790		100,914
Elbit Systems Ltd.		136		18,771
Mizrahi Tefahot Bank Ltd.		5,212		121,215
Nice Ltd.(a)		318		82,913
				604,605
Italy — 1.5%
Davide Campari-Milano NV		1,952		20,981
DiaSorin SpA		783		171,230
Enel SpA		4,955		49,143
Infrastrutture Wireless Italiane SpA(b)		2,767		29,715
Recordati Industria Chimica e Farmaceutica SpA		989		51,180
Snam SpA		26,178		137,270
Terna Rete Elettrica Nazionale SpA		6,297		45,667
				505,186
Japan — 28.5%
ABC-Mart, Inc.		1,400		79,632
Ajinomoto Co., Inc.		3,900		92,220
ANA Holdings, Inc.(a)		5,000		106,329
Asahi Intecc Co. Ltd.		1,300		42,682
Astellas Pharma, Inc.		1,000		16,232
Bandai Namco Holdings, Inc.		500		42,636
Bridgestone Corp.		1,900		70,789
Calbee, Inc.		600		17,744
Canon, Inc.		9,300		205,730
Central Japan Railway Co.		600		85,915
Chugai Pharmaceutical Co. Ltd.		8,900		465,729

SCHEDULE  OF  INVESTMENTS 9

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Edge MSCI Min Vol EAFE Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Chugoku Electric Power Co., Inc.		12,300	$	151,670
Daiwa House REIT Investment Corp.		52		140,078
East Japan Railway Co.		2,900		191,290
FUJIFILM Holdings Corp.		2,100		120,292
Hamamatsu Photonics KK		1,700		98,604
Hankyu Hanshin Holdings, Inc.		1,300		42,061
Hikari Tsushin, Inc.		200		41,943
Hoya Corp.		700		89,568
Japan Airlines Co. Ltd.(a)		4,900		87,464
Japan Post Bank Co. Ltd.		17,200		148,728
Japan Post Holdings Co. Ltd.		30,800		244,939
Japan Real Estate Investment Corp.		3		18,282
Japan Tobacco, Inc.		7,100		141,036
Kao Corp.		700		50,790
KDDI Corp.		5,300		155,781
Keihan Holdings Co. Ltd.		1,900		86,619
Keio Corp.		1,600		117,096
Keisei Electric Railway Co. Ltd.		800		27,163
Keyence Corp.		500		268,440
Kintetsu Group Holdings Co. Ltd.		4,600		193,608
Kirin Holdings Co. Ltd.		1,200		25,793
Koei Tecmo Holdings Co. Ltd.		400		22,915
Kyowa Kirin Co. Ltd.		900		26,677
Kyushu Electric Power Co., Inc.		3,800		35,253
Kyushu Railway Co.		6,300		132,307
Lawson, Inc.		2,200		106,849
Lion Corp.		1,100		25,142
McDonald’s Holdings Co. Japan Ltd.		2,900		141,418
MEIJI Holdings Co. Ltd.		1,400		95,564
Mitsubishi Heavy Industries Ltd.		600		17,234
Mizuho Financial Group, Inc.		15,120		199,317
MonotaRO Co. Ltd.		1,600		80,174
MS&AD Insurance Group Holdings, Inc.		800		23,017
Nagoya Railroad Co. Ltd.		6,000		152,818
NEC Corp.		3,300		179,549
Nintendo Co. Ltd.		100		57,563
Nippon Paint Holdings Co. Ltd.		2,600		233,804
Nippon Prologis REIT, Inc.		82		267,311
Nippon Telegraph & Telephone Corp.		9,700		242,440
Nissin Foods Holdings Co. Ltd.		500		43,217
Nitori Holdings Co. Ltd.		700		138,924
Obic Co. Ltd.		600		112,262
Odakyu Electric Railway Co. Ltd.		3,000		87,202
Olympus Corp.		1,100		19,889
Ono Pharmaceutical Co. Ltd.		3,600		107,457
Oracle Corp. Japan		300		35,345
Oriental Land Co. Ltd.		1,800		281,720
Osaka Gas Co. Ltd.		1,100		20,342
Pan Pacific International Holdings Corp.		3,400		76,350
PeptiDream, Inc.(a)		2,600		151,788
Rinnai Corp.		900		94,004
Santen Pharmaceutical Co. Ltd.		3,500		57,886
Secom Co. Ltd.		2,400		217,462
Seibu Holdings, Inc.		2,600		23,877
Sekisui House Ltd.		4,400		85,010
Seven & i Holdings Co. Ltd.		2,825		107,881
SG Holdings Co. Ltd.		11,200		287,086
Shimamura Co. Ltd.		1,000		111,059
Shimano, Inc.		200		46,895
Shionogi & Co. Ltd.		1,200		65,148
Softbank Corp.		18,400		241,711
Sohgo Security Services Co. Ltd.		400		19,683

Security	Shares		Value
Japan (continued)
Suntory Beverage & Food Ltd.		4,000	$	139,729
Sysmex Corp.		700		81,664
Takeda Pharmaceutical Co. Ltd.		1,200		42,203
Tobu Railway Co. Ltd.		3,500		98,764
Toho Co. Ltd.		1,000		38,735
Toho Gas Co. Ltd.		1,700		99,936
Tokio Marine Holdings, Inc.		1,000		49,121
Tokyo Gas Co. Ltd.		2,800		61,356
Tokyu Corp.		1,200		14,110
Toyo Suisan Kaisha Ltd.		3,500		172,250
Tsuruha Holdings, Inc.		600		79,674
USS Co. Ltd.		1,000		19,692
Welcia Holdings Co. Ltd.		3,900		132,126
West Japan Railway Co.		3,100		165,264
Yakult Honsha Co. Ltd.		500		25,538
Yamada Holdings Co. Ltd.		30,300		154,464
Yamazaki Baking Co. Ltd.		1,200		22,093
				9,535,152
Jordan — 0.2%
Hikma Pharmaceuticals PLC		2,467		81,015
Netherlands — 1.8%
Heineken NV(a)		666		69,459
Koninklijke Ahold Delhaize NV		7,099		203,773
Koninklijke KPN NV		13,757		42,977
Koninklijke Vopak NV		2,921		147,839
Wolters Kluwer NV		1,494		124,137
				588,185
New Zealand — 0.9%
Auckland International Airport Ltd.(a)		11,052		58,796
Fisher & Paykel Healthcare Corp. Ltd.		3,141		77,845
Meridian Energy Ltd.		13,954		71,226
Spark New Zealand Ltd.		23,236		79,777
				287,644
Norway — 1.0%
Gjensidige Forsikring ASA		2,838		65,263
Orkla ASA		14,563		141,562
Telenor ASA		7,223		119,153
				325,978
Singapore — 3.2%
Ascendas Real Estate Investment Trust		12,953		29,887
CapitaLand Integrated Commercial Trust		35,200		56,237
DBS Group Holdings Ltd.		4,600		86,743
Oversea-Chinese Banking Corp. Ltd.		16,200		125,554
Singapore Airlines Ltd.(a)		23,943		73,855
Singapore Exchange Ltd.		25,600		190,183
Singapore Technologies Engineering Ltd.		54,700		152,508
Singapore Telecommunications Ltd.		92,500		163,868
United Overseas Bank Ltd.		5,835		102,520
Wilmar International Ltd.		21,100		83,513
				1,064,868
Spain — 1.0%
Aena SME SA(a)(b)		281		43,335
Endesa SA		3,776		96,504
Grifols SA		783		23,050
Iberdrola SA		5,612		75,987
Red Electrica Corp. SA		5,536		105,117
				343,993

10 2 0 2 1   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Edge MSCI Min Vol EAFE Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden — 0.9%
ICA Gruppen AB		2,215	$	111,026
Telefonaktiebolaget LM Ericsson, B Shares		7,690		96,828
Telia Co. AB		21,603		94,671
				302,525
Switzerland — 14.0%
Alcon, Inc.(a)		281		20,167
Baloise Holding AG, Registered Shares		1,056		176,839
Barry Callebaut AG, Registered Shares		53		117,537
Chocoladefabriken Lindt & Spruengli AG		24		207,940
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		1		93,033
EMS-Chemie Holding AG, Registered Shares		347		327,290
Geberit AG, Registered Shares		173		105,887
Givaudan SA, Registered Shares		115		463,309
Kuehne + Nagel International AG, Registered Shares		802		182,500
Logitech International SA, Registered Shares		1,449		150,491
Lonza Group AG, Registered Shares		173		110,495
Nestle SA, Registered Shares		3,974		445,472
Novartis AG, Registered Shares		4,883		442,132
Partners Group Holding AG		111		131,068
Roche Holding AG		1,405		484,882
Schindler Holding AG		249		65,717
Schindler Holding AG, Registered Shares		772		203,080
SGS SA, Registered Shares		6		18,198
Sonova Holding AG, Registered Shares(a)		307		74,060
Swiss Prime Site AG, Registered Shares		1,540		149,675
Swisscom AG, Registered Shares		894		486,585
Zurich Insurance Group AG		510		203,922
				4,660,279
United Kingdom — 8.3%
Admiral Group PLC		5,615		221,292
AstraZeneca PLC		1,923		196,167
British American Tobacco PLC		783		28,453
Bunzl PLC		1,784		57,266
Croda International PLC		780		67,016
Diageo PLC		1,342		53,878
Direct Line Insurance Group PLC		37,743		154,911
GlaxoSmithKline PLC		14,786		274,595
Halma PLC		850		28,650
HSBC Holdings PLC(a)		22,227		116,305
J Sainsbury PLC		25,830		86,265
National Grid PLC		26,540		308,280

Security	Shares		Value
United Kingdom (continued)
Ocado Group PLC(a)		2,048	$	77,744
Reckitt Benckiser Group PLC		754		63,923
RELX PLC		9,323		230,823
Rentokil Initial PLC(a)		2,892		19,628
Sage Group PLC		3,062		24,655
Severn Trent PLC		1,879		59,401
Smith & Nephew PLC		6,101		128,449
Tesco PLC		10,984		35,944
Unilever PLC		6,028		351,162
United Utilities Group PLC		3,611		45,516
Wm Morrison Supermarkets PLC		54,915		134,673
				2,764,996
United States — 0.8%
QIAGEN NV(a)		5,135		278,365
Total Long-Term Investments — 96.1% (Cost: $25,327,318)				32,117,421
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.17%(d)(e)(f)		89,879		89,933
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.02%(d)(e)		117,375		117,375
Total Short-Term Securities — 0.6% (Cost: $207,307)				207,308
Total Investments — 96.7% (Cost: $25,534,625)				32,324,729
Other Assets Less Liabilities — 3.3%				1,097,440
Net Assets — 100.0%			$	33,422,169

^(a)  Non-income producing security.

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six-months ended January 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/21		Shares Held at 01/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,264,252	$	—		$	(1,173,216	)(a)	$	(1,302	)	$	199	$	89,933		89,879	$	5,613	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		117,375	(a)		—			—			—		117,375		117,375		59			—
									$	(1,302	)	$	199	$	207,308			$	5,672		$	—

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

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

SCHEDULE    OF  INVESTMENTS 11

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Edge MSCI Min Vol EAFE 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
Topix Index		1		03/11/21	$	172	$	(4,157	)
SPI 200 Index		1		03/18/21		125		(4,167	)
Euro Stoxx 50 Index		6		03/19/21		253		(4,135	)
FTSE 100 Index		2		03/19/21		174		(6,506	)
							$	(18,965	)

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
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	18,965	$	—	$	—	$	—	$	18,965

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

For the six months ended January 31, 2021, 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	$	—	$	—	$	75,313	$	—	$	—	$	—	$	75,313
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	17,795	$	—	$	—	$	—	$	17,795

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	809,655

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	1,679,123	$	—	$	1,679,123
Belgium		—		733,173		—		733,173

12 2 0 2 1   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Edge MSCI Min Vol EAFE Index Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Common Stocks (continued)
Denmark	$	—		$	1,795,772	$	—	$	1,795,772
Finland		—			342,832		—		342,832
France		—			1,967,597		—		1,967,597
Germany		112,886			1,004,267		—		1,117,153
Hong Kong		124,752			2,537,657		—		2,662,409
Ireland		60,008			416,563		—		476,571
Israel		100,914			503,691		—		604,605
Italy		—			505,186		—		505,186
Japan		—			9,535,152		—		9,535,152
Jordan		—			81,015		—		81,015
Netherlands		69,459			518,726		—		588,185
New Zealand		—			287,644		—		287,644
Norway		—			325,978		—		325,978
Singapore		—			1,064,868		—		1,064,868
Spain		—			343,993		—		343,993
Sweden		—			302,525		—		302,525
Switzerland		—			4,660,279		—		4,660,279
United Kingdom		—			2,764,996		—		2,764,996
United States		278,365			—		—		278,365
Short-Term Securities
Money Market Funds		207,308			—		—		207,308
	$	953,692		$	31,371,037	$	—	$	32,324,729
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(18,965	)	$	—	$	—	$	(18,965	)

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

SCHEDULE    OF  INVESTMENTS 13

Schedule of Investments (unaudited)  January 31, 2021 iShares Edge MSCI Min Vol USA Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.1%
L3Harris Technologies, Inc.		1,367	$	234,454
Lockheed Martin Corp.		934		300,580
Northrop Grumman Corp.		139		39,839
				574,873
Air Freight & Logistics — 0.7%
C.H. Robinson Worldwide, Inc.		4,280		366,197
Expeditors International of Washington, Inc.		324		29,004
				395,201
Beverages — 1.6%
Brown-Forman Corp., Class B		685		49,094
Coca-Cola Co.		2,222		106,989
PepsiCo, Inc.		5,153		703,745
				859,828
Biotechnology — 5.9%
Amgen, Inc.		812		196,041
Biogen, Inc.(a)		225		63,587
BioMarin Pharmaceutical, Inc.(a)		1,537		127,233
Gilead Sciences, Inc.		11,660		764,896
Incyte Corp.(a)		2,608		234,068
Ionis Pharmaceuticals, Inc.(a)		1,366		82,056
Neurocrine Biosciences, Inc.(a)		854		93,726
Regeneron Pharmaceuticals, Inc.(a)		1,353		681,695
Seagen, Inc.(a)		592		97,248
Vertex Pharmaceuticals, Inc.(a)		3,521		806,591
				3,147,141
Building Products — 0.1%
Carrier Global Corp.		1,273		49,011
Capital Markets — 1.6%
Cboe Global Markets, Inc.		1,531		140,439
CME Group, Inc.		1,789		325,133
Intercontinental Exchange, Inc.		3,051		336,678
MarketAxess Holdings, Inc.		91		49,209
				851,459
Chemicals — 1.0%
Air Products & Chemicals, Inc.		622		165,925
Ecolab, Inc.		1,675		342,554
Linde PLC		143		35,092
				543,571
Commercial Services & Supplies — 3.8%
Republic Services, Inc., Class A		7,077		640,610
Rollins, Inc.		2,040		73,481
Waste Connections, Inc.		5,936		584,755
Waste Management, Inc.		6,319		703,431
				2,002,277
Communications Equipment — 1.8%
Arista Networks, Inc.(a)		224		68,893
Cisco Systems, Inc.		8,048		358,780
Juniper Networks, Inc.		2,127		51,941
Motorola Solutions, Inc.		2,676		448,364
				927,978
Containers & Packaging — 0.3%
Amcor PLC		9,547		104,444
Ball Corp.		567		49,908
				154,352

Security	Shares		Value
Diversified Financial Services — 0.6%
Berkshire Hathaway, Inc., Class B(a)		1,372	$	312,638
Diversified Telecommunication Services — 2.1%
AT&T, Inc.		14,347		410,755
Verizon Communications, Inc.		12,626		691,273
				1,102,028
Electric Utilities — 5.3%
Alliant Energy Corp.		1,050		51,083
American Electric Power Co., Inc.		2,674		216,353
Duke Energy Corp.		5,578		524,332
Evergy, Inc.		608		32,668
Eversource Energy		1,587		138,863
NextEra Energy, Inc.		10,050		812,743
Southern Co.		8,659		510,188
Xcel Energy, Inc.		7,893		505,073
				2,791,303
Electronic Equipment, Instruments & Components — 1.6%
Amphenol Corp., Class A		2,810		350,913
Keysight Technologies, Inc.(a)		3,279		464,274
TE Connectivity Ltd.		426		51,290
				866,477
Entertainment — 3.6%
Activision Blizzard, Inc.		4,864		442,624
Electronic Arts, Inc.		3,550		508,360
Netflix, Inc.(a)		68		36,202
Take-Two Interactive Software, Inc.(a)		2,268		454,621
Walt Disney Co.(a)		2,666		448,341
				1,890,148
Equity Real Estate Investment Trusts (REITs) — 3.2%
American Tower Corp.		1,691		384,466
Crown Castle International Corp.		1,939		308,805
Equinix, Inc.		54		39,958
Equity Residential		3,726		229,671
Extra Space Storage, Inc.		1,513		172,164
Public Storage		2,057		468,214
SBA Communications Corp., Class A		243		65,287
				1,668,565
Food & Staples Retailing — 2.2%
Costco Wholesale Corp.		110		38,767
Kroger Co.		16,712		576,564
Walmart, Inc.		3,809		535,127
				1,150,458
Food Products — 3.9%
Campbell Soup Co.		2,053		98,770
General Mills, Inc.		1,736		100,862
Hershey Co.		4,049		588,887
Hormel Foods Corp.		9,371		439,125
J.M. Smucker Co.		1,130		131,543
Kellogg Co.		3,700		218,078
McCormick & Co., Inc.		2,799		250,622
Mondelez International, Inc., Class A		4,576		253,693
				2,081,580
Health Care Equipment & Supplies — 4.7%
Abbott Laboratories		1,461		180,565
Baxter International, Inc.		3,706		284,732
Becton Dickinson and Co.		621		162,572
Cooper Cos., Inc.		444		161,634
Danaher Corp.		2,435		579,140
DENTSPLY SIRONA, Inc.		803		42,953

14 2 0 2 1   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Edge MSCI Min Vol USA Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Masimo Corp.(a)		632	$	161,741
Medtronic PLC		5,262		585,818
Stryker Corp.		1,414		312,508
Zimmer Biomet Holdings, Inc.		195		29,966
				2,501,629
Health Care Providers & Services — 1.6%
Anthem, Inc.		774		229,862
Henry Schein, Inc.(a)		396		26,077
Humana, Inc.		491		188,107
Quest Diagnostics, Inc.		282		36,420
UnitedHealth Group, Inc.		1,081		360,600
				841,066
Health Care Technology — 0.3%
Cerner Corp.		385		30,842
Teladoc Health, Inc.(a)		267		70,443
Veeva Systems, Inc., Class A(a)		160		44,230
				145,515
Hotels, Restaurants & Leisure — 2.3%
Domino’s Pizza, Inc.		292		108,262
McDonald’s Corp.		3,534		734,506
Starbucks Corp.		3,701		358,294
				1,201,062
Household Durables — 0.3%
Garmin Ltd.		1,308		150,237
Household Products — 2.7%
Church & Dwight Co., Inc.		2,364		199,592
Clorox Co.		1,355		283,818
Colgate-Palmolive Co.		2,415		188,370
Kimberly-Clark Corp.		1,197		158,124
Procter & Gamble Co.		4,766		611,049
				1,440,953
Industrial Conglomerates — 0.4%
Honeywell International, Inc.		993		194,002
Insurance — 6.0%
Allstate Corp.		3,178		340,618
Aon PLC, Class A		1,918		389,546
Arthur J Gallagher & Co.		2,967		342,422
Brown & Brown, Inc.		5,165		222,560
Chubb Ltd.		1,073		156,304
Erie Indemnity Co., Class A		214		52,023
Everest Re Group Ltd.		1,085		229,022
Markel Corp.(a)		196		190,018
Marsh & McLennan Cos., Inc.		3,331		366,110
Progressive Corp.		2,674		233,146
RenaissanceRe Holdings Ltd.		1,510		227,164
Travelers Cos., Inc.		2,032		276,962
Willis Towers Watson PLC		619		125,620
				3,151,515
Interactive Media & Services — 0.2%
Alphabet, Inc., Class C(a)		44		80,773
Internet & Direct Marketing Retail — 0.2%
Amazon.com, Inc.(a)		22		70,536
eBay, Inc.		772		43,626
				114,162
IT Services — 11.3%
Accenture PLC, Class A		2,972		718,986
Akamai Technologies, Inc.(a)		2,951		327,650
Automatic Data Processing, Inc.		1,751		289,125

Security	Shares		Value
IT Services (continued)
Black Knight, Inc.(a)		4,985	$	407,225
Booz Allen Hamilton Holding Corp.		1,857		158,161
Broadridge Financial Solutions, Inc.		1,324		187,094
Cognizant Technology Solutions Corp., Class A		3,247		253,104
Fidelity National Information Services, Inc.		3,763		464,580
Fiserv, Inc.(a)		3,759		386,012
FleetCor Technologies, Inc.(a)		450		109,237
International Business Machines Corp.		1,347		160,441
Jack Henry & Associates, Inc.		2,433		352,274
Mastercard, Inc., Class A		1,431		452,611
Paychex, Inc.		6,488		566,532
VeriSign, Inc.(a)		888		172,334
Visa, Inc., Class A		3,584		692,608
Western Union Co.		13,047		290,557
				5,988,531
Life Sciences Tools & Services — 0.3%
Bio-Rad Laboratories, Inc., Class A(a)		307		176,147
Machinery — 0.1%
Otis Worldwide Corp.		435		28,123
Media — 1.8%
Charter Communications, Inc., Class A(a)		315		191,381
Comcast Corp., Class A		6,095		302,129
Fox Corp., Class B		1,028		30,727
Liberty Broadband Corp., Class C(a)		1,702		248,577
Liberty Media Corp. - Liberty SiriusXM, Class A(a)		885		35,772
Omnicom Group, Inc.		1,351		84,275
Sirius XM Holdings, Inc.		9,353		58,550
				951,411
Metals & Mining — 1.4%
Newmont Corp.		12,373		737,431
Multi-line Retail — 1.2%
Dollar General Corp.		1,716		333,951
Dollar Tree, Inc.(a)		1,518		154,320
Target Corp.		817		148,016
				636,287
Multi-Utilities — 2.0%
CMS Energy Corp.		1,876		106,707
Consolidated Edison, Inc.		6,296		445,631
Dominion Energy, Inc.		2,628		191,555
WEC Energy Group, Inc.		3,681		327,241
				1,071,134
Oil, Gas & Consumable Fuels — 0.2%
Cabot Oil & Gas Corp.		1,960		35,927
Cheniere Energy, Inc.(a)		1,329		84,165
				120,092
Pharmaceuticals — 6.1%
Bristol-Myers Squibb Co.		2,761		169,608
Eli Lilly & Co.		4,025		837,079
Johnson & Johnson		5,168		843,056
Merck & Co., Inc.		9,491		731,472
Pfizer, Inc.		11,962		429,436
Viatris, Inc.(a)		1,568		26,640
Zoetis, Inc.		1,289		198,828
				3,236,119
Professional Services — 0.3%
Verisk Analytics, Inc.		997		182,950
Road & Rail — 0.2%
AMERCO		217		100,349

SCHEDULE   OF   INVESTMENTS 15

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Edge MSCI Min Vol USA Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 0.7%
Broadcom, Inc.		345	$	155,423
Intel Corp.		1,081		60,006
Texas Instruments, Inc.		949		157,240
				372,669
Software — 6.5%
Adobe, Inc.(a)		1,401		642,737
Citrix Systems, Inc.		3,725		496,580
Intuit, Inc.		329		118,845
Microsoft Corp.		3,562		826,241
NortonLifeLock, Inc.		3,938		82,974
Oracle Corp.		8,138		491,779
Palo Alto Networks, Inc.(a)		340		119,255
Tyler Technologies, Inc.(a)		1,259		532,292
Zoom Video Communications, Inc., Class A(a)		373		138,782
				3,449,485
Specialty Retail — 1.6%
AutoZone, Inc.(a)		209		233,740
Home Depot, Inc.		1,582		428,437
O’Reilly Automotive, Inc.(a)		373		158,700
TJX Cos., Inc.		407		26,064
				846,941
Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc.		1,021		134,731
Dell Technologies, Inc., Class C(a)		514		37,466
				172,197
Textiles, Apparel & Luxury Goods — 0.4%
NIKE, Inc., Class B		1,649		220,290

Security	Shares		Value
Tobacco — 0.2%
Altria Group, Inc.		723	$	29,701
Philip Morris International, Inc.		825		65,711
				95,412
Water Utilities — 0.1%
American Water Works Co., Inc.		247		39,278
Wireless Telecommunication Services — 1.4%
T-Mobile US, Inc.(a)		5,958		751,185
Total Common Stocks — 95.2% (Cost: $39,058,919)				50,365,833
Investment Companies
Equity Funds — 0.7%
iShares MSCI USA Min Vol Factor ETF(b)		5,307		350,421
Total Investment Companies — 0.7% (Cost: $352,861)				350,421
Total Investments — 95.9% (Cost: $39,411,780)				50,716,254
Other Assets Less Liabilities — 4.1%				2,176,578
Net Assets — 100.0%			$	52,892,832

^(a) Non-income producing security.

^(b)  Affiliate of the Fund.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six-months ended January 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 07/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/21	Shares Held at 01/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	714,477	$	—	$	(714,062	)(b)	$	(516	)	$	101		$	—	—	$	1,164	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(a)		235,403		—		(235,403	)(b)		—			—			—	—		312			—
iShares MSCI USA Min Vol Factor ETF		230,586		4,212,932		(4,128,626	)		53,492			(17,963	)		350,421	5,307		4,279			—
								$	52,976		$	(17,862	)	$	350,421		$	5,755		$	—

^(a)  As of period end, the entity is no longer held.

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

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

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

16 2 0 2 1   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Edge MSCI Min Vol USA Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		1		03/19/21	$	185	$	(7,190	)

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
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	7,190	$	—	$	—	$	—	$	7,190

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

For the six months ended January 31, 2021, 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	$	—	$	—	$	(180,756	)	$	—	$	—	$	—	$	(180,756	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(7,138	)	$	—	$	—	$	—	$	(7,138	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	174,248

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

SCHEDULE    OF  INVESTMENTS 17

Schedule of Investments (unaudited) (continued) January 31, 2021 iShares Edge MSCI Min Vol USA Index Fund

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	50,365,833		$	—	$	—	$	50,365,833
Investment Companies		350,421			—		—		350,421
	$	50,716,254		$	—	$	—	$	50,716,254
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(7,190	)	$	—	$	—	$	(7,190	)

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

18 2 0 2 1   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) 

January 31, 2021

	iShares Edge MSCI Min Vol EAFE Index Fund				iShares Edge MSCI Min Vol USA Index Fund
ASSETS
Investments at value — unaffiliated(a)		$	32,117,421			$	50,365,833
Investments at value — affiliated(b)			207,308				350,421
Cash pledged for futures contracts			71,301				37,000
Foreign currency at value(c)			463,184				—
Receivables:
Investments sold			87,325				14,880,857
Securities lending income — affiliated			47				31
Capital shares sold			92,844				2,698,510
Dividends — unaffiliated			646,601				75,366
Dividends — affiliated			2				12
From the Manager			89,805				59,696
Prepaid expenses			11,123				11,720
Total assets			33,786,961				68,479,446
LIABILITIES
Bank overdraft			—				14,873,128
Collateral on securities loaned at value			91,629				—
Payables:
Accounting services fees			49,845				25,578
Capital shares redeemed			137,038				623,589
Trustees’ and Officer’s fees			2,058				1,970
Other accrued expenses			25,900				18,976
Professional fees			41,153				34,183
Variation margin on futures contracts			17,169				9,190
Total liabilities			364,792				15,586,614
NET ASSETS		$	33,422,169			$	52,892,832
NET ASSETS CONSIST OF
Paid-in capital		$	42,199,450			$	72,232,799
Accumulated loss			(8,777,281	)			(19,339,967	)
NET ASSETS		$	33,422,169			$	52,892,832
(a) Investments at cost — unaffiliated		$	25,327,318			$	39,058,919
(b) Investments at cost — affiliated		$	207,307			$	352,861
(c)  Foreign currency at cost		$	529,853			$	—

FINANCIAL  STATEMENTS 19

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2021

	iShares Edge MSCI Min Vol EAFE Index Fund			iShares Edge MSCI Min Vol USA Index Fund
NET ASSET VALUE
Institutional
Net assets		$	23,952,702		$	36,904,546
Shares outstanding			3,278,626			4,223,127
Net asset value		$	7.31		$	8.74
Shares authorized			Unlimited			Unlimited
Par value		$	0.001		$	0.001
Class K
Net assets		$	9,469,467		$	15,988,286
Shares outstanding			1,296,068			1,829,059
Net asset value		$	7.31		$	8.74
Shares authorized			Unlimited			Unlimited
Par value		$	0.001		$	0.001

See notes to financial statements.

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Statements of Operations (unaudited) 

Six Months Ended January 31, 2021

	iShares Edge MSCI Min Vol EAFE Index Fund				iShares Edge MSCI Min Vol USA Index Fund
INVESTMENT INCOME
Dividends — unaffiliated		$	1,471,521			$	745,790
Dividends — affiliated			59				4,591
Securities lending income — affiliated — net			5,613				1,164
Foreign taxes withheld			(99,303	)			(551	)
Total investment income			1,377,890				750,994
EXPENSES
Registration			54,023				59,690
Investment advisory			51,700				15,752
Professional			47,470				32,783
Custodian			34,369				11,294
Printing and postage			10,441				9,559
Transfer agent — class specific			6,424				20,365
Accounting services			5,452				5,452
Trustees and Officer			2,996				3,140
Miscellaneous			13,493				8,897
Total expenses			226,368				166,932
Less:
Fees waived and/or reimbursed by the Manager			(122,507	)			(94,814	)
Transfer agent fees waived and/or reimbursed — class specific			(846	)			(5,428	)
Total expenses after fees waived and/or reimbursed			103,015				66,690
Net investment income			1,274,875				684,304
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated			12,953,678				2,422,485
Investments — affiliated			(1,302	)			52,976
Foreign currency transactions			117,345				—
Futures contracts			75,313				(180,756	)
			13,145,034				2,294,705
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated			(1,170,841	)			1,141,232
Investments — affiliated			199				(17,862	)
Foreign currency translations			(69,993	)			—
Futures contracts			17,795				(7,138	)
			(1,222,840	)			1,116,232
Net realized and unrealized gain			11,922,194				3,410,937
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	13,197,069			$	4,095,241

See notes to financial statements.

FINANCIAL  STATEMENTS 21

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 01/31/21 (unaudited)				Year Ended 07/31/20				Six Months Ended 01/31/21 (unaudited)				Year Ended 07/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	1,274,875			$	4,180,713			$	684,304			$	1,050,097
Net realized gain (loss)			13,145,034				(6,551,402	)			2,294,705				(2,558,057	)
Net change in unrealized appreciation (depreciation)			(1,222,840	)			(3,045,551	)			1,116,232				6,143,007
Net increase (decrease) in net assets resulting from operations			13,197,069				(5,416,240	)			4,095,241				4,635,047
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional			(8,173,098	)			(464,968	)			(22,049,909	)			(707,948	)
Class K			(12,078,817	)			(5,941,681	)			(8,973,439	)			(366,471	)
Decrease in net assets resulting from distributions to shareholders			(20,251,915	)			(6,406,649	)			(31,023,348	)			(1,074,419	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(118,315,992	)			17,783,468				9,059,681				44,103,834
NET ASSETS
Total increase (decrease) in net assets			(125,370,838	)			5,960,579				(17,868,426	)			47,664,462
Beginning of period			158,793,007				152,832,428				70,761,258				23,096,796
End of period		$	33,422,169			$	158,793,007			$	52,892,832			$	70,761,258

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

See notes to financial statements.

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Financial Highlights 

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol EAFE Index Fund
	Institutional
	Six Months Ended																Period from
			01/31/21			Year Ended July 31,													07/13/16	(a)
	(unaudited)				2020			2019			2018			2017			to 07/31/16
Net asset value, beginning of period		$	9.84		$	10.52		$	10.91		$	10.60		$	10.12			$	10.00
Net investment income(b)			0.08			0.28			0.31			0.33			0.28				0.00	(c)
Net realized and unrealized gain (loss)			0.80			(0.54	)		(0.23	)		0.33			0.50				0.12
Net increase (decrease) from investment operations			0.88			(0.26	)		0.08			0.66			0.78				0.12
Distributions(d)
From net investment income			(0.06	)		(0.42	)		(0.32	)		(0.32	)		(0.30	)			—
From net realized gain			(3.35	)		—			(0.15	)		(0.03	)		(0.00	)(e)			—
Total distributions			(3.41	)		(0.42	)		(0.47	)		(0.35	)		(0.30	)			—
Net asset value, end of period		$	7.31		$	9.84		$	10.52		$	10.91		$	10.60			$	10.12
Total Return(f)
Based on net asset value			8.34	%(g)		(2.54	)%		0.92	%		6.30	%		7.90	%			1.20	%(g)
Ratios to Average Net Assets
Total expenses			0.74	%(h)		0.32	%(i)		0.32	%		0.35	%		1.35	%(j)(k)			3.97	%(h)(l)
Total expenses after fees waived and/or reimbursed			0.20	%(h)		0.20	%		0.23	%		0.23	%		0.22	%(k)			0.23	%(h)
Net investment income			1.59	%(h)		2.79	%		2.95	%		3.02	%		2.82	%(k)			0.70	%(h)
Supplemental Data
Net assets, end of period (000)		$	23,953		$	20,478		$	5,796		$	710		$	272			$	101
Portfolio turnover rate			17	%		29	%		23	%		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⁾  Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.

^(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)  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(l)  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.

FINANCIAL  HIGHLIGHTS 23

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol EAFE Index Fund (continued)
	Class K
	Six Months Ended																Period from
			01/31/21			Year Ended July 31,													07/13/16	(a)
	(unaudited)				2020			2019			2018			2017			to 07/31/16
Net asset value, beginning of period		$	9.84		$	10.52		$	10.92		$	10.59		$	10.12			$	10.00
Net investment income(b)			0.10			0.27			0.31			0.32			0.38				0.00	(c)
Net realized and unrealized gain (loss)			0.78			(0.52	)		(0.23	)		0.37			0.39				0.12
Net increase (decrease) from investment operations			0.88			(0.25	)		0.08			0.69			0.77				0.12
Distributions(d)
From net investment income			(0.06	)		(0.43	)		(0.33	)		(0.33	)		(0.30	)			—
From net realized gain			(3.35	)		—			(0.15	)		(0.03	)		(0.00	)(e)			—
Total distributions			(3.41	)		(0.43	)		(0.48	)		(0.36	)		(0.30	)			—
Net asset value, end of period		$	7.31		$	9.84		$	10.52		$	10.92		$	10.59			$	10.12
Total Return(f)
Based on net asset value			8.37	%(g)		(2.49	)%		0.87	%		6.53	%		7.84	%			1.20	%(g)
Ratios to Average Net Assets
Total expenses			0.26	%(h)		0.25	%		0.25	%		0.23	%		0.46	%(i)(j)			3.90	%(h)(k)
Total expenses after fees waived and/or reimbursed			0.15	%(h)		0.15	%		0.18	%		0.18	%		0.18	%(j)			0.18	%(h)
Net investment income			2.06	%(h)		2.67	%		2.92	%		2.95	%		3.76	%(j)			0.75	%(h)
Supplemental Data
Net assets, end of period (000)		$	9,469		$	138,315		$	147,036		$	149,876		$	123,571			$	10,020
Portfolio turnover rate			17	%		29	%		23	%		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⁾  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%.

^(j)  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(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.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol USA Index Fund
	Institutional
	Six Months Ended																Period from
			01/31/21			Year Ended July 31,												07/13/16	(a)
	(unaudited)				2020			2019			2018			2017			to 07/31/16
Net asset value, beginning of period		$	13.31		$	13.12		$	11.71		$	10.65		$	10.00		$	10.00
Net investment income(b)			0.12			0.27			0.26			0.21			0.21			0.00	(c)
Net realized and unrealized gain (loss)			0.67			0.20			1.61			1.07			0.64			(0.00	)(d)
Net increase from investment operations			0.79			0.47			1.87			1.28			0.85			0.00
Distributions(e)
From net investment income			(0.13	)		(0.24	)		(0.25	)		(0.22	)		(0.20	)		—
From net realized gain			(5.23	)		(0.04	)		(0.21	)		—			(0.00	)(d)		—
Total distributions			(5.36	)		(0.28	)		(0.46	)		(0.22	)		(0.20	)		—
Net asset value, end of period		$	8.74		$	13.31		$	13.12		$	11.71		$	10.65		$	10.00
Total Return(f)
Based on net asset value			4.47	%(g)		3.63	%		16.49	%		12.17	%		8.65	%		0.00	%(g)
Ratios to Average Net Assets(h)
Total expenses			0.44	%(i)		0.51	%		1.04	%		1.28	%		1.99	%(j)		2.81	%(i)(k)
Total expenses after fees waived and/or reimbursed			0.18	%(i)		0.18	%		0.18	%		0.18	%		0.17	%		0.18	%(i)
Net investment income			1.73	%(i)		2.06	%		2.11	%		1.92	%		2.03	%		0.85	%(i)
Supplemental Data
Net assets, end of period (000)		$	36,905		$	53,816		$	9,506		$	679		$	650		$	128
Portfolio turnover rate			46	%		105	%		35	%		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)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended				Year Ended July 31,												Period from
			01/31/21															07/13/16	(a)
		(unaudited)			2020			2019			2018			2017			to 07/31/16
Investments in underlying funds			—	%		0.01	%		—	%		—	%		—	%		0.02	%

⁽ⁱ⁾  Annualized.

^(j)  Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.99%.

^(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.

FINANCIAL  HIGHLIGHTS 25

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol USA Index Fund (continued)
	Class K
	Six Months Ended																Period from
			01/31/21			Year Ended July 31,													07/13/16	(a)
	(unaudited)				2020			2019			2018			2017			to 07/31/16
Net asset value, beginning of period		$	13.32		$	13.12		$	11.71		$	10.65		$	10.00			$	10.00
Net investment income(b)			0.12			0.27			0.27			0.22			0.22				0.00	(c)
Net realized and unrealized gain (loss)			0.66			0.22			1.61			1.07			0.63				(0.00	)(d)
Net increase from investment operations			0.78			0.49			1.88			1.29			0.85				0.00
Distributions(e)
From net investment income			(0.13	)		(0.25	)		(0.26	)		(0.23	)		(0.20	)			—
From net realized gain			(5.23	)		(0.04	)		(0.21	)		—			(0.00	)(d)			—
Total distributions			(5.36	)		(0.29	)		(0.47	)		(0.23	)		(0.20	)			—
Net asset value, end of period		$	8.74		$	13.32		$	13.12		$	11.71		$	10.65			$	10.00
Total Return(f)
Based on net asset value			4.43	%(g)		3.76	%		16.53	%		12.21	%		8.70	%			0.00	%(g)
Ratios to Average Net Assets(h)
Total expenses			0.38	%(i)		0.51	%		1.01	%		1.16	%		2.09	%(j)			2.75	%(i)(k)
Total expenses after fees waived and/or reimbursed.			0.13	%(i)		0.13	%		0.13	%		0.13	%		0.13	%			0.13	%(i)
Net investment income			1.76	%(i)		2.08	%		2.20	%		1.96	%		2.17	%			0.87	%(i)
Supplemental Data
Net assets, end of period (000)		$	15,988		$	16,945		$	13,590		$	11,657		$	10,550			$	9,898
Portfolio turnover rate			46	%		105	%		35	%		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)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended				Year Ended July 31,												Period from
			01/31/21															07/13/16	(a)
		(unaudited)			2020			2019			2018			2017			to 07/31/16
Investments in underlying funds			—	%		0.01	%		—	%		—	%		—	%		0.02	%

⁽ⁱ⁾  Annualized.

^(j)  Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.09%.

^(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.

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Notes to Financial Statements (unaudited) 

1. ORGANIZATION

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

Fund Name	Herein Referred To As	Diversification     Classification
iShares Edge MSCI Min Vol EAFE Index Fund	Min Vol EAFE	Diversified
iShares Edge MSCI Min Vol USA Index Fund	Min Vol USA	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.

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 BlackRock Multi-Asset Complex.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-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 effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments 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.

Foreign Taxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

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

NOTES  TO  FINANCIAL  STATEMENTS 27

Notes to Financial Statements (unaudited) (continued)

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 its books 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 the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. 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 that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

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 and over-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 in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

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

If events (e.g., a market closure, market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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 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 an arm’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 financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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 that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

Fund Name/Counterparty		Securities Loaned at Value	(a)		Cash Collateral Received	(b)		Net Amount
Min Vol EAFE
State Street Bank & Trust Company	$	—		$	—		$	—

^(a)  Securities loaned with a value of $89,930 have been sold and are pending settlement as of January 31, 2021.

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

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Funds.

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 exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in

NOTES  TO  FINANCIAL  STATEMENTS 29

Notes to Financial Statements (unaudited) (continued)

an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

Fund Name	Investment Advisory Fees
Min Vol EAFE		0.08	%
Min Vol USA		0.04

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

Distribution Agreement: The Trust, on behalf of the Funds, entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager.

BRIL and broker-dealers, pursuant to sub-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 with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended January 31, 2021, 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, 2021, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

Fund Name	Institutional		Class K		Total
Min Vol EAFE	$	24	$	136	$	160
Min Vol USA		164		55		219

For the six months ended January 31, 2021, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

Fund Name	Institutional		Class K		Total
Min Vol EAFE	$	6,164	$	260	$	6,424
Min Vol USA		19,909		456		20,365

Expense Limitations, Waivers, Reimbursements, and Recoupments: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through November 30, 2021. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2021, the amounts waived were as follows:

Fund Name	Amounts Waived
Min Vol EAFE	$	50
Min Vol USA		300

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Notes to Financial Statements (unaudited) (continued)

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, 2021. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2021, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

Fund Name	Amounts Waived
Min Vol USA	$	116

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 weekly managed assets are as follows:

Fund Name	Institutional			Class K
Min Vol EAFE		0.20	%		0.15	%
Min Vol USA		0.18			0.13

The Manager has agreed not to reduce or discontinue these contractual expense limitations through November 30, 2021, 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, 2021, the amounts included in fees waived and/or reimbursed by the Manager were as follows:

Fund Name	Amounts Waived
Min Vol EAFE	$	122,457
Min Vol USA.		94,398

For the six months ended January 31, 2021, transfer agent fees waived and/or reimbursed — class specific were as follows:

		Transfer Agent Fees Waived and/or Reimbursed - Class Specific
Fund Name	Institutional		Class K		Total
Min Vol EAFE	$	543	$	303	$	846
Min Vol USA		4,972		456		5,428

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

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

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

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective July 13, 2023, the repayment arrangement between each Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under each Fund’s contractual caps on net expenses will be terminated.

As of January 31, 2021, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

	Expiring
Fund Name/Fund Level/Share Class	July 31, 2021		July 31, 2022		July 13, 2023
Min Vol EAFE
Fund Level	$	97,352	$	155,035	$	122,457
Institutional		220		1,546		543
Class K		258		481		303
Min Vol USA
Fund Level		159,424		174,097		94,398
Institutional		420		2,009		4,972
Class K		49		306		456

NOTES  TO  FINANCIAL  STATEMENTS 31

Notes to Financial Statements (unaudited) (continued)

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, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

Pursuant to the current securities lending agreement, Min Vol USA retains 77% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, Min Vol USA, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2021, Min Vol USA retained 75% of securities lending income (which excluded collateral investment fees) and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeded a specified threshold, the Fund would retain for the remainder of that calendar year 80% of securities lending income (which excluded collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

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

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated – net in the Statements of Operations. For the six months ended January 31, 2021, each Fund paid BTC the following amounts for securities lending agent services:

Fund Name	Amounts
Min Vol EAFE	$	1,405
Min Vol USA		551

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, 2021, the Funds did not participate in the Interfund Lending Program.

Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Trusts’ 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, 2021, purchases and sales of investments, excluding short-term investments, were as follows:

Fund Name	Purchases		Sales
Min Vol EAFE	$	21,389,019	$	158,262,952
Min Vol USA.		34,592,574		67,473,674

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Notes to Financial Statements (unaudited) (continued)

8. INCOME TAX INFORMATION

It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three fiscal years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2021, 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, 2020, the Min Vol EAFE had non-expiring capital loss carryforwards available to offset future realized capital gains of $5,842,985.

As of January 31, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Min Vol EAFE	$	27,800,244	$	7,290,043	$	(2,784,523	)	$	4,505,520
Min Vol USA		41,640,993		11,481,919		(2,413,848	)		9,068,071

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 a 364-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 2021 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended January 31, 2021, 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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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

NOTES  TO  FINANCIAL  STATEMENTS 33

Notes to Financial Statements (unaudited) (continued)

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

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

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

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within certain Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Fund’s portfolio. 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 more volatile and less liquid than U.S. securities and may be 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.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

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.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 01/31/21						Year Ended 07/31/20
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Min Vol EAFE
Institutional
Shares sold		583,354		$	5,861,952			2,384,133		$	24,448,827
Shares issued in reinvestment of distributions		1,036,540			8,115,949			46,125			460,732
Shares redeemed		(422,827	)		(4,154,364	)		(899,680	)		(8,002,790	)
		1,197,067		$	9,823,537			1,530,578		$	16,906,769

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Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 01/31/21						Year Ended 07/31/20
Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts
Min Vol EAFE (continued)
Class K
Shares sold		354,582		$	3,531,204			1,334,529		$	13,750,089
Shares issued in reinvestment of distributions		896,031			8,704,925			538,771			5,517,677
Shares redeemed		(14,013,134	)		(140,375,658	)		(1,789,876	)		(18,391,067	)
		(12,762,521	)	$	(128,139,529	)		83,424		$	876,699
		(11,565,454	)	$	(118,315,992	)		1,614,002		$	17,783,468
	Six Months Ended 01/31/21						Year Ended 07/31/20
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Min Vol USA
Institutional
Shares sold		2,032,756		$	26,603,984			6,676,095		$	84,409,325
Shares issued in reinvestment of distributions		2,050,563			18,800,620			54,613			705,147
Shares redeemed		(3,903,528	)		(43,439,454	)		(3,411,862	)		(43,614,063	)
		179,791		$	1,965,150			3,318,846		$	41,500,409
Class K
Shares sold		453,406		$	6,371,732			994,555		$	12,669,750
Shares issued in reinvestment of distributions		152,795			1,400,393			6,436			83,523
Shares redeemed		(49,741	)		(677,594	)		(764,017	)		(10,149,848	)
		556,460		$	7,094,531			236,974		$	2,603,425
		736,251		$	9,059,681			3,555,820		$	44,103,834

As of January 31, 2021, shares owned by BlackRock HoldCo 2, Inc., an affiliate of the Funds, were as follows:

Fund Name	Institutional		Class K		Total
Min Vol EAFE		10,000		990,000		1,000,000
Min Vol USA		10,000		990,000		1,000,000

12. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were issued and the following items were noted:

On February 10, 2021, all of the assets of the Funds were liquidated completely, the shares of any shareholders on the Liquidation Date were redeemed at the NAV per share and the Funds were terminated.

NOTES  TO  FINANCIAL  STATEMENTS 35

Statement Regarding Liquidity Risk Management Program

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

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on November 10-11, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus outbreak on the Funds and the overall market.

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

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

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

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

There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Additional Information

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by the third quarter of 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

General Information

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies 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) at blackrock.com; and (3) on the SEC’s website at 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) at blackrock.com; or by calling (800) 441-7762 and (2) on the SEC’s website at sec.gov.

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

ADDITIONAL  INFORMATION 37

Additional Information  (continued)

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.

Fund and Service Providers

Investment Adviser and Administrator	Distributor
BlackRock Advisors, LLC	BlackRock Investments, LLC
Wilmington, DE 19809	New York, NY 10022
Sub-Adviser	Independent Registered Public Accounting Firm
BlackRock Fund Advisors	PricewaterhouseCoopers LLP
San Francisco, CA 94105	Philadelphia, PA 19103
Accounting Agent and Custodian	Legal Counsel
State Street Bank and Trust Company	Sidley Austin LLP
Boston, MA 02111	New York, NY 10019
Transfer Agent	Address of the Funds
BNY Mellon Investment Servicing (US) Inc.	100 Bellevue Parkway
Wilmington, DE 19809	Wilmington, DE 19809

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Glossary of Terms Used in this Report

Portfolio Abbreviation
ETF	Exchange-Traded Fund
FTSE	Financial Times Stock Exchange
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

GLOSSARY  OF  TERMS  USED   IN  THIS  REPORT 39

Want to know more?

blackrock.com    |    800-441-7762

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

MFMV4-01/21-SAR

              

(b) Not Applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

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

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

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

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

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

Item 11 – Controls and Procedures

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

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

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

Item 13 – Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

(a)(3) Not Applicable

2

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

3

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

BlackRock Funds

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

Date: April 5, 2021

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, 2021

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

Date: April 5, 2021

4